Медведев Г.А. Математические основы финансовой экономики. Часть2
Подождите немного. Документ загружается.
Lh]^Z
aZibku\Z_lky
^ey
)
a
\
]
W
{
)
[
[
W
\
\b^_
P
)
a
P
)
a
P
)
a
P
)
a
V
)
a
V
)
a
]^_
P
N
\
\
FRV
]
P
N
\
[
\
FRV
]
K
\
FRV
]
N
\
]
\
VLQ
]
K
P
N
\
P
N \
FRV
]
P
\
FRV
]
P
N \
VLQ
]
K
N
\
6
6 E
6 6 E
6 6 E E
\
FRV
]
P
K
\
FRV
]
P
N \
FRV
]
P
\
FRV
]
P
N \
VLQ
]
K
K
6
6 T
6 6 T
6 6 T T
\
FRV
]
VLQ
]
V
N \
E
6 6
E
E 6 6
E
6 6
\
FRV
]
V
K
T
6 6
T
T 6 6
T
6 6
\
FRV
]
ijb
P
E
E
E
E
E
D
[
E
D
[
E
D
[
E
D
[
P
E
D
K
E
D
K
E
D
K
E
D
K
P
E
D
]
E
D
]
E
D
]
E
D
]
P
T
E
T
E
T
D
[
T
D
[
T
D
[
T
D
[
P
T
D
K
T
D
K
T
D
K
T
D
K
P
T
D
]
T
D
]
T
D
]
T
D
]
I_j_oh^
hl
mjZ\g_gby
d
mjZ\g_gbx
bf__l
^\Z
hkgh\
guo
ij_bfms_kl\Z
<h
i_j\uo
fu
ij_h[jZah\Zeb
dhhj^bgZlu
o
bo
dhlhju_
\
h[s_f
kemqZ_
fh]ml
ijbgbfZlv
ex[u_
\_s_kl\_ggu_
agZ
q_gby
\
dhhj^bgZlu
m
b
]
dhlhju_
ijbgbfZxl
k\hb
agZq_gby
\
dhf
iZdlghf
fgh`_kl\_
JZ\ghf_jgh
ihdju\ZxsZy
k_ldZ
gZ
wlhf
dhf
iZdlghf
fgh`_kl\_
ih^jZamf_\Z_l
k]ms_gb_
maeh\
k_ldb
gZ
i_j\hgZ
qZevguo
i_j_f_gguo
q_f
fh`gh
dhgljhebjh\Zlv
lhqghklv
j_r_gby
jZaf_sZy
[hevrmx
iehlghklv
k_ldb
\[ebab
gZb[he__
qZklh
gZ[ex
^Z_fuo
agZq_gbc
klZ\hd
<h
\lhjuo
fu
hjlh]hgZebabjh\Zeb
kbkl_fm
lZd
qlh
fh`_l
[ulv
ijbf_g_g
dhg_qgh
jZaghklguc
f_lh^
i_j_f_gguo
gZijZ\e_gbc
DOWHUQDWLQJ GLUHFWLRQV
ijb
mkeh\bb
hlkmlkl\by
\
mjZ\g_
gbb
kf_rZgguo
qZklguo
ijhba\h^guo
ih
^\mf
gh\uf
ijhkljZg
kl\_gguf
i_j_f_gguf
m
b
]
Ijbf_jklhoZklbq_kdhc\heZlbevghklb
Ijb\_^_f
ijbf_j
^\monZdlhjghc
fh^_eb
jZkkfhlj_gghc
\
ij_
^u^ms_f
ih^iZjZ]jZn_
KgZqZeZ
fu
j_rZ_f
kbkl_fm
h[udgh\_gguo
^bnn_j_gpbZevguo
mjZ\g_gbc
H>M
WTW%WDW%WDW%
WTW%DW%DW%
E
c
E
c
]^_
T
W
6
6
<
W
6
6
%
W
6
6
%
W
%
W
ijb
gZqZevguo
mkeh\byo
<
<
bkihevamy
f_lh^
Jmg]_
±
DmllZ
q_l\_jlh]h
ihjy^dZ
Ihemq_ggh_
j_r_gb_
<
<
aZ\bkbl
hl
\_dlhjZ
iZjZf_ljh\
Z
6
AZl_f
nbdkbjmy
6
bkihevam_f
Ze]hjblf
GvxlhgZ
±
JZnkhgZ
qlh[u
gZclb
Z
lZd
qlh[u
kh]eZkh\Zlv
khhl\_lkl
\b_
mkeh\byf
<
W
b
<
W
W
DZd
ohjhrh
ba\_klgh
dZq_kl\h
fgh]hf_jgh]h
Ze]hjblfZ
GvxlhgZ
±
JZnkhgZ
kms_kl\_ggh
aZ\bkbl
hl
lhqghklb
bkoh^ghc
lhqdb
Ij_^iheh`bf
qlh
j_r_gb_
^ey
kemqZy
^_l_jfbgbjh\Zgghc
