!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; ."&'<02 =3#<>!

?

1'+"#($<+0#'

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
C!JKA; '$. J#17" CL$L('7-)%" .M6$0L$-"/() ." ;'()"-77": N (/" ." 7' O*'(-%L? PQRRN ;'()"-77"? I('$#":J3'-7H <71#*S"*")):#$()B3():2(

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; N

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

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; Q

@

!"#$% &'( )*+,#"- 9+&A030+;

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`/(9 DPV^QE? '771,". 21( "G#7/)-1$ -$ %*" 4(1B #")) 12 #1'7-%-1$ 21(3'%-1$: >,1 .-Y"("$% 31."7) *'+" <""$ )%/.-".? %*" ! '$. " 31."7)? ,*-#* .-Y"( -$ %*" )4"#-=#'%-1$ 12 %*" ("'#%-1$ 12 #1'7-%-1$ 3"3<"() %1 ' ."2"#%-1$: [71#* DPVVaE '$. !'& '$. b1*(' DPVVVE 4(141)". ' 0'3" 12 #1'7-%-1$ 21(3'%-1$ -$ "G%"$)-+" 21(3? <')". 1$ !/<-$)%"-$ DPV^NEM) '7%"($'%-$0 1Y"() 4(1#"./(": I-$'77&? %*" 3'-$ #1$#"4% 12 $"%,1(5 )%'<-7-%& '447-". %1 6$./)%(-'7 8(0'$-9'%-1$ -) c'#5)1$ '$. F17-$)5& DPVVaEM) #1$#"4% 12 4'-(,-)" )%'<-7-%&: 7/$& 8$35$)!6"/ 9%3$! 6$ '$ 14"$ 3"3<"()*-4 0'3"? '77 47'&"() )-3/7%'$"1/)7& '$$1/$#" de")d 1( df1d? '$. %*" 0(1/4 -) 21(3". <& '77 47'&"() '$$1/$#-$0 de")d: A )%'<7" #'(%"7 -) %*"$ ."=$". ') %*" f')* "T/-7-<(-/3 1/%#13" 12 %*" 0'3": O7"'(7&? 21( ' #'(%"7 # %1 <" )%'<7"? %,1 #1$.-%-1$) $"". %1 <" )'%-)=".H B $1 3"3<"( ,'$%) %1 7"'+" %*" #'(%"7 D#1$.-%-1$ 12 "&($)&%4 !(%5"4"(:E B $1 1/%)-."( ,'$%) %1 @1-$ %*" #'(%"7 D#1$.-%-1$ 12 $;($)&%4 !(%5"4"(:E: f1%-#" %*'% %*-) 0'3" '7,'&) '.3-%) ' %(-+-'7 "T/-7-<(-/3? ,*"(" '77 47'&B "() '$$1/$#" df1d: >*" 21#/) 12 %*" '$'7&)-) -) 1$ $1$%(-+-'7 "T/-7-<(-'? ,*"(" ' #'(%"7 12 )-9" $ " ! "3"(0") 1$ %*" 3'(5"%:P <;+4*!"=$ 8$35$)!6"/ 9%3$! P

F" '.14% %*" 21771,-$0 #1$+"$%-1$: I1( '$& 0(1/4 !? " ."$1%") %*" )-9" 12 %*" 0(1/4:

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; \

6$ '$ "G#7/)-+" 3"3<"()*-4 0'3"? '77 47'&"() )-3/7%'$"1/)7& '$$1/$#" ' #1'7-%-1$ % %*'% %*"& ,'$% %1 21(3: 6$ %*" ! 31."7? %*" #1'7-%-1$ -) 21(3". 1$7& -2 '77 #1'7-%-1$ 3"3<"() /$'$-31/)7& '$$1/$#" %*" )'3" #1'7-%-1$: 6$ %*" " 31."7? 4'(%-'7 #1'7-%-1$) '(" 21(3". <& '77 47'&"() ,*1 '$$1/$#" %*" )'3" #1'7-%-1$? $?*$&("%4 @%).%"&"&. 9%3$! [71#* DPVVaE '$. !'& '$. b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i -2 )13" 12 %*" =(3) ("@"#% %*" 4(141)'7? %*" #1'7-%-1$ -) $1% 21(3".? '$. %*" =()% =(3 %1 ("@"#% %*" 1Y"( 3'5") ' #1/$%"(1Y"( '% 4"(-1. ) # !: >*" -."$%-%& 12 %*" .-Y"("$% 4(141)"() '$. %*" 1(."( 12 (")41$)" '(" 0-+"$ <& '$ "G10"$1/) (/7" 12 1(."(: >*"(" -) $1 .-)#1/$%-$0 -$ %*" 0'3" *" =()% =(3 '$$1/$#") '$ -$%"0"( $! ? #1((")41$.-$0 %1 %*" )-9" 12 %*" #1'7-%-1$ )*" ,'$%) %1 )"" 21(3".? =(3 $! # ! '$$1/$#") '$ -$%"0"( $" ? "%#:i? /$%-7 %*" %1%'7 $/3<"( * 12 =(3) -) "G*'/)%".: A$ "T/-7-<(-/3 12 %*" =$-%" 0'3" ."%"(3-$") ' )"T/"$#" 12 -$B %"0"() '..-$0 /4 %1 *? ,*-#* #1347"%"7& #*'('#%"(-9") %*" #1'7-%-1$ )%(/#%/(" ') '77 =(3) '(" "G '$%" -."$%-#'7:

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; W

B

C&"+*32 &'( <#33$20:* '*+,#"-2

6$ %*-) U"#%-1$? ," .-)#/)) %*" 21(3'%-1$ 12 #177/)-+" 0(1/4) j #'(%"7)? <-..-$0 (-$0) '$. #177/)-+" $"%,1(5) ,*"(" =(3) 21(3 ("#-4(1#'7 '0(""3"$%) $1% %1 "$%"( "'#* 1%*"(M) 3'(5"%: I1( "'#* 12 %*")" #177/)-+" 0(1/4)? ," 4(")"$% ' <')-# "#1$13-# 31."7? *-0*7-0*%-$0 %*" "#1$13-# 21(#") 7"'.-$0 %1 %*" 21(3'B %-1$ 12 %*" 0(1/4: 6$ %*" #')" 12 #'(%"7)? ,*-#* *') <""$ "G%"$)-+"7& )%/.-".? ," '7)1 4(141)" ' <(-"2 0/-." %1 %*" 7-%"('%/(":

BD?

