Essays on the cost structure of nonprofit nursing homes

Texte intégral

(1)ESSAYS ON THE COST STRUCTURE OF NONPROFIT NURSING HOMES. by LAURA DI GIORGIO. A dissertation submitted to the Faculty of Economics Università della Svizzera italiana. For the degree of Ph.D. in Economics. Lugano – May, 2013.

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

(22) . ;DG CDC JC>;DGB 9>HJI>A>IN 6C9 6HHJB: 1: 86C CDL IJGC ID I=: D7?:8I>K:H D; I=: B6C6<:G .=: B6C6<:GRH JI>A>IN 86C 7: 9:PC:9 7N I=: ;DAADL>C< :MEG:HH>DC ' ( . ' . . L=:G: ( >H I=: B6C6<:GRH L6<: . >H 9>HJI>A>IN D; :WDGI 6C9 >H I=: 9:<G:: I=: <D6AH D; I=: 7D6G9 6G: >CI:GC6A>O:9 7N I=: B6C6<:G -J7HI>IJI>C< ;DG ' >C I=: B6G<>C6A >BE68I D; 6C JC76A6C8:9 7J9<:I DC B6C6<:GRH JI>A>IN >H .=: B6C6<:GRH JI>A>IN >H 699>I>K: >C :WDGI 6C9 I=: 9:<G:: D; H=6G>C< D; I=: 7D6G9RH D7?:8I>K:H L>I= --. 6C9 - -. 1: =NEDI=:H>O: I=6I I=: 9>HJI>A>IN D; :WDGI I6@:H I=: ;DGB . . L>I= .=: B6G<>C6A >BE68I D; :WDGI DC B6C6<:GRH JI>A>IN >H I=:C 86EIJG:9 7N I=: E6G6B:I:G #C I=: ;DAADL>C< 6C6ANH>H L: 6HHJB: I=6I 9>HJI>A>IN D; B6C6<:G>6A :WDGI 9D:H CDI K6GN 68GDHH >CHI>IJI>DC6A ;DGBH #C -L>IO:GA6C9 LDG@ 8DCIG68IH ;DG B6C6<:GH 6G: =><=AN G:<JA6I:9 7N I=: A6L 6C9 86CCDI 9>W:G 7N >CHI>IJI>DC6A ;DGB (:K:GI=:A:HH CDC :MEA>8>I 8DC9>I>DCH B6N >BEAN I=6I B6C6<:GH LDG@>C< ;DG EJ7A>8 A6L ("H 6G: HJ7?:8I ID ADL:G G>H@ D; ADH>C< I=:>G ?D7 L=:C I=: :WDGI >H CDI H6I>H;68IDGN >C6AAN I=: A:K:A D; :WDGI >H 7DJC9:9 ID I6@: 6 K6AJ: >C I=: >CI:GK6A . . .. ). . # . ) . L=:G:. DG H>BEA>8>IN I=: G:H:GK6I>DC JI>A>IN >H 6HHJB:9 ID 7: O:GD HD I=6I I=:. E6GI>8>E6I>DC 8DCHIG6>CI D; I=: B6C6<:G >H 6AL6NH H6I>HP:9 ;DG 6CN A:K:A D; I=: L6<: . (DI: I=6I ;DG L: =6K:

(23) " & ;DG 6CN A:K:A D; :WDGI DCK:GH:AN ;DG L: =6K:

(24) ! & ;DG 6CN -:: -:8I>DC ;DG ;JGI=:G 9:I6>AH #C 6 H:E6G6I: :M:G8>H: L: 6AADL:9 ;DG =:I:GD<:C:DJH 9>HJI>A>IN D; :WDGI 68GDHH >CHI>IJI>DC6A ;DGBH 1: =NEDI=:H>O:9 I=6I > : I=: 8DHI D; :WDGI >H =><=:G ;DG B6C6<:GH >C EJ7A>8 A6L ("H I=6C ;DG B6C6<:GH >C EG>K6I: A6L ( * ("H .=: B6>C G:HJAIH 6G: JC8=6C<:9 .=>H :CHJG:H I=6I I=: B6C6<:G 86C 9:8G:6H: 8DHIH JE ID I=: A:K:A L=:G:

(25) :NDC9 I=>H A:K:A BDG: :WDGI LDJA9 G:9J8: I=: JI>A>IN D; I=: B6C6<:G H>C8: 6 =><=:G A:K:A D; :WDGI EGD9J8:H G:HDJG8:H I=6I 86CCDI 7: :MEAD>I:9.

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

(27).

(28). # . . . L=:G: (DI: I=6I ;DG I=: B6C6<:G =6H CD >C8:CI>K: ID B6@: 6 EDH>I>K: :WDGI .=>H >H 7:86JH: 6CN EDH>I>K: A:K:A D; :WDGI LDJA9 >C8G:6H: :8DCDB>8 EGDPIH L=>8= 86CCDI 7: G:I6>C:9 7N I=: PGB DCK:GH:AN ;DG 6 EDH>I>K: A:K:A D; :WDGI >H K6AJ67A: ID G:9J8: ADHH:H .=: DEI>B6A A:K:A D; :WDGI 8A:6GAN 9:E:C9H DC I=: B6<C>IJ9: D; I=: 9>W:G:C8: 7:IL::C =><= HIGJ8IJG6A 8DHIH 6C9 ADL HIGJ8IJG6A 8DHIH . 3()0 46)(-'8-327. GDB :F 67DK: CDI: I=6I B6C6<:G>6A :WDGI K6G>:H 688DG9>C< ID I=: INE: D; EGD9J8. I>K>IN 8DCHIG6>CI D; ("H 9:PC:9 7N I=: >CHI>IJI>DC6A ;DGB 2 " < " 9 !>K:C I=: ;:6IJG:H D; I=: ;JC9>C< HNHI:B I=:G: 6G: CD 7:=6K>DG6A 9>W:G:C8:H 7:IL::C I=: ILD >CHI>IJI>DC6A.

