%<=$1=
5(67$85,(57(6 5(,&+ $QGURQLNRV ,, XQG 0LFKDHO ,; 3DODLRORJRL Q &KU +\SHUS\URQ J Q &KU 0]VW .RQVWDQWLQRSHO 9V 6WDGWPDXHU YRQ .RQVWDQWLQRSHO PLW VHFKV 7RUHQ GDULQ %UXVWELOG 0DULHQV DOV 2UDQV VHLWOLFK GDYRQ REHQ LQ 3XQNWHQ 03 Θ9 XQWHQ DOV 6LOJRQ O X U MH HLQ , PLW ]ZHL 3XQNWHQ DP REHUHQ (QGH 5V $ 1 Δ ,, . ,, ; 0 Δ (& Π, 7, Λ &KULVWXV VHJQHW GLH EHLGHQ NQLHQGHQ .DLVHU O ElUWLJHU $QGURQLNRV U XQElUWLJ 0LFKDHO VHLWOLFK YRP .RSI &KULVWL ,& ;& '2& II PLW 6 1U 6HDU /3& %HQGDOO 6LJORQ 6RPPHU 0%5 /LDQWD /%& II 9DU *ROG 3UlJHVFKZlFKHQ VV Y] ± $XV GHP HKHPDOLJHQ /DJHUEHVWDQG GHU )LUPD 0 QFKQHU 0 Q]KDQGOXQJ .DUO .UH HU HU -DKUH
$QGURQLNRV ,, XQG 0LFKDHO ,; 3DODLRORJRL Q &KU +\SHUS\URQ J Q &KU 0]VW .RQ VWDQWLQRSHO 9V 6WDGWPDXHU YRQ .RQVWDQWLQRSHO PLW VHFKV 7RUHQ GDULQ %UXVWELOG 0DULHQV DOV 2UDQV VHLWOLFK GDYRQ REHQ 03 Θ9 XQWHQ DOV 6LOJRQ O X U MH HLQ , PLW ]ZHL 3XQNWHQ DP REHUHQ (QGH 5V $ 1 Δ3 , ,, 1 6 ; 0 Λ / Λ & &KULVWXV VHJQHW GLH EHLGHQ NQLHQGHQ .DLVHU O ElUWLJHU $QGURQLNRV U XQElUWLJ 0LFKDHO VHLWOLFK YRP .RSI &KULVWL ,& ;& '2& II PLW 6 1U 6HDU /3& %HQGDOO 6LJORQ 6RPPHU 0%5 /LDQWD /%& II 9DU *ROG 6FKU|WOLQJVULVV 3UlJHVFKZlFKHQ VV Y] ± ([ .UHVV
XQWHQ DOV 6LOJRQ 3XQNWH EHU . UHWU 1 5V $ 1 Δ 32 1 ,. & 0 ; Δ ( & &KULVWXV VHJQHW GLH EHLGHQ NQLHQGHQ .DLVHU O ElUWLJHU $QGURQLNRV U XQElUWLJ 0LFKDHO VHLWOLFK YRP .RSI &KULVWL ,& ;& '2& 6 1U 6HDU /3& %HQGDOO 6LJORQ 6RPPHU 0%5 9DU /LDQWD /%& II 9DU *ROG 3UlJHVFKZlFKHQ VV Y] ± $XV GHP HKHPDOLJHQ /DJHUEHVWDQG GHU )LUPD 0 QFKQHU 0 Q]KDQGOXQJ .DUO .UH HU HU -DKUH
-RKDQQHV 9 3DODLRORJRV Q &KU 3ROLWLNRQ J Q &KU 0]VW .RQVWDQWLQRSHO 9V 0RQRJUDPP 5V .UHX] LQ GHQ =ZLFNHOQ YLHU 6WHUQH '2& &ODVV ;,,, 6HDU /3& 3&3& 6RPPHU 0%5 /LDQWD /%& .OHLQHU 6FKU|WOLQJ VV Y] ±
