Sharing the Cost of a Public Good: an Incentive-Constrained Axiomatic Approach
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(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 06-2006. This working paper was also published by the Center for Interuniversity Research in Quantitative Economics (CIREQ), under number 06-2006.. ISSN 0709-9231.
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(27) +3 /AAC;3 B6/B 1=ABA /@3 AB@=<5:G 1=<D3F 7< B63 4=::=E7<5 A3<A3 $5 $5 4=@ /:: 5 /<2 B63 ;/>>7<5 $ 7A C<0=C<232 < /53<BKA >@343@3<13 7A /< =@23@7<5 =D3@ 0C<2:3A 1=<A7AB7<5 =4 / 1=<AC;>B7=< :3D3: =4 B63 5==2 5 /<2 / ;=<3B/@G 1=<B@70CB7=< =@ 1=AB A6/@3 4
(28) +3 /AAC;3 B6/B B67A >@343@3<13 7A ;=<=B=<71 /<2 :7<3/@ B ;/G B63@34=@3 03 @3>@3 A3<B32 0G / A7<5:3 <C;03@ 2 3F>@3AA7<5 B63 /53<BKA 0 &/ .$)( =4 /<G =<3 C<7B =4 B63 5==2 25 4 ;3/AC@3A 63@ E3:4/@3 4@=; B63 0C<2:3 4 5
(29) (63 31=<=;73A E3 1=<A723@ /@3 :/@53 /<2 /<=<G;=CA +3 ;=23: B63; /A.
(30) 1C;C:/B7D3 27AB@70CB7=< 4C<1B7=<A =D3@ B63 >@343@3<13 A>/13 =@;/::G / &$( , )()'3 7A / >/7@ E63@3 2 2 7A / <=<2353<3@/B3 7<B3@D/: =4 D/:C/B7=<A /<2
(31) 7A 1=<B7<C=CA AB@71B:G 7<1@3/A7<5 =< /<2 AC16 B6/B 2 /<2 2
(32) =@ /<G 2 2 @3>@3A3<BA B63 >@=>=@B7=< =4 /53<BA E6=A3 D/:C/B7=< =4 B63 5==2 2=3A <=B 3F1332 2 =<B7<C7BG =4 5C/@/<B33A B6/B B63 >@=>=@B7=< =4 /53<BA E7B6 /<G 57D3< D/:C/B7=< 7A H3@= 'B@71B ;=<=B=<717BG 5C/@/<B33A B6/B B63@3 7A / >=A7B7D3 >@=>=@B7=< =4 /53<BA E7B6 / D/:C/B7=< 7< /<G <=<2353<3@/B3 AC07<B3@D/: =4
(33) =@ 0@3D7BG E3 A=;3B7;3A 2= <=B ;3<B7=< B63 D/:C/B7=< 7<B3@D/: /<2 1/:: 7BA3:4 /< 31=<=;G +3 1/:: /< >=A7B7D3 A3B 74 % /< 4C:: A3B 74 %
(34) AB/B3;3<B 7A B@C3 4=@ /:;=AB /:: 2 74 7B 7A B@C3 4=@ /:: 2 7< / 4C:: A3B
(35). & &,#. '%(,# #$#,0 & +# #$#,0 (6@=C56=CB '31B7=<A B= 7A / IF32 31=<=;G +3 1=<A723@ / >:/<<3@ E6=A3 9<=E:3253 =4 B63 3<D7@=<;3<B 7A :7;7B32 B= B63 /D/7:/0:3 B316<=:=5G /<2 B63 27AB@70CB7=< =4 >@343@3<13A #0A3@D3 B6/B B67A :/BB3@ >7313 =4 7<4=@;/B7=< 7A /<=<G;=CA B63 >:/<<3@ 75<=@3A B63 >@343@3<13A =4 7<27D72C/: /53<BA 2&#,#'& < &&) .$)( 4=@ 7A / >/7@ E63@3
(36) 7A /< 7<B35@/0:3 ;/>>7<5 A>3174G7<5 / >=AA70:G <35/B7D3 1=AB A6/@3 2 4=@ 3/16 /53<B @3>=@B7<5 D/:C/B7=< 2 /<2
(37) 7A / ;/>>7<5 23B3@;7<7<5 B63 1=@@3A>=<27<5 :3D3:A =4 1=<AC;>B7=< =4 B63 5==2 (67A /::=1/B7=< 7A $( (.$0 )'* .$ & 74 22 2 22 2 4=@ /:: 2 2
(38). . 3B 23<=B3 B63 A3B =4 7<13<B7D31=;>/B70:3 /::=1/B7=<A 4=@ <13<B7D3 1=;>/B707:7BG 7A B63 4C<2/;3<B/: 1=<AB@/7<B 7;>:732 0G B63 >:/<<3@KA 7<4=@;/B7=</: 6/<271/> 4 22 2 22 2 B63< /< /53<B E7B6 D/:C/B7=< 2 I<2A 7B >@=IB/0:3 B= @3>=@B / D/:C/B7=< 2
(39) '7<13 B63 >:/<<3@ 7A C</0:3 B= 23B31B AC16 ;7A@3>=@BA 63 ;CAB /D=72 B63; #C@ I@AB B/A9 7A B= 23A1@703 B63 7<13<B7D31=;>/B70:3 /::=1/B7=<A (67A 7A 1=< D3<73<B:G 2=<3 0G ;3/<A =4 >@717<5 A163;3A 2&#,#'& *,$ $(" - # ' 4=@ 7A / >/7@ " . E63@3 " /<2 .
(40) 7A AC16 B6/B .5 2 4=@ /:: 5 ACP173<B:G :/@53. .
(41) (63 <C;03@ " 7A / IF32 >3@6/>A <35/B7D3 ;=<3B/@G 1=<B@70CB7=< /<2 .5 7A B63 >@713 16/@532 4=@ 1=<AC;7<5 B63 5B6 C<7B =4 B63 5==2 < /53<B 1=<AC;7<5 5 C<7BA B6CA >/GA / 1=AB A6/@3 "
(42) ./
(43). +3 A/G B6/B B63 >@717<5 A163;3 " . " ( , . - =@ , *, - (.- B63 /::=1/ B7=< 74 3D3@G /53<B E7B6 D/:C/B7=< 2 ;/F7;7H3A 63@ E3:4/@3 :3D3: 25 " ./ 0G 16==A7<5 5 2 /<2 B63 @3AC:B7<5 1=AB A6/@3 "
(44)
(45) ./ 1= 7<1723A E7B6 2
(46) (63 @3AB@71B7=< B6/B C<7B >@713A 3D3<BC/::G @3/16 B63 67563AB D/:C/B7=< 7< B63 31=<=;G 5C/@/<B33A B6/B 3/16 /53<BKA ;/F7;7H/B7=< >@=0:3; 6/A / A=:CB7=< A B63 4=::=E7<5 3F/;>:3 7::CAB@/B3A 27Q3@3<B >@717<5 A163;3A ;/G @3>@3A3<B B63 A/;3 7<13<B7D31=;>/B70:3 /::=1/B7=< /%($ 3B 2 2% 23<=B3 B63 ;3/< D/:C/B7=< 7< B63 31=<=;G 3B 5 03 B63 A;/::3AB ;/F7;7H3@ =4 2 55 =D3@ /:: 5 /<2 23I<3 2 5 /<2 2 5 4=@ /:: 2 (67A -/,*&/-' 2$'$4$(" &&) .$)( 7A B@7D7/::G 7<13<B7D31=;>/B70:3 3@3 /@3 B6@33 27Q3@3<B >@717<5 A163;3A @3>@3A3<B7<5 7F 2 2
(47) < B63 I@AB A163;3 " 5 . 5 4=@ /:: 5 5 /<2 . 5 2 4=@ /:: 5 5
(48) < B63 A31=<2 A163;3 " 5 25 . 5 2 4=@ /:: 5 5 /<2 . 5 2 4=@ /:: 5 5
(49) < B63 B67@2 A163;3 C<7B >@713A 4/7: B= 03 <=<231@3/A7<5 " 5 . 5 4=@ /:: 5 5 . 5 2 /<2 . 5 2 4=@ /:: 5 5 < =@23@ B= =0B/7< / AB/<2/@2 @3>@3A3<B/B7=< E3 7;>=A3 4C@B63@ @3AB@71B7=<A 2&#,#'& >@717<5 A163;3 " . 7A ()( , -$(" 74 . 7A / <=<231@3/A7<5 ;/>>7<5 B 7A -. ( , 74 7B 7A <=<231@3/A7<5 /<2 .5 4=@ /:: 5 " '* % ! " . $- ()( , -$(" *,$ $(" - # ' .# ( (3 &&) .$)( !), - .$-!3$(" 2 5 .5 2 .5 ( 2 " . .
