1. No category

Cartel Organization, Price Discrimination and the Trans

ǡ
Ǧ
ǡͳͺͻͻǦͳͻͳͳ
‡‘”‰‡‡Ž–ƒ•
‹˜‡”•‹–›‘ˆŽŽ‹‘‹•
ͳͶͲ͹Ǥ
”‡‰‘”›
”„ƒƒǡ͸ͳͺͲͳ
†‡Ž–ƒ•̷‹ŽŽ‹‘‹•Ǥ‡†—
‹…Šƒ”†‹…‘––‡
‹˜‡”•‹–›‘ˆ‡”‘–
ʹ͵ͻŽ†‹ŽŽǡͻͶ‹˜ǤŽƒ…‡
—”Ž‹‰–‘ǡͲͷͶͲͷ
”‹…Šƒ”†Ǥ•‹…‘––‡̷—˜Ǥ‡†—
‡’–‡„‡”ͳͲǡʹͲͳʹ
Š‹• ’ƒ’‡” •–—†‹‡• –Š‡ ‘’‡”ƒ–‹‘ ‘ˆ –”ƒ•Ǧ–Žƒ–‹… ’ƒ••‡‰‡” •Š‹’’‹‰ …ƒ”–‡Ž• †—”‹‰ –Š‡
’‡”‹‘† ͳͺͻͻǦͳͻͳͳ ƒ† ‹–• ‡ˆˆ‡…–• ‘ ’ƒ••‡‰‡” –”ƒˆˆ‹…Ǥ ‡ •›•–‡ƒ–‹…ƒŽŽ› †‘…—‡– ƒ†
…ƒ–‡‰‘”‹œ‡…ƒ”–‡Žƒ‰”‡‡‡–•‘–Š‡„ƒ•‹•‘ˆ‡›ƒ•’‡…–•‘ˆ‹–‡”ƒŽ‘”‰ƒ‹œƒ–‹‘ǤŠ‡ǡ™‡
‡š’Ž‘‹– –Š‡˜ƒ”‹ƒ–‹‘ ‹ ‹–‡”ƒŽ ‘”‰ƒ‹œƒ–‹‘ƒ…”‘•• ƒ”‡–•ƒ† ‘˜‡” –‹‡ –‘‹˜‡•–‹‰ƒ–‡
™Š‡–Š‡” ƒ› •’‡…‹ˆ‹… ‘”‰ƒ‹œƒ–‹‘ƒŽ ƒ•’‡…–• ™‡”‡ ‘”‡ ‡ˆˆ‡…–‹˜‡ ‹ ”‡†—…‹‰ ˆŽ‘™• ˆ”‘
…‘’‡–‹–‹˜‡Ž‡˜‡Ž•Ǥ‡ˆ‹†•‘‡‡˜‹†‡…‡–Šƒ––Š‡ƒ••‡••‡–‘ˆˆ‹‡•ˆ‘”˜‹‘Žƒ–‹‘•‘ˆ–Š‡
ƒ‰”‡‡‡–‡Šƒ…‡†…‘ŽŽ—•‹‘ǡ„—–‘‡˜‹†‡…‡–Šƒ––Š‡’‘•–‹‰‘ˆ„‘†•ȋ–‘‰—ƒ”ƒ–‡‡–Š‡
ˆ‹‡•Ȍ‘”–Š‡ˆ‘”ƒ–‹‘‘ˆ’‘‘Ž‹‰ƒ””ƒ‰‡‡–•Šƒ†ƒ›‹…”‡‡–ƒŽ‡ˆˆ‡…–Ǥ‡ƒŽ•‘–ƒ‡
ƒ†˜ƒ–ƒ‰‡ ‘ˆ –Š‡ ”‹…Š‡•• ‘ˆ –Š‡ †ƒ–ƒ ‘ ’ƒ••‡‰‡” ˆŽ‘™• –‘ •Š‘™ –Šƒ– …‘ŽŽ—•‹‘ Šƒ† ƒ
•ƒŽŽ‡” ‡ˆˆ‡…– ‘ ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡” ˆŽ‘™• ”‡Žƒ–‹˜‡ –‘ –Š‹”† …Žƒ•• •‡”˜‹…‡Ǥ
‹ƒŽŽ›ǡ ™‡ ’”‘˜‹†‡ ‡•–‹ƒ–‡• ‘ˆ …‘•—‡” •—„•–‹–—–‹‘ ƒ…”‘•• ’ƒ••‡‰‡” …Žƒ••‡• †—‡ –‘
…‘ŽŽ—•‹‘ ƒ† •Š‘™ –Šƒ– •—…Š •—„•–‹–—–‹‘ ™ƒ• •ƒŽŽ „—– ‘Ǧ‡‰Ž‹‰‹„Ž‡ǡ ‡•’‡…‹ƒŽŽ› †—”‹‰
’‡”‹‘†• ‘ˆ ‘”ƒŽ …ƒ”–‡Ž ‘’‡”ƒ–‹‘Ǥ —” •–—†› Šƒ• „”‘ƒ†‡” ‹’Ž‹…ƒ–‹‘• ˆ‘” –Š‡ –Š‡‘”› ‘ˆ
…‘ŽŽ—•‹‘ǡ ƒ† ‘ Š‘™ …‘ŽŽ—•‹‘ ƒˆˆ‡…–• –Š‡ “—ƒŽ‹–›ǡ ”ƒ–Š‡” –Šƒ –Š‡ “—ƒ–‹–›ǡ ‘ˆ ’”‘†—…–•
’—”…Šƒ•‡†„›…‘•—‡”•Ǥ
‡›™‘”†•ǣ‘ŽŽ—•‹‘ǡ‹‰”ƒ–‹‘Ǥ
Žƒ••‹ˆ‹…ƒ–‹‘…‘†‡•ǣ͹ͳǡ͹͵ǡͻʹǤ
‡™‘—Ž†Ž‹‡–‘–Šƒƒ‘‰ƒ”–ǡƒ”—‡…‡”ǡƒŽŽ›—ŽŽ‹ǡŽ‡••ƒ†”‘Ž‹˜‡‹”ƒǡ‡ƒǦ
ƒ—”‡–‘•‡–ŠƒŽƒ†’ƒ”–‹…‹’ƒ–•‹–Š‡–‡”ƒ–‹‘ƒŽ†—•–”‹ƒŽ”‰ƒ‹œƒ–‹‘‘ˆ‡”‡…‡
ƒ† –Š‡ ‘ˆ‡”‡…‡ ‘ Ǯ”ƒ•’‘”–ǡ •–‹–—–‹‘•ǡ ƒ† …‘‘‹… ‡”ˆ‘”ƒ…‡ǣ ‹•–‘”‹…ƒŽ
‡”•’‡…–‹˜‡•ȋ”˜‹‡Ȍˆ‘”Š‡Ž’ˆ—Ž…‘‡–•ƒ††‹•…—••‹‘Ǥ‡ƒŽ‘‡ƒ”‡”‡•’‘•‹„Ž‡ˆ‘”
ƒ›”‡ƒ‹‹‰‡””‘”•Ǥ
1.INTRODUCTION
…‡ƒ•Š‹’’‹‰ˆ‹”•Šƒ˜‡ƒŽ‘‰Š‹•–‘”›‘ˆ…ƒ”–‡Ž‹œƒ–‹‘Ǥ‹–Š‹–Š‡‹†—•–”‹ƒŽ‘”‰ƒ‹œƒ–‹‘
Ž‹–‡”ƒ–—”‡ǡ –Š‡ ’‡”•’‡…–‹˜‡• Šƒ˜‡ ˜ƒ”‹‡† ˆ”‘ Œ‘•–”‘ ȋͳͻͺͻȌ ƒ† ‹””‘‰ ȋͳͻͻʹȌǡ ™Š‘
•—‰‰‡•– …ƒ”–‡Ž• ƒ• ƒ •‘Ž—–‹‘ –‘ –Š‡ ’”‘„Ž‡ ‘ˆ ƒ ‡’–› …‘”‡ǡ –‘ •–—†‹‡• ‡šƒ‹‹‰
’”‡†ƒ–‹‘ǡ‡š…Ž—•‹˜‡…‘–”ƒ…–•ǡƒ†•‡‹Ǧ…‘ŽŽ—•‹‘ȋ…‘––Ǧ‘”–‘ǡͳͻͻ͹Ǣƒ”Àƒ†‹…‘––‡
ʹͲͲ͵Ǣ‡Ž–ƒ•ǡ‡”ˆ‡•ƒ†‹…‘––‡ǡͳͻͻͻȌǤƒ††‹–‹‘ǡ–Š‡”‡Šƒ˜‡„‡‡—‡”‘—•ƒ””ƒ–‹˜‡•
‘ˆ …‘‘’‡”ƒ–‹‘ ƒ‘‰ •Š‹’’‹‰ …‘’ƒ‹‡• ‹ –Š‡ „—•‹‡•• Š‹•–‘”› Ž‹–‡”ƒ–—”‡ ȋ‡Ǥ‰Ǥǡ ›†‡ǡ
ͳͻ͹ͷǡ‡‡Ž‹‰ǡͳͻͻͻȌǤ‡•’‹–‡–Š‡‡š‹•–‡…‡‘ˆ–Š‹•˜ƒ”‹‡†Ž‹–‡”ƒ–—”‡ǡ–Š‡”‡ƒ”‡˜‹”–—ƒŽŽ›‘
†‹”‡…– ‡’‹”‹…ƒŽ –‡•–• ‘ˆ –Š‡ ‡ˆˆ‡…– ‘ˆ –Š‡•‡ …ƒ”–‡Ž• ‘ …‘‡”…‡ ‘” –”ƒ˜‡ŽǤ ”‡…‡–
‡š…‡’–‹‘‹•‡Ž–ƒ•ǡ‹…‘––‡ƒ†‘…œƒȋʹͲͲͺȌǡ™Š‹…Šˆ‘—†–Šƒ–…ƒ”–‡Ž•Šƒ†ƒ•‹‰‹ˆ‹…ƒ–
‹’ƒ…–‘–Š‡ˆŽ‘™•‘ˆ•–‡‡”ƒ‰‡’ƒ••‡‰‡”•†—”‹‰–Š‡Š‡›†ƒ›‘ˆ–”ƒ•Ǧ–Žƒ–‹…‹‰”ƒ–‹‘ǡ
ƒ†ƒŽ•‘ˆ‘—†–Šƒ––Š‡‡’‹”‹…ƒŽ‡˜‹†‡…‡†‘‡•‘–•—’’‘”––Š‡‘–‹‘–Šƒ–…ƒ”–‡Ž••–ƒ„‹Ž‹œ‡
–Š‡ƒ”‡–ƒ••—‰‰‡•–‡†„›–Š‡‡’–›…‘”‡Ž‹–‡”ƒ–—”‡Ǥ–Š‹•’ƒ’‡”ǡ™‡•–—†›–™‘‘–Š‡”‡›
ƒ•’‡…–•‘ˆ’ƒ••‡‰‡”•Š‹’’‹‰…ƒ”–‡Ž„‡Šƒ˜‹‘”†—”‹‰–Š‡’‡”‹‘†ˆ”‘ͳͺͻͻ–‘ͳͻͳͳǤ
‹”•–ǡ ™‡ ‡š’Ž‘‹– –Š‡ ˜ƒ”‹ƒ–‹‘ ‹ –Š‡ ‹–‡”ƒŽ ‘”‰ƒ‹œƒ–‹‘ ‘ˆ –Š‡ †‹ˆˆ‡”‡– …ƒ”–‡Ž•ǡ
ƒ…”‘••‰‡‘‰”ƒ’Š‹…•’ƒ…‡ƒ†‘˜‡”–‹‡ǡ–‘•–—†›™Š‡–Š‡”•‘‡–›’‡•‘ˆ…ƒ”–‡Žƒ‰”‡‡‡–•
‘” ƒ•’‡…–• ‘ˆ …ƒ”–‡Ž ‘”‰ƒ‹œƒ–‹‘ ™‡”‡ ‘”‡ ‡ˆˆ‡…–‹˜‡ –Šƒ ‘–Š‡”• ‹ …ƒ—•‹‰ †‡˜‹ƒ–‹‘•
ˆ”‘…‘’‡–‹–‹˜‡‘—–’—–Ž‡˜‡Ž•Ǥ‡ˆ‘…—•‘‡ƒ•‹Ž›˜‡”‹ˆ‹ƒ„Ž‡ˆ‡ƒ–—”‡•‘ˆ…ƒ”–‡Žƒ‰”‡‡‡–•
”‡Žƒ–‡†–‘…ƒ”–‡Ž•ǯ‹–‡”ƒŽ‡ˆ‘”…‡‡–…ƒ’ƒ„‹Ž‹–‹‡•ǡ•—…Šƒ•’ƒ••‡‰‡””‡˜‡—‡’‘‘Ž‹‰ǡ–Š‡
ƒ••‡••‡– ‘ˆ ˆ‹‡• ˆ‘” ˜‹‘Žƒ–‹‘ ‘ˆ –Š‡ ƒ‰”‡‡‡–ǡ ƒ† –Š‡ ’‘•–‹‰ ‘ˆ „‘†• ˆ”‘ ™Š‹…Š
–Š‘•‡ ˆ‹‡• ™‘—Ž† „‡ ƒ—–‘ƒ–‹…ƒŽŽ› †”ƒ™Ǥ —” •‘—”…‡ ˆ‘” –Š‹• ‹ˆ‘”ƒ–‹‘ ‹• –Š‡ •‡– ‘ˆ
…ƒ”–‡Žƒ‰”‡‡‡–•…‘–ƒ‹‡†‹–Š‡”‡…‘”†•‘ˆU.S.v.HamburgǦAmericanǡƒƒ–‹–”—•–…ƒ•‡
„”‘—‰Š–‹ͳͻͳͳǤŠ‡Ž‡‰ƒŽ”‡…‘”†•ƒŽ•‘…‘–ƒ‹…‘’Ž‡–‡†ƒ–ƒ‘–Š‡—„‡”‘ˆ’ƒ••‡‰‡”•
…ƒ””‹‡†‘‡ƒ…Š˜‘›ƒ‰‡„‡–™‡‡—”‘’‡ǡ–Š‡‹–‡†–ƒ–‡•ƒ†ƒƒ†ƒ‘˜‡”–Š‡’‡”‹‘†Ǥ‡
ˆ‹† Ž‹––Ž‡ ‡˜‹†‡…‡ –Šƒ– ˜ƒ”‹ƒ–‹‘ ‹ …ƒ”–‡Ž ‘”‰ƒ‹œƒ–‹‘ƒŽ ˆ‘” ‡š’Žƒ‹• –Š‡ †‹ˆˆ‡”‹‰
‡ˆˆ‡…–‹˜‡‡••‘ˆ…‘ŽŽ—•‹‘ƒ…”‘••”‘—–‡•‘”–‹‡ǤŠ‡‹’‘•‹–‹‘‘ˆˆ‹‡•ˆ‘”†‡˜‹ƒ–‹‘ˆ”‘
–Š‡ …ƒ”–‡Ž ƒ‰”‡‡‡– ƒ’’‡ƒ”• –‘ Šƒ˜‡ ƒ ‡ˆˆ‡…–ǡ „—– –Š‡ ‡˜‹†‡…‡ ‹• ‹…‘…Ž—•‹˜‡Ǥ ‘‘Ž‹‰
ƒ””ƒ‰‡‡–•ƒ†„‘†••‡‡–‘Šƒ˜‡‘‡ˆˆ‡…–™Šƒ–•‘‡˜‡”Ǥ
‡…‘†ǡ ™‡ –ƒ‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ –Š‡ ”‹…Š‡•• ‘ˆ –Š‡ †ƒ–ƒ ‘ ’ƒ••‡‰‡” ˆŽ‘™•ǡ ™Š‹…Š
ͳ
…‘–ƒ‹ ‹ˆ‘”ƒ–‹‘ ‘ –Š‡ —„‡” ‘ˆ ’ƒ••‡‰‡”• „› …Žƒ•• ‘ˆ •‡”˜‹…‡ǡ –‘ ‡šƒ‹‡ –Š‡
†‹ˆˆ‡”‡–‹ƒŽ‹’ƒ…–•‘ˆ…ƒ”–‡Ž‹œƒ–‹‘‘ˆŽ‘™•‘ˆ†‹ˆˆ‡”‡–…Žƒ••‡•‘ˆ’ƒ••‡‰‡”•Ǥ
‹˜‡–Šƒ–
–Š‡…Žƒ••‘ˆ•‡”˜‹…‡…”‡ƒ–‡•ƒ”ƒ‹–‡”•‘ˆ“—ƒŽ‹–›ƒ†’”‹…‡ǡ–Š‹•‹˜‡•–‹‰ƒ–‹‘’”‘˜‹†‡•
‡˜‹†‡…‡ˆ‘”ƒ’‘••‹„Ž‡†‹ˆˆ‡”‡–‹ƒŽ‹’ƒ…–‘ˆ…‘ŽŽ—•‹‘ˆ‘”–Š‡Š‹‰Šȋ˜‡”•—•–Š‡Ž‘™Ȍ“—ƒŽ‹–›
’”‘†—…–•‘ˆƒ…ƒ”–‡ŽǤ‡ˆ‹†•–”‘‰‡˜‹†‡…‡–Šƒ–…‘ŽŽ—•‹‘”‡•—Ž–‡†‹ƒŽƒ”‰‡””‡•–”‹…–‹‘
‘ˆ –Š‹”† …Žƒ•• ’ƒ••‡‰‡” ˆŽ‘™•Ǥ †‡” –Š‡ ˆ—”–Š‡” ƒ••—’–‹‘ –Šƒ– Š‹‰Š‡” ’”‹…‡• ™‘—Ž†
…ƒ—•‡–Š‡ƒ”‰‹ƒŽˆ‹”•–…Žƒ••’ƒ••‡‰‡”••™‹–…Š–‘ƒŽ‘™‡”…Žƒ••”ƒ–Š‡”–Šƒ‘––”ƒ˜‡Žƒ–ƒŽŽ
ȋƒ† •‹‹Žƒ”Ž› ˆ‘” –Š‡ ƒ”‰‹ƒŽ •‡…‘† …Žƒ•• ’ƒ••‡‰‡”•Ȍǡ ™‡ …ƒŽ…—Žƒ–‡ –Š‡ Ž‡˜‡Ž ‘ˆ
’ƒ••‡‰‡”•—„•–‹–—–‹‘„‡–™‡‡–Š‡†‹ˆˆ‡”‡–…Žƒ••‡•…ƒ—•‡†„›–Š‡Š‹‰Š‡”…ƒ”–‡Ž’”‹…‡•Ǥ‡
ˆ‹†‹‹ƒŽ•—„•–‹–—–‹‘„‡–™‡‡…ƒ„‹…Žƒ••‡•†—”‹‰–Š‡’‡”‹‘†•™Š‡…ƒ”–‡Ž•™‡”‡‘–
‘’‡”ƒ–‹‰ ‘”ƒŽŽ› ȋ”‡Žƒ–‹˜‡ –‘ –Š‡ …‘—–‡”Ǧˆƒ…–—ƒŽ ‘ˆ ‘ …ƒ”–‡Ž ‘’‡”ƒ–‹‘Ȍǡ ƒ† ‘†‡”ƒ–‡
Ž‡˜‡Ž• ‘ˆ •—„•–‹–—–‹‘ †—”‹‰ ’‡”‹‘†• ‘ˆ ‘”ƒŽ …ƒ”–‡Ž ‘’‡”ƒ–‹‘Ǥ ‘ –Š‡ ‡š–‡– –Š‡”‡ ‹•
•—„•–‹–—–‹‘†‘™™ƒ”†‹…Žƒ••‘ˆ•‡”˜‹…‡ǡ–Š‡‡•–‹ƒ–‡†•–‡‡”ƒ‰‡ȋ–Š‹”†Ǧ…Žƒ••Ȍ”‡‰”‡••‹‘
…‘‡ˆˆ‹…‹‡–• —†‡”‡•–‹ƒ–‡ –Š‡ ƒ…–—ƒŽ ‡ˆˆ‡…– ‘ˆ …‘ŽŽ—•‹‘ ‘ ”‡†—…‹‰ –Š‡ —„‡” ‘ˆ
’ƒ••‡‰‡”•™Š‘™‘—Ž†Šƒ˜‡–”ƒ˜‡Ž‡†‹–Š‹”†…Žƒ••‹–Š‡ƒ„•‡…‡‘ˆ…ƒ”–‡Ž‹œƒ–‹‘Ǥ
—” ˆ‹†‹‰• ˆ‘” –Š‡ ‡ˆˆ‡…– ‘ˆ …ƒ”–‡Ž ‘”‰ƒ‹œƒ–‹‘ ‘ ˆŽ‘™• ƒ† –Š‡ •—„•–‹–—–‹‘
„‡–™‡‡ …ƒ„‹ …Žƒ••‡• ƒ”‡ –Š‡ •ƒ‡ ˆ‘” „‘–Š –Š‡ ™‡•–„‘—† ƒ† ‡ƒ•–„‘—† †‹”‡…–‹‘•Ǥ
‘™‡˜‡”ǡ–Š‡‡ˆˆ‡…–•‘ˆ…ƒ”–‡Ž‹œƒ–‹‘‘ˆŽ‘™•ƒ”‡•–”‘‰‡”ˆ‘”–Š‡‡ƒ•–„‘—††‹”‡…–‹‘ǤŠ‹•
ˆ‹†‹‰ ‹• …‘•‹•–‡– ƒ…”‘•• ƒŽŽ …ƒ„‹ …Žƒ••‡•Ǥ ˆ …ƒ”–‡Ž ‡ˆˆ‡…–‹˜‡‡•• ™ƒ• ‡“—ƒŽ ‹ „‘–Š
†‹”‡…–‹‘•‘ˆ•‡”˜‹…‡ǡ–Š‹•’ƒ––‡”…‘—Ž†ƒ”‹•‡‹ˆ‡ƒ•–„‘—†–”ƒˆˆ‹……‘–ƒ‹‡†ƒŽƒ”‰‡ƒ”‡–
•‡‰‡–‘ˆ˜‡”›’”‹…‡‡Žƒ•–‹……—•–‘‡”•ƒ†ƒƒ”‡–•‡‰‡–‘ˆ’”‹…‡‹‡Žƒ•–‹…–”ƒ˜‡Ž‡”•
ȋ‡Ǥ‰Ǥǡ –‘—”‹•–•Ȍǡ ™Š‹Ž‡ –Š‡ ™‡•–„‘—† –”ƒˆˆ‹… ™ƒ• …Šƒ”ƒ…–‡”‹œ‡† „› ƒ †‡ƒ† ‡Žƒ•–‹…‹–› –Šƒ–
™ƒ• ‘”‡ —‹ˆ‘” ‘˜‡” –Š‡ †‡ƒ† …—”˜‡ ȋƒ† ‘ˆ ‹–‡”‡†‹ƒ–‡ Ž‡˜‡ŽȌǤ ƒ•–„‘—† …ƒ”–‡Ž•
™‘—Ž† –Š‡ ’”‹…‡ –‘ –Š‡ ‹‡Žƒ•–‹… ƒ”‡– •‡‰‡– ƒ† ˆ‘”‰‘ –Š‡ ‡Žƒ•–‹… •‡‰‡–Ǥ —…Š
ƒ”‡–•‡‰‡–ƒ–‹‘ˆ‘”‡ƒ•–„‘—†–”ƒˆˆ‹…‹•’Žƒ—•‹„Ž‡Ǥ
Š‡ ”‡•—Ž–• ƒŽ•‘ Šƒ˜‡ ‹’Ž‹…ƒ–‹‘• ˆ‘” ‘—” —†‡”•–ƒ†‹‰ ‘ˆ …‘ŽŽ—•‹‘Ǥ ˜‡ ‹ –Š‡
ƒ„•‡…‡‘ˆƒ›…‘…‡”•ˆ‘”†‡–‡…–‹‘„›ƒ–‹Ǧ–”—•–ƒ—–Š‘”‹–‹‡•ǡƒ•‹–—ƒ–‹‘–Šƒ–†‡•…”‹„‡†
–Š‡…ƒ”–‡Ž•–Šƒ–™‡•–—†›ǡ‹–ƒ’’‡ƒ”•–Šƒ–•‹’Ž‡ƒ””ƒ‰‡‡–•ƒ”‡‡ƒ”Ž›ƒ•‡ˆˆ‡…–‹˜‡ƒ•ˆƒ”
‘”‡…‘’Ž‹…ƒ–‡†‘‡•Ǥ–ƒ’’‡ƒ”•–Šƒ––Š‡–Š”‡ƒ–‘ˆ…ƒ”–‡Ž„”‡ƒ†‘™‹•ƒ•—ˆˆ‹…‹‡––Š”‡ƒ–
ʹ
–‘ ƒ‹–ƒ‹ …‘ŽŽ—•‹‘Ǣ ‹– ‹• —…Ž‡ƒ” ™Š‡–Š‡” –Š‡ ‹’‘•‹–‹‘ ‘ˆ ˆ‹‡• –‘ ˜‹‘Žƒ–‘”• Šƒ• ƒ
‹…”‡‡–ƒŽ ‡ˆˆ‡…– ‹ ˆƒ…‹Ž‹–ƒ–‹‰ ‡ˆ‘”…‡‡–Ǥ Š‹• ‹• ‘– –‘–ƒŽŽ› •—”’”‹•‹‰ ˆ”‘ –Š‡
–Š‡‘”‡–‹…ƒŽ’‘‹–‘ˆ˜‹‡™ǣƒ…ƒ”–‡Ž‡„‡”…ƒ†‡…‹†‡–‘…Š‡ƒ–‘–Š‡ƒ‰”‡‡‡–ǡƒ†–Š‡
ƒŽ•‘˜‹‘Žƒ–‡–Š‡…Žƒ—•‡ƒ„‘—–’ƒ›‹‰ƒˆ‹‡ǡ‡š…‡’–™Š‡”‡–Š‡•‡ˆ‹‡•ƒ”‡Ž‡‰ƒŽŽ›‡ˆ‘”…‡ƒ„Ž‡Ǥ
Š‹• ’‘••‹„Ž‡ †‘—„Ž‡ ˜‹‘Žƒ–‹‘ …‘—Ž† ƒ‡ –Š‡ ’”‡•‡…‡ ‘ˆ ˆ‹‡ —–‡Ǥ ‘‡™Šƒ–
•—”’”‹•‹‰Ž›ǡ Š‘™‡˜‡”ǡ –Š‡ ’‘•–‹‰ ‘ˆ ƒ „‘† ˆ”‘ ™Š‹…Š –Š‡ ˆ‹‡ …‘—Ž† „‡ ’ƒ‹† •‡‡• –‘
Šƒ˜‡ ‘ ‡ˆˆ‡…– ‘˜‡” ƒ† ƒ„‘˜‡ ƒ› ‡ˆˆ‡…– ˆ”‘ –Š‡ ˆ‹‡Ǥ ’‘••‹„Ž‡ ‡š’Žƒƒ–‹‘ ˆ‘” –Š‹•
ˆ‹†‹‰ ‹• –Šƒ– „‘†• ™‡”‡ ‘ˆ ƒ ”‡Žƒ–‹˜‡Ž› •ƒŽŽ ƒ‘—–Ǥ ‘” —ƒ”† ‹‡ǡ –Š‡ ‡ƒ”Ž›
̈́͹ͲǡͲͲͲ „‘† ’‘•–‡† —†‡” –Š‡ ‘”–Š –Žƒ–‹… ƒ‰”‡‡‡– ƒ‘—–‡† –‘ Œ—•– ‘˜‡” –Š”‡‡
’‡”…‡– ‘ˆ –‘–ƒŽ ”‡˜‡—‡•ǡ ™Š‡”‡ƒ• ˆ‘” ‘ŽŽƒ†Ǧ‡”‹…ƒ ‹‡ ‹–• ̈́͵ͲǡͲͲͲ „‘† ™ƒ• ‘Ž›
ʹǤʹΨ‘ˆ–‘–ƒŽ”‡˜‡—‡•Ǥͳ‘–Š‡”’‘••‹„‹Ž‹–›‹•–Šƒ–ƒ„‘†…Žƒ—•‡ȋ‘”‡˜‡–Š‡’”‡•‡…‡‘ˆ
ˆ‹‡•Ȍ ™ƒ• ‘– ‹–‡†‡† –‘ ‹…”‡ƒ•‡ –Š‡ †‡‰”‡‡ ‘ˆ ‘‘’‘Ž‹œƒ–‹‘ ƒ…Š‹‡˜‡† „› –Š‡ …ƒ”–‡Ž
‡„‡”•ǡ „—– ”ƒ–Š‡” –‘ †‡…”‡ƒ•‡ –Š‡ Ž‹‡Ž‹Š‘‘† ‘ˆ …ƒ”–‡Ž „”‡ƒ†‘™Ǥ  ‘–Š‡” ™‘”†•ǡ ƒ
ƒ‰”‡‡‡– ™‹–Š ƒ† ™‹–Š‘—– –Š‡ „‘† …Žƒ—•‡ ™‘—Ž† ”‡•—Ž– ‹ –Š‡ •ƒ‡ ‘„•‡”˜‡† Ž‡˜‡Ž ‘ˆ
’ƒ••‡‰‡”ˆŽ‘™•ƒ†’”‹…‡•–Šƒƒƒ‰”‡‡‡–™‹–Š‘—–‹–ǡ„—–‹–™‘—Ž†‘”‡†—”ƒ„Ž‡ǤŠ‹•
‹• ƒ …‘Œ‡…–—”‡ –Šƒ– ™‡ …ƒ‘– –‡•– ˆ‘”ƒŽŽ› ™‹–Š –Š‡ Ž‹‹–‡† †ƒ–ƒ ‹ ‘—” †‹•’‘•ƒŽǤ —”
•‡…‘†‹˜‡•–‹‰ƒ–‹‘ǡ‘–Š‡”‡Žƒ–‹˜‡‡ˆˆ‡…–•‘ˆ…‘ŽŽ—•‹‘ˆ‘”†‹ˆˆ‡”‡–…Žƒ••‡•‘ˆ•‡”˜‹…‡ǡ‹•‘ˆ
„”‘ƒ†‡”˜ƒŽ—‡–‘‘—”—†‡”•–ƒ†‹‰‘ˆ…‘ŽŽ—•‹‘ǡƒ•™‡ŽŽǤ†‡‡†ǡ‘„–ƒ‹‹‰‡˜‹†‡…‡‘ˆŠ‘™
…‘ŽŽ—•‹‘ ƒˆˆ‡…–• –Š‡ “—ƒŽ‹–› ‘ˆ –Š‡ ’”‘†—…–• ’—”…Šƒ•‡† „› …‘•—‡”•ǡ ”ƒ–Š‡” –Šƒ –Š‡
‘˜‡”ƒŽŽ“—ƒ–‹–›–”ƒ•ƒ…–‡†ǡ‹•”ƒ–Š‡”‘˜‡Ž‹–Š‹•Ž‹–‡”ƒ–—”‡Ǥ
—”’ƒ’‡”ƒŽ•‘ƒ‡•…‘–”‹„—–‹‘•–‘–Š‡‡…‘‘‹…Š‹•–‘”›Ž‹–‡”ƒ–—”‡•‘‹‰”ƒ–‹‘
ƒ† –Š‡ ‡ƒ”Ž› Š‹•–‘”› ‘ˆ ƒ–‹–”—•–ǡ ƒ• ™‡ŽŽ ƒ• –Š‡ Š‡”‡–‘ˆ‘”‡ ”‡Žƒ–‹˜‡Ž› ‡‰Ž‡…–‡† –‘’‹… ‘ˆ
–”ƒ˜‡ŽǤ•‘ˆƒ”ƒ•‹‰”ƒ–‹‘ǡ‘—”’ƒ’‡”’”‘˜‹†‡•ƒ††‹–‹‘ƒŽ…‘–‡š–ƒ†”‡•—Ž–••—’’‘”–‹‰
–Š‡Š›’‘–Š‡•‹•–Šƒ–…‘ŽŽ—•‹‘‹‘…‡ƒ•Š‹’’‹‰ƒˆˆ‡…–‡†–Š‡ˆŽ‘™•‘ˆ‹‹‰”ƒ–•–‘‘”–Š
‡”‹…ƒˆ”‘—”‘’‡ǡƒ†ǡ–‘ƒ‡˜‡‰”‡ƒ–‡”†‡‰”‡‡ǡ–Š‡‡ƒ•–™ƒ”†•–‡‡”ƒ‰‡ˆŽ‘™•ǡƒ›‘ˆ
™Š‘ ™‡”‡ ‹‰”ƒ–• ‡‹–Š‡” ”‡–—”‹‰ –‘ —”‘’‡ –‡’‘”ƒ”‹Ž› ‘” ’‡”ƒ‡–Ž›Ǥ ‡”› Ž‹––Ž‡
Šƒ•„‡‡™”‹––‡ƒ„‘—–ˆ‹”•–‘”•‡…‘†…Žƒ••–”ƒ˜‡Ž‘—–•‹†‡‘ˆ–Š‡„—•‹‡••Š‹•–‘”›Ž‹–‡”ƒ–—”‡ǡ
ͳƒŽ…—Žƒ–‹‘• „ƒ•‡† ‘ †ƒ–ƒ ‹ ‡‡Ž‹‰ ȋʹͲͲͺȌǡ ƒ† ‰”‡‡‡– ȋ‡šŠ‹„‹– ͵ ‘ˆ U.S.v.HamburgǦ
AmericanȌǤ †‡” –Š‹• ƒ‰”‡‡‡– –Š‡ „‘† ™ƒ• ͳǡͲͲͲ ’‘—†• •–‡”Ž‹‰ ’‡” ’‡”…‡–ƒ‰‡ ’‘‹– ‘ˆ ƒ
ˆ‹”ǯ•…ƒ”–‡Ž“—‘–ƒǤ
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ƒ† ‘—” †ƒ–ƒ ‘ –Š‡ ˆŽ‘™• –Š‡•‡Ž˜‡• ƒ† –Š‡ Žƒ„‘” ƒ”‡–ǡ „”‘ƒ†‡” ‡…‘‘‹… ƒ†
‹†—•–”‹ƒŽ‘”‰ƒ‹œƒ–‹‘‹ˆŽ—‡…‡•—’‘–Š‡’”‘˜‹†‡–Š‡ˆ‹”•–‡…‘‘‡–”‹…‹˜‡•–‹‰ƒ–‹‘‘ˆ
‘”–Š–Žƒ–‹…„—•‹‡••–”ƒ˜‡Žƒ†–‘—”‹•†—”‹‰–Š‹•–‹‡’‡”‹‘†Ǥʹ ‹ƒŽŽ›ǡ ‘—” •–—†› ‘ˆ
…ƒ”–‡Žˆ‘”ƒ–‹‘ǡ‘”‰ƒ‹œƒ–‹‘ǡƒ†’”‘•‡…—–‹‘„›–Š‡ƒ–‹–”—•–ƒ—–Š‘”‹–‹‡•’”‘˜‹†‡•ƒ‡™
†‡–ƒ‹Ž‡† …ƒ•‡ •–—†› –‘ …‘’Ž‡‡– –Š‡ ™‘” „› Žƒ› ƒ† ”‘‡•‡ ȋʹͲͲʹǡ ʹͲͲ͵Ȍǡ
ƒ‘”‡ƒ—šȋͳͻͺͷȌǡ‡˜‡•–‡‹ȋͳͻͻͷƒǡͳͻͻͷ„Ȍǡƒ†ƒ›Ž‘”ȋʹͲͲ͹ȌǤ
—” ’ƒ’‡” ’”‘…‡‡†• ƒ• ˆ‘ŽŽ‘™•Ǥ  –Š‡ ‡š– •‡…–‹‘ǡ ™‡ ‡š’Žƒ‹ •‘‡ „ƒ•‹…
‹ˆ‘”ƒ–‹‘ƒ„‘—–’ƒ••‡‰‡”–”ƒ˜‡Ž„›‘…‡ƒ„‡ˆ‘”‡‘”Ž†ƒ”Ǥ‡…–‹‘͵†‡•…”‹„‡•–Š‡
…‘ŽŽ—•‹˜‡ ƒ‰”‡‡‡–• ƒ† –Š‡‹” ˆ—…–‹‘‹‰ǡ ™Š‹Ž‡ ‡…–‹‘ Ͷ †‹•…—••‡• –Š‡ ƒ–‹–”—•– …ƒ•‡Ǥ
‡ˆ‘ŽŽ‘™–Š‡•‡•‡…–‹‘•™‹–Šƒ†‡•…”‹’–‹‘‘ˆ‘—”†ƒ–ƒǡ‡’‹”‹…ƒŽ‘†‡Žƒ†”‡•—Ž–•Ǥˆ‹ƒŽ
•ƒŽŽ•‡…–‹‘…‘–ƒ‹•‘—”…‘…Ž—†‹‰”‡ƒ”•Ǥ
2.THEMARKETFORTRANSǦATLANTICTRAVEL
”ƒ•Ǧ–Žƒ–‹…–”ƒ˜‡Ž‹–Š‡‡ƒ”Ž›ʹͲ–Š…‡–—”›™ƒ•ƒŠ‡–‡”‘‰‡‡‘—•’”‘†—…–ǡ†‹ˆˆ‡”‡–‹ƒ–‡†
’”‹…‹’ƒŽŽ› „› …Žƒ•• ‘ˆ •‡”˜‹…‡ǡ ‰‡‘‰”ƒ’Š›ǡ ƒ† •’‡‡†Ǥ ‘” –Š‡ ’—”’‘•‡• ‘ˆ –Š‹• ’ƒ’‡”ǡ ™‡
ˆ‘…—• ‘ †‹ˆˆ‡”‡…‡• †—‡ –‘ …Žƒ•• ‘ˆ •‡”˜‹…‡ ƒ† ’‘”–• ‘ˆ †‡’ƒ”–—”‡ ƒ† ƒ””‹˜ƒŽǤ ‡ ’ƒ›
•’‡…‹ƒŽ ƒ––‡–‹‘ –‘ Š‘™ –Š‡•‡ …‘’‘‡–• ‘ˆ †‹ˆˆ‡”‡–‹ƒ–‹‘ …‘””‡•’‘† –‘ –Š‡ ˜ƒ”‹‘—•
…‘ŽŽ—•‹˜‡ƒ‰”‡‡‡–••‹‰‡†„›–Š‡•Š‹’’‹‰…‘’ƒ‹‡•Ǥ
‘•– •Š‹’• •‡”˜‹‰ –Š‡ –”ƒ†‡ ‘ˆˆ‡”‡† –Š”‡‡ …Žƒ••‡• ‘ˆ ƒ……‘‘†ƒ–‹‘•Ǥ Š‹”†Ǧ…Žƒ••
™ƒ• ‘™ ƒ• Dz•–‡‡”ƒ‰‡dz ƒ† …ƒ–‡”‡† ƒŽ‘•– ‡š…Ž—•‹˜‡Ž› –‘ ‹‰”ƒ–•Ǥ ……‘‘†ƒ–‹‘•
™‡”‡•‹’Ž‡ǡƒŽ–Š‘—‰Šǡ™‹–Š–Š‡‹–”‘†—…–‹‘‘ˆ‘”‡’”‹˜ƒ…›ƒ††‡…•’ƒ…‡ǡ•–‡‡”ƒ‰‡™ƒ•
•—„•–ƒ–‹ƒŽŽ› „‡––‡” –Šƒ ™Šƒ– Šƒ† „‡‡ ƒ˜ƒ‹Žƒ„Ž‡ ‡˜‡ ˆ‹ˆ–‡‡ –‘ –™‡–› ›‡ƒ”• ‡ƒ”Ž‹‡”Ǥ
‡…‘†Ǧ…Žƒ•• ‹–”‘†—…‡† ‘”‡ ’”‹˜ƒ…›ǡ „‡––‡” †‹‹‰ ‘’–‹‘•ǡ •‘‹‰ ”‘‘•ǡ ƒ† ‘–Š‡”
ƒ‡‹–‹‡•Ǥ Ž–Š‘—‰Š –Š‡”‡ ƒ”‡ ‘ •›•–‡ƒ–‹… †ƒ–ƒ ‘ –Š‡ ‡…‘‘‹… „ƒ…‰”‘—† ‘ˆ –Š‘•‡
–”ƒ˜‡Ž‹‰‹•‡…‘†…Žƒ••ǡ•…Š‘Žƒ”•Šƒ˜‡’”‘˜‹†‡†•‘‡‡•–‹ƒ–‡•Ǥ‡‡Ž‹‰ȋʹͲͳͳȌ‡•–‹ƒ–‡•
–Š‡ ’”‘’‘”–‹‘ ‘ˆ ‹‰”ƒ–• ƒ‘‰ •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡”• ƒ– ͹ͷΨǤ ò”‡ ȋͳͻʹʹȌ
ƒ‹–ƒ‹•–Šƒ–ʹͲǦʹͷΨ‘ˆ™‡•–„‘—†’ƒ••‡‰‡”•™‡”‡‡”‹…ƒ•ȋ™Š‘™‡”‡’”‡•—ƒ„Ž›
ʹ‘™‡˜‡”ǡ•‡‡—’‘–ǡ
ƒ†Š‹ƒ†‡‹••ȋʹͲͳʹȌˆ‘”ƒŽ‘‰Ǧ”—ȋͳͺʹͲǦʹͲͲͲȌ‡…‘‘‡–”‹…‘†‡Ž‘ˆ
–‘—”‹•Ǥ
Ͷ
‘– ‹‰”ƒ–•Ȍǡ „—– –Š‡› …‘•–‹–—–‡† ͷͲǦ͸ͲΨ ‘ˆ ‡ƒ•–„‘—† ’ƒ••‡‰‡”• ȋ…Šƒ’–‡” ͷȌǤ ‹”•–
…Žƒ•• ƒ……‘‘†ƒ–‹‘• ™‡”‡ “—‹–‡ Ž—š—”‹‘—•Ǥ —•‹‡•• –”ƒ˜‡Ž‡”•ǡ ‰‘˜‡”‡– ‘ˆˆ‹…‹ƒŽ• ƒ†
–‘—”‹•–•ƒ……‘—–‡†ˆ‘”‡ƒ”Ž›ƒŽŽ‘ˆ–Š‡ˆ‹”•–Ǧ…Žƒ••’ƒ••‡‰‡”•ǤŠ‡’”‡•‡…‡‘ˆƒ•—„•–ƒ–‹ƒŽ
—„‡”‘ˆ„‘–Š‹‰”ƒ–•ƒ†–‘—”‹•–•‹•‡…‘†Ǧ…Žƒ•••‡”˜‹…‡‹•‹’‘”–ƒ–ˆ‘”‘—”ƒƒŽ›•‹•Ǥ
–•—‰‰‡•–•–Šƒ––Š‡ƒ”‰‹ƒŽ’ƒ••‡‰‡”•‹–Š‡ˆ‹”•–…Žƒ•••‡”˜‹…‡…‘—Ž†…‘•‹†‡”•™‹–…Š‹‰
–‘•‡…‘†Ǧ…Žƒ•••‡”˜‹…‡ƒ†™‘—Ž†‘–ˆ‹†–Š‡•‡Ž˜‡•‘—–‘ˆ’Žƒ…‡–Š‡”‡Ǥ–ƒŽ•‘•—‰‰‡•–•
–Šƒ––Š‡ƒ”‰‹ƒŽ’ƒ••‡‰‡”•‹–Š‡•‡…‘†Ǧ…Žƒ•••‡”˜‹…‡‹‰Š–…‘•‹†‡”•–‡‡”ƒ‰‡‹ˆ’”‹…‡•
™‡”‡ •‡– Š‹‰Š‡” ƒ† •‡…‘†Ǧ…Žƒ•• •‡”˜‹…‡ „‡…ƒ‡ Ž‡•• ƒˆˆ‘”†ƒ„Ž‡Ǥ ‹‹Žƒ”Ž›ǡ ’ƒ••‡‰‡”•
…‘—Ž†Dz—’‰”ƒ†‡dzƒ†•–‹ŽŽ„‡‹–Š‡’”‡•‡…‡‘ˆ‘–Š‡”•‹–Š‡•ƒ‡•‘…‹ƒŽ•–”ƒ–—Ǥ
–‡”•‘ˆ‰‡‘‰”ƒ’Š›ǡ–”ƒ˜‡Ž‡”•…‘—Ž†…Š‘‘•‡ƒ‘‰ƒ˜ƒ”‹‡–›‘ˆ’‘”–•‘ˆ‘”‹‰‹ƒ†
†‡•–‹ƒ–‹‘ǡ‹””‡•’‡…–‹˜‡‘ˆ–Š‡‹”‹Žƒ†’‘‹–‘ˆ†‡’ƒ”–—”‡ƒ†ˆ‹ƒŽ†‡•–‹ƒ–‹‘Ǥ‹–‹ƒŽŽ›ǡ
‘•––ƒŽ‹ƒƒ†•‘—–Š‡”—”‘’‡ƒ‹‹‰”ƒ–•–”ƒ˜‡Ž‡†˜‹ƒ‘”–Š‡”—”‘’‡ǡ„—–„›–Š‡
–—” ‘ˆ –Š‡ …‡–—”› †‹”‡…– •‡”˜‹…‡ ˆ”‘ –ƒŽ› –‘ –Š‡ ‹–‡† –ƒ–‡• ™ƒ• ‡•–ƒ„Ž‹•Š‡† ƒ†
‡š’ƒ†‹‰”ƒ’‹†Ž›Ǥƒ›…ƒ†‹ƒ˜‹ƒ‹‹‰”ƒ–•–”ƒ˜‡Ž‡†˜‹ƒ–Š‡‹–‡†‹‰†‘”ƒ–Š‡”
–Šƒ †‹”‡…–ǡ ™Š‹Ž‡ ‡ƒ•–‡” —”‘’‡ƒ• ƒ† —••‹ƒ• ™‡”‡ —…Š ‘”‡ Ž‹‡Ž› –‘ –”ƒ˜‡Ž „›
‡”ƒ›ǡ‡Ž‰‹—ǡ‘”‘ŽŽƒ†Ǥ‹”‡…–•‡”˜‹…‡–‘—••‹ƒ™ƒ•‡•–ƒ„Ž‹•Š‡†ƒ”‘—†ͳͻͲ͸ˆ”‘
‹„ƒ—ȋ‹‡’ƒŒƒȌǡƒ–˜‹ƒǡ™Š‹…Š™ƒ•–Š‡’ƒ”–‘ˆ–Š‡—••‹ƒ’‹”‡Ǥ—•–”‹ƒƒ†—‰ƒ”›
‘……—’‹‡†…‡–”ƒŽ’‘•‹–‹‘•Ǥ‘–ŠŠƒ†‡†‹–‡””ƒ‡ƒ’‘”–•ǡ„—––”ƒ˜‡Ž‡”•Šƒ†–”ƒ†‹–‹‘ƒŽŽ›
‰‘‡–Š”‘—‰Š‘”–Š‡”—”‘’‡ƒ’‘”–•ǤŠ‡ǡƒ”‘—†ͳͻͲͶǡ–™‘•‡’ƒ”ƒ–‡Ž‹‡•‡•–ƒ„Ž‹•Š‡†
†‹”‡…–•‡”˜‹…‡ˆ”‘—•–”‘Ǧ—‰ƒ”‹ƒ‡†‹–‡””ƒ‡ƒ’‘”–•–‘–Š‡‹–‡†–ƒ–‡•ǤŠ‡ƒ„‹Ž‹–›
‘ˆ–”ƒ˜‡Ž‡”•–‘…Š‘‘•‡„‡–™‡‡†‹ˆˆ‡”‡–’‘”–•ǡƒ†–Š‡†‹ˆˆ‡”‡–•ƒ‹Ž‹‰•…Š‡†—Ž‡•–Šƒ–ˆ‹”•
‡•–ƒ„Ž‹•Š‡† Ž‡ƒ†• —• –‘ †‡‘–‡ ‘Ž› ˆ‹˜‡ †‹ˆˆ‡”‡– ‘”‹‰‹ ’‘”– ‰”‘—’•ǣ …ƒ†‹ƒ˜‹ƒǡ –Š‡
‹–‡†‹‰†‘ǡ‘”–Š‡””ƒ…‡ǡ–Š‡Š‹‡ȋ
‡”ƒǡ‡Ž‰‹ƒǡ—–…Šƒ†—••‹ƒ’‘”–•Ȍǡ
ƒ†–Š‡‡†‹–‡””ƒ‡ƒȋˆ”‘
”‡‡…‡–‘‘”–—‰ƒŽǡ‹…Ž—†‹‰–Š‡‘•–‹’‘”–ƒ–…‘—–”›‘ˆ
‘”‹‰‹ǡ–ƒŽ›ȌǤƒ••‡‰‡”•†‡’ƒ”–‹‰ˆ”‘‡ƒ…Š‘ˆ–Š‡•‡’‘”–‰”‘—’•–‡†‡†–‘…‘‡ˆ”‘–Š‡
•ƒ‡ …ƒ–…Š‡– ƒ”‡ƒ•Ǥ ‹‹Žƒ”Ž›ǡ ™‡ Šƒ˜‡ –™‘ ‰”‘—’• ‘ˆ †‡•–‹ƒ–‹‘ ’‘”–•ǣ –Š‡ ‹–‡†
–ƒ–‡• ȋ‡™ ‘”ǡ ‘•–‘ǡ ƒŽ–‹‘”‡ ƒ† Š‹Žƒ†‡Ž’Š‹ƒ ƒ……‘—–‹‰ ˆ‘” ‡ƒ”Ž› ƒŽŽ ‘ˆ –Š‡
–”ƒˆˆ‹…Ȍǡ ƒ† ƒƒ†ƒ ȋƒŽ‹ˆƒšǡ –Ǥ ‘Šǯ•ǡ —‡„‡… ƒ† ‘–”‡ƒŽȌǤ ”ƒ˜‡Ž‡”• –‘ ƒ› ‘ˆ –Š‡ ’‘”–• ™‘—Ž† „‡…‘‡ ‹…‘”’‘”ƒ–‡† ‹ –Š‡ •ƒ‡ „”‘ƒ† Žƒ„‘” ƒ”‡–ǡ ƒ† •‹‹Žƒ”Ž› ˆ‘”
–”ƒ˜‡Ž‡”•–‘ƒ›‘ˆ–Š‡ƒƒ†‹ƒ’‘”–•Ǥ
ͷ
‡‡’Ž‘›–Š‡•ƒ‡ƒ‰‰”‡‰ƒ–‹‘ˆ‘”‡ƒ•–„‘—†–”ƒˆˆ‹…Ǥ”ƒ˜‡Ž‡”•ˆ”‘–Š‡ȋƒ†
ƒƒ†‹ƒȌ’‘”–•…‘—Ž†‘”‹‰‹ƒ–‡ˆ”‘„”‘ƒ†ƒ†‘˜‡”Žƒ’’‹‰…ƒ–…Š‡–”‡‰‹‘•‡š–‡†‹‰
‹–‘ –Š‡ ‹–‡”‹‘” ‘ˆ –Š‡•‡ …‘—–”‹‡•Ǥ ’‘ ƒ””‹˜ƒŽ –‘ —”‘’‡ǡ –Š‡› …‘—Ž† †‹•–”‹„—–‡
–Š‡•‡Ž˜‡• –‘ ˆ‹ƒŽ †‡•–‹ƒ–‹‘• –Šƒ– „”‘ƒ†Ž› …‘””‡•’‘† –‘ –Š‡ ‰‡‘‰”ƒ’Š‹… ’ƒ”–‹–‹‘•
†‡•…”‹„‡† ‹ –Š‡ ’”‡…‡†‹‰ ’ƒ”ƒ‰”ƒ’ŠǤ – ‹• ™‘”–Š ‘–‹‰ –Šƒ– ƒ •—„•–ƒ–‹ƒŽ ˆ”ƒ…–‹‘ ‘ˆ
‡ƒ•–™ƒ”†–”ƒ˜‡Ž…‘•‹•–‡†‘ˆ’‡‘’Ž‡™Š‘‹‰”ƒ–‡†–‘‘”–Š‡”‹…ƒƒˆ‡™›‡ƒ”•‡ƒ”Ž‹‡”ǡ
™Š‘ ™‡”‡ ‡ˆˆ‡…–‹˜‡Ž› ̶”‡–”ƒ…‹‰̶ –Š‡‹” •–‡’• „ƒ… –‘ ƒ…‡•–”ƒŽ –‘™• ‡‹–Š‡” ƒ• ”‡˜‡”•‡
‹‰”ƒ–•‘”–‡’‘”ƒ”‹Ž›ˆ‘”’‡”•‘ƒŽ”‡ƒ•‘•Ǥ
Š‡…‘ŽŽ—•‹˜‡ƒ‰”‡‡‡–•–Šƒ–™‡•–—†›ƒŽŽ†‡‘–‡†–Š‡…Žƒ••‘ˆ•‡”˜‹…‡…‘˜‡”‡†„›
–Š‡ ƒ‰”‡‡‡–ǡ ƒ† –Š‡ ‰‡‘‰”ƒ’Š‹… •…‘’‡ ‘ˆ –Š‡ ’‘”–• …‘˜‡”‡†Ǥ —”–Š‡”ǡ ’ƒ••‡‰‡” ˆƒ”‡•
™‡”‡ ‘– —‹ˆ‘” ˆ‘” ƒŽŽ •Š‹’• ƒ† ˆ‹”•Ǥ Š‡ …ƒ”–‡Ž• •‡– ’”‹…‡• ˆ‘” …Žƒ••‡• ‘ˆ •‡”˜‹…‡
„‡–™‡‡’‘”–•‘”•‡–•‘ˆ’‘”–•„›•Š‹’‘”…‘’ƒ›ǡ”‡ˆŽ‡…–‹‰„‘–Š–Š‡†‹ˆˆ‡”‡…‡•‹“—ƒŽ‹–›
‘ˆ ƒ……‘‘†ƒ–‹‘• ™‹–Š‹ …Žƒ•• „› •Š‹’ ƒ† ˆ‹”ǡ –Š‡ †‹ˆˆ‡”‡– ’‘”–• …‘˜‡”‡†ǡ ƒ† –Š‡
†‹ˆˆ‡”‡– •’‡‡†• ‘ˆ ˜‡••‡Ž•Ǥ ‹•ƒ‰”‡‡‡–• ‘˜‡” –Š‡•‡ ˆƒ”‡• ™‡”‡ …‘‘ǡ ƒ† ‹ •‘‡
‹•–ƒ…‡••’ƒ”‡†„”‡ƒ†‘™•‹–Š‡…ƒ”–‡Ž•ǤŠ‡”‡‹•‘–Š‹‰ƒ’’”‘š‹ƒ–‹‰ƒ…‘’Ž‡–‡
’ƒ••‡‰‡” ˆƒ”‡ •‡”‹‡•ǡ „—– –Š‡”‡ ƒ”‡ •‘‡ †ƒ–ƒ –Šƒ– ‹†‹…ƒ–‡ –Š‡ •’”‡ƒ† „‡–™‡‡ –Š‡
†‹ˆˆ‡”‡– …Žƒ••‡•Ǥ ‘” ‡šƒ’Ž‡ǡ –Š‡ ‡”‹…ƒ ‹‡ …Šƒ”‰‡† ͳͷ ’‘—†• •–‡”Ž‹‰ ˆ‘” ƒ ‘ˆˆǦ
’‡ƒˆ‹”•–Ǧ…Žƒ••–‹…‡–‘‹–••–‡ƒ‡”•Š‹Žƒ†‡Ž’Š‹ƒƒ†‡™‘”ˆ”‘”‹–ƒ‹–‘–Š‡‡™
‘”‹ͳͻͲʹǡ™Š‡”‡ƒ•‹–••‡…‘†Ǧ…Žƒ••ƒ†–Š‹”†Ǧ…Žƒ••ˆƒ”‡•™‡”‡ͻ’‘—†•ƒ†͸’‘—†•ǡ
”‡•’‡…–‹˜‡Ž›ǤŠ‡†‹ˆˆ‡”‡…‡•ƒ”‡ˆƒ‹”Ž›…‘•‹•–‡–ƒ…”‘••‘–Š‡”˜‡••‡Ž•ˆ‘”™Š‹…Š†ƒ–ƒƒ”‡
ƒ˜ƒ‹Žƒ„Ž‡Ǥ͵Š‡ •’”‡ƒ† ‘ ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ˆƒ”‡• –‡†‡† –‘ „‡ ƒ „‹– Š‹‰Š‡” –Šƒ –Š‡
•’”‡ƒ† „‡–™‡‡ •‡…‘† ƒ† –Š‹”†Ǧ…Žƒ•• ˆƒ”‡•ǡ ƒ† –Š‘•‡ ”ƒ–‹‘• ƒ”‡ ”‡Žƒ–‹˜‡Ž› …‘•‹•–‡–
ƒ…”‘••˜‡••‡Ž•Ǥ
͵‡‡ ‡–‹–‹‘‡”ǯ• ‡šŠ‹„‹–• ͳͲǡ ͳͳǡ ͹ʹͻǡ ͹͵Ͳǡ ͹ͶͲǡ ͹Ͷͳǡ ͹ͷ͹ǡ ͹͸ʹǡ ͹͸͵ ƒ† ͳ͵Ͳ͹ ‘ˆ UnitedStatesv.
