qCH« UЗ
…Ëd¦« l¹“uð ¡uÝË
rK¹u« wUÝ
− !" #$
, ! ," #$ %
&"' &"(
)*$ +! -' .
/01 23 4. 5 ,678 '$ 9 : ); <=. > -;
? @ ,' ? 0 ,A' A ,B' B ,"C' "C ,' ,D78' D78 ,EFG' EFGH :
D.; &J K(L ,M'$ N; .OB .P -;H :@01 ); Q$R " S' .P MS' S ,6@T
DU <8V &Q$S8 JB #S( 9 ,D. );W ); EFG $N K; QSB0 X EY0 EFG' EF3
&$S5G - Z 6U D' 4% 2G5 ,67; '$ B"0
:: [ 4\ &]B / - );U K! GL^V J )B 6_ - 678 '$ `a
b"' -
)c'H :4\ ,defghi <0 8Vj MZR Z 6U N; ' 678 '$ H
&diklm ,6 X'j M' n1 J Q$. = :4SN0 X5 \S
"\S oj JN -' 23 "'V ,Dp '$ o D"0$G #' - 1$ A($ \
q8B0 = \ Q$r Es 9s D!\ ); )*$ Q$R " )' /01 ] -U &dtkkhi
3o -U ,6"8V = &# &
% ' uv uv :23 J ) 4N;H :/0% )8; ,4SN GF 9
H : SN; &diwti J\$ ,lxthl ,Q$ AB;j M' B Jy L 9' B 9; QBCV X <.$
& D"0$3 .Y > ,' J - 678 '$ X 4. M'
H :)Oc 4\ &7 J"B .S( 678 '$ `a JUz1 - X " b"' 53 \
{C |N ,J"B uS( ); 8r0 _8 6 ); }. Q' s ,($! - D"W +5
DU H :$ -' 4\ &dUC #B5 ,twlhtt NB aoj MSN SF ; J"B ~
u
X5 - D0$* D(1 -UV J D'$NB K"; +5 BL= 65 ZBrV + +5 ; DPS
:4\ MQB .S(S' SF €o GF ); 4" X5 , ( =o "' Z! 2G' B0 X Z K
3o D" 9 D@ ,4" .S( F1o :XB
,DPS DU )
, uGF ); 6
 *8B 9 ? 3‚;H
&dƒ1 „ ,iklhw KB… D0'j M #' - +5
|SV -
† ‡c 9 )F DU% X d~S
-0 )8 1j -0" b"' 53
'$ X /1 ,$UB1= 9 JU% - X -0 ˆV -0 Z &. $ &D" ƒS 48o Jy - ,.SN
B1 4B -
<SN >% D8 †K0 GF &>s >8 - .0P 9_ 4S!' A0 678
&$UB1= D"0$G ? 678 '$ - {C 9; &A' 23 "' 90 Jy ," 98V0
, ‰ FO5V @ 90PSV S o Q.Š0 <0$7 ); 678 '$ X Z5 F C
& ? 70 ‡c -7B0 S 9N0 23 X ,$UB1= 8 o Q.Š0 SF
)
!" #$
*"+, (- ./ &# 0$! $1-
:_O( - XSUBV D" <SN X K ‹BB X 9ŒB ,$ -' )Oc <$
); ^V 3o
>s -* L o {S - ZBrV = D8B S D
); (SV <SN >s D5BC ]_!L
); ? 7B 23 X‚; ? 0$* <SN >( X5 3o &LŽ -
{S 65 K' .80 O ]_!L :)@ &1S
>U"V ' & D D(% <SN $* >U"V D5BC ]_!R X Q ,D5BC ]_!R
J"B ,D5 XSUV \ 6' ,D0$* XSUV = K^ - uGF ,L -
{S ' OB0 O ]_!R
 X U; D*8 uGK' GL 3o &9s J1$ ,$ -' 4S\ 1 ,)Oc 4S\ 1
&)B S <=. o
*23 4567 8
D5BC ]_!R - 65 DF _ -@ >U"0 d?@ -@' <S\j ? O_s D0." D. );
' +'y Q$7 $N X‚; ,678 '$ D. ); &D" )U Es Q$7 Es ,O
D" )F 678 ƒS ); D.B D"; X3o &)U $N SF D*"' .S!N cB ,4 4
X0 = X"0B; &DU D0$7 <8! ' 9‘ D" " ƒS ); D.B D" ' ,D5
Kehnman :j 0.!B\= #$‘ 23 +. 5 ,O $N o 6' , ' ’BC $N o
&dand Tversky, 1979, Prospect Theory
6L. D <3 DU D" X D_!1: <$ D0.!B\= D0 - J" -
