Vous êtes sur la page 1sur 22

ISSN 1352-2469 Distributional Analysis Research Programme

Attitudes towards Risk and Inequality:


A Questionnaire-Experimental Approach

by

Yoram Amiel
Ruppin Institute, Israel

and

Frank Cowell
London School of Economics

Discussion Paper Distributional Analysis Research Programme


No. DARP 56 The Toyota Centre
June 2000 Suntory and Toyota International
Centres for Economics and
Related Disciplines
London School of Economics
Houghton Street
London WC2A 2AE
Distributional Analysis Research Programme

The Distributional Analysis Research Programme was established in 1993


with funding from the Economic and Social Research Council. It is located
within the Suntory and Toyota International Centres for Economics and
Related Disciplines (STICERD) at the London School of Economics and
Political Science. The programme is directed by Frank Cowell. The
Discussion Paper series is available free of charge and most papers are
downloadable from the website. To subscribe to the DARP paper series, or
for further information on the work of the Programme, please contact our
Research Secretary, Sue Coles on:

Telephone: UK+20 7955 6678


Fax: UK+20 7955 6951
Email: s.coles@lse.ac.uk
Web site: http://sticerd.lse.ac.uk/DARP

 Authors: Yoram Amiel and Frank Cowell

All rights reserved. Short sections of text, not to exceed two paragraphs,
may be quoted without explicit permission provided that full credit,
including  notice, is given to the source.
Mt|h@U|

h_ih?}t Lu ?UL4i _t|hM|L?t ? |ih4t Lu ?i^@*|) tL*_ Mi U*Lti*)


hi*@|i_ |L Lh_ih?}t ? |ih4t Lu ht! Nt?} @ ?Li* 4*|UL?|h) ^it|L?
?@hi i Tih4i?| i i @4?i |i M@tt uLh |t U*@4 ? |ih4t Lu hitTL?_i?|t<
_t|hM|L?@* TihUiT|L?t `i tL |@| ? |ih4t Lu ML| ?i^@*|) @?_ ht!
?__@*t UL?tt|i?|*) hiiU| L?i Lu |i t|@?_@h_ @ L4t Lu _t|hM|L?@*
UL4T@htL? LhiLih |ihi @hi t}?€U@?| _gihi?Uit ? |i R4@Tt Lu ?
i^@*|) @?_ ht! UL4T@htL?t +iiU|L? Lu |i Lh|L_L @TThL@U t *itt
*!i*) |L LUUh i? _t|hM|L?@* UL4T@htL?t ?L*i |i i |hi4it Lu |i
_t|hM|L?t `i tL |@| Uih|@? !i) M@U!}hL?_ @h@M*it @hi Lihi*4
?}*) 4TLh|@?| ? Thi_tTLt?} ?__@*t |L@h_ @UUiT|@?Ui Lh hiiU|L?
Lu |i Lh|L_L M@tt uLh _t|hM|L?@* UL4T@htL?t
At T@Tih uLh4t T@h| Lu |i hiti@hU ThL}h@44i Lu |i A+ ?i|Lh!
w?} 5|@?_@h_tc W?i^@*|) @?_ A@ @|L? dL?|h@U| L ,+6+jA
bHf2eHo Lu |i ,hLTi@? L44?|it Lti €?@?U@* tTTLh| t }h@|iu**)
@U!?L*i}i_

 a,w *@tt€U@|L?G  c #S

 ki)Lh_tG ?i^@*|)c ht!c i Tih4i?|c |h@?tuih Th?UT*i


 W?|hL_U|L?
|||_it |L ?i^@*|) @?_ ht! U@? Mi ?|ihThi|i_ ? @ ?4Mih Lu @)t 
t|@?_@h_ @TThL@U t |L |?! ? |ih4t Lu t|hi?}| Lu ?i^@*|) @ihtL? Lh
ht! @ihtL? @?_ |ihi @hi tiih@* t|_it U i @4?i |iti ^it|L?t
uhL4 |i t|@?_TL?| Lu iUL?L4U Lh|L_L ) ? |iti |L €i*_tc @?_ tL4i
U ?it|}@|i ht! @?_ ?i^@*|) L?|*) |? |i t|@?_@h_ uh@4iLh! 
OLiihc ? |t T@Tih i i @4?i @ _iiTih ^it|L? |@| @__hittit |i M@tt
uLh t|@|i4i?|t @ML| ?i^@*|) Lh ht! UL4T@htL?t |L| ?ULhTLh@|?}
@ ThLh |i !i) @tt4T|L?t |@| 4TLti t|hU|hi L? ?i^@*|) ?_Uitc
4i@thit Lu ht! Lh L|ih _t|hM|L?@* Uh|ih@ At t @UUL4T*ti_ M) ti
Lu @ ^it|L??@hii Tih4i?|@* t|_) |@| Tih4|t L?i |L ?it|}@|i |i @)
? U ?__@*t< TihUiT|L?t Lu ?UL4i_t|hM|L? UL4T@htL?t UL?uLh4
|Lc Lh _iT@h| uhL4c |i Lh|L_L @?@*)|U@* uh@4iLh!
hiLt t|_it @i @?@*)ti_ |i ?_ih*)?} t|hU|hi Lu @|||_it |L
@h_t ht! @?_ ?i^@*|) tiT@h@|i*) E4i* @?_ Li** bbb@cbbbM( 4i*
i| @* 2fff OLiihc ? |t U@ti i @hi @M*i |L i @4?i |i t|hU|hi Lu
ML| |)Tit Lu UL4T@htL? t4*|@?iLt*) M) 4i@?t Lu @ _iUi i T*@?i_ ?
5iU|L? 2 `i @?@*)ti ^it|L??@hi hitTL?tit Lu Lih ff t|_i?|t uhL4
tii? UL?|hit ? @ L?| ?i^@*|)@?_ht! ^it|L??@hi i Tih4i?|
Ai T@Tih t @hh@?}i_ @t uL**Lt 5iU|L?t 2 @?_ _itUhMi |i i Tih4i?|
@?_ hit*|?} _@|@ ti| 5iU|L? e *LL!t @| @** |i hitTL?tit |L |i ?4ihU@*
^it|L?t L?|*)c @?_ 5iU|L? D t|_it |i @h@|L? ? hitTL?tit uLh tTiU€U
?4ihU@* ^it|L?t _i@*?} | _gihi?| |)Tit Lu i^@*t?} ?UL4i |h@?t
uiht 5iU|L? S i @4?it |i 4T*U@|L?t Lu hitTL?tit |L |i ihM@* T@h| Lu
|i ^it|L??@hi 5iU|L? . UL?U*_it

2 Ai , Tih4i?|
#h?} bbH%bb @ ^it|L??@hi i Tih4i?| @t U@hhi_ L| L? |i*i t@4
T*it Lu ?_ih}h@_@|i t|_i?|t uhL4 tii? UL?|hit Ai 4@Lh|) ihi
iUL?L4Ut t|_i?|t Lu tL4i tLh| L|iht U@4i uhL4 _tUT*?it tU @t TL*
|Ut @?_ *@ Ai ^it|L??@hi @t Lh}@?ti_ @t uL**Lt #h?} hi}*@h
U*@tt Lh *iU|hi |4i |i |i@Uih uL?_ @ t*L| |L _t|hM|i |L ti|t Lu ^it
|L??@hit |L |i t|_i?|t ,@U t|_i?| hiUii_ t| L?i ^it|L??@hi @?_
UL4T*i|i_ | ?_ih |i tTihtL? Lu |i U*@tt |i@Uih Lh *iU|hih ? @ML|
f Lh D 4?|it2
4 Rq wkh uvw vhh Dplho dqg Frzhoo +5333, iru dq ryhuylhz1 Rq wkh vhfrqg vhh/ iru
h{dpsoh wkh h{shulphqwdo dssurdfk ri Nuroo dqg Gdylgrylw} +4<<<,1
5 Lq sudfwlfh wkhuh zdv rqh h{fhswlrq wr wklv qrwhg lq vhfwlrq 6 ehorz1