(50) . .5. . !), && 2 $- $( (.$0 )'* .$ & . 3@3 /<2 B6@=C56=CB B63 >/>3@ E3 /2=>B B63 1=<D3<B7=< B6/B / AC; 23I<32 =D3@ B63 3;>BG A3B 7A H3@=. #B63@ AB/<2/@27H/B7=<A /@3 >=AA70:3 B63 =<3 >@=>=A32 63@3 7A >/@B71C:/@:G 6/<2G E63< ABC2G 7<5 $/@3B= 2=;7</<13 A33 3;;/ 03:=E. .
(51) ! $- ( $( (.$0 )'* .$ & &&) .$)( !), .# ( .# , /($+/ -. ( , *,$ $(" - # ' " . - .$-!3$(" ( . 2$-.-. =<27B7=< A/GA B6/B 3D3@G /53<B E7B6 D/:C/B7=< 2 ;/F7;7H3A 63@ E3:4/@3 :3D3: 25 "
(52) ./ 0G 16==A7<5 5 2 =<27B7=< A/GA B6/B B63 @3AC:B7<5 1=AB A6/@3 1=7<1723A E7B6 2 B63@30G 3<AC@7<5 B6/B " . @3>@3A3<BA
(53) 'B/B3;3<B / B6CA /AA3@BA B6/B 3D3@G /::=1/B7=< 53<3@/B32 0G /< /@07B@/@G <=<231@3/A7<5 >@717<5 A163;3 7A 7<13<B7D31=;>/B70:3 (6/B AB/B3;3<B 7A =0D7=CA A7<13 /:: /53<BA ;/F7;7H3 B637@ E3:4/@3 C<23@ B63 A/;3 1=<AB@/7<BA <= =<3 1/< >=AA70:G >@343@ A=;3=<3 3:A3KA 0C<2:3 4 " . 53<3@/B3A BE= 7<13<B7D31=;>/B70:3 /::=1/B7=<A B63A3 /::=1/B7=<A 1=7<1723 =< /:;=AB /:: D/:C/B7=<A /<2 /@3 $/@3B=3?C7D/:3<B 22 2 2 2 2 4=@ && 2 (= 16319 B63A3 1:/7;A =0A3@D3 B6/B E63<3D3@ .5 2 .5 4=@ A=;3 5 B6/B :3D3: 5 7A <313AA/@7:G C<7?C3 /<2 4=@13A 2 5 (6CA B63 =<:G /53<BA E6=A3 0C<2:3 7A <=B 4C::G 23B3@;7<32 /@3 B6=A3 E7B6 / D/:C/B7=< 2 3?C/: B= A=;3 C<7B >@713 .5
(54) G /AAC;>B7=< B637@ >@=>=@B7=< 7< B63 >=>C:/B7=< 7A H3@= =@ B63A3 D/:C/B7=<A 2 A3D3@/: 1=<AC;>B7=< :3D3:A 2 /@3 1=;>/B70:3 E7B6 0CB B63 /AA=17/B32 E3:4/@3 :3D3: 22 2 E63@3 2 7A 57D3< 0G 7A C<7?C3 'B/B3;3<B 0 A/GA B6/B 3D3@G 7<13<B7D31=;>/B70:3 /::=1/B7=< 7A @3>@3A3<B32 0G / C<7?C3 AB/<2/@2 >@717<5 A163;3 (63 >@==4 =4 B67A AB/B3;3<B 7A <=B 3<B7@3:G =0D7=CA 7B @3:73A 1@C17/::G =< B63 :7<3/@7BG =4 >@343@3<13A CA34C: >@=>3@BG =4 /<G 7<13<B7D31=;>/B70:3 /::=1/B7=< 4=::=EA /B =<13 4@=; AB/B3;3<B 0 0=B6 /<2 /@3 <=<231@3/A7<5 7< 2 31/CA3 7A / 1:=A32 7<B3@D/: 7B 4=::=EA B6/B 0=B6 /<2 ;CAB 6/D3 / I<7B3 @/<53 /<2 2 2 /<2 2 2
(55) +3 E@7B3 2 5 2 5 /<2 1/:: 5 B63 *,) / .$)( & 0 & /B (E= 7<13<B7D31=;>/B70:3 /::=1/B7=<A 53<3@/B32 0G B63 A/;3 AB/<2/@2 >@717<5 A163;3 " . <332 <=B 6/D3 B63 A/;3 >@=2C1B7=< :3D3: A7<13 2=3A <=B 23B3@;7<3 2 C<7?C3:G +3 <=E BC@< B= B63 A31=<2 1=<AB@/7<B 4/132 0G B63 >:/<<3@ B63 A3:31B32 /::=1/B7=< ;CAB 03 B316<=:=571/::G 43/A70:3 2&#,#'& < /::=1/B7=< 4=@ 7A ! -$ & 74 7B A/B7AI3A B63 1=<AB@/7<B % 2
(56)
(57) . 3B 23<=B3 B63 A3B =4 43/A70:3 7<13<B7D31=;>/B70:3 /::=1/B7=<A 4=@ .
(58) (63 :34B6/<2 A723 =4 7<3?C/:7BG
(59) 7A B63 @3D3<C3 3F>31B32 4@=; B63 /::=1/ B7=< B63 @756B6/<2 A723 7A 7BA 1=AB =B6 1/< 03 1=;>CB32 0G B63 >:/<<3@ /A 63 9<=EA
(60) 4 7A 7<13<B7D31=;>/B70:3 7BA 1=AB 7A 3?C/: B= 5
(61) (63 @3D3<C3 /1BC/::G 1=::31B32 1=7<1723A E7B6 B63 3F>31B32 @3D3<C3 /<2 (63=@3; >@=D723A CA E7B6 / 1=<D3<73<B 3F>@3AA7=< 4=@ 7B 4 7A @3>@3A3<B32 0G B63 <=<231@3/A7<5 >@717<5 A163;3 " . B63< % "
(62) .5% "
(63) .5 % . "
(64) .5 .5 "
(65) .5 .5
(66) 3I<3 B63 , 0 (/ !/( .$)( /AA=17/B32 E7B6 0
(67)
(68) 0G 02 2 2 4=@ /:: 2
(69) "=B3 B6/B 02 2 4=@ /:: 2 2 /<2 02 4=@ /:: 2 2
(70) +3 E@7B3 0 4=@ 0
(71) E63<3D3@ B63 @343@3<13 B= 7A 1:3/@ )A7<5 B67A <=B/B7=< . % " . .
(72) . 0.5 " . .
(73) . 0.5
(74). . (67A 4=@;C:/ A6=EA B6/B /:: /::=1/B7=<A 53<3@/B32 0G / 57D3< <=<231@3/A7<5 >@717<5 A163;3 " . G73:2 3F/1B:G B63 A/;3 B=B/: @3D3<C3 3D3< B6=C56 B63G ;/G 7<D=:D3 27Q3@3<B >@=2C1B7=< :3D3:A 63<13 27Q3@3<B >@=2C1B7=< 1=ABA /D7<5 23I<32 7<13<B7D3 1=;>/B707:7BG /<2 43/A707:7BG E3 1=<1:C23 B67A A31B7=< E7B6 / 0@734 7::CAB@/B7=< =4 B63 1:/AA71/: A31=<203AB />>@=/16 NB63 B67@2 />>@=/16 23A1@7032 7< B63 7<B@=2C1B7=< 7D3< 23I<3 B63 CB7:7B/@7/< =@23@7<5 =D3@ /:: <=B <313AA/@7:G 7<13<B7D31=;>/B70:3 =@ 43/A70:3 /::=1/B7=<A 0G 22 2% 2 2 2%
(75) !/F7;7H7<5 B67A =@23@7<5 AC0831B B= 7<13<B7D3 1=;>/B707:7BG /<2 43/A707:7BG G73:2A B63 AC@>:CA;/F7;7H7<5 /::=1/B7=< =4 3I<7B7=< 31/CA3 A/B 7AI3A B63 $/@3B= >@7<17>:3 1/<<=B 03 $/@3B=2=;7</B32 0G /<G 43/A70:3
(76). (67A AB/B3;3<B @3?C7@3A / ?C/:7I1/B7=< <13<B7D3 1=;>/B707:7BG 2=3A <=B @C:3 =CB B6/B 4=@ A=;3 AC16 B6/B < B6/B 1/A3 B63 /53<BA E7B6 D/:C/B7=< 2= <=B 6/D3 / -.,$ . 7<13<B7D3 B= @3>=@B B@CB64C::G 4 B63G @3>=@B D/:C/B7=< B63 @3AC:B7<5 ;/F7;/: 1=<AC;>B7=< 53<3@/B3A / 1=AB (6CA 7A B63 1=AB =4 /B B63 B@CB64C: 2=;7</<BAB@/B35G 3?C7:70@7C; =4 B63 @3D3:/B7=< 5/;3 0CB B63@3 ;/G 03 =B63@ 2=;7</<BAB@/B35G 3?C7:70@7/ 53<3@/B7<5 / :=E3@ 1=AB =E3D3@ E3 E7:: A33 03:=E B6/B B63 1=AB =4 /< 6 $ (. 7<13<B7D31=;>/B70:3 /::=1/B7=< 7A C</;075C=CA. .
