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The Relative Income Hypothesis

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(1)2008s-18. The Relative Income Hypothesis Francisco Alvarez-Cuadrado, Ngo Van Long. Série Scientifique Scientific Series. Montréal Juillet 2008. © 2008 Francisco Alvarez-Cuadrado, Ngo Van Long. Tous droits réservés. All rights reserved. Reproduction partielle permise avec citation du document source, incluant la notice ©. Short sections may be quoted without explicit permission, if full credit, including © notice, is given to the source..

(2) CIRANO Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies du Québec. Le financement de son infrastructure et de ses activités de recherche provient des cotisations de ses organisations-membres, d’une subvention d’infrastructure du Ministère du Développement économique et régional et de la Recherche, de même que des subventions et mandats obtenus par ses équipes de recherche. CIRANO is a private non-profit organization incorporated under the Québec Companies Act. Its infrastructure and research activities are funded through fees paid by member organizations, an infrastructure grant from the Ministère du Développement économique et régional et de la Recherche, and grants and research mandates obtained by its research teams. Les partenaires du CIRANO Partenaire majeur Ministère du Développement économique, de l’Innovation et de l’Exportation Partenaires corporatifs Alcan inc. Banque de développement du Canada Banque du Canada Banque Laurentienne du Canada Banque Nationale du Canada Banque Royale du Canada Banque Scotia Bell Canada BMO Groupe financier Bourse de Montréal Caisse de dépôt et placement du Québec DMR Conseil Fédération des caisses Desjardins du Québec Gaz de France Gaz Métro Hydro-Québec Industrie Canada Investissements PSP Ministère des Finances du Québec Raymond Chabot Grant Thornton State Street Global Advisors Transat A.T. Ville de Montréal Partenaires universitaires École Polytechnique de Montréal HEC Montréal McGill University Université Concordia Université de Montréal Université de Sherbrooke Université du Québec Université du Québec à Montréal Université Laval Le CIRANO collabore avec de nombreux centres et chaires de recherche universitaires dont on peut consulter la liste sur son site web. Les cahiers de la série scientifique (CS) visent à rendre accessibles des résultats de recherche effectuée au CIRANO afin de susciter échanges et commentaires. Ces cahiers sont écrits dans le style des publications scientifiques. Les idées et les opinions émises sont sous l’unique responsabilité des auteurs et ne représentent pas nécessairement les positions du CIRANO ou de ses partenaires. This paper presents research carried out at CIRANO and aims at encouraging discussion and comment. The observations and viewpoints expressed are the sole responsibility of the authors. They do not necessarily represent positions of CIRANO or its partners.. ISSN 1198-8177. Partenaire financier.

(3) The Relative Income Hypothesis Francisco Alvarez-Cuadrado,* Ngo Van Long †. Résumé / Abstract Nous proposons une économie caractérisée par des générations imbriquées et des ménages qui accordent une importance à la consommation relative, soit la différence entre leur consommation et celle de leur groupe de référence. Les habitudes de consommation d’un individu sont dictées par la comparaison du revenu qu’il gagnera au cours de sa vie avec celui de son groupe de référence. Le document offre ainsi une version de l’hypothèse du revenu relatif avancée par Duesenberry qui tient compte du revenu permanent. Dans l’ensemble des ménages, le ratio d’épargne augmente en fonction du revenu, mais l’épargne globale est indépendante de la répartition du revenu. Les préoccupations des agents concernant leur position incitent ces derniers à consommer et à travailler de façon excessive et à épargner insuffisamment. Nous proposons un programme d’imposition qui encourage l’économie concurrentielle à atteindre une répartition efficiente. Mots clés : consommation relative, hypothèse du revenu relatif, hypothèse du revenu permanent.. We propose an overlapping generations economy where households care about relative consumption, the difference between their consumption and the consumption of their reference group. An individual's consumption is driven by the comparison of his lifetime income and the lifetime income of his reference group; hence the paper offers a permanent income version of the Duesenberry's relative income hypothesis. Across households the saving ratio increases with income while aggregate saving is independent of the income distribution. Positional concerns lead agents to over-consume, over-work and under-save. We propose a simple tax schedule that induces the competitive economy to achieve the efficient allocation. Keywords: relative consumption; relative income hypothesis; permanent income hypothesis Codes JEL : D62, E21, H21. *. Department of Economics, McGill University, 855 rue Sherbrooke Ouest, Montréal, Québec, H3A 2T7, Canada. Email: francisco.alvarez-cuadrado@mcgill.ca. † CIRANO and CIREQ, Department of Economics, McGill University, 855 rue Sherbrooke Ouest, Montréal, Québec, H3A 2T7, Canada. Email: ngo.long@mcgill.ca..

