Added worker effect revisited through the French working time reduction experiment

(1)

HAL Id: halshs-00178452

https://halshs.archives-ouvertes.fr/halshs-00178452

Submitted on 11 Oct 2007

HAL is a multi-disciplinary open access

archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Added worker effect revisited through the French

working time reduction experiment

Matthieu Bunel

To cite this version:

Matthieu Bunel. Added worker effect revisited through the French working time reduction experiment. 2002. �halshs-00178452�

(2)

DOCUMENTS DE TRAVAIL - WORKING PAPERS

W.P. 02-09

Added worker effect revisited through the French

working time reduction experiment

Matthieu BUNEL

Juin 2002

GATE Groupe d’Analyse et de Théorie Économique UMR 5824 du CNRS

93 chemin des Mouilles – 69130 Écully – France B.P. 167 – 69131 Écully Cedex

Tél. +33 (0)4 72 86 60 60 – Fax +33 (0)4 72 86 60 90 Messagerie électronique gate@gate.cnrs.fr

Serveur Web : www.gate.cnrs.fr

GATE

Groupe d’Analyse et de Théorie

Économique

(3)

BUNEL Matthieu

1

E-mail :

bunel@gate.cnrs.fr

Added worker effect revisited through the French working

time reduction experiment

Abstract

This paper studies the impact of the French working time reduction experiment on the family labour supply. I expanded on the conventional added worker effect in order to analyse

successively the effect of the ''35 hours'' on two dimensions of the spouse's labour supply: the probability to participate in the labour market and the working hours. Econometric tests are carried out on 10 000 couples drawn from the French EMPLOI survey of the INSEE. In the first estimation using Heckman's and Cogan's fixed costs frameworks, I found that working time reduction reduces the spouse's working hours when he (she) works. In the second one, using a multivariate probit analysis, I found that it increases the spouse's probability to join the labour force when he (she) was outside of the labour market in the previous period. Key words : Family labour supply, added worker effect, working time reduction, fixed costs, Simultaneous equations, multivariate probit.

JEL-Code: J 22, C 35.

L'impact des 35 heures sur l'offre de travail familiale : Une analyse économétrique sur données françaises

Résumé

Cet article, qui s'inscrit dans la lignée des travaux sur l'effet d'un travailleur additionnel, étudie l'évolution de l'offre de travail familiale consécutive à la diffusion des 35 heures en s'appuyant sur un échantillon original de plus de 10 000 couples issu de l'enquête EMPLOI 2000. Deux dimensions de l'offre de travail de l'individu sont étudiées successivement lorsque son conjoint est affecté par la réduction du temps de travail : l'intensité de la participation au marché du travail et la décision de passer du statut d'inactif à celui d'actif.

Mots clés : Offre de travail familiale, Effet d'un travailleur additionnel, Réduction du temps de travail, Coûts fixes, Modèles d'équations simultanées, Probit multivariée

1_{I am indebted to Bernard Fortin and Guy Lacroix for numerous discussions which substantially improved the} quality of the paper. The bulk of this work was completed at the DARES Labour Department. This work was partially supported by City of Lyon. All the mistakes remain mine.

(4)

!

"#$%&'()$*&#

!"# $#%& '())#) *+%,#% #-#.$' /0/(112 %#3#%0 $+ $"# $#&4+%(%2 56.%#(0# 56 $"# 1(7+/% 0/4412 +3 &(%%5#) *+&#6 *"+0# "/07(6) "(0 7#.+&# /6#&41+2#)8 9"51# $"# ())#) *+%,#% #-#.$ 50 #(0512 #:41(56#) 72 $"#+%#$5.(1 &+)#10 +3 3(&512 1(7+/% 0/4412; #&45%5.(1 *+%, "(0 3(51#) $+ %#(." ( .+60#60/0 %#<(%)56< 5$0 &(<65$/)#; +% #=#6 5$0 #:50$#6.# >?#.,&(6 (6) @(A/%)2 BCDEFGBCDEHG; I/6)7#%< BCDEJG; @(1+6#2 BCDDCG; K4#1$L#% BCDDMGN8

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

@+%#+=#%; .+&41#&#6$(%2 0$/)5#0 #0$5&($#) $"# *+%,#% ())#) #-#.$ *"#6 +$"#% ,56)0 +3 0"+.,0 (-#.$ $"# 04+/0#P0 4%+3#005+6(1 05$/($5+68 \#%<#% (6) S1#50"#% BCDE]G 0$/)5#) $"# 5&4(.$ +3 $"# &+)5Z.($5+6 "/07(6)P0 "#(1$" +6

(5)

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`N 72 Z:56< $"# 1#<(1 *##,12 *+%,56< $5&# ($ aJ "+/%08 T6 $"# S%#6." I(7+/% 1#<501($5+6; $"50 $"%#0"+1) )+#0 6+$ .+%%#04+6) $+ $"# &(:5&/& *##,12 *+%,56< $5&# 7/$ 5$ 50 /0#) $+ )#$#%&56# #&41+2##P0 +=#%$5&#8 V=#%2 *+%,56< "+/%0 /4 $+ aJ "+/%0 0"+/1) 7# 4(5) 3%+& HJ b $+ JF b &+%# $"(6 $"# (<%##) "+/%12 *(<#8 @+%#+=#%; Z%&0 "(=# $"# 4+0057515$2 $+ Z</%# +/$ #&41+2##P0 +=#%$5&# +6 ( *##,12 7(0# +% $"# 2#(%12 7(0508 !"#2 .(6 (10+ .+/6$#%4(%$ +=#%$5&# &+6#$(%2 +% 56 ,56) >($$%57/$5+6 +3 #:$%( 3%## )(20N8 !"# 4%#0#6$ <#6#%(150($5+6 +3 $"# aJ "+/%0 *+%,56< *##, )+#0 6+$ (-#.$ +612 Z%&0 (6) 3/11 $5&# #&41+2##08 T$ .(6 (10+ 56Q/#6.# 56)5=5)/(10 *"+ (%# 6+$ )5%#.$12 .+6.#%6#) *5$" $"# 9!`; 0/." (0 4(%$R$5&# #&41+2##0; (0 *#11 (0 /6#&41+2#) (6) 4#+41# +/$ +3 $"# 1(7+/% &(%,#$8 T6)##); *5$"56 ( 3(&512 1(7+/% 0/4412 3%(&#*+%,; *"#6 $"# aJ "+/%0 4%+.#00 (-#.$0 5$0 04+/0#; $"# 56)5=5)/(1P0 %#0#%=($5+6 *(<# *511 7# ."(6<#)8 !"# 56.%#(0# +3 $"# 6+6#&41+2#) 04+/0#P0 $5&# .(6 7# /0#) 3+% )+&#0$5. 4%+)/.$5+6 (6) #6.+/%(<# $"# +$"#% 04+/0# $+ 56.%#(0# "50 >"#%N #&41+2#) *+%,56< $5&#8 !"50 0/70$5$/$5+6 #-#.$ 5&415#0 (6 56$%(R3(&512 %#(11+.($5+6 +3 $5&# 7#$*##6 )+&#0$5. 4%+)/.$5+6; 4(%#6$(1 (.$5=5$5#0 (6) 1#50/%#8 V0$%()#; @#)( (6) X%(56 BHFFCG 0$%#00#) $"($ (1$"+/<" *+%,56< $5&# %#)/.$5+6 015<"$12 &+)5Z#) $"# )50$%57/$5+6 +3 )+&#0$5. $(0,0 7#$*##6 &(6 (6) *+&(6; 5$ 56.%#(0#) 05<65Z.(6$12 $"# )+&#0$5. 4%+)/.$5+6 +3 $"+0# "(=56< %#)/.#) $"#5% #&41+2#) *+%,56< $5&#8 O..+%)56< $+ $"#&; $"50 56.%#(0# =(%5#0 7#$*##6 [ b (6) HF b8 !"# 6+6#&41+2#) *+%,56< $5&#0 7#$*##6 04+/0#0 $"#6 $#6) $+ 7# 0/70$5$/(71# 8

@+%#+=#%; 56 H .(0#0 +/$ +3 J; $"# *+%,56< $5&# %#)/.$5+6 (-#.$0 6#<(R $5=#12 $"# *+%,#%P0 <1+7(1 56.+&# >AcW BHFFCGN8 !"50 56.+&# #-#.$ <#6#%($#0 ( 3(11 56 "+/0#"+1) *#(1$"; *"5." 0$5&/1($#0 $"# %#)/.$5+6 +3 (11 5$0 &#&7#%0P .+60/&4$5+6 (6) 1#50/%#8 @(62 0$/)5#0 3+./0#) +6 $"# 3(&512 56.+&# #-#.$

(6)

>@%+L BCDEMG; I/6)7#%< BCDEJGN; 6+6# +3 $"#& %#1($#) $+ *+%,56< $5&# %#)/.R $5+68 ?+*#=#%; $"#0# 0$/)5#0 0##& $+ .+6Z%& $"# #:50$#6.# +3 ( 4+05$5=# (6) 05<65Z.(6$ %#1($5+60"54 7#$*##6 $"# (<#6$P0 *(<# (6) "50 04+/0#P0 *+%,56< $5&#8 O0 3(% (0 *# ,6+*; $"# 4(4#% +3 ?/6$ BCDDEG 50 $"# +612 0$/)2 +6 $"# ())#) *+%,#% #-#.$ *"#6 $"# 04+/0# 50 (-#.$#) 72 ( %#)/.$5+6 +3 "50 *+%,56< $5&#8 d056< ( CDE] $+ CDD] c#%&(6 4(6#1 +3 &+%# $"(6 aFFF 56)5=5)/(10 0"# 3+/6); ( =#%2 *#(, 05<65Z.(6$ ())#) *+%,#% #-#.$8 \#05)#0 0"# 3+/6) ( 6#<($5=# %#1($5+60"54 7#$*##6 *53#P0 *+%,56< "+/%0 (6) $"# "/07(6) *+%,56< $5&# %#)/.$5+68

!+ 0$/)2 $"# ())#) *+%,#% #-#.$ %#1($#) $+ $"# a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a )#(10 *5$" $"# $*+ &#$"+)+1+<5.(1 3%(&#*+%,0 /0#) 56 $"50 4(4#%8 K#.$5+6 ] 4%#0#6$0 (6) .+&&#6$0 $"# #0$5&($5+6 %#0/1$08 K#.$5+6 J .+6.1/)#08

