Sharing the Cost of a Public Good without Subsidies
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Texte intégral
(2) Département de sciences économiques Université de Montréal Faculté des arts et des sciences C.P. 6128, succursale Centre-Ville Montréal (Québec) H3C 3J7 Canada http://www.sceco.umontreal.ca SCECO-information@UMontreal.CA Téléphone : (514) 343-6539 Télécopieur : (514) 343-7221. Ce cahier a également été publié par le Centre interuniversitaire de recherche en économie quantitative (CIREQ) sous le numéro 08-2006. This working paper was also published by the Center for Interuniversity Research in Quantitative Economics (CIREQ), under number 08-2006.. ISSN 0709-9231.
(3) '3,=492 ?30 .:>? :1 , ;@-74. 2::/ B4?3:@? >@->4/40> !,=. 70@=-,0D,9/ +A0> ';=@8:9? @2@>? . &'%' *0 >?@/D ?30 .:9>?=@.?4:9 :1 , >:.4,7 :=/0=492 1@9.?4:9 1:= ?30 .,>0 :1 , ;@-74. 2::/ F9,9.0/ -D .:9?=4-@?4:9> 1=:8 ?30 ;:;@7,?4:9 ,9/ B0 0C?09/ ?30 ,9,7D>4> :1 !,94<@0? ,9/ ';=@8:9?
(4) ?: ?30 .,>0 B309 .:9?=4-@?4:9> .,99:? -0 902,?4A0 40 ,209?> .,99:? =0.04A0 >@->4/40> 1=:8 :?30=> 0DB:=/> >:.4,7 :=/0=492 ;@-74. 2::/ 8,C4849 7,>>4F.,?4:9
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
(6) B0 =0.:8 809/ ?: @>0 ?30 1:77:B492 I;@-74. 2::/ B071,=0 8,C4849 :=/0=492J :9>4/0= ,9 ,77:.,?4:9 .:9>4>?492 :1 , 70A07 :1 ;=:/@.?4:9 :1 ?30 ;@-74. 2::/ ,9/ , 74>? . "&'&'' $,=4> ,9/ $ 8,47 8,=.G0@=-,0D@94A;,=4> 1= L;,=?0809? /0 >.409.0> L.:9:84<@0> ,9/ &% )94A0=>4?L /0 !:9?=L,7 8,47 DA0>>;=@8:9?@8:9?=0,7., .
(7) :1 .:>? >3,=0> ;,4/ -D ?30 ,209?> (30 I;@-74. 2::/ B071,=0J :1 , 24A09 ,209? ,? ?3,? ,77:.,?4:9 4> ?30 <@,9?4?D :1 ?30 ;@-74. 2::/ ?3,? .:9>@80/ 1:= 1=00 B:@7/ 70,A0 30= 49/4K0=09? ?: ?3,? ,77:.,?4:9 !:@749 (30 :=/0=492 B0 ,/A:.,?0 =,96> ,77:.,?4:9> -D ,;;7D492 ?30 8,C4849 .=4?0=4:9 ?: ?30 /4>?=4-@?4:9> :1 ;@-74. 2::/ B071,=0 70A07> ?30D 2090=,?0 '@;;:>0 ?3,? 902,?4A0 .:>? >3,=0> ,=0 ,77:B0/ ,9/ .:9>4/0= , ?B:,209? ,77:.,?4:9 B30=0 ,209? H> .:>? >3,=0 4> ;:>4?4A0 B3470 ,209? H> .:>? >3,=0 4> 902,?4A0 9 ?30 >;4=4? :1 ?30 $42:@,7?:9 ;=49.4;70 , ?=,9>10= :1 ;=4A,?0 2::/ 1=:8 ?: ?3,? /:0> 9:? =0A0=>0 ?30 >429> :1 ?304= .:>? >3,=0> >3:@7/ -0 =02,=/0/ ,> , >:.4,7 48;=:A0809? 42@=0 >3:B> ?3,? ?30 ;@-74. 2::/ B07 1,=0 8,C4849 :=/0=492 >,?4>F0> ?34> I=00 @9.3 A0=>4:9J ;=:;0=?D 9 ?30 F2@=0 , ?=,9>10= :1 ;=4A,?0 2::/ 1=:8 ?: 49.=0,>0> ?30 7:B0>? 49?0=>0.?4:9 :1 ?30 49/4K0=09.0 .@=A0> B4?3 ?30 A0=?4.,7 ,C4> !,94<@0? ,9/ ';=@8:9?
