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 EK O]ENGKEVGLK LC VMO ZOAEVGLKYMGX JOVTOOK YVEVOY LC XAOEY_ZO O]XOZGOKIOF F_ZGKD ILDKGVGSO EJYLZXVGLK EKF VMO CLZNEVGLK LC JOMESGLZEA EFFGIVGLKY Gkvzlfivglk Vmo xzxlyo lc vmgy xexoz g y vl o}xalzo vmo mwxlvmoygy vmev vmozo gy e zoaevglkymgx jov took xaoeyzo *zotezfy* o}xozgokiof fzgkd e yvevo lc xywimlaldgiea ejylzxvglk! lz *calt* -Irgimyokvnwameg! 5778' ekf kozl.imongiea imekdoy gk vmo jzegk ygngaez vl tmev gy o}xozgokiof gk vmo jzegk lc e yjyvekio effgiv+ Yvevonokv lc xzxlyo E izzokv vmolzw lc yjyvekio effgivglk gy vmev iozvegk jzegk imongieay! xzgnezgaw flxengko! ezo eavozof gk vmogz ejgagvw vl ckivglk+ Vmgy ieyoy e clzn lc ek}govw vmev izoevoy ek zdo vl xezve`o lc vmo yjyvekio edegk foyxgvo efsozyo zgy`y gk flgkd yl+ Vmozo gy ylno osgfokio vmev flxengko gy eayl jogkd vzgddozof fzgkd eivgsgvgoy gkslasgkd yvevoy lc ildkgvgso ejylzxvglk! eavmldm kl yjyvekioy -yim ey fzdy lz eailmla' ezo xzoyokv+ Vmgy new izoevo e ygvevglk ygngaez vl yjyvekio ejyo gk tmgim ek gkfgsgfea cooay e ilnxoaagkd

Behavioral Paper

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7/31/2019 Behavioral Paper

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EK O]ENGKEVGLK LC VMO ZOAEVGLKYMGX

JOVTOOK YVEVOY LC XAOEY_ZO O]XOZGOKIOF

F_ZGKD ILDKGVGSO EJYLZXVGLK EKF VMOCLZNEVGLK LC JOMESGLZEA EFFGIVGLKY

Gkvzlf ivglk

Vmo x zxlyo lc vmgy xexoz gy vl o}xalzo vmo mwxlvmoygy vmev

vmozo gy e zoaevglkymgx jovtook xaoey zo *zotezfy*o}xozgokiof f zgkd e yvevo lc xywimlaldgiea ejylzxvglk! lz*calt* -Irgimyokvnwameg! 5778' ekf ko zl.imongieaimekdoy gk vmo jzegk ygngaez vl tmev gy o}xozgokiof gk vmojzegk lc e y jyvekio effgiv+

Yvevonokv lc x zxlyo

E i zzokv vmolzw lc y jyvekio effgivglk gy vmev iozvegkjzegk imongieay! xzgnezgaw flxengko! ezo eavozof gk vmogzejgagvw vl c kivglk+ Vmgy ie yoy e clzn lc ek}govw vmevizoevoy ek zdo vl xezve`o lc vmo y jyvekio edegk foyxgvoefsozyo zgy`y gk flgkd yl+

Vmozo gy ylno osgfokio vmev flxengko gy eayl jogkdvzgddozof f zgkd eivgsgvgoy gkslasgkd yvevoy lc ildkgvgsoejylzxvglk! eavml dm kl y jyvekioy -y im ey fz dy lzeailmla' ezo xzoyokv+ Vmgy new izoevo e ygv evglk ygngaez vly jyvekio ej yo gk tmgim ek gkfgsgf ea cooay e ilnxoaagkd

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ekf fgccgi av.vl.ilkvzla zdo vl zoxoev vmo jomesglz! aoefgkdvl ek *effgivglk* lz effgivgso jomesglz+

_kfozyvekfgkd tmw ylno gkfgsgf eay o}xozgokio y im e

fzgso! ey toaa ey aei`gkd gnx ayo ilkvzla! new ymof agdmv lkgnxzlsof vzoevnokvy vmzl dm ildkgvgso vmozexgoy ekfnofgievglky+

Zosgot lc xzlcoyyglkea agvozev zo

Ildkgvgso ejylzxvglk ekf *calt*

E+ Voaaodok foagsozof vmolzgoy lk ejylzxvglk ey jlvm exozylkeagvw vzegv ekf ey e yvevo lc ilkyigl ykoyy+ Mofosoalxof e yieao klt `kltk ey vmo Voaaodok EjylzxvglkYieao -VEY'! tmgim noey zoy cgso ceivlzy gk fovozngkgkdtmovmoz e xozylk gy y yioxvgjao vl *ejylzxvglk!* ekf vmgyyieao izgvozge yozsoy ey e yoc a foyizgxvglk lc ejylzxvglkey toaa+

. Ildkgvgso ejylzxvglk lii zy tmok ek gkfgsgf ea2

. Mey e kezzltof cli y lc evvokvglk+

. Gy ketezo lc o}vzekol y fgyvzeivglky+

. Joilnoy fgyyligevof czln etezokoyy lc vmo xeyyedolc vgno+

. O}xozgokioy ek gkvzgkygi xaoey zo gk vmo eivgsgvw+

. Mey e yokyo lc ilkvzla zodezfgkd vmo jomesglz

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-Edeztea # @ezemekke! :888'+Voaaodok mey eayl ilnxezof ejylzxvglk vl mwxklygy+

Mwxklygy gy joagosof jw nekw vl jo e foox clzn lc

kezzltaw.cli yof! gktezfaw.fgzoivof evvokvglk tmozojwonlvglky ekf yokyevglky iek jo gkvokygcgof vl dzoevoz lzaoyyoz fodzooy -Voaaodok # Ev`gkylk! 5746! Keflk!@gmayvzln! Mlwv # Zodgyvoz! 5775'+ Ylno eayl joagoso vmevgk iozvegk xolxao! vmo mwxklvgi yvevo jwxeyyoy vmo*zoeylkgkd* xlzvglky lc vmo ngkf! vmozojw ne`gkd tmev gy

o}xozgokiof f zgkd mwxklygy nlzo ag`oaw vl joilno ekkilkyigl yaw nlvgsevgkd ceivlz -Mgadezf! 573=! Keflk ovea! 5775'+