(77) 7<13<B7D31=;>/B70:3 /::=1/B7=< (67A /::=1/B7=< D7=:/B3A /:: B6@33 3?C7BG >@=> 3@B73A 27A1CAA32 7< B63 7<B@=2C1B7=< >/@B717>/B7=< >=>C:/B7=< ;=<=B=<717BG /<2 23;/<2 ;=<=B=<717BG < >/@B71C:/@ B63 :=ED/:C/B7=< /53<BA /@3 BG>71/::G E=@A3 =Q B6/< E63< 1=<AC;7<5 <= >C0:71 5==2 /<2 >/G7<5 <=B67<5. *#$ $$' ,#'&+ (63 A=1/::32 A3@7/: /::=1/B7=<A /@3 /< 7;>=@B/<B 3F/;>:3 =4 7<13<B7D31=;>/B70:3 /::=1/B7=<A (63G /@3 53<3@/B32 0G B63 4=::=E7<5 >@717<5 A163;3 3B 03 B63 A3B =4 /:: >@=2C1B7=< :3D3:A 5 AC16 B6/B 02 $5.
(78) . 4=@ A=;3 2 #C@ /AAC;>B7=<A 5C/@/<B33 B6/B B63@3 7A / ;/F7;/: :3D3: 5 AC16 B6/B
(79)
(80)
(81) 5
(82) =@ 3D3@G 5 :3B 2 5 03 B63 A;/::3AB D/:C/B7=< 2 AC16 B6/B
(83) 7A B@C3 2 5 7A E3:: 23I<32 031/CA3 7A 1=<B7<C=CA FB3<2 B63 ;/>>7<5 2 0G 23I<7<5 2 5 2 4=@ /:: 5 5 E63@3 2 2
(84) G 1=<AB@C1B7=<
(85) 02 5 $5 4=@ /:: 5 B6/B 7A 16/@57<5 / >@713 2 5 4=@ C<7B 5 5C/@/<B33A B6/B B63 @3D3<C3 1=::31B32 4@=; B63 /53<BA E6=A3 D/:C/B7=<A 3F1332 B6/B >@713 1=D3@A 3F/1B:G B63 1=AB =4 >@=2C17<5 B6/B C<7B "=B3 /:A= B6/B 2 5 2 5 4=@ 3D3@G 5
(86) (63 >/7@ 2 7A / <=<231@3/A7<5 >@717<5 A163;3 (63 A3@7/: /::=1/B7=<A 4=@ /@3 B63 /::=1/B7=<A B6/B /@3 $/@3B=3?C7D/:3<B B= B6=A3 53<3@/B32 0G 2 /<2 6/D3 B63 A/;3 >@=2C1B7=< :3D3: 5
(87) =@ / 4=@;/: 23A1@7>B7=< :3B 5 03 B63 :/@53AB 5 AC16 B6/B $5 2 /<2 :3B " 5 25
(88) =@ 3/16 5 23I<3 3 5 2 2 5 "=B713 B6/B " 3 1=7<1723A E7B6 2 74 /<2 =<:G 74 2 $
(89) 2&#,#'& - ,$ & /::=1/B7=< 4=@ 7A /<G /::=1/B7=< 53<3@/B32 0G B63 >@717<5 A163;3 " 3 B6/B 7A A/B7A4G7<5 2 5 3 5 2 3 5 .
(90) . < 4/1B B67A /::=1/B7=< 7A <=B $/@3B=2=;7</B32 0G /<G 43/A70:3 /::=1/B7=< E63B63@ 7<13<B7D3 1=;>/B70:3 =@ <=B (67A I@AB03AB 3P173<1G >@=>3@BG 7A 7@@3:3D/<B E63< 7<13<B7D31=;>/B707:7BG 7A B/93< A3@7=CA:G /::=1/B7=<A B6/B /@3 <=B 7<13<B7D31=;>/B70:3 /@3 <=B /< =>B7=< 4=@ B63 >:/<<3@. .
(91) /<2 2 " . .
(92) . 3 5.
(93)
(94) . 4=@ /:: 2 @=; (63=@3; /<2 B63 3<AC7<5 27A1CAA7=< A3@7/: /::=1/B7=<A /@3 3AA3<B7/::G C<7?C3 B63G 1=7<1723 =< /:;=AB /:: D/:C/B7=<A /<2 /@3 $/@3B=3?C7D/:3<B (63 @3D3<C3 1=::31B32 1=D3@A 3F/1B:G B63 /AA=17/B32 1=AB =4 >@=2C1B7=< % "
(95) 03 5 5
(96) $5 5
(97) E=@2 =4 1:/@7I1/B7=< 7A 7< =@23@ (63 >@717<5 A163;3 " 3 7A <=B ?C7B3 AB/<2/@2 A7<13 3 5 2 4=@ /:: 5 5
(98) (67A 7A 7;>=@B/<B B=53B63@ E7B6
(99) 7B 4=@13A 5 2 B= 1=7<1723 E7B6 5
(100) +3 1/:: B67A <C;03@ B63 - ,$ & *,) / .$)( & 0 & 7< B63 31=<=;G
(101) )<23@ B63 /:B3@</B7D3 AB/<2/@2 1=<D3<B7=< B6/B >@713A /@3 0=C<232 /0=D3 0G 2 1=<27B7=<
(102) E=C:2 /::=E 2 5
(103) #B63@ /::=1/ B7=<A E=C:2 B63< ?C/:74G /A A3@7/: /:: $/@3B=3?C7D/:3<B B= B63 =<3A 23I<32 63@3 0CB 27Q3@7<5 7< B63 0C<2:3 /AA75<32 B= B63 /53<BA E7B6 D/:C/B7=< 2
(104) (63G E=C:2 53<3@/B3 B63 A/;3 @3D3<C3 0CB / 67563@ >@=2C1B7=< 1=AB 6==A7<5 3 5 2 4=@ /:: 5 5 5C/@/<B33A 43/A707:7BG #4 1=C@A3 /11=@27<5 B= (63=@3; 0 3D3@G A3@7/: /::=1/B7=< 4=@ 7A @3>@3A3<B/0:3 0G / C<7?C3 AB/<2/@2 A163;3 E6716 E3 23<=B3 " . /<2 1/:: B63 -. ( , - ,$ & *,$ $(" - # ' 4=@ . 5 3 5 4=@ 5
(105)
(106)
(107) 5 /<2 . 5 2 4=@ 5 5 A 3F>:/7<32 /0=D3 B67A A163;3 53<3@/B3A /:: B63 A3@7/: /::=1/B7=<A /<2 =B63@ /::=1/B7=<A B6/B /@3 $/@3B=3?C7D/:3<B @3D3<C33?C7D/:3<B 0CB <=B 1=AB3?C7D/:3<B B= B63;. 3 # & 0 @=; <=E =< E3 @3AB@71B =C@ /BB3<B7=< B= B63 A3B =4 7<13<B7D31=;>/B70:3 /::=1/B7=<A (67A A31B7=< ABC273A 3P173<1G 7< B63 A31=<203AB A3<A3 E3 /@3 7<B3@3AB32 7< B63 43/A70:3 7<13<B7D31=;>/B70:3 /::=1/B7=<A B6/B /@3 <=B $/@3B= 2=;7</B32 0G /<G 43/A70:3 7<13<B7D31=;>/B70:3 /::=1/B7=< 2&#,#'& < /::=1/B7=< , .) )'$( . - /< /::=1/B7=< 74 2 2 2 22 2 4=@ /:: 2 /<2 B67A 7<3?C/:7BG 7A AB@71B 4=@ /:: 2 7< /< >=A7B7D3 A3B . G 1=<AB@C1B7=< 74 (67A 7;>:73A B6/B /:: 2=;7</<BAB@/B35G 3?C7:70@7/ =4 B63 @3D3:/B7=< 5/;3 G73:2 B63 >@=2C1B7=< :3D3: /<2 B63 @3AC:B7<5 1=AB 7A /D=727<5 B63 27P1C:BG 3F>:/7<32 7< ==B<=B3
(108) . .
(109) < /::=1/B7=< 7A 6 $ (. 74 B63@3 7A <= E6716 $/@3B=2=;7</B3A 7B < =@23@ B= 23A1@703 B63 3P173<B /::=1/B7=<A 7< E3 0357< E7B6 / 16/@/1B3@7H/B7=< =4 $/@3B= 2=;7</<13 4 " . " . /@3 <=<231@3/A7<5 >@717<5 A163;3A @3>@3A3<B7<5 BE= 7<13<B7D31=;>/B70:3 /::=1/B7=<A E3 E@7B3. " . " . 74 /<2 =<:G 74 "
(110) . / "
(111) ./ 4=@ /:: 5 +3 E@7B3 " . " . 74 /<2 =<:G 74 " . " . /<2 " . " . B63 B=B/: 1=<B@70CB7=< @3?C7@32 4=@ 1=<AC;7<5 /<G >=AA70:G H3@= :3D3: =4 B63 5==2 7A <3D3@ 67563@ /<2 A=;3B7;3A :=E3@ C<23@ B63 >@717<5 A163;3 " . B6/< C<23@ " . %% . , *, - (. 3 .# $, -. ( , *,$ $(" - # ' - " . " .