(8) ;=:A0/ ?3,? =00 @9.3 A0=>4:9 .:8-490/ B4?3 ?B: :?30= >?,9/,=/ =0<@4=0809?> 69:B9 ,> $,=0?: 9/4K0=09.0 ,9/ &0>;:9>4A090>> 1:=.0 @> ?: @>0 ,9 :=/0=492 .:8;,?4-70 B4?3 ?30 ;@-74. 2::/ B071,=0 8,C4849 ;=49.4;70 . . . . 42@=0 . . . *309 902,?4A0 .:>? >3,=0> ,=0 1:=-4//09 =00 @9.3 A0=>4:9 /:0> 9:? ,;;7D +0? 42@=0 >3:B> ?3,? ?30 ;@-74. 2::/ B071,=0 8,C4849 :=/0=492 >,?4>F0> ?30 1:77:B492 7:.,7 A0=>4:9 :1 ?30 ,C4:8 9 , >4?@,?4:9 B30=0 ,209? H> .:>? >3,=0 4> ;:>4?4A0 B3470 ,209? H> .:>? >3,=0 4> E0=: , " $ ?=,9>10= :1 ;=4A,?0 2::/ 1=:8 ?: 4> , >:.4,7 48;=:A0809? ":?0 3:B0A0= ?3,? , ?=,9>10= 70,A492 H> .:>? >3,=0 >8,770= ?3,9 H> 900/ 9:? D407/ , -0??0= ,77:.,?4:9 ?30 ?=,9>10= 8@>? -0 >8,770= ?3,9 49 42@=0 *0 ;=:;:>0 , A,=4,9? :1 !,94<@0? ,9/ ';=@8:9?H> .3,=,.?0=4E,?4:9 :1 ?30 ;@-74. 2::/ B071,=0 8,C4849 :=/0=492 -,>0/ :9 ?34> B0,6 A0=>4:9 :1 =00 @9.3 A0=>4:9.
(9) . . . . . . . 42@=0. (: FC 4/0,> B0 ;=0>09? :@= =0>@7? 1:= , ;@=0 ;@-74. 2::/ (30 >?=,423? 1:=B,=/ 0C?09>4:9 ?: ,9 0C.7@/,-70 ;@-74. 2::/ 4> -=40GD /4>.@>>0/ 49 ?30 7,>? >0.?4:9. . '($. (30=0 4> , FC0/ F94?0 >0? :1 ,209?> . B4?3 (30=0 ,=0 ?B: 2::/> :90 ;@-74. 2::/ ,9/ :90 ;=4A,?0 2::/ *0 /09:?0 -D !
(10)
(11)
(12) ,209? H> .:9>@8;?4:9 -@9/70 4> ?30 .:9>@8;?4:9 :1 ?30 ;@-74. 2::/ ,9/
(13) 4> ,209? H> .:9?=4-@?4:9 ?: 4?> .:>? 80,>@=0/ 49 ?0=8> :1 ?30 ;=4A,?0 2::/ 77 ,209?> .:9>@80 ?30 >,80 <@,9?4?D :1 ?30 ;@-74. 2::/ 0C.7@>4:9 4> =@70/ :@? !! 1:= ,209? 4> , -49,=D =07,?4:9
(14) :A0= B34.3 4> .:8;70?0 ?=,9>4?4A0 .:9?49@:@> >?=4.?7D /0.=0,>492 49 ?30 ;=4A,?0 2::/ .:9?=4-@?4:9 70A07
(15) >?=4.?7D 49.=0,>492 49 ?30 ;@-74. 2::/ 70A07 ,9/ .:9A0C (30 49/4K0=09.0 ,9/ >?=4.? ;=010=09.0 =07,?4:9> .:==0>;:9/492 ?:
(16) ,=0 /09:?0/ -D
(17) ,9/
(18) (30 >0? :1 ,77 ;=010=09.0> 4> /09:?0/ -D !! ! ) 4> , 74>?
(19) . (30 >0? :1 ,/84>>4-70 .:9>@8;?4:9 -@9/70> 1:= ,9 ,209? B4?3 ;=010=09.0>
(20) 4>
(21)
(22) !
(23)
(24) !