Ai hi@tL? uLh |ihi Mi?} |L ti|t Lu ^it|L??@hit @t |@| i ti_
|L LM|@? t4*|@?iLt*) |L t@4T*it uhL4 |i t@4i TLT*@|L?c L?i uLh
i@U Lu |i |L ttitc ?i^@*|) @?_ ht! Ai |L _LU4i?|t hi^hi_ uLh
|i L?| t|_) ihi _i*Mih@|i*) _it}?i_ |L Mi ih) t4*@h tL |@|c @| @
}*@?Uic i@U hitTL?_i?|<t ^it|L??@hi L*_ @TTi@h |L Mi |i t@4i @t t
?i}MLh<t tii TTi?_ 2 5|_i?|t ihi t4T*) |L*_ |@| |i) ihi |L
UL4T*i|i @ R^it|L??@hi L? ?UL4i _t|hM|L?c @?_ ihi ?L| ?uLh4i_
|@| |ihi ihi @U|@**) |L tiT@h@|i ihtL?t Lu |i ^it|L??@hi t|_)
Ai ^it|L??@hit UL?tt|i_ Lu |hii T@h|tG

 6ht| hitTL?_i?|t ihi @t!i_ |L h@?! t T@ht Lu ?UL4i iU|Lht E


@?_  ? |ih4t Lu ?i^@*|) Lh ht! At @t 4L|@|i_ M) @ Mhiu
t|Lh) @ML| @ UL?|h) U@**i_ R*u@*@?_G |i €i UL4TL?i?|t Lu i@U
iU|Lh hiThiti?|i_ ?UL4it ? |i €i hi}L?t Lu *u@*@?_( ? i@U Lu |i
t ^it|L?t i@U EcT@h Lu iU|Lht @t tTTLti_ |L hiThiti?| |i
L|UL4it Lu |L TL*Uit( ? |i ht! UL?|i | hitTL?_i?|t ihi ?|i_
|L tTTLti |@| @ ?iUL4ih |L *u@*@?_ L*_ Mi @tt}?i_ @| h@?_L4
|L @?) L?i Lu |i €i hi}L?tc @?_ |@| ht! tL*_ Mi _}i_ uhL4 |i
t|@?_TL?| Lu tU @ ?iUL4ih 6Lh i@U ^it|L?c  @t LM|@?i_ uhL4
 M) @? i^@*t?} ?UL4i |h@?tuih uhL4 @ hU |L @ TLLh hi}L? |L|
hiiht?} |i Lh_ih?} Lu |i |L hi}L?t ?L*i_ ? |i |h@?tuiht t i
@i tii?c @UULh_?} |L |i h?UT*i Lu Ah@?tuihtc @? i^@*t?} ?UL4i
|h@?tuih hi_Uit ?i^@*|) AihiuLhic |i h?UT*i Lu Ah@?tuiht L*_
4T*) |@|  t 4Lhi ?i^@* Eht!ih |@?  ? @** t ?4ihU@*
^it|L?t

2 +itTL?_i?|t ihi |i? ?|i_ |L *LL! @| |i tti Lu |i |h@?tuih Th?
UT*i E4i@?Thitih?} tThi@_t ? |ih4t Lu @ t4T*i i |i?tL? Lu |i
t|Lh) @ML| *u@*@?_( |t |4i @? i U*ti*) ihM@* @TThL@U @t ti_
uLh ML| ?i^@*|) @?_ ht! ihtL?t Ai _i|@*t Lu |t T@h| Lu |i
^it|L??@hi @hi _tUtti_ uh|ih ? 5iU|L? S Mi*L

 6?@**) hitTL?_i?|t ihi @t!i_ uLh _i|@*t @ML| |i4ti*itc |ih M@U!
}hL?_t @?_ |ih @|||_itc @*|L} |i ^it|L??@hi @t UL?_U|i_
@?L?)4Lt*)G |i _i|@*t Lu |iti ^it|L?t @hi Thiti?|i_ ? |i T
Ti?_ 

#@|@
A@M*i  }it @ t44@h) Lu |i ?4Mih Lu t|_i?|t M) UL?|h) Ai _@|@
ti| UL4Thtit t|_i?|t uhL4 tii? UL?|hit Eh}i?|?@c t|h@*@c i*}4c

2
4Mih ihUi?|@}i
AL|@* W?i^@*|) +t! AL|@* W?i^@*|) +t!
h}i?|?@ .e H S S S S
t|h@*@ 2e S2 S2   
i*}4  . H. Df 2 D b
Bih4@?) 2Se 2S  H 2 2 2e
Wth@i* Hf b H. S S D
5i_i? S  2 D D S
Nk  Df S 2. 2S 2H
** UL?|hit D DH. DSS ff ff ff

A@M*i G 5|_i?|t M) L?|h)

Bih4@?)c Wth@i*c 5i_i?c @?_ |i Nk  hL}*) i^@* ?4Mih Lu t|_i?|t
hitTL?_i_ |L |i ?i^@*|) @?_ ht! ^it|L??@hit ED2I ihtt eHI 5|
_i?|t uhL4 t|h@*@ hitTL?_i_ |L ML| ?i^@*|) @?_ ht! ^it|L??@hit
Ai hit*|t Thiti?|i_ ihi ?U*_i |i t|h@*@? hitTL?titc M| i U*_?}
|i4 _Lit ?L| @giU| |i 4@? €?_?}t
Ai t|_i?|t ThL_i_ ?uLh4@|L? @ML| M@tU TihtL?@* U@h@U|iht|Ut
tii |i TTi?_ uLh |i UL4T*i|i *t| Ai U@h@U|iht|Ut uLh |i ?i^@*|)
@?_ ht! tMt@4T*it @hi ih) t4*@hc @t tL? ? A@M*i 2 `| |i i UiT
|L? Lu ?UL4i ? 2ffc @ ||it| hiiU|t |i ?** )TL|itt Lu i^@* 4i@?t
@UhLtt ?i^@*|) @?_ ht! t@4T*it uLh @** U@h@U|iht|Ut @| t|@?_@h_ t}?u
U@?Ui *ii*t  #gihi?Uit ? |i hitTL?tit Mi|ii? ht! @?_ ?i^@*|) @hi
?*!i*) |L Mi _hi? M) t)t|i4@|U @h@|L? ? |i U@h@U|iht|Ut Lu |i |L
tMt@4T*it
A@M*i UL4T@hit _t|?}tit Mi|ii? 4@*i @?_ ui4@*i tM}hLTt Ai
|t|@|t|Ut ?_U@|i tL4i _gihi?Uit Mi|ii? |i |L }hLTtc ? T@h|U*@h uLh
|i ?i^@*|) tMt@4T*i @*i t|_i?|t |i?_ |L Mi L*_ihc |L @i 4Lhi Lh!
i Tihi?Uic |L Mi 4Lhi UL?tih@|ic @?_ |L @i @ }ih it|4@|i_ ?UL4i
? 2ff W| ** Mi 4TLh|@?| |L UL?|hL* uLh |iti UL@h@|it i? i @?| |L
tL*@|i |i ?i?Ui Lu }i?_ih L? @|||_it |L@h_t ht! @?_ ?i^@*|)
6 Vwxghqwv zhuh dvnhg wr udwh wkhlu srolwlfdo ylhz/ idplo| lqfrph 4<<3/ dqg idplo| lq0
frph 5343 rq d vfdoh iurp rqh wr vhyhq1 Lqfrph Fkdqjh 5343 lv ghqhg dv wkh glhuhqfh
ehwzhhq Lqfrph 5343 dqg Lqfrph 4<<31 Hpsor|phqw uhihuv wr dq| zrun klvwru| ehiruh
xqlyhuvlw|1 Hfrqrplf vxemhfw frpsulvhv hfrqrplfv/ hfrqrphwulfv/ hfrqrplf klvwru|/ pdwk0
hpdwlfdo hfrqrplfv/ dqg ghyhorsphqw hfrqrplfv1 Wkh pdlq uhvxowv ri wkh sdshu uhpdlq
xqdhfwhg li zh xvh d zlghu ghqlwlrq/ lqfoxglqj lq dgglwlrq PEDv dqg wkh vxemhfwv df0
frxqwlqj dqg qdqfh/ pdqdjhphqw vflhqfh/ dqg exvlqhvv vwxglhv1