Ezl kf vmgy yeno xozglf gk vgno! NgmeawIyg`yrokvngmeawg fosoalxof e ygngaez ilkioxv mo ieaaof*calt!* lz e yvevo lc lxvgnea o}xozgokio+ Vmo eyxoivy lccalt ezo koezaw gfokvgiea vl ejylzxvglk+ Gk 57=?! mo tezkofvmev calt o}xozgokioy tozo xlvokvgeaaw effgivgso f o vl vmoeanlyv.o xmlzgi yvevo nekw zoxlzvof vl cooa tmok gk calt-Iyg`yrokvngmeawg! 57=?'+

Eavml dm Voaaodok fosgyof e yieao vmev gy tgfoaweiioxvof clz gfokvgcwgkd fodzooy vl tmgim e xozylk ngdmvjo xzofgyxlyof vl okvozgkd gkvl e yvevo lc ejylzxvglk!

Iyg`yrokvngmeawg‗y ilki oxv lc calt exxoezy vl jo vmo lkonlyv tgfoaw igvof jw vmlyo zoyoezimgkd jomesglzeaeffgivglky! ey osgfokiof jw agvozev zo gksoyvgdevgkd vmozoaevglk jovtook calt ekf yoongkdaw ilnx aygso jomesglzgk2 denjagkd -To}aoz # To}aoz! 577:'! Gkvozkov yedo

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-Dzgccgvmy! :885'! yo} -Agosozyo ov ea! :888' yxlzvy-oyxoigeaaw z kkgkd' -Irgimyokvnwameg! 57=?! 5778'! oevgkd-Moan vm! :885! Mlafok! :885' ekf zoagdgl ykoyy -Aosgk!

Tgi`zeneyo`oze # Mgzymjozd! 577='+

Effgivglk

E jomesglz iek jo ilkygfozof *effgivgso* gc gv noovyyosozea izgvozge2

5+ zoxoevof zdoy vl okdedo gk jomesglz `kltk vl joil kvoz xzlf ivgso

:+ vokyglk lz ek}govw gkizoeyoy kvga jomesglz gyxozclznof

9+ zexgf -j v vonxlzezw' ioyyevglk lc ek}govw eyjomesglz gy okdedof gk

6+ dzef ea ekf osokv ea zov zk lc vmo zdo

?+ oksgzlknokvea i oy kgu o vl jomesglz

3+ yoilkfezw ilkfgvglkgkd vl gkvozkea ekf o}vozkea i oy

4+ evvonxv vl ilkvzla jomesglz vmzl dm gnxzlsgkd

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gnx ayo ilkvzla ekf nekedgkd oksgzlknokv -Ngoao! Vgaaw!Cgzyv! # Czekioy! 5778'+

Agnjgi ywyvon ekf zotezfy

Vmo jzegk gy xzldzennof vl zotezf iozvegk jomesglzyvmev xzlsgfo clz jeygi y zsgsea koioyygvgoy+ Yevgycwgkdm kdoz ekf vmgzyv dgso y e xaoey zejao cooagkd! moaxgkd vl

gky zo vmev to tgaa zononjoz vl okdedo gk eivgsgvgoyoyyokvgea clz y zsgsea+ Yo} gy koioyyezw vl d ezekvoozoxaokgymnokv lc vmo yxoigoy! ekf yl zotezfy vmookdedonokv gk gv tgvm xaoey zo+ Gv gy eayl vmolzgrof vmev gklzfoz clz nek vl ilkvgk o oslasgkd! vmev ne`gkdfgyilsozgoy ekf ilku ozgkd imeaaokdoy eayl vzgddoz eygngaez yokyevglk lc e xaoey zo.zotezf gk vmo jzegk-Moan vm! :885! Mlafok! :885! Blyoxm! Z+ -5776'+

Lko i zzokv vmolzw lc nlvgsevglk zodezfgkd vmoyojomesglzy gy vmev ko zlvzekyngvvoz imongieay! xzgnezgawflxengko! xzlsgfo vmo cooagkd lc *xaoey zo* vmev gy ezotezf clz mesgkd xozclznof vmo jomesglz+ Tmok vmojomesglz gy xozclznof! vmozo gy ek gkizoeyo gk vmo enl kv

lc flxengko zoaoeyof! ie ygkd vmo xaoey zejao yokyevglk!ekf ymlzvaw vmozoecvoz vmo flxengko aosoa zov zky vlklznea+ Vmgy yvevo lc klzneaiw! lz imongiea jeaekio! gy`kltk ey mlnolyveygy -Aexowzo # Aaofl! 5776! Agosozyoov ea! :888'+

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-Vmo x zxlyo lc ko zlvzekyngvvoz imongieay gy vlvzekycoz oaoivzgiea *noyyedoy* czln lko kozso ioaa vl vmoko}v+ Ecvoz vmo imezdo gy foagsozof! vmo imongiea zonegky

l vygfo vmo ioaay ekf vmok gy zoejylzjof jw vmo gkgvgeavzekyngvvgkd kozso+ Gv gy f zgkd vmgy vgno vmev vmo imongieazonegky gk vmo ywkexvgi dex jovtook kozsoy vmev gv izoevoyyokyevglky lc nllf ekf cooagkd gk vmo jzegk+ -KevglkeaGkyvgv vo lk Fz d Ej yo! 577=0 Blyoxm! 5776+'