(29) ;DGBH >; ("H 6G: <:C:G6AAN DK:G PC6C8:9 > : >; #C I=>H 86H: I=: 8=D>8: D; :WDGI 9D:H CDI 9:E:C9 DC I=: >CHI>IJI>DC6A ;DGB HE:8>P8 E6G6B:I:GH .=:G:;DG: L: ;D8JH DC I=: 8=D>8: D; :WDGI L=:C > : L=:C ("H >C8JG 6 ADHH DG ?JHI 8DK:G 8DHIH '6C6<:G>6A :WDGI 9:E:C9H DC I=: B6G<>C6A 9>HJI>A>IN D; 6 ADHH 6C9 I=: >BEDGI6C8: D; I=: 7D6G9RH D7?:8I>K:H L=>8= >H 86EIJG:9 7N I=: E6G6B:I:G . >C6AAN B6C6<:G>6A :WDGI 9:E:C9H. DC I=: B6G<>C6A >BE68I D; B6C6<:GRH :WDGI DC 8DHIH &DD@>C< 6I I=: 8DBE6G6I>K: HI6I>8 EGDE:GI>:H D; I=: :FJ>A>7G>JB >C I=: 86H: D; JC9:G. PC6C8>C< L: 86C H=DGIAN 9>H8JHH =DL I=: DI=:G E6G6B:I:GH D; >CI:G:HI 6W:8I I=: DEI>B6A 8=D>8: D; :WDGI. DG L: <:I. - -.. . . . . DI=:GL>H:. . .=: DEI>B6A A:K:A D; :WDGI :M:GI:9 7N I=: B6C6<:G >C8G:6H:H ;DG ADL A:K:AH D; 6C9 9:8G:6H:H L=:C >H G:A6I>K:AN =><= ->C8: G:EG:H:CIH I=: B6G<>C6A >BE68I D; :WDGI DC 8DHIH :F >BEA>:H I=6I 6 =><=:G A:K:A D; :WDGI >H G:FJ>G:9 ID 8DK:G 8DHIH L=:C I=: B6G<>C6A >BE68I D; :WDGI >H G:A6I>K:AN ADL <>K:C I=: B6G<>C6A 9>HJI>A>IN D; 6C JC76A6C8:9 7J9<:I 6C9 I=: 9:<G:: I=: <D6AH D; I=: 7D6G9 6G: >CI:GC6A>O:9 6C9 I=: B6G<>C6A 8DHI D; :WDGI ;DG I=: B6C6<:G H ;DG I=: >BE68I D; L: =6K: -. - .=:G:;DG: =><=:G B6G<>C6A >BE68I D; JC76A6C8:9 7J9<:IH DC B6C6<:GHR JI>A>IN A:69H ID =><=:G A:K:AH D; B6C6<:G>6A :WDGI >C :FJ>A>7G>JB ->C8: L>I= 7DI= 6C9 EDH>I>K: 6C9 ADL:G I=6C L: 6AHD 8DC8AJ9: I=6I -. - 6C9 -. - "><=:G A:K:AH D; :WDGI >C :FJ>A>7G>JB 9:G>K: ;GDB =><=:G 9:<G::H D; <D6AH H=6G>C< 6C9 =><=:G 9>HJI>A>IN D; I=: 7D6G9 ;GDB JC76A6C8:9 7J9<:IH . >C6AAN ;GDB L: <:I -. - L=>8= >BEA>:H I=6I 6 =><=:G B6G<>C6A. 8DHI D; :WDGI ;DG I=: B6C6<:G 9:8G:6H:H I=: :FJ>A>7G>JB A:K:A D; :WDGI ID G:9J8: 8DHIH 6H . N 9:G>K>C< ;DG L>I= G:HE:8I ID L: <:I. . I:GB 6I I=: CJB:G6IDG >H EDH>I>K: L=>8= A:69H ID :G>K>C< ;DG L>I= G:HE:8I ID L: D7I6>C. . . . . . .=>H >H EDH>I>K: >; I=: A6HI. L=>8= >H 6AL6NH H6I>HP:9.