+

,-. '/$/

!"# S%#6." Y($5+6(1 K$($50$5. T60$5$/$# >TYKVVN &(,#0 $"# S%#6." V@R WIXe@VY! 0/%=#2 #=#%2 2#(%8 O 0(&41# +3 CF JHJ .+/41#0 56 *"5." ($ 1#(0$ +6# +3 $"# 04+/0# 50 ( 3/11 $5&# #&41+2## 50 7/51$ 3%+& $"# 2#(% HFFF V@WIXe@VY! 0/%=#2 $"%+/<" "+/056< 5)#6$5Z.($5+68

T63+%&($5+6 %#1($56< $+ $"# 56)5=5)/(1P0 *+%,56< $5&# )#(10 #:.1/05=#12 *5$" "50 '/0/(1 *##,12 *+%,56< $5&#'8 !"# )50$%57/$5+6 +3 $"50 /0/(1 *+%,56< $5&# 56 +/% 0(&41# "(0 .1#(%12 ( $%5R&+)(1 0."#)/1#08 !"# <%#($ &(_+%5$2 +3 $"# 56)5=5)/(10 #5$"#% )+#0 6+$ *+%, >CM bN; +% *+%, aJ "+/%0 >CD bN +% *+%, aD "+/%0 >aa bN8 !"50 .+6.#6$%($5+6 (%+/6) $"#0# $"%## 4#(,0 50 *#(,#% 3+% &#6 $"(6 3+% *+&#68 !"50 )5-#%#6.# 50 +3 .+/%0# %#1($#) $+ $"# 0$%+6< 4%+4+%$5+6 +3 *+&#6 56 4(%$R$5&# _+708 Y#(%12 CJ b +3 *+&#6 *+%, 1#00 $"(6 aF "+/%0 (<(560$ E b 3+% &#68

(7)

d056< $"# #&41+2##P0 /0/(1 *+%,56< $5&# (0 ( 4%+:2 +3 $"# aJ "+/%0 4%+.#00 50 6+$ %#(112 .+6=#65#6$ 7#.(/0# $"50 563+%&($5+6 )+#0 6+$ %#=#(1 $"# 05$/($5+6 +3 "50 Z%& %#<(%)56< $+ $"# 9!`8 T$ 50 5&4+00571# $+ ,6+* 53 $"# *+%,#%P0 Z%& "(0 05<6#) (6 (<%##&#6$ +3 *+%,56< $5&# %#)/.$5+6 +% 53 "5&0#13 "(0 %#)/.#) "50 *+%,56< $5&# $+ aJ "+/%08 !"#6 $"# 4%#=5+/0 0(&41# 50 &($."#) *5$" $"# ()&5650$%($5=# 0/%=#2 >d`KKOSN8 !"# 1($$#% 50 (6 #:"(/0$5=# Z1#; *"5." 56)#:#0 (11 S%#6." Z%&0 (..+%)56< $+ $"# #:50$#6.# +3 (6 (<%##&#6$ +3 9!` +% +3 $"# 5&41#&#6$($5+6 +3 $"# aJ "+/%08

!"/0; $*+ ,56)0 +3 563+%&($5+6 (%# (=(51(71#; *"5." (11+* /0 $+ ,6+* 53 (6 #&41+2## *+%,0 56 ( 'aJ "+/% Z%&'U $"# 05$/($5+6 +3 "50 Z%& *5$" %#<(%)0 $+ $"# 9!`; (6) "50 )#.1(%($5+6 +3 "50 /0/(1 *##,12 *+%,56< $5&#8

T6 $"# 0(&41# &+%# $"(6 H +/$ +3 a 04+/0#0 3/11 $5&# #&41+2##0 *##,12 *+%, #5$"#% aJ +% aD "+/%08 !"# 4%+4+%$5+6 +3 3/11 $5&# #&41+2##0 *5$" ( /0/(1 *##,12 *+%,56< $5&# ($ aJ "+/%0 50 "5<"#% 56 aJ "+/% Z%&0 $"(6 56 $"# +$"#%0 >aE b (<(560$ CC bN8 ?+*#=#%; ( 05<65Z.(6$ 0"(%# +3 3/11 $5&# #&41+2##0 )#.1(%#0 ( /0/(1 *##,12 *+%,56< $5&# +3 aD "+/%0; )#045$# $"#5% Z%& 7#56< ( aJ "+/% +6# >aHbN8 !"#0# 4(%()+:5.(1 .(0#0 56.1/)# 56 3(.$ =(%5+/0 05$/($5+60U #5$"#% $"#0# 3/11 $5&# #&41+2##0 (%# 6+$ 56.1/)#) 56 $"# aJ "+/%0 Z%&0 (<%##&#6$; +% $"#2 (%# 0$511 *+%,56< aD "+/%0 4#% *##, 7/$ 56 3(.$ $"#2 *+%, aJ "+/%0 4#% 2#(% )/# $+ 6#* 4(5) 3%## )(208 !+ $(,# 56$+ (..+/6$ $"#0# )5-#%#6$ 05$/($5+60; 6#* )5."+$+&+/0 =(%5(71#0 (%# 7/51$ 72 .%+0056< $"# )#.1(%($5+6 72 $"# 3/11 $5&# #&41+2## +3 "50 /0/(1 *##,12 *+%,56< $5&# *5$" $"# 05$/($5+6 +3 "50 Z%& *5$" %#<(%)0 $+ $"# aJ "+/%08 9"#6 $"# 3/11 $5&# #&41+2## )#.1(%#0 ( /0/(1 *##,12 *+%,56< "+/%0 563#%5+% +% #f/(1 $+ aJ "+/%0; $"# =(%5(71# ?aJ #f/(10 C (6) F +$"#%*50#8 9"#6 "50 Z%& 50 ( aJ "+/% Z%&; $"# =(%5(71# 9!` #f/(10 C; (6) F +$"#%*50#8 !"#6 Y9!`aJ #f/(10 C 53 ?aJgC (6) 9!`gF; Y9`!aD #f/(10 C 53 ?aDgC (6) 9!`gF; 9!`aJ #f/(10 C 53 ?aJgC (6) 9!`gC (6) Z6(112 9`!aD #f/(10 C 53 ?aJgF (6) 9!`gC8

S56(112; $"# =(%5(71#0 +3 $"# &+)#1 (%# 0$(6)(%)5L#)8 !"# *##,12 *+%,56< "+/%0 (%# )5=5)#) 72 JF; $"# 1+<(%5$"& +3 $"# "+/%12 *(<# 50 +7$(56#) 72 )5=5)56< $"# &+6$"12 56.+&# 72 $"# *##,12 *+%,56< $5&# >$(,56< 56$+ (..+/6$ $"# 0$(6)(%)5L($5+6 +3 $"50 =(%5(71#N &/1$5415#) 72 ];aa 0+ $"($ $"# *(<#0 (6) $"# *+%,56< $5&# (%# +6 $"# 0(&# 7(050; $"# (<# +3 $"# (<#6$ 50 )5=5)#) 72 CFF (6) $"# 1#=#1 +3 #)/.($5+6 72 a8

(8)

!"#$% &!' ()* &!')*

!"#$% !"#$# %&$! $&#" !&#$

+$,"-. /".01 23#-$#3"4 $# # !"#$%&'( )*'"#$%&'( +%, -* ,.' $/0%12 3%24' 56758 97:8 :;7;8 5;7*8 9768 :67*8 5;7:*8 9758 :6798 5;768 97*8 :67*8 <="-21>2 ?".@34A #3B1

C1$4 ?11@%D E"-.2 F2#GH ))7:I F!"!#$%H ))7:6 F!&'#(&H ):7J5 F!&'#)&H ):755 F!&$#*!H <="-21>2 %$,"-. /".01 #.$423#3"4 +%, -* ,.' $/0%12 3%24' /, ,56 7* ,.' $/0%12 3%24' /, , $!'! ;*7J8 '$$ ;97)8 #$! ;97J8K %$' :;7J8KK )*'"#$%&'( /, ,56 !"#$%&'( /, , (&) )J7I8 %$$ ) L7;8 $#* )57J8 !#% );7**8 ++ ,- ".# ,- + !%. /0 1234256,467 !(71# CU !"#$%$#&'()* +',-&. /-.01 '"# 2.'"*$3$-" ,13411" 5666 '"# 7888

0 12$*3/$.2 &4 $-. /''.' 5&%6.% .7.)$

!(71# C 4%+=5)#0 $"# 0$($50$5.(1 %#0/1$0 .+6.#%656< $"# 5&4(.$ +3 *+%,56< $5&# %#)/.$5+6 +6 3(&512 1(7+/% 0/44128 K$($50$5.(1 $#0$0 0"+* $"($ +612 $"# ())#) *+%,#% #-#.$ 0##&0 $+ 7# 4+05$5=# ($ $"# Jb +3 05<65Z.(6.#8 T6)##) $"# )#.505+6 $+ #6$#% 56 $"# 1(7+/% &(%,#$ 50 &+%# 3%#f/#6$ (&+6< 56)5=5)/(10 *"+0# 3/11 $5&# #&41+2#) 04+/0# )#.1(%#0 /0/(112 *+%,56< aJ "+/%0 56 ( aJ "+/% Z%& >9!`aJgCN8 !"50 #-#.$ %#&(560 4+05$5=# (6) 05<65Z.(6$8

X6 $"# +$"#% "(6); $"# =(%5(71# 9!`aJ (-#.$0 6#<($5=#12 7/$ 6+$ 05<R 65Z.(6$12 $"# 04+/0#P0 *##,12 *+%,56< "+/%08

!"50 Z%0$ %#0/1$ 0##&0 $+ 0"+* $"# #:50$#6.# +3 (6 ())#) *+%,#% #-#.$ %#R 1($#) $+ *+%,56< $5&# %#)/.$5+6 56 ( 05&41# )#0.%54$5=# 0$($50$5.08 ?+*#=#%; $"# .+/41#0 3+% *"+& 9`!aJgC "(=# 04#.5Z. 56)5=5)/(1 (6) 3(&515(1 ."(%(.R $#%50$5.08 S5%0$; $"# "+/0#"+1) 3/11 $5&# #&41+2##0 *+%, 56 75<<#% Z%&0; "(=# ( 1+*#% *(<# (6) %(%#12 <#$ #:#./$5=# 0$($/08 K#.+6); $"#0# "+/0#"+1)0 &+%# %(%#12 15=# 56 $"# W(%50 (%#( (6) $"#2 1#00 3%#f/#6$12 "(=# ."51)%#68 !"# 1(7+/% 0/4412 15$#%($/%# +/$156#0 $"($ $"#0# )5-#%#6$ ."(%(.$#%50$5.0 (-#.$ 0$%+6<12 $"# 6/&7#% +3 *+%,56< "+/%0 0/4415#)8 !"# (5& +3 $"# 3+11+*56< #.+6+&#$%5. $#0$0 50 $"#6 $+ .+6$%+1 $"#0# #1#&#6$0 56 +%)#% $+ ."#., 53 $"# ())#) *+%,#%