(25)
(26) 4A09 , ;=010=09.0 ;=:F70 ,9 " " # ! . ! >;0.4F0> ,9 ,/84>>4-70 .:9>@8;?4:9 -@9/70 !
(27)
(28)
(29)
(30)
(31) 1:= 0,.3 ,209?
(32) *=4?492 . B0 /09:?0 ?30 >0? :1 ,/84>>4-70 ,77:.,?4:9> -D
(33)
(34)
(35)
(36) 1:= 0,.3
(37) .
(38) " !! ! 4> , .:8;70?0 ,9/ ?=,9>4?4A0 -49,=D =07,?4:9 /0 F90/ :A0= ?30 >0? :1 ,77 ,/84>>4-70 ,77:.,?4:9> 1:= " !! $ # ,>>429> ?: 0,.3 ;=010=09.0 ;=:F70
(39) , >:.4,7 :=/0=492 1:= (3@> 80,9> ?3,? ?30 ,77:.,?4:9 4> ,? 70,>? ,> /0>4=,-70 ,> 1=:8 , >:.4,7 A40B;:49? 41 ?30 ;=010=09.0 ;=:F70 4> '4847,=7D ,9/ /09:?0 >:.4,7 49/4K0=09.0 ,9/ >?=4.? >:.4,7 ;=010=09.0. . + #!& #% &# #%% " ("' #"&. *0 48;:>0 1:@= .:9/4?4:9> :9 ?30 1@9.?4:9 (30 F=>? :90 4> , B0,6 A0=>4:9 :1 ?30 $,=0?: ;=49.4;70 %'# . 0?
(40) ,9/
(41) 1 !
(42)
(43) !
(44) 1:= ,77
(45) ?309. (30 >?=:920= ,C4:8 ,>6492 ?3,? 41 !
(46)
(47) !
(48) 1:= ,77 ,9/ !
(49)
(50) !
(51) 1:= >:80 4> 9:? >,?4>F0/ -D ?30 ;@-74. 2::/ B071,=0 8,C4849 1@9.?4:9 /4>.@>>0/ 49 ?30 9?=:/@.?4:9 #@= >0.:9/ .:9/4?4:9 4> , B077 69:B9 491:=8,?4:9,7 >48;74.4?D =0<@4=0809? /@0 ?: ,9>>:9 (30 .:9/4?4:9 B0,609> ==:BH> -49,=D 49/0;09/09.0 4? >?,?0> ?3,? ?30 >:.4,7 =,96492 :1 ?B: ,77:.,?4:9> 4> 49>09>4?4A0 ?: .3,920> 49 49/4A4/@,7 ;=010=09.0> ?3,? /: 9:? ,K0.? ?30 49/4K0=09.0 .@=A0> ,? ?3:>0 ,77:.,?4:9> 4A09 , ;=010=09.0
(52)
(53) ,9/ , .:9>@8;?4:9 -@9/70 !
(54)
(55) 70?
(56) !
(57) !
(58)
(59) !
(60)
(61) !
(62) /09:?0 ?30 49/4K0=09.0 .@=A0 :1
(63) ?3=:@23 !
(64) . "&&#" "$"" 0?
(65) ,9/
(66) 1
(67) !
(68)
(69) !
(70) ,9/
(71) !
(72)
(73) !
(74) 1:= ,77
(75) ?309 . (30 ?34=/ .:9/4?4:9 4> :@= .09?=,7 ,C4:8 ? >,D> ?3,? , >8,77 09:@23 ?=,9>10= :1 ?30 ;=4A,?0 2::/ 1=:8 ,9 ,209? ;,D492 9:?3492 ?: ,9 ,209? ;,D492 , ;:>4?4A0 .:>? >3,=0 4> >:.4,77D /0>4=,-70 4A09 ?B: ,209?>
(76) /0F90
(77) -D
(78) ,9/ 1:= ,77
(79) . (30 A0.?:= =0;=0>09?> , ?=,9>10= :1 :90 @94? :1 ?30 ;=4A,?0 2::/ 1=:8 ?: % (" )%& #" 0?
(80)
(81) ,9/
(82) -0 >@.3 ?3,?
(83) ,9/ := ,77 ?30=0 0C4>?>
(84) >@.3 ?3,? .
(85).