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(33) 6C9 I=: CJB7:G D; CJGH:H I=6I H=DJA9 7: :BEADN:9 688DG9>C< ID I=: <J>9:A>C:H D; I=: ,*" DEI>B6A 6BDJCI D; HI6W :86JH: CJGH>C< 86G: >H 6 A67DG >CI:CH>K: H:GK>8: HI6VC< A:K:A =6H 7::C G:8D<C>O:9 6H 6 <DD9 >C9>86IDG ;DG FJ6A>IN DCH:FJ:CIAN I=: CJGH>C< HI6W G6I>D >H G:<JA6I:9 7N I=: ,*" .D 6KD>9 LDGH:C>C< FJ6A>IN ("H 6G: CDI 6AADL:9 ID 9:K>6I: ;GDB I=: HJ<<:HI:9 6BDJCI D; CJGH:H 7N BDG: I=6C ->C8: A67DG 8DHI G:EG:H:CIH I=: B6?DG 8DHI D; EGD9J8I>DC 8;G H:8I>DC 6 HB6AA 8=6C<: >C I=: CJGH>C< HI6W G6I>D B6N 6W:8I IDI6A 8DHI 8DCH>9:G67AN. DG I=>H G:6HDC ("H L>I= =><= 8DHIH B6N 9:8>9: ID 9:8G:6H: I=:. EGDEDGI>DC D; LDG@:GH )C I=: DI=:G =6C9 :V8>:CI ("H B6N =>G: C:L LDG@:GH DG >C8G:6H: I=: LDG@>C< I>B: ID ?JHI>;N 699>I>DC6A 8DHIH ID I=: G:<JA6IDGN 6JI=DG>IN .=: :C9D<:C:>IN D; I=: CJGH>C< HI6W G6I>D >H 8DCPGB:9 7N I=: GD7JHI JG7>C 1J "6JHB6C I:HI E:G;DGB:9 JH>C< I=: A6<<:9 # 6H >CHIGJB:CI6A K6G>67A: 6B:GDC 6C9 .G>K:9> .=: CJAA =NEDI=:H>H D; :MD<:CDJH # >H G:?:8I:9 6I 6CN HI6C96G9 A:K:AH D; H><C>P86C8: .D 699G:HH I=: :C9D<:C:>IN EGD7A:B A6<<:9 K6AJ:H D; I=: CJGH>C< HI6W G6I>D # 6G: JH:9 !>K:C I=6I # >H 9:I:GB>C:9 9JG>C< I=: DE:G6I>C< N:6G ;DG :M6BEA: I=GDJ<= Q:M>7A: LDG@>C< I>B: L=>A: I=: 7J9<:I >H 9:PC:9 6I I=: 7:<>CC>C< D; I=: N:6G I=: A6<<:9 K6AJ: D; # >H :ME:8I:9 ID 7: 6 K6A>9 >CHIGJB:CI .=: 9JBBN K6G>67A: 86EIJG:H 9>W:G:C8:H 68GDHH >CHI>IJI>DC6A ;DGBH 6H =NEDI=:H>O:9 >C H:8I>DC .=>H K6G>67A: 86C 7: 6HHJB:9 ID 7: :MD<:CDJH ;DG ILD B6>C G:6HDCH. >GHI. DG<6C>O6I>DC6A ;DGB 9>W:G:C8:H 6G: B6>CAN 9G>K:C 7N =>HIDG>86A G:6HDCH *G:8>H:AN CJGH>C< =DB: 86G: L6H >C>I>6AAN EGDK>9:9 7N G:A><>DJH ;DJC96I>DCH &6I:G >C8G:6H>C< 9:B6C9 D; (" H 8DBE6G:9 ID DI=:G FJ6A>IN >C9>86IDGH G:A6I:9 ID HI6VC< A:K:AH DJG >C9>86IDG >H 8DC8:EIJ6AAN 9>W:G:CI .=: CJGH>C< HI6W G6I>D >H I=: 9:K>6I>DC ;GDB I=: DEI>B6A CJB7:G D; CJGH:H I=6I H=DJA9 7: :BEADN:9 688DG9>C< ID <J>9:A>C:H D; I=: G:<JA6IDG G6I=:G I=6C I=: CJB7:G D; HI6W CJGH:H :BEADN:9 #C 6 G:8:CI G:K>:L DHI>8@ :I 6A H=DL 6 EDH>I>K: 6HHD8>6I>DC 7:IL::C HI6VC< A:K:AH 6C9 FJ6A>IN D; 86G: 6C9 I=: A>C@ 7:IL::C HI6VC< A:K:AH 6C9 9>G:8I >C9>86IDGH D; FJ6A>IN HJ8= 6H ;JC8I>DC6A 67>A>IN EG:HHJG: JA8:GH 6C9 L:><=I ADHH .=>H >H 6 G6I=:G H>BEA: 6EEGD68= ID I68@A: :C9D<:C:>IN >C ;GDCI>:G 6C6ANH>H L=:G: DI=:G HDAJI>DCH HJ8= 6H -&- 6G: CDI ;:6H>7A: .=: DJIEJI D; I=: I:HI HI6I>HI>8 DC I=: :C9D<:C:>IN D; >H . .=: :C9D<:C:>IN I:HI >H E:G;DGB:9 DC I=: 8DHI BD9:A L>I= PGHI DG9:G 8D:V8>:CIH .=: HI6I>HI>8H EGDK>9:9 <>K:H HDB: :K>9:C8: I=6I I=: A6<<:9 K6AJ: >H 6 K6A>9 >CHIGJB:CI .=: PGHI HI6<: G:<G:HH>DC HJBB6GN >C9>86I:H I=6I I=: A6<<:9 K6AJ: :MEA6>CH D; I=: K6G>67>A>IN >C .=: -ID8@ 6C9 3D<D I:HI 6I A:K:A D; IDA:G6C8: <G:6IAN G:?:8IH I=: CJAA =NEDI=:H>H D; L:6@ >CHIGJB:CI .=: H6B: 6C6ANH>H E:G;DGB:9 DC I=: ILD N:6GH A6<<:9 K6AJ: D; HJ<<:HIH I=6I I=>H >CHIGJB:CI >H A>@:AN ID 7: L:6@.

(34) 86G: 6C9 A68@ D; HJEEAN A:9 AD86A <DK:GCB:CIH ID 7J>A9 C:L ("H -:8DC9 ("H 8=6C<>C< >CHI>IJI>DC6A ;DGB 6G: CDI 6AADL:9 ID 7:C:PI ;GDB PC6C8>6A 69K6CI6<:H #C DG9:G ID >BEDH: 6H ;:L G:HIG>8I>DCH 6H EDHH>7A: L: 69DEI 6 Q:M>7A: IG6CHAD< ;JC8I>DC6A ;DGB 6EEGDM>B6I:9 6I I=: B:9>6C K6AJ: 6 A:HH H:CH>I>K: HI6I>HI>8 ID DJIA>:GH I=6C I=: B:6C #CEJI EG>8:H 6C9 IDI6A 8DHIH 6G: 9>K>9:9 7N I=: B6I:G>6A EG>8: ID H6I>H;N I=: =DBD<:C:>IN 8DC9>I>DC >C >CEJI EG>8:H .=: HID8=6HI>8 IG6CHAD< 6EEGDM>B6I>DC ID >H . ". * # # . " ". ". * # # ". " ". * #. ". " " " * # * * " " " " # # # # " " " " " " # # " " " " .