(9)

#-#.$ 50 0$511 05<65Z.(6$8 !*+ ,56)0 +3 #0$5&($5+60 (%# 0/..#005=#12 .(%%5#) +/$8

R S5%0$12; T (6(120# $"# 5&4(.$ +3 $"# =(%5(71# 9!`aJ; *"5." 50 %#1($#) $+ $"# 04+/0#; +6 $"# 56$#605$2 +3 $"# 56)5=5)/(1P0 4(%$5.54($5+6 +6 $"# 1(7+/% &(%,#$8 !"# (5& +3 $"50 4+56$ 50 $+ )#$#%&56# 53 $"# =+1/&# +3 "+/%0 +-#%#) 05<65Z.(6$12 )#4#6)0 +6 $"# 05$/($5+6 +3 $"# 04+/0# *5$" %#<(%) $+ $"# aJ "+/%08 R K#.+6)12; /056< 1(<<#) 563+%&($5+6 (=(51(71# 56 $"# V@WIXe@VY! 0/%=#2 T (6(120# $"# ())#) *+%,#% #-#.$8 !"# (5& 50 $+ )#$#%&56# 53 $"# 56)5=5)/(1P0 4%+7(7515$2 $+ 7#.+&# ( 4(%$5.54(6$ 56 $"# 1(7+/% &(%,#$ *"#6 "# *(0 4%#=5+/012 56(.$5=# 50 156,#) $+ $"# 05$/($5+6 +3 $"# 04+/0# *5$" %#<(%)0 $+ aJ "+/%08 !"#+%#$5.(112; $"# 4%+3#005+6(1 ."+5.# +3 $"# 56)5=5)/(1 %#0/1$0 3%+& $"# 4%+<%(&&# +3 &(:5&5L($5+6 +3 $"# /$515$2 3/6.$5+6; ! >"N U # $%! >&' (' )N *909 ( g * >+ _{! &N h ,} & _{" +}

*"#%# + 50 $"# $+$(1 $5&# (=(51(71#; - g >+ _{! &N 50 $"# *+%,56< $5&#; )} 50 $"# 56)5=5)/(1P0 04#.5Z. ."(%(.$#%50$5.0; * 50 $"# "+/%12 *(<#0 (6) ( 50 $"# .+60/&4$5+68 T6 (6 56)5=5)/(1 1(7+/% 0/4412 3%(&#*+%,; , .+%%#04+6)0 $+ $"# 6+6 *(<# 56.+&#8 T6 ( 3(&512 1(7+/% 0/4412 3%(&#*+%,; 5$ .(6 (10+ 56.1/)# $"# 04+/0#P0 56.+&#8 T$ .(6 (10+ 56.1/)# 56 ( .+11#.$5=# 1(7+/% 0/4412 &+)#1; $"# 0"(%56< %/1#8

i50%#<(%)56< 56#f/(15$2 .+60$%(56$ & _{" + ; $"# 0+1/$5+6 +3 $"50 4%+<%(&} &(,#0 5$ 4+00571# $+ +7$(56 $"# 1(7+/% 0/4412 3/6.$5+6 56 $"# 3+11+*56< %#R )/.#) 3+%&U -! g - >*' ,' )N >CN !"# *+%,56< "+/%0 (6) $"# )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$ (%# $"# 3+11+*56<U - g F 05 -!_{>*' ,' )N}_{" F} - g -!_>"N ₀₅ _-!_{>*' ,' )N . F} [

(10)

I#$P0 56$%+)/.# /! g C 53 $"# 56)5=5)/(1P0 )#.505+6 $+ 4(%$5.54($# 56 $"#

1(7+/% &(%,#$ (6) /! g F +$"#%*50#8

O 4+00571# 0+1/$5+6 $+ #0$5&($# $"# #f/($5+6 +3 *+%,56< "+/%0 *+/1) 7# $+ /0# ?#.,&(6P0 1(7+/% 0/4412 &+)#18 ?+*#=#%; 0/." ( &+)#1 0/44+0# ( 156#(% %#1($5+6 7#$*##6 $"# )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$ (6) $"# (&+/6$ +3 *+%,#) "+/%08 A+<(6 BCDECG (6) \1(6, BCDEEG 0$%#00#) $"($ $"#+%#$5.(112 $"50 (00/&4$5+6 50 $++ %#0$%5.$5=# (6) #&45%5.(112 6+$ %+7/0$8 T6)##); $"# +70#%=#) *+%,56< "+/%0 56.1/)# ())5$5+6(1 Z:#) .+0$0 %#1($#) $+ $"# *+%,#%P0 )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$8 A+<(6P0 BCDECG (6) \1(6,P0 BCDEEG *+%,0 0$($#) $"($ $"# Z:#) .+0$0 (00+.5($#) $+ $"# )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$ %#4%#0#6$ 6#(%12 aF b +3 $"# 56)5=5)/(10P (=#%(<# (66/(1 *(<#8 !"# 1(., +3 $"50 )5&#605+6 +=#%R#0$5&($# $"# 5&4(.$ +3 $"# *(<#0 +6 $"# *+%,56< "+/%08 !"#6 $"# Z%0$ #0$5&($5+60 (6(12L56< $"# %#1($5+6 7#$*##6 +6#P0 04+/0#P0 05$/($5+6 *5$" %#<(%) $+ $"# aJ "+/%0 (6) $"# +6#P0 "+/%0 +-#%#) (%# 0/..#0R 05=#12 .(%%5#) +/$ /056< ?#.,&(6P0 &+)#1 (6) A+<(6P0 Z:#) .+0$0 &+)#18

08!

9.)63/#:2 ;/<&(% 2(==;> 3&'.;

\(0#) +6 ( !+75$ $24# a &+)#1; ?#.,&(6P0 &+)#1 $(,#0 56$+ (..+/6$ $"($ $"# *(<# >* N (6) $"# *+%,56< "+/%0 >-N .(6 7# +70#%=#) +612 3+% #&41+2#) *+%,#%0 (6) $"($ * (6) - (%# _+56$12 )#$#%&56#)8 !"50 &+)#1 )#(10 *5$" 1#3$ .#60/%#) )($( (6) .+%%#1($#) #f/($5+60 >?#.,&(6 BCDMDG; O&j#&52( BCDE]GN8 !"# (/<&#6$#) "+/%0 #f/($5+6 (6) $"# 1+<(%5$"& *(<# #f/($5+6; 0 >* N; (%# (00/&#) $+ $(,# $"# 3+11+*56< 3+%&U -! _{g 1} !h 1*2!h 182*h 1&0 >* N h 3! *"#%# 3! # 0 ! F' 4* ! " >HN 0 >* N g 5! h 5*2!h 5828h 3* *"#%# 3* # 0 ! F' 4* " " >aN O3$#% =(%5+/0 #:4#%5&#6$($5+60 T "+1) $"# 3+11+*56< #:+<#6+/0 =(%5(71#0 U 2! 50 ( =#.$+% +3 56)5=5)/(1P0 ."(%(.$#%50$5.0 56.1/)56< =(%5(71#0 67); 897; 897*_{; $"# 1#=#1 +3 #)/.($5+6 >7:! (' 7:! (}*_{N (6) ( =(%5(71# .%+00R} 56< (<# (6) 1#=#1 +3 #)/.($5+6 >897 _{$ 7:!(N} 2* 50 $"# 04#.5Z. "+/% #f/($5+6 56)5=5)/(1P ."(%(.$#%50$5.0 56.1/)56< $"# 6/&7#% +3 ."51)%#6 >(;<=:F;(;<=:C' (;<=:H' (;<=:aN (6) $"# (<# +3 $"# 2+/6<#0$ 56 $"# "+/0#"+1) >> ?! 0 9(;<=:C' > ?! 0 9(;<=:H' > ?! 0 9(;<=:aN 28 50 $"# 04#.5Z. *(<# #f/($5+6 56)5=5)/(1P ."(%(.$#%50$5.0 56.1/)56< $"# /6#&41+2&#6$ %($# 4#% 0#: (6) 4#% )#4(%$&#6$ >! ,N (6) $"# "+/0#"+1)P0 <#+<%(4"5.(1 1+.(150($5+6 >@ 8,<6N8 M

(11)

S%+& #f/($5+60 >HN (6) >aN; $"# %#)/.#) 3+%& +3 (/<&#6$#) "+/%0 #f/(R $5+6 &(2 7# *%5$$#6 (0U

-! g $%h $!2!h $*2* h $828 h A! >]N

+% &+%# .+&4(.$12; (0U

-! g k! h A! >JN

*"#%#

$% g 1!h 1&5!; $! g 1* h 1&5*; $* g 18; $8 g 1&58

A! g 3!h 1&3* (6) A! # 0 >F' 4*N

*"#%# 4* _{g 4}*

!h 1*&4**! H1&4!* (6) 4!* g BC3 >3!' 3*N

T6 ?#.,&(6P0 &+)#1; $"# 56)5=5)/(1 4(%$5.54($#0 +6 $"# 1(7+/% &(%,#$ *"#6 $"# %#0#%=($5+6 *(<# 50 1#00 $"(6 $"# &(%,#$ *(<# +% *"#6 $"# (/<R &#6$#) "+/%0 (%# 4+05$5=#8 !"# 4(%$5.54($5+6 +6 $"# 1(7+/% &(%,#$ /! 50 U /! g # C 53 !! " . 9! " F +$"#%*50# `#0#%=($5+6 "+/%0 .(66+$ 7# +70#%=#) 3+% (62 56)5=5)/(1 56 $"# )($( (6) "+/%0 (6) *(<# +-#%#) .(66+$ 7# +70#%=#) 3+% 6+6*+%,#%08 95$"+/$ $"#0# )($( ; (6 (1$#%6($5=# 0$($50$5.(1 (44%+(."; 0/." (0 &(:&/& 15,#15"++) 50 %#f/5%#) $+ #0$5&($# $"# 4(%(&#$#%08 T6 0/." ( .(0#; $"# &+)#1 50 U

