■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
P❤✳❉✳ ❉✐ss❡rt❛t✐♦♥
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❆❞✈✐s♦r✿ ❉r✳ P❛♦❧♦ ❘♦ss♦
❉♣t♦✳ ❙✐st❡♠❛s ■♥❢♦r♠át✐❝♦s ② ❈♦♠♣✉t❛❝✐ó♥
❯♥✐✈❡rs✐❞❛❞ P♦❧✐té❝♥✐❝❛ ❞❡ ❱❛❧❡♥❝✐❛
✷✾✴✶✵✴✷✵✶✵
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❖✉t❧✐♥❡
✶
❙✉♠♠❛r②
■♥tr♦❞✉❝t✐♦♥
▼♦t✐✈❛t✐♦♥
❖❜❥❡❝t✐✈❡s ♦❢ t❤❡ P❤✳❉✳ ❚❤❡s✐s
✷
❘❡s♦✉r❝❡s
●❡♦✲❲♦r❞◆❡t
✸
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
✹
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
✺
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
✻
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❖✉t❧✐♥❡
✶
❙✉♠♠❛r②
■♥tr♦❞✉❝t✐♦♥
▼♦t✐✈❛t✐♦♥
❖❜❥❡❝t✐✈❡s ♦❢ t❤❡ P❤✳❉✳ ❚❤❡s✐s
✷
❘❡s♦✉r❝❡s
●❡♦✲❲♦r❞◆❡t
✸
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
✹
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
✺
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
✻
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
▼♦t✐✈❛t✐♦♥
❙✉♠♠❛r②
❯s❡rs s❡❛r❝❤ ❢♦r ❣❡♦❣r❛♣❤✐❝❛❧❧② ❝♦♥str❛✐♥❡❞ ✐♥❢♦r♠❛t✐♦♥✿
●❛♥ ❡t ❛❧✳ ✭✷✵✵✽✮ ❡st✐♠❛t❡❞ t❤❛t ✶✷.✾✹% ♦❢ q✉❡r✐❡s s✉❜♠✐tt❡❞
t♦ t❤❡ ❆❖▲ s❡❛r❝❤ ❡♥❣✐♥❡ ❡①♣r❡ss❡❞ ❛ ❣❡♦❣r❛♣❤✐❝❛❧❧②
❝♦♥str❛✐♥❡❞ ✐♥❢♦r♠❛t✐♦♥ ♥❡❡❞ ✭❡✳❣✳ ✏❍♦t❡❧s ✐♥ ◆❡✇ ❨♦r❦✧✮
❙❛♥❞❡rs♦♥ ❛♥❞ ❑♦❤❧❡r ✭✷✵✵✹✮ ❢♦✉♥❞ t❤❛t ✶✽.✻% ♦❢ t❤❡ q✉❡r✐❡s
s✉❜♠✐tt❡❞ t♦ t❤❡ ❊①❝✐t❡ s❡❛r❝❤ ❡♥❣✐♥❡ ❝♦♥t❛✐♥❡❞ ❛t ❧❡❛st ❛
❣❡♦❣r❛♣❤✐❝ t❡r♠
✶
●❡♦❈▲❊❋ ✱ t❤❡ ❈▲❊❋ ❡✈❛❧✉❛t✐♦♥ ❝❛♠♣❛✐❣♥ ❢♦r ❣❡♦❣r❛♣❤✐❝❛❧ ■❘
. %
✷✺ ✻
♦❢ ❈▲❊❋ ◗❆ q✉❡st✐♦♥s ❝♦♥t❛✐♥❡❞ ❛ ❣❡♦❣r❛♣❤✐❝❛❧
❝♦♥str❛✐♥t ♦r ❢♦❝✉s✱ ♦r ❜♦t❤
✶ ❤tt♣✿✴✴✐r✳s❤❡❢✳❛❝✳✉❦✴❣❡♦❝❧❡❢✴
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚♦♣♦♥②♠s
❆
❚♦♣♦♥②♠ ✐s ❛ ♣❧❛❝❡ ♥❛♠❡ ✭❢r♦♠ t❤❡ ●r❡❡❦ t´♦♣♦❝ ✭♣❧❛❝❡✮
❛♥❞
´♦♥✉♠❛
✭♥❛♠❡✮✮
❚♦♣♦♥②♠s ❛r❡ ✭♦❢t❡♥✮ t❤❡ ♦♥❧② ❣❡♦❣r❛♣❤✐❝ ✐♥❢♦r♠❛t✐♦♥ s♦✉r❝❡s
✐♥ ✉♥str✉❝t✉r❡❞ t❡①ts
❑❡② ❢♦r t❤❡ ●■❘ ✭✉♥str✉❝t✉r❡❞ ✐♥❢♦r♠❛t✐♦♥✮
→
●■❙ ✭str✉❝t✉r❡❞
♠❛♣✲❜❛s❡❞ r❡♣r❡s❡♥t❛t✐♦♥ ♦❢ s♣❛❝❡✮ ❜r✐❞❣❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠s ❛r❡ ❛♠❜✐❣✉♦✉s
❊①❛♠♣❧❡s
P❛r✐s✱ ❋r❛♥❝❡ ✈s✳ P❛r✐s✱ ❚❡①❛s
❈❛♠❜r✐❞❣❡✱ ▼❆ ✈s✳ ❈❛♠❜r✐❞❣❡✱ ❯❑ ✈s✳ ❈❛♠❜r✐❞❣❡✱ ◆❩
...
✸✹ ✏❙♣r✐♥❣✜❡❧❞s✧ ✐♥ t❤❡ ❯❙❆
●❛r❜✐♥ ❛♥❞ ▼❛♥✐ ✭✷✵✵✺✮✿ ✹✵.✶% ♦❢ t♦♣♦♥②♠s ✐♥ ❆❋P ♥❡✇s
❙♠✐t❤ ❛♥❞ ❈r❛♥❡ ✭✷✵✵✶✮✿ ✺✼.✶% ♦❢ ◆♦rt❤ ❆♠❡r✐❝❛♥ t♦♣♦♥②♠s
✉s❡❞ ✐♥ ♥❡✇s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐s t❤❡ t❛s❦ ♦❢ ❛ss✐❣♥✐♥❣ t♦ ❛♥
❛♠❜✐❣✉♦✉s ♣❧❛❝❡ ♥❛♠❡ ✐ts ❝♦rr❡❝t r❡❢❡r❡♥t
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❖✉t❧✐♥❡
✶
❙✉♠♠❛r②
■♥tr♦❞✉❝t✐♦♥
▼♦t✐✈❛t✐♦♥
❖❜❥❡❝t✐✈❡s ♦❢ t❤❡ P❤✳❉✳ ❚❤❡s✐s
✷
❘❡s♦✉r❝❡s
●❡♦✲❲♦r❞◆❡t
✸
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
✹
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
✺
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
✻
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❘❡s❡❛r❝❤ ◗✉❡st✐♦♥s