\heZlbevghklb
gZc^_gh
b
bkihevam_f
_]h
a^_kv
\
dZq_kl\_
bkoh^ghc
lhqdb
J_r_gb_
H>M
f_lh^hf
Jmg]_
±
Dml
lZ
q_l\_jlh]h
ihjy^dZ
b
Ze]hjblf
ihbkdZ
GvxlhgZ
±
JZnkhgZ
fh`gh
gZclb
\
khhl\_kl\mxsbo
mq_[gbdZo
ih
\uqbkebl_evghc
fZl_fZlbd_
Ihke_
j_r_gby
mjZ\g_gby
hlghkbl_evgh
<
fh`gh
qbke_ggh
bgl_]jbjh\Zlv
WTW%EW%EW$
D
c
:
qlh[u
gZclb
:
Z
aZl_f
\u[jZlv
E
b
E
lZd
qlh[u
kh]eZkh\Zlv
khhl
\_lkl\b_
mkeh\bx
:
W
>ey
ijbf_jZ
aZnbdkbjm_f
iZjZf_lju
E
D
6
6
6
6
6
6
D
E
b
E
Bkihevam_f
Ze
]hjblf
GvxlhgZ
±
JZnkhgZ
^ey
gZoh`^_gby
D
b
D
m^h\e_l\hjyx
sbo
gZqZevguf
mkeh\byf
>ey
aZ\_jr_gby
bl_jZpbc
Ze]hjblfZ
Gvx
lhgZ
±
JZnkhgZ
bkihevam_lky
ijZ\beh
hklZgh\db
dh]^Z
_
<
W
_
b
_
<
W
W
_
<
lZ[e
ij_^klZ\e_gu
j_amevlZlu
\uqbke_gbc
JZaf_j
k_ldb
y\ey_lky
h[jZlgh
ijhihjpbhgZevguf
jZaf_jm
rZ]Z
bk
ihevah\Zgghfm
^ey
qbke_ggh]h
j_r_gby
H>M
Dhwnnbpb_gl
D
\u
qbkey_lky
ih^klZgh\dhc
N
kh]eZkgh
mkeh\bx
\
lh
\j_fy
dZd
E
\uqbkey_lky
ih^klZgh\dhc
:
W
Ihemq_gguc
gZ[hj
iZjZf_ljh\
m^h\e_l\hjy_l
mkeh\bx
:
kms_kl\h\Zgby
b
_^bgkl\_gghklb
j_r_gby
klhoZklbq_kdbo
^bnn_j_gpbZevguo
mjZ\g_gbc
LZ[ebpZ
Qbkeh\u_iZjZf_ljuj_r_gby
JZaf_j
k_ldb
1 D
D
D
E
Ijbf_gyy
iZjZf_lju
ijb\_^_ggu_
\ur_
bkihevam_f
g_y\guc
f_lh^
i_j_f_gguo
gZijZ\e_gbc
DOWHUQDWLQJGLUHFWLRQLPSOLFLW
$',
^ey
j_r_gby
MQI
\
\b^_
<
hlghkbl_evguo
\_ebqbgZo
iZjZ
f_lju
E
b
Z
ihemqZxlky
]hjZa^h
[uklj__
q_f
ijb
j_r_gbb
MQI
ijb
Z[khexlghf
aZ^Zgbb
iZjZf_ljh\
DZd
ba\_klgh
ihdZ
g_
bf__lky
h[
s_c
l_hjbb
]ZjZglbjmxs_c
koh^bfhklv
Ze]hjblfZ
$',
dh]^Z
hg
ijbf_gy_lky
d
hij_^_e_gguf
aZ^ZqZf
<
gZr_f
kemqZ_
wlhl
f_lh^
\
^_ckl\bl_evghklb
jZkoh^blky
\[ebab
g_dhlhjuo
]jZgbp
[ulv
fh`_l
ba
aZ
[ukljh]h
baf_g_gby
agZq_gby
)
a
\[ebab
wlbo
]jZgbp
GZ
kZfhf
^_e_
)
a
g_h]jZgbq_ggZy
\^hev
g_dhlhjuo
]jZgbp
ba
aZ
lh]h
qlh
o
b
o
fh]ml
[ulv
hljbpZl_evgufb
\
jZkkfZljb\Z_fhc
gZfb
iZjZf_ljbaZpbb
fh^_eb
>ey
lh]h
qlh[u
\hkklZgh\blv
koh^bfhklv
ijbf_gy_lky
Ze]h
jblf
$',
\
h[eZklb
^
m
>G
G
@
b
]
>S
G
S
G
@
`
]^_
G
G
G
b
G
±
fZeu_
g_hljbpZl_evgu_
qbkeZ
Iml_f
khhl\_lkl\mxs_]h
\u[hjZ
wlbo
fZeuo
qbk_e
fh`gh
^_ckl\bl_evgh
ihemqblv
koh^bfhklv
dZd
ihdZaZgh
gb`_
<
ijbgpbi_
\j_fy
\uqbke_gbc
fh`gh