Q.Š0 GF ,DU D" 5 D' 4\o o Q.Š0 D" D' 6L {8V$ X Q &D0$7 -
ƒS ); <SN " X 23 EVB0 &S" SF 5 ,D0$7 - @5 DU 9 " {8V$ o
?23 -
‹B0 3 &" ƒS ); XSU 678
9' XS78 <SN )YB X ," ƒS #1 678 ƒS <SN q;V ‹B0
3o &678 ƒS ); O5B0 " ƒS -
<SN ' &
A' /1 o JKVYB
o ƒS D 7BNT 9 25-+ YB <SN X Q & ƒS SK; ,D5 D" ? \S 678 ƒS X5
>8 )F , ' D. A!; ,6L )ŒSB N8 ƒS -
$7' 0  ƒS
{8V$ o 23 Q.Š &”JU  ' D. XSU0 = )5• :U1 K' 6
XN K'$1 )B D"
D_C $N ? D5 ƒS )K; 678 ƒS &K; ~" A E' " ƒS ); <SN "
~" 0OV 9 &" ƒS - $7' XSU K; " X‚; 2G ," ƒS - K;
- 0 " ƒS -
u$ ,~8r= u‘' " |c* - 0 ,678 ƒS );
ŠC 6\ " ƒS " - XOV= " XSU0 /' ,\S ' XOV ^C0 ,{8V$= u‘' |c*
&678 ƒS
!" #$
&K7"' XBŒV XBYB F & ' V ,<SN " {8V$ :X )F D!–
*$! 2: *$! +;
uGF ^CV = N; ,D0$* -UV J 3o &D0$* ? D" XSU' DŒV ‹_B uGF X —1=
D ~8r E' b8r B"Œ' D0$7 D" " X 4 & ,678 '$ .S( ); 8
" Q$7 " ' ƒ8 X )"0 D0$* D" XS5 9 D5 D" .S(S; & D' 6L
 ? D" +5 S -U &Ko <SN q;V 678 ƒS $F.P' A0 QG % o 5 )U
D" EŒ X )@ &678 ƒS $F.P= ? ;5 Q$7 )U " ' ƒ8 -U0 J D0$*
&EŒ ? @5 yŠ0 - " {8V$ X )"0 GF ,D78r " D' EŒ D ,+'y D0$7
\ $R ); QPS0 " EŒ ); ? *8r E0 \ F" {8V$ X‚; D0$7 D" -UV J 3o
&
"' 678 ƒS ); D" 9' 4L - A'$ - qNB0
23 65 , ‰ <SN O5V K; " {8V$ " ƒS ); ~" A X ‰V GUF
$S!B GF ); >; &? K
$ = )B ƒS D 7BNT ^C 6' ,Q$UB1= ’S $SK˜ X' ^C
<*8 uGF 65 &" 98V0 B1 ]'V D" >1 ; > ,1 - $UB1 |ŒrV = !\
X D@ &JF X. ™ EŒ K D0$7 - DU D" " X :XB*; )F €o ,D_
E -U &{C Zr SF -0GF - Q ); > &
D' <3 ƒS X$Br0 <SN )YB
B1 678 '$ - BU' {C 9; &!" #$ <;# *2= *>+ ?@ *$! *>+; 8A SF DUC
&9B… <SN' $*: o Q.ŠV X - D uGF 9š
6@š " >( X5 3o 0B )*0$ $" ˆBB -Uš ,?*0$ B -Uš $W: GF Xo
' D0.!B\= $y= JK; :;F qNB . ˆ3S A!0 Jy - &= 678 '$ ; QY0 M?VS\H
:D: D0.!B\= <$ X^ GF &PSY0 = 6*8B ; PSY0 0B $" .Y0o ,678
0 SF ,NŒV -Uš B .a +\S >8 ); ,„ ‹0rV 0 )
C JU% D! V
&„ qNa
B; C2
&.SN 4"B o {C !\ 40 GF ,.SN |SB' 4OV 678 '$ DUC Xo :4N0 \
)"0 " ƒS |SV X &.SN .Y > ,ƒS |SB' 4OV $S5G 8 X^' :#Y0 \ -U
|SV &)U Q$7 6C0 ? 5 F$B
' D" {V ; ,N8 )c ,9Y D" D1Vo
&D5 o D0$7 D" 60Sa 9 SF .S!N X ,ƒS |SB ›U" D SK; .SN
D
!" #$
-E F !" #$
); 678 '$ ^C0 &.SN D78 EFG 4.V q' 6B ƒŒ - 9š ’F >
53 5 ,UT A EF3 D. JB0 N; & - 6U D8B ]_!R SF .S!N X5 3o .SN
,0Y' Dš\ dD\$j .SN D. JB0 X -Uš 5 &L {S - DU' {S - DU ,0Y' qB
,KN8
E' 6*8B ^C; &2G5 > T " [0$V ‰53 60 $ ,D0.