HamburgǦAmericanǤ
͸
3.COLLUSIVEAGREEMENTS
3.1.SourcesandDefinitions
 –Š‹• •‡…–‹‘ ™‡ †‡•…”‹„‡ –Š‡ †‡˜‡Ž‘’‡– ‘ˆ …‘ŽŽ—•‹‘ ƒ…”‘•• †‹ˆˆ‡”‡– ‰‡‘‰”ƒ’Š‹… ƒ†
…Žƒ•• ‘ˆ •‡”˜‹…‡ …ƒ–‡‰‘”‹‡•Ǥ ‡ŽŽ „‡ˆ‘”‡ ‘—” †ƒ–ƒ •‡”‹‡• „‡‰‹• ‹ ͳͺͻͻǡ •Š‹’’‹‰ ˆ‹”•
…‘ŽŽ—†‡†‹‘”†‡”–‘Ž‹‹–…‘’‡–‹–‹‘Ǥƒ”–‡Ž•™‡”‡–Š‡”—Ž‡”ƒ–Š‡”–Šƒ–Š‡‡š…‡’–‹‘‹
‘…‡ƒ •Š‹’’‹‰ ˆ”‘ –Š‡ Žƒ•– “—ƒ”–‡” ‘ˆ –Š‡ ͳͻ–Š …‡–—”›Ǥ ƒ› ƒ—–Š‘”• Šƒ˜‡ ‘–‡† –Š‡
…‘‹…‹†‡…‡ ™‹–Š –Š‡ ”‹•‡ –‘ ’”‡Ǧ‡‹‡…‡ ‘ˆ •–‡ƒ•Š‹’•ǡ ™Š‹…Š –‡†‡† –‘ Šƒ˜‡ —…Š
‰”‡ƒ–‡” ‡…‘‘‹‡• ‘ˆ •…ƒŽ‡ –Šƒ •ƒ‹Ž‹‰ ˜‡••‡Ž•Ǥ Š‡ –”ƒ•Ǧ–Žƒ–‹… ’ƒ••‡‰‡” •Š‹’’‹‰
„—•‹‡•• ƒ†‘’–‡† •–‡ƒ•Š‹’• ”‡Žƒ–‹˜‡Ž› ‡ƒ”Ž› ‘ǡ ƒ† ‡ˆˆ‘”–• –‘ …‘ŽŽ—†‡ †ƒ–‡ ˆ”‘ –Š‡
‹††Ž‡‘ˆ–Š‡‹‡–‡‡–Š…‡–—”›Ǥ
—” ‹ˆ‘”ƒ–‹‘ ‘ …ƒ”–‡Ž ƒ‰”‡‡‡–• ‹• ‘ˆ –™‘ ‹†•Ǥ ‹”•–ǡ ™‡ ‘„–ƒ‹‡† ‰‡‡”ƒŽ
‹ˆ‘”ƒ–‹‘ ‘ –Š‡ ’”‡•‡…‡ ƒ† ‡ˆˆ‡…–‹˜‡‡•• ‘ˆ …ƒ”–‡Ž ƒ‰”‡‡‡–• „› ”‘—–‡ ƒ† …Žƒ•• ‘ˆ
•‡”˜‹…‡Ǥ Š‹• ™ƒ• —•‡† –‘ •—ƒ”‹œ‡ ™Š‡ …ƒ”–‡Ž• „‡‰ƒǡ ™Š‡ ”ƒ–‡ ™ƒ”• ‘……—””‡† –Šƒ–
†‹•”—’–‡† –Š‡‹” ‘’‡”ƒ–‹‘•ǡ ƒ† ™Š‡ –Š‡”‡ ƒ”‡ ”‡’‘”–• –Šƒ– –Š‡ …ƒ”–‡Ž• ™‡”‡ ‘– ˆ—ŽŽ›
ˆ—…–‹‘ƒŽǡ •‘‡–‹‡• †—‡ –‘ –Š‡ ‘Ǧ…‘‘’‡”ƒ–‹‘ ‘ˆ ‘‡ ‘” ‘”‡ ‘ˆ ‹–• ‡„‡”•ǡ ‘–Š‡”
–‹‡• †—‡ –‘ –Š‡ ƒ…–‹‘• ‘ˆ ‘‡ ‘” ‘”‡ ƒ–‹‘ƒŽ ‰‘˜‡”‡–•ǡ ƒ† •‘‡–‹‡• †—‡ –‘
‡š–‡”ƒŽ…‘’‡–‹–‹‘ǤŠ‡‘•–‹’‘”–ƒ–•‘—”…‡•ˆ‘”–Š‹•‹ˆ‘”ƒ–‹‘™‡”‡–Š‡–‡•–‹‘›
‘ˆ•Š‹’’‹‰‡š‡…—–‹˜‡•‹–Š‡U.S.v.HamburgǦAmericanƒ–‹–”—•–…ƒ•‡ǡ–Š‡’‡–‹–‹‘‡”ǯ•ƒ†
†‡ˆ‡†ƒ–•ǯ‡šŠ‹„‹–•‹–Š‡…ƒ•‡ǡ™Š‹…Š‹…Ž—†‡†…ƒ”–‡Ž‹—–‡•ǡ…‹”…—Žƒ”•ƒ†’”‹˜ƒ–‡…ƒ„Ž‡•
„‡–™‡‡ •Š‹’’‹‰ …‘’ƒ› ƒƒ‰‡”• ƒ† ‡š‡…—–‹˜‡•Ǥ ††‹–‹‘ƒŽŽ›ǡ ‹ ͳͻʹʹ ƒ„—”‰Ǧ
‡”‹…ƒ ‡š‡…—–‹˜‡ ”‹…Š ò”‡ ’—„Ž‹•Š‡† ƒ ”‡ƒ”ƒ„Ž› †‡–ƒ‹Ž‡† ƒ……‘—– ‘ˆ –Š‡
†‡˜‡Ž‘’‡– ‘ˆ ‘”–Š –Žƒ–‹… •Š‹’’‹‰ …ƒ”–‡Ž•Ǥ —”–Š‡”‘”‡ǡ ™‡ ”‡Ž‹‡† ‘ –Š‡
…‘–‡’‘”ƒ”› ’”‡•• –‘ …‘ˆ‹” –Š‡ ‡š‹•–‡…‡ ƒ† †—”ƒ–‹‘ ‘ˆ ”ƒ–‡ ™ƒ”•Ǥ Š‡ ƒŒ‘”
’‡”‹‘†‹…ƒŽ• …‘•—Ž–‡† ™‡”‡ –Š‡ Times ‘ˆ ‘†‘ǡ –Š‡ NewYorkJournalofCommerceǡ –Š‡
NewYorkTimesǡƒ†FairplayǤ‡ƒŽ•‘…‘•—Ž–‡†–Š‡•‡…‘†ƒ”›Ž‹–‡”ƒ–—”‡Ǣ–Š‡‘•–—•‡ˆ—Ž
™‡”‡‡‡Ž‹‰ȋʹͲͲͷȌƒ†›†‡ȋͳͻ͹ͷȌǤ
‡…‘†ǡ ™‡ Šƒ˜‡ •’‡…‹ˆ‹… ‹ˆ‘”ƒ–‹‘ ‘ –Š‡ …Šƒ”ƒ…–‡”‹•–‹…• ‘ˆ –Š‡ †‹ˆˆ‡”‡– …ƒ”–‡Ž
ƒ‰”‡‡‡–•Ǥ • ’ƒ”– ‘ˆ –Š‡ ƒ–‹–”—•– …ƒ•‡ǡ –Š‡ ’”‘•‡…—–‘”• ‘„–ƒ‹‡† …‘’‹‡• ‘ˆ –Š‡ …ƒ”–‡Ž
ƒ‰”‡‡‡–•Ǥ Š‡•‡ ƒ‰”‡‡‡–• ”ƒ‰‡ ˆ”‘ Ž‹––Ž‡ ‘”‡ –Šƒ ‘‡ ‘” –™‘Ǧ’ƒ‰‡ Ž‹•–• ‘ˆ
͹
‹‹— ”ƒ–‡•ǡ –‘ Ž‡‰–Š› …‘–”ƒ…–• ™‹–Š †‘œ‡• ‘ˆ …Žƒ—•‡•Ǥ – ‹• –Š‡ ˜ƒ”‹ƒ–‹‘ ‹ –Š‡•‡
…ƒ”–‡Žƒ‰”‡‡‡–•ƒ…”‘••”‘—–‡ƒ†‘˜‡”–‹‡ǡ…‘„‹‡†™‹–Š–Š‡ƒ””ƒ–‹˜‡”‡’‘”–•‘–Š‡‹”
ƒ…–—ƒŽ ‘’‡”ƒ–‹‘ ‹ ’”ƒ…–‹…‡ –Šƒ– ’‡”‹– —• –‘ ƒƒŽ›œ‡ ƒ —„‡” ‘ˆ Š›’‘–Š‡•‡• ƒ„‘—– –Š‡
‡ˆˆ‡…–•‘ˆ’ƒ”–‹…—Žƒ”–›’‡•‘ˆ…‘ŽŽ—•‹‘ǤŠ‡”‡ƒ”‡ƒ’’”‘š‹ƒ–‡Ž›ͳͲ†‹•–‹…–ƒ‰”‡‡‡–•’‡”
…Žƒ••‘ˆ•‡”˜‹…‡ƒ††‹”‡…–‹‘‘ˆ–”ƒ˜‡Žǡƒ†•‘‡–‹‡••—„•–ƒ–‹ƒŽŽ›‘”‡Ǥ‡šƒ‹ƒ–‹‘
‘ˆ ƒ ƒ‰”‡‡‡– •’‡…‹ˆ‹… ‡ˆˆ‡…– ‘ ’ƒ••‡‰‡” –”ƒ•’‘”– …ƒ‘– „‡ …”‡†‹„Ž› ƒ……‘’Ž‹•Š‡†ǡ
•‹…‡ ‘•– ‘ˆ –Š‡•‡ ƒ‰”‡‡‡–• ‘’‡”ƒ–‡† ‹ ˆ‡™‡” –Šƒ ͳʹ “—ƒ”–‡”Ǧ”‘—–‡ ‘„•‡”˜ƒ–‹‘•Ǥ –
™‘—Ž†ƒŽ•‘„‡Ž‡••‹•‹‰Š–ˆ—Žǡ‰‹˜‡–Šƒ–‘‡™‘—Ž†Šƒ˜‡–‘†‹•…—••™Š›•‘‡ƒ‰”‡‡‡–•
Šƒ†ƒŽƒ”‰‡”‡ˆˆ‡…––Šƒ‘–Š‡”•ǡƒ˜ƒ”‹ƒ–‹‘–Šƒ–™‘—Ž†•—”‡Ž›„‡’”‡•‡–‹ˆ‘Ž›„›…Šƒ…‡
‰‹˜‡ –Š‡ —„‡” ‘ˆ ƒ‰”‡‡‡–•Ǥ Š‡”‡ˆ‘”‡ǡ ™‡ …Žƒ••‹ˆ› ƒ‰”‡‡‡–• ƒŽ‘‰ –Š‡ ˆ‘ŽŽ‘™‹‰
‡ƒ•‹Ž› ‹†‡–‹ˆ‹ƒ„Ž‡ ƒ† ’‡”–‹‡– …Šƒ”ƒ…–‡”‹•–‹…•ǣ ͳȌ ƒ ˆ‘”ƒŽ ‡…Šƒ‹• ˆ‘” ’‘‘Ž‹‰ ‘”
†‹˜‹†‹‰ –Š‡ ƒ”‡–ǡ ʹȌ –Š‡ ‡š‹•–‡…‡ ‘ˆ ƒ •›•–‡ ‘ˆ ˆ‹‡•ǡ ƒ† ͵Ȍ –Š‡ ”‡“—‹”‡‡– ‘ˆ ƒ
’‡”ˆ‘”ƒ…‡ „‘†Ǥ –Š‡” …Šƒ”ƒ…–‡”‹•–‹…• –Šƒ– ‹‰Š– „‡ ‘ˆ ‹–‡”‡•– ™‡”‡ ‡‹–Š‡” ƒŽ™ƒ›•
’”‡•‡–ǡ‘”‡˜‡”’”‡•‡–Ǥ‘”‡šƒ’Ž‡ǡƒŽŽƒ‰”‡‡‡–•…‘–‡’Žƒ–‡†”ƒ–‡Ǧˆ‹š‹‰ǡƒ†‘‡
…‘–ƒ‹‡†ƒ‡…Šƒ‹•–‘Ž‹‹–‹˜‡•–‡–‹‡™…ƒ’ƒ…‹–›Ǥ
—” …ƒ”–‡Ž …Žƒ••‹ˆ‹…ƒ–‹‘• ƒ”‡ •—ƒ”‹œ‡† ‹ ƒ„Ž‡ ͳ ȋ™‡•–„‘—†Ȍ ƒ† ƒ„Ž‡ ʹ
ȋ‡ƒ•–„‘—†ȌǤŠ‡†‡–ƒ‹Ž•ƒ„‘—––Š‡‡˜‹†‡…‡–Šƒ–—†‡”Ž‹‡•–Š‹•…Žƒ••‹ˆ‹…ƒ–‹‘‹•’”‡•‡–‡†
‹ –Š‡ ˆ‘ŽŽ‘™‹‰ •—„Ǧ•‡…–‹‘Ǥ ‘” ‡ƒ…Š ”‘—–‡ǡ ™‡ ‹†‹…ƒ–‡ ™Š‡–Š‡” –Š‡ ”‡…‘”† ”‡’‘”–•
ˆ—…–‹‘‹‰…ƒ”–‡Žƒ‰”‡‡‡–•ȋ†ƒ”•Šƒ†‡Ȍǡ’‘‘”Ž›‘”‹’‡”ˆ‡…–Ž›ˆ—…–‹‘‹‰ƒ‰”‡‡‡–•
†—‡ –‘ ‹–‡”ƒŽ ‘” ‡š–‡”ƒŽ †‹•”—’–‹‘ ȋŽ‹‰Š– •Šƒ†‡Ȍǡ ‘” –Š‡ ƒ„•‡…‡ ‘ˆ ƒ ˆ—…–‹‘‹‰
ƒ‰”‡‡‡– ‡‹–Š‡” „‡…ƒ—•‡ –Š‡”‡ ™ƒ• ‘ ƒ––‡’– ƒ– …‘Ǧ‘”†‹ƒ–‹‘ ‘” „‡…ƒ—•‡ ƒ ’”‹…‡ ™ƒ”
Šƒ†…‘’Ž‡–‡Ž›„”‘‡†‘™ƒ›’”‹‘”…‘Ǧ‘”†‹ƒ–‹‘ȋ…Ž‡ƒ”ȌǤ‘”‡ƒ…Š”‘—–‡–Š‡”‡ƒ”‡–™‘
†‡•‹‰ƒ–‹‘•ǤŠ‡Ž‡ˆ–ǦŠƒ†•‹†‡”‡ˆ‡”•–‘ˆ‹”•–ƒ†•‡…‘†Ǧ…Žƒ••ƒ‰”‡‡‡–•ǡƒ†–Š‡”‹‰Š–Ǧ
Šƒ†•‹†‡”‡ˆ‡”•–‘•–‡‡”ƒ‰‡ƒ‰”‡‡‡–•ǤDzdz†‡‘–‡•–Šƒ––Š‡…ƒ”–‡Ž‡’Ž‘›‡†ƒ•›•–‡‘ˆ
ˆ‹‡•ǡDzdz–Šƒ–‹–”‡“—‹”‡†ˆ‹”•–‘’‘•–ƒ„‘†ǡƒ†Dzdz–Šƒ––Š‡”‡™ƒ•ƒ’‘‘Ž‹‰‡…Šƒ‹•
‹’Žƒ…‡Ǥˆˆ‹‡•™‡”‡Ž‡˜‹‡†ǡˆ‹”•Šƒ†–‘’ƒ›–Š‡ˆ‹‡™‹–Š‹ƒ…‡”–ƒ‹–‹‡’‡”‹‘†‘”–Š‡
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–Šƒ–ˆ‹‡•ǡ„‘†•ƒ†’‘‘Ž‹‰…‘—Ž†‡š‹•–‹†‹ˆˆ‡”‡–…‘„‹ƒ–‹‘•ǡƒ†–Š‡”‡ƒ”‡ƒ—„‡”
‘ˆ‘„•‡”˜ƒ–‹‘•™Š‡”‡ƒ”‘—–‡Šƒ•ƒ…ƒ”–‡Ž™‹–Š–Š‡…ƒ–‡‰‘”‹œƒ–‹‘Dzǡdz‹†‹…ƒ–‹‰–Šƒ–ƒŽŽ
™‡”‡‹—•‡•‹—Ž–ƒ‡‘—•Ž›Ǥˆƒ…ƒ”–‡Ž‡š‹•–‡†™‹–Š‘—–ƒ›‘ˆ–Š‘•‡–Š”‡‡‡Ž‡‡–•ǡ–Š‡”‡‹•
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3.2.TheGeographyofCartelizationinthe1899Ǧ1911Period
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Ž‹•–‹‰–Š‡ƒ‰”‡‡‡–•–Šƒ–™‡”‡ˆ‘”‡†ƒ†…‘˜‡”‡†ȋƒ–Ž‡ƒ•–‘‹ƒŽŽ›Ȍ‡ƒ…Š”‘—–‡ˆ‘”ƒ–
Ž‡ƒ•– ’ƒ”– ‘ˆ –Š‡ ͳͺͻͻǦͳͻͳͳ ’‡”‹‘†Ǥ ‘” •‘‡ ›‡ƒ”•ǡ –Š‡•‡ ƒ‰”‡‡‡–•ǡ ‡˜‡ –Š‘—‰Š
‘‹ƒŽŽ› ‹ ‡ˆˆ‡…–ǡ ƒ› ‘– Šƒ˜‡ „‡‡ ƒ’’Ž‹‡† ‹ ’”ƒ…–‹…‡Ǥ ‘” •‘‡ ›‡ƒ”•ǡ –Š‡”‡ ™ƒ• ƒ
…‘’Ž‡–‡„”‡ƒ†‘™‹–Š‡‘’‡”ƒ–‹‘‘ˆ–Š‡…ƒ”–‡Ž•ǡƒ†ƒƒ…–‹˜‡’”‹…‡™ƒ”„‡–™‡‡–Š‡Ǥ
‘”‘–Š‡”›‡ƒ”•ǡ‡˜‡–Š‘—‰Š–Š‡ˆ‹”•™‡”‡‘–ƒ…–‹˜‡Ž›…‘’‡–‹‰ƒ‰ƒ‹•–‡ƒ…Š‘–Š‡”ǡ–Š‡›
†‹† „‡† –Š‡ …‘ŽŽ—•‹˜‡ ƒ‰”‡‡‡– ‘……ƒ•‹‘ƒŽŽ›ǡ ‡Ǥ‰Ǥǡ ˆ‘” ‡šƒ’Ž‡ –‘ …‘—–‡” ‡™ ‡–”ƒ–•
™Š‘ ™‡”‡ ‘– ’ƒ”– ‘ˆ –Š‡ ƒ‰”‡‡‡–•Ǥ  Ž‹‰Š– ‘ˆ –Š‹•ǡ ‡ƒ…Š …‘ŽŽ—•‹˜‡ ƒ‰”‡‡‡– Šƒ• „‡‡
ƒ••‹‰‡†ƒ…Žƒ••‹ˆ‹…ƒ–‹‘‘„ƒ•‹•‘ˆ‹–•‘”‰ƒ‹œƒ–‹‘ˆ‘”–Š‡’‡”‹‘†–Š‡ƒ‰”‡‡‡–•Šƒ•„‡‡
‘‹ƒŽŽ› ‹ ‡ˆˆ‡…–Ǣ Š‘™‡˜‡”ǡ –Š‹• …Žƒ••‹ˆ‹…ƒ–‹‘ ‹• •—’’”‡••‡† ‹ ’‡”‹‘†• ‘ˆ …ƒ”–‡Ž
„”‡ƒ†‘™Ǥ ‡ †‡•…”‹„‡ –Š‡ ’‡”‹‘†• ‘ˆ ’ƒ”–‹ƒŽ ‘” …‘’Ž‡–‡ „”‡ƒ†‘™ǡ ƒ† Š‘™ –Š‡•‡
ƒˆˆ‡…–‘—”…Žƒ••‹ˆ‹…ƒ–‹‘‘ˆ–Š‡…ƒ”–‡Ž•ˆ‘”‡ƒ…Š“—ƒ”–‡”ǡƒ––Š‡‡†‘ˆ–Š‹••—„Ǧ•‡…–‹‘Ǥ
††”‡••‹‰ ˆ‹”•– –Š‡ ™‡•–„‘—† •–‡‡”ƒ‰‡ •‡”˜‹…‡• ˆ”‘ ”‡ƒ– ”‹–ƒ‹ –‘ –Š‡ ‹–‡†
–ƒ–‡•ƒ†ƒƒ†ƒȋƒ„Ž‡ͳǡ…‘Ž—•ͳƒ†ʹȌǡˆ”‘ͳͺͻͻ—–‹ŽͳͻͲͺ–Š‡•‡‘’‡”ƒ–‡†—†‡”
–Š‡ •ƒ‡ ƒ‰”‡‡‡–ǡ ™Š‹…Š •–‹’—Žƒ–‡† ”ƒ–‡• ˆ‘” –Š‡ †‹ˆˆ‡”‡– •‹‰ƒ–‘”› …‘’ƒ‹‡• ƒ†
˜‡••‡Ž• ƒ† ˆ‹‡• ”ƒ‰‹‰ ˆ”‘ ͷ –‘ ͷͲͲ ’‘—†• •–‡”Ž‹‰ ’‡” ˜‹‘Žƒ–‹‘ ‘ˆ –Š‡ ƒ‰”‡‡‡–
ȋ‡–‹–‹‘‡”ǯ• ‡šŠ‹„‹–• ͹͵͸ǡ ͹͵͹ǡ ͹ͷʹǡ ƒ† ͳ͵Ͳ͹ †ƒ–‡† ͳͺͻͺǡ ͳͻͲ͵ǡ ͳͻͲͷ ƒ† ͳͻͲ͹ǡ
”‡•’‡…–‹˜‡Ž›ȌǤ  ‡„”—ƒ”› ͳͻͲͺ –Š‡ ”‡ƒ– ”‹–ƒ‹ –‘ ‹–‡† –ƒ–‡• –”ƒˆˆ‹… ˆ‡ŽŽ —†‡” –Š‡
…‘’”‡Š‡•‹˜‡‘”–Š–Žƒ–‹……ƒ”–‡Ž‰”‡‡‡–ȋ‡–‹–‹‘‡”ǯ•‡šŠ‹„‹–͵Ȍ–Šƒ–‹–”‘†—…‡†
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Ͷ‡‡ǡ ˆ‘” ‡šƒ’Ž‡ǡ …Žƒ—•‡• ͳ͹Ǧʹͳ ‘ˆ ‰”‡‡‡– ȋ‡šŠ‹„‹– ͵Ȍǡ ƒ† …Žƒ—•‡• ʹͲǦʹ͵ ‘ˆ –Š‡
‡†‹–‡””ƒ‡ƒ–‡‡”ƒ‰‡‰”‡‡‡–ȋ‡šŠ‹„‹–͸ȌǡUnitedStatesv.HamburgǦAmericanǤ
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”‡ˆ—•‡†–‘’‘‘Ž–Š‡‹”’ƒ••‡‰‡”•ǡ•‘–Š‡›”‡–ƒ‹‡†ƒ”ƒ–‡ƒ‰”‡‡‡–ƒ•„‡ˆ‘”‡ȋ‡–‹–‹‘‡”ǯ•
‡šŠ‹„‹–͹ͷ͹ȌǤŠ‡”‡ˆ‘”‡ǡ™‡–Š‹•ƒ‰”‡‡‡–‘•–‡‡”ƒ‰‡–”ƒˆˆ‹…ˆ‘”„‘–Š”‘—–‡•‹•†‡•‹‰ƒ–‡†
ƒ•Dzdzˆ‘”ˆ‹‡‘Ž›†—”‹‰–Š‡’‡”‹‘†„‡ˆ‘”‡ͳͻͲͺǤ”‘ͳͻͲͺ—–‹Ž–Š‡‡†‘ˆ–Š‡•ƒ’Ž‡ǡ
–Š‡ ƒ‰”‡‡‡– …‘˜‡”‹‰ –Š‡ ”‘—–‡ ˆ”‘ ”‹–ƒ‹ –‘ –Š‡ ǤǤ ‹• …ƒ–‡‰‘”‹œ‡† ƒ• Dzdz ˆ‘”
„‘†Ȁ’‘‘ŽȀˆ‹‡ǡ™Š‡”‡ƒ•–Š‡ƒ‰”‡‡‡–…‘˜‡”‹‰–Š‡”‘—–‡–‘ƒƒ†ƒ”‡ƒ‹•ƒ•DzǤdz‹”•–
ƒ† •‡…‘†Ǧ…Žƒ•• ”ƒ–‡Ǧˆ‹š‹‰ ‘ –Š‡•‡ ”‘—–‡• ™ƒ• …ƒ””‹‡† ‘—– ‹ …‘Œ—…–‹‘ ™‹–Š
…‘–‹‡–ƒŽ Ž‹‡• •‡”˜‹‰ ˆ”‘ –Š‡ Š‹‡ ’‘”–• –‘ –Š‡ ‹–‡† –ƒ–‡• ƒ† ƒƒ†ƒ ȋò”‡ǡ
…Šƒ’–‡”ͷǢ‡šŠ‹„‹–•ͳͲǡͳͳǡ͹ʹͻǡ͹͵Ͳǡ͹ͶͲǡ͹Ͷͳǡ͹͸ʹǡ͹͸͵ˆ”‘ͳͺͻͺǡͳͻͲʹǡͳͻͲͷƒ†ͳͻͲͺȌǡ
ƒ† ˆ‹‡• ™‡”‡ Ž‡˜‹‡† ˆ‘” ˜‹‘Žƒ–‹‘• ƒ• ‹ –Š‡ ‘”‹‰‹ƒŽ –Š‹”†Ǧ…Žƒ•• ƒ‰”‡‡‡–Ǥ Š‹• …ƒ„‹
–”ƒˆˆ‹… ™ƒ• ‡˜‡” ‹…‘”’‘”ƒ–‡† ‹–‘ ƒ ’‘‘ŽǤ • ò”‡ ‡š’Žƒ‹•ǡ –Š‡ †‹ˆˆ‡”‡…‡• ‹
ƒ……‘‘†ƒ–‹‘•„‘–Š™‹–Š‹ƒ†ƒ…”‘••˜‡••‡Ž•ƒ†‡‹–‹’‘••‹„Ž‡ˆ‘”–Š‡ˆ‹”•–‘ƒ‰”‡‡
—’‘ƒ‡…Šƒ‹•ˆ‘”ˆ‹”•…ƒ””›‹‰‹‡š…‡••‘ˆ–Š‡‹”“—‘–ƒ–‘…‘’‡•ƒ–‡–Š‘•‡…ƒ””›‹‰
Ž‡•• –Šƒ –Š‡‹” “—‘–ƒǤ —…Š †‹ˆˆ‡”‡…‡• ™‡”‡ ˆƒ” Ž‡•• ’”‘‘—…‡† ‘” ’”‘„Ž‡ƒ–‹… ˆ‘”
•–‡‡”ƒ‰‡ƒ……‘‘†ƒ–‹‘•ǤŠ‡”‡ˆ‘”‡ǡ–Š‡ƒ‰”‡‡‡–…‘˜‡”‹‰…ƒ„‹–”ƒˆˆ‹…‘„‘–Š”‘—–‡•
‹•†‡•‹‰ƒ–‡†ƒ•Dzdzˆ‘”–Š‡‡–‹”‡•ƒ’Ž‡’‡”‹‘†Ǥ
Š‡–”ƒ†‡ˆ”‘–Š‡‡†‹–‡””ƒ‡ƒ–‘–Š‡‹–‡†–ƒ–‡•ȋ–Š‡”‡™ƒ•‘†‹”‡…–•‡”˜‹…‡
–‘ƒƒ†ƒȌ‘’‡”ƒ–‡†—†‡”ƒˆƒ”‡ƒ‰”‡‡‡–†—”‹‰–Š‡›‡ƒ”•ͳͺͻͻƒ†ͳͻͲͲǡ„—–‡ƒ”Ž›‹
ͳͻͲͳ –Š‡ –ƒŽ‹ƒ ‰‘˜‡”‡– „‡‰ƒ ”‡‰—Žƒ–‹‰ ”ƒ–‡•Ǥ ‘ ‡š–ƒ– …‘’› ‘ˆ –Š‡ ‡ƒ”Ž› ”ƒ–‡
ƒ‰”‡‡‡–Šƒ•„‡‡Ž‘…ƒ–‡†ǡ‘”‹•‹–‹–Š‡‡šŠ‹„‹–•‘ˆ–Š‡ƒ–‹–”—•–…ƒ•‡ǤŠƒ–™‡‘™
…‘‡• ˆ”‘ ò”‡ǡ ’’Ǥ ͸ͻǦ͹͵ǡ ™Š‘ ‘–‡• –Šƒ– –Š‡ ƒ‰”‡‡‡– ”‡•–”‹…–‡† ƒ†˜‡”–‹•‹‰ ƒ†
”‡‰—Žƒ–‡†”ƒ–‡•„—–†‹†‘–’‘‘Ž’ƒ••‡‰‡”•ǤŠ‡”‡‹•‘‡–‹‘‘ˆˆ‹‡•ƒ†„‘†•ǡƒ†
™‡ ƒ••—‡ –Šƒ– ‘‡ ™‡”‡ ƒ†‘’–‡†Ǥ ò”‡ †‹•…—••‡• Š‘™ –Š‡ ‡”ƒ ƒ† ”‹–‹•Š
•–‡ƒ•Š‹’ Ž‹‡• †‹•–”—•–‡† –Š‡ –ƒŽ‹ƒ ‰‘˜‡”‡–ǯ• ‡–Š‘†‘Ž‘‰› ˆ‘” •‡––‹‰ ”ƒ–‡•ǡ ™Š‹…Š
–Š‡›•—•’‡…–‡†™ƒ•‹’Ž‡‡–‡†‹•—…Šƒ™ƒ›ƒ•–‘ˆƒ˜‘”–Š‡–ƒŽ‹ƒ…‘’ƒ‹‡•Ǥ†‡‡†ǡ
–Š‡”‡™ƒ•‡–”›„›ƒ—„‡”‘ˆ‡™–ƒŽ‹ƒ•–‡ƒ•Š‹’…‘’ƒ‹‡•‘–Š‹•”‘—–‡†—”‹‰–Š‡
›‡ƒ”•ͳͻͲͳǦͳͻͲͺǤ‡–Š‡”‡ˆ‘”‡…Žƒ••‹ˆ›–Š‡’‡”‹‘†—–‹ŽͳͻͲͳƒ•ƒƒ‰”‡‡‡–ǡ„—–™‹–Š‘—–
ƒ„‘†ǡ’‘‘Ž‘”ˆ‹‡ȋ†‡‘–‡†„›ƒ†ƒ•ŠȌǡƒ†ˆ”‘ͳͻͲͳ–‘ͳͻͲͺƒ•Dz‘ƒ‰”‡‡‡–dz‹–Š‡
™‡•–„‘—† –”ƒˆˆ‹… ˆ”‘ –ƒŽ›Ǥ Š‡”‡ ‹• ‘ ‡š’Ž‹…‹– †‹•…—••‹‘ ‘ˆ ƒ ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ••
ƒ‰”‡‡‡– †—”‹‰ –Š‹• ’‡”‹‘†ǡ –Š‘—‰Š –Š‹• …‘—Ž† „‡ •—„•—‡† —†‡” –Š‡ „”‘ƒ† …‘ŽŽ—•‹˜‡
ͳͲ
ƒ””ƒ‰‡‡–ǡ‡‹–Š‡”‡š’Ž‹…‹–Ž›‘”–ƒ…‹–Ž›ǡˆ‘”–Š‡›‡ƒ”•–Šƒ––Š‹•ƒ‰”‡‡‡–™ƒ•‹‡ˆˆ‡…–Ǥͷ
ͳͻͲͻǡ–Š‡Ž‹‡••‡”˜‹‰–ƒŽ›ˆ‘”‡†ƒ…‘’”‡Š‡•‹˜‡’‘‘Ž‹‰ƒ‰”‡‡‡––Šƒ–‹…Ž—†‡†–Š‡
”‡“—‹”‡‡– ˆ‘”ˆ‹”• –‘ ’‘•– ƒ „‘† ƒ† ’ƒ› ˆ‹‡• ˆ‘” ˜‹‘Žƒ–‹‘• ‘ˆ –Š‡ƒ‰”‡‡‡–Ǥ Š‹•
‡†‹–‡””ƒ‡ƒ –‡‡”ƒ‰‡ ‰”‡‡‡– ȋ‡–‹–‹‘‡”ǯ• šŠ‹„‹– ͸Ȍ ™ƒ• •—’’Ž‡‡–‡† „› •‹†‡
ƒ‰”‡‡‡–• ȋƒŽ•‘ ’‘‘Ž‹‰ ™‹–Š „‘†• ƒ† ˆ‹‡•Ȍ ™‹–Š ”‡‡ Ž‹‡• ȋ‡šŠ‹„‹– ͹ʹͲȌ ƒ† ™‹–Š
‘”–Š‡” —”‘’‡ƒ Ž‹‡• …‘˜‡”‹‰ ‹†‹”‡…– ’ƒ••‡‰‡”• –‘ ƒ† ˆ”‘ –Š‡ ‡†‹–‡””ƒ‡ƒ
ȋ‡šŠ‹„‹– ͺȌǤ ‰”‡‡‡– ȋ‡šŠ‹„‹– ͹ʹͷȌ ˆ”‘ –Š‡ •ƒ‡ –‹‡ ’‡”‹‘† …‘˜‡”‡† …ƒ„‹
’ƒ••‡‰‡”•ǡ‹˜‘Ž˜‡†ˆ‹‡•ǡ„—–†‹†‘–‹˜‘Ž˜‡ƒ’‘‘Ž‹‰‡…Šƒ‹•ǤŠ‡”‡ˆ‘”‡ǡ™‡…Žƒ••‹ˆ›
–Š‡•–‡‡”ƒ‰‡–”ƒˆˆ‹…ƒ•Dzdzˆ”‘ͳͻͲͻ–‘ͳͻͳͳǡƒ†–Š‡…ƒ„‹•‡”˜‹…‡ƒ•Dzdzˆ‘”–Š‡•ƒ‡
›‡ƒ”•Ǥ
Š‡ ’ƒ••‡‰‡” –”ƒˆˆ‹… ˆ”‘ ”ƒ…‡ –‘ –Š‡ ‹–‡† –ƒ–‡• ™ƒ• …ƒ””‹‡† „› –Š‡ ”‡…Š
‹‡ǡ ‘’ƒ‰‹‡ ‡‡”ƒŽ‡ ”ƒ•ƒ–Žƒ–‹“—‡ ˆ”‘ ƒ˜”‡ǡ ƒ† „› ”‹–‹•Š Ž‹‡• •–‘’’‹‰ ‹
Š‡”„‘—”‰‡”‘—–‡–‘ƒ†ˆ”‘”‹–‹•Š’‘”–•Ǥ͸‘‡–Š‡Ž‡••ǡ–Š‡„‘”†‡”•™‡”‡’‘”‘—•ƒ†
–Š‡ ”‡…Š –”ƒˆˆ‹… ™ƒ• ‹–‡”†‡’‡†‡– –‘ •‘‡ ‡š–‡– ™‹–Š ”‹–‹•Š ƒ† ‡•’‡…‹ƒŽŽ› ‘–Š‡”
…‘–‹‡–ƒŽ –”ƒˆˆ‹…Ǥ ‘” –Šƒ– ”‡ƒ•‘ –Š‡ ”‡…Š ‹‡ Œ‘‹‡† ƒ ’‘‘Ž‹‰ ƒ‰”‡‡‡– ȋƒŽ•‘
…‘–ƒ‹‹‰’”‘˜‹•‹‘•ˆ‘”„‘†•ƒ†ˆ‹‡•Ȍ™‹–Š
‡”ƒǡ—–…Šƒ†‡Ž‰‹ƒŽ‹‡•‹ͳͻͲ͵
…‘˜‡”‹‰ ‹–• ™‡•–„‘—† •–‡‡”ƒ‰‡ –”ƒˆˆ‹… ȋ‡šŠ‹„‹– ͷȌǡ ƒ† ƒ”‘—† –Š‡ •ƒ‡ –‹‡ „‡…ƒ‡ ƒ
•‹‰ƒ–‘”›–‘–Š‡ƒ„‘˜‡‡–‹‘‡†ˆ‹”•–ƒ†•‡…‘†Ǧ…Žƒ••ƒ‰”‡‡‡–•ǤŠ‹••–‡‡”ƒ‰‡’‘‘Ž‹‰
ƒ‰”‡‡‡– ™ƒ• ”‡’Žƒ…‡† ‹ ͳͻͲͺ „› ƒ …‘’”‡Š‡•‹˜‡ ’‘‘Ž‹‰ ƒ‰”‡‡‡– ™‹–Š •‹‹Žƒ”
”‡“—‹”‡‡–• ȋ‡šŠ‹„‹– ͵ȌǤ Š‡”‡ˆ‘”‡ǡ ™‡ …Žƒ••‹ˆ› –Š‡ ™‡•–„‘—† •–‡‡”ƒ‰‡ •‡”˜‹…‡ ˆ”‘