mf_gvrblv
f_lh^hf
q_j_^h\Zgby
g_y\guo
b
y\guo
rZ]h\
LZ[ebpZ
Ijbf_jdhg_qghjZaghklgh]hj_r_gbyMQI^eyp_gh[eb]Zpbb
bhipbhgZgZh[eb]Zpbxp_guhipbhgZgZh[eb]Zpbx^Zgu\kdh[dZo
KlZ\dZ
JZaf_j
k_ldb
1
Lhqgh_
j_r_gb_
djZldhkjhqgZy
o
^he]hkjhqgZy
o
f
>ey
lh]h
qlh[u
ij_^klZ\eylv
lhqghklv
jZkkfZljb\Z_fh]h
f_lh^Z
\
lZ[e
ijb\h^ylky
qbke_ggu_
j_amevlZlu
^ey
p_gu
^bkdhglghc
h[eb]Zpbb
k
_^bgbqguf
kjhdhf
ih]Zr_gby
Lhqguc
j_amevlZl
^Z_lky
nhjfmehc
_oj
o
<
djm]euo
kdh[dZo
lZd`_
^Z_lky
qbke_ggh_
j_r_
gb_
MQI
^ey
p_gu
Zf_jbdZgkdh]h
hipbhgZ
dhee
gZ
wlm
h[eb]Zpbx
ih]ZrZ_fh]h
\
fhf_gl
k
p_ghc
bkiheg_gby
A^_kv
lZd`_
\u
[jZgh
N K
G
G
G
b
G
Ijbf_jhij_^_e_gbyp_guhipbhgZgZh[eb]Zpbx
ijb^_l_jfbgbjh\Zgghc\heZlbevghklb
>ey
ijhp_kkZ
djZldhkjhqghc
klZ\db
dhlhjuc
fh`_l
jZkkfZljb
\Zlvky
dZd
khklZ\eyxsZy
fgh]hf_jgh]h
ijhp_kkZ
=ZmkkZ
±
FZjdh\Z
)-DPVKLGLDQ
?
O.
Z
U
h
XL-5RFKHW
b
^jm]b_
\uqbk
eyeb
p_gu
hipbhgh\
gZ
h[eb]Zpbx
lhqgh
<
wlhc
ihklZgh\d_
fu
fh
`_f
bkihevah\Zlv
gZrb
j_amevlZlu
qlh[u
\u[jZlv
dhwnnbpb_glu
ijhp_kkZ
=ZmkkZ
±
FZjdh\Z
lZd
qlh[u
i_j_f_ggu_
khklhygby
ijbgb
fZebkv
dZd
^hoh^ghklb
<
k\yab
k
wlbf
ihemqbf
m^h[guc
ijbf_j
\
dhlhjhf
p_gu
hipbhgh\
gZ
h[eb]Zpbx
fh]ml
\uqbkeylvky
q_j_a
^h
oh^ghklb
^ey
[Zabkguo
kjhdh\
ih]Zr_gby
b
lZdbf
h[jZahf
kfh`_f
ijh\_jblv
lhqghklv
gZr_]h
qbke_ggh]h
j_r_gby
^ey
p_g
hipbhgh\
>ey
ijbf_jZ
\u[_j_f
^\monZdlhjgmx
fh^_ev
^hoh^ghklb
k
^_
l_jfbgbjh\Zgghc
\heZlbevghklvx
k
D
b
E
E
Ijb
ij_h[jZ
ah\Zgbb
i_j_f_gguo
m
DUFWJ
N[
]
DUFWJ>
K
6
6
[
6
a
[
V
@
MQI
fh`gh
aZibkZlv
\
\b^_
\
dhlhjhf
P
NK
FRV
\
FRV
]
P
K
VLQ
\
FRV
]
P
NK
FRV
\
FRV
]
>
NE
FRV
\
D
VLQ
\
N
6
6
FRV
\
VLQ
\
ND
6
6
FRV
\
>
K
6
6
VLQ
\
FRV
]
N
FRV
\
VLQ
]
@
P
NK
FRV
\
FRV
]
>
E
6
6
E
6
6
K
FRV
]
VLQ
]
6
6
6
6
6
6
6
6
@
K
FRV
]
VLQ
\
D
6
6
D
6
6
K
V
6
D
6
6
D
6
6
K
6
6
VLQ
\
FRV
]
N
FRV
\
VLQ
]
V
N K
6
6
FRV
\
FRV
]
V
NK
6
6
>
6
6
6
6
6
6
@FRV
\
FRV
]
Qlh[u
h[_ki_qblv
koh^bfhklv
\uqbke_gbc
h]jZgbqbfky
lhevdh
h[eZklvx
m
>S
G
S
G
@
]
>S
G
S
G
@
Ijbf_gyy
j_amevlZlu
)-DPVKLGLDQ
fh`gh
ihdZaZlv
qlh
\
fhf_gl
W
p_gZ
_\jhi_ckdh]h
hipbhgZ
dhee
gZ
^bkdhglgmx
h[eb
]Zpbx
k
ieZl_`hf
\
fhf_gl
L
k
p_ghc
bkiheg_gby
.