❙✉♠♠❛r②
❯♥❞❡r ✇❤✐❝❤ ❝♦♥❞✐t✐♦♥s ✐s ❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✉s❡❢✉❧ ✐♥
■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧❄
■♥ ❞❡t❛✐❧✿
■s t❤❡ ❝❤♦✐❝❡ ♦❢ ❛ s♣❡❝✐✜❝ ♠❡t❤♦❞✴t♦♣♦♥②♠ r❡s♦✉r❝❡ r❡❧❡✈❛♥t❄
❲❤✐❝❤ ❢❡❛t✉r❡s ♦❢ t❤❡ t❛r❣❡t ❝♦❧❧❡❝t✐♦♥ ♠❛② ❛✛❡❝t t❤❡ r❡s✉❧ts❄
❍♦✇ ❞♦❡s ❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ s❝❛❧❡ ✇✐t❤ r❡s♣❡❝t t♦ t❤❡
❣r❛♥✉❧❛r✐t② ♦❢ t❤❡ t❛s❦❄
❲❤✐❝❤ ❧❡✈❡❧ ♦❢ ❡rr♦rs ✐♥ ❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐s r❡q✉✐r❡❞
✐♥ ♦r❞❡r t♦ ❞❡t❡r✐♦r❛t❡ t❤❡ ♣❡r❢♦r♠❛♥❝❡ ✐♥ ■❘ t❛s❦s❄
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
▼❡t❤♦❞♦❧♦❣②
❙✉♠♠❛r②
❉❡✈❡❧♦♣ ❛♥❞ ❡✈❛❧✉❛t❡ ❞✐✛❡r❡♥t ❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
♠❡t❤♦❞s
P✐❝❦ ❛ t♦♣♦♥②♠ r❡s♦✉r❝❡
P✐❝❦ ❛ ❧❛❜❡❧❧❡❞ t❡st ❝♦❧❧❡❝t✐♦♥
■♥t❡❣r❛t❡ ❚❉ ✐♥t♦ ●■❘ ❛♥❞ ◗❆ s②st❡♠s
❊✈❛❧✉❛t❡ t❤❡ ♣❡r❢♦r♠❛♥❝❡ ♦❢ t❤❡s❡ s②st❡♠s ✇✐t❤ ❛♥❞ ✇✐t❤♦✉t
❚❉
❊✈❛❧✉❛t❡ t❤❡ ♣❡r❢♦r♠❛♥❝❡ ♦❢ t❤❡s❡ s②st❡♠s ✇✐t❤ t❤❡
✐♥tr♦❞✉❝t✐♦♥ ♦❢ ❛rt✐✜❝✐❛❧ ❡rr♦rs
■♥s♣✐r❡❞ ❜② t❤❡ ✇♦r❦ ♦❢ ▼✳❙❛♥❞❡rs♦♥ ✭✶✾✾✹✮ ♦♥ ❲❙❉ ❢♦r ■❘
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
▼♦t✐✈❛t✐♦♥
❚❤❡s✐s ❖❜❥❡❝t✐✈❡s
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈❛rr✐❡❞ ♦✉t ❲♦r❦
❉❡✈❡❧♦♣♠❡♥t ❛♥❞ ✐♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ t✇♦ ❚❉ ♠❡t❤♦❞s✿
❲♦r❞◆❡t✲❜❛s❡❞ ❈♦♥❝❡♣t✉❛❧ ❉❡♥s✐t② ❛♥❞ ♠❛♣✲❜❛s❡❞
❊✈❛❧✉❛t✐♦♥ ♦❢ t❤❡s❡ ♠❡t❤♦❞s
❉❡✈❡❧♦♣♠❡♥t ♦❢ t✇♦ r❡s♦✉r❝❡s ♥❡❡❞❡❞ ❢♦r t❤❡ ❡✈❛❧✉❛t✐♦♥
●❡♦✲❲♦r❞◆❡t✿ ❲♦r❞◆❡t ✇✐t❤ ❣❡♦❣r❛♣❤✐❝❛❧ ❝♦♦r❞✐♥❛t❡s
●❡♦❙❡♠❈♦r✿ ❧❛❜❡❧❧✐♥❣ ♦❢ t♦♣♦♥②♠s ✐♥ ❙❡♠❈♦r
❆♣♣❧✐❝❛t✐♦♥ ♦❢ ❚❉ ♦♥ ❛ ✏r❡❛❧ ✇♦r❧❞✧ s❝❡♥❛r✐♦ ✭✏▲✬❆❞✐❣❡✧ ♥❡✇s
❝♦❧❧❡❝t✐♦♥✮
❉❡✈❡❧♦♣♠❡♥t ♦❢ ❛ ●■❘ s❡❛r❝❤ ❡♥❣✐♥❡ ✭●❡♦❲♦r❙❊✮
❊①♣❡r✐♠❡♥ts ✇✐t❤ ●■❘ ❛♥❞ ❚❉
❉❡✈❡❧♦♣♠❡♥t ♦❢ ❛ ◗❆ s②st❡♠ ✭❙❡♠✲◗✉❛s❛r✮
❊①♣❡r✐♠❡♥ts ✇✐t❤ ◗❆ ❛♥❞ ❚❉
●❡♦♦r❡❦❛✦
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❚♦♣♦♥②♠ ❆♠❜✐❣✉✐t②
❙✉♠♠❛r②
❚♦♣♦♥②♠
❛♠❜✐❣✉✐t② ❝❛♥
♠✐s❧❡❛❞ s❡❛r❝❤
❡♥❣✐♥❡s✳✳✳
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❚♦♣♦♥②♠ ❆♠❜✐❣✉✐t②
❙✉♠♠❛r②
✳✳✳❛♥❞ ❡✈❡♥ ❤✉♠❛♥s✱
s♦♠❡t✐♠❡s✳✳✳
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚♦♣♦♥②♠ ❘❡s♦✉r❝❡s
❏✉❞❣✐♥❣ t❤❡ ♣♦❧②s❡♠② ♦❢ ❛ t♦♣♦♥②♠ ❞❡♣❡♥❞s ♦♥ ✇♦r❧❞
❦♥♦✇❧❡❞❣❡
❲♦r❧❞ ❦♥♦✇❧❡❞❣❡ ✐s ❞❡t❡r♠✐♥❡❞ ❜② t❤❡ r❡s♦✉r❝❡ ✉s❡❞
❈❧❛ss✐✜❡❞ ❛❝❝♦r❞✐♥❣ t♦✿
✿ ❛r❡❛ ❝♦✈❡r❡❞ ✭❧♦❝❛❧ ✈s✳ ❣❧♦❜❛❧ ❢♦❝✉s✮
❝♦✈❡r❛❣❡ ✿ ★ ♦❢ ❧✐st❡❞ t♦♣♦♥②♠s
❞❡t❛✐❧ ✿ ❝♦✈❡r❛❣❡
s❝♦♣❡
s❝♦♣❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❊①❛♠♣❧❡
❊♥❣❧✐s❤ ❲✐❦✐♣❡❞✐❛
●❡♦◆❛♠❡s
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❛③❡tt❡❡rs
●❛③❡tt❡❡rs ❧✐st t♦♣♦♥②♠s t♦❣❡t❤❡r ✇✐t❤ t❤❡ ♣❧❛❝❡s t❤❡② ❛r❡
r❡❢❡rr✐♥❣ t♦✱ ✉s✉❛❧❧② ✐❞❡♥t✐✜❡❞ ❜② ♠❡❛♥s ♦❢ ❣❡♦❣r❛♣❤✐❝❛❧
❝♦♦r❞✐♥❛t❡s
❊①❛♠♣❧❡✿
P❛r✐s✱ ❚❡①❛s
→ ✸✸♦ ✸✾′ ◆ ✾✺♦ ✸✷′ ❲
P❛r✐s✱ ❋r❛♥❝❡
→ ✹✽♦ ✺✶′ ◆ , ✷♦ ✷✶′ ❊
...