”ƒ…‡ –‘ –Š‡ ‹–‡† –ƒ–‡• ƒ• Dz‘ ƒ‰”‡‡‡–dz —–‹Ž ͳͻͲ͵ǡ ƒ† …Žƒ••‹ˆ› –Š‡ ƒ‰”‡‡‡–
…‘˜‡”‹‰ ‹– ‹ •—„•‡“—‡– ›‡ƒ”• ƒ• DzdzǤ Š‡ ƒ‰”‡‡‡– …‘˜‡”‹‰ …ƒ„‹ –”ƒˆˆ‹… ‹•
†‡•‹‰ƒ–‡†ƒ•Dzdzˆ”‘ͳͻͲ͵—–‹Žͳͻͳͳǡƒ†Dz‘ƒ‰”‡‡‡–dz’”‹‘”–‘ͳͻͲ͵Ǥ
ͷ ‘—” †‡ˆƒ—Ž– …Žƒ••‹ˆ‹…ƒ–‹‘ǡ ™‡ …Žƒ••‹ˆ› …ƒ„‹ •‡”˜‹…‡ †—”‹‰ –Š‡•‡ ›‡ƒ”• ‹ –Š‡ •ƒ‡ ™ƒ› ™‡
…Žƒ••‹ˆ›•–‡‡”ƒ‰‡•‡”˜‹…‡ǡ„—–™‡’‡”ˆ‘”‡†ƒ•‡•‹–‹˜‹–›ƒƒŽ›•‹•„›”‡…‘†‹‰…ƒ„‹•‡”˜‹…‡ƒ•ˆ”‡‡
‘ˆ …‘ŽŽ—•‹‘Ǥ Š‡ •ƒ‡ •‡•‹–‹˜‹–› ƒƒŽ›•‹• ™ƒ• ’‡”ˆ‘”‡† ˆ‘” ‡ƒ•–„‘—† •‡”˜‹…‡ –‘ –Š‡
‡†‹–‡””ƒ‡ƒ™Š‡”‡–Š‡™”‹––‡”‡…‘”†‹••‹‹Žƒ”Ž›ƒ„‹‰—‘—•ȋ•‡‡–Š‡”‡•—Ž–••‡…–‹‘ȌǤ
͸”ƒ…‡Š‡”‡”‡ˆ‡”•–‘–Žƒ–‹…”‡…Š’‘”–•Ǥƒ„”‡‹‡•‡”˜‡†ƒ”•‡‹ŽŽ‡•ƒ†–ƒŽ‹ƒ’‘”–•–‘–Š‡
‹–‡†–ƒ–‡•ǤŠ‡‹”’ƒ••‡‰‡”•ƒ”‡—†‡”–Š‡‡†‹–‡””ƒ‡ƒ…ƒ–‡‰‘”›ǡƒ†ƒ„”‡™ƒ•ƒ•‹‰ƒ–‘”›
–‘–Š‡‡†‹–‡””ƒ‡ƒ…ƒ”–‡Žƒ‰”‡‡‡–•Ǥ
ͳͳ
Ž›‘‡ˆ‹”ǡŽŽƒ‹‡ǡ•‡”˜‡†–Š‡–”ƒˆˆ‹…ˆ”‘”ƒ…‡–‘ƒƒ†ƒǤŠ‹•–”ƒˆˆ‹…‹•‘–
•Š‘™‹ƒ„Ž‡ͳǡƒ•‹–™‘—Ž†‘–„‡‡ƒ‹‰ˆ—Ž–‘…Šƒ”ƒ…–‡”‹œ‡‹–ƒ•ƒ’‘–‡–‹ƒŽŽ›…‘ŽŽ—•‹˜‡
ƒ”‡–Ǥ ‘™‡˜‡”ǡ ™‡ †‡•…”‹„‡ Š‡”‡ –Š‡ ƒ””ƒ‰‡‡–• „‡–™‡‡ –Š‡ ŽŽƒ ‹‡ ƒ† ‘–Š‡”
ˆ‹”• •‡”˜‹‰ ‘–Š‡” ƒ”‡–•Ǥ ŽŽƒ ‹‡ ˆ‹š‡† ‹–• ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ”ƒ–‡• –Š”‘—‰Š ‹–•
ƒ†Š‡”‡…‡ –‘ –Š‡ ƒ‰”‡‡‡–• ƒŽ•‘ …‘˜‡”‹‰ ‹–• •‡”˜‹…‡ ˆ”‘ ”‹–ƒ‹ –‘ ƒƒ†ƒǤ ‘™‡˜‡”ǡ
–Š‡…‘†‹–‹‘‘ˆ‹–••–‡‡”ƒ‰‡”ƒ–‡•‹•—…Ž‡ƒ”ǤŠ‡ǡ‹ͳͻͲͺǡ‹–ƒ‰”‡‡†–‘’‘‘Ž‹–•’ƒ••‡‰‡”•
–Š”‘—‰Š ƒ •‹†‡ ƒ‰”‡‡‡– ȋ‡šŠ‹„‹– ͹ͷͷȌ ™‹–Š –Š‡ •‹‰ƒ–‘”‹‡• ‘ˆ –Š‡ Žƒ”‰‡” ‘”–Š –Žƒ–‹…
’‘‘Žȋ‡šŠ‹„‹–͵ȌǤ‡––Š‹•ƒ‰”‡‡‡–†‹†‘–Šƒ˜‡ƒ›”‡“—‹”‡‡––‘’‘•–ƒ„‘†ǡ„—–‘Ž›
–‘’ƒ›ˆ‹‡•ˆ‘”‘Ǧ…‘’Ž‹ƒ…‡ǤŽŽƒ‹‡ǯ•”‡…Š–”ƒˆˆ‹…‹• ‘ˆ “—‹–‡ ƒ •ƒŽŽ ƒ‰‹–—†‡
”‡Žƒ–‹˜‡ –‘ ‘–Š‡” –”ƒˆˆ‹…ǡ ƒ† ™‡ ‘‹– ‹– ˆ”‘ –Š‡ ‡…‘‘‡–”‹… ƒƒŽ›•‹• ‹ –Š‡ ’ƒ’‡”Ǥ • ƒ
•‹‰Ž‡ ˆ‹” ‘’‡”ƒ–‹‰ ‹ ƒ ’ƒ”–‹…—Žƒ” ”‘—–‡ǡ ‹–• …Žƒ••‹ˆ‹…ƒ–‹‘ ™‘—Ž† Šƒ˜‡ ƒŽ•‘ „‡‡
’”‘„Ž‡ƒ–‹…Šƒ†‹–„‡‡‹…Ž—†‡†‹–Š‡‡•–‹ƒ–‹‘Ǥ
Š‡ ˜‡”› Žƒ”‰‡ •‡”˜‹…‡ ˆ”‘ ‡”ƒ›ǡ ‡Ž‰‹—ǡ ‘ŽŽƒ† ƒ† Žƒ–‡” —••‹ƒ –‘ –Š‡
‹–‡† –ƒ–‡• ƒ† ƒƒ†ƒ ™ƒ• …‘˜‡”‡† —†‡” ƒ …‘’”‡Š‡•‹˜‡ ’‘‘Ž –Šƒ– „‡‰ƒ ‹ ͳͺͻʹ
ȋ‡šŠ‹„‹– ʹȌǤ Š‹• ’‘‘Ž‹‰ ƒ‰”‡‡‡– Šƒ† ƒ •›•–‡ ‘ˆ ’‡”ˆ‘”ƒ…‡ „‘†•ǡ ˆ‹‡• ƒ†
ƒ”„‹–”ƒ–‹‘ –Šƒ– …Šƒ”ƒ…–‡”‹œ‡† ‡ƒ”Ž› ƒŽŽ ’‘‘Ž• –Šƒ– ˆ‘ŽŽ‘™‡†Ǥ Š‡ …‘’”‡Š‡•‹˜‡ ‘”–Š
–Žƒ–‹…’‘‘Žǡ™Š‹…Š‹…Ž—†‡†”‹–‹•Š–”ƒˆˆ‹…ǡ•—’’Žƒ–‡†–Š‹•ƒ‰”‡‡‡–‹ͳͻͲͺȋ‡šŠ‹„‹–͵ȌǤ
—••‹ƒ†‹”‡…–•‡”˜‹…‡ǡ™Š‹…Š„‡‰ƒƒˆ–‡”ͳͻͲ͸ǡ™ƒ•‹…‘”’‘”ƒ–‡†‹–‘–Š‹•’‘‘Ž˜‹ƒƒ•‹†‡
ƒ‰”‡‡‡– ȋ‡šŠ‹„‹– ͹ͷ͸ȌǤ ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡” ”ƒ–‡• ˆ”‘ –Š‡ Š‹‡ ™‡”‡
”‡‰—Žƒ–‡†—†‡”–Š‡ƒˆ‘”‡‡–‹‘‡†ƒ‰”‡‡‡–•†ƒ–‹‰–‘ͳͺͻͺǤŠ‡”‡ˆ‘”‡ǡ‹–Š‡Š‹‡–‘
–Š‡ ǤǤ –”ƒˆˆ‹…ǡ ™‡ †‡•‹‰ƒ–‡ –Š‡ ƒ‰”‡‡‡– …‘˜‡”‹‰ •–‡‡”ƒ‰‡ ˆŽ‘™• ƒ• Dzdz ƒ† –Š‡
ƒ‰”‡‡‡–…‘˜‡”‹‰…ƒ„‹ˆŽ‘™•ƒ•Dzdz–Š”‘—‰Š‘—––Š‡•ƒ’Ž‡’‡”‹‘†Ǥ‘™‡˜‡”ǡ‹–Š‡…ƒ•‡
‘ˆƒƒ†ƒ –Š‡ •‹–—ƒ–‹‘ ‹•‘”‡ …‘’Ž‡šǤŠ‡–”ƒ†‡™ƒ••‡”˜‡†„›‘‡–‘–Š”‡‡•‡’ƒ”ƒ–‡
Ž‹‡•ǡ †‡’‡†‹‰ —’‘ –Š‡ ›‡ƒ”•ǡ „—– „› ˆƒ” –Š‡ ‘•– ‹’‘”–ƒ– ™‡”‡ ƒ„—”‰Ǧ‡”‹…ƒ
‹‡ƒ†–Š‡ƒƒ†‹ƒƒ…‹ˆ‹…ƒ‹Ž”‘ƒ†…‘’ƒ›ǯ••–‡ƒ•Š‹’•‡”˜‹…‡Ǥƒ„—”‰Ǧ‡”‹…ƒǯ•
’ƒ••‡‰‡”•ȋ„‘–Š•–‡‡”ƒ‰‡ƒ†ˆ‹”•–…Žƒ••Ȍ™‡”‡‹…Ž—†‡†‹–Š‡ƒ‰”‡‡‡–•…‘˜‡”‹‰Š‹‡
–”ƒˆˆ‹…™‹–Š–Š‡‹–‡†–ƒ–‡•Ǥƒƒ†‹ƒƒ…‹ˆ‹…ǯ•Š‘™‡˜‡”ǡ™‡”‡‘–Ǥ†‹†‘–‡–‡”–Š‡
–”ƒ†‡—–‹ŽͳͻͲͶǡƒ–™Š‹…Š–‹‡–Š‡›•‹‰‡†ƒ•‹†‡ƒ‰”‡‡‡–„›™Š‹…Š–Š‡›™‡”‡’”‘‹•‡†
ƒ“—‘–ƒ‘ˆ’ƒ••‡‰‡”•ȋ‡šŠ‹„‹–͹͸ͲȌǡƒ†–Šƒ––Š‡›™‘—Ž†‘–…ƒ””›…ƒ„‹’ƒ••‡‰‡”•ǤŠ‹•
’‘‘Ž‹‰ ƒ‰”‡‡‡–ǡ Š‘™‡˜‡”ǡ †‹† ‘– ‹…Ž—†‡ ƒ „‘† ‘” ˆ‹‡ •–‹’—Žƒ–‹‘Ǥ Š‡”‡ˆ‘”‡ ™‡
ͳʹ
†‡•‹‰ƒ–‡–Š‡ƒ‰”‡‡‡–‘–Š‡Š‹‡Ǧƒƒ†ƒ”‘—–‡„›Dzdzˆ‘”•–‡‡”ƒ‰‡„‡ˆ‘”‡ͳͻͲͶƒ†
Dzdz–Š‡”‡ƒˆ–‡”Ǥ‘”…ƒ„‹…Žƒ••ǡ–Š‡ƒ‰”‡‡‡–‘–Š‹•”‘—–‡‹•†‡‘–‡†ƒ•Dzdzˆ‘”ͳͺͻͻǦͳͻͳͳǤ
Š‡ˆ‹ƒŽ™‡•–„‘—†”‘—–‡‹•–Šƒ–ˆ”‘…ƒ†‹ƒ˜‹ƒ–‘–Š‡‹–‡†–ƒ–‡•ȋ–Š‡”‡™ƒ•
‘†‹”‡…–•‡”˜‹…‡–‘ƒƒ†ƒȌǤŠ‡”‡‹•‘”‡…‘”†‘ˆƒƒ‰”‡‡‡–‘ˆ‹”•–ƒ†•‡…‘†Ǧ…Žƒ••
‘ –Š‹• ”‘—–‡Ǥ Š‡ …ƒ†‹ƒ˜‹ƒǦ‡”‹…ƒ ‹‡ ™ƒ• –Š‡ ‘Ž› †‹”‡…– Ž‹‡ǡ ƒ† ‹– ™ƒ• ‹
…‘’‡–‹–‹‘™‹–Š”‹–‹•ŠŽ‹‡•™Š‘–”ƒ•Ǧ•Š‹’’‡†’ƒ••‡‰‡”•˜‹ƒ”‹–‹•Š’‘”–•ǤŠ‡›Šƒ†ƒ
•‡”‹‡•‘ˆ”ƒ–‡ƒ‰”‡‡‡–•‹˜‘Ž˜‹‰ˆ‹‡•ˆ‘”˜‹‘Žƒ–‹‘•†ƒ–‹‰ˆ”‘ͳͺͻͺȋ‡šŠ‹„‹–•͹͵Ͷǡ͹͵ͺǡ
͹ͷ͵ǡͳ͵Ͳ͹ƒ†͹ͷͺȌǤͳͻͳͲ–Š‡›ƒ‰”‡‡†–‘ƒ’‘‘Ž‹˜‘Ž˜‹‰„‘–Šˆ‹‡•ƒ†„‘†•ȋ‡šŠ‹„‹–
͹ͳͶȌǤ Š—•ǡ –Š‡ ”‘—–‡ ‹• †‡‘–‡† ƒ• Dz‘ ƒ‰”‡‡‡–dz ˆ‘” ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ˆƒ”‡• ˆ”‘
ͳͺͻͻǦͳͻͳͳǤ͹‘”–Š‡›‡ƒ”•ͳͺͻͻǦͳͻͲͻǡ–Š‡ƒ‰”‡‡‡–‘–Š‡•–‡‡”ƒ‰‡–”ƒˆˆ‹…‹•†‡•‹‰ƒ–‡†
ƒ•Dzǡdzƒ†ˆ”‘ͳͻͳͲ–‘ͳͻͳͳǡ‹–‹•…Žƒ••‹ˆ‹‡†ƒ•DzǤdz
Š‡‡ƒ•–„‘—†ƒ‰”‡‡‡–•ˆ‘ŽŽ‘™ƒ˜‡”›•‹‹Žƒ”’ƒ––‡”ǤŠ‡…ƒ„‹ƒ‰”‡‡‡–•ˆ‘”
–Š‡ ˜ƒ”‹‘—• ”‘—–‡• –‡†‡† –‘ …‘˜‡” „‘–Š ‡ƒ•–„‘—† ƒ† ™‡•–„‘—† ˆƒ”‡•ǡ „—– –Š‡”‡ ™ƒ•
‘”‡˜ƒ”‹ƒ–‹‘‹•–‡‡”ƒ‰‡ƒ‰”‡‡‡–•ǤŠ‹Ž‡–Š‡™‡•–„‘—†‘”–Š–Žƒ–‹…’‘‘Žȋ‡šŠ‹„‹–
͵Ȍ ‘‹––‡† –”ƒˆˆ‹… ˆ”‘ ”‡ƒ– ”‹–ƒ‹ –‘ ƒƒ†ƒǡ ‹– ™ƒ• ‹…Ž—†‡† ‹ –Š‡ ‡ƒ•–„‘—† ’‘‘Ž
ȋ†‹ˆˆ‡”‡–…Žƒ—•‡•‘ˆ‡šŠ‹„‹–͵ȌǤŠ‡”‡ˆ‘”‡ǡ„‘–Š–Š‡Ǧ”‹–ƒ‹ƒ†ƒƒ†ƒǦ”‹–ƒ‹•–‡‡”ƒ‰‡
ƒ‰”‡‡‡–• ƒ”‡ …Žƒ••‹ˆ‹‡† Dzdz ˆ”‘ –Š‡ „‡‰‹‹‰ ‘ˆ –Š‡ •ƒ’Ž‡ –Š”‘—‰Š ͳͻͲ͹ǡ ƒ† Dzdz
ƒˆ–‡”–Š‡ˆ‹”•–“—ƒ”–‡”‘ˆͳͻͲͺǤŠ‡ƒ‰”‡‡‡–•‘–Š‡…ƒ„‹•‡”˜‹…‡ƒ”‡†‡•‹‰ƒ–‡†ƒ•Dzdz
ˆ‘” ͳͺͻͻǦͳͻͳͳǤ  –Š‡ ‡†‹–‡””ƒ‡ƒǡ „‡…ƒ—•‡ –Š‡ –ƒŽ‹ƒ ‰‘˜‡”‡– †‹† ‘– ”‡‰—Žƒ–‡
‡ƒ•–„‘—†ˆƒ”‡•ˆ”‘–Š‡‹–‡†–ƒ–‡•ǡ–Š‘•‡ˆƒ”‡•™‡”‡•—„Œ‡…––‘–Š‡”ƒ–‡ƒ‰”‡‡‡–ƒ•
„‡ˆ‘”‡ ȋò”‡ǡ ’’Ǥ ͵͸ͻǦͶͲͺȌ —–‹Ž „‘–Š ™‡•–„‘—† ƒ† ‡ƒ•–„‘—† •–‡‡”ƒ‰‡ –”ƒˆˆ‹… ™ƒ•
’‘‘Ž‡† ‹ ͳͻͲͻ ȋ‡šŠ‹„‹– ͸ȌǤ Š‡”‡ˆ‘”‡ǡ –Š‡ ‡†‹–‡””ƒ‡ƒ ‹• †‡•‹‰ƒ–‡† ƒ• ƒ‰”‡‡‡–
™‹–Š‘—–ˆ‹‡•ǡ„‘†‘”ƒ’‘‘Žȋ†ƒ•ŠȌˆ”‘ͳͺͻͻ—–‹ŽͳͻͲͻǡƒ†Dzdzƒˆ–‡”™ƒ”†•ǤŠ‡”‡ƒ•
–Š‡ ”‡…Š ‹‡ ’‘‘Ž‡† ‹–• ™‡•–„‘—† –”ƒˆˆ‹… ‡ˆˆ‡…–‹˜‡ ͳͻͲ͵ǡ ‹– †‹† ‘– …‘‡ –‘ ƒ
ƒ‰”‡‡‡–‘’‘‘Ž‹‰‡ƒ•–„‘—†ˆŽ‘™•—–‹ŽŽƒ–‡”ǡƒ†–Š‡™‹–Š‘—–ƒ‰”‡‡‹‰–‘ƒ„‘†‘”
ˆ‹‡ȋ‡šŠ‹„‹–ͶȌǤŠ—•ǡ–Š‡ƒ‰”‡‡‡–‘–Š‹•”‘—–‡‹•…Žƒ••‹ˆ‹‡†ƒ•Dzdzˆ‘”’‘‘Ž‘Ž›„‡–™‡‡
͹– ‹• ’‘••‹„Ž‡ –Šƒ–ǡ ‡˜‡ –Š‘—‰Š ˆ‘”ƒŽŽ› …ƒ„‹ •‡”˜‹…‡ ˆ”‘ ȋƒ† ƒŽ•‘ –‘Ȍ …ƒ†‹ƒ˜‹ƒ ™ƒ• ‘–
ˆ‘”ƒŽŽ›—†‡”ƒ‰”‡‡‡–ǡ–Š‡ˆ‹”•†‹†–ƒ…‹–Ž›…‘ŽŽ—†‡‘–Šƒ–•‡”˜‹…‡Ǥ‡’‡”ˆ‘”‡†ƒ”‘„—•–‡••
…Š‡…ǡ ™Š‡”‡ ™‡ ƒ••—‡† –Šƒ– …ƒ„‹ •‡”˜‹…‡ ™ƒ• …ƒ”–‡Ž‹œ‡† ™Š‡ •–‡‡”ƒ‰‡ ˆ”‘ ȋƒ† –‘Ȍ
…ƒ†‹ƒ˜‹ƒ™ƒ•…ƒ”–‡Ž‹œ‡†ǡ‘„–ƒ‹‹‰•‹‹Žƒ””‡•—Ž–•Ǥ
ͳ͵
ͳͻͲͶƒ†ͳͻͲ͹ȋ‘ƒ‰”‡‡‡–’”‹‘”–‘ͳͻͲͶȌǤŠ‹•ƒ‰”‡‡‡–™ƒ•ƒ„ƒ†‘‡†™Š‡–Š‡
”‡…Š‹‡Œ‘‹‡†–Š‡‘”–Š–Žƒ–‹…’‘‘Žƒ•ƒˆ‘—†‹‰‡„‡”‹ͳͻͲͺȋ‡šŠ‹„‹–͵Ȍǡ•‘–Š‡
ƒ‰”‡‡‡–‘–Š‹•”‘—–‡‹•†‡•‹‰ƒ–‡†ƒ•Dzdzƒˆ–‡”ͳͻͲͺǤŠ‡ƒ‰”‡‡‡–‘…ƒ„‹•‡”˜‹…‡
–‘”ƒ…‡‹•…Žƒ••‹ˆ‹‡†dz‹†‡–‹…ƒŽŽ›–‘–Š‡™‡•–„‘—†…ƒ„‹•‡”˜‹…‡ǡDzdzˆ”‘ͳͻͲ͵–‘ͳͻͳͳǤ
Š‡ ‘”‹‰‹ƒŽ ‡ƒ•–„‘—† ’‘‘Ž ˆ”‘ –Š‡ ‹–‡† –ƒ–‡• –‘ –Š‡ Š‹‡ ‹• ‘– ‹…Ž—†‡† ‹ –Š‡
‡šŠ‹„‹–•ǡ„—–‹•†‹•…—••‡†ƒ•ƒ‹””‘”–‘–Š‡™‡•–„‘—†ƒ‰”‡‡‡–‹ò”‡ȋ’ǤͶͷȌǡƒ†‹•
–Š‡”‡ˆ‘”‡ †‡•‹‰ƒ–‡† ƒ• Dzdz –Š”‘—‰Š‘—– –Š‡ •ƒ’Ž‡Ǥ ƒƒ†‹ƒ –”ƒˆˆ‹… –‘ –Š‡ Š‹‡ ™ƒ•
’ƒ”– ‘ˆ–Š‡’‘‘Ž ƒ• ƒƒ†‹ƒ ƒ…‹ˆ‹… †‹† ‘– …ƒ””› ‡ƒ•–„‘—† ’ƒ••‡‰‡”•–‘ –Š‡…‘–‹‡–ǡ
ƒ†ƒ„—”‰Ǧ‡”‹…ƒ™ƒ•ƒˆ—ŽŽ‡„‡”‘ˆƒŽŽ’‘‘Ž‹‰ƒ‰”‡‡‡–•Ǥ‡…ƒ—•‡ƒ„—”‰Ǧ
‡”‹…ƒ™ƒ•–Š‡‘Ž›ˆ‹”–Šƒ–‡˜‡”•‡”˜‡†–Š‹•–”ƒˆˆ‹…ǡ‹–‹•‘–‡’Ž‘›‡†‹‘—”‡•–‹ƒ–‡•Ǥ
‹ƒŽŽ›ǡ‹–Š‡–”ƒˆˆ‹…ˆ”‘–Š‡–‘…ƒ†‹ƒ˜‹ƒǡ–Š‡”‡‡š‹•–•‡˜‹†‡…‡‘ˆ”ƒ–‡ƒ‰”‡‡‡–•
™‹–Š ˆ‹‡• ˆ‘” •–‡‡”ƒ‰‡ ȋ‡Ǥ‰Ǥǡ ‡šŠ‹„‹– ͹ͷͺȌǡ „—– ‘– ˆ‘” ˆ‹”•– ‘” •‡…‘† …Žƒ••ǡ ‘” ™ƒ• –Š‡”‡
‡˜‡”ƒ‡ƒ•–„‘—†•–‡‡”ƒ‰‡’‘‘ŽǤŠ‡”‡ˆ‘”‡ǡ–Š‡ƒ‰”‡‡‡–‘•–‡‡”ƒ‰‡‹•…Žƒ••‹ˆ‹‡†ƒ•Dzdz
ˆ”‘ͳͺͻͻǦͳͻͳͳǡ™Š‹Ž‡–Š‡”‘—–‡‹•…Žƒ••‹ˆ‹‡†ƒ•Dz‘ƒ‰”‡‡‡–dzˆ‘”…ƒ„‹•‡”˜‹…‡Ǥ
Š‡ˆ‹ƒŽ’‘‹––‘ƒ‡™‹–Š”‡‰ƒ”†–‘‘—”…ƒ”–‡Ž…Žƒ••‹ˆ‹…ƒ–‹‘‹•–Šƒ––Š‡”‡ƒ”‡™‡ŽŽǦ
†‘…—‡–‡†’‡”‹‘†•‘ˆ‰‡‡”ƒŽ”ƒ–‡™ƒ”•ǤŠ‡ˆ‹”•–•—…Š”ƒ–‡™ƒ•„‡‰ƒ‹Žƒ–‡ͳͻͲ͵ǡƒ†
•’”‡ƒ†–‘ƒŽŽ”‘—–‡•ƒ†…Žƒ••‡•‘ˆ•‡”˜‹…‡ǤƒŒ‘”…ƒ–ƒŽ›•–ˆ‘”–Š‡”ƒ–‡™ƒ”™ƒ•—ƒ”†ǯ•
‡•–ƒ„Ž‹•Š‡– ‘ˆ •‡”˜‹…‡ ˆ”‘ ‹—‡ –‘ ‡™ ‘”Ǥ Š‹• ‰”‡ƒ–Ž› …—– ‹–‘ ‡”ƒ Ž‹‡•
…ƒ””‹ƒ‰‡ ‘ˆ —‰ƒ”‹ƒ ‡‹‰”ƒ–• ȋ—•–”‹ƒǦ—‰ƒ”› •‡– ‘˜‡” ͷͲͲǡͲͲͲ ‹‰”ƒ–• –‘ –Š‡
‹–‡† –ƒ–‡• ‹ ͳͻͲʹǦͳͻͲͶǡ •‡…‘† ‘Ž› –‘ –ƒŽ›ǡ •‡‡ ‡”‡…œ‹ ƒ† ‹Ž…‘šǡ ͳͻʹͻȌǤ Š‡
‡”ƒŽ‹‡•”‡–ƒŽ‹ƒ–‡†„›”‡†—…‹‰ˆƒ”‡•‘”‘—–‡•–Šƒ–‹’ƒ…–‡†—ƒ”†ǡƒ†–Š‡‘…Ǧ
‘‡ˆˆ‡…–•”‡•—Ž–‡†‹‘–Š‡”Ž‹‡•…—––‹‰ˆƒ”‡•ƒ•™‡ŽŽǤŽ–Š‘—‰Šƒ…‘’Ž‡–‡ˆƒ”‡•‡”‹‡•‹•
—ƒ˜ƒ‹Žƒ„Ž‡ǡ‹–‹•‘™–Šƒ–‹•‘‡…ƒ•‡•ˆƒ”‡•ˆ‡ŽŽ„›‘”‡–Šƒˆ‹ˆ–›’‡”…‡–ǡƒ†ˆ‹”•
•—ˆˆ‡”‡†Ž‘••‡•ȋ‡‡Ž‹‰ǡʹͲͲͷǢò”‡ǡ…Šƒ’–‡”ͳʹȌǤͺ–‡–ƒ–‹˜‡’‡ƒ…‡™ƒ•ƒ†‡ƒ‘‰
–Š‡™ƒ””‹‰Ž‹‡•‹‡ƒ”Ž›ͳͻͲͷǤ•‘‡…ƒ•‡•–Š‡‘Ž†ƒ‰”‡‡‡–•™‡”‡”‡Ǧ‹˜‘‡†ǡ™Š‹Ž‡
‹ ‘–Š‡”• ‡™ ƒ‰”‡‡‡–• ™‡”‡ ‡•–ƒ„Ž‹•Š‡†Ǥ Š‡ ƒ””ƒ–‹˜‡ ƒ……‘—–• •—‰‰‡•– –Šƒ– –Š‡
ƒ‰”‡‡‡–• ‹ ˆ‘”…‡ †‹† ‘– ˆ—…–‹‘ ƒ• ™‡ŽŽ †—”‹‰ –Š‹• •‡…‘† …‘ŽŽ—•‹˜‡ ’‡”‹‘† ȋ•‡‡
ͺŠ‡ƒ˜‡”ƒ‰‡ˆƒ”‡†‡…Ž‹‡ˆ”‘–Š‡”ƒ–‡•™‡™‡”‡ƒ„Ž‡–‘‘„–ƒ‹ˆ”‘’”‹ƒ”›•‘—”…‡•ƒ˜‡”ƒ‰‡•–‘
ƒ’’”‘š‹ƒ–‡Ž›͵Ͳ’‡”…‡–ǡ„—––Š‡”‡‹•™‹†‡˜ƒ”‹ƒ–‹‘ƒ”‘—†–Šƒ–ˆ‹‰—”‡Ǥ‡‡ƒŽ•‘‘—”†‹•…—••‹‘‘
’”‹…‡‡Žƒ•–‹…‹–‹‡•‹•‡…–‹‘͸Ǥ
ͳͶ
–‡•–‹‘›‘ˆ‡”ƒ‹–‡”ǡ”–Š—”ƒ—–›Ǣò”‡ǡ…Šƒ’–‡”ͳ͵Ǣ›†‡ǡ…Šƒ’–‡”ͶȌǤŠ‡”‡
™‡”‡ ˆ”‡“—‡– ƒ……—•ƒ–‹‘• ‘ˆ ”ƒ–‡Ǧ…—––‹‰ǡ ‘ˆ–‡ –ƒ‹‰ –Š‡ ˆ‘” ‘ˆ ‹…”‡ƒ•‡† …‘‹••‹‘
’ƒ›‡–•ƒ†‡–‘ƒ‰‡–•ǤŠ‹•”‡Žƒ–‹˜‡Ž›—•–ƒ„Ž‡’‡”‹‘†‡†‡†™‹–Šƒ‘–Š‡””ƒ–‡™ƒ”ǡ–Š‹•
–‹‡’”‡…‹’‹–ƒ–‡†„›–Š‡‡–”ƒ…‡‘ˆ—ƒ”†ǯ•—•‹–ƒ‹ƒƒ†ƒ—”‡–ƒ‹ƒ•–‡ƒ•Š‹’•‹Žƒ–‡
ͳͻͲ͹Ǥ Ž–Š‘—‰Š ‡š‹•–‹‰ •–‡ƒ•Š‹’• ™‡”‡ Dz”ƒ–‡†dz „› –Š‡ ˜ƒ”‹‘—• …ƒ”–‡Ž•ǡ ƒ† –Š‹• ”ƒ–‹‰
†‡–‡”‹‡† –Š‡ ‹‹— ”ƒ–‡• –Šƒ– ™‘—Ž† „‡ …Šƒ”‰‡† ‘ –Š‡ǡ ‡˜‡”› –‹‡ ‡™ ˜‡••‡Ž•
ƒ’’‡ƒ”‡†–Š‡”‡™ƒ•ƒ“—‡•–‹‘ƒ•–‘™Šƒ––Š‡‹””ƒ–‹‰•Š‘—Ž†„‡Ǥ––Š‡–‹‡–Š‡›ƒ’’‡ƒ”‡†ǡ
—•‹–ƒ‹ƒ ƒ† ƒ—”‡–ƒ‹ƒ ™‡”‡ …‘•‹†‡”‡† –Š‡ –‘’Ǧ‘ˆǦ–Š‡ǦŽ‹‡ •–‡ƒ•Š‹’• ȋ‹†‡‡†ǡ –Š‡
ƒ—”‡–ƒ‹ƒŠ‡Ž†–Š‡•’‡‡†”‡…‘”†—–‹ŽͳͻʹͻȌǤ‡––Š‡ˆ‹”•–…Žƒ••ˆƒ”‡•—ƒ”†™ƒ•…Šƒ”‰‹‰
™‡”‡ ‘– ƒ• Š‹‰Š ƒ• –Š‡ ‘–Š‡” Ž‹‡• ™‹•Š‡†Ǥ Š‡ ”ƒ–‡ ™ƒ” „‡‰ƒ ‹ Žƒ–‡ —‰—•– ƒ† ‡ƒ”Ž›
‡’–‡„‡”ͳͻͲ͹ǡƒ†“—‹…Ž›•’”‡ƒ†ƒ…”‘••…Žƒ••‡•‘ˆ•‡”˜‹…‡ƒ†”‘—–‡•ǡ™‹–Šˆƒ”‡•ˆƒŽŽ‹‰
„› ƒ’’”‘š‹ƒ–‡Ž› ͳȀ͵Ǥ  ‡ƒ•–„‘—† ‡†‹–‡””ƒ‡ƒ ”ƒ–‡ ™ƒ” Žƒ•–‡† —–‹Ž –Š‡ ’‘‘Ž ™ƒ•
‡•–ƒ„Ž‹•Š‡†Ǥ Š‹• ”ƒ–‡ ™ƒ” †‹† ‘– •’”‡ƒ†ǡ ƒ• –Š‡ ’”‹…‹’ƒŽ ƒ†˜‡”•ƒ”‹‡• ™‡”‡ –Š‡ –ƒŽ‹ƒ
Ž‹‡•ȋ‘‘‡•‹†‡Ȍƒ†
‡”ƒƒ†‰Ž‹•ŠŽ‹‡•‘–Š‡‘–Š‡”Ǥ‹…‡–ƒŽ‹ƒŽ‹‡•†‹†‘–
•‡”˜‡ –”ƒ†‡• ‘—–•‹†‡ ‘ˆ –Š‡ ‡†‹–‡””ƒ‡ƒ ȋ–Š‡”‡ ™ƒ• ‘ —Ž–‹Ǧƒ”‡– …‘–ƒ…–Ȍǡ –Š‡ ”ƒ–‡
™ƒ”…‘—Ž†‘–„‡‡š–‡†‡†‘—–•‹†‡‘ˆ–Š‹•”‡‰‹‘Ǥ
ƒ„Ž‡•ͳƒ†ʹǡ–Š‡’‡”‹‘†•‹™Š‹…Š…ƒ”–‡Ž•™‡”‡•ƒ‹†–‘„‡ˆ—…–‹‘‹‰‘”ƒŽŽ›
ȋDz‘”ƒŽdzȌƒ”‡•Šƒ†‡††ƒ”Ž›ǡ™Š‡”‡ƒ•–Š‡Ž‡••™‡ŽŽˆ—…–‹‘‹‰–‹‡•ƒ”‡•Šƒ†‡†Ž‹‰Š–Ž›ǡ
ƒ† ƒ• •–ƒ–‡† ƒ„‘˜‡ –Š‡ ”ƒ–‡ ™ƒ” ‘” Dz‘ ƒ‰”‡‡‡–dz ’‡”‹‘†• ƒ”‡ †‡•‹‰ƒ–‡† …Ž‡ƒ” ‹ –Š‡
–ƒ„Ž‡Ǥ —” †‡•‹‰ƒ–‹‘•…Š‡‡ˆ‘”…ƒ”–‡Ž‘”‰ƒ‹œƒ–‹‘‹••—’’”‡••‡†ˆ‘”’‡”‹‘†•™Š‡–Š‡
…ƒ”–‡Žƒ›Šƒ˜‡„‡‡‘–Š‡„‘‘•ǡ„—–‘–ˆ—…–‹‘‹‰ƒ–ƒŽŽǤ‡Ž‹•––Š‡‘”‰ƒ‹œƒ–‹‘‘ˆƒ
…‘ŽŽ—•‹˜‡ ƒ””ƒ‰‡‡– ‘Ž› ˆ‘” –Š‡ ’‡”‹‘†• –Šƒ– ‹– ™ƒ• ˆ—…–‹‘‹‰ ‘”ƒŽŽ› ‘” ’ƒ”–‹ƒŽŽ›
†‹•”—’–‡†ǡ ƒ† ‡š’Žƒ‹ ‹ –Š‡ ‡’‹”‹…ƒŽ •‡…–‹‘ Š‘™ –Š‡ †‹•–‹…–‹‘ „‡–™‡‡ ‘”ƒŽ ƒ†
†‹•”—’–‡†‘’‡”ƒ–‹‘‹•”‡ˆŽ‡…–‡†‹–Š‡ƒƒŽ›•‹•Ǥ•ƒ‹ŽŽ—•–”ƒ–‹˜‡‡šƒ’Ž‡ǡ–Š‡ƒ‰”‡‡‡–
…‘˜‡”‹‰•–‡‡”ƒ‰‡–”ƒˆˆ‹…ˆ”‘
”‡ƒ–”‹–ƒ‹–‘–Š‡ƒ†ƒƒ†ƒŠƒ•„‡‡†‡•‹‰ƒ–‡†ƒ•Dzdz
ˆ‘”ƒŽŽ›‡ƒ”•’”‹‘”–‘ͳͻͲͺȋ•‡‡†‹•…—••‹‘ƒ––Š‡•–ƒ”–‘ˆ–Š‹••—„Ǧ•‡…–‹‘ȌǤ—–‹ƒ„Ž‡ͳǡ
–Š‹• †‡•‹‰ƒ–‹‘ ‹• ƒ„•‡– ˆ‘” –Š‹• ”‘—–‡ ˆ‘” –Š‡ ͳͻͲͶ ƒ† ‡† ‘ˆ ͳͻͲ͹ ’”‹…‡ ™ƒ”•Ǥ •
†‡•…”‹„‡†‡ƒ”Ž‹‡”ǡ™‡Šƒ˜‡ƒŽ•‘’‡”ˆ‘”‡†ƒ††‹–‹‘ƒŽƒƒŽ›•‹•—•‹‰˜ƒ”‹ƒ–‹‘•‘–Š‡…ƒ”–‡Ž
ƒ‰”‡‡‡–…Žƒ••‹ˆ‹…ƒ–‹‘™Š‡–Š‡”‡…‘”†’‡”‹–•’‘••‹„Ž‡†‹ˆˆ‡”‡–‹–‡”’”‡–ƒ–‹‘•Ǥ
ͳͷ
3.3.TheMechanismsofCollusion
 –Š‹• •‡…–‹‘ ™‡ †‡•…”‹„‡ ‹ ‘”‡ †‡–ƒ‹Ž –Š‡ ƒ…–—ƒŽ ˆ—…–‹‘‹‰ ‘ˆ …‘ŽŽ—•‹‘Ǥ ƒ„Ž‡ ͵
†‹•’Žƒ›• –Š‡ ‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ †‡š ˜ƒŽ—‡• ‘ –Š‡ ˆ‘—” Žƒ”‰‡•– ˜‘Ž—‡ ”‘—–‡• ‹ ‘—”
