Pricing information services in a competitive market: avoiding price wars

Texte intégral

(1)Pricing information services in a competitive market: avoiding price wars Zhen Liu, Laura Wynter, Cathy Xia. To cite this version: Zhen Liu, Laura Wynter, Cathy Xia. Pricing information services in a competitive market: avoiding price wars. [Research Report] RR-4679, INRIA. 2002. �inria-00071906�. HAL Id: inria-00071906 https://hal.inria.fr/inria-00071906 Submitted on 23 May 2006. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published 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..

(2) INSTITUT NATIONAL DE RECHERCHE EN INFORMATIQUE ET EN AUTOMATIQUE. Pricing information services in a competitive market: avoiding price wars Zhen Liu, Cathy Xia, and Laura Wynter. N° 4679 December, 2002. ISSN 0249-6399. ISRN INRIA/RR--4679--FR+ENG. THÈME 4. apport de recherche.

(3)

(4)

(5)

(6) !"#$

(7) %&' () *+, -./01 . (,23 45687/9#:<;=8>@?BADCE5GFIHJ:KAMLN>AM7OP90AM;QNASR3F7GCE6TQEU VWYX[Z]\^`_badceZ`fYgihkjlcimon \j0m8pdjlciZBciqrhjrcem8n s \qltdqujrX

(8) ZB\[q#v

(9) moZBpYgi\wd\[q x@ylmozu\jrq/{}|@V ~~# 0hopYpDm8yj s \yr\[v*W\

(10) y*v*WY\ nM ^TT_\[v

(11) \

(12) Z`D\[y[DooT_E`pDhko\Eq. [

(13) Yoo% n¡ N¢<£cejc¤qqWm¥#n}jlWhkjpylc¤vcinYmo¦@\§¨ql\

(14) yr©Tc¤v\Eq0Z!hNtJZBmoyr\'mk¦ªjr\

(15) njlWhonnYmojgi\[h s jlm ylfcenYm8fq pylc¤v\¥hky*q

(16) «¬\qWm¥®jlWDhj#jlWciqfYn s \EqciyrhoYgi\yr\[qlfYgej#nY\

(17) \ s nmkj0mdv

(18) v

(19) fYy[Dhkn s s m¯\[q#nmkj#¦°mogigim¥±cin ZBmTqujv[hoql\[q ¥#W\

(20) n)jlWY\BZBm s \

(21) gfYn s \

(22) yrget¯cinYjlWY\!²h8qW8hoZB\'c¤qqfd³´v

(23) ce\[n8jrgeto\

(24) n\

(25) y*hkg<«'µt¶h sYs cinY}h}·fhkgiçjut}mo¦a¯\[yl©¯c¤v\ ¹ ·mTaYºGjl\[ylZ»jlmjlWY\phNt8mk¼B¦°fYnvjlcimon]mk¦M\[hov*W`pYyrm©Tc s \[y[N¥\honhkgit¯½

(26) \yl\EqfYgejlcinYpYyrciv

(27) \"\E¾8fcegiceylc¤h¦°moyhn¯fYZ`D\[y mo¦ s ce¼¿\

(28) yr\

(29) nTj0W¯tTpMmkjrWY\[ql\[qm8nfDq\[y#D\[WhN©¯cem8y[«ÀYfYyljlW\

(30) yEY¥"\v

(31) monqlc s \

(32) y#MmkjlWJqlcenY8ge\

(33) §Ájrce\[y0hkn s ju¥mk§<jlci\

(34) ypYyrciv

(35) cenYD h8qpYy*hov+jrciv

(36) \ s vfYyryr\

(37) nTjlgit!¯thBZ!hzumoy¥\

(38) WYm8qjlcinY!ql\

(39) yr©Tc¤v\pYyrm©¯c s \

(40) yE« Â}ÃTÄ¿ÅrÆ'Ç È o |§Kv

(41) moZBZB\

(42) y*v\8¥\

(43) ±Wm8qjlcinYvmonTjr\

(44) nTj s ciqjlyrcefdjlcimonG¾TfhkgicejutÉmk¦`ql\

(45) yr©¯civ

(46) \ ¹ ·Êaº+#²h8qW \E¾TfYcegiciYylcifYZ. Ë@ß Ì°Ì°Í£Í£Î ÏÏÐuÐuÑÁÑÁÐlÐlÒ*Ò*ÓÕÓÕÔKÔKÖTÖT×o×oØØÒÒÙGÙGÚÁÚÁÖNÖNÛ+Û+ÓÁÓÁÜEÜEÐÐ×o×oÝGÝGÞÞ Î à Ì°Ý ÏGÌªá"×kÏGÛ[Ôuâ

(47) ãNÐuÜNÔuÛ+ãNÓ°ÚäÒ*ÜNåæDÏÌÕç[Î]×èÜEé êÐÓÕÑ<é ÚÁëåNÐìDÐÓÕÑKÒ*éîíîíîÐuÑ. Unité de recherche INRIA Rocquencourt Domaine de Voluceau, Rocquencourt, BP 105, 78153 Le Chesnay Cedex (France) Téléphone : +33 1 39 63 55 11 — Télécopie : +33 1 39 63 53 30.

(48)

(49) 1 # !# 1 ' " #@ .J' #` !* , ,1# ( . . . .

(50) . . . honq ¢<¯gi\[qhkfdjr\

(51) fYy*q"Z]m8nTjlyr\

(52) nTj¾TfY\gih'jrhoylc Dv[hjlcimon s \[qq\[yl©¯c¤v\Eq s \vm8ZBZ]\[yrv

(53) \ [g Ev+jlyrmonci¾TfY\ oh ZBX

(54) nY\[n8jE s honq0g¤h!pYgifYphoyj s \Eqv[hoq[ !fYnY\'ofY\[ylyr\ s \[qpYylcew£¾TfYc DnYc hN©8\[v s \Eq0pYyrm Yj*q#n¯fYg¤q0pMmofYy#jrmofqge\Eq pylm©¯c s \

(55) fYy*q[«dÊnJZBmonTjlyr\¾8f\v\y Eqfg¸j*hj#\[qj#\

(56) yrylm8n oYv[hkyge\ZBm s X

(57) gi\qlfYy#ge\E¾TfY\

(58) g£cigG\[qj#hoq \[qj0cenDvmoZBpYgiXjE« Ên s m8nYnY\fYn ZBm s X

(59) gi\pYgefDq# [n

(60) y*hkg<d¾8fc£n hBpDhoq#v\

(61) jjr\pYylm8pYyrc

(62) j cen s [qlcey*hkYgi\o« 3Ç E Å |@¾TfYcigeciYyr\ s \²h8qWGD¾8fDhkgiçj s \q\[yl©¯c¤v\odv

(63) moZBZB\

(64) y*v\

(65) g [vjlyrmonYc¤¾TfY\ . . . . . !. . " . . . . . . #. . . . $ %.

