pdf

Competitive Bundling of Categorized Information Goods
Jeffrey O. Kephart
Scott A. Fay
Institute for Advanced Commerce
IBM Thomas J Watson Research Center
Yorktown Heights, New York 10598
University of Florida
Warrington College of Business
Gainesville, FL 32611
[email protected]
[email protected]
QJLsb'
%($W'('
%'E
$10/!,%?/]%(0(IN<
$/%53!)7t,(Pi(($%!0"5'3
$0W,#/-4'
/'4(
,U8Hu($%'(v(5'i(F0-,#0'(I
$/)nH/'((0.@5
!5'+0'(FI
a("0('JBw^%
$%' $%
<
I,10/''
($I0'-!%dx/(!')!!^.,#(
)
$W%L0
$/^#0
$yO,(%RW
$E50("(!>.7
,#'
I]
$%/%!'Jdlt'E"0,0
!&('(E(
/M,!-
$%L'(
0("'^
$%'(/!!/'-N<^%(0(5O0"/('
7
"+W
$/EG/$%!5Pb."$%'(-('(&G0
$W,(.% !
.,#0'
;D
$(89>20%.'
$0]/'
%Su'
%($
'(
0(5"02O($'J
X$'&,%,#/^,'(/('% !2@5'^!:R)$U$R!
7
,!'(/!!/'.,#(?(+Y#/L%!'-60(5"0(@5z<7
y"0'J6lt/M,!/
!2W%'
/'L
$%L'
%?/'^0'ENS$
A(0(%P-0"0('+
$0?0
1/!2IU$0'(W'(('?^!'
$0-)n!!^#5'('(0
'
<2V
$%/?%10!'J_;'(D>B'(5/7
v{D#)6c105)u'(0?]
$0'(^/!1E%!%"W!(/(7
0
W'(/%'(')$2<!'L(0'('E2O]
$%E'('
'
$0)<5/!#^/!1<?(85('#!5O<0
"0'JX$/QDy'(
W|D)
%5.%1/!#<0
!"W/!]
$0%5(,#0('-YG//("0('E&7
<0
;D/M,!/
!o2O05('<]Z(b,%
7
'
.,%
WN<]!%((/5P;50'(('D.!!)^'><Q,#0'('
!2$%5(/0"/7
'1!0
'.2R'
%?/'J-l'(5
V}D#)-(/.
$i,%
!!450.,#'
[%B,(iR4%,#7
!'(^0']co
yQ1(%'^'(/!!/L% %'
/^,0?(/'D
Z%%"R
$%bZ(7
'
@5z%!',%
?!])$%0'(('^
Z(0J]X$/;D?'(
A~D)>,5'(/>^"00?/7*
$%
^!207
'
'^Qy!",#!2W)n
$ $0"0/%'L'
%?/^,///'J
ly.'(5g0%/
!]"0EW)$U$(/^U$5'b,E,(
.,#
;D)6O'
$)T
$0 F!",#!S2\)!!-U$10(0
!!%'
;D>,/"W+((!e
,0(($%"R
$%E67
,#!'(JiX$.,Z('.(%5i2i50($4Z)!!#-,#0'
10D
%L)n!!e'
%j(-!'('E
$
$0^]?,#!'(JlS;Z'E5
'(((%'
!2F05xU%'(-
$/!W50.,#'
QD%I
$'
48 (/i,(/%"($%'-'
c!('
!o20D
$/
U$I'(!!/ )!!/,G/%/
!2I'(('c%!O(R
$%.^
$%
%,#!'(DQO,Z%('L)!!>#(1/V(@/J^ly'(
€D
)'
!( !",#!2i)$($V
$%'(/!!'.-,!2W-207
,#'(
7<'
,#%'(^!"0(
$OD'
$)"
$%;;/,']
$%
"0/7*
$
#$%10J $/%'('
!0
C(10'
7
"0(WW50.,!/M\'(5/%(0'W
$0./!$%(0"0%%'
,/<//'R\
$a
)64'(/!!/'DEZ"B
$0R
$%'(
OM$^L0.,!/M #/$10^R)$($ #0
$R
$b,('
$%.%!O.,#'
'v2/!0D#
$'(/!!/'5
8+,G0'
10W,Z('J4_;!!20DL) '
%?(@W?Z"0'
O('(0?E,!%'^<^S
)6(8 '(
VJ
ABSTRACT
!" !#
$%&'('('
*)+-,#(./!0
1/!23%'(
3'('
'.45!6(7
89(':;<0
"0'=>(0?0(%'((.@0
7
(A0'(5BC0(5"0(5'DE%F0.,G
H0%"I(/
,10'J.KL'
%" $'/!<D;)6./M,!?
$%-'(
0("'
$0
'(!!/'ON<?(0?0(4"0/('-05
%"I
$/-#/$!5P."$
'((-'(&#
$O,(+!..,#'
QD;%R
$%L(7
8920%.'-
$%E."$./'
.S0T'
U$V'(
0("2WU$5'J
X$.?/!>(,#('.Y#/.("0('><0
;D
M,!/
!2H0(' <RZ(W,%5
[%\%'
.,
50'(('D]B!!)^'.,#'('
!2I$%5(/0"/%5'+1!%
'+2
5'
%'J_;'(D%)6(.%-
$,
!>!0-,#7
'
W% ,(^<6-,#!'(E'ES%
W;
$E'(!!/` '
,%
a0'(('?B
$O%'
/'`>,/<//' %I7
'
.,
'(('J]_%^Z('(('DZ(7
'
@5O!'E,7
?!<JX$/QD)6b'(E"0/7*
$
%!2'
' '
c!0
(-/M,!
$b#$%10de
$%L(89)$%O
$/LE!
7
,!E5(/&,10'JbZ% $0DQ'
%?/,/<//'
O$%0"/'D'(/!!/'W($0'((4Y#W
$W'(0O!
$0]E?,#!'()! U$0'(D0>
$0]0.,G
<'
'(!!/'( Y#/d
$%!5'0E50'(J^_%b$(/"0/%'E,/S7
/%5'D%,#0'
1,Z%('L,#0'('
!0D;%L
$%.,,#5'E0
(#,-'(
0(5"02OfL0'
$g0!(hOJ-X$'^'E<5'((
'.O1/(7*/%"42/!R^,(5'i!WU$5')$%/
'(!!/'.,!2O-20,#'(
7<'
,#%'(?!"0(
$%RJ
X $INTRODUCTION
+M
/!2i!)j"!L'(.b,!
%"F4'
7
(
%"B<?0
k"0'WH
$%Vl(/( $%'+!a(I
5'
"/.(/'(F
$% '(
26,%5.!"JVmW0'(
L
$%!(/
O$0'</'(II
$ g0%5'(
\L)n$
$/?
'(!!/4%"$i(I'(/!!?('O10%0!!o2['O3ZMp7
!0D/,#%%"aH
$i'(
(
4?'
/W,/<//'D
,%
a0'(('De3W1(
2In0
$/ %
'JIqE)7
510/D#'(1/!Q,
!!2i.,#(E'('
'E/!
?(7
89('.<.<0
a"0'A$10 /1B1/2i!(
!W0((7
1.
Permission to make digital or hard copies of all or part of this work for
personal or classroom use is granted without fee provided that copies are
not made or distributed for profit or commercial advantage and that copies
bear this notice and the full citation on the first page. To copy otherwise, to
republish, to post on servers or to redistribute to lists, requires prior specific
permission and/or a fee.
EC’00, October 17-20, 2000, Minneapolis, Minnesota.
Copyright 2000 ACM 1-58113-272-7/00/0010 .. 5.00
r
‚
ƒ0•#„/†³……o™0]0ŠL‡™Wˆ†š0„/‡I–?Œ0–„/‡ŠQ„U‰Ž(„/……„‹ ϓ†……]U‰‹ˆ„
•‹(†„Ð;Ñ]¦<Œ‹6c‘‡%’…„.5Œ‡Ž
†Ž(Š
†‡%ˆRŒ¦Q.–-†¢OŒ¦>‹Š
†/…„Ž†‡W’†¯#„/‹(”
„/‡ŠL0Š(„ˆŒ‹(†„Ž¬6Ò Ñ*Ó ‹Š
†/…„Ž¦<Œ‹Š(„ˆ0Œ‹™OÔ0%¦<Œ‹L„0(‰4Å ÕaÔÖ
Ë\×0—>˜]0(‰OŽ(„……„/‹^„/¢•#„‹(†„/‡%5„Ž^Œ0Ž(ŠØ Ñ ¦<Œ‹]•‹Œ’/†‡ˆ+‡%’?’†Ž
”
Š
‹(†‘%Š
†‡ˆi„50(‰‹Š
†/…„ Š
‰0Šb†ŠŽ(„……Ž>Ž(Œ Š
‰%„-Œ0Ž(ŠŒ¦&•‹Œ’%/†‡ˆ
.‘‡’…„.†ŽEØ0ÑÙ Ó Ò&Ñ*Ó/—Ú
´LŒ“5Œ‡Ž
†’„/‹VŠ
‰„z‘%™„/‹Ž—TÛi„VŽ
••#Œ0Ž(„VŠ
‰%ŠO‘™0„/‹ÜÁ Ž
š…0Š
†Œ‡WŒ¦Ý ‹Š
†/…„5Ž&¦S‹Œ0–H0Š(„ˆŒ‹™Ô&†Ž>Þ9ß Óà ß Ó ­ Ý;®/“‰%„‹„Þß Ó
‡.‘#„^Š
‰Œˆ‰Š]Œ¦0Ž>‡W¾Sá#âSã¾Sá%ä¾<å¶æç0èéçâS¾<ê0ᐇ%’ à ß Ó ­ ÝQ®:5‡‘#„
Š
‰Œˆ‰Š-Œ¦^Žiä5çâéã(çâS¾<ê0á-ëéá#åâS¾<ê0á0ìF5Œ‡š0„¦S‡%Š
†Œ‡IŒ¦
ÝWŽ(0Š
†Ž
¦™0†‡%ˆ à ß Ó ­ Å®]íBŝ à ß Ó ­ œ®]ípœE‡%’ à ß Ó ­ Ý;®&ÕFÝO¦<Œ‹ÝîF§—
µ ‰%„-†‡Š
‹(†‡%Ž
†Rš…%Š
†Œ‡ŽÞß Ó ‹„(‰Œ0Ž(„/‡†‡%’„/•#„‡%’„/‡Š
…o™i¦S‹Œ0–
Ž(Œ0–?„O’†Ž(Š
‹(†‘Š
†Œ‡aï9Ó ­ Þ®/—ȍ‹Š
‰%„‹–Œ‹„06‹Š
†/…„5ŽA†‡C’†¯G„/‹„/‡Š
Š(„ˆ0Œ‹(†„Ž&‹„‡%ŒŠ>Ž
‘Ž(Š
†Š
%Š(‘…„E¦Œ‹]Œ‹]5Œ0–.•…„–„/‡Š(‹™Š(ŒEŒ‡%„
‡Œ0Š
‰„/‹>†<— „0—O ‘™0„‹Á Ž-š…0Š
†Œ‡CŒ¦^WŽ(„5ŠŒ¦L‹Š
†/…„5Ž’‹“‡
¦S‹Œ–¸’†¯#„/‹„‡Š+50Š(„ˆŒ‹(†„Ž†ŽŽ
†–.•…™B„5©0%…EŠ(ŒWŠ
‰„OŽ
–Œ¦L†Š(Ž
š…0Š
†Œ‡%Ž¦<Œ‹]Š
‰%„^‹Š
†…„Ž&†‡ „U‰AŽ(„/•%‹0Š(„^Š(„ˆ0Œ‹™0—]È;†‡%……™0
Š
‰„E‘™0„/‹dÜE„/¢•G„/‹(†„/‡„Ž/…Š(Š(„/‹dŒ0Ž(Š^ð ß ¦Œ‹^Ž
†¦<Š
†‡ˆOŠ
‰‹Œˆ‰
„U‰F‹Š
†…„WŠ
‰%Šc†Š.‹„5„/†š0„5Ž&‹„ˆ‹’…„Ž(Ž Œ¦^†Š(Žš…0Š
†Œ‡B¦<Œ‹
Š
‰0Š^‹Š
†/…„—
˜]0(‰4‘%™„/‹ ܒ„/†’„ŽŠ(Œ •‹U‰0Ž(„Rñ ß ÑL‘‡%’…„Ž.¦o‹Œ0–„0(‰
Ž(„/……„/‹bÏ99‡’.†‡ Ž(Œ’Œ†‡ˆc†Š>‹„„/†š„Žñß Ñ Ò Ñ*Ó ‹Š
†/…„Ž&†‡ 50Š(„ˆŒ‹™
Ô¦S‹Œ0–TŽ(„/……„/‹?Ï0—LÎ&%™„/‹-ÜÁ ŽLš…%Š
†Œ‡FŒ¦6Š
‰†ŽŽ(„ŠEŒ¦‹Š
†/…„Ž†Ž
Ù Ó Þß Ó(à ß Ó]ò
Ù Ñ ñß Ñ Ò Ñ*Ó
ó>ô ðß Ù Ñ*Ó ñß Ñ Ò Ñ*Ó ‡%’ †Š&•%™Ž-Š(Œ0Š(…#Œ¦
Ù Ñ ÐQÑ(ñ ß ÑŠ(ŒŒ‘%Š(†‡Š
‰%„–R— µ ‰„/‹„/¦<Œ‹„ÜÁ Ž^Ž
‹(•…ŽE†Ž
ƒ „/……RELATED
†‡ˆE‰%„Š(„‹Œ0ˆ0„‡%„WORK
Œ%Ž]Œ‡Š(„/‡Š;Ž;‘‡’…„&†Ž;‡Œ0ŠQ&‡„“4Œ‡”
5„/•%Š^†‡Š
‰%„„5Œ‡Œ0–.†5ŽE…†Š(„/‹0Š
‹„0—^˜]‹(…™O••#„/‹ŽLŒ‡Ž
†’„/‹„’
Ž
†‡ˆ…„-•‹Œš0†’„/‹‘‡’…†‡ˆiŠ*“Œ-ˆ0ŒŒ’Ž›hœžœ0#žŸ *—&¡WŒ‹„c‹„5„/‡Š
••G„/‹Ž‰%š0„L„/¢Š(„/‡’„5’+Š
‰„E‡%…™Ž
†ŽEŠ(Œ–Œ‡%Œ•#Œ…†Ž(Š^‘‡’…†‡ˆ
£ ˆ0ŒŒ’Žz› ž6¤ *—I¥b‡…™Ž
†ŽWŒ¦Œ0–.•…„Š(„ £ ”*ˆ0ŒŒ’4‘‡’…†‡ˆ
–?Œ’„/…“†Š
‰?§¨v‘‡%’…„Œ–c‘†‡%Š
†Œ‡Ž‡’ £ ”*’†–?„/‡%Ž
†Œ‡%…#Œ‡”
Ž
–„/‹?•‹„/¦„/‹„/‡„Ž©0†Uª…™I‘#„Œ–„Ž.†‡Š
‹Š(‘…„0^„š„/‡F“‰%„/‡
5Œ0–.•#„5Š
†Š
†Œ‡u†ŽO‡Œ0ŠRŒ‡Ž
†’„‹„’:—«¥EŽ 4‹„Ž
…ŠdŠ
‰%„Ž(„W••#„/‹Ž
‹„5Ž(Š
‹(†ŠŠ
‰„–Ž(„/…š„ŽŠ(ŒWŠ
“6ŒWŽ
†–.•…„R…Š(„/‹(‡0Š
†š„Ž¬O‡‘‡’…†‡ˆ
­ Ž(„……†‡%ˆF„0(‰F‹Š
†/…„O†‡CŠ
‰%„RŒ……„5Š
†Œ‡HŽ(„/•%‹0Š(„/…™®‡%’I•‹„
‘‡%’…†‡%ˆ ­ Œ¯#„/‹(†‡ˆŠ
‰„„/‡Š
†‹„‘‡’…„¦<Œ‹]bŽ
†‡ˆ…„^•‹(†5„®/—6ƒŒ–„
‹„5„/‡Š^“Œ‹(ªA’Œ„Ž^Œ‡%Ž
†’„/‹d–c…Š
†•…„?Œ‡Š(„/‡Š•‹Œš0†’„/‹Ž-›hœ5Ÿ°
œ²±² *—I˜&U‰FŒ¦Š
‰„Ž(„+••#„‹Ž+5Œ‡Ž
†’„/‹Ž W‹0Š
‰„/‹RŽ
•#„/†³WŒ‡”
Ž(Š
‹(Š
†Œ‡Œ¦>5Œ‡Ž
%–„‹b•‹„/¦<„‹„/‡%5„Ž—]´EŒ‡„……Œ“\³‹–?ŽbŠ(Œ-Œ‡”
Š
‹Œ…QŠ
‰%„L’„ˆ‹„„EŒ¦;‰„Š(„/‹Œˆ0„/‡„/†Š
™ Œ¦>Œ‡Š(„/‡Š&†‡WŠ
‰„/†‹LŒ¯G„/‹(†‡%ˆŽ—
µ ‰„&(‰‹05Š(„/‹(†Ž(Š
†Ž]Š
‰%Š>’†¯#„‹„/‡Š
†0Š(„^‹Š
†…„Ž¶¦o‹Œ0–\„U‰?Œ0Š
‰„/‹
‹„„/†Š
‰„/‹E‡%Œ‘%Ž(„‹š0„’Œ‹^‡Œ0Š^–‡†•…‘…o„‘™+Š
‰„E³‹–Ž—#·
µ ‰„E–Œ’„/…>•‹„Ž(„/‡Š(„’O†‡yŠ
‰†Ž^•%•#„/‹……Œ“bŽ^³‹–?ŽEŠ(Œ-U‰ŒŒ0Ž(„
•‹Œ’%ŠRŒ0–-•#Œ0Ž
†Š
†Œ‡uŽ“„/……d0Ž.•‹(†„0— µ ‰„/‹„W’Œ„Ž „/¢†Ž(Š 
šŽ(Š+„5Œ‡Œ0–.†5ŽA…†Š(„‹0Š
‹„iŒ‡\„/‡’Œˆ0„/‡ŒŽ+•‹Œ’%ŠR’†¯G„/‹„/‡”
Š
†Š
†Œ‡Q‘Š-Š
‰%„¦<Œ‹–¸Œ¦L’†¯#„‹„/‡Š
†0Š
†Œ0‡aŠ*™0•†……™BŽ(Š
’†„5’3†Ž
†‡••‹Œ•‹(†0Š(„i¦<Œ‹ Š(„ˆ0Œ‹(†¹„’B†‡¦<Œ‹–Š
†Œ‡aˆŒŒ’Ž— µ ‰„+‘”
Ž
†L–Œ’„/…QŒ‹(†ˆ†‡0Š(„5’O‘™ºEŒŠ(„/……†‡%ˆW› §° #……Œ“^Ž³‹–Ž6Š(ŒU‰ŒŒ0Ž(„
“‰†U‰aŠ*™0•#„Œ¦•‹Œ’ŠOŠ
‰„™F“n†Ž
‰CŠ(Œ4Œ¯G„/‹— µ ‰†ŽO(‰%Œ†„i†Ž
‹„•‹„Ž(„‡Š(„’»‘™\4…ŒŠ
†Œ‡[Œ‡a4…†‡%„0—«˜&U‰HŒ‡Ž
–„/‹W‰0Ž
‡I†’„…E•‹Œ’Š.…Œ50Š
†Œ‡QLŽ(ŒWŠ
‰%Š’†¯G„/‹„/‡„Ž+†‡FŒ‡%Ž
–„/‹
•‹„/¦<„‹„/‡%5„ŽE‹„E†‡%’†0Š(„5’z‘™ ’†Ž(Š
‹(†‘Š
†Œ‡V†‡Š
‰%„’„/‡Ž
†Š
™OŒ¦
’„–‡%’F…Œ‡%ˆIŠ
‰„+…†‡„0—a¼Œ‡Ž
%–?„/‹Ž‘™IŠ
‰%„O•‹Œ’Š Š
‰0Š
†Ž /…ŒŽ(„Ž(Š Š(ŒiŠ
‰„/†‹ †’„…<— µ ‰%„ •‹(†–‹™3†Ž(Ž
„WŒ‡Ž
†’„/‹„’B‘™
••G„/‹ŽcŽ
†‡ˆOŠ
‰†Ž.ºLŒ0Š(„/……†‡ˆW–Œ’„/…&†ŽŠ
‰„’„ˆ‹„5„Œ¦6’†¯G„/‹„/‡”
Š
†Š
†Œ‡F³‹–Ž-(‰%ŒŒŽ(„0—V½¦^³‹–?Ž.(‰%ŒŒŽ(„OŠ
‰„ Ž(0–„ …Œ0Š
†Œ‡\Œ‡
Š
‰„+…†‡„06Š
‰%„/‡FŠ
‰„™4‹„O–.†‡†–……™F’†¯G„/‹„/‡Š
†0Š(„5’:—F¡W¢†–…
’†¯#„/‹„‡Š
†0Š
†Œ0‡I†Žb‹„/•‹„Ž(„/‡Š(„5’z‘™ ³‹–Ž(‰ŒŒ0Ž
†‡ˆWŠ(Œ.…Œ0Š(„?0Š
Œ••GŒ0Ž
†Š(„ „/‡’•#Œ†‡Š(Ž— µ ‰†ŽŒ/‹ŽE†¦Š
‹‡%Ž
•#Œ‹Š(0Š
†Œ‡B5Œ0Ž(Š(ŽE‹„
©00’‹0Š
†¾<¿SÀ¿BŠ
‰„O•#„/‡…Š*™B0Ž(Ž(Œ†0Š(„’\“†Š
‰\‡Œ0Š Œ‘Š(†‡†‡%ˆ
Œ‡%„Á ŽE†’„…]•‹Œ’Š†Ž.‡Œ‡”t…†‡„‹¦S‡%Š
†Œ‡IŒ¦nŠ
‰%„’†Ž(Š(‡„
‘G„Š
“„5„/‡Š
‰„>†’„…%‡%’-Š
‰„&Š
%…•‹Œ’Š>Œ‡Ž
–„’#—&Â]‹(†Œ%Ž
‹„¦<„/‹„/‡„Ž› §9§¤0žÃžžœžœ0œ %5Œ‡Ž
†’„/‹6š‹(†Š
†Œ‡ŽŒ¦#–?Œ’„/…Ž
†‡“‰†U‰R³‹–?Žb(‰ŒŒ0Ž(„E…ŒŠ
†Œ‡ ­ ‰%Œ…’†‡ˆ+•‹(†„-U‰Œ†„5Žb³¢„’%®/—
ÄEŠ
‰„/‹Ž‘‹Œ00’„/‡VŠ
‰%„‡%…™Ž
†Ž.Š(Œ?Š
‰%„Ž
†Š
0Š
†Œ‡i†‡“‰†U‰W³‹–Ž
Ž
†–…Š(‡„ŒŽ
…S™VŒ‡Š
‹Œ…>‘#Œ0Š
‰W…ŒŠ
†Œ‡I‡%’W•‹(†„+›œÅ#ž§#°0ž *
Œ‹-„/¢Š(„/‡’4Š(Œ+³‹–ŽŠ
‰„Œ•Š
†Œ‡FŠ(ŒRŒ•#„/‡V–…Š
†•…„WŒŠ
…„Š(Ž ›hœ5¤
§ÃG±² *—
¥^……^Œ¦dŠ
‰%„Ž(„ •%•#„/‹Ž 0Ž(Ž
–„RŠ
‰%ŠA³‹–ŽŽ(„……E„50(‰3•‹Œ’%Š
Ž(„•%‹0Š(„/…™0— µ ‰†Ž†Ž^c‹„50Ž(Œ‡‘…„.‹„Ž(Š
‹(†5Š
†Œ‡W¦<Œ‹^Š
‰%„LºEŒŠ(„/……†‡%ˆ
–?Œ’„/…<dŽ
†‡%„VŒ‡Ž
%–?„/‹ŽO‹„iŽ(Ž
%–„5’pŠ(Œi‘™\0Š –Œ0Ž(ŠRŒ‡„
•‹Œ’%Š—LºEŒ“„5š0„/‹%†‡ –‹(ª„Š^¦<Œ‹L†‡¦<Œ‹–0Š
†Œ‡4ˆŒŒ’ŽQŒ‡”
Ž
–„/‹Ž‹„.…†ª„…™4Š(ŒO’„Ž
†‹„ Š(Œ‹„0’i‡–„/‹Œ%Ž-’†¯#„/‹„/‡Š-‹Š
†”
…„Ž#‡’OŽ(„/……„‹Ž‹„E…†ª„…™WŠ(Œ.³‡’O‘‡’…†‡ˆW0’š‡Š(ˆ0„Œ%Ž—
2.