(86) >7423?7D >?=:920= .:9/4?4:9 B:@7/ =0<@4=0 @9/0= ?30 >,80 ;=084>0 ?3,? ?30=0 0C4>? >@.3 ?3,? B3090A0=
(87) . :?3 A0=>4:9> ,=0 >,?4>F0/ -D ?30 ;@-74. 2::/ B071,=0 8,C4849 1@9.?4:9 #@= 7,>? .:9/4?4:9 =0<@4=0> ?3,? >:.4,7 ;=010=09.0> -0 .:9?49@:@> #"' "( ', := ,77
(88) ,9/
(89) ?30 >0?>
(90) ,9/
(91) ,=0 .7:>0/. . ( ## * % !+ ! ". := 0,.3
(92)
(93) ,9/ !
(94)
(95)
(96)
(97) ?30=0 4> , @94<@0 70A07 :1 ?30 ;@-74. 2::/
(98) >@.3 ?3,? !
(99)
(100) *0 8,D ?30=01:=0 /0F90 ?30 9@80=4.,7 B071,=0 =0;=0>09?,?4:9 1@9.?4:9
(101)
(102)
(103) -D
(104) !
(105) . !
(106)
(107) . (30 9@8-0=
(108) !
(109) 4> ,209? H> $ &! % ,? -@9/70 !
(110) (30 $ &! ' >:.4,7 :=/0=492 1@9.?4:9 4> /0F90/ ,> 1:7 7:B> := ,9D
(111) ,9/
(112)
(113) !
(114)
(115) !
(116) .
(117) .
(118) . #%! $ &! ' $ # " # ( " !! $ # "#"( !# ""
(119) ! $ %!" # $#( %## ? 4> =:@?490 ?: .30.6 ?3,? >,?4>F0> *0,6 $,=0?: ,9>>:9 9 /0;09/09.0 *0,6 =00 @9.3 A0=>4:9 ,9/ :9?49@4?D :9A0=>07D 70? -0 , >:.4,7 :=/0=492 1@9.?4:9 >,?4>1D492 ?30>0 ,C4:8> *0 ;=:A0 ?3,? 1:= ,77
(120) ,9/
(121)
(122) !
(123)
(124) !
(125) !! .
(126) .
(127) . :9?49@4?D ?309 48;740> ?3,?
(128) !
(129)
(130) !
(131) !!
(132) .
(133) . .
(134) 309.0 . (: ;=:A0 B0 =07D :9 ?30 1,.? ?3,? *0,6 $,=0?: ,9/ :9?49@4?D 48;7D ?30 1:77:B492 ?B: ;=:;0=?40> %'# " -%" 0?
(135) ,9/
(136) 1 !
(137)
(138) !
(139) 1:= ,77
(140) ?309 . %'#. 0?
(141) ,9/
(142) 1 !
(143)
(144) !
(145) 1:= ,77
(146) ?309 . 0?
(147) ,9/
(148) -0 >@.3 ?3,?
(149)
(150) !
(151)
(152)
(153) !
(154) . >>@80 .:9?=,=D ?: ?30 /0>4=0/ =0>@7? ?3,? . . *4?3:@? 7:>> :1 2090=,74?D >@;;:>0
(155)
(156) !
(157) ! . '$ *0 /0=4A0 1=:8 ?30 >:.4,7 ;=010=09.0 , >:.4,7 ;=010=09.0 -0?B009 ?B: ,77:.,?4:9> =07,?0/ ?: ,? , ;=:F70 =07,?0/ ?: $,=0?: ,9/ ,9>>:9 9/0;09/09.0 ,=0 @>0/ =0;0,?0/7D 49 ?34> ;,=? :1 ?30 ;=::1 42@=0 4> ;=:A4/0/ ?: 477@>?=,?0 ?30 ,=2@809? 49 ?30 .,>0 ?: 600; ?30 9:?,?4:9> :1 ?30 F2@=0 .7:>0 ?: ?30 ?0C? :90 ,209? 4> .,770/ ,9/ ?30 :?30= '$ 0? .
(158) -0 >@.3 ?3,? 4
(159)
(160) 1:= ,77
(161) 44 !
(162)
(163) !
(164) !
(165)
(166) !
(167) 1:= ,77
(168) 444 !
(169) !
(170)
(171) 0F90 . . . .
(172) . . . . ! . ! . .
(173) !
(174) ! . . .
(175) !