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(114) "3FB E3 ;CAB B/93 B63 43/A707:7BG 1=<AB@/7<B
(115) 7<B= /11=C<B B=B/: @3D3<C3 ;CAB 1=D3@ >@=2C1B7=< 1=AB 3@3 E3 4/13 / 27P1C:BG =<A723@ BE= 7<13<B7D3 1=;>/B70:3 /::=1/B7=<A E7B6 723<B71/: >@=2C1B7=< :3D3:A 5 5 @3> @3A3<B32 0G B637@ AB/<2/@2 >@717<5 A163;3A " . " .
(116) B ;/G 6/>>3< B6/B. " . " . G3B "
(117) 0. 5 "
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(119) . #< B63 /AA=17/B32 @3D3<C3 4C<1B7=< 7A 02 2 2 74 2 /<2 02 2 74 2
(120) A 75C@3 / A6=EA B67A 4C<1B7=< 7A B63 ;/F7;C; =4 BE= 1=<1/D3 ?C/2@/B71 4C<1B7=<A B 7A AB@71B:G 7<1@3/A7<5 =< /<2 AB@71B:G 231@3/A7<5 =<
(121) B 7A 27Q3@3<B7/0:3 3D3@GE63@3 0CB /B 7BA :34B 23@7D/B7D3 /B B6/B >=7<B 7A H3@= E67:3 7BA @756B 23@7D/B7D3 7A >=A7B7D3 (67A 7;>:73A 7< >/@B71C:/@ B6/B B63 4C<1B7=< 7A <=B 1=<1/D3. $
(122) (63< B63 A3@7/: >@=2C1B7=< :3D3: 7A 5 'C>>=A3 $ $ /<2 B63 AB/<2/@2 A3@7/: >@717<5 A163;3 57D3A " /<2 . . .
(123) . 5 4=@ /:: 5
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(125) G 1=<AB@C1B7=< " . " .
(126) '33 75C@3 0 31/CA3 B63 :34B 23@7D/B7D3 =4 0 7A H3@= /B . /<2 7BA 23@7D/B7D3 7A >=A7B7D3 /B . B63 @3D3<C3 53<3@/B32 0G " . 7A 67563@ B6/< B6/B 53<3@/B32 0G " . 4=@ /<G A;/:: 3<=C56 (6CA ;=@3 @3D3<C3 7A 1=::31B32 0G /A97<5 / :=E3@ 1=<B@70CB7=< 4=@ /<G 1=<AC;>B7=< :3D3: =4 B63 5==2 (67A 3F/;>:3 /:A= A6=EA B6/B B63 A3@7/: /::=1/B7=<A /@3 <=B /:E/GA 3P173<B. . . . . . . . . . . . . . . . . . 0. . $ $. 2. /. . . . . . . . . . . . . . . . 0. . . . 2. . . . . 0. 75C@3 6/@57<5 :3AA ;/G 7<1@3/A3 @3D3<C3. (63 >=AA707:7BG =4 1=::31B7<5 ;=@3 @3D3<C3 0G 16/@57<5 :3AA 4=@ 3D3@G 1=<AC;> B7=< :3D3: =4 B63 5==2 7< B63 7<B3@D/: =4 >@713A E63@3 B63 @3D3<C3 4C<1B7=< 7A 7<1@3/A 7<5 AB@793A CA /A 7;>:/CA70:3 B /:A= ;/93A / B@/1B/0:3 23A1@7>B7=< =4 B63 3P173<B /::=1/B7=<A 7< D7@BC/::G 7;>=AA70:3 /A 43/A70:3 $/@3B= 7;>@=D3;3<BA /@3 3FB@3;3:G 27P1C:B B= 723<B74G +3 7<B@=2C13 /< /AAC;>B7=< =< B6/B @C:3A 7B =CB ++-%(,#'& (63 @3D3<C3 4C<1B7=< 0
(127) 7A AB@71B:G 1=<1/D3 =< 2 2 E63@3 2 7A B63 A;/::3AB D/:C/B7=< ;/F7;7H7<5 0
(128) .
(129) (63 /AAC;>B7=< 7A D7=:/B32 0G B63 31=<=;G 7< F/;>:3 31=<=;73A A/B7A4G 7B 6=E3D3@. /@53 1:/AA3A =4. /%($ <G 31=<=;G 53<3@/B7<5 / AG;;3B@71 A7<5:3>3/932 23<A7BG =< A/G A/B7AI3A AAC;>B7=< 'C>>=A3 4=@ A7;>:717BG B6/B 7A BE713 27Q3@ 3<B7/0:3 'B@71B 1=<1/D7BG =4 B63 /AA=17/B32 @3D3<C3 4C<1B7=< /B 2 ;3/<A 0 2 B6/B 7A 2 2 2
(130) (67A 1=<27B7=< 7A =0D7=CA:G A/B7AI32 4=@ /:: 2
(131) "=E 16319 B6/B 0 7A 231@3/A7<5 =< 1=;>CB3 0 2 2 2 2 /<2 =0A3@D3 B6/B 74 2 AG;;3B@G 3<B/7:A 2 2 2 2 2 2 2 2 2 . A / A31=<2 7::CAB@/B7=< 1=<A723@ /< 31=<=;G 53<3@/B7<5 / B@7/<5C:/@ 23<A7BG =< 2 74 2 2 74 2 . 2 . . E63@3 (63 /AA=17/B32 @3D3<C3 4C<1B7=< 7A 02 2 74 2 /<2 02 2 74 2
(132) +3 1:/7; B6/B A/B7AI3A AAC;>B7=< 74
(133) B 7A 3/AG B= 16319 B6/B 0 7A AB@71B:G 1=<1/D3 =< 4=@ /<G "3FB 0 7A AB@71B:G 231@3/A7<5 =< 4=@ 2 (63 1:/7; E63<3D3@ 0 2 4=::=EA +3 /@3 <=E @3/2G B= >@=D3 B63 4=::=E7<5 93G @3AC:B %% /**)- - .$-5 -
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(142) )<23@ AAC;>B7=< 3;;/A /<2 23:7D3@ B63 4=::=E7<5 1=@=::/@G B /< 7<13<B7D31=;>/B70:3 /::=1/B7=< E63@3 @3D3<C3 3?C/:A 1=AB /<2 B63 AB/<2/@2 >@713 =4 B63 :/AB C<7B >@=2C132 2=3A <=B 3F1332 B63 A;/::3AB @3D3<C3;/F7;7H7<5 >@713 <= $/@3B= 7;>@=D3;3<B 7A >=AA70:3 E7B6=CB 16/<57<5 B63 >@=2C1B7=< :3D3:.
(143).
(144) )A7<5 B67A 4/1B B63 B63=@3; 03:=E >@=D723A / A3B =4 4=C@ 3/AGB=16319 1=<27 B7=<A B6/B /@3 <313AA/@G /<2 ACP173<B 4=@ /<G 43/A70:3 7<13<B7D31=;>/B70:3 /::=1/ B7=< B= 03 3P173<B C<23@ AAC;>B7=< (63 I@AB 1=<27B7=< 7A 0C253B 0/: /<13 @3D3<C3 3?C/:A >@=2C1B7=< 1=AB (63 A31=<2 1=<27B7=< 7A B6/B B63 >@=2C1B7=< :3D3: 7A <=B 03:=E B63 A3@7/: :3D3: (63 @3;/7<7<5 1=<27B7=<A />>:G 74 >@=2C1B7=< 7A >=A7B7D3 (63 B67@2 A/GA B6/B B63 >@713 =4 B63 :/AB C<7B >@=2C132 2=3A <=B 3F1332 B63 A;/::3AB @3D3<C3;/F7;7H7<5 >@713 (63 4=C@B6 3AA3<B7/::G /;=C<BA B= 16319 7<5 B6/B =<3 >/@B71C:/@ 7<13<B7D31=;>/B70:3 /::=1/B7=< $/@3B=2=;7</B7<5 7A <=B 43/A70:3 4 " . 7A B63 AB/<2/@2 >@717<5 A163;3 @3>@3A3<B7<5 I<2 B63 C<7?C3 ;/F7;/: AB/<2/@2 >@717<5 A163;3 " . AC16 B6/B " . " . /<2 . 5 " . 5 2
(145) "
(146) .
(147) . (67A A163;3 23<=B32 0G " . 7A 7::CAB@/B32 7< 75C@3 (63 1=<27B7=< A/GA B6/B " . 2=3A <=B 53<3@/B3 3<=C56 @3D3<C3 B= 1=D3@ B63 1=AB =4 >@=2C17<5 5 C<7BA =4 B63 5==2 " '* % /**)- - .$-5 -
(148) --/'*.$)( ( & . 5 .# - ,$ & *,) / .$)( & 0 & $( .#$- )()'3
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(150) 0.5 5 5 5 2. . 5 "
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(152). A /< 7::CAB@/B7=< =4 (63=@3; B63 4=::=E7<5 3F/;>:3 23A1@703A / =<3>/@/;3B3@ 7<I<7B3 4/;7:G =4 3P173<B /::=1/B7=<A . (67A 1=<27B7=< 7;>:73A B6/B B 4=::=EA B6/B 7A B63 >@=2C1B7=< :3D3: /B && 2=;7</<B AB@/B35G 3?C7:70@7/ =4 B63 5/;3 '33 ==B<=B3
(153) @3D3:/B7=< (63 >@717<5 A63;3 ;/G 03 1=;>CB32 /A 4=::=EA 3B 03 B63 A;/::3AB D/:C/B7=< AC16 B6/B 4 :3B /<2
(154) 74 74 4 :3B /<2 74 74 . .
