University of Groningen
Environmental policy and technology diffusion under imperfect competition
Vries, Frans Pieter de
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Vries, F. P. D. (2003). Environmental policy and technology diffusion under imperfect competition: an
evolutionary game theoretical approach Groningen: s.n.
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Environmental Policy and Technology Diffusion
under Imperfect Competition
An Evolutionary Game Theoretical Approach
Frans P. de Vries
Cover design by Rutger Meijer
Printed by PrintPartners Ipskamp
RIJKSUNIVERSITEIT GRONINGEN
Environmental Policy and Technology Diffusion
under Imperfect Competition
An Evolutionary Game Theoretical Approach
Proefschrift
ter verkrijging van het doctoraat in de
Rechtsgeleerdheid
aan de Rijksuniversiteit Groningen
op gezag van de
Rector Magnificus, dr. F. Zwarts,
in het openbaar te verdedigen op
donderdag 1 mei 2003
om 14:15 uur
door
Frans Pieter de Vries
geboren op 17 augustus 1971
te Groningen
Promotor:
Prof. dr. A. Nentjes
Beoordelingscommissie:
Prof. dr. D. Friedman
Prof. dr. L.L.G. Soete
Prof. dr. A.J. de Zeeuw
Voor mijn vader
(1935-2001)
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-1000.0
0.
1
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-3000.0
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469
PDUNHWDEOH SHUPLWV YHUVXV FUHGLWV
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permit price
credit price
1000.0
price
800.0
600.0
400.0
200.0
1.
0
0.
9
0.
94
2
0.
8
0.
7
0.
6
0.
5
0.
4
0.
3
0.
2
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1
0.
0
0.0
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clean_per
dirty_cre
clean_cre
250.0
product price
200.0
150.0
100.0
50.0
1.
0
0.
9
0.
94
2
0.
8
0.
7
0.
6
0.
5
0.
4
0.
3
0.
2
0.
1
0.
0
0.0
s
Iljxuh ;16= Surgxfw sulfhv xqghu shuplwv dqg fuhglwv1
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dirty_per
clean_per
dirty_cre
clean_cre
units of industry output
120.0
100.0
80.0
60.0
40.0
20.0
1.
0
0.
9
0.
94
2
0.
8
0.
7
0.
6
0.
5
0.
4
0.
3
0.
2
0.
1
0.
0
0.0
s
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permits
credits
laissez faire
units of industry output
140.0
120.0
100.0
80.0
60.0
40.0
20.0
1.
0
0.
9
0.
94
2
0.
8
0.
7
0.
6
0.
5
0.
4
0.
3
0.
2
0.
1
0.
0
0.0
s
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credits
laissez faire
70.0
60.0
50.0
40.0
30.0
20.0
10.0
1.
0
0.
9
0.
94
2
0.
8
0.
7
0.
6
0.
5
0.
4
0.
3
0.
2
0.
1
0.0
0.