õ ß&í\ö Ó Þ9ß Óà ß Ób÷ ö Ñ ñß Ñ Ò Ñ*Ó
øaô ð ßö *Ñ Ó ñß Ñ Ò Ñ*Ó;ô ö Ñ Ð Ñ ñß Ñ/ù
­ œ²®
˜]0(‰4‘™0„‹ÜŠ(Š(„–.•Š(ŽŠ(ŒWŽ(„ŠE†Š(Ž•‹U‰0Ž(„ š„Š(Œ‹?ñß Ñ Ž(ŒWŽ
Š(Œ–¢†–.†¹„Š
‰†ŽE©0‡Š
†Š*™0—
ú „Š
‹(‡†‡ˆuŠ(Œ\Š
‰„4Ž(„/……„/‹ “6„4Ž(„„IŠ
‰%ŠiŽ(„……„/‹FÏ0Á ŽO‹„5š0„/‡„
“†……^‘#„Ð Ñ#Ù ß ñß Ñ —zƒ9‘%Š
‹Š
†‡ˆ4Š
‰%„‘‡’…„z•‹Œ’Š
†Œ‡\ŒŽ(Š
Ø0ÑÙ Ò&Ñ*Ӑ‡’i‡%Œ‹–…†¹†‡%ˆi‘™Š
‰„.‡%–‘#„/‹?Œ¦6‘™0„/‹Ž Æ >“„
³‡%’WŠ
Ó ‰0Š^Ž(„/……„/‹cÏ0Á Ž•‹Œ³Šb•#„/‹^‘%™„/‹E†Ž
­ §®
û Ñ í Æ œ ö ß ñß ÑLü Ð Ñ&ô Ø Ñ ö Ó Ò Ñ*Ó
ý-ù
˜]0(‰4Ž(„/……„‹?Ï.0Š(Š(„–-•%Š(ŽŠ(Œ Ž(„Š]Ð;ÑL‡’OÒ&Ñ*Ó^Ž(Œ 0ŽEŠ(Œ –¢†–.†¹„
Š
‰†ŽE©0‡Š
†Š
™—
È%Œ‹^Ž
†–.•…†/†oŠ
™0#“„LŽ
‰%……;‹„Ž(Š
‹(†5Šñß Ñ Š(Œc‘G„E„/†Š
‰„/‹LÅ.Œ‹œ0†<— „0—
.‘%™„/‹E•‹U‰0Ž(„ŽL0Š^–ŒŽ(ŠbŒ‡%„‘‡’…„¦S‹Œ–j„0(‰Ž(„/……„/‹—
bÄ MODEL
‹†‡¦<Œ‹–Š
†Œ‡W‘‡’…†‡%ˆR–Œ’„…;Ž(Ž
%–?„Ž^c•#Œ•…0Š
†Œ‡4Œ¦
Æ ‘%™„/‹ŽO‡%’CÇpŽ(„/……„/‹Ž—aÈ;†‹Ž(Š^Œ‡%Ž
†’„/‹yŠ
‰%„RŽ(„/……„/‹Ž—a˜&U‰
Ž(„……„/‹Œ¯#„/‹ŽRŽ
†‡%ˆ…„A‘‡%’…„É Œ‡Ž
†Ž(Š
†‡ˆiŒ¦RŽ(„/…„Š
†Œ‡IŒ¦6‹(”
Š
†…„Ži†‡HŽ(Œ0–„IŒ–c‘†‡%Š
†Œ‡ÊŒ¦AU‰Œ†„5Žz¦S‹Œ–ÌË͏Š(„ˆ0Œ‹(†„Ž—
·ƒŒ–„.••#„‹Ž.’ŒO……Œ“[¦<Œ‹d’†Ž(Š
†‡Šˆ‹Œ•%ŽŒ¦•‹Œ’Š(Ž › žÅ
œ5° *—Î&Š%†‡Š
‰„Ž(„.–?Œ’„/…Ž#Š
‰„-Š
“Œ.³‹–Ž•‹Œ’„š‹(†Š
†Œ‡Ž
Œ¦LŒ0–.•GŒ‡„/‡Š(ŽŠ
‰0Š-Œ0–‘†‡„OŠ(ŒO¦Œ‹–OŽ(™Ž(Š(„–R—W¥jŒ0–-•#Œ”
‡„/‡Š ­ “†Š
‰%Œ%Š †Š(Ž Œ‡Š(„/‹(•‹Š®A†Ž š…„/…„Ž(Ž— µ ‰†Ž†Ž‡%ŒŠ 
‹„50Ž(Œ‡‘…„-’„Ž(‹(†•%Š
†Œ‡i¦<Œ‹‰Œ“\5Œ‡Š(„/‡Š†Ž^š…„’+‘™‹„’„/‹Ž—
É ¥j–Œ‹„ Ž(Œ•‰†Ž(Š
†0Š(„5’Bš0„‹Ž
†Œ‡FŒ¦LŠ
‰„+–?Œ’„/…n“Œ…’I……Œ“TÏ
Š(Œ?Ž(„Š^c•‹(†„-Ž(U‰„’…„.‘0Ž(„5’OŒ‡Š
‰„E‡–c‘#„‹EŒ¦]‹Š
†/…„5ŽEŒ‡”
Ž
–„’4‘™4Š
‰„+‘%™„/‹&‹Š
‰%„/‹AŠ
‰%‡BŒ‡…™4•#„‹–.†Š(Š
†‡%ˆIWŽ
†‡ˆ…„
‘‡’…„RŠ(Œ‘#„Œ¯G„/‹„’#—˜]š0„/‡V–Œ‹„?ˆ0„/‡„/‹……™>Š
‰%„-•‹(†„ Œ…’
’„/•#„/‡’I„/¢•…††Š
…™BŒ‡vŠ
‰%„ Š(„ˆ0Œ‹(†„Ž‡’4‡%–‘#„/‹?Œ¦L‹Š
†/…„Ž
“†Š
‰†‡C„0(‰F0Š(„5ˆ0Œ‹™†‡\‹(‘†Š
‹‹(†…™FŒ0–-•…„/¢F‡%’4‡Œ‡…†‡%„‹
“™Ž— µ ‰%„‹„Ž(Š
‹(†Š
†Œ‡aŠ(ŒWWŽ
†‡%ˆ…„z‘‡%’…„O‰%„‹„+†Ž•‹(†–‹(†…™
–ŒŠ
†šŠ(„’\‘™\3’„Ž
†‹„4Š(ŒF–ª9„iŠ
‰„‡…™Ž
†Ž4Š
‹Š(‘…„i¦<Œ‹
–…Š
†•…„iŽ(„……„/‹Ž‘ŠŠ
‰0ŠŽ(–„+¦„‹ Œ¦^†‡Š
‹0Š(‘†…†oŠ
™\Œ…’
…Ž(ŒE•‹05Š
†……™.…†–-†ŠŽ(„/……„/‹Ž>¦S‹Œ0–Hš†…†‡%ˆ-Š
‰%„5–Ž(„/…š0„5ŽŒ¦–Œ‹„
þ†Ž]„/„/¢¢†‘0…–.„†•‡‹(„†’ „‘™.Ž((Î&‰%„5‹’ŒŒª…„ŽŽ—„Š]¥u…<‘—%‹› ÿ²Œ0 0¦<’Œ„/‹]‹LŠ
‹‰%„^‡ˆ0„Ž(„EŒ¦>Œ•¦G‹(†–„?ŒŽ(‡U‰Œ•#„’Œ…†…Ž(„ŠŽ —
× Û„-‡Š
†/†•0Š(„ Š
‰0Š%†‡–‹(ª„Š(Ž^†‡4“‰†U‰Ž
•#„5/†…†¹Š
†Œ‡FŒ/”
/‹ŽÒ Ñ*Ó “†……>‘#„¹„‹Œ.¦<Œ‹L–‡™ Œ¦]Š
‰„0Š(„ˆŒ‹(†„ŽÔ—
Ú¥^‡™z•‹Œ’%Š
†Œ‡aŒ0Ž(Š(Ž-0Ž(Ž(Œ†0Š(„’F“n†Š
‰FŠ
‰„ /‹„0Š
†Œ‡FŒ¦LŠ
‰%„
‹Š
†…„b‹„&Ž(Ž
%–?„’.Š(Œ^‘#„]0–Œ‹Š
†¹„’Œš0„‹>^š0„/‹™E…‹ˆ0„&‡–‘#„/‹
Œ¦>‘™0„/‹Ž‡’WŠ
‰%„/‹„¦<Œ‹„E‡„ˆ…†ˆ†‘…o„0—
3.
§
4.
Š+#|d"#$ |dl *60S /N*
+$†ƒ"0
j€ ‹ ]
"0"k
•h.
+5d"#$ >h.
+5$m7$]R !67&@"e
#0
1b¤~/|;%
k
'
+# d"#$ '7„h{#! 5h
\ #$ O h4N>" !0#!5! 0#1SŠ+N&'d"0Nh'! k
/7 .¥ C =†$S
+#7
7
ph{!6
ShW„67!+S! 7
6/7>
[ Q UWz"X C§¦ z 1g¨§Š+5mk
#
#$
P;5$t;«k=†
"6! m70k'¬W­{®­L<%h%
+dk0Z© m#]Zk5ª #/5
!0|
! k
/7‡;'
y*3!6'7+/+5k
+# Nm#@'5! k
/75=1
MONOPOLY ANALYSIS
"! #$%'&() *
+,-#
./0013245
+!677#8:9 1<;'#$>=? $!6@
A
;
B5C DFEGIH GJLKNMPO EQSR QT
$
UWVX
Y
G C G J
G Q[ G Q0U Q0X M>\G
Q M]K T^
UW_X
EQ R
H E QIZ
R
` #7a%&'
b$6!0$'*+# +#0
!-+#7'
+#%00c 3de
$#7
1gf: 7hi
+
0&j]97#%dk!-() 8:91 _ l7
m7k
+#0N
:/+
!+k
+#3d$7W1 717
b+$
6
H G C ;7n7
+#0*7%
]+#$I#7
!+#7>
+]d#$
U G Cpo X 1gq7d#
#/5
+! $
>
N8:91 V *gd#
<A
H
;
BrC D EGtsvu"EQ Z G Q[ G Q0U R QX M>\G EQ R Q MKw J KNM>O EQ R Q T
Uyx7X
*+#0 s UWz"X 0 0
+#
]h{!6
< 97#i
|;h z5} o
$ o 7
+#0*71
2{P
+# &#$0h%
+ ! ~g*+#$ 0&@#]
+#
! K #$d#$tR € +#7
&.&@‚ 6'|&.#"
c '
/m70>
y*$ƒ"00
7#&@#
#'d"
+#&‚ $>me
k
# Z G Q 1b2{]d# ! _ 1;7*%7#&'
+#7
+# 97#
h4„gd#70 <W1 71 Z G Q C Z Q 124…d# ! _ 1 =†*.7#&
+#7
„
+# G Q $0"$0
N#$‡$
d
$ShW&@
dl *605‚ Z |$#71
1.0
Valuations: v1 = 1, v2 = 0.5
Seller cost
0.8
(00)
0.6
0.4
0.2
0.0
0.0
(10)
(11)
(21)
(31)
0.2
0.4
0.6
Buyer cost
0.8
1.0
Equal
&„
+#7
valuations
+#„mk
# Z G Q "
+'# k
k
G
Q
[
hˆ#! # $P
+#!0#
0.! 7
\ G N
+#7&.‰h4„
d#70 1%Š$ 0&„
+#'#
&! K~‹ #$5
+'
&
d$tR € ‹ #*
! 7&„#
@
+#„#
&! 'hW‰Œ7Žde
$7#$N
+%
+: '! k&@#
+#%#
&"d#$71
Š!67&@
.
+„#
&b! @hW'/mk0P6
/h>€ #7
5
+#7
t8b91 x %
+5&.#"
c ]#
|N&&@‚ R $
*+#0 K &&@‚ $5d),0 ! +! #
'/m705dN
+#
h{!6
<1PŠ+„
+#|&.#"
c N
'&&@‚ $7
s +#! K ‹ C
G Q[kQ‘U QX M>\
Q^
UW’X
E QtZ
EQ R
R
q7d
#
/…
+'!6|
58b91 x 70$.|#
?"'d#70
h
Uy”7X
B5C E QIZ Q0[kQ‘U R QX M U O%“P\ X R Q
¯%°{±"½ ²³ ´Iµ#¶S·N¸~¹°Wº‡»#¼ R € ‹½ °W¾~¿b°{À»¹ ´¿F°W¾Á¿b°{»±l³‘»#ºÂ»Ã˜Ä R © ‹
‹ »Ã„»|Ʋ¾~À¹‘°4Çl¾]ÇÆ%¹È~´É²~Ê´³À¼W²~¹ ¹ ´³ÀÇ#à ¹ \ »¾~¿P¹‘È~´
R à ´ª¼WÅ ¼{´³5
¸³ ÇË¿b²~À¹‘°4Çl¾pÀÇà ¹ OÌÎÍ È~´…¾~²º>ÉÏ´³NÇƄÀ»¹ ´±Ç"³°{´Ã
¥
°{à C = Ì'Ð »À)ȇɲ~Ê´³È~»Ã´Ñ<²~»¼~Ò»¼W²~»¹°{Ç"¾~Ã:ÆÓÇ"³»#³ ¹°{À¼4´Ã
°W¾]¹È~´'¹Ô@ÇNÀ»¹ ´±Ç"³°{´Ã7¶Ã¸Ï´À°LÕbÀ»#¼W¼4Ê ½ Z© C ; »#¾~¿ Z7ª C˜o ^ x Ì
Š+#? /#P¤~/1;„'d"06$P7! !6$/5
N
+#0'
e
& U R ‹ R ‹ X 1%q m7b
0#$' 7$>0
1%¤~
"
+
d"#$© ª N# gh
+hW& O“˜\ C ! Ök×~ØÙ¬W­{®­L<
+
#
& R ‹ $0"$%05]
+#'#&Úhi
+%d#7 c!0#
0
! k
$
+'0c $†#! P! k
1bŠ3+hW*%#7
h{k&Û
+hWk! %
+k
R Q ‹ $0"0#$'r
+k
|™šÚ›Ÿ "ž 1
Û !6#$¢dmk
˜„
+k
+#‰#$m7$†"„! 7&„"# 0
hi
+%d#$†„m7 !6
R © ‹ #$ R ª ‹ †#!0 k'7 Ob“5\ $ !0 k 1
Š+$"<
+'7
'k
*+!+…
+ Q ‹ $6!0 7„!067 'k O“¢\
: $#! $"†6
#/]6m70%R !0*%$†#/h~
+#d"#$ k
O“]\.Ü o 1b24
+:#
!0Ý! 0#hW%0k&@k ‹ +hW
h{k& R ¡ '
+#:#0
Ï+/+#0%m*3+#0 Ol“‰\ $!6 R $@© d"0*
+#
+6+$$# $@d ¦ R<¡ “ ; M ¦ R 1~Š+#
+
h{k& R ‹ CÞo R ‹ C ;„! !0'7
O“S¡ \ C ;7"#$>! !6 m7
#
© #! !.© 7
O'“¢\ C ¦ = M ; Cjo ^ _ ; _ =† ¦ V M ¦ = C
o ^ V ; ӣ "7
'= M ¦ V C˜o ^ = ’)”ß " !71%¤ R ª ‹ "
+'! "$/
+ +$b! !0b7
"+h"h#
+# m# 1bŠ+<
+:dl$ $76$‡>¤~/1;„! 5d"'m7 * $>7%N"0"k
Sh
y*
N 'hbd"#$ #h*+!-+>+h%
+#@! h
+#57
+#01jà/S8b91 £ #5! t+*á
+k
]
+#5d#0m7 $
m7‡07
+Úh R ‹ $ R ‹ O“j\ +#$hW5
! ! mk@k
k
>h{#! © [ 1 ª
4.1
Š ! 7&@#
]
+#|#
e&.&@‚0#/Pd#$†•R € ‹ <k
]
+#7
67!+j
0&–—
+>&.&7
F" /p—8:91 ” ]#$e
l0$0
1FŠ+#00hW7%*5! ˜mk#$0"0#$
{˜hW k!-+
!67&@"
R Q 1bŠ+#
&im# R Q ‹ %&@]
+##'
+#7
&.&@‚ 6 Z Q [ Q U R Q X M U O„“p\ X R Q 1‡Š+# R Q ‹ $"0#$N&@
P
+#@k
]™>šœ›"ž 1„q7! Q ‹ '>
/7~
+#0*bd"
6/#h%™P
+#7
„Ÿ6+ |
+#N7R &.mh R Q ‹ 1NŠ3+#@d"#$e
‡d" y* 0] /˜*+!+ R Q ‹ C R~¡ #$S#|*+!+
“
Q‹
R C R~¡ ;'! !0%*+0
[ Q U “ ; X M [ Q U X C ™ C Og“¢Q \ ^
UW£X
R ¡
R ¡
Z
V
¨ Š+! 'dl
()0„7<„
! gh#
+b7&6*3+#7
&.b/70e
0 ~!Q 7h7
7
]h{#! #%/m7]d [kQ‘UWz"X C z"â Q *Ü +
;k1:t7
7
5h{! >hi
+hW&Ú*
+ ä
o&@ãSä Nã +k
'! ##&0'+m7U #]
0 'Sd#
#X /P
&o +#Q ÜN%
!! 7
6/7„å 0
6&%d#7$$†
m
"*+
;'&@ +#7
! ##&0+#mk>#7
d]l hWä ! :h
+#7
!67
/k7k#$b*/„
!6#&g
+ &
> 0

97#
y71
æç#èéçêëì„è0í"è î6éïpéç#èðè ñkè0ëèbî0ëòóìêô#õéò7õkè éç#è0ëòöéç#èÏ÷lòøôìù
ú ëêè ðbó3ç#è0ôNî6ò7ðéð ú ëèûòóïî ú ô÷lè3øô#ìè0ëðé ú ôì÷ü'ôòkéêôõ'éç ú é ý
ö4òëðøþ‰î0êè0ôéûü5ðÿ ú ûûý
.î ú ô÷"è ú ëòêÿ ú éè6ì ú ð
Valuations: Uniform[0,1]
0.8
%$&
Seller cost
óçêî-ç>ü7êèûìð
!#
"
1.0
)
!
1032&
* ,+-/.
æ ú4 êôõSéç#è]ìè0ëêñ ú éêñkèPóêéçpëè ð è6î éNéò567ýgóè98ô#ìpéç ú é
éç#èNì†êðé ú ôî6è]÷"è éógè è0ôSðø#î î è ððêñkè]÷"òøô#ì ú ëêè ðNì†êÿ@êôêðç#è ð ú ù
ëòêÿ ú éèûü ú ð :5 <; ýóçêîç5è= û ú êôð'éç#èðè ñkè0ëè'î0ëòó%ì†êô#õ
òö÷"òøô#ì ú ëêè ð ú é@ûòóÛî òkðéð5
> òëèõ7è0ô#è0ë ú ûûü7ýêöÝéçèð ú éøë ú ù
éêòô]ö{øô#î éêòô5êðòöéç#èöWòëÿ? %@A@B ýéç#è0ô ú ÷êé%òö ú ûõ7è0÷ë ú
ðç#òó%ðéç ú é~éçêðì†êðé ú ôî è%ðî ú ûè ð ú ð &C &DFI EHG æçø#ðË÷"òøô#ì ú ëü
îëòó%ìêôõ5òî6î0øëð„è ñkè0ô‡ö4òë„èJéëè ÿ.èð ú éøë úEHéG êòô
ý ú ôì
÷lè î ò7ÿ.è ðêô#î0ëè ú ðêôõûü‡ðè ñkè0ëè'öWòëóè ú4 è0ëð ú éøë ú é%êKA
òô LM%KO2N LP0 ( ' (10) or (01)
(11)
(22)
(55)
0.0
0.0
0.2
0.4
0.6
Buyer cost
0.8
1.0
Ž‘’“•”–x—†˜™Ž%š5›œž a 'Ÿ Ž% ¡Ž¢&›H™“&¡£Ž% 7¡Ž›q’›š¤›H¥A¦ § '
›H¥6›9©=‘ ¢&™Ž«ªq cª©™¬“ ­‘®
“H’i¢Hœ%‘™™“H’i¢&ª¥™C†›
¡™¬“
¥“H' œ%œŸ “H’‹
˜’ª~¡‘¢&™Ž«ªq •¢&ª
¥™c&¯h°±¬“O ‘š²­n“H’†ª©6¢&›H™“&
ª’Ž“&¥
Ž¥ -H¨\ * ¯6³(›H¢&¬O­‘®
“H’,´U¥±µH›œ¶‘›H™Žª ·©¸ª’C“&›¢N¬h¢&›H™“&
ªq’®¹Ž¥
¢&¬ª¥“H x‘ Žº©¸ª’šœ®c©=’ªš»™¬“‹‘ Ž™¼Ž¶ ™“H’µ›œ<¯C½X“&Žª ¥6Ž% ¾ ¬Ž¢&¬x™¬“ª˜™Ž¶š²›
œ ‘š²­“H’¿ªH©6›
’™Ž¢Hœ“&¥ Ž¶ •›x¢&›H™“&
ª’®
“&À¢&“&“&¡ÂÁ5›’“O ª
™6¥¬ª ¾ /¯
b~êõøëè * êðC7ø ú ûêé ú éêñkè0û{ü…ðêÿ@êû ú ëNéò†b~êõH êô ú ôø#ÿ'÷"è0ë„òö
ëè ð è6î éð%æçè'ëè õêòôð ú ëè ú õ ú êôPðè #ú ë ú éè ì]0÷ü|÷lòøôì ú ëêè ð„òö
éç#è‰ö4òëÿ#¼• îÃ,ÄrÅÆ-ý ú ûéçòøõçéçêð ëò è0ëéü‡êð'ô#ò7é'êÿ@ù
ÿè ìê ú éèûü‡ò÷ñ7êòø#ð?ö{ëòkÇ
ÿ * CWõ ú êô<ý~éç#è„ò éêÿ ú ûb÷øô#ì†ûè
ðê Z èêðêôñ7è0ëðè0ûüëè0û ú éè ìNéòéç#è0 ÷ø#ü7è0ë ú ô#ìðè0ûûèë%î ò7ðéð ý ú ô#ìéçè
÷"òøô#ì ú ëêè ð'÷"è î òkÿèêôîëè ú ðêô#õûˆü‡îëòó%ìè ì ú ð ž Lv2 æç#è‡ëè ðøûéðöWòë5÷"ò7éçtøôêöWòëÿ ú ô#ìÁè 7ø ú û‰ñ ú ûø ú éêòô#ð ú ëè
ðéëòô#õûü„ëè ÿ@êôêðî è0ôé%òö"éç#ò7ðè%ò÷é ú êôè ìNöWòë ú ëèû ú éè ì@êôöWòëÿ ú ù
éêò6
ô 8ûéè0ëêôõÿòìè0ûéç ú éËç ú ð"÷"è è0ô„êôñ7è ðéêõ ú éè ì ëè ñ7êòøðûü È *^ÉÊ bòëñkè0ëü?çêõçî òkðéð ýðø#î-çNéç ú ébéç#èî6ò7ÿ'÷êô#è ì|÷ø#ü7è0ë ú ô#ìNðè0ûûè0ë
î òkðéð è0ë ú ëéêî0ûèJè î6è è ì ý"éç#èðè0ûûè0ë„ìòè ðô#ò7éç ú ñ7è ú ñ7ê ú ÷ûè
÷øðêô#è ðð ý ú ôì5éç#è@ò éêÿ ú 0 û ú î éêòô‡êðéò|òí"è0ëôò ú ëéêîûè ð Cbòë
î òkÿ?÷êôè6ì]î òkðéðéç ú é ú ëè%ëè0û ú éêñkè0ûü|çêõç÷ø#éìòôòkéJè î è6è ì 0 ý
éç#èò éêÿ ú û ú î éêòô]êðéò'òí"è0ë ú ÷øô#ì†ûè„î òô#ðêðéêô#õòö<òô#è ú ëéêù
î0ûè%êôNòô#è%î ú éè õkòë,ü ËSçè0ôéç#è%î ò7ÿ'÷êô#è ìî ò7ðéð ú ëè%ðò7ÿ.è óç ú é
ûòóè0ëýêé@÷"è6î ò7ÿè6ð@óòëéçóçêûè]öWòëéç#èNðè0ûûè0ëéò5òílè0ë ú ÷øôù
ìûèéç ú éêôî0ûø#ìè ð÷"ò7éçî ú éè õ7òëêè ð ý ú ô#ìéçèôø#ÿ?÷lè0ë%òö ú ëéêî0ûè ð
êô…è ú îç>î ú éè6õ7òëüN÷"è î òkÿè ð%û ú ëõ7èë ú ðéç#è„î ò7ðéð ú ëè'ìè î0ëè ú ðè ìËý
éè0ô#ì†êô#õ]éò„êô 8ôêéyü ú ð%éç#è'î ò7ðéð%õ7òNéX
ò Z6è0ëò æç#èÿ ú êôì†êílè0ëè0ô#î è÷"è éyóè è0ôNéç#èêôö4òëÿ ú éêòc
ô 8ûéè0ëêô#õ ú ôì
êôöWòëÿ ú éêòô•÷øôìûêô#õjÿòìè0ûð‡êð>éçèPêôéè0ë ëè é ú éêòôÛòöNéçè
ë a 6Y{ô>éçè'÷øô#ì†ûêô#õ‡ÿ.òìè0ûWý<êôöWòëù
ëòì†ø#î é #ú ë ú ÿ.è éè0ë„ñ7è6î éò¹
ÿ ú éêòô„êðìè0ûêñkè0ëè ì@êô.ìêðî0ëè éè:÷øô#ìûè ð ý ú ô#ì„éçè #ú ë ú ÿ.è éè0ëð
ð è îêöWü ú ì=è 8ôêéè?ôø#ÿ'÷"è0ëòö ú ëéêî0ûè ð úsH è ú ëêôõêô>è ú î-çî ú éè0ù
õ7òëü?êô‰è ñ7è0ëü'÷øô#ì†û^è Y4ô‰éçè:êôöWòëÿ ú éêòc
ô 8ûéè0ëêôõ„ÿòìè0ûWýéçè
êôöWòëÿ ú éêòô>êðìè0ûêñ7èëè ì ú ëéêî0ûè'÷ü ú ëéêîûè7ý ú ô#ì]éç#è'ðè0ûûè0ë R ð #ú ë ú ÿ.è éè0ëð@ëè ëè ðè0ôé„ëè ú ûôø#ÿ'÷"è0ë ëò÷ ú ÷êûêéê{è6ð|öWòë ú ëéêî0ûè ð
êô #ú ëéêî0øû ú ë„î ú éè õ7òëêè ðéò„÷"è?ûè6ééçëòø#õç5÷üéçi
è 8ûéè0ë óç#è0ëè
f
0
103Š&
F€N‡ˆ^‚ƒ 1‰
êðéçèôø#ÿ'÷"è0ë'òö~ô#òôùzZ è0ëòNî ò7ÿ òô#è0ôéð'òö9 a æç#è|ò éêÿ ú ûñ ú ûø#è ðNòö` ú ô#ì#a î ú ôSô#òóF÷"è]ò÷é ú êôè6ì¢÷ü
ôø#ÿè0ëêî ú ûûüPò éêÿ@êZêôõ‹
0 * b~ êõøëè * ìêð û ú üðéç#èëè ðøûù
é ú ôé:ëè õêòô#ðòör ú ô#ì†?