-! g 1!h 1*2!h 182*h 1&0 >* N h 3! 0 >* N g 5!h 5*2!h 5828h 3* $ 53 /! g C 0 >* N g -! _{g F} ₅₃ _/ ! g F >3!' 3*N# 0D >F' l!N *"#%# l! g % 4* ! 4!" 4!" 4*_! & !"#6 15,#15"++) 3/6.$5+6; 53 $(,#0 $"# 3+11+*56< 3+%& U E

(12)

= g ' #!:% % C_{! m} % k! 4 && ' #!:! E*>3!' 3*N *"#%# E*>3!' 3*N 50 ( _+56$ )#605$2 +3 3! #$ 3* (6) m 50 $"# ./&/1($5=# )#605$2 3/6.$5+68

08+

?*@.' )&2$2 ;/<&(% 2(==;> 3&'.;

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f/($5+6 (00/&#0 $"# 3+%&U -$ _{g F} !h F*2!h F82*h 38 *"#%# 38 # 0 ! F' 4* # " >[N Vf/($5+60 >HN; >aN (6) >[N 5&412 ( %#0#%=($5+6 *(<# #f/($5+6 +3 $"# 3+%& U G$ g F!! 1! 1_& h F*! 1* 1_& 2!h F8! 18 1_& 2*h 38! 3! 1_& >MN !"#6; $"# )#.505+6 $+ _+56 $"# 1(7+/% 0/4412 56 ( Z:#) .+0$0 &+)#1 50 $"# 3+11+*56<U /! g # C 53 /! ! . F F +$"#%*50# >EN *"#%# /! ! g -!! -$ g k*h A* (6) A* # 0 >F' 4!"N D

(13)

(6)

k* g >1!h 1&5!! F!N h >1*! F*N 2!h >18h 1&5* ! F8N 2*h 1&5828

4!" g 4

*

!h 1*&4**h 4*8h H1&4*8! H1&4!*h H4!8

O00/&56< (6 56.%#(056< 1(7+/% 0/4412; *# +70#%=# *+%,#%0 *"#6 (/<R &#6$#) "+/%0 (%# "5<"#% $"(6 %#0#%=($5+6 "+/%0 -! _{. -}$_{8 !"#6; /056< #f/(R} $5+6 >EN $"# 15,#15"++) +3 +70#%=56< ( 6+64(%$5.54(6$ 50 05&412 U @ >/!! " FN g m % !₄k* !" & !"# (44%+4%5($# )#605$2 &#(0/%# 3+% +70#%=#) "+/%0 (6) *(<#0 (&+6< $"# *+%,#%0 50U ( $" !"" "# E8>-! 12* ! 1&0 >* N ' 0 >* N! 5!2!' 38N H38 *"#%# E8>-! 12*! 1&0 >* N ' 0 >* N! 5!2!' 38N 50 ( $%5=(%5($# 6+%&(1 )#605$2 3/6.$5+68 !"# 6+%&(1 3/6.$5+6 4%+4#%$5#0 (11+* /0 $+ %#)/.# $"# $%5=(%5($# 6+%&(1 )#605$2 3/6.$5+6 *5$" $"# 4%+)/.$ +3 $"# 75=(%5($# .+6)5R $5+6(1 6+%&(1 (6) /65$ 6+%&(1 &(%<56(1 )#605$5#08 !"# 15,#15"++) 50 $"#6U

= g)_# !$% * C_{! m}*%!&!;%"&" "_"" ++ ) #!'%m * %!&!;%"&" "_"" %3!' 3* + E*>-! 12*! 1&0 >* N ' 0 >* N! 5!2!N

080 A2#B =%&4.22&#/; ;/BB.' #4&%3/$&#

!"# (5& 50 $+ )#$#%&56# 53 $"# 50 156,#) $+ $"# 05$/($5+6 +3 $"# 04+/0# *5$" %#<(%)0 $+ aJ "+/%08 !"50 0#.$5+6 (6(120#0 $"# 56)5=5)/(1P0 4%+7(7515$2 $+ 7#.+&# ( 4(%$5.54(6$ 56 $"# 1(7+/% &(%,#$ *"#6 "# *(0 4%#=5+/012 56 $"# 6+6 *+%,56< 4+4/1($5+6 *5$" %#<(%)0 $+ 04+/0#P0 aJ "+/%0 05$/($5+68 !"50 0#.+6) )5&#605+6 +3 $"# ())#) *+%,#% #-#.$ /0#) 4%+3#005+6(1 1(<<#) 563+%&($5+6 (=(51(71# 56 $"# V@WIXe@VY! 0/%=#28 !"# )#.505+6 4%+.#00 $+ _+56 $"# 1(7+/% &(%,#$ 7#$*##6 CDDD (6) HFFF &(2 7# *%5$$#6 (0U

(14)

/(!g # C 53 /! ! & F F +$"#%*50# >DN *"#%# /!

! g $%h $!>* + ,aJ' * + ,aD' 0 * + ,aJN h $*) h $86=* h I!

/!

! g 2!h I! *"#%# I! # 0 >F' CN

>CFN

) 50 $"# 56)5=5)/(1 #:41(6($+%2 =(%5(71#0; 6=* 50 $"# 04+/0#P0 1+<(R %5$"& *(<# (6) * + ,aJ' * + ,aD (6) 0 * + ,aJ (%# )/&&2 =(%5(71#0 +6 $"# 04+/0#P0 05$/($5+6 %#<(%)56< *+%,56< $5&# %#)/.$5+68 !+ .+6$%+1 3+% /6+70#%=#) 56)5=5)/(1P0 4%+4#605$2 $+ *+%, T #:4(6) $"50 05&41# /65=(%5($# 4%+75$ &+)#1 56 $*+ *(208 S5%0$12 72 56$%+)/.56< ( =(%5(71# #:41(5656< $"# )#.505+6 $+ 7# +/$ +3 $"# *+%,56< 4+4/1($5+6 56 $"# 4%#=5+/0 4#%5+)8 T6 $"50 4%+75$ *5$" 0(&41# 0#1#.R $5+6 $"# )#.505+6 $+ _+56$ $"# 1(7+/% &(%,#$ 50 +70#%=#) +612 53 $"# 56)5=5)/(1 *(0 56 $"# 6+6 *+%,56< 4+4/1($5+6 56 $"# 4%#=5+/0 4#%5+)8 K#.+6)12 72 /056< ( 020$#& +3 #f/($5+60 *"#%# $"# 56)5=5)/(1P0 )#.505+6 $+ 4(%$5.54($# 56 $"# 1(7+/% &(%,#$; $"# 04+/0#P0 Z%& 05$/($5+6 %#<(%)56< *+%,56< $5&# %#)/.$5+6 (6) $"# 04+/0#P0 *+%,56< $5&# )#.1(%($5+6 (%# #6R )+<#6+/0 =(%5(71#0 *5$" 4+00571# .+%%#1($5+68 !"#6; T /0# ( $%5=(%5($# 4%+75$ &+)#18

C

D.2(;$2

I#$ /0 4%#0#6$ 0/..#005=#12 $"# %#0/1$ .+6.#%656< $"# $*+ )5&#605+6 +3 $"# ())#) *+%,#% #-#.$ (6(120#) 56 $"50 4(4#%8 S5%0$12 $"# 5&4(.$ +3 +6#P0 *+%,R 56< $5&# %#)/.$5+6 +6 "50 >"#%N 04+/0#P0 *+%,56< "+/%08 K#.+6)12; $"# 5&4(.$ +3 +6#P0 *+%,56< $5&# %#)/.$5+6 +6 $"# 04+/0#P0 4%+7(7515$2 $+ _+56 $"# 1(7+/% 3+%.# *"#6 "50 >"#%N *(0 56 $"# 6+6 *+%,56< 4+4/1($5+6 56 $"# 4%#=5+/0 4#R %5+)8 R !(71# C8H8 4%#0#6$0 $"# %#0/1$0 +7$(56#) 56 $"# Z%0$ #0$5&($5+60 (6(12056< $"# 5&4(.$ +3 $"# =(%5(71# 9!`aJ; *"5." 50 %#1($#) $+ $"# 04+/0#; +6 $"# 56$#605$2 +3 $"# 56)5=5)/(1P0 4(%$5.54($5+6 +6 $"# 1(7+/% &(%,#$8 A+1/&60 H (6) a 4%#0#6$ $"# %#0/1$0 +7$(56 72 ?#.,&(6P0 &+)#1 3+% *(<# (6) "+/%0 #f/($5+608 `#0/1$0 +3 Z:#) .+0$0 &+)#1 (%# 4%#0#6$#) 56 .+1/&60 ] (6) J8 CC

(15)

!"# 1(0$ .+1/&6 )#(10 *5$" $"# %#0#%=($5+6 "+/%0 )#)/.$#) 3%+& $"# #f/($5+6 +3 4(%$5.54($5+6 E#f/($5+6 EF; 3%+& $"# #f/($5+6 +3 *(<#0 E#f/($5+6 aF (6) 3%+& $"# #f/($5+6 +3 $"# "+/%0 *+%,#) >#f/($5+6 ]N8 !"# 05<65Z.(6.# +3 $"# .+#n.5#6$0 +3 $"50 1(0$ .+1/&6 50 )#)/.$#) 3%+& $"# =(%5(6.# +3 $"# .+#n.5#6$0 .(1./1($#) 72 (00/&56< $"($ .+=(%5(6.#0 7#$*##6 $"# $#%&0 +3 #%%+% 3!' 3* (6)

38 (%# 6/118

R O11 56 (11; 7+$" 0#1#.$#) 04#.5Z.($5+60 $+ 0$/)2 $"# 5&4(.$ +3 +6#P0 *+%,56< $5&# %#)/.$5+6 $+ aJ "+/%0 0##& $+ 0"+* $"($ 0/." ( ."(6<# &+)532 56 ( 05<65Z.(6$ *(2 +6#P0 *+%, 0/44128 S5:#) .+0$0 7#56< .+605)#%#) )+#0 6+$ (-#.$ $"# (00+.5($#) .+#n.5#6$ 05<6 +7$(56#) 56 $"# ?#.,&(6P0 &+)#1 7/$ &+)5Z#0 $"#5% 05<65Z.(6.# (6) $"#5% 0.(1#8 !"# .+#n.5#6$ (00+.5($#) *5$" @511P0 %($5+ 50 4+05$5=# 7+$" 56 $"# #f/($5+60 +3 *(<# (6) *+%, 0/44128 T$ 50 05<65Z.(6$ +612 56 $"# *(<# #f/($5+68 !"/0 #&41+2##0P "+/%12 %#0#%=($5+6 *(<# 50 "5<"#% $"(6 $"+0# +3 6+6 *+%,56< 4#+41#8