0
units of industry emissions
permits
s
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Uhylhz Surfhhglqjv :8= 665066:1
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Suhvv/ Fdpeulgjh XN1
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Gh Yulhv/ I1S1 dqg D1 Qhqwmhv +5336,/ cHqylurqphqwdo Srolf| dv d Vwlpxoxv
iru Whfkqrorj| Dgrswlrq dqg Glxvlrq= Dq Lqwhusuhwlyh Dvvhvvphqw dqg Lqwh0
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Grvl/ J1 +4<;;d,/ cVrxufhv/ Surfhgxuhv dqg Plfur0Hfrqrplf Hhfwv ri Lqqryd0
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Grzqlqj/ S1E1 dqg O1M1 Zklwh +4<;9,/ cLqqrydwlrq lq Srooxwlrq Frqwuro*/ Mrxu0
qdo ri Hqylurqphqwdo Hfrqrplfv dqg Pdqdjhphqw 46= 4;05<1
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Elrorjlfdo Dqdorjlhv lq Hfrqrplfv*/ Uhyxh Hfrqrpltxh 75+5,= 54405651
Iuhhpdq/ F1 dqg O1 Vrhwh +hgv1,
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ri Whfkqrorjlfdo Fkdqjh/ Slqwhu Sxeolvkhuv/ Orqgrq1
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Iulhgpdq/ G1 +5334,/ cWrzdugv Hyroxwlrqdu| Jdph Prghov ri Ilqdqfldo Pdu0
nhwv*/ Txdqwlwdwlyh Ilqdqfh 4+4,= 40<1
Iulhgpdq/
G1 dqg N1F1 Ixqj +4<<9,/
Rujdql}dwlrq ri Ilupv=
cLqwhuqdwlrqdo Wudgh dqg wkh Lqwhuqdo
Dq Hyroxwlrqdu| Dssurdfk*/ Mrxuqdo ri Lqwhuqdwlrqdo
Hfrqrplfv 74= 446046:1
Iulhgpdq/ P1 +4<86,/ cWkh Phwkrgrorj| ri Srvlwlyh Hfrqrplfv*/ lq= P1 Iulhg0
pdq +hg1,/ Hvvd|v lq Srvlwlyh Hfrqrplfv/ Xqlyhuvlw| ri Fklfdjr Suhvv/ Fklfdjr
LO1
Ixghqehuj/ G1 dqg G1N1 Ohylqh +4<<;,/ Wkh Wkhru| ri Ohduqlqj lq Jdphv/
PLW Suhvv/ Fdpeulgjh PD1
Ixqj/ N1F1 +4<;;,/ cVwudwhjlf Wudgh Srolflhv/ Glhuhqwldwhg Gxrsro| dqg Lqwud0
Lqgxvwu| Wudgh*/ Lqwhuqdwlrqdo Hfrqrplf Mrxuqdo 5+6,= 4<0671
Jhurvnl/ S1D1 +5333,/ cPrghov ri Whfkqrorj| Glxvlrq*/ Uhvhdufk Srolf|
5<=
93609581
Jlqwlv/ K1 +5333,/ Jdph Wkhru| Hyroylqj=
D Sureohp Fhqwhuhg Lqwurgxfwlrq
wr Prgholqj Vwudwhjlf Lqwhudfwlrq/ Sulqfhwrq Xqlyhuvlw| Suhvv/ Sulqfhwrq/ Qhz
Mhuvh|1
Jodlvwhu/ V1 +4<:7,/ cDgyhuwlvlqj Srolf| dqg Uhwxuqv wr Vfdoh lq Pdunhwv zkhuh