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

(36) 6 C:L PC6C8>C< HNHI:B L6H >CIGD9J8:9 .=>H 8=6C<: B6N =6K: 6W:8I:9 I=: G:A6I>K: :V8>:C8N D; 9>W:G:CI >CHI>IJI>DCH DCH:FJ:CIAN L: :M8AJ9:9 I=: E:G>D9

(37) ;GDB I=: EG:H:CI 6C6ANH>H .=: >BE68I D; I=: C:L G:;DGB DC I=: E:G;DGB6C8: D; ("H >H 6C6ANO:9 >C 8=6EI:G D; I=>H I=:H>H.

(38) 9:PC:H 96>AN G6I:H I=: B>C>BJB C:8:HH6GN >C;G6HIGJ8IJG: 6C9 I=: 6BDJCI 6C9 8:GI>P86. I>DC D; HI6W 76H:9 DC G:H>9:CIHR C::9H ID :CHJG: =><= FJ6A>IN HI6C96G9H #I 6AHD 9:PC:H HJEEAN 86E68>IN >C I:GBH D; 7:9H 6C9 HJ7H>9>:H ID EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H DCH:FJ:CIAN I=: EGD9J8I>DC EGD8:HH >H =><=AN =DBD<:CDJH 6C9 8DBE6G67A: 68GDHH ("H 6I6 6G: :MIG68I:9 ;GDB 6CCJ6A G:EDGIH 9:A>K:G:9 ID I=: ,*" 7N G:<JA6I:9 ("H ("H L>I= ;DN:GH 6G: :M8AJ9:9 ;GDB DJG H6BEA: )C: (" H=DLH JCG:6HDC67A: K6AJ:H =:C8: >I >H 6AHD :M8AJ9:9 ;GDB I=: 6C6ANH>H .=: PC6A H6BEA: 8DCI6>CH 96I6 D; ("H EG>K6I: A6L ( * ("H 6C9 EJ7A>8 A6L ("H L>I= 6 IDI6A CJB7:G D; D7H:GK6I>DCH :FJ6A ID (DI: I=6I 6H 8DBE6G:9 ID EG:K>DJH HIJ9>:H DC -L>HH ("H : <. >A>EE>C> 6GH> :I 6A . 6GH> :I 6A I=>H 96I6H:I >C8AJ9:H ;JAA >C;DGB6I>DC DC I=: 86E>I6A 8DHIH ;DG EJ7A>8 ("H I=6I L6H EG:K>DJHAN CDI 6K6>A67A: .67A: EG:H:CIH I=: HJBB6GN HI6I>HI>8H ;DG I=: B6>C 8DHIH 6C9 >CEJI K6G>67A:H D; >CI:G:HI B:6C HI6C96G9 9:K>6I>DC B:9>6C B>C>BJB 6C9 B6M>BJB K6AJ:H ;DG DJG H6BEA: AA >CEJI EG>8:H IDI6A 8DHI 6C9 K6G>67A: 8DHI 6G: >CQ6I:9 ID 8DCHI6CI 8JGG:C8N JC>IH -L>HH ;G6C8H JH>C< I=: C6I>DC6A DCHJB:G *G>8: #C9:M .=: 6K:G6<: 8DHI E:G G:H>9:CI 96N >C I=: BDHI :ME:CH>K: (" >H 6ABDHI IL>8: I=: 6K:G6<: 8DHI D; I=: A:6HI :ME:CH>K: =DB: L>I= 6C 6K:G6<: D; 67DJI

(39)

(40) -L>HH ;G6C8H - G .=>H 9>W:G:C8: >H 6I A:6HI E6GI>6AAN :MEA6>C:9 7N I=: A6G<: =:I:GD<:C:>IN >C ("H 8=6G68I:G>HI>8H #C E6GI>8JA6G ;68>A>I>:H K6GN >C H>O: .=: CJB7:G D; 7:9H G6C<:H ;GDB 6 B>C>BJB D; ID 6 B6M>BJB D; L=>8= A:69H ID 6 =><= HI6C96G9 9:K>6I>DC 6AHD >C I=: IDI6A 6CCJ6A G:H>9:CI 96NH >W:G:C8:H >C 86H: B>M 8=6G68I:G>HI>8H 6G: 6AHD G:B6G@67A: I=: 6K:G6<: E6I>:CI 9:E:C9:C8N >C9:M G6C<:H ;GDB ID