C&"+*32 &'( >#"06#'+&3 /*"5*"2

BD?D?

E>* A&20< /#(*3

>1 -77/)%('%" %*" <')-# 4(1<7"3 12 #'(%"7 )%'<-7-%&? #1$)-."( ' O1/($1% 3'(5"% ,-%* * =(3) '$. ' 7-$"'( -$+"()" ."3'$.H + " ! % ,A77 =(3) *'+" '$ -."$%-#'7 #1$)%'$% 3'(0-$'7 #1)%? $1(3'7-9". '% $? )1 %*'% "'#* =(3M) 4(1=% -) 0-+"$ <& ."

! %* # !&"

U/441)" %*'% $ =(3) 21(3 ' #'(%"7 1( 3"(0" 1$ %*" 3'(5"%: ["#'/)" 3'(0-$'7 #1)%) '(" #1$)%'$%? %*" #'(%"7 D1( 3"(0". =(3E *') $1 #1)% '.+'$%'0" 1+"( %*" 1%*"( =(3): A) %*"(" '(" $1, * % $ # ! =(3) 1$ %*" 3'(5"%? "'#* =(3 1<%'-$) ' 4(1=% . ! %$& "

! ' %* % $ # '&"


! $%* % $ # '&"

I-0/(" P 0('4*) %*" 4(1=% 12 ' #'(%"7 3"3<"( D-$ )17-. 7-$"E '$. '$ "G%"($'7 =(3 D-$ .')*". 7-$"E 1$ ' 3'(5"% 12 !$ =(3) 21( +'7/") 12 $ ('$0-$0 2(13 ! %1 !$-

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; a

pi 0.05 0.04 0.03 0.02 0.01 2

4

6

8

10

k

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

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; ]

& f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

! ! / " . " %*&'$ " $" %* % $ # '& **

X"$#"? %*" 1$7& ("7"+'$% #1$.-%-1$ %1 #*"#5 -) ,*"%*"( "&!"'$)! 6%=$ %& "&+$&("=$ (, 4$%=$ (6$ +%)($42 & A$ -$)-."( -$ ' #'(%"7 12 )-9" $ '7,'&) 0"%) ' 71,"( 4(1=% %*'$ '$ 1/%)-."( ,*"$ ' #'(%"7 12 )-9" $ % ! -) 21(3".' .! %$ % !& "

! ! / " . " %$&" " %* % $ # +& $%* % $ # '&

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aE )*1,) %*'% %*" 1$7& )%'B %-1$'(& 4"(2"#% "T/-7-<(-/3 (")/7%) -$ %*" =()% %*%$& =(3) 21(3-$0 )-$07"%1$)? '$. %*" 7')% $ =(3) 0(1/4-$0 -$ ' #'(%"7: O7"'(7&? ,*"$ $ =(3) '(" 7"2% -$ %*" N

>*-) -$"T/'7-%& #'$ <" +"(-=". <& %*" 21771,-$0 #134/%'%-1$: I1( '77 # " #$ !%# & "% # $%! <"#'/)"? '% #! & "% # $%! '!%$ (! "#! % ) (" "$%: f1,? -2 #'"% # $%! & $'!%? 21( '77 # " #$ $'"% % # # '%! & #'"% # $%! & $'!%*

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; ^

0'3" '$. 4("+-1/) 47'&"() *'+" 21(3". )-$07"%1$)? %*" 14%-3'7 )%('%"0& 12 %*" ("3'-$-$0 47'&"() -) %1 21(3 ' #'(%"7: f1 #'(%"7 12 )3'77"( )-9" -) +-'<7"? )1 %*" 1$7& #*1-#" -) <"%,""$ ("3'-$-$0 ') )-$07"%1$) '$. 21(3-$0 ' #'(%"7? '$. <& ."=$-%-1$? 21(3-$0 ' #'(%"7 -) ' <"%%"( 14%-1$ -2 $ " $: A$%-#-4'%-$0 %*-) <"*'+-1(? %*" =()% %* % $& 47'&"() *'+" '$ -$#"$%-+" %1 7"'+" ') )-$07"%1$) '$. 2(""B(-." 1$ %*" 21(3'%-1$ 12 %*" #'(%"7 <& )/<)"T/"$% =(3):

BD?D@

FG+*'20#'2

F*-7" ," 4(")"$%". %*" 31."7 -$ %*" 7-$"'( O1/($1% #')"? %*" '$'7&)-) #'$ <" "G%"$.". %1 )&33"%(-# O1/($1% 31."7) ,-%* '(<-%('(& #1)% '$. ."3'$. 2/$#%-1$): e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h"((& '$. h1(%"( DPV^WE '$. I'(("77 '$. U*'4-(1 DPVVRE #1$)-."( )-%/'%-1$) ,*"(" *1(-91$%'7 3"(0"() D1( %*" 21(3'%-1$ 12 #'(%"7)E #("'%" )&$"(0-")? )1 %*'% %*" 4(1./#%-1$ #1)% 12 #'(%"7 3"3<"() -) 71,"( %*'$ %*" #1)% 12 1/%)-."(): 6$ %*'% #')"? ' )%'<7" #'(%"7 )-9" "3"(0"): 6$ '$ -$%"(")%-$0 ("#"$% '$'7&)-)? f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l)-$0 ' .-Y"("$% '44(1'#*? .MA)4("31$% "% '7: DPV^QE? Z1$)-31$- DPV^WE