❚❤❡② ❛r❡ ❧✐❦❡ ❝♦♠♠♦♥ ❞✐❝t✐♦♥❛r✐❡s ❧✐st✐♥❣ ✇♦r❞ ♠❡❛♥✐♥❣s
●❡♦♥❛♠❡s✱ ❲✐❦✐♣❡❞✐❛✲❲♦r❧❞
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦❣r❛♣❤✐❝❛❧ ❖♥t♦❧♦❣✐❡s
❖♥t♦❧♦❣✐❡s ❛r❡ str✉❝t✉r❡❞ r❡s♦✉r❝❡s ✐♥ ✇❤✐❝❤ ♣❧❛❝❡s ❛r❡ r❡❧❛t❡❞
❤✐❡r❛r❝❤✐❝❛❧❧②✱ ❜② ♠❡❛♥s ♦❢ ❝♦♥t❛✐♥♠❡♥t r❡❧❛t✐♦♥s❀
❊①❛♠♣❧❡✿
P❛r✐s ∈ ❚❡①❛s ∈ ❯❙❆ ∈ ❆♠❡r✐❝❛ ∈ ❲♦r❧❞
P❛r✐s ∈ ❋r❛♥❝❡ ∈ ❊✉r♦♣❡ ∈ ❲♦r❧❞
●❡tt② ❚●◆✱ ❨❛❤♦♦✦ ●❡♦P❧❛♥❡t✱ ✭●❡♦✲✮❲♦r❞◆❡t
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈♦✈❡r❛❣❡ ❈♦♠♣❛r✐s♦♥
❚②♣❡
●❛③❡tt❡❡r
❖♥t♦❧♦❣✐❡s
◆❛♠❡
❈♦♦r❞✐♥❛t❡s
●❡♦♥❛♠❡s
②
❲✐❦✐♣❡❞✐❛✲❲♦r❧❞
②
●❡tt② ❚●◆
②
❨❛❤♦♦✦ ●❡♦P❧❛♥❡t
♥
❲♦r❞◆❡t
②
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
∗
❈♦✈❡r❛❣❡
∼ ✼, ✵✵✵, ✵✵✵
✷✻✹, ✷✽✽
✶, ✶✶✺, ✵✵✵
∼ ✻, ✵✵✵, ✵✵✵
✷, ✶✽✽
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❆✈❡r❛❣❡ ❆♠❜✐❣✉✐t②
❘❡s♦✉r❝❡
❲✐❦✐♣❡❞✐❛ ✭●❡♦✮
●❡♦♥❛♠❡s
❲♦r❞◆❡t✷✳✵
❙✉♠♠❛r②
❯♥✐q✉❡ ♥❛♠❡s
❘❡❢❡r❡♥ts
❆♠❜✐❣✉✐t②
✶✽✵, ✵✽✻
✷✻✹, ✷✽✽
✶.✹✼
✷, ✾✺✹, ✻✾✺
✸, ✾✽✽, ✸✻✵
✶.✸✺
✷, ✵✻✾
✷, ✶✽✽
✶.✵✻
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
▼♦st P♦❧②s❡♠♦✉s ❚♦♣♦♥②♠s ❜② ❘❡s♦✉r❝❡
❙✉♠♠❛r②
●❡♦♥❛♠❡s
❚♦♣♦♥②♠
★ ♦❢ P❧❛❝❡s
❙❛♥ ❆♥t♦♥✐♦
✶✱✺✸✻
▼✐❧❧ ❈r❡❡❦
✶✱✺✷✾
❙♣r✐♥❣ ❈r❡❡❦
✶✱✹✽✸
❙❛♥ ❏♦sé
✶✱✸✻✵
❉r② ❈r❡❡❦
✶✱✷✻✾
❙❛♥t❛ ❘♦s❛
✶✱✶✽✺
❇❡❛r ❈r❡❡❦
✶✱✵✽✻
▼✉❞ ▲❛❦❡
✶✱✵✼✸
❑r❛❥❛♥
✶✱✵✸✵
❙❛♥ ❋r❛♥❝✐s❝♦
✾✷✾
❲♦r❞◆❡t
❚♦♣♦♥②♠ ★ ♦❢ P❧❛❝❡s
❱✐❝t♦r✐❛
✺
❆❜❡r❞❡❡♥
✹
❈♦❧✉♠❜✐❛
✹
❏❛❝❦s♦♥
✹
❆✈♦♥
✸
❈♦❧✉♠❜✉s
✸
●r❡❡♥✈✐❧❧❡
✸
❇❛♥❣♦r
✸
❙❛❧❡♠
✸
❑✐♥❣st♦♥
✸
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❖✉t❧✐♥❡
✶
❙✉♠♠❛r②
■♥tr♦❞✉❝t✐♦♥
▼♦t✐✈❛t✐♦♥
❖❜❥❡❝t✐✈❡s ♦❢ t❤❡ P❤✳❉✳ ❚❤❡s✐s
✷
❘❡s♦✉r❝❡s
●❡♦✲❲♦r❞◆❡t
✸
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
✹
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
✺
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
✻
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦✲❲♦r❞◆❡t
❲♦r❞◆❡t ❧♦❝❛t✐♦♥s ♠❛♣♣❡❞ t♦ ❧♦❝❛t✐♦♥s ✐♥ t❤❡
❲✐❦✐♣❡❞✐❛✲❲♦r❧❞ ❣❛③❡tt❡❡r
❈♦♠♣❡♥s❛t❡s t❤❡ ❧❛❝❦ ♦❢ ❣❡♦❣r❛♣❤✐❝❛❧ ❝♦♦r❞✐♥❛t❡s ✐♥ ❲♦r❞◆❡t
▼❛♣♣✐♥❣ ❤❡✉r✐st✐❝ ❜❛s❡❞ ♦♥ ❲♦r❞◆❡t ❤♦❧♦♥②♠s ❛♥❞ ❤②♣❡r♥②♠s
❤♦❧♦♥②♠②
♣❛rt✲♦❢ ♦r ♠❡♠❜❡rs❤✐♣
❊①❛♠♣❧❡✿ ✏❊✉r♦♣❡❵✧ ✐s ❛♥ ❤♦❧♦♥②♠ ♦❢ ✏■t❛❧②✧✱ ✏❋r❛♥❝❡✧✱ ✏❙♣❛✐♥✧✱
❡t❝✳✳✳
❤②♣❡r♥②♠②
✐s✲❛ r❡❧❛t✐♦♥s❤✐♣
❊①❛♠♣❧❡✿ ✏❝✐t②✧ ✐s ❤②♣❡r♥②♠ ♦❢ ✏❘♦♠❡✧
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
▼❛♣♣✐♥❣ ❊①❛♠♣❧❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
●❡♦✲❲♦r❞◆❡t
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❆✈❛✐❧❛❜✐❧✐t②
❚❤❡ r❡s✉❧t✐♥❣ r❡s♦✉r❝❡ ✐s ❝♦♥st✐t✉t❡❞ ❜② ✷, ✵✶✷ ❧❛❜❡❧❧❡❞ s②♥❡ts
▲✐st❡❞ ❛s ❛♥ ✏♦✣❝✐❛❧✧ ❲♦r❞◆❡t ❡①♣❛♥s✐♦♥
❤tt♣✿✴✴✇♦r❞♥❡t✳♣r✐♥❝❡t♦♥✳❡❞✉✴✇♦r❞♥❡t✴r❡❧❛t❡❞✲♣r♦❥❡❝ts✴
t❤ ✷✵✶✵✮ ❞✐✛❡r❡♥t
■t ❤❛s ❜❡❡♥ ❞♦✇♥❧♦❛❞❡❞ ❛t ✷✻✼ ✭❛s ♦❢ ❖❝t✳ ✶✾
✐♥st✐t✉t✐♦♥s✱ ♦r❣❛♥✐③❛t✐♦♥s ❛♥❞ ♣r✐✈❛t❡ ❡♥t❡r♣r✐s❡s✱ s✉❝❤ ❛s✿
Pr❡ss✿ ◆❡✇ ❨♦r❦ ❚✐♠❡s✱ ❇❇❈
❯♥✐✈❡rs✐t✐❡s✿ ❙t❛♥❢♦r❞✱ ❇♦st♦♥ ❯♥✐✈❡rs✐t②✱ ■♠♣❡r✐❛❧ ❈♦❧❧❡❣❡✱
❯♥✐✈❡rs✐t② ♦❢ ❙❤❡✣❡❧❞✱ ❯◆❊❉✱ P❛r✐s ✶✵✱ P♦❧✐t❡❝♥✐❝♦ ❞✐ ▼✐❧❛♥♦✱
❇❡r❦❡❧❡②✳✳✳