W?i^@*|) +t! @*i8
i@? 5# i@? 5#
Bi?_ih fS feH fS feb SS
}i 22bD eee 2 2 ef 2
,4T*L)4i?| fef feb fee fDf 2e
L*|U@* T?L? ef fD b. fD b
W?UL4i bbf e 2 f e2D f
W?UL4i 2ff Dfe fb eb ff 2
,UL?L4U 5MiU| EULhi f2b feD f f feS Se
,UL?L4U 5MiU| EMhL@_ih f.D fe f.2 feD 2e
-Htxdolw| lq phdqv dfurvv ulvn dqg lqhtxdolw| vxejurxs1

A@M*i 2G ihtL?@* @h@U|iht|Ut Lu 5|_i?|t

@*i 6i4@*i @*i8


i@? 5# i@? 5#
+W5k
}i 2 .. eD2 222. 2H f
,4T*L)4i?| feH fDf f S feH f
L*|U@* T?L? efe fS HH f H
W?UL4i bbf e2. 2f e2 fbe SS
W?UL4i @?}i 2ff f. e2 feH 2 f
,UL?L4U 5MiU| EU f fe. f2. fee f
W,"NwWAv
}i 2 ef ebb 22e 2S f
,4T*L)4i?| feD fDf f 2 fe. f
L*|U@* T?L? ef f bf fbS 2
W?UL4i bbf e b fbH eH fD 2
W?UL4i @?}i 2ff f.. D fSf   
,UL?L4U 5MiU| EU f f feS f2H feD .D
-Htxdolw| lq phdqv dfurvv ulvn dqg lqhtxdolw| vxejurxs1

A@M*i G ihtL?@* @h@U|iht|Ut Lu @*i @?_ 6i4@*i 5|_i?|t

e
W?i^@*|) +t!
Htxdolvlqj Wudqvihu Uhgxfhv Lqhtxdolw|B-
AL|@* Db S
@*i S S.
6i4@*i D. D
Frqvlvwhqf| zlwk Wudqvihu SulqflsohB--
AL|@* . 2
@*i 2 
6i4@*i f 
-Sursruwlrq ri dqvzhu D1
--Sursruwlrq ri dqvzhu D lq doo vl{ txhvwlrqv

A@M*i eG ihUi?|@}i 5@hit Lu +itTL?ti 

e 4ihU@* hitTL?tit @?_ |i h?UT*i Lu


Ah@?tuiht
e #itUhT|i hit*|t
Ai ttit |@| L?i U@? @__hitt | T@h|  Lu |i ^it|L??@hi UL?Uih?
?uihi?Uit _h@? uhL4 hitTL?_i?|t< ULUit L? i@U T@h Lu iU|Lht Lh L? |i
T@||ih? Lu hitTL?tit Lih @** t ?4ihU@* ThLM*i4tG _L |i) i @ T@h|U
*@h i^@*t?} ?UL4i |h@?tuih @t ?i^@*|) @?_ ht! hi_U?}q hi |ih
hitTL?tit L?|*) UL?tt|i?| | |i h?UT*i Lu Ah@?tuihtq A@M*i e tLt
t4T*i t44@h) t|@|t|Ut Lu |i hitTL?tite 6Lh ML| ?i^@*|) @?_ ht!c
@ML| SfI Lu |i hitTL?tit i @? i^@*t?} |h@?tuih @t ?i^@*|)%ht!
hi_U?} OLiihc ?L 4Lhi |@? @ML| L?i €u| Lu |i t|_i?|t |U!i_ hi
tTL?ti  uLh @** t ^it|L?t Ai UL?tt|i?U) | |i h?UT*i Lu Ah@?tuiht
t }ih uLh ht! E2 I |@? uLh ?i^@*|) E.I
@*i @?_ ui4@*i tMiU|t _gih 4@h!i_*) ? |ih hitTL?tit ? ML| ht!
@?_ ?i^@*|) tMt@4T*itG L4i? @hi 4Lhi *!i*) |L @?tih  u |i ^it|L?
t ? |i ?i^@*|) UL?|i | ihi@t 4i? @hi 4Lhi *!i*) |L _L tL u | t ?
|i UL?|i | Lu ht! Ai _gihi?Uit @hi t|hL?}ih uLh ht! @|||_itG 4@*i
t|_i?|t @hi 2DI 4Lhi *!i*) |L UiU! @?tih c @?_ @*4Lt| |hii |4it
4Lhi UL?tt|i?| | |i h?UT*i Lu Ah@?tuiht |@? ui4@*i t|_i?|t
7 Wkurxjkrxwwkh dqdo|vlv zh oxps wkh uhvsrqvhv _D dqg E kdyh vdph ohyho ri lqhtxdo0
lw|2ulvn% dqg _E kdv kljkhu lqhtxdolw|2ulvn wkdq D% lqwr rqh fdwhjru|1 Glvwlqjxlvklqj
ehwzhhq wkhvh uhvsrqvhv grhv qrw dhfw wkh txdolwdwlyh uhvxowv ri wkh dqdo|vlv1

D
e2 +i}hittL? ?@*)tt
Ai ^it|L? 44i_@|i*) @htit i|ih }i?_ih hi4@?t @? 4TLh|@?| _i
|ih4?@?| Lu i|ihL_L hitTL?tit L?Ui L?i UL?|hL*t uLh L|ih TihtL?@* U@h
@U|iht|Ut AL @__hitt |t i ti @ t|@?_@h_ ThLM| hi}hittL?t Lu |i uLh4

hE+itTL?ti @||ih? ' xEK + n K2 +2 n  n K? +?  E

ihi + t @ 4i@thi Lu TihtL?@* Lh M@U!}hL?_ U@h@U|iht|U  @?_ EK c c K? 