(155) 4. . . . . . . . . . . . . 2. . . . . . . . . . 5. 5. 5. 75C@3 =<27B7=<
(156) =4 B63=@3; 1=<AB@C1B7<5 " . 4@=; " . /%($ =@ /<G 2 :3B 5 03 B63 A;/::3AB ;/F7;7H3@ =4 2 5 5 =D3@ /:: 5 /<2 23I<3 B63 4=::=E7<5 AB/<2/@2 >@717<5 A163;3 " 5 25 /<2 . 5 2 74 5 5 . 5 . 5 74 5 5
(157) 3B 03 53<3@/B32 0G " . /<2 AC16 B6/B 5 5 5
(158) 4 2 2 7A / A3@7/: /::=1/B7=< 4 2 2 7B 7A / 1=AB;7<7;/: AC@>:CA;/F7;7H7<5 /::=1/B7=< A33 F/;>:3 B 7A @=CB7<3 B= 16319 B6/B /:: 4=C@ 1=<27B7=<A 7< (63=@3; /@3 ;3B. & /#'%,# &+ ' + *#$ $$' ,#'& *-$ + (67A A31B7=< 3F>:=@3A 7<13<B7D31=;>/B70:3 /::=1/B7=<A ,)-- 31=<=;73A E7B6 B63 /7; =4 23A75<7<5 3P173<B /<2 4/7@ /::=1/B7=< @C:3A 3B 03 B63 A3B =4 :7<3/@ 31=<=;73A < &&) .$)( ,/& )( )' $( 7A / ;/>>7<5 /AA75<7<5 B= 3/16 /< /::=1/B7=<
(159) +3 A/G B6/B / @C:3 7A - ,$ & 74 4=@ 3D3@G 7A / A3@7/: /::=1/B7=< 4=@
(160) #C@ ;/7< 1=<B@70CB7=< 7A /< /F7=;/B71 2343<A3 =4 B63 A3@7/: /::=1/B7=< @C:3A 7@AB E3 @3?C7@3 3P173<1G 7< B63 A3<A3 =4 '31B7=< 3 # & 0 =@ /:: 7A 3P173<B (C@<7<5 B= 27AB@70CB7D3 1=<13@<A E3 A339 B= 4=@;C:/B3 / >@=>3@ 23I<7B7=< =4 35/:7B/@7/<7A; #<3 >=AA70:3 7<B3@>@3B/B7=< E=C:2 1=<A7AB =4 3?C/:7H7<5 1=<AC;> B7=< 0C<2:3A /:: /53<BA E=C:2 1=<AC;3 B63 A/;3 :3D3: =4 B63 5==2 /<2 >/G B63 .
(161) A/;3 1=AB A6/@3 (67A 7<B3@>@3B/B7=< 7A C</>>3/:7<5 4=@ B63 4=::=E7<5 @3/A=< 1 1=@27<5 B= 1=<27B7=< 7< (63=@3; 3P173<1G @3?C7@3A B6/B B63 >C0:71 5==2 03 >@=D7232 /B / 6756 3<=C56 /0=D3 A3@7/: :3D3: (63@34=@3 C<:3AA B63 7<B3@D/: =4 D/:C/B7=<A 7A D3@G A;/:: /53<BA E7B6 / :=E D/:C/B7=< =4 B63 >C0:71 5==2 /@3 BG>7 1/::G E=@A3 =Q /B /< 35/:7B/@7/< 3P173<B /::=1/B7=< B6/< 74 B63G 2= <=B >/@B717>/B3 7< B63 >@=2C1B7=< /<2 1=ABA6/@7<5 ;316/<7A; A31=<2 >=AA70:3 7<B3@>@3B/B7=< =4 35/:7B/@7/<7A; 7A B= 3?C/:7H3 =>>=@BC<7BG A3BA /:: /53<BA 16==A3 4@=; B63 A/;3 ;3<C =4 1=<AC;>B7=< 0C<2:3A (67A @3 ?C7@3;3<B 3?C7D/:3<B B= "= <DG =:; 7A /CB=;/B71/::G ;3B A7<13 E3 @3AB@71B =C@ /BB3<B7=< B= 7<13<B7D31=;>/B70:3 /::=1/B7=<A '33 (63=@3; B67@2 >=AA707:7BG 7A B= @3?C7@3 B6/B /53<BA 03 3?C/::G /Q31B32 0G 16/<53A B6/B B63G 6/D3 <=B 7<7B7/B32 =::=E7<5 B67A :7<3 =4 7<B3@>@3B/B7=< E3 E7:: 3F/;7<3 BE= /F7=;A 23;/<2 ;=<=B=<717BG /<2 >=>C:/B7=< ;=<=B=<717BG 3;/<2 ;=<=B=<71 7BG @3?C7@3A B6/B E63< A=;3 /53<BA 7< /< 31=<=;G 031=;3 @7163@ B63 E3:4/@3 =4 /:: B63 =B63@A D/@73A 7< B63 A/;3 27@31B7=< !=@3 >@317A3:G /:: B63 /53<BA E6=A3 D/:C/B7=< =4 B63 >C0:71 5==2 7A C<16/<532 A6=C:2 03<3IB 4@=; /< 7<1@3/A3 7< B63 E7::7<5<3AA B= >/G =4 B63 =B63@A 4 :3B CA E@7B3 74 /<2 =<:G 74 2 2 4=@ /:: 2
(162) =@ /<G 57D3< >@713 B63 >@=>=@B7=< =4 /53<BA E7B6 / D/:C/B7=< 67563@ B6/< B6/B >@713 7A :/@53@ 7< B6/< 7< B6/B 7A I@AB=@23@ AB=16/AB71/::G 2=;7</B3A +3 B67<9 =4 /A / L@7163@M 31=<=;G %& %'&','&# #,0 4 /<2 B63< 2 2 2 2 2 2 4=@ /:: 2
(163) '3@7/: @C:3A A/B7A4G 23;/<2 ;=<=B=<717BG 031/CA3 B63 @3D3<C3 1=::31B32 0G 16/@57<5 /<G 57D3< >@713 1/<<=B 231@3/A3 E63< B63 31=<=;G 031=;3A @7163@ A33 75C@3 A / 1=<A3?C3<13 <= A3@7/: >@713 7<1@3/A3A 5C/@/<B337<5 B6/B <= /53<B E6=A3 >@343@3<13A /@3 IF32 1/< 03 E=@A3 =Q 3D3< 74 B63 >@343@3<13A 7< B63 @7163@ 31=<=;G 8CAB74G B6/B =<3 =@ ;=@3 /227B7=</: C<7BA =4 B63 5==2 03 >@=2C132. #C@ I@AB @3AC:B 1=;07<3A 23;/<2 ;=<=B=<717BG E7B6 3P173<1G &31/:: 4@=; F/;>:3 B6/B @3AB@71B7=<A /@3 <33232 B= 5C/@/<B33 3P173<1G =4 B63 A3@7/: /: :=1/B7=<A +3 4=1CA =< B63 2=;/7< =4 /:: 31=<=;73A A/B7A4G7<5 AAC;>B7=< .