ö4òëgó3çêîç ú õêñ7è0ôŒa êðò éêÿ ú ûWýøô#ìè0ë
è= ú î éûüNéç#èð ú ÿ.èî òôìêéêòô#ð ú ðêô‹~b êõH 0 ý èJ î è ééç ú ééç#è ! V ëè'ì†êðéëê÷ø#éè ì‡øôêöWòëÿ@ûü]ë éç#è0ëéç ô5÷"è0êô#õçòkÿò7õkè0ô#è òø#ð
|†…
ú
0.4
0.2
4.2 Uniform distribution of valuations
Qè0ëèóèìè éè0ëÿ„êôèéçè%ò éêÿ ú û ëêî6è ú ô#ì@÷øô#ìûèöWòë ú ÿòù
ô#ò òûêðé'øô#ìèë„éçè ú ððø#ÿ éêòô…éç ú ééç#è?÷øükè0ëðR ëè0öWè0ëè0ô#î è ð
ú ëè?ç#è éè0ëòkõ7è0ô#è òøðTS è î0êU#8 î ú ûûˆü7ýbóè'ðø ò7ðèNéç ú ééç#è@ñ ú ûø ú ù
éêòôð !&V ú ëè:êô#ìè è0ô#ìèôé ú ô#ì@øôêöWòëÿ@ûüìêðéëê÷ø#éè ì÷"è éyóè è0ô
ú ôì Wð÷"è0öWòëè7ýóè ú ððøÿè%éç ú ééç#èôòôûêô#è ú ëð ú éøë ú éêòô
öˆ2 øô#î éêò0 ô#ð V ú ôìSéç#è]î0ûø#ééè0ëNî òkðéðX V ú ëè]éç#èNð ú ÿèNöWòë ú ûû
÷ø#ü7è0ëð
WY éËêðçè0û ö{øûêôNéçêð:î ú ðèéòñ7êðø ú ûêZ è6¢
[ êôìêñ7êìø ú ûiñ ú ûø ú éêòô
ñkè î éòëð òô#èöWòë5è ú î-çt÷øükè0ë ú ð òêôéð5ûü7êôõ˜óêéçêô ú]\ ù
ìêÿè0ô#ðêòô ú ûbçü è0ëîø÷"è^_%W é ú ôüNõêñ7è0ô ëêî è_` ú ôìN÷øôìûèA a ý
ðòkÿè]òöéçèN÷ø#ü7è0ëð.ÿ ú ü øëîç ú ðè5éç#è|÷øô#ì†ûè5óçêûè5ò7éç#è0ëð
óêûû"ô#ò7éb ëò7ÿFéç#èðéè ö{øô#î éêòôêôc
Hd ý†êéböWòûûòó%ðéç ú ééç#è
øëî-ç ú ðè0ëð ú ëè'éçòkðè'óêéç>ñ ú ûø ú éêòô…ñ7è î6éòëð !&V ð ú éêðö4ü7êôõHe
f !V f
/g `Th
10^0
.
#b òë ú ôüi8H è ìi` ú ô#ìAa ý7éç#è:÷"òøô#ì ú ëü@÷"è6éóè èô øëîç ú ðè0ëð ú ôì
ô#òôù øëîç ú ðè0ëðêð ú çü è0ë û ú ô#è'éç ú é:î0ø#éðéç#è3øôêé:çü è0ëî0ø÷"è
éò„öWòëÿ ú ðêÿ ûèJr
òöô#òôù øëî-ç ú ðè0ëð 
W ôüNî òkÿ òô#è0ôék3
j ö4òë
óçêî-ç l2 ìòè ð'ôòké@î òôéëê÷ø#éèNéò5 è0êéç#è0ëðêìèNòö
0,0 æç#è0ëè0öWòëèNéçè ëò÷ûè ÿ ëè ìø#î è ðéò ú çü èëî0ø÷lè ú ô#ìPçü è0ëù
û ú ô#è]êô ú ðø÷#ð ú î è5î òô#ðêðéêô#õPòön-m øðé„éç#ò7ðè]î6ò7ÿ òôèôéð9j
ö4òëNóçêî-ç g?2 {Y ôéçè]ûêÿ@êé ú ð|éç#è|ôø#ÿ'÷"è0ëòö÷ø#ü7è0ëð
[
ýéçè òêôéð ! V ú ëèìêðéëê÷ø#éè ì¢øôêöWòëÿ@ûüký ú ô#ìPéç#è
öˆë ú îLp
éêòo ô5òö"ô#òôù øëî-ç ú ðèëð3êðq-m øðégéçè%ñ7òûøÿ.è'òö<éçèðêÿ ûèJ
æçø#ð%éçè%ö{ë ú î éêòô5òö øëîç ú ðè0ëðêð%éç ú éòöiéçèçü èëî0ø÷lè 10
ÿ„êôøð„éçêð'ñkòûø#ÿè,6S7ø÷ðéêéø#éêôõ…éçêðöWòë ú ûûbéè0ëÿðêôO
rd
è= î è é:öWòëbéç#è%éè0ëÿjêôNð17 ø ú ëè÷ë ú î 4 è6éð ýóè%ò÷#é ú êôéç#èðèûûè0ëR ð
ëòs#8 é è0ë%÷ø#ü7è0ëe
`6x
t vuJ0w |~ }3 zy 11{ u ` w f 10 * F€^‚ƒ „
„
ú
(00)
0.6
OLIGOPOLY ANALYSIS
Y{ôéçêð:ðè6î éêòô<ýóè è0ëö4òëÿ ú õ ú ÿ.è0ùyéçè òëè éêî ú ô ú ûüðêð%òö ú ô
òûêõkò òûü&†4Y ô>òëìèë'éòNÿ ús4 èéç#è ú ô ú ûüðêðéë ú î é ú ÷ûèký~óè„òôûü
î òôðêìè0ëgéçèî ú ðèêôóçêî-çNî6òô#ðøÿèë ëè0ö4è0ëè0ô#î è ð ú ëèbçòkÿò7õkè0ù
ô#è òø#ð:4Y ôNéç#èô#èJ ébéóò'ðø÷ðè6î éêòô#ð ýóè%î òôðêìè0ëéógòìêðéêôî é
ðî è0ô ú ëêòkð‹~b êëðé ý~êôðø÷ðè î6éêòô]dÌ 0 ýógèðø H òkðè]éç ú é„ðè0ûûè0ëð
ÿ ú4 è5éç#è0êëî òôéè0ôé ú ô#ì ëêî è5ìè î0êðêòô#ð5ðè7 ø#è0ôéê ú ûûˆü,—
æ3çêð
ú
5.
Í
ØJÖHÓ<ÔÎ Ý ÏCÕsïä
æ = sΠ֝ßcÏ1ØÓ1Ó<ÔU֝é†Ó<Ú
ØÑ?Ó1Õ ÷ ØJ×=Õ>
? &@ õ í õzö ? õ
A8B97< þDC
FE ? í/õzö þ ÿ ö
? í/õzö
G Ø=èÖHÔUÖ
é†Ó<ڝØiÓ1Õ^Ó1Î Ý ÛÕÖHÓ1ØJÖHÓ_å^ØÛÓ1Õs× íöK
H/IH J @ õ íõzö â&Ó<ÚHÔÏÛÎsֆáØ
×=ØÙ_×1ÔÓ1Ó1ØJÖ²Î^Ï
8L96<
! í öH8IFH þ
ô C ÿö
î_Ú
زÔUÖHÓ1ØJ×1Ò×=Ø3Ó1Î,Ó<ÔÕsÖñÔϋÓ<Ú
Î^Ó5Ó<ڝØJ×=Ø5ÔϲΕÛ3ÕsÖHÓ<ÔUÖ&ÐHÐ
Ñ ÕsïMkÎ,Ï<Ú
Øä,ÐHÔ Ý ÔUá×1ÔºÎON¹Î,Ö Þ ÛÕ^ÑÜáHÔUÖ
Î^Ó<ÔÕsÖãÕsï í õzö Ó<ڝÎ,ÓÏ<НÑXÏÓ1ÕiÎCåÎ Ý ÐØ í öH8IFH
Ï1Î,Ó<ÔÏ<ï Þ ÔUÖ
éä
æô C ÔϱÎPMkÎ,Ï<Ú¹Øä,ÐHÔ Ý ÔUá×1ÔUÐÑ æ6Q_Õ,ѱҝÎs×1ÔÏ1ÕÖAÙ_ÔÓ<Ú
ä
æ E Þ ÔØ Ý ßHÏ9ÎcïºÐ×=Ó<ڝØJ×6ÔUÖHÓ1ØJ×1Ò×=Ø3Ó1Î,Ó<ÔÕs֋Î^Ó±Ó<ڝØMiÎ,Ï<Ú¹Øä,ÐHÔ Ý ÔUáHê
×1ÔUНÑcâHÓ<Ú
Ø_Ó1Õ^Ó1Î Ý Ö&НÑCáØJ×:ÕsïrÎs×=Ó<ÔÛ Ý Ø3Ï/ÔUֆØÎ^ÛFچÛ3Î,Ó1Øé^Õs× Þ ÒH×=Õ&ßÌНÛØß
á Þ Î ÝUÝ Ï1Ø ÝUÝ ØJ×=ÏÓ1Õ,é,Ø3Ó<Ú
ØJ×:ÔÏ_Øä,ÐHÔåsÎ Ý ØJÖHÓÓ1Õ±Ù_ڝÎ,ÓÙ_ÕsÐ Ý ß9áqØ(Õ"ØJ×=Øß
á Þ ÎXÑXÕÖ
ÕÒÕ Ý ÔÏ1Óæ
ï%Ó1ØJ×kÏ1ØÓ1Ó Ý ÔU֝écÐÒÕÖ²Õs֝رÕïÓ<Ú
ØRMiÎ^Ï<Ú²Øä,ÐHÔ Ý ÔUá×1ÔβßØ=è֝Øߋá Þ
ä
æô C ÔUÖ¹Ó<ڝؿèH×=Ï1Ó6Ï1Ó1Î,é,Ø^â/Ó<ڝ؆Ï1Ø ÝUÝ ØJ×=φÏ1ØÓ6Ó<Ú
Ø=ÔU×XÒ×1ÔÛ3ØϱÔUÖ¹Ó<Ú
Ø
Ï1ØÛÕÖ
ß Ï1Ó1Î,é^ØiÎ,Û3ÛÕs×=ß&ÔUÖ
é†Ó1ÕR/ä
æ 43 æî_ڝØ(ÒH×1ÔÛØÏßØ=ÒØJ֝ߋÕsÖ Ó<Ú
Ø
ҝÎs×=Ó<ÔÛJÐ Ý Îs×MkÎ,Ï<Ú²Øä,ÐHÔ Ý ÔUáH×1ÔûÐÑ Ó<ڝÎ,ÓiÔÏ×=ØÎ Ý Ô ÷ Ø3ß~âÎ,ÏkßÕ Ó<Ú
Ø6Ï1Ø ÝUÝ ê
ØJ×=Ïò
ÒH×=ÕsèÓ1ÏæCî_ÚÔÏiÔÏiÔ ÝUÝ ÐÏ1Ó<×=Î,Ó1Ø3ßhÔUÖ ø ÔésÐH×=Ø,SHâÙ_ÚHÔÛFÚ²Ò Ý Õ^Ó1ÏCÓ<Ú
Ø
ÒH×=ÕsèÓiï%Õs×¼Î9Ï1Ø ÝUÝ ØJ× ÎÖ
ߋï%Õ×iáÕ^Ó<ÚÏ1Ø ÝUÝ Ø=×=ϱÛÕ^ÑÜáHÔU֝Øß ÔUÖhÎ9ÓzÙ_Õsê
Ï1Ø ÝUÝ ØJ×kÑXÎ×1ð&ØÓÔUÖcÙ_ÚHÔÛFÚ Ó<ڝØ(áHÐ Þ ØJ×=ÏòHåÎ Ý ÐÎ,Ó<ÔÕs֝ÏiÎ×=ØiÿUT þV ÎÖ
ß
ÿXW þDC ï%Õs×ZY\[ â
ÎÖ
ß²Ó<Ú
ØCÏ1Î^Ó<Ð×=Î^Ó<ÔÕsÖïºÐ֝ÛÓ<ÔÕsÖ²ÔÏ 8]^ þ`_ ] æ
î_Ú
ØÛÕ^Ï1Ó1Ï/Î×=ØÛFڝÕ,Ï1ØJÖ Ó1ÕiáØ þaC<b ôiÎÖ
ß þAC>b ôÌæc(֝ßØJ×ëÓ<Ú
ØÏ1Ø
ÛÕÖ
ß&ÔÓ<ÔÕs֝ÏâHÓ<Ú
Ø_ÕÒ
Ó<ÔÑTÎ Ý åsÎ Ý Ð
Ø:Õsï í TH8IFH ÔÏ ô 8U9d<fehg þVib ó ) ô^óÌâ
Îs֝ßÂÏ1՞Ó<ڝØJ×=Ø5ÔϋÎxÛÕÖHÓ<ÔUÖ&ÐНÑpÕsïMkÎ,Ï<ÚÂØä,ÐHÔ Ý ÔUáH×1ԐÎAÔUÖ Ù_ÚHÔÛFÚ
í TT 9•í g T þjib ó ) ô^óÌæ úÌØ ÝUÝ ØJ× ò ÏXÒ×=Õè
Ó1ÏXÔU֝ÛJ×=ØÎ,Ï1ØOÑXÕs֝Õ,Ó1ÕÖÔUê
ÛÎ ÝUÝÞ Ù_ÔÓ<ÚOÓ<Ú
Ø6Î,ÑXÕÐÖHÓCÕï_Û3ÕsÖHÓ1ØJÖHÓiÔÓÒ×=Õå,ÔßHØÏÜÔUÖOÛÎ^Ó1Øé,Õ× Þ â
í TTsækî_Ú
Ø6ÛÕ^ÑÜáHÔUÖ
Ø3ß5ß&Ð
ÕÒÕ ÝÞ Ò×=Õè
Ó Ó<Ú
Ø6Ó<ÚÔÛ1ð Ý ÔUÖØ ÔÏkés×=ØÎ^Ó<ê
ØÏ1Ó_Ù_ڝØJÖ ØJÔÓ<ڝØJ×Ï1Ø ÝUÝ ØJ× Õs×Ï1Ø ÝUÝ ØJ×¼ô¼ÒH×=Õå,ÔßØCÎ ÝUÝ ÕsïrÓ<ڝØiÛÕÖHÓ1ØJÖHÓæ
k ڝØJÖáqÕ,Ó<ÚxÏ1Ø ÝUÝ Ø=×=ϱÒ×=Õ&ß&НÛ؆Î9èHÖÔÓ1؆Î,ÑTÕsÐHÖHÓ±ÕïÛÕsÖHÓ1Ø=ÖHÓâÓ<Ú
Ø
Ó1Õ,Ó1Î Ý ßÌНÕsÒqÕ ÝÞ ÒH×=ÕsèÓiÔÏ Ý ØÏ1ÏCÓ<ڝÎsÖOÙ_ÕsÐ Ý ß5áØXØ3Îs×1֝Øß·á Þ Î†ÑXÕê
֝ÕsÒÕ Ý ÔÏ1Óæ ÝUÝ Øä,ÐHÔ Ý ÔUá×1ÔºÎXÎ×=Ø(Øml†ÛJÔØJÖHÓâ&Ï<ÔU֝ÛØÓ<ڝØ_ÛÕs֝Ï<НÑXØJ×:ØJÖ
ßHÏ
ÐHҋÒÐH×=ÛFڝÎ,Ï<ÔU֝é²Ó<Ú
Ø6Øfl†ÛJÔØ=ÖHÓiÖ&Ð
ÑCáØJ×6ÕïÎs×=Ó<ÔÛ Ý ØÏâráНÓ(ڝÕÙ Ó<Ú
Ø
Ï<ÐH×1Ò Ý ÐÏ(ÔÏ_Ï<ڝÎs×=Ø3ß¿áqØÓ<Ù_Ø3ØJÖ Ó<Ú
ØkÛÕs֝Ï<Ð
ÑTØJ×=ÏÎs֝ß9Ó<ڝØiÓzÙ_Õ6Ï1Ø ÝUÝ ØJ×=Ï
ÔÏié×=ØÎ,Ó ÝÞ ÎOØ3ÛÓ1Øßcá Þ Ó<Ú
ØCÛ1ڝÕsÔÛØ6ÕsïØä,ÐHÔ Ý ÔUáH×1ÔûНÑcæ
Î^Ï1Ï<Ð
Ñ6Ò
Ó<ÔÕÖAÔÏ9ÎÒÒH×=ÕsÒH×1ÔÎ,Ó1زÙ_Ú
Ø=֕Û3ÕsÖHÓ1ØJÖHӆÛ1Ú
ÕÔÛØφÎs×=Ø ÑÜНÛFÚ
Ý Ø3Ï1Ï(Ø3Î,Ï<Ô ÝÞ Î,ß3àFНÏ1Ó1Îsá Ý Ø±Ó<ڝÎsֆÒH×1ÔÛØÏâ
Ù_ÚHÔÛFÚãÛÕsÐ Ý ß9áqØiß&Ð
ØkÓ1Õ±Ó<ڝØ
Ý Ø3Î,ßÓ<ÔÑXØ3Ïi×=Øä,ÐÔU×=Ø3ßÓ1ÕcßHØå,Ø Ý ÕsÒxÕ×CÎ,ßHå,Ø=×=Ó<ÔÏ1Ø9ΆÖ
Ø3Ù7Ò×=Õ&ß&НÛÓæ
ç Ö¹Ó<Ú
ØXèH×=Ï1ÓXÏ1Ó1Î,é^Ø,âÓ<Ú
؆Ï1Ø ÝUÝ ØJ×=φÏ<ÔÑCÐ Ý Ó1ÎÖ
Ø3ÕsÐÏ ÝÞ Ï1ØÓXÓ<ڝØJÔU׆ÛÕÖê
Ó1Ø=ÖHÓëҝÎs×=Î^ÑXØÓ1ØJ×=Ïhí ì æî_Ú
Ø=ÖâHÔUÖ²Ó<Ú
ØCÏ1ØÛ3Õs֝ߋÏ1Ó1Î,é,Ø^â
Ó<ÚØ Þ ÕsáÏ1ØJ×=å,Ø
Ó<ڝØXÛÕÖHÓ1ØJÖHÓiҝÎs×=Î,ÑTØÓ1ØJ×=Ï6Õsï:Î ÝUÝ Ó<Ú
ØXÕ^Ó<Ú
Ø=×6Ï1Ø ÝUÝ ØJ×=Ï6Îs֝ßÓ<Ú
Ø=ÖÏ<ÔUê
ÑCÐ Ý Ó1Îs֝ØÕsÐÏ ÝÞ Ï1Ø3Ó9Ó<ڝØJÔU× Ò×1ÔÛØ3Ï9áÎ,Ï1ØßAÕÖAÓ<ڝØÏ1Ø5Ï1Ø3Ó1Ó<ÔUÖ
é^Ïæ ç Ö
Ó<ڝØièH×=Ï1Ó(Ï1Ó1Î^é,Ø,âÏ1Ø ÝUÝ ØJ×=ÏkÑXÎsðNØCÓ<Ú
ØJÔU×¼ÛÕsÖHÓ1Ø=ÖHÓ(ßHØÛJÔÏ<ÔÕÖ
ÏCÙ_ÔÓ<Ú ïÐ ÝUÝ
ÎÙ_Î×=ØJ֝ØÏ1Ï_Ó<ڝÎ,Óâ,ÔUÖ Ó<ڝØ(Ï1Ø3ÛÕs֝ßXÏ1Ó1Î,é^Ø,âHÓ<Ú
Ø Þ ÎÖ
߆Ó<ڝØJÔU×_Û3Õ,ѱÒØ3Ó<ÔUê
Ó1Õ×=ϱÙ_Ô ÝUÝ ð&֝ÕsÙñÕs֝؆Îs֝Õ,Ó<ڝØJ×ò ÏTÛÕsÖHÓ1ØJÖHÓ6ßHØÛJÔÏ<ÔÕs֝Ï9áqØJï%Õs×=؆Ó<ÚØ Þ
Ï1Ø3ÓiÓ<ڝØJÔU×iÒH×1ÔÛØÏæ ç Ö²Ï<ÐáÏ1ØÛÓ<ÔÕÖxó&æUô&â
Ù_ØCÛÕÖ
Ï<ÔßHØJ×6ÎÖ²Î Ý Ó1ØJ×1֝Î,Ó1Ø
Ï1Û3ØJÖ
Î×1ÔÕXÔU֋Ù_ÚÔÛ1ڋÛ3ÕsÖHÓ1ØJÖHÓÎs֝ß9ÒH×1ÔÛØÏÎ×=ØCÏ1ØÓ_Ï<ÔÑCÐ Ý Ó1ÎÖ
ØÕÐ
Ï ÝºÞ æ
ç Ö ØÎ,Û1Ú ÛÎ,Ï1Ø,âHÓ<ڝØÎs֝ΠÝÞ Ï<ÔÏ(ÔÏ:Ï<ÔÑ±Ò Ý ÔUèØߋá Þ Ó1Îsð&ÔU֝éXÓ<ڝØiÛÕÖHÓ1ØJÖHÓ
ҝÎs×=Î^ÑXØÓ1ØJ×=Ï í/õzö Ó1Õ±áØCÛÕÖHÓ<ÔUÖ&Ð
ÕÐ
ÏCåÎ×1ÔÎsá Ý ØÏæ
5.1 Sequential Content and Price Choices
ç Ö²Ó<ÚÔÏkÏ<ÐáÏ1ØÛÓ<ÔÕÖâÙ:رÎÖ
Î ÝÞ&÷ ؆Ó<Ú
Ø6ÛÎ,Ï1ØCÔUÖOÙëÚHÔÛ1ÚÓ<ڝرÏ1Ø ÝUÝ ê
Ø=×=Ï/è×=Ï1ÓÛ1Ú
Õ&Õ^Ï1ØCÛÕsÖHÓ1ØJÖHÓ:Ï<ÔÑÜÐ Ý Ó1Îs֝ØÕsÐÏ ÝÞ Îs֝߆Ó<Ú
Ø=Öâ&ڝÎså,ÔU֝éXÕáê
Ï1Ø=×=å,ØßAÕÖ
؋ÎÖ
Õ^Ó<Ú
ØJ×ò ÏcÛ3ÕsÖHÓ1ØJÖHӆÛ1Ú
ÕÔÛØÏâkÓ<Ú
Ø Þ Ï<ÔÑÜÐ Ý Ó1Îs֝ØÕÐ
Ï ÝÞ
Ï1Ø3Ó(Ó<ڝØJÔU×kÒ×1ÔÛØ3Ïæ
ø ÔU×=Ï1ÓâÙ_ØißHØJ×1Ôå,Ø6Ó<ڝØiØä,ÐHÔ Ý ÔUá×1ÔНÑùÒH×1ÔÛØÏkÓ<Ú
Î^ÓÙëÔ ÝUÝ ×=ØÏ<Ð Ý Óëï«Õs×
ÎÖ Þ ésÔå^ØJ֋Û3ÕsÖHÓ1ØJÖHÓ_ßHØÛJÔÏ<ÔÕÖ
Ïækú,ÔU֝ÛØCÛÕs֝Ï<НÑXØJ×Ò×=Ø=ï%ØJ×=ØJ֝ÛØÏ_Î×=Ø
ڝÕ,ÑTÕ,é,Ø=Ö
ØÕÐ
ÏârÎ ÝUÝ Û3Õs֝Ï<Ð
ÑXØ=×=ÏCÙëÔ ÝUÝ áqØJÚ
Îå^Ø±Î Ý ÔUð&Ø,âÔ%æ Ø^æûâüý õ:þ ü õ
ÎÖ
ߋÿNý öþ ÿ ö ï%Õs×kÎ ÝUÝ æîÕXÑTÎsð&ØCÎ6ÒÕ,Ï<ÔÓ<Ôå^رÒ×=Õè
ÓâØÎ,Û1Ú²Ï1Ø ÝUÝ ØJ×
6ÑÜНÏ1Ó(áØ=Ú
Îå,ØXÔUÖOÏ<Ð
Û1ÚOÎ9ÑTÎsÖHÖ
ØJ×6Ó<ڝÎ,Ókü õ þ æ¼úNÐHáÏ1Ó<ÔÓ<Ð
Ó<ÔU֝é
Ó<ÚHÔÏ(ÔUÖHÓ1Õä&Ïæ ÎÖ
ß²ô&âHÙ_ØCÕsáÓ1ÎsÔUÖ
þ
ö
ÿ ö ÎÖ
ß
õ
í/õzö õ þ õ ö
õzö
í/õzö õ
õ
í/õzö
ó
ÛÛÕs×=ß&ÔU֝é±Ó1Õä
æ ó&â&ÎCÏ1Ø ÝUÝ ØJ×ëÙ_ÕsÐ Ý ß Ý ÔUð&ØiÓ1ÕiÒH×1ÔÛØÔÓ1ÏnáHÐÖß Ý Ø
Î^ÏÜÚHÔésÚ¹Î^ÏÜÒÕ^Ï1Ï<ÔUá Ý Ø^âÏ<ÐáNàJØÛ3ÓXÓ1ÕcÓ<ڝ؆ÛÕs֝Ï1Ó<×=ÎsÔUÖHӆÓ<ڝÎ,Ó6ü õ6þ æ
ç ÖAÕ^Ó<Ú
ØJ× Ù_Õ×=ßÏâÓ<ڝ؋Ï1Ø ÝUÝ ØJ×ãÑÜНÏ1ÓXÒ×1ÔÛ3Ø5Ó<ڝØcáÐHÖß Ý ØTàFНÏ1Ó Ý ÕÙ
Ø=Ö
ÕÐ
éÚÂÓ1Õ5ÛÕÖHå,ÔUÖ
Û3؋Ó<Ú
ØcáHÐ Þ ØJ× Ó1Õ·ÒHÐH×=ÛFڝÎ,Ï1ØcÔÓæ¹î_ÚÔϱÔφÓ<ڝØ