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(49)  E7B6 - - )63 235@33 =4 1/>7B/: 7<B3<A7BG 7< BC@< >7<A 2=E< B63 2=;3AB71 E/53 @/B3 /B 2 <G 16/<53A 7< :/0=@ AC>>:G /@3 /11=;;=2/B32 0G 1/>7B/: J=EA A= B6/B B63 2=;3AB71 E/53 /<2 B63 7<B3@3AB @/B3 @3;/7< 1=<AB/<B /B 2 /<2 - @3A>31B7D3:G ,3 23<=B3 B63 5@=AA @3BC@< B= 1/>7B/: 0G   -. . ',*"'$* <27D72C/:A :7D3 4=@ BE= >3@7=2A G=CB6 /<2 =:2/53 B B63 3<2 =4 B637@ G=CB6 3/16. 7<27D72C/: 57D3A 07@B6 B= / A7<5:3 =PA>@7<5 /<2 B63@34=@3 /B /<G >=7<B 7< B7;3 B63@3 /@3 BE= 53<3@/B7=<A /:7D3 /16 53<3@/B7=< 7A 1=;>=A32 =4 + 7<27D72C/:A 7<23F32 0G )   + %C@ /53<BA /@3 /:B@C7AB71 B=E/@2 B637@ 167:2@3< 23@7D7<5 / E/@;5:=E 4@=; B63 03?C3ABA B63G :3/D3 B= B637@ 23A13<23<BA /B B63 3<2 =4 B637@ :7D3A 2@3=<7   3</0=C   3@B=:/ 3B /: 

(50).  ,7B67< / 53<3@/B7=< 7<27D72C/:A 27P3@ =<:G 7< B637@ 7<7B7/: :3D3:A =4 E3/:B6 03?C3/B632 0G B637@ >/@3<BA )63 E3/:B6 27AB@70CB7=< =4 E3/:B6 7< >3@7=2 B / 7A @3>@3A3<B32 0G / 1C;C:/B7D3 27AB@70CB7=< 4C<1B7=<  # )63 7<7B7/: 27AB@70CB7=<  # 7A 57D3< "3BKA 4=1CA =< B63 )B6 7<27D72C/: 0=@< 7< >3@7=2 / < B63 I@AB >3@7=2 =4 67A :743 63 7A 3<2=E32 E7B6 =<3 C<7B =4 B7;3 B6/B 63 /::=1/B3A 03BE33< :37AC@3 *  /<2 E=@9 7A. .

(51) :/0=@ 7<1=;3 2   *  B=53B63@ E7B6 67A 7<63@7B32 E3/:B6 #   7A 27D7232 03BE33< 1C@@3<B 1=<AC;>B7=< $   /<2 A/D7<5 .  7A I@AB >3@7=2 0C253B 1=<AB@/7<B 7A 57D3< 0G   2  *  #  $   . .  . < B63 A31=<2 >3@7=2 =4 67A :743 B63 7<27D72C/: 7A @3B7@32 7A =<:G A=C@13 =4 7<1=;3 1=;3A 4@=; B63 @3BC@< =< B63 A/D7<5A 63 ;/23 E63< G=C<5 .  3 /::=1/B3A B67A 7<1=;3 03BE33< =:2/53 1=<AC;>B7=< %   /<2 03?C3AB #  7A =:2/53 0C253B 1=<AB@/7<B 7A .  %   # . . )63 >@343@3<13A =4 /< 7<27D72C/: 0=@< 7< >3@7=2 / /@3 57D3< 0G B63 4=::=E7<5 :7431G1:3 CB7:7BG 4C<1B7=<             $   *  %   #  0 $   1 *   0 %  

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(53)  /@3 /AAC;32 B= 03 7<1@3/A7<5 1=<1/D3 /<2 B= A/B7A4G B63 AB/<2/@2 </2/ 1=<27B7=<A %C@ 93G 036/D7=@/: /AAC;>B7=< 7A B6/B 2C@7<5 G=CB6 B63 A/B7A4/1B7=< 23@7D32 4@=; 1=< AC;>B7=< 2=3A <=B 23>3<2 =< B63 /0A=:CB3 :3D3: =4 1=<AC;>B7=< 7BA3:4 0CB @/B63@ 7< 6=E 7B 1=;>/@3A B= B63 1=<AC;>B7=< =4 A=;3 @343@3<13 5@=C> =::=E7<5 "8C<5?D7AB /<2 *6:75 