b
^Zlhc
bkl_q_
gby
W
L
^Z_lky
\ujZ`_gb_f
K
O
W
I
O
L
W
1
>
/
O
W
V
O
W
@
.I
O
W
W
1
>
/
O
W
V
O
W
@
]^_
/
O
W
¸
¸
¹
·
¨
¨
©
§
W
V
OQ
W;.I
W7;I
W
1
>
@
h[hagZqZ_l
nmgdpbx
jZk
ij_^_e_gby
klZg^Zjlgh]h
ghjfZevgh]h
jZkij_^_e_gby
Z
V
y\ey_lky
nmgdpb_c
gZ
>
W
@
aZ^Z\Z_fhc
jZ\_gkl\hf
V
O
W
+VGV
³
]^_
+
V
6
6
>
%
7
V
%
W
V
@
6
6
>
%
7
V
%
W
V
@
6
6
>
%
7
V
%
W
V
@
u
>
%
7
V
%
W
V
@
]^_
%
b
%
aZ^Zxlky
khhlghr_gb_f
NhjfmeZ
^ey
hij_^_e_gby
p_gu
hipbhgZ
y\ey_lky
\_jkb_c
nhjfmeu
;ewdZ
±
RhmekZ
>ey
gZr_]h
qbke_ggh]h
ijbf_jZ
\havf_f
E
E
D
D
D
D
6
6
6
6
6
6
N K
G
G
G
G
<
lZ[e
ijb\h^ylky
\uqbke_ggu_
p_gu
_\jhi_ckdh]h
dheeZ
k
p_ghc
bkiheg_gby
.
\j_f_g_f
bkl_q_gby
hipbhgZ
W
b
kjhdhf
ih]Zr_gby
h[eb]Zpbb
L
LZ[ebpZ
P_guh[eb]ZpbbbhipbhgZgZh[eb]Zpbxijb^_l_jfbgbjh\Zgghc
\heZlbevghklbp_guhipbhgh\gZh[eb]Zpbb^Zgu\kdh[dZo
KlZ\dZ
JZaf_j
k_ldb
1
Lhqgh_
j_r_gb_
djZldhkjhqgZy
o
^he]hkjhqgZy
o
f
KD:QDHH;J:AGU?>BNNMABHGGU?