(66)

(67) !" #%$& (. ). '. `!1 @. VW\]pylc¤vcinY mk¦"\[ge\Ev+jrylm8nYcivòm¯m s q[hkn s Gcin)phoyjrciv

(68) fYg¤hkyE£\§¨vmoZBZB\

(69) y*v\]q\[yl©¯c¤v\Eq

(70) Gqlfv*WShoq¥"\[)Wm8qjlcinY£Wh8q yr\[v

(71) \

(72) ci©o\ s vmonDqc s \

(73) y*hkge\hkjjr\

(74) nTjlcimon cin jrWY\gicejl\

(75) y*hjrfYyr\o«ad\

(76) \oä¦°moy'\

(77) wYhkZBpYgi\o# ^k¢K# k¢<# ¢K# eEN¢K0 *¢<0 iEN¢<# E¢K i

(78) ^k¢<«®a¯m8Z]\}qjlf s ce\EqBcenTjlmSm8pdjlciZ!hkg#pYyrciv

(79) cenWDhN©o\ D\[\

(80) nI©Tci\

(81) ¥\ s ¦°yrmoZ jrWY\JpD\[yrqlpD\Ev+jrce©8\ mo¦hSqlcenY8ge\ yrZJ m8ycenSjrWY\´vm8nTjl\w¯jmo¦hJZBmonmopMmogito« ¹ a¯\

(82) \8¦°m8y\wYhkZBpYgi\o +d@,'¢ªº«VWYc¤qhkppYylmThov*W)ciqhopYpYyrmopYyrc¤hjl\Bce¦m8nY\ c¤qm8pdjlciZBce½[cenYJpYyrc¤vcinY¶v*WYmoc¤v\Eq¦°moy'h phoyjrciv

(83) fYgihoypYyrm©Tc s \[ycinjlWY\!©8\

(84) yrtqlWYmoyljjl\

(85) yr.Z -cenjlWDhj'ql\jjrcenm8nY\ v

(86) mofYg s jr0h /o\0mojlWY\[y yrZ!qäpYyrc¤v\v*WYm8civ

(87) \[qäh8q Ywd\ s Thon s oci©o\[nBjlWYmTq\pYylc¤v\Eq

(88) ¯hkgimon¥#çjrWhZBm s \

(89) gDmk¦vm8nqlfYZB\

(90) y M\

(91) WDhN©TcimoyEdvm8Z]pfdjl\m8pdjlciZ!hkg£pYyrciv

(92) \[q¦°m8yjlWY\ yrZ cin}¾8f\[qjlcimonG« jc¤q#WYm¥\

(93) ©8\

(94) ymk¦cin8jr\

(95) yr\[qj#jlm s \[©o\[gem8p ZBm s \[giq#mo¦ pylc¤vcinY!M\

(96) WhN©¯cimoy#mk¦ZBmoyr\jlWhon}monY\pYyrm©¯c s \[y#cen jrWY\ \[ge\Ev+jrylm8nYcivZ!hk1y /o\

(97) jlpYg¤hov

(98) \o« n s \

(99) \ s YcenJjrWY\Z!hk1y /o\

(100) j¦°m8y0\§¨vm8ZBZ]\[yrv

(101) \q\[yl©¯c¤v\[q[dmkjrWY\

(102) y DylZ!q0v[hkn}h s zufDquj#jrWY\

(103) ciy pylc¤v\qlv*WY\ s fYgi\[q"yrhopYc s getBcinýr\[qlpDm8nq\jlm'jlWhkjmo¦h'v

(104) moZBpD\

(105) jlcejlm8y[«VWY\

(106) n¯jlWY\¾TfY\[qjlcimon!¦°m8yhon¯t`m8nY\pylm©¯c s \

(107) y c¤q"nYm'gimonY8\

(108) y"WYm¥Ijlm`ql\jpYyrciv

(109) \[q"¥#WY\

(110) n´mojlWY\[y DylZ!q 8pYyrc¤v\v*WYm8civ

(111) \[q"hkyr\0oci©o\[nG8fdjy*hjrWY\

(112) y"¥#WY\jrWY\

(113) y"jlW\@zum8cenTj ql\jljlcinYBmk¦ pYylc¤v\EqTthkgigMpylm©¯c s \

(114) y*q@¥#cigig¿jl\

(115) n s jrm¥hoy s q"hon\[¾TfYcigiceYyrcifYZJhkn s dcenjlWY\hk³ByrZ!hjrce©8\o¯¥#Whj0hoyl\ jrWY\pYyrmopM\

(116) yljlci\[qmk¦ jlW\\[¾TfYcigeciYyrcefYZJ« VmjlWciq"\

(117) n s TÀ c¤qW¯YfYyrn´hkn s Ê s get¯,½ /omB ¢D\

(118) w¯pgem8yl\jrWY\\E¾8fcegiceylcifYZ jlWhkj@¥"m8fYg s yl\EqfYgej"h8vyrm8qrq ju¥"m yrZ!q v

(119) moZBpM\jlcinY]cen hkn\§¨q\[yl©¯c¤v\0Z!hk1y /o\

(120) j[TmonY\v*Whoyl8cenY`h Ywd\ s dpD\[y§KpD\[ylcim s T¦°\

(121) \8¯hon s jrWY\mkjlW\

(122) y#v*WhkyrocinYm8nh pM\

(123) yl§<jly*hknqrhovjlcimonJhoqlc¤q

(124) M¥#WY\

(125) yr\jrWY\`pM\

(126) yl§<jly*hknqrhovjlcimon ¦°\

(127) \`ciqgecinY\EhkyE«VWY\`hofdjlWmoy*qvm8nvgif s \'jlWhkj[¿¥#cejlW}jrWY\ \

(128) wYv\

(129) pYjlcimonmk¦h¦°\

(130) ¥ qlpD\Evc¤hkg ¦°moyrZ!qmk¦@jrWY\´vgici\

(131) nTjrq s \

(132) Z!hon s)s ciqjlyrcefdjlcimonGvmoZBpM\jrçjrce©8\]\E¾TfYcegiciYylc¤h mk¦"jlWYc¤q jut¯pM\yr\[qlfYgej"cin!jlWY\jlyrci©Tc¤hkgMqm8gefYjlcimon´mo¦G\[hov*W DylZ q@pYyrc¤v\#jr\

(133) n s cinY'jlm¥hky s qä½[\

(134) yrm«VWciqyr\[qlfYg¸j"ZBhNtBM\ql\

(135) \[nG Wm¥"\[©o\

(136) yE¯hoq"nhjrfYyrhogÁd8ce©8\

(137) n!jrWhjjrWY\ju¥"m yrZBqcinjrWY\ZBm s \

(138) g£mk¦ N¢G¥"\[yl\vm8Z]pM\jrcen]qlmogi\

(139) git!monjlWY\h8qc¤q mo¦pYyrc¤v\oTjrWY\v

(140) hkpDhovcejut!mk¦ \[h8v*W yrZ ¥hoq"fYnYgiceZBcejl\ s hkn s nYm]pYyrm s fv+j s ce¼M\[yl\[nTjlc¤hjlcimon ¥hoq"cenTjlyrm s fv

(141) \ s « n jrWhjql\jjrcen¿çjv[hkn¶M\]ql\

(142) \[n)h8qhoncinquj*hknv

(143) \'mo¦"hv

(144) gih8qlqlciv`µ\

(145) yljly*hkn s¶s fYmopMmogito¿¥#WYc¤v*Wc¤q /¯nYm¥#n¶jlm yl\EqfYgej cinqlceZBcigihoy0\[v

(146) monYm8ZBciv[q#jlm´jlWhkjmk¦äpM\

(147) yl¦°\[vjv

(148) moZBpD\

(149) jlcejlcimonGDjlW\'g¤hjjr\

(150) yge\Eh s cinYv

(151) ge\Ehkyrgetjlm½[\

(152) yrm!pYyrm Yj*q#¦°moyhkgig DylZ!qcinjrWY\Z!hk1y /o\

(153) j[« 2m¥"\[©o\

(154) yE cen jrWY\v

(155) moZBZB\

(156) y*v\!mo¦0\

(157) gi\[v+jrylm8nYc¤vBom¯m s q

(158) jrWY\

(159) yr\ć¤q'8\

(160) nY\[yrhogegit)qlmoZB\´pYyrm s fvj s ce¼M\[yl\[n8jrcihkjlcimon jrWhjciqnhjrfYyrhogegit pYyl\Eq\[nTj0moyv[hknJ\[h8qcigitM\'cinTjlyrm s fv\ s «¬ÉWYcegi\`qlphkjlc¤hkg£¦Õh8v+jlm8yrq s m!nYmojpYg¤hNth!yrmogi\¥#cejlW yr\[qlpM\[v+jjlmjlW\ nTjr\

(161) yrnY\jEGmkjrWY\

(162) y©hkyrcihkjlcimonqcinjrWY\]¾Tfhogecejut}mk¦q\[yl©¯c¤v\ s mJ\wdciqj[Gqlfv*WhoqWYm8qjq\[yl©8\