Lqirpdwlrq lv Sdvvhg Ehwzhhq Lqglylgxdov*/ Hfrqrplfd 74= 46<04891
4<7
UHIHUHQFHV
Julolfkhv/ ]1 +4<8:,/ cK|eulg Fruq= Dq H{sorudwlrq lq wkh Hfrqrplfv ri Whfk0
qlfdo Fkdqjh*/ Hfrqrphwulfd 58+7,= 83408551
Kdjhp/ F1 dqg K1 Zhvwvnrj +4<<;,/ cWkh Ghvljq ri d G|qdplfdo Wudghdeoh
Txrwd V|vwhp xqghu Pdunhw Lpshuihfwlrqv*/ Mrxuqdo ri Hqylurqphqwdo Hfr0
qrplfv dqg Pdqdjhphqw 69= ;<043:1
Kdqk/ U1Z1 +4<;7,/ cPdunhw Srzhu dqg Wudqvihudeoh Surshuw| Uljkwv*/ Txdu0
whuo| Mrxuqdo ri Hfrqrplfv <<+7,= :860:981
Kdplowrq/ Z1G1 +4<9:,/ cH{wudruglqdu| Vh{ Udwlrv*/ Vflhqfh 489= 7::07;;1
Kdqvhq/ U1J1 dqg Z1I1 Vdpxhovrq +4<;;,/ cHyroxwlrq lq Hfrqrplf Jdphv*/
Mrxuqdo ri Hfrqrplf Ehkdylru dqg Rujdql}dwlrq 43= 648066;1
Kd|hn/ I1D1 +4<:<,/ Odz/ Ohjlvodwlrq dqg Olehuw|/ Yro 61
Wkh Srolwlfdo Rughu
ri d Iuhh Shrsoh/ Urxwohgjh/ Orqgrq1
Kd|hn/ I1D1 +4<;;,/ Wkh Idwdo Frqfhlw/ Urxwohgjh/ Orqgrq1
Khkhqndps/ E1 dqg Z1 Ohlqljhu +4<<<,/ cD Qrwh rq Hyroxwlrqdu| Vwdelolw| ri
Ehuwudqg Htxloleulxp*/ Mrxuqdo ri Hyroxwlrqdu| Hfrqrplfv <= 69:06:41
Khkhqndps/ E1/ F0]1 Tlq dqg F1 Vwxduw +4<<<,/ cHfrqrplf Qdwxudo Vhohfwlrq
lq Ehuwudqg dqg Frxuqrw Vhwwlqjv*/ Mrxuqdo ri Hyroxwlrqdu| Hfrqrplfv <= 5440
5571
Khuqhv/ J1 +4<:9,/ cGlxvlrq dqg Jurzwk 0 Wkh Qrq0Krprjhqhrxv Fdvh*/ Vfdq0
glqdyldq Mrxuqdo ri Hfrqrplfv :;= 75:07691
Kluvkohlihu/ M1 +4<::,/ cHfrqrplfv iurp d Elrorjlfdo Ylhzsrlqw*/ Mrxuqdo ri Odz
dqg Hfrqrplfv 53+4,= 40851
Kluvkohlihu/ M1 +4<;5,/ cHyroxwlrqdu| Prghov lq Hfrqrplfv dqg Odz= Frrshud0
wlyh yhuvxv Frq
lfw Vwudwhjlhv*/ Uhvhdufk lq Odz dqg Hfrqrplfv 7= 40931
Kluvkohlihu/ M1 dqg M1F1 Pduwlqh} Froo +4<;;,/ cZkdw Vwudwhjlhv fdq Vxssruw
wkh Hyroxwlrqdu| Hphujhqfh ri FrrshudwlrqB*/ Mrxuqdo ri Frq
65= 69:06<;1
lfw Uhvroxwlrq
4<8
Kluvkohlihu/ M1 dqg M1J1 Uloh| +4<<5,/ Wkh Dqdo|wlfv ri Xqfhuwdlqw| dqg Lqiru0
pdwlrq/ Fdpeulgjh Xqlyhuvlw| Suhvv/ Fdpeulgjh XN1
Kriedxhu/ M1 dqg N1 Vljpxqg +4<;;,/ Wkh Wkhru| ri Hyroxwlrq dqg G|qdplfdo
V|vwhpv/ Fdpeulgjh Xqlyhuvlw| Suhvv/ Fdpeulgjh XN1
Kruvn|/ G1 dqg O1V1 Vlprq +4<;6,/ cDgyhuwlvlqj dqg wkh Glxvlrq ri Qhz Surg0