ÒqÕsÔUÖHÓ6Î,ÓCÙ_ÚÔÛ1ÚxÓ<ڝرáHÐ Þ ØJ×±ÔÏiÔU֝ß&Ô ØJ×=ØJÖHÓXáØÓzÙ_ØØJÖ²ÒHÐ×=Û1Ú
Î^Ï<ÔUÖ
é
Ó<ڝØ(áHÐHÖ
ß Ý ØCÎs֝߱֝Õ,Ó/ÒHÐ×=Û1ڝÎ,Ï<ÔU֝é±ÔÓâHésÔå,Ø=֋ÎsÖ Þ Õ,Ó<ڝØJ×_ÒHÐH×=ÛFڝÎ,Ï1ØÏ
Ó<ڝÎ,Ó6Ó<ڝؿáHÐ Þ ØJ×6ÔUÖHÓ1ØJ֝ßÏXÓ1Õ ÑXÎsðNØ,æ ç ÖxÕ^Ó<Ú
ØJ×TÙ_Õ×=ßÏâï%Õs×TÏ1Ø ÝUÝ ØJ×
"!â
Ó<ڝØCÕsҝÓ<ÔÑXÎ Ý ÒH×1ÔÛØ6Ï1Î,Ó<ÔÏ<èØÏiÓ<ڝØCÛÕÖ
ß&ÔÓ<ÔÕsÖ
Õ×
ö
ÿ ö í õzö õ
õzö
í õzö õ
0.6
õpþ
ÿ ö í õzö í õzö õ
ö
õ$ # õ&%
õ$ # õ&%(' ö
õ $ # õ&%
) π
0.8
0.4
0.2
í õzö í õzö /.012 í õ&%ûö 43 ö
õ$ # õ&%
ú,ÐHá
Ï1Ó<ÔÓ<НÓ<ÔUÖ
é2ä
æ "3 ÔUÖHÓ1Õ5/ä
æ óÌârÙ_ØièHÖ
ßÓ<ڝÎ,ÓâÎ^ÓiÓ<ÚHÔÏCØä,ÐHÔUê
Ý ÔUáH×1ÔUНÑcâÓ<ڝØCÏ1Ø ÝUÝ ØJ×=ÏòÒH×=ÕsèÓ1Ï(Î×=رéÔå,ØJ֋á Þ *õ&% þ ö
ÿ ö,-+ ö
ÿ ö +- π1
õ
0.0
0.0
0.2
0.4
0.6
0.8
β1
1.0
1.2
1.4
1.6
nLoqp^rsFtuwvyxzr{^|{^}q~D|sF{>€Fi‚ƒ{>„Rt<sz…<rsF†‡t‡vP|sF{>€,ˆ‰{^s
Ft<}8}qt<szŠP‹>‹PˆmrŒ…€"oq{^Œ2{>ˆí T ‚RŽz||t<s,…<rs4†ht‡v…{^2o/Œt‘
|sF{>€’ˆ‰{^s’t<}/}qt<sFŠ‹hŒ‘”“w‚6•,€"–t<sP|‹hsF‹‡t€t<s42‹hs4t6‹<
‘tF…<s"o8—t‘˜o8Œ;€t™w€i‚
í/õzö6 í/õzö/.0178:9;< í õ&%ö
ö
õ$ # õ&%
= î×=ØÎ^Ó<ÔUÖ
éTÓ<Ú
Ø í õzö Î,ÏÛÕsÖHÓ<ÔUÖ&НÕsНÏCåÎs×1ÔÎá Ý ØÏârÙ_ØkÛÎsÖãÏ1Õ Ý å,Øiï«Õs×
Ó<ڝØJÔU×¼ÕsҝÓ<ÔÑXÎ Ý åsÎ Ý Ð
ØCá Þ Ó1Îð&ÔUÖ
é†Ó<ڝØCÎsÒHÒ×=ÕÒ×1ÔÎ^Ó1رÒ
Î×=Ó<ÔÎ Ý ßÌÔ Ø=×1ê
õ&* % þ π1+π2
õ
ó
ÌX® «‡¬Fœ ò Î Ï®§¢Â,¬FŸ"«‡¬O iœd½¿£>«h¬F¦¤®§ŸO«¸
ò Î§Ò ÖmÓ á¤å Ï ò Î§Ò ÔÓ á¤å æ Ò ÖmÓ á¤å Ï
Î&ÍUÏ
Ò Ömá¤å õ
Ò Ömá&å ö
š\›£‡¢F¸i½8ŸO¡O«<¯RŸO£h¦¬FŸX°,œL¨<œf¡®§ Xœ¨±® «¦¤›hœÆ©>¡mœ X®§ŸO£h¢\¢œF¬F¦¤®§Ÿ"«¸<̍œf¥ ¥§œf¡
ÍP¬FŸO£<¥§¨7® «h¬f¡mœFi¢œz®§¦¢±©>¡mŸ"µ‡¦Rž<¯¨>œ X®§X¦¤® «h¹7¦Ÿ2P¥§O¡m¹Xœm¡,ž>£<«h¨Ä¥§œ
O«h¨7›<®§¹O›hœf¡©<¡®§¬FœXº ÌX® «‡¬FœP¦¤›hœz¹iX°,œ®§¢¢¯°,°,œF¦¤¡®§¬X¸B¦¤›‡œ5¢X°,œ
O«hO¥§¯¢¤®§¢¬ŸO£<¥§¨zž^œÂ"©>©<¥ ®§œF¨2¦Ÿ,̍œf¥ ¥§œf¡¾Ê¦Ÿ±¢¤›hŸ"¼¦¤›hX¦®§¦Å¦ŸŸR›‡i¢
O«5® «‡¬œf«<¦¤®§ Xœ,¦Ÿ¾¦¤¡m¯’¦ŸR® «‡¬f¡mœX¢œ±®§¦¢\ž<£>«h¨Ä¥§œiº
š\›hœ¨<œF¢¤® ¡mœŸ"½±ž^Ÿi¦¤›û¢œf¥ ¥§œf¡m¢2¦Ÿ® «‡¬f¡mœX¢œ¦¤›hœf® ¡Pž<£>«h¨Ä¥§œ1¢¤® Fœ
¼\Ÿ"£>¥§¨¥§œFi¨¦ŸP¦¤›‡œ¦Ÿi¦O¥B¢¤£>©<©>¥§¯1ŸO½ZO¡m¦¤®§¬f¥§œ¢±® «6œFi¬¶›6¬X¦œF¹iŸO¡m¯
œ<¬FœœF¨Ä® «h¹z¦¤›hœœ ¬m®§œf«<¦Å¥§œF iœf¥
Ò á ¸<X¢Â¨<œfµ<«‡œ¨z® «2ØƳ‡ºªÍ >
º Æ£h¦F¸
® ½B¦¤›>®§¢Ÿ¬F¬m£>¡m¢F¸^¦¤›hœf¡mœR¬FO«<«‡Ÿi¦Âž^œRì©<¡®§¬Fœ,œ³X£>® ¥ ® ž<¡® £h°ë® «2¼\›<®§¬¶›
¦¤›hœÅ¬ŸO«h¢¤£‡°,œm¡m¢\O¥§¼\"¯¢ž>£h¯±½q¡mŸi°`O¥ ¥ :¢œm¥ ¥§œf¡m¢\£>«<¥§œF¢¢\¦¤›hœL¢œf¥ ¥§œf¡m¢
œF"¡
« Fœf¡mŸ,©>¡mŸ"µ‡¦¢ZO«h¨z›‡œm«‡¬FœRO¡mœ® «h¨Ä® í^œm¡mœf«<¦±i¢Â¦Ÿ,¼\›hœF¦¤›hœf¡Ÿ"¡
«hŸX¦¦¤›hœf® ¡±ž<£<«‡¨¥§œ,®§¢d©<£>¡m¬›hX¢œF¨^ºçq«¹iœf«‡œm¡mO¥8¸œF iœf«® ½L"¥ ¥\Ÿi¦¤›‡œm¡
¢œf¥ ¥§œf¡m¢¢œf¥ ¥<¦¤›hœf® ¡¡mœF¢¤©^œ¬F¦¤®§ Xœ\ž<£>«h¨Ä¥§œ¢Æi¦¬FŸi¢¦F¸XL¢œf¥ ¥§œf¡B¬FŸ"£>¥§¨,œO¡«
±©^Ÿi¢¤®§¦¤®§ Xœ,©<¡mŸOµh¦Åž<¯’©<¡mŸ" X®§¨Ä® «h¹P±ž^œ¦¦œf¡Âž<£>«h¨¥§œ,O«h¨P¢œf¥ ¥ ® «h¹z®§¦
½8Ÿ"¡R¢ŸX°,œ±¥§Ÿ"¼ Îqž<£‡¦Â«hŸO«<· Fœf¡mŸÏ°,"¡ø·/£<©º,š\›>®§¢Â®§¢«hŸX¦Â©^Ÿi¢¢¤® ž>¥§œ
ŸO«<¥§¯’® ½R¬FŸi°±©^œF¦¤®§¦Ÿ"¡,Î "Û Ï\"¥ ¡mœFX¨<¯zŸ"í^œf¡m¢L¦¤›‡œ¬ŸO«h¢¤£‡°,œm¡"² ¢L°,Ÿi¢¦
©<¡mœf½8œf¡¡mœF¨,ž<£>«h¨¥§œX´Õ
Ò Ð å â Ò áÐ º £‡!
¦ "Û>°¾ ®§°±® Fœ¢Å®§¦¢Æ©<¡mŸOµh¦\ž<¯
¢œf¥ ¥ ® «h¹¦¤›‡œZŸO©h¦¤®§°d£h° ž<£>«h¨¥§œ±i¦Æ¬FŸi¢¦\ŸO«<¥§¯±® ½X¦Æ¥§œFi¢¦\ŸO«hœÂŸi¦¤›‡œm¡
¢œf¥ ¥§œf¡®§¢Z¨>Ÿ"® «‡¹5¦¤›‡œR¢X°¾œXº\š\›£h¢F¸^¼:›hœf«2¢œf¥ ¥§œm¡m¢¬¶›hŸŸX¢œž>£<«h¨Ä¥§œF¢
O«h¨,©>¡®§¬œF¢L¢¤®§°d£<¥§¦O«hœFŸO£h¢¤¥§¯¸^¦¤›‡œLÁZX¢¤›5ØƳX£<® ¥ ® ž<¡® £h° ® «< iŸO¥§ iœF¢Âi¦
¥§œFi¢¦¦¤¼\Ÿ\¢œm¥ ¥§œf¡m¢ÆŸ"í^œf¡® «h¹Â¦¤›hœ—ž<£<«‡¨¥§œ Ò Ð á ½8ŸO¡\©<¡®§¬F"
œ # Ò á$% º
š\›‡œ¢œ,¢œf¥ ¥§œf¡m¢,¨<Ÿ’«hŸX¦Â«hœF¬Fœ¢¢O¡® ¥§¯6ŸOí^œm¡®§¨>œf«<¦¤®§¬O¥ZO¡m¦¤®§¬f¥§œá¢F¸—ž<£h¦
¦¤›hœF¯,¨<ŸÂ©>¡mŸ" X®§¨<œ¦¤›‡œL¢X°¾œÂ¦ŸX¦"¥‡i°,ŸO£<«<¦\Ÿ"½¬ŸO«<¦œf«<¦Æ½¿¡mŸX°­œFX¬›
¬Fi¦œF¹XŸ"¡m¯X'
º &Õ¬FŸ"«‡¢¤£h°,œf¡µ<«‡¨<¢¦¤›‡œž>£<«‡¨¥§œF¢PœF³X£hO¥ ¥§¯ "O¥ £hOž<¥§œX¸
ž<£‡¦¨<ŸœF¢«‡Ÿi¦¼\O«<¦¦Ÿ©>£<¡m¬¶›hX¢œ5°d£<¥§¦¤® ©<¥§œ’ž<£>«h¨Ä¥§œ¢±ž^œF¬F"£‡¢œ
¥§O¡m¹iœf¡¬FŸ"«‡¹"¥§ŸX°,œm¡mX¦¤®§ŸO«˜¨>Ÿœ¢±«‡Ÿi¦±i¨>¨1œf«‡Ÿ"£‡¹"› O"¥ £‡œ5¦ŸPŸOí^¢œ¦
¦¤›hœÂ® «‡¬f¡mœX¢œF¨2¬f¥ £h¦¦œf¡¬FŸi¢¦Fº
5.2 Simultaneous Content and Price Choices
š\›hœ"ž^Ÿ" Xœ¡mœF¢¤£<¥§¦¢P¨>œf©ªœf«‡¨­¬f¡®§¦¤®§¬O¥ ¥§¯`Ÿ"«`¦¤›hœX¢¢¤£h°±©h¦¤®§ŸO«
¦¤›hX¦¢œm¥ ¥§œf¡m¢F²¨<œF¬f®§¢¤®§ŸO«h¢\Ÿ¬F¬m£>¡B¢œF³X£hœf«<¦¤®§O¥ ¥§¯‡´µ>¡m¢¦¬FŸ"«<¦œf«<¦®§¢¬¶›hŸO·
¢œm«¸Z¦¤›‡œm«D©>¡®§¬f® «h¹D¨<œF¬f®§¢¤®§ŸO«h¢PO¡mœ2°,i¨>œXº­»ZŸ"¼\œF Xœm¡"¸L¼\œP¢¤›‡Ÿ"¼
® «1¦¤›<®§¢¢¤£>žh¢œF¬F¦¤®§Ÿ"«6¦¤›‡i¦F¸w® ½B¬FŸ"«<¦œf«<¦O«h¨z©>¡®§¬m® «‡¹2¨>œ¬f®§¢¤®§ŸO«h¢±"¡mœ
°¾X¨<œz¢¤®§°£>¥§¦"«‡œFŸ"£‡¢¤¥¿¯X¸L¦¤›hœf«6«‡Ÿ"«‡œ5ŸO½À¦¤›‡œŸO£h¦¬FŸi°,œF¢±½8Ÿ"£>«h¨® «
¦¤›hœ©>¡mœF X®§Ÿ"£‡¢R¢¤£<ž‡¢œF¬¦¤®§ŸO«6¬FŸ"«‡¢¦¤®§¦¤£h¦œ,Ái¢¤›2œF³X£<® ¥ ® ž>¡®§£‡°5º±ÃhŸO¡
"«‡"¥§¯¦¤®§¬FO¥B¦¤¡mX¬¦Ož<® ¥ ®§¦¤¯X¸¼\œÂ½8Ÿ¬f£h¢\›‡œm¡mœŸO«2¦¤›hœ¨Ä£hŸO©^Ÿ"¥§¯P¬FX¢œiº
ǟ"¡O«¾ŸO£h¦¬FŸX°¾œÅ¦ŸLž^œLÂÁZX¢¤›¾œF³X£>® ¥ ® ž<¡®§£‡°z¸^œX¬›,¢œf¥ ¥§œm¡L°d£h¢¦
žªœz¡mœF¢¤©^ŸO«h¨® «‡¹6ŸO©h¦¤®§°,"¥ ¥§¯D¦Ÿ¦¤›hœzŸi¦¤›‡œf¡5¢œf¥ ¥§œm¡m¢F²Æ©<¡mŸ¨Ä£h¬F¦z"«‡¨
©<¡®§¬f® «h¹A¬›‡Ÿ"®§¬FœF¢FºÈÇ\ŸO«h¢¤®§¨<œf¡2ŸO«hœŸ"½R¦¤›‡œP¢œ³X£‡œf«<¦¤®§"¥,œ³X£>® ¥ ® ž<¡®§
¨<œf¡®§ iœF¨® «¢¤£<ž‡¢œ¬F¦¤®§ŸO«˜Éĺ§ÊXºRǟ"¡R¦¤›>®§¢R¦Ÿ,ž^œO«1œF³X£<® ¥ ® ž>¡® £^°Ë® «
¦¤›hœ¢¤®§°£>¥§¦"«‡œFŸ"£‡¢R¹Xi°,œX¸ªÌĜf¥ ¥§œm¡Rͱ°£‡¢¦\«hŸX¦\›hO iœ±"«z® «h¬Fœf«<¦¤®§ iœ
¦ŸP"¥§¦œf¡R®§¦¢dž<£>«h¨¥§œPO«h¨©>¡®§¬œÎ8¹O®§ iœf«˜ÌĜm¥ ¥§œf¡PÊX² ¢ž>£<«‡¨¥§œz¬ŸX°±·
©ªŸX¢¤®§¦¤®§ŸO«˜O«h¨©<¡®§¬Fœ"Ïfº2ÌX£>©<©^Ÿi¢œP̍œf¥ ¥§œf¡2ʱ®§¢±©<¡mŸ¨£‡¬f® «h¹ÑÒLÐ Ô Ó "«‡¨
̍œf¥ ¥§œf¡dÍÀ®§¢\©<¡mŸ¨Ä£h¬f® «h¹,ž>£<«‡¨¥§œÕÒÅÐ Ö Ó ºÌœf¥ ¥§œf¡,Êi² ¢©>¡®§¬Fœi¸X× ÔÓ ¸®§¢L¹O®§ iœf«
ž<¯5ØƳ‡ºÊ"ٍº\ÁŸ"¼¸hÌĜm¥ ¥§œf¡¾Í,¬FŸO«h¢¤®§¨>œm¡m¢Â® «‡¬f¡mœX¢¤® «h¹z®§¦¢Åi°,ŸO£<«<¦ÂŸ"½
¦&¯X©^œÚ"Û¬FŸO«<¦œf«<¦Âž<¯2Ü"º,Ýœm«‡Ÿi¦œ’¦¤›<®§¢«‡œF¼`©<¡mŸO©^Ÿi¢œF¨ž>£<«h¨Ä¥§œ5X¢
ߤà â Ò ÖmÓ á ½8ŸO¡¾O¥ ¥ZÚ6â ä Ú Û "«‡¨2Ò ÖmÞfá&ߤå à â Ò ÖmÓ á¤åæ Ü"º
ÒBÖ ÞfÐ ß¤à ¸¼\®§¦¤›1Ò ÖmÞmáã
çq½BÌĜm¥ ¥§œf¡¾Í,¬FO«2¢¤®§°£>¥§¦"«‡œŸO£h¢¤¥§¯¬¶›hŸŸX¢œR,«‡œ¼a©<¡®§¬FœLׇè"Ö éê ¢¤£h¬¶›
¦¤›hX¦®§¦¢±©<¡mŸOµh¦d®§¢R® «‡¬f¡mœX¢œF¨^¸\¦¤›hœf«6¦¤›hœ¢œF³X£‡œm«<¦¤®§O¥ZÁi¢¤›6œF³X£<® ·
¥ ® ž<¡® £h°ë¼\® ¥ ¥«‡Ÿi¦Åž^œRÁi¢¤›2œF³X£>® ¥ ® ž<¡®§£‡°Ë® «2¦¤›‡œR¢¤®§°d£<¥§¦O«hœFŸ"£‡¢
¹iX°,œiº
ÁZŸX¦œ\¦¤›hX¦F¸Xž<¯® «h¬f¡mœFX¢¤® «h¹±®§¦¢¬FŸO«<¦œm«<¦F¸‡Ìœf¥ ¥§œf¡ÅÍś‡i¢—£<©‡¢œ¦Æ¦¤›hœ
žhO¥§"«‡¬œì® «1¼\›>®§¬›1¦¤›‡œ±ž<£h¯Xœf¡R¼\i¢Å® «h¨Ä® íªœf¡mœf«<¦±ž^œ¦¤¼\œFœm«Pž>£h¯X® «‡¹
Ÿ"«‡œ2ŸO½¾¦¤›hœyž<£>«h¨¥§œF¢Ÿ"¡zž^Ÿi¦¤›ºÈš\›£‡¢5¦¤›‡œPž<£‡¯iœf¡2¼\® ¥ ¥R¬¶›hŸŸX¢œ
žªœF¦¤¼\œœf«6̍œf¥ ¥§œf¡Êi² ¢ZO«h¨Ìœf¥ ¥§œf¡ìÍIJ ¢Åž<£<«‡¨¥§œF¢Fº¾ÌĜm¥ ¥§œf¡Í,°£‡¢¦Z¢œF¦
®§¦¢«hœF¼`©>¡®§¬Fœi¸‡× è"Ö éê ¸U‡¢¦Â¥§Ÿ"¼­œf«hŸO£h¹O›6¢ŸP¦¤›hX¦¦¤›hœ±ž<£‡¯iœf¡¾¼:® ¥ ¥
©<¡mœf½8œm¡Â®§¦¢Âž<£>«h¨Ä¥§œ¦Ÿ¦¤›hX¦ÂŸ"½BÌĜm¥ ¥§œf¡zÊiºÂÃ<¡mŸX°ÕØƳ‡ºÊï>¸^¦¤›<®§¢¼:® ¥ ¥
Ÿ¬¬f£>¡Z©>¡mŸ" X®§¨<œF¨2¦¤›‡i¦
ð
Î&͍Ê"Ï
áfò Î§Ò ÖmèOá éê Ïóô ð Ò Ömè"á éê ó5× è"Ö éê õ
áañ
á
ð
á ò Î§Ò ÔÓ á Ïóô ð Ò ÔÓ á óz× ÔXÓ ö
á ñ
á
÷Z¢¤® «‡¹RØƳ‡ºhÊ"Ù¦Ÿ¢¤£<ž‡¢¦¤®§¦¤£h¦œÂ½8ŸO¡× ÔÓ O«h¨,¢ŸO¥§ X® «h¹,½8ŸO¡B¦¤›hœÅ ""¥ £‡œ
Ÿ"½× è"Ö éê ¦¤›‡i¦î¶£‡¢¦Z°,OøUœF¢¦¤›hœ,Ož^Ÿ" iœì¡mœm¥§X¦¤®§ŸO«h¢¤›<® ©DO«1œF³X£hO¥ ®§¦&¯X¸
¼BœŸOžh¦O® «´
× è"Ö éê â ð
áwù ò Î§Ò ÔÓ á æ Ò ÖmÓ á Ïó ò Î§Ò ÔÓ á ϗó ò Î§Ò ÖmÓ á Ï/úûÎ&ÍiÍXÏ
á ñ
ð
áfò Î§Ò Ömè"á éê Ïó2ô ð Ò Ömè"á éê ö
æ
á ñ
á
üœF¦Zý±þ¨<œf«hŸX¦œ¾ÌĜm¥ ¥§œf¡¾ÍIJ ¢L¬¶›hO«h¹Xœ® «P©>¡mŸ"µ‡¦L® ½Æ®§¦Z¨>œ X®§X¦œF¢Z¦Ÿ
R¥§O¡m¹Xœm¡Âž<£>«h¨Ä¥§œiºLš:›hœf«¸>£h¢¤® «‡¹Ø³‡ºÊ4Éĸ
ý±þ
â
ð
ÿ × "èÖ éê ó
Ò Öm"è á éê
ó ÿ × Ö Ó ó ð
Ò ÖmÓ á
5.3 Summary
&Z¢Æœ©ªœF¬F¦œF¨^¸<¦¤›‡œL¢Ÿ¬f®§"¥ ¥§¯zœ¬m®§œf«<¦Æž<£>«h¨Ä¥§œ¢¤®œÅ®§¢¢°,O¥ ¥§œf¡Zi¢
¦¤›hœ±¬FŸi¢¦ÂŸ"½\¬f¡mœX¦¤® «h¹z¬FŸ"«<¦œf«<¦Â® «‡¬m¡mœFX¢œF¢Fº(& °¾ŸO«hŸO©^Ÿ"¥ ®§¢¦±¼\Ÿ"£>¥§¨
©<¡mŸ¨Ä£h¬FœR¦¤›>®§¢Zœ ¬f®§œf«<¦Lž>£<«h¨Ä¥§œzÎ8¢¤® «h¬Fœ±®§¦\®§¢ZOž<¥§œ±¦Ÿ,¬O©h¦¤£>¡mœR¦¤›‡œ
œf«<¦¤® ¡mœ¬FŸ"«‡¢¤£h°,œf¡m¢F²h¢¤£>¡©<¥ £h¢mÏfºLǟO¡L¦¤›hœŸO¥ ®§¹iŸO©^Ÿ"¥§¯P°,Ÿ¨<œf¥8¸^¦¤®§°±® «h¹
›hX¢\Â¥§"¡m¹XœÂ®§°±©hX¬F¦BŸO«5¦¤›‡œ\¡mœF¢¤£<¥§¦O«<¦LŸ"£‡¦¬FŸi°,œXºBç(«5¦¤›hœL¢œF³X£‡œm«>·
¦¤®§O¥: Xœf¡m¢¤®§Ÿ"«¸B¢œf¥ ¥§œf¡m¢,¬F"«©<¡mœF¨Ä®§¬¦,¦¤›‡œœF³X£<® ¥ ® ž<¡® £h° ©<¡®§¬FœF¢¾¦¤›‡i¦
¼\® ¥ ¥‡¡mœF¢¤£<¥§¦—½(ŸO¡BO«<¯¹O®§ iœf«©>¡mŸ¨£h¬F¦\ŸOíªœf¡® «‡¹R¬FŸ"«>µh¹O£<¡mX¦¤®§Ÿ"«ºBš:›<®§¢
O¥ ¥§Ÿ"¼L¢½8ŸO¡¦i¬f®§¦¬FŸO¥ ¥ £h¢¤®§ŸO«!