(163) yhkn s n\ju¥mo1y / qpM\

(164) \ s qBmoyByr\[qlpDm8nq\ jrceZB\[q[hN©Nhoceg¤hkcegiçjut8@yr\

(165) gicihoYcigecejuto«

(166) «

(167) «[« nIqlWYmoylj["jlW\[ql\ ©hoylc¤hjrcem8nq]ge\Eh s jlm pylm s fvj s ç¼¿\

(168) yr\

(169) nTjrcihkjlcimonjlWhkjv

(170) hkn`zufqjlce¦°tjrWY\pYyr\[ql\

(171) nv

(172) \mo¦ nmond§K½

(173) \[ylm]yl\[©o\[nTf\[qhov

(174) ylmTqlq yrZBq[« n`jlWYc¤q phkpM\

(175) yE¥\v

(176) monv

(177) \

(178) nTjly*hjr\@mon]h0phoyjrciv

(179) fYg¤hkyv*Whky*hovjl\

(180) yrci½[hjrcem8nmk¦D¾Tfhogecejutmk¦Dql\

(181) yr©¯civ

(182) \ ¹ ·mTaYºGjlWhkjciq mk¦ ciZBpDm8yj*hknv

(183) \"cin]\§¨q\[yl©¯c¤v\[q[NnhkZB\[get8kyl\EqpMmonDq\"jlciZB\okm8y s \

(184) g¤hNto«¬\¦°moyrZ'fYg¤hjr\hZBm s \

(185) gdmo¦Dvm8ZBpD\

(186) jlcejlci©o\\[¾TfYce§ giciYylcifYZ hovyrm8qrq"ju¥"m yrZ!qpYyrm©Tc s cinYB\§¨q\[yl©¯c¤v\Eq

(187) dqlfv*W h8q¥"\[JWYm8qjlcinYd¥#W\

(188) yr\\[hov*W yrZ c¤q0v*Whky*hovjl\[ylci½

(189) \ s ¯t!jrWY\pYyrciv

(190) \çjv*Whoyl8\[q[dhkn s ¯t!jlWY\¾Tfhogecejut´mo¦ql\

(191) yr©¯civ

(192) \cej0mk¼¿\

(193) y*q

(194) « 3 ciYM\

(195) nq[o{¶h8qm8nGkhkn s aTjl\[cen¯M\

(196) yr' '¢Kkqujrf s t¯cinYpylm s fvj s ç¼¿\

(197) yr\

(198) nTjlc¤hjrcem8n'cinjrWY\#vmonTjr\w¯j mo¦YjlW\ nTjl\[yln\j hogiqlm´vm8nqlc s \[yjlWY\'ju¥"m!pDhky*hkZB\jr\

(199) y*qmk¦pYyrciv

(200) \hkn s}s \[gihNt8d¦°mdvfqlcinY´mon¶hBZ!ho%y /8\j0mk¦ju¥m´q\[yl©¯c¤v\pYyrm©¯c s \

(201) y*q

(202) « VW\

(203) t!vm8nqc s \[y@cin´phkyljlc¤vfgihoyäjlW\v*WYm8civ

(204) \0mk¦G\Ehov*W!pYyrm©¯c s \

(205) yäjrm'mo¼M\[y@mon\moy@ju¥"m!·mTaBv

(206) gih8qlql\[q[«¬\v

(207) moZBphoyl\ hon s vmonTjryrh8qujjlWY\[ceyyl\EqfYgejrq¥#cejlWJm8fYyrq¥#WY\[n}hkpYpYgic¤v

(208) hkge\cinjrWYc¤q#¥"m8%y /¿« ÊjrWY\

(209) y¥mo1y /mon`jlWY\pYyrciv

(210) cenmo¦Dcind¦°moyrZ!hjrcem8n'om¯m s qhkn s ql\

(211) yr©¯civ

(212) \[qWhoqh s ©omdv

(213) hkjl\ ss ce¼M\[yl\[n8jrcihkjl\ s ql\

(214) yr©¯civ

(215) \[q hon s fYn s gicen` i, 'k¢<m85y 4MhjpYylc¤vcinYD s fY\jlmçj*qqciZBpYgec¤vcejut´ ikd[¢¯fdjWhN©o\"nYmkjZ!h s \fql\mo¦Dhkn`\[¾TfYcigeciYyrcefZ ¦°y*hkZB\[¥"m8%y /B\wdpYgic¤vcejlgitcinjrWY\

(216) ciy0hkyrofZ]\[nTjrq[« . . . $. . . . $. . . . . . . . . ÏÏ Ü6!789:. .

(217) ^.

(218) . njlWY\`nY\w¯jq\Ev+jlcimonD¥\'pYyr\[ql\

(219) nTjhv

(220) h8q\`qujrf s tJcenTjrm´jlW\`pYyrc¤vcinYqjlyrfv+jrfYyl\`mk¦@hZBhkzumoycenTjl\[ylnDhjlcimonDhkg ¥\

(221) )WYm8qjlcinY q\[yl©¯c¤v\`hon s m8pdjlciZBce½[\'¦°m8yjrWY\Bfql\

(222) y¥#Whjqujryrhkjl\[ot jlm¦°mogigem¥»8ce©8\

(223) n}jrWhjmongetJjrWhjq\[yl©¯c¤v\ pylm©¯c s \

(224) yGc¤qhN©hoceg¤hkYgi\o«µh8q\ s fYpMmonpYyrciv

(225) \[q s \

(226) yrce©8\ s ¦°yrmoZPjlWY\"fql\

(227) yl§<m8pdjlciZ!hkgoqjly*hjr\

(228) ot¦°moyjlWhkj y*quj pYyrm©Tc s \[y[ ¥\v

(229) monqlc s \

(230) ycen}a¯\Ev+jlcimon ''h`nY\

(231) ¥±\

(232) nTjly*hknTj"cinTjlm`jlWY\Z!hky1/o\

(233) jhkn ss \[©o\

(234) gimophkn s qm8ge©8\hkn\[¾TfYcigeciYyrcefZ$Z]m s \[g h8vyrm8qrq]jlWY\Eq\¶ju¥"m pylm©¯c s \

(235) y*q

(236) «/~ n¯fYZ`D\[ymk¦ s ce¼¿\

(237) yr\

(238) nTj©hkyrcihonTjrq´hoyl\v

(239) monqlc s \

(240) yr\ s « nÉjrWY\ y*qujphkyljmk¦ ad\[v+jrcem8

(241) n 'Y¯¥\cinTjlyrm s fv\jlWY\nYmojlcimonmo¦h'©hogefY\mk¦·m¯aBphoyrhoZ]\

(242) jl\[yäjlWDhj©Nhoylci\[qvm8nTjlcinTfmofqlget]jrWYylm8fYoWmofdj jrWY\pMmopYfYg¤hjrcem8nmo¦ fDq\[yrq[Yhkgigem¥#cinY]fqjlm!ZBm s \[g¿jlWY\fYnce©8\

(243) y*q\mk¦v*WYm8civ

(244) \[qZ!h s \¯tfql\

(245) y*q¥#cejlWJyl\EqpM\[vjjlm jrWY\vmTqujl§u·m¯aBjly*h s \

(246) mk¼«\[pD\[n s cinY!fYpMmonJ¥#WY\

(247) jlWY\[yjlWYc¤qyrhon s m8Z ©hkyrcihoYge\c¤qfYnYce¦°moyrZ]git´m8y#\wdpDm8nY\

(248) nTjrcihogegit s ciqjlyrcefdjl\ s G¥\]m8djrhocen¾Tfhkgiçj*hjrce©8\

(249) git s ç¼¿\

(250) yr\

(251) nTjyr\[qlfYg¸j*q

(252) «]¬\Bv

(253) monqlc s \

(254) yjlW\Bv[hoql\`¥#W\

(255) yr\'jrWY\!nY\

(256) ¥ \

(257) nTjly*hknTj jrmJjlWY\!Z!ho%y /8\jmk¼¿\

(258) y*qhJgim¥"\[y·m¯a ¹ hkgimon ¥#cejlWpYyr\[qlfYZ!hkget8hJgim¥"\[ypylc¤v\Nºhoq¥\