xfwv*/ Pdunhwlqj Vflhqfh 5= 404:1
Kxfn/ V1/ K0W1 Qrupdqq dqg M1 Rhfkvvohu +4<<<,/ cOhduqlqj lq Frxuqrw Roljrsro|
0 Dq H{shulphqw*/ Hfrqrplf Mrxuqdo 43<= F;30F<81
Kxfn/ V1/ K0W1 Qrupdqq dqg M1 Rhfkvvohu +5333,/ cGrhv Lqirupdwlrq derxw
Frpshwlwru*v Dfwlrqv Lqfuhdvh ru Ghfuhdvh Frpshwlwlrq lq H{shulphqwdo Roljrsro|
PdunhwvB*/ Lqwhuqdwlrqdo Mrxuqdo ri Lqgxvwuldo Rujdql}dwlrq 4;= 6<08:1
Mdh/ D1E1/ U1J1 Qhzhoo dqg U1Q1 Vwdylqv +5333,/ cWhfkqrorjlfdo Fkdqjh dqg
wkh Hqylurqphqw*/ QEHU Zrunlqj Sdshu qu1
:<:3/ Fdpeulgjh PD/ Iruwk0
frplqj lq N1J1 Pçohu dqg M1 Ylqfhqw +hgv1,/ Kdqgerrn ri Hqylurqphqwdo Hfr0
qrplfv/ Qruwk0Kroodqg2Hovhylhu/ Dpvwhugdp1
Mdh/ D1E1 dqg U1Q1 Vwdylqv +4<<8,/ cG|qdplf Lqfhqwlyhv ri Hqylurqphqwdo
Uhjxodwlrqv= Wkh Hhfwv ri Dowhuqdwlyh Srolf| Lqvwuxphqwv rq Whfkqrorj| Gli0
ixvlrq*/ Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv dqg Pdqdjhphqw 5<= V760V961
Mxqj/ F1K1/ N1 Nuxwlood dqg U1 Er|g +4<<9,/ cLqfhqwlyhv iru Dgydqfhg Srooxwlrq
Dedwhphqw Whfkqrorj| dw wkh Lqgxvwu| Ohyho= Dq Hydoxdwlrq ri Srolf| Dowhu0
qdwlyhv*/ Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv dqg Pdqdjhphqw 63= <804441
Ndolvk/ V1 +4<;8,/ cD Qhz Surgxfw Dgrswlrq Prgho zlwk Sulfh/ Dgyhuwlvlqj
dqg Xqfhuwdlqw|*/ Pdqdjhphqw Vflhqfh 64+45,= 489<048;81
Ndqgrul/ P1/ J1 Pdlodwk dqg U1 Ure +4<<6,/ cOhduqlqj/ Pxwdwlrq dqg Orqj
Uxq Htxloleuld lq Jdphv*/ Hfrqrphwulfd 94= 5<0891
Nduvkhqdv/ P1 dqg S1 Vwrqhpdq +4<<5,/ cD Ioh{leoh Prgho ri Whfkqrorjlfdo
Glxvlrq Lqfrusrudwlqj Hfrqrplf Idfwruv zlwk dq Dssolfdwlrq wr wkh Vsuhdg
ri Frorxu Whohylvlrq Rzqhuvkls lq wkh XN*/ Mrxuqdo ri Iruhfdvwlqj 44= 8::09341
4<9
UHIHUHQFHV
Nduvkhqdv/ P1 dqg S1 Vwrqhpdq +4<<8,/ cWhfkrorjlfdo Glxvlrq*/ lq= S1 Vwrqh0
pdq +hg1,/ Kdqgerrn ri wkh Hfrqrplfv ri Lqqrydwlrq dqg Whfkqrorjlfdo Fkdqjh/
Edvlo Eodfnzhoo/ R{irug1
Nhps/ U1 +4<<:,/ Hqylurqphqwdo Srolf| dqg Whfkqlfdo Fkdqjh= D Frpsdulvrq
ri wkh Whfkqrorjlfdo Lpsdfw ri Srolf| Lqvwuxphqwv/ Hgzdug Hojdu/ Fkhowhqkdp
XN1
Nhps/ U1 dqg O1 Vrhwh +4<<3,/ cLqvlgh wkh cJuhhq Er{*=