•–—†›ǤŠ‡˜ƒŽ—‡•‡šŠ‹„‹–“—‹–‡Š‹‰ŠŽ‡˜‡Ž•‘ˆ…‘…‡–”ƒ–‹‘ǡƒ†Ž‹––Ž‡†‹•…‡”‹„Ž‡–”‡†Ǥ
‡š…‡’–‹‘‹•–Š‡‡†‹–‡””ƒ‡ƒ–”ƒ†‡ǡ™Š‹…Š„‡…ƒ‡Ž‡••…‘…‡–”ƒ–‡†‘˜‡”–‹‡ƒ†Šƒ†
–Š‡ Ž‘™‡•– Ž‡˜‡Ž ‘ˆ …‘…‡–”ƒ–‹‘ ‘ˆ ƒ› ‘ˆ –Š‡ ƒŒ‘” ”‘—–‡•Ǥ Š‡ Š‹‰Š Ž‡˜‡Ž• ‘ˆ
…‘…‡–”ƒ–‹‘ Ž‹‡Ž› ˆƒ…‹Ž‹–ƒ–‡† …‘ŽŽ—•‹‘ǡ ‘– ‘Ž› ‘ ”ƒ–‡•ǡ „—– ƒŽ•‘ –Š‡ ‘”‡ ‡Žƒ„‘”ƒ–‡
ƒ””ƒ‰‡‡–•ˆ‘”’‘‘Ž‹‰’ƒ••‡‰‡”•ǤŠ‡•‡’‘‘Ž‹‰ƒ‰”‡‡‡–•™‡”‡‘–…Žƒ••‹…”‡˜‡—‡
’‘‘Ž•ǡ„—–”ƒ–Š‡”–Š‡›‹˜‘Ž˜‡†–Š‡ƒ••‹‰‡–‘ˆ’”‘’‘”–‹‘ƒŽ“—‘–ƒ•–‘‡ƒ…Š‡„‡”ˆ‹”Ǥ
…‘ˆ‡”‡…‡ȋ…ƒ”–‡ŽȌ•‡…”‡–ƒ”›™ƒ•ƒ’’‘‹–‡†—†‡”–Š‡–‡”•‘ˆ–Š‡ƒ‰”‡‡‡–Ǥ‘‰
–Š‡ •‡…”‡–ƒ”›ǯ• †—–‹‡• ™ƒ• –‘ …‘ŽŽ‡…– ƒ† †‹•–”‹„—–‡ •–ƒ–‹•–‹…• ‘ˆ ’ƒ••‡‰‡” …ƒ””›‹‰•ǡ
–Š‡”‡„›…ƒŽ…—Žƒ–‹‰‹ˆ‡ƒ…Šˆ‹”™ƒ•‡‡–‹‰‹–•“—‘–ƒǤˆƒˆ‹”™ƒ•Dz‹–Š‡’Ž—•ǡdzȋ‹–…ƒ””‹‡†
‘”‡–Šƒ‹–•“—‘–ƒȌǡ‹–™‘—Ž†Šƒ˜‡–‘•‡†…‘’‡•ƒ–‹‘’ƒ›‡–•–‘ˆ‹”•Dz‹–Š‡‹—•Ǥdz
Š‡•‡ ’ƒ›‡–• †‹ˆˆ‡”‡† ‘Ž› •Ž‹‰Š–Ž› „› ƒ‰”‡‡‡–ǡ „‡‹‰ ƒ’’”‘š‹ƒ–‡Ž› ˆ‘—” ’‘—†•
•–‡”Ž‹‰’‡”’ƒ••‡‰‡”‹‡ƒ…Š…ƒ•‡ǤŠ‡…‘’‡•ƒ–‹‘”ƒ–‡™ƒ•ˆ‹š‡†•‘ƒ•–‘†‡–‡”ˆ‹”•
ˆ”‘ …ƒ””›‹‰ ‘”‡ –Šƒ –Š‡‹” ’”‘’‘”–‹‘ ƒ• ƒ••‹‰‡† —†‡” –Š‡ ƒ‰”‡‡‡–ǡ „—– ™ƒ• ‘–
‡ƒ– –‘ „‡ ’—‹–‹˜‡ ƒ• ‹ ’”ƒ…–‹…‡ ‡˜‡ ˆ‹”• –Šƒ– ™‹•Š‡† –‘ …ƒ””› ’”‡…‹•‡Ž› –Š‡‹” “—‘–ƒ
™‘—Ž† ˆ‹† ‹– Šƒ”† –‘ †‘Ǥ ‘•‹•–‡–Ž› ”—‹‰ Dz‹ –Š‡ ’Ž—•dz ™‘—Ž† ”‡•—Ž– ‹ –Š‡ …ƒ”–‡Ž
†‹”‡…–‹‰–Š‡Ž‹‡–‘‹…”‡ƒ•‡‹–•ˆƒ”‡•Ǥ
Š‹Ž‡–Š‡…‘’‡•ƒ–‹‘’ƒ›‡–’”‘˜‹†‡†‹…‡–‹˜‡•ˆ‘”ƒˆ‹”–‘‘–…‘•‹•–‡–Ž›
…ƒ””› ‘”‡ –Šƒ ‹–• “—‘–ƒǡ ‹– ™ƒ• •–‹ŽŽ ‡…‡••ƒ”› –‘ ’”‘˜‹†‡ ‹…‡–‹˜‡• ˆ‘” ˆ‹”• –‘ ‘–
‹–‡–‹‘ƒŽŽ›…ƒ””›Ž‡••–Šƒ–Š‡‹”“—‘–ƒƒ†•‹’Ž›…‘ŽŽ‡…–…‘’‡•ƒ–‹‘’ƒ›‡–•ǤŠ‡”‡
™‡”‡†‡Œ—”‡ƒ††‡ˆƒ…–‘”‡ƒ•‘•–‘ƒ˜‘‹†–Š‹••–”ƒ–‡‰›Ǥ‡Œ—”‡ǡ–Š‡ƒ‰”‡‡‡–••–‹’—Žƒ–‡†
–Šƒ– ˆ‹”• ™‡”‡ ‘„Ž‹‰‡† –‘ Dzƒ””ƒ‰‡ ‹–• •‡”˜‹…‡• ‹ •—…Š ƒ ƒ‡” –Šƒ– –Š‡ —„‡” ‘ˆ
•–‡‡”ƒ‰‡ ’ƒ••‡‰‡”• ™Š‹…Š ‹– ƒ…–—ƒŽŽ› …ƒ””‹‡• …‘””‡•’‘†• ƒ• ‡ƒ”Ž› ƒ• ’‘••‹„Ž‡ ™‹–Š –Š‡
—„‡” ƒŽŽ‘––‡† –‘ ‹– „› –Š‹• …‘–”ƒ…–Ǥdz ȋǤ‰Ǥǡ ”–‹…Ž‡ ͻ ‘ˆ ‰”‡‡‡– Ǣ ‘–Š‡” ’‘‘Ž‹‰
ƒ‰”‡‡‡–• Šƒ† •‹‹Žƒ” ”‡“—‹”‡‡–•Ȍ —”–Š‡”ǡ •—…Š Ž‹‡• …‘—Ž† „‡ †‹”‡…–‡† –‘ ”‡†—…‡
–Š‡‹”ˆƒ”‡•ƒ†–Š‡”‡„›‹…”‡ƒ•‡–Š‡‹”•Šƒ”‡ǤŠ‡‘•–•‹‰‹ˆ‹…ƒ–‹…‡–‹˜‡–‘‡‡–ƒŽ‹‡ǯ•
ͳ͸
“—‘–ƒ ™ƒ• †‡ ˆƒ…–‘ǡ Š‘™‡˜‡”ǡ „‡…ƒ—•‡ ‹ ƒ› ˆ—–—”‡ ”‡‡‰‘–‹ƒ–‹‘ ‘ˆ “—‘–ƒ ’”‘’‘”–‹‘•ǡ
…‘•‹•–‡– —†‡”…ƒ””‹ƒ‰‡ ™‘—Ž† „‡ ˜‹‡™‡† ƒ• ƒ Œ—•–‹ˆ‹…ƒ–‹‘ ˆ‘” Ž‘™‡”‹‰ –Š‡ “—‘–ƒǤ Š‡
ƒ••‹‰‡– ‘ˆ “—‘–ƒ ’”‘’‘”–‹‘• ™ƒ• –›’‹…ƒŽŽ› ƒ‰”‡‡† —’‘ –Š‡ „ƒ•‹• ‘ˆ ’ƒ•– •Šƒ”‡• ȋ•‡‡
–‡•–‹‘› ‘ˆ ”–Š—” ƒ—–›ǡ ’ƒ••‡‰‡” ƒƒ‰‡” ‘ˆ Š‹–‡ –ƒ” ‹‡ǡ ’’Ǥ ͳͲͺͺǦͺͻǡ ͳͲͻ͹ǦͻͺǢ
ƒ†ò”‡ȌǤ
Š‡ ’‘‘Ž‹‰ ƒ‰”‡‡‡–• –Šƒ– †‹† ‡š‹•– ‘Ž› ’‡”–ƒ‹‡† –‘ –Š‹”†Ǧ…Žƒ•• ’ƒ••‡‰‡”•ǡ ƒ•
™‡‘–‡†‡ƒ”Ž‹‡”Ǥ—”–Š‡”ǡ‘Ž›–Š‡Š‹‡Šƒ†ƒ’‘‘Ž‹‰ƒ‰”‡‡‡–‹’Žƒ…‡ˆ‘”–Š‡‡–‹”‡–›
‘ˆ ‘—” •ƒ’Ž‡ ’‡”‹‘† ȋƒ– Ž‡ƒ•– Dz‹ –Š‡ „‘‘•dz ‹ˆ ‘– ƒ…–—ƒŽŽ› ‹ ‡ˆˆ‡…–ȌǤ –‡‡”ƒ‰‡ –”ƒˆˆ‹… ‹
‘–Š‡””‘—–‡•™ƒ•‡‹–Š‡”•—„Œ‡…––‘‘ƒ‰”‡‡‡–‘”–‘ƒ•‹’Ž‡””ƒ–‡ƒ‰”‡‡‡–ˆ‘”ƒ–Ž‡ƒ•–
•‘‡ ‘ˆ –Š‡ –‹‡ ȋ–Š‡ Š‹‡ ƒ‰”‡‡‡– ™ƒ• ƒŽ•‘ ‘– ‘’‡”ƒ–‹‘ƒŽ †—”‹‰ ’‡”‹‘†• ‘ˆ ’”‹…‡
™ƒ”•ȌǤ ‹‹Žƒ”Ž›ǡ ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• –”ƒˆˆ‹… ™ƒ• ‡˜‡” ’‘‘Ž‡†ǡ †‡•’‹–‡ ƒ––‡’–• –‘
‡‰‘–‹ƒ–‡ •—…Š ƒ ƒ‰”‡‡‡– ȋ–‡•–‹‘› ‘ˆ ‡”ƒ ‹–‡”ǡ ’’Ǥ ͳͳͺʹǦͳͳͺ͵ȌǤ ò”‡
†‡†‹…ƒ–‡• ƒ …Šƒ’–‡” ‘ˆ Š‹• –‘‡ –‘ ‡š’Žƒ‹‹‰ ™Š› ‡ˆˆ‘”–• –‘ ’‘‘Ž ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ••
–”ƒˆˆ‹…ˆƒ‹Ž‡†ǤŠ‡’”‘„Ž‡™ƒ•–Šƒ–„‡…ƒ—•‡‘ˆ–Š‡Š‡–‡”‘‰‡‡‹–›‘ˆˆ‹”•ǯˆŽ‡‡–•ƒ†ˆ‹”•–
ƒ† •‡…‘† …ƒ„‹ ƒ……‘‘†ƒ–‹‘•ǡ –Š‡”‡ ™‡”‡ ˆƒ” Žƒ”‰‡” ˜ƒ”‹ƒ–‹‘• ‹ –Š‡ ˆƒ”‡• ’ƒ‹† „›
–Š‡•‡ …ƒ„‹ ’ƒ••‡‰‡”• …‘’ƒ”‡† –‘ •–‡‡”ƒ‰‡ ’ƒ••‡‰‡”•Ǥ Š‡ ˜ƒ”‹ƒ–‹‘• ™‡”‡ ‘”‡
•‹œ‡ƒ„Ž‡ „‡–™‡‡ •Š‹’•ǡ ƒ† ™‹–Š‹ ƒ •Š‹’Ǥ Š‡”‡ˆ‘”‡ǡ ƒ ’‘‘Ž „ƒ•‡† ‘ –Š‡ —„‡” ‘ˆ
’ƒ••‡‰‡”•…ƒ””‹‡†™‘—Ž†‘–„‡’”ƒ…–‹…ƒ„Ž‡ǡ‘Ž›ƒ”‡˜‡—‡’‘‘Ž™‘—Ž†™‘”ǤŠ‡ˆ‹”•
…‘—Ž†‘–…‘‡–‘ƒ‰”‡‡‡–‘ƒ‡…Šƒ‹•ˆ‘”ƒŽŽ‘…ƒ–‹‰–Š‡•‡”‡˜‡—‡•Šƒ”‡•ȋò”‡ǡ
’’ǤͳͲͺǦͳͳͺǢ•‡‡ƒŽ•‘‹…‡ŽǡͳͻͳͶȌǤ
‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ƒ‰”‡‡‡–• ˆ‹š‡† ‹‹— ”ƒ–‡• ‘ ‡ƒ…Š ˜‡••‡ŽǤ ‘”
‡šƒ’Ž‡ǡ—†‡”‰”‡‡‡–‘ˆͳͻͲͺ–Š‡‹‹—ˆ‹”•–…ƒ„‹”ƒ–‡•ˆ”‘‹˜‡”’‘‘Ž–‘‡™
‘””ƒ‰‡†ˆ”‘ʹͷǤͷ’‘—†•ˆ‘”–Š‡—ƒ”†Ž‹‡”Lusitania–‘ͳͷǤͷ’‘—†•ˆ‘”–Š‡ŽŽƒ
‹‡ •–‡ƒ‡” HesperianǤ ‹‹— ”ƒ–‡• ˆ‘” •‡…‘†Ǧ…Žƒ•• ƒ……‘‘†ƒ–‹‘• ‘ –Š‡ •ƒ‡
˜‡••‡Ž• —†‡” ‰”‡‡‡– ‘ˆ ͳͻͲͺ ™‡”‡ ˆ‹š‡† ƒ– ͳʹ ƒ† ͻ ’‘—†•ǡ ”‡•’‡…–‹˜‡Ž›Ǥ
††‹–‹‘ƒŽ”‡•–”‹…–‹‘•™‡”‡‹†‹…ƒ–‡†–Šƒ––Š‡‹‹—•‡…‘†Ǧ…Žƒ••”ƒ–‡•Šƒ†–‘„‡ˆ‹š‡†
ƒ–ƒŽŽ–‹‡•ƒ–Ž‡ƒ•––™‘’‘—†•‘”‡–Šƒ–Š‡•–‡‡”ƒ‰‡”ƒ–‡Ǥ—‡ͳͻͲͻǡ‡†–ƒ”‹‡
ƒ† –Š‡ ”‡…Š ”ƒ•–Žƒ–‹“—‡ ”‡“—‡•–‡† –Šƒ– •‡…‘†Ǧ…Žƒ•• ”ƒ–‡• „‡ ”ƒ‹•‡† „‡…ƒ—•‡ –Š‡
•ƒŽŽ†‹ˆˆ‡”‡…‡„‡–™‡‡•‡…‘†ƒ†–Š‹”†…Žƒ••”ƒ–‡•™ƒ•…ƒ—•‹‰•–‡‡”ƒ‰‡’ƒ••‡‰‡”•–‘
ͳ͹
•—„•–‹–—–‡—’–‘•‡…‘†…Žƒ••ǡƒ†–Š‡”‡„›„‡†”‘’’‡†ˆ”‘–Š‡’‘‘Žȋ‡ˆ‡†ƒ–ǯ•šŠ‹„‹–
ͳ͵͹͸ǡ’ǤͶͲ͸ʹȌǤ
Š‡Ž‹‡•‡’Ž‘›‡†‘‹–‘”‹‰ƒ†‡ˆ‘”…‡‡–‡…Šƒ‹••Ǥ•‘–‡†‹ƒ„Ž‡ʹǡ
‡ƒ”Ž› ƒŽŽ ‘ˆ –Š‡ ’‘‘Ž‹‰ ƒ‰”‡‡‡–• ”‡“—‹”‡† –Šƒ– Ž‹‡• ’‘•– ƒ ’‡”ˆ‘”ƒ…‡ „‘†Ǥ ‘”
‡šƒ’Ž‡ǡ–Š‡‡†‹–‡””ƒ‡ƒ–‡‡”ƒ‰‡‰”‡‡‡–ȋͳͻͲͻȌ”‡“—‹”‡†–Šƒ–‡ƒ…ŠŽ‹‡†‡’‘•‹–ƒ
„ƒ ‰—ƒ”ƒ–‡‡ ‘ˆ ͳʹͷǡͲͲͲ Ž‹”‡ ȋƒ„‘—– ͶǡͺͲͲ ’‘—†•Ȍ –Š”‘—‰Š –Š‡ ƒ…ƒ ‘‡”…‹ƒŽ‡
–ƒŽ‹ƒƒ ‹ ‹ŽƒǤ –Š‡” ƒ‰”‡‡‡–• ƒ†‡ –Š‡ „‘† ƒ‘—–• †‡’‡†‡– ‘ –Š‡
’ƒ”–‹…‹’ƒ–‹‘ “—‘–ƒǤ Š‡ ”‡“—‹”‡† ‡ƒ…Š Ž‹‡ –‘ †‡’‘•‹– ʹͲǡͲͲͲ ƒ”• ˆ‘” ‡ƒ…Š
’‡”…‡–ƒ‰‡’‘‹–‘ˆ“—‘–ƒǤŠ‡Žƒ”‰‡•–„‘†™ƒ•–Šƒ–†‡’‘•‹–‡†„›‘”††‡—–•…Š‡”Ž‘›†ǣ
ͺͲͲǡͲͲͲƒ”•ȋƒ„‘—–͵ͺǡͲͲͲ’‘—†•ȌǤŠ‡†‡’‘•‹–…‘—Ž†„‡ƒ†‡‹…ƒ•Š‘”‡‰‘–‹ƒ„Ž‡
•‡…—”‹–‹‡•ǡ–Š‡ƒ”‡–˜ƒŽ—‡†‡–‡”‹‡†„›–Š‡‡š…‡…—–‹˜‡•ǡƒ†™‘—Ž†„‡•—„‹––‡†–‘–Š‡
‡—–•…Š‡‡‹…Š•„ƒǤ
‡ƒ”Ž› ƒŽŽ ƒ‰”‡‡‡–• Šƒ† •–‹’—Žƒ–‹‘• ˆ‘” ˆ‹‡•Ǥ ‘” ƒ› ƒ‰”‡‡‡–• –Š‡ ˆ‹‡•
”ƒ‰‡†ˆ”‘ˆ‹˜‡–‘ˆ‹˜‡Š—†”‡†’‘—†•ǡ†‡’‡†‹‰‘–Š‡‘ˆˆ‡•‡Ǥ‘”‘–Š‡”ƒ‰”‡‡‡–•
–Š‡ ˆ‹‡• …‘—Ž† ”‡ƒ…Š ‘”‡ –Šƒ ʹǡͲͲͲ ’‘—†• ˆ‘” ƒ ƒŒ‘” ‘ˆˆ‡•‡Ǥ ‹‡• ‹‰Š– „‡
•—„–”ƒ…–‡† ˆ”‘ –Š‡ „‘† ƒ‘—– ˆ‘” ƒ‰”‡‡‡–• ™‹–Š „‘†•Ǣ ‘–Š‡”™‹•‡ –Š‡ ˆ‹”• Šƒ† ƒ
…‘–”ƒ…–—ƒŽ …‘‹–‡– –‘ ’ƒ› –Š‡ ˆ‹‡ ˆ‘” ƒ ˜‹‘Žƒ–‹‘ ȋ—†‡” ‡”ƒ Žƒ™ …ƒ”–‡Ž
ƒ‰”‡‡‡–• ™‡”‡ ‡ˆ‘”…‡ƒ„Ž‡ǡ ƒ† —†‡” –Š‡ ‰Ž‹•Š ”„‹–”ƒ–‹‘ …– †‡…‹•‹‘• ‘ˆ
ƒ”„‹–”ƒ–‘”•™‡”‡ƒŽ•‘„‹†‹‰ȌǤ
‹ƒŽŽ›ǡ †ƒ›Ǧ–‘Ǧ†ƒ› †‹•…—••‹‘• ™‡”‡ Šƒ†Ž‡† ‹ ”‡‰—Žƒ”Ž› •…Š‡†—Ž‡† ‡‡–‹‰•
ƒ‘‰–Š‡‡š‡…—–‹˜‡•‘”–Š‡‹”ƒƒ‰‡”•Ǥ––Š‡•‡‡‡–‹‰•–Š‡›†‹•…—••‡†…Šƒ‰‡•‹”ƒ–‡•ǡ
ƒ†Œ—•–‡–• ‹ –Š‡ ”‡˜‡—‡ ’‘‘Ž•ǡ …‘‘ ’‘Ž‹…‹‡• ™‹–Š ”‡•’‡…– –‘ ƒ‰‡–• ȋƒš‹—
…‘‹••‹‘•Ȍǡƒ†‹••—‡•ƒ•—†ƒ‡ƒ•™Šƒ–‹†•‘ˆ‡–‡”–ƒ‹‡––‘’‡”‹–‘„‘ƒ”†
ȋ–Š‡›ƒ‰”‡‡†–‘’”‘Š‹„‹–˜ƒ”‹‡–›•Š‘™•‘ˆƒ›‹†ȌǤ‡‘ˆ–Š‡‘•–‹’‘”–ƒ–‡Ž‡‡–•
†‡ƒŽ–™‹–Š‹–Š‡•‡…‘ˆ‡”‡…‡‡‡–‹‰•ǡŠ‘™‡˜‡”ǡ™ƒ•Š‘™–‘†‡ƒŽ™‹–Š‡–”ƒ–•Ǥ–™ƒ•
’”‡…‹•‡Ž›–Š‡•‡ƒ…–‹‘•–Šƒ–ƒ––”ƒ…–‡†–Š‡ƒ––‡–‹‘‘ˆƒ–‹–”—•–ƒ—–Š‘”‹–‹‡•ƒ†™‡”‡ƒˆ‘…—•
‘ˆ–Š‡–”‹ƒŽǤ
ͳͺ
4.THEANTITRUSTCASE:USVHAMBURGǦAMERICAN,ETAL
 ƒ—ƒ”›ͳͻͳͳ –Š‡‹–‡† –ƒ–‡• „”‘—‰Š– •—‹– ƒ‰ƒ‹•––Š‡ ˆ‹”• –Šƒ– ™‡”‡ •‹‰ƒ–‘”‹‡•–‘
‰”‡‡‡– Ǥ Š‡ ’”‘•‡…—–‹‘ ƒ”‰—‡† –Šƒ– –Š‡ …‘„‹ƒ–‹‘ ™ƒ• ƒ ‹ŽŽ‡‰ƒŽ ”‡•–”ƒ‹– ‘ˆ
–”ƒ†‡—†‡”–Š‡Š‡”ƒ…–ȋ”‹‡ˆˆ‘”–Š‡‹–‡†–ƒ–‡•ȌǤŠ‡†‘…—‡–ƒ”›‡˜‹†‡…‡‘ˆ
…‘ŽŽ—•‹‘ ™ƒ• ‘˜‡”™Š‡Ž‹‰ ƒ† —†‡‹ƒ„Ž‡Ǥ ‡›‘† –Š‡ ’”‹–‡† ƒ‰”‡‡‡–•ǡ –Š‡ ǤǤ
ƒ––‘”‡›• ƒŽ•‘ ’‘‹–‡† –‘ ‡˜‹†‡…‡ –Šƒ– –Š‡ …ƒ”–‡Žǡ –Š”‘—‰Š •—„•‹†‹ƒ”› ƒ‰”‡‡‡–• ‹
…‘ˆ‡”‡…‡ǡ Šƒ† ‡‰ƒ‰‡† ‹ —ˆƒ‹” ’”‡†ƒ–‘”› …‘†—…– ƒ‰ƒ‹•– ‘—–•‹†‡ Ž‹‡•Ǥ ‡ ‘ˆ –Š‡•‡
’”ƒ…–‹…‡•™ƒ•–Šƒ–…ƒ”–‡ŽŽ‹‡•™‘—Ž†Œ‘‹–Ž›ˆ‹ƒ…‡Dzˆ‹‰Š–‹‰•Š‹’•ǡdz‘”˜‡••‡Ž•–Šƒ–™‘—Ž†
‹‹… –Š‡ •…Š‡†—Ž‡ ‘ˆ ‘—–•‹†‡ Ž‹‡•ǡ ‘ˆˆ‡”‹‰‡š–”‡‡Ž› Ž‘™ ’ƒ••‡‰‡” ˆƒ”‡• Œ—•– ‘ –Š‘•‡
•ƒ‹Ž‹‰• ȋ•‡‡ –Š‡ ‡šŠ‹„‹–• ƒ† –‡•–‹‘› ”‡Žƒ–‡† –‘ –Š‡ ‘ …‘ˆ‡”‡…‡ …‘’‡–‹–‹‘ ‘ˆ –Š‡
—••‹ƒ ‘Ž—–‡‡” Ž‡‡–ǡ –Š‡ ‡™ ‘” ƒ† ‘–‹‡–ƒŽ ‹‡ǡ –Š‡ ”ƒ‹— ‹‡ ƒ†
‘”–Š™‡•–”ƒ•’‘”–ȌǤŠ‡•‡…‘†’”ƒ…–‹…‡™ƒ•–‘†‡ƒ†–Šƒ–ƒ›ƒ‰‡–•‡ŽŽ‹‰–‹…‡–•
ˆ‘”…ƒ”–‡ŽŽ‹‡•‘–•‡ŽŽƒ›–‹…‡–•ˆ‘”‘—–•‹†‡Ž‹‡•ǡƒ†–Šƒ–ƒ›ƒ‰‡–•‘†‘‹‰™‘—Ž†„‡
ˆ‹‡† ƒ†Ȁ‘” ’”‘Š‹„‹–‡† ˆ”‘ •‡ŽŽ‹‰ …ƒ”–‡Ž Ž‹‡•ǯ –‹…‡–• ‹ –Š‡ ˆ—–—”‡ ȋ•‡‡ –Š‡ —‡”‘—•
‡šŠ‹„‹–•ƒ†–‡•–‹‘›”‡Žƒ–‡†–‘Dz—Ž‡‘ǤͻdzȌǤ
Š‡ •–‡ƒ•Š‹’ Ž‹‡• …Žƒ‹‡† –Šƒ– –Š‡ ƒ–‹–”—•– Žƒ™• †‹† ‘– ƒ’’Ž› „‡…ƒ—•‡ –Š‡
…‘„‹ƒ–‹‘ ƒ’’Ž‹‡† –‘ ‹–‡”ƒ–‹‘ƒŽ …‘‡”…‡ǡ ƒ† –Š‡ Š‡”ƒ …– ‘Ž› ƒ’’Ž‹‡† –‘
‹–‡”•–ƒ–‡…‘‡”…‡Ǥ—”–Š‡”ǡ–Š‡›‘–‡†–Šƒ––Š‡…‘„‹ƒ–‹‘•™‡”‡ˆ‘”‡†‘˜‡”•‡ƒ•ƒ†
™‡”‡ Ž‡‰ƒŽ ‹ –Š‡ —”‘’‡ƒ …‘—–”‹‡• ™Š‡”‡ –Š‡› ™‡”‡ ˆ‘”‡†Ǥ Š‡› ƒŽ•‘ ƒ”‰—‡† –Šƒ–
…‘ŽŽ—•‹‘ ™ƒ• ‡…‡••ƒ”› –‘ ’”‘˜‹†‡ •–ƒ„‹Ž‹–› –‘ –Š‡ –”ƒ†‡ǡ ƒ† Šƒ† „‡‡ „‡‡ˆ‹…‹ƒŽ –‘
…‘•—‡”•ƒ•‡˜‹†‡…‡†„›–Š‡‹’”‘˜‡†…‘†‹–‹‘•ƒ…”‘••ƒŽŽ…Žƒ••‡•‘ˆ•‡”˜‹…‡‘˜‡”–Š‡
’”‡˜‹‘—• “—ƒ”–‡” …‡–—”›Ǥ Š‡ †‡ˆ‡†ƒ–• ƒ‹–ƒ‹‡† –Šƒ– –Š‡‹” ƒ…–‹‘• ƒ‰ƒ‹•– ‘—–•‹†‡
Ž‹‡• ™‡”‡ ‘– —ˆƒ‹”ǡ ƒ• –Š‡› Dz‡”‡Ž› ’”‘–‡…–‡† –Š‡‹” ‘™ǥ–”ƒˆˆ‹… ƒ‰ƒ‹•– –Š‡ ƒ––ƒ…• ‘ˆ
‘—–•‹†‡Ž‹‡•Ǥdzȋ”‹‡ˆˆ‘”‘”–Š
‡”ƒŽ‘›†ǡ”‹‡ˆˆ‘”–Š‡—ƒ”†‹‡ȌǤŠ‡‹”ƒ”‰—‡–
”‡…‡‹˜‡†ƒ„‘‘•–™Š‡‹•’”‹‰‘ˆͳͻͳͳ–Š‡ǤǤ—’”‡‡‘—”–†‡…‹†‡†–Š‡StandardOil
ƒ†AmericanTobacco…ƒ•‡•ǡ‡•–ƒ„Ž‹•Š‹‰ƒDz”—Ž‡‘ˆ”‡ƒ•‘dz‹–‡”’”‡–ƒ–‹‘‘ˆ–Š‡ƒ–‹–”—•–
•–ƒ–—–‡•Ǥ”‹…‡Ǧˆ‹š‹‰†‹†‘–ƒ’’‡ƒ”–‘„‡’‡”•‡‹ŽŽ‡‰ƒŽƒ›‘”‡Ǥ
•ƒ…‘•‡“—‡…‡ǡ™Š‡–Š‡…ƒ•‡™ƒ•ƒ”‰—‡†‹ͳͻͳʹ–Š‡’”‘•‡…—–‘”•ƒ”‰—‡†–Šƒ–
–Š‡”ƒ–‡•–Š‡…ƒ”–‡Ž…Šƒ”‰‡†™‡”‡—”‡ƒ•‘ƒ„Ž‡ǡ™Š‡”‡ƒ•–Š‡†‡ˆ‡•‡ƒ”‰—‡†–Šƒ––Š‡›™‡”‡
ͳͻ
”‡ƒ•‘ƒ„Ž‡Ǥ ‘™‡˜‡”ǡ „‘–Š •‹†‡• …‘—Ž† ‘Ž› ƒ––ƒ… –Š‹• “—‡•–‹‘ ‹ ƒ ƒ‡” –Šƒ– „‡ƒ”•
Ž‹––Ž‡ ”‡•‡„Žƒ…‡ –‘ –Šƒ– ‡’Ž‘›‡† „› …‘–‡’‘”ƒ”› ƒ–‹–”—•– Ž‹–‹‰ƒ–‘”• ƒ† –Š‡‹”
‡…‘‘‹……‘•—Ž–ƒ–•ǤŠ‡’”‘•‡…—–‹‘•—……‡‡†‡†‹‰‡––‹‰–Š‡™‹–‡••‡•–‘ƒ…‘™Ž‡†‰‡
–Šƒ–™Š‡…‘’‡–‹–‹‘™ƒ•‘’‡ǡ†—”‹‰”ƒ–‡™ƒ”•ǡ–Š‡Ž‘™‡””ƒ–‡•ƒ––”ƒ…–‡†ƒ‹…”‡ƒ•‡†
˜‘Ž—‡‘ˆ’ƒ••‡‰‡”•ǡȋˆ‘”‡šƒ’Ž‡ǡ•‡‡–‡•–‹‘›‘ˆ‹†‡›‹•–‡”ǡ—ƒ”†‹‡ǡ’Ǥͳͷ͸ͳȌǤ
‘™‡˜‡”ǡ –Š‡ †‡ˆ‡•‡ ƒ”‰—‡† –Šƒ– •—…Š ƒ ‹…”‡ƒ•‡ ™ƒ• ‘– ƒ „‡‡ˆ‹…‹ƒŽ ‹…”‡ƒ•‡ ˆ‘” –Š‡
‹–‡†–ƒ–‡•ǣDz‘—‰‡–†—”‹‰–Š‡”ƒ–‡™ƒ”–Š‡†‹”–›’‡‘’Ž‡ǥ–Š‡˜‡”›’‡‘’Ž‡™Š‘‹–‹‡•
‘ˆ”‡‰—Žƒ”•–ƒ„Ž‡„—•‹‡••™‡ƒ”‡‡‡’‹‰‘—–ǥ‡˜‡”›‘‡™Šƒ–‡˜‡”™Š‘Šƒ•ƒˆ‡™•Š‹ŽŽ‹‰•
–‘‰‘–‘‡”‹…ƒǤŠ‡ƒ–—”ƒŽ”‡•—Ž–‹•–Šƒ––Š‡•–‡ƒ•Š‹’…‘’ƒ‹‡•‹‰Š–„‡‹…Ž‹‡†–‘
ƒ……‡’–ƒ•ƒ›’ƒ••‡‰‡”•ƒ•–Š‡›…ƒ–‘ƒ‡„‘–Š‡†•‡‡–ǡƒ†–Š‡Ž‹‡Ž‹Š‘‘†‘ˆ–Š‡
‹–‡† –ƒ–‡• „‡‹‰ ƒˆˆŽ‹…–‡† ™‹–Š ƒ ˜‡”›ǡ ˜‡”› Žƒ”‰‡ —„‡”ǡ ƒ ‡‘”‘—• —„‡”ǡ ‘ˆ
—†‡•‹”ƒ„Ž‡’ƒ••‡‰‡”•Ǥdzȋ–‡•–‹‘›‘ˆ‹†‡›‹•–‡”ǡ’ǤͳͷͳͷȌǤ
Š‡†‡…‹•‹‘‘ˆ–Š‡†‹•–”‹…–…‘—”–ǡ‘–‹••—‡†—–‹ŽͳͻͳͶǡ™ƒ•–Šƒ––Š‡–Š‡”‡™ƒ•‘–
…‘˜‹…‹‰ ‡˜‹†‡…‡ –Šƒ– –Š‡ ”ƒ–‡• …Šƒ”‰‡† ™‡”‡ —”‡ƒ•‘ƒ„Ž‡ǡ ƒ† –Šƒ– –Š‡ ƒ‰”‡‡‡–•
ƒ† ”‡•–”‹…–‹‘• —’‘ –Š‡ ƒ‰‡–• ™‡”‡ ‘– ƒ ˜‹‘Žƒ–‹‘ ‘ˆ ƒ–‹–”—•– Žƒ™ǡ ‡š…‡’– –Šƒ– …‘—”–
†‡‡‡†–Š‡’”ƒ…–‹…‡‘ˆDzˆ‹‰Š–‹‰•Š‹’•dzƒDz‘„‘š‹‘—•ˆ‡ƒ–—”‡dz‘ˆ–Š‡…ƒ”–‡Žƒ†‹••—‡†ƒ
‹Œ—…–‹‘ ƒ‰ƒ‹•– ‹–Ǥ  ƒ‹‰ ‹–• †‡…‹•‹‘ǡ –Š‡ …‘—”– ‘–‡† –Šƒ– –Š‡ ‘—•‡ ‘ˆ
‡’”‡•‡–ƒ–‹˜‡•‘‹––‡‡‘‡”…Šƒ–ƒ”‹‡Šƒ†”‡…‡–Ž›‹••—‡†ƒ”‡’‘”–‘•Š‹’’‹‰
…ƒ”–‡Ž•ǡƒ†ˆ‘—†–Šƒ–‹–Š‡ƒ„•‡…‡‘ˆ–Š‡•‡ƒ””ƒ‰‡‡–ǡDzŠ‡Ž‹‡•™‘—Ž†‡‹–Š‡”‡‰ƒ‰‡
‹”ƒ–‡™ƒ”•™Š‹…Š™‘—Ž†‡ƒ–Š‡‡Ž‹‹ƒ–‹‘‘ˆ–Š‡™‡ƒƒ†–Š‡•—”˜‹˜ƒŽ‘ˆ–Š‡•–”‘‰ǡ
‘” –‘ ƒ˜‘‹† ƒ …‘•–Ž› •–”—‰‰Ž‡ –Š‡› ™‘—Ž† …‘•‘Ž‹†ƒ–‡ –Š”‘—‰Š …‘‘ ‘™‡”•Š‹’Ǥ ‹–Š‡”
™‘—Ž†‡ƒ‘‘’‘Ž›ˆ—ŽŽ›ƒ•‡ˆˆ‡…–‹˜‡ǡƒ†‹–‹•„‡Ž‹‡˜‡†‘”‡•‘ǡ–Šƒ…ƒ‡š‹•–„›˜‹”–—‡dz
‘ˆ–Š‡…ƒ”–‡Ž•ǤȋǤǤ‘—•‡‘‹––‡‡‘‡”…Šƒ–ƒ”‹‡ƒ†‹•Š‡”‹‡•ǡ’’ǤʹͻͷǦ͵Ͳ͵ǡ…‹–‡†
„›–Š‡…‘—”–ƒ–ʹͳ͸‡†‡”ƒŽ‡’‘”–‡”ͻ͹Ͷǡ…–‘„‡”ͳ͵ǡͳͻͳͶȌǤŠ‡…ƒ•‡™ƒ•ƒ’’‡ƒŽ‡†–‘–Š‡
—’”‡‡ ‘—”–ǡ ™Š‹…Š ”—Ž‡† –Šƒ– –Š‡ Š‡”ƒ …– ™ƒ• ‹†‡‡† ƒ’’Ž‹…ƒ„Ž‡ –‘ –Š‡ …ƒ•‡ǡ „—–