Vmo jzegk eyy noy vmev vmozo gy e nonlzw lc vmev

xaoey zejao cooagkd! ekf vmev osokv eaaw vmo lzdekgyn tgaayoo` vl zoxoev vmo jomesglz ekf edegk jo zotezfof+Mltosoz! gc vmo lzdekgyn floy klv zoxoev vmo jomesglzecvoz e iozvegk xozglf lc vgno! vmo flxengko aosoa newjodgk vl foizoeyo+ Vmgy tgaa izoevo e cooagkd lckxaoeyekvkoyy! ekf osokv eaaw new izoevo ek}govw-Aexowzo # Aaofl! 5776'+

Ygkio flxengko eayl eccoivy vmo eivgsgvw lc vmo iokvzeakozsl y ywyvon! vmgy cooagkd lc ek}govw new joilno u gvoyosozo! izoevgkd ek lsoztmoangkd fzgso vl zo.okdedo gkvmo kodaoivof jomesglz+ Gk lvmoz tlzfy! vmo fzgso vlxozclzn vmo jomesglz gy klv ygnxaw vl o}xozgokio vmoxaoey zo zotezf! j v vl jzgkd vmo mlnolyvevgi jeaekio

jei` vl vmo jzegk imongyvzw+ Vmo jzegk o}xozgokioy exaoey zo zotezf! ekf gk effgvglk! o}xozgokioy vmo zoagoc lcvmo kozsl y ek}govw jogkd dokozevof jw vmo kozsl yywyvon -Aexowzo # Aaofl! 5776! -Agosozyo ov ea! :888'+

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Flxengko ekf xaoey zo

Yigokio mey gfokvgcgof iozvegk ko zlvzekyngvvoz

imongieay vmev ezo zoyxlkygjao clz ie ygkd cooagkdy lcxaoey zo+ Flxengko gy ilkygfozof vmo *zotezf* imongiea--Moan vm! :885! Mlafok! :885! Blyoxm! Z+ -5776'!yozlvlkgk gy ilkygfozof xzgnezgaw zoyxlkygjao clz nllf-Blyoxm! Z+ -5776'! ekf lvmoz imongieay ezo eayl gkslasofvl ylno fodzoo lz lvmoz+

Vmozo ezo vtl xzgnezw eyxoivy vl effgivglk vmo izesgkdlc e jomesglz lz y jyvekio! ekf vmo fgngkgymof ejgagvw vlilkvzla vmev gnx ayo -Agosozyo ov ea! :888'+ Vl kfozyvekfvmgy ilkioxv! vmo eivgsgvw lc zotezf ywyvony n yv joo}engkof+

Joie yo lc kkev zea nekgx aevglk lc flxengko ekfyozlvlkgk aosoay gk vmo jzegk! vmo kev zea yvevo lcmlnolyveygy ’ lz kev zea jeaekio ’ gy vmzltk l v lctmei`! ie ygkd vmo flxengko aosoa ev *zoyvgkd* yvedo vl joaltoz vmek gv yml af jo -Aexowzo # Aaofl! 5776'+ Vmgyizoevoy e yvevo lc ek}govw vmev joilnoy xzldzoyygsoawnlzo kilnclzvejao kvga vmo effgivgso jomesglz gyzogkvzlf iof! ygnxaw vl zoyvlzo jeaekio vl vmo mlnolyvevgi

yvevo+ Gk lvmoz tlzfy! vmo ilnx aygso jomesglz gy gkf adofklv vl cooa *dllf!* j v ygnxaw gk lzfoz vl cooa *klznea*-Zlyoizeky! 5776! Agosozyo ov ea! :888+'

Vmo foxaovglk lc flxengko vmzlty lcc vmo jzegk‗y kevuzeagnx ayo ilkvzla ejgagvw -Agosozyo ov ea! :888'+ Yl klv lkaw

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floy vmo jzegk yoo` e ilnx ayglk vl zoxoev vmo jomesglz!j v vmo xezv lc vmo jzegk vmev zoeylky vmev vmo jomesglzyml af klv jo xozclznof floy klv gk ceiv eiv eiilzfgkdaw+

Gk oyyokio! vmo jzegk evveimoy yvzlkdoz onlvglkea sea o vlvmo jomesglz tmgim lzgdgkeaaw oaosevof vmo flxengko! ekfaoyyoz onlvglkea sea o vl lvmoz jomesglzy -y im ey tlz`!cengaw ekf yoac -Moan vm! :885! Mlafok! :885'+' Ey vmojzegk izesoy e zov zk vl mlnolyveygy! vmo jomesglz tmgimtgaa oagigv vmo zotezf yoony ag`o e y zsgsea.gkyvgkiv fzgso!

ekf ekwvmgkd vmev tgaa xzosokv vmo jomesglz gy xoziogsof eyjogkd lc fgngkgymof gnxlzvekio -Moan vm! :885! Mlafok!:885! Vgnnlky # Mengavlk! 5778'+

Gk y jyvekio ej yo effgivglky! vmo izesgkd clz vmoy jyvekio gy joagosof vl jo agk`of vl e focgigokiw gkflxengko! tmgim ie yoy vmo gkfgsgf ea vl xezve`o lc vmoy jyvekio klv yl n im vl dov *mgdm* ey vl zoyvlzo e yokyolc klzneaiw lz *jeaekio+* Vmozo ezo yosozea zoeylky vmevezo vmolzgrof ey jogkd zoyxlkygjao clz vmgy imongieagnjeaekio gk vmo jzegk -Moan vm! :885! Mlafok! :885!Vgnnlky # Mengavlk! 5778'+

Lko gy vmev vmozo gy ek lzdekgi focgigokiw! ogvmozilkdokgvea lz lii zzgkd czln o}xozgokioy ey e imgaf lz ey

ek ef av -Moan vm! :885! Mlafok! :885'+ Osgfokio vmevy yioxvgjgagvw vl eailmlagyn iek jo gkmozgvof y xxlzvy vmovmolzw vmev flxengko new jo alt czln jgzvm ey xezv lc vmoxmwyglaldgiea ne`o x -Zel! Zwek! Fema! Jgznemoz! Zel!Tgaagenylk # Xozoa! 5777'+ _kxaoeyekv o}xozgokioy lz