(54).  E3 /2=>B /< /227B7D3 A>317I1/B7=< 4=@ @3:/B7D3 1=<AC;>B7=< $  $    '  E63@3 '. 7A B63 /D3@/53 1=<AC;>B7=< =4 B63 @343@3<13 5@=C> =4 B63 )B6 7<27D72C/: /<2     7A / ;3/AC@3 =4 B63 @3:/B7D7BG 1=<13@<A )63 /AG;;3B@G E3 7<B@=2C13 7< =C@ ;=23::7<5 =4 B63 A/B 7A4/1B7=< 23@7D32 4@=; 1=<AC;>B7=< /:=<5 B63 :7431G1:3 1/< 03 8CAB7I32 =< A3D3@/: 5@=C<2A 7@AB B63 E=@9 =4 23D3:=>;3<B >AG16=:=57ABA /<2 A=17=:=57ABA =:3;/<    (7;;=<A /<2 :GB6   =@A/@= /<2 23@    AC553ABA B6/B 7<B3@>3@A=</: 1=;>/@7A=<A /<2 >33@ 3P31BA /@3 ;=@3 >@=<=C<132 3/@:G 7< :743 (31=<2 E3 03:73D3 B6/B B63 235@33 =4 A=17/: 7<B3@/1B7=<A 7A 67563@ 7< B63 I@AB >3@7=2 =4 =C@ ;=23: < B67A AB/53 =4 :743 >3=>:3 E=@9 I<2 >/@B<3@A @/7A3 167:2@3< 037<5 3F>=A32 B= /<2 B63@34=@3 7<JC3<132 0G / E723 D/@73BG =4 A=17/: <3BE=@9A )= A7;>:74G E3 B/93 B63 3FB@3;3 A>317I1/B7=< B6/B B63 AB@3<5B6 =4 =:2/53 1=;>/@7A=< 7A <35:7570:3 0CB 7B 7A 1:3/@ B6/B =C@ @3AC:BA /@3 AB7:: D/:72 7< /< 3<D7@=<;3<B 7< E6716 G=C<5/53 1=;>/@7A=<A /@3 ACO173<B:G AB@=<53@ B6/< =:2/53 1=;>/@7A=<A . ,3 >:/13 @3AB@71B7=<A =< B63 7<7B7/: 3<2=E;3<BA    A= B6/B 3D3@G=<3KA @3:/B7D3 1=<AC;>B7=< 7A >=A7B7D3  #=@3 >@317A3:G E3 1=C:2 /AAC;3 B6/B /53<BA 1/@3 /0=CB @3:/B7D3 1=<AC;>B7=< 7< 0=B6 >3@7=2A =4 B637@ :743 E7B6   /<2   037<5 B63 235@33 =4 @3:/B7D7BG 1=<13@<A E67:3 G=C<5 /<2 =:2 @3A>31B7D3:G )63 @3AC:BA >@3A3<B32 7< B63 4=::=E7<5 A31B7=<A =0B/7<32 C<23@     /@3 ?C/:7B/B7D3:G 3?C7D/:3<B B= B6=A3 =0B/7<32. .

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(56).  "7C /<2 )C@<=DA9G 

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(71)

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(77) =4 7<B3@>3@A=</: 1=;>/@7A=<A 7<1@3/A7<5 7< B63 >=B3<B7/: :743B7;3 7<1=;3 =4 67A @343@3<13 5@=C> A / @3AC:B A/D7<5 :/0=@ AC>>:G /<2 03?C3ABA 23>3<2 =< @3:/B7D3 7<1=;3 @/B63@ B6/< /0A=:CB3 7<1=;3 ,63< 7<27D72C/: A/B7A4/1B7=< 23>3<2A =< 1=<AC;>B7=< 1=;>/@7A=<A /1@=AA 6=CA36=:2A /A / 5@=E7<5 0=2G =4 3;>7@71/: 3D723<13 AC553ABA B63 @3:3D/<B D/@7/0:3 2@7D7<5 B63 A/D7<5 /<2 :/0=@ AC>>:G 16=713A 7A B63 1=;>/@7A=< 03BE33< 7<27D72C/: )KA >=B3<B7/: :743B7;3 7<1=;3 /<2 B63 >=B3<B7/: :743B7;3 7<1=;3 =4 67A @343@3<13 5@=C> )63 /53<BA >=>C:/B7<5 =C@ 31=<=;G /@3 <=B =<:G 27A>=A32 /A / @C:3 /<2 =< B63 /D3@/53 B= 03 4=@E/@2:==97<5 /<7;/:A /A B6=A3 7< #=275:7/<7 /<2 @C;03@5   >   =@ @732;/<   0CB /@3 /:A= =CBE/@2:==97<5 /<7;/:A E7B6 B637@ 16=713A 037<5 >/@B7/::G 2@7D3< 0G B63 16=713A =4 =B63@ ;3;03@A =4 B63 1=;;C<7BG B63G :7D3 7< ,3 1/< B67<9 =4 B63A3 @3AC:BA /A / 3FB3<A7=< =4 C3A3<03@@GKA   @3:/B7D3 7<1=;3 6G>=B63A7A B= /< 7<B3@B3;>=@/: 4@/;3E=@9  . . " # 0$ )*#'& ' +" $+#- &'% 0('+"*#* C3A3<03@@G   0C7:27<5 =< E=@9 0G @/2G /<2 @732;/<   >@=>=A32 B63 @3:/. B7D3 7<1=;3 6G>=B63A7A B= @/B7=</:7H3 B63 E3:: 3AB/0:7A632 27P3@3<13A 03BE33< 1@=AAA31B7=</: /<2 B7;3 A3@73A >@=>3@B73A =4 1=<AC;>B7=< %< B63 =<3 6/<2 / E3/:B6 =4 0C253B ABC273A >@3A3<B32 / A/D7<5 @/B7= B6/B 7<1@3/A3A E7B6 7<1=;3 %< B63 =B63@ 6/<2 !CH<3BAK  