–Šƒ– ‹– ™‘—Ž† ‘– ”—Ž‡ ‘ –Š‡ ‡”‹–• „‡…ƒ—•‡ –Š‡ —”‘’‡ƒ ƒ” Šƒ† ”‡†‡”‡† –Š‡
ƒ‰”‡‡‡–˜‘‹†ƒ†–Š‡…ƒ•‡™ƒ•–Š‡”‡ˆ‘”‡‘‘–ȋʹ͵ͻͶ͸͸ǡ†‡…‹†‡†ƒ—ƒ”›ͳͲǡͳͻͳ͸ȌǤ
ʹͲ
5.DATAANDVARIABLES
 ‡Ž–ƒ•ǡ ‹…‘––‡ ƒ† ‘…œƒ ȋʹͲͲͺȌǡ ™‡ ’”‘˜‹†‡ ‡…‘‘‡–”‹… ‡•–‹ƒ–‡• –Šƒ– …ƒ”–‡Ž•
”‡†—…‡†™‡•–™ƒ”†•–‡‡”ƒ‰‡ˆŽ‘™•„›ƒ’’”‘š‹ƒ–‡Ž›–™‡–›’‡”…‡–Ǥ–Š‹•’ƒ’‡”™‡—•‡
—…Š ‘ˆ –Š‡ •ƒ‡ ’”‹ƒ”› †ƒ–ƒ •‘—”…‡•ǡ „—– ™‡ …‘•–”—…– ƒ††‹–‹‘ƒŽ ˜ƒ”‹ƒ„Ž‡• –‘
…‘’Ž‡‡– •‘‡ ‘ˆ –Š‘•‡ —•‡† ‹ ‘—” ’”‡˜‹‘—• ’ƒ’‡”Ǥ Š‡•‡ ‡™ ˜ƒ”‹ƒ„Ž‡• ƒ† –Š‡
ƒ††‹–‹‘ƒŽ ‡…‘‘‡–”‹… •’‡…‹ˆ‹…ƒ–‹‘• –Šƒ– ™‡ ‡•–‹ƒ–‡ ƒ”‡ ‡…‡••ƒ”› –‘ ‡š–‡† ‘—”
‘™Ž‡†‰‡‘ˆ–Š‡•‡…ƒ”–‡Ž•‹–™‘‹’‘”–ƒ–†‹”‡…–‹‘•Ǥ
‹”•–ǡ™‡–‡•–™Š‡–Š‡”–Š‡˜ƒ”‹ƒ–‹‘‹–Š‡ƒ–—”‡‘ˆ–Š‡…ƒ”–‡Žƒ‰”‡‡‡–•…ƒ‡š’Žƒ‹
ƒ›‘ˆ–Š‡†‹ˆˆ‡”‡…‡•ƒ…”‘••”‘—–‡•ƒ†ƒ…”‘••–‹‡‹–Š‡‡ˆˆ‡…–‹˜‡‡••‘ˆ…‘ŽŽ—•‹‘Ǥ‘”
–Š‹• ”‡•‡ƒ”…Š “—‡•–‹‘ǡ –Š‡ ‘•– ‹’‘”–ƒ– ˜ƒ”‹ƒ„Ž‡• ƒ”‡ –Š‡ ˜ƒ”‹‘—• …ƒ”–‡Ž ‘”‰ƒ‹œƒ–‹‘
ƒ––”‹„—–‡• ƒ† –Š‡ ‡š–‡– –‘ ™Š‹…Š ƒ …ƒ”–‡Ž ƒ‰”‡‡‡– ™ƒ• ‹ ‡ˆˆ‡…–Ǥ Š‡ …‘•–”—…–‹‘ ‘ˆ
–Š‡•‡ ˜ƒ”‹ƒ„Ž‡• ‹• „ƒ•‡† —’‘ –Š‡ ‡šŠ‹„‹–• ‹ –Š‡ ƒ–‹–”—•– …ƒ•‡ ƒ† ƒ ”‡ƒ†‹‰ ‘ˆ –Š‡
…‘–‡’‘”ƒ”›’”‡••ƒ†Ž‹–‡”ƒ–—”‡ǡƒ†‹•†‡•…”‹„‡†‹–Š‡’”‡…‡†‹‰•‡…–‹‘•ǤŠ‡˜ƒŽ—‡•
‘ˆ–Š‡•‡˜ƒ”‹ƒ„Ž‡•ƒ”‡•…Š‡ƒ–‹…ƒŽŽ›†‡’‹…–‡†‹ƒ„Ž‡•ͳƒ†ʹǤŠ‡˜ƒ”‹ƒ„Ž‡‫ܶܰܧܯܧܧܴܩܣ‬௝௧ –ƒ‡•–Š‡˜ƒŽ—‡‘ˆͳ‹ˆ–Š‡”‡‹•ƒ…ƒ”–‡Ž‘’‡”ƒ–‹‰‹”‘—–‡j‹’‡”‹‘†tǢ–Š‹•˜ƒ”‹ƒ„Ž‡–ƒ‡•–Š‡
˜ƒŽ—‡‘ˆͲ‹’‡”‹‘†•–Šƒ–‘…ƒ”–‡Žƒ‰”‡‡‡–™ƒ••‹‰‡†–Šƒ–…‘˜‡”•”‘—–‡jƒ†‹’‡”‹‘†•
–Šƒ–ƒ…ƒ”–‡Žƒ‰”‡‡‡–™ƒ••‹‰‡†ˆ‘””‘—–‡j„—––Š‡”‡™ƒ•ƒ’”‹…‡™ƒ”ǤƒŽ—‡•‘ˆͳˆ‘”–Š‹•
˜ƒ”‹ƒ„Ž‡…‘””‡•’‘†–‘†ƒ”ƒ†Ž‹‰Š–•Šƒ†‡†…‡ŽŽ‹ƒ„Ž‡•ͳƒ†ʹǤŠ‡˜ƒ”‹ƒ„Ž‡ܱܴܰ‫ܮܣܯ‬௝௧ –ƒ‡• –Š‡ ˜ƒŽ—‡ ‘ˆ ͳ ˆ‘” ”‘—–‡ j ƒ† ’‡”‹‘† t ™Š‡ –Š‡”‡ ‹• ƒ ƒ‰”‡‡‡– –Šƒ– ‘’‡”ƒ–‡•
‘”ƒŽŽ›ǡ‹Ǥ‡Ǥǡ™Š‡ˆ‹”•…‘Ǧ‘’‡”ƒ–‡ƒ••–‹’—Žƒ–‡†„›–Š‡ƒ‰”‡‡‡–Ǣ‹––ƒ‡•–Š‡˜ƒŽ—‡‘ˆͲ
‹ƒŽŽ‘–Š‡”’‡”‹‘†•ǤƒŽ—‡•‘ˆͳˆ‘”–Š‹•˜ƒ”‹ƒ„Ž‡…‘””‡•’‘†–‘†ƒ”•Šƒ†‡†…‡ŽŽ•‹ƒ„Ž‡•
ͳ ƒ† ʹǤ ‘–‡ –Šƒ– ‹ –Š‡ ”‡‰”‡••‹‘ ‘†‡Žǡ –Š‡ ˜ƒ”‹ƒ„Ž‡ܱܴܰ‫ܮܣܯ‬௝௧ …ƒ’–—”‡• –Š‡
‹…”‡‡–ƒŽ‡ˆˆ‡…–‘ˆƒ‘”ƒŽŽ›‘’‡”ƒ–‹‰…ƒ”–‡Žƒ‰”‡‡‡–„‡›‘†ƒ›‡ˆˆ‡…–•”‡ˆŽ‡…–‡†‹
–Š‡…‘‡ˆˆ‹…‹‡–‘ˆ‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ǤŠ‡…ƒ”–‡Ž‘”‰ƒ‹œƒ–‹‘˜ƒ”‹ƒ„Ž‡‫ܧܰܫܨ‬௝௧ –ƒ‡•–Š‡˜ƒŽ—‡‘ˆ
ͳ‹ˆƒ…ƒ”–‡Ž‹•‘’‡”ƒ–‹‰ƒ†…‘–ƒ‹•ƒ…Žƒ—•‡–Šƒ–•’‡…‹ˆ‹‡•ˆ‹‡•–‘„‡’ƒ‹†ˆ‘”˜‹‘Žƒ–‹‘•‘ˆ
–Š‡ ƒ‰”‡‡‡–ǡ ƒ† –Š‡ ˜ƒŽ—‡ ‘ˆ Ͳ ‘–Š‡”™‹•‡Ǥ Š‡ Ž‡––‡” ‹• †‹•’Žƒ›‡† ‹ ƒ …‡ŽŽ
™Š‡‫ܧܰܫܨ‬௝௧ ൌ ͳǤ š…‡’– ˆ‘” ‘‡ …ƒ”–‡Ž ƒ‰”‡‡‡– ‹ ‡ƒ…Š –”ƒˆˆ‹… †‹”‡…–‹‘ ȋ™Š‹…Š ƒŽ•‘
…ƒ””‹‡•˜‡”›Ž‹––Ž‡–”ƒˆˆ‹…Ȍǡ„‘†…Žƒ—•‡•ƒ†’‘‘Ž‹‰ƒ‰”‡‡‡–•ƒ”‡ƒŽ™ƒ›•Œ‘‹–Ž›’”‡•‡–ǡ
ƒ† …ƒ‘– „‡ •‡’ƒ”ƒ–‡Ž› ‹†‡–‹ˆ‹‡† ‹ ƒ ‡ƒ‹‰ˆ—Ž •‡•‡Ǥ Š‡”‡ˆ‘”‡ǡ ™‡ …‘•–”—…– –Š‡
ʹͳ
˜ƒ”‹ƒ„Ž‡‫ܮܱܱܲܦܱܰܤ‬௝௧ –Šƒ––ƒ‡•–Š‡˜ƒŽ—‡‘ˆͳ‹ˆ–Š‡”‡‹•‡‹–Š‡”ƒ„‘†…Žƒ—•‡‘”ƒ’‘‘Ž‹‰
ƒ‰”‡‡‡–ȋ‘”„‘–ŠȌ‹”‘—–‡jƒ†’‡”‹‘†tǤŠ‡ƒ…‡ŽŽ‹ƒ„Ž‡•ͳƒ†ʹ†‹•’Žƒ›•–Š‡Ž‡––‡”
ƒ†Ȁ‘”–Š‡Ž‡––‡”ǡ–Š‡‫ܮܱܱܲܦܱܰܤ‬௝௧ ൌ ͳǤ‡ƒŽ•‘…‘•–”—…–‹–‡”ƒ…–‹‘•‘ˆ–Š‡Žƒ•––™‘
˜ƒ”‹ƒ„Ž‡• ™‹–Šܱܴܰ‫ܮܣܯ‬௝௧ ǡ –‘ Š‡Ž’ —• –‡•– ™Š‡–Š‡” –Š‡ ”‡Ž‡˜ƒ– ƒ‰”‡‡‡– …Žƒ—•‡• Šƒ† ƒ
†‹ˆˆ‡”‡–‹ƒŽ‡ˆˆ‡…–†—”‹‰’‡”‹‘†•‘ˆ‘”ƒŽ…ƒ”–‡Ž‘’‡”ƒ–‹‘Ǥ
Š‡ •‡…‘† “—‡•–‹‘ ™‡ ‹˜‡•–‹‰ƒ–‡ ‹• ™Š‡–Š‡” –Š‡ …ƒ”–‡Ž ƒ‰”‡‡‡–• Šƒ† ƒ
†‹ˆˆ‡”‡–‹ƒŽ‹’ƒ…–‘–Š‡’ƒ••‡‰‡”ˆŽ‘™•‘ˆ‡ƒ…Š…Žƒ••‘ˆ•‡”˜‹…‡ǡƒ†–Š‡‡š–‡––‘™Š‹…Š
…ƒ”–‡Ž ‘’‡”ƒ–‹‘ Ž‡† –‘ •—„•–‹–—–‹‘ „‡–™‡‡ –Š‡ –Š”‡‡ •‡”˜‹…‡ …Žƒ••‡•Ǥ ‘ ƒ††”‡•• –Š‹•
“—‡•–‹‘ǡ™‡‘„–ƒ‹†ƒ–ƒ•‡”‹‡•‘’ƒ••‡‰‡”ˆŽ‘™•„›•‡”˜‹…‡…Žƒ••ˆ”‘–Š‡‡šŠ‹„‹–•‹–Š‡
ƒ–‹–”—•–…ƒ•‡ǤŽ–Š‘—‰Š”‡’‘”–‡†„›˜‘›ƒ‰‡ǡ™‡ƒ‰‰”‡‰ƒ–‡–Š‡†ƒ–ƒ„›“—ƒ”–‡”ƒ†„›–Š‡
”‘—–‡••Š‘™‹ƒ„Ž‡•ͳƒ†ʹǤ‹‰—”‡•ͳǦ͵†‹•’Žƒ›–Š‡‡ƒ•–„‘—†ˆ‹”•–ǡ•‡…‘†ƒ†–Š‹”†
…Žƒ•• ˆŽ‘™• ˆ‘” –Š‡ –Š”‡‡ Š‹‰Š‡•– ˜‘Ž—‡ ”‘—–‡• ƒ† –‘–ƒŽ ˆŽ‘™•Ǥ Š‡ †‹•–‹…– •‡ƒ•‘ƒŽ
’ƒ––‡”• ‘ˆ –Š‡ ˆŽ‘™• ƒ”‡ ‡˜‹†‡–ǡ ƒ• ‹• –Š‡ •‹‰‹ˆ‹…ƒ– ’‘•‹–‹˜‡ •Š‘… ™Š‘•‡ –‹‹‰ ‹•
ƒ’’ƒ”‡–Ž›ƒ••‘…‹ƒ–‡†™‹–Š–Š‡ǤǤƒ‹…‘ˆͳͻͲ͹ǤŠ‡…‘””‡•’‘†‹‰™‡•–™ƒ”†ˆŽ‘™•ƒ”‡
•Š‘™ ‹ ˆ‹‰—”‡• ͶǦ͸Ǥ Š‡ Žƒ•– ˆ‹‰—”‡ ‹• ƒ ”‡’”‘†—…–‹‘ ˆ”‘ ‡Ž–ƒ•ǡ ‹…‘––‡ ƒ† ‘…œƒ
ȋʹͲͲͺȌǡƒ†‹•‹…Ž—†‡†‹–Š‹•ƒ—•…”‹’–‘Ž›ˆ‘”…‘’Ž‡–‡‡••Ǥ
‡ƒŽ•‘—–‹Ž‹œ‡ƒ—„‡”‘ˆ‡…‘‘‹…˜ƒ”‹ƒ„Ž‡•–Šƒ–ƒ”‡‡š’‡…–‡†–‘ƒˆˆ‡…––Š‡†‡ƒ†
ˆ‘” –”ƒ˜‡ŽǤ Š‡•‡ ˜ƒ”‹ƒ„Ž‡• ”‡Žƒ–‡ –‘ Žƒ„‘” ƒ”‡– ƒ† ƒ…”‘‡…‘‘‹… …‘†‹–‹‘• ‹ „‘–Š
‘”‹‰‹ƒ††‡•–‹ƒ–‹‘…‘—–”‹‡•ƒ†ƒ”‡–Š‡•ƒ‡ƒ•–Š‘•‡‡’Ž‘›‡†‹‡Ž–ƒ•ǡ‹…‘––‡ƒ†
‘…œƒȋʹͲͲͺȌǤͻ‡’”‘˜‹†‡Š‡”‡ƒ˜‡”›„”‹‡ˆ†‡•…”‹’–‹‘‘ˆ–Š‡ˆ‘”…‘’Ž‡–‡‡••Ǥ‡
—•‡ –Š‡ ”‡ƒŽ ™ƒ‰‡ •‡”‹‡• ˆ”‘ ‹ŽŽ‹ƒ•‘ ȋͳͻͻͷȌ –‘ …‘•–”—…– ”‡ƒŽ ™ƒ‰‡ ‹†‡š‡• ˆ‘” –Š‡
‘”‹‰‹ƒ††‡•–‹ƒ–‹‘”‡‰‹‘•‘ˆ‘—””‘—–‡•Ǥ‡…ƒ—•‡‘•–‘ˆ–Š‡—”‘’‡ƒ”‡‰‹‘•…‘•‹•–
‘ˆ‘”‡–Šƒ‘‡…‘—–”›ǡ™‡™‡‹‰Š––Š‡”‡ƒŽ™ƒ‰‡•‘ˆ–Š‘•‡…‘—–”‹‡•„›–Š‡’”‘’‘”–‹‘‘ˆ
‹‰”ƒ–• –Šƒ– –Š‡› •—’’Ž‹‡† †—”‹‰ ‘—” •ƒ’Ž‡ ’‡”‹‘†Ǥ Š‡ ˜ƒ”‹ƒ„Ž‡‫ܧܩܣܹܶܵܧܦ‬௝௧ ‹• –Š‡
†‡˜‹ƒ–‹‘ ˆ”‘ –”‡† ‹ –Š‡ ™ƒ‰‡ ‹ –Š‡ †‡•–‹ƒ–‹‘ ”‡‰‹‘ǡ ™Š‹Ž‡ –Š‡ ˜ƒ”‹ƒ„Ž‡
ܱܴ‫ܧܩܣܹܰܫܩܫ‬௝௧ ‹•–Š‡†‡˜‹ƒ–‹‘ˆ”‘–”‡†‹–Š‡™ƒ‰‡‹–Š‡‘”‹‰‹”‡‰‹‘Ǥ‡ƒŽ•‘—•‡†
ˆƒ…–‘”› ‡’Ž‘›‡– ˆ‘” –Š‡ ȋȌ ƒ† —‡’Ž‘›‡– ˆ‘” –Š‡ ‹–‡† –ƒ–‡•
ͻ‡‡…Šƒ’–‡”͵‘ˆƒ––‘ƒ†‹ŽŽ‹ƒ•‘ȋͳͻͻͺȌǡ…Šƒ’–‡”͹‘ˆǯ‘—”‡ƒ†‹ŽŽ‹ƒ•‘ȋͳͻͻͻȌƒ†
”‡ˆ‡”‡…‡• –Š‡”‡‹ ˆ‘” †‹•…—••‹‘ ‘ˆ –Š‡ Ž‹ „‡–™‡‡ –Š‡•‡ ‡ƒ•—”‡• ‘ˆ ‡…‘‘‹… …‘†‹–‹‘• ƒ†
–”ƒ•ƒ–Žƒ–‹…–”ƒ˜‡Žƒ†‹‰”ƒ–‹‘Ǥ
ʹʹ
ȋ‡„‡”‰‘––ǡ ͳͻ͸ͶȌǤ Š‡ ˜ƒ”‹ƒ„Ž‡‫ܮܲܯܧܶܥܣܨ‬௝௧ –ƒ‡• –Š‡ ˜ƒŽ—‡ ‘ˆ –Š‡ ˆ‹”•– †‹ˆˆ‡”‡…‡ ‘ˆ
ˆƒ…–‘”› ‡’Ž‘›‡–ǡ ™Š‹Ž‡ –Š‡ ˜ƒ”‹ƒ„Ž‡ ܷܷܵܰ‫ܮܲܯܧ‬௝௧ –ƒ‡• –Š‡ ˜ƒŽ—‡ ‘ˆ –Š‡ —‡’Ž‘›‡–‹”‘—–‡•–Šƒ––‡”‹ƒ–‡‘”‘”‹‰‹ƒ–‡ˆ”‘–Š‡ǡƒ†–Š‡˜ƒŽ—‡‘ˆœ‡”‘ˆ‘”
”‘—–‡•–Šƒ–‘”‹‰‹ƒ–‡ƒ†–‡”‹ƒ–‡ˆ”‘ƒƒ†ƒǤͳͲ‡ƒŽ•‘—•‡†‹ŽŽ‹ƒ•‘ǯ•ȋͳͻͻͷȌ
†ƒ–ƒ ˆ‘” –Š‡ ‹†‹˜‹†—ƒŽ …‘—–”‹‡•ǡ ƒ† …‘•–”—…–‡† •‡”‹‡• ˆ‘” ‘—” ”‡‰‹‘• —•‹‰ –Š‡
•ƒ‡‡–Š‘†‘Ž‘‰›‡’Ž‘›‡†ˆ‘”–Š‡™ƒ‰‡•‡”‹‡•ǤŠ‡˜ƒ”‹ƒ„Ž‡‫ܲܦܩܶܵܧܦ‬௝௧ ‹•–Š‡†‡˜‹ƒ–‹‘
‘ˆ †‡•–‹ƒ–‹‘ ˆ”‘ ‹–• –”‡†ǡ …ƒ’–—”‹‰ ™Š‡–Š‡” –Š‡ †‡•–‹ƒ–‹‘ ‡…‘‘› ‹• ‘
„—•‹‡•• …›…Ž‡ –”‘—‰Š ‘” ’‡ƒǤ ‹‹Žƒ”Ž›ǡ –Š‡ ˜ƒ”‹ƒ„Ž‡ܱܴ‫ܲܦܩܰܫܩܫ‬௝௧ ‹• –Š‡ †‡˜‹ƒ–‹‘ ‘ˆ
‘”‹‰‹ ˆ”‘ ‹–• –”‡†Ǥ • ™‹–Š –Š‡ ™ƒ‰‡ ˜ƒ”‹ƒ„Ž‡•ǡ †‡•–‹ƒ–‹‘ ƒ† ‘”‹‰‹ ”‡‰‹‘•
…‘””‡•’‘† –‘ –Š‡ ”‘—–‡ †‡•–‹ƒ–‹‘ ƒ† ‘”‹‰‹ ”‡‰‹‘•Ǥ —”–Š‡” ‹ˆ‘”ƒ–‹‘ ‘ –Š‡
…‘•–”—…–‹‘‘ˆ–Š‡•‡˜ƒ”‹ƒ„Ž‡•ƒ†ˆ‹‰—”‡•†‹•’Žƒ›‹‰–Š‡–‹‡•‡”‹‡•‘ˆ–Š‡†ƒ–ƒ„›”‡‰‹‘
ƒ”‡‹‡Ž–ƒ•ǡ‹…‘––‡ƒ†‘…œƒȋʹͲͲͺȌǤ•†‡‘•–”ƒ–‡†‹–Šƒ–’ƒ’‡”ǡ–Š‡—•‡‘ˆ–Š‡•‡
‡…‘‘‹…˜ƒ”‹ƒ„Ž‡•‹•‘–•—ˆˆ‹…‹‡––‘…ƒ’–—”‡–Š‡˜‡”›•–”‘‰‡ˆˆ‡…–•‘ˆ–Š‡ͳͻͲͺ‡…‘‘‹…
…”‹•‹•‹‘”–Š‡”‹…ƒǤ—•‡‘ˆƒ†—›˜ƒ”‹ƒ„Ž‡ˆ‘”›‡ƒ”ͳͻͲͺ›‹‡Ž†•‘”‡ƒ’’”‘’”‹ƒ–‡
ȋƒ† ‘”‡ …‘•‡”˜ƒ–‹˜‡Ȍ ”‡•—Ž–• ‘ …ƒ”–‡Ž ‡ˆˆ‡…–•Ǥ Š‡”‡ƒ• ™‡ ‡š’‡…– –Š‡ ‡…‘‘‹…
˜ƒ”‹ƒ„Ž‡•–‘–ƒ‡•‹‰•…‘•‹•–‡–™‹–Š‹‹‰”ƒ–‹‘Dz’—•Šdzƒ†Dz’—ŽŽǡdz–‘—”‹•––”ƒˆˆ‹…•Š‘—Ž†
„‡‹…”‡ƒ•‹‰‹‡…‘‘‹…ƒ…–‹˜‹–›‘„‘–Š•‹†‡•‘ˆ–Š‡–Žƒ–‹…Ǥ
6.EMPIRICALANALYSIS
6.1.TheEconometricModel
Š‡‡’‹”‹…ƒŽ•–”ƒ–‡‰›ˆ‘ŽŽ‘™•‡Ž–ƒ•ǡ‹…‘––‡ƒ†‘…œƒȋʹͲͲͺȌǡ‘†‹ˆ‹‡†–‘ƒŽŽ‘™—•–‘
‹˜‡•–‹‰ƒ–‡“—‡•–‹‘•”‡Žƒ–‹‰–‘–Š‡‡ˆˆ‡…–•‘ˆ…ƒ”–‡Ž‘”‰ƒ‹œƒ–‹‘ƒ†Š‘™…‘ŽŽ—•‹˜‡‡ˆˆ‡…–•
˜ƒ”›ƒ…”‘••…ƒ„‹…Žƒ••‡•ǤŠ‹••–”ƒ–‡‰›ƒ†‹–•‘†‹ˆ‹…ƒ–‹‘•ƒ”‡•—ƒ”‹œ‡†‹–Š‹••—„Ǧ
•‡…–‹‘Ǥ ‡ –ƒ‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ –Š‡ ’ƒ‡Ž ƒ–—”‡ ‘ˆ –Š‡ †ƒ–ƒ ƒ† ‡’Ž‘› ƒ ‘†‹ˆ‹‡†
†‹ˆˆ‡”‡…‡Ǧ‹Ǧ†‹ˆˆ‡”‡…‡ ‡•–‹ƒ–‹‘ ƒ’’”‘ƒ…Šǡ ™Š‡”‡ –Š‡ ‡ˆˆ‡…–• ‘ˆ ‹–‡”‡•– ƒ”‡ ‹†‡–‹ˆ‹‡†
ˆ”‘ –Š‡ ‘˜‡”Ǧ–‹‡ ˜ƒ”‹ƒ–‹‘ ‹ …ƒ”–‡Ž‹œƒ–‹‘ ‹ ’ƒ”–‹…—Žƒ” …ƒ„‹ …Žƒ•• ƒ† ”‘—–‡•ǡ
ͳͲ‡™‡”‡—ƒ„Ž‡–‘‹†‡–‹ˆ›‡’Ž‘›‡–†ƒ–ƒˆ‘”ƒƒ†ƒǤŠ‡”‡ˆ‘”‡ǡˆ‘”•‘‡•’‡…‹ˆ‹…ƒ–‹‘•™‡
—•‡–Š‡•‡”‹‡•ƒ•ƒ’”‘š›ǡ™Š‹Ž‡ˆ‘”‘–Š‡”•™‡•‡––Š‡˜ƒŽ—‡‘ˆœ‡”‘ˆ‘”–Š‡ƒƒ†‹ƒ”‘—–‡•ˆ‘”–Š‡
‡’Ž‘›‡–Ǧ”‡Žƒ–‡†˜ƒ”‹ƒ„Ž‡Ǥ
ʹ͵
…‘–”‘ŽŽ‹‰ ˆ‘” ƒ •‡…—Žƒ” –”‡† ‹ ˆŽ‘™•ǡ ƒ† —•‹‰ ƒ —„‡” ‘ˆ ƒ††‹–‹‘ƒŽ …‘–”‘Ž•Ǥ —”
†ƒ–ƒ•‡–‹•‘–”‹…Š‡‘—‰Š–‘ƒŽŽ‘™—•–‘‡’Ž‘›–‹‡ˆ‹š‡†‡ˆˆ‡…–•ǡ‹Ž‹‡—‘ˆ–Š‡Ž‹‡ƒ”–”‡†ǡ
•‹…‡ƒ›ƒ‰”‡‡‡–••–ƒ”–‘”‡†‹–Š‡•ƒ‡’‡”‹‘†Ǥ‘™‡˜‡”ǡ‘–‡–Šƒ–•‡ƒ•‘ƒŽ‡ˆˆ‡…–•
ƒ”‡ƒ……‘—–‡†ˆ‘”–Š”‘—‰Š–Š‡—•‡‘ˆ‹†‹…ƒ–‘”˜ƒ”‹ƒ„Ž‡•Ǥ
Š‡‰‡‡”ƒŽ•’‡…‹ˆ‹…ƒ–‹‘–ƒ‡•–Š‡ˆ‘”
Ž‘‰൫ܳ௝௧ ൯ ൌ ࢻ࡭ ࡭ࡳࡾ࡯ࡸ࡭ࢁࡿࡱࡿ࢐࢚ ൅ ࢼࡱ ࡱ࡯ࡻࡺࡻࡹࡵ࡯࢐࢚ ൅ ࢽ࡯ ࡯ࡻࡺࢀࡾࡻࡸࡿ࢐࢚ ൅ ߝ௝௧ ™Š‡”‡࡭ࡳࡾ࡯ࡸ࡭ࢁࡿࡱࡿ࢐࢚ ‹• ƒ ˜‡…–‘” ‘ˆ …ƒ”–‡Ž ƒ‰”‡‡‡– ‹†‹…ƒ–‘” ˜ƒ”‹ƒ„Ž‡•ǡ ‹…Ž—†‹‰
ƒ‰”‡‡‡– …Žƒ—•‡•ǡࡱ࡯ࡻࡺࡻࡹࡵ࡯࢐࢚ ‹• ƒ ˜‡…–‘” ‘ˆ ˜ƒ”‹ƒ„Ž‡• –Šƒ– ƒ……‘—– ˆ‘” ‡…‘‘‹…
ƒ…–‹˜‹–›–Šƒ–•Š‹ˆ–•†‡ƒ†ˆ‘”–”ƒ˜‡Žǡ࡯ࡻࡺࢀࡾࡻࡸࡿ࢐࢚ ƒ”‡ƒ•‡–‘ˆ‘–Š‡”…‘–”‘Ž•ǡࢻ࡭ ǡࢼࡱ ǡƒ†
ࢽ࡯ ƒ”‡–Š‡…‘””‡•’‘†‹‰’ƒ”ƒ‡–‡”˜‡…–‘”•ǡƒ†ߝ௝௧ ‹•ƒ†‹•–—”„ƒ…‡–‡”ǤŠ‡†‹•–”‹„—–‹‘
‘ˆ ߝ௝௧ ‹• …Šƒ”ƒ…–‡”‹œ‡† „› Žƒ”‰‡ Š‡–‡”‘•‡†ƒ•–‹…‹–›ǡ ™‹–Š ˜ƒ”‹ƒ…‡ †‹ˆˆ‡”‹‰ •›•–‡ƒ–‹…ƒŽŽ›
„‘–Š ƒ…”‘•• †‹ˆˆ‡”‡– ”‘—–‡• ƒ† †‹ˆˆ‡”‡– “—ƒ”–‡”•ǤͳͳŠ‡”‡ˆ‘”‡ǡ ƒŽŽ ˜ƒ”‹ƒ–• ‘ˆ –Š‹• Ž‹‡ƒ”
‘†‡Ž ƒ”‡ ‡•–‹ƒ–‡† ˜‹ƒ ‡‡”ƒŽ‹œ‡† ‡ƒ•– “—ƒ”‡• ȋ
Ȍ ™Š‹…Š ‹’”‘˜‡• ‡•–‹ƒ–‹‘
‡ˆˆ‹…‹‡…› „› ƒ––ƒ…Š‹‰ Š‹‰Š‡” ™‡‹‰Š–• –‘ ‘„•‡”˜ƒ–‹‘• –Šƒ– ƒ”‡ …Šƒ”ƒ…–‡”‹œ‡† „› Ž‘™‡”
˜ƒ”‹ƒ…‡Ǥͳʹ Ž‹‡ƒ” –”‡† ‹• ‹…Ž—†‡† ‹ –Š‡ …‘–”‘Ž ˜ƒ”‹ƒ„Ž‡•Ǥ Š—•ǡ ’ƒ••‡‰‡” ˆŽ‘™• ƒ”‡
ƒ••—‡† –‘ „‡ –”‡†Ǧ•–ƒ–‹‘ƒ”› ™‹–Š †‡˜‹ƒ–‹‘• ˆ”‘ –”‡† „‡‹‰ †”‹˜‡ „› ƒ Ž‹•– ‘ˆ
•–ƒ–‹‘ƒ”› ˜ƒ”‹ƒ„Ž‡•Ǥ ‡’ƒ”ƒ–‡ ”‡‰”‡••‹‘• ƒ• ‡•–‹ƒ–‡† ˆ‘” ‡•–„‘—† ƒ† ƒ•–„‘—†
–”ƒ˜‡Žǡ •‹…‡ ƒ› ‘ˆ –Š‡ ‹…Ž—†‡† ˜ƒ”‹ƒ„Ž‡• ƒ› ‘– ‘Ž› Šƒ˜‡ ƒ †‹ˆˆ‡”‡– ‡ˆˆ‡…–
“—ƒ–‹–ƒ–‹˜‡Ž›ǡ„—–ƒ›‡˜‡†‹ˆˆ‡”‹–‡”•‘ˆ•‹‰ˆ‘”–Š‡–™‘–”ƒˆˆ‹…†‹”‡…–‹‘•Ǥ‘”•‹‹Žƒ”
”‡ƒ•‘•ǡ”‡‰”‡••‹‘•ƒ”‡ƒŽ•‘•’‡…‹ˆ‹…–‘ƒ’ƒ”–‹…—Žƒ”…Žƒ••‘ˆ–”ƒ˜‡ŽǤͳ͵
ͳͳ‘”„”‡˜‹–›ǡ™‡†‘‘–”‡’‘”––Š‡˜ƒ”‹ƒ…‡”‡‰”‡••‹‘•Ǥ‘™‡˜‡”ǡ™‡‘–‡’ƒ”‡–Š‡–‹…ƒŽŽ›–Šƒ––Š‡
˜ƒ”‹ƒ…‡ ”‡•—Ž–• ƒ”‡ ‘– •—’’‘”–‹˜‡ ‘ˆ –Š‡ ‡’–› …‘”‡ Ž‹–‡”ƒ–—”‡ǯ• ‹’Ž‹‡† …Žƒ‹ –Šƒ– …‘ŽŽ—•‹‘
•–ƒ„‹Ž‹œ‡•ˆŽ‘™•ǣ™Š‡‘’‡”ƒ–‹‰‘”ƒŽŽ›ǡ…ƒ”–‡Ž••‡‡–‘Šƒ˜‡‘‡ˆˆ‡…–‘ˆˆŽ‘™˜ƒ”‹ƒ„‹Ž‹–›Ǥ
ͳʹŠ‡Ž‘‰•’‡…‹ˆ‹…ƒ–‹‘†”‘’•ƒŽŽ‘„•‡”˜ƒ–‹‘•™‹–Šœ‡”‘ˆŽ‘™•Ǥ‘™‡˜‡”ǡˆ‘”ƒŽ‘•–ƒŽŽ‘ˆ–Š‡”‘—–‡•
—•‡† ‹ ‘—” ‡•–‹ƒ–‹‘ǡ –Š‡”‡ ƒ”‡ ’‘•‹–‹˜‡ –Š‹”† …Žƒ•• ˆŽ‘™• ‹ ƒŽŽ “—ƒ”–‡”• ƒ† ’‘•‹–‹˜‡ ˆ‹”•– ƒ†
•‡…‘†Ǧ…Žƒ••ˆŽ‘™•‹ƒŽ‘•–ƒŽŽ“—ƒ”–‡”•ǤŠ‡”‡ˆ‘”‡ǡ–Š‡ƒ‘—–‘ˆ…‡•‘”‹‰‹•Ž‹‹–‡†ƒ†ƒ”‘—†
͸’‡”…‡–ˆ‘”–Š‹”†…Žƒ••ˆŽ‘™•ǡƒ†ͳʹ–‘ͳ͹’‡”…‡–ˆ‘”ˆ‹”•–ƒ†•‡…‘†…Žƒ••ˆŽ‘™•ȋ†‡’‡†‹‰‘
–Š‡†‹”‡…–‹‘‘ˆ–”ƒ˜‡ŽȌǤ
ͳ͵Š‡ ‡˜‹†‡…‡ ‘ …ƒ”–‡Ž ˆ‘”ƒ–‹‘ ƒ† „”‡ƒ†‘™ †‘‡• ‘– •—‰‰‡•– ƒ› ’‘••‹„Ž‡ …‘””‡Žƒ–‹‘
„‡–™‡‡—‘„•‡”˜‡††‡ƒ†ˆ‘”–”ƒ˜‡Žƒ†–Š‡…ƒ”–‡Žƒ‰”‡‡‡–˜ƒ”‹ƒ„Ž‡•conditional‘–Š‡•‡–‘ˆ
‡…‘‘‹… …‘–”‘Ž• ƒ† ”‘—–‡ ˆ‹š‡† ‡ˆˆ‡…–• ™‡ —•‡Ǥ Š‡”‡ˆ‘”‡ǡ –Š‡”‡ ‹• Ž‹––Ž‡ ȋ‹ˆ ƒ›Ȍ ‡‡† ˆ‘” ƒ ‡•–‹ƒ–‹‘•–”ƒ–‡‰›ǡ™Š‹…Š™‘—Ž†ƒŽ•‘„‡†‹ˆˆ‹…—Ž––‘‹’Ž‡‡–ƒ†™‘—Ž†…ƒ””›‹–•‘™’‹–ˆƒŽŽ•Ǥ
ʹͶ
Š‡ …ƒ”–‡Ž ƒ† ‡…‘‘‹… ˜ƒ”‹ƒ„Ž‡• ƒ”‡ Žƒ‰‰‡† „› –™‘ “—ƒ”–‡”•Ǥ ‹”•–ǡ ™‡ †‘ •‘
„‡…ƒ—•‡–Š‡’ƒ••‡‰‡”†ƒ–ƒ‹•ˆ‘”ƒ””‹˜ƒŽ†ƒ–‡ƒ––Š‡†‡•–‹ƒ–‹‘ǤŽ–Š‘—‰Š–Š‡‘…‡ƒ’ƒ”–
‘ˆ –Š‡ Œ‘—”‡› ‹‰Š– „‡ ƒ• •Š‘”– ƒ• ‘‡ ™‡‡ †‡’‡†‹‰ —’‘ –Š‡ ”‘—–‡ ƒ† ˜‡••‡Žǡ –Š‡
‹Žƒ† Œ‘—”‡› ‹‰Š– Šƒ˜‡ „‡‰— —…Š ‡ƒ”Ž‹‡”Ǥ Š‹• ‹• ‡•’‡…‹ƒŽŽ› –”—‡ ˆ‘” ‹‰”ƒ–• ˆ”‘
ƒ•–‡” —”‘’‡ǡ ™Š‹…Š ‘ˆ–‡ Šƒ† –‘ …”‘•• —‡”‘—• „‘”†‡”•ǡ ƒ‹‰ •‡˜‡”ƒŽ –”ƒ‹
…‘‡…–‹‘•ǡ ƒ† ƒŽ•‘ ‡†—”‡ •“—ƒŽ‹† …‘†‹–‹‘• ƒ– „‘”†‡” Dz…‘–”‘Ž •–ƒ–‹‘•dz ˆ‘” Ž‡‰–Š›
’‡”‹‘†•ȋœƒŒ‘™•‹ǡͳͻ͹͹ȌǤŠ‡ˆ—ŽŽŒ‘—”‡›…‘—Ž†–ƒ‡‘–Š•Ǥ—”–Š‡”ǡ–‹…‡–•™‡”‡˜‡”›
‘ˆ–‡’—”…Šƒ•‡†‹ƒ†˜ƒ…‡‘”‹‹•–ƒŽŽ‡–•ǡƒ•ƒŽƒ”‰‡’‡”…‡–ƒ‰‡‘ˆ‹‰”ƒ–•Šƒ†–‹…‡–•
’”‡’ƒ‹† ‹ ‘”–Š ‡”‹…ƒ „› ”‡Žƒ–‹˜‡• ‘” ˆ”‹‡†•ǡ ™Š‘ ƒ†‡ ƒ Ž‡‰–Š› •‡”‹‡• ‘ˆ ‘–ŠŽ›
‹•–ƒŽŽ‡–• ȋˆ‘” ‡šƒ’Ž‡ǡ •‡‡ –Š‡ –‡•–‹‘› ‘ˆ •–‡ƒ•Š‹’ ƒ‰‡– •…ƒ” ‹…Šƒ”† ‹ US v.