(259) gig@hoqjrWY\v

(260) mon¯©o\[yrql\o« ad\[v+jrcem8nB^pYyl\Eq\[nTjrq jlW\0v

(261) hoql\mk¦Mju¥"mo§Ájrce\[ypYyrciv

(262) cenYD8v

(263) moZBpDmTq\ s mo¦¿hDhoql\y*hjr\#hkn s hWYcioWY\[yYfYy*qujl§<y*hjr\pYylc¤v\8 ¥#W\

(264) yr\´jlW\ v

(265) fdj§Kmk¼ D\

(266) ju¥"\[\

(267) n jrWY\ju¥"m)pYylc¤v\Eq'c¤q s \ n\ s ¯tjlW\fql\

(268) yE« a¯\[vjlcimon +vm8nvgif s \Eq¥#cejlW¡h¦°\

(269) ¥ yr\[v

(270) moZBZ!hkn s hjlcimonDqä¦°m8y#¦°fYyljlWY\[y0qujrf s tm8njrWYc¤qjlWY\[ZB\o« . . . . !1 ( P. - #1 . VW\pYyrciv

(271) cen'qujrylfDv+jlfyl\Eqämk¦£jrWY\Z!hkzumoy@¥\

(272) WYm8qjlcinY'qlçjr\[q"yl\[n s \[yäjlW\fql\

(273) y q"v*WYmoc¤v\Eq@¾TfYcejl\vmoZBpYgi\w£«ql\

(274) y*q jut¯pYc¤v

(275) hogegitIZ'fqj s \Evc s \¶m8n±q\[©o\[yrhog#¦Õhovjlmoy*q´qlceZ`fYgejrhkn\

(276) mofDqgito#nhoZB\

(277) git¡¥#WYc¤v*W®pYyrm©¯c s \

(278) y!jrm¡qlfYqrvyrceM\}jlmD ¥#WDhj#¾8fDhknTjlcejut!mk¦Gjryrhonqrhov+jrcem8nq@jlm!hkgigemoj@jrm]\Ehov*W´¥\

(279) WYmTqujrcenY]qcejl\8« n qlmoZB\v

(280) hoql\[q[¯fql\

(281) y*q"Z`fqjpYyrm©¯c s \h pyl\ s civjlcimon¶mo¦äjlW\B¾TfhonTjlcejutjrWhj¥#cigegM\]n\

(282) \ s \ s cin¶jrWY\]nY\w¯jjlciZB\`pM\

(283) yrcem s £¥#cejlWjlWY\BpYyrc¤v\[qjlW\

(284) t}phNt}h ¦°fnv+jrcem8n mo¦jrWhj0pYyr\ s civjlcimonG« a¯cinv

(285) \BjlWY\!¥hNt¶cin¥#Wciv*WjlW\[ql\!phky*hkZB\jr\

(286) y*qhkyr\`fql\ s cin v

(287) hkg¤vfgihkjlcinY nhkg@fq\[ypYyrciv

(288) \[q©hkyrce\Eqhov

(289) ylmTqlq ¥\

(290) !Wm8qjlcinY'qlçjr\[q[ojrWY\v*Wmoc¤v\¦Õhov

(291) \ s ¯t`jlWY\fql\

(292) y"D\EvmoZB\Eqä©o\[ylt s ce³!v

(293) fYgej[Yhkn s ZBhNt]yr\[qlfYg¸j"cenqlfYd§KmopYjlciZBhog s \[vc¤qlcem8nq

(294) ¯¦°m8y#DmojlW jlW\fq\[yrqhon s jlWY\¥\

(295) WYm8qjlcinY!qlçjr\[q[« VWY\pYfYyrpMm8ql\mo¦GjlWYc¤qq\Ev+jrcem8nc¤q@jrm`pyl\Eq\[n8jhkn hknhogetdqlciq@mk¦GjrWY\vfYyryl\[nTjlgit]fDq\ s pYyrciv

(296) cen`qjlyrfv+jrfYyl\Eq@mo¦h Z!hkzumoy¥"\[Wm8qjlcinY]qlcejl\oDhkn s jlmB\

(297) ©hogefhkjl\jlWY\m8pdjlciZ!hkg s \Evc¤qcimonDq"mo¦fql\

(298) y*qfYn s \[yjlWhkj0pYyrciv

(299) cenYBqjlyrfv+jrfYyl\8« ¬\]jlWY\[n¦°mogigem¥ fYp)¥#cejlW honhonhkgitdqc¤qmk¦"Wm¥ hJvm8Z]pM\jrçjrmoyv

(300) mofYg s \[nTjl\

(301) yjrWY\BZ!hk1y /o\jEG¥#WhkjcejrqpYylc¤vcinY qjlyrfvjlfYyr\qWYm8fYg s M\ohon s ¥#WhjEYç¦hkn¯t8d\[¾TfYcigeciYyrcefYZ ¥"m8fYg s yr\[qlfYgej[« . . !#"$%"'& (*),+.-"$/,0213-456+785:9;+=<>5?"A@6)B#"$%"'& (. ~Éqjrhon s hoy s hkpYpylmThov*WjrmpYyrciv

(302) cenYjrWY\#fql\#mk¦£h¥"\[`Wm8qjlcinYqcejl\#c¤qjrmv*Whkyro\h 4DhjäfnYçj@¦°\

(303) \#pM\

(304) yäZB\

(305) Thk¯tTjl\ Mp \

(306) yql\[vm8n s T¥#WY\

(307) yr\#jrWY\pM\

(308) yfYnYcej"¦°\[\ s \Evyr\[h8q\Eq¥#çjrWcinvyr\[h8qcinY¾Tfhon8jrçjrce\Eq

(309) «VWYc¤q"ZBhoyl8cenDhkgd¦°\[\qjlyrfv+jrfYyl\8 CED 0jlWY\[n±gimTm&/dq´gic /8\)h qjl\[pÉ¦°fYnvjlcimonG¥#WY\

(310) yr\¶jrWY\)qjrhocey*v

(311) h8q\ s \[v

(312) yl\Ehoql\[qBjrm jlW\)yrce8WTj[« VW\¶jlmojrhogpYyrc¤v\ ¦°fnv+jrcem8nG C Dc¤qjlWY\[nh s c¤qlv

(313) yl\

(314) jlci½[hkjlcimonJmk¦@h´v

(315) monv[hN©o\cinvyr\[h8qcinY´v

(316) fYyl©8\o« 20m¥\

(317) ©8\

(318) yE s fY\'jlmjlWY\8yrhon¯fYgihoylcejut mo¦jrWY\jut¯pYciv[hkg s c¤qrvyr\jlci½[hkjlcimonq[¯jlW\jlmkj*hkgGv

(319) m8qj#v

(320) fYyr©o\[qhoyl\o\[nY\

(321) y*hkgigit vm8nv

(322) hN©8\o« ~»ju¥"mo§Ájrce\[yqujrylfDv+jlfyl\\

(323) wdciqjrq¥#WY\

(324) n¶h!pylciZ!hkyrt´¦°\

(325) \`ciqv*Whkyro\ s ¦°m8yh!pyl\

(326) § s \

(327) jl\[ylZBcinY\ s fqrhk8\ge\[©o\[gÁMhkn s h]ql\[vm8n s ¯WYcioWY\[y[dv*Whoyl8\c¤qceZBpMm8ql\ s ¦°moy 4m¥®gi\

(328) ©8\

(329) g¤qhoDm©8\0jrWhj#pYyr\§¨q\

(330) j¾TfhonTjlcejuto«VWY\WYce8WY\

(331) y#v*Whoyl8\c¤q jut¯pYc¤v

(332) hogegitJqm8Z]\`vmonDquj*hknTGj FHJILKNM!jlciZB\[qjlWY\`pYylciZ!hkyrtoDpD\[yfYnçj¦°\

(333) \o£hon s ciqhkg¤qlm /¯nYm¥#n¶hoq0jlWYP\ OQ SR 1 !pYyrciv

(334) \o«´VWYc¤qpYyrc¤vcinY}qujrylfvjlfYyr\!pYyrmkjr\[v+j*qjlWY\!¥\

(335) SWYmTqujrcenJqlcejl\o¯t\

(336) nDqfYyrcinY}hJZ]cinYciZ'fYZ yl\[©o\[nTf\o yr\

(337) Thky s gi\[qrqmo¦DjrWY\#jlyrfY\#fqrhk8\ge\[©o\

(338) g<ohon s hkg¤qm¯t`v*Whoyl8cen¦°m8yäYfYy*quj*q

(339) omoyfql\0hkMm©o\jlWDhjägi\

(340) ©o\[gÁThj@hWYcioW\

(341) y y*hjr\o« Ì°ÝÏÌªá.