(176) . . ! . . . ! 42@=0 !:/41D ?: :-?,49 , ;=:F70
(177) >,?4>1D492 ?30 1:77:B492 .:9/4?4:9> 4=>? ?30 49/4K0=09.0 .@=A0> ,? ?30 ,77:.,?4:9> ,=0 @9.3,920/
(178) !
(179)
(180) !
(181) ,9/
(182) !
(183)
(184) !
(185) 1:= ,77
(186) '0.:9/ ?30 49/4K0=09.0 .@=A0> :1 =0>?=4.?0/ ?: ;@-74. 2::/ 70A07> -0?B009 ,9/ ,=0 ;,=,7707 ?: ?30 .@=A0 ! B4?349 , >8,77 /4>?,9.0 ?: ?30 701? :1 ?3,? .@=A0 (30 ;@=;:>0 :1 ?34> .:9>?=@.?4:9 B477 .
(187) -0.:80 .70,= 49 '?0; B30=0 B0 ;0=1:=8 , >0<@09.0 :1 ;=4A,?0 2::/ ?=,9>10=> 1=:8 ,209? ?: ?30 :?30=> :=8,77D 1:= 0,.3
(188)
(189) 70? -0 ?30 9@8-0= >@.3 ?3,?
(190) ! /0F90 .
(191)
(192) ,9/ .3::>0 >8,77 09:@23 ?3,? ! := ,77
(193) 70? . #->0=A0 ?3,? ! 48;740> ?3,? ! 1:= ,77
(194) . (34=/ ?30 49/4K0=09.0 .@=A0> :1 ,77 :?30= ;=010=09.0> 3,A0 , ;:>4?4A0 >7:;0 ,? )>492 >?=,423?1:=B,=/ 9:?,?4:9
(195) . . 1:= ,77
(196) . D ,9/ ,9>>:9 9/0;09/09.0 D *0,6 $,=0?: ,9/ '49.0 4> ?=,9>4?4A0. . . '$ 0?
(197)
(198) ?34> >8,770>? >7:;0 4> ;:>4?4A0 -D .:9>?=@.?4:9 :1 3::>0 , ;:>4?4A0 9@8-0= >@.3 ?3,? ,9/ .3::>0 . . . . ":?0 ?3,? . 0?
(199) -0 , ;=:F70 >@.3 ?3,? ,9/ ?30 49/4K0=09.0 .@=A0> :1 ,77 :?30= ,209?> ,=0 @9.3,920/ ,? ,9/ ,9/ >?00; 09:@23 ,?
(200)
(201)
(202)
(203)
(204) 1:= ,77
(205) . . .
(206) D ,9/ ,9>>:9 9/0;09/09.0 "0C? .:9>4/0= ?30 ,77: .,?4:9 24A09 -D !
(207) 1:= ,77
(208) ,9/ ! ! D $,=0?: 309.0 .
(209) . "0C? 70?
(210) -0 , ;=:F70 >@.3 ?3,? ,9/ ?30 49/4K0=09.0 .@=A0> :1 ,77 :?30= ,209?> ,=0 >?00; 09:@23 1:= 70A07> :1 ?30 ;@-74. 2::/ -0?B009 ,9/
(211) 41
(212) 41.
(213) . . 1:= ,77
(214) (30>0 =0<@4=0809?> ,=0 .:9>4>?09? -0.,@>0 . D
(215) ,9/ ,9>>:9 9/0;09/09.0 . . '$ *0 @>0 *0,6 =00 @9.3 A0=>4:9 ?:20?30= B4?3 $,=0?: ,9/ :9?49@4?D ?: /0=4A0 , .:9?=,/4.?4:9 ?: '$ 0? /09:?0 ?30 >0? :1 ,77:.,?4:9>
(216) >@.3 ?3,? 4 44 444
(217)
(218) 1:= ,77
(219) ,9/
(220) 1:= >:80
(221) . 4A
(222)
(223) (30 >0? 4> 9:908;?D >49.0 4? .:9?,49> ? 4> .:8;,.? -D :9?49@4?D 0?
(224) -0 >@.3 ?3,? 1:= ,77
(225) *0 .7,48 ?3,? . . '@;;:>0 ?3,? D 444
(226) 1:= ,? 70,>? :90 ,209?
(227) . ;;7D492 *0,6 =00 @9.3 A0=>4:9 ,> 8,9D ?480> ,> ?30=0 ,=0 >@.3 ,209?> ?30=0 0C4>?> >@.3 ?3,?