‰L^' OB œSN <3 &D0$* KS5 - =
? ' D5 D" o .SN 4SBV 2G' &.SN EFG DU ]_!R
,‰L 9' D$N Ky 2G' 98V; ,678 '$ ƒS ); .SN O5BV X 23 EVB0
4V ); œU -
‹B )  ~8r ~8r= GF &9 $" ~8r Jy - 23 9B0
&.SN 4V A E' Q.!B\ .5 „SF )F DYB &)U EŒ ); œU - 0 ,.SN
*2
G +H 2#
9' 9 KN8 F( K; ‰0 D^ )F ,DFG )% 9' JU1 D$. ); q' $W: 80 \
-' : [ $BL ' &EFG' EF3 D. S
); 6L0 GF X ,dDFGj ' DFG )%
&D"! 6'N XSU0 678 D
S! )% X ,23 PS( JN
o D0$* - KNB )"V = ' KB. X )"0 GK; ,D5 D" 6 ); )% Xo \ 3‚;
[ Q$ A(0  GF ,DFG )% 9' ); qNBV = \ Ko $C @ O5V 8; Gp1 &D5
& 1$ :
(IJ>K F L MNEJ
B ,D" D. 9 {C 6LB0 B :?0FS( =
? Š @0 D
C U1™ Q.!B\= 6"B Xo
?2G' )8BU0 = B 8U )\L {PS' {C )8BU0 B ?6LB0 =
= K 9š ‚; OIPQ . J ?R 8 o ? _NV Q.ŠV D. +5 3o :#Ss
\ )B <=. - 9š = ‚; ,-0GK' 4OV 8 +5 3o & ) o ZU o 23 6U0
D B1 SF {C ); 6; &K' B
F\ {C X J" )B ƒS D' 7 23 X ,K7BV
"B 0S -
 bc' ,D($ 8 o ? _NV Q.ŠV DŽ uGF +5 3o =o ,6LB ƒS
8 o K S( A! -
ƒS a )B <=. 2V 9 {C 6LB0 Gp; ,K;
&$G–
J ) 53 +\S >8 ); ,
5 #GU `a {C $\ :4@ 6 ";
Xo :D0$ );j Z% Sc u70 9 GF Xo $YB C" 0H :4\ 5 ,#GU .S( D ƒS X
S
!" #$
&džxžw ,9s Aj F )_ QGB u$ MD\!' uS'SC; d9 X70 Jy: XŒC
<(o GrB0 J ,K; #3U Z% {S ƒS XŒC $S7' J ) J
9;
&ƒS <1 ‰ )
SŒB )\L {PS B' 8B5 €o ,ƒS D01 NV
D -' X5 S ,(8 - - 9\ S ,?NŒ ' 1 {C X ‰ L E( );
9 B1 ,D($ 0
8 o ? _NV Q.Š0 X ƒS D 6˜ ); ^ - ' X ?3 &D S' D <"B |* ); {C DU1 JK; ); ? ( JK q08B GF Xo &"B )\L {PS .S(
&K
/ Jy -
T
!" #$
!" # *6OU $VW C;J XYZ
6@Ÿ D5BC ]_!L :]_!R - B
SY -7B0 {S & x >s - i {S 6@Ÿ xi -UB
:6U 23 D'B5 U; ,{S 6@Ÿ O ,>s
[1]
xi = x + zi , x ≥ 0 , zi ≥ 0.