ri Whfkqrorjlfdo Fkdqjh dqg wkh Hqylurqphqw*/ lq=
+hgv1,/
Rq wkh Hfrqrplfv
F1 Iuhhpdq dqg O1 Vrhwh
Qhz H{sorudwlrqv lq wkh Hfrqrplfv ri Whfkqrorjlfdo Fkdqjh/
Slqwhu
Sxeolvkhuv/ Orqgrq1
Nhps/ U1 dqg O1 Vrhwh +4<<5,/ cWkh Juhhqlqj ri Whfkqrorjlfdo Surjuhvv=
Dq
Hyroxwlrqdu| Shuvshfwlyh*/ Ixwxuhv 57+8,= 76:078:1
Nhps/ U1/ S1 Pxoghu dqg F1K1 Uhvfknh +4<<<,/ cHyroxwlrqdu| Wkhrulvlqj rq
Whfkqrorjlfdo Fkdqjh dqg Vxvwdlqdeoh Ghyhorsphqw*/ RFIHE Uhvhdufk Php0
rudqgxp <<45/ Hudvpxv Xqlyhuvlw|/ Urwwhugdp1
Nhrkdqh/ Q1R1 +4<<<,/ cSrolf| Lqvwuxphqwv dqg wkh Glxvlrq ri Srooxwlrq Dedwh0
phqw Whfkqltxh*/ Kduydug Xqlyhuvlw|1
Nhrkdqh/ Q1R1 +5335,/ cHqylurqphqwdo Srolf| dqg wkh Fkrlfh ri Dedwhphqw
Whfkqltxh=
Hylghqfh
iurp
Frdo0Iluhg Srzhu
Sodqwv*/
Zrunlqj Sdshu/
\doh
Vfkrro ri Pdqdjhphqw1
Nhuu/ V1 dqg U1J1 Qhzhoo +5333,/ cSrolf|0Lqgxfhg Whfkqrorj| Dgrswlrq= Hyl0
ghqfh iurp wkh X1V1 Ohdg Skdvhgrzq*/ Glvfxvvlrq Sdshu 34047/ Uhvrxufhv iru
wkh Ixwxuh/ Zdvklqjwrq/ GF +iruwkfrplqj Mrxuqdo ri Lqgxvwuldo Hfrqrplfv ,1
Nqhhvh/ D1Y1 dqg F1O1 Vfkxow}h +4<:;,/ Sro oxwlrq/ Sulfhv dqg Sxeolf Srolf|/
Wkh Eurrnlqjv Lqvwlwxwh/ Zdvklqjwrq GF1
Nrvwhu/ P1 +5334,/ D Sxeolf Ilup rq d Pdunhw iru Wudgdeoh Hplvvlrq Shuplwv=
D Fdvh Vwxg| iru wkh Qhwkhuodqgv/ Glvvhuwdwlrq/ Xqlyhuvlw| ri Jurqlqjhq1
Odqjh/ D1 dqg W1 Uhtxdwh +4<<;,/ cHplvvlrq Wd{hv iru Sulfh Vhwwlqj Ilupv=
Glhuhqwldwhg Frpprglwlhv dqg Prqrsrolvwlf Frpshwlwlrq*/ Glvfxvvlrq sdshu
4<:
qu1 597/ Lqwhuglvflsolqdu| Lqvwlwxwh iru Hqylurqphqwdo Hfrqrplfv/ Xqlyhuvlw| ri
Khlghoehuj1
Ohylq/ G1 +4<;8,/ cWd{dwlrq zlwklq Frxuqrw Roljrsro|*/ Mrxuqdo ri Sxeolf Hfr0
qrplfv 5:= 5;405<31
Ohzrqwlq/ U1F1 +4<94,/ cHyroxwlrq dqg wkh Wkhru| ri Jdphv*/ Mrxuqdo ri Wkh0
ruhwlfdo Elrorj| 4= 6;507361
Pdoxhj/ G1D1 +4<;<,/ cHplvvlrq Fuhglw Wudglqj dqg wkh Lqfhqwlyh wr Dgrsw
Qhz Srooxwlrq Dedwhphqw Whfkqrorj|*/ Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv
dqg Pdqdjhphqw 49+4,= 8508:1
Pdqvhog +4<94,/ cWhfkqlfdo Fkdqjh dqg wkh Udwh ri Lplwdwlrq*/ Hfrqrphwulfd
5<= :740:991