(164) $ . . $ $ . . . . . . . . . . . . . . 0
(165) . 0
(166) . 2. . . . . . 75C@3 '3@7/: @C:3A A/B7A4G 3;/<2 !=<=B=<717BG " '* %
(167) ( &&) .$)( ,/& )( - .$-5 - 6 $ ( 3 ( ' ( ')().)($ $.3 $! ( )(&3 $! $. $- - ,$ & 3@3 7A /< 7<BC7B7=< 4=@ B67A @3AC:B B /<G A3@7/: /::=1/B7=< B63 7<1@3;3<B/: 1=AB =4 3/16 C<7B =4 B63 >C0:71 5==2 7A 0=@<3 >@317A3:G 0G B63 1=<AC;3@A =4 B6/B C<7B ==A3:G A>3/97<5 B67A 5C/@/<B33A / BE=A7232 <=AC0A727H/B7=< >@=>3@BG B63 >==@3@ :=E3@D/:C/B7=< /53<BA 2= <=B AC0A727H3 B63 1=<AC;>B7=< =4 B63 @7163@ /<2 B63 @7163@ 2= <=B AC0A727H3 B63 >==@3@ 37B63@ (= A33 E6G B63 >==@3@ 1/<<=B AC0A727H3 B63 @7163@ AC>>=A3 B63G 2= ;/57<3 / <35/B7D3 A674B 7< B63 27AB@70CB7=< =4 B63 @7163@ /53<BAK D/:C/B7=<A 4 B67A ;=D3;3<B 7A :/@53 3<=C56 3P173<1G 4=@13A / @32C1B7=< 7< >@=2C1B7=< 2=E< B= B63 ;/F7;/: 1=<AC;>B7=< :3D3: =4 B63 >==@3@ (63 >==@3@ /53<BA 1/< =<:G 03<3IB 4@=; B63 1=@@3A>=<27<5 231@3/A3 7< B=B/: 1=AB / 1=<B@/271B7=< B= 23;/<2 ;=<=B=<717BG (63 @3/A=< E6G B63 @7163@ /53<BA 1/<<=B AC0A727H3 B63 >==@3@ 7A ;=@3 AC0B:3 =<A723@ B63 :/@53AB 1=<AC;3@A =4 B63 >C0:71 5==2 OB6=A3 1=<AC;7<5 C> B= B63 D3@G :/AB C<7B B6/B 7A >@=2C132 'C>>=A3 I@AB B6/B B63 ;/F7;/: @3D3<C3 B6/B 1/< 03 1=::31B32 7< B63 31=<=;G 1=7<1723A E7B6 B63 7<1@3;3<B/: 1=AB =4 B6/B :/AB C<7B < B6/B >/@B71C:/@ 1/A3 3P173<1G 4=@13A CA B= >@=2C13 B6/B C<7B 1=<27B7=< 7< (63=@3; /<2 B63 /53<BA 1=<AC;7<5 7B 1/<<=B >/G / >@713 :/@53@ B6/< B63 =<3 8CAB 1=D3@7<5 B63 7<1@3;3<B/: 1=AB 1=<27B7=< 7< (63=@3; "3FB 7;/57<3 / .
(168) >=A7B7D3 A674B 7< B63 27AB@70CB7=< =4 B63 D/:C/B7=<A =4 B63 :/@53AB 1=<AC;3@A =4 B63 5==2 /< E3 <=E 16/@53 B63; ;=@3 B6/< E6/B 7A <33232 B= 1=D3@ B63 >@=2C1B7=< 1=AB =4 B63 :/AB C<7B (63 /<AE3@ 7A <35/B7D3 /A :=<5 /A B63 D/:C/B7=<A =4 -)' " (.- ')(" .# & ," -. )(-/' ,- @3;/7< C<16/<532 /A97<5 B63; B= >/G ;=@3 1=<B@/271BA 23;/<2 ;=<=B=<717BG =<A3?C3<B:G B63 >@713 =4 B63 :/AB C<7B 1/<<=B 3F1332 B63 A3@7/: >@713 7< B67A 1/A3 37B63@ < 7<2C1B7=< /@5C;3<B A6=EA B6/B B63 @3/A=<7<5 />>:73A B= B63 =B63@ >@=2C132 C<7BA /A E3:: /<2 43/A707:7BG 1=;>:3B3A B63 /@5C;3<B "3FB E3 BC@< B= >=>C:/B7=< ;=<=B=<717BG (63 /F7=; AB/B3A B6/B /< 7<1@3/A3 7< >=>C:/B7=< A6=C:2 <=B 03 23B@7;3<B/: B= /<G=<3 (= B63 3FB3<B B6/B /:: /53<BA /@3 /Q31B32 7< /< 3?C/: 27@31B7=< B67A 7A /< 35/:7B/@7/<=@73<B32 /F7=; (63 A>317I1 @3?C7@3;3<B B6/B B63G " $( 7A </BC@/: 031/CA3 B63 5==2 7A >C0:71 7B 7A /:A= />>3/:7<5 4@=; /< 3P173<1G D73E>=7<B /A 7B ;/93A 7B 3/A73@ B= /113>B <3E /53<BA B63@30G @32C17<5 /D3@/53 1=AB A:756B 16/<53 7< B63 ;=23: 7A <33232 B= 27A1CAA B67A >@=>3@BG < 31=<=;G <=E 1=<A7ABA =4 /< 7<B3@D/: =4 D/:C/B7=<A 2 2 /<2 / 4C<1B7=<
(169) + E63@3 B63 >=A7B7D3 @3/: <C;03@ + ;3/AC@3A >=>C:/B7=< A7H3 +3 @3?C7@3 B= 03 1=<B7<C=CA <=<231@3/A7<5 /<2 AC16 B6/B 2 2 + 2 E63<3D3@ 2 2 2
(170) "=B3 B6/B <332 <=B 03 AB@71B:G 7<1@3/A7<5 =< B67A 5C/@/<B33A B6/B $- E63@3 $- 23<=B3A B63 1=<D3F 6C:: 7A / E3::23I<32 31=<=;G E63<3D3@ /@3 3B 23<=B3 B63 A3B =4 AC16 :7<3/@ 31=<=;73A =4 /:: A7H3A /<2 :3B ::=1/B7=< @C:3A /@3 @323I<32 =< B63 2=;/7< 7< B63 =0D7=CA E/G '(-$,#'& %'&','&# #,0 4 /<2 $- B63< 2 2 2 2 2 2 4=@ /:: 2
(171) '3@7/: @C:3A A/B7A4G >=>C:/B7=< ;=<=B=<717BG 4=@ 3AA3<B7/::G B63 A/;3 @3/A=< B6/B B63G A/B7A4G 23;/<2 ;=<=B=<717BG < 7<1@3/A3 7< >=>C:/B7=< @/7A3A B63 @3D3<C3 B6/B 1/< 03 1=::31B32 0G 16/@57<5 /<G 57D3< >@713 E6716 B@/<A:/B3A 7<B= / ;=@3 4/D=@/0:3 A3@7/: >@717<5 A163;3 "= /53<B 7<7B7/::G >@3A3<B 1/< 03 ;/23 E=@A3 =Q 0G AC16 / 16/<53 3D3< 74 /227B7=</: C<7BA /@3 >@=2C132 7< B63 :/@53@ 31=<=;G '33 75C@3 . "=B 3D3@G 3P173<B >=>C:/B7=<;=<=B=<71 @C:3 7A A3@7/: 6=E3D3@ < B63 3F/; >:3 03:=E B63 >@=2C1B7=< :3D3: 7A /:E/GA B63 A3@7/: :3D3: /<2 B63 >@717<5 A163;3 .
(172) $ . $ $. 0
(173) + + 0
(174) 2. . . . . . . 75C@3 '3@7/: @C:3A A/B7A4G $=>C:/B7=< !=<=B=<717BG 27Q3@A 4@=; B63 A3@7/: A163;3 =<:G 4=@ B63 I@AB BE= C<7BA +63< /B :3/AB BE= C<7BA /@3 >@=2C132 B63 I@AB C<7B 7A >@7132 /0=D3 B63 A3@7/: >@713 /<2 B63 A31=<2 C<7B 7A >@7132 03:=E B63 A3@7/: >@713 N3F/1B:G /B B63 :3D3: 3<AC@7<5 0C253B 0/:/<13 /%($ 3B :3B E7B6 2 2 /<2 :3B 5 03 B63 A3@7/: >@=2C1B7=< :3D3: 4=@
(175) 3I<3 /A 4=::=EA 4 5 :3B 03 / A3@7/: /::=1/B7=< 4 5 1=<AB@C1B B63 <=<231@3/A7<5 >@717<5 A163;3 .
(176) /A 4=::=EA 7@AB :3B 03 B63 AC031=<=;G =4 =0B/7<32 0G @3;=D7<5 /:: /53<BA E6=A3 D/:C/B7=< 3F1332A B63 B6@3A6=:2 2 E63@3 2 7A 16=A3< AC16 B6/B B63 ;/F7;/: @3D3<C3 7< 7A 3F/1B:G (6CA 2 2 2 2 2 4=@ /:: 2 /<2 0 2
(177) 3B . 2 # E63@3 2 7A B63 A;/::3AB D/:C/B7=< 2 AC16 B6/B 02 $ /<2
(178) 6==A3 . # 7A B63 A;/::3AB D/:C/B7=< AC16 B6/B 0 # B= 5C/@/<B33 B6/B 0 . 0 . /<2 :3B .5 2 5 4=@ /:: 5 E63@3 2 5 7A B63 A;/::3AB D/:C/B7=< 2 AC16 B6/B 02 $5
(179) 3B 03 /<G /::=1/B7=< 53<3@/B32 0G B67A >@717<5 A163;3 .
(180) /<2 AC16 B6/B 5 5
(181) #<3 1/< A6=E B6/B B63 @C:3 B6CA 23I<32 7A >=>C:/B7=<;=<=B=<71. .