º )¦¤›hœf¡©‡"©^œf¡m¢›‡" iœÅ¢¤›hŸ"¼\«,¢¤®§°±® ¥§"¡¥§¯
¦¤›hX¦\©>¡mœm·¤¬ŸX°,°±®§¦°¾œf«<¦L¦Ÿd® «< iœF¢¦°,œf«<¦L¥§œF Xœf¥§¢Z¢¤£‡¬›Pi¢\® «P¬F"©‡i¬f·
®§¦¤¯Ÿ"¡Âi¨> iœf¡m¦¤®§¢¤® «h¹ ù Ê4Ùĸ^Ê <*¸ ,+<¸‡ïUÍ4ú&¸Ä¥§Ÿ¬X¦¤®§ŸO« ù ÍOïOúŸ"¡Å©<¡®§¬FœÎ8¦¤›‡œ
̍¦X¬øœf¥ ž^œm¡m¹z¥§œFX¨<œf¡·8½8ŸO¥ ¥§Ÿ"¼\œm¡R°,Ÿ¨>œm¥¿Ï ïUÉÄ*¸ "ú"¥ ¥§ŸO¼`µ<¡m°,¢Â¦Ÿ,® «<·
-<£‡œf«h¬Fœ¦¤›hœ’¨<œF¹"¡mœFœ,ŸO½:¬FŸX°±©ªœF¦¤®§¦¤®§ŸO« ® «6ù ¦¤›‡œm® ¡±® «h¨Ä£h¢¦¤¡m¯Xº ç(«1¦¤›‡œ
¬f£<¡¡mœf«<¦L°,Ÿ¨<œf¥8¸‡¼\›hœf«P¬FŸ"«<¦œf«<¦\¨<œF¬f®§¢¤®§Ÿ"«‡¢Â©<¡mœF¬FœF¨<œÂ©<¡®§¬f® «‡¹¨<œF¬f® ·
¢¤®§ŸO«h¢F¸‡¦¤›hœf¡mœL®§¢\±¬ŸO«<¦¤® «£<£‡°ÕŸO½œF³X£<® ¥ ® ž>¡®¿,® «P¼\›<®§¬¶› ¦¤›‡œL¢¤£h°ŸO½
O¡m¦¤®§¬m¥§œF¢\©>¡mŸ¨£‡¬œF¨’ž<¯,"«5ŸO¥ ®§¹XŸ"©^ŸO¥§¯Pœ³X£‡"¥§¢Å¦¤›hœÂ°¾ŸO«hŸO©^Ÿ"¥§¯Î8O«h¨
›hœf«‡¬œ,¢Ÿ¬f®§O¥ ¥§¯1œ ¬f®§œf«<¦mÏ\¥§œF Xœm¥8º±»ZŸ"¼\œF Xœm¡"¸^¦¤›‡œF¢œRŸO£h¦¬FŸi°,œF¢O¡mœ
«hŸX¦\œF³X£<® ¥ ® ž<¡®q,® ½¬ŸO«<¦œf«<¦\"«‡¨,©<¡®§¬f® «h¹,¬¶›hŸO®§¬œF¢LO¡mœÂ°¾X¨<œÂ¢¤®§°£>¥ ·
¦O«hœFŸ"£‡¢¤¥§¯XºZçq«P¦¤›<®§¢Â¬Fi¢œX¸‡¢œm¥ ¥§œf¡m¢Â›‡" iœO«P® «h¬Fœf«<¦¤®§ Xœ¾¦Ÿ±©>¡mŸ¨£h¬Fœ
¥§O¡m¹iœf¡ž>£<«‡¨¥§œF¢\"«‡¨R¢¤® ©<›‡Ÿ"«’ž<£h¢¤® «‡œF¢¢BO¼BO¯Â½¿¡mŸX°û¦¤›‡œf® ¡B¬FŸi°±©^œF¦¤® ·
¦ŸO¡m¢Fº»ÂŸ"¼\œF iœf¡"¸F® ½^¢œf¥ ¥§œf¡m¢Ÿ" iœf¡©>¡mŸ¨£h¬FœX¸<¬FŸO«h¢¤£h°,œf¡m¢¼\® ¥ ¥>«hŸX¦^ž>£h¯
O¥ ¥ªŸOí^œf¡mœ¨±ž>£<«h¨Ä¥§œF¢FºLš\›£h¢F¸X©<¡mŸOµh¦¢Æ"¡mœÅ¨¡®§ Xœm«z¦.
Ÿ Fœf¡mŸ<º\çq«,œ³X£>® ·
¥ ® ž<¡® £‡°z¸X¦Å¥§œX¢¦¦¤¼BŸ,¢œf¥ ¥§œf¡m¢Ÿ"í^œf¡R¦Ÿ,¢œf¥ ¥B¦¤›hœ±Ÿ"©‡¦¤®§°,"¥ž>£<«h¨Ä¥§œ
X¦L¬FŸi¢¦Fº
á
á
Ó
è
"
é
ê
×
ó
×
ó
OÜ
Ö
Ö
â
Î&͍Ï
á å ù ò Î§Ò ÖmÓ á¤å æ ÜÏó ò Î§Ò ÖmÓ á&å úhó6Î æ ô<Ï¤Ü ö
â
ñ
üœF¦¦¤® «h¹PÜ
>¸¼Bœdµ<«‡¨1¦¤›‡i¦,ý±þ®§¢Â©^Ÿi¢¤®§¦¤®§ XœÎ8"«‡¨P›‡œm«‡¬Fœ¦¤›hœ
¨<œF X®§i¦¤®§ŸO«®§¢\©<¡mŸOµh¦Ož<¥§œ"ÏÅ® ½´
ò Î§Ò ÖmÓ á å Ï æ ô
Î&Í"ïÏ
Ò Ömá¤å õ á¤å
LœF¬F"¥ ¥½q¡mŸi° ØƳ‡ºÊ ,¦¤›hX¦F¸hX¦L¦¤›hœŸOñ ¡®§¹O® «hO¥BŸO£h¦¬FŸi°,œX¸
ò Î§Ò ÔÓ á å æ Ò ÖmÓ á å Ï æ ô
Î&ÍiÉXÏ
ö
â
Ò Ömá¤å
á&å
ñ
6. SIMULATION
š\›hœ¹iX°,œf·&¦¤›hœFŸO¡mœ¦¤®§¬"«‡"¥§¯¢¤®§¢Ÿ"½R¦¤›‡œP©>¡mœ X®§ŸO£h¢P¢œF¬F¦¤®§ŸO«ûi¢¤·
¢¤£h°,œF¨¦¤›‡i¦\¦¤›hœÂ¢œf¥ ¥§œf¡m¢L¬›‡Ÿi¢œÂœf®§¦¤›hœf¡L¦¤›hœf® ¡L©<¡®§¬FœF¢LŸO¡ž^ŸX¦¤›5¦¤›hœf® ¡
©<¡®§¬FœF¢z"«‡¨ ¦¤›‡œm® ¡’ž<£<«‡¨¥§œ¬ŸX°±©^Ÿi¢¤®§¦¤®§ŸO«­¢¤®§°£<¥§¦O«hœFŸO£h¢¤¥§¯Xº­ç8¦,®§¢
O¥§¢ŸD¼BŸO¡m¦¤›<¼\›>® ¥§œûÎ8O«h¨©<¡mŸOžhOž<¥§¯`°,ŸO¡mœ2¡mœFO¥ ®§¢¦¤®§¬"Ï2¦ŸA® «< XœF¢¦¤® ·
¹Xi¦œÂ¢¬Fœm«‡"¡®§Ÿì® «5¼\›<®§¬¶› ¢œf¥ ¥§œf¡m¢LX¢¯X«h¬¶›<¡mŸO«hŸO£h¢¤¥§¯z£<©^¨>i¦œÂ¦¤›hœf® ¡
/102345!67*8:9<;17*8>=?2?7A@B3C*D2345"2?7B0E45F/GD7A54IHDJHFCA4I3KCAD23%45!LM6,814
91N:Q HFCA42?0I3%D,LJ/O4%HF2HD0E5P
7RHFC<25:543%HF2D7TS!U"4B6V55F;*LM4WHFC*6VHM46V3KCX54=?=40ZY\[>7*DU!5MHFCA4
91;AN,40E5]"/A60E6VLM4H40E5^HFC*42?0_6=?;*6VHF2D7A567*8`56VHF;<0E6VHF2D7bac;<7A3d
HF2D7*5EeS167*8HFC*6VHf2Hg6=5Dh[>7ADU!5gHFC*4!3;100E471Hi/10234!67A8J9<;17A8j=?2?7A@
/A60E6VLM4H40E5iakD0O2H5i3DVLJ/O4HF2HD0E5Plm5F2?7A@mHFC125i2?7<aD0ELM6,HF2D7iSn54=?=40
Y"54H5i2H5Ooipq67A8mrpsgHDmHFCA4"_6=?;A45HFC*6VHLt6u>2LJ2v4!2H5g4u>/O43%H48
/10EDwAHS>@2_,47WHFCA4"3;100E471H5H6VH4!DaOHFCA4"LM60[>4HP Q 7:D,HFCA40U"D0E8<5S
4%6,3C54=?=404LJ/1=DN>5J6tLJNVD/123J9O45HFd0E45F/OD7*54t5HF0E6,H4@VNxHFC*6VHy25
D/*HF2Lt6=g2?7HFCA4I5FC*D0EHFdFH4E0ELBS<;1/B;171HF2?=HFC*4ILtD,LM471H!U"CA47x5DVLM4
DVHFC*4E0!54=?=40"0E4%54H52H5g/*60E6,LM4H4E0E5Pz"CA4!LJNVD/123m9O45HFd0E45F/OD7*54
5HF0E6VH4@,NVS"5D,Lt4HF2LM45:0E4a400E48RHD6,5:HFCA4'{FLN,D/*HF2Lt6=|R5HF0E6,HFd
4%@,N,Si25t6,HHF0E6,3%HF2_,4=NR5F2LJ/1=4BHDx8145302?9O4W67A8}2LJ/<=4%LM471HS"67*8
CA6,5m9G447R5HF;A8j24%8~2?754_V40E6=€D,HFCA40LMD>814=5MDa"5DaHFU"60E4M6,@V471H
Lt6Q 0[>4%H5J ‚,‚jSA‚VƒjS*„n…jSG‚†‡P
7D0E8140MHDW5HF;*81NxHFCA4J9O4CA6_,2D0:Da!6BLM60[>4Hm2?7U"C<23CRHFCA4
54E=?=40E5M;*54:67~6,5N,7A3KC10ED7AD;A5S"LN,D/*HF2LM6=.5HF0E6,H4@VN,SgU"4:5F2LI;<d
=6VH4y2H5"4%_,D=?;AHF2D7Wac0ED,Lˆ6I@2_,47W2?7<2HF26=g3D7*8>2HF2D7TP!z"C*4!5F2LI;<=6d
HF2D7:/<0ED>34%48<5!6V5faD=?=DUy5P‰!H46,3CW8j2530E4%QH4mHF2LM4.5H4/iSn6m9<;AN,40
D0M54E=?=40M25I0E67A8<DVLJ=NR54=43H48RHDx6V3HP a!HFCA4\54E=43H48R6,@V471H
25:6x9<;AN,4E0BŠSg2H:4u>/O402LM4E71H5BU"2HFC‹6=?=!/OD,55F2?91=4}54H5tDam91;17<d
8>=45Sg4%_6=?;*6VH45MŒ*PgŽJaD046,3CTSg67A83CAD>D,545HD\/1;<0E3CA6,54:>‘ p
91;17*8>=45Jac0EDVL’46V3KC54=?=40“Y,SiU"Q CA40E4M>‘ p 0E4/10E45471H5HFCA4M_,43%HD0
HFCA6,HtLM6u>2LJ2v%45:Š] 5J5F;10/1=?;*5P 7‹D;10M5F2LI;1=6,HF2D7TS.U"4M0E45HF023H
 ‘ pHDh9G4m42HFCA40!†D0IŽVSO”•c–•—SVHFC*4!9<;AN,40€/<;10E3KCA6,54%5y6VH"LMDV5H"D7A4
91;17*8>=4Mac0ED,L˜46V3KCQ 54E=?=40Si5D:HFCA4JHDVH6=g7>;ALh9G40IDa91;<7A8>=4M54H5
HDI4Eu>/<=D0E4y25!‚>™*P aš›25f7AD,Hg=60E@V40!HFCA67Ž†ID0"5D1S,2Hg25a46V5F2?9<=4
akD0.Q HFC*4m91;AN,40(HDM5460E3Cx4Eu>C*6;*5HF2_V4=ND_V40I6=?=gDaHFCA4ID/AHF2D7A5P
aSmD7bHFC*4D,HFCA40BCA67A8SHFCA454E=43H48œ6V@,471HB25x6R54=?=4E0RY,S
HFCA47}2HI0E4d4_6Q =?;A6,H4%5J2H5h/A60E6VLM4H40t54HHF2?7A@,5J;A5F2?7A@6WLJNVD/AHF2?d
Lt6=/OD=?23NVP Hm2LJ/1=4LM471H5MHFC125J91Nx4_6=?;*6VHF2?7*@RHFCA4M4u>/O43%H48
/10EDwAHB^Œ*P‚,emaD0:6=?="/GD,55F2?91=4\oTpJ67*8rpsS67*8RHFCA47‹54=43HFd
2?Ÿ 7A@}HFCA4B_6=?;A45:6,HtUC123C`HFCA4B4u>/O4%3H48ž/10EDwAHJ25MLt6u>2LJ2v4%8P
D,H4MHFCA6,HSO2?7D0E8140MHD:4_6=?;*6VH4BŒ*PT‚“aD0671Nx@2_V47R54HHF2?7A@
Da"o p 67*8r ps SHFC*4W54=?=40WLI;*5HM3%D,LJ/1;*H4W ‘ p aD0:46V3KC‹ŠP Q 7
DVHFC*4E0:U"D0E815Sg2HMLI;*5HM5F2LI;1=6,H4x46V3KCR91;*NV40] 5t8<43E25F2D7';17A8<40
4%6,3C/ODV55F2?9<=4W3KCAD23%4MDaTo p 67A8Br ps P. m4/G47*8>2?7A@D7}HFCA4M_602?d
D;*5ILt60[>4%Hy/A60E6,Lt4H40E5STHFC<25I3679G4J6:_,4E0ENxHF2LM4d3D7A5F;ALJ2?7*@
D/O40E6VHF2D7TP}¡,;1/</ODV54BHFCA6,H!rpsm25I0E45HF023H48RHD\2?71H4%@,40:_6=?;*45
2?7~HFC*4M0E67A@,4:†¢br ps ¢bri£¤¥<P:z"CA47iST2?amHFCA4J/ODV55F2?9<=4B/102345
60E4JH6[>47HDJ9O4tDaHFCA4haD0EL¦†:§}o¨b©ªI¢}o £!¤¥ SOUCA40E4©25
67x2?71H4@,4E067A8xªy25mHFCA4I/<0234t,;*671HF;*LBSOHFCA47HFCA4J54E=?=40Lh;A5H
=D>D/`D_,4E0moA£!¤¥>ª«O¬^ri£¤¥I­œŽe®`3%67A8j2816,H4x_6=?;A45:Dao p 67*8
r ° ps PJ¯AD046V3KCDa€HFC*4%54M367A8>28<6VH45SHFC*4M54E=?=40MLI;A5Hm5F2LI;<=6VH4
91;*NV40E5S>46V3KCtDaOU"C123KCt25g4u16,LJ2?712?7A@:‚ ™ /GD,55F2?91=4y91;<7A8j=4.54H5
67*8x54E=43HF2?7A@BHFCA4m9O45H!HDM814H40ELJ2?7A4M ‘ pP
¯*D04u16,L/<=4,S€D7A4:Da.HFC*4:LMD0E4:3D,LJ/1;AH6,HF2D7A6=?=±Nž2?71H4E7*5F2_V4
5F2LI;1=6,HF2D7A5BU€4JC*6_V4“0;17};A548RHFC*4/*60E6,LM4H4E0E5:š²¨˜…>S ° ¨
…†,†1SO³`¨`„<SVr £!¤E¥ ¨'´1So*£!¤¥¨œŽ,µ †<S167*8Wª"¨`†<µ †<ŽVPgz"C*40E4EaD0E4,S
4%_,40EN‹HF2LM4654=?=40x0E4d4_6=?;A6,H4%8¶2H5:/*60E6,LM4H4E0E5Sy2H:C*6V8`HD
=D>D/ˆD_,40Z·,´V†,†'3%67A8j2816,H4R54HHF2?7A@,5Da.o p 67*8‹r ps Sm46V3KCbDa
U"C123KC0E4,;12?0E48BŽ%·,†,†V†!4_6=?;A6,HF2D7A5"Da*Œ*P>Ž,PTz"C*40E4EaD0E46!5F2?7*@=4
HF2Lt45H4/XDaHFCA4x5F2Lh;1=6,HF2D7œ0E4,;12?0E48ˆŽ·,†V†,†R4_6=?;A6,HF2D7*5xDa
Œ*P*Ž!2?aTHFC*4.54=43H48:6V@,471H"U€6,56h91;*NV40S167A8:D_V40.Ž†,†LJ2?=?=?2D7
4%_6=?;*6VHF2D7A5h2?aHFCA4I54=43%H48x6,@V471HmU"6V5!6M54=?=40P
z"CA4x5F2Lh;1=6,HD0/O4E0ELJ2H5\;A5BHD}aD=?=DU¸HFC*44_,D=?;*HF2D7ˆDa.o p
67*8rpsJD_,4E0BHF2Lt4,S!6=D7*Q @}U"2HFCXD,HFCA40W,;*671HF2HF245BDam2?71H40E45H
D7WUC123CxHFCA4N:8<4/G47*8OP 7:6,818>2HF2D7HDh/10ED_,28j2?7A@M2?7*5F2@C1Hy2?71HD
Lt60[>4%Hm9O4CA6_,2D0:HFCA6,HI47A5F;*4%5JU"CA47}54E=?=40E5M60E4/O40ELJ2HH48HD
D9*54E0E_,4M67*8x0E45F/OD7*86,5N,7A3KC10ED7AD;A5F=N}HD:D7A4M67*DVHFC*40] 5y/10234
67*8M91;<7A8>=?2?7*@W3KCAD234%5S<HFCA4m5F2LI;1=6,HD0.6=5DM6=?=DU!5;A5"HDI4u1H47A8
D;<0W5HF;A8<NRHDLMD0E4WHFC*67`HU"D54E=?=40E5S"C*4%H40ED,@V47*4%D;A5\/10E4a40d
4E7*34%5S*67A8B2?71H4@V40d_6=?;*4%8xr~/A60E6VLM4H40E5P
¯i2?0E5HS!3D7*5F28140Z6LM60[>4HtU2HFC¶šˆ¨¹‚xLN,D/AHF2LM6=I54=?=40E5S
³ ¨º‚}36,H4%@,D024%5SI67A8œ…†,†}91;*NV40E5xU"2HFC`C*DVLMD,@V47*4%D;A5›2?71d
º
HF02?7A5F23_6=?;A6,HF2D7*5x» ¬ Q ¨¹ŽZ67A8ž»V¼¨¦†<µ …x67A8'65,;*60E4d0ED>D,H
56,HF;10E6,HF2D7Bac;17A3HF2D7TP aOHFC*4!/<0ED>8>;A3HF2D7Z3D,5H"½.67A8:HFC*4!3=?;AHH40
3DV5Hg¾m60E4g9ODVHFCM†1P?‚>S,HFCA47tHFC*4D/AHF2LM6=A9<;17*8>=4"aD0q6mLMD7*D/OD=?25H
25I^‚jŽ¿ey^544m¯i2@;<0E4MŽ¿eP¡>H60EHF2?7A@“a±0ED,Lˆ6h0E67*81D,LÀ2?712HF26=3%D7A8j2?d
HF2D7TSOHFCA4J5F2LI;<=6VHF2D7‹4_VD=_,4%5I6,5m5FCADU"7x2?7¯i2@;10E4M´<P!z"CA4JHU"D
54=?=40E5!2LMLM48>26,H4E=Nx471H40"2?71HDM6I9A6,HHF=4D_V40!HFCA4y91;<7A8>=4\^‚>ŽeS
8>02_,2?7*@MD7*4!67*DVHFC*40] 5/102345"81DU"7M;<71HF2?=GHFC*4N54HHF=4.6,Hg6m/10234
Da†<P ·<Ž,SqU2HFC25J4u16V3HF=ND7A4“/10234:,;A671HF;ALÁ69GD_V4:HFC*4M91;<71d
8>=4m/<0ED>8>;*3%HF2D73D,5H!Da€^‚­RŽeF½¨'†<µ ·,†1PzC>;A5!HFC*4.LJNVD/AHF2LM6=
54=?=40E50E46,3Cx^455471HF26=?=N1eyHFCA4!@,6,Lt4dHFC*4D0E4HF23m4%,;<2?=?2?9102?;OL˜814d
02_,4%8~2?7‹543%HF2D7X…jP ‚\aD054E=?=40E5:HFC*6VHJ367R54HHFC*4E2?0M/<023%4\67*8
91;<7A8j=4W5F2Lh;1=H67A4D;*5F=N*ÂtHFC*4M54E=?=40E5J4%6,3C}3C*D>DV54:HFC*4D/AHF2LM6=
LMD7*D/OD=?25HJ91;17*8>=4:67A88>02_,4MD7*467AD,HFCA4081DU7HDx^c7*4%60=N1e
3DV5HP
1.0
0.9
0.8
0.7
Price
0.6
0.5
0.4
0.3
S=2, C=2
Valuations: v1=1, v2=0.5
0.2
0.1
0.0
0
5
10
15
Time (thousands)
20
ƒ
Ã!ÄcÅOÆgÇÈÉiÊZËgÄÌÆgÍcÎ1ÏÈ>Ð`ÑgÇÄcÒ>ÈÐgÓiÔiÎAÌ}ÄcÒ>ÕJÖØ×OÇxٞÕÈ1ÍÍcÈ1ÇÕ,Ú!Ù
Ò>Î1ÏÈ>Å*×OÇÄcÈ>Õ,Ú"ÎAÔiÐbÛ*Ü*ÜÝgÆiÓ*È1ÇÕ\È>Î1Ò>Þ'ߓÄkÏ¿Þ'ÄÔÏÇÄÔiÕÄcÒMà1Î*ÍÆá
Î1ÏÄc×OÔiÕ » ¬ ¨˜Ž Ú » ¼ ¨âŽ¿ã,‚>ä Ã×GÇBÎ*ÍÍmÝgÆiÓAÈ1Ç¿ÕVÚ ¾W¨å†1µ?‚>ä ÃO×OÇ
ÎAÍ$ÍÕÈ1ÍÍkÈ1ÇÕ,Ú ½I¨`†<µ ‚jä
æ 2HFCbHFC*4x5F2LI;<=6VHD0S.U"4B3%67‹4u>/1=D0E4LM60[n4H5:U2HFCXLMD0E4
54=?=40E5.67A8:LMD0E4.36,H4@VD0245P€¯i2@<PG…h814/123H5!HFC*4!/<0234I81N,7A6,LJd
235gaD0€…m54E=?=40E5"U"C*DI3%67t3KCAD>D,54!ac0ED,Lœ6VLMD7A@I„I36VH4@,D0245P‰y=?=
D,HFCA40!/A60E6,Lt4H40E5!60E4I4u16V3HF=NB6V52?7¯i2@<PA´<S1U"2HFCxHFCA4I6,818j2HF2D7
HFCA6,HM»VçB¨’Žã„<P y;102?7A@}HFC*4:w<0E5H:Ž†V†,†HF2LM4B5H4E/*5SHFCA4B54=?=?d
40E5!6=?=q3D,L/O4H4maD0J^‚†,†neS<91;*H"9O4HU"447ZHF2LM45Ž†,†V†M67A8‚†V†,†
HFCA4N6=?=!5U"2H3KC~D_V402?71HD6W3D,LJ/G4HF2HF2D7‹aD0tHFC*4:LMD7*D/OD=?25H
91;<7A8j=4Eè²^‚>Ž†ne2?7WHFC<25€36,54,P‰.@,62?7TS13D,L/O4HF2HF2D7xakD0E345g/102345
81DU"7ZHDJ†1P ·1Ž,S1U"C<23CB25!D7A4m/10234I,;*671HF;*Lé69GD_V4IHFC*4!9<;17A8j=4
/10ED>8j;A3HF2D73DV5HSi^‚!­'Ž"­}†neF½¨'†<µ ·,†<P
z"CA4B5F2LI;<=6VHD0x6=5D›/G40ELJ2H5M;*5tHD4u>/1=D0E4xU"CA6,HIC*6/</G47*5