●♦✈❡r♥♠❡♥t ❛❣❡♥❝✐❡s✿ ❯✳❙✳ ●❡♦❧♦❣✐❝❛❧ ❙✉r✈❡②✱ ❯✳❙✳ ❆r♠②
❚♦♣♦❣r❛♣❤✐❝ ❊♥❣✐♥❡❡r✐♥❣ ❈❡♥tr❡ ✳✳✳
Pr✐✈❛t❡ ❡♥t❡r♣r✐s❡s✿ ❊◆■✱ ❖r❛♥❣❡ ✳✳✳
❋r❡❡❧② ❞✐str✐❜✉t❡❞
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ❜② ♠❡❛♥s ♦❢ ❈♦♥❝❡♣t✉❛❧ ❉❡♥s✐t②
▼❡t❤♦❞ ♦r✐❣✐♥❛❧❧② ❞❡✈❡❧♦♣❡❞ ❢♦r ♥♦✉♥ s❡♥s❡ ❞✐s❛♠❜✐❣✉❛t✐♦♥
✉s✐♥❣ s✉❜✲❤✐❡r❛r❝❤✐❡s ♦❢ ❤②♣❡r♥②♠s ❜② ❆❣✐rr❡ ❛♥❞ ❘✐❣❛✉ ✭✶✾✾✻✮
❚♦♣♦♥②♠ ❛❞❛♣t❛t✐♦♥✿ s✉❜✲❤✐❡r❛r❝❤✐❡s ♦❢ ❤♦❧♦♥②♠s
✇ ✱ ✇✐t❤ |✇ | s❡♥s❡s❀
✇❀
❇✉✐❧❞ |✇ | s✉❜❤✐❡r❛r❝❤✐❡s✱ ♦♥❡ ❢♦r ❡❛❝❤ s❡♥s❡ ♦❢ ✇ ❀
❋♦r ❡❛❝❤ s❡♥s❡ s ♦❢ ✇ ✱ ❝❛❧❝✉❧❛t❡ ❈❉s ❀
❆ss✐❣♥ t♦ ✇ t❤❡ s❡♥s❡ ✇❤✐❝❤ ♠❛①✐♠✐s❡s ❈❉s ✳
✶
❙❡❧❡❝t t❤❡ ♥❡①t ❛♠❜✐❣✉♦✉s ✇♦r❞
✷
❙❡❧❡❝t t❤❡ ❝♦♥t❡①t
✸
✹
✺
❝¯✇ ✱ ✐✳❡✳
❛ s❡q✉❡♥❝❡ ♦❢ ✇♦r❞s✱ ❢♦r
❈❉ ❢♦r♠✉❧❛
❈❉ (♠, ❢ , ♥) = ♠α
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
♠ ❧♦❣ ❢
♥
✭✶✮
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈♦♥❝❡♣t✉❛❧ ❉❡♥s✐t②✿ ❊①❛♠♣❧❡
❙♦✉r❝❡ t❡①t
❍❛rts✜❡❧❞ ❤❛s ❜❡❡♥ ♠❛②♦r ♦❢ ❆t❧❛♥t❛✱ ✇✐t❤ ❡①❝❡♣t✐♦♥ ♦❢ ♦♥❡ ❜r✐❡❢
✐♥t❡r❧✉❞❡✱ s✐♥❝❡ ✶✾✸✼ ✳ ✳ ✳ ●❡♦r❣✐❛ ❘❡♣✉❜❧✐❝❛♥s ❛r❡ ❣❡tt✐♥❣ str♦♥❣
❡♥❝♦✉r❛❣❡♠❡♥t t♦ ❡♥t❡r ❛ ❝❛♥❞✐❞❛t❡ ✳ ✳ ✳ ❙t❛t❡ P❛rt② ❈❤❛✐r♠❛♥ ❏❛♠❡s ❲✳
❉♦rs❡② ❛❞❞❡❞ t❤❛t ❡♥t❤✉s✐❛s♠ ✇❛s ♣✐❝❦✐♥❣ ✉♣ ❢♦r ❛ st❛t❡ r❛❧❧② t♦ ❜❡ ❤❡❧❞
❙❡♣t✳ ✽ ✐♥ ❙❛✈❛♥♥❛❤ ❛t ✇❤✐❝❤ ♥❡✇❧② ❡❧❡❝t❡❞ ❚❡①❛s ❙❡♥✳ ❏♦❤♥ ❚♦✇❡r ✇✐❧❧
❜❡ t❤❡ ❢❡❛t✉r❡❞ s♣❡❛❦❡r✳
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈♦♥❝❡♣t✉❛❧ ❉❡♥s✐t②✿ ❊①❛♠♣❧❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈♦♥❝❡♣t✉❛❧ ❉❡♥s✐t②✿ ❊✈❛❧✉❛t✐♦♥
❊✈❛❧✉❛t✐♦♥ ❝♦r♣✉s✿ ●❡♦❙❡♠❈♦r
❙❡♠❛♥t✐❝❛❧❧② ❧❛❜❡❧❡❞ ❝♦r♣✉s ❢♦r ❲❙❉
❲❡ ❛❞❞❡❞ ❛ t❛❣ ❢♦r t♦♣♦♥②♠s
❚♦♣♦♥②♠s ✐❞❡♥t✐✜❡❞ ❜② ♠❡❛♥s ♦❢ ❤②♣❡r♥②♠②
❯s❡❞ ❢♦r ❚❉ ❡✈❛❧✉❛t✐♦♥ ✐♥ ♦t❤❡r r❡❧❛t❡❞ ✇♦r❦s✱ ❜② ❖✈❡r❡❧❧
✭✷✵✵✾✮ ❛♥❞ ❇❡♥s❛❧❡♠ ❛♥❞ ❑❤♦❧❧❛❞✐ ✭✷✵✶✵✮
❈✉rr❡♥t❧② t❤✐s ✐s t❤❡ ♦♥❧② ♣✉❜❧✐❝❧② ❛✈❛✐❧❛❜❧❡ ❝♦r♣✉s ❢♦r ❚❉
❡✈❛❧✉❛t✐♦♥
❝♦♥t❡①t s✐③❡
♣r❡❝✐s✐♦♥
r❡❝❛❧❧
❝♦✈❡r❛❣❡
s❡♥t❡♥❝❡
✾✷.✷%
✼✽.✾%
✽✺.✻%
✵.✽✺✵
♣❛r❛❣r❛♣❤
✾✶.✼%
✼✻.✹%
✽✸.✹%
✵.✽✸✸
❞♦❝✉♠❡♥t
✽✾.✾%
✼✼.✺%
✽✻.✷%
✵.✽✸✷
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❋✲♠❡❛s✉r❡
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈♦♠♣❛r❛t✐✈❡ ❊✈❛❧✉❛t✐♦♥
❈♦♠♣❛r❡❞ t♦ ❛ ♠❛♣✲❜❛s❡❞ ♠❡t❤♦❞ ♦r✐❣✐♥❛❧❧② ✐♥tr♦❞✉❝❡❞ ❜②
❙♠✐t❤ ❛♥❞ ▼❛♥♥ ✭✷✵✵✶✮✿
▲❡t
t
❜❡ ❛♥ ❛♠❜✐❣✉♦✉s t♦♣♦♥②♠ ✇✐t❤
❝♦♥t❡①t ♦❢ s✐③❡
♥
❦
♣♦ss✐❜❧❡ r❡❢❡r❡♥ts✱
❋✐♥❞ ✐♥ ●❡♦✲❲♦r❞◆❡t t❤❡ ❝♦♦r❞✐♥❛t❡s ♦❢ ❡❛❝❤
❝✐ ✳
❛♠❜✐❣✉♦✉s✱ ❝♦♥s✐❞❡r ❛❧❧ ✐ts ♣♦ss✐❜❧❡ ❧♦❝❛t✐♦♥s✳ ▲❡t
s❡t ♦❢ t❤❡ r❡tr✐❡✈❡❞ ♣♦✐♥ts❀
P❝
❝
❝
❝
❝
♥
❝
■❢ ✐ ✐s
❝ ❜❡ t❤❡
P
P
ˆ = ( ✵ + ✶ + . . . + ♥ )/ ♦❢ ❝ ❀
❛❧❧ t❤❡ ♣♦✐♥ts ❜❡✐♥❣ ♠♦r❡ t❤❛♥ ✷σ ❛✇❛② ❢r♦♠
❈❛❧❝✉❧❛t❡ t❤❡ ❝❡♥tr♦✐❞
❘❡♠♦✈❡ ❢r♦♠
❈
❝ˆ✱ ❛♥❞ r❡❝❛❧❝✉❧❛t❡ ❝ˆ ♦✈❡r t❤❡ ♥❡✇ s❡t ♦❢ ♣♦✐♥ts ✭P̄❝ ✮❀
❈❛❧❝✉❧❛t❡ t❤❡ ❞✐st❛♥❝❡s ❢r♦♠ ❝
ˆ ♦❢ t✵ , t✶ , . . . , t❦ ❀
❙❡❧❡❝t t❤❡ ❧♦❝❛t✐♦♥ t❥ ❤❛✈✐♥❣ ♠✐♥✐♠✉♠ ❞✐st❛♥❝❡ ❢r♦♠ ❝
ˆ
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
▼❛♣✲❜❛s❡❞ ♠❡t❤♦❞✿ ❊①❛♠♣❧❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❘❡s✉❧ts ♦♥ ●❡♦❙❡♠❈♦r
❝♦♥t❡①t
❙❡♥t❡♥❝❡
P❛r❛❣r❛♣❤
❉♦❝✉♠❡♥t
s②st❡♠