HamburgAmericanǢ ƒ‹‡•ǡ ͳͻͻͶǢ ƒ‰‡‡ ƒ† Š‘’•‘ǡ ʹͲͲ͸ȌǤ —”–Š‡”‘”‡ǡ ‘—”™‹…Š
ȋͳͻͳͳȌ‡•–‹ƒ–‡•–Šƒ–‹‹‰”ƒ–‹‘”‡ƒ…–‡†–‘‡…‘‘‹…ˆŽ—…–—ƒ–‹‘•™‹–Šƒ“—ƒ”–‡”Žƒ‰ǡƒ†
–Š‡ˆ—ŽŽ‡ˆˆ‡…–•–‘‘ƒ‘–Š‡”“—ƒ”–‡”–‘„‡ˆ‡Ž–Ǥ•—ǡ‹‰”ƒ––”ƒ˜‡Ž”‡“—‹”‡†‘–Š•ˆ‘”
’Žƒ‹‰ǡ•ƒ˜‹‰ǡƒ†‡š‡…—–‹‘Ǥ‹”•–Ǧ…Žƒ••–”ƒ˜‡Ž™ƒ•‘ˆ–‡’—”…Šƒ•‡†ƒ•ƒ”‘—†Ǧ–”‹’ǡƒ†
ƒ•—…Šƒ••‹š‘–Š•‹ƒ†˜ƒ…‡Ǥ‡Žƒ–‡†–‘–Š‡‹••—‡‘ˆŽƒ‰•–”—…–—”‡‹•–Š‡’‘••‹„‹Ž‹–›–Šƒ–
…‘ŽŽ—•‹‘ Žƒ”‰‡Ž› ”‡†‹•–”‹„—–‡† ˆŽ‘™• ƒ…”‘•• –‹‡Ǥ ˆ –Šƒ– ™‡”‡ –Š‡ …ƒ•‡ǡ –Š‡ –Š‡ ˜ƒ”‹‘—•
…ƒ”–‡ŽǦ”‡Žƒ–‡†…‘‡ˆˆ‹…‹‡–•™‘—Ž†ƒ’’‡ƒ”Žƒ”‰‡”‹ƒ„•‘Ž—–‡˜ƒŽ—‡‹‘—””‡‰”‡••‹‘•Ǥ‡Ž–ƒ•ǡ
‹…‘––‡ ƒ† ‘…œƒ ȋʹͲͲͺȌ ’”‘˜‹†‡• ‡˜‹†‡…‡ –Šƒ–ǡ ‘…‡ –Š‡ †ƒ–ƒ ‹• Žƒ‰‰‡† „› –™‘
“—ƒ”–‡”•ƒ•‡š’Žƒ‹‡†Š‡”‡ǡ–Š‡”‡‹•‘‡˜‹†‡…‡ˆ‘”•—…Š‹–‡”Ǧ–‡’‘”ƒŽ•—„•–‹–—–‹‘ǤŠƒ–
’ƒ’‡”ƒŽ•‘†‡•…”‹„‡•ƒƒŽ›•‹•ƒ††‹•…—••‹‘–Šƒ–•—’’‘”–•–Š‹•Žƒ‰…Š‘‹…‡Ǥ‡’”‘˜‹†‡‡š–
ƒ‘˜‡”˜‹‡™‘ˆ‘—”˜ƒ”‹ƒ„Ž‡•‡–•ǡ„‡ˆ‘”‡–—”‹‰–‘–Š‡†‡•…”‹’–‹‘‘ˆ–Š‡”‡•—Ž–•‹–Š‡‡š–
•—„•‡…–‹‘Ǥ
ƒŽŽ‘ˆ–Š‡”‡’‘”–‡†”‡•—Ž–•ǡ–Š‡•‡–‘ˆ…‘–”‘Ž•‹–Š‡˜‡…–‘”࡯ࡻࡺࢀࡾࡻࡸࡿ࢐࢚ …‘•‹•–•‘ˆ
ƒ“—ƒ”–‡”Ž›–”‡†ǡ•‡ƒ•‘ƒŽ†—‹‡•ǡƒ†”‘—–‡ˆ‹š‡†‡ˆˆ‡…–•ǤŠ‡“—ƒ”–‡”Ž›–”‡†‹•‡ƒ–
–‘ …ƒ’–—”‡ •‡…—Žƒ” …Šƒ‰‡• ‹ –Š‡ ‹†—•–”›Ǣ –Š‡ •‡ƒ•‘ƒŽ †—‹‡• …ƒ’–—”‡ –Š‡ ˜‡”› Žƒ”‰‡
‹’ƒ…––Šƒ–’”‡˜ƒ‹Ž‹‰™‡ƒ–Š‡”…‘†‹–‹‘•Šƒ†‘–Š‡•…Š‡†—Ž‹‰‘ˆ–”ƒ•Ǧ–Žƒ–‹…˜‘›ƒ‰‡•ǡ
™Š‹Ž‡ –Š‡ ˆ‹š‡† ‡ˆˆ‡…–• …ƒ’–—”‡ –Š‡ †‹ˆˆ‡”‡– „ƒ•‡Ž‹‡ –”ƒ˜‡Ž‡” ˜‘Ž—‡ „‡–™‡‡ ƒ› –™‘
”‡‰‹‘•Ǥ Š‡ ’”‡•‡…‡ ‘ˆ ”‘—–‡ ˆ‹š‡† ‡ˆˆ‡…–• ‹’Ž‹‡• –Šƒ– ƒ› ‘ˆ –Š‡ ‡ˆˆ‡…–• ™‡ ‘„–ƒ‹ ƒ”‡
‹†‡–‹ˆ‹‡† ˆ”‘ –Š‡ ™‹–Š‹ ”‘—–‡ ˜ƒ”‹ƒ–‹‘ ‹ –Š‡ ˜ƒ”‹ƒ„Ž‡• ‘ˆ ‹–‡”‡•–Ǥ ”‘••Ǧ•‡…–‹‘
˜ƒ”‹ƒ–‹‘‹•‘–—–‹Ž‹œ‡†ˆ‘”–Š‡‹†‡–‹ˆ‹…ƒ–‹‘ǡ–Š‘—‰Š–Š‡’‘‘Ž‹‰‘ˆƒ›”‘—–‡•’”‘˜‹†‡•
ʹͷ
‘”‡‘„•‡”˜ƒ–‹‘•ƒ†–Š—•–Š‡‹…”‡ƒ•‡•‹ˆ‘”ƒ–‹‘—•‡†ˆ‘”–Š‡‡•–‹ƒ–‹‘ǤͳͶ
—”‡…‘‘‹……‘–”‘Ž•…‘•‹•–‘ˆ–™‘†‹ˆˆ‡”‡–•‡–•Ǥ‘‡•’‡…‹ˆ‹…ƒ–‹‘•—•‡‘‡‘ˆ–Š‡
•‡–•ǡ ™Š‹Ž‡ –Š‡ ”‡ƒ‹‹‰ •’‡…‹ˆ‹…ƒ–‹‘• —•‡ –Š‡ ‘–Š‡” •‡–Ǥ ‘–Š •‡–• ƒ”‡ „ƒ•‡† ‘ –Š‡
’”‡‹•‡–Šƒ–ƒŽƒ”‰‡—„‡”‘ˆ’ƒ••‡‰‡”•ƒ”‡‹‹‰”ƒ–•ǡƒ†–Š—•‡…‘‘‹……‘†‹–‹‘•
‘ „‘–Š –Š‡‘”‹‰‹ƒ††‡•–‹ƒ–‹‘ ”‡‰‹‘ƒ”‡‘ˆˆ‹”•–‘”†‡”‹’‘”–ƒ…‡Ǥ ‘‡ ’ƒ••‡‰‡”•
ƒ›„‡Dz”‡˜‡”•‡Ǧ‹‰”ƒ–•dz™Š‹Ž‡‘–Š‡”•ƒ›„‡–”ƒ˜‡Ž‹‰ˆ‘”’Ž‡ƒ•—”‡‘”ˆ‘”„—•‹‡••ǤŠ‡
ˆ‹”•– •‡– …‘•‹•–• ‘ˆ ‘—–’—– ‘” ˜‘Ž—‡ ”‡Žƒ–‡† ˜ƒ”‹ƒ„Ž‡•ǡ ƒ† ‹ ’ƒ”–‹…—Žƒ” ‘ˆ –Š‡ ˆƒ…–‘”›
‡’Ž‘›‡– ˜ƒ”‹ƒ„Ž‡ǡ ‫ܮܲܯܧܶܥܣܨ‬௝௧ ǡ ƒ† –Š‡ †‡˜‹ƒ–‹‘Ǧˆ”‘Ǧ–”‡† ˜ƒ”‹ƒ„Ž‡•
‫ܲܦܩܶܵܧܦ‬௝௧ ƒ†ܱܴ‫ܲܦܩܰܫܩܫ‬௝௧ Ǥ Š‹• ˆ‹”•– •‡– …ƒ’–—”‡• –Š‡ ”‘„—•–‡•• ‘ˆ ƒŽŽ ‡…‘‘‹…
ƒ…–‹˜‹–›ǡƒ•‡ƒ•—”‡†„›ƒ‰‰”‡‰ƒ–‡
…Šƒ‰‡•ˆ”‘ƒ„ƒ•‡Ž‹‡ƒ†…Šƒ‰‡•‹–Š‡ƒ…–‹˜‹–›
‘ˆ –Š‡ ‹†—•–”‹ƒŽ •‡…–‘” ȋ–Š‡ ˆ‹”•– †‹ˆˆ‡”‡…‡ ‹ ‡’Ž‘›‡– ‹• —…Š ‘”‡ Ž‹‡Ž› –‘ ”‡ˆŽ‡…–
…Šƒ‰‡• ‹ ‹†—•–”‹ƒŽ ’”‘†—…–‹‘ –Šƒ –‡…Š‘Ž‘‰‹…ƒŽ …Šƒ‰‡ȌǤ Š‡ •‡…‘† •‡– ‘ˆ ‡…‘‘‹…
…‘–”‘Ž• …‘•‹•–• ‘”‡ ƒ””‘™Ž› ‘ˆ Žƒ„‘” ƒ”‡– ‹ˆ‘”ƒ–‹‘ǡ ƒ† ƒ› „‡ ‘ˆ Š‹‰Š‡”
”‡Ž‡˜ƒ…‡ –‘ ’ƒ••‡‰‡”• ™Š‘ ƒ”‡ ‹‰”ƒ–‹‰ ƒ† •‡‡‹‰‡’Ž‘›‡–Ǥ Š‹• •‡–‘ˆ …‘–”‘Ž•
…‘•‹•–• ‘ˆ —‡’Ž‘›‡– ”ƒ–‡ǡܷܷܵܰ‫ܮܲܯܧ‬௝௧ ƒ† –Š‡ †‡˜‹ƒ–‹‘Ǧˆ”‘Ǧ–”‡† ™ƒ‰‡
˜ƒ”‹ƒ„Ž‡•ǡ‫ܧܩܣܹܶܵܧܦ‬௝௧ ƒ†ܱܴ‫ܧܩܣܹܰܫܩܫ‬௝௧ Ǥ‘–Š•‡–•‘ˆ‡…‘‘‹……‘–”‘Ž•ƒŽ•‘‹…Ž—†‡ƒ
†—› ˜ƒ”‹ƒ„Ž‡ ˆ‘” –Š‡ ›‡ƒ” ͳͻͲͺǡ ™Š‹…Š …‘‹…‹†‡† ™‹–Š ƒ ˜‡”› †‡‡’ ”‡…‡••‹‘ ‹ ‘”–Š
‡”‹…ƒǡƒ†™Š‹…Š‹•–Š‡”‡ˆ‘”‡‡š’‡…–‡†–‘Šƒ˜‡†‹•’”‘’‘”–‹‘ƒ–‡Ž›Žƒ”‰‡‡‰ƒ–‹˜‡‡ˆˆ‡…–•
‘‹‰”ƒ–‹‘–‘–Š‡Ǥͳͷ
‡‘™–‘–—”–‘–Š‡˜ƒ”‹ƒ„Ž‡•‘ˆ’”‹ƒ”›‹–‡”‡•–ǡ™Š‹…Š…‘•–‹–—–‡–Š‡˜ƒ”‹ƒ„Ž‡•‡–
࡭ࡳࡾ࡯ࡸ࡭ࢁࡿࡱࡿ࢐࢚ Ǥ‡Šƒ˜‡–™‘ƒŒ‘”•‡–•‘ˆ“—‡•–‹‘•™‹–Š”‡‰ƒ”†•–‘…ƒ”–‡Žƒ‰”‡‡‡–•Ǥ
‹”•–ǡ™‡–‡•–™Š‡–Š‡”’ƒ”–‹…—Žƒ”…ƒ”–‡Žƒ‰”‡‡‡–…Žƒ—•‡•‹ˆŽ—‡…‡†–Š‡…ƒ”–‡Žǯ•ƒ„‹Ž‹–›–‘
”‡•–”‹…– ‘—–’—–Ǥ ‡…‘†ǡ ™‡ –‡•– ™Š‡–Š‡” –Š‡ ‡ˆˆ‡…–• ‘ˆ …ƒ”–‡Ž• ‘ ’ƒ••‡‰‡” ˆŽ‘™• ™‡”‡
†‹ˆˆ‡”‡–ˆ‘”–Š‡ˆ‹”•–ǡ•‡…‘†ƒ†–Š‹”†…Žƒ••’ƒ••‡‰‡”•Ǥ‡…ƒ—•‡–Š‡”‡‹•Ž‹––Ž‡˜ƒ”‹ƒ–‹‘‹
ͳͶ‘”–Š‡”‡Žƒ–‹˜‡Ž›•Š‘”–’‡”‹‘†–Šƒ–™‡•–—†›ǡ”‘—–‡ˆ‹š‡†‡ˆˆ‡…–•‡ˆˆ‡…–‹˜‡Ž›•—„•—‡–Š‡Ž‡˜‡Ž‘ˆ
’‘’—Žƒ–‹‘ ƒ† ˆ—ŽŽǦ‡’Ž‘›‡– ‘ ”‘—–‡ ’ƒ‹”•ǡ ‹Ǥ‡Ǥǡ –Š‡› ‡ˆˆ‡…–‹˜‡Ž› ‰‡‡”ƒŽ‹œ‡ –Š‡ –›’‹…ƒŽ
Dz‰”ƒ˜‹–›dz‘†‡Ž•ˆ‘—†‹•‘‡‹‰”ƒ–‹‘‘†‡Ž•Ǥ
ͳͷ ƒ ”‘„—•–‡•• …Š‡…ǡ ™‡ Šƒ˜‡ ‡’Ž‘›‡† ƒ †—› ˜ƒ”‹ƒ„Ž‡ ˆ‘” ‡˜‡”› ›‡ƒ”ǡ ™Š‹…Š ‡ˆˆ‡…–‹˜‡Ž›
”‡“—‹”‡•†”‘’’‹‰ƒŽŽ‘–Š‡”‡…‘‘‹……‘–”‘Ž••‹…‡–Š‡›ƒ”‡‘„–ƒ‹‡†ƒ–ƒƒ—ƒŽˆ”‡“—‡…›ǤŠ‡
‹†‡–‹ˆ›‹‰ ’‘™‡” ‘ˆ –Š‹• •’‡…‹ˆ‹…ƒ–‹‘ ‹• ˜‡”› ™‡ƒǡ ‰‹˜‡ –Šƒ– ƒ› ƒ‰”‡‡‡–• •–ƒ”– ƒ†
–‡”‹ƒ–‡ ‹ –Š‡ •ƒ‡ ›‡ƒ”ǡ „—– –Š‡ ”‡•—Ž–• ȋ™Š‹…Š ƒ”‡ ‘– ”‡’‘”–‡†Ȍ ƒ”‡ ˆ‘” –Š‡ ‘•– ’ƒ”–
…‘•‹•–‡–™‹–Š–Š‘•‡‹‘„–ƒ‹‡†‹–Š‡‘†‡Ž•—•‹‰ƒŽ‹‡ƒ”–”‡†Ǥ
ʹ͸
…ƒ”–‡Ž ˆ‘” ˆ‘” ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡” …ƒ”–‡Ž•ǡ ™‡ ˆ‘…—• ‘—” ƒ––‡–‹‘ ‘Ž› ‘
•–‡‡”ƒ‰‡ ’ƒ••‡‰‡” …ƒ”–‡Ž• ™Š‡ ‹˜‡•–‹‰ƒ–‹‰ –Š‡ ˆ‹”•– “—‡•–‹‘Ǥ ‡…ƒ—•‡ „‘† …Žƒ—•‡•
•‡‡–‘’”‡•‡–‡ƒ”Ž›ƒŽ™ƒ›•‹…‘Œ—…–‹‘™‹–Š’‘‘Ž‹‰ƒ””ƒ‰‡‡–•ǡ™‡…ƒ’–—”‡–Š‡
‡ˆˆ‡…–•‘ˆ‘†‘”‘‘Ž‘’‡”ƒ–‹‘„›ƒ•‹‰Ž‡˜ƒ”‹ƒ„Ž‡ǡ‘ˆ–‡ƒŽŽ‘™‹‰–Š‡•‡‡ˆˆ‡…–•–‘†‹ˆˆ‡”
‹’‡”‹‘†•–Šƒ–…ƒ”–‡Ž•ƒ”‡‘’‡”ƒ–‹‰‘”ƒŽŽ›ˆ”‘’‡”‹‘†•–Šƒ––Š‡›ƒ”‡‘–Ǥͳ͸‘”‡‘˜‡”ǡ
•‹…‡ –Š‡”‡ ‹• ‘Ž› ‘‡ ƒ‰”‡‡‡– ȋ–Š‡ ‡†‹–‡””ƒ‡ƒȌ ™‹–Š‘—– ƒ ˆ‹‡ǡ „‘† ‘” ’‘‘Žǡ ‹
•‘‡•’‡…‹ˆ‹…ƒ–‹‘•™‡†‘‘–‡•–‹ƒ–‡ƒ•‡’ƒ”ƒ–‡‡ˆˆ‡…–ˆ‘”‹–ǡ„—–‡”‰‡ƒ‰”‡‡‡–•™‹–Š
‘ …Žƒ—•‡• ™‹–Š –Š‡ ƒ‰”‡‡‡–• –Šƒ– …‘–ƒ‹‡† ƒ ˆ‹‡Ǥ ‘” –Š‡ •‡…‘† “—‡•–‹‘ǡ ‘
†‹ˆˆ‡”‡–‹ƒŽ ‹’ƒ…– ‘ˆ …‘ŽŽ—•‹‘ ƒ…”‘•• …ƒ„‹ …Žƒ••‡•ǡ ™‡ ‘Ž› †‹•–‹‰—‹•Š …ƒ”–‡Ž• ™‹–Š
”‡•’‡…––‘™Š‡–Š‡”–Š‡›™‡”‡‘’‡”ƒ–‹‰‘”ƒŽŽ›‘”‘–ǤŠ‡”‡ƒ•‘‹•–Šƒ–„‘†ƒ†’‘‘Ž
…Žƒ—•‡•ƒ’’‡ƒ”–‘Šƒ˜‡‘ƒ”‰‹ƒŽ‡ˆˆ‡…–‘–Š‹”†…Žƒ••ˆŽ‘™•ƒ†–Š‡›™‡”‡ƒŽ™ƒ›•ƒ„•‡–
ˆ”‘ˆ‹”•–ƒ†•‡…‘†Ǧ…Žƒ••ƒ‰”‡‡‡–•Ǥ
6.2CartelOrganizationandSteerageFlows
ƒ„Ž‡Ͷ’”‡•‡–•”‡•—Ž–•ˆ”‘•‹š”‡‰”‡••‹‘•‘™‡•–„‘—†•–‡‡”ƒ‰‡ˆŽ‘™•ǡ–Š‡ˆ‹”•––Š”‡‡
—•‹‰ Ȁ˜‘Ž—‡ ‡…‘‘‹… …‘–”‘Ž• ™Š‹Ž‡ –Š‡ •‡…‘† •‡– ‘ˆ –Š”‡‡ —•‡• Žƒ„‘” ƒ”‡–
‡…‘‘‹……‘–”‘Ž•ǤŠ‡ˆ‹”•–ȋƒ†ˆ‘—”–ŠȌ”‡‰”‡••‹‘‹˜‡•–‹‰ƒ–‡•™Š‡–Š‡”–Š‡’‘•–‹‰‘ˆƒ
„‘†‘”–Š‡—•‡‘ˆƒ”‡˜‡—‡’‘‘Ž‹‰ƒ””ƒ‰‡‡–Šƒ†ƒ‹…”‡‡–ƒŽ‡ˆˆ‡…–‘’ƒ••‡‰‡”
–”ƒˆˆ‹…ǡ ”‡…‘‰‹œ‹‰ –Šƒ– –Š‡•‡ ƒ””ƒ‰‡‡–• ƒ› Šƒ˜‡ Š‡ƒ† ƒ †‹ˆˆ‡”‡–‹ƒŽ ‹’ƒ…– †—”‹‰
’‡”‹‘†•‘ˆ‘”ƒŽ…ƒ”–‡Ž‘’‡”ƒ–‹‘ȋ˜‡”•—•›‡ƒ”•‹™Š‹…Š…ƒ”–‡Ž‘’‡”ƒ–‹‘™ƒ•†‹•”—’–‡†ǡ
ƒŽ„‡‹– •–‹ŽŽ ‹ ‡ˆˆ‡…–ȌǤ ‘” –Š‹• ˆ‹”•– ‹˜‡•–‹‰ƒ–‹‘ǡ࡭ࡳࡾ࡯ࡸ࡭ࢁࡿࡱࡿ࢐࢚ …‘•‹•–• ‘ˆ –Š‡ ˜ƒ”‹ƒ„Ž‡•
‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ǡ ܱܴܰ‫ܮܣܯ‬௝௧ ǡ ‫ܮܱܱܲܦܱܰܤ‬௝௧ ǡ ƒ† –Š‡ ‹–‡”ƒ…–‹‘ ‘ˆ ܱܴܰ‫ܮܣܯ‬௝௧ ™‹–Š
‫ܮܱܱܲܦܱܰܤ‬௝௧ Ǥ‹•”—’–‡†…ƒ”–‡Žƒ‰”‡‡‡–••‡‡–‘Šƒ˜‡ȋ‡‰ƒ–‹˜‡Ȍ‹•‹‰‹ˆ‹…ƒ–‡ˆˆ‡…–•‘
’ƒ••‡‰‡” ˆŽ‘™• ™‹–Š ‘” ™‹–Š‘—– „‘†• ‘” ’‘‘Ž‹‰ ƒ””ƒ‰‡‡–•Ǥ ƒ”–‡Ž• ‘’‡”ƒ–‹‰
‘”ƒŽŽ›†‹†Šƒ˜‡ƒ•–”‘‰ƒ†‡‰ƒ–‹˜‡‡ˆˆ‡…–‘’ƒ••‡‰‡”ˆŽ‘™•‘ˆƒ’’”‘š‹ƒ–‡Ž›ʹͷΨǡ
„—––Š‡’”‡•‡…‡‘ˆ„‘†•‘”’‘‘Ž‹‰ƒ””ƒ‰‡‡–•†‹†‘–Šƒ˜‡ƒ•‹‰‹ˆ‹…ƒ–‹…”‡‡–ƒŽ
‡ˆˆ‡…–Ǥ Š‡ •‡…‘† ȋƒ† ˆ‹ˆ–ŠȌ ”‡‰”‡••‹‘ Ž—’• –‘‰‡–Š‡” ƒ‰”‡‡‡–• ‘– ‘’‡”ƒ–‹‰
ͳ͸‡ƒŽ•‘‡•–‹ƒ–‡ƒ˜ƒ”‹ƒ–‹‘‹™Š‹…Š™‡‹˜‡•–‹‰ƒ–‡–Š‡Œ‘‹–‡ˆˆ‡…–•‘ˆ‘†and‘‘Ž‘’‡”ƒ–‹‘ǡ
‘„–ƒ‹‹‰˜‡”›•‹‹Žƒ””‡•—Ž–•Ǥ
ʹ͹
‘”ƒŽŽ› ƒ† ‹˜‡•–‹‰ƒ–‡• ™Š‡–Š‡” –Š‡ ’”‡•‡…‡ ‘ˆ ˆ‹‡•ǡ ‘” „‘†Ȁ’‘‘Ž‹‰ ƒ””ƒ‰‡‡–•
Šƒ†ƒ‹…”‡‡–ƒŽ‡ˆˆ‡…–‘‘”ƒŽŽ›‘’‡”ƒ–‹‰ƒ‰”‡‡‡–•Ǥ‘‡‘ˆ–Š‡•‡…Žƒ—•‡•Šƒ˜‡ƒ
‹…”‡‡–ƒŽ‡ˆˆ‡…–”‡Žƒ–‹˜‡–‘’”‹…‡ƒ‰”‡‡‡–•™‹–Š‘ˆ‹‡’”‘˜‹•‹‘•ȋ‹Ǥ‡Ǥǡ”‡Žƒ–‹˜‡–‘–Š‡
‡†‹–‡””ƒ‡ƒ ’”‹…‡ ƒ‰”‡‡‡–ȌǤ  –Š‡ –Š‹”† ȋƒ† •‹š–ŠȌ ”‡‰”‡••‹‘ǡ ™‡ ‘ Ž‘‰‡”
†‹•–‹‰—‹•Šƒ†‹ˆˆ‡”‡–„ƒ•‡Ž‹‡‡ˆˆ‡…–ˆ‘”‘”ƒŽŽ›‘’‡”ƒ–‹‰…ƒ”–‡Žƒ‰”‡‡‡–•Ǥƒ–Š‡”ǡ™‡
ƒ––”‹„—–‡ ƒ› †‹ˆˆ‡”‡…‡• ‹ –Š‡ ’‡”ˆ‘”ƒ…‡ ‘ˆ –Š‡•‡ ƒ‰”‡‡‡–• –‘ –Š‡‹” —–‹Ž‹œƒ–‹‘ ‘ˆ
†‹ˆˆ‡”‡–…Žƒ—•‡•ȋ™Š‹…Šƒ”‡ƒ••—‡†–‘Šƒ˜‡‘‡ˆˆ‡…–‘ƒƒ‰”‡‡‡––Šƒ–‹•‘’‡”ƒ–‹‰ƒ•
‹–‡†‡†ȌǤ ’Ž‹…‹–Ž›ǡ –Š‹• ‡”‰‡• –Š‡ ‡†‹–‡””ƒ‡ƒ ƒ‰”‡‡‡– ™‹–Š –Š‘•‡ –Šƒ– ƒ”‡ ‘–
‘’‡”ƒ–‹‰‘”ƒŽŽ›ǡ–”‡ƒ–‹‰–Š‡ƒ„•‡…‡‘ˆƒ›…Žƒ—•‡•‹–Šƒ–ƒ‰”‡‡‡–ƒ•ƒ‹†‹…ƒ–‹‘
‘ˆ‹’‡”ˆ‡…–…‘Ǧ‘”†‹ƒ–‹‘ǤŠ‡–Š‡ƒ‰”‡‡‡–•ƒ”‡˜‹‡™‡†–Š‹•™ƒ›ǡ‹–ƒ’’‡ƒ”•–Šƒ––Š‡
ˆŽ‘™ ”‡†—…–‹‘• ‘ˆ ‘”ƒŽŽ› ˆ—…–‹‘‹‰ ƒ‰”‡‡‡–• ƒ”‡ …‘‹‰ ˆ”‘ –Š‡‹” —•‡ ‘ˆ ˆ‹‡•
ȋ™‹–Šƒ‹…”‡‡–ƒŽ‡ˆˆ‡…–‘ˆʹͲ–‘ʹͻ’‡”…‡–”‡Žƒ–‹˜‡–‘ƒ‰”‡‡‡–•™‹–Š‘…Žƒ—•‡•‘”
ƒ‰”‡‡‡–• –Šƒ– ™‡”‡ ‘– ˆ—…–‹‘‹‰ ‘”ƒŽŽ›ȌǤ Š‡ —•‡ ‘ˆ „‘†• ‘” ’‘‘Ž‹‰
ƒ””ƒ‰‡‡–•Šƒ•‘•‹‰‹ˆ‹…ƒ–‹…”‡‡–ƒŽ‡ˆˆ‡…–ǤŠ‡”‡•—Ž–•ƒ”‡”‘„—•––‘–Š‡†‹ˆˆ‡”‡–
…Š‘‹…‡‘ˆ…‘–”‘Ž•ǤŠ‡‡…‘‘‹……‘–”‘Ž•Šƒ˜‡–Š‡…‘””‡…–•‹‰•ǡƒ†ƒ”‡Š‹‰ŠŽ›•–ƒ–‹•–‹…ƒŽŽ›
•‹‰‹ˆ‹…ƒ– ˆ‘” †‡•–‹ƒ–‹‘ ƒ† ”‡ƒŽ ™ƒ‰‡•ǡ ˆƒ…–‘”› ‡’Ž‘›‡– ƒ† —‡’Ž‘›‡–Ǥ
Š‡ ‘”‹‰‹ ȋ—”‘’‡ƒȌ ‡ˆˆ‡…–• ƒ’’‡ƒ” –‘ „‡ •‘‡™Šƒ– —–‡†ǡ ’ƒ”–‹…—Žƒ”Ž› ‹ –Š‡ …ƒ•‡ ‘ˆ
™ƒ‰‡•ǤŽŽ‘ˆ–Š‡‘†‡Ž•…‘•‹•–‡–Ž›•Š‘™ƒ‹…”‡ƒ•‹‰–”‡†–‘ˆŽ‘™•ǡƒ†–Š‡•‡ƒ•‘ƒŽ
†—‹‡• •Š‘™ –Š‡ ”‡‰—Žƒ” ˜ƒ”‹ƒ–‹‘ǡ ™‹–Š ƒ •–”‘‰ ’‡ƒ ‹ –Š‡ •’”‹‰ ‘ˆ ‡ƒ…Š ›‡ƒ”Ǥ Š‡
›‡ƒ”ͳͻͲͺ•–ƒ†•‘—–ƒ•ƒƒŒ‘”†‡˜‹ƒ–‹‘ˆ”‘–Šƒ––”‡†ǡ™‹–ŠˆŽ‘™•‘ˆˆ„›‘”‡–Šƒˆ‹ˆ–›
’‡”…‡––Šƒ–›‡ƒ”Ǥ
ƒ„Ž‡ ͷ ’”‡•‡–• ‘—” ‡ƒ•–„‘—† ”‡•—Ž–• —•‹‰ –Š‡ •ƒ‡ •’‡…‹ˆ‹…ƒ–‹‘•Ǥ ‡”‡ –Š‡
…‘‡ˆˆ‹…‹‡–• ‘ˆ ‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ƒ† ܱܴܰ‫ܮܣܯ‬௝௧ ǡ ƒ”‡ •–”‘‰‡” –Šƒ ‘ –Š‡ ™‡•–™ƒ”†
•’‡…‹ˆ‹…ƒ–‹‘•ǡ ‹’Ž›‹‰ ‘”‡ ‡ˆˆ‡…–‹˜‡ …‘ŽŽ—•‹‘Ǥ Š‡ ‡ˆˆ‡…–• ‘ˆ‫ܮܱܱܲܦܱܰܤ‬௝௧ ƒ† ‹–•
‹–‡”ƒ…–‹‘‘ˆܱܴܰ‫ܮܣܯ‬௝௧ …‘–‹—‡–‘„‡•ƒŽŽƒ†•–ƒ–‹•–‹…ƒŽŽ›‹•‹‰‹ˆ‹…ƒ–Ǥ‘”‡ƒ•–„‘—†
ˆŽ‘™•ǡ–Š‡‹–‡”ƒ…–‹‘‘ˆܱܴܰ‫ܮܣܯ‬௝௧ ǡ™‹–Š‫ܧܰܫܨ‬௝௧ ‹••–ƒ–‹•–‹…ƒŽŽ›•‹‰‹ˆ‹…ƒ–ȋƒ†‡‰ƒ–‹˜‡ǡƒ•
™‹–Š™‡•–„‘—†ˆŽ‘™•Ȍ‘Ž›™Š‡
Ȁ˜‘Ž—‡‡…‘‘‹……‘–”‘Ž•ƒ”‡—•‡†Ǥ‹–Š”‡‰ƒ”†•
–‘ –Š‡ ‡…‘‘‹… ƒ† ‘–Š‡” …‘–”‘Ž ˜ƒ”‹ƒ„Ž‡•ǡ –Š‡ ‡ƒ•–„‘—† –”ƒˆˆ‹… ƒŽ•‘ ‡šŠ‹„‹–• ƒ
‹…”‡ƒ•‹‰ –”‡†ǡ „—– –Š‡ •‡ƒ•‘ƒŽ ˜ƒ”‹ƒ–‹‘ ‹• •‘‡™Šƒ– †‹ˆˆ‡”‡–Ǥ Š‡ …‘‡ˆˆ‹…‹‡–• ‘
ʹͺ
•’”‹‰ǡ ˆƒŽŽ ƒ† •—‡” ƒ”‡ —…Š …Ž‘•‡” –‘ ‘‡ ƒ‘–Š‡”ǡ „—– ƒŽŽ •‹‰‹ˆ› ƒ —…Š Š‹‰Š‡”
˜‘Ž—‡–Šƒ†—”‹‰™‹–‡”ǤŠ‡‡ƒ”ͳͻͲͺ‹†‹…ƒ–‘”‹•’‘•‹–‹˜‡ƒ†•‹‰‹ˆ‹…ƒ–Ǣƒ•‡š’‡…–‡†ǡ
–Š‡ ˆ‹ƒ…‹ƒŽ …”‹•‹• …‘–”‹„—–‡† –‘ ƒ •—„•–ƒ–‹ƒŽ ”‡˜‡”•‡ ‹‰”ƒ–‹‘Ǥ ‘‰ –Š‡ ‡…‘‘‹…
˜ƒ”‹ƒ„Ž‡•‹–Š‡ˆ‹”•––Š”‡‡•’‡…‹ˆ‹…ƒ–‹‘•ǡ–Š‡‘Ž›•–ƒ–‹•–‹…ƒŽŽ›ƒ†‡…‘‘‹…ƒŽŽ›•‹‰‹ˆ‹…ƒ–
‹’ƒ…–• ƒ”‡ ˆ”‘ ‘”–Š ‡”‹…ƒ Ǥ ‘™‡˜‡”ǡ ™Š‡ Žƒ„‘” ƒ”‡– ‡…‘‘‹… …‘–”‘Ž•
ƒ”‡ —•‡†ǡ –Š‡”‡ ƒ”‡ •–”‘‰ ‡ˆˆ‡…–• ‘ˆ Š‹‰Š‡” —‡’Ž‘›‡– ƒ† —”‘’‡ƒ ™ƒ‰‡•
†‡–‡””‹‰ ‡ƒ•–™ƒ”† •–‡‡”ƒ‰‡ ˆŽ‘™•Ǥ Š‡•‡ ”‡•—Ž–• •—‰‰‡•– –Šƒ–ǡ ‹ ƒ……‘”†ƒ…‡ ™‹–Š –Š‡
Š‹•–‘”‹…ƒŽ Ž‹–‡”ƒ–—”‡ǡ ƒ •‹‰‹ˆ‹…ƒ– ’‘”–‹‘ ‘ˆ –Š‡ ‡ƒ•–™ƒ”† ˆŽ‘™• …‘•‹•–‡† ‘ˆ ”‡…‡–
‹‹‰”ƒ–•ˆ”‘—”‘’‡™Š‘Šƒ†•‘‡•—……‡••‹‘”–Š‡”‹…ƒƒ†”‡–—”‡†–‘—”‘’‡
ˆ‘”ƒ˜‹•‹–Ǥ
‘ •—ƒ”‹œ‡ –Š‡ ‡ˆˆ‡…–• ‘ˆ ƒ‰”‡‡‡– ‘”‰ƒ‹œƒ–‹‘ǡ –Š‡”‡ ‹• •‘‡ ‡˜‹†‡…‡ –Šƒ–
ƒ••‡••‹‰ƒˆ‹‡ˆ‘”„”‡ƒ‹‰–Š‡ƒ‰”‡‡‡–Šƒ†ƒ‹…”‡‡–ƒŽ ‡ˆˆ‡…–ǡ™‹–Š–Š‹•‡˜‹†‡…‡
„‡‹‰•–”‘‰‡”ˆ‘”™‡•–™ƒ”†ˆŽ‘™•„—–•–‹ŽŽ“—‹–‡™‡ƒǤŠ‡”‡‹•‘‡˜‹†‡…‡–Šƒ–’‘•–‹‰ƒ
„‘†‘”…”‡ƒ–‹‰”‡˜‡—‡’‘‘ŽŠƒ†ƒ‹’ƒ…–‘’ƒ••‡‰‡”ˆŽ‘™•ǤŠ‡Žƒ…‘ˆ•‹‰‹ˆ‹…ƒ…‡‘ˆ
–Š‡ …ƒ”–‡Ž ˆ‘” ˜ƒ”‹ƒ„Ž‡• ‹‰Š– „‡ …‘•‹•–‡– ™‹–Š ƒ •‹–—ƒ–‹‘ ‹ ™Š‹…Š ˆ‹”• †‡•‹‰ ƒ†
ƒ‡†…ƒ”–‡Žƒ‰”‡‡‡–••‘ƒ•–‘ƒ‹–ƒ‹•‘‡ȋ‘’–‹ƒŽǡ‘”ƒš‹ƒŽȌ…‘ŽŽ—•‹‘Ž‡˜‡ŽǤŠ‹•
‘’–‹ƒŽ Ž‡˜‡Ž ‘ˆ …‘Ǧ‘”†‹ƒ–‹‘ ƒ› „‡ ƒ…Š‹‡˜ƒ„Ž‡ ‹ •‘‡ ”‘—–‡• ™‹–Š ”‡Žƒ–‹˜‡Ž› •‹’Ž‡
ƒ‰”‡‡‡–•ǡ ™Š‹Ž‡ ‹ ‘–Š‡” ”‘—–‡• ‘” ‘–Š‡” ’‡”‹‘†• ‘ˆ –‹‡ǡ ‹– ƒ› ”‡“—‹”‡ ƒ †‡‡’‡”
…‘ŽŽ—•‹˜‡•–”—…–—”‡Ǥ‘–Š‡”™‘”†•ǡ…ƒ”–‡Ž•™‘—Ž†ƒ††ƒ’‘‘Ž‹‰ƒ””ƒ‰‡‡–‘””‡“—‹”‡–Š‡
’‘•–‹‰‘ˆƒ„‘†‘”–Š‡’ƒ›‡–‘ˆƒˆ‹‡™Š‡–Š‡›ƒ”‡‡‡†‡†ǡ„—–™‘—Ž†‘–ƒ††–Š‡
™Š‡–Š‡›ƒ”‡‘–‡‡†‡†ǤŠ‹•‹•Œ—•–ƒ…‘Œ‡…–—”‡Ǥ‘™‡˜‡”ǡò”‡ȋͳͻʹʹȌ†‘…—‡–•
–Š‡‡ˆˆ‘”–•–‘…‘•–”—…–’‘‘Ž•ǡ™‹–Š‘•–‘ˆ–Š‘•‡‡ˆˆ‘”–•–ƒ‹‰’Žƒ…‡‘–Š‡Š‡‡Ž•‘ˆ’”‹…‡
™ƒ”• †—”‹‰ –Šƒ– ’‡”‹‘† ™Š‡ –Š‡ …ƒ”–‡Ž• ™‡”‡ ‘– ˆ—…–‹‘‹‰ ‘”ƒŽŽ›Ǥ  –Š‡ ‘–Š‡”
Šƒ†ǡ ‹– ‹• ƒŽ•‘ –Š‡ …ƒ•‡ –Šƒ– –Š‡ ƒ––‡’–• –‘ …”‡ƒ–‡ ’‘‘Ž‹‰ ƒ‰”‡‡‡–• ˆ‘” …ƒ„‹ …Žƒ••
•‡”˜‹…‡ ƒŽ™ƒ›• ˆƒ‹Ž‡†ǡ ƒ† ’‡”Šƒ’• –Š‹• ƒ……‘—–• ˆ‘” –Š‡ ”‡Žƒ–‹˜‡Ž› •ƒŽŽ‡” ‡ˆˆ‡…–• ‘ˆ
…‘ŽŽ—•‹‘‘ˆ‹”•–ƒ†•‡…‘†Ǧ…Žƒ••ˆŽ‘™•ǡƒ•™‡”‡’‘”–‹–Š‡‡š–•—„Ǧ•‡…–‹‘Ǥ
‡…‘…Ž—†‡–Š‡†‹•…—••‹‘‘ˆ–Š‡”‡•—Ž–•„›‘–‹‰–Šƒ––Š‡…‘ŽŽ—•‹˜‡ƒ””ƒ‰‡‡–
ƒ†…ƒ”–‡Ž…Žƒ—•‡•ƒ›ƒˆˆ‡…––Š‡•–ƒ„‹Ž‹–›ƒ††—”ƒ–‹‘‘ˆ…‘ŽŽ—•‹‘”ƒ–Š‡”–Šƒ‹–•‡š–‡–Ǥ
‘”‡šƒ’Ž‡ǡ–Š‡‹ˆ‘”ƒ–‹‘•Šƒ”‹‰”‡“—‹”‡†„›ƒ”‡˜‡—‡’‘‘Ž‹‰Š–”‡†—…‡–Š‡ƒ„‹Ž‹–›
ʹͻ
‘ˆ…ƒ”–‡Ž•‡„‡”•–‘•‡…”‡–Ž›†‡˜‹ƒ–‡ˆ”‘–Šƒ–ƒ‰”‡‡‡–ˆ‘”ƒŽ‘‰’‡”‹‘†‘ˆ–‹‡ǡ–Š—•
ƒ‹‰†‡˜‹ƒ–‹‘Ž‡••’”‘ˆ‹–ƒ„Ž‡Ǥ”–Š‡’‘•–‹‰‘ˆ„‘†•‹‰Š–ƒ‡„”‡ƒ‹‰—’–Š‡…ƒ”–‡Ž
ƒ‰”‡‡‡–‘”‡‡š’‡•‹˜‡ˆ‘”ƒˆ‹”–Šƒ–‹•–‡’–‡†–‘†‘•‘„›ƒ–”ƒ•‹‡–†‡ƒ†‘”…‘•–
•Š‘…Ǥ‡…ƒ‘–…”‡†‹„Ž›‹˜‡•–‹‰ƒ–‡–Š‹•’‘••‹„‹Ž‹–›‘”’‡”ˆ‘”ƒ›‡ƒ‹‰ˆ—Ž†—”ƒ–‹‘
ƒƒŽ›•‹•™‹–Š–Š‡†ƒ–ƒ‹‘—”†‹•’‘•ƒŽǤ‡™‘—Ž†Ž‹‡–‘’‘‹––Š‡”‡ƒ†‡”–‘–Š‡”‡…‡–™‘”
„›‡˜‡•–‡‹ƒ†—•Ž‘™ȋʹͲͳͳȌ™Š‘’”‘˜‹†‡‡˜‹†‡…‡‹•—’’‘”–‘ˆ–Š‹•…‘Œ‡…–—”‡ǤŠ‡›
ˆ‹†‘—––Šƒ–•‘‡‹–‡”ƒŽ–”ƒ•ˆ‡”‡…Šƒ‹•ƒ‘‰…ƒ”–‡Ž‡„‡”•ƒŽŽ‘™•–Š‡…ƒ”–‡Ž–‘
”‹†‡‘—–˜ƒ”‹ƒ–‹‘•‹†‡ƒ†ǡ™Š‹Ž‡…ƒ”–‡Ž•–Šƒ–”‡Ž›•‘Ž‡Ž›‘’—‹•Š‡–ƒ”‡Ž‡••Ž‹‡Ž›–‘
†‘•‘Ǥƒ›Ž‘”ȋʹͲͲ͹Ȍ‹•ƒ‘–Š‡””‡Ž‡˜ƒ–…‘–”‹„—–‹‘–‘–Š‹•–‘’‹…Ǥ
6.3TheCollusionǦInducedSubstitutionbetweenCabinandSteerage
ˆ …‘ŽŽ—•‹‘ ƒ””‘™• ȋ‘” ™‹†‡•Ȍ –Š‡ ’”‹…‡ †‹ˆˆ‡”‡…‡• ƒ…”‘•• …Žƒ••‡•ǡ –”ƒ˜‡Ž‡”• ƒ›
•—„•–‹–—–‡ „‡–™‡‡ –Š‡Ǥ  –Š‹• •—„Ǧ•‡…–‹‘ǡ ™‡ ‡•–‹ƒ–‡ Š‘™ –Š‡ ‡ˆˆ‡…– ‘ˆ …ƒ”–‡Ž‹œƒ–‹‘
†‹ˆˆ‡”‡† ƒ…”‘•• –Š‡ –Š”‡‡ …Žƒ••‡•‘ˆ •‡”˜‹…‡•Ǥ ‡ –Š‡ —•‡ –Š‡•‡ ‡•–‹ƒ–‡•–‘ …‘’—–‡ –Š‡
…‘—–‡”Ǧˆƒ…–—ƒŽ ˆŽ‘™• ‹ –Š‡ ƒ„•‡…‡ ‘ˆ …ƒ”–‡Ž‹œƒ–‹‘ ˆ‘” ‡ƒ…Š ‘ˆ –Š‡ •‡”˜‹…‡Ǥ ‘„‹‹‰
–Š‡•‡ …‘—–‡”Ǧˆƒ…–—ƒŽ ˆŽ‘™• ™‹–Š ƒ •‹’Ž‡ ‘†‡Ž ‘ˆ ˜‡”–‹…ƒŽ †‹ˆˆ‡”‡–‹ƒ–‹‘ǡ ™‡ ‘„–ƒ‹
‡•–‹ƒ–‡•‘ˆ–Š‡•Š‹ˆ–•„‡–™‡‡–Š‡•‡”˜‹…‡…Žƒ••‡•‹†—…‡†„›…‘ŽŽ—•‹‘Ǥ„–ƒ‹‹‰‡˜‹†‡…‡
‘ˆ Š‘™ …‘ŽŽ—•‹‘ ƒˆˆ‡…–• –Š‡ “—ƒŽ‹–› ‘ˆ –Š‡ ’”‘†—…–• ’—”…Šƒ•‡† „› …‘•—‡”•ǡ ”ƒ–Š‡”–Šƒ
–Š‡ ‘˜‡”ƒŽŽ “—ƒ–‹–› –”ƒ•ƒ…–‡†ǡ ‹• ”ƒ–Š‡” ‘˜‡Ž ‹ –Š‹• Ž‹–‡”ƒ–—”‡Ǥ ‡…ƒ—•‡ –Š‡ ˆ‹”•– ƒ†
•‡…‘†Ǧ…Žƒ•• ƒ‰”‡‡‡–• Šƒ† ‡••‡–‹ƒŽŽ› ‘ ˜ƒ”‹ƒ–‹‘ ‹ ˆ‘”ǡ ™‡ ‘‹– –Š‡ …ƒ”–‡Ž …Žƒ—•‡
˜ƒ”‹ƒ„Ž‡• —•‡† ‹ –Š‡ ’”‡˜‹‘—• •—„Ǧ•‡…–‹‘Ǥ •–‡ƒ†ǡ࡭ࡳࡾ࡯ࡸ࡭ࢁࡿࡱࡿ࢐࢚ …‘•‹•–• ‘ˆ –Š‡
˜ƒ”‹ƒ„Ž‡•‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ƒ†ܱܴܰ‫ܮܣܯ‬௝௧ ǡ ȋ™‹–Š –Š‡ Žƒ––‡” ˜ƒ”‹ƒ„Ž‡ ‘‹––‡† ˆ”‘ •‘‡
•’‡…‹ˆ‹…ƒ–‹‘•ȌǤ ‡’ƒ”ƒ–‡ ”‡‰”‡••‹‘• —•‹‰ –Š‡ •ƒ‡ ‡š’Žƒƒ–‘”› ˜ƒ”‹ƒ„Ž‡• ƒ”‡ ‡•–‹ƒ–‡†
ˆ‘” ‡ƒ…Š …Žƒ•• ‘ˆ •‡”˜‹…‡ǡ ƒ† –Š‡ ’ƒ”ƒ‡–‡” ‡•–‹ƒ–‡• ‘ˆ‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ƒ†ܱܴܰ‫ܮܣܯ‬௝௧ …‘’ƒ”‡† ƒ…”‘•• •‡”˜‹…‡ …Žƒ••‡•Ǥ Š‡ ‡•–‹ƒ–‹‘ ”‡•—Ž–• ƒ”‡ ”‡’‘”–‡† ‹ ƒ„Ž‡ ͸ ˆ‘”
™‡•–„‘—† –”ƒˆˆ‹… ƒ† ƒ„Ž‡ ͹ ˆ‘” ‡ƒ•–„‘—† –”ƒˆˆ‹…Ǥ Š‡ ˆ‹”•– –Š”‡‡ •’‡…‹ˆ‹…ƒ–‹‘• ‹ ‡ƒ…Š
–ƒ„Ž‡ ”‡’‘”– –Š‡ ”‡‰”‡••‹‘• ™‹–Š‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ƒ•–Š‡•‘Ž‡…ƒ”–‡Ž˜ƒ”‹ƒ„Ž‡ǡ™Š‹Ž‡–Š‡Žƒ•–
–Š”‡‡•’‡…‹ˆ‹…ƒ–‹‘•”‡’‘”––Š‡”‡‰”‡••‹‘•—•‹‰„‘–Š‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ƒ†ܱܴܰ‫ܮܣܯ‬௝௧ Ǥ
͵Ͳ
 ™‡•–„‘—† –”ƒˆˆ‹… ȋƒ„Ž‡ ͸Ȍ –Š‡”‡ ‹• ‘ •–ƒ–‹•–‹…ƒŽŽ› •‹‰‹ˆ‹…ƒ– ‡ˆˆ‡…– ‘ˆ
…ƒ”–‡Ž‹œƒ–‹‘‘‡‹–Š‡”ˆ‹”•–‘”•‡…‘†Ǧ…Žƒ••Ǥ†‡‡†ǡ–Š‡•‡…‘†Ǧ…Žƒ••…‘‡ˆˆ‹…‹‡–‹•’‘•‹–‹˜‡ǡ
–Š‘—‰Š‘–•–ƒ–‹•–‹…ƒŽŽ›•‹‰‹ˆ‹…ƒ–Ǥ‘™‡˜‡”ǡ–Š‡’”‡†‹…–‡†‡ˆˆ‡…–‘ˆ…‘ŽŽ—•‹‘‘•–‡‡”ƒ‰‡‹•
•–”‘‰Ž› ‡‰ƒ–‹˜‡ ȋ‘”‡ –Šƒ ʹͲΨȌǡ …‘•‹•–‡– ™‹–Š –Š‡ ”‡•—Ž–• ”‡’‘”–‡† ‹ –Š‡ ’”‡˜‹‘—•
•—„Ǧ•‡…–‹‘Ǥ Š‡ †‹•–‹‰—‹•Š‹‰ ’‡”‹‘†• ‘ˆ ‘”ƒŽ …ƒ”–‡Ž ‘’‡”ƒ–‹‘ ˆ”‘ –Š‘•‡ ™Š‡
…ƒ”–‡Ž• ™‡”‡ †‹•”—’–‡†ǡ –Š‡”‡ ‹• ƒ ”‡†—…–‹‘ ‹ ˆŽ‘™• ˆ‘” ƒŽŽ …Žƒ••‡• ‘ˆ •‡”˜‹…‡ †—”‹‰ –Š‡
’‡”‹‘†‘ˆ‘”ƒŽ‘’‡”ƒ–‹‘ǡ™‹–Š–Š‡”‡†—…–‹‘„‡‹‰Žƒ”‰‡•–ˆ‘”–Š‹”†Ǧ…Žƒ•••‡”˜‹…‡ȋ”‡…ƒŽŽ
–Šƒ––Š‡…‘‡ˆˆ‹…‹‡–‘ˆܱܴܰ‫ܮܣܯ‬௝௧ ”‡’”‡•‡–•–Š‡ƒ”‰‹ƒŽ‡ˆˆ‡…–‘ˆ‘”ƒŽ…ƒ”–‡Ž‘’‡”ƒ–‹‘
”‡Žƒ–‹˜‡–‘†‹•”—’–‡†‘’‡”ƒ–‹‘Ǣ–Š‡–‘–ƒŽ‡ˆˆ‡…–‘ˆ‘”ƒŽ‘’‡”ƒ–‹‘‘’ƒ••‡‰‡”ˆŽ‘™•‹•
‰‹˜‡ „› –Š‡ •— ‘ˆ –Š‡ …‘‡ˆˆ‹…‹‡–• ˆ‘” ‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ƒ† ܱܴܰ‫ܮܣܯ‬௝௧ ȌǤ Ž‹‡Ž›
‡š’Žƒƒ–‹‘ˆ‘”–Š‹•‹•–Šƒ––Š‡…ƒ”–‡Ž•”ƒ‹•‡•–‡‡”ƒ‰‡ˆƒ”‡•‘”‡–Šƒ–Š‡›”ƒ‹•‡•‡…‘†ƒ†
ˆ‹”•– …Žƒ•• ˆƒ”‡•ǡ ƒ• •—‰‰‡•–‡† „› ‡‡Ž‹‰ǯ• ȋʹͲͲͺȌ ‹’—–‡† •‡”‹‡• ‘ˆ —ƒ”† ‹‡ ˆƒ”‡•
„‡–™‡‡ ‡™ ‘” ƒ† ‹˜‡”’‘‘ŽǤ Š‡ ˆƒ”‡ “—‘–‡• ™‡ ™‡”‡ ƒ„Ž‡ –‘ ‘„–ƒ‹ ƒ”‡ ƒŽ•‘
…‘•‹•–‡–™‹–Š–Š‹•‡š’Žƒƒ–‹‘ȋ•‡‡–Š‡•—„Ǧ•‡…–‹‘‘†‡ƒ†‡Žƒ•–‹…‹–›ȌǤŠ‡…‘‡ˆˆ‹…‹‡–•
‘ –Š‡ ‡…‘‘‹… ƒ† •‡ƒ•‘ƒŽ ˜ƒ”‹ƒ„Ž‡• –‡† –‘ •—’’‘”– –Š‡ ˜‹‡™ –Šƒ– ˆ‡™ ˆ‹”•– …Žƒ••
’ƒ••‡‰‡”•™‡”‡‹‰”ƒ–•ȋ‡‡Ž‹‰‡•–‹ƒ–‡•ͳͲΨȌǡƒ•–Š‡…‘‡ˆˆ‹…‹‡–‘‘”‹‰‹
‹•œ‡”‘ǡ
„—– ‡‰ƒ–‹˜‡ ˆ‘” •‡…‘† ƒ† –Š‹”† …Žƒ•• ’ƒ••‡‰‡”•Ǥ Š‡ •‡…‘†Ǧ…Žƒ•• …‘‡ˆˆ‹…‹‡–• ™‡”‡ ƒ
‹š ‘ˆ –‘—”‹•–• ƒ† ‹‰”ƒ–•ǡ ƒ† –Š‡ ‹–‡”‡†‹ƒ–‡ ’‘•‹–‹‘ –Šƒ– ‘•– ‘ˆ –Š‡‹” ‡…‘‘‹…
˜ƒ”‹ƒ„Ž‡…‘‡ˆˆ‹…‹‡–•‘……—’›‹•…‘•‹•–‡–™‹–Š–Šƒ–˜‹‡™Ǥ
 ‡ƒ•–„‘—† –”ƒˆˆ‹… ȋƒ„Ž‡ ͹Ȍ –Š‡ ‡‰ƒ–‹˜‡ ‡ˆˆ‡…– ‘ˆ …ƒ”–‡Ž ‘’‡”ƒ–‹‘ ‘ –”ƒˆˆ‹… ‹•
‘”‡ ’”‘‘—…‡†Ǥ Š‡ …ƒ”–‡Ž ƒ‰”‡‡‡– …‘‡ˆˆ‹…‹‡–• ‘ „‘–Š ˆ‹”•– ƒ† •‡…‘† …Žƒ•• ƒ”‡
‡‰ƒ–‹˜‡ǡ ƒŽ–Š‘—‰Š •–‹ŽŽ •–ƒ–‹•–‹…ƒŽŽ› ‹•‹‰‹ˆ‹…ƒ– ˆ‘” ˆ‹”•– …Žƒ••Ǥ • ™‹–Š ™‡•–„‘—† ˆŽ‘™•ǡ
–Š‡ ‡‰ƒ–‹˜‡ ‹’ƒ…– ‹• Žƒ”‰‡” ˆ‘” ƒŽŽ –Š”‡‡ …Žƒ••‡• ™Š‡ …ƒ”–‡Ž• ‘’‡”ƒ–‡† ‘”ƒŽŽ›Ǥ Š‡
’ƒ”ƒ‡–‡” ‡•–‹ƒ–‡• ˆ‘” –Š‹”† …Žƒ•• ”‡ƒ‹ Žƒ”‰‡” –Šƒ –Š‘•‡ ˆ‘” ˆ‹”•– ƒ† •‡…‘†Ǧ…Žƒ••Ǥ
…‘‘‹…‡ˆˆ‡…–•Šƒ˜‡‘‹’ƒ…–‘‡ƒ•–„‘—†ˆ‹”•–…Žƒ••–”ƒˆˆ‹…Ǥ‘”•‡…‘†ƒ†–Š‹”†Ǧ…Žƒ••
–”ƒˆˆ‹…ǡ–Š‡‡…‘‘‹……‘–”‘Ž•ƒ”‡…‘•‹•–‡–™‹–Š–Š‘•‡”‡’‘”–‡†‹ƒ„Ž‡ͷǤ
Š‡”‡ ƒ”‡ –™‘ ‹•–ƒ…‡• ™Š‡ –Š‡ ”‡…‘”† ‹ ‘—” †‹•’‘•ƒŽ ‹• ‘– …‘…Ž—•‹˜‡ ™‹–Š
”‡‰ƒ”†•–‘…ƒ„‹•‡”˜‹…‡ǤŠ‡”‡…‘”†‹†‹…ƒ–‡•–Šƒ––Š‡”‡™ƒ•‘ˆ‘”ƒŽƒ‰”‡‡‡–‘ˆ‹”•–
ƒ†•‡…‘†Ǧ…Žƒ•••‡”˜‹…‡–‘ƒ†ˆ”‘…ƒ†‹ƒ˜‹ƒ–Š”‘—‰Š‘—––Š‡’‡”‹‘†™‡•–—†›ǡƒ†™‡
͵ͳ
Šƒ˜‡ …Žƒ••‹ˆ‹‡† –Šƒ– •‡”˜‹…‡ ƒ• ˆ”‡‡ ‘ˆ …‘ŽŽ—•‹‘Ǥ ‘™‡˜‡”ǡ –Š‡ ’‘••‹„‹Ž‹–› ƒ”‹•‡• –Šƒ– –Š‡
ˆ‹”• …‘‘”†‹ƒ–‡† –ƒ…‹–Ž›ǡ ‰‹˜‡ –Šƒ– –Š‡› †‹† ˆ‘” ƒ ƒ‰”‡‡‡– ‘ –Š‡ ‘”‡ ‹’‘”–ƒ–
•–‡‡”ƒ‰‡•‡”˜‹…‡Ǥ‡Šƒ˜‡”‡’‡ƒ–‡†–Š‡ƒƒŽ›•‹•…‘†‹‰…ƒ„‹•‡”˜‹…‡‹˜‘Ž˜‹‰…ƒ†‹ƒ˜‹ƒ
‹ –Š‡ •ƒ‡ ™ƒ› ™‡ …‘†‡† –Š‹”†Ǧ…Žƒ•• •‡”˜‹…‡ǡ ƒ† ‘„–ƒ‹‡† ‡ƒ”Ž› ‹†‡–‹…ƒŽ ”‡•—Ž–•Ǥ •‡…‘† ”‘„—•–‡•• …Š‡… ‹˜‘Ž˜‡• –Š‡ ‡†‹–‡””ƒ‡ƒ ƒ‰”‡‡‡– ‹ ‹–• ‡ƒ”Ž› ’‡”‹‘† ȋ•‡‡
•‡…–‹‘ ‘ …ƒ”–‡Ž …Žƒ••‹ˆ‹…ƒ–‹‘ȌǤ Š‹• Šƒ• „‡‡ …‘†‡† ƒ• „‡‹‰ …‘ŽŽ—•‹˜‡ǡ „—– –Š‡ ”‡…‘”†
ƒ‡• ‘ ‡š’Ž‹…‹– ‡–‹‘ ‘ˆ ƒ †‹•–‹…– ƒ‰”‡‡‡– …‘˜‡”‹‰ …ƒ„‹ •‡”˜‹…‡Ǥ Š‡ ‘•–
”‡ƒ•‘ƒ„Ž‡ ‹–‡”’”‡–ƒ–‹‘ ‹• –Šƒ– …‘‘”†‹ƒ–‹‘ …‘˜‡”‡† ƒŽŽ …Žƒ••‡• ‘ˆ •‡”˜‹…‡ ‹ ƒ •‹‹Žƒ”
ƒ‡”ǡ„—–™‡Šƒ˜‡”‡Ǧ‡•–‹ƒ–‡†–Š‡–ƒ„Ž‡•…‘†‹‰–Š‹••‡”˜‹…‡ƒ•…‘’‡–‹–‹˜‡‹–Š‡‡ƒ”Ž›
’‡”‹‘†Ǥ Š‡ ‡†‹–‡””ƒ‡ƒ …ƒ„‹ •‡”˜‹…‡ ‹• …Žƒ••‹ˆ‹‡† ƒ• …‘ŽŽ—•‹‘Ǧˆ”‡‡ǡ –Š‡ ‡•–‹ƒ–‡†
‡ˆˆ‡…–‘ˆ…‘ŽŽ—•‹‘ƒ’’‡ƒ”••ƒŽŽ‡”ǤŠ‹••—‰‰‡•–•–Šƒ––Š‡‡†‹–‡””ƒ‡ƒ”‘—–‡†‹†ƒ’’‡ƒ”
‘„•‡”˜ƒ–‹‘ƒŽŽ› •‹‹Žƒ” –‘ ”‘—–‡• ‘’‡”ƒ–‹‰ —†‡” ˆ‹” …‘‘”†‹ƒ–‹‘ ˆ‘” –Š‡ ›‡ƒ”• ‹
“—‡•–‹‘ǡƒ•™‡ƒ••—‡†‹‘—”•–ƒ†ƒ”†…Žƒ••‹ˆ‹…ƒ–‹‘Ǥ
Š‡‡•–‹ƒ–‡•”‡’‘”–‡†‹ƒ„Ž‡•͸ƒ†͹…ƒ„‡—•‡†–‘…‘•–”—…–…‘—–‡”Ǧˆƒ…–—ƒŽ
ˆŽ‘™•‹–Š‡ƒ„•‡…‡‘ˆ…‘ŽŽ—•‹˜‡ƒ…–‹˜‹–›Ǥ‡…‘„‹‡–Š‡•‡‡•–‹ƒ–‡•™‹–Šƒ•‹’Ž‡‘†‡Ž
‘ˆ˜‡”–‹…ƒŽ†‹ˆˆ‡”‡–‹ƒ–‹‘–‘…ƒŽ…—Žƒ–‡–Š‡‡ˆˆ‡…–•‘ˆ…‘ŽŽ—•‹‘„›‹–‡†‡†…Žƒ••‘ˆ•‡”˜‹…‡‹
–Š‡ ƒ„•‡…‡ ‘ˆ …‘ŽŽ—•‹‘Ǥ Šƒ– ‹•ǡ ™‡ …ƒŽ…—Žƒ–‡ Š‘™ ƒ› ’ƒ••‡‰‡”•ǡ ™Š‘ ™‘—Ž† Šƒ˜‡
–”ƒ˜‡Ž‡†‹ƒ’ƒ”–‹…—Žƒ”…Žƒ••‘ˆ•‡”˜‹…‡‹–Š‡ƒ„•‡…‡‘ˆ…‘ŽŽ—•‹‘ǡ™‹ŽŽ–”ƒ˜‡Ž‹ƒ†‹ˆˆ‡”‡–
…Žƒ••‘ˆ•‡”˜‹…‡ȋ‘”‘–ƒ–ƒŽŽȌ‹–Š‡’”‡•‡…‡‘ˆ…‘ŽŽ—•‹‘ǤŠ‡’”‡‹•‡‹–Š‡•‡…ƒŽ…—Žƒ–‹‘•
‹• –Šƒ– ƒ– –Š‡ ‡™ ’”‹…‡ ‡“—‹Ž‹„”‹—ǡ –Š‡ ƒ”‰‹ƒŽ ˆ‹”•–Ǧ…Žƒ•• ’ƒ••‡‰‡”• ƒ› …Š‘‘•‡ –‘
†‘™‰”ƒ†‡–‘•‡…‘†Ǧ…Žƒ••ǡ„—––Š‡›™‹ŽŽ‘–…Š‘‘•‡–‘ˆ‘”‰‘–”ƒ˜‡ŽƒŽ–‘‰‡–Š‡”‘”–”ƒ˜‡Ž‹
•–‡‡”ƒ‰‡ǤŠ‹•’”‡•—’–‹‘‹•”‡ƒ•‘ƒ„Ž‡‰‹˜‡–Šƒ––Š‡Ž‘™‡†‘ˆ–Š‡†‹•–”‹„—–‹‘‘ˆˆ‹”•–
…Žƒ•• ’ƒ••‡‰‡”• ƒ”‡ ’”‘„ƒ„Ž› ‘– –‘‘ †‹ˆˆ‡”‡– ‹ –Š‡‹” ’”‡ˆ‡”‡…‡• –Šƒ –Š‡ Š‹‰Š ‡†
’ƒ••‡‰‡”• ‹ •‡…‘†Ǧ…Žƒ•• •‡”˜‹…‡Ǥ ‹‹Žƒ”Ž›ǡ –Š‡ •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡”• ƒ› …Š‘‘•‡ –‘
—’‰”ƒ†‡ –‘ ˆ‹”•– …Žƒ•• ȋ‹ˆ –Š‡ ’”‹…‡ †‹ˆˆ‡”‡…‡ „‡–™‡‡ –Š‘•‡ …ƒ„‹ •‡”˜‹…‡• „‡…‘‡•
•ƒŽŽ‡”Ȍǡ ‘” †‘™‰”ƒ†‡ –‘ •–‡‡”ƒ‰‡Ǣ –Š‡› ™‹ŽŽ ‘– …Š‘‘•‡ –‘ ˆ‘”‰‘ –”ƒ˜‡Ž ƒŽ–‘‰‡–Š‡”Ǥ Š‡