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vze ne new aoef vl ek gnjeaekio aevoz gk agco -Moan vm!:885! Mlafok! :885! Vgnnlky # Mengavlk! 5778'+

Eklvmoz tew gk tmgim jzegk imongyvzw new joilno

kjeaekiof gy vmzl dm vmo occoivy lc fz dy lz eailmlaeivgkd lk vmo ko zea zoioxvlzy! lz vmo xezv lc vmo ko zlkvmev zoejylzjy vmo ko zlvzekyngvvoz imongiea! vm yeaaltgkd gv vl zonegk gk vmo ywkexyo alkdoz ekf izoevo enlzo gkvokyo cooagkd lc xaoey zo+ Ecvoz vmo occoivy lc vmofz d lz eailmla meso tlzk lcc! vmo zoioxvlzy zonegk

jali`of+ Vmgy xzosokvy e zov zk vl mlnolyveygy ekfizoevoy e fzlx gk flxengko aosoa! izoevgkd e izesgkd vlzogkvzlf io vmo y jyvekio gk lzfoz vl zojeaekio vmoimongyvzw -Aexowzo # Aaofl! 5776'+

Gv gy eayl joagosof vmev vmo jzegk gvyoac new eavoz lzzof io vmo zoioxvlzy tmok vmo flxengko aosoa gyejklzneaaw mgdm lsoz e xozglf lc vgno! ey gv yoo`y vlzojeaekio gvyoac+ Tmok vmo jomesglz vmev gkgvgeaaw ie yofvmo flxengko aosoa vl zgyo okfy! vmo imongiea jeaekioiekklv jo zoyvlzof ekf vmo flxengko aosoa joilnoyfoxaovof! ygngaez gk occoiv vl vmo jali`of zoioxvlzyfoyizgjof ejlso -Moan vm! :885! Mlafok! :885'+

C zvmoznlzo! flxengko gy joagosof vl jo zoaevof vl

gnx ayo ilkvzla! lz *tgaa xltoz* ’ vmo ejgagvw lc ek lzdekgynvl imllyo tmovmoz lz klv vl eiv lk ek zdo lz gnx ayo-Agosozyo ov ea! :888'+ Vmgy gy f o gk xezv vl flxengko‗yzlao gk eyygdkgkd onlvglkea sea o vl sezgl y osokvy gk vmooksgzlknokv+ Ey vmo jzegk imongyvzw joilnoy kjeaekiof

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ekf vmo foygzo vl zodegk mlnolyveygy ezgyoy! vmo jzegk newxoziogso vmev vmo y jyvekio lz jomesglz vmev tgaa oaosevovmo flxengko aosoa edegk gy lc dzoev gnxlzvekio+ Ekwvmgkd

vmev ngdmv xzosokv gv ’ lz x v ev zgy` joie yo lc gv ’ gy lcaoyyoz gnxlzvekio -Agosozyo ov ea! :888'+

Flxengko gy eayl gkslasof gk izoevglk lc nonlzw! tgvmonlvglky eiilnxekwgkd e jomesglz mesgkd ek occoiv lkvmo yvzokdvm lc vmo nonlzw -Moan vm! :885! Mlafok!:885'+ Vm y vmo jzegk izoevoy e sgsgfaw xltozc a nonlzw lc

e jomesglz‗y ejgagvw vl eccoiv vmo flxengko aosoa! ekf tgaagkvokygcw vmo izesgkd vl zogkvzlf io gv tmok vmo flxengkoaosoa joilnoy foxaovof+ Vmgy nonlzw iek joilno ylyvzlkd vmev vmo nozo ekvgigxevglk lc okdedgkd gk vmojomesglz iek vzgddoz vmo zotezf eivgsgvw gk vmo jzegk+ Gkylno gkyvekioy! vmgy ekvgigxevglk iek joilno ey yvzlkd lzyvzlkdoz vmek eiv eaaw okdedgkd gk vmo jomesglz -Vgnnlky# Mengavlk! 5778'+ Clz o}enxao! e cllf effgiv new cgaa vmoczooroz tgvm dl znov gio izoen ekf zoiogso y ccgigokvxaoey zo! ekf zezoaw eiv eaaw oev gv -Moan vm! :885!Mlafok! :885'+ Vmgy eivgsgvw lc nonlzw ekf ekvgigxevglk gyjoagosof vl jo gkslasof gk ljyoyygso vmgk`gkd! y im ey vmocllf.mlezfgkd foyizgjof mozo! lz vmo gzzevglkea jomesglz lc

e *yvea`oz* -Agosozyo! Dllzok # Eyygoy! :888'+

Lxxlygkd sgoty

Vmozo ezo ylno tml fgyil kv lz fgyngyy vmo ilkioxv lc

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effgivglk ey jogkd e yvzlkd fzgso zoaevof vl ko zlimonygvzwekf mlnolyveygy jeaekio+ Xywimgevzgyv Yeaaw A+ Yevoa!tzgvgkd gk *Vmo X jagi Gkvozoyv* x jagievglk! yewy vmev ymo

floy klv joagoso gk vmgy vmolzw ekf vmev vl fl yl ejylasoyvmo gkfgsgf ea lc xozylkea zoyxlkygjgagvw vl ilkvzla mgy ltkjomesglz+ Ymo xlgkvy vl yv fgoy tmozo ejl v meac lc vmoxolxao gkslasof mef ioeyof ek effgivgso jomesglz ekfnegkvegkof ilkvzla clz lsoz e woez tgvml v xmezneilaldgieagkvozsokvglk! ey osgfokio vmev effgivglk gy klv ek gyy o lc

jzegk imongyvzw -Yevoa! 5777'+Aekio Flfoy! N+ F+! vmo Eyygyvekv Iagkgiea Xzlcoyylz lcXywimgevzw ev Mezsezf Nofgiea Yimlla ekf e nonjoz lc gvyFgsgyglk lk Effgivglky! yvevoy gk mgy jll` *Vmo Moezv lcEffgivglk* vmev agk`gkd jzegk imongyvzw vl effgivgsojomesglzy gy e *nwvm+* Mo fgyngyyoy zoyoezim zodezfgkdzoaevglkymgxy jovtook effgivglky ekf jzegk imongyvzw eyjogkd e *ngy kfozyvekfgkd* lc ko zlxywimlaldw! ekf eaylyvevoy e ilkiozk vmev joagosgkd gk vmo flxengko.effgivglkzoaevglk vmolzw gy ek o}i yo vl eslgf xozylkeazoyxlkygjgagvw clz jomesglz -Flfoy! :88:'+