t @ iU|Lh Lu ULiUi?|t Bi? |@| |ihi ihi 6 tiT@h@|i ?4ihU@* ^it
|L?t Eihi 6 ' S ? Lh U@ti ? U L?*) |i @?tih  t UL?tt|i?|
| iUL?L4U Lh|L_L ) |ihi @hi |L 4@? ?|ihThi|@|L?t Lu R+itTL?ti
@||ih? ? E |@| Lu T@h|U*@h ?|ihit| |L tG

 6 tiT@h@|i hitTL?tit Ei@U Lu U UL*_ Mi  Lh  Lh : At


}it t ? Th?UT*i 6 LMtih@|L?t

2 @ t?}*i hitTL?ti T@||ih? ? U L?*)  t UL?tt|i?| | iUL


?L4U Lh|L_L ) *i@h*) |ihi @hi t|  LMtih@|L?t ihi

A@M*i D @?_ A@M*i S _tT*@) |i hit*|t Lu |iti |L ?|ihThi|@|L?t


}@?c i *LL! @| ML| hitTL?tit @UhLtt @** ^it|L?tc @?_ UL?tt|i?U) |
|i h?UT*i Lu Ah@?tuiht 6Lh |i hi}hittL? ? A@M*i D E?|ihThi|@|L? 
@MLic |i hitTL?ti  @t ?_i i_ @t ?|)c @?_ @t 3ihL L|ihti 6Lh
A@M*i S E?|ihThi|@|L? 2c |i hitTL?ti  ? @** t ^it|L?t |L}i|ih @t
?_i i_ @t ?|)c @?_ @?) L|ih hitTL?ti @t 3ihL Ai _iTi?_i?| @h@M*it
@hi @}ic TL*|U@* LT?L?c ?UL4i h@?! ? bbfc |i i TiU|i_ U@?}i ? |i ?
UL4i h@?! uhL4 bbf |L 2ffc @?_ _44it uLh }i?_ih E uLh 4@*ic ThiLt
Lh! t|Lh)c iUL?L4U tMiU| @?_ UL?|h) Lh}?G |i TTi?_ _tUttit
|i tTiU€U@|L? Lu |iti @h@M*it uh|ih
? i|ih ?|ihThi|@|L? |i t|Lh) t i |hi4i*) U*i@h Aihi @hi uLh 4@?
ui@|hit |L |G

 6ht|c t|_)?} @? iUL?L4U tMiU| t t}?€U@?| ? ML| tTiU€U@|L?t


@?_ t }*) t}?€U@?| u L?i |@!it i@U ^it|L? tiT@h@|i*)D At
t |L Mi i TiU|i_ uhL4 ThiLt t|_it E4i* @?_ Li** bb2 @?_
@UULh_tc Tih@Ttc | ?||L?G L? |i L*ic |Lti t|_)?} iUL
?L4Ut @hi 4Lhi *!i*) |L 4@!i _t|hM|L?@* UL4T@htL?t ? *?i |
iUL?L4U Lh|L_L )
8 Lw
lv vljqlfdqw dw wkh 43( ohyho lq Wdeoh 9Wklv uhvxow lv urexvw xqghu fkdqjhv lq wkh
ghqlwlrq ri _hfrqrplf vxemhfw% 0 vhh wkh Dsshqgl{1

S
V@h@M*i W?i^@*|) +t! @*i88
Liu8  :m3 m Liu8  :m3 m
Bi?_ih ffD  f f f
}i fff S fff Df .
,4T*L)4i?| ff2 D fff be DD
L*|U@* LT?L? fff D2 ff 2b .D
W?UL4i bbf fff .D ff ef .2
W?UL4i @?}i 2ff ff b fff HD ef
,UL?L4U 5MiU| ff f fD f S
H{sodqdwru| yduldeohv lqfoxgh gxpp| yduldeohv iru frxqwulhv1
Qxpehu ri revhuydwlrqv 9:9:
-Pdujlqdo hhfwv1 --Htxdolw| ri frhflhqwv dfurvv vxejurxsv1

A@M*i DG hLM| +i}hittL? Lu +itTL?ti 

 5iUL?_c }i?_ih @t @ t4*@h 4T@U| @*i t|_i?|t i 4Lhi Lu|i? @?
i^@*t?} |h@?tuih @t ?i^@*|)hi_U?} ht!hi_U?} E|@!?} i@U Lu
|i t ^it|L?t tiT@h@|i*) @?_ @hi 4Lhi UL?tt|i?| | |i h?UT*i
Lu Ah@?tuiht E@** ^it|L?t |L}i|ih At t t|h!?} MiU@tic ? |i
?@|hi Lu |i tTiU€U@|L? Lu |i 4L_i*c | t @ u@U|Lh tiT@h@|i uhL4
|@| Lu iUL?L4U tMiU| Ai Ti?L4i?L? U@??L| Mi i T*@?i_ @@)
M) |i u@U| |@| 4Lhi 4@*it ULLti |L Thti iUL?L4U tMiU|t |@?
ui4@*it
 Ah_c |i ULiUi?|t L? }i?_ih @?_ iUL?L4U tMiU| @hi *@h}ih uLh
ht! |@? ?i^@*|)
 6?@**)c |i L|ih TihtL?@* U@h@U|iht|Ut @hi L? |i L*i ?L| t}?€
U@?|

D 4ihU@* +itTL?titG @h@|L? M) A)Ti


Lu W?UL4i Ah@?tuih
D #itUhT|i ?@*)tt
NT |L |t TL?|c i @i UL?t_ihi_ @** ^it|L?t L?|*)c }?Lh?} @?) @h
@|L? ? hitTL?tit @4L?}t| ^it|L?t A@M*i . tLt |i TihUi?|@}it Lu
hitTL?ti  uLh i@U Lu |i t ^it|L?t W| UL4T@hit |i hitTL?tit uLh
?i^@*|) @?_ ht! uLh |i i?|hi t@4T*i @?_ @UhLtt |i 4@*i @?_ ui4@*i
tM}hLTt

.
V@h@M*i W?i^@*|) +t! @*i88
Liu8  :m3 m Liu8  :m3 m
Bi?_ih f2  f2 f S
}i fff bf fff e Sf
,4T*L)4i?| ff2 De ff HH DH
L*|U@* LT?L? ff eD ff bf
W?UL4i bbf fff HH fff .S .e
W?UL4i @?}i 2ff ff2 2 ff eH D
,UL?L4U 5MiU| ff b fe  DS
H{sodqdwru| yduldeohv lqfoxgh gxpp| yduldeohv iru frxqwulhv1
Qxpehu ri revhuydwlrqv 4486
8Pdujlqdo hhfwv1 --Htxdolw| ri frhflhqwv dfurvv vxejurxsv1

A@M*i SG hLM| +i}hittL? Lu L?tt|i?U) | h?UT*i Lu Ah@?tuiht

AL|@* @*i 6i4@*i


W,"NwWAv
"it|L?  ef ee e
"it|L? 2 .e .e .e
"it|L? S S2 Sf
"it|L? e Sf Se DS
"it|L? D .2 .f .S
"it|L? S eH D2 e2
+W5k
"it|L?  eb DD b
"it|L? 2 SH .e Sf
"it|L? Db SS D2
"it|L? e SH .e Sf
"it|L? D S. . Sf
"it|L? S DD S2 eS
-Sursruwlrq ri dqvzhu D1