R O..+%)56< $+ ?#.,&(6P0 &+)#1U 56)5=5)/(10 *"+0# 04+/0# 50 #&41+2#) 56 ( aJ "+/% Z%&; $"# 04+/0# (.$/(112 )#.1(%56< $"($ "# >0"#N *+%,0 aJ "+/%0 ( *##, >* + ,aJN %#(15L#0 1#00 *+%,56< "+/%08 X6 $"# +$"#% "(6); *"#6 +6#P0 04+/0#0 %#&(560 ($ aD "+/%0 ( *##,; #=#6 $"+/<" $"#5% Z%& 05<6#) ( 9!` (<%##&#6$ >* + ,aDN; +6# $#6)0 $+ *+%, &+%#8

R !"# Z:#) .+0$0 $(,#6 56$+ (..+/6$ ."(6<# 015<"$12 $"#0# %#0/1$08 O1R $"+/<" $"# .+#n.5#6$ 05<60 (00+.5($#) $+ =(%5(71#0 * + ,aJ (6) * + ,aD %#&(560 $"# 0(&#; $"# 1($$#% )+#0 6+$ 56Q/#6.# 56 0/." ( 05<65Z.(6$ *(2 +6#P0 *+%,56< $5&#8 T6$#%4%#$($5+6 +3 $"# .+#n.5#6$ (00+.5($#) $+ $"# =(%5R (71# * + ,aD 50 6+$ +7=5+/0 7#.(/0# $"50 =(%5(71# 56.1/)#0 ( *5)# %(6<# +3 05$/($5+608 V&41+2##0 &(2 7# *"#$"#% .+&41#$#12 #:.1/)#) 3%+& $"# 9!` 4%+.#00 (1$"+/<" $"#5% Z%& 50 ( aJ "+/% +6#; +% $"#2 &(2 7#6#Z$ 3%+& $"# *+%,56< $5&# %#)/.$5+6 72 7#56< <%(6$#) ())5$5+6(1 )(20 +- +=#% $"# 2#(%8 K+ $"#5% (.$/(1 (66/(1 *+%,56< $5&# %#&(560 /604#.5Z#)8

R A+6.#%656< $"# #-#.$ +3 =(%5(71# * + ,aJ; *# +7$(56#) ( 05&51(% %#0/1$ $+ ?/6$P0 +6# BCDDEG +6 c#%&(6 )($( U 04+/0#P0 *+%,56< $5&# %#)/.$5+6 $#6)0 $+ %#)/.# +6#P0 *+%,56< $5&#8 R S5:#) .+0$0 7#56< #0$5&($#); 5$ (44#(%0 $"($ $"# %#0#%=($5+6 "+/%0 +6 *"5." (6 56)5=5)/(1 50 *51156< $+ _+56 $"# 1(7+/% &(%,#$ (%# 1+*#% *"#6 "50 +% "#% 04+/0# *+%,0 56 ( aJ "+/% Z%&8 K/." ( ."(6<# $"/0 #6.+/%(<#0 $"# 56)5=5)/(1 $+ (..#4$ (6 #&41+2&#6$ +3 0"+%$#% *##,12 )/%($5+68 CH

(16)

!$,%1 ;M: N O$.$B1#1. 12#3B$#12 "/ ("-.2 $4G ?$A1 /-40#3"42 <76=>,4?1 >/@7A B2C7@ 6/1- >/@7A </DE1 /0 F/E= 0D46-2/4 G!H I,37 0D46-2/4 G*H </DE1 /0 F/E= JKL G8H I,37 0D46-2/4 G&H M717EN,-2/4 </DE1 0D46-2/41 G"H O,E2,PA7 K/7Q6274-_RST K/7Q6274-_RST ISM8" ISM8( UISM8" UISM8( GMV70WH X%W%8( G%W%%'+++H %W%8" G%W%%%"+++H X%W%%" G%W%%$H X X%W%!) G%W%%)+++H %W%%) G%W%%$H X%W%!& G%W%%(H X X%W%!$" G%W%)*+++H X%W%&! G%W%$'+++H %W%%" G%W!%!H XW YIZ X%W%(! G%W%%'+++H X%W!%$ G%W%*8+++H %W&)" G%W%(!+++H I[\] !W')* G%W%&$+++H %W&&" G%W%$'+++H R7C7 X%W%!* G%W%!8H %W"'& G%W%!*+++H X%W%8' G%W%!(+H %W*!% G%W%!*+++H X%W!"8 G%W%!*+++H [37 [37! ]@D6 ]@D6! ,37+7@D6 %W(%$ G%W8)%+++H X!W**! G%W&&!+++H !W)!* G%W%&*+++H X%W''( G%W%!&+++H X*W!%% G%W%$&+++H 'W&&$ G%W'*8+++H X'W"(! G%W$%!+++H X%W(&& G%W%$8+++H X%W"'! G%W%!'+++H *W88& G%W!!)+++H %W8$8 G%W"()+++H X%W8)) G%W')(+++H %W&&* G%W%)(+++H X%W!"" G%W%*&+++H X%W"8) G%W!8!+++H *W)'* G%W8)%+++H X*W)'& G%W&&!+++H X%W**' G%W%&*+++H %W!)8 G%W%!&+++H %W$*$ G%W!*(+++H X&*W"$% G!)W$!8W+++H X&(W')) G*$W*(&H %8W*!! G%W*8*+++H %W8)$ G%W%!&+++H *W$(" G%W'")+++H ]UB[US% GMV70WH K<^YTM]U! K<^YTM]U* K<^YTM]U8 K<^YT_LÙ\! K<^YT_LÙ\* K<^YT_LÙ\8 X X%W!!! G%W%%'+++H X%W*&" G%W%%'+++H X%W&8" G%W%%(+++H X%W!!% G%W%%(+++H X%W*%! G%W%!!+++H X%W$%8 G%W%!'+++H X X%W%*$ G%W%%)+++H X%W%"% G%W%!%+++H X%W%$* G%W%*"+++H X%W%&% G%W%!!+++H X%W%(* G%W%*)+++H X%W**8 G%W%%'+++H X %W!*) G%W%))+++H %W8$$ G%W%("+++H !W(!( G%W!!(+++H %W*(& G%W%*(+++H !W)8& G%W!88+++H 8W88( G%W!))+++H Z,E21 ,E7, %W8"! G%W%!!+++H %W!*% G%W%!*+++H `M X!W!'8 G%W!8%+++H 'W('' G%W!"&+++H K/41-,4- X)W$&8 G%W88'+++H !(W8$* G%W!&$+++H X!W(** G%W&"(+++H !(W8$* G%W!&$+++H 8W(** G%W*!)+++H Ma/bJ2AA X%W"(8+++ %W!%(+++ M! _%W%) _%W*) _%W%$ _%W8! Ca

(17)

S,PA7 !W8Wc ]A,1-262-d /0 -a7 A,P/DE 1DeeAd

S/P2- P2N,E2V7 K/fD-1 5C71 K/>e741,-7@ A,P/DE 1DeeAd F,37 7A,1-262-d *W'" %W)% U/4 F,37 246/>7 A,P/DE 1DeeAd 7A,1-262-d X%W!& X%W!' U/4X6/>e741,-7@ A,P/DE 1DeeAd F,37 7A,1-262-d *W"& %W'$

R A+6.#%656< $"# *(<#0 #f/($5+6; /0/(1 %#1($5+60 7#$*##6 $"# (<# (6) $"# 1#=#1 +3 #)/.($5+6 (%# +7$(56#)8 !"# =(%5(71# 1#=#1 +3 #)/.($5+6 56Q/R #6.#0 6#<($5=#12 $"# *(<#0 7/$ $"# =(%5(71# .%+0056< 1#=#1 +3 #)/.($5+6 (6) (<# 56.%#(0#0 $"# *(<#8 A+6.#%656< $"# <#+<%(4"5.(1 1+.($5+6 (6) $"# /6R #&41+2&#6$ %($# 4#% )#4(%$&#6$ (6) 4#% 0#:; $"# .+#n.5#6$0 +7$(56#) (%# 05<65Z.(6$ (6) .+63+%& $+ $"# 3+%&/1($#) (00/&4$5+608 T6)5=5)/(10 *+%,56< 56 W(%50 (%#( "(=# "5<"#% *(<# $"(6 $"# #&41+2##0 +3 $"# +$"#% &#$%+4+15$(6 (%#(08 @+%#+=#%; 53 *# .+605)#% $"# %($# +3 /6#&41+2&#6$ (0 ( 4%+:2 =(%5(71# *+%,#%P0 7(%<(5656< 4+*#%; ( 3(11 +3 $"50 4+*#% 6#<($5=#12 (-#.$0 $"# "+/%12 *(<# +7$(56#)8 R A+6.#%656< $"# 5&4(.$ +=#% $"# %#0#%=($5+6 "+/%0 ; 5$ (44#(%0 $"($ $"+0# (%# 1#00 05<65Z.(6$ *"#6 $"# 04+/0# *+%,0 aJ "+/%08 !"50 #-#.$ 50 0$%+6<12 05<65Z.(6$8 !"/0; *5$"56 ( Z:#) .+0$0 3%(&#*+%,; $"# 04+/0#P0 05$/($5+6 %#<(%)56< $"# aJ "+/%0 (-#.$0 7+$" $"# "+/%0 (.$/(112 *+%,#) (6) $"# "+/%0 +3 %#0#%=#8 9"#6 +6#P0 04+/0# *+%,0 56 ( aJ "+/% Z%&; $"# 56)5=5)/(1 $#6)0 $+ *+%, 1#00 "+/%0 (6) (..#4$0 &+%# +3$#6 #&41+2&#6$ +3 0"+%$#% )/%($5+68 R O..+%)56< $+ $"# 04#.5Z.($5+6 %#$(56#) 3+% $"# #f/($5+6 +3 *+%, 0/4412 >#f/($5+6 ]N; 5$ 50 #(02 $+ +7$(56 $"# 01+4# +3 $"# 3/6.$5+6 +3 *+%, 0/4412 .+&4#60($#) > o;N 0$(%$56< 3%+& $"# #f/($5+6 +3 K1/$0,2U