(182) >=>C:/@ D/@7/<B =4 =C@ ;=23: 7A B63 A=1/::32 $( ,3 ') & E63@3 >@=2C1B7=< =4 B63 >C0:71 5==2 7A @3AB@71B32 B= 03 =@ / >C0:71 >@=831B 1/< 03 C<23@B/93< =@ @3831B32 4 E3 /::=E B63 1=AB 4C<1B7=< B= B/93 7<I<7B3 D/:C3A B63 07</@G ;=23: 7A / >/@B71C:/@ 1/A3 =4 =4 =C@ ;=23: E7B6 $5 4=@ 5
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
(184) 1
(185) B6/B A/B7AI3A 1 7A <=<231@3/A7<5 /<2 7A 1=<1/D3 23I<7<5 25 1 5 1 5 1 4=@ 3D3@G 5 25 1 25 1 4=@ /:: 5
(186) 3B 23<=B3 B63 A3B =4 AC16 D/:C/B7=< 4C<1B7=<A (63 <C;03@ 5 1 7A B63 B=B/: 1=<B@70CB7=< B6/B /< /53<B =4 BG>3 1 7A E7::7<5 B= ;/93 B= 1=<AC;3 5 C<7BA =4 B63 >C0:71 5==2 5 14 ;3/AC@3A 63@ E3:4/@3 4@=; B63 0C<2:3 5 4 +3 /@3 <=B /0:3 B= 16/@/1B3@7H3 7<13<B7D31=;>/B70:3 /::=1/B7=<A /B B6/B :3D3: =4 53<3@/:7BG 31/CA3 B63 ;/@57</: D/:C/B7=<A 25 1 1/<<=B 03 =@23@32 /A / 4C<1B7=< =4 BG>3 =<:G /< /53<B =4 BG>3 1 ;/G 3<2 C> 1=<AC;7<5 ;=@3 =@ :3AA B6/< /< /53<B.
(187) =4 BG>3 1 1 23>3<27<5 =< B63 27AB@70CB7=< =4 BG>3A /<2 B63 1=AB 4C<1B7=< (67A 7A / E3:: 9<=E< 27P1C:BG (63 1:/AA71/: A=:CB7=< 7<7B7/B32 0G !7@@:33A /<2 '>3<13 1=<A7ABA =4 7<B@=2C17<5 B63 4=::=E7<5 /AAC;>B7=< =< B63 ;/>>7<5
(188) #&!$ *'++#&! (*'( *,0 =@ /:: 1 1 /<2 /:: 5 5 25 1 25 1 25 1 25 1 1@C17/: 1=<A3?C3<13 =4 B67A /AAC;>B7=< 7A B6/B :793 7< B63 :7<3/@ 1/A3 /53<BA /@3 </BC@/::G =@23@32 /11=@27<5 B= B63 L:3D3: =4 7<B3<A7BGM =4 B637@ >@343@3<13 4=@ B63 >C0:71 5==2 E3 1/< /AAC;3 B6/B /<2 4=@ /:: 1 1 1 1 25 1 25 1 5
(189) +3 /22 /< /AAC;>B7=< =< 5C/@/<B337<5 B6/B B63@3 7A <= 5/> 7< B63 AC>>=@B =4 B63A3 7<B3<A7BG :3D3:A B 1=@@3A>=<2A B= =C@ 3/:73@ @3AB@71B7=< B6/B 7< B63 :7<3/@ 1/A3 B63 AC>>=@B =4 B63 27AB@70CB7=< =4 D/:C/B7=<A 7A 1=<<31B32 '&,#&-#,0 =@ /:: 1 /<2 /:: B63@3 3F7ABA AC16 B6/B 5 1 5 1 4=@ /:: 1 AC16 B6/B 1 1
(190) 7D3< / +/ -$&$( , )()'3 7A / >/7@ E63@3 1 1 7A / <=< 2353<3@/B3 7<B3@D/: =4 BG>3A /<2
(191) 7A 1=<B7<C=CA AB@71B:G 7<1@3/A7<5 =< /<2 AC16 B6/B 1 /<2 1
(192) =@ /<G 1 1 @3>@3A3<BA B63 >@=>=@B7=< =4 BG>3A E6=A3 D/:C/B7=< 4C<1B7=< 7A
(193) 1 4=@ A=;3 1 1
(194) 31/CA3 =4 B63 A7<5:31@=AA7<5 >@=>3@BG /<2 1=<B7<C7BG / ?C/A7:7<3/@ 31=<=;G A6/@3A B63 ;=AB 7;>=@B/<B 43/BC@3A =4 / :7<3/@ 31=<=;G =4 B63 BG>3 23A1@7032 7< '31B7=<. < /::=1/B7=< 4=@ 7A / >/7@ E63@3
(195) 7A /< 7<B35@/0:3 ;/>>7<5 A>3174G7<5 B63 1=AB A6/@3 =4 3D3@G BG>3 =4 /53<B /<2
(196) A>317I3A B63 :3D3: =4 1=<AC;>B7=< =4 B63 5==2 (67A /::=1/B7=< 7A 7<13<B7D31=;>/B70:3 74 1 1 1 1 1 1 4=@ /:: 1 1 /<2 7B 7A 43/A70:3 74 % 1
(197) >@717<5 A163;3 4=@ 7A / >/7@ " . /A 034=@3 E7B6 .5 25 1 4=@ /:: 5 ACP173<B:G :/@53 +3 A/G B6/B / >@717<5 A163;3 " . 7A AB/<2/@2 4=@ 74 2 5 1 . 5 2 5 1 4=@ /:: 5
(198) (63 .3* - # ' 53<3@/B32 0G " . 7A B63 4C<1B7=<
(199) 23I<32 0G 5 1 2 5 1 . 5
(200) B 723<B7I3A 4=@ 3/16 C<7B 5 B63 BG>3 5 E6=A3 D/:C/B7=< =4 B63 5B6 C<7B 7A 3F/1B:G . 5 B6/B 7A B63 BG>3 8CAB 7<27Q3@3<B 03BE33< 0CG7<5 B63 5B6 C<7B =@ <=B +3 1/:: ()( , -$(" 74 /<2 =<:G 74 5 5 4=@ /:: 5
(201).
(202) <=<231@3/A7<5 BG>3 A163;3 ;/G E3:: 03 53<3@/B32 0G / AB/<2/@2 >@717<5 A163;3 4=@ B6/B 7BA3:4 4/7:A B= 03 <=<231@3/A7<5 74 5 5 1 4=@ A=;3 C<7B 5 B63< . 5 2 5 1 2 5 1 . 5
(203) " '* % ! " . $- -. ( , *,$ $(" - # ' !), " ( , .$(" ()( , -$(" .3* - # ' .# ( (3 &&) .$)( !), - .$-!3$(" 1 5 .5 2 5 1 /<2 2 5 1 .5 ( 1 " . .
(204) . .5. . . !), && 1 $- $( (.$0 )'* .$ & ! $- ( $( (.$0 )'* .$ & &&) .$)( !), .# ( .# , 2$-. /($+/ -. ( , *,$ $(" - # ' " . !), " ( , .$(" ()( , -$(" .3* - # ' ( - .$-!3$(" ( (63 >@==4 =4 B63 /0=D3 B63=@3; >/@/::3:A B63 >@==4 =4 (63=@3; /<2 7A B63@3 4=@3 =;7BB32 (63 23I<7B7=< =4 A3@7/: /::=1/B7=<A 7A AB@/756B4=@E/@2 =@ 3/16 5 23I<3
(205) 0G 3 1 25 1 3
(206) (6CA 3 7A B63 >@=>=@B7=< =4 BG>3A E6=A3 D/:C/B7=< =4 B63 5B6 C<7B 2=3A <=B 3F1332 3 #0A3@D3 B6/B 7A / 27AB@70CB7=< =4 D/:C/B7=<A E63@3/A 7A / 27AB@70CB7=< =4 BG>3A +63< >@343@3<13A /@3 :7<3/@ 4=@ /:: 5 5
(207) 3I<3 B63 @3D3<C3 4C<1B7=< 0 4=@ C<7B 5 0G 0 3 3 3 4=@ /:: 3 /<2 @323I<3 B= 03 B63 A3B =4 /:: 5 AC16 B6/B 0 3 $5.
(208) . 4=@ A=;3 3 +@7B3
(209)
(210)
(211) 5 /<2 :3B 2 5 03 B63 A;/::3AB 3 A/B7A4G7<5
(212) FB3<2 B63 ;/>>7<5 2 0G A3BB7<5 2 5 25 1 4=@ /:: 5 5 E63@3 1 7A /< /@07B@/@G BG>3 :/@53@ B6/< 1
(213) (63 A3@7/: /::=1/B7=<A 4=@ /@3 B63 /::=1/B7=<A B6/B /@3 $/@3B=3?C7D/:3<B B= B6=A3 53<3@/B32 0G B63 >@717<5 A163;3 2 /<2 6/D3 B63 >@=2C1B7=< :3D3: 5
(214) "=B3 B6/B B63 A3@7/: >@717<5 A163;3 7A <=<231@3/A7<5.
(215) A 034=@3 E3 1/:: / 43/A70:3 7<13<B7D31=;>/B70:3 /::=1/B7=< 3P173<B 74 7B 7A <=B $/@3B=2=;7</B32 0G /<G 43/A70:3 7<13<B7D31=;>/B70:3 /::=1/B7=< 'B@71B 1=<1/D 7BG =4 B63 @3D3<C3 4C<1B7=<A 0 4=@ /:: 5 7A <=B ACP173<B B= 5C/@/<B33 3P173<1G =4 B63 A3@7/: /::=1/B7=<A /A 7::CAB@/B32 7< B63 4=::=E7<5 3F/;>:3. . . $5 $5. . . . . . . . . . . .