♣
r
❝
❈❉
✾✷.✷%
✼✽.✾%
✽✺.✻%
✵.✽✺✵
▼❛♣
✽✸.✷%
✷✼.✽%
✸✸.✺%
✵.✹✶✼
▼❛♣✲✷σ
✽✸.✷%
✷✼.✽%
✸✸.✺%
✵.✹✶✼
❈❉
✾✶.✼%
✼✻.✹%
✽✸.✹%
✵.✽✸✸
▼❛♣
✽✹.✵%
✹✶.✻%
✹✾.✻%
✵.✺✺✼
▼❛♣✲✷σ
✽✹.✵%
✹✶.✻%
✹✾.✻%
✵.✺✺✼
❈❉
✽✾.✾%
✼✼.✺%
✽✻.✷%
✵.✽✸✷
▼❛♣
✽✼.✾%
✼✵.✷%
✼✾.✾%
✵.✼✽✶
▼❛♣✲✷σ
✽✻.✺%
✻✾.✷%
✼✾.✾%
✵.✼✻✽
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❋
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❖✉t❧✐♥❡
✶
❙✉♠♠❛r②
■♥tr♦❞✉❝t✐♦♥
▼♦t✐✈❛t✐♦♥
❖❜❥❡❝t✐✈❡s ♦❢ t❤❡ P❤✳❉✳ ❚❤❡s✐s
✷
❘❡s♦✉r❝❡s
●❡♦✲❲♦r❞◆❡t
✸
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
✹
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
✺
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
✻
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙❡t✲✉♣
❍♦✇ ❞♦ ❚❉ ♠❡t❤♦❞s ✇♦r❦ ✐♥ ✏r❡❛❧ ✇♦r❧❞✧ ♣r♦❜❧❡♠s❄
▲✐✈❡▼❡♠♦r✐❡s ♣r♦❥❡❝t ✭✸ ♠♦♥t❤s ✐♥t❡r♥s❤✐♣ ❛t ❋❇❑✲■❘❙❚
✉♥❞❡r t❤❡ s✉♣❡r✈✐s✐♦♥ ♦❢ ❇❡r♥❛r❞♦ ▼❛❣♥✐♥✐✮
❉✐s❛♠❜✐❣✉❛t❡ t♦♣♦♥②♠s ✐♥ ❛♥ ■t❛❧✐❛♥ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
✻✵✵✱✵✵✵ ♥❡✇s ❛rt✐❝❧❡s ❢r♦♠ ✏▲✬❆❞✐❣❡✧ ✷✵✵✷✲✷✵✵✻
❈♦❧❧❡❝t✐♦♥ ♣r❡✈✐♦✉s❧② ♣r♦❝❡ss❡❞ ✇✐t❤ ❛ P❖❙ t❛❣❣❡r ❛♥❞ ❛ ◆❊❘
✼✵, ✵✷✺
❞✐✛❡r❡♥t t♦♣♦♥②♠s ✭✺✽.✾% ♦❝❝✉rr✐♥❣ ♦♥❧② ♦♥❝❡✮
P✉r♣♦s❡✿ s❤♦✇ ♦♥ ❛ ♠❛♣ ✇❤✐❝❤ ♣❧❛❝❡s ❛r❡ ♠❡♥t✐♦♥❡❞ ✐♥ ❛♥
❛rt✐❝❧❡
●r❛♥✉❧❛r✐t②✿ str❡❡t ♥❛♠❡s
❙tr❡❡t ♥❛♠❡s r❡♣r❡s❡♥t ✾.✷✻% ♦❢ ❛❧❧ t♦♣♦♥②♠s ✐♥ t❤❡ ❝♦❧❧❡❝t✐♦♥
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
▲♦❝❛❧✐t② ♦❢ t❤❡ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
▲♦❝❛❧✐t② ♦❢ t❤❡ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❆s ❛ ❝♦♠♣❛r✐s♦♥✿ ❞✐st❛♥❝❡s ❢r♦♠ ✏▲♦s ❆♥❣❡❧❡s✧ ✐♥ t❤❡
●❡♦❈▲❊❋ ❝♦❧❧❡❝t✐♦♥ ✭▲❆ ❚✐♠❡s ✶✾✾✹ ✰ ●❧❛s❣♦✇ ❍❡r❛❧❞ ✶✾✾✺✮
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
▼♦st ❢r❡q✉❡♥t t♦♣♦♥②♠s
❙✉♠♠❛r②
●r♦✉♣❡❞ ❜② ♥❡✇s♣❛♣❡r s❡❝t✐♦♥✿
t♦♣♦♥②♠
❚r❡♥t♦
♣r♦✈✐♥❝✐❛
❚r❡♥t✐♥♦
❘♦✈❡r❡t♦
■t❛❧✐❛
❘♦♠❛
❇♦❧③❛♥♦
❝♦♠✉♥❡
❆r❝♦
P❡r❣✐♥❡
❛❧❧
❢r❡q✉❡♥❝②
✷✻✵, ✽✻✸
✶✵✾, ✷✶✷
✾✾, ✺✺✺
✽✽, ✾✾✺
✽✻, ✹✻✽
✼✵, ✽✹✸
✺✷, ✻✺✷
✺✷, ✵✶✺
✸✾, ✷✶✹
✸✺, ✾✻✶
✐♥t❡r♥❛t✐♦♥❛❧
t♦♣♦♥②♠
❢r❡q✉❡♥❝②
❘♦♠❛
✸✷, ✺✹✼
■t❛❧✐❛
✶✾, ✾✷✸
▼✐❧❛♥♦
✾, ✾✼✽
■r❛q
✾, ✵✶✵
❯❙❆
✽, ✽✸✸
❚r❡♥t♦
✽, ✷✻✾
❊✉r♦♣❛
✼, ✻✶✻
■sr❛❡❧❡
✹, ✾✵✽
❙t❛t✐ ❯♥✐t✐
✹, ✻✻✼
❚r❡♥t✐♥♦
✹, ✻✹✸
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❘✐✈❛ ❞❡❧ ●❛r❞❛
t♦♣♦♥②♠
❢r❡q✉❡♥❝②
❆r❝♦
✷✺, ✷✺✻
❘✐✈❛
✷✶, ✵✸✶
♣r♦✈✐♥❝✐❛
✻, ✽✾✾
❉r♦
✻, ✷✻✺
❚r❡♥t♦
✻, ✷✺✶
❝♦♠✉♥❡
✺, ✼✸✸
❘✐✈❛ ❞❡❧ ●❛r❞❛
✺, ✹✹✽
❘♦✈❡r❡t♦
✹, ✷✹✶
❚♦r❜♦❧❡
✸, ✽✼✸
●❛r❞❛
✸, ✽✹✵
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❇✉✐❧❞✐♥❣ ❛ ❘❡s♦✉r❝❡
Pr♦❜❧❡♠✿ str❡❡t ♥❛♠❡s ♥♦t ❝♦✈❡r❡❞ ❜② ❣❛③❡tt❡❡rs ❛♥❞ ❝✉rr❡♥t❧②
❛✈❛✐❧❛❜❧❡ r❡s♦✉r❝❡s
❙♦❧✉t✐♦♥✿ ❝♦♠❜✐♥❡ ❛ ❣❡♥❡r❛❧ ❣❛③❡tt❡❡r ✭❲✐❦✐♣❡❞✐❛✲❲♦r❧❞✮ ✇✐t❤
❞❛t❛ ❢r♦♠ ❛ ✇❡❜✲❜❛s❡❞ s❡r✈✐❝❡ ✭●♦♦❣❧❡ ▼❛♣s ❣❡♦❝♦❞✐♥❣✮
▲✬❆❞✐❣❡ r❡♣♦s✐t♦r②
❲✐❦✐♣❡❞✐❛✲❲♦r❧❞
●❡♦♥❛♠❡s
❲♦r❞◆❡t✷✳✵
❯♥✐q✉❡ ♥❛♠❡s
❘❡❢❡r❡♥ts
❛✈❣✳ ❛♠❜✐❣✉✐t②
,
✶✽✵, ✵✽✻
✷, ✾✺✹, ✻✾✺
✷, ✵✻✾
,
✷✻✹, ✷✽✽
✸, ✾✽✽, ✸✻✵
✷, ✶✽✽
✹ ✻✽
✶✸ ✸✷✹
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
✻✷ ✹✵✽
.