(78)  B7;3 A3@73A 2/B/ >@3A3<B32 / B@3<2:3AA A/D7<5 @/B7= C3A3<03@@G   >=ABC:/B32 /< 7<27 D72C/: 1=<AC;>B7=< 4C<1B7=< B6/B 23>3<232 =< B63 1C@@3<B 7<1=;3 =4 =B63@ >3=>:3 *<23@ B67A 6G>=B63A7A B63 1@=AAA31B7=</: >=A7B7D3 1=@@3:/B7=< 03BE33< A/D7<5 @/B7=A /<2 7<1=;3 :3D3:A 7A /< =CB1=;3 =4 B63 @3:/B7D3 1=<AC;>B7=< 1=<13@<A B63 3;C:/B7=< 3P31B E67:3 B63 :=<5 @C< 1=<AB/<1G =4 B63 /55@35/B3 A/D7<5 @/B3 /@7A3A 031/CA3 B63 3P31BA =4 @3:/B7D7BG 1=< 13@<A 1/<13: =CB 7< B63 /55@35/B7=< )63 @3:/B7D3 7<1=;3 6G>=B63A7A E/A ?C719:G @3>:/132 0G @732;/<KA >3@;/<3<B 7<1=;3 6G>=B63A7A #=275:7/<7 /<2 @C;03@5   @732;/<   /A B63 2=;7</<B >/@/275; 4=@ 3F>:/7<7<5 1=<AC;>B7=< 036/D7=@ 11=@27<5 B= B67A D73E 1=<AC;>B7=< 7A 2@7D3< 0G >3@;/<3<B 7<1=;3 /<2 /A / @3AC:B A/D7<5 7A >@=>=@B7=</: B= :743B7;3 @3A=C@13A )67A D73E 3F>:/7<A B63 >=A7B7D3 1=@@3:/B7=< 03BE33< A/D7<5 /<2 7<1=;3 7< 1@=AAA31B7=< 2/B/ 0G B@/<A7B=@G 23D7/B7=<A 4@=; >3@;/<3<B 7<1=;3 B /O@;A B6/B 7<  B 7A E=@B6 <=B717<5 B6/B B63 1=;07</B7=< =4 ?C/A76=;=B63B71 >@343@3<13A /<2 >3@431B 1/>7B/: ;/@93BA 7;>:73A B6/B 

(79)

(80) 

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(84) B63 /55@35/B3 ;=AB B@/<A7B=@G 1=;>=<3<BA 1/<13: =CB :3/27<5 B= B63 1:=A3 @3:/B7=< 03BE33< 1=<AC;>B7=< /<2 7<1=;3 =0A3@D32 7< B7;3 A3@73A 2/B/ 3A>7B3 B63 B63=@3B71/: 2=;7</<13 =4 B63 >3@;/<3<B 7<1=;3 6G>=B63A7A @313<B 3;>7@71/: E=@9 I<2A 7;>=@B/<B 23D7/B7=<A 4@=; 7BA 0/A71 >@3271B7=<A @=E<7<5 /<2 "CA/@27   1=<1:C23 B6/B B63 =0A3@D32 >=A7B7D3 @3:/B7=< A67> 03BE33< 7<1=;3 /<2 A/D7<5 7A 27O1C:B B= @/B7=</:7H3 7< B3@;A =4 1=<AC;>B7=< A;==B67<5 G</< 3B /: 

(85).  I<2 / AB@=<5 >=A7B7D3 @3:/B7=<A67> 03BE33< A/D7<5 @/B3A /<2 :743B7;3 7<1=;3 :B=<87 /<2 +7::/<C3D/ 

(86).  @3>=@B B6/B B63 >@=>3<A7BG B= 03?C3/B6 7<1@3/A3A E7B6 :743B7;3 7<1=;3 %C@ ;=23: E63@3 /53<BA 1/@3 <=B =<:G /0=CB >3@;/<3<B 7<1=;3 0CB /:A= /0=CB @3:/B7D3 7<1=;3 >@=D723A / AB@/756B 4=@E/@2 3F>:/</B7=< 4=@ B67A 3D723<13 7< B3@;A =4 7<B3@>3@A=</: 1=;>/@7A=<A < / @3>@3A3<B/B7D3 /53<B 31=<=;G "7C /<2 )C@<=DA9G 

(87).  /<2 :D/@3HC/2@/2= 

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(89)  2  #   2  #     /<2 B63 A/D7<5 /<2 03?C3AB @/B3A =CB =4 /1BC/: :743B7;3 7<1=;3 /A B63 @/B7= =4 

(90)

(91)  /<2 

(92)  B= 

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(94)  E7B6 @3A>31B B= E3/:B6 E3 @3/16. 

(95) . . *. . 3 2    

(96). 

(97) .  .