(228) ,9/
(229) . .
(230) . 1:= ,77
(231) . .
(232)
(233)
(234) ,9/ . :9>?=@.? >@.3 ?3,?
(235)
(236)
(237) 1:= ,77
(238) ,9/
(239) 1:= >:80
(240) '49.0 ;=010=09.0> ,=0 >?=4.?7D 8:9:?:94.
(241) *0 .7,48 ?3,?
(242) .:9?=,/4.?492 ?30 /0F94?4:9 :1 . .
(243) . .
(244) D $,=0?: 9/4K0=09.0 ? 1:77:B> ?3,? 309.0 >,?4>F0> 4 9 A40B :1 >,?4>F0> 44 ,9/ 444 '49.0
(245) . . . .
(246) .
(247) . . . . ,9/ >49.0
(248) 1:= ,77
(249) .
(250)
(251) . .
(252) . . . . 0.,@>0 ?30 49/4K0=09.0 .@=A0> :1 ,=0 ;,=,7707 :A0= ?30 =070A,9? =024:9
(253)
(254)
(255) :8-49492 ?34> 0<@,74?D B4?3 490<@,74?40>
(256)
(257) . .
(258) .
(259) . . . . .
(260) . . .
(261) .
(262) . ?3,? 4> >,?4>F0> 4A .:8;70?492 ?30 ;=::1 ?3,?
(263) (34> 4> ?30 ,99:@9.0/ .:9?=,/4.?4:9 B0 .:9.7@/0 ?3,? . '49.0 ,9/ .:9/4?4:9> 444 ,9/ 4A ,;;740/ ?: 24A0
(264) 1:= ,77
(265) ,9/ '$ . . . . 0? /09:?0 ?30 >0? :1 ,77:.,?4:9>
(266) >@.3 ?3,?. 4 44 . 1:= >:80
(267) 444
(268)
(269) 1:= ,77
(270) ,9/
(271) 4A
(272)
(273) . 2,49 ?34> >0? 4> 9:908;?D ,9/ .:8;,.? 0??492
(274) -0 >@.3 ?3,? 1:= ,77
(275) 4? 4> >?=,423?1:=B,=/ ?: 8484. .
(276) ?30 ,=2@809? 49 '?0; ?34> ?480 @>492 ?30 1,.? ?3,?
(277) 1:= ,77
(278) ,9/
(279) ?: >3:B ?3,? . :9/4?4:9> 444 ,9/ 4A ,;;740/ ?: 24A0
(280) 1:= ,77
(281) ,9/ . . . . . ,9/ B0 20? . '49.0 &0.,77 1=:8 '?0; ?3,? ?34> 48;740> ! ! ,9/ >49.0 B0 3,A0 ! ! $,=0?: 48;740>. ,9/ >49.0 ,9/ -D ?=,9>4?4A4?D ?30 ,9 9:@9.0/ .:9?=,/4.?4:9 ?: . .
(282) &(&& #". (30 1:77:B492 0C,8;70> >3:B ?3,? :@= ,C4:8> ,=0 49/0;09/09? 4 (30 >:.4,7 :=/0=492 1@9.?4:9 =0.:8809/492 49/4K0=09.0 -0?B009 ,77 ,77:.,?4:9> ,? ,77 ;=010=09.0 ;=:F70> >,?4>F0> ,77 ,C4:8> 49 '0.?4:9 0C.0;? *0,6 $,=0?: 44 0? -0 ?30 >@->0? :1 7490,= ;=010=09.0> 0,.3
(283)
(284) 4> .3,=,. ?0=4E0/ -D , ;:>4?4A0 9@8-0=
(285) >@.3 ?3,?
(286)
(287)
(288) 41 ,9/ :97D 41
(289)
(290)
(291)
(292) 0F90 ,> 1:77:B> 1
(293) ,9/
(294) !! .
(295) !
(296)
(297) .
(298) . .
(299) !
(300).
(301) .