✶.✹✼
✶.✸✺
✶.✵✻
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙tr❡❡t ♥❛♠❡s ❛♠❜✐❣✉✐t②
❍✐❣❤❡r ❛♠❜✐❣✉✐t② ❞✉❡ t♦ str❡❡t
♥❛♠❡s✿
P (❋ )
♣r♦❜❛❜✐❧✐t② ♦❢ ✜♥❞✐♥❣ ❛♥
❛♠❜✐❣✉♦✉s t♦♣♦♥②♠ ❛t
❢r❡q✉❡♥❝② ❋ ✿
P (❋ ) =
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
|❚❛♠❜❋ |
|❚❋ |
✭✷✮
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙tr❡❡t ♥❛♠❡s ❛♠❜✐❣✉✐t②
❘❡❛s♦♥s✿
◆❛♠✐♥❣ ❛❢t❡r ❢❛♠♦✉s ♣❡♦♣❧❡
♦r ❤✐st♦r✐❝❛❧ ❞❛t❡s✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙tr❡❡t ♥❛♠❡s ❛♠❜✐❣✉✐t②
◆❛♠✐♥❣ ❛❢t❡r ❛ ❝✐t② t❤❡ r♦❛❞
✐s ♣♦✐♥t✐♥❣ t♦✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙tr❡❡t ♥❛♠❡s ❛♠❜✐❣✉✐t②
▲❛r❣❡ r♦❛❞ ❝r♦ss✐♥❣ ❛❞♠✐♥✐str❛t✐✈❡ ❜♦✉♥❞❛r✐❡s✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♥❣ str❡❡t ♥❛♠❡s
❈❛♥♥♦t ✉s❡ s✐❜❧✐♥❣s✿
❊①❛♠♣❧❡
✏❱✐❛ ▼❛♥t♦✈❛✧✿ ✹ ♣♦ss✐❜✐❧✐t✐❡s ✐♥ t❤❡ ❚r❡♥t♦ ♣r♦✈✐♥❝❡
♦♥❧② ✿
❱✐❛ ▼❛♥t♦✈❛✱ ❆r❝♦ ✭❚◆✮✱ ❚r❡♥t✐♥♦✲❆❧t♦ ❆❞✐❣❡✱ ■t❛❧✐❛
❱✐❛ ▼❛♥t♦✈❛✱ ❇r❡♥t♦♥✐❝♦ ✭❚◆✮✱ ❚r❡♥t✐♥♦✲❆❧t♦ ❆❞✐❣❡✱ ■t❛❧✐❛
❱✐❛ ▼❛♥t♦✈❛✱ ❈❛❞❡r③♦♥❡ ✭❚◆✮✱ ❚r❡♥t✐♥♦✲❆❧t♦ ❆❞✐❣❡✱ ■t❛❧✐❛
❱✐❛ ▼❛♥t♦✈❛✱ ✸✽✶✵✵ ❚r❡♥t♦ ✭❚◆✮✱ ❚r❡♥t✐♥♦✲❆❧t♦ ❆❞✐❣❡✱ ■t❛❧✐❛
⇒
❈♦♥❝❡♣t✉❛❧ ❉❡♥s✐t② ♥♦t ♣♦ss✐❜❧❡
⇒
❯s❡ t❤❡ ♠❛♣✲❜❛s❡❞ ♠❡t❤♦❞
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❆ ❝❛s❡ st✉❞②✿ ❚❉ ✐♥ ❛ ❧♦❝❛❧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♥❣ str❡❡t ♥❛♠❡s
■❞❡❛✿ t♦ t❛❦❡ ✐♥t♦ ❛❝❝♦✉♥t ❧♦❝❛❧✐t② ❛♥❞ ✏❛✉t❤♦r✐t②✧ ♦❢ ♠♦st
❢r❡q✉❡♥t t♦♣♦♥②♠s
✏❚r❡♥t♦✧ ❛❞❞❡❞ t♦ ❝♦♥t❡①t
❈❡♥tr♦✐❞ ♣♦s✐t✐♦♥ ♠♦❞✐✜❡❞ ❜② ❢r❡q✉❡♥❝✐❡s✿
❋ (❝ )
✐ ( ❥ ) = ∑❝ ∈❈ (❞ (❝ ,s ))✷ ❀
✐
▼ ✐ ❥
❘❡s♦❧✈❡ ✇✐t❤ s = ❛r❣s ∈❙ ♠❛① ❋✐ (s❥ )✳
❥
❋ s
✐
❊✈❛❧✉❛t✐♦♥ ♦✈❡r ❛ s❡t ♦❢ ✶, ✵✷✹ ♠❛♥✉❛❧❧② ❧❛❜❡❧❧❡❞ t♦♣♦♥②♠s
❡①tr❛❝t❡❞ ❢r♦♠ ❛ s❡t ♦❢ ✶✺✵ r❛♥❞♦♠❧② s❡❧❡❝t❡❞ ❞♦❝✉♠❡♥ts
♠❡t❤♦❞
♣r❡❝✐s✐♦♥
r❡❝❛❧❧
❋✲♠❡❛s✉r❡
♠❛♣✰❢r❡q✰❧♦❝❛❧
✽✽.✽✶%
✽✽.✼✸%
✵.✽✽✽
♠❛♣✰❧♦❝❛❧
✼✾.✸✻%
✼✾.✷✽%
✵.✼✾✸
❜❛s❡❧✐♥❡ ✭♦♥❧② ♠❛♣✮
✼✽.✾✼%
✼✽.✾✵%
✵.✼✽✾
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❊①♣❡r✐♠❡♥t❛❧ s❡t✲✉♣
●❡♦❲♦r❙❊✭●❊❖❣r❛♣❤✐❝❛❧ ❲❖❘❞♥❡t ❙❡❛r❝❤ ❊♥❣✐♥❡✮
❑❡②✇♦r❞✲❜❛s❡❞ r❛♥❦✐♥❣ ✇✐t❤ ♦r ✇✐t❤♦✉t t♦♣♦♥②♠
❞✐s❛♠❜✐❣✉❛t✐♦♥
●❡♦❣r❛♣❤✐❝❛❧❧② ❆❞❥✉st❡❞ ❘❛♥❦✐♥❣ ✭●❆❘✮ ✇✐t❤ ♦r ✇✐t❤♦✉t
t♦♣♦♥②♠ ❞✐s❛♠❜✐❣✉❛t✐♦♥
❆rt✐✜❝✐❛❧ ❚❉ ❡rr♦rs ♦♥ ❈▲■❘✲❲❙❉ ❝♦❧❧❡❝t✐♦♥
❚♦♣♦♥②♠ r❡s♦✉r❝❡s✿ ✭●❡♦✲✮❲♦r❞◆❡t✱ ●❡♦♥❛♠❡s
■❘ ❝♦❧❧❡❝t✐♦♥✿ ●❡♦❈▲❊❋✱ ❈▲■❘✲❲❙❉
❚♦♣✐❝s ❢r♦♠ ●❡♦❈▲❊❋ ✷✵✵✺✲✷✵✵✽
❝♦♥❢✳
❚✐t❧❡ ❖♥❧②
❚✐t❧❡ ❉❡s❝
❆❧❧ ❋✐❡❧❞s
❛✈❣✳ q✉❡r② ❧❡♥❣t❤
.