A@M*i .G ,^@*t?} W?UL4i Ah@?tuiht +i_Ui W?i^@*|)%+t!q8

H
Aihi t 4Lhi @h@|L? ? |i ThLTLh|L?t Lu @?tih  uLh ?i^@*|) |@?
ht! M| |i Lih@** T@||ih? t t4*@h 5|_i?|t @hi 4Lhi *!i*) |L i @?
?UL4i |h@?tuih @t ?i^@*|) Lh ht! hi_U?} u | ?L*it |i hUit| hi}L?
E"it|L? 2 @?_ "it|L? Dc ? T@h|U*@h u |i hiUTi?| hi}L? t @| |i
*Lih |@* Lu |i ?UL4i _t|hM|L? E"it|L? 2 Ai) @hi *itt *!i*) |L
@||hM|i @? i^@*t?} 4T@U| |L @ |h@?tuih @4L?} hi}L?tc |@| @hi *LU@|i_
?i@h |i 4__*i Lu |i ?UL4i _t|hM|L? @?_ h@?!i_ ?i | E"it|L?  Lh
? U*Lti ThL 4|) E"it|L? S |L i@U L|ih
Ai hitTL?tit Lu ui4@*i hitTL?_i?|t @h) 4Lhi M) ^it|L? |@? |Lti Lu
4@*i hitTL?_i?|t T@h| uhL4 "it|L? D uLh ?i^@*|)c 4@*i t|_i?|t @hi
4Lhi *!i*) |L ULLti  UhLtt ^it|L?tc |i _gihi?Uit Mi|ii? 4@*i @?_
ui4@*i ThLTLh|L?@|i hitTL?tit @hi ?uLh4*) *@h}ih uLh ht! |@? ?i^@*|)

D2 +i}hittL? ?@*)tt


?i 4}| L?_ih i|ih |i U*i@h _gihi?Uit ? hitTL?ti T@||ih?t @UhLtt
^it|L?t U@hh) |hL} |L |i hi}hittL? @?@*)tt AL @__hitt |tc |@M*i
H tLt |i hit*| Lu hih???} |i ThLM| hi}hittL? uhL4 A@M*i Dc @__?}
€ i_ igiU|t uLh i@U ^it|L?S W| t U*i@h |@| |i hit*|t uhL4 |i _itUhT|i
@?@*)tt @hi ?_ii_ UL?€h4i_ ** ^it|L? _44) @h@M*it @hi ?i}@|ic
?_U@|?} @ *Lih ThLTLh|L? Lu  hitTL?tit hi*@|i |L "it|L? 2 E|i
R}L U@ti ihi |i |h@?tuih t uhL4 |i hUit| |L |i TLLhit| hi}L? 
"it|L? D Eihi |i |h@?tuih ?L*it |i hUit| @t |i }it| ULiUi?|c
*i "it|L?  @?_ "it|L? S Eihi |i |h@?tuih t @4L?} 4__*ih@?!?}
hi}L?t ? U*Lti ThL 4|) @i |i *Lit| ULiUi?|t
A@M*i b it|4@|it ThLM| hi}hittL?t uLh i@U ^it|L? tiT@h@|i*) Ai hi
t*|t @hi M) ?L u@4*@h 6ht|c hitTL?tit uLh ML| ?i^@*|) @?_ ht! @h)
|)TU@**) L?*) M) }i?_ih @?_ iUL?L4U tMiU|c *i L|ih TihtL?@* U@h
@U|iht|Ut hi4@? }i?ih@**) ?t}?€U@?| 5iUL?_c |i ULiUi?|t L? }i?_ih
@?_ iUL?L4U tMiU| @hi E| L?i i UiT|L? uLh }i?_ih TLt|ic ?_U@|
?} @ }ih ThLM@M*|) Lu hitTL?ti  Ah_c |i ULiUi?|t L? |iti |L
@h@M*it |i?_ |L Mi }ih uLh ht! |@? ?i^@*|) Ei UiT| uLh ^it|L? Sc
ii? |L} |i _gihi?Uit @hi |)TU@**) ?L| t}?€U@?|
9 Txhvwlrq 5 zdv wkh rplwwhg fdwhjru|1

b
V@h@M*i W?i^@*|) +t!
Liu  :m3 m Liu  :m3 m
Bi?_ih ffe f f
}i fff HD fff S
,4T*L)4i?| ff f fff bb
L*|U@* LT?L? fff .D fff b
W?UL4i bbf fff H2 ff DD
W?UL4i @?}i 2ff fff .H fff b2
,UL?L4U 5MiU| f2 f fD f
"it|L?  f f fb f
"it|L? f f ffb f
"it|L? e fe f fff b
"it|L? D ff SH ff2 Sf
"it|L? S f2. f f f
Qxpehu ri revhuydwlrqv D22 bS
-H{sodqdwru| yduldeohv lqfoxgh gxpp| yduldeohv iru frxqwulhv1

A@M*i HG hLM| +i}hittL? Lu +itTL?ti  | "it|L? #44) V@h@M*it

V@h@M*i W?i^@*|) +t! @*i8


Liu  :m3 m Liu  :m3 m
"it|L?  Bi?_ih f  fS f SH
}i ff 2e fff H Hf
,4T*L)4i?| ff2 SD ff .b Hb
L*|U@* LT?L? ff DH ff D ef
W?UL4i bbf ff S ff Df H
W?UL4i @?}i 2ff ff2  ff S2 SH
,UL?L4U 5MiU| f H fD 2 Sb
Qxpehu ri revhuydwlrqv 4467
"it|L? 2 Bi?_ih fff bb f  D
}i fff 2b fff 2 
,4T*L)4i?| ff DS ffe  .H
L*|U@* LT?L? ff . fff b. ..
W?UL4i bbf fff bb ff  2b
W?UL4i @?}i 2ff ff . fff b. H2
,UL?L4U 5MiU| f e f2  He
Qxpehu ri revhuydwlrqv 4459
"it|L? Bi?_ih ffD  f f .
}i ff 22 fff H .b
,4T*L)4i?| ff2 SH ff Hb HD
L*|U@* LT?L? ff DD ff Se b
W?UL4i bbf fff be ff DH .e
W?UL4i @?}if2ff ff SS ff2 f f
,UL?L4U 5MiU| fe 2 fH f S
Qxpehu ri revhuydwlrqv 4463
^frqwlqxhg111`
-Htxdolw| ri frhflhqwv dfurvv vxejurxsv1
V@h@M*i W?i^@*|) +t! @*i8
Liu  :m3 m Liu  :m3 m
d111frqwlqxhg`
"it|L? e Bi?_ih ffb e f2  DD
}i fff b2 fff bb b
,4T*L)4i?| fff ff ff2 . .b
L*|U@* LT?L? fff ff ff S. .D
W?UL4i bbf fff Hb ff S. H
W?UL4i @?}i 2ff ff2 ef ff .f .
,UL?L4U 5MiU| ffS 2. fH f f
Qxpehu ri revhuydwlrqv 4457
"it|L? D Bi?_ih ff. 2 ffb e 
}i fff .f ff H e
,4T*L)4i?| ff. f ff D e.
L*|U@* LT?L? ff eS ffD  .
W?UL4i bbf fff b2 ff  2
W?UL4i @?}i 2ff ff e. fff HD SH
,UL?L4U 5MiU| ffS  fe f 2
Qxpehu ri revhuydwlrqv 445:1
"it|L? S Bi?_ih ffH H fD f 
}i fff S fff D b2
,4T*L)4i?| ffS b fff b2 b
L*|U@* LT?L? fff H2 fff HD ..
W?UL4i bbf ff .e ff2 ee .S
W?UL4i @?}i 2ff ff b ff2 eS SD
,UL?L4U 5MiU| fe ff f Db
Qxpehu ri revhuydwlrqv 4459
-Htxdolw| ri frhflhqwv dfurvv vxejurxsv1