IJHP?KKU
Ba
aZ
\hafh`ghklb
\g_aZiguo
baf_g_gbc
^ey
b^_glbnbdZpbb
[m
^msbo
ijhp_glguo
klZ\hd
fh`gh
^himklblv
©
g_h`b^Zggu_
ª
kdZqdb
\_dlhjZ
khklhygby
O
GZijbf_j
fh`gh
bkihevah\Zlv
Znnbggmx
nZd
lhjgmx
fh^_ev
^hoh^ghklb
kh
klZg^Zjlghc
fh^_evx
kdZqdhh[jZaguo
^bnnmabhgguo
ijhp_kkh\
O
hkgh\Zggmx
gZ
bgnbgbl_abfZevghf
hi_
jZlhj_
hij_^_ey_fhf
jZ\_gkl\hf
)
o
W
)
o
W
O
o
> @
)[ ] W )[ W GY]
³
]^_
±
^bnnmabhgguc
hi_jZlhj
hij_^_e_gguc
khhlghr_gb_f
O
'
o
#
±
ZnnbggZy
nmgdpby
hij_^_eyxsZy
bgl_gkb\ghklv
O
O
\hagbdgh\_gby
kdZqdh\
ijhp_kkZ
O
\
fhf_gl
W
Y
±
hij_^_e_ggZy
\_jh
ylghklgZy
f_jZ
gZ
5
hij_^_eyxsZy
jZkij_^_e_gb_
\_ebqbgu
kdZqdh\
DZd
b
^h
kbo
ihj
^bkdhglgZy
h[eb]Zpby
k
^Zlhc
ih]Zr_gby
L
bf__l
p_gm)
o
W
\
fhf_gl
\j_f_gb
W
dh]^Z
ijb
g_h[oh^bfuo
mkeh
\byo
j_]meyjghklb
)
y\ey_lky
j_r_gb_f
MQI
)
o
W
5
o
)
o
W
k
]jZgbqguf
mkeh\b_f
)
o
7
Dh]^Z
P
VV
U
b
O
y\eyxlky
Znnbggufb
nmgdpbyfb
\
ijhkljZg
kl\_
khklhygbc
'
MQI
ijb
g_h[oh^bfuo
mkeh\byo
j_]m
eyjghklb
bf__l
j_r_gb_
\
h[uqghc
wdkihg_gpbZevghc
nhjf_
)
o
W
_oj
>
Z
7
W
E
7
W
o
@
]^_
Z
>
7
@
o
5
b
E
>
7
@
o
5
±
j_r_gby
H>M
dhlhju_
\h
fgh]bo
kemqZyo
^hklZlhqgh
ijhklh
j_rZxlky
qbke_ggufb
f_lh^Zfb
DZd
wlh
fh`gh
\b^_lv
ih^klZ\eyy
nmgdpbx
\
mjZ\g_gb_
^ey
lh]h
qlh[u
ihemqblv
H>M
^ey
E
m^h[gh
\u[bjZlv
jZkij_^_e_gb_
Y
lZdbf
qlh[u
_]h
ij_h[jZah\Zgb_
EZieZkZ
T
\ujZ`Zehkv
\
y\ghc
nhjf_
lZd
qlh[u
ba[_`Zlv
qbke_gguo
jZkq_lh\
qe_gZ
T
>
E
7
W
@
Ih^oh^ysbfb
[m^ml
dhf[bgZpbb
wdkihg_gpbZevguo
]Zmkkh\uo
[bghfbZevguo
b
\u
jh`^_gguo
dh]^Z
\_ebqbgu
kdZqdh\
nbdkbjh\Zgu
jZkij_^_e_gbc
ohly
gm`gh
[ulv
\gbfZl_evguf
ijb
\u[hj_
jZkij_^_e_gby
lZd
qlh[u
]ZjZglbjh\Zlv
ijhp_kkm
khklhygbc
O
hklZ\Zlvky
\
ijhkljZgkl\_
kh
klhygbc
'
ijb
ihy\e_gbb
kdZqdh\
\
ex[hc
lhqd_
ijhkljZgkl\Z
kh
klhygbc
>ey
qZklgh]h
]Zmkkh\Z
kemqZy
\
dhlhjhf
VV
y\ey_lky
ih
klhygghc
Z
Y
±
]Zmkkh\uf
jZkij_^_e_gb_f
gZ
'
5
j_r_gb_
\
y\
ghf
ZgZeblbq_kdhf
\b^_
ihemq_gh
\
jZ[hl_
6'DV
J_r_gb_
\
y\ghc
ZgZeblbq_kdhc
nhjf_
lZd`_
ihemqZ_lky
dh]^Z
\u[bjZ_lky
dZd
hi_jZlhj
Zkkhpbbjh\Zgguc
k
fgh]hnZdlhjghc
fh^_evx
&,5
Z
Y
\u[bjZ_lky
dZd
ijhba\_^_gb_