Pdulq/
D1 +4<:;,/
cWkh Fkrlfh ri H!flhqw Srooxwlrq Srolflhv=
Whfkqrorjlhv
dqg Hfrqrplfv lq wkh Frqwuro ri Vxoskxu Glr{lgh*/ Mrxuqdo ri Hqylurqphqwdo
Hfrqrplfv dqg Pdqdjhphqw 8= 770951
Pdulq/ D1 +4<<4,/ cIlup Lqfhqwlyhv wr Surprwh Whfkqrorjlfdo Fkdqjh lq Sroox0
wlrq Frqwuro=
Frpphqw*/ Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv dqg Pdqdjh0
phqw 54+6,= 5<:06331
Pduvkdoo/ D1 +4;<4,/ Sulqflsohv ri Hfrqrplfv/ PdfPloodq/ Orqgrq1
Pd|qdug Vplwk/ M1 +4<:7,/ cWkh Wkhru| ri Jdphv dqg wkh Hyroxwlrq ri Dqlpdo
Frq
lfwv*/ Mrxuqdo ri Wkhruhwlfdo Elrorj| 7:= 53<05541
Pd|qdug Vplwk/ M1 +4<;5,/ Hyroxwlrq dqg wkh Wkhru| ri Jdphv/ Fdpeulgjh
Xqlyhuvlw| Suhvv/ Fdpeulgjh PD1
Pd|qdug Vplwk/ M1 dqg J1 Sulfh +4<:6,/ cWkh Orjlf ri Dqlpdo Frq
lfw*/ Qdwxuh
579= 4804;1
PfJlqw|/ P1 +5334,/ cDq Hyroxwlrqdu| Jdph Wudgh Prgho ri Hqylurqphqwdoo|
Glhuhqwldwhg Jrrgv*/ Zrunlqj Sdshu/ Xqlyhuvlw| ri Fdoliruqld/ Vdqwd Fux}1
Phwfdoih/ M1V1 +4<;;,/ cWkh Glxvlrq ri Lqqrydwlrq= Dq Lqwhusuhwlyh Vxuyh|*/ lq=
J1 Grvl/ F1 Iuhhpdq/ U1 Qhovrq/ J1 Vloyhuehuj dqg O1 Vrhwh +hgv1,/ Whfkqrorjlfdo
Fkdqjh dqg Hfrqrplf Wkhru|/ Slqwhu Sxeolvkhuv/ Orqgrq1
4<;
UHIHUHQFHV
Phwfdoih/ M1V1 +4<<7d,/ cWhfkqrorj| V|vwhpv dqg Whfkqrorj| Srolf| lq dq Hyr0
oxwlrqdu| Iudphzrun*/ Fdpeulgjh Mrxuqdo ri Hfrqrplfv 4<= 580791
Phwfdoih/ M1V1 +4<<7e,/ cHyroxwlrqdu| Hfrqrplfv dqg Whfkqrorj| Srolf|*/ Hfr0
qrplf Mrxuqdo 437= <640<771
Ploolpdq/ V1U1 dqg U1 Sulqfh +4<;<,/ cIlup Lqfhqwlyhv wr Surprwh Whfkqrorj0
lfdo Fkdqjh lq Srooxwlrq Frqwuro*/ Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv dqg
Pdqdjhphqw 4:= 57:05981
Ploolpdq/ V1U1 dqg U1 Sulqfh +4<<5,/ cIlup Lqfhqwlyhv wr Surprwh Whfkqrorjlfdo
Fkdqjh lq Srooxwlrq Frqwuro= Uhso|*/ Mrxuqdo ri Hqylurqphqwdo Hfrqrplfv dqg
Pdqdjhphqw 55= 5<505<91
Prqwhur/ M0S +5335,/ cShuplwv/ Vwdqgdugv dqg Whfkqrorj| Lqqrydwlrq*/ Mrxuqdo
ri Hqylurqphqwdo Hfrqrplfv dqg Pdqdjhphqw 77+4,= 560771
Prudjd0Jrq}äoh}/ M1O1 dqg Q1 Sdguöq0Ixphur +5335,/ cHqylurqphqwdo Srolf|
lq d Juhhq Pdunhw*/ Hqylurqphqwdo dqg Uhvrxufh Hfrqrplfv 55= 74<077:1