(98) < B63 /0A3<13 =4 7<B3@>3@A=</: 1=;>/@7A=<A   B63 A/D7<5 @/B3 7A >@=>=@B7=</: B= :743B7;3 7<1=;3 /<2 /A 7< B63 >3@;/<3<B 7<1=;3 6G>=B63A7A 7<23>3<23<B =4 B63 :743B7;3 @3A=C@13A %<13 E3 /::=E 4=@ 1=<AC;>B7=< 3FB3@</:7B73A    B63 A/D7<5 @/B3 7<1@3/A3A E7B6 :743B7;3 7<1=;3 /A ;=AB 3;>7@71/: 3D723<13 AC553ABA &==@ 6=CA36=:2A A/D3 / A;/::3@ >@=>=@B7=< =4 B637@ 7<1=;3 /<2 B@/<A43@ / :=E3@ 4@/1B7=< =4 B637@ E3/:B6 7< B63 4=@; =4 03 ?C3ABA B6/< @7163@ 6=CA36=:2A 2= )67A 6/>>3<A 23A>7B3 =4 B63 4/1B B6/B >==@ 6=CA36=:2A E=@9 :=<53@ 6=C@A B6/< B637@ @7163@ <37560=@A )63A3 @3AC:BA /@3 1=<A7AB3<B E7B6 /0C<2/<B /<312=B/: 3D723<13 =< B63 :7D7<5 1=<27B7=<A =4 :=E 7<1=;3 6=CA36=:2A =@ 7<AB/<13 $3E;/< /<2 63< 

(99).  >=@B@/G B63 :7D3A =4 E=@97<5 >==@ 4/;7:73A 7< ;3@71/ /A 6=:27<5 ;C:B7>:3 8=0A >3@ >3@A=< E67:3 037<5 C</0:3 B= ;/93 3<2A ;33B 7</::G <=B3 B6/B C3A3<03@@G   23/:B E7B6 =<3 /227B7=</: 3;>7@71/: @35C:/@7BG =4 1=<AC;>B7=< 2/B/ 1=<AC;>B7=< 7A ;=@3 AB/0:3 B6/< 7<1=;3 =D3@ B63 0CA7<3AA 1G1:3 3 3F>:/7<32 B63 A6=@B@C< @75727BG =4 1=<AC;>B7=< 0G />>3/:7<5 B= 6/07B 4=@;/B7=< < =C@ 7<B3@B3;>=@/: A3B C> B67A A6=@B@C< @75727BG @3AC:BA </BC@/::G 4@=; 1=<AC;>B7=< A;==B67<5 /A 7< B63 >3@;/<3<B 7<1=;3 6G>=B63A7A. . 1#&+ '$,+#'& < / 1=;>3B7B7D3 3?C7:70@7C; 7<27D72C/: 6=CA36=:2A 75<=@3 B63 3P31BA B6/B B637@ 1=<. AC;>B7=< 16=713A 6/D3 =< B63 CB7:7BG =4 =B63@ ;3;03@A =4 B637@ 53<3@/B7=< A / 1=<A3?C3<13 /53<BAK 1=<AC;>B7=< :37AC@3 /<2 03?C3AB ;/G 27D3@53 4@=; B63 A=17/::G =>B7;/: :3D3:A B6/B E=C:2 03 16=A3< 0G / 03<3D=:3<B 13<B@/: >:/<<3@ "3B CA 1=<A723@ / 13<B@/: >:/<<3@ B6/B /19<=E:3253A B6/B 7<27D72C/: 1=<AC;>B7=< 16=713A 1@3/B3 27AB=@B7=<A B6@=C56 B637@ 3P31BA =< /D3@/53 1=<AC;>B7=< )63 >:/<<3@ 16==A3A 1=<AC;>B7=<A :/0=@ 3P=@BA /<2 03?C3ABA 4=@ 3/16 7<27D72C/: E7B67< / 57D3< 53<3@/B7=< B/97<5 B637@ 7<7B7/: E3/:B6 27AB@70CB7=< /A 57D3< B= ;/F7;7H3 B63 A=17/: E3:4/@3 4C<1B7=< .          .  $   $   *     %      #. + .  .  /@17/&3</:=A/ /<2 )C@<=DA9G 

(100).  3F>:=@3 /< 31=<=;G >=>C:/B32 0G 7<I<7B3:G :7D32 63B3@=53<3=CA 6=CA36=:2A 7< B63 >@3A3<13 =4 1=;>/@/B7D3 1=<AC;>B7=< A =>>=A32 B= =C@ 4@/;3E=@9 7< B63 7<I<7B3:G :7D32 31=<=;G >==@ 6=CA36=:2A A/D3 ;=@3 B6/< @716 =<3A /<2 B63 >@3A3<13 =4 1=<AC;>B7=< 3FB3@</:7B73A @32C13A 7<3?C/:7BG 7< / 5@=E7<5 31=<=;G )637@ @3AC:BA A33; /B =22A E7B6 B63 3;>7@71/: 3D723<13 17B32 7< B67A A31B7=<  < / D3@A7=< =4 =C@ ;=23: E7B6=CB 1=<AC;>B7=< 3FB3@</:7B73A >==@ 6=CA36=:2A E7:: /:A= 3<8=G :3AA :37AC@3 )63 >@3A3<13 =4 1=<AC;>B7=< 3FB3@</:7B73A =<:G 3F/13@0/B3A B67A @3AC:B =E:3A /<2 &/@93@ 