i
wdkihg_gpbZevguo
jZkij_^_e_gbc
Iml_f
baf_g_gby
]jZgbqguo
mkeh\bc
^ey
h[_ki_q_gby
aZ
^Zgguo
ieZl_`_c
nbgZgkh\uo
ijhba\h^guo
fh`gh
lZd`_
hij_^_eblv
klhbfhklv
nbgZgkh\hc
ijhba\h^ghc
Qbke_ggh_
j_r_gb_
MQI
k
ih
fhsvx
dhg_qguo
jZaghkl_c
g_
\uau\Z_l
hkh[uo
ljm^ghkl_c
ohly
h[uqguc
rZ]h\uc
Ze]hjblf
h[jZs_gby
g_y\guo
jZaghklguo
rZ]h\
ijb
g_\ujh`^_gguo
jZkij_^_e_gbyo
kdZqdh\
ijbf_gy_lky
g_ijyfh
Bf__lky
^hklZlhqgh
ijZdlbqguc
qbke_gguc
Ze]hjblf
^ey
hij_^_e_
gby
klhbfhklb
hipbhgh\
\
^\mof_jguo
qZklguo
kemqZyo
k
wdkihg_g
pbZevgh
jZkij_^_e_ggufb
\_ebqbgZfb
kdZqdh\
Ke_^m_l
aZf_lblv
lZd`_
qlh
ijb
gZebqbb
kdZqdh\
fh`_l
hdZaZlv
ky
g_\hafh`guf
iheghklvx
o_^`bjh\Zlv
aZ^Zgguc
bkd
k
f_gvrbf
dhebq_kl\hf
ihabpbc
\
^jm]bo
bkdZo
q_f
dhebq_kl\h
we_f_glh\
gZ
dhlhjuo
hij_^_e_gh
jZkij_^_e_gb_
\_ebqbg
kdZqdh\
Y
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
MKEH<BYHLKMLKL<BY:J;BLJ:@:
<FGH=HN:DLHJGUOFH>?EYO
<J?F?GGHCKLJMDLMJU
IJHP?GLGUOKL:<HD
VMKEH<B?HLKMLKL<BY:J;BLJ:@:
<H>GHN:DLHJGHCFH>?EB
GZ
nbgZgkh\hf
jugd_
Zj[bljZ`_f
gZau\Zxl
\hafh`ghklv
ihem
q_gby
lhj]h\hc
ijb[ueb
[_a
dZdbo
eb[h
ihl_jv
B^_y
\ujZ`Z_fZy
mkeh\b_f
hlkmlkl\by
Zj[bljZ`Z
aZdexqZ_lky
\
lhf
qlh
gZ
jZ\gh\_k
ghf
jugd_
^\Z
ihjln_ey
P;
dhlhju_
h[_ki_qb\Zxl
h^bgZdh\u_
ieZ
l_`b
^he`gu
bf_lv
\
dZ`^uc
fhf_gl
\j_f_gb
h^bgZdh\mx
p_gm
Bg
lmblb\gh
ykgh
qlh
lZdh_
hij_^_e_gb_
p_gu
bkdexqZ_l
Zj[bljZ`
<
ihke_^g__
\j_fy
y\ey_lky
ihimeyjghc
Zj[bljZ`gZy
l_hjby
hij_^_e_
gby
p_g
jughqguo
Zdlb\h\
dhlhjZy
[Zabjm_lky
gZ
ij_^iheh`_gbb
qlh
nbgZgkh\uc
jughd
k\h[h^_g
hl
Zj[bljZ`Z
>ey
ijh\_jdb
\uihe
g_gby
lZdh]h
ij_^iheh`_gby
ke_^m_l
bf_lv
mkeh\by
hlkmlkl\by
Zj
[bljZ`Z
Wlbf
b
h[tykgy_lky
bgl_j_k
d
nhjfbjh\Zgbx
lZdbo
mkeh\bc
Ijb
jZkkfhlj_gbb
fZl_fZlbq_kdbo
fh^_e_c
baf_g_gby
p_g
gZ
nbgZgkh\hf
jugd_
k
g_ij_ju\guf
\j_f_g_f
h[uqgh
ijbgbfZ_lky
qlh
ijhp_kku
ijhp_glguo
klZ\hd
gZ
jugd_
ke_^mxl
klhoZklbq_kdbf
^bnn_j_gpbZevguf
mjZ\g_gbyf
Wlh
ijb\h^bl
d
lhfm
qlh
ijhp_kk
p_gu
jughqgh]h
Zdlb\Z
lZd`_
ke_^m_l
klhoZklbq_kdhfm
^bnn_j_gpb
Zevghfm
mjZ\g_gbx
LZdb_
kemqZcgu_
ijhp_kku
hibku\Zxlky
g_dhlh
jhc