’”‡•—’–‹‘‹•”‡ƒ•‘ƒ„Ž‡‰‹˜‡–Šƒ––Š‡Ž‘™Ǧ‡†‘ˆ•‡…‘†Ǧ…Žƒ••’ƒ••‡‰‡”•ƒ”‡‹‰”ƒ–•
ȋŽ‹‡ ‘•– ‘ˆ –Š‡ •–‡‡”ƒ‰‡ ’ƒ••‡‰‡”•Ȍǡ ™Š‘ •‹’Ž› Šƒ’’‡ –‘ Šƒ˜‡ ‘”‡ ˆ—†• ƒ– –Š‡‹”
†‹•’‘•ƒŽǤ Š‹‰Š‡” …‘•– •Š‘—Ž† ‘– †‡–‡” –Š‡ –”ƒ˜‡Ž‹‰ ƒŽ–‘‰‡–Š‡”ǡ •‹…‡ •–‡‡”ƒ‰‡ –”ƒ˜‡Ž
™‘—Ž†„‡•–‹ŽŽ„‡ƒˆˆ‘”†ƒ„Ž‡–‘–Š‡Ǥ†‡”–Š‹•”‡ƒ•‘‹‰ǡ–Š‡‘Ž›’ƒ••‡‰‡”•™Š‘™‘—Ž†
͵ʹ
ˆ‘”‰‘ –”ƒ˜‡Ž †—‡ –‘ –Š‡ ‹…”‡ƒ•‡ ‹ ’”‹…‡• ™‘—Ž† „‡ –Š‘•‡ –”ƒ˜‡Ž‹‰ ‹ •–‡‡”ƒ‰‡Ǥ Š‘—‰Š
…Ž‡ƒ”Ž› –‘ •‘‡ ‡š–‡– ƒ •‹’Ž‹ˆ‹…ƒ–‹‘ǡ –Š‹• ”‡ƒ•‘‹‰ ‹• ˆ‘”ƒŽŽ› „ƒ•‡† ‘ ƒ ‘†‡Ž ‘ˆ
˜‡”–‹…ƒŽ †‹ˆˆ‡”‡–‹ƒ–‹‘ǡ ‹ ™Š‹…Š …‘•—‡”• †‹ˆˆ‡” ‹ –Š‡ ™‹ŽŽ‹‰‡•• –‘ ’ƒ› ˆ‘” ’”‘†—…–•
–Šƒ–†‹ˆˆ‡”‹–‡”•‘ˆ“—ƒŽ‹–›ȋ•‡‡ǡˆ‘”‡šƒ’Ž‡ǡ—••ƒƒ†‘•‡ͳͻ͹ͺƒ†‹”‘Ž‡ͳͻͺͺȌǤ
–Š‡•‡‘†‡Ž•ǡ…‘•—‡”•ƒ”‡†‹•–‹‰—‹•Š‡†„›–Š‡‹”ƒ”‰‹ƒŽ™‹ŽŽ‹‰‡••–‘’ƒ›ˆ‘”“—ƒŽ‹–›ǡ
†‡‘–‡† „›ߠǤ Š‡”‡ ™‹ŽŽ „‡ ƒ –Š”‡•Š‘Ž† …—–Ǧ‘ˆˆ ‹ ™‹ŽŽ‹‰‡•• –‘ ’ƒ›ǡߠଵ ǡ •—…Š –Šƒ–
…‘•—‡”• ™‹–Š Š‹‰Š‡” ™‹ŽŽ‹‰‡•• –‘ ’ƒ›ǡ ‹Ǥ‡Ǥǡ …‘•—‡”• ™‹–Šߠ ൐ ߠଵ ǡ ™‹ŽŽ ’—”…Šƒ•‡ –Š‡
’”‡‹—’”‘†—…–ȋˆ‹”•–Ǧ…Žƒ•••‡”˜‹…‡ȌǤŠ‡”‡™‹ŽŽ„‡ƒ•‡…‘†…—–Ǧ‘ˆˆǡߠଶ ǡ•‘–Šƒ–…‘•—‡”•
™‹–Š ™‹ŽŽ‹‰‡•• –‘ ’ƒ› ˆ‘” “—ƒŽ‹–› –Šƒ– ˆƒŽŽ• „‡–™‡‡ –Š‡•‡ –™‘ …—–Ǧ‘ˆˆ•ǡ ‹Ǥ‡Ǥǡ …‘•—‡”•
™‹–Šߠଵ ൐ ߠ ൐ ߠଶ ǡ™‹ŽŽ’—”…Šƒ•‡–Š‡’”‘†—…–‘ˆ‹–‡”‡†‹ƒ–‡“—ƒŽ‹–›ȋ•‡…‘†Ǧ…Žƒ•••‡”˜‹…‡ȌǤ
‹ƒŽŽ›ǡ –Š‡”‡ ™‹ŽŽ „‡ ƒ –Š‹”† Ž‘™‡” …—–Ǧ‘ˆˆǡߠଷ ǡ •‘ –Šƒ– …‘•—‡”• ™‹–Š ™‹ŽŽ‹‰‡•• –‘ ’ƒ›
–Šƒ–‹•„‡Ž‘™–Š‡•‡…‘†…—–Ǧ‘ˆˆ„—–ƒ„‘˜‡–Š‡–Š‹”†…—–Ǧ‘ˆˆǡ‹Ǥ‡Ǥǡ…‘•—‡”•™‹–Šߠଶ ൐ ߠ ൐ ߠଷ ǡ
™‹ŽŽ…Š‘‘•‡–‘’—”…Šƒ•‡–Š‡„ƒ•‡’”‘†—…–ȋ–Š‹”†Ǧ…Žƒ•••‡”˜‹…‡Ȍǡ™Š‹Ž‡…‘•—‡”•™‹–Š‡˜‡
Ž‘™‡” ™‹ŽŽ‹‰‡•• –‘ ’ƒ›ǡߠ ൏ ߠଷ ǡ ™‹ŽŽ ’—”…Šƒ•‡ ‘‡ ‘ˆ –Š‡ ˜ƒ”‹ƒ–• ȋ™‹ŽŽ ‘– –”ƒ˜‡ŽȌǤ
Šƒ‰‡• ‹ ’”‹…‡• ‘ˆ –Š‡ ’”‘†—…–• ™‹ŽŽ •Š‹ˆ– –Š‡•‡ …—–Ǧ‘ˆˆ•ǡ „—– …‘•—‡”• •™‹–…Š ƒ– ‘•–
‘‡…ƒ–‡‰‘”›—’‘”†‘™–Š‡“—ƒŽ‹–›Žƒ††‡”ȋƒ•Ž‘‰ƒ•…Šƒ‰‡•‹”‡Žƒ–‹˜‡’”‹…‡•ƒ”‡‘–
–‘‘Žƒ”‰‡ȌǤ
 ƒ„Ž‡ ͺ ™‡ ’”‡•‡– –Š‡ •—„•–‹–—–‹‘• ƒ† †‹•’Žƒ…‡‡–• ‘ˆ ’ƒ••‡‰‡”• „‡–™‡‡
…Žƒ••‡• –Šƒ– –Š‡•‡ ‡…‘‘‡–”‹… ‡•–‹ƒ–‡• ‹’Ž›ǡ ƒ˜‡”ƒ‰‡† ‘˜‡” –Š‡ ’‡”‹‘† ‘ˆ …ƒ”–‡Ž
‘’‡”ƒ–‹‘Ǥͳ͹Š‹•–ƒ„Ž‡Šƒ•‡‹‰Š–’ƒ‡Ž•ǡ‡ƒ…Š…‘””‡•’‘†‹‰–‘‰”‘—’•‘ˆ–Š”‡‡”‡‰”‡••‹‘•
ȋ‘‡ˆ‘”‡ƒ…Š…Žƒ••ȌŽ‹•–‡†‹ƒ„Ž‡•͸ƒ†͹Ǥ‡†‡•…”‹„‡…ƒ”‡ˆ—ŽŽ›–Š‡…‘•–”—…–‹‘‘ˆ–Š‡
–‘’’ƒ‡ŽǢ–Š‡‘–Š‡”’ƒ‡Ž•ƒ”‡…‘•–”—…–‡†•‹‹Žƒ”Ž›ǤŠ‹•’ƒ‡Ž…‘””‡•’‘†•–‘™‡•–„‘—†
’ƒ••‡‰‡”ˆŽ‘™•ƒ†…‘’—–‡•–Š‡‡ˆˆ‡…–‘ˆ…‘ŽŽ—•‹‘‘˜‡”–Š‡’‡”‹‘†–Šƒ–‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ൌ
ͳǤ‡•–ƒ”–„›‹•‡”–‹‰‹–Š‡—„‡”‘ˆ‘„•‡”˜ƒ–‹‘•–Šƒ–…‘””‡•’‘†–‘–Š‹•’‡”‹‘†ˆ‘”
‡ƒ…Š ‘ˆ –Š‡ –Š”‡‡ …Žƒ••‡• ‘ˆ •‡”˜‹…‡ǡ ‡š…Ž—†‹‰ –Š‘•‡ –Šƒ– ‹˜‘Ž˜‡ …ƒ†‹ƒ˜‹ƒ ȋ–Š‹• ‹• –Š‡
ͳ͹ …‘’—–‹‰ –Š‡ ƒ˜‡”ƒ‰‡ ’‡” ’‡”‹‘†ǡ ™‡ ”‡…‘‰‹œ‡ –Šƒ– …ƒ„‹ …Žƒ•• ˆŽ‘™• ‹ •‘‡ ’‡”‹‘†• ƒ”‡
œ‡”‘ǡ „—– ™‡ ƒ••—‡ –Šƒ– –Š‡ —„‡” ‘ˆ ’‡”‹‘†• ‘ˆ œ‡”‘ ˆŽ‘™• ‹• —ƒˆˆ‡…–‡† „› …ƒ”–‡Ž ‘’‡”ƒ–‹‘Ǥ
Š—•ǡ–Š‡’‡”’‡”‹‘†ƒ˜‡”ƒ‰‡ˆ‘”…ƒ„‹…Žƒ••‹•…‘’—–‡†„›”‡‘˜‹‰–Š‡‡ˆˆ‡…–‘ˆ…‘ŽŽ—•‹‘‘‡ƒ…Š
’‡”‹‘† ‘ˆ ’‘•‹–‹˜‡ …ƒ„‹ …Žƒ•• ˆŽ‘™• „› Dzƒ††‹‰ „ƒ…dz –Š‡ ‡ˆˆ‡…– ‹’Ž‹‡† „› –Š‡ …ƒ”–‡Ž ƒ‰”‡‡‡–
…‘‡ˆˆ‹…‹‡–•ǤŠ‡ǡ™‡—Ž–‹’Ž›„›–Š‡—„‡”‘ˆ’‡”‹‘†•‘ˆ’‘•‹–‹˜‡…ƒ„‹…Žƒ••ˆŽ‘™•ƒ††‹˜‹†‡„›
–Š‡—„‡”‘ˆ’‡”‹‘†•‘ˆ’‘•‹–‹˜‡•–‡‡”ƒ‰‡ˆŽ‘™•Ǥ
͵͵
‘Ž› ”‘—–‡ ˆ‘” ™Š‹…Š …‘ŽŽ—•‹‘ ‹ •–‡‡”ƒ‰‡ ™ƒ• ‘– ƒ……‘’ƒ‹‡† „› …‘ŽŽ—•‹‘ ‹ …ƒ„‹
•‡”˜‹…‡ȌǤŠ‡”‡ƒ”‡ͳͻͻ‘„•‡”˜ƒ–‹‘•™‹–Š’‘•‹–‹˜‡™‡•–„‘—†ˆ‹”•–…Žƒ••ˆŽ‘™•†—”‹‰–Š‡
…‘ŽŽ—•‹˜‡”‡‰‹‡ǡʹͳͷ‘„•‡”˜ƒ–‹‘•™‹–Š’‘•‹–‹˜‡•‡…‘†…Žƒ••ˆŽ‘™•ǡƒ†ʹʹʹ‘„•‡”˜ƒ–‹‘•
™‹–Š’‘•‹–‹˜‡–Š‹”†…Žƒ••ˆŽ‘™•ǤŠ‡†‹ˆˆ‡”‡…‡‹‘„•‡”˜ƒ–‹‘•ƒ…”‘••’ƒ••‡‰‡”…Žƒ••‡•‹•ƒ
ˆ—…–‹‘ ‘ˆ –Š‡ ƒ……‘‘†ƒ–‹‘• ƒ˜ƒ‹Žƒ„Ž‡ ‹ –Š‡ •Š‹’• ‘ ‡ƒ…Š ”‘—–‡Ǥ ‡ –Š‡ ‹•‡”– –Š‡
–‘–ƒŽ —„‡” ‘ˆ ’ƒ••‡‰‡”• –Šƒ– Šƒ˜‡ ƒ…–—ƒŽŽ› –”ƒ˜‡Ž‡† ‹ ‡ƒ…Š …Žƒ•• †—”‹‰ –Š‹• ’‡”‹‘†
†‹˜‹†‡† „› –Š‡ —„‡” ‘ˆ ‘„•‡”˜ƒ–‹‘• ™‹–Š ’‘•‹–‹˜‡ steerage ˆŽ‘™• ȋ™‡ ‡‡† ƒ …‘‘
†‡‘‹ƒ–‘” •‘ –Šƒ– ™‡ …ƒ ƒ‡ ƒ’’”‘’”‹ƒ–‡ ’‡”Ǧ’‡”‹‘† …‘’ƒ”‹•‘•ȌǤ ‘” ‡ƒ…Š ‘ˆ –Š‡
ʹʹʹ ‘„•‡”˜ƒ–‹‘• ™‹–Š ’‘•‹–‹˜‡ •–‡‡”ƒ‰‡ ˆŽ‘™•ǡ ™‡ …‘’—–‡ –Š‡ ƒ˜‡”ƒ‰‡ —„‡” ‘ˆ
’ƒ••‡‰‡”•–”ƒ˜‡Ž‹‰ˆ‘”‡ƒ…Š…Žƒ••ǣͶǡͶͷͷˆ‘”ˆ‹”•–…Žƒ••ǡ͹ǡͺ͹Ͳˆ‘”•‡…‘†…Žƒ••ǡƒ†͵͵ǡ͹ͷͳ
ˆ‘”–Š‹”†…Žƒ••Ǥ‡–Š‡…‘’—–‡–Š‡…‘—–‡”Ǧˆƒ…–—ƒŽˆŽ‘™•ˆ‘”‡ƒ…Š…Žƒ••ƒ†‘„•‡”˜ƒ–‹‘
„› †‹˜‹†‹‰ ƒ…–—ƒŽ ˆŽ‘™• „›݁ ఈ೎ ™Š‡”‡ߙ௖ ‹• –Š‡ …‘‡ˆˆ‹…‹‡– ‘ˆ‫ܶܰܧܯܧܧܴܩܣ‬௝௧ ˆ‘” …Žƒ•• ‘ˆ
•‡”˜‹…‡cǡ•—–Š‡—’‘˜‡”ƒŽŽ‘„•‡”˜ƒ–‹‘•‘ˆ’‘•‹–‹˜‡ˆŽ‘™•ˆ‘”•‡”˜‹…‡cǡƒ††‹˜‹†‡„›
–Š‡ —„‡” ‘ˆ ‘„•‡”˜ƒ–‹‘• ™‹–Š ’‘•‹–‹˜‡ •–‡‡”ƒ‰‡ ˆŽ‘™•Ǥ Š‡•‡ …‘—–‡”ˆƒ…–—ƒŽ –‘–ƒŽ• ƒ”‡
Ž‹•–‡†—†‡”–Š‡Š‡ƒ†Dz‘–ƒŽdz‘–Š‡”‹‰Š–Ǧ‘•–…‘Ž—‘ˆ–Š‡’ƒ‡ŽǤ‹…‡–Š‡—„‡”‘ˆ
ƒ…–—ƒŽˆ‹”•–Ǧ…Žƒ••’ƒ••‡‰‡”•ȋƒŽ™ƒ›•’‡””‘—–‡Ǧ“—ƒ”–‡”Ȍ‹••ƒŽŽ‡”–Šƒ–Š‡…‘—–‡”Ǧˆƒ…–—ƒŽ
—„‡”ǡ™‡ƒ––”‹„—–‡‘–Š‡„ƒ•‹•‘ˆ–Š‡‘†‡Ž–Šƒ–ƒŽŽͶǡͶͷͷ’ƒ••‡‰‡”•–Šƒ––”ƒ˜‡Ž‡†ˆ‹”•–
…Žƒ••—†‡”–Š‡…‘ŽŽ—•‹˜‡”‡‰‹‡™‘—Ž†Šƒ˜‡–”ƒ˜‡Ž‡†ˆ‹”•–…Žƒ••‹–Š‡ƒ„•‡…‡‘ˆ…‘ŽŽ—•‹‘Ǥ
Š‡ ”‡ƒ‹‹‰ ͶǡͷͶ͸ǦͶǡͶͷͷαͻʹ ’ƒ••‡‰‡”• ™Š‘ ™‘—Ž† Šƒ˜‡ –”ƒ˜‡ŽŽ‡† ˆ‹”•– …Žƒ•• ‹ –Š‡
ƒ„•‡…‡‘ˆ…‘ŽŽ—•‹‘ǡ–”ƒ˜‡Ž‡†•‡…‘†Ǧ…Žƒ••‰‹˜‡–Šƒ–…‘ŽŽ—•‹‘–‘‘’Žƒ…‡Ǥ‹“—‡Ž›ˆ‘”–Š‹•
’ƒ‡Žǡ ‘—” ‡•–‹ƒ–‡• ‹’Ž› –Šƒ– ‘”‡ ’‡‘’Ž‡ …Š‘•‡ •‡…‘†Ǧ…Žƒ•• –”ƒ˜‡Ž —†‡” …‘ŽŽ—•‹‘
ȋ͹ǡͺ͹ͲȌ –Šƒ ™‘—Ž† Šƒ˜‡ ‹ ‹–• ƒ„•‡…‡ ȋ͹ǡͶ͵ͶȌǤ Š‡”‡ˆ‘”‡ǡ –Š‡ •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡”•
—†‡”–Š‡…‘ŽŽ—•‹˜‡”‡‰‹‡…‘•‹•–‘ˆ–Š‡ͻʹ’ƒ••‡‰‡”•™Š‘†‘™‰”ƒ†‡ˆ”‘ˆ‹”•–Ǧ…Žƒ••ǡƒŽŽ
‘ˆ –Š‘•‡ ™‘—Ž† Šƒ˜‡ –”ƒ˜‡Ž‡† ˆ‹”•– …Žƒ•• ‹ –Š‡ ƒ„•‡…‡ ‘ˆ …‘ŽŽ—•‹‘ǡ ’Ž—• ͹ǡͺ͹ͲǦͻʹǦ
͹ǡͶ͵Ͷα͵Ͷͷ’ƒ••‡‰‡”•™Š‘—’‰”ƒ†‡ˆ”‘•–‡‡”ƒ‰‡ǤŠ‹•—’‰”ƒ†‹‰…‘—Ž†–ƒ‡’Žƒ…‡‹ˆ–Š‡
”‡Žƒ–‹˜‡ ’”‹…‡ ‰ƒ’ ‘ˆ •–‡‡”ƒ‰‡ ƒ† •‡…‘†Ǧ…Žƒ•• •‡”˜‹…‡ Šƒ• „‡‡ ƒ””‘™‡† —†‡” –Š‡
…‘ŽŽ—•‹˜‡”‡‰‹‡ǡ™Š‹…Š•‡‡•–‘‹†‡‡†Šƒ˜‡„‡‡–Š‡…ƒ•‡Ǥ‹ƒŽŽ›ǡ‘˜‹‰–‘•–‡‡”ƒ‰‡ǡ™‡
•‡‡–Šƒ–™‹–Š‘—–…‘ŽŽ—•‹‘Ͷ͵ǡͻʹͳ’ƒ••‡‰‡”•™‘—Ž†Šƒ˜‡–”ƒ˜‡Ž‡†’‡””‘—–‡Ǧ“—ƒ”–‡”ǡ™Š‹Ž‡
‘Ž›͵͵ǡ͹ͷͳƒ…–—ƒŽŽ›†‹†–”ƒ˜‡Ž‹–Š‡’”‡•‡…‡‘ˆ…‘ŽŽ—•‹‘ǤŠ‡†‹ˆˆ‡”‡…‡„‡–™‡‡–Š‡•‡
–™‘ —„‡”• …‘•‹•–• ‘ˆ –Š‡ ͵Ͷͷ ’ƒ••‡‰‡”• ™Š‘ —’‰”ƒ†‡† –‘ •‡…‘†Ǧ…Žƒ•• ƒ† ͻǡͺʹͷ
͵Ͷ
’ƒ••‡‰‡”• ™Š‘ ™‡”‡ †‹•’Žƒ…‡† ƒ† †‹† ‘– –”ƒ˜‡Ž ƒ– ƒŽŽǤ Š‡ ‘–Š‡” –Š”‡‡ ’ƒ‡Ž• ™‡”‡
…‘•–”—…–‡†‹ƒ•‹‹Žƒ”ƒ‡”Ǥˆƒ…–ǡ–Š‡‹”…‘•–”—…–‹‘‹••‹’Ž‡”•‹…‡‘’ƒ••‡‰‡”•
—’‰”ƒ†‡† …Žƒ••‡• †—‡ –‘ …‘ŽŽ—•‹‘Ǥ ‘” –Š‡•‡ …ƒ•‡•ǡ …‘ŽŽ—•‹‘ •Š‹ˆ–‡† •‘‡ ˆ‹”•–Ǧ…Žƒ••
’ƒ••‡‰‡”• –‘ •‡…‘†Ǧ…Žƒ••ǡ •‘‡ •‡…‘†Ǧ…Žƒ•• ’ƒ••‡‰‡”• –‘ –Š‹”†Ǧ…Žƒ•• ƒ† Ž‡† ƒ›
–Š‹”†Ǧ…Žƒ••’ƒ••‡‰‡”•–‘ˆ‘”‰‘–”ƒ˜‡ŽǤ
—ƒ”‹œ‹‰ –Š‡ ”‡•—Ž–• ’”‡•‡–‡† ‹ ƒ„Ž‡ ͺǡ ™‡ •‡‡ –Šƒ– –Š‡”‡ ‹• Ž‹‹–‡†
†‘™‰”ƒ†‹‰ˆ”‘ˆ‹”•––‘•‡…‘†‘”•‡…‘†–‘–Š‹”†…Žƒ••™Š‡…ƒ”–‡Ž•”ƒ‹•‡ˆƒ”‡•Ǥˆƒ…–ǡ
™Š‡ ƒ˜‡”ƒ‰‹‰ ‘˜‡” ƒŽŽ ’‡”‹‘†• ‘ˆ …ƒ”–‡Ž ‘’‡”ƒ–‹‘ ȋ‹…Ž—†‹‰ –Š‡ ’‡”‹‘† ‘ˆ †‹•”—’–‡†
‘’‡”ƒ–‹‘Ȍǡ –Š‡”‡ ‹• ‘ †‘™‰”ƒ†‹‰ ƒ– ƒŽŽ ˆ‘” ™‡•–„‘—† –”ƒˆˆ‹…Ǥ Š‡ ‡•–‹ƒ–‡† •Š‹ˆ–•
„‡–™‡‡…Žƒ••‡•ƒ”‡‘”‡‘–‹…‡ƒ„Ž‡™Š‡™‡”‡•–”‹…–‘—”ƒ––‡–‹‘–‘’‡”‹‘†•‘ˆ‘”ƒŽ
…ƒ”–‡Ž ‘’‡”ƒ–‹‘Ǣ –Š‡› ƒ”‡ ƒŽ•‘ •‘‡™Šƒ– Š‹‰Š‡” ‡ƒ•–„‘—†Ǥ ‘™‡˜‡”ǡ ‡˜‡ –Š‡•‡ Žƒ”‰‡”
‡•–‹ƒ–‡† •Š‹ˆ–• ˆ”‘ …ƒ„‹ …Žƒ•• –‘ •–‡‡”ƒ‰‡ ȋͳǡ͵͸ͷ ’ƒ••‡‰‡”• ’‡” ”‘—–‡Ǧ“—ƒ”–‡” ‹ –Š‡
„‘––‘ ’ƒ‡ŽȌ ƒ”‡ †™ƒ”ˆ‡† „› –Š‡ ‘˜‡”ƒŽŽ ”‡†—…–‹‘ ‹ •–‡‡”ƒ‰‡ ’ƒ••‡‰‡”• –Šƒ– ƒ”‡
†‹•’Žƒ…‡† ˆ”‘ –”ƒ˜‡Ž ƒŽ–‘‰‡–Š‡” ȋ‘˜‡” ͳͳǡͲͲͲȌ ’‡” ”‘—–‡Ǧ“—ƒ”–‡”Ǥ ‘‡–Š‡Ž‡••ǡ –Š‡
’”‡•‡…‡‘ˆ‰‡‡”ƒŽŽ›’‘•‹–‹˜‡•Š‹ˆ–•ˆ”‘…ƒ„‹–‘•–‡‡”ƒ‰‡–Šƒ–‘……—”ˆ”‘…ƒ”–‡Ž‘’‡”ƒ–‹‘
‹’Ž› –Šƒ– –Š‡ †‹•’Žƒ…‡‡– ‘ˆ •–‡‡”ƒ‰‡ ’ƒ••‡‰‡”• ‹•Žƒ”‰‡” –Šƒ ‹– ™‘—Ž† ƒ’’‡ƒ” ˆ”‘
•‹’Ž› Ž‘‘‹‰ ƒ– –Š‡ ”‡‰”‡••‹‘ …‘‡ˆˆ‹…‹‡–• ‹ –Š‡ –Š‹”†Ǧ…Žƒ•• •’‡…‹ˆ‹…ƒ–‹‘•Ǥ Š‹• ‹•
„‡…ƒ—•‡–Š‡”‡‰”‡••‹‘…‘‡ˆˆ‹…‹‡–•ˆ‘”•–‡‡”ƒ‰‡‰‹˜‡–Š‡”‡†—…–‹‘‹–Š‡—„‡”‘ˆ’‡‘’Ž‡
™Š‘ –”ƒ˜‡Ž •–‡‡”ƒ‰‡ǡ ‘– Š‘™ ƒ› ‘ˆ –Š‡ ’‡‘’Ž‡ ™Š‘ ™‘—Ž† Šƒ˜‡ –”ƒ˜‡Ž‡† ‹ •–‡‡”ƒ‰‡
™‘—Ž†„‡†‹•’Žƒ…‡†ˆ”‘–”ƒ˜‡Ž‹‰ƒ–ƒŽŽǤ
6.4.EvidencefromPassengerFaresandImpliedDemandElasticities
 –Š‹• •‡…–‹‘ ™‡ …‘””‘„‘”ƒ–‡ ‘—” ‡…‘‘‡–”‹… ‡˜‹†‡…‡ ‘ˆ –Š‡ ‡•–‹ƒ–‡† ‡ˆˆ‡…–• ‘ˆ
…ƒ”–‡Ž‹œƒ–‹‘ ™‹–Š ‡˜‹†‡…‡ –Šƒ– ™‡ ‰ƒ–Š‡”‡† ‘ …Šƒ‰‡• ‹ ’ƒ••‡‰‡” ˆƒ”‡• ˆ”‘ –‹‡•
™Š‡…ƒ”–‡Ž•™Š‡‘’‡”ƒ–‹‰‘”ƒŽŽ›ǡ‹–Š‡•‡•‡†‡•…”‹„‡†‹–Š‡’”‡˜‹‘—••‡…–‹‘•ǡƒ†
–‹‡• ™Š‡ …‘ŽŽ—•‹‘ Šƒ† „”‘‡ †‘™ ƒ† ’”‹…‡ ™ƒ”• ‘……—””‡†Ǥ —” ‰‘ƒŽ ‹• –‘ …Š‡…
™Š‡–Š‡” ‘” ‘– –Š‡ ’”‹…‡ …Šƒ‰‡• ƒ’’‡ƒ” –‘ „‡ •—„•–ƒ–‹ƒŽ ‡‘—‰Š –‘ Šƒ˜‡ †”‹˜‡ –Š‡
‘„•‡”˜‡† “—ƒ–‹–› …Šƒ‰‡•ǡ ‘”ǡ –‘ ’—– ‹– ƒ‘–Š‡” ™ƒ›ǡ ™Š‡–Š‡” –Š‡ ‡Žƒ•–‹…‹–‹‡• ‹’Ž‹‡† „›
‘—”‡…‘‘‡–”‹…‡•–‹ƒ–‡•ƒ†–Š‡‘„•‡”˜‡†’”‹…‡†ƒ–ƒƒ”‡™‹–Š‹ƒ’Žƒ—•‹„Ž‡”ƒ‰‡ǤŠ‡
͵ͷ
’ƒ••‡‰‡” ˆƒ”‡• –Šƒ– ™‡ Šƒ˜‡ ƒ”‡ ƒ– ƒ ˜‡”› †‹•ƒ‰‰”‡‰ƒ–‡† Ž‡˜‡Žǣ –Š‡› ”‡ˆ‡” –‘ –Š‡ ˆƒ”‡•
…Šƒ”‰‡† ‘ ƒ ’ƒ”–‹…—Žƒ” ˜‡••‡Ž ‘”•Š‹’’‹‰ Ž‹‡ˆ‘”ƒ ’ƒ”–‹…—Žƒ”…Žƒ••‘ˆ•‡”˜‹…‡‘ƒ‰‹˜‡
”‘—–‡ƒ–ƒ’ƒ”–‹…—Žƒ”–‹‡Ǥ‘”’‡”‹‘†•‘ˆ…ƒ”–‡Ž‘’‡”ƒ–‹‘ǡ–Š‡•‡ˆƒ”‡•ƒ”‡ˆ”‘…ƒ”–‡Žˆƒ”‡
•…Š‡†—Ž‡•ƒ•‘„–ƒ‹‡†ˆ”‘–Š‡‡šŠ‹„‹–•‘ˆ–Š‡ƒ–‹–”—•–…ƒ•‡ȋ‡šŠ‹„‹–•ͳͲǡͳͳǡ͵͵ǡ͹ͳ͵ǡ͹ͳͷǡ
͹ͳ͸ǡ ͹ͳ͹ǡ͹ʹͷǡ ͹ʹͻǡ ͹͵Ͳǡ ͹͵ͳǡ ͹͵͵ǡ ͹͵Ͷǡ ͹͵͸ǡ͹͵͹ǡ ͹͵ͺǡ͹ͶͲǡ ͹Ͷͳǡ͹ͷʹǡ͹ͷ͵ǡ͹ͷ͹ǡ͹ͷͺǡ͹͸ʹǡ
͹͸͵ǡ ͻ͵͹ǡ ͻͷͲǡ ͳͲʹ͸ǡ ͳ͵Ͳ͹ǡ ƒ† ͳͺ͸ͻȌǡ ƒ• ™‡ŽŽ ƒ• ”‡’‘”–‹‰ ‹ –Š‡ ‘—”ƒŽ ‘ˆ ‘‡”…‡
ȋ‡™ ‘”Ȍǡ –Š‡ ‡™ ‘” ‹‡•ǡ ƒ† ƒ• †‹•…—••‡† „› ”‹…Š ò”‡ ȋͳͻʹʹȌ ƒ† ”ƒ…‹•
›†‡ȋͳͻ͹ͷȌǤŠ‡•‡’”‹…‡“—‘–‡•ƒ”‡ˆ‘”–Š‡’‡”‹‘†•‘ˆ…‘ŽŽ—•‹‘‘Ž›ǡ„—–™‡™‡”‡ƒ„Ž‡–‘
‹†‡–‹ˆ› ͳʹʹ ”ƒ–‡ “—‘–‡• ˆ‘” –Š‡ •ƒ‡ ˜‡••‡ŽȀŽ‹‡Ȁ”‘—–‡Ȁ…Žƒ•• …‘„‹ƒ–‹‘• ˆ‘” ƒ†Œƒ…‡–
–‹‡’‡”‹‘†•†—”‹‰™Š‹…Šˆ‹”•™‡”‡‡‰ƒ‰‡†‹‘’‡…‘’‡–‹–‹‘Ǥ‘”•—…Š’‡”‹‘†•‘ˆ
’”‹…‡ ™ƒ”•ǡ ™‡ —•‡ †ƒ–ƒ ˆ”‘ –Š‡ ‘—”ƒŽ ‘ˆ ‘‡”…‡ǡ –Š‡ ‡™ ‘” ‹‡•ǡ ›†‡ǡ ƒ†
ò”‡ǤŠ‡†‹•…—••‹‘„‡Ž‘™’‡”–ƒ‹•–‘–Š‡•‡ͳʹʹ’”‹…‡…‘’ƒ”‹•‘•Ǥ
Š‡”‡‹•ƒ Žƒ”‰‡˜ƒ”‹ƒ–‹‘ ‹–Š‡ ’”‹…‡‡ˆˆ‡…–•‘ˆ –Š‡ „”‡ƒ†‘™ ‹ …‘ŽŽ—•‹‘ ƒ…”‘••
–Š‡†‹ˆˆ‡”‡–Ž‹‡•Ǥ
‹˜‡–Šƒ––Š‡ƒƒŽ›•‹•‘ˆˆŽ‘™•‹•ƒ––Š‡”‘—–‡Ž‡˜‡Žǡ™‡Šƒ˜‡…‘’—–‡†
–Š‡ƒ˜‡”ƒ‰‡‘ˆ–Š‡ˆƒ”‡…Šƒ‰‡•‹†—…‡†„›ƒ’”‹…‡™ƒ”„›ƒ˜‡”ƒ‰‹‰–Š‡’”‹…‡“—‘–‡•ƒ––Š‡
”‘—–‡ ƒ† †‹”‡…–‹‘ ‘ˆ ˆŽ‘™ Ž‡˜‡ŽǤ ‘•– ‘ˆ –Š‡ ”‘—–‡Ȁ†‹”‡…–‹‘Ȁ…ƒ„‹ …Žƒ•• …‘„‹ƒ–‹‘•
…‘–ƒ‹‘“—‘–‡•…‘’ƒ”‹‰…‘ŽŽ—•‹˜‡ƒ†’”‹…‡™ƒ”ˆƒ”‡•Ǥ‘”‡‘˜‡”ǡ–Š‡”‘—–‡Ž‡˜‡Žˆƒ”‡•
ƒ”‡‡š–”‡‡Ž›‘‹•›ǡ™‹–ŠŽ‡••–ŠƒƒŠƒ†ˆ—Ž‘ˆ“—‘–‡•ˆ‘”‘•–‘ˆ–Š‡”‘—–‡•™Š‡”‡“—‘–‡•
ƒ”‡ƒ˜ƒ‹Žƒ„Ž‡Ǥ‡”Šƒ’•ˆ‘”–Š‹•”‡ƒ•‘ǡ–Š‡”‘—–‡Ž‡˜‡Ž…Šƒ‰‡•…‘–ƒ‹•—„•–ƒ–‹ƒŽ˜ƒ”‹ƒ–‹‘ǡ
”ƒ‰‹‰ˆ”‘ƒ͸ͳΨ†‡…Ž‹‡‹–Š‡•–‡‡”ƒ‰‡ˆƒ”‡•ˆ”‘–‘ƒƒ†ƒ–‘ƒͳͲΨ†‡…Ž‹‡‹
•–‡‡”ƒ‰‡ ˆƒ”‡• ˆ”‘ –Š‡ Š‹‡ –‘ –Š‡ Ǥ —”–Š‡” ƒ‰‰”‡‰ƒ–‹‰ ˆƒ”‡• ƒ– –Š‡ †‹”‡…–‹‘Ȁ…ƒ„‹
…Žƒ••ǡ ™‡ ƒ”‡ ƒ„Ž‡ –‘ ‘„–ƒ‹ ˆƒ”‡ …Šƒ‰‡• ˆ‘” ˆ‹˜‡ ‘—– ‘ˆ •‹š ’‘••‹„Ž‡ …‘„‹ƒ–‹‘•Ǥ Š‡
—„‡” ‘ˆ “—‘–‡• ˆ‘” ˆ‹”•– ƒ† •‡…‘† …Žƒ•• ‡ƒ•–„‘—† ‹• ͷͲ ƒ† ͵ͺǡ ”‡•’‡…–‹˜‡Ž›Ǣ ˆ‘”
™‡•–„‘—† •–‡‡”ƒ‰‡ ‹– ‹• ƒ ȋ•–‹ŽŽ ”‡•’‡…–ƒ„Ž‡Ȍ ʹʹ ˆƒ”‡•Ǥ Š‹• ‹…”‡ƒ•‡• ‘—” …‘ˆ‹†‡…‡ –Šƒ–
–Š‡•‡–Š”‡‡ƒ˜‡”ƒ‰‡•”‡’”‡•‡–ƒ”‡ƒ•‘ƒ„Ž‡ƒ’’”‘š‹ƒ–‹‘–‘–Š‡’”‹…‡†‹•…‘—–•‘ˆˆ‡”‡†
„› ˆ‹”• †—”‹‰ –Š‡ ’”‹…‡ ™ƒ”Ǥ Š‡”‡ ™‡”‡ ‘Ž› ͻ “—‘–‡• ˆ‘” ‡ƒ•–„‘—† •–‡‡”ƒ‰‡ •‡”˜‹…‡ǡ
ƒ†͵ˆ‘”™‡•–„‘—†ˆ‹”•–…Žƒ•••‡”˜‹…‡ǣ–Š‡•‡ˆ‹‰—”‡•ƒ”‡•–‹ŽŽ˜‡”›‘‹•›ǤŠ‡”‡‹•‘’”‹…‡
‹ˆ‘”ƒ–‹‘‘•‡…‘†…Žƒ••™‡•–„‘—†•‡”˜‹…‡Ǥ
͵͸
Š‡•‡’”‹…‡•‡ˆˆ‡…–•ǡƒŽ„‡‹–‹’”‡…‹•‡‹•‘‡…ƒ•‡•ǡ’”‘˜‹†‡•‘‡—•‡ˆ—Ž‡ƒ•—”‡‘ˆ
Š‘™…‘ŽŽ—•‹‘Šƒ•ƒˆˆ‡…–‡†’”‹…‡•Ǥ‘„‹‡†™‹–Š–Š‡’ƒ”ƒ‡–‡”‡•–‹ƒ–‡•‘ˆƒ„Ž‡•͸ƒ†
͹ǡ–Š‡•‡’”‹…‡‡ˆˆ‡…–•…‘—Ž†›‹‡Ž†‡•–‹ƒ–‡•‘ˆ†‡ƒ†Dz‡Žƒ•–‹…‹–›dzˆ‘”‡ƒ…Š‘ˆ–Š‡–Š”‡‡…ƒ„‹
…Žƒ••‡•Ǥ ‘™‡˜‡”ǡ –Š‡ Dz‡Žƒ•–‹…‹–›dz –Šƒ– ™‘—Ž† „‡ …‘’—–‡† ‹• ‘– „‡ „ƒ•‡† ‘ –Š‡ ’ƒ”–‹ƒŽ
‡ˆˆ‡…–‘ˆ‘™’”‹…‡…Šƒ‰‡ȋ™Š‹…Š‹•–Š‡”‡ƒ•‘–Š‡™‘”†‹•’Žƒ…‡†‹“—‘–‡•ȌǤƒ–Š‡”ǡ‹–‹•
„ƒ•‡†‘–Š‡‡ˆˆ‡…–•‘ˆŒ‘‹–’”‹…‡…Šƒ‰‡•ƒ…”‘••ƒŽŽ–Š”‡‡…Žƒ••‡•ǤŠ‡”‡ƒ•‘‹•–Šƒ–’”‹…‡
™ƒ”•†‹†‘–ƒˆˆ‡…––Š‡’”‹…‡‘ˆ‘Ž›‘‡‘ˆ–Š‡…ƒ„‹…Žƒ••‡•ǡ„—––Š‡’”‹…‡•‘ˆƒŽŽ…Žƒ••‡•‘ˆ
•‡”˜‹…‡ǤŠ‡•’‘”ƒ†‹…ƒ–—”‡‘ˆ‘—”’”‹…‡“—‘–‡•ƒ‡•‹–‹’‘••‹„Ž‡–‘•‡’ƒ”ƒ–‡–Š‡‡ˆˆ‡…–•
‘ˆ –Š‡•‡ •‹—Ž–ƒ‡‘—• ’”‹…‡ …Šƒ‰‡• –‘ …‘’—–‡ –Š‡ …‘—–‡”Ǧˆƒ…–—ƒŽ ‘ˆ ƒ •‹‰Ž‡ ’”‹…‡
…Šƒ‰‡Ǣ‡˜‡‹ˆ•—…Š†ƒ–ƒ™‘—Ž†Šƒ˜‡„‡‡ƒ˜ƒ‹Žƒ„Ž‡ǡƒ•–”—…–—”ƒŽ‡…‘‘‡–”‹…ˆ”ƒ‡™‘”
™‘—Ž†Šƒ˜‡„‡‡‡‡†‡†Ǥ‘‡–Š‡Ž‡••ǡ™‡„‡Ž‹‡˜‡–Š‡”‡‹••‘‡˜ƒŽ—‡–‘”‡’‘”–‹‰†‡ƒ†
‡Žƒ•–‹…‹–‹‡• „ƒ•‡† ‘ Œ‘‹– ’”‹…‡ …Šƒ‰‡• ȋƒ† Šƒ˜‹‰ ƒ†‡ –Š‹• ’‘‹–ǡ ™‡ ™‹ŽŽ Š‡…‡ˆ‘”–Š
†”‘’–Š‡“—‘–‡•ȌǤ
Š‡ ’”‹…‡ …‘’ƒ”‹•‘• ƒ”‡ „‡–™‡‡ ’‡”‹‘†• ‹ ™Š‹…Š …ƒ”–‡Ž• ™‡”‡ ‘’‡”ƒ–‹‰
‡ˆˆ‡…–‹˜‡Ž› ˜‡”•—• ’‡”‹‘†• ™Š‡ –Š‡”‡ ™ƒ• ƒ ‡ˆˆ‡…–‹˜‡ ’”‹…‡ ™ƒ” ‘” …‘’Ž‡–‡ ƒ„•‡…‡ ‘ˆ
’”‹…‡…‘Ǧ‘”†‹ƒ–‹‘ǤŠ‡”‡ˆ‘”‡ǡ–Š‡”‡Ž‡˜ƒ–”‡‰”‡••‹‘’ƒ”ƒ‡–‡”‡•–‹ƒ–‡•–‘—•‡ˆ‘”–Š‡
…‘””‡•’‘†‹‰“—ƒ–‹–›‡ˆˆ‡…–•™‘—Ž†„‡–Š‘•‡…‘””‡•’‘†‹‰–‘Dz‘”ƒŽƒ”–‡Ž’‡”ƒ–‹‘Ǥdz
‹–Š …‘ŽŽ—•‹‘ ‹…”‡ƒ•‹‰ •–‡‡”ƒ‰‡ ’”‹…‡• „› ‡ƒ”Ž› –™‘Ǧ–Š‹”†• ƒ† ”‡†—…‹‰ ˜‘Ž—‡ „›
‡ƒ”Ž›͵ͲΨǡ–Š‡…‘””‡•’‘†‹‰†‡ƒ†‡Žƒ•–‹…‹–›‹•‘ˆ–Š‡‘”†‡”‘ˆͲǤͶͲǦͲǤͶͷȋƒŽŽ‡Žƒ•–‹…‹–›
ˆ‹‰—”‡• ƒ”‡ ‹ ƒ„•‘Ž—–‡ ˜ƒŽ—‡ȌǤ Š‡ ‡ˆˆ‡…– ‘ˆ …‘ŽŽ—•‹‘ ‘ ’”‹…‡• ˆ‘” •‡…‘† …Žƒ•• •‡”˜‹…‡
ƒ’’‡ƒ”• –‘ „‡ •ƒŽŽ‡”ǡ ”ƒ‹•‹‰ –Š‡ „› ƒ„‘—– ƒ “—ƒ”–‡”Ǥ Š‡ ‡ˆˆ‡…– ‘ ˜‘Ž—‡• ‹• ƒŽ•‘
•ƒŽŽ‡”ǡƒ–ƒ’’”‘š‹ƒ–‡Ž›ͳ͸Ψǡ„—–‘–’”‘’‘”–‹‘ƒ–‡Ž›•‘ǤŠ—•ǡ–Š‡‹’Ž‹‡†‡Žƒ•–‹…‹–›ˆ‘”
•‡…‘† …Žƒ•• •‡”˜‹…‡ ‹• ‘–‹…‡ƒ„Ž› Š‹‰Š‡”ǡ ƒ– ƒ”‘—† ͲǤ͸ͲǦͲǤ͸ͷǤ ‹ƒŽŽ›ǡ …‘ŽŽ—•‹‘ •‡‡• –‘
”ƒ‹•‡ ˆ‹”•– …Žƒ•• ’”‹…‡• „› ƒ “—ƒ”–‡” –‘ –™‘Ǧˆ‹ˆ–Š• ȋƒ‹Ž› †‡’‡†‹‰ ‘ †‹”‡…–‹‘Ȍǡ ™Š‹Ž‡
‡“—‹Ž‹„”‹—ˆŽ‘™•–‡†–‘†‡…Ž‹‡„›ƒ„‘—–ͳͲ’‡”…‡–™‡•–„‘—†ƒ†ͺ’‡”…‡–‡ƒ•–„‘—†Ǥ
Š‡ ‹’Ž‹‡† ‡Žƒ•–‹…‹–› ˜ƒŽ—‡• ”ƒ‰‡ ˆ”‘ ƒ ˆ‹ˆ–Š –‘ –™‘ ˆ‹ˆ–Š•Ǥ †‹ˆˆ‡”‡…‡ ‹ ‡Žƒ•–‹…‹–›
„‡–™‡‡‡ƒ•–„‘—†ƒ†™‡•–„‘—†ˆ‹”•–…Žƒ•••‡”˜‹…‡ƒ›•‡‡’‡…—Ž‹ƒ”ǡ‰‹˜‡–Šƒ–‘•–
ˆ‹”•– …Žƒ•• ’ƒ••‡‰‡”• ™‘—Ž† –”ƒ˜‡Ž ”‘—† –”‹’Ǥ – …‘—Ž† „‡ †”‹˜‡ „› •ƒŽŽ †‹ˆˆ‡”‡…‡• ‹
‡ƒ•–„‘—† ƒ† ™‡•–„‘—† ˜‘Ž—‡ǣ ‡ƒ•–„‘—† ƒ† ™‡•–„‘—† ˆ‹”•– …Žƒ•• ˆŽ‘™• †‹ˆˆ‡” „›
ƒ„‘—–ͳͲΨǡ•‘–Š‡”‡™‡”‡…Ž‡ƒ”Ž›•‘‡’ƒ••‡‰‡”•™Š‘–”ƒ˜‡Ž‡†‘‡Ǧ™ƒ›‘”™Š‘–”ƒ˜‡Ž‡†
͵͹
‹ ƒ †‹ˆˆ‡”‡– …Žƒ•• ‹ –Š‡ ƒ™ƒ› ƒ† ”‡–—” –”‹’•Ǥ ” –Š‡ †‹ˆˆ‡”‡…‡ ‹ –Š‡ ’”‹…‡ ‡ˆˆ‡…–• ‘ˆ
…‘ŽŽ—•‹‘ ‘ ˆ‹”•– …Žƒ•• ˆƒ”‡• „‡–™‡‡ –Š‡ –™‘ †‹”‡…–‹‘• ‹‰Š– „‡ ƒ ƒ”–‹ˆƒ…– ‘ˆ –Š‡ ˜‡”›
•ƒŽŽ•ƒ’Ž‡•‹œ‡‘™Š‹…Š–Š‡™‡•–„‘—†’”‹…‡…Šƒ‰‡•ƒ”‡„ƒ•‡†Ǥ‘”‡…‘’”‡Š‡•‹˜‡
•‡– ‘ˆ ’”‹…‡• ‹‰Š– Šƒ˜‡ ”‡˜‡ƒŽ‡† Š‹‰Š‡” ™‡•–„‘—† ’”‹…‡ ‡ˆˆ‡…–•ǡ ƒ† –Š—• ƒ Ž‘™‡”
™‡•–„‘—†‡Žƒ•–‹…‹–›Ǥ
‘’ƒ”‹‰ –Š‡ †‡ƒ† ‡Žƒ•–‹…‹–› ˆ‘” –Š‡ –Š”‡‡ …ƒ„‹ Ž‡˜‡Ž•ǡ ‹– ƒ’’‡ƒ”• –Šƒ– ‹– ‹•
Š‹‰Š‡•– ˆ‘” •‡…‘† …Žƒ•• •‡”˜‹…‡ ƒ† Ž‘™‡•– ˆ‘” ˆ‹”•– …Žƒ•• •‡”˜‹…‡Ǥ Š‹‰Š ‡Žƒ•–‹…‹–› ˆ‘”
•‡…‘†…Žƒ•••‡”˜‹…‡‹•‘–•—”’”‹•‹‰ǡ‰‹˜‡–Šƒ––Š‡”‡ƒ”‡–™‘ƒ”‰‹•ƒ–™Š‹…Š’‘–‡–‹ƒŽ
…—•–‘‡”•…ƒ•—„•–‹–—–‡–‘™ƒ”†•ǣ–Š‡›…ƒ‡‹–Š‡”—’‰”ƒ†‡–‘ˆ‹”•–…Žƒ•••‡”˜‹…‡ǡ‘”–Š‡›…ƒ
†‘™‰”ƒ†‡–‘•–‡‡”ƒ‰‡ǤŠ‹”†…Žƒ•••‡”˜‹…‡ǡ™Š‹…ŠŠƒ•–Š‡•‡…‘†Š‹‰Š‡”‡Žƒ•–‹…‹–›ǡƒŽ•‘Šƒ•
–™‘ƒ”‰‹•‘™Š‹…Š…‘•—‡”•…ƒ•—„•–‹–—–‡–‘™ƒ”†•ǣ—’™ƒ”†•ǡ–‘™ƒ”†••‡…‘†…Žƒ••
•‡”˜‹…‡ǡ ‘” †‘™™ƒ”†•ǡ –‘™ƒ”†• ‘ –”ƒ˜‡ŽǤ —– –Š‡ •‡…‘† ƒ”‰‹ ‹• “—ƒŽ‹–ƒ–‹˜‡Ž› ‘”‡
†‹•–‹…– ‹ …‘’ƒ”‹•‘ –‘ –”ƒ˜‡Ž‹‰ ‹ ƒ †‹ˆˆ‡”‡– •‡”˜‹…‡ Ž‡˜‡ŽǤ ‹”•– …Žƒ•• •‡”˜‹…‡ǡ ™Š‹…Š
ƒ’’‡ƒ”•–‘Šƒ˜‡–Š‡•ƒŽŽ‡•–‡Žƒ•–‹…‹–›ǡ‹•…Šƒ”ƒ…–‡”‹œ‡†„›ƒ•‹‰Ž‡ƒ”‰‹‘ˆ•—„•–‹–—–‹‘Ǥ
Š‡•‡ ‡Žƒ•–‹…‹–› ˜ƒŽ—‡• ƒ”‡ •‘‡™Šƒ– Ž‘™‡” –Šƒ –Šƒ– ”‡’‘”–‡† ‹ ‡Ž–ƒ•ǡ ‹…‘––‡ ƒ†
‘…œƒȋʹͲͲͺȌǡ„—–‹–Š‡•ƒ‡„ƒŽŽ’ƒ”ǤŠ‡”‡ƒ•‘ˆ‘”–Š‡†‹ˆˆ‡”‡…‡‹•–Šƒ––Š‡…—””‡–
‡•–‹ƒ–‡• ƒ”‡ „ƒ•‡† ‘ ‘”‡ “—‘–‡•ǡ Šƒ˜‹‰ †‘‡ ƒ –Š‘”‘—‰Š ‹˜‡•–‹‰ƒ–‹‘ ‘ˆ –Š‡
‹ˆ‘”ƒ–‹‘ ‹ –Š‡ Š‹•–‘”‹…ƒŽ ”‡…‘”†Ǥ • ‡Ž–ƒ•ǡ ‹…‘––‡ ƒ† ‘…œƒ ȋʹͲͲͺȌ ƒ”‰—‡ǡ ƒ
‡Žƒ•–‹…‹–› ‘ˆ †‡ƒ† ‹ –Š‡ ”ƒ‰‡ ‘ˆ ͲǤ͹ ‹• ’Žƒ—•‹„Ž‡ǡ ƒ† –Š‡ •‘‡™Šƒ– Ž‘™‡” ˜ƒŽ—‡• ™‡
‘„–ƒ‹ Š‡”‡ ƒ”‡ ‡˜‡ ‘”‡ ’Žƒ—•‹„Ž‡Ǥ ‡ …‘…Ž—†‡ –Š‡ †‹•…—••‹‘ „› ”‡Ǧ‹–‡”ƒ–‹‰ –Šƒ– –Š‡
†‡ˆ‹‹–‹‘ ‘ˆ ‡Žƒ•–‹…‹–› ‹• ‘– ƒ ’ƒ”–‹…—Žƒ”Ž› …Ž‡ƒ ‘‡ǡ ‰‹˜‡ –Šƒ– —Ž–‹’Ž‡ ’”‹…‡• …Šƒ‰‡
•‹—Ž–ƒ‡‘—•Ž›Ǣ”ƒ–Š‡”ǡ–Š‡›‰‹˜‡ƒ‡ƒ•—”‡‘ˆ†‡ƒ†”‡•’‘•‹˜‡‡••™Š‡’”‹…‡•ƒ”‡ƒŽŽ
•‹—Ž–ƒ‡‘—•Ž›‹…”‡ƒ•‡†‘”ƒŽŽ†‡…”‡ƒ•‡†Ǥ
7.CONCLUSIONS
‡–‡•––™‘•‡–•‘ˆŠ›’‘–Š‡•‡•ƒ„‘—––Š‡‡ˆˆ‡…–‘ˆ…‘ŽŽ—•‹‘‘”ƒ•Ǧ–Žƒ–‹…–”ƒ˜‡Ž‹–Š‡
‡ƒ”Ž›ʹͲ–Š…‡–—”›Ǥ‘—”‡šƒ‹ƒ–‹‘‘ˆ–Š‡‡ˆˆ‡…–‘ˆ…ƒ”–‡Ž‘”‰ƒ‹œƒ–‹‘‘•–‡‡”ƒ‰‡ˆŽ‘™•ǡ
™‡ ˆ‹† ‘Ž› Ž‹‹–‡† ‡˜‹†‡…‡ –Šƒ– –Š‡ ’”‡…‹•‡ ˆ‘” ‘ˆ …ƒ”–‡Ž• ™ƒ• ”‡Ž‡˜ƒ– ˆ‘” –Š‡
‡ˆˆ‡…–‹˜‡‡••‘ˆ…‘ŽŽ—•‹‘ǤŠ‡…ƒ”–‡Ž•‘’‡”ƒ–‡†‘”ƒŽŽ›ǡ–Š‡”‡™‡”‡•‹‰‹ˆ‹…ƒ–Ž›‰”‡ƒ–‡”
͵ͺ
”‡†—…–‹‘•‹ˆŽ‘™•ˆ”‘…‘ŽŽ—•‹‘ǡ„—––Šƒ––Š‡ƒ”‰‹ƒŽ‹’ƒ…–‘ˆ–Š‡‘”‰ƒ‹œƒ–‹‘ˆ‘”‹•
„ƒ”‡Ž› †‡–‡…–ƒ„Ž‡ ȋ™‹–Š –Š‡ ’‘••‹„Ž‡ ‡š…‡’–‹‘ ‘ˆ ˆ‹‡•ȌǤ •‘ˆƒ” ƒ• ‘—” •‡…‘† •‡– ‘ˆ
Š›’‘–Š‡•‡•ǡ ™‡ ˆ‹† –Šƒ– ˆ‹”•– …Žƒ•• ƒ† •‡…‘†Ǧ…Žƒ•• ˆŽ‘™• ™‡”‡ǡ ‹ …‘–”ƒ•– –‘ •–‡‡”ƒ‰‡ǡ
—…ŠŽ‡••ƒˆˆ‡…–‡†„›…ƒ”–‡Ž•ǡƒŽ–Š‘—‰Š–Š‡”‡‹•ƒ‘”‡•‹‰‹ˆ‹…ƒ–‹’ƒ…–‘‡ƒ•–™ƒ”†ˆŽ‘™•Ǥ
‘ŽŽ—•‹‘Ž‹‡Ž›†‹•’Žƒ…‡†•‘‡‘†‡•–—„‡”•‘ˆ’ƒ••‡‰‡”•‹–‘Ž‘™‡”…Žƒ••‡•‘ˆ–”ƒ˜‡Žǡ
–Š‡”‡„›‡šƒ…‡”„ƒ–‹‰–Š‡†‡‰”‡‡–‘™Š‹…Š’ƒ••‡‰‡”•™Š‘™‘—Ž†‘”ƒŽŽ›–”ƒ˜‡Ž‹–Š‹”†
…Žƒ•• ™‡”‡ ƒˆˆ‡…–‡† „› …‘ŽŽ—•‹‘ ‘ •–‡‡”ƒ‰‡ –”ƒˆˆ‹…Ǥ Š‹• Žƒ•– •‡– ‘ˆ ”‡•—Ž–• •—‰‰‡•–• –Šƒ–
…‘ŽŽ—•‹‘ Šƒ• ƒ „‹‰‰‡” ‹’ƒ…– ‹ –Š‡ ’—”…Šƒ•‡ †‡…‹•‹‘• ‘ˆ –Š‡ Ž‘™‡•– ‹…‘‡ …‘•—‡”•ǡ
–Šƒ–Š‘•‡ƒ––Š‡—’’‡”‡†•‘ˆ–Š‡‹…‘‡†‹•–”‹„—–‹‘Ǥ
͵ͻ
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Ͷʹ
Table 1. Classification of Westbound Cartel Status
Year
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
Quarter
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
GB-US
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
GB-Can
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
From Medit
-|-|-|-|-|-|-|-|-|-
Route
France-US
F | BFP
F | BFP
F | BFP
Rhine-US
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
Rhine-Can
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
Scand-US
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F| BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
F|P
|F
|F
|F
|F
|F
|F
|F
| BFP
| BFP
| BFP
| BFP
| BFP
| BFP
| BFP
| BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
Notes: F denotes presence of a Fine; B indicates the presence of a bond; P indicates a pooling arrangement; a dash "" indicates an agreement with none of these features. In each cell, upper class (1st and 2nd class) cartel attributes
are listed first, steerage (3rd class) cartel attributes are listed second. Dark (turquoise) shaded areas correspond to
the normal operation of a cartel. Light (grey) shaded areas correspond to disrupted cartel agreement. Unshaded
areas correspond to the absence of a cartel or a price war. Note that there is no collusion upper class service from
Scandinavia, despite collusion in third class service. Sources: see text.
Table 2. Classification of Eastbound Cartel Status
Year
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
Quarter
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
US-GB
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
Can-GB
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
US-Medit.
-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F|F
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
Route
US-France
Can-Rhine
US-Scand
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
F|F|F|-
US-Rhine
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
-|-|-|-|-|-|-|-|-|-|-|-
F| P
F| P
F| P
F| P
F| P
F| P
F| P
F| P
F| P
F| P
F| P
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
|F
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
F | BFP