(216) . 0
(217) . . 0
(218) . . 3 3. 3. . 2. . 3 . 75C@3 'B@71B 1=<1/D7BG =4 B63 @3D3<C3 4C<1B7=<A 2=3A <=B 5C/@/<B33 3P173<1G =4 A3@7/: /::=1/B7=<A. /%($ 3B 03 AC16 B6/B 4=@ A=;3 5 5 5 5 B63 AB@71B:G 1=<1/D3 @3D3<C3 4C<1B7=<A /@3 AC16 /A 2@/E< 7< 75C@3 (63 A3@7/: /::=1/B7=<A /@3 53<3@/B32 0G / >@717<5 A163;3 16/@57<5 3 4=@ B63 5B6 C<7B /<2 3 4=@ B63 5 B6 C<7B 31@3/A7<5 B63 >@713 =4 B63 5B6 C<7B /<2 7<1@3/A7<5 B6/B =4 B63 5 B6 C<7B 0G /< /;=C<B 7<1@3/A3A B=B/: @3D3<C3 '3@7/: /::=1/B7=<A /@3 <=B 3P173<B +3 B63@34=@3 7<B@=2C13 B63 4=::=E7<5 @3AB@71B7=< ++-%(,#'& 3B 5 5 03 AC16 B6/B 5 5 :3B 03 AC16 B6/B 0 3 /<2 :3B 3 3 03 B63 A;/::3AB D/:C/B7=<A 7< AC16 B6/B 0 3 /<2 0 3 @3A>31B7D3:G (63@3 3F7ABA AC16 B6/B 0 3 0 3 0 3 0 3 E63<3D3@ .
(219).
(220) (67A /AAC;>B7=< @32C13A B= AAC;>B7=< 7< B63 :7<3/@ 1/A3 031/CA3 B63 @3D3<C3 4C<1B7=<A 4=@ B63 27Q3@3<B C<7BA /:: 1=7<1723 3B 23<=B3 B63 A3B =4 ?C/A7:7<3/@ 31=<=;73A A/B7A4G7<5 AAC;>B7=< % < /::=1/B7=< @C:3 =< 7A / ;/>>7<5 /AA75<7<5 B= 3/16 /< 7<13<B7D31=;>/B70:3 /<2 43/A70:3 /::=1/B7=< 4=@
(221) A3@7/: @C:3 A3:31BA / A3@7/: /::=1/B7=< 7< 3D3@G 31=<=;G (63 3P173<1G /F7=; 7A /2/>B32 7< B63 =0D7=CA E/G (63 23I<7B7=< =4 23;/<2 ;=<=B=<717BG 7A /:A= 1:3/@ 4 E@7B3 74 /<2 =<:G 74 1 1 4=@ /:: 1
(222) (67A 7;>:73A B6/B 4=@ 3D3@G 5 3 3 4=@ /:: 3 4=@ 3/16 5 /<2 3 B63 >@=>=@B7=< =4 BG>3A E6=A3 D/:C/B7=< =4 B63 5B6 C<7B 3F1332A 3 7A :/@53@ 7< B6/< 7< 3;/<2 ;=<=B=<717BG @3?C7@3A B6/B 74 /<2 B63< 1 1 1 1 1 1 4=@ /:: 1
(223) " '* %
(224) ( &&) .$)( ,/& )( - .$-5 - 6 $ ( 3 ( ' ( ')().)($ $.3 $! ( )(&3 $! $. $- - ,$ &.
(225) '& $-+#'& +3 6/D3 >@=D7232 /< /F7=;/B71 8CAB7I1/B7=< 4=@ B63 A3@7/: A=:CB7=< B= B63 >@=0 :3; =4 >@=D7A7=< /<2 1=ABA6/@7<5 =4 /< 3F1:C2/0:3 >C0:71 5==2 C<23@ 7<13<B7D3 1=<AB@/7<BA #C@ 2343<A3 1=;07<3A B63 @3?C7@3;3<B =4 7<13<B7D31=<AB@/7<32 3P 173<1G E7B6 1=<A723@/B7=<A =4 4/7@<3AA /A 3F>@3AA32 0G B63 23;/<2 /<2 >=>C:/B7=< ;=<=B=<717BG /F7=;A < 7<B3@3AB7<5 AB3> 7< 3AB/0:7A67<5 =C@ 16/@/1B3@7H/B7=< @3 AC:B 4=@ :7<3/@ >@343@3<13A (63=@3; 1=<A7ABA 7< /< 3F>:717B 23A1@7>B7=< =4 B63 7<13<B7D31=<AB@/7<32 3P173<B /::=1/B7=<A (63=@3; B63 4=C@ >@=>3@B73A 7< B6/B B63=@3; /@3 >/@B71C:/@:G 3/AG B= 16319 #C@ 3<B7@3 /</:GA7A @3:73A =< BE= 1@C17/: /AAC;>B7=<A 7@AB /53<BA /@3 @/<932 /:=<5 / A7<5:3 27;3<A7=< ;3/AC@7<5 B63 7<B3<A7BG =4 B637@ >@343@3<13 4=@ B63 >C0:71 5==2 74 /< /53<B 7A E7::7<5 B= >/G ;=@3 B6/< /<=B63@ 4=@ B63 I@AB C<7B =4 B63 5==2 B63< A= 7A A63 4=@ /:: =B63@ C<7BA #< B63 =<3 6/<2 E3 I<2 B67A /AAC;>B7=< >:/CA70:3 =< B63 =B63@ 6/<2 2@=>>7<5 7B E=C:2 ;/93 B63 >@=0:3; 7;;3<A3:G ;=@3 27P1C:B (63 A31=<2 /AAC;>B7=< 7A B6/B =4 / A7<5:3 6=;=53<=CA >C0:71 5==2 #C@ ;/7< 2343<A3 =4 B63 A3@7/: A=:CB7=< (63=@3;A /<2 53<3@/:7H3A 3/A7:G B= B63 1/A3 =4 A3D3@/: >C0:71 5==2A 74 B63 1=AB 4C<1B7=< 7A /227B7D3:G A3>/@/0:3 /<2 B63 >@343@3<13A /@3 A3>/@/0:3 /<2 ACP173<B:G 27D3@A3 < B6/B 1/A3 /<G 3P173<B /<2.
(226) 23;/<2;=<=B=<71 @C:3 ;CAB 03 A3@7/: 7< 3/16 5==2 3B CA 0@73JG 3F>:/7< B67A >=7<B 7< B63 :7<3/@ 1/A3 AAC;3 B6/B B63@3 7A / A3B =4 3F1:C2/0:3 >C0:71 5==2A B 1=ABA 5. $ 5 C<7BA =4 ;=<3G B= >@=2C13 B63 0C<2:3 =4 >C0:71 5==2A 5
(227) >@343@3<13 7A @3>@3A3<B32 0G / D31B=@ =4 D/:C/B7=<A 2 7;>:G7<5 B6/B B63 D/:C/B7=< =4 5==2 * 2=3A <=B 23>3<2 =< B63 1=<AC;>B7=< =4 5==2 *
(228) < 31=<=;G 7A / >/7@ E63@3 2 2 7A B63 >@=2C1B =4 <=<2353<3@/B3 7<B3@D/:A =4 D/:C/B7=<A /<2
(229) 7A / ;C:B7D/@7/B3 1=<B7<C=CA AB@71B:G 7<1@3/A7<5 27AB@70CB7=< 4C<1B7=< =< ::=1/B7=<A /@3 23I<32 7< B63 =0D7=CA E/G +@7B7<5 74 /<2 =<:G 74 2 2 4=@ /:: 2 23 ;/<2 ;=<=B=<717BG @3?C7@3A B6/B 74 /<2 B63< 2 2 2 2 2 2 4=@ /:: 2 E63@3 2 /<2 2 /@3 <=E 7<<3@ >@=2C1BA 4 1@=AAAC0A727H/B7=< 7A 4=@07223< B6/B 7A B63 @3D3<C3 1=::31B32 4@=; 1=< AC;3@A =4 5==2 * 1/<<=B 03 CA32 B= I</<13 B63 >@=2C1B7=< =4 5==2 * B63< (63= @3; 7;>:73A B6/B /<G 3P173<B /<2 23;/<2;=<=B=<71 @C:3 ;CAB 03 A3@7/: CB B63 4=::=E7<5 A7;>:3 /@5C;3<B A6=EA B6/B 23;/<2 ;=<=B=<717BG 2=3A 4=@072 1@=AA AC0A727H/B7=< 'C>>=A3 B6/B 7< A=;3 31=<=;G B63 >@=2C1B7=< =4 5==2 * 7A 1@=AA AC0A727H32 0G B63 1=<AC;3@A =4 5==2 *
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