h[t_dlb\ghc
\_jhylghklghc
f_jhc
H[uqgh
mkeh\b_f
hlkmlkl\by
Zj[bljZ`Z
y\ey_lky
ij_^iheh`_gb_
h
kms_kl\h\Zgbb
wd\b\Ze_glghc
fZjlbg]Zevghc
f_ju
kf
q
]e
Wlh
mkeh\b_
^hklZlhqgh
h[s__
gh
ljm^gh
ijh\_jy_fh_
lZd
dZd
\hijhk
h
ihkljh_gbb
wd\b\Ze_glghc
fZjlbg]Zevghc
g_cljZevghc
d
jbkdm
f_ju
\
y\ghf
ZgZeblbq_kdhf
\b^_
ihdZ
_s_
`^_l
k\h_]h
jZaj_r_gby
Ihwlhfm
g_h[oh^bfh
ihem
qblv
mkeh\by
hlkmlkl\by
Zj[bljZ`Z
\
y\ghc
nhjf_
g_
ijb[_]Zy
d
ih
kljh_gbx
wd\b\Ze_glghc
fZjlbg]Zevghc
f_ju
GZb[he__
ba\_klgu
mkeh\by
hlkmlkl\by
Zj[bljZ`Z
^ey
h^ghnZd
lhjguo
fh^_e_c
\j_f_gghc
kljmdlmju
ijhp_glguo
klZ\hd
k
g_ij_
ju\guf
\j_f_g_f
kf
]e
H[uqgh
wlb
mkeh\by
ihemqZxlky
^ey
ihjln_ey
ba
^\mo
nbgZgkh\uo
bgkljmf_glh\
gZ
nbgZgkh\hf
jugd_
gZ
dhlhjhf
bf__lky
lZd`_
[_ajbkdh\uc
Zdlb\
LZdh_
mkeh\b_
aZdexqZ_l
ky
\
lhf
qlh
ij_\ur_gb_
kj_^g_c
^hoh^ghklb
jbkdh\h]h
Zdlb\Z
gZ^
[_ajbkdh\hc
ijhp_glghc
klZ\dhc
gZ
_^bgbpm
\heZlbevghklb
jbkdh\h
]h
Zdlb\Z
g_
^he`gh
aZ\bk_lv
hl
kjhdZ
ih]Zr_gby
jbkdh\h]h
Zdlb\Z
Ba\_klgh
lZd`_
jZkijhkljZg_gb_
mkeh\by
hlkmlkl\by
Zj[bljZ`Z
gZ
jughd
k
bgneypb_c
kf
5L
k
K
Z
UG
<
lZdhf
kemqZ_
mkeh\b_
nhj
fmebjm_lky
[_a
^hdZaZl_evkl\Z
^ey
ihjln_ey
ba
lj_o
jbkdh\uo
Zdlb
\h\
b
aZdexqZ_lky
\
lhf
qlh
ij_\ur_gb_
kj_^g_c
^hoh^ghklb
[_ajbk
dh\h]h
Zdlb\Z
gZ^
ghfbgZevghc
ijhp_glghc
klZ\dhc
^he`gh
[ulv
eb
g_cghc
dhf[bgZpb_c
\heZlbevghkl_c
ijhp_kkZ
j_Zevghc
^hoh^ghklb
jbkdh\h]h
Zdlb\Z
khhl\_lkl\mxsbo
klhoZklbq_kdhfm
baf_g_gbx
j_
Zevghc
ijhp_glghc
klZ\db
b
klZ\db
bgneypbb
Dhwnnbpb_glu
wlhc
ebg_cghc
dhf[bgZpbb
g_
^he`gu
aZ\bk_lv
hl
kjhdZ
ih]Zr_gby
b
bf_xl
kfuke
©
jughqguo
p_g
jbkdZ
ª
ba
aZ
klhoZklbq_kdh]h
baf_g_gby
j_Zevghc
ijhp_glghc
klZ\db
b
klZ\db
bgneypbb
<
gZklhys_c
]eZ\_
\
y\ghc
nhjf_
ihemq_gu
mkeh\by
hlkmlkl\by
Zj[bljZ`Z
gZ
jugd_
dh]^Z
bg\_klhjZf
^ey
khklZ\e_gby
ihjln_e_c
P;
^hklmigu
[_kdmihggu_
h[eb]Zpbb
Q
jZaebqguo
kjhdh\
ih]Zr_
gby
Ij_^iheZ]Z_lky
qlh
bg\_klhj
\
ex[hc
fhf_gl
\j_f_gb
W
bf__l
\hafh`ghklv
khklZ\blv
kZfhnbgZgkbjmxsbc
ihjln_ev
klhbfhklvx
6
W
\dexqb\
\
g_]h
^bkdhglgu_
h[eb]Zpbb
kh
kjhdZfb
ih]Zr_gby
L
d
M
d
Q
gZ
kmffm
6
6
W
6