(41) :K:C I=DJ<= B:6C 6C9 B:9>6C K6AJ:H 6G: K:GN 8ADH: H :ME:8I:9 I=: CJGH>C< HI6W . DN:GH 6G: :MI:GC6A G:H>9:CI>6A 6E6GIB:CIH L=:G: CJGH>C< 86G: >H EGDK>9:9 ID I=: BDHI S>C =:6AI=T E6I>:CIH ->C8: I=: EGD9J8I>DC EGD8:HH B6N 9>W:G HJ7HI6CI>6AAN L=:C 6 8DCH>9:G67A: H=6G: D; E6I>:CI 96NH >H HE:CI >C ;DN:GH I=:H: D7H:GK6I>DCH 6G: 9GDEE:9 .=>H (" L6H >C>I>6AAN 6 ;DG EGDPI >CHI>IJI>DC 6C9 8DCH:FJ:CIAN 8=6C<:9 I=: G:<JA6I>DC G:<>B: ->C8: ;DG EGDPI ("H EGDK>9: AJMJGN G:H>9:CI>6A H:GK>8:H I=:>G EGD9J8I>DC EGD8:HH >H =6G9AN 8DBE6G67A: L>I= I=: EGD9J8I>DC EGD8:HH D; DI=:G =DB:H .=: G:EDGI:9 CJB7:G D; ("H ;DG :68= >CHI>IJI>DC6A ;DGB >H I=: 6K:G6<: CJB7:G D; =DB:H DK:G I=: L=DA: E:G>D9 8DCH>9:G:9 .=: CJB7:G D; EG>K6I: A6L ( * ("H G6C<:H ;GDB ID L=>A: EJ7A>8 A6L ("H K6GN 7:IL::C 6C9 .=:H: 699>I>DC6A 96I6 DC I=: 6BDGI>O6I>DC 8DHIH D; EJ7A>8 A6L ("H =6K: 7::C B69: 6K6>A67A: ?JHI G:8:CIAN.

(42) G6I>D >H 8ADH: ID #C ;68I ("H 6G: HJEEDH:9 ID ;DAADL I=: <J>9:A>C:H D; I=: ,*" 6C9 ID :BEADN 6H B6CN CJGH:H 6H >I >H HJ<<:HI:9 &6G<: K6G>6I>DCH 6G: PC6AAN D7H:GK:9 ;DG 6AA >CEJI EG>8:H .=: EG>8: D; 86E>I6A H=DLH I=: <G:6I:HI K6G>6I>DC BDHIAN :MEA6>C:9 7N >CK:HIB:CIH B69: ID G:C:L I=: ;68>A>IN .=: A67DG EG>8: H=DLH I=: 6K:G6<: N:6GAN L6<: D; I=: HI6W 6C9 K6G>:H 7:IL::C - G

(43) 6C9 - G .=: B:6C EG>8: ;DG B:6AH >H - G 6C9 G6C<:H 7:IL::C - G 6C9 - G .=:H: G:6HDC67A: K6AJ:H HJEEDGI DJG HE:8>P86I>DC D; B6I:G>6A EG>8: &67DG 8DHIH G:EG:H:CIH D; IDI6A 8DHIH L=:G:6H 86E>I6A 8DHIH 6C9 B6I:G>6A 8DHIH 688DJCI ;DG 6C9 G:HE:8I>K:AN 06G>67A:H K:G6<: 8DHI - G

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

(45) H><C>P86CI 9>W:G:C8:H >C I=: CJGH>C< HI6W G6I>D CDG >C I=: 86H: B>M AI=DJ<= 96I6 9D CDI H=DL >BEDGI6CI 9>W:G:C8:H 7:IL::C EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H JCD7H:GK:9 ;68IDGH G:A6I:9 ID 8DHIH B6N HI>AA G:HJAI >C 9>W:G:CI E:G;DGB6C8:. DG :M6BEA: # B6N. 86EIJG: DCAN E6GI D; FJ6A>IN 9>W:G:C8:H ":C8: ("H EGDK>9>C< =><=:G FJ6A>IN H:GK>8:H I=6C I=: 6K:G6<: B6N E:G;DGB 7:II:G ! 06G>67A:H K:G6<: 8DHI - G

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

(47) 6C6ANH>H D; :V8>:C8N .=: PGHI 6EEGD68= 'D9:A G:A>:H DC I=: 6HHJBEI>DC I=6I I=: >CHI>IJI>DC6A ;DGB 6W:8IH I=: 9:<G:: D; >C:V8>:C8N 9>G:8IAN .=: E:G;DGB6C8: D; :68= (" >H B:6HJG:9 >C G:A6I>DC ID 6 H>C<A: 7:HI EG68I>8: ;GDCI>:G 6C9 I=: >BE68I D; I=: >CHI>IJI>DC6A ;DGB DC >C:V8>:C8N >H I:HI:9 6;I:GL6G9H 7N B:6CH D; I=: CDC E6G6B:IG>8 %GJH@6A 16AA>H I:HI .=: H:8DC9 6EEGD68= 'D9:A >C8AJ9:H 6 9JBBN K6G>67A: ;DG I=: >CHI>IJI>DC6A ;DGB 9>G:8IAN >CID I=: B6>C 8DHI :FJ6I>DC 6C9 :HI>B6I:H ILD 9>HI>C8I 7:HI EG68I>8: ;GDCI>:GH .=: G6I>DC6A: >H I=6I ("H L>I= 9>W:G:CI >CHI>IJI>DC6A ;DGBH B6N ;68: 9>W:G:CI DE:G6I>C< :CK>GDCB:CIH 6C9