' D0$* D" x $B
Uš ,$ -' )Oc 6"V ' & i {S O ]_!R z 6@Ÿ /1
&D5 D" z
:)Œ"0 u
t¡ ); D D" DN )U 6*8B
[2]
dxi = dx + dzi
:X )7BN0 GF
[3]
dx dzi
dx
+
=1 ,
<1
dxi dxi
dxi
&EVB ,DU D" D0$7 D" dimplicit price )7j " pz , px -U
i
Q ,Q$7 " - 5 )U " X 4SN U; DU D0$7 D" - 65 D"Œ ? 
& pz > px :X
i
*2[2K 12O
D" ˆ$R ); €o ,XB!8 ˆ$R ); X(SV = 4% D"Œ' DU D" D0$7 D"
- 65 2KB N80 {SY X 23 EVB0 &6B |B 6!8 *B; €o ,6U5 1
:-7B0 $S5G ƒ8: QV „ &6U5 D" N80 Q0 X EY0 DU D0$7
\
!" #$
[4]
pi x i = px x + pz i z i
:
6! , dxi ;Œ D\ Jy ,$" +@V 9 6U' l¡ D." D*8T
[5]
pi = px
dz
dx
+ pz i i
dxi
dxi
:/' λi cB [6]
λi =
dz
dx
⇒ (1 − λi ) = i
dxi
dxi
" - 6U' i D" " ƒS " |'V )B D." 6! λi D\ -
b0S"B'
:)U " Q$7
[7]
pi = λi px + (1 − λi ) pzi
Q$7 " weighted average )(V |SB -
$
" " X V DYB uGF
—1=j &D; D5 D; D0$* D" $B
‰ ›N D(B XP /1 ,)U "
6! )B ‹_B D
S yŠ0 X )c0 = GF &‰L 9 {S 4Fo 9 ,E; i {S " 9BB
&d)V^ 5 ,u. Ko
!" #$
= DB'y ' D5BC ]_!R X‚; ,678 '$ 4L - 4.B JB0 /1 ,678 ƒS );
: ); Q$7 $N DU D' XB1 ’F &cBV
$N ); cB X‚; ' &DU /1 - ? 0B 5 ); Q$7 $N XSU0 X :?Q
_ " X B0 ž¡ D." 4L - & dx = 0 X )7BN0 GF ,8! Q0 W 6U Q$7
:DU D" " SF 678 ƒS );
[8]
λi = 0 ⇒ px = pzi
!" #$
)(B |SB - 5 XSU )U " X‚; ,Q$7 - 5 )U " X ? 
:X Q ,K'
pzi > λi px + (1 − λi ) pzi
[9]
:X5 3o ? XSU0 GF
[10]
pz i > pi > px
:X /1 ,$7' " ƒS " 98V$ 5 )U Os " 98V$ 5
∂ px
= 1 − λi > 0
∂ pz i
- 5 ƒS ŠC )U " XSU0 X ' = ,S85 678 ƒS XSUV )U ,8 DYB uGF
Xo ? N1= ‰ & x¡ D(B' qNB GF ," ƒS o YBB D" X‚; =o ," "
{8V$ X 6NB )U ,XŽ F ZN -U &XOV= 6\ " " - 5 ƒS " N XOV= &D@ D% ); ? 70 "
-Uš D" 65 D5 X ~B8 ~c GK & ' ? V8B Q$7 $N X5 3o )F :*2 *H
:)B S Ko O
[11]
x1 = ax + z1
[12]
x2 = bx + z2 , a > b > 0
:)0 5 D.B 9 $B
-U; ,?= B" B" ' ’BC $N X o ? 
[13]
x1 = ( a − b)x + z1
[14]
x2 = z2
!" #$
&)5 wgg ,Q$7 $N 6@Ÿ K žgg ,( tggg KP x1 X ~B8 ,4@ 6 D@ D" B"B D. &)5 lgg ' ,Q$* K lgg ,( fgg KP x2 D@ D"
wgg + Q$* ( wgg A!B; D" &)5 ( lgg .Y A!V ,Q$7 - DL
&K 1W -Uš Jy - ,Z0"B E1 ); XPS +'y Q$7 X 23 &( egg = )5
98V X3o &|N; %wg +5 X "' D5 %kg A!B; ,D5 %tgg D@ D" A!V &DV8B E' -U 5 "
Q$7 - ? $N N0 ;Π1 X 3o ,D08 D. B"V Q$7 $N D. X 0 GF Xo
& Xo ? N1= DŒN uGK .S" &E; )U Os 6'N 6' ,Q$* 6'N X.