(342)

(343) !" #%$&. +. n!m8y s \[yjlm8ce©8\"jrWY\#fql\

(344) y*qäqlmoZB\cenv

(345) \

(346) nTjlci©o\jrmphNtjrWYc¤qpYyr\§ s \jr\

(347) yrZ]cinY\ s y*hjr\oohon s hkg¤qmphNt'¦°moyYfyrqjrq[ jrWY\´fql\

(348) y'ciq'oci©o\

(349) njrWY\v*WYm8civ

(350) \Bjlm¶pylm©¯c s \]jlm}jrWY\´WYmTqujrcenY)qcejl\honS\[qjlciZBhkjl\´mo¦#çj*q\wdpM\[vjl\ s fqlhoo\Bgi\

(351) ©o\[g ¦°m8yjrWY\BpD\[ylcim s «VWY\BpYyrceZ!hoylt¦°\

(352) \Bc¤qh¦°fYnvjlcimon)mk¦äjrWYciq\

(353) wdpD\Ev+jl\ s gi\

(354) ©8\

(355) g<Ghkn s c¤qvm8Z]pfdjl\ s fqlcinY´jrWY\ qjrhocey*v

(356) h8q\qjlyrfv+jrfYyr\ s \[qrvyrceM\ s hoDm©8\o«"VWciqphky*hkZB\jr\

(357) y0hogiqlmBmk¼¿\

(358) y*qjlWY\'pYylm©¯c s \

(359) y0hon¶hBpYyrcem8ylc£\EqujrceZ!hjr\mk¦ jrWY\gic /8\

(360) git´fqrhko\gi\

(361) ©o\[g£mk¦ jlWY\v

(362) geci\

(363) nTjEd¥#WYciv*WJc¤qmk¦fql\cin}v

(364) hophov

(365) çjut´pgihonYnYcinY«i e8*¢ VWY\`q\Evmon s hkyrt!¦°\

(366) \'ciq0jutTpciv[hkgigetnYmkjv*WDhkyro\ s h8q\ s fYpDm8nJjlWY\jlmkj*hkgfqlhoo\gi\

(367) ©o\[gYfYjyrhkjlWY\[y0mon}qlmoZB\ pM\

(368) y*v\[nTjlcige\`mk¦äcej[£\o« «i ¿¥#WY\

(369) yr\

(370) ´Mmk¦@jlWY\'jlmkj*hkg fqrhko\`m©o\[y#jlWY\]pM\

(371) yrcem s «VWYc¤qhogiqlmóci©o\EqqlmoZB\ gi\

(372) \[¥hNt´jlmBjlW\fql\

(373) yEY¥#WYm!c¤q0hkgigem¥\ s jlmWhN©o\qlmoZB\YfYy*qujrcen\[qrqcen}WYc¤q#jryrhk³´v¥#cejlWmofdjcinv

(374) fYylyrcinY´h!v*Whkyro\ ¦°m8y#çjE« VWY\[nG8jlWY\#Z!hkyrocinhogdpYylc¤v\0v*WDhkyro\ s jlm'hfql\

(375) y@m©o\

(376) yäh8ce©8\

(377) nBpD\[ylcim s C#D 8fDqcinYjlWciq@pYylc¤vcinYqjlyrfv+jrfYyl\8 ¥mofg s D\ C D I C D . . ¹ Eº. . ! @ <>+) 5?"#" 4 - 5 ?45 @(7"A@$&% +7 )B?+$'")( @ . VW\¾TfY\Equjrcem8n\Ehov*WfDq\[yZ`fqjhonq¥\

(378) yc¤q"jlWY\[nWYm¥®jlmBmopdjrceZ!hogegit´q\

(379) j#WYciqv

(380) moZBZBçjljl\ s y*hjr\*Yhkn s WYm¥®jlm hogegimdv

(381) hkjl\ ç¦ jlW\

(382) yr\c¤qZBmoyr\jlWhon m8nY\¥"\[Wm8qjlcinY!qcejl\hN©hkcig¤hkYgi\o« Vm)cigigefqjly*hjr\jrWY\ y*quj!v*WYmoc¤v\8jlWDhj!mk¦ s \jl\[ylZBcinYcinY& "vm8nqlc s \[y DyrqjBhvm8nTjlcinTfmofq]y*hjl\ qlv*W\ s fYgi\ m8djrhocen\ s Tt´jrh /¯cinY!hBvmonDv

(383) hN©o\\

(384) n¯©8\

(385) gimopM\mo¦jrWY\qujr\

(386) p ¦°fYnvjlcimonJcinJÀ ciofYyr\Bo« VWY\[nGY¥\WhN©o\jlW\¦°mogigem¥#cinY]pYylm8pD\[yjut+ , .Ç -@Ç 0 /Õ0 / 2Ç 143450 76! CED98;:;<>=?@:;< " 7A .B6 DCBC E %1 "GF CEDIHKJ CBC . . LHMJ C#DJN J C#D DOHMJ #DCBC L HPJ EC D D DQ K J CBC L HMJ C#DRTSVU 76! QE # WC X % " OYC [Z26 # 7 6!G ]\ 1 06 " ^$_`!V aZ6! 7!6 G # .C 76!O1 % B6 % 3. %, YFVWY\ZBhoyl8cenDhkgGvmTquj ce¦&bMJhon s I V mojlWY\[yl¥#c¤ql\o« ¬ \´WhN©8\BjlWhkj QD D$ K J ¦°m8 y cReCEdDJ] Qf ähkn s jrWY\

(387) yrD\¦°m8yl \! cej]hkC#jjrDho cenDq' hJC#ZBDce nceZ`fYZ ^ hj` hon \w¯jlyr\

(388) ZB\ pMmocinTj[«VWY\

(389) nGqcinv\ I hon s V hkgimonY¥#çjrW!Iab Fo¿cej¦°m8gegim¥0q jrWhj D ciq#ZBcinYciZBhogG¥#WY$\[n)JNjr WY\q\EC vDm8 n s jr\

(390) yr)Z c¤qn¯fYgeg<djr Whj0c¤qg#L !C VD « #W h m8nqc s \[y"nYm¥ jrWY\ s c¤qlv

(391) yl\

(392) jl\y*hjr\qrv*WY\ s fYge\hoq"cinÀ ce8fYyr\'o«²mkjl\jlWDhjjlWY\©hkgifY\[qmk¦jlWY\pYyrciv

(393) \[q"mon!jrWY\ tT§¨hwdc¤qWhN©o\#M\

(394) \[n´qfYpyl\Eqlql\ s ¦°moyäyr\[h8qm8nqmk¦Gv

(395) mon s \

(396) nTjlc¤hkgiçjut8« ~n!cegigifqujryrhkjlcimonBmk¦MjlW\0mopdjrceZ!hogi ciq@pYylm©¯c s \ s cinJÀciofyl\3Y«VW\jrmkj*hkg¿pYyrciv

(397) \h8qlqlmdvc¤hjl\ s ¥#cejlWjlWY\ s \Evyr\[h8qcinY'Z!hoyl8cenhogMqjl\[p¦°fnv+jrcem8nc¤q#qWm¥#nhoq¥\

(398) gig cinSjlWDhj 8fYyr\o«J~jjlWY\ s c¤qlv

(399) monTjlcin¯fYçjut ¹ M\ju¥\

(400) \[nÉ[}hkn s o´{¶µkjql\[vEº+jlWY\jlmkj*hkgäpylc¤v\ s \[vyr\[h8q\Eq

(401) « VWY\ yr\[qlfYgejlcinYBfql\

(402) y#mopYjlciZ]ci½[hkjlcimonJmk^¦ ciqjrWY\

(403) yr\¦°m8yl\nYm!gimonY8\

(404) y©hkgic s Dhoq#v[hkn D\`q\[\

(405) n cen jlW\'À ce8fYyl\ ' -Ycen s \

(406) \ s jrWY\0ZBcinYceZ!hogDpYyrc¤v\0c¤qäm8djrhocenY\ s ¥#WY\

(407) nBjrWY\fDq\[y s \Evg¤hkyr\[qähon!\wdpD\Ev+jr\ s 4m!¥ 6 l6!jlWDhkn!WYc¤qjrylfY\\wdpM\[v+jr\ s 4Dm¥« .