U"C*4E7`3D7*5F;ALM40W/<0E4ak40E47A345B60E4BC*4%H40ED,@V47*4%D;A5Fè'6`3%6,54BaD0
U"C<23C@,6,Lt4dHFC*4D0E4HF23M67*6=N>5F25J6/</O4%60E5mHDM9O4,;12H4M8j2?ê“3;<=HP
¯i2@;10E4I·m2?=?=?;A5HF0E6,H45.6JLM60[>4H€HFC*6VH25"6=LtD,5H281471HF236=gHDHFC*6VH
814/<23%H48ž2?7X¯i2@;10E4x´<S"4Eu134/AHMHFC*6VHMHFCA4B3D7*5F;ALM40E5]2?71HF02?7*5F23
_6=?;A6,HF2D7*5:» ‘ sh60E4:8j0E6U"7};17<2?aD0ELJ=N}ac0ED,LëHFCA4M;<712HJ2?71H40E_6=P
¯*D0m½(¨¶¾¨`†<µ ‚jS1HFCA4ID/AHF2LM6=LtD7AD/OD=?25Hh91;<7A8>=4h25^Ž,Žem^544
¯i2@<PA‚VeP‰!aH40€6hak4U'0ED;17*815!DaO/10234I54HHF2?7A@<S*HFCA4m54E=?=40E5m471H4E0
2?71HD}6x/<023%4xU"60:D_V40^Ž,ŽeS67*8‹HFC<0ED;*@Cb5F;*33%455F2_,4B;17*8140d
3;AHHF2?7*@tHFC*4m/10234mCA46,815!8<DU"7WHDU€60E8BHFCA4y91;17*8>=4h/10ED>8>;*3HF2D7
3DV5HSg‚½B¨ˆ†<µ ´<PtìmDU"4_V40SiU"CA47RHFCA4J/10234:@,4H5I81DU7~6,5m=QDU
6,5t†<P ´,´<SHFCA4\9O4%5Hh0E45F/GD7A54B25J7*DVHMHDx;<7A8<4E0E3;*HtHD†1P ´V„<P 71d
5H46V8SAHFC*4!7*4u1H!54=?=4E0IHDI0E4d4_6=?;A6,H4m2H5"/<023%4J5U"2H3C*45!HDHFC*4
E-GV<Sr@<SGV<S9
JK<KTQ+r.DRP
<Cr@Q+GVu)BTITR8
u<K:HU9]ˆ‰H=Y3MŠ3_DRP
</Q+E
DRH=uB+;E-GIH=JK<_
7-839
:%;=<$_‰B9:nE-GVQ+p
DdBGV<M *3KŠ-_‰>‹#AS_B9:?1-MU^KŠ-_.`P-HU;=<(r@Q+G/P
<KDRb
<SGVQ$Y<S9
<KQ+8
TLE-GV<Sr@<SGV<V9JK<eTLQr/DRP<\r@Q+GVuŒB$TITR8u<K:HU9ˆ‰H=Y3M„k?DRP<eW
B+GV<B9:13M ^#$N%_/>IgAS_…B+9
:Z1-MŽ$Kl-_GV<eTRE.<KJKDRH=f$<S;=WMm‚9[DRP<JKQGIGV<Sb
TRE.Q9:HU9Yc:8QE.Q+;=W_…DRP
<u<KB$TR83GV<e:jE3GIH=Je<KTK_|738-9:;=<KTK_…B+9
:?E3GVQrb
H=DITI‘/B+GV<C1-M k-_->‹#%gAS_B+9
:L1-M 1$1NFr@QG…DRP<…PQ$uQY$<S9<eQ+8
TCJKBTI<$M ’ˆQG
DRP
<dP<KDI<VGVQY<V9<KQ8TJKBTI<$_DRP
<dE3GIH=JK<eTdB+9
:o7-8-9:;=<LJeQuLE.Q$TRH=DRH=Q+9
T
JKWJS;=<HU9:-<Sp-93H=DI<V;W_C7-8
DBf<SGVB$Y<K:Qf<SG“DRP<KTI<JKWJV;=<KTDRP<u<KBb
TR8-GV<K:E3GVQpD(E.<SG\738
W<VGDRGVB+9
TIBJKDRH=Q9H=T(GVQ+8
Y+P-;=W13M 1*Š”mu•8
JiP
–3—=˜–™Kš|DRP
B+9?r@QGdDRP
<dP
QuQ$Y<S9
<KQ+8
T(JKB$TI<MC›QDI<(DRP
BD/DRP<(E-GVQ+p
D
HU9XDRP<(PQ$uQY$<S9
<KQ+8
T(JKBTI<\H=TFE-GVQ+E.QGVDRH=Q+9
B+;/DIQDRP
<•E-GIH=JK<\œ8B93b
DR8
un_-`P-H=JIPcuBWL7.<(B+GI7-H=DRGVB+GIHU;=W?TIuB+;U;@_.`CP3HU;=<(DRP
<dE-GVQ+p
DHU9DRP<
P
<KDI<SGVQY$<S9
<KQ+8
TdJKB$TI<d:-Q<KTC9Q$DC:-<SE.<S9
:oHU9B+9-W<KTITI<V9-DRH=B+;|`B+WQ+9
DRP
<(TRH=K<LQr…DRP<dE-GIH=JK<\œ8B9-DR8u]M
1.0
0.9
0.8
0.7
Price
0.6
0.5
0.4
0.3
S=5, C=3
Valuations: v1=1, v2=0.5
0.2
0.1
0.0
0
5
10
15
Time (thousands)
20
1.0
0.9
!í îcïOðgñòóôxõgîöðg÷cø<ùò>úXûgñîkü>òúgýTþiø*öîkü>ÿOñBóRÿò1÷÷kò1ñÿ
ü>ø1ùò>ïGñîcò>ÿ€ø*þiúbó
gðiý*ò1ñÿ:ò>ø<ü:îcù'îþOùñî$þiÿ¿îkü<øA÷ð
ø1ùîOþiÿ!"$#%"øAþiú&'()"+*-,xí.Oñ\øA÷÷/gðiý*ò1ñÿ
0 132 #%,hí OñMøA÷$÷ÿò1÷÷kò1ñÿ 54(6132 #%,
0.8
0.7
7-8-9:;=<?>@13ACB$DFE-GIH=JK<L1-M *N%M/OCP
<(QDRP
<SG(TI<S;U;=<VG(GV<KTRE.Q+9
:-T(DIQDRP3H=T
7-WXTI<KDIDRHU9Y?H=DITL7-839
:;=<?DIQZ>I$A(B+9
:[H=DIT\E3GIH=JK<]DIQ?13M ^+1-_a`CP
<SGV<Sb
8-E.Q9cDRP<QDRP
<SGTI<S;U;=<SGdGV<eTRE.Q+9
:3TC7-WGV<Kf$<SGVDRHU9YDIQ>IgAaB+9
:(hi8
TID
8-9
:3<SGVJV8DIDRHU9
YjDIQ]13M kl-MLOCP-H=TdHU9JVH=DI<KTLB9Q$DRP<VGLE-GIH=JK<`CBG\JKWJS;=<_
B9:mDRP<nE-GVQJK<KTITJKQ9-DRHU98<eToHU9
:3<Sp-9-H=DI<S;W$MqOCP
<?JKWJS;=<KT:-Qj9
QD
GV<VE.<KBDQ+9
<oB9Q$DRP<VGE.<SGIr@<eJKDR;=Ws7t<KJKB+8
TI<_`P-HU;=<nDRP
<HU9:H=fH=:8.B+;
TI<V;U;=<SGVTC7.<SP
B+f$<(:3<eDI<SGVuLHU9-H=TIDRH=JKB+;=;=W_.DRP<KWB:ehi8TIDDRP<SHUGE3GIH=JK<eTFB9:
7-8-9:;=<JKQ$uLE.QTRH=DRH=Q9T(HU9cBLGVB9:-QuvQGV:3<SGM
Price
0.6
0.4
0.3
0.1
0.0
0
5
10
15
Time (thousands)
20
!í îcïOðgñòŸžô õgîöðg÷cø<ùò>úéûgñîcü>ò`úgýTþiø*öîkü>ÿOñ'óˆÿò1÷÷kò1ñÿ
Àü>ø1ùò>ïOñîcò>ÿ}øAþiú óvgðiý*ò1ñÿ6:îcù¸ðgþgîzOñö}÷cýÀúîcÿS
ùñî@gðiùò>úv1ø*÷ðiø1ùîOþiÿ, íOñ'øA÷÷ogðiýAò1ñ¿ÿ$ 0 {132 #%, í.Oñ
øA÷$÷ÿò1÷÷kò1ñÿ 54(6132 #%,
0.9
0.8
0.7
WJS;UH=JKB;|E3GIH=Je<LB9:738-9:;=<JKQ$uLE.Q$TRH=DRH=Q+9X`CB+GVTCJeB+9?Y$<KD/uQ+GV<
JKQ$uLE3;=<Vƒ`CH=DRPuQ+GV<TI<S;U;=<SGVTB+9
:JKBDI<eYQ+GIH=<eTKMjˆ‰H=Y83GV<c^nTRP
Q`/T
DRP
<aE3GIH=Je<F:-W9
BuLH=JKT…`CP<V9B;U;3E
B+GVB$u<KDI<SGVT…B+GV<a¡<SE
D|BT‰HU9ˆ‰H=Y3M$k3_
<Sƒ-JK<VED(DRP
BD(DRP
<L98
u•7.<VG\Q+rTI<S;U;=<SGVT(H=TdHU9JSGV<eBTI<K:DIQ]NoB9:cDRP<
98
u•7.<VG?Q+rJKB$DI<KYQGIH=<KTnH=ToHU9
JSGV<KB$TI<K:qDIQ*-M)‚9&DRP-H=TnJeBTI<_DRP<
Q+E
DRH=uB;CuQ9QE.Q+;UH=TID(7-839
:%;=<\H=T>IgASM/¢CWnDRH=u<TIDI<SEc*1$11-_.B+;U;
N(TI<S;U;=<SGVTFP
Bf<TI<KDIDR;=<K:oHU9-DIQB•E-GIH=JK<(`CBGCQf<VG/DRP<\>I$Aa738-9
:%;=<M
£dQ`C<ef<SG_/9<eB+GcDRH=u<cTIDI<SExŠ11$13_(Q9<XQ+r\DRP
<TI<S;U;=<SGVT?p39
:-TnH=D
uQGV<LB$:3fB+9-DIB$Y<KQ8T\DIQTI`CH=DIJIPDIQDRP
<>IK1A7-839
:;=<oB9:?:GVQ+E
H=DITCE3GIH=Je<d:GVBuB$DRH=JKB+;U;=W_rGVQ$u†13M k¤\DIQ\13M NN%M5OP-GV<K<QDRP
<SGTI<S;U;=<SGVT
œ8-H=Ji¡;=Wr@Q+;U;=Q`vTR8-H=DK_CTR8
JKJK<KTITRH=f$<S;=WZ8-9:-<SGVJS8
DIDRHU9
YZQ9<]B+9
QDRP
<SGM
OCP3H=T<S¥.<KJKDTRPQ`/TL8-EJV;=<KB+GI;=WBTB?f<SGVDRH=JKB;YB+EHU9¦DRP<E-GIH=JK<
:-W9B$uLH=JKT?7.<KDR`<K<S9xB+E-E3GVQKƒH=uB$DI<S;=WŸ13M NNB9:&13M kNM } DoDRP-H=T
E.QHU9-DK_‰DRP
<•p-r@DRPcTI<S;U;=<VG(H=T(DRP<\Q+9-;=W?Q+9
<LQ¥.<SGIHU9
Y?JKBDI<eYQ+GVW]*3M!§D
p-9:-TDRPB$DLH=DJKB9uB+ƒH=uLH=K<nH=DIT\E3GVQpD7-WB$:%P
<SGIHU9
YDIQZ>I$gA
B+9
:hSBJI¡HU9YH=DITdE3GIH=Je<L83EcDIQ1-M l$¤3M } TdTIQQ9B$TFH=D:3Q<KT(TIQ-_.DRP<
‘KOCP
<oE-GVQ+p
DITGV<SE.Q+GVDI<e:ZP
<SGV<or@QGu(83;=DRHUb‹TI<S;U;=<SGcTRH=u(8-;=BDRH=Q+9
T?B+GV<
9
Q+GVuB;UH=K<K:7-W(:%H=fH=:HU9
YLDRP
<aE-GVQ+p
D|DRPB$D|BJKJSGI8
<KT|:83GIHU9
Y(BdYH=f<S9
HU9-DI<SGVfB+;|7-W]DRP<d98
u(7.<SG(Qr|738
W<VG(BJeDRH=Q+9
TdDRP
BDdBGV<(DIB+¡<S9cTIWTRb
DI<Ku\`CH=:3<\:%8-GIHU9
YnDRP
BDCHU9-DI<SGVfB+;@M/OCP-H=TdTR8-E3E.QGVDIT(BLr@BHUG(JKQ$uLEBGIb
H=TIQ+9X`CH=DRPcDRP<\uQ9QE.Q+;UH=TIDLE-GVQ+p
DITK_.`CP3H=JIPXB+GV<(JKQ$uLE38
DI<K:?rGVQu
¨…œTKM.NL:H=fH=:3<e:j7-WDRP<d98
u•7t<SG(Qr|738
W<SGVTKM
’KOCP
<dE3GVQpDQ+r…1-M 1$1NLJKB9n7.<(8-9:-<SGVTIDIQQ:?BTB+9<Kf<S9TRE3;UH=Dd7t<Sb
DR`<K<S9DRP
<DR`QnTI<S;U;=<SGVTQr/DRP<E-GIH=JK<Sb‹œ8
B+9-DR8
u©`CQ+GVDRPXQ+r/E-GVQ+p
D
E.<SGTIB;=<M
0.6
Price
S=5, C=3
Valuations: Uniform[0,1]
0.2
1.0
0.5
0.4
0.3
S=2, C=2
Valuations: Uniform[0,1]
0.2
0.1
0.0
0.5
0
5
10
15
Time (thousands)
20
!í îcïOðgñòxwô õgîöðg÷cø1ùò>úéûgñîkü>ò`úgýTþiøAö}îcü>ÿIOñmyåÿò1÷÷cò1ñÿ
yÀü>ø1ùò>ïGñîcò>ÿø*þiú ó
vgðiý*ò1ñÿ6:îcùëðgþgîzOñö}÷cýˆúîkÿV
ù¿ñî@gðiùò>úv1øA÷$ðiø1ùîOþiÿ, íGñ'ø*÷÷gðiý*ò1ñÿ 0 {132 #%, íOñ
øA÷÷ÿò1÷÷cò1ñÿ |4(6132 #%,
} f<SGVB$Y<K:6Qf<VGnDRH=u<_dDRP
<nE-GVQ+p
DITor@QGoP
<KDI<SGVQ$Y<S9
<KQ8TnE-GV<Srb
V< GV<S9Je<KTLBGV<?~.€9
<KB+GI;=WcK<SGVQ-_|BT\DRP<eW?`C<SGV<Lr@QG(PQ$uQY$<S9
<KQ+8
T
E-GV<Sr@<VGV<S9Je<KTKMOCP-H=TdH=T(B+9cHU9-DI<SGV<KTIDRHU9
YsGV<Kf$<SGVTIB+;Q+rDRP
<TRH=DR8B$DRH=Q+9
r‚Q+G|B/TRHU9
Y+;=<TI<S;U;=<SGM } uQ+9
Q+E.Q;UH=TIDaJeB+9<Sƒ-DRGVBJKD„B+;U;
Q+r
DRP<…TR8-GIE3;U8
T
rzGVQu†JeQ+9
TR8u<VGVTFDRP
BD|P
B+f$<dPQ$uQY$<S9
<KQ+8
T/f+B;U8B$DRH=Q+9
TK_7-8
DCJKB+9
Q93;=Wc<Sƒ-DRGVB$JKD(BrGVBJKDRH=Q9QrCDRP
<TR8-GIE3;U8
T(rGVQu‡JKQ+9
TR8
u<SGVT\`H=DRP
P
<KDI<SGVQ$Y<S9
<KQ8TcfB+;U8
BDRH=Q+9
TKMvˆQG]<Sƒ-BuLE-;=<_dr‚Q+GPQ$uQY$<S9
<KQ+8
T
¤
ª$«R¬­V®¯I­S°U°=­S®V¯¯I±C²=«I³I¬m«Iª´Iµµµg¶•·¸¹·$«I«I­KºL»
«L«Iªn¼-¸¹-­S®V³S¼
«ª+¸
­
·¸ª$«R¬­V®½.·+¸
¹n«R¬
­L³K¾³V°=­d¿.­KÀ+²U¸
¯(·+¸
­K±(Á
…à ­S¸ºª+®V­(³eªºL»-°=­SÄ?³e¾³S°=­K¯d³e·+¸?¿.­(ª¿¯I­S® à ­K¹?·¯/«R¬
­(³Kª¯I«I¯/Å
·¸¹]ÆL·®V­(¹3­e³S®V­K·¯I­e¹o¿.­K³e·+¼
¯I­(«R¬­ª+»
«R²=º·+°5ºª+¸
ª+».ª°U²=¯I«F¿-¼3¸
¹°=­
À®Vª±F¯°=·+®VÀ$­S®Á)Ǫ+®]­SÄ-·$ºL»-°=­½d²UÈI½C²U¸&«R¬
­jº·+®IÉ­e«o¹-­S»-²=³K«I­K¹6²U¸
lj²=À-ÁÊ%½…Ån·¸¹Æc·+®V­o®V­e¹%¼
³K­K¹È®Vª$ºÌË-ÁUÍn«Iª?Ë-ÁŽµgÍνa«R¬
­n¯I­V°U°=­S®V¯KÏ
¿-¼-¸¹°=­³KªºL»tª¯R²=«R²=ª+¸
¯\³K¾³S°=­L²U®I®V­KÀ¼3°=·®I°=¾«R¬-®Vª+¼
À+¬´IµµgͶS½|´IµgÍ%µ¶S½
´‹ÍµÐ µg¶S½‰´IµKËͶS½„´Iµµµg¶S½‰´IµeË3µ¶S½
·+¸
¹´@Ë3µ$µ¶SÁ
¾³S°U²=³K·°.»3®I²=³K­±C·+®V¯‰¬
· Ã ­/¿.­K­S¸]ª+¿
¯I­S® à ­K¹»3®V­ à ²=ª¼¯R°=¾²U¸· à ·+Ñ
®I²=­e«R¾nªÈ…ºª¹-­S°=¯(ª+ȅ·$À­S¸-«­K³Kª+¸
ªº\²=­K¯d²U¸c±C¬3²=³I¬c«R¬­\·À$­S¸-«I¯d­eºLÑ
»-°=ª¾j·º\¾ª»«R²=º·°/¯I«R®V·«I­eÀ¾Ò ÍÍ%½.ÓÎ%½5Í+ËÔRÁ\ÕC¬­\ºª®V­³Kªº\»3°=­SÄ
³e¾³S°=­K¯ª¿¯I­S® à ­K¹¬­V®V­½|±C¬3²=³I¬²U¸ à ª° à ­n¿-¼3¸
¹%°=­?³eªºL».ª$¯R²=«R²=ª+¸¦·¯
±­S°U°@½·+®V­|®V­KºL²U¸-²=¯I³K­S¸-«ª+È-¿.­S¬
· à ²=ª®C¯I­e­S¸L»-®V­ à ²=ª¼¯R°=¾L²U¸¯I«R¼
¹%²=­K¯|ªÈ
·(®V­S°=·$«I­K¹o²U¸-È@ª+®Vº·«R²=ª+¸?Ö-°=«I­S®I²U¸
Àºª¹3­V°‰«R¬
·«…²U¸³S°U¼
¹-­K¹n²U¸3Ȃª+®Vº·Ñ
«R²=ª¸³e·«I­KÀ$ª+®I²=­K¯Ò Íʽ„Í+×+ԋÁ Ø Ð ¾³S°U²=³K·+°…»-®I²=³K­·+¸
¹?¿3¼-¸¹°=­³Kªº\».ª+Ñ
¯R²=«R²=ª¸±·+®V¯d·®V­(¯I¾ºL»
«Iªº·$«R²=³ª+ȅ·¸?¼3¸
¹3­V®I°=¾²U¸Àcº•¼-°=«R²UÑ@».­K·É­K¹
Ù.ÚÛIÜCÝÞ=ßà.áâeãSßSÙ
äKÁåc­C¿.­S°U²=­ Ã ­d«R¬
·«…¯R¼³I¬°=·+¸
¹-¯I³K·+».­e¯Fº·+¾\ª³K³S¼-®
²U¸“·F¿-®Vª·¹\·+®I®V·¾\ª+È
º·+®IÉ­K«I¯KÁ Âaà ­S¸±¬
­S¸¯I­S°U°=­S®V¯a¼
¯I­C¯I«R®V·$«I­KÀ+²=­K¯
ª$«R¬­V®(«R¬
·+¸?º\¾ª»3²=³\¿.­K¯I«RÑ@®V­K¯R».ª¸¯I­½.·º•¼-°=«R²UÑ@».­K·+É­K¹j°=·¸¹-¯I³K·+»t­
³e·+¸?°=­K·$¹?«IªL¸ª¸3ы­Kæ¼-²U°U²U¿-®I²Ž¼
ºçº·+®IÉ­K«/¹3¾¸
·ºL²=³e¯ÒUÍ$Í%½.Í$ÊgԋÁ
Ç3®Vª$ºè·+¸
ª«R¬
­S®c».­S®V¯R».­e³K«R² à ­½«R¬­cÈ@·³K«?«R¬
·«c¯I­S°U°=­S®V¯Kϼ¯I­ªÈ
º\¾ª»«R²=º·+°¯I«R®V·$«I­KÀ+²=­K¯?²U¸
¹%¼
³K­K¯j¸
ª+¸-ы­Kæ¼-²U°U²U¿3®I²=¼ºéº·+®IÉ­e«?¹3¾Ñ
¸
·º\²=³K¯a±C¬
­S¸(¿-¼¾$­S®V¯KÏ+»-®V­SÈ@­V®V­S¸³e­K¯|·+®V­a¬
­K«I­S®Vª$À­S¸
­Kª¼¯|²U¸¹²=³K·$«I­K¯
«R¬
·«K½.²UȯI­S°U°=­S®V¯±C­V®V­L«Iªº·É­«R¬
­S²U®(»-®I²=³K­·+¸
¹j¿-¼3¸
¹°=­o³I¬
ª+²=³K­K¯
¯Rê ²=º(¼-°=«I·+¸
­Kª+¼
¯R°¾$½(«R¬­V®V­?±Cª+¼-°=¹Z¿.­?·cºL²UÄ-­K¹Ñ‹¯I«R®V·«I­KÀ$¾¯Iª°U¼«R²=ª¸‰Á
¼
³i¬m·o»-¬
­S¸ª$º­S¸
ª+¸¦ª³K³S¼-®V¯L²U¸·?º(¼³I¬¹²Uë.­S®V­S¸-«LÈz®V·º­K±ª+®IÉ
»-®V­K¯I­S¸-«I­e¹ì¿-¾ídª»3ɲU¸
¯Ò Í+Ó+ԋÁ)î¸&«R¬3²=¯]³Kª+¸-«R²U¸¼
ª+¼
¯Rы«R²=º­¿.­K¯I«RÑ
®V­e¯R».ª+¸
¯I­ºª¹-­S°@½.·À$­S¸-«I¯d³I¬
ªª¯I­\«R¬­d»-®I²=³K­«R¬
·«C».­S®IȂª+®Vº¯/¿.­K¯I«
·$À·²U¸¯I««R¬­d»-®V­K¹²=³K«I­K¹n»-°=·+¾]ª+ȅ«R¬
­S²U®ª+»-».ª+¸
­S¸-«I¯K½.±C¬-²=³i¬?²=¯/­K¯I«R²UÑ
º·«I­K¹È®Vª$ºï»
·¯I«ª+¿
¯I­S® Ã ·«R²=ª+¸
¯KÁCíª+»-ɲU¸¯CÖ-¸¹-¯C«R¬
·«C«R¬
­/¯I«R®V·«RÑ
­eÀ¾³I¬
ª+²=³K­K¯?·¸¹&· à ­S®V·$À­?»·¾$ª+ë.¯?ª¿¯I­S® à ­K¹6²U¸Ÿ«R¬
­j¹-¾¸
·ºL²=³
À$·º­\·+®V­ à ­V®V¾?¯R²=ºL²U°=·+®«Iª«R¬­\À·$º­Ï ¯F¼-¸3²=æ¼
­ºL²UÄ-­K¹ÑR¯I«R®V·$«I­KÀ¾
­eæ¼3²U°U²U¿-®I²Ž¼
ºnÁ
ð ¼-®(ºª¹-­S°¹3ª­e¯L¯I·$«R²=¯RÈ@¾j«R¬
­¯R¼-ñ³S²=­S¸-«\³Kª¸¹²=«R²=ª+¸È@ª¼3¸
¹j¿-¾
ò ·¯IÀ¼3»
«I·(·+¸
¹ó?·¯RɲU¸Ò ôÔÈ@ª+®5·dºL²UÄ-­K¹¯I«R®V·«I­KÀ$¾(­Kæ¼3²U°U²U¿-®I²=¼ºõ«Iª
­VIJ=¯I«KÁ öõ÷F¸-È@ª+®V«R¼-¸·$«I­S°=¾½…·+¸
·+°=¾«R²=³?³eªºL»-¼«I·$«R²=ª+¸¦ª+È/«R¬