(101).  3AB7;/B3 B6/B /:;=AB   =4 B63 27P3@3<13 7< /D3@/53 E=@97<5 6=C@A 03BE33< (E323< /<2 B63 *( 1=C:2 03 3F>:/7<32 7< B3@;A =4 7<B3@>3@A=</: 1=;>/@7A=<A /<2 7<1=;3 7<3?C/:7BG. 7D3< B63 4=1CA =4 B67A >/>3@ =C@ >:/<<3@ /0AB@/1BA 4@=; 7AAC3A /AA=17/B32 E7B6 7<B3@53<3@/B7=</: 3O 173<1G A / @3AC:B E3 2@=> B63 B7;3 AC0A1@7>BA. .

(102) AC0831B B= B63 7<27D72C/:KA 0C253B 1=<AB@/7<BA    /<2  (7<13 B63 >:/<<3@ @3/:7H3A B6/B 3/16 7<27D72C/: 1=<B@70CB3A B= B63 3FB3@</:7BG 0G / 4@/1B7=<  =4 I@AB>3@7=2 1=<AC;>B7=< B63 27P3@3<13 03BE33< B63 1=;>3B7B7D3 /<2 >:/<<32 A=:CB7=< :73A 7< B63 D/:C/B7=< =4 CB7:7BG =4 1=<AC;>B7=< E67:3 G=C<5 )63 >:/<<3@KA 1=C<B3@>/@B =4   B63 62'-%/ ;/@57</: CB7:7BG 1=<AC;>B7=< 4=@ B63 )B6 6=CA36=:2 7A. . .

(103).  .           $   $ + $   $  + $    $  + $    $ . 

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(105)  E3 A33 B6/B B63 62'-%/ ;/@57</: CB7:7BG =4 I@AB>3@7=2 1=<AC;>B7=< 7A 1=;>=A32 =4 BE= B3@;A )63 I@AB B3@; 7A 8CAB B63 35-9%7) ;/@57</: CB7:7BG =4 1=<AC;>B7=< )63 A31=<2 B3@; 7< A?C/@3 0@/193BA 1/>BC@3A B63 <35/B7D3 7;>/1B B6/B /< /227B7=</: C<7B =4 1=<AC;>B7=< =4 B63 )B6 /53<B 6/A =< 67A =E< E3:4/@3 /<2 =< B63 E3:4/@3 =4 =B63@ ;3;03@A =4 67A 53<3@/B7=< B6@=C56 7BA 7;>/1B =< /D3@/53 1=<AC;>B7=< (7<13 B67A <35/B7D3 7;>/1B 7A 7<23>3<23<B =4 B63 :3D3: =4 1=<AC;>B7=<  =4 B63 6=CA36=:2 B63 A31=<2 B3@;    7A 723<B71/: 4=@ /:: 6=CA36=:2A =4.   + $   $ / 57D3< 53<3@/B7=< A / @3AC:B B63 27AB=@B7=< 7<B@=2C132 0G @3:/B7D3 1=<AC;>B7=< B/93A B63. 4=@; =4 /< =D3@D/:C/B7=< 0G / 4/1B=@  =4 B63 ;/@57</: CB7:7BG =4 B63 G=C<5   $   $ 53<3@/B7=< 1=<AC;>B7=< B B67A AB/53 7B 7A 1=<D3<73<B B= 7;>=A3 /227B7=</: @3AB@71B7=<A =< B63 ;=23: B= 5C/@/<B33 B6/B B63 A=17/: ;/@57</: CB7:7BG =4 1=<AC;>B7=< 7A /:E/GA >=A7B7D3 < B63 /</:GA7A B6/B 4=::=EA E3 /AAC;3 B63A3 @3AB@71B7=<A /@3 A/B7AI32 )63 =D3@D/:C/B7=< =4 G=C<5 /53 1=<AC;>B7=< 27AB=@BA B63 ;/@57</: @/B3 =4 AC0AB7BCB7=< 03BE33< I@AB>3@7=2 1=<AC;>B7=< /<2 :37AC@3 B63 67%7-' 27AB=@B7=< /<2 B63 ;/@57</: @/B3 =4 AC0AB7BCB7=< 03BE33< I@AB>3@7=2 1=<AC;>B7=< /<2 A/D7<5 ,3 @343@ B= B67A A31=<2 27AB=@B7=< /A B63 (<1%0-' 27AB=@B7=< A7<13 7B /P31BA B63 E7::7<5<3AA B= A674B @3A=C@13A 7<B= B63 4CBC@3 7 3 7<B= =:2/53 1=<AC;>B7=< /<2 03?C3ABA =;07<7<5 

(106)  /<2 

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(108) . $ *. *    $  .     

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(111) (7;7:/@:G 1=;07<7<5      /<2 

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(116)  #      $       E63@3

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(120)   < B63 A31=<2 =<3   

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(133)    .

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(142) 4     #. 

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(147).  /<2 :B=<87 /<2 +7::/<C3D/ 

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(149).