(408) . ÏÏ Ü6!789:.

(409) .

(410) . Price schedule when unit price is a discrete, decreasing step function. Price paid, $. Unit price, $/MB*sec. Supplier 1, discrete−step unit price schedule. 0. 2. 4. 6. 8. P +c¤qlv

(411) yl\

(412) jl\Jyrhkjl\}qrv*WY\ rate, MB/sec. ¹ {¶µ"§Kql\[vEº. 10. 12. 0. 5. 10. 15. s fge\8"fYnçjpylc¤v\}hkn s jrmkj*hkg0pYyrc¤v\oyr\[qlpD\Ev+jlci©o\[get8h8q!h)¦°fYnv+jrcem8nÉmk¦yrhkjl\ Rate, MB/sec. 4. mean = 60; stdev = 10; premium = 0.25. 18. 9. mean = 85; stdev = 10. x 10. price= log(x+1). 16. 8. 14. 7. 12. 6 Price. df=0 at 33.866. 10. 5 101.4485. 8 0.95−percentile=76.4485. 4. 6. 3 4. 2 CIR price CIR + Burst price 1 10. 20. 30. 40. 50. 60. 70. 80. 90. 2. 100. 0. CIR price CIR + Burst price 0.95−percentile. s fqrhk8\ge\[©o\

(413) gQ+^ _ ! VWYc¤q]cegigifqujryrhkjl\EqjrWhjEäjlW\

(414) moyr\jrciv[hkgiget8jlWY\ mopYjlciZBhog"fDq\[yBqjly*hjr\

(415) 8t)c¤q`jlm s \[vg¤hkyr\hvm8ZBZ]cejjr\ s fqlhoo\ gi\

(416) ©8\

(417) g¿jrWhjhN©8moc s qphNt¯cenY]jrWY\YfYy*quj*hkYgi\yrhkjl\8Ycen jrWYciqv

(418) hoql\\[¾Tfhog¿jlm V£« 2m¥"\[©o\

(419) yETjlWY\ s ciqrvyr\jrce½Ehjlcimon mk¦ jrWY\Byrhkjl\]qlv*WY\ s fYgi\]v[hkn)ge\Eh s jlmJhknYm8ZBhogeci\[q[¿cen¥#WYc¤v*W¶jrWhjgi\

(420) ©o\[gciqnYm gem8nYo\[ym8pdjlciZ!hkg¦°m8yjrWY\]fq\[y[£fdj jrWhj#jrWY\fql\

(421) y#qlWYmofYg sJs \[v

(422) gihoyl\hknJ\[©o\

(423) n WYcioWY\[yge\[©o\

(424) g<djrWY\

(425) yr\

(426) ¯t´phNt¯cinY]ge\Eqlq[« } +@ÊpdjlciZ!hkgGv

(427) moZBZBçjljl\ CIR. 4. 18. 0. 50. 100. 150. mean = 68; stdev = 10. x 10. 16. 14. 12. 10. 84.4485. 8. 6. 4. 2. 0. CIR price CIR + Burst price 0.95−percentile.

(428) ']+äVW\fDq\[y0qWYm8fYg s 0. nYmoj s \[v

(429) gihoyl\hBvm8ZBZ]cejjr\ s fqrhk8\gi\

(430) ©8\

(431) g£mk¦^T 50. 100. 150. V. Ì°ÝÏÌªá.

(432) .

(433) !" #%$&. n DmojlWJv

(434) h8q\Eq

(435) ¯¥#WY\

(436) jlWY\[yjlWY\vm8ZBZ]cejjr\ s fqrhko\ge\[©o\[g£ciqv*WYmTq\[nmopYjlciZBhogegit!moynYmoj[YqlcenDv\jlWY\pYyrciv

(437) \ciqh f nYçj#¾TfhknTjrçjut`jlciZB\[q"jlWY\vm8Z]ZBcejjr\ s gi\

(438) ©8\

(439) g<8fDq\[yrqhkyr\0cin\¼¿\[vj"phNt¯cinY ¹ ¦°moyhg¤hkyro\0y*hknY8\0mk¦¾TfhonTjlcejlci\[q*ºäh 4Mhjy*hjr\oqlceZBcigihoy#jlmqfYDqlv

(440) ylcipdjlcimonY§<h8q\ s ql\

(441) yr©¯civ

(442) \[q[«@¬\'qlWhkgig£jlW\

(443) yr\¦°moyr\¦°mdvfqmon¶v

(444) moZBphkyrcinY]jlWY\\E¾TfYcegicid§ yrcifYZ jlWhkj#¥"m8fYg s mdv

(445) vfycinJh'Z!hky1/o\

(446) j¥#W\

(447) yr\m8nY\pylm©¯c s \

(448) yfql\ s h`qlfYqrvyrcepYjlcimond§Khoql\ s yrhkjl\odh8q@jrWY\hkMm©o\ yr\ s fv\EqjlmdcinJpYy*hov+jrciv

(449) \oYhon s honYmkjrWY\

(450) y#pylm©¯c s \

(451) y¥#c¤qWY\ s jrm!\

(452) nTjl\[yjlWY\Z!hoy%/8\j[« 2 # `` `, -. 1)#' ' 1 +( ! @

(453) £. . . . ¬\nm¥¡jrfYyrnBjlm¥hky s qähnY\[¥É\

(454) nTjly*hknTj@cinTjlmjrWY\Z!hoy%/8\j[« ¬\vm8nqlc s \[yjlW\

(455) yr\¦°moyr\hql\jljlcinY'qlceZBcigihoyäjrmjlWDhj mo¦ îE¢K8cinB¥#WYc¤v*W]pMmkjr\

(456) nTjlc¤hkgDvfqjlm8Z]\[yrq kfqrhk8\yrhkjl\[q[km8yyl\E¾8f\[qjl\ s v

(457) hophov

(458) çjrce\Eq

(459) Thkyr\ s \ n\ s ¯t`hpYyrmohoYcigecejut s \

(460) nqlçjut¦°fYnvjlcimoIn YjrWhj0c¤q

(461)

(462) *FoY¥#WY\[yl\jrWY\hkyrofZ]\[nTj ciqjrWY\ s \Eqciyl\ s yrhkjl\mk¦hBpDmojl\[n8jrcihog fDq\[y[« h m8n8jryrhoyltjlm jrWY\`ZBm s \[g mo¦ îE¢KG¥"\]qfpYpDmTq\`jlWDhjjlWY\]\§¨ql\

(463) yr©Tc¤v\`mk¼¿\

(464) yr\ s Tt DylZ; F c¤qv*Whkyl§ h8v+jr\

(465) yrce½[\ s ¯t hN§<jlfYpYgi\o C W ¿¥#WY\

(466) yr\ CO 8i:< =? :;< c¤qjlWY\`pYylc¤v\'¦°fYnvjlcimonv*Whoyl8\ s G¦°mo0yGf ql\'mk¦jrWY\ ql\