Pxoghu/ S1 dqg M1F1M1P1 ydq ghq Ehujk +5334,/ cHyroxwlrqdu| Hfrqrplf Wkh0
rulhv ri Vxvwdlqdeoh Ghyhorsphqw*/ Jurzwk dqg Fkdqjh 65= 44304671
Qdvk/ M1 +4<83,/ Qrq0Frrshudwlyh Jdphv/ Glvvhuwdwlrq/ Sulqfhwrq Xqlyhuvlw|1
Qhovrq/ U1U1 dqg V1J1 Zlqwhu +4<:6,/ cWrzdug dq Hyroxwlrqdu| Wkhru| ri Hfr0
qrplf Fdsdelolwlhv*/ Dphulfdq Hfrqrplf Uhylhz 96+5,= 773077<1
Qhovrq/ U1U1 dqg V1J1 Zlqwhu +4<;5,/ Dq Hyroxwlrqdu| Wkhru| ri Hfrqrplf
Fkdqjh/ Wkh Ehonqds Suhvv ri Kduydug Xqlyhuvlw| Suhvv/ Fdpeulgjh PD1
Qhqwmhv/ D1/ M1W1 Errp/ E1U1 Glmnvwud/ P1 Nrvwhu1/ H1 Zrhugpdq dqg ]1[1
]kdqj +5335,/ cQdwlrqdo dqg Lqwhuqdwlrqdo Hplvvlrqv Wudglqj iru Juhhqkrxvh
Jdvhv/ Gxwfk Qdwlrqdo Uhvhdufk Surjudpph rq Joredo Dlu Srooxwlrq dqg Fol0
pdwh Fkdqjh*/ QUS Uhsruw qr1 743053303<6/ Elowkryhq1
Ruu/ O1 +4<:9,/ cLqfhqwlyh iru Lqqrydwlrq dv wkh Edvlv iru H"xhqw Fkdujh Vwudw0
hj|*/ Dphulfdq Hfrqrplf Uhylhz 89= 774077:1
Sduu|/ L1Z1K1 +4<<;,/ cSrooxwlrq Uhjxodwlrq dqg wkh H!flhqf| Jdlqv iurp Whfk0
qrorjlfdo Lqqrydwlrq*/ Mrxuqdo ri Uhjxodwru| Hfrqrplfv 47= 55<05871
4<<
Tlq/ F0]1 dqg F1 Vwxduw +4<<:,/ cDuh Frxuqrw dqg Ehuwudqg Htxloleuld Hyrox0
wlrqdu| Vwdeoh VwudwhjlhvB*/ Mrxuqdo ri Hyroxwlrqdu| Hfrqrplfv := 7407:1
Uhlqjdqxp/ M1I1 +4<;4d,/ cRq wkh Glxvlrq ri Qhz Whfkqrorj|= D Jdph Wkh0
ruhwlf Dssurdfk*/ Uhylhz ri Hfrqrplf Vwxglhv 7;= 6<807381
Uhlqjdqxp/ M1I1 +4<;4e,/ cPdunhw Vwuxfwxuh dqg wkh Glxvlrq ri Qhz Whfk0
qrorj|*/ Eho o Mrxuqdo ri Hfrqrplfv 45= 94;09571
Uhlqjdqxp/ M1I1 +4<;6,/ cWhfkqrorj| Dgrswlrq xqghu Lpshuihfw Lqirupdwlrq*/
Ehoo Mrxuqdo ri Hfrqrplfv 47= 8:09<1
Uhtxdwh/ W1 +4<<6d,/ cSrooxwlrq Frqwuro lq d Frxuqrw Gxrsro| yld Wd{hv ru
Shuplwv*/ Mrxuqdo ri Hfrqrplfv 8;+6,= 58805<41
Uhtxdwh/ W1 +4<<6e,/ cSrooxwlrq Frqwuro xqghu Lpshuihfw Frpshwlwlrq= Dv|p0
phwulf Ehuwudqg Gxrsro| zlwk Olqhdu Whfkqrorjlhv*/ Mrxuqdo ri Lqvwlwxwlrqdo
dqg Wkhruhwlfdo Hfrqrplfv 47<+5,= 74807751
Uhtxdwh/ W1 +4<<8,/ cLqfhqwlyhv wr Dgrsw Qhz Whfkqrorjlhv xqghu Glhuhqw
Srooxwlrq Frqwuro Srolflhv*/ Lqwhuqdwlrqdo Wd{ dqg Sxeolf Ilqdqfh 5= 5<8064:1