­ºL²UÄ-­K¹Ñ
¯I«R®V·$«I­KÀ¾mÀ·$º­Sы«R¬­eª+®V­K«R²=³c¯Iª+°U¼
«R²=ª+¸&²=¯o°U²UÉ­S°=¾6«Iªj¿.­?¹²Uñ³S¼-°=«n²UÈ
¸
ª«/²=ºL».ª$¯I¯R²U¿3°=­Á!ø|·+».­S®V¯«R¬·$«dº·É­(¯R¼
³i¬c³e·+°=³S¼-°=·«R²=ª¸.¯LÀ®V­K·«R°=¾
¯R²=º\»3°U²UÈ@¾m«R¬­¯I«R®I¼
³K«R¼-®V­nª+ȳKª¸¯R¼
º­S®“¹3­Kº·+¸
¹Z·¸¹°U²=ºL²=«Ö-®Vº
¯I«R®V·$«I­KÀ+²=­e¯?«Iª³Kªº\».­K«R²U¸
Àª+¸-°=¾ª¸6»3®I²=³e­ZÒ ù3µ$½/ùù+Ô!ª+®]ª+¸-°=¾6ª+¸
»-®Vª¹¼³K«c³I¬·®V·³K«I­S®I²=¯I«R²=³e¯Ò Ó$ù3½\ùËÔR½¿3¼
«n¸ª$«s¿tª«R¬x¯R²=º•¼-°=«I·+¸
­SÑ
ª¼¯R°=¾$ÁŒídª±C­ à ­S®½/¸ªÑ@®V­KÀ+®V­K«n°=­e·+®I¸-²U¸À&«I­K³I¬3¸-²=æ¼­e¯j¬· à ­j¿.­K­S¸
¯R¬
ª±C¸«Iªn¿t­n³K·»·¿3°=­]ª+È/Ö3¸
¹²U¸Àúd·$¯R¬­Kæ¼-²U°U²U¿3®I²z·È@ª+®\®V­S°=·$«I­K¹
º·+®IÉ­e«À·$º­K¯(²U¸±C¬-²=³i¬m«R¬
­S®V­n·®V­¯I­ à ­S®V·°C¬¼-¸¹®V­K¹Z»tª¯I¯R²U¿-°=­
¯I«R®V·$«I­KÀ+²=­e¯•Ò Í%µVÔRÁî§«…±Cª+¼-°=¹¿.­dªÈ‰À®V­K·«…²U¸-«I­S®V­K¯I«C«Iª(».­S®IÈ@ª®Vº†¯R¼
³i¬
·³Kªº\»3¼
«I·«R²=ª¸·+¸
¹L³eªºL»
·+®V­C«R¬
­…À·º­Sы«R¬­Kª®V­K«R²=³C»3®Vª¿·¿3²U°U²z¯I«R²=³
­eæ¼3²U°U²U¿-®I²Ž¼
ºç±C²=«R¬?«R¬
­L¯R²=º(¼3°=·$«I­K¹?®V­K¯R¼3°=«I¯ª+¿
«I·+²U¸
­K¹?¬­S®V­$Á
CONCLUSIONS
K­ ³Kª$À+¸-²S²U¸
À6«R¬·$«ª+¸-°U²U¸­X³Kª+¸-«I­S¸-«»-®Vª à ²=¹3­S®V¯]±C²U°U°d¬
· Ã ­?«R¬­
ª+»-».ª®V«R¼3¸-²=«R¾Ÿ«Iª·$¹i¼
¯I«n¿.ª$«R¬q»-®I²=³K­K¯c·+¸
¹q³eª+¸-«I­S¸-«?³K·$«I­KÀª®I²=­K¯
¹-¾¸·$ºL²=³K·+°U°=¾c·+¸
¹n·¼«Iª$º·«R²=³e·+°U°=¾½„±C­F¬
· à ­d²U¸-«R®Vª¹¼³e­K¹?«R¬­(­V°=­SÑ
º­S¸-«„ª+È-³K·$«I­KÀª®I² K·«R²=ª¸²U¸-«IªF«R¬
­…¯I«R¼¹-¾(ª+ȲU¸-È@ª+®Vº·«R²=ª+¸¿3¼-¸¹°U²U¸
À3Á
ð ¼-®C¼3°=«R²=º·«I­(·+²=º)²=¯C«Iª\À·+²U¸·(Àªª¹¼3¸
¹3­V®V¯I«I·+¸
¹%²U¸
Àª+ȉ¬
ª±«Iª
³S®V­K·$«I­(­Së.­K³e«R² Ã ­L²U¸
¹%² Ã ²=¹¼
·+°/¯I«R®V·$«I­KÀ+²=­K¯/È@ª+®¯I­S°U°=­V®V¯d²U¸c¯R¼³I¬?º·®IÑ
É­e«I¯KÁÕ¬-²=¯L²U¸«R¼-®I¸¸
­K³K­K¯I¯R²=«I·$«I­K¯·È¼3¸
¹-·º­S¸-«I·°C¼-¸¹-­S®V¯I«I·+¸
¹Ñ
²U¸
Àª+Ȅ«R¬
­d¹-¾¸·$ºL²=³K¯/ª+Ȅ¯R¼
³i¬]º·®IÉ­K«I¯C±C¬
­S¸]¯I­ à ­V®V·+°„¯I­S°U°=­S®V¯/·+®V­
³Kª$ºL».­K«R²U¸
Àn«Iªªë.­S®/®V­S°=·$«I­K¹n»3®Vª¹¼
³K«I¯KÁ
ê «I·+®V«R²U¸
À•Ö-®V¯I«…±²=«R¬·(ºª¸ª».ª+°U²=¯I«K½
±C­C³I¬·®V·³K«I­S®I² e­K¹¬ª±«R¬­
³Kª$ºL».ª¯R²=«R²=ª¸ŸªÈ(«R¬
­nª»«R²=º·°(¿3¼-¸
¹%°=­?²=¯·+ë.­K³e«I­K¹Z¿-¾«R¬
­n¯I­S°U°UÑ
­S®V¯KÏ.»3®Vª¹¼
³K«R²=ª+¸m³Kª$¯I«I¯L·¸¹c«R¬­¿-¼¾$­S®V¯Kτ³S°U¼«I«I­V®n´@ª®\³Kª+¸
¯R¼º\»3Ñ
«R²=ª+¸t¶C³Kª¯I«I¯KÁ…ÕC¬
­dª+»
«R²=º·°¿-¼-¸¹°=­L¯R² e­d²=¯C¯Iº·+°U°5±C¬­S¸]³Kª$¯I«I¯C·+®V­
¬-²=À+¬„½‰·¸¹?²U¸³V®V­K·¯I­K¯\·¯«R¬­³Kª¯I«I¯·+®V­\¹3­K³V®V­K·¯I­K¹.Á\úd­SÄ-«K½.±C¬
­S¸
±C­L²U¸-«R®Vª¹¼
³K­K¹³eªºL».­e«R²=«R²=ª+¸„½C±C­LȂª+¼-¸¹«R¬
·«(ºª+¸
ª+».ª°U²=¯I«o·¸¹
ª+°U²=À$ª+».ª°U²¯I«(¿.­S¬
· à ²=ª+®!·+®V­(³S°=ª$¯I­S°=¾n®V­S°=·«I­e¹n²U¸?±C·¾¯/«R¬·$«/¹3­S»t­S¸¹
¼-».ª+¸&«R¬
­n¯R».­e³S²UÖ³c·¯I¯R¼
ºL»
«R²=ª+¸
¯KÁŸå¬­S¸¦¯I­S°U°=­S®V¯]³i¬
ªª¯I­?«R¬
­S²U®
¿-¼3¸
¹%°=­·+¸
¹?«R¬­S²U®/»-®I²=³K­\¯I­Kæ¼­V¸-«R²=·+°U°z¾½‰·¸¹n¿-¼
¾­S®V¯KÏ-»3®V­SȂ­S®V­S¸
³K­K¯
·+®V­C¬
ªºª$À­S¸
­Kª¼¯K½.«R¬
­S®V­C²=¯C·(³Kª¸-«R²U¸¼3¼
º ªÈ„úd·¯R¬“­Kæ¼3²U°U²U¿-®I²z·“²U¸
±C¬3²=³I¬]«R¬­«Iª«I·°·®V«R²=³S°=­d»3®Vª¹¼
³K«R²=ª+¸cªÈ‰«R¬
­/¯I­S°U°=­S®V¯C²=¯C­Kæ¼-² Ã ·+°=­S¸-«
«Iª«R¬·$«(±C¬3²=³I¬±Cª¼3°=¹?¿.­ªë.­S®V­K¹?¿-¾?·nºª¸ª».ª+°U²=¯I«KÁíª±C­ à ­V®½
±C¬­V¸c¯I­S°U°=­S®V¯\³i¬
ªª¯I­«R¬
­S²U®(¿-¼3¸
¹°=­o·¸¹?«R¬
­S²U®(»-®I²=³K­¯R²=º(¼3°=«I·¸­VÑ
ª+¼
¯R°=¾½.·¸¹¿3¼
¾­S®V¯KÏ»-®V­SÈ@­V®V­S¸³e­K¯/·+®V­d¬
ªºª$À­S¸
­Kª+¼
¯K½.«R¬
­S¸c­ Ã ­V®V¾
¯I­S°U°=­S®²U¸¹² à ²=¹¼·°U°z¾?¯I­K«I¯C²=«I¯C¿3¼-¸¹°=­\¯R² K­(«IªL«R¬
·«/ªÈ|«R¬
­dºª¸ª»3Ñ
ª+°U²=¯I«K½„·+¸
¹?»3®I²=³K­e¯dÀ­e«d¹®I² à ­S¸X¹3ª±C¸X«Iª³Kª¯I«KÁǪ®d¯R²=º(¼-°=«I·+¸
­Kª+¼
¯
³I¬ª²=³K­(ª+È|¿-¼3¸
¹°=­K¯d·¸¹»3®I²=³K­e¯K½·+¸
¹n±C²=«R¬ª+¼-®C»·®V«R²=³S¼-°=·+®\³I¬ª²=³K­
ª+È-¬
­K«I­S®VªÀ$­S¸
­Kª+¼
¯a»-®V­SÈ@­S®V­S¸
³K­K¯K½$·d¯R²=º(¼-°=·«R²=ª+¸]ªÈ.ºL¾$ª+»
«R²=º·+°
¯I­S°U°UÑ
­S®V¯|¹-­Kºª¸¯I«R®V·$«I­K¹«R¬·$«‰²=«‰²=¯».ª$¯I¯R²U¿3°=­dȂª+®|¯I­V°U°=­S®V¯C«Iªd¯R¼
¯I«I·+²U¸».ª$¯RÑ
²=«R² Ã ­C»-®Vª+Ö
«I¯|ª+¸\· à ­V®V·À­$ÁCî¸-«I­S®V­K¯I«R²U¸
À+°=¾½²U¸«R¬3²=¯|³e·¯I­…«R¬­Cº·+®IÉ­e«
­SĬ-²U¿3²=«I¯\¼3¸
­S¸
¹%²U¸
À?³K¾³S°=­K¯d²U¸c»-®I²=³K­K¯\·+¸
¹s¿-¼3¸
¹°=­o³eªºL».ª$¯R²=«R²=ª+¸„½
±C²=«R¬?«R¬
­(ºª+¸
ª+»tª+°U²=¯I«(¿3¼-¸¹°=­L®V­S»-®V­K¯I­S¸-«R²U¸
À«R¬­d°=·®VÀ­K¯I«/¿3¼-¸
¹%°=­
«R¬
·«C²=¯d­ à ­S®ª+ë.­V®V­K¹Á
ó?ª¸ª».ª+°U²=¯I«I¯d»-®V­SÈ@­S®¬ª$ºªÀ$­S¸­eª+¼
¯d³Kª¸¯R¼
º­S®/»-®V­SÈ@­S®V­S¸
³K­K¯/«Iª
¬
­K«I­S®VªÀ$­S¸
­Kª+¼
¯Cª+¸
­K¯‰¿.­e³K·+¼
¯I­/«R¬­K¾\³K·¸­SÄ»-°=ª+²=«…¬ª$ºªÀ$­S¸­V²=«R¾«Iª
­SÄ-«R®V·$³K«C·+°U°tª+È|«R¬
­/¯R¼3®I»-°U¼
¯KÁCídª±C­ à ­S®½«R¬
­d¯R²=«R¼
·«R²=ª¸n²=¯a®V­ à ­S®V¯I­K¹
±C¬­V¸«R¬
­S®V­·®V­L«‹±Cªª+®\ºª®V­¯I­S°U°=­S®V¯KÁídªºªÀ­V¸­S²=«‹¾jº·+É­e¯d²=«
».ª$¯I¯R²U¿3°=­È@ª®(·¯I­S°U°=­S®\«Iª?´@«I­KºL»tª+®V·+®I²U°=¾-¶(À+®V·¿c·+°U°…ªÈC«R¬
­Lº·+®IÉ­e«
¯R¬
·+®V­C¿-¾•¼-¸
¹3­S®V³V¼«I«R²U¸
ÀL²=«I¯|®I² à ·°=¯K½¿3¼
«a«R¬-²=¯C¯R¬
ª+®V«Rы¯R²=À+¬-«I­e¹o¯I«R®V·$«RÑ
­KÀ$¾n°=­K·¹-¯L«Iª·»3®I²=³K­±C·+®!«R¬·$«d¼3°=«R²=º·$«I­S°=¾j°=­K·$¹3¯\«Iª¸­eÀ+°U²=À+²U¿
°=­
»-®Vª+Ö
«I¯“È‚ª+®·°U°(¯I­S°U°=­S®V¯KÁ¦åZ¬
­S¸&³Kª+¸
¯R¼
º­S®V¯·+®V­¬­K«I­V®VªÀ­V¸­Kª¼¯
²U¸c«R¬
­S²U®/»3®V­SȂ­S®V­S¸
³K­K¯K½¸
ª¯I­S°U°=­S®!³K·+¸³KªºL»-°=­K«I­S°=¾?¯I·$«R²=¯RÈ@¾n«R¬
­(­S¸-Ñ
«R²U®V­(º·®IÉ­K«K½
·+¸
¹n«R¬
­S®V­SÈ@ª®V­(¯I­ à ­S®V·°„¹%²Uë.­V®V­S¸-«F»-®Vª+Ö
«I·+¿-°=­L¸-²=³i¬
­K¯
º·¾L¿.­· à ·²U°=·+¿-°=­L«Iª(¯I­V°U°=­S®V¯KÁ«R¬
­K¯I­¯R²=º•¼-°=·«R²=ª¸¯K½²=«C±·¯a».ª$¯RÑ
¯R²U¿-°=­“È‚ª+®(¯I­V°U°=­S®V¯(«Iª i¼
ºL»c­K·$¯R²U°=¾Z´@±C²=«R¬
ª+¼
«(³Kª¯I«V¶/«Iª·+¸-¾n¸-²=³i¬
­K¯
«R¬
·««R¬
­K¾¹-­K¯R²U®V­K¹.½/·+¸
¹«R¬
­K¾³Kª¸-«R²U¸¼·°U°=¾6¹%²=¹m¯Iª3½³S®V­K·«R²U¸
À·
¸
­ à ­S®Iы­S¸
¹²U¸À³K¾³S°=­(ªÈ.»3®I²=³K­(·¸¹¿-¼3¸
¹°=­L³Kª$ºL».ª$¯R²=«R²=ª+¸X±C·+®V¯KÁ ídª±C­ à ­S®½…¹-­K¯R»3²=«I­?«R¬
­oȂ·+²U°U¼-®V­jªÈd«R¬
­nº·+®IÉ­e««Iªj¯I­e«I«R°=­n«Iªc·+¸
­Kæ¼-²U°U²U¿3®I²=¼
ºn½|«R¬
­(¯I­S°U°=­S®V¯d±­S®V­(·+¿-°=­L«Iªº·+É­dÖ3¸-²=«I­•»-®Vª+Ö
«I¯KÁ
…à ­S¸²U¸­S°=­K³K«R®Vª¸3²=³/º·®IÉ­K«R»-°=·³e­K¯K½È®I²=³K«R²=ª+¸]±C²U°U°
­SIJ=¯I«a·$«|¯Iªº­
°=­ à ­S°@Á/î@«a®V­Kº·²U¸¯«Iª•²U¸ à ­K¯I«R²=À·$«I­ à ·+®I²=ª+¼
¯CÈ@ª+®Vº¯FªÈ‰È®I²=³e«R²=ª+¸?·¸¹
«R¬
­S²U®?²=ºL»
·³K«?ª¸Ÿº·®IÉ­K«¿.­S¬
· à ²=ª+®Á …à ­V¸6È@ª+®ª+¸-°U²U¸­²U¸3È@ª®IÑ
º·$«R²=ª+¸À$ªª¹3¯K½|«R¬
­S®V­·®V­¯R¼-¸3ÉX³Kª¯I«I¯´@­$Á À-Á³Kª$¯I«I¯dÈ@ª+®\³S®V­e·«R²U¸
À
«R¬
­³Kª+¸-«I­V¸-«•²U¸X«R¬­\Ö3®V¯I«(»3°=·$³K­¶(«R¬·$«(º·¾?³K·+¼
¯I­¯I­S°U°=­V®V¯«Iªo¿.­
°=­K¯I¯/¸3²=º(¿3°=­(²U¸c«R¬
­S²U®³i¬
ª+²=³K­\ª+È|¿-¼-¸¹°=­L³eªºL».ª$¯R²=«R²=ª+¸„Ádíª±C­ à ­V®½
«R¬
­K¯I­j³eª¯I«I¯±C²U°U°\«R¾»-²=³K·+°U°=¾q¿t­n°=­K¯I¯?«R¬·¸È@ª®n»-¬-¾¯R²=³K·+°\À$ªª¹3¯KÁ
F¸
ª«R¬
­S®¯Iª+¼-®V³K­\ª+È|È®I²=³e«R²=ª+¸cª³K³S¼-®V¯/ª+¸c«R¬
­d¿3¼
¾­V®d¯R²=¹-­
Á a¼¾$­S®V¯
º·¾?­SÄ».­V®I²=­S¸³e­n¯Iªº­o³eª¯I«dÈ@ª®\ª+¿
«I·+²U¸-²U¸Àj²U¸-È@ª®Vº·«R²=ª¸·¿.ª+¼
«
îȅ«R¬­\¯I­S°U°=­S®V¯(±­S®V­•Èz®V­K­(«Iªª³K³S¼-»-¾n¯I­ à ­S®V·+°|¸-²=³i¬
­K¯(¯R²=º(¼3°=«I·¸­VÑ
ª+¼
¯R°=¾½-­S²=«R¬
­S®C¿-¾ªë.­S®I²U¸
À¯I­ à ­S®V·+°.¹²Uë.­S®V­V¸-«a¿3¼-¸
¹%°=­K¯·«…¹%²Uët­S®V­S¸-«
»-®I²=³K­K¯K½Ã ª®a¿-¾¯I­K«I«R²U¸À¯Iªº­/ºª®V­d³Kª$ºL»3°=­VÄo»-®I²=³K­¯I³i¬
­K¹¼3°=­½²=«…²=¯
³Kª¸³K­V² ·¿3°=­]«R¬·$«(«R¬3²=¯d»-¬
­S¸ª$º­S¸
ª+¸m±Cª¼3°=¹j¸
ª°=ª+¸
À­S®\».­S®V¯R²=¯I«KÁ
ÕC¬3²=¯/²=¯/¹3­SÖ-¸-²=«I­S°=¾j±ª+®V«R¬?­VÄ»3°=ª®I²U¸À²U¸?ȼ«R¼-®V­(±Cª®IÉ.Á
Ø ð ¸­û²=ºL».ª+®V«I·¸-«ü¹²Uë.­S®V­V¸³K­ý¿.­K«‹±C­K­S¸þ«R¬
­ü²U¸-È@ª+®Vº·$«R²=ª+¸
¿-¼-¸¹°U²U¸Àmºª¹-­S°/»3®V­K¯I­Và ¸-«I­K¹Z¬
­S®V­n·¸¹«R¬
­o²U¸-È@ª+®Vº·«R²=ª+¸6Ö-°=«I­S®IÑ
²U¸
À(ºª¹-­S°
¯I«R¼¹²=­K¹L»-®V­ ²=ª+¼
¯R°=¾²=¯|«R¬·$«|«R¬­·+¸
·+°=ªÀ(ªÈ«R¬
­a¿-¼3¸
¹°=­
³eªºL».ª$¯R²=«R²=ª+¸]»·®V·º­K«I­V®V¯|ÿs²=¯…·dÙ.ÚIÛ VßÞ @Ý È‚ª+®…·+¸“·+®V«R²=³S°=­«Iªd¿.­
²U¸
³S°U¼
¹3­e¹s²U¸]·+¸²U¸-È@ª+®Vº·«R²=ª+¸c¯I«R®V­e·ºn½-·¯ª+»-».ª¯I­K¹]«IªL·¸²U¸-«I­KÀ­S®
¸¼
º(¿.­S®(ªÈ…·+®V«R²=³S°=­e¯F²U¸
³S°U¼¹-­K¹j²U¸c·¸n²U¸-È@ª+®Vº·«R²=ª+¸c¿-¼3¸
¹%°=­$Á
ö ò ·$¯IÀ+¼-»«I··¸¹ó?·¯RɲU¸n»-®Vª à ­/«R¬
­F­VIJ=¯I«I­S¸³e­dª+Ȅ·ºL²UÄ-­K¹¯I«R®V·«RÑ
­eÀ¾d­eæ¼3²U°U²U¿-®I²Ž¼
ºÈ‚ª+®„·C®Vª+¿-¼¯I«|³S°=·$¯I¯|ð ª+È-À$·º­K¯„±C¬­S®V­…·À$­S¸-«I¯‰¬
· Ã ­
¹²=¯I³Kª¸-«R²U¸¼ª¼.¯a»
·+¾$ª+ëÈz¼3¸
³K«R²=ª+¸
¯KÁ ¼3®5ºª¹-­S°¯I·$«R²=¯RÖ­e¯|«R¬­S²U®…¯R¼-ÈÑ
Ö
³S²=­S¸-«³Kª¸¹²=«R²=ª+¸&«R¬
·««R¬­]¯R¼ºçª+È!·À$­S¸-«I¯KÏ|»·¾ªë.¯L¿.­¼3»-».­S®
¯I­eºL²Uы³Kª+¸-«R²U¸¼
ª+¼
¯KÁ &¹²=¯I³Kª+¸-«R²U¸¼-²=«R¾?²U¸?­K·$³i¬Ö-®VºnÏ ¯»
·¾ªë?ȼ3¸
³SÑ
«R²=ª¸²=¯|»3®V­K¯I­V¸-«¿.­e³K·+¼
¯I­/·d¹²=¯I³S®V­K«I
­ i¼
ºL»L²U¸»3®VªÖ«…ª³K³S¼-®V¯‰²UȄ«R±Cª
Ö-®Vº¯…³i¬
ªª¯I­/«R¬
­C¯I·º­F³eª+¸-«I­S¸-à «…³Kª+¸-Ö
À+¼-®V·«R²=ª+¸]·¸¹ª¸­CÖ-®VºŸ®V­SÑ
¹¼
³K­K¯|²=«I¯»-®I²=³K­FÈz®Vª
º i¼
¯I«…·+¿.ª ­/«Iª i¼¯I«|¿.­S°=ª±²=«I¯a³Kª$ºL».­K«R²=«Iª®Ï ¯
»-®I²=³K­Á!ídª±C­ à ­S®½¯R²U¸
³K­«R¬-²=¯(º·+®VÀ²U¸·°a®V­e¹%¼
³K«R²=ª+¸X²U¸j»-®I²=³K­¹-ª­K¯
¸
ª«…°=­K·¹«Iª(·(¹²=¯I³S®V­K«I­d³I¬
·+¸
À­F²U¸]³Kª$º•¿-²U¸
­K¹o»-®Vª+Ö
«I¯aÈ@ª®…«R¬­«R±Cª
Ö-®Vº¯K½
«R¬­d¼-»3»t­S®(¯I­Kº\²UÑR³eª+¸-«R²U¸¼-²=«R¾?»3®Vª».­S®V«R¾²=¯dº·²U¸-«I·+²U¸
­K¹.Á
7.
ô
º ¢9»¼¢F”6•a–Ž• ˜ ”6• — ‘ ˜ Ž”6•"š ˜ ¢F”6™A™7Ž ˜ L k …
Z±:8//2"½* W,+l#p=7^8œ6œ6œL
\ 1fn‡"L.…L&…?3$" "4K1&!jPL k L&s6#%$
L.½0x@*1;5!='W6::>I*1M
%MC*1:+7,0*14,**!%/ž·N&0+71'F=&4j*1MD :0='/T1&!
/$%#&/=&0*1./LBC²«-L&¬N$'>62"€TL"ˆ13
2.1&!I¬-L­? 1
2
!0*1:/2)¤.£" —˜ ”6•.”6™-š ˜a› ”– ¡ š®6šQQ6‘"¯• –8”6Ž=™gšQ”6•P°)” ” ¦ › L
JB©XwZ±:8//2.…6+#%!46,2.I6//63$&/00/2F^œ,œ6 %L
\ œ1fnZFL"«,/41$"0K "!Iª)L"I,/;9L.X3&=G/0=&-* M
r6$'#%$"+¾J!/*10$&*1$&/A*1&*6+A746,+7/2%Qž
X3"* :>6L9¿À šQÁy”– —˜ ”6•.”6™-š ˜Â Œ"¦6šQ › 2| b%ž^=Ÿ(`1e%2F^8œ6 ,e%L
\^1fl…L"!.à k /%:+g*102"‡"L‡"L&Ä1#&/S@S,2.1&!I‡"L H t LX3%//6L
Z±:*!$&0!V.=:=&/ "!j/L —˜ ”6•.”6™-š ˜a›Å  ©QŽ › 2
^6^,ž_^8œ1Ÿ` b%2F^8œ6 6bL
\^6^=f k L&«=&S1$
2 k Lˆ,0/2% "!Js"L.s6'$&0/;>6L.j$%'0Hx,46=0
r6$'#%$"+@03J+7 ;0)/3&1:/T1&!m:1;&4
*1#<o=80W6/L  ” ˜ šQ6‘F¢p£"”6š ˜ A6•.¦vÆ5‘ –6Ž¨a2&`ž œ<|aŸ"^,^ c29^œ, |L
\^ `afnZFL"«N,+7*1&!.L k +7*!='F* MF%A6!8oE$&/0+7=0L —˜ ”6•.”6™Aš ˜
¤.£":”6Ž=’,2%bž_^a|1e Ÿ"^e, %2F^8œc(^,L
\^b1fn€L.…LªD60*1J "!I³L&Ä-L"¸."/8>6L.X3"":%'K*1M
+-+l$&+¾!V.=:=0,0*6P:* "/!=:!.žTs(*,+7&@
!%8W6='* "+7:0/l²03"A03"8*1:>K*1MD/&60 'D*6+-p00*1
L
¿À šQÁ]”– —˜ ”6•.”6™Aš ˜Â Œ&¦6šQ › 2,d`ž`,caŸd,œ%2F^8œc6|L
\^d1fn‡"L t :=''Q2.¬-Lˆ7LI*1:*62. "!²Ä-L.s1'*1&= L.X3&W6=:0 '
*1:4,1S60* *1MF&!($&/0:>"žTs>/0+7/)*6+A.00*1ÇW6=:/$&/
*6+A.*1&=0*,+-.00* 9L“”6Œ%Ž:•.6‘.”– —˜ ”6•.”6™-š ˜a› 6•.¦
»I6•. ®™ga•p  ŽQ®6’,2czx`6{=ž^d6b Ÿ"^8 `(2F^8œ6œ, %L
\^ |aflspL k L t >6L&…R*,+-.00* v#p0@8=ji:+7/03&60#$%&!'