(48) DG D7?:8I>K:H DCH:FJ:CIAN I=:N 86C 69DEI 9>W:G:CI 8DB7>C6I>DCH D; >CEJIH .=: G:HJAI>C< >C:V8>:C8>:H 6G: C:I D; >CHI>IJI>DC6A 8=6G68I:G>HI>8H ' 6C9 6G: >CI:GEG:I:9 EG>B6G>AN 6H 6C >C9>86IDG D; B6C6<:G>6A E:G;DGB6C8: D:AA> :I 6A #C I=: EG:H:CI 86H: C:I >C:V8>:C8>:H 86EIJG: 6CN 9>W:G:C8: 7:IL::C EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H G:A6I:9 ID I>B: K6GN>C< ;68IDGH .=: 9>HI6C8: 7:IL::C I=: 68IJ6A 8DHIH 6C9 I=: <GDJE HE:8>P8 7:HI EG68I>8: ;GDCI>:G EGDK>9:H >C;DGB6I>DC 67DJI I=: L>I=>C <GDJE >C:V8>:C8N D; EG>K6I: A6L 6C9 EJ7A>8 A6L ("H DCK:GH:AN I=: 7:IL::C <GDJEH >C:V8>:C8N >H B:6HJG:9 6H I=: 9>HI6C8: 7:IL::C I=: ILD ;GDCI>:GH > : I=: 8D:V8>:CI D; I=: 9JBBN K6G>67A:. >C6AAN 7N G: :K6AJ6I>C< I=: IG69>I>DC6A :V8>:C8N EG:9>8IDG L>I= I=: ;DGBJA6. 6EEA>:9 7N D:AA> :I 6A 6AA PGBH 86C 7: 8DBE6G:9 ID I=: BDHI ;6KDG67A: 7:HI EG68I>8: ;GDCI>:G .=>H >H 68=>:K:9 7N BJAI>EAN>C< I=: JHJ6A I>B: K6GN>C< :V8>:C8N EG:9>8IDG <& L>I= I=: :MEDC:CI>6A D; I=: :HI>B6I:9 8D:V8>:CI G:A6I:9 ID I=: >CHI>IJI>DC6A ;DGB 9JBBN =:G: 86AA:9 6 B:6HJG: D; ' >C6AAN ;DG GD7JHIC:HH 8=:8@ >C I=: I=>G9 6EEGD68= L: 6EEAN IG69>I>DC6A E6C:A 96I6 BD9:AH L>I= E6GI>8JA6G ;D8JH DC I=: EDI:CI>6A 8DGG:A6I>DC 7:IL::C I=: >C9>K>9J6A :W:8IH . -:: ->B6G &DK:AA 6C9 06C9:C :8@6JI ;DG 6 G:K>:L D; 6EEGD68=:H ID >C8AJ9: :MD<:CDJH ;68IDGH >C :V8>:C8N B:6HJG:B:CI HIJ9>:H .=: >9:6A H>IJ6I>DC ID HIJ9N 9>W:G:C8:H 9J: ID I=: >CHI>IJI>DC6A ;DGB LDJA9 7: ID 8DBE6G: >CHI>IJI>DCH L>I= H6B: DLC:GH=>E ;DGB 7JI 9>W:G:CI >CHI>IJI>DC6A ;DGBH > : <DK:GCB:CI GJC ("H K:GHJH ("H DLC:9 7N I=: AD86A <DK:GCB:CI 7JI GJC 6H ;DJC96I>DC EJ7A>8 ;DJC96I>DCH "DL:K:G 9J: ID I=: HB6AA H6BEA: H>O: D; EJ7A>8 ;DJC96I>DCH ("H

(49) L: 6G: CDI 67A: ID JH: I=>H >9:CI>P86I>DC HIG6I:<N H>B>A6G 6EEGD68= =6H 7::C 6EEA>:9 >C I=: A>I:G6IJG: DC =DHE>I6A :V8>:C8N ID HIJ9N I=: >BE68I D; DLC:GH=>E !GDHH@DE; 6C9 06A9B6C>H 6C9 H>O: )O86C 6I 6A 6AI=DJ<= CDI 8DB7>C:9 L>I= 6 ., BD9:A.

(50) 6C9 I=: 8DK6G>6I:H #C I=>H 6EEGD68= L: 86EIJG: I=: >BE68I D; I=: >CHI>IJI>DC6A ;DGB DC IDI6A 8DHIH L>I= 6 9JBBN K6G>67A: *6C:A 96I6 BD9:AH 6C9 HID8=6HI>8 ;GDCI>:G BD9:AH 6G: 8DC8:EIJ6AAN CDI :FJ>K6A:CI >C E6GI>8JA6G L>I= G:HE:8I ID I=: DJIEJI HE:8>P:9 .=: G:<G:HH>DC ;JC8I>DC HE:8>P:H 6 8DC9>I>DC6A B:6C D; DJIEJI >CHI:69 I=: ;GDCI>:G 8DJCI:GE6GI 9:PC:H I=: B6M>BJB DJIEJI B>C>BJB 8DHI 6K6>A67A: L>I= 6 <>K:C H:I D; >CEJIH EG>8:H DGCL:AA 6C9 -8=B>9I H E6C:A 96I6 BD9:AH G:AN DC A:HH 6HHJBEI>DCH I=:H: 86C EGDK>9: BDG: 8DCH:GK6I>K: GD7JHIC:HH 8=:8@ . 83',%78-' *6328-)6 13()07. .=: E6G6B:IG>8 ;GDCI>:G 6EEGD68= >C8AJ9:H B6CN I:8=C>FJ:H >C E6GI>8JA6G I=: A>I:G6IJG: 9>HI>C<J>H=:H 7:IL::C 9:I:GB>C>HI>8 6C9 HID8=6HI>8 B:I=D9H .=: B6>C 9>H69K6CI6<: D; 9:. I:GB>C>HI>8 B:I=D9H >H I=6I >I >H CDI EDHH>7A: ID H:E6G6I: HI6I>HI>86A CD>H: ;GDB >C:V8>:C8N 6H 6CN 9:K>6I>DC ;GDB I=: ;GDCI>:G >H >CI:GEG:I:9 6H >C:V8>:C8N ":C8: =><=:G >C:V8>:C8>:H A:K:AH 6G: :ME:8I:9 L=:C 9:I:GB>C>HI>8 6EEGD68=:H 6G: >BEA:B:CI:9 6H 8DBE6G:9 ID HID. 8=6HI>8 ;GDCI>:G BD9:AH C DK:GK>:L D; I=: HID8=6HI>8 ;GDCI>:G BD9:AH ;DG 8GDHH H:8I>DC6A 6C9 E6C:A 96I6 BD9:AH >H H=DLC >C EE:C9>M ><JG: 'DG: G:8:CI HID8=6HI>8 ;GDCI>:G BD9:AH ;DG E6C:A 96I6 =6K: >CIGD9J8:9 I=: EDHH>7>A>IN ID ;JGI=:G 9>H:CI6C<A: >C:V8>:C8N 6C9 HI6I>HI>86A CD>H: ;GDB JCD7H:GK:9 =:I:GD<:C:>IN HJ8= 6H ;68IDGH I=6I 6G: CDI JC9:G I=: 8DCIGDA D; I=: B6C6<:B:CI 'JG>AAD 46BDG6CD #C I=>H HIJ9N L: DEI ;DG E6C:A 96I6 E6G6B:IG>8 B:I=D9H ID 699G:HH I=: >HHJ: D; JCD7H:GK:9 =:I:GD<:C:>IN DG 7DI= HID8=6HI>8 ;GDCI>:G 6EEGD68=:H 9:H8G>7:9 67DK: L: :HI>B6I: 6 EDDA:9 ;GDCI>:G 6C9 6 IGJ: G6C9DB :W:8IH BD9:A ., 9:K:ADE:9 7N !G::C: .=: EDDA:9 ;GDCI>:G :HI>B6IDG JH:9 ;DG 8DBE6G>HDC EJGEDH:H 8DCH>9:GH I=: H6BEA: 6H H:G>:H D; 8GDHH H:8I>DC6A D7H:GK6I>DCH 6C9 6HHJB:H I=6I I=: PGB HE:8>P8 :W:8IH 6G: O:GD #I G:A>:H DC I=: 86CDC>86A 8DHI BD9:A HE:8>P86I>DC D; ><C:G &DK:AA 6C9 -8=B>9I :MEG:HH:9 >C AD<6G>I=BH. . & % )% & =& <& " &. <& . .