J o; J* g J; J* ! ; J; J,

R !(71# C8a 4%#0#6$0 $"# #1(0$5.5$5#0 +3 )#&(6) +3 *+%, 0/4412 .+&4(%#) $+ $"# *(<#0 (6) $"# +/$ +3 *+%, 56.+&#8 !"# 1($$#% 50 RF8C[ 56 ?#.,&(6P0 &+)#1 (6) RF8C] 56 Z:#) .+0$0 &+)#18 O..+%)56< $+ 7+$" 04#.5Z.($5+60; *+%, 50 ( 6+%&(1 <++); 5$0 .+60/&4$5+6 <%+*0 *5$" $"# 56.+&#8 S5%0$ #1(0$5.5$5#0 .+&4(%#) $+ $"# *(<#0; (..+%)56< $+ $"# &+)#1 0#1#.$#); <5=# =#%2 )5-#%#6$ %#0/1$08 \#56< <5=#6 $"($ $"# 0$/)5#) 56)5=5)/(10 (%# &(5612 *+&#6 >E[bN; $"# #1(0$5.5$2 +3 6+$R.+&4#60($#) 1(7+/% 0/4412 #0$5&($#) 3+% $"# &+)#1 *5$" Z:#) .+0$0 >F8[M (6) F8EFN 50 6+$ $++ 3(% (*(2 3%+& $"# #0$5&($#0 .(%%5#) +/$ 72 +$"#% 0$/)5#0 >0## \1/6)#11 (6) @(A/%)2 BCDDDG 3+% ( 026$"#050N8 K#.+6);

(18)

$"# &+)#1 6+$ $(,56< (..+/6$ +3 $"# Z:#) .+0$0 <5=#0 (6 #=(1/($5+6 +3 (6 /6/0/(112 "5<" #1(0$5.5$28 !"50 %#0/1$ ()=+.($#0 $+ $(,# 56$+ (..+/6$ $"# Z:#) .+0$08

d056< 7+$" ?#.,&(6P0 &+)#1 (6) Z:#) .+0$0 &+)#1 * + ,aJ; * + ,aD (6) 0 * + ,aJ )+ 6+$ (-#.$ $"# 56)5=5)/(1P0 )#.505+6 $+ _+56 $"# 1(7+/% &(%R ,#$8 ?+*#=#%; $"50 %#0/1$ )+#0 6+$ (11+* /0 $+ .+6.1/)# +6 $"# (70#6.# $"# ())#) *+%,#% #-#.$ 056.# 5$ )+#0 6+$ $(,# (..+/6$ +3 $"# 4%#=5+/0 56)5=5)/(1P0 4%+3#005+6(1 05$/($5+68 R !(71# C8]8 4%#0#6$0 $"# #0$5&($5+60 .(%%5#) +/$ *"#6 $"#0# )5&#605+60 (%# $(,#6 56$+ (..+/6$8 A+1/&60 H $+ a 0"+* $"# %#0/1$0 +3 $"# 4%+75$ &+)#1 72 $(,56< (..+/6$ +% 6+$ $"# 5&4(.$ +3 $"# %($# +3 /6#&41+2&#6$ (6) /056< +% 6+$ $"# 04+/0#P0 *(<#08 A+1/&6 ] 4%#0#6$0 ( 4%+75$ &+)#1 .+6$%+1156< 3+% $"# 4+00571# 75(0 +3 0#1#.$5+6 .+&56< 3%+& $"# 0$/)2 +3 $"# 6+6 *+%,R 56< 56)5=5)/(10 )/%56< $"# 4%#=5+/0 4#%5+)8 !"50 75=(%5($# &+)#1 (11+*0 /0 $+ %#$(56 ( 4+00571# .+%%#1($5+6 7#$*##6 $"# 56)5=5)/(1P0 4(00#) (6) 4%#0#6$ 4%+3#005+6(1 05$/($5+68 I(0$12; .+1/&6 J 4%#0#6$0 ( $%5=(%5($# 4%+75$ &+)#1 (6(12L56< 05&/1$(6#+/012 $"# )#.505+6 $+ _+56 $"# *+%,56< 4+4/1($5+6; $"# 04+/0#P0 )#.1(%($5+6 .+6.#%656< $"# aJ "+/%0 (6) "50 Z%& 05$/($5+6 %#<(%)56< $+ $"# 9!`8 9"($#=#% $"# 04#.5Z.($5+6 0#1#.$#); $"# ())#) *+%,#% #-#.$ 50 4+05$5=# (6) 05<65Z.(6$8 T6)5=5)/(10 (%# &+%# 15,#12 $+ _+56 $"# *+%,56< 4+4R /1($5+6 *"#6 $"#5% 04+/0# *+%,0 aJ "+/%0 56 aJ "+/% Z%&8 !"# 05<65Z.(6.# +3 $"# .+#n.5#6$0 50 .(1./1($#) /056< $"# 9"5$#P0 BCDECG "#$#%+0.#)(0$5.5$2 .+%%#.$5+68 A+6$%+1156< $"# 4%#0#6.# +3 ( 4+00571# .+%%#1($5+6 7#$*##6 $"# 4%+7(7515$2 +3 7#56< +/$ +3 $"# *+%,56< 4+4/1($5+6 )/%56< $"# 4%#=5+/0 4#%5+) (6) $"# 4%+7(7515$2 +3 #6$#%56< $"# 1(7+/% &(%,#$8 9(1)P0 $#0$ .(%%5#) +6 1#$ /0 %#_#.$ $"# (00/&4$5+6 (..+%)56< $+ *"5." $"# 56)#4#6)#6.# 7#$*##6 7+$" #f/($5+6 ($ Cb +3 05<65Z.(6.#8 K+ $"#%# 50 ( 4+05$5=# (6) 05<65Z.(6$ %#1($5+6 7#$*##6 7+$" 4%+3#005+6(1 05$/($5+608 ?+*#=#%; $"50 .+%%#1($5+6 7#56< $(,#6 56$+ (..+/6$ )+#0 6+$ (-#.$ $"# 05<6 +3 .+#n.5#6$0 +7$(56#) *5$" $"# 4%#=5+/0 /65=(%5($# 4%+75$ &+)#18 T6 $"# $%5=(%5($# 4%+75$ &+)#1 9(1)P0 $#0$0 .(%%5#) +6 1#) /0 $+ %#_#.$ $"# (00/&4$5+6 (..+%)56< $+ *"5." $"# )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$ >+6 ( $"%#0"+1) +3 JbN )#4#6)0 +6 $"# 05$/($5+6 +3 +6#P0 Z%& $+*(%) 9!`8 X6 $"# +$"#% "(6); $"# +$"#% .+#n.5#6$0 +3 .+%%#1($5+6 (%# 6+$ )5-#%#6$ 56 ( 05<65Z.(6$ *(2 3%+& F8 !"# 05<6 (6) $"# 05<65Z.(6.# +3 $"#0# .+#n.5#6$ Z</%#) +/$ 3+% $"50 1(0$ 04#.5Z.($5+6 (%# =#%2 .1+0#) $+ $"+0# +7$(56#) *5$" $"# /65=(%5($# 4%+75$ &+)#18 CJ

(19)

&$,%1 ;MI N PGG1G ?".@1. 12#3B$#3"42

`42N,E2,-7 ZE/P2- g2N,E2,-7 ZE/P2- SE2N,E2,-7 ZE/P2-O,E2,PA71 K/7Q6274-_G1-@H K/7Q6274-_G1-@H K/7Q6274-_G1-@H G!H G*H G8H G&H G$H ISM8" ISM8( UISM8" UISM8( GM70WH %#*($ G%W%('+++H %#%8$ G%W%()H X%#%!' G%W!8!H X %#*($ G%W%('+++H %#%8( G%W%()H X%#%!$ G%W!8%H X %#8%) G%W%('+++H %#%8& G%W%()H X%#%!! G%W!8%H X %#*8* G%W%(%+++H %#%88 G%W%$$H X%W%%$ G%W!%!H X %#'"' G%W*$"+++H %#8*! G%W*8)H %W%%* G%W&$"H X RYI G@2E76-H RYI GO^H X%#*!8 G%W!%&+++H X%W*!% G%W!%&+++H X X%W**! G%W!!"++H X%W!'' G%W%))+H X%#*"8 G%W!!8+++H R7C %#*($_G%W*!(H %#*($_G%W*!(H %W8*!_G%W*!!H X%#*$8_G%W*8"H %#*($_G%W!!&H [37 [37! ]@D6 ]@D6! ,37+7@D6 ,37!_+7@D6 ,37+7@D6! !$W*&$ G!!W"%)H X*8W$(! G!8W(*"+H 'W&&& G*W'&&+++H X%W")8 G%W')"+++H X*"W!"! G!!W!$)+++H *'W**' G!*W8%8++H %W(&' G!W)%&H !$W**( G!!W&('H X*8W$)% G!8W(%"+H 'W&!8 G*W'&)+++H X%W"$) G%W%W')"+++H X*"W%88 G%W%$&+++H *'W!'% G!*W8%8++H %W(8" G!W)%(H !$W(8( G!!W&('H X*&W8'" G!8W(%"+H 'W"*% G*W'&)+++H X%W") G%W%W')"+++H X*"W''8 G!!W!(&+++H *'W))" G!*W8%8++H %W(8* G!W)%(H (#()8 G(W()$H X!&#$*" G!*W8&*H "#"!! G*W%)'+++H X%#!&& G%W""'H X*'#%$8 G)W'''+++H 8%#))8 G(W)8$+++H %#%)* G!W&8'H !$W(8( G!*W%8%H X*&W8'" G!&W*%)+H *W%(& G%W((8+++H X%W%"% G%W%)!+++H X)W")% G&W*&'+++H (W*'$ G&W&(8++H %W%)& G%W*!)H K<^YT% GMV70WH K<^YT! K<^YT* K<^YT8 _LÙ\K<^YT! _LÙ\K<^YT* _LÙ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`MO X%W"*8_G%W(''H !W**&_G%W($!H