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; V

'$. Z1$)-31$- "% '7: DPV^aE )%/.& %*" 21(3'%-1$ 12 #'(%"7) ,*-#* '#% ') ' .13-$'$% =(3 2'#-$0 ' #134"%-%-+" 2(-$0": 6$ %*'% #')" '0'-$? %*" #'(%"7 "$@1&) ' 7'(0"( 4(1=% %*'$ 1/%)-."()? '$. %*"(" "G-)%) ' )%'<7" #'(%"7 )-9": O/(('(-$- '$. ;'(-$- DNRRRE 3'5" ' )-3-7'( 41-$% -$ ' 31."7 ,*"(" #'(B %"7 3"3<"() '#% ') U%'#5"7<"(0 7"'."() '$. %*/) <"$"=% 2(13 ' =()% 31+"( '.+'$%'0": Z"$"#5"(" '$. Z'+-.)1$ DPV^WE )%/.& %*" 21(3'%-1$ 12 #'(%"7) -$ ' .-Y"(B "$%-'%". 4(1./#%) 3'(5"%? ,*"(" =(3) #*11)" 4(-#"): >*" -$#"$%-+") %1 21(3 #'(%"7) '(" )%(1$0"( -$ %*" ["(%('$. 31."7 %*'$ -$ %*" O1/($1% 31."7: 6$ 4'(%-#/7'(? '$ -$)-."(M) 4(1=% -) '7,'&) -$#("')-$0 -$ %*" )-9" 12 %*" #'(%"7: Z"$"#5"(" '$. Z'+-.)1$ DPV^WE )*1, %*'% )%'<7" #'(%"7) '(" "')-"( %1 )/)%'-$ /$."( ["(%('$. #134"%-%-1$? '$. %*'% #1347"%" 3'(5"% 31$1417-9'%-1$ -) ' )%'<7" 1/%#13" 21( )13" 4'('3"%"( +'7/"): F*"$ =(3) '(" *"%"(10"$"1/)? %*" '$'7&)-) 12 )%'<7" #'(%"7) -) 3/#* 31(" #1347"G? '$. *') 1$7& <" .1$" -$ +"(& (")%(-#%". )"%%-$0): Z1$)-31$- DPV^WE )%/.-") *"%"(10"$"1/) #'(%"7) -$ ' .13-$'$% =(3 31."7 ,*"(" =(3) *'+" .-Y"("$% 7-$"'(7& -$#("')-$0 3'(0-$'7 #1)%: [(1,$ '$. O*-'$0 DNRRQE .-)#/)) '% 7"$0%* #'(%"7 21(3'%-1$ -$ ' %*(""B47'&"( O1/($1% 17-01417& ,-%* .-Y"("$% #1$)%'$% 3'(0-$'7 #1)%): I'/7-B877"( DNRRRE )%/.-") 3"(0"() '31$0 21/( =(3) ,*"$ %,1 =(3) *'+" ' 71,"( 3'(0-$'7 #1)% %*'$ %*" %,1 1%*"(): `'3-"$ '$. m'$0 DPVVRE '$. DPVVPE 4(141)" ' .-Y"("$% 1(-0-$'7 '44(1'#* %1 %*" )%/.& 12 *1(-91$%'7 3"(0"(): 6$ %*"-( '#T/-)-%-1$ 0'3"? 47'&"() )-3/7B %'$"1/)7& '$$1/$#" ' <-..-$0 4(-#" 21( '77 %*" 1%*"( 47'&"()? '$. '$ ')5-$0 4(-#" 21( %*"-( 4'(%-#-4'%-1$ -$ ' #1'7-%-1$: h7'&"( & #'$ d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

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; PR

,*"(" #'(%"7 3"3<"() #'$ #*11)" ,*"%*"( %1 )%'& 1( <("'5 '4'(%: Z-'3'$B %1/.- DNRRPE 4(141)") ' )17/%-1$ #1$#"4% <')". 1$ ' #114"('%-+" )17/%-1$ #1$#"4% D%*" )%'<7" )"%E ,-%* 21(,'(. 7115-$0 47'&"(): ;'#*1 U%'.7"(? h"("9B O')%(-771 '$. h1(%"-(1 DNRRNE #1$)-."( ' 31."7 ,*"(" 3"(0"() 1##/( %*(1/0* <-7'%"('7 '0(""3"$%)? )*1, %*'% #1347"%" 3'(5"% 31$1417-9'%-1$ -) "+"$%/B '77& ("'#*". '$. #*'('#%"(-9" %*" )"T/"$#" 12 3"(0"() 7"'.-$0 %1 31$1417&:

BD@

=0((0'5 "0'52

[-..-$0 (-$0) '(" 0(1/4) 12
!

#

"! # #

%5 % 6&%7 % !&2 %6&$#" 3 %6&3 %5&8685-

,*"(" %7 % !&2 %6&$#" 3 %6& -) %*" ."$)-%& 12 %*" .-)%(-
!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; PP

pi 0.05 0.04 0.03 0.02 0.01 k 2

4

6

8

10

I-0/(" NH %*'% =(3) '7,'&) *'+" '$ -$#"$%-+" %1 @1-$ %*" <-..-$0 (-$0 '$. %*'% %*" )%'<7" (-$0 )-9" -) %*" 0('$. #1'7-%-1$? $ " *;'-7'%* '$. m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
!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; PN

pi 0.2 0.15 0.1 0.05 k 2

4

6

8

10

I-0/(" QH : " ./#9 " !$- >*" "G4"#%". <"$"=% 12 ' (-$0 3"3<"( '$. '$ -$."4"$."$% <-.."( '(" 0-+"$ <& 4& "

! %! % :&$#" %! % %! % :&" &' 4 ! " :%! % :&$#" #

I-0/(" Q 0('4*) %*" "G4"#%". <"$"=% 12 ' (-$0 3"3<"( '$. '$ -$."4"$."$% <-.."( ') ' 2/$#%-1$ 12 $ 21( 7 " !$ '$. : " !;'A) 1441)". %1 )"#1$. 4(-#" '/#%-1$) D*-) -) %*" /$-T/" +'7/" $ )'%-)2&-$0H ! % %! % :&% ! % %! % :&%%! " :%! % :& " $ $#!

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; PQ

6% #'$ <" )*1,$ %*'% $ $ -) '7,'&) 7'(0"( %*'$ +? -$#("')-$0 -$ :? '$. #1$+"(0") %1 -$=$-%& ,*"$ : 01") %1 !:

BDB

C#33$20:* '*+,#"-2

O177/)-+" $"%,1(5) "3"(0" ,*"$ =(3) 21(3 ("#-4(1#'7 3'(5"% )*'(-$0 '0(""B 3"$%)? <& ,*-#* %*"& ("2('-$ %1 "$%"( "'#* 1%*"(M) 3'(5"%: >*-) 0"10('4*-#'7 .-+-)-1$ 12 3'(5"%) *') <""$ '$'7&9". <& ["77"g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

"