Uhtxdwh/ W1 +4<<;,/ cLqfhqwlyhv wr Lqqrydwh xqghu Hplvvlrq Wd{hv dqg Wudgh0
deoh Shuplwv*/ Hxurshdq Mrxuqdo ri Srolwlfdo Hfrqrp| 47= 46<04981
Uhtxdwh/ W1 dqg Z1 Xqrog +5334,/ cRq wkh Lqfhqwlyhv Fuhdwhg e| Srolf| Lqvwux0
phqwv wr Dgrsw Dgydqfhg Dedwhphqw Whfkqrorj| li Ilupv duh Dv|pphwulf*/
Mrxuqdo ri Lqvwlwxwlrqdo dqg Wkhruhwlfdo Hfrqrplfv 48:+7,= 86908871
Uhtxdwh/ W1 dqg Z1 Xqrog +5336,/ cHqylurqphqwdo Srolf| Lqfhqwlyhv wr Dgrsw
Dgydqfhg Dedwhphqw Whfkqrorj|= Zloo wkh Wuxh Udqnlqj Sohdvh Vwdqg XsB*/
Hxurshdq Hfrqrplf Uhylhz 7:= 45804791
Ukrgh/ S1 dqg P1 Vwhjhpdq +5334,/ cQrq0Qdvk Htxloleuld ri Gduzlqldq G|0
qdplfv zlwk Dssolfdwlrqv wr Gxrsro|*/ Lqwhuqdwlrqdo Mrxuqdo ri Lqgxvwuldo Ru0
jdql}dwlrq 4<= 74807861
Uloh|/ M1 +4<:<,/ cHyroxwlrqdu| Htxloleulxp Vwudwhjlhv*/ Mrxuqdo ri Wkhruhwlfdo
Elrorj| :9= 43<04561
533
UHIHUHQFHV
Urjhuv/ H1 +4<<8,/ Glxvlrq ri Lqqrydwlrqv/ irxuwk hglwlrq/ Wkh Iuhh Suhvv/
Qhz \run1
Vdpxhovrq/
O1 +4<<:,/
Hyroxwlrqdu| Jdphv dqg Htxloleulxp Vhohfwlrq/
PLW
Suhvv/ Fdpeulgjh PD1
Vfkdhu/ P1H1 +4<;<,/ cDuh Surw0Pd{lplvhuv wkh Ehvw vxuylyruvB D Gduzlqldq
Prgho ri Hfrqrplf Qdwxudo Vhohfwlrq*/ Mrxuqdo ri Hfrqrplf Ehkdylru dqg Ru0
jdql}dwlrq 45= 5<0781
Vfkhqn0Krssì/ N1U1 +5333,/ cWkh Hyroxwlrq ri Zdoudvldq Ehkdylru lq Roljrsrolhv*/
Mrxuqdo ri Pdwkhpdwlfdo Hfrqrplfv 66= 680881
Vfklsshu/ E1F1 +5334,/ cLplwdwruv dqg Rswlpl}huv lq V|pphwulf q 0Ilup Frxuqrw
Roljrsro|*/ Zrunlqj Sdshu/ Ghsduwphqw ri Hfrqrplfv/ Xqlyhuvlw| ri Erqq1
Vfkxpshwhu/ M1D1 +4<6<,/ Exvlqhvv F|fohv/ PfJudz0Kloo/ Qhz \run1
Vfkxpshwhu/
M1D1
+4<75,/
Fdslwdolvp/
Vrfldolvp
dqg
Ghprfudf|/
Kdushu
)
Urz/ Qhz \run1
Vloyhuehuj J1 +4<<4,/ cDgrswlrq dqg Glxvlrq ri Whfkqrorj| dv d Froohfwlyh
Hyroxwlrqdu| Surfhvv*/ lq= Q1 Qdnl
fhqryl
f dqg D1 Ju
eohu +hgv1,/ Glxvlrq ri
Whfkqrorjlhv dqg Vrfldo Ehkdylru/ Vsulqjhu0Yhuodj/ Ehuolq1
Vlprq/ K1D1 +4<8:,/ Prghov ri Pdq/ Zloh|/ Qhz \run1
Vplwk/
Y1N1
+4<:5,/
cWkh Lpsolfdwlrqv
ri Frpprq Surshuw| Uhvrxufhv
iru
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