A@M*i bG hLM| +i}hittL?t Lu +itTL?ti  M) "it|L?t


D  ThLtL?@* i@*@|L?
W| @t Mii? !?L? uLh tL4i |4i |@| tTTLh| uLh |i h?UT*i Lu Ah@?tuiht
_Lit ?L| i?L) ?iht@* tTTLh| E4i* @?_ Li** bb2 OLiih |i hi
t*|t hiTLh|i_ ihi )i*_ @ _iiTih ?t}| ? |@|c €ht|c i @**L uLh @ MhL@_ih
?|ihThi|@|L? Lu |i |h@?tuih Th?UT*i @t i** @t |i UL?i?|L?@* ihtL?
|@| t @||hM|@M*i |L #@*|L? Eb2f @?_ |@|c tiUL?_c i *LL! @| i|ih
|i ULhhitTL?_?} tti ULhhitTL?_t | ?__@*t h@?!?} Lu _t|hM|L?t
? |ih4t Lu ht! Aihi t U*i@h tTTLh| uLh |i }L ihtL? Lu |i |h@?tuih
Th?UT*ic M| ?L| uLh |i #@*|L? hi€?i4i?| *|L} |i Lih@** T@||ih?
Lu hitTL?tit *LL!t u@h*) t4*@h ? |i U@tit Lu ht! @?_ ?i^@*|) tii uLh
i @4T*i A@M*i e @?_ |i *iu|@?_ UL*4? Lu A@M*i . |i TU|hi _giht
4@h!i_*) i? L?i Mhi@!t _L? |i hitTL?_i?|t M) }i?_ihG |i? | t ?L
*L?}ih TLttM*i |L 4@?|@? |@| |i T@||ih? Lu ?i^@*|) @|||_it t itti?
|@**) |i t@4i @t |i T@||ih? Lu ht! @|||_it i|ih @4L?} 4i? Lh @4L?}
L4i?

S Ai VihM@* "it|L?


t i T*@?i_ ? 5iU|L? 2 |i hitTL?_i?|t ihi @*tL @t!i_ |L €** L| @ ihM@*
^it|L? ? T@h| 2 Lu |i ^it|L??@hi Ai hitTL?tit |L |t ^it|L? U@?
}i uh|ih ?t}|t @t |L |i hitTL?_i?|t< UL?uLh4|)c Lh L|ihtic |
iUL?L4U Lh|L_L )

S Ai t|hU|hi Lu |i ^it|L?


6ht| @ Mhiu _itUhT|L? Lu |i ^it|L? |ti*uG

 Ai t|Lh) Lu *u@*@?_ t i |i?_i_ M) @t!?} ?__@*t |L UL?t_ih |i


igiU| Lu |h@?tuihh?} ?UL4i i L}i?Lt*) uhL4 @ hU hi}L? |L @ TLLhih
hi}L?

 Aihi @hi €i TLttM*i hitTL?titc ?U*_?} R?L?i Lu |i @MLi

 W?__@*t @hi @**Li_ |L UiU! 4Lhi |@? L?i hitTL?ti

 ?*) hitTL?ti R_ t UL?tt|i?| | |i Lh|L_L i

iU@ti |i ^it|L??@hi t t|hU|hi_ tL |@| hitTL?_i?|t UL4i |L |i


ihM@* ^it|L? @?_ |t @hLt i T*@?@|L?t @u|ih UL4T*i|?} |i ?4ihU@*
^it|L?t i }@i TiLT*i |i LTTLh|?|) |L ?_U@|i i|ih |i) L*_
@i @?|i_ |L U@?}i |ih hitTL?tit L? |i ?4ihU@* ThLM*i4t

2
W?i^@*|) +t!
Htxdolvlqj Wudqvihu Uhgxfhv Lqhtxdolw|B-
AL|@* 2H 2H
@*i 2H 
6i4@*i 2H 2
Frqvlvwhqf| zlwk Wudqvihu SulqflsohB--
AL|@* 2 2e
@*i 22 2H
6i4@*i 2e b
- Sursruwlrq ri dqvzhuv wkdw lqfoxgh _g%
--Sursruwlrq ri dqvzhuv _g% rqo|

A@M*i fG hLTLh|L? Lu R_ hitTL?tit L? ihM@* ^it|L?

S2 VihM@* ^it|L?G _itUhT|i hit*|t


Ai u@U| |@| hitTL?_i?|t ihi @**Li_ |L 4@!i 4*|T*i ti*iU|L?t uhL4 ^it
|L? . 4i@?t |@| i U@? ?|ihThi| UL?tt|i?U) | iUL?L4U Lh|L_L ) ?
i|ih @ MhL@_ Lh ?@hhL ti?ti ? |i ?@hhL ?|ihThi|@|L? i|ih
uLh ?i^@*|) Lh uLh ht! TiLT*i tL*_ @i UiU!i_ R_ @?_ ?L|?} i*ti
OLiihc | 4}| Mi hi@tL?@M*i |L *LL! @| U@tit ihic MiU@ti Lu _U*|it
| ?_iht|@?_?} |i ^it|L?c Lh tL4i TihUii_ @4M}|)c hitTL?_i?|t
UiU!i_ ML| R_ @?_ L?i Lh 4Lhi L|ih TLttM*|it Aiti |L ?|ihThi|@
|L?t ULhhitTL?_c hitTiU|i*)c |L |i *Lih @?_ |i TTih @*it Lu A@M*i f
`i U@? tii |@|c Lih@** *itt |@? L?i ^@h|ih Lu hitTL?_i?|t @hi UL?tt|i?|
| iUL?L4U Lh|L_L ) L? |i ?@hhL ?|ihThi|@|L?c @?_ @ *||*i *itt |@?
|h|) TihUi?| uLh |i MhL@_ih ?|ihThi|@|L?( |t @TT*it |L ?i^@*|) Lh
ht!
OLiihc | t @*tL i_i?| |@| }i?_ih ?L T*@)t @? ?|h}?} hL*i +iU@**
|@| EuhL4 A@M*i e L4i? ihi 4Lhi *!i*) |L @?tih  u ? |i €ht| T@h|
Lu |i ^it|L??@hi u |i UL?|i | Lu |i ThLM*i4 ihi ?i^@*|) h@|ih |@?
ht! ihi@t |i hiihti @t |hi uLh 4i? At T@||ih? t i M|i_ @}@?c
M| 4Lhi t|hL?}*) ?L tL |@|c L? |i ?i^@*|) ?|ihThi|@|L?c L4i?<t hi
tTL?tit @hi 4Lhi UL?tt|i?| | iUL?L4U Lh|L_L ) |@? |Lti uLh 4i? W?
|i U@ti Lu ht! i @i @ UL?€h4@|L? Lu |i i@h*ih hit*| 4i?<t hitTL?tit
@hi 4Lhi ? *?i | Lh|L_L ) |@? L4i?( M| ? |t U@ti |i igiU| t
ii? t|hL?}ih ? |@| 4i? @hi ?L Df TihUi?| 4Lhi *!i*) |L }i @ R_ hi
tTL?ti |@? L4i? 6?@**) ?L|i |@| |i ?4Mih Lu hitTL?_i?|t ? *?i |
iUL?L4U Lh|L_L ) L? ML| |i ?4ihU@* T@h| @?_ |i ihM@* T@h| t ^|i
t4@**G |i ThLTLh|L? Lu hitTL?tit | t|h@}| <t L? ^it|L?t S @?_
R_ L? ^it|L? . t L?*) H TihUi?| ? |i U@ti Lu ?i^@*|) @?_ f TihUi?|