.%*( %<&&

()'( %+ *

>*" "T/-7-<(-/3 #1$#"4% /)". *"(" -) 4'-(,-)" )%'<-7-%&: A $"%,1(5 < -) 4'-(,-)" )%'<7" -2 $1 47'&"( *') '$ -$#"$%-+" %1 /$-7'%"('77& )"+"( ' 7-$5? '$. $1 4'-( 12 =(3) *') '$ -$#"$%-+" %1 21(3 ' 7-$5: I1(3'77&? 7"%%-$0 < % <'( D(")4"#%-+"7& <#<'( E ."$1%" %*" $"%,1(5 1<%'-$". 2(13 < <& ."7"%-$0 D'..-$0E %*" 7-$5 <"%,""$ =(3) & '$. '' $"%,1(5 < -) B/%")0"!$C !(%54$ -2 '$. 1$7& -2 D-E '&' ( ):%: <'( " !' 0' %<& " 0' %< % <'( & '$. 0( %<& " 0( %< % <'( &i '$. D--E '&' ( ):%: <'( " $' -2 0' %< # <'( & / 0' %<& %*"$ 0( %< # <'( & 1 0( %<&["77"g'33" '$. [71#* DNRRQE #*'('#%"(-9" 4'-(,-)" )%'<7" #177/)-+" $"%B ,1(5)? ,*"$ 4(1=% 2/$#%-1$) '(" ."#("')-$0 '$. 710B#1$+"G -$ %*" $/3<"( 12 '#%-+" =(3) 1$ %*" 3'(5"%: >*"& )*1, %*'% D-E "+"(& )%'<7" $"%,1(5 -$+17+") #1347"%" #1341$"$%) j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

U"" '7)1 %*" #*'4%"( <& c'#5)1$ -$ %*-) +17/3":

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; P\

/$-21(3 .-)%(-
H

8330&'<*2 &'( '*+,#"-2 #I <#33&A#"&+0#'

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

HD? HD?D?

8330&'<*2 E>* A&20< /#(*3

O1)%B("./#-$0 '77-'$#") *'+" <""$ "G%"$)-+"7& )%/.-". -$ %*" #1$%"G% 12 #114B "('%-+" (")"'(#* @1-$% +"$%/("): DU"" `'%9 DPV^aE? .MA)4("31$% '$. c'#T/"3-$ DPV^^E? `'3-"$? ;/77"( '$. m'$0 DPVVNE? U/9/3/(' DPVVNE '$. `'3-"$ '$. m'$0 DPVVQE:E 6$ %*-) %*"1("%-#'7 7-%"('%/("? %*" )%(/#%/(" 12 '77-'$#") -) =G".: J-%*"( %*" '77-'$#" #1+"() '77 %*" =(3) -$ %*" -$./)%(& D') -$ `'3-"$? ;/77"( '$. m'$0 DPVVNE '$. U/9/3/(' DPVVNEE? 1( %*" -$./)%(& #'$ <" 4'(%-%-1$". -$%1 )&33"%(-# '77-'$#") D`'3-"$ '$. m'$0 DPVVQEE: [71#* DPVVWE 4(141)") ' 31."7 %1 "$.10"$1/)7& ."(-+" %*" )%(/#%/(" 12 #1)%B("./#-$0 '77-'$#") -$ 17-01417-"): O1$)-."( ' 7-$"'( 17-01417& ,-%* -$+"()" ."3'$. + " ! % ,- _"% >% ."$1%" %*" )-9" 12 '77-'$#" ?% -F" )/441)" %*'% %*" #1$)%'$% 3'(0-$'7 #1)% 12 4(1./#%-1$ 12 ' =(3 -) 7-$"'(7& ."#("')-$0 -$ %*" )-9" 12 %*" '77-'$#" -% <"71$0) %1: I1(3'77&? -2 =(3 & <"71$0) %1 '))1#-'%-1$

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; PW

?%$'& ? -%) 3'(0-$'7 #1)% 12 4(1./#%-1$ -) 0-+"$ <& @' " A % B>%$'& >*" "T/-7-<(-/3 4(1=% 12 ' =(3 <"71$0-$0 %1 '$ '))1#-'%-1$ 12 )-9" >' -) 0-+"$ <& #

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aE '$. !'& '$. b1*(' DPVVVE? %*" /$-T/" "T/-7-<(-/3 '))1#-'%-1$ )%(/#%/(" %*/) (")/7%) -$ %*" 21(3'%-1$ 12 %,1 '))1#-'%-1$) 12 /$"T/'7 )-9"? 1$" ,-%* ',%! 3"3<"()? %*" 1%*"( ,-%* ,#! ( (

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; Pa

HD?D@

FG+*'20#'2

[71#* DPVVWE .-)#/))") %*" "G%"$)-1$ 12 %*" 31."7 %1 O1/($1% '$. ["(%('$. #134"%-%-1$ ,-%* .-Y"("$%-'%". 4(1./#%): A) %*" 7"+"7 12 4(1./#% .-Y"("$%-B '%-1$ -$#("')")? #134"%-%-1$ 1$ %*" 3'(5"% -) 7")) ="(#"? '$. %*" .13-$'$% '))1#-'%-1$ <"#13" 7'(0"(: 6$%"(")%-$07&? %*" )-9") 12 '))1#-'%-1$) '(" -."$B %-#'7 /$."( O1/($1% '$. ["(%('$. #134"%-%-1$: e- DPVV^E '$. e- '$. U*-$ DNRRRE 0"$"('7-9" %*" 31."7 <& )%/.&-$0 '(<-%('(& ."3'$. '$. #1)% 2/$#B %-1$): >*"& -)17'%" #1$.-%-1$) 1$ ."3'$. '$. #1)% 2/$#%-1$) 21( ,*-#* %*" 0('$. #1'7-%-1$ "3"(0") -$ '$ 14"$ 3"3<"()*-4 0'3": ["77"g'33" DNRRRE "G%"$.) %*" 31."7 %1 ')&33"%(-# =(3)? '$. )*1,) %*'% ,*"$ =(3) '$. #1)% ("./#%-1$) '(" ')&33"%(-#? %*" 0('$. #1'7-%-1$ 3'& $1% 21(3 -$ %*" 14"$ 3"3<"()*-4 0'3": ;1(')#* DNRRRE #1$)-."() ' ("7'%". 31."7? ,*"(" =(3) -$ ' )%('%"0-# '77-'$#" 4(141)" #1$%('#%) '<1/% #1)% '$. 4(1=% )*'(-$0 -$ ' 4(1./#%-1$ @1-$% +"$%/(": 6$ %*-) "$+-(1$3"$%? *" #134/%") $/3"(-#'77& %*" "$.10"$1/) '))1#-'%-1$ )%(/#%/(") 21( )3'77 +'7/") 12 *:

HD@

)*+,#"-2 #I <#33&A#"&+0#'