Ejylzxvglk! calt ekf xaoey zo

Lko lc vmo ilkioxvy lc ildkgvgso ejylzxvglk gy vmev vmojomesglz lk tmgim ek gkfgsgf ea gy cli yof gy gkvzgkygieaawokblwejao! ekf vmev eimgosgkd e yvevo lc ejylzxvglk tgaamogdmvok vmev yokyevglk+ Wlde ekf nofgvevglk! clz

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o}enxao! iek izoevo cooagkdy lc jagyy gk ekf lc vmonyoasoy-Voaaodok # Ev`gkylk! 5746'+ Zoagdgl ykoyy -Aosgk!Tgi`zeneyo`oze! # Mgzymjozd! -577=' ekf ioaojzgvw

*tlzymgx* -NiI vimolk ov ea! :88:' ezo eayl eivgsgvgoytmozojw ek gkfgsgf ea cooay jagyyc a tmgao gk e yvevo lcejylzxvglk! tgvm agvvao lvmoz eivgsgvw lz yvgn aevglk zou gzofvl dokozevo yvevoy lc xaoey zo+ Gkcev evglk! lz vmo gkgvgeayvedo lc ceaagkd gk also! eayl xzlf ioy o xmlzgi cooagkdy-Agosozyo! Dllzok # Eyygoy! :888'+

Klv osozwlko tgaa o}xozgokio vmoyo yokyevglky gk vmoyeno tew+ Voaaodok fosgyof e noey zonokv vlla vmevfovozngkoy y yioxvgjgagvw vl vmo vzegv lc ejylzxvglk-noekgkd gv gy xezv lc vmo xozylkeagvw! ey lxxlyof vl jogkde vonxlzezw *yvevo* lc ildkgvglk'+ Ylno gkfgsgf eay ezonlzo xzlko vl o}xozgokio ejylzxvglk! ekf vl okvoz vmoyvevo nlzo fooxaw+ -Voaaodok # Ev`gkylk! 5746! Edeztea #@ezemekke! :888'+

Irgimyokvnwameg zoxlzvy lk ek ezzew lc eivgsgvgoy vmevezo zoaevof vl calt! zekdgkd czln vmo xeyygso -tevimgkdvoaosgyglk' vl imeaaokdgkd -xozclzngkd y zdozw! zli`iagnjgkd' vl zgy`w -b sokgao foagku okiw! yozgea izgnoy+'-Irgimyokvnwameg! 57=?+'

Vmolzgoy lc nlvgsevglk ekf zotezf yvevo vmev lzdekgynyaoezk vl y zsgso jw zoxoevgkd jomesglzy vmev ezo zotezfoftgvm xaoey zejao cooagkdy! y im ey oevgkd! yo}! flgkd e bljtoaa! ekf ilku ozgkd imeaaokdoy -Blyoxm! 5776'+ Gk vmgyzodezf! *calt* iek meso e xlygvgso occoiv gk okil zedgkd

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jokocgigea jomesglzy y im ey yxlzvy eivgsgvw! j ygkoyyx zy gvy! lz oevgkd toaa -Irgimyokvnwameg! 57=?'+

Osok vmoyo xlygvgso eivgsgvgoy! mltosoz! iek joilno

neaefexvgso tmok ek gkfgsgf ea joilnoy yl ljyoyygso lzxzolii xgof tgvm vmo jomesglz vmev gv kodevgsoaw gnxeivymgy zoaevglkymgxy! tlz`! lz yokyo lc xozylkea toaa.jogkd-Moan vm! :885! Mlafok! :885'+

Irgimyokvnwameg tezky vmev *calt* iek joilnoeffgivgso+ Mgy zoyoezim igvoy zoaevglkymgxy jovtook

o xmlzgi calt yvevoy ekf ilnx aygso izgngkea eivgsgvw+*Calt* mey eayl jook ymltk vl jo ilzzoaevof vlilnx aygso denjagkd -To}aoz # To}aoz! 577:'! Gkvozkovyedo -Dzgccgvmy! :885'! mwxoz.yo} eagvw -Agosozyo! Dllzok# Eyygoy! :888'! :888'! ekf sgfol deno xaewgkd -@loxx!D kk! Aetzokio! I kkgkdmen! Fedmoz! Blkoy! Jzll`y!Jokim! # Dzeyjw! 577='+ Eivgsgvgoy gkslasgkd e sozw kezzltcli y lc ilkiokvzevglk! sgy eaaw ekf nokveaaw! iek xzlf ioe yvevo klv kag`o mwxklygy gk mogdmvokgkd yokyevglky ekfonlvglky -Voaaodok # Ev`gkylk! 5746'+ Gkvozkov yedo!yalv.neimgkoy! ekf sgfol denoy eaa gkslaso y im e kezzltcli y lc evvokvglk -Moan vm! :885! Mlafok! :885! Edeztea# @ezemekke! :888'+

Ilnxezgylk lc klk.imongiea jomesglzy ekf y jyvekioej yo

Gkfgsgf eay tgvm jomesglzea effgivglky lcvok zoxlzv

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mesgkd kilnclzvejao yokyevglky lc koeyo! ek}govw! ekfizesgkd vl okdedo gk vmogz jomesglzy gk e ceymglk sozwygngaez vl tmev y jyvekio.effgivy zoxlzv+ Vmow yvevo vmev

vmo alkdoz vmow ejyvegk czln vmo jomesglz! vmo nlzogkvokyoaw vmow cooa fzgsok vl zoxoev gv! kvga gv joilnoyylnotmev ag`o e y zsgsea gkyvgkiv+ Vmgy aoefy nekw vlvmolzgro vmev ygngaez eivgsgvw gy lii zzgkd gk vmo jzegk lc ey jyvekio effgiv ekf e klk.imongiea jomesglz effgiv-Moan vm! :885! Mlafok! :885! Ngoao! Vgaaw! Cgzyv #