✶✼.✾✻
✺✷.✹✻
✺ ✼✹
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
#
t♦♣♦♥②♠s
✾✵
#
❛♠❜✳ t♦♣♦♥②♠s
✷✺
✶✸✷
✹✷
✺✸✽
✶✸✺
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦❲♦r❙❊✿ ■♥❞❡①✐♥❣ ♠♦❞✉❧❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦❲♦r❙❊✿ ❙❡❛r❝❤ ♠♦❞✉❧❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦❲♦r❙❊✿ ❙❡❛r❝❤ ♣❤❛s❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♦♥ ✈s✳ ♥♦ ❞✐s❛♠❜✐❣✉❛t✐♦♥
❆❧❧ ✜❡❧❞s✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♦♥ ✈s✳ ♥♦ ❞✐s❛♠❜✐❣✉❛t✐♦♥
❚✐t❧❡ ❛♥❞ ❉❡s❝r✐♣t✐♦♥✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♦♥ ✈s✳ ♥♦ ❞✐s❛♠❜✐❣✉❛t✐♦♥
❚✐t❧❡ ♦♥❧②✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♦♥ ✈s✳ ♥♦ ❞✐s❛♠❜✐❣✉❛t✐♦♥
▼❆P ❝♦♠♣❛r✐s♦♥✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❉✐s❛♠❜✐❣✉❛t✐♦♥ ✈s✳ ♥♦ ❞✐s❛♠❜✐❣✉❛t✐♦♥
❯s✐♥❣ ●❆❘✿
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙✐♠✉❧❛t❡❞ ❡rr♦rs
❚❛r❣❡t ❝♦❧❧❡❝t✐♦♥✿ ❈▲■❘✲❲❙❉✱ ❛✉t♦♠❛t✐❝❛❧❧② ❧❛❜❡❧❧❡❞ ✇✐t❤
❲◆✶✳✻ s❡♥s❡s ✭❆❣✐rr❡✱ ✷✵✵✽✮
⇒
♥♦t ❛ ✶✵✵% ❛❝❝✉r❛t❡ ❧❛❜❡❧❧✐♥❣
❆ ♣❡r❝❡♥t❛❣❡ ♦❢ ♠♦♥♦s❡♠✐❝ t♦♣♦♥②♠s ✇❡r❡ ❛ss✐❣♥❡❞ ❛♥
❤♦❧♦♥②♠ t❤❛t ✐s ♥♦t t❤❡✐r ❛❝t✉❛❧ ❤♦❧♦♥②♠
❙✐♠✉❧❛t❡❞ ❡rr♦r ❧❡✈❡❧s✿ ✶✵%, ✷✵%, ✸✵%, ✹✵%, ✺✵%, ✻✵%
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙✐♠✉❧❛t❡❞ ❡rr♦rs✿ r❡s✉❧ts
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❊①♣❡r✐♠❡♥t❛❧ s❡t✲✉♣
◗❆ s②st❡♠✿ ❙❡♠◗✉❛s❛r ✭❈▲❊❋ ❘♦❜✉st ❲❙❉✲◗❆ ✷✵✵✾
♣❛rt✐❝✐♣❛t✐♦♥✮
◗✉❡st✐♦♥s✿ ✼✼ q✉❡st✐♦♥s ❢r♦♠ t❤❡ ❈▲❊❋✲◗❆ ✷✵✵✺ ❛♥❞ ✷✵✵✻
❝r♦ss✲❧✐♥❣✉❛❧ ❊♥❣❧✐s❤✲❙♣❛♥✐s❤ t❡st s❡ts
❚❡st ❝♦❧❧❡❝t✐♦♥✿ ❈▲■❘✲❲❙❉ ✇✐t❤ s✐♠✉❧❛t❡❞ ❡rr♦rs ✭s❛♠❡ ❛s
●■❘ ❡①♣❡r✐♠❡♥ts✮
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙❡♠◗✉❛s❛r
❙✉♠♠❛r②
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚❉ ✐♥ ◗❆✿ r❡s✉❧ts ✭s✐♠✉❧❛t❡❞ ❡rr♦rs✮
r✉♥
❈▲■❘✲❲❙❉
✶✵✪ ❡rr♦r
✷✵✪ ❡rr♦r
✸✵✪ ❡rr♦r
✹✵✪ ❡rr♦r
✺✵✪ ❡rr♦r
✻✵✪ ❡rr♦r
❘
✼
✼
✼
✼
✼
✼
✼
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❳
✷
✵
✵
✵
✵
✵
✵
❯ ❆❝❝✉r❛❝②
✵ ✶✸✳✷✶✪
✶ ✶✸✳✷✶✪
✵ ✶✸✳✷✶✪
✵ ✶✸✳✷✶✪
✵ ✶✸✳✷✶✪
✵ ✶✸✳✷✶✪
✵ ✶✸✳✷✶✪
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❊✈❛❧✉❛t✐♦♥ ♦❢ ♣❛ss❛❣❡ r❡tr✐❡✈❛❧
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦♦r❡❦❛✦
❆ ❣❡♦❣r❛♣❤✐❝❛❧❧② ❝♦♥str❛✐♥❡❞ ✐♥❢♦r♠❛t✐♦♥ ♥❡❡❞ ♠❛② ❜❡
❡①♣r❡ss❡❞ ✐♥ ❛ ❜❡tt❡r ✇❛② ✇✐t❤ ❛ ♠❛♣✲❜❛s❡❞ ✉s❡r ✐♥t❡r❢❛❝❡
◆❛t✉r❛❧ ❧❛♥❣✉❛❣❡✿ ✐♠♣r❡❝✐s❡ ❜✉t s❤♦rt ❛♥❞ ❞❡s❝r✐♣t✐✈❡
●❡♦❣r❛♣❤②✿ ♣r❡❝✐s❡ ❜✉t ❝♦♠♣❧❡①
❙P■❘■❚ Pr♦❥❡❝t ✭❈✳❇✳ ❏♦♥❡s ❡t ❛❧ ✭✷✵✵✷✮✮
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦♦r❡❦❛✦ ▼❛✐♥ ♣❛❣❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦♦r❡❦❛✦ ❆r❝❤✐t❡❝t✉r❡
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❙❡❧❡❝t✐♦♥ ♦❢ r❡❧❡✈❛♥t q✉❡r✐❡s
❚
ˆ(❚ ∩ ● ) = ♣ (● )♣ (❚ )
✭✐♥❞❡♣❡♥❞❡♥❝❡ ❛ss✉♠♣t✐♦♥✮✿ ♣
♣(❳ ) = ❢r❡q (❳ )/ ♠❛①❢r❡q(✇ ) ✇ ∈ Ω
▼✉t✉❛❧ ✐♥❢♦r♠❛t✐♦♥ ♦❢ ● ❛♥❞ ❚ ✿
■ (❚ ; ● ) = ♣(❚ ∩ ● ) ❧♦❣ ♣♣((❚❚)∩♣(●●))
❊①♣❡❝t❡❞ ❝♦✲♦❝❝✉rr❡♥❝❡ ♦❢ ♣❧❛❝❡
●
❛♥❞ t❤❡♠❡
❊①❛♠♣❧❡
❢ (“♣❡st♦ ”) = ✷✾, ✼✵✵, ✵✵✵ ⇒ ♣(“♣❡st♦ ”) = ✷✾, ✼✵✵, ✵✵✵/✷, ✶✹✼, ✹✸✻, ✷✹✹ = ✵.✵✶✹
❢ (“●❡♥♦✈❛”) = ✹✷✵, ✽✶✼ ⇒ ♣(“●❡♥♦✈❛”) = ✹✷✵, ✽✶✼/✷, ✶✹✼, ✹✸✻, ✷✹✹ = ✵.✵✵✵✷
♣(“♣❡st♦ ” ∩ “●❡♥♦✈❛”) = ✵.✵✵✵✷ · ✵.✵✶✹ = ✵.✵✵✵✵✵✷✽
■ (“♣❡st♦ ”; “●❡♥♦✈❛”) = ✵.✵✵✶✶ ✭■ (“♣❡st♦ ”; “❚♦r✐♥♦ ”) = ✵.✵✵✵✵✷✮
❊①♣❡❝t❡❞ ♣❛❣❡ ❝♦✉♥t ✻, ✵✶✸❀ ❛❝t✉❛❧✿ ✶✵✸, ✵✵✵
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❊①❛♠♣❧❡ r❡s✉❧ts
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❊✈❛❧✉❛t✐♦♥ ♦♥ ●❡♦❈▲❊❋
●❡♦❈▲❊❋ ✷✵✵✺ t❡st s❡t
●❡♦❲♦r❙❊ ✭❦❡②✇♦r❞✲❜❛s❡❞✮
●❡♦♦r❡❦❛✦ ✭♠❛♣✲❜❛s❡❞✮ ✇✐t❤ ❢✉s✐♦♥ ♦r ♥♦t
t♦♣✐❝
❛✈❣✳ ▼❘❘
●❡♦♦r❡❦❛✦
●❡♦♦r❡❦❛✦
●❡♦❲◆
✭◆♦ ❋✉s✐♦♥✮
✭✰ ❇♦r❞❛ ❋✉s✐♦♥✮
✵✳✻✶✷
✵✳✼✺✻
✵✳✹✾✼
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
●❡♦❣r❛♣❤✐❝❛❧ ❉✐✈❡rs✐t② ✐♥ ❘❡s✉❧ts
▼❘❘ ❢♦r ❡❛❝❤ ❞✐✛❡r❡♥t ❧♦❝❛t✐♦♥ r❡tr✐❡✈❡❞
t♦♣✐❝
✶st
✷♥❞
✸r❞
✹t❤
✶✳✵✵✵
✵✳✵✵✵
✵✳✺✵✵
✶✳✵✵✵
●❈✲✵✵✷
▲♦♥❞♦♥ ■t❛❧②
▼♦s❝♦✇
❇❡❧❣✐✉♠
✶✳✵✵✵
✶✳✵✵✵
✵✳✵✵✵
✶✳✵✵✵
●❈✲✵✵✸
❍❛✐t✐
▼❡①✐❝♦ ●✉❛t❡♠❛❧❛ ❇r❛③✐❧
✶✳✵✵✵
✶✳✵✵✵
●❈✲✵✵✺
❏❛♣❛♥ ❚♦❦②♦
✶✳✵✵✵
✵✳✷✵✵
✶✳✵✵✵
✶✳✵✵✵
●❈✲✵✵✼
❯❑
■r❡❧❛♥❞ ❊✉r♦♣❡
❇❡❧❣✐✉♠
✺t❤
✶✳✵✵✵
●❡r♠❛♥②
✵✳✵✵✵
❈❤✐❧❡
✵✳✵✵✵
❋r❛♥❝❡
...