W?i^@*|) +t!
Sursruwlrq ri dqvzhuv wkdw lqfoxgh _e%
AL|@* e .
@*i e H
6i4@*i H S
Sursruwlrq ri dqvzhuv _e% rqo|
AL|@*  2H
@*i 2 2H
6i4@*i f 2H

A@M*i G hLTLh|L? Lu RM hitTL?tit L? ihM@* ^it|L?

uLh ht!
Bi? |@| tTTLh| uLh |i #@*|L?@? |h@?tuih Th?UT*i @t h@|ih *Lc |
t ?|ihit|?} |L *LL! @| |i hitTL?tit L? L|ih it ? |i ihM@* ^it|L?
Ai t|hL?}it| tTTLh| uLh i@U Lu |i €i hitTL?tit Lgihi_ L? ^it|L? .
@t uLh RMc |i U@ti ihi |h@?tuiht uhL4%|L |i i |hi4it t UL?t_ihi_ |L
hi_Ui ?@4M}Lt*) ?i^@*|) Lh ht!c M| L|ih |h@?tuiht @hi ?L| ?iUit
t@h*) UL?t_ihi_ Wu i uLUt L? |t hitTL?ti |i hit*|t @hi@t ? A@M*i 
Ai t}?€U@?Ui Lu |t t |@| tTTLh| uLh |i Lh}?@* }L ?|ihThi|@|L?
Lu |i |h@?tuih Th?UT*i EULih?} ML| hitTL?tit RM @?_ R_ t ^|i }
6?@**) ?L|i |@| |i ThLTLh|L? Lu |Lti L ?_U@|i_ |@| |i) @?|i_
|L U@?}i |ih hitTL?tit |L i@U Lu |i ?4ihU@* ^it|L?t ? |i *}| Lu
|ih @?tih L? |i ihM@* ^it|L? @t L?*) @ML|  |L 2 TihUi?| L? i@U Lu
^it|L?t S

S +i}hittL? @?@*)tt
wi| t *LL! L?Ui @}@? @| |i hL*i Lu TihtL?@* u@U|Lht L? |i hitTL?ti |L |i
ihM@* ^it|L? t?} ThLM| hi}hittL?t A@M*i 2 _i@*t | hitTL?tit |@|
@hi i|ih R_ Lh R_ UL4M?i_ | tL4i|?} i*ti A@M*i  _i@*t | |i
4Lhi hit|hU|i ?|ihThi|@|L?G ihi i UL?t_ih hitTL?tit R_ @?_ L?*) _
@}@?t| @*|ih?@|it ,UL?L4U tMiU| UL?|?it |L Mi t}?€U@?| uLh |i ht!
tMt@4T*i L? i|ih |i MhL@_ Lh ?@hhL ?|ihThi|@|L? L*|U@* LT?L? t
@*tL 4TLh|@?|c M| @}@?c L?*) uLh ht!G |i 4Lhi )L @hi ti*uhiTLh|i_*)
*iu|?} |i }hi@|ih t )Lh ThLM@M*|) Lu hitTL?_?} ? *?i | iUL?L4U
Lh|L_L ) OLiih Bi?_ih t L?*) t}?€U@?| @| |i fI *ii* uLh |i ht!
tMt@4T*i 4i? @hi 4Lhi *!i*) |L hitTL?_ ? @? Lh|L_L u@tL?

e
V@h@M*i W?i^@*|) +t! @*i88
Liu8  :m3 m Liu8  :m3 m
Bi?_ih fff b2 ffS D
}i ff 2 fff 2S e
,4T*L)4i?| ffe e ff .S Se
L*|U@* LT?L? ff SS ffD f S
W?UL4i bbf fff H ff2 2 D.
W?UL4i @?}i 2ff ff e2 ff S D
,UL?L4U 5MiU| ff Hb b f
H{sodqdwru| yduldeohv lqfoxgh gxpp| yduldeohv iru frxqwulhv1
Qxpehu ri revhuydwlrqv 4486
8Pdujlqdo hhfwv1 --Htxdolw| ri frhflhqwv dfurvv vxejurxsv1

A@M*i 2G hLM| +i}hittL? Lu +itTL?ti R_

V@h@M*i W?i^@*|) +t! @*i88


Liu8  :m3 m Liu8  :m3 m
Bi?_ih ff2 DS ff. b f
}i ff  fff H 
,4T*L)4i?| ffD H ff2 Sb eb
L*|U@* LT?L? ff . ff S
W?UL4i bbf fff be ff eb D.
W?UL4i @?}i 2ff ff2 2 ffe e e
,UL?L4U 5MiU| ff H fH f e
H{sodqdwru| yduldeohv lqfoxgh gxpp| yduldeohv iru frxqwulhv1
Qxpehu ri revhuydwlrqv 4486
8Pdujlqdo hhfwv1 --Htxdolw| ri frhflhqwv dfurvv vxejurxsv1

A@M*i  G hLM| +i}hittL? Lu L?tt|i?U) | h?UT*i Lu Ah@?tuiht

D
. L?U*tL?t
h uLUt @t Mii? L? @ u?_@4i?|@* ^it|L? Lu |i @) ? U TiL
T*i 4@!i _t|hM|L?@* UL4T@htL?t ? |i UL?|i | Lu ?i^@*|) @?_ ht!
i|ih |i) _L tL ? @ 4@??ih |@| t UL?tt|i?| | 4L_i* |@| t UL?i?
|L?@**) UL?t|hU|i_ ? |iLhi|U@* @?_ @TT*i_ iUL?L4Utc @?_ i|ih |i
t@4i t|hU|hi Lu UL4T@htL?t t ti_ ML| uLh ?i^@*|) @?_ uLh ht! 6LUt
?} L? |iti ttit h@tit |i ^it|L? Lu @| _i|ih4?it @|||_it |L@h_t
ht! @?_ ?i^@*|)G i 4}| hi@tL?@M*) i TiU| TihtL?@* U@h@U|iht|Utc *!i
}i?_ihc ?UL4ic @?_ tMiU| Lu ?iht|) _i}hiic |L T*@) @ hL*i
Ai 4@? €?_?} t |@| uLh ?4ihU@* ^it|L?t }i?_ih 4@||iht uLh @||
|_it |L@h_t ht! @?_ ?i^@*|)c T@h|U*@h*) uLh h@?!?} _}4i?|t M@ti_
L? ?4ihU@* UL4T@htL?t M@ti_ L? |i i_i?Ui ? 5iU|L?t e @?_ D ui4@*i
t|_i?|t @hi *itt *!i*) |@? 4@*i t|_i?|t |L i @? ?UL4i |h@?tuih uhL4 @
hU |L @ TLLh TihtL? @t ht! Lh ?i^@*|)hi_U?} W? T@h|U*@h i @i 

 Ai _gihi?Ui ? 4@*i @?_ ui4@*i hitTL?tit t T@h|U*@h*) *@h}i uLh


ht!