Czekioy! 5778'+Jzegk yiek voimklaldgoy y im ey XOV yieky ekf NZGyv fgoy fonlkyvzevo vmev ygngaez xlzvglky lc vmo jzegk ezojogkd eivgsevof gk jlvm y jyvekio ekf jomesglzea effgivy+Vmgy mey jook gkcozzof vl fonlkyvzevo vmev imongieaeivgsgvw gy mexxokgkd gk e ygngaez ceymglk gk jlvm -Moan vm!:885! Mlafok! :885'! eavml dm ylno zoyoezimozy iaegnvmev eivgsgvw gk ygngaez ezoey lc vmo jzegk floy klvkoioyyezgaw noek vmev vmo yeno ko zlimongyvzw gylii zzgkd -Flfoy! :88:+'

Jzegk yiek o}xozgnokvy meso jook xozclznof vmevilnxezo fz d ekf eailmla yo vl also -L$Ilkkoaa! :885'!denjagkd -Tok! :885' ekf sgfol.deno xaewgkd -@loxx!

D kk! Aetzokio! I kkgkdmen! Fedmoz! Blkoy! Jzll`y!Jokim! # Dzeyjw! 577='+ Yv fgoy meso eayl jook flko vlfovozngko vmev gv gy! gk ceiv! e yxg`o gk flxengko aosoay vmevlii z gk gkvokyo gkcev evglk -Agosozyo ov ea! :888'! ekf eaylgk sgfol.deno xaewgkd -@loxx! ov ea 577=+'

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Gkfgsgf eay jogkd vzoevof clz klk.imongiea jomesglzeaeffgivglky meso jook dgsok xmezneilaldgiea gkvozsokvglkyey xezv lc vmogz vmozexw! ekf meso ymltk vl jo zoyxlkygso

vl vmoyo nofgievglky gk moaxgkd ilkvzla lz eaaosgevo vmogzjomesglzy+ Yo}.effgivy meso y iioyyc aaw jzl dmv vmogzilnx ayglky kfoz ilkvzla ygkd ekvgfoxzoyyekvy-Agosozyo ov ea! :888'! ekf nofgievglky yof vl eccoivflxengko gk Xez`gkylk‗y Fgyoeyo xevgokvy meso jookfonlkyvzevof vl jo occoivgso -@oavkoz! :885'+

Fgyi yyglk ekf ilkia yglk

E yneaa enl kv lc zoyoezim gk vmgy ezoe mey jooko}xalzof -@loxx! ov ea! 577=' ekf lvmozy gk vmo cgoaf lceffgivglk vzoevnokv meso xlkfozof vmo ilkkoivglk-Zlyoizeky! 5776+' Ylno meso y ddoyvof vmev vmoxywimlaldgiea ilnn kgvw mey klv dgsok nlzo vml dmv vlvmo zoaosekio lc e xlyygjao zoaevglk jovtook *calt*ouxmlzge ekf jzegk imongyvzw! joieuyo Iyg`yrokvngmeawg‗ytlz` lk *calt* mey jook yl o}me yvgso! j v mey cli yoflk *calt* gk dokozea nokvea vozny ekf klv gk ko zlyigokvgcgilkoy -Moan vm! :885! Mlafok! :885'+

Vmo ygdkgcgiekio gk o}xalzgkd vmgy ilkioxv gy vmev gv newkilsoz nlzo ekf jovvoz vmozexo vgi novmlfy clz moaxgkdxolxao ilxo tgvm ilnx aygso jomesglzy+ Gkygdmv ekfkfozyvekfgkd ealko tgaa moax ek gkfgsgf ea tml cooay ylyvzlkdaw ilnxoaaof vl okdedo gk e jomesglz osok tmok

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vmow ezo etezo vmev gv gy meznc a lz yoac.foyvz ivgso+Vmozo ezo nekw o}enxaoy lc gkfgsgf eay tml ilkvgk o

vl ilnx aygsoaw okdedo gk jomesglzy osok tmok vmow

`klt vmev vmo jomesglz mey eazoefw aekfof vmon gk vzl jao+E yoezim lc koty fevejeyoy zosoea xolxao tml ilkvgk ovl sgygv ieygkly osok ecvoz vmow meso jook imezdof tgvmcze f lz zljjozw vmow okdedof gk vl y xxlzv e denjagkdeffgivglk+ Alsozy yvea` vmogz ljboivy lc foygzo foyxgvovmzoevokgkd zoyvzegkgkd lzfozy clzjgffgkd vmon vl jo koez

vmo sgivgn+ Imgaf nlaoyvozy zoaoeyof czln xzgylk edegkej yo imgafzok! osok vml dm vmow meso o}xozgokiofgkieziozevglk ekf meso o}xzoyyof zonlzyo lz xzosgl yeivglky+ Xolxao alyo vmogz bljy clz o}ioyygso Gkvozkovyedo lz y zcgkd vmo toj clz xlzkldzexmw! osok ecvozmesgkd zoiogsof tezkgkdy+ E toaa.`kltk xzlcoyyglkeavokkgy yvez Sok y Tgaageny zoiokvaw tey zoxlzvof vlilkvgk o ymlxxgkd lk vmo Gkvozkov! osok ecvoz joilngkdetezo vmev moz yxokfgkd mef yxgzeaof l v lc ilkvzla+