¦
KqblZ_lky
qlh
ijhp_kku
djZldh
kjhqghc
ijhp_glghc
klZ\db
b
klZ\db
bgneypbb
ke_^mxl
klhoZklbq_
kdbf
^bnn_j_gpbZevguf
mjZ\g_gbyf
Z
p_gu
h[eb]Zpbc
\ujZ`Zxlky
^_l_jfbgbjh\Zggufb
nmgdpbyfb
bf_xsbfb
ijhba\h^gu_
g_h[oh
^bfh]h
ihjy^dZ
JZkkfhljbf
lhj]h\ex
k\h[h^gufb
hl
g_mieZlu
^bkdhglgufb
h[eb
]Zpbyfb
k
jZaebqgufb
kjhdZfb
ih]Zr_gby
gZ
jugd_
dhlhjuc
hibku
\Z_lky
h^ghnZdlhjghc
fh^_evx
>ey
bkdexq_gby
Zj[bljZ`guo
\ha
fh`ghkl_c
ihjln_ev
khklhysbc
ba
ex[hc
dhf[bgZpbb
h[eb]Zpbc
\
dZ`^uc
fhf_gl
\j_f_gb
^he`_g
aZjZ[Zlu\Zlv
lhl
`_
^hoh^
qlh
b
[_ajbkdh\uc
Zdlb\
lZdhc
`_
klhbfhklb
<
wlhf
kemqZ_
^ey
ijhba\hev
gh]h
dhebq_kl\Z
[hevr_
^\mo
ijh^Z\Z_fuo
gZ
jugd_
h[eb]Zpbc
m^Z
_lky
ihemqblv
h[s__
mkeh\b_
hlkmlkl\by
Zj[bljZ`Z
ijb
hij_^_e_gbb
p_g
h[eb]Zpbc
dhlhjh_
lj_[m_l
qlh[u
ij_\ur_gb_
h`b^Z_fhc
^h
oh^ghklb
h[eb]Zpbb
gZ^
djZldhkjhqghc
ijhp_glghc
klZ\dhc
^_e_ggh_
gZ
\heZlbevghklv
^hoh^ghklb
wlhc
h[eb]Zpbb
g_
aZ\bk_eh
hl
^Zlu
ih
]Zr_gby
h[eb]Zpbb
Qlh[u
ijh^_fhgkljbjh\Zlv
wlh
fZl_fZlbq_kdb
^ey
dZ`^hc
^Zlu
ih]Zr_gby
L
t
ij_^iheh`bf
qlh
ijhp_kk
p_gu
^
J
W
L
W
d
L
`
k\h
[h^ghc
hl
g_mieZlu
^bkdhglghc
h[eb]Zpbb
ih]ZrZ_fhc
\
fhf_gl
L
y\ey_lky
ijhp_kkhf
Blh
GJ
W
L
P
J
W
L
W
GW
V
J
W
L
W
G:
W
bg^_dk
L
ih^q_jdb\Z_l
aZ\bkbfhklv
^j_cnZ
b
\heZlbevghklb
hl
^Zlu
ih]Zr_gby
h[eb]Zpbb
L
JZa^_ebf
wlh
jZ\_gkl\h
gZ
p_gm
h[eb]Zpbb
J
W
L
WG:
7W3
W7W3
GW
7W3
W7W3
7W3
7WG3
V
P
<
ihemq_gghf
jZ\_gkl\_
e_\Zy
qZklv
jZ\gZ
f]gh\_gghc
klZ\d_
^hoh^
ghklb
h[eb]Zpbb
>ey
ijhklhlu
bkihevam_f
kbf\heu
P
W
b
V
W
^ey
h[hagZq_gby
khhl\_lkl\_ggh
7W3
W7W3
P
b
7W3
W7W3
V
Lh]^Z
ihemqbf
WG:WGWW
7W3
7WG3
VP
Lh
_klv
P
W
b
V
W
y\eyxlky
khhl\_lkl\_ggh
^j_cnhf
b
\heZlbevgh
klvx
f]gh\_gghc
klZ\db
^hoh^ghklb
h[eb]Zpbb
L_i_jv
jZkkfhljbf
kemqZc
dh]^Z
gZ
jugd_
lhj]mxl
P;
k
Q
^ZlZ
fb
ih]Zr_gby
L
M
Q
Imklv
bg\_klhj
bf__l
g_dhlhjmx
kmffm
6
W
dhlhjmx
hg
fh`_l
ihljZlblv
gZ
ihdmidm
p_gguo
[mfZ]
gZ
wlhf
jugd_
b
ljZlbl
kmffm
6
1
J
W
L
gZ
ihdmidm
1
P;
k
^Zlhc
ih]Zr_
gby
L
lZd
qlh
¦¦
7W316W6
IjbjZs_gb_
klhbfhklb
ihjln_ey
wlbo
P;
aZ
bgnbgbl_abfZev
guc
bgl_j\Ze
\j_f_gb
hij_^_ey_lky
jZ\_gkl\hf