A) '$ '7%"($'%-+" %1 3/7%-7'%"('7 '77-'$#")? ," $1, '$'7&9" %*" 21(3'%-1$ 12 <-7'%"('7 7-$5) '31$0 =(3): C1&'7 '$. c1)*- DNRRPE 4(141)" ' 31."7 12 $"%,1(5) 12 #177'<1('%-1$ '31$0 =(3): O1$)-."( ' 7-$"'( O1/($1% 17-01417& ,-%* -$+"()" ."3'$. + " ! % , '$. )/441)" %*'% =(3) #'$ ."#("')" %*"-( 3'(0-$'7 4(1./#%-1$ #1)% <& #177'<1('%-$0 ,-%* 1%*"( =(3) 1$ ' <-7'%"('7 <')-): F" )/441)" %*'% %*" #1$)%'$% 3'(0-$'7 #1)% 12 4(1./#%-1$ -) 7-$"'(7& ."#("')-$0 -$ %*" $/3<"( 12 '0(""3"$%) )-0$". <& "'#* =(3: I1( '$& 0('4*
! B 8( %<& " 0' " , # B8' %<& % -' *#! %* # !& F*-7" %*" 21(3/7'%-1$ -) )-3-7'( %1 %*" )%/.& 12 3/7%-7'%"('7 '77-'$#")? %*" '$'7&)-) -) +"(& .-Y"("$%: F*"$ %,1 =(3) )-0$ '$ '0(""3"$%? %*"& <1%* "$@1& ' )&33"%(-# ("./#%-1$ -$ 4(1./#%-1$ #1)%: 6$ 2'#%? 1$" #'$ "')-7& #134/%" %*"

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; P]

3'(0-$'7 "Y"#% 12 '$ '..-%-1$'7 '0(""3"$% 1$ =(3 &! 0 "T/-7-<(-/3 T/'$%-%& ') 1C' "

*B /$ *#!

A) "T/-7-<(-/3 4(1=%) '(" 31$1%1$-#'77& -$#("')-$0 -$ T/'$%-%-")? ," 1
HDB

C&"+*32 :*"2$2 8330&'<*2

F" *'+" #7"'(7& .-)%-$0/-)*". <"%,""$ %,1 %&4") 12 #114"('%-1$ '31$0 =(3)H #177/)-1$ 1$ %*" 3'(5"% '$. #177'<1('%-1$ -$ 4(1./#%-1$: >*" %,1 31."7) "G*-<-% )%(-5-$0 .-Y"("$#")H -$ 31."7) 12 #177/)-1$? %*" 21(3'%-1$ 12 0(1/4) -$./#") 41)-%-+" "G%"($'7-%-") 1$ 1/%)-."() D'$. %*" 3'-$ .-n#/7%& 21( =(3) -) %1 )17+" %*" 2(""B(-."( 4(1<7"3E ,*"("') -$ 31."7) 12 #177'<1('%-1$? %*" 21(3'%-1$ 12 0(1/4) -$.-#") $"0'%-+" "G%"($'7-%-") 1$ 1/%)-."() D'$. %*" 3'-$ .-n#/7%& 21( =(3) -) %1 "G#7/." 1%*"( =(3) 2(13 %*" '77-'$#":E >*" %,1 31."7) '7)1 *'+" +"(& .-Y"("$% -347-#'%-1$) 21( #134"%-%-+" 417-#&: A$%-%(/)% '/%*1(-%-") )*1/7. "$#1/('0" %*" 21(3'%-1$ 12 '77-'$#")?
!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; P^

' 0("& '("'? -$#7/.-$0 )13" "7"3"$%) 12 #177/)-1$ '$. #114"('%-1$ -$ 4(1./#B %-1$: >*-) -) 12 #1/()" %*" #*'77"$0" 2'#". <& '$%-%(/)% '/%*1(-%-")? '$. %*-) "G47'-$) ,*& %*" (/7" 12 ("')1$ )*1/7. <" '.14%". -$ -$+")%-0'%-$0 3"(0"() '$. #114"('%-+" '0(""3"$%): >*" 31."7) ," .-)#/))". #'$ 0/-." '$%-%(/)% 417-#& <& .")#(-<-$0 %*" )-9" '$. )%(/#%/(" 12 #177'<1('%-+" '0(""3"$%) %*'% ,1/7. "3"(0" 1$ %*" 3'(5"% -$ %*" '<)"$#" 12 ("0/7'%-1$:

J

E"&(* '*+,#"-2

>*" %,1 31."7) ," .-)#/)) -$ %*-) U"#%-1$ '$'7&9" %('.-$0 1$ =G". $"%,1(5 )%(/#%/("): >*" -341(%'$#" 12 )1#-'7 $"%,1(5) -$ "#1$13-#) *') 71$0 <""$ ("#10$-9".: _'<1( "#1$13-)%) *'+" "34*')-9". %*" (17" 12 )1#-'7 $"%,1(5) -$ @1< )"'(#* i -$./)%(-'7 "#1$13-)%) *'+" '$'7&9". %*" (17" 12 $"%,1(5) -$ %*" .-Y/)-1$ 12 4(1./#%) '$. -$$1+'%-1$): >*" 1(-0-$'7-%& 12 %*" %,1 31."7) ," 4(")"$% *"(" -) %*'% %*"& )%/.& *1, $"%,1(5) ."%"(3-$" %*" $/3<"( 12 '0"$%) "G#*'$0-$0 #1331.-%-") ,-%* 1$" '$1%*"(: X"$#"? 3'(5"% 41,"( -) "$.10"$1/)7& ."%"(3-$". <& %*" )%(/#%/(" 12 %*" $"%,1(5: l$21(%/$'%"7&? %*" #1347"G-%& 12 %*" 31."7) 3'5" -% -341))-<7" %1 ."%"(3-$" "$.10"$1/)7& %*" '(#*-%"#%/(" 12 %('." $"%,1(5): ;1(" ,1(5 -) $"".". %1 /$."()%'$. *1, '0"$%) 21(3 "G#*'$0" $"%,1(5):

JD?