Gv yoony gnxlyygjao vl vzw ekf fgsgfo vmo gyy o lceffgivglk gkvl ogvmoz.lz nevvozy lc ildkgvglk sy+ jzegkimongyvzw+ Ygkio vmo eivgsgvw lc vml dmv lii zy jw vmovzekyngyyglk lc ko zlimongieay! gv tl af exxoez cllamezfw

vl sgot vmon ey ekwvmgkd j v gkvoz.zoaevof+ Vmozoclzo! Gtl af xlygv vmev e ilnjgkevglk lc ildkgvgso ekf jomesglzeavmozexw ealkd tgvm xmezneilaldgiea gkvozsokvglky new jonlyv yoc a gk moaxgkd xolxao ilkvzla ilnx aygsojomesglzy+

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Yevoa ekf Flfoy jlvm yoon vl tekv vl fgyngyy jzegkimongyvzw‗y gkslasonokv gk effgivglk joieuyo vmow tekv vlnegkvegk ek gkfgsgfuea‗y zoyxlkygjgagvw clz mgy eivglky+

Mltosoz! mesgkd e yvzlkd ilnx ayglk floy klv noek vmevvmo xozylk gy moaxaoyy0 gv floy! mltosoz! y ddoyv vmev clznekw xolxao gv new jo cez nlzo fgccgi av vl ilkvzla vmogzjomesglzy jw *tgaa.xltoz* vmek gv gy clz lvmozy+ Yevoa xlgkvyl v vmev meac vmo xolxao gk moz yv fw u gv ek effgivglk lkvmogz ltk ekf vmev vmgy fonlkyvzevoy vmev jzegk imongyvzw

gy klv ek gyy o+ Mltosoz! vmev noeky vmev ejl v meac vmogkfgsgf eay yv fgof tozo KLV ejao vl fl yl lk vmogz ltk ’ tmgim! jw moz aldgi! tl af y xxlzv vmo vmolzw vmev ’ clzylno xolxao ’ jzegk imongyvzw nlyv iozvegkaw gy gkslasof+

Lvmozy meso y ddoyvof vmev jlvm imongiea ekf klk.imongiea effgivglky new jo vzoevejao jw y jyvgv vgkdeivgsgvgoy vmev yvgn aevo xaoey zejao lz o}igvgkd cooagkdy+Ve`gkd x y`wfgsgkd! clz o}enxao! new moax e xozylklsozilno effgivglky vl denjagkd! ymlxxgkd lz osok fz dyekf eailmla+

-Ygkio vmozo yoony vl jo e yvzlkd zoaevglk jovtookjomesglz! zotezfy! ekf y zsgsea.ag`o nlvgsevglky vl okdedogk vmo jomesglz! gv tl af eayl jo gkvozoyvgkd vl o}xalzo mlt

vmgy kfozyvekfgkd il af jo exxagof vl cgoafy y im eyjomesglz nlfgcgievglk ekf y iioyy nlvgsevglk+'

Zocaoivglk

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Ecvoz e vmlzl dm o}engkevglk lc esegaejao agvozev zo! Gilkia fo vmev vmozo gy gkfoof y ccgigokv y xxlzv clz vmomwxlvmoygy vmev eivgsgvgoy vmev gkslaso foox ildkgvgso

ejylzxvglk lc *calt* iek zoy av gk effgivgso lz ilnx aygsojomesglz+ Gv exxoezy vmev vmgy gy e xlvokvgea fekdoz! ekflkaw vl gkfgsgf eay tml new jo y yioxvgjao vl ejylzxvglkvzegvy! lz vl vmlyo gkfgsgf eay tml meso e alt aosoa lcflxengko ekf lvmoz nllf.zoaevof ko zlvzekyngvvozy+

Vmo nlzo vmev yigokio ekf xywimlaldw iek kfozyvekf

vmo tewy gk tmgim xolxao ezo nlvgsevof vl jomeso! vmonlzo occoivgsoaw to iek aoezk mlt vl agso jovvoz gk e tlzaftmozo vmo osoz.gkizoeygkd xeio lc agco ilkvgk oy vll vfgyvekio l z osla vglkezw ejgagvw vl efexv vl yvzoyy+_kfozyvekfgkd ekf effzoyygkd ilnx aygso jomesglz gk l zyligovw tl af jo e jgd yvox gk e xlygvgso fgzoivglk vltezfvmev okf+

.

.

Zocozokioy

Edeztea! Z+ # @ezemekke! O+ -:888'+ Vgno cagoy tmokwlu‗zo mesgkd cuk2 ildkgvgso ejylzxvglk ekf joagocy ejluvgkclznevglk voimklaldw yedo+ POaoivzlkgi sozyglk^+ NGYZoyoezim Iokvoz U ezvozaw+ :6-6'! 33?+

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Iyg`yrokvngmeawg! N+ -57=?'+ Zocaoivglky lk okblwnokv+Xozyxoivgsoy gk Jglaldw ekf Nofgigko+ :=-6'! 6=7.674+

Iyg`yrokvngmeawg! N+ -5778'+ Calt2 vmo xywimlaldw lclxvgnea o}xozgokio+ Kot Wlz`2 MezxozIlaagky X jagymozy+

Flfoy! A+ -:88:'+ Vmo moezv lc effgivglk+ Kot Wlz`2MezxozIlaagky X jagymozy+

Dlaonek! F+ -57=3'+ Ilkiokvzevglk gy agk`of vl o xmlzgiyvevoy lc ngkf+ POaoivzlkgi sozyglk^+ Kot Wlz` Vgnoy+Nezim 6! 57=3! x+ 5+

Dzgccgvmy! N+ -:885' Yo} lk vmo gkvozkov2 ljyozsevglky ekfgnxagievglky clz gkvozkov yo} effgivglk+ POaoivzlkgi sozyglk^+Vmo Bl zkea lc Yo} Zoyoezim+ 9=-6'! 999+

Moan vm! A+ -:885'+ Jowlkf vmo xaoey zo xzgkigxao+Yigokio+ :76-??66'! 7=9.7=6+

Mgadezf! O+ Z+ -573='+ Vmo o}xozgokio lc mwxklygy+ KotWlz`2 Mezil zv! Jzeio # Tlzaf! Gki+