:X‚; NV '
[15]
dx1 = ( a − b)dx + dz1
[16]
dx2 = dz2
:)0 5 D" D(B XP " #1 -Uš [17]
[18]
dz
dx
λ1 = ( a − b)
, (1 − λ1 ) = 1
dx1
dx1
p = λ p + (1 − λ ) p
1
1 x
1
z1
5 '1 -U; , D" D' " 4.B 41 678 4.V 41 D(B XP ' ƒ8 :)0
[19]
( a − b)dx adx
λ1 − λ1 =
−
dx1
dx1
=
⇒
⇒
−b( dx )( dz1 )
<0
( dx1 )( dx1 )
(1 − λ1 ) > (1 − λ1 )
p1 > p1 .
!" #$
&" " - 5 D" D' 678 " X B0 2G'
:X ¥ ,Q$7 $N - DL B"V K o ? ; ,D@ D" D' [20]
dz
(1 − λ2 ) = 2 = 1
dx2
⇒
p2 = pz > p2
2
% 5 ); ,?; ? 5 x2 D" " A ' , x1 D" " ); ..P )U " XP X Q
&#SŒ SF ," ƒS " - 5 678 D. - ¦ " X‚;
!" B F ^[U
&|B ~c D% XOV= X' ); !BN
DU ); .0P Q 6"Y0 QG % o 678 ƒS ); ~" 6!0 XOV= 6!0
&" ƒS " - 6\ " o Q.ŠV D*"
ƒS ); EŒ D. o OV Qx ( pi ) ' ,678 ƒS ); EŒ D. o OV Qz ( pz ) -UB
/1 ,)SB ," ƒS 678 ƒS - 6U )_B'= " 6@Ÿ pio , pzo -UB ,"
&NV 5 , pzo > pio
EŒ XSU0 ,6\ " ƒS ); EŒ D XSUV X OB0 GK; ,D0$* D" X T
:X Q &678 ƒS' D$N steeper DNB @5 Jy -
[21]
Qz′ < Qx′ < 0
& Q′ = dQ dp /1
o L - q;B <SN X‚; " ƒS ); 5 678 ƒS ); )_B'= " X5 3o
- DNŒ DN /1 - 5 " ); .0P o " ƒS ); ~" ]N Q.Š0 /' 678 ƒS
.S( >U"0 " ƒS X o .S"0 E &L ); ~" .0P ( - 678 ƒS ); " ]N
{8V$ - ' ; Jy - &" D' D b8r EΠ6"Y0 GF ,<SN ); Q$7 Es
SK; ,E; )U Es 6@š 678 &~" A 9 XPSB EŒ ]NV -Uš B1 5 D($' "
!" #$
&~" .0P XPS EΠ9SB0 B1 " ); 0 ~8r )8U; ,D @5
:X5 3o XOV= qNB0 &678 ƒS 9 " ƒS " ‰B0 X o q;B B0
[22]
pz* = pi* = p*
:X‚; x¡ f¡ '
[23]
pio < p* < pzo
:
[24]
Qx* < Qxo , Qz* > Qzo
678 " - 6\ ,678 '$ ŠC 6\ _ " - XSU 0s XOV= " X Q
&678 '$ .S( ); K XOV= 6\ XSUB " ƒS ); D*" <SN D5 X 5 ,)_B'=
&q; 6UC' DYB uGF A*SV -Uš
!" B _L [FR
ƒS - C' 6N0 QBC 6"Y0 QG ," ƒS " - 678 ƒS " Xo \ 3o
- D_(o D8UV 4% D"Œ' ’F ?b8r " Q3 " ƒS - C ’B0 98V "' 678
3o " ); .0O 6N0 QBC 6"YB D8UB uGF &‰L D" Jy L ~S"' D" D.