K/41-,4- _G*W"'$+++HX*W"*8 _G*W"'!+++HX*W'8' _G*W"$*+++HX*W'&( _G*W!$%HX*W8& _G*W(""+++HX*W'&( Ea/ Ea/!! Ea/*8 Ea/!8 %#$")+++ X X X X X%#!!8 X%#%!& X%#*"'+++ U *!$! !%"*" *!$! A4 Y X)%!W$'$ X)%!W$&* X)%*W'%! X"8&&W%(% X*$(8W!%! e17D@/ M! _%W!&( _%W!&( _%W!&) _%W%*! _%W%&*

]1'()*'+ , *' '-+ !./ 0+1+0 23 4(56(78*68+9 ,, *' '-+ :/ 0+1+09 ,,, *' '-+ !/ ;('- <-('+=4 82>>+8'(26

(20)

T6 $"# /65=(%5($# 4%+75$ &+)#1; $"# =(%5(71# * + ,aJ 50 4+05$5=# (6) 05<653R 5.(6$8 X6 $"# +$"#% "(6) =(%5(71#0 * + ,aD (6) * + ,aJ (%# 6+$ 05<65Z.(6$8 !"# #0$5&($#0 $(,56< (..+/6$ $"# 0#1#.$5+6 75(0 (11+*0 $+ 4(%$12 .+6$%+1 $"# /6+70#%=#) ."(%(.$#%50$5.0 (00+.5($#) $+ $"# )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$8 T6 $"($ .(0#; (6 ())#) *+%,#% #-#.$ %#&(560 4+05$5=# (6) 05<65Z.(6$ 3+% $"# =(%5(71# >* + ,aJN; *"#6 04+/0# *+%,0 aJ "+/%0 ( *##, 56 ( .+&4(62 *"5." 05<6#) ( 9!` (<%##&#6$8 I(0$12; *"#6 $"# 04+/0#P0 05$/($5+6 %#<(%)56< *+%,56< $5&# %#)/.$5+6 (6) $"# 05$/($5+6 +3 "50 >"#%N Z%& (%# #6)+<#6#50#) (6) #0$5&($#) 05&/1$(6#R +/012 *5$" $"# 4%+7(7515$2 $+ _+56 $"# 1(7+/% &(%,#$; $"# ())#) *+%,#% #-#.$ >* + ,aJN %#&(560 4+05$5=# (6) 05<65Z.(6$8

A+6.#%656< $"# 5&4(.$ +3 $"# /6#&41+2&#6$ %($# =(%5($5+6 4#% )#4(%$R &#6$ (6) 4#% 0#: 7#$*##6 CDDD (6) HFFF >! ,K N (6) $"# 1+<(%5$"& +3 $"# 04+/0#P0 *(<# >6=* N; 0#=#%(1 #0$5&($5+60 (%# .(%%5#) +68 !"# =(%5(71# ! ,K )+#0 6+$ (-#.$ $"# 56)5=5)/(1P0 4%+3#005+6(1 )#.505+6; (6) 5$0 +&5005+6 )+#0 6+$ 0##& $+ 56Q/#6.# $"# 05<65Z.(6.# +3 $"# +$"#% .+#n.5#6$0 +3 $"# &+)#18 !"# 04+/0#P0 1+<(%5$"& *(<# >6=* N 50 05<65Z.(6$ (6) (-#.$0 6#<($5=#12 $"# )#.505+6 $+ _+56 $"# 1(7+/% &(%,#$8 !"# "5<"#% $"# 04+/0#P0 56.+&# 50; $"# 1#00 #6.+/%(<#) $"# 56)5=5)/(1 50 $+ _+56 $"# 1(7+/% &(%,#$8 !"50 &($." $"# (00/&4$5+6 (..+%)56< $+ *"5." 1#50/%# 50 ( 6+%&(1 <++)8 T6 +%)#% $+ .+6$%+1 ( 4+00571# 4%+71#& +3 #6)+<#6#5$2; 04+/0#P0 1+<(%5$"& *(<# 50 #0$5&($#) /056< 560$%/&#6$(1 =(%5(71#0U ( )/&&2 =(%5(71# +6 $"# <#+<%(4"5.(1 1+.($5+6 (6) 72 ( f/()%($5. %#1($5+6 +3 (<#; #)/.($5+6 1#=#1; (6) 04+/0#P0 #:4#%5#6.#8 T6 $"50 04#.5Z.($5+6; 0+ (0 $+ <#$ 6+6 75(0#) $#%& +3 #%%+%; $"# =(%5(6.# (6) .+=(%5(6.# &($%5: 50 .+%%#.$#) (..+%)56< $+ $"# 0$(6)(%) .+%%#.$5+68 !(71# C8J8 4%#0#6$0 $"# %#0/1$0 +3 &(%<56(1 #-#.$0 (00+.5($#) $+ $"# 05$/(R $5+6 +3 +6#P0 04+/0# %#<(%)56< $+ *+%,56< $5&# %#)/.$5+6 $+ aJ "+/%0 ( *##, >* + ,aJ; * + ,aD; 0 * + ,aJN; $+ $"# /6#&41+2&#6$ %($# =(%5($5+6 >! ,K N (6) $+ $"# 04+/0#P0 *(<# >6=* N8 !"50 $(71# (11+*0 /0 $+ .+&4(%# $"# %#0/1$0 +7$(56#) 56 )5-#%#6$ 04#.5Z.($5+608 !"# &(%<56(1 #-#.$ +3 +6#P0 04+/0#P0 05$/($5+6 %#<(%)56< $+ *+%,56< $5&# %#)/.$5+6 $+ aJ "+/%0 ( *##, +6 +6#P0 )#.505+6 $+ #6$#% $"# *+%,56< 4+4/1($5+6 =(%5#0 7#$*##6 GHIHJ (6) GHIHK8 @+)#10 >CN (6) >[N 4%#0#6$0 $"# %#0/1$0 *# <+$ *5$" $"# &/1$5=(%5($# 4%+75$ &+)#1 $(,56< (..+/6$ +3 $"# 0#1#.$5+6 75(0 56.1/)56< /6#&41+2&#6$ %($# =(%5($5+6 >&+)#1 C (6) ]N #:.1/)56< $"50 =(%5(71# >&+)#1 >CN (6) >JNN (6) /056< $"# 04+/0#P0 *(<# >&+)#1 >aN (6) >[NN8 !(,56< 56 (..+/6$ $"# 0#1#.$5+6 75(0 $#6)0 $+ 0$%#6<$"#6 $"# ())#) *+%,#%

(21)

!$,%1 ;M* N C$.A34$% 1Q10#2

O,E2,PA71 ISM8" ISM8( UISM8" RYI `MO @2E76- ^O ZE/P2- D42N,E2V7 G!H 6/7Q6274->,E324,A 7h76-%W*($ %W%') %W%8) !" %W%%$ X%W%!' !" X%W%%8 X%W*!8X%W%&& % X%W"*8 !" X%W!%$ G*H 6/7Q6274->,E324,A 7h76-%W*($ %W%') %W%8( !" %W%%) X%W%!) !" X%W%%& X%W*!%X%W%&8 G8H 6/7Q6274->,E324,A 7h76-%W8%$ %W%$! %W%8& !" %W%%$ X%W%!! !" %%W%%%* X%W*** X%W%&" ZE/P2- P2N,E2V7 G&H 6/7Q6274->,E324,A 7h76-%W*8* %W%)' %W%88 !" %W%%( %%W%%$!" %W%%% X%W!''X%W%"& !W**&%W''" G"H 6/7Q6274->,E324,A 7h76-%W*$8 %W%)$ %W%8' !" %W%%( X%W%!! !" %W%%%8 X%W!((X%W%"& G'H 6/7Q6274->,E324,A 7h76-%W*)( %W%)" %W%8* !" %W%%( %W%%& !" %W%%! X%W*%(X%W%"' #-#.$ (00+.5($#) $+ $"# aJ "+/%08 !"/0 $"# ())#) *+%,#% #-#.$ 50 (00+.5($#) $+ $"# *+%,56< $5&# %#)/.$5+6 50 4+05$5=# (6) 05<65Z.(6$8 !"# 3(.$ %#&(560 $"($ $"# &(<65$/)# +3 $"50 #-#.$ 50 15&5$#) .+&4(%#) $+ $"# +$"#% .+#n.5#6$0 +3 $"# &+)#18

L

M&#);(2*&#

!"# aJ "+/%0 1#<(1 *##,12 *+%,56< $5&# 1#<501($5+6 (-#.$0 $"# 1(7+/% 0/4R 412 +3 3/11 $5&# #&41+2##08 \#2+6) $"50 )5%#.$ #-#.$; 5$ .(6 (10+ 56Q/#6.# )#.505+60 +3 6+6R*+%,56< 4+4/1($5+6; /6#&41+2#) (6) 4(%$R$5&# #&41+2##0 $"%+/<" 3(&512 1(7+/% 0/4412 56$#%(.$5+608 !"50 4(4#% #:4(6)0 +6 $"# .+6R =#6$5+6(1 ())#) *+%,#% #-#.$ 56 +%)#% $+ (6(120# 0/..#005=#12 $"# #-#.$ +3 $"# aJ "+/%0 *##, +6 $*+ )5&#605+60 +3 $"# 4(%$6#%P0 1(7+/% 0/4412U $"# 6/&7#% +3 "+/%0 *+%,#) (6) $"# 4%+7(7515$2 $+ 4(%$5.54($# 56 $"# 1(7+/% &(%,#$8 V.+6+&#$%5. $#0$0 (%# .(%%5#) +/$ +6 CF FFF .+/41#0 )%(*6 3%+& $"# S%#6." V@WIXe@VY! 0/%=#2 +3 $"# TYKVV8 T6 $"# Z%0$ #0$5&($5+6 /056< ?#.,&(6P0 3%(&#*+%, (6) A+<(6P0 Z:#) .+0$0 3%(&#*+%,; T 3+/6) $"($ +6#P0 *+%,56< $5&# %#)/.$5+6 %#)/.#0 "50 >"#%N 04+/0#P0 *+%,56< "+/%0 *"#6 "# >0"#N *+%,08 !"/0; 5$ 0##&0 $"($ .+&41#&#6$(%2 #-#.$ +3 1#50/%# )+&56($# $"# 0/70$5$/$5+6 #-#.$ +3 )+&#0$5. 4%+)/.$5+6 7#$*##6 04+/0#08 T6 $"# 0#.R +6) #0$5&($5+6; /056< &/1$5=(%5($# 4%+75$ 3%(&#*+%,; T .(6 0$($# $"($ *"#6 $"# 04+/0# *(0 +/$05)# +3 $"# 1(7+/% &(%,#$ 56 $"# 4%#=5+/0 4#%5+); $"# 9!` 56.%#(0#0 "#% 4%+7(7515$2 $+ _+56 $"# 1(7+/% &(%,#$8 !"50 #-#.$ %#&(560 4+05R $5=# (6) 05<65Z.(6$ #=#6 *"#6 .+6$%+1156< /6+70#%=#) ."(%(.$#%50$5.08 !"#0#