%MC*1:+7,0*14,**!%/L&†v* ;"45ZF1.= 2&½* W68+l#.:7^œ,œ6œL
\^e1fnZFL.…L t /3#%$92 k LPLp·!('>S=;<*%2. "!5³lLp…L"s6!=:/L
t G!IMQW,=:/$&/N$%0)%=&4mMC*1)%MC*1:+7,0*1q46**!/ž
…*6+-.800*1
29r6$'#29 "!jA@1:/L&†v* ;"4
ZF1.: 2.‡1$&1:>I^œ,œc(L
\^ cafn«-L t $"!=#.::4j1&!j‡"LX:*1',L.XR3&MQ,0N860)=V.802"03&
%$>6H!*64K%' >62. "!I03&' J1&!j3$%&41:>K'**1;.L
º ™7Ž:š ˜ 6• —˜ ”6•.”6™Aš ˜ ¿À šQÁF2c1dzx`6{=ž b6e%^:Ÿb,e6e%2&I >È^8œ6 ,d%L
\^ 1fn‡"L"‡"L&Ä1#&/S@SA1&!I‡"L H t L<XR3//6L
s6",01'D*,+-.00* 1&!I03"'*860*1q*1MFi:+7/LpBCI‡"L‡"L&Ä1#&/S@S,2.‡"L H t L
X3%//62.PL t $aoE0%2&1&! ‚ L&s(3@=S8= 2"!0*1:/2
¹"Œ•.¦6™7•.Q6‘ › ”–¥DŒŽA6•.¦ ºRÉÉ ‘šQ:¦ —˜ ”6•.”6™-š ˜a›8Ê
Ë ”6‘Œ™g-ÌÍ Å ” ˜ šQ”6•J¤.£":”6Ž=’,L¬1:@**! k 86!+-
Z±$#'/3"=:/2±…3$ 2.s@0S=' "!.2F^œ, 6e%L
\^œ1fn³L"‡"L&ÄN'#.=:0 "!IPL¸Î:#.=:+7 9LBCW,/0+7=0)1&!
**1:!&60*1qJ*1'46* .*1'Y/0Y~&!$"/0/LT¤.£"¿6•p¦
“”6Œ%Ž:•.6‘
”– —˜ ”6•.”6™Aš ˜› 2%^8 %ž^ caŸ<b6b2F^œ6 <c(L
k
\ `11f
LpÄN:=@ '!I1&!I‡"L%ˆ:%3&1:0Lps<3&*1#.*60/ "!
%8=#.*60/LBCq¥?Ž¨” ˜ :=¦6šY•® › ”–ÏЏ£m¯•.QŽ=•.šQ”6•p1‘&“”6š•.
¢F”6• –Ž¨a• ˜ ”6• º Ž8Cš Ñ ˜ šQ6‘%¯•p©‘‘šÒ®(• ˜ =2,W6* '$"+7K^62",46/
|1,e1Ÿ|^6^,2 k $&41$&/0-^œ,œ6œL
k
\ `(^=f
L&³lL&ÄN::@1'!J1&!j‡"Lp·-L%ˆ:%3&1:0L&Z±:* #" #%'/0Y
%8=#.*60/L ‚ $%#'/3"8!P+71$&/=&02. W1 '1#'K60
@)@N@L :/ :E3
L #&+jL *6+~ÓaMQ** 92`1,6%L
\ `6`afn‡"L"ª)L¬1&/*1J "!I‡"L&·-Lˆ=3" :0L.s6.*10 "8*1$&/
/.= 'S0*1²-M:=Hx+7 ;0)8*1&*6+A>j*1MD,46=0/LpBC
¥?Ž¨” ˜ :=¦6šY•® › ”–£" º Ž8Cš Ñ ˜ šQ6‘  ” ˜ šQ šQ › 6•.¦
¢F”6™ É Œ"QšQ”6•.6‘»I6Ž¨Ô1 › Æj”6Ž¨Ô › £"” ÉvÕ©º ®•. ›KÖ ×6Ø Ù 2"^8œ6œ6 L
\ `1b1fnªNL&¬* %;&/L k "*,0*15#./0:/.* "/!>6",+-/L)°)6™g ›
6•.¦ —˜ ”6•.”6™Aš ˜Ú :£"6À šQ”6Ž:2` œ%ž^b6 Ÿ"^a|1%2F^8œ6œ,œ%L
\ `1d1fn¬-L&¬*60:''"4LFs01#'0>jJ*,+-.00* 9L —˜ ”6•.”6™Aš ˜
“”6Œ%Ž:•.6‘2b,œ%ž d%^:Ÿ|6c2F^œ<`1œ%L
\ `6|afn‡"L.·-Lˆ=3" :02"³L"«T6/2&1&!I‡"L%ˆ7LI,ˆ=HxI6/* 9L
X)@*1Hx/!!j'1&4mJ1J,46=0)8*1&*6+A>mMQ* "!#$%&!(')*,+-.*,/0*1
2% '03"* $"4 35646 703&/8*6/0/9 :
';<='>70*)#.?'* @=:!#>A03"BC0=&0D1&!-08E3"* '*64 /03&60F=GH
'*10)02/$"3I,/*6+A" /*1J/3&*1%&4K646:0/L)BCM
03&N#$%&!'/
:7/$OK==0'>P8*6+-'=GJP",0$%:,29#%$&>6::/+7 >I1'/*I=G.:H
:"/*,+7*,+-%$&060* " '8*6/0MQ*1R*1&0+-S=&4I03"=T/='80*1
* M9#$%&!'/NM:*,+U!V.=:=0)W,="!*1:/LX3"/T0>6.8/N* MF*,/0/+7 >
:W,=0N#$">,=:/NMY:*6+UM$''>I*1&0+-S=&4I03":$%:3",//LZF
!/.=:/* [03&*1:>]\_^a`(2
bc(2d6e1fR/$"4,46/0/A03",0-03//- "*,03"=
+gE3&1/+h#>K@3%3I.*,/0W6-:*1i&0/ j#./$&/01&!.L
k "*,03"=+A.*1:0 07=V.8003",0l:+g1&/-,/j0*1mMC*1M$H
0$:N:8/1:3K/N03&)1#'0>5*1MF/:''=:/)0*-* V.=)/W,=:1'
!V.=:=0
8*1i"4 $%:,0*1&/l:,03"=n03" goE$&/07/&41'7#$%&!(',LX3/*1p="/
$qjW 6/0'>J41:,0=$&+l#.:7* M)*1&0*1&/lMC*1A03&7/=''=:/2F+g*6/0
';<='>7+7 ;"4A03&*1&0+-S,0*1K:r6$:!7MQ*1
#./0HQ:/.* "/)%H
MC6/#'6L)s=''=:/D@* $%'!-3& W60*T+-'* >l3&=$/0N* "0+AS60* %:*6,E3&/2F "!j0@''D+7*,/0';='>I#."8//1:>I0*7:='>I:%H
0::'>j*1J/+$'60*1q1:*663&/0*-$"!=:/01&!I03&#.=3&1W6* * MD/$"3I+g1;80/L
t &1''>62T0m/3&*1$'![#.j.*108!u* $"0K03&60K03"I " '>//v "!
/+$'60*1I:/=08!-503%/F" .=),//$"+g!703&60F#.*6035/=''=:/
"!A#%$&>6=:/D3" W6)T41:,0?!1'&*1M&;"* @'!46*1Mp03"/0,0)*1M.03&
+g1;80LwBC]:1'0x>62N#$&>6=:/K1&!y/:''=:/PzQ*1K/* MQ0@1:I64,=0/
* .=:,0"4K*1503&=)#.=3&1'M8{@''.3" W60*' I*1DMQ=T+71;<0
&1:,+70=:/LX3"/0$&!%>5*1MD,46=0' %&4jJ/$"3I+g1;80/N/
o$"/0I0/%MC1&>P\c2&`6|afxL
Acknowledgments
X3&K1$&03"* :/741:,0=M$''>},E;&* @'!%4,I/$%.* :0~MY:*6+1]BQ€
‚ %W,=:/0>gZF1:0&=:/3%54 :10D1&!-M:*6+ƒ03")BQ€„BC&/00$&0RMC*1
k !%W "8!P…*6+g+7=:6L†v :- '/*K41:60:M$%'D0*g‡=VPI,ˆ=H
I,/*17MC*1D3%/D41$!% "862" "!78/.= ''>~MC*1D3%/DW 1'$&1#'%$"0
* *1$A%MQ* :+760* y#$%&!'"4P+g*!%='R1&!v0/l::'60*1&/3_‰0*
*1n+7*!='/NJ03&* "*,+-/'0=:,0$%:6L
8.
REFERENCES
\_^:fA†uL k !6+g/1&!j‡"L&Š?:''=9Lp…*6+7+7*!0>j#$"!'"4I "!
03"#$:!%=J* MD+7*1&*1p*1'>6L)‹DŒ"6Ž8QaŽ:‘’K“”6ŒŽ=•p6‘.”–
—˜ ”6•.”6™Aš ˜› 2,œ6ž d<c6|Ÿd6œ, %2F^8œc1eL
\`fgspLZFL k "!=:/* 92 k L"!ZF1'+g%2.1&!j‡"L H t LXR3//6L
¡ š ›8˜ Ž Q7¢.£"”6š ˜ 7¤.£":”6Ž=’K”–¥DŽ” ¦6Œ ˜  ¡ š §TaŽ¨•.šQšQ”6•%L
JB©X[ZF://2.…,+l#!%4,62.I6//,E3$&/00/2F^8œ6œ`L
\ b fAŠ-L€ ;*6/T1&!jª)L"€?:>6ao=* 'MQ//*1
L.€?$"!'"4jMQ* :+760* 46**!/žZF=&4%2":*1i&0/1&!j:OK==&>6L
BI«-L&¬N$'>62
€Lˆ1392. "!I¬AL­? 1
2"!0*1:/2)¤.£" —˜ ”6•.”6™Aš ˜› ”–
¡ š®6šQQ6‘"¯•a–”6Ž=™gšQ”6•J°)” ”1¦ › LJBQX[Z±://2p…6+#%!4662
I6//,E3$&/00/2F^œ,œ6 L
\ d fAŠ-L€ ;*6/T1&!jª)L"€?:>6ao=* 'MQ//*1
L.€?$"!'"4I "!
*6+A.00*1q*1²03"0:"0ž k 4,41:4,60*1q/0:60841/
MQ*1%MQ* :+760* P4,**!%/L.†J*1;&4m&1p=/=8/2"JB©X
s<'*,1qsE3&**1'D* MFI ",46+7:02 k ')^œ6œ,œ%L
\|fA«-L€=&/1!J1&! k L!ZF1'+7L
s<&60 'D+l$'0'-%:*!$&0
*1'4,*1.* '>6L ‚ %$#%'/3&!P+7 $"/:"02
€1&r6$&-! t :1&62
^œ,œ6b%L
\ e fAPL€* >6=n1&!jPL"I* :1$G.L.€=&4K-',!%=n*1T
MQ*1''* @: ž?³)=´&0* "/* J03"!/0#$"0* *1MF:* '/N
!($&*1p*1'>6LF¯•.QŽ:•.šQ”6•.6‘“”6ŒŽ=•.6‘p”–¯•.¦6Œ › Ž=šC6‘
µ ŽC®(6•&š¶1šQ”6•&2,|(zx`6{=ž^ c,|aŸ&^œ`2F^œ, c(L
\cfg…L%¬AL€?:**1;/2
s"L t >62"³L"«T6/2&‡"L%ˆ7LI,ˆ=HxI6/* 92
‡"L&·-L%ˆ:%3&1:02&1&!IªNL&¬-L«N$MQ6L k $&0*6+7,0!j/81:3
/0:604 /N²1²='0:* %74,**!%/T+71;<0žD¸9 %&4j "!
*6+A%'=G5%8-/3"8!($'"4LFBP¥DŽ” ˜ =:¦6š•® › ”–£"¹FšŽ › 
^
U]\Qv"é$á1Ûß:á,à7çè+Já1Ü&åW"é-éçA&&á1ß:âéJFßÛ43çAå16Ü&á6àAÛ43èÞ Ý
6( ç=ß:âÛ483 á1ææ4J
1 å(Ûi.
w ç:ß:ç=ÜâÛá6âçåJÛÜ%ÝQÞ ß:à7á6âÛÞ ÜPàgá1ßM ç8âèé,
x í:÷óÿ:óQù6î
: ý@]"
"
@ ù6ø8ï,:,[ ÿïQíñ-ÿ&GR U]\QTN]H]$
é
UvP
_ éA
V é á1æÛÜ6 ç:ß é,Vy ß:á&%Û483 á1æDá1Ü&á1æ41 èÛèAÞ1ÝFãäÜ"åæÛÜ é
Y ù6ý%ø:î.ô6ö
ù82
z ýÿ=óYî.íÿ=ÿ
GR G]\T]FG&,E6FF]\ é
U]HQ{p
é( á æÞq
á1Ü&åI"
é( âÛ4 æÛâ6` é,w
V â+&çÞ1ß5
1 Þ1ÝDèá1æç8èR=ƒ
V èÛà;% æç
à7Þåç=æDÞ1Ýç6s ä%ÛæÛãßÛä"à|
ßÛ43 ç-åÛè+.
ç=ß:èÛÞ Ü0
L Ûâ+jÛåç=ÜâÛ43 á æ
á, ç=Üâèé
ëñ7íø:óQ÷=ô6î5õ÷:ù6î.ù6ñAóQ÷2
t íQB óQíuX&H
pO\
PARSE
EpETE
EU&
# ç83 çàlãpç=ß}E6FG] é
UG{p
é
b é á1æÞ9
éf âß:á6âç Û43 ç=ÜâßK
1 åçâç=ßß:ç=Ü3 ç6é
ëñgíø=óQ÷:ô6î
õ÷:ù6î.ù6ñAóQ÷2
t íQB óQíuX&F&OPAR UU\QT]U
UG&XEF]H%F é
UFvV é&á<M çåÎé$!X~ Ûèâç=Ü3 çAá1Ü&åW3 Þ6à; ä&âá6âÛÞ1ÜqÞ1ÝDàAÛi~ çå
èâß:á6âç
1IT
) á6è+Iç66s ä%ÛæÛãßÛ_ä&à¾ÝQÞ1ßhU5 ß:àUæÞ]3 á,âÛÞ1Ü/% ß:Þ ã%æçà5é
Y ù6ý%ø:î.ô6ö
ù82 î.ò6ýÿïø:óQô6öõ÷:ù6î.ù6ñAóQ÷ÿA
UE
R F
UT]F
XE6FG] é
NvV é&á<M çåÎé$!X~ Ûèâç=Ü3 çAá1Ü&åW3 Þ6à; ä&âá6âÛÞ1ÜqÞ1ÝDàAÛi~ çå
èâß:á6âç
7
1 Ü"á,è+Iç6s äÛæÛã%ßÛä&àhÝQÞ1߀U.%5 ß:àgèRæÞ]83 á6âÛÞ1ÜW ß:Þ1ãæçàjé
Y ù6ý%ø:î.ô6ö
ù82 î.ò6ýÿïø:óQô6öõ÷:ù6î.ù6ñAóQ÷ÿA
UE
R F
UT]F
XE6FG] é
NEAv éÛæÞ1Ü&61 éj
_ Ûi~ çåI ßÛ4=3 ÛÜm
ÛÜJÞ1æÛ4, Þ.
Þ æ461 éjY ù6ýø=îpô6ö.ù8
õ÷:ù6î.ù6ñAóQ÷}g$"
9 í:ù6øA[
$ENR U]HUTUGG&XEFH(H é
N]QvV éP
_ é.
ç=Ü3 ç6é$F
! Üâß13 á& á=3 Ûâ1"
ÛÜ&6( ç8èâà7ç=Üâá Ü"å
Þ1æÛ4, Þ.
Þ æ_Ûèâۂ3}% ßÛ4=3 ÛÜ% éZ)
z íööY ù6ýø=î.ô6öpù
8 õ÷:ù6î.ù6ñAóQ÷ÿA
GR \U
NT&\NN&XEF]H
H(é
NUv
q éF
q á1ãä3KÛFá Ü"åW"
é&
ƒ é&qr%Ûèèç6é$T
V è1 à7à7çâßÛ4A
3 ç6s äÛæÛã%ßÛájÛÜ
è+"
á,âÛá1æZ3 Þ,à;.
çâÛâÛÞ Ü9éZ î.ïQíø=îpôïCóCù6î.ô6ö&Y ù6ý%ø:î.ô6ö.ù8
î.ò6ýÿïø:óQô6ö,D
„ øQìô6î"ó4… ôïóQù6î&EU&Ri]EUTp
HpXEF
F]\ é
NNv" él
- é&D
á1ßÛá Ü9é$V àgÞå%ç=æÞ1Ýèá1æçèé
ëñgíaø:óQ÷:ô6îjõ÷=ù6îpù6ñ-óQ÷
t íB óQíuXH&R \pEAT]\FXEF
G é
N]\Qv" é6( Þ1܆( âá
3K<M ç=æã.ç=ß é2g"
9 í‡g$"
9 í:ù6øK
[ ù
8 ï4"
9 í{²
ˆ ô6ø> í ï
õ÷:ù6î.ù6ñ6[ é&D
~ ÝCÞ1ß:åWN
‰ ÜÛ46( ç:ß:èÛâ+1IF
J ß:çèè
) çLŠ?
 Þ ßM$$EF]\
( é
q ß:á1Ü&èæá6âçåIÝß:Þ,àUâ+&ç * ç=ß:àgá1Ü
é
9
Nv?
' é?
' é&}
% Ûæåç7á1Ü&åWV é]3K&Lá1ß:â6` éR
b Þ,à;& á1ßÛèÞ1Üqè+&Þ&% ÛÜj
á,è
á7èÛàä%æâá Ü"çÞ ä"èAà7Þ6( çn, á6à7ç,é9õ÷=ù6î.ù6ñAóQ÷n
Y ù6ýø=îpô6öi
EpR \]T&\FZEF
F]é
ÛÜ%ÝCÞ1ß:à7á,âÛÞ1ÜJã%äÜ"åæçèé
êÜJëìíî.ïðñgí=ò6óCôï©í:òõDöí=÷ ïøù6î"óC÷
ú ù6ñAñ7íø÷:íûFü.í:÷1ïýøíþnùï©íÿ)óî5ëø8ïCó ÷óQô6
ö î.ïQíööóìíî"÷:í
ç=ßæÛ
Ü %
é ßÛ
Ü 6ç=ß Dç=ßæá é
"é -é ç &á1ß:â "
é !)
é "Tá1Ü&èÞ1
Ü $#-&
é %u
é '9ç (6ÛÜ&ç $
é )-é
* ß:Þ6èÞ Ý &"$
é á1Ûß:á6àgç+è ,$-
é é (ç ,á1.æ .á Ü"/
å "
é -
é %0%Ûâç,é
#216Ü&á6à-4Û 38èÞ1ÝDá ÜjÛÜÝQÞ1ß:àgá6âÛÞ1/
Ü 5æâç=ßÛ
Ü I6ç 3Þ1Ü&Þ6
à 16é.êÜ
7?ø¨ù ÷=í:í=ò6óYîì6ÿù 8A4ï 9"2
í :.í=÷:ù6î.;
ò îpï©íø:î.ôïóQù6î&ô6=
ö <5ù6?ø ><?ÿ 9"Aù @²ù6î
ú ù Aù @&íaø¨ôïCó B,D
í î 8ù6ø:ñgôïCóCù6î7ëì(íî.ïÿ E6FF
G%é
H"é -é ç &á1ß:â "
é !)
é "Tá1Ü&èÞ1
Ü .á1Ü&I
å "
é á1Ûß:á6àgç+è 9éJFß4Û 3ç
á1Ü&åmÜ4Û 3K&çLá1ß:èÛÜJá-Ýß:ç8Aç xà7á1ß M<çâ)ç 3Þ1Ü&Þ6
à 1jÞ ÝDèÞ1ÝQâ Lá1ß:ç
á ,ç=Üâèé.ëø8ïCó ÷óQô6ö%ü
ó 8í &NOEQPARSET&U&,E6FFGé
GV-&é '9ç:ßÜ"ç=ßTá Ü"W
å "A
é %w$
é 6Û
Ü ,ç=ß é Þ6à7çÜ&Þ6âçèTÞ1ܲå(ä&Þ .Þ 4æ 1
á1Ü&åj+è &á6âÛá X
æ 3Þ,;
à .çâÛâÛÞ Ü9Z
é Yù6ýø=îpô6ö.ù 8D7ù6öóQïóQ÷:ô6ö%õ÷=ù6îpù6;
ñ [
N]\]RSE6N]\QTEG
,E6F]HU%é
F^-&é _Iá1ß:âÛÜ&ç `A * Ûß:á æâ-á Ü"a
å #-
é "&
é )Tç (6ç=Ü
$
é bá I
Ü ß4Û 3ç
3Þ6
à .çâÛâÛÞ1ÜqåÞ6à-ÛÜ&á6âçAà7á1ß M<çâè6ç 6à7ç=Üâá,âÛÞ1
Ü cdYù6ýø=î.ô6ö
ù 82î.ò6ýÿïø:óQô6ö%õ÷:ù6î.ù6ñ-óC÷aÿ UR NU&EATNN]]XEF
GG%é
Uebé _Iá,âä"âç8èNá Ü"W
å JF&
é -)ç 1Ûãpçá1ä
X
é bÞ,;
à "á,âÛã%ÛæÛâ 1vá Ü"å
ã%äÜ&å(æÛ
Ü IÞ1f
Ý 3Þ6;
à æçà7ç:Üâá1ß 1W6ÞÞåèNÛÜJágå(ä&Þ .Þ 4æ 16h
é g$9"í
Yù6ý%ø:î.ô6ö.ù 82îpò6ý%ÿ8ïø=óQô6öõ÷=ù6î.ù6ñAóQ÷ÿ N
OEPAR U]HT&\UXEF
F]é
UE-é JFé _W3VNÝQç8ç &"é _W36_jÛææá1
Ü Fá1Ü&I
å _P
é #-
é %0%ÛÜ&èâÞ1Ü
é
_jä%æâiÛ ß:Þåä 3âàgÞ1Ü&Þ .Þ 4æ 1,38Þ6à7à7ÞåÛ+â 1Kã%äÜ&å(æÛÜ 9á Ü"å
3Þ1ßß:ç:æá6âÛÞ1ÜqÞ1f
Ý ( á1æä&çèj
é g$9"I
í kDý"ô6ø8ïQíaø:iö [eYù6ý%ø:î.ô6ö
ù 8
õ÷:ù6î.ù6ñAóQ÷Aÿ &EE6NR U]H]EAT]U
GU&XEFG
F%é
U]#-&é )6ç (6ç=Ü
$
é Nl
Ü "Þ6âç:ææÛ
Ü &m n
è 3Þ,;
à .çâÛâÛÞ 0
Ü LÛ+â
Ü"Þ Ü QäÜ%ÛÝCÞ1ß:o
à 3=ä"èâÞ,à7ç=ßnå(ÛèâßÛãä"âÛÞ Ü"è éDõ÷:ù6î.ù6ñAóQ÷ÿ
ü.í ïQï©íø:Aÿ ppER4E]EATE&XEF
G%é
UU_P&é "é èãpÞ1ßÜ&ç-á Ü"/
å b&
é J±Ûâ 3ÛiM.,
é qr&çÜ"á,âä%ß:çÞ Ý
ç s6äÛæÛã%ßÛä.à„ÛÜJá-æ]Þ 3á6âÛÞ ÜPàgÞå%ç=æQX
é îpï©íø:î.ôïóQù6î.ô ö
õ÷:ù6î.ù6ñAóQ2
÷ tQí B óQí uX&
HpR UT&U]H]XEFG
%é
UN_P&é "é èãpÞ1ßÜ&ç-á Ü"/
å b&
é J±Ûâ 3ÛiM.,
é !Zs6ä%ÛæÛãßÛä.àhÛÜ
"Þ,âç=ææÛÜ &m èàgÞå%ç=æÞ1ÝD+è &á6âÛá Z
æ 3Þ6;
à pçâÛâÛÞ1Ü
é
õ÷:ù6î.ù6ñgí ïCø:óQ÷:ô \\]R F&EEATF]
pXEF
G]Hé
EE