(467) yr©¯civ

(468) \oT¥#WYc¤v*W s \[pD\[n s qfYpMmonjlWY\fqrhk8\gi\

(469) ©o\[gÁ hkn s jlW\¾Tfhogecejut!mk¦ q\[yl©¯c¤v\o« n s \[\ s d¥\ /Tnm¥ ¦°ylm8Z jrWhj0yr\¦°\[yl\[nv\] îN¢hoq¥\

(470) gigGhoq¦°yrmoZ vg¤hoqrqc¤v

(471) hog¿µ\[y$jryrhon s v

(472) mo ZBpD\

(473) jlcejlcimonGYjlWhkjvmoZBpM\jrçjrcem8n Dhoql\ s monYgit´fYpMmon pylc¤v\gi\[h s q jlm½

(474) \[ylmpYyrm Yj*q ¦°moyähkgig yrZ!q

(475) «a¯\

(476) yr©¯civ

(477) \ s ç¼¿\

(478) yr\

(479) nTjlc¤hjrcem8nGjrWYylm8fYoWBh·mTaphky*hkZB\jr\

(480) yEkv

(481) hon`yr\

(482) ZB\ s t jrWhj0yrfYcinYmofDq"yr\[qlfYgej[« VWY\¾Tfhkgicejut`mo¦q\[yl©¯c¤v\0¥#cigigMM\0j*h /8\

(483) nćin´jrWY\yr\

(484) Z!hocen s \

(485) y@mo¦£jlWYc¤qphkpM\

(486) y"jlm`D\qlmoZB\0ZB\[h8qfYyr\mo¦q\[yl©¯c¤v\ pM\

(487) yl¦°moyrZ!hknv

(488) \o¯nhoZ]\[get8TjlWY\ s \[gihNtBcinvfylyr\ s mon hjut¯pYc¤v

(489) hog£yl\E¾8f\[qj[«²0mojl\jlWhkj¥\hkyr\ vmonDqc s \

(490) yrcinYjrWY\ qlcejlfhkjlcimonćin¥#WYc¤v*W ) -Ycin s \[\ s qlfv*Whò\[nY\

(491) y*hkgicejut`Wh8q@ciZBpDm8yj*hknTjv

(492) monql\[¾TfY\[nv\Eq@m8n!jlW\\

(493) w¯c¤qjl\

(494) nDv\ hon s fYnci¾TfY\[nY\[qrqmo¦Dhqlmogifdjrcem8njlmjlWY\m©o\[yrhogego\[¾TfYcigeciYyrcefYZ ZBm s \[gÁ« njlWciq ¥moy1/MN¥\"qlWhkgigTyl\Equjrylc¤v+j mofYy*q\[ge©8\[q jrm]jlWY\qlceZBpYgi\

(495) y0ql\jljlcinY!mk¦ fqrhko\

(496) §<cin s \[pD\[n s \[n8j s \[gihNtdq[« jc¤qBpMm8qrqciYgi\Jjlm \w¯jr\

(497) n s jlWciqB¦°y*hkZB\[¥"m8%y /Sjrm Z]m8yl\ jrWhknIju¥m ¹ pDmTqlqlciYget¡fqrhko\

(498) § s \

(499) pM\

(500) n s \[nTj*º]q\[yl©¯c¤v\ v*WDhky*hov+jr\

(501) yrciqjlc¤v

(502) qcen ju¥"m)¥hNtd0q + ¹ c¤º'¥\ v

(503) mofYg s vm8nqlc s \[yjrWhj]jlWY\J¾Tfhkgicejutmo¦ql\

(504) yr©Tc¤v\cenv

(505) gef s \[q]ZBmoyr\´jrWhkn m8nY\pYW¯tdqlciv[hkgv*WDhky*hov+jr\

(506) yrciqjlc¤v ¹ s \

(507) g¤hNtoMyl\[gec¤hkYcigiçjut8D\

(508) jrvk«îº}hon s ZBm s \

(509) gjlWY\]v*WYmoc¤v\`hoqh!¦°fYnv+jrcem8nmo¦äpYylc¤v\`hkn s h)vm8Z]pMm8qlcejl\Jv*Whky*hovjl\

(510) yrc¤qujrcivojrWhjBciq[ U U «¡~0gejl\

(511) yrnhkjlci©o\

(512) gito¥\ v

(513) mofYg s vm8nqlc s \[yähkn"! jlfYpge\#¦°m8yä\[h8v*W yrZ#* hkn s yr\

(514) pyl\Eq\[n8j\Ehov*W·mTa pDhky*hkZB\jr\

(515) y s c¤qujrcenvjlgito « njrWY\B¦°moyrZB\

(516) yv

(517) h8q\8£jl WC \B ¦°\[hjr fYyr \[qmk¦ U jl W\!Z]G0m Gs \[gä $ ¥# cigeg#nY moj'v*Whkno\o« njlW\!gihkjjl\[y v[hoql\ofYn s \[yqlmoZB\}h sYs cejlcimonDhkgh8qlqlfYZBpdjlcimonDq

(518) "jlWY\}yr\[qlfYgejrq!pyl\Eq\[n8jr\ s cen jrWYc¤q!phkpM\

(519) y¥"m8fYg s hkg¤qlm yl\[ZBhocen ©hogec s «VWY\

(520) yr\¦°m8yl\8@¦°m8yqciZBpYgiciv

(521) çjutImk¦pYyr\[ql\

(522) nTjrhkjlcimonG¥\¶qWhogegvmonTjrcen¯fY\Jjrm yl\

(523) ¦°\

(524) y´m8nYgit jlm jlWY\}ju¥m¡·mTa v*WDhky*hov+jr\

(525) yrciqjlc¤v

(526) q"mk¦pYyrciv

(527) \hkn s s \

(528) g¤hNto« |@h8v*W fql\

(529) yc¤qjlW\

(530) n v*Whoyrh8v+jl\[ylci½

(531) \ s ¯t)hJpDhkyljlc¤vfYg¤hkyv

(532) monqjrhon8j&% jrWhj`Z]m s \[giqWYciq'¥#cegigicenY8nY\[qrqjlmphNt ¦°m8y'h}WYcioW\

(533) y'¾Tfhogecejutmo¦#ql\

(534) yr©¯civ

(535) \o«JVWhj`ciq['% oci©o\[qjlWY\´fDq\[y qm¥#njly*h s \[mk¼ID\

(536) ju¥"\[\

(537) nSpYyrciv

(538) \hkn s s \

(539) g¤hNto« ²mkjr\jlW\

(540) n¶jrWhjcen¶jlWY\Bv

(541) h8q\mo¦äZ'fYgejlcipYgi\]ql\

(542) yr©¯civ

(543) \'v*Whoyrh8v+jl\[ylc¤qjlc¤v

(544) q[%(B¥mofYg s pYyrm©¯c s \jlWY\`fq\[y qjly*h s \[mk¼ M\ju¥\

(545) \[n¶pYyrciv

(546) \`hon s hjljlyrceYfYjl\")¿Dm8yWm¥/Z`fv*W}jrWY\`fDq\[yc¤q¥#cigegicinY´jrmphNt jlmcenDvyr\[hoql\jlW\`gi\

(547) ©8\

(548) g mk¦·mTa ¯t´m8nY\fYnYcej[« ¬\qWDhkgig¿qlfYpYpMm8ql\jlWhkjjlWY\fql\

(549) yjryrh s \

(550) mo¼JpDhky*hkZB\jr\

(551) yE%'Yciqnmkj0vm8nquj*hknTj¦°moy#hkgig£fql\

(552) y*q

(553) ¯Yfdj0y*hjrWY\

(554) yc¤q s \[qrvyrceM\ s ¯t`hy*hkn s moZ3©hoylc¤hkYgi\o s ciqjlyrciYfdjl\ s m©o\[yjlWY\0pMmopfYgihkjlcimonBmk¦£pMmkjr\

(555) nTjlc¤hkgv

(556) fqjlmoZB\[yrq VWYc¤q¦°\[hkjlfYyr\ mo¦m8fYy!ZBm s \

(557) g0c¤q´vyrcejlc¤v

(558) hkg -#¥\Jhoyl\Jcin \¼¿\[v+jv[hkpdjrfYyrcenYjrWY\}fYnYci©o\[yrql\mo¦fDq\[yrq D\[WhN©¯cem8yrq]¥#cejlW yr\[qlpD\Ev+j . . . . . . . . . ÏÏ Ü6!789:.