0DQXHO ,, 3DODLRORJRV Q &KU +HPLVWDYUDWRQ +\SHUS\URQ J Q &KU 0]VW .RQ VWDQWLQRSHO 9V &KULVWXVE VWH PLW .RGH[ VHLWOLFK ,& ;& GDUXQWHU ā ; Φ DOOHV LP GRSSHOWHQ 3HUONUDQ] GD]ZLVFKHQ 3XQNWUHLKH 5V ,P GRSSHOWHQ 3HUONUDQ] 0$129+Λ %$&,Λ(9& 2 ΠΑΛΑΕΟΛΟΓ2& % VWH GHV .DLVHUV PLW 1LPEXV VHLWOLFK MH HLQ 3XQNW '2& 6HDU %HQGDOO /3& 6RPPHU 0%5 /HLFKWH 7| QXQJ VV ±
6,(*(/
5|PLVFKH %OHLVLHJHO .HJHOVLHJHO PLW *U\OORV J 5|PLVFK -K Q &KU $P O 5DQG XPODXIHQG UHWU (979;,>$@ ]HQWUDO *U\OORV EHVWHKHQG DXV 3DQ X 6LOHQV PDVNH REHQ $GOHUNRSI PLW .UDQ] LP 6FKQDEHO XQWHQ GLH %HLQH HLQHV +DKQHV U LP )HOG HLQ .UDQLFK RGHU 5HLKHU 'XQNHOJUDXH 3DWLQD IDVW Y] ±
=ZHL .HJHOVLHJHO J 5|PLVFK -K Q &KU D
4XDGUDWLVFKHV ,QFXVXP PLW 4XDGULJD Q U GDULQ HLQ VWHKHQ GHU 0DQQ EHU GHQ 3IHUGHQ IOLHJHQGH 9LNWRULD PLW .UDQ] E
> @Λ+92& ZHLEOLFKH *HVWDOW PLW +HOP 5RPD .RQVWDQ WLQRSROLV VLW]W Q U X VFKUHLEW DXI HLQHQ 6FKLOG %2,& $636 GDYRU HLQH HLQKHQNHOLJH .DQQH PLW ODQJHP +DOV X $XVJXVV 6W FN 'XQNHOJUDXH 3DWLQD Y] ± =XP 6LHJHO PLW GHU 4XDGULJD YJO + - /HXNHO 5|PLVFKH %OHLSORPEHQ DXV 7ULHUHU )XQGHQ 6 1U 1 II PLW 7DI 1 DXI 6
$QGURQLNRV ,, XQG 0LFKDHO ,; 3DODLRORJRL Q &KU +\SHUS\URQ J FD Q &KU 0]VW .RQVWDQWLQRSHO 9V 6WDGWPDXHU YRQ .RQVWDQWLQRSHO PLW YLHU 7RUHQ GDULQ %UXVWELOG 0DULHQV DOV 2UDQV VHLWOLFK GDYRQ DOV 6LOJRQ . 1 5V 6HLWOLFK XQGHXWOLFKH ,QVFKULIWHQNROXPQHQ &KULVWXV VHJQHW GLH EHLGHQ NQLHQGHQ .DLVHU O ElUWLJHU $QGURQLNRV U XQElUWLJ 0LFKDHO VHLWOLFK YRP .RSI &KULVWL ,& ;& '2& 6 1U 6HDU /3& %HQGDOO 6LJORQ 6RPPHU 0%5 9DU /LDQWD /%& II 9DU *ROG 3UlJHVFKZlFKHQ 9V 'RSSHOVFKODJ VV Y] ±
$QGURQLNRV ,, XQG 0LFKDHO ,; 3DODLRORJRL Q &KU +\SHUS\URQ J FD Q &KU 0]VW .RQVWDQWLQRSHO 9V 6WDGWPDXHU YRQ .RQVWDQWLQRSHO PLW YLHU 7RUHQ GDULQ %UXVWELOG 0DULHQV DOV 2UDQV VHLWOLFK GDYRQ