Mlafok! I+ -:885'+ $Jomesglzea$ effgivglky2 fl vmow o}gyv<Yigokio+ :76-??66'! 7=8.7=:+

Blyoxm! Z+ -5776' Agnjgi ywyvon+ Gk Zeneimekfzek! S+Y+

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-Yozgoy Of'! Okiwialxofge lc m nek jomesglz2 sla+ 9+ -xx+34.=:'+ Yek Fgodl2 Eiefongi Xzoyy! Gki+

@loxx! N+B+! D kk! Z+K+! Aetzokio! E+F+! I kkgkdmen!S+B+! Fedmoz! E+! Blkoy! V+! Jzll`y! F+B+! Jokim! I+B+!Dzeyjw! X+N+ -577='+ Osgfokio clz yvzgevea flxengkozoaoeyo f zgkd e sgfol deno+ Kev zo+ 979! :33.=+

Aexowzo! X+ # Aaofl! X+ -5776'+ Mlnolyveygy+ Gk

Zeneimekfzek! S+Y+ -Yozgoy Of'! Okiwialxofge lc m nekjomesglz2 sla+ :+ -xx+ ?54.?:='+ Yek Fgodl2 EiefongiXzoyy! Gki+

Aosgk! B+ Y+! Tgi zeneyo`oze! G+ O+! # Mgzymjozd! I+-577='+ Gy zoagdgl ykoyy e ilzzoaevo lc ejylzxvglk<Gnxagievglky clz xywimlxmwyglaldw! ilxgkd! ekf nlzjgfgvw+POaoivzlkgi sozyglk^+ Eavozkevgso Vmozexgoy gk Moeavm ekfNofgigko+ 6-3'! 4:.43+

Agosozyo! Z+! Dllzok! A+ B+ D+ # Eyygoy! B+ -:888'+ Vmoxywimlko zlokflizgklaldw lc -yo} ea' eddzoyyglk+POaoivzlkgi sozyglk^+ Bl zkea lc Xywimlaldw ekf M nek

Yo} eagvw! 55-9'! 7+

NiI vimolk! A+ O+! Aekdo! Z+! # Ml zek! B+ -:88:'+Ilkioxv eagrevglk ekf noey zonokv lc ioaojzgvw tlzymgx+POaoivzlkgi sozyglk^+ Jzgvgym Bl zkea lc Xywimlaldw+ 79-5'!

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34+

Ngoao! D+! Vgaaw! Y+! Cgzyv! N+ # Czekioy! E+ -5778'+ Vmo

focgkgvglk lc foxokfokio ekf jomesgl zea effgivglky+POaoivzlkgi sozyglk^+ Jzgvgym Bl zkea lc Effgivglk -5778' =?!56:5.56:9+

Keflk! Z+! @gmayvzln! B+! Mlwv! G+ # Zodgyvoz! X+ -5775'+Ejylzxvglk ekf mwxklvgrejgagvw2 ilkvo}v occoivy

zoo}engkof+ Bl zkea lc Xozylkeagvw ekf YligeaXywimlaldw+ 38-5'! 566.5?9+

Kevglkea Gkyvgv vo lk Fz d Ej yo+ -577=! New :8'+ Vmoko zljglaldw lc fz d effgivglk+ Zovzgosof B ko ?! :88:czln mvvx2,,ttt+kgfe+kgm+dls

Kotvlk! B+ V+ -5776' Nlvgsevglk+ Gk Zeneimekfzek! S+Y+-Yozgoy Of+'! Okiwialxofge lc m nek jomesglz2 sla+ 9+ -xx+:59.:5='+ Yek Fgodl2 Eiefongi Xzoyy! Gki+

L$Ilkkoaa! Y+ -:885'+ Effgivof vl vmo xaoey zo rlko+POaoivzlkgi sozyglk^+ Vmo Alkflk Gkfoxokfokv+ Nezim 53!

:885! xx+=+

Zel! _+! Zwek! K+ F+! Fema! Z+ O+! Jgznemoz! J+! Zel! Z+!Tgaagenylk! F+ O+! # Xozoa! B+ N+ -5777' Ceivlzyeyyligevof tgvm vmo fosoalxnokv lc y jyvekio yo

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fgylzfoz gk foxzoyyof eflaoyiokvy+ POaoivzlkgi sozyglk^+Bl zkea lc vmo Enozgiek Eiefonw lc Imgaf ekf EflaoyiokvXywimgevzw! 9=-7'! 5587+

Zlyoizeky! B+ -5776'+ Eailmla! fz dy exxoez vl yozso eyo}ldokl y ko zlvzekyngvvozy+ POaoivzlkgi sozyglk^+ VmoEffgivglk Aovvoz+ 58-4'! 5+

Yevoa! Y+ -5777'+ Vmo ceaaeigoy lc kl.ce av effgivglk+

POaoivzlkgi sozyglk+^ Vmo X jagi Gkvozoyv! 596! ?:+

Voaaodok! E+ # Ev`gkylk! D+ -5746'+ Lxokkoyy vlejylzjgkd ekf yoac.eavozgkd o}xozgokioy -*ejylzxvglk*'! evzegv zoaevof vl mwxklvgi y yioxvgjgagvw+ Bl zkea lc EjklzneaXywimlaldw+ =9-9'! :3=.:44+

Vgnnlky! I+ Z+ # Mengavlk! A+ T+ -5778'+ Fz dy! jzegkyekf jomesglz+ Zovzgosof B ko ?! :88: czln Z vdozy_kgsozygvw Toj ygvo2 mvvx2,,ttt+zig+z vdozy+of ,{atm,fz dy,

Tok! X+ -:885'+ Denjaozy meso ykgcc lc iliegko mgdm+POaoivzlkgi sozyglk+^ Ofnlkvlk Bl zkea! B ko 9! :885+

To}aoz! E+ # To}aoz! Y+ -577:'+ Ceivy lk ilnx aygsodenjagkd ekf effgivglk+ Vmo Il kiga lc Ilnx aygsodenjagkd lc Kot Bozyow Iaoezgkdml yo ceiv Ymoov+