2 UULh_?} |L |i _itUhT|i @?@*)ttc 4Lhi 4@*i |@? ui4@*i t|_i?|t


@||hM|i @? ?i^@*|) Lh ht! hi_U?} 4T@U| |L @? i^@*t?} ?UL4i
|h@?tuih Ai _gihi?Ui t *@h}ih uLh ht! |@? ?i^@*|) At T@||ih?
@TT*it ML| uLh @** hitTL?tit L?|*) @?_ uLh i@U ^it|L? tiT@h@|i*)
@*i hitTL?_i?|t @hi @*tL 4Lhi UL?tt|i?| | |i h?UT*i Lu Ah@?t
uiht @?_c @}@?c |i _gihi?Ui t *@h}ih uLh ht! |@? ?i^@*|)

 Ai hi}hittL? @?@*)tt tLt |@| }i?_ih hi4@?t 4TLh|@?| L?Ui i


UL?|hL* uLh L|ih TihtL?@* U@h@U|iht|Ut Ai }i?_ih _44) t t}
?€U@?|c @?_ *@h}ih uLh ht! |@? uLh ?i^@*|) Ai t@4i @TT*it uLh
iUL?L4U tMiU| Aiti hit*|t @TT*) hi}@h_*itt Lu i|ih i *LL!
@| |i hitTL?tit L?|*)c tiT@h@|i*) M) ^it|L?c Lh | hi}@h_ |L UL?
tt|i?U) | |i h?UT*i Lu Ah@?tuiht

e +itTL?_i?|t @hi 4Lt| *!i*) |L i @? ?UL4i |h@?tuih |@| LUUht uhL4
TTih |L |i *Lih i?_ Lu |i ?UL4i _t|hM|L? @t ?i^@*|)%ht!
hi_U?} Ai) @hi *itt *!i*) |L @||hM|i @? i^@*t?} igiU| i?
|i |h@?tuih LUUht |?< |i ?UL4i _t|hM|L? @4L?}t| hi}L?t
h@?!i_ ? U*Lti ThL 4|) |L i@U L|ih Ai |)Ti Lu ?UL4i |h@?tuih
4@||iht 4Lhi uLh ?i^@*|) |@? ht!c @?_ 4Lhi uLh ui4@*i |@? 4@*i
t|_i?|t

S
+iuihi?Uit
4i*c v @?_ 6  Li** Ebb2 i@thi4i?| Lu ?UL4i ?i^@*|)G
, Tih4i?|@* |it| M) ^it|L??@hi aLh?@* Lu M*U ,UL?L4Ut e.c
2S
4i*c v @?_ 6  Li** Ebbb@ W?UL4i |h@?tuLh4@|L?t @?_ ?UL4i
?i^@*|) W? # 5*L||i E,_c _@?Uit ? ,UL?L4i|hUtc W?UL4i #t
|hM|L? @?_ 5Ui?|€U i|L_L*L})c TT 2fb 2 2 Oi_i*Mih}G )tU@
Vih*@}
4i*c v @?_ 6  Li** EbbbM A?!?} @ML| W?i^@*|) @4Mh_}iG
@4Mh_}i N?iht|) hitt
4i*c v @?_ 6  Li** E2fff +t! @?_ ?i^@*|) TihUiT|L?t #t
|hM|L?@* ?@*)tt #tUttL? @Tih DDc 5AW,+#c wL?_L? 5ULL*
Lu ,UL?L4Utc wL?_L? `2 2,
4i*c vc 6  Li**c @?_  L*L? E2fff +t! TihUiT|L?tc ?
UL4i |h@?tuLh4@|L?t @?_ ?i^@*|) `Lh!?} T@Tihc 5AW,+#c wL?
_L? 5ULL* Lu ,UL?L4Utc wL?_L? `2 2,
#@*|L?c O Eb2f i@thi4i?| Lu |i ?i^@*|) Lu ?UL4it ,UL?L4U
aLh?@* f Ebc eH S
khL**c v @?_ w #@_L|3 Ebbb LUit ? i}@*|@h@? _t|hM|L?G
W?i^@*|) @ihtL? ihtt ht! @ihtL? #t|hM|L?@* ?@*)tt +i
ti@hU hL}h@44i #tUttL? @Tih e c 5AW,+#c w5,c OL}|L?
5|hii|c wL?_L? `2 2,

.
 TTi?_
 V@h@M*i _i€?|L?t
+itTL?_i?|t ihi @t!i_ @ML| tii? M@U!}hL?_ @h@M*it @?_c ? @__|L?c
i @_ ?uLh4@|L? @ML| |i T@h|U*@h tMt@4T*i ? U |i) ihi ?
U*_i_ uhL4 |i *LU@|L? Lu |i i Tih4i?| u |i tii? |L ihi M?@h)
Rhi )L 4@*i Lh ui4@*iqc R`ihi )L i4T*L)i_ MiuLhi N?iht|)q @?_
L?i @t ?4ihU@* R`@| t )Lh @}iq( |iti @hi @** ti*ui T*@?@|Lh)
ViTL?| ^it|L?t ihi M@ti_ L? @ tii?TL?| tU@*i @t _iTU|i_ @| |i
i?_ Lu i@U ^it|L??@hi ? TTi?_ 2
W?__@*t hL|i |ih L? ?}_i_ hitTL?ti |L R`@| t )Lh tTiU@*
tMiU| Lu t|_)q ?*itt |i) ihi ? @ U*@tt ihi |i tMiU| @t L4L}i
?Lt Bi? |@| |i t|_) Lu iUL?L4Ut UL*_ Mi @h}i_ |L T*@) @ hL*i ?
t@T?} ?__@*t< @|||_it ? |iti @hi@t i ULti |L TLttM*i _i€?|L?t
Lu |i UL?UiT|G
RLhi ,UL?L4Ut tMiU| U@|i}LhitG
iUL?L4Ut
iUL?L4i|hUt
iUL?L4U t|Lh)
4@|i4@|U@* iUL?L4Ut
RhL@_ih ,UL?L4Ut tMiU| U@|i}LhitG
Lhi iUL?L4Ut T*t
UUL?|?} : €?@?Ui
t?itt
@?@}i4i?| tUi?Ui

RL?,UL?L4U tMiU| U@|i}LhitG
i@Lh@* tUi?Ui(
,?}?iih?}(
BLih?4i?|%TL*|Ut(
BiL}h@T)(
Ot|Lh)(
W?|ih?@|L?@* hi*@|L?t(
w@(
*LtLT)(
Tih@|L?@* hiti@hU

H
2 Ai "it|L??@hit
6L**L?} @hi |i |L ^it|L??@hit |@| ihi _t|hM|i_ |L i@U Lu |i
hitTL?ti }hLTt t i T*@?i_ ? |i |i | |i i Tih4i?| @t h? tL |@|
i@U hitTL?_i?| @_ @TThL 4@|i*) @? i^@* ThLM@M*|) Lu hiUi?} i|ih
Lu |i |L ^it|L??@hit

b

Vous aimerez peut-être aussi