(22)

%#0/1$0 +6 S%#6." )($( 0##& $+ 7# .+6050$#6$ *5$" $"+0# +3 ?/6$ BCDDEG +6 c#%&(6 )($(8 ?+*#=#%; $"50 4(4#% /0#) 1+6<5$/)56(1 )($( *5$" 1(<<#) 563+%R &($5+68 S/%$"#% 0$/)5#0 /056< 4(6#1 )($( (%# 6#.#00(%2 $+ .+6Z%& $"#0# Z%0$ %#0/1$08

(23)

J

D.4.%.#).2

PBR1B3D$ !M7 S;J9IT7 U!",3# C"G1%2 N P <-.V1DU7 W"-.4$% "/ X0"4"B1#.3027 :I7 =M )YL)M

Z1.A1. CM $4G ZM [%132E1.7 S;J9IT7 U(-2,$4G>2 (1$%#E $4G &3/1>2 +$,". <-=Y =%DU7 W"-.4$% "/ (1$%#E X0"4"B3027 )7 =M L)Y5*M

Z%$4@ 'M7 S;J99T7 U<3B-%#$41"-2%D C"G1%34A #E1 <-==%D "/ &11@2 $4G ("-.2 "/ &".@ $B"4A [1B$%1 ("-21E"%G (1$G2U7 W"-.4$% "/ +$,". X0"4"B3027 L F:H7 =M ;55Y:6IM Z%-4G1%% 'M $4G !M C$\-.GD7 S;JJJT7 U+$,". 2-==%D N P .1V31? "/ $%#1.4$#3V1 $==."0E12U7 34 P2E14/1%#1. ]M $4G \$.G ^M F1G2H7 ($4G,""@ "/ +$,". X0"4"B3027 X%21V31. <031401 O-,%32E1.7 )P7 \E$= :5M \_O7 S:66;T7 'R1G-0#3"4 G- #1B=2 G1 #.$V$3% N %12 14213A41B14#2 G1 %>",21.V$#3"47 +$ G"0-B14#$#3"4 /.$4`0$3217 O$.32 :66;M

\"A$4 WM[M7 S;J9;T7 U[3a1G \"2#2 $4G +$,". <-==%DU7 X0"4"B1#.30$7 IJ FIH7 =M JI*YJL)M \-%%14 WM $4G WM _.-,1.7 S:666T7 U^"12 b41B=%"DB14# c42-.$401 \."?G "-# <="-2$% +$,". <-==%DdU7 W"-.4$% "/ +$,". X0"4"B3027 ;9 F)H7 =M *ILY*5:M X2#.$G1 CYPM7 ^M CR1G$ 1# 'M ].$347 S:66;T7 U+12 1Q1#2 G1 %$ .R10#3"4 G-#1B=2 G1 #.$V$3% 2-. %12 B"G12 G1 V31 N e->14 =14214# %12 2$%$.3R12 -4 $4 $=.f12dU7 O.1B3f1.12 34/".B$#3"42 1# =.1B3f1.12 2D4#Ef12127 4%:;M;7 B$3 :66;M

[1.4$4G1g PM7 WM '"G.3A-1gYO"" $4G <M <=1.%30E7 S:66;T7 UP 4"#1 "4 #E1 =$.$Y B1#.30 #E.11 2#1= 12#3B$#". 34 2#.-0#-.$% %$,". 2-==%D B"G1%2U7 X0"4"B302 +1##1.27 5I7 =M );YI;M

($.# 'M $4G hM &3%2"47 S;J99T7 U!E1 ^1B$4G /". &".@1.2 $4G E"-.2 N C30." XV3G1401 /."B bMi C1#$% &".@34A c4G-2#.DU7 34 'M ($.# b41B=%"DB14# $4G +$,". b#3%3g$#3"47 Z"2#"47 ;J99M

($-.34 ^M7 S;J9JT7 U&"B14>2 +$,". C$.@1# '1$0#3"42 #" [$B3%D ^32.-=#3"42U7 '1V31? "/ X0"4"B302 $4G <#$#32#3027 5; F;H7 =M *IYL;M

(10@B$4 WMWM7 S;J5IT7 U<E$G"? O.30127 C$.@1# &$A12 $4G +$,". <-==%DU7 X0"4"B1#.30$7 I:7 =M L5JYLJIM (10@B$4 WMWM7 S;J5JT7 U<$B=%1 <1%10#3"4 Z3$2 $2 $ <=103j0$#3"4 X..".U7X0"4"B1#.30$7 I57 F;H7 =M ;*)Y;L:M (10@B$4 WMWM $4G !M XM C$\-.GD7 S;J96T7 UP +3/1 \D0%1 C"G1% "/ [1B$%1 +$,"-. <-==%DU7 '1V31? "/ X0"4"B30 <#-G3127 I5 F;H7 X0"4"B1#.302 c22-1M 7 =M I5Y5IM (10@B$4 WMWM $4G !M XM C$\-.GD7 S;J9:T7 U\"..3A14G-B "4 $ +3/1 \D0%1 C"G1% "/ [1B$%1 +$,"-. <-==%DU7 '1V31? "/ X0"4"B30 <#-G3127 IJ7 =M L*JYLL6M

(24)

(-4# WM7 S;JJ9T7 U("-.2 '1G-0#3"42 $2 &".@Y<E$.34AU7 Z.""@34A2 O$=1.2 "4 X0"4"B30 P0#3V3#D7 ;7 =M ))JY)J;M

W"E42"4 &M $4G WM <@3441. 7 S;J9LT7 U+$,". <-==%D $4G C$.3#$% <1=$.$#3"4U7 PB1.30$4 X0"4"B30 '1V31?7 5L7 =M I**YILJM

i3%%34A?".#E CM7 S;J9)T7 +$,". <-==%D7 \$B,.3GA1 N \$B,.3GA1 b43V1.23#D O.1227 ;J9)M

i"@"2@3 CM7S;J95T7 Uc4G3012 "/ ("-21E"%G &1%/$.1 $4G #E1 k$%-1 "/ +132-.1 !3B1U7 '1V31? "/ X0"4"B302 $4G <#$#32#3027 LJ F;H7 =M 9)Y9JM

+-4G,1.A <M7 S;J9*T7 U!E1 $GG1G &".@1. XQ10#U7 W"-.4$% "/ +$,". X0"4"B3027 ) F;H7 =M ;;Y)5M

+-4G,1.A <M7 S;J99T7 U+$,". <-==%D "/ (-2,$4G2 $4G &3V12 N P <3B-%#$41"-2 Xl-$#3"42 P==."$0EU7 '1V31? "/ X0"4"B302 $4G <#$#32#3027 56 F:H7 =M::IY:)*M

C$%"41D !M7 S;JJ;T7 Ub4",21.V1G k$.3$,%12 $4G X%-23V1 PGG1G &".@1. XQ10#U7 X0"4"B30$7 *97 =M ;5)Y;95M

C3401. WM7 S;JL:T7 U]4Y#E1YW", !.$3434AN \"2#27 '1#-.427 $4G <"B1 cB=%30$Y #3"42U7 W"-.4$% "/ O"%3#30$% X0"4"BD7 56 F*H7 =M *6Y5JM

C."g !MPM7 S;J95T7 U!E1 <1423#3V3#D "/ $4 XB=3.30$% C"G1% "/ C$..31G &"B14>2 ("-.2 "/ &".@ #" 10"4"B30 $4G 2#$#32#30$% $22-B=#3"42U7 X0"4"B1#.30$7 **7 =M 5L*Y5JJM

OE$B (M7 S:66:T7 U+12 B"G$%3#R12 G1 =$222$A1 f$ )* E1-.12 14 :6667 O.1B3f1.12 34/".B$#3"42 1# =.1B3f1.12 2D4#Ef12127 4%6LM)7 /R1V.31. :66:M

'"214g?13A CM $4G ]M <#$.@7 S;JJ5T7 ($4G,""@ "/ O"=-%$#3"4 $4G [$B3%D X0"4"B3027 ;P7 X%21V31.7 h".#E ("%%$4G7 ;JJ5M

<=%1#g1. WM7 S;JJ5T7 U'1Y1a$B3434A #E1 $GG1G ?".@1. 1Q10#U7 X0"4"B30 c4l-3.D7 )* F:H7 =M I;5YI:5M

b%.30E kM 1# PM ]%3V13.$7 S:66:T7 U+>3403G1401 G12 )* E1-.12 2-. %1 #1B=2 =$.Y #31%dU7 O.1B3f1.12 34/".B$#3"42 1# =.1B3f1.12 2D4#Ef12127 4%5M;7 /R1V.31. :66:M

Added worker effect revisited through the French working time reduction experiment

HAL Id: halshs-00178452

https://halshs.archives-ouvertes.fr/halshs-00178452

Added worker effect revisited through the French

working time reduction experiment

Matthieu Bunel

To cite this version:

DOCUMENTS DE TRAVAIL - WORKING PAPERS

W.P. 02-09

Added worker effect revisited through the French

working time reduction experiment

Matthieu BUNEL

GATE

Groupe d’Analyse et de Théorie

Économique

BUNEL Matthieu

E-mail :

bunel@gate.cnrs.fr

Added worker effect revisited through the French working

time reduction experiment

!

"#$%&'()$*&#

+

,-. '/$/

0

12$*3/$.2 &4 $-. /''.' 5&%6.% .7.)$

08!

9.)63/#:2 ;/<&(% 2(==;> 3&'.;

08+

?*@.' )&2$2 ;/<&(% 2(==;> 3&'.;

080

A2*#B =%&4.22*&#/; ;/BB.' *#4&%3/$*&#

C

D.2(;$2

L

M&#);(2*&#

J

D.4.%.#).2

A2#B =%&4.22&#/; ;/BB.' #4&%3/$&#