=&"5&0'0'5 #' '*+,#"-2

6$ *"( /$4/<7-)*". .-))"(%'%-1$? O1(13-$')B[1)#* DPVVVE 4(141)") ' 31."7 ,*"(" *" #134"%-%-+" )17/%-1$ '))-0$) '77 )/(47/) %1 \

I1( ."%'-7) 12 %*" 31."7? )"" %*" #*'4%"( <& c'#5)1$ -$ %*-) +17/3":

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; PV

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

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; NR

0('4*? <"#'/)" 47'&"() '(" d#1$$"#%". "$1/0*d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n#-"$%
JD@

8$<+0#'2 #' '*+,#"-2

6$ ' )"(-") 12 4'4"()? `('$%1$ '$. ;-$"*'(% DNRRR'E? DNRRR*" $/3<"( 12 )"77"() -) '))/3". %1 <" )3'77"( %*'$ %*" $/3<"( 12 *" )%(/#%/(" 12 %*" $"%,1(5 ."%"(3-$") %*" $/3<"( 12 '/#%-1$) %*'% ' 4'(%-#/7'( *-) -) %*" 4(-#" '% ,*-#* 3'(5"%) #7"'(? '$. 011.) '(" %*"$ '771#'%". -$ '$ "n#-"$% ,'& '31$0 %*" *" 3'-$ (")/7% 12 %*" '$'7&)-) -) %*'% !,+"%44: $E+"$&( &$(0,)1! %40%:! %)"!$ %! %& $?*"4"5)"*3 ,*(+,3$ ,- (6$ .%3$ ,- 4"&1 -,)3%(",&2 >*-) )/(4(-)-$0 (")/7% #'$ <" -$%"(4("%". ') 21771,): >*" 3'(0-$'7 <"$"=% 12 21(3B -$0 '$ '..-%-1$'7 7-$5 21( '
!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; NP

"n#-"$%? %*-) 3'(0-$'7 <"$"=% -) -."$%-#'7 %1 %*" )1#-'7 3'(0-$'7 <"$"=% 12 '..-$0 '$", 7-$5? '$. *"$#" %*" *" #*'('#%"(-9'%-1$ 12 "n#-"$% $"%,1(5 '(#*-%"#%/(") -) ' .-n#/7% "G"(B #-)": 62 @ " $? %*" #1347"%" $"%,1(5 -) 1<+-1/)7& "n#-"$%: A) @ -$#("')")? %*" "n#-"$% $"%,1(5 <"#13") 7")) #1$$"#%".: `('$%1$ '$. ;-$"*'(% DNRRPE ."B =$" d7"')%B7-$5 '771#'%-+"7& #1347"%"d D_AOE $"%,1(5) ') $"%,1(5) ,-%* %*" )3'77")% $/3<"( 12 7-$5) ,*-#* 0/'('$%"") %*'% %*" 1/%#13" ,-77 <" "n#-"$% j %1 4(1./#" '$ -$4/% j ,*-#* -) )4"#-=# %1 %*" =(3? 1( '#T/-(" %*" -$4/% 2(13 )"77"() D/4)%("'3 =(3)E '$. )/441(% ' #1)% @ 4"( 7-$5 21(3".: l$#"(B %'-$%& -$ ."3'$. (")/7%) -$ ('$.13 +'7/'%-1$) 12 %*" ' @& 21( ,*-#* %*" $"%,1(5 )%(/#%/(" -) "n#-"$%: I/(%*"(31("? ') %*" $"%,1(5 )%(/#%/(" "$B '<7") =(3) %1 <"$"=% 2(13 "#1$13-") 12 )*'(-$0 g"G-<7" 1/%4/%)? $"%,1(5 )%(/#%/(") <"#13" 31(" "n#-"$% ,*"$ %*" .-)4"()-1$ 12 *" '$'7&)-) #'$ <" "G%"$.". %1 )%/.& %*" )%('%"0-# #*1-#" 12 =(3) D=(3) -$-%-'77& #*11)" ,*"%*"( %1 21(3 7-$5) 1( 4(1./#" -$%"($'77& %*" -$4/%E? '$. %*" "Y"#%) 12 +"(%-#'7 3"(0"(): I-$'77&? `('$%1$ '$. ;-$"*'(% DNRRR'E 4(141)" ' 31."7 12 *")" 1/%)-." 14%-1$) '(" #134/%". <& %('#-$0 1/% d1441(%/$-%& 4'%*)d 21( %*" %('."() -$ %*" $"%,1(5: F+1&,04$'.$3$&( 6 '3 0('%"2/7 %1 U'$@""+ C1&'7 '$. ")4"#-'77& C'<(-"77" Z"3'$0" 21( #(-%-#'7 #133"$%) -$ %*" 4("4'('%-1$ 12 %*-) )/(+"&:

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; NN

K*I*"*'<*2 ZMA)4("31$%? O: ? A : c'#T/"3-$? c:c: C'<)9",-#9 '$. c: F"&3'(5? p 8$ %*" U%'<-7-%& 12 O177/)-+" h(-#" _"'."()*-4? q O'$'.-'$ c1/($'7 12 J#1$13-#) Pa DPV^QE? P]BNW: ZMA)4("31$%? O: '$. A: c'#T/"3-$? p O114"('%-+" '$. f1$#114"('B %-+" !rZ -$ ' Z/1417& ,-%* U4-771+"()? q A3"(-#'$ J#1$13-# !"+-", ]^ DPV^^E? PPQQBPPQ] ["77"g'33"? h: p O1'7-%-1$ U%(/#%/(") ,-%* 84"$ ;"3<"()*-4 '$. A)&33"%(-# I-(3)? q C'3") '$. J#1$13-# ["*'+-1( QR DNRRRE? PBNP: ["77"g'33"? h: '$. I: [71#* p ;'(5"% U*'(-$0 A0(""3"$%) '$. O17B 7/)-+" f"%,1(5)? q 3-3"1:? C!JKA;: [71#*? I: ? p J$.10"$1/) U%(/#%/(") 12 A))1#-'%-1$ -$ 87-01417-")? q !'$. c1/($'7 12 J#1$13-#) NaDPVVWE? WQ]BWWa: [71#*? I: p U"T/"$%-'7 I1(3'%-1$ 12 O1'7-%-1$) -$ C'3") ,-%* I-G". h'&1Y Z-+-)-1$? q C'3") '$. J#1$13-# ["*'+-1( P\ DPVVaE? WQ]BWWa: [(1,$? ;: '$. U: X: O*-'$0 G,%4"(",&! "& 74".,/,4"$!? J7)"+-"(H f1(%* X177'$. DNRRQE: O1(13-$')B[1)#*? ;: p 8$ >,1BU-.". f"%,1(5 ;1."7)? q /$4/<7-)*". .-))"(%'%-1$? l$-+"()-%'% h134"/ I'<('? ['(#"71$' DPVVVE: O/(('(-$-? U: '$. ;: ;'(-$- p A U"T/"$%-'7 A44(1'#* %1 %*" O*'('#B %"(-)%-# I/$#%-1$ '$. %*" O1("? q 3-3"1:? l$-+"()-%& 12 b"$-#" DNRRPE? 21(%*#13-$0 -$ dA.+'$#") -$ J#1$13-# Z")-0$d DU4(-$0"( b"(7'0 ".:E Z"$"#5"("? !: '$. O: Z'+-.)1$? p 6$#"$%-+") %1 I1(3 O1'7-%-1$) ,-%* ["(%('$. O134"%-%-1$? q !AfZ c1/($'7 12 J#1$13-#) Pa DPV^WE? \]QB \^a: Z-'3'$%1/.-? J: p U%'<7" O'(%"7) !"+-)-%".? q 3-3"1:? l$-+"()-%& 12 A'(*/) DNRRPE: Z1$)-31$-? ;: h: p U%'<7" X"%"(10"$"1/) O'(%"7)? q 6$%"($'%-1$'7 c1/($'7 12 6$./)%(-'7 8(0'$-9'%-1$ Q DPV^WE? \WPB\a]:

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; NQ

Z1$)-31$-? ;: h:? f: J#1$13-.") '$. X: h17"3'(#*'5-) p U%'<7" O'(B %"7)? q 6$%"($'%-1$'7 J#1$13-# !"+-", N] DPV^aE? QP]BQN]: J)4-$1)'? ;: h: '$. 6: ;'#*1BU%'.7"( p J$.10"$1/) I1(3'%-1$ 12 O134"%-$0 h'(%$"()*-4) ,-%* ;1('7 X'9'(.? q 3-3"1: ? l$-+"()-%'% A/%1$13' ." ['(#"71$' DNRRPE? 21(%*#13-$0 -$ C'3") '$. J#1$13-# ["*'+-1(: I'(("77? c: '$. O: U*'4-(1 p X1(-91$%'7 ;"(0"()H A$ JT/-7-<(-/3 A$'7B &)-)? q A3"(-#'$ J#1$13-# !"+-", ^R DPVVRE? PR]BPNa: I'/7-B877"(? !: p >'5"1+"( F'+")? q c1/($'7 12 J#1$13-#) ;'$'0"3"$% '$. U%('%"0& V DNRRRE? P^VBNPR: C1&'7? U: '$. U: c1)*-? p f"%,1(5) 12 O177'<1('%-1$ -$ 87-01417&? q 3-3"1:? J(')3/) l$-+"()-%&? NRRP? 21(%*#13-$0? C'3") '$. J#1$13-# ["*'+-1(: C1&'7? U: '$. c: _: ;1('0'? p !rZ f"%,1(5) q? !'$. c1/($'7 12 J#1$13-#) QN DNRRPE? a^aB]R]: C('*'3? !: '$. C: ;'()*'77 p O177/)-+" [-.."( ["*'+-1( '% U-$07" 8*"1(& ]P DPVVaE? \\B]\: `'3-"$? ;: '$. 6: m'$0 p >*" _-3-%) 12 ;1$1417-9'%-1$ %*(1/0* A#B T/-)-%-1$ q K/'(%"(7& c1/($'7 12 J#1$13-#) PRW DPVVRE? \aWB\VV: `'3-"$? ;: '$. 6: m'$0 p O134"%-%-+"7& O1)% A.+'$%'0"1/) ;"(0"() '$. ;1$1417-9'%-1$? q C'3") '$. J#1$13-# ["*'+-1( Q DPVVPE? QNQB QQ^:

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; N\

`'3-"$? ;:? J: ;/77"( '$. 6: m'$0? p !")"'(#* c1-$% b"$%/(") '$. ! r Z O'(%"7) q? A3"(-#'$ J#1$13-# !"+-", ^N DPVVNE? PNVQBPQRa: `'3-"$? ;: '$. 6: m'$0 p O134"%-$0 !")"'(#* c1-$% b"$%/(") q? c1/(B $'7 12 J#1$13-#) '$. ;'$'0"3"$% U%('%"0& N DPVVQE? NQB\R: `'%9? ;: p A$ A$'7&)-) 12 O114"('%-+" !")"'(#* '$. Z"+"7143"$%? q !AfZ c1/($'7 12 J#1$13-#) P] DPV^aE? WN]BW\Q: `('$%1$? !: '$. Z: ;-$"*'(% p O134"%-%-1$ 21( C11.) -$ [/&"(BU"77"( f"%,1(5)? q ("+-", 12 J#1$13-# Z")-0$ W DNRRR'E? QRPBQQN: `('$%1$? !: '$. Z: ;-$"*'(% p f"%,1(5) +"()/) b"(%-#'7 6$%"0('%-1$ q !AfZ c1/($'7 12 J#1$13-#) QP DNRRR*" >('.-B %-1$'7 b-", !")%1(".? q 3-3"1:? l$-+"()-%& 12 h"$$)&7+'$-'? PVVV: h"((&? ;: '$. !: h1(%"( p 87-01417& '$. %*" 6$#"$%-+") 21( X1(-91$%'7 ;"(0"(? q A3"(-#'$ J#1$13-# !"+-", ]W DPV^WE? NPVBNN]:

!"#$% &'( )*+,#"- .#"/&+0#' 0' 1'($2+"0&3 4"5&'06&+0#'7 8 9$":*; NW

U'7'$%? U: ? U: U,-%9"( '$. c: !"&$17.) DPV^QE? p _1))") 2(13 X1(-91$%'7 ;"(0"() H >*" JY"#%) 12 '$ JG10"$1/) O*'$0" -$ 6$./)%(& U%(/#%/(" 1$ O1/($1% f')* JT/-7-<(-/3 q? K/'(%"(7& c1/($'7 12 J#1$13-#) V^ DPV^QE? P^WBPVV: U"7%"$? !: p A U-347" ;1."7 12 634"(2"#% O134"%-%-1$ ,*"$ \ '(" I", '$. a '(" ;'$&? q 6$%"($'%-1$'7 c1/($'7 12 C'3" >*"1(& N DPV]QE? P\PB NRP: U"7%"$? !: p A f1$#114"('%-+" ;1."7 12 O1'7-%-1$'7 ['(0'-$-$0? q -$ *1(1$? U: p I1(3'%-1$ 12 ' O1'7-%-1$ h(112 U%'<7" O'(%"7 q? O'$'.-'$ c1/($'7 12 J#1$13-#) QP DPVV^E? aQB]a: e-? U:U: p U%'<7" O1'7-%-1$ U%(/#%/(") ,-%* JG%"($'7-%-")? q C'3") '$. J#1$13-# ["*'+-1( NR DPVV]E? NRPBNQ]: e-? U:U: p J$.10"$1/) I1(3'%-1$ 12 c1-$% b"$%/(") ,-%* Jn#-"$#& C'-$)? q !'$. c1/($'7 12 J#1$13-#) NVDPVV^E? aPRBaQP: e-? U:U: '$. X: U*-$ p J$.10"$1/) I1(3'%-1$ 12 !")"'(#* O1'7-%-1$) ,-%* U4-771+"()? q 6$%"($'%-1$'7 c1/($'7 12 6$./)%(-'7 8(0'$-9'%-1$ P^ DNRRRE? NNVBNWa:

1'(*G '77-'$#")? P\ '/#%-1$) 1$ $"%,1(5)? NR <'(0'-$-$0 $"%,1(5)? P^ <-..-$0 (-$0)? PR #'(%"7)? W #177/)-+" $"%,1(5)? PQ "G#7/)-+" 3"3<"()*-4 0'3")? Q 3"(0"()? W $"%,1(5) 12 #177'<1('%-1$? Pa 14"$ 3"3<"()*-4 0'3")? Q 4'(%-%-1$ 2/$#%-1$? Q )"T/"$%-'7 <'(0'-$-$0 0'3")? Q

Na

Group and Network Formation in Industrial ...

the emergence of new forms of cooperation and competition between firms. The development ... of these alliances usually leads to very different conclusions than the study ..... studies heterogeneous cartels in a dominant firm model where firms have different ..... In a linear Cournot model with homogeneous firms, Goyal and.

219KB Sizes 0 Downloads 254 Views

Recommend Documents

Group Reputation and the Endogenous Group Formation
Jun 12, 2010 - Cure the social inefficiency caused by imperfect ... Sending children to a private boarding school .... Net payoff for each choice (i∗,e∗), Ni∗.

Network Formation - CiteSeerX
Motivated by the current research on social networks [8], [9], we model the problem ... [10], [11], where minimum communication cost is a common requirement.

Group Reputation and the Endogenous Group Formation
Jun 12, 2010 - Cure the social inefficiency caused by imperfect information in labor market .... Net payoff for each choice (i∗,e∗), Ni∗ e∗ given {i,c,k} is.

Network Formation - CiteSeerX
collection of information from the whole network (see, e.g., [4], [3], [5]). ... Motivated by the current research on social networks [8], [9], we model the problem as.

Coevolutionary modeling in network formation
Department of Data Analysis Systems, Software Competence Center Hagenberg GmbH, Hagenberg, Austria. ‡ ... natural networks. In such settings, the change in network topology occurs at a comparable time scale to nodal dynamics. Coevolutionary modelin

Rivalry and Professional Network Formation
We develop a network formation game where two principals (e.g., partners at a con- sulting firm) employ agents (e.g., consultants) from their professional networks to help them complete projects. Since agents only work for one principal at a time, th

Systemic Risk and Network Formation in the Interbank ...
Jul 8, 2016 - part due to availability of data, much existing work has been related to payment systems.5 In other aspects of financial systems Bech, Chapman and Garratt (2010) discuss the importance of being central in interbank markets. Rotemberg (2

network formation games
Another central question about network formation is whether the networks formed by the agents are ...... used to study the influence of the degree of farsightedness on network stability. Level-K farsighted stability is a tractable concept with myopic

Social Comparisons and Reference Group Formation ...
Supplementary Material for. Social Comparisons and Reference Group Formation: Experimental Evidence. By Ian McDonald, Nikos Nikiforakis, Nilss Olekalns and Hugh Sibly ...

A Theory of Interest Group Formation and Competition
Citi- zens organize themselves into nations in order to enjoy the provision of ..... sized subset of the group could secede, saving lobbying costs on the order of ϵ.

Definitions of Equilibrium in Network Formation Games
Apr 16, 2006 - Different models have been proposed to analyze the formation of bilateral links in small societies ... Financial support from the Lee Center for Advanced .... that they define, which we simply call the linking game with transfers.

When does universal peace prevail? Secession and group formation ...
Abstract. This paper analyzes secession and group formation in the general model of contests due to Esteban and Ray (1999). This model encompasses as special cases rent seeking contests and policy conflicts, where agents lobby over the choice of a po

JUNIOR INSTRUCTOR-NETWORK TECHNICIAN-INDUSTRIAL ...
... TECHNICIAN-INDUSTRIAL TRAINING DEPARTMENT.pdf. JUNIOR INSTRUCTOR-NETWORK TECHNICIAN-INDUSTRIAL TRAINING DEPARTMENT.pdf.

NETWORK FORMATION GAMES BASED ON ...
networks where the goal of the agents is to strategically pro- duce, disseminate and consume information) have been for- malized and studied for the first time in Zhang and van der. Schaar [6]-[7]. In these works, agents are considered to be heteroge

Games of Coalition and Network Formation: a Survey
hence modelling a number of relevant economic and social phenomena.1 Moreover, ...... Therefore, a network g is just a list of which pairs of individuals.

Local Public Goods and Network Formation
I develop a model of local public goods and social network formation. Individuals may .... distribution of costs F(c), with support [0,∞]. Note that there is no decay ...

A Comparison of WirelessHART and ZigBee for Industrial ... - ABB Group
tion between a host application and smart field instru- ments, providing access to diagnostics, configuration and process data [1]. Traditionally, HART specified a ...

Prioritized Group Navigation with Formation ... - Applied Motion Lab
formation F. (b) For a given orientation υθ , the set of velocities that lead to a collision ..... robot teams,” IEEE Trans. on Robotics and Automation, vol. 14, no. 6,.

Prioritized Group Navigation with Formation ... - Applied Motion Lab
number of template formations, each with a specified priority value. ... Email: {ioannis,sjguy}@cs.umn.edu settings, like a narrow passage, the robots may have to.

Junior Instructor-Network Technician-Industrial Training Department ...
Junior Instructor-Network Technician-Industrial Training Department.pdf. Junior Instructor-Network Technician-Industrial Training Department.pdf. Open. Extract.

Junior Instructor-Network Technician-Industrial Training Department.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Main menu.

PDF Download Industrial Network Basics
engineer, “Industrial Network. Basics?? speaks to the world of possibilities available for machine and process control in a clear and understandable language. Special emphasis is given to the unique characteristics of popular fieldbus protocols and

Mestizaje and Law Making in Indigenous Identity Formation in ...
lic representations, media coverage, and many academic studies give the ... Indianness in the popular imagination” (Ramos 2003:372) were crucial to the Xoc ó ...