(302) . 1
(303) ,9/
(304) ?309 !! ! ! (30 1@9.?4:9 >,?4>F0> ,77 :@= ,C4:8> -@? ,9>>:9 9/0;09/09.0 444 (: .:9>?=@.? , 1@9.?4:9 >,?4>1D492 ,77 ,C4:8> -@? *0,6 =00 @9.3 A0=>4:9 B0 -0249 B4?3 , =08,=6 0? -0 , >?=4.?7D 49 .=0,>492 1@9.?4:9 ,9/ /0F90 1:= 0,.3
(305)
(306) , B071,=0 =0;=0>09?,?4:9 1@9.?4:9
(307)
(308)
(309) -D
(310) !
(311) !
(312)
(313) *0 >,D ?3,? ?30 B071,=0 =0;=0>09?,?4:9 ;=:.0/@=0 4> $% # # ?30 B071,=0 =0; =0>09?,?4:9 ;=:.0/@=0 70,=7D ?30 >:.4,7 :=/0=492 1@9.?4:9 /0F90/ -D
(314)
(315) !
(316)
(317)
(318) !
(319) 1:= ,77
(320) ,9/
(321) " ?30 ;@-74. 2::/ B071,=0 8,C4849 1@9.?4:9 . .
(322) (: :-?,49 ?30 /0>4=0/ 0C,8;70 .3::>0 , .:9?49@:@> B071,=0 =0;=0>09?,?4:9 ;=:.0/@=0 ?3,? 4> # 0<@4A,709? ?: ,9/ ,;;7D ?30 8,C4849 .=4?0=4:9 ?: ?30 B071,=0 /4>?=4-@?4:9> 2090=,?0/ -D ?30 ,77:.,?4:9> := 49>?,9.0 70?
(323) !
(324) !
(325)
(326) 40 80,>@=0> ?30 A0=?4.,7 .::=/49,?0 :1 ?30 49?0=>0.?4:9 -0?B009 ?30 49/4K0=09.0 .@=A0 ,9/ ?30 3D;0=-:7, :1 0<@,?4:9 ,9/ 70?
(327)
(328) !
(329)
(330)
(331) !
(332) 1:= ,77
(333) ,9/
(334) 4A 49,77D ?30 ;@-74. 2::/ B071,=0 70C4849 1@9.?4:9 !,94<@0? ,9/ ';=@ 8:9?
(335) >,?4>F0> ,77 :@= ,C4:8> -@? :9?49@4?D (3,? >:.4,7 :=/0=492 1@9.?4:9 ,2=00> B4?3 ?30 8,C4849 1@9.?4:9 B3090A0= ?30 7,??0= 0C;=0>>0> , >?=4.? ;=010=09.0 -0?B009 ?B: ,77:.,?4:9> := , 8:=0 =,/4.,77D /4K0=09? 0C ,8;70 .:9>4/0= ?30 1:77:B492 1@9.?4:9 := ,77
(336) ,9/
(337) 70? !! 41 ,9/ :97D 41 04?30=
(338)
(339) !
(340)
(341)
(342) !
(343) :=
(344)
(345) !
(346)
(347)
(348) !
(349) ,9/
(350)
(351) !
(352)
(353)
(354) !
(355) . :9?=,=D ?: !,94<@0? ,9/ ';=@8:9?
(356) B0 @>0 *0,6 $,=0?: ,9/ ,9>>:9 9/0;09/09.0 49>?0,/ :1 $,=0?: 9/4K0=09.0 /0F90/ 49 ?30 ;=::1 ,-:A0 ,9/ &0>;:9>4A090>> B34.3 >,D> ?3,? ?30 =07,?4A0 =,96492 :1 ,9 ,7 7:.,?4:9 B4?3 =0>;0.? ?: ,9:?30= 4> 9:? B:=>090/ 41 ?30 @;;0= .:9?:@= >0?> :1 ?30 ,209?> >3=496 ,? ?30 -@9/70> :1 ?34> ,77:.,?4:9 ,9/ 0C;,9/ ,? ?30 :?30= (34> /4K0=09.0 4> 490>>09?4,7 ,9/ !,94<@0? ,9/ ';=@8:9?H> =0>@7? 3:7/> B4?3 04?30= .:8-49,?4:9 :1 ,C4:8> ,9>>:9 9/0;09/09.0 4> 7:24.,77D B0,60= ?3,9 &0>;:9>4A090>> ,9/ *0,6 $,=0?: 4> @>@,77D .:9>4/0=0/ 8:=0 49?