Notes: F denotes presence of a Fine; B indicates the presence of a bond; P indicates a pooling arrangement; a dash "" indicates an agreement with none of these features. In each cell, upper class (1st and 2nd class) cartel attributes are
listed first, steerage (3rd class) cartel attributes are listed second. Dark (turquoise) shaded areas correspond to the
normal operation of a cartel. Light (grey) shaded areas correspond to disrupted cartel agreement. Unshaded areas
correspond to the absence of a cartel or a price war. Note that there is no collusion upper class service from
Scandinavia, despite collusion in third class service. Striped cells indicate absence of service. Sources: see text.
Table 3. Herfindahl-Hirschman Indexes for selected major routes, by year.
Route
Year
First class
Westbound
Second Class
Third Class
First class
Eastbound
Second Class
Third Class
Britain/US
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
0.231
0.230
0.217
0.216
0.231
0.285
0.285
0.263
0.282
0.321
0.321
0.324
0.354
0.468
0.442
0.376
0.364
0.367
0.360
0.356
0.346
0.345
0.359
0.358
0.372
0.330
0.523
0.452
0.358
0.306
0.240
0.212
0.201
0.175
0.161
0.154
0.109
0.113
0.110
0.421
0.398
0.459
0.579
0.543
0.520
0.573
0.461
0.445
0.469
0.418
0.341
0.307
0.233
0.232
0.215
0.218
0.208
0.263
0.248
0.243
0.250
0.283
0.254
0.253
0.247
0.310
0.319
0.307
0.318
0.318
0.318
0.326
0.298
0.308
0.295
0.273
0.251
0.256
0.616
1.000
0.746
0.306
0.289
0.317
0.275
0.248
0.235
0.218
0.191
0.182
0.136
0.430
0.414
0.488
0.585
0.470
0.475
0.487
0.415
0.367
0.387
0.321
0.314
0.272
0.243
0.253
0.255
0.249
0.256
0.300
0.283
0.287
0.282
0.326
0.301
0.292
0.303
0.328
0.310
0.328
0.317
0.329
0.321
0.308
0.306
0.288
0.264
0.272
0.265
0.261
0.195
0.179
0.160
0.132
0.128
0.129
0.110
0.100
0.095
0.109
0.087
0.087
0.084
0.399
0.401
0.440
0.471
0.385
0.422
0.394
0.347
0.327
0.369
0.346
0.306
0.261
0.234
0.235
0.230
0.215
0.248
0.291
0.267
0.271
0.295
0.325
0.325
0.321
0.354
0.443
0.390
0.366
0.357
0.352
0.368
0.365
0.344
0.348
0.354
0.346
0.335
0.339
0.585
0.512
0.449
0.329
0.267
0.238
0.220
0.222
0.202
0.177
0.167
0.154
0.159
0.411
0.372
0.436
0.527
0.485
0.487
0.525
0.449
0.459
0.473
0.389
0.356
0.312
0.249
0.255
0.231
0.233
0.254
0.296
0.272
0.273
0.287
0.297
0.295
0.298
0.278
0.315
0.303
0.303
0.309
0.316
0.318
0.320
0.307
0.301
0.296
0.293
0.274
0.271
0.500
1.000
0.606
0.655
0.687
0.387
0.377
0.373
0.279
0.276
0.251
0.244
0.117
0.427
0.463
0.463
0.571
0.565
0.454
0.462
0.404
0.379
0.367
0.373
0.293
0.264
0.250
0.268
0.261
0.258
0.280
0.319
0.315
0.300
0.324
0.321
0.324
0.303
0.302
0.316
0.310
0.309
0.312
0.316
0.307
0.299
0.280
0.247
0.253
0.248
0.238
0.206
0.288
0.348
0.242
0.176
0.181
0.128
0.133
0.115
0.101
0.083
0.093
0.099
0.079
0.422
0.365
0.418
0.544
0.489
0.479
0.451
0.441
0.416
0.437
0.405
0.321
0.264
Rhine/US
Medit/US
Britain/Can
Notes: The range of the HHI is in the [0,1] interval. Values correspond to annual average of HHI, computed from quarterly
flows.
Table 4. Westbound Third Class Passenger Flows.
GDP/volume economic controls
Constant
Cartel Agreement
Normal Cartel Operation
Bond or Pool
Normal * (Bond or Pool)
BondPool
All Effects
Base + Effects
BondPool
All Effects
Base + Effects
7.320
0.103
-0.017
0.071
-0.306
0.053
-0.018
0.038
-0.017
0.041
7.363
0.099
-0.018
0.077
-0.283
0.129
7.389
0.097
-0.088
0.066
7.654
0.119
-0.071
0.073
-0.200
0.119
7.708
0.119
-0.148
0.069
-0.029
0.039
-0.022
0.130
0.015
0.011
0.026
0.007
-0.016
0.010
-0.031
0.039
-0.284
0.054
0.017
0.011
0.025
0.007
-0.018
0.011
7.593
0.119
-0.052
0.073
-0.245
0.050
-0.021
0.039
0.027
0.040
0.009
0.119
-0.040
0.119
0.007
0.036
-0.202
0.052
-0.046
0.017
0.022
0.006
-0.003
0.009
-0.749
0.128
0.016
0.002
0.782
0.049
0.275
0.045
0.155
0.042
2.603
0.048
2.805
0.069
1.370
0.067
3.300
0.083
1.677
0.107
0.036
0.136
0.9162
0.9493
-0.051
0.017
0.018
0.006
-0.002
0.009
-0.730
0.131
0.015
0.002
0.780
0.051
0.283
0.044
0.157
0.042
2.595
0.050
2.776
0.081
1.339
0.060
3.269
0.063
1.628
0.106
-0.063
0.128
0.9163
0.9476
-0.058
0.017
0.020
0.006
-0.007
0.009
-0.769
0.134
0.016
0.002
0.796
0.050
0.298
0.045
0.176
0.043
2.592
0.049
2.663
0.072
1.358
0.061
3.267
0.063
1.605
0.108
-0.068
0.120
0.9149
0.9467
Normal * Fine
Factory Employment
Destination GDP
Origin GDP
0.021
0.010
0.024
0.007
-0.012
0.010
US Unemployment
Destination Wages
Origin Wages
Year 1908
Quarterly Trend
Spring
Summer
Fall
Britain-USA
Mediterranean-USA
Northern France-USA
Rhine-USA
Britain-Canada
Rhine-Canada
R-squared (unweighted)
R-squared (weighted)
Labor market economic controls
-0.764
0.139
0.020
0.002
0.709
0.054
0.199
0.051
0.098
0.046
2.648
0.061
2.835
0.076
1.352
0.073
3.333
0.091
1.830
0.069
0.162
1.510
0.9173
0.9399
-0.701
0.143
0.018
0.002
0.743
0.055
0.262
0.052
0.134
0.049
2.619
0.054
2.797
0.087
1.303
0.061
3.274
0.065
1.821
0.064
0.146
0.104
0.9177
0.9438
-0.744
0.140
0.019
0.002
0.729
0.058
0.251
0.054
0.133
0.050
2.636
0.059
2.662
0.081
1.319
0.064
3.285
0.071
1.800
0.067
0.099
0.102
0.9182
0.9369
Notes: (i) The omitted route dummy variable is Scandinavia-USA. (ii) The number of observations is 325 for the first three
specifications, and 331 for remaining specifications. (iii) Destination and origin wages/GDP are deviations from trend. (iv)
Factory Employment is in first differences. (v) US Unemployment applies to US observations only. (vi) Weighted R-squared
weighs observations using GLS weights.
Table 5. Eastbound Third Class Passenger Flows.
GDP/volume economic controls
Constant
Cartel Agreement
Normal Cartel Operation
Bond or Pool
Normal * (Bond or Pool)
BondPool
All Effects
Base + Effects
BondPool
All Effects
Base + Effects
5.856
0.161
-0.137
0.136
-0.307
0.098
0.030
0.083
-0.022
0.080
5.924
0.152
-0.180
0.124
-0.650
0.171
5.774
0.139
-0.233
0.111
6.318
0.197
-0.277
0.123
-0.491
0.165
6.190
0.195
-0.354
0.120
0.027
0.057
0.312
0.162
-0.014
0.015
0.013
0.018
0.024
0.012
-0.022
0.055
-0.259
0.086
-0.003
0.014
-0.004
0.018
0.027
0.012
6.308
0.196
-0.277
0.135
-0.271
0.104
0.044
0.095
0.027
0.089
0.066
0.054
0.264
0.152
0.014
0.051
-0.077
0.090
-0.040
0.029
-0.054
0.018
0.011
0.011
0.337
0.118
0.028
0.002
0.932
0.089
0.823
0.076
0.834
0.089
2.534
0.088
2.726
0.095
-1.037
0.416
2.631
0.125
0.790
0.168
na
na
0.7475
0.9075
-0.061
0.027
-0.063
0.017
0.004
0.010
0.322
0.107
0.030
0.002
0.949
0.096
0.849
0.081
0.930
0.095
2.507
0.090
2.823
0.131
-1.544
0.414
2.630
0.115
0.723
0.154
na
na
0.7313
0.9100
-0.067
0.029
-0.046
0.018
0.020
0.011
0.349
0.125
0.031
0.002
0.991
0.092
0.865
0.079
0.900
0.081
2.550
0.080
2.878
0.114
-0.033
0.440
2.708
0.106
0.779
0.170
na
na
0.7444
0.9079
Normal * Fine
Factory Employment
Destination GDP
Origin GDP
-0.005
0.014
0.004
0.019
0.023
0.013
US Unemployment
Destination Wages
Origin Wages
Year 1908
Quarterly Trend
Spring
Summer
Fall
USA-Britain
USA-Mediterranean
USA-Northern France
USA-Rhine
Canada-Britain
Canada-Rhine
R-squared (unweighted)
R-squared (weighted)
Labor market economic controls
0.337
0.195
0.031
0.002
0.989
0.081
0.875
0.076
0.915
0.078
2.581
0.094
2.815
0.099
-0.263
0.542
2.769
0.131
1.040
0.109
na
na
0.7490
0.9103
0.244
0.185
0.029
0.002
0.989
0.088
0.901
0.082
0.956
0.081
2.580
0.090
2.953
0.113
0.254
0.529
2.804
0.114
1.059
0.101
na
na
0.7465
0.9079
0.333
0.195
0.033
0.002
1.076
0.086
0.946
0.073
1.001
0.079
2.556
0.092
2.822
0.098
-0.267
0.586
2.780
0.102
1.099
0.105
na
na
0.7415
0.9204
Notes: (i) The omitted route dummy variable is Scandinavia-USA. (ii) The number of observations is 266 for the first three
specifications, and 272 for remaining specifications. (iii) Destination and origin wages/GDP are deviations from trend. (iv)
Factory Employment is in first differences. (v) US Unemployment applies to US observations only. (vi) Weighted R-squared
weighs observations using GLS weights.
Table 6. Comparison of Westbound Passenger Flows, by Class of Service.
All inclusive Cartel Variable
Distinguishing Normal Cartel Operation
First Class
Second Class
Third Class
First Class
Second Class
Third Class
Constant
3.872
4.766
7.326
3.857
4.718
7.342
0.080
0.054
0.097
0.081
0.056
0.088
Cartel Agreement
-0.020
0.057
-0.263
0.082
0.194
-0.018
0.046
0.063
0.066
Normal Cartel Operation
Factory Employment
0.050
0.067
0.071
-0.106
-0.195
-0.323
0.039
0.047
0.040
0.002
0.007
0.026
0.001
0.003
0.017
0.007
0.009
0.011
0.006
0.009
0.011
Destination GDP
0.017
0.015
0.038
0.013
0.003
0.026
0.006
0.006
0.008
0.006
0.006
0.007
Origin GDP
-0.001
-0.022
-0.023
-0.004
-0.022
-0.017
0.011
0.011
0.012
0.010
0.011
0.010
Year 1908
-0.026
-0.116
-0.595
-0.002
-0.122
-0.685
0.067
0.095
0.137
0.063
0.090
0.135
Quarterly Trend
Spring
Summer
Fall
Britain-USA
Mediterranean-USA
North France-USA
Rhine-USA
Britain-Canada
Rhine-Canada
0.014
0.034
0.017
0.015
0.035
0.018
0.001
0.001
0.001
0.001
0.001
0.001
0.713
0.579
0.719
0.719
0.579
0.719
0.043
0.048
0.055
0.041
0.048
0.054
1.563
0.643
0.202
1.579
0.665
0.221
0.046
0.048
0.057
0.041
0.044
0.051
0.963
0.500
0.119
0.970
0.487
0.118
0.045
0.047
0.051
0.040
0.049
0.045
4.001
3.207
1.700
3.955
3.229
2.652
0.085
0.077
0.072
0.088
0.087
0.058
2.509
1.510
2.806
2.520
1.537
2.827
0.092
0.105
0.077
0.093
0.102
0.073
1.791
1.370
1.517
1.762
1.304
1.344
0.089
0.070
0.071
0.088
0.071
0.060
3.684
3.172
3.399
3.654
3.202
3.319
0.081
0.074
0.070
0.079
0.068
0.065
2.224
2.469
1.858
2.175
2.548
1.830
0.088
0.089
0.078
0.085
0.080
0.066
-2.567
-2.660
0.277
-3.050
-2.563
0.135
1.225
0.133
0.126
1.271
0.116
0.107
R-squared (unweighted)
0.9266
0.9332
0.9056
0.9277
0.9368
0.9173
R-squared (weighted)
0.9566
0.9658
0.9262
0.9591
0.9693
0.9418
Notes: (i) The omitted route dummy variable is USA-Scandinavia. (ii) The number of observations is 298 for first class, 318 for
second class and 331 for third class. (iii) Factory employment is in first differences (iv) destination and origin gdp are
deviations from trend. (v) Weighted R-squared weighs observations using GLS weights.
Table 7. Comparison of Eastbound Passenger Flows, by Class of Service.
All inclusive Cartel Variable
Distinguishing Normal Cartel Operation
First Class
Second Class
Third Class
First Class
Second Class
Third Class
Constant
3.951
4.106
6.049
3.731
4.069
5.789
0.099
0.083
0.133
0.099
0.083
0.134
Cartel Agreement
-0.047
-0.086
-0.512
-0.041
0.027
-0.165
0.046
0.064
0.108
Normal Cartel Operation
Factory Employment
Destination GDP
Origin GDP
Year 1908
Quarterly Trend
Spring
Summer
Fall
USA-Britain
USA-Mediterranean
USA-North France
USA-Rhine
Canada-Britain
Canada-Rhine
0.085
0.068
0.129
-0.084
-0.169
-0.344
0.063
0.056
0.070
0.008
0.012
-0.010
0.012
0.006
-0.006
0.010
0.010
0.015
0.011
0.010
0.014
0.007
-0.013
0.010
-0.005
-0.016
0.009
0.012
0.014
0.018
0.015
0.013
0.018
0.005
0.022
0.044
0.015
0.016
0.025
0.007
0.008
0.010
0.010
0.008
0.012
0.021
0.201
0.159
0.059
0.167
0.369
0.119
0.096
0.193
0.133
0.099
0.189
0.009
0.025
0.030
0.012
0.026
0.033
0.001
0.002
0.002
0.001
0.002
0.002
1.311
1.400
1.044
1.346
1.394
0.985
0.053
0.071
0.086
0.067
0.068
0.084
0.965
1.110
0.886
0.964
1.101
0.870
0.052
0.071
0.079
0.070
0.066
0.077
0.258
0.595
0.941
0.254
0.613
0.976
0.047
0.073
0.086
0.053
0.070
0.075
4.138
3.297
2.451
4.381
3.281
2.550
0.095
0.074
0.072
0.102
0.072
0.082
3.298
1.748
2.793
3.529
1.828
2.900
0.127
0.103
0.097
0.114
0.083
0.090
0.747
1.431
-0.321
0.451
1.347
0.157
0.543
0.134
0.613
0.452
0.118
0.550
3.861
3.140
2.745
4.031
3.139
2.864
0.096
0.080
0.073
0.099
0.074
0.079
2.295
2.136
1.074
2.471
2.131
1.143
0.101
0.083
0.094
0.104
0.074
0.093
na
na
na
na
na
na
na
na
na
na
na
na
R-squared (unweighted)
0.8223
0.8784
0.7350
0.8245
0.8823
0.7437
R-squared (weighted)
0.9514
0.9536
0.9085
0.9415
0.9566
0.9138
Notes: (i) The omitted route dummy variable is USA-Scandinavia. (ii) The number of observations is 265 for first class, 258 for
second class and 266 for third class. (iii) Factory employment is in first differences, (iv) destination and origin gdp are
deviations from trend. (v) Weighted R-squared weighs observations using GLS weights.
Table 8. Collusion-Induced Cabin Class Substitution, excluding routes from Scandinavia
Cabin class under
Passenger flows for typical route-quarter under collusive status
Westbound flows with collusion
counterfactual of
no collusive agreement
First Class
First Class
4,455
Second Class
Third Class
Total
Quarters with passengers
Second Class
Third Class
Displaced
Total
92
4,546
7,434
7,434
345
33,751
9,825
4,455
7,870
33,751
9,825
199
215
222
43,921
na
Westbound flows with normally functioning collusion
First Class
First Class
4,763
Second Class
Second Class
Quarters with passengers
Displaced
113
Total
4,877
8,059
117
33,181
13,635
4,763
8,172
33,297
13,635
139
145
151
Third Class
Total
Third Class
8,175
46,815
na
Eastbound flows with collusion
First Class
First Class
4,734
Second Class
Second Class
Quarters with passengers
Displaced
227
4,353
Third Class
Total
Third Class
Total
4,961
637
4,990
15,400
11,360
11,360
4,734
4,580
16,037
194
186
194
26,760
na
Eastbound flows with normally functioning collusion
First Class
First Class
4,727
Second Class
Second Class
Quarters with passengers
Displaced
629
4,177
Third Class
All Classes
Third Class
Total
5,357
1,365
5,541
13,185
11,027
11,027
4,727
4,806
14,550
136
128
136
24,212
na
Notes. Numbers may not add up because of independent rounding of counterfactual figures. The averaging of total
flows is over the number of periods with positive steerage flows. See text for details.
Panel 3: US to Mediterranean
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 4 8 12 16 20
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 4 8 12 16 20
Passengers per quarter in ’000
0
20
40
60
Passengers per quarter in ’000
0 4 8 12 16 20
Panel 1: Total 1st Class Eastbound Flows
Panel 2: US to Britain
1899 1901 1903 1905 1907 1909 1911
Year
Panel 4: US to Rhine
1899 1901 1903 1905 1907 1909 1911
Year
Figure 1: Eastbound First Class Flows
Panel 3: US to Mediterranean
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 4 8 12 16 20
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 4 8 12 16 20
Passengers per quarter in ’000
0
20
40
60
Passengers per quarter in ’000
0 4 8 12 16 20
Panel 1: Total 2nd Class Eastbound Flows
Panel 2: US to Britain
1899 1901 1903 1905 1907 1909 1911
Year
Panel 4: US to Rhine
1899 1901 1903 1905 1907 1909 1911
Year
Figure 2: Eastbound Second Class Flows
Panel 3: US to Mediterranean
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0
40 80 120 160
Passengers per quarter in ’000
0
40 80 120 160
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0
40 80 120 160
Passengers per quarter in ’000
0
100
200
300
Panel 1: Total Third Class Eastbound Flows
Panel 2: US to Britain
1899 1901 1903 1905 1907 1909 1911
Year
Panel 4: US to Rhine
1899 1901 1903 1905 1907 1909 1911
Year
Figure 3: Eastbound Third Class Flows
Panel 3: Mediterranean to the US
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 4 8 12 16 20
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 4 8 12 16 20
Passengers per quarter in ’000
0
20
40
60
Passengers per quarter in ’000
0 4 8 12 16 20
Panel 1: Total 1st Class Westbound Flows
Panel 2: Britain to the US
1899 1901 1903 1905 1907 1909 1911
Year
Panel 4: Rhine to the US
1899 1901 1903 1905 1907 1909 1911
Year
Figure 4: Westbound First Class Flows
Panel 3: Mediterranean to the US
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 5 10 15 20 25 30
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0 5 10 15 20 25 30
Passengers per quarter in ’000
0 20 40 60 80 100
Passengers per quarter in ’000
0 5 10 15 20 25 30
Panel 1: Total 2nd Class Westbound Flows
Panel 2: Britain to the US
1899 1901 1903 1905 1907 1909 1911
Year
Panel 4: Rhine to the US
1899 1901 1903 1905 1907 1909 1911
Year
Figure 5: Westbound Second Class Flows
Panel 3: Mediterranean to the US
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0
40 80 120 160
Passengers per quarter in ’000
0 40 80 120 160
1899 1901 1903 1905 1907 1909 1911
Year
Passengers per quarter in ’000
0
40 80 120 160
Passengers per quarter in ’000
0
200
400
600
Panel 1: Total Third Class Westbound Flows
Panel 2: Britain to the US
1899 1901 1903 1905 1907 1909 1911
Year
Panel 4: Rhine to the US
1899 1901 1903 1905 1907 1909 1911
Year
Figure 6: Westbound Third Class Flows

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