(150)  

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(152).    $ 2  $   $  #  . . < =@23@ B= 3F>:=@3 B63 3D=:CB7=< =4 B63 27AB@70CB7=< =4 E3/:B6 E3 1/< 27D723  0G #  B= =0B/7< B63 >@=>=@B7=</: @/B3 =4 16/<53.

(153). #    $ 2  $.    $  #  #  . . B 031=;3A 1:3/@ B6/B B63 E3/:B6 27AB@70CB7=< E7:: 3D3<BC/::G 1=<D3@53 /A :=<5 /A   $ 2   $   <BC7B7D3:G A7<13  $   7A >@=>=@B7=</: B= 03?C3ABA 7B 6/A <= 3P31B =< B63 3D= :CB7=< =4 B63 E3/:B6 27AB@70CB7=< %< B63 =B63@ 6/<2 74 A/D7<5 =CB =4 :/0=@ 7<1=;3 E6716 7A B63 A/;3 4=@ @716 /<2 >==@ 6=CA36=:2A 7A 5@3/B3@ B6/< B63 @343@3<13 :3D3: =4 1=<AC;>B7=< E6716 7A /5/7< B63 A/;3 /11@=AA 6=CA36=:2A B63< B63 03?C3AB =4 / >==@ 2G</ABG 5@=EA 4/AB3@ B6/< B63 03?C3AB =4 / @716 2G</ABG A7<13   $ 2  $ @3>@3A3<BA / 67563@ 4@/1B7=< =4 B63 03?C3AB =4 / >==@ 6=CA36=:2 B6/< =4 B63 03?C3AB =4 / @716 6=CA36=:2 $=E E3 1/< I<2 C<23@ E6/B 1=<27B7=<A B63 /55@35/B3 03?C3AB #  @3/163A / AB/0:3 AB3/2G AB/B3 (C;;7<5  /11@=AA 6=CA36=:2A E3 @3/16 #.

(154). #    $ 2  $   $  

(155) . .

(156).  E6716 7;>:73A B6/B B63 /D3@/53 03?C3AB 3D3<BC/::G /1673D3A / AB3/2G AB/B3 7P  $    )67A AB/07:7BG 1=<27B7=< B=53B63@ E7B6 B63 AB3/2G AB/B3 1=<27B7=< #  7;>:73A B6/B.   $ 2  $   A= B6/B B63 E3/:B6 27AB@70CB7=< 3D3<BC/::G 1=::/>A3A B= / A7<5:3 >=7<B.

(157)

(158).

(159)  )&* 03:     LAA3B &@713A *<23@ /07B =@;/B7=< /<2 /B167<5 *> ,7B6 B63 =<3 A3AM 0)5-'%1 '2120-'. )9-):   N

(160) . 03:  

(161).  %>B7;/: )/F/B7=< ,63< =<AC;3@A /D3 <2=53<=CA 3<16;/@9 "3D3:A =4 =<AC;>B7=< )9-): 2* '2120-' !78(-)6 

(162)  

(163) 

(164) 2@3=<7   7D7<5 E7B6 ;>C@3 :B@C7A; >>:71/B7=<A B= 6/@7BG /<2 '71/@27/< ?C7D/:3<13M 2851%/ 2* 2/-7-'%/ '2120<   :>7H/@    /@:AA=< /<2 % =6/<AA=<(B3<;/< 

(165).  L=E ;C16 2= E3 1/@3 /0=CB /0A=:CB3 D3@ACA @3:/B7D3 7<1=;3 /<2 1=<AC;>B7=<M 2851%/ 2* '2120-' ),%9-25 %1( 5+%1-=%7-21   

(166) :B=<87 /<2  +7::/<C3D/ 

(167).  L)63 ;/@57</: >@=>3<A7BG B= A>3<2 =< /2C:B 167: 2@3< M ",)   2851%/ 2* '2120-' 1%/<6-6 %1( 2/-'<  +=:  AAC3 2D/<13A :D/@3HC/2@/2=    #=<B37@= /<2 ( )C@<=DA9G 

(168).  L/07B =@;/B7=< /B16 7<5 C> E7B6 B63 =<3A3A /<2 1=<=;71 @=EB6M 2851%/ 2* '2120-' 52:7,  . :D/@3HC/2@/2=  

(169).  L<DG "37AC@3 /<2 '3AB@71B7=<A =< ,=@97<5 =C@AM %1% (-%1 2851%/ 2* '2120-'6   

(170)  . :D/@3H&3:/3H # /<2  7/H 

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(172)  @5G:3 #   ",) 6<',2/2+< 2* %33-1)66 "=<2=< '=CB:3253 3</0=C '   <3?C/:7BG /<2 @=EB6 7< . %'52)'2120-'6 118%/ . 3@</<93 /<2 '=B3;03@5 32A   3@B=:/  ' =3::;7 /<2 .E37;C3::3@: 