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

(52) . .

(53) (

(54) ' . ' ( .

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

(56)

(57). . #I B6N 7: 8DCK:C>:CI ID I=>C@ D; I=: ., BD9:A 6H 6 G6C9DB E6G6B:I:G BD9:A >C L=>8= I=: >CI:G8:EI >H I=: DCAN G6C9DB E6G6B:I:G .=: CJB7:G D; E6G6B:I:GH ID :HI>B6I: >C8G:6H:H ID (% L=>8= >H CDI EDHH>7A: L>I= I=: JHJ6A '6M>BJB &>@:A>=DD9 HI>B6IDG '& !G::C: EGDEDH:9 6 9>G:8I B6M>B>O6I>DC D; I=: JC8DC9>I>DC6A A>@:A>=DD9 ;JC8I>DC 7N B:6CH D; I=: '6M>BJB ->BJA6I:9 &>@:A>=DD9 HI>B6IDG 1=:C CD 8ADH:9.

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

(59) ' =& !

(60) ( . ., 1+3/ 5694+3 (

(61) & <& =& <& !

(62) ' =& !

(63) ( . !%&0) 8DCDB:IG>8 HE:8>P86I>DC D; I=: EDDA:9 ;GDCI>:G 6C9 ., BD9. :AH. . %2)0(%8% 13()07. .=: EDDA:9 )&- BD9:A 6HHJB:H :MD<:CDJH G:<G:HHDGH 6C9 8DCHI6CI 8D:V8>:CIH ;DG 7DI= I=: >CI:G8:EI 6C9 I=: HADE:H .=>H :HI>B6IDG JH:H 7DI= I=: L>I=>C DK:G I>B: 6C9 I=: 7:IL::C 68GDHH >C9>K>9J6AH K6G>6I>DC >C I=: 96I6 6C9 6HHJB:H I=6I I>B: :W:8IH 6G: PM:9 6C9 86EIJG:9 7N I=: I>B: K6G>67A: >C8AJ9:9 >CID I=: G:<G:HHDGH 6B:GDC 6C9 .G>K:9> #C DG9:G ID 6AADL :68= PGB ID =6K: 6 9>W:G:CI >CI:G8:EI I=: , BD9:A >H 6EEA>:9.

(64) .=: >C9>K>9J6A HE:8>P8 :W:8IH 86EIJG: 6CN JCD7H:GK:9 I>B: >CK6G>6CI =:I:GD<:C:>IN 88DG9>C< ID I=: BD9:A HE:8>P86I>DC >C I=: , BD9:A 86C 7: :MEG:HH:9 6H . & % )% & =& " &. . L=:G: )% >H 6<6>C I=: K:8IDG D; 6AA :MEA6C6IDGN K6G>67A:H : 9:PC:9 >C .=: JCD7. H:GK67A: >C9>K>9J6A :W:8IH 6G: 6HHJB:9 ID 7: G6C9DB K6G>67A:H 9>HIG>7JI:9 >C9:E:C9:CIAN D; I=: G:<G:HHDGH I=6I >H

(65) 6C9 I=: HI6I>HI>86A CD>H: =&

(66) ( .=: 8D:V. 8>:CIH 6G: :HI>B6I:9 L>I= !:C:G6A>O:9 &:6HI -FJ6G: !&- :HI>B6IDG DCH>HI:CI :HI>B6I:H D; G6C9DB :W:8IH BD9:AH G:AN DC I=: 6HHJBEI>DC D; CD 8DGG:A6I>DC 7:IL::C I=: >C9>K>9J6A :W:8IH 6C9 I=: 8DK6G>6I:H #C I=>H 86H: >I B:6CH I=6I I=: JCD7H:GK:9 =:I:GD<:C:>IN >H JC. 8DGG:A6I:9 L>I= >CEJI 8=D>8:H 6C9 DJIEJI .=: CJAA =NEDI=:H>H D; CD 8DGG:A6I>DC >H G:?:8I:9 7N I=: "6JHB6C I:HI