(559) *.

(560) . jrm)v

(561) m8qj§¨¾8fDhkgiçjutjly*h s \[mk¼£q

(562) «VW\

(563) nGjrWY\pYyrmoDhkYcigecejut s ciqjlyrciYfdjlcimon mon fql\

(564) y q'yrhkjl\ge\[©o\

(565) g¤qM\[v

(566) moZB\[q`h!zum8cenTj s ciqjlyrcefdjlcimon mk¦yrhkjl\gi\

(567) ©o\[giq#hon s vm8qj§·mTa!jly*h s \[mk¼¶phoyrhoZB\jl\[yrq0+. % % *F

(568)

(569) h m8nqc s \[ymon\pDmojl\[n8jrcihogfDq\[y[« 3 ci©o\[n¶WYc¤q0m¥#n}©hkgifY\`mk¦jlW\jly*h s \

(570) mk¼phky*hkZB\

(571) jl\

(572) yE%'¿hon s WYc¤q s \[qlceyr\ s fDqlhoo\ge\[©o\[gÁ W\¥#cegigGm8pdjlciZBce½[\WYc¤qv*WYm8civ

(573) \mo¦pYylm©¯c s \

(574) yEYhkZBm8nY]jlWY\ yrZ!q

(575) Tt v*WYm¯m8qlcenBjlWY\m8nY\jlWDhj ZBcinYciZ]ci½

(576) \Eq#WYc¤q#vm8Z'YcinY\ s vmTquj + ¹ oº _ R

(577) C % ²mkjr\jlWhkj0nYmkj0m8nYget s m¯\[q% WhN©8\jlWY\M\

(578) WhN©¯cimoy*hkg¿yr\

(579) pYyr\[ql\

(580) nTjlcimon mk¦ jlW\fq\[y q#vmTqujl§u·m¯aBjryrh s \

(581) mo¼ Yfdj[Mhoq cej0c¤q\wdpYyr\[qrq\ s cinfnYçj*q#mk¦ s m8geg¤hky*qpD\[y#jlciZB\oYcej0pD\[ylZBcejrq#qlfYZBZBcenYBjrWY\ju¥mBv

(582) ylcejl\[ylc¤hY C hkn s VWY\[nG£jrWY\BpYylm8hkcegiçjutJjrWhjhfql\

(583) yv*Whky*hovjl\[ylci½

(584) \ s Tt¶jly*h s \[mk¼ vm8nquj*hknTj % hon s fDqlhoo\'gi\

(585) ©8\

(586) g< ¥#cegig cin s \[\ s v*WYm¯m8ql\jlm!qfqlv

(587) ylciM\jrmBjlWY\ql\

(588) yr©¯civ

(589) \mo¦ pylm©¯c s \

(590) yäc¤qjlWY\[n}oci©o\[n¯t ¹ '8º

(591) C % p´jlm]nYm¥T¥"\WhN©8\0nYmkj#qlpD\Evc \ s jlWY\¦°moyrZ!q@mo¦£jlWY\pYyrciv

(592) \[q"mk¼¿\

(593) yr\ s ¯t!\[h8v*W´pYyrm©¯c s \[y[ « nm8y s \

(594) y jrm!qpM\[v

(595) ç¦°t¦°fYgegit´jrWY\ZBm s \

(596) g<Y¥\Z`fqj0ZB0h /o\qm8ZB\h8qlqlfYZBpdjrcem8nq#hkMmofdj#jrWY\y*hjl\qjlyrfv+jrfYyl\Eq

(597) C # C « a¯fpYpDmTq\8khoq cin îE¢<NjrWhj JM0pYylm©¯c s \

(598) y*q[Ehon s jrWh^j ć¤qv

(599) monTjlcin¯fYmofqlgit s ç¼¿\

(600) yr\

(601) nTjlc¤hkge\"cen`çj*q hoyl8fYZB\

(602) nTjrq[« \j0¦°fyjrWY\

(603) y C C hon s C U C U «VWDhjc¤q

(604) DpYyrm©Tc s \[yv*Whkyro\Eq#h 4Dhkj ¹ qlfYqrvyrcepYjlcimond§Khoql\ s º"¦°\

(605) \ ¥#Wcegi\pYyrm©Tc s \[yBv*Whoyl8\[qhBqciZBpYge\ ¹ gecinY\Ehky+º@fDqlhoo\§Kh8q\ s ¦°\

(606) \8« n jlWciq0v[hoql\oYh]fql\

(607) y0v*Whoyrh8v+jr\

(608) yrce½[\ s ¯t!ju¥mk§<jlfYpge\ $ % v*WYm¯m8ql\[qpYyrm©¯c s \[By Fce¦ ¹ ^Tº K C U % U C % hon s v*WYm¯m8ql\[qpYyrm©Tc s \[y#`mojlWY\[yl¥#c¤q\8« \j"fDq@qlfYpYpMm8ql\#cenYcejlc¤hkgigit`jrWhj ` b hon s B H -8jlWhkj@c¤q

(609) 8jlWY\qfpYpYgice\[yämk¼¿\

(610) yrcenjlWY\ 4Dhj@y*hjr\0mk¼¿\

(611) y*q h]M\jljl\

(612) y¾8fDhkgiçjut´mo¦ ql\

(613) yr©¯civ

(614) \ ¹ gem¥\

(615) y C s \[gihNC tYU ºhoq¥ \

(616) gig<« U jc¤q0v

(617) ge\Ehky#jrWY\

(618) nJjrWhj#jrWY\

(619) yr\hkyr\jlWYyr\[qlWYm8g s qcin hon s %¦°moy0¥#WYc¤v*WJmonY\m8y#jlW\mkjrWY\

(620) y0qlfYpYpYgici\

(621) y0c¤qv

(622) m8qj§ \

(623) ¼M\Ev+jrce©8\´¦°moy]h¶fql\

(624) yE«adpD\Evc Dv

(625) hogegito¦°m8y % aH*C C U äqfpYpYgice\[yciq]v*WY\[hopD\[y[«a¯cenDv\ cen jrWYc¤q'\

(626) wdhoZBpYge\8 qlfYpYpgeci\

(627) y!!hkg¤qlmWh8qh D\

(628) jjl\[y]·mTacinjrWhjjrWY\ s \

(629) g¤hNt¶cejmk¼¿\

(630) y*qciqgim¥"\[y[£fDq\[yrq¥#cejlW % HJC C U ¥#cegig v*WmTmTq\qlfYpYpYgici\

(631) y'¦°m8yhogeg %'«a¯ceZBcigihoylgitoD¥#WY\

(632) n K C C U hkn s % H% C C U U DqlfYpYpYgice\[y c¤q#v*WYm8ql\

(633) n«adfYpYpYgice\[y`ciqv*WYm8ql\

(634) n¦°moy0hkgig£mkjrWY\

(635) y#©hogefY\Eq#mk¦ % # « VWY\[nGdjrWY\yl\[©o\[nTf\[qmk¦pYyrm©Tc s \[yrqhkn s ]v

(636) honM\\wdpYyr\[qrq\ s ¯t+ ¹ +oº % % "! % % '& C C #$%

(637)

(638) "! (# $)*% "! ¹ 8º C % % C U U

(639)

(640) $ . . . . Ì°ÝÏÌªá.

(641) .

(642) !" #%$&. ¥#W\

(643) yr\oYhoqM\¦°m8yl\8 ¹ kº % C P C U U njrWhj'v[hoql\oG¥\´v

(644) hon)¥#yrçjr\!mofdjjrWY\ y*qujm8y s \