(173).  1'20) -675-&87-21 -1 %'52)'2 120-' 2()/6 &@7<13B=< &@7<13B=< *<7D3@A7BG &@3AA =E:3A ( /<2 - &/@9 

(174).  L;C:/B7=< <3?C/:7BG /<2 ,=@9 =C@A ,/A )6=@AB3< +30:3< '756BM '2120-' 2851%/  

(175) @/2G  (  /<2 '  @732;/<   (/D7<5A /<2 B63 <1=;3 7AB@70CB7=< 7< !78(-)6 -1 1'20) %1( $)%/7, $/B7=</: C@3/C =4 1=<=;71 '3A3/@16 <= /;0@7253 #/AA  /@D/@2 *<7D &@3AA @=E<7<5 # /<2  "CA/@27   =CA36=:2 (/D7<5 #71@= /1BA /<2 #71@= )63= @73A 2851%/ 2* '2120-' -7)5%785)    /<B@7:    ",) %77)51 2* 80%1 21')516 $3E @C<AE719 'CB53@A *<7D3@A7BG &@3AA /@@=::   

(176).  L,6G = B63 '716 (/D3 (= #C16M 7< 2)6 7/% !,58+ ",) '2120-' 216)48)1')6 2* "%;-1+ 7,). -', 327B32 0G =3:  (:3;@=2 /;0@7253 #/AA .

(177) .

(178) /@D/@2 *<7D &@3AA /@@=::    ' %D3@:/<2 /<2  $ ,37:   L=;>/@7A=< *B7:7BG 7< / @=EB6 #=23:M 2851%/ 2* '2120-' 52:7,

(179)  N  /@@=::    ' %D3@:/<2  $ ,37: 

(180).  L(/D7<5 /<2 @=EB6 E7B6 /07B =@;/ B7=<M 0)5-'%1 '2120-'. )9-):    N . /A3::7  /<2 +3<BC@/ 

(181).  L '3>@3A3<B/B7D3=<AC;3@ )63=@G =4 7AB@70CB7=<M ;3@71/< 1=<=;71 '3D73E    

(182)  6/BB3@833 (   )@/<A7B7=</: G</;71A /<2 B63 7AB@70CB7=< =4 ,3/:B6 7< / $3= 1:/AA71/: @=EB6 #=23: 2851%/ 2* 8&/-' '2120-'6    :/@9   /<2  %AE/:2   L(/B7A4/1B7=< /<2 =;>/@7A=< <1=;3M 2851%/ 2* 8&/-' '2120-'6     :/@9    & @78B3@A /<2 #  (673:2A 

(183).  '3:/B7D3 <1=;3 />>7<3AA /<2 *B7:7BG < F>:/</B7=< 4=@ B63 /AB3@:7< &/@/2=F /<2 %B63@ &CHH:3A 2851%/ 2* '2120-' -7)5%785)    =:3;/<    ",) (2/)6')17 !2'-)7< $3E -=@9 @33 &@3AA =@A/@= ,  /<2  23@    67:2@3<KA &33@ C:BC@3A 118%/. )9-): 2* !2'-. 2/2+<  N

(184)

(185). C3A3<03@@G (   1'20) !%9-1+ %1( 7,) ",)25< 2* 21680)5 ),%9-25 /@D/@2 *<7D3@A7BG &@3AA /;0@7253 #/AA G</< !  (97<<3@ /<2 ( & .3:23A 

(186).

(187)  M)63 ;>=@B/<13 =4 3?C3ABA /<2 "743 G1:3 (/D7<5 7< />7B/: 11C;C:/B7=<  $3E <AE3@M 0)5-'%1 '2120-'. )9-): 

(188) .

(189)  G</< !  (97<<3@ /<2 ( & .3:23A 

(190).  = B63 '716 (/D3 #=@3 2851%/ 2* 2/-7-'%/ '2120<

(191) 

(192)   G</< ! /<2  '/D7</ 

(193).  L<1@3/A7<5 <1=;3 <3?C/:7BG FB3@</: /07BA /<2 (3:4'3>=@B32 />>7<3AAM 0)5-'%1 '2120-'. )9-): 

(194)

(195) 

(196) . /AB3@:7< '    =3A 1=<=;71 @=EB6 ;>@=D3 B63 C;/< "=B 7< &/C:  /D72 /<2 #3:D7< , '323@ 32A  %7-216 %1( 286),2/(6 -1 '2120-' 52:7, 66%<6 -1 2125 2* 26)6 &5%029-7= $3E -=@9 1/23;71 &@3AA <1 /AB3@:7< '   L,7:: '/7A7<5 B63 <1=;3A =4 :: <1@3/A3 B63 />>7<3AA =4 ::M 2851%/ 2* '2120-' ),%9-25 %1( 5+%1-=%7-21

(197)   3@@3@7/@0=<3::  

(198).  <1=;3 /<2 ,3::037<5 < ;>7@71/: </:GA7A =4 B63 =;>/@7A=< <1=;3 P31B 2851%/ 2* 8&/-' '2120-'6    7A63@ , /<2  =4 

(199).  L'3:/B7D3 =<AC;>B7=< /<2 <2=53<=CA "/0=C@ (C>>:G.

(200) .

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