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❚♦♣♦♥②♠ ❛♠❜✐❣✉✐t② ✐♥ ♣❧❛❝❡ ♣r♦❜❛❜✐❧✐t② ❡st✐♠❛t✐♦♥
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❈♦♥tr✐❜✉t✐♦♥s
●❡♦✲❲♦r❞◆❡t ❛♥❞ ●❡♦❙❡♠❈♦r❀
❚❤❡ st✉❞② ♦♥ t❤❡ ✏▲✬❆❞✐❣❡✧ ♥❡✇s ❝♦❧❧❡❝t✐♦♥ ❤✐❣❤❧✐❣❤t❡❞ t❤❡
♣r♦❜❧❡♠s t❤❛t ❝♦✉❧❞ ❜❡ ❢♦✉♥❞ ✇❤✐❧❡ ✇♦r❦✐♥❣ ♦♥ ❛ ❧♦❝❛❧ ♥❡✇s
❝♦❧❧❡❝t✐♦♥✱ ✇✐t❤ ❛ str❡❡t ❧❡✈❡❧ ❣r❛♥✉❧❛r✐t②❀
❚❤❡ ❞❡s✐❣♥ ❛♥❞ t❤❡ ❡✈❛❧✉❛t✐♦♥ ♦❢ t❤❡ ❈❉ ❛♥❞ ♠❛♣✲❜❛s❡❞
❞✐s❛♠❜✐❣✉❛t✐♦♥ ♠❡t❤♦❞s❀
❊①♣❡r✐♠❡♥ts t♦ ❞❡t❡r♠✐♥❡ ✉♥❞❡r ✇❤✐❝❤ ❝♦♥❞✐t✐♦♥s ❚❉ ♠❛② ❜❡
✉s❡❞ t♦ ✐♠♣r♦✈❡ t❤❡ ♣❡r❢♦r♠❛♥❝❡ ✐♥ ●■❘ ❛♥❞ ◗❆❀
❊①♣❡r✐♠❡♥ts t♦ ❞❡t❡r♠✐♥❡ t❤❡ r❡❧❛t✐♦♥ ❜❡t✇❡❡♥ ❡rr♦r ❧❡✈❡❧s ✐♥
❚❉ ❛♥❞ r❡s✉❧ts ✐♥ ●■❘ ❛♥❞ ◗❆❀
■♠♣❧❡♠❡♥t❛t✐♦♥ ♦❢ ❛ ♣r♦t♦t②♣❡ s❡❛r❝❤ ❡♥❣✐♥❡ ✭●❡♦♦r❡❦❛✦✮ t❤❛t
❡①♣❧♦✐ts ❝♦✲♦❝❝✉rr❡♥❝❡s ♦❢ t♦♣♦♥②♠s ❛♥❞ ❝♦♥❝❡♣ts✳
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❆♥❛❧②s✐s
❙✉♠♠❛r②
❚♦♣♦♥②♠ ❞✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘ ✐s ✉s❡❢✉❧ ♦♥❧② ✐❢ t❤❡ r❡s♦✉r❝❡
✐s ❤✐❣❤❧② ❞❡t❛✐❧❡❞ ❛♥❞ t♦♣✐❝s ❛r❡ s❤♦rt
❍♦✇❡✈❡r✿ s♠❛❧❧ ✐♠♣r♦✈❡♠❡♥ts✱ ✐rr❡❧❡✈❛♥t ❞✐✛❡r❡♥❝❡s ❡✈❡♥ ✇❤❡♥
✻✵% ❡rr♦rs ❛r❡ ✐♥tr♦❞✉❝❡❞
❚❉ ❞♦❡s ♥♦t r❡♣r❡s❡♥t ❛♥ ✐ss✉❡ ❢♦r ◗❆
❚♦♦ ♠❛♥② ❡rr♦rs ❞❡r✐✈❡❞ ❢r♦♠ ♦t❤❡r ❝r✐t✐❝❛❧ ❝♦♠♣♦♥❡♥ts ✐♥ ◗❆
s②st❡♠s
■t✬s ❞✐✣❝✉❧t t♦ ❝♦rr❡❝t❧② ❡st✐♠❛t❡ t❤❡ ♣r♦❜❛❜✐❧✐t✐❡s ❢♦r t❤❡
❝♦✲♦❝❝✉rr❡♥❝❡s ♦❢ ♣❧❛❝❡ ❛♥❞ ❡✈❡♥ts s✐♥❝❡ ♣❧❛❝❡ ♥❛♠❡s ✐♥ t❤❡
✇❡❜ ❛r❡ ♥♦t ❞✐s❛♠❜✐❣✉❛t❡❞
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
❋✉t✉r❡ ❲♦r❦s
❊①♣❡r✐♠❡♥ts ✇✐t❤ ▲●▲ ❝♦❧❧❡❝t✐♦♥ ❜② ❉✳▲✐❡❜❡r♠❛♥♥
❈♦♠♣❛r✐s♦♥ ✇✐t❤ ♦✛✲t❤❡✲s❤❡❧❢ ♠❡t❤♦❞s ✭❨❛❤♦♦✦ ♣❧❛❝❡♠❛❦❡r✮
❉✐✛❡r❡♥t ■❘ ♠♦❞❡❧s❄
●❡♦♦r❡❦❛✦ ✐♥t❡r❢❛❝❡ t♦ ❜❡ ✐♠♣r♦✈❡❞
❯s❡r✲❜❛s❡❞ ❡✈❛❧✉❛t✐♦♥ ♦❢ ●❡♦♦r❡❦❛✦ ❞✐✈❡rs✐✜❡❞ r❡s✉❧ts
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧
■♥tr♦❞✉❝t✐♦♥
❘❡s♦✉r❝❡s
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ●■❘
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ◗❆
❚❉ ✐♥ t❤❡ ❲❡❜✿ ●❡♦♦r❡❦❛✦
❙✉♠♠❛r②
■♠♣❛❝t ♦❢ ❘❡s❡❛r❝❤
●❡♦✲❲♦r❞◆❡t✱ ●❡♦❙❡♠❈♦r ✉s❡❞ ❜② ♦t❤❡r r❡s❡❛r❝❤❡rs
❆♣♣r♦①✳ ✻✵ r❡❧❛t❡❞ ♣✉❜❧✐❝❛t✐♦♥s
❇✉s❝❛❧❞✐ ❉✳✱ ❘♦ss♦ P✳✱ ●ó♠❡③ ❏✳▼✳✱ ❙❛♥❝❤✐s ❊✳ ✭✷✵✵✾✮
❆♥s✇❡r✐♥❣ ◗✉❡st✐♦♥s ✇✐t❤ ❛♥ ♥✲❣r❛♠ ❜❛s❡❞ P❛ss❛❣❡ ❘❡tr✐❡✈❛❧
❊♥❣✐♥❡✳ ■♥✿ ❏♦✉r♥❛❧ ♦❢ ■♥t❡❧❧✐❣❡♥t ■♥❢♦r♠❛t✐♦♥ ❙②st❡♠s✱ ✈♦❧✳ ✸✹✱
♣♣✳ ✶✶✸✲✶✸✹✳ ❙♣r✐♥❣❡r✳
❇✉s❝❛❧❞✐ ❉✳✱ ❘♦ss♦ P✳ ✭✷✵✵✽✮ ❆ ❝♦♥❝❡♣t✉❛❧ ❞❡♥s✐t②✲❜❛s❡❞
❛♣♣r♦❛❝❤ ❢♦r t❤❡ ❞✐s❛♠❜✐❣✉❛t✐♦♥ ♦❢ t♦♣♦♥②♠s✳ ■♥✿ ■♥t❡r♥❛t✐♦♥❛❧
❏♦✉r♥❛❧ ♦❢ ●❡♦❣r❛♣❤✐❝❛❧ ■♥❢♦r♠❛t✐♦♥ ❙❝✐❡♥❝❡✱ ✷✷ ✭✸✮✿ ✶✹✸✲✶✺✸✳
❚❛②❧♦r ❛♥❞ ❋r❛♥❝✐s✳ ❙♣❡❝✐❛❧ ■ss✉❡ ♦♥ ●❡♦❣r❛♣❤✐❝❛❧ ■♥❢♦r♠❛t✐♦♥
❘❡tr✐❡✈❛❧✳ ❊❞✐t♦rs✿ ❈❤r✐s ❏♦♥❡s ❛♥❞ ❘♦ss P✉r✈❡s✳
❤✲✐♥❞❡①✿ ✶✶✱ ❣✲✐♥❞❡①✿ ✶✺
❉❛✈✐❞❡ ❇✉s❝❛❧❞✐
❚♦♣♦♥②♠ ❉✐s❛♠❜✐❣✉❛t✐♦♥ ✐♥ ■♥❢♦r♠❛t✐♦♥ ❘❡tr✐❡✈❛❧