@4?4A07D .:8;077492 ?3,9 $,=0?: 9/4K0=09.0 ,7?3:@23 @9/0= :9?49@4?D *0,6 $,=0?: 48;740> $,=0?: 9/4K0=09.0 ,> =0.,770/ 49 :@= ;=::1 9:?30= >7423? /4K0=09.0 -0?B009 ?30 ?B: ;,;0=> 4> ?3,? :@= *0,6 =00 @9.3 A0=>4:9 ,C4:8 :97D =0<@4=0> B0,6 >:.4,7 ;=010=09.0 B30=0,> !,94 <@0? ,9/ ';=@8:9?H> =00 @9.3 A0=>4:9 =0<@4=0> >?=4.? ;=010=09.0 1:= ?30 ;:>??=,9>10= ,77:.,?4:9 (34> /4K0=09.0 4> .:990.?0/ ?: ?30 :?30= -0.,@>0 B4?3 ,9 ,C4:8 =0<@4=492 :97D B0,6 >:.4,7 ;=010=09.0 $,=0?: 9/4K0=09.0 ,9/ &0>;:9>4A090>> /: 9:? ;0=84? ?: 0C.7@/0 @94A0=>,7 49/4K0=09.0 ,> , ;:>>4-70 >:.4,7 ;=010=09.0 !,94<@0? ,9/ ';=@8:9? >3:B ?3,? $,=0?: 9/4K0=09.0 &0>;:9>4A090>> ,9/ =00 @9.3 A0=>4:9 48;7D *0,6 $,=0?: *4?3 , A,=4 ,9? :1 :@= *0,6 =00 @9.3 A0=>4:9 =0<@4=492 >?=4.? ;=010=09.0 B0 .,9.
(357) ;=:A0 , >4847,= =0>@7? B4?3 , >4847,= ,=2@809? B34.3 B0 :84? 30=0 (34> 48;740> ?3,? B4?3 ?34> A,=4,9? :1 *0,6 =00 @9.3 A0=>4:9 B0 .:@7/ =0 ;7,.0 *0,6 $,=0?: ,9/ ,9>>:9 9/0;09/09.0 -D $,=0?: 9/4K0=09.0 ,9/ &0>;:9>4A090>> ,9/ >?477 :-?,49 :@= =0>@7? 49,77D B0 ;=:A4/0 , -=401 0C;7,9,?4:9 :1 ?30 .7,48 8,/0 49 ?30 9?=: /@.?4:9 ?3,? :@= =0>@7? 0C?09/> ?: ?30 .,>0 :1 , ;@-74. 2::/ B4?3 0C.7@>4:9 *309 , 9:9=4A,7 2::/ 4> 0C.7@/,-70 ,209?> 8,D .:9>@80 /4K0=09? <@,9?4?40> :1 ?30 2::/ D $,=0?: 9/4K0=09.0 ,9/ ?3,96> ?: 8:9:?:94.4?D ,9/ .:9A0C 4?D :1 ;=010=09.0> :90 .,9 ,7B,D> F9/ ,9 0<@4A,709? ,77:.,?4:9 49 B34.3 ,77 ,209?> .:9>@80 ?30 >,80 <@,9?4?D :1 ?30 9:9=4A,7 2::/ (30=01:=0 B4?3 5@>? ?34> ,//4?4:9,7 >?0; :@= ;=::1 >3:B> ?3,? ?30 ;@-74. 2::/ B071,=0 8,C4849 1@9.?4:9 4> ?30 :97D :90 >,?4>1D492 ?30 ,C4:8> 49 ?34> 0C?09/0/ >0??492 0A09 B309 ?30 *0,6 =00 @9.3 A0=>4:9 ,C4:8 4> B=4??09 >: ,> ?: ,;;7D :97D ?: ,77:.,?4:9> 49 B34.3 ,77 ,209?> .:9>@80 ?30 >,80 <@,9?4?D :1 ?30 9:9=4A,7 2::/. %"&. ,9>>:9 I(30 49/0;09/09.0 .:9/4?4:9 49 ?30 ?30:=D :1 >:.4,7 .3:4.0J !( "
(358)
(359) !,94<@0? ,9/ ';=@8:9? +
(360) I,4= ;=:/@.?4:9 ,9/ ,77:.,?4:9 :1 ,9 0C.7@/,-70 9:9=4A,7 2::/J #!
(361) !:@749 I2,74?,=4,90<@4A,709? .:>? >3,=492 :1 , ;@-74. 2::/J #! . .
(362)
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