&" ); .0O QV - 5 D8UB +5
GL^0 = \ J" &\S ' XOV= ŠC - ' = 3o ,?0SW B0 - .0O uGF 4S\ -U
~B;' DL ,6U5 ƒS ); " 9; ? _NV 678 ' D; ŠC' "0B J
.Y -U ? B\
&rational expectations <"\SB
!" #$ F 0"6 8
4@ ); &Q$7 $N ); D08 D. -7B0 678 '$ X V DN' DC\ 4L -
( wgg 4G' Q &|N; ( lgg 6'N Q$7 $N - ( žgg N0 ;Œ 1 X ¥ q'
LŽ uL |7' Q$7 - A'0 ;Œ 1 X ,Q8 4.V GF ,Q$7 - 6'N X.
&
X Q &)U $N D. SF F $ &$ X' D08 D. ); 6\" 6L0 = 4% D"Œ'
Q$7 -
4PB X 2 = &)U $N D*" 6'N Q$7 $N ); $r' )*$ 4.
)
!" #$
6($ :)B 4@ $S!V 23 X &: - #
§ * >s >8 - b– )U 6'N b–
,8 ' GN0 u^˜ ' Q0 X - =
? ' & - ? ^5 ( Jy ,^ - ’K 2 ,8' 9ŒN
6' ?)U 6'N b– Q$7 -
4PV ? 7 ? ;o GF > &u" 6v(0 'Sy ' 6c EF3
); "B 3o ZU; ,’K 8 ~"0 2G' ? y X5 T ' - =
? ' S*S 6"B S
’$Bj 97V 23 X N u SN0 ; <SN 4"B 9 KN8 ] \ ? )5
. SF QG XSBV• :6_o )' ? UB "V 4\ \ &ditwhl : [ ‰B; X E0$ = &L SF QG' . SF QG 4B )U' Q$* D.; ?”L SF QG'
J
E ,
&9BY U ,]r 65 (S0 = \ <SN $* $"CB
&?
ša XSU0 X
,b– J"B ~c Q$* ); D08 D. o ‰. 3o -U ,V3 ); ? S > J"B
Q8! 4.B X ,M' H ^' 678 '$ £ ) Z E GK T$ &4UCB 6 XSU;
? $Wo 6@Ÿ ,Dp '$ 678 '$ ' 9‘ Q8! 4.B DL X Q &?70 Dp '$ ); DB'y DL
&J
,ša JUz1 ' ]_!L JK8 ? 5BC
*23
$N $N ? @ &8Br S - " XP ); ? B'y XSU0 = \ Q$7 $N $N X —10
] E GK &QU Ÿ - { ); Q$7 $N Q0 = \ )1' EW$ - { ); Q$7
&J_N <8B ?  ,DU >8' X5 S ( B' EW$ 4.V PS( KN8
*`I7
:-0 o Q.Š0 GF ,D5 D" o Q$7 <SN 4S0 678 '$ Xo
&ƒS " - " <3 678 ƒS ŠC &t
&678 ƒS ŠC E' ,; ~" ~8r ," ƒS " {8V$ &i
&678 '$ ‹_B uGF EVBV -; D0$*  ? D" +5 3o o $: $‘
$SK˜ -U - >; Gp1 &qB0 = \ it¡ „C X‚; ,?0$* ? $\ -7BV = D" +5 3o "T
); {C \ 9 q8B0 GF &678 4.V ( - D" ƒS y^BV - Jy - ,Š85 67; ƒS
D" +5 5 —1= &‰L - F
X. Xy <S\ ); 678 '$ ]!rV
>U" ,@5 6*8B $* X5 Jy - ,5 tg¡ D(B 7BV QG <8B X5 5 ,@5 D0$*
&>U"'
4L - = M?0S'$H " Z X5 3o 0a -U - ? 70 23 EVB0 5
!" #$
, 9š ’F -U0 J =o ,K; 6*8B OY0 J D0$* D" +5 BNNa X‚; , it ,tg¡ B(B
&J
); *B; Q &L yŠ Q X. ,678 '$ .S( .… <SN " 98V$ Z5 ? 70 —1=
" X ( 23 9 &ˆB¨ ƒŒB J ,DB'y .!B\= ); ~" <SN D5 {SY X 6B
X V DYB uGF Xo &N8  ' ƒS ); <SN 4.V DN0W cV .… =o †C = 98V$ XOV=
&\ 65 - ? NΠX5 3o ? 0.!B\ .S  $y XSU0 \ ? .Y 4.B
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