(67) * K6AJ: HI>B6I:H 6G: A>@:AN ID 7: 6W:8I:9 7N =:I:GD<:C:>IN 7>6H 6C9 I=:G:;DG: >C8DCH>HI:CI .D 6HH:HH I=: >BE68I D; I=>H 8DGG:A6I>DC L: 6AHD :HI>B6I: G:<G:HH>DC BD9:AH L>I= I=: 'JC9A6@ 8DGG:8I>DC 'JC9A6@ 1DDA9G>9<: !G::C: .=: 'JC9A6@ HE:8>P86I>DC 8DCH>9:GH I=>H 8DGG:A6I>DC :MEA>8>IAN >C 6C 6JM>A>6GN G:<G:HH>DC 7N >C8AJ9>C< I=: B:6C D; I=: 8DK6G>6I:H ) >C I=: HE:8>P86I>DC D; I=: 8DHI ;JC8I>DC. . % )% . )% . )% & &. !

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

(69) >CHI>IJI>DC6A ;DGB G:B6>C JC8=6C<:9 .=: PM:9 :W:8IH BD9:A EGDK>9:H 6C 6AI:GC6I>K: :HI>B6IDG ID I68@A: I=>H >HHJ: 6H >I 6AADLH ;DG E6GI>6A 8DGG:A6I>DC 7:IL::C 8DK6G>6I:H 6C9 >C9>K>9J6A :W:8IH 6B:GDC 6C9 .G>K:9> "DL:K:G I=: PM:9 :W:8IH BD9:A 9D:H CDI 6AADL ID :HI>B6I: I=: 8D:V8>:CI D; I>B:. >CK6G>6CI ;68IDGH HJ8= 6H I=: >CHI>IJI>DC6A ;DGB. DG I=>H G:6HDC I=: PM:9 :W:8I :HI>B6IDG. >H :M8AJ9:9. . )79087. 1: CDL 9>H8JHH I=: G:HJAIH D; I=: HID8=6HI>8 ;GDCI>:G 6EEGD68=:H L>I= 6C9 L>I=DJI I=: >CHI>IJI>DC6A ;DGB 9JBBN K6G>67A: :HI>B6I:9 L>I= 6 EDDA:9 ;GDCI>:G 6C9 6 ., BD9:A #C .67A: L: G:EDGI I=: :HI>B6I:9 8D:V8>:CIH ID<:I=:G L>I= I=:>G A:K:A D; H><C>P86C8: 6C9 ;DG 'D9:A DCAN I=: >BE68I D; I=: 9JBBN K6G>67A: ;DG I=: >CHI>IJI>DC6A ;DGB -I6C96G9 :G. GDGH 6G: <>K:C >C 7G68@:IH AA I=: PGHI DG9:G 8D:V8>:CIH 6G: =><=AN H><C>P86CI 6C9 EDH>I>K: .=: ;JAA A>HI D; :HI>B6I:H 86C 7: ;DJC9 >C EE:C9>M .67A: .=: :HI>B6I:9 8D:V8>:CIH 6G: FJ>I: GD7JHI 68GDHH 9>W:G:CI HE:8>P86I>DCH M8:EI>DCH 6G: I=: 8D:V8>:CIH G:A6I:9 ID E6I>:CIH H:K:G>IN 6C9 I=: A6<<:9 HI6W G6I>D DI= 8D:V8>:CIH 6G: ADL:G L=:C I=: >C9>K>9J6A :W:8IH 6G: 8DCH>9:G:9 .=>H EGDK>9:H HDB: :K>9:C8: D; JCD7H:GK:9 =:I:GD. <:C:>IN L=>8= >H 6I A:6HI E6GI>6AAN I6@:C >CID 688DJCI 7N I=: ., :HI>B6I>DC #C ;68I I=: :HI>B6I:9 8D:V8>:CIH 6G: ADL:G >C I=: ., :HI>B6I>DC 6H 8DBE6G:9 ID I=: 8D:V8>:CIH D; I=: EDDA:9 ;GDCI>:G .=: DJIEJI 8D:V8>:CI >H HA><=IAN HB6AA:G I=6C 6C9 HJ<<:HIH I=: EG:H:C8: D; JC:MEAD>I:9 :8DCDB>:H D; H86A: .=: 8D:V8>:CIH D; I=: ILD DJIEJI 8=6G68I:G>HI>8H H=DL I=6I BDG: H:K:G: E6I>:CIH A:69 ID =><=:G 8DHIH ->B>A6GAN BDG: CJGH:H E:G E6I>:CI 86JH: =><=:G EGD9J8I>DC 8DHIH .=: :HI>B6I:9 H=6G: D; A67DG 8DHIH <>K:C 7N I=: 8D:V8>:CI D; A67DG EG>8:H >H 7:IL::C

(70) 6C9 G:HE:8I>K:AN >C I=: ., 6C9 I=: EDDA:9 BD9:AH .=: :HI>B6I:9 H=6G: D; 86E>I6A 8DHIH >H 7:IL::C 6C9

(71) L=:G:6H I=: EGDEDGI>DC D; B6I:G>6A >H 7:IL::C 6C9 .=: B6>C K6G>67A: D; >CI:G:HI I=: 9JBBN ;DG I=: >CHI>IJI>DC6A ;DGB >C 'D9:A >H.