• Keine Ergebnisse gefunden

Quantile regression

N/A
N/A
Protected

Academic year: 2022

Aktie "Quantile regression"

Copied!
24
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

"!#%$

& !' )(

*,+.-0/21 3547698:4;<;=;

>@?BADCFE7GIHIJLKJ9MNKJ9O7O.GQPRCTSVUXWZY[]\^"\`_a^b_c[d\e_a[]f.^bg_ah.f iDjN[]klDhm_ciN^b_n^<gog]pq\r_cpsh.\`_c[]t@^_ch

fp=jNu2[o_c[]p<jN^<gvklN^bj_a[og]hnwxlDjNf_c[]p<jN\ySxh<z{Nz]|_ciDhmfp<jNuD[}_a[op=jN^bgtnh7u2[]^<j~wxlDjNf)_a[op=jRY^<jNu~p<2€

_a^<[oj\`_a^b_c[d\e_a[]f.^bg=[oj2wxh.ch.jNfh‚^bƒp<l2_:_ciDh.t„[]j5t%lRf i5_ciDh…\c^<thvq‚^‡†X^<\:fg]^=\c\c[df^bg<ch.{<ah.\a\`[]p<j

tnh_aiDp2uD\rN^<\ch.u"p<j~tn[ojD[]tn[oˆ.[ojN{\clDt@\rpbw‚ch7\`[du2lN^<g]\,wI^=f[]go[o_a^b_chh.\`_c[]tn^b_c[]p<j~pbw‰fp<jRu2[}€

_c[]p<jR^bgŠtnh.^<jywxlNjNf)_a[op=jN\z

‹ iD[d\‰f iN^bŒ2_ah…iDhg]ŒN\‚†<p=l@_cplDjNu2h.a\`_a^<jNun_ciNh,t@^b[]jmŒNc[]jNf[]ŒDg]h.\…pbwklN^<j_c[]goh,ch.{<ah.\a\`[]p<j

^bjRuu2h.tnp<jN\`_c ^_ah.\iDpqŽ_aplN\`h,ŒDgopW‘h’wxp<“klN^<j=_a[og]hch.{<ah.\a\`[]p<j^bjN^<go†2\c[]\.zL”,\n[}_

[d\[]tŒƒp=\a\c[oDg]h@_ap"ŒDap•9[]u2h“^ŒNcp<wxp<lDjNu[]j_cap2u2lNf)_a[op=j–[oj_ap—_ciD[d\^bah.^iDh.ch=|q‚h“ahwxh

ah.^<uDh \vwxp=‰wxlDc_ciDh.‘[oj2wxp=ct@^b_c[]p<jy_cp@D[]Dg][op={< ^bŒDi9†<z

˜ hwxp=chŒNcp2fh.h.u2[]jD{%_cp_aiDhXjDh™9_‚\ch.f_c[]p<jš|9ŒDg]h.^=\`h_e†Œƒhr^_v_aiDhXZŒDg]p=W‘hXfp=tt@^<jNu@g][ojDh

›Nœ.2žDŸ=ž9 ¡‡¢ £F¤=¥žFœ¦9§N¢b¨

_cp"gop^<us_ciDhmjDh.fh.\a\c^<c†©g][]Da^<c[]h.\.zyª:[oNa^<c†

£F¤=¥9žFœ=¦9§

^<l2_cp=tn^b_c[df^<gog]†"g]p=^=uD\5«¬

›=­=žD¤

|

®D¤=ž=¯N¤2›

|=°

›7£

|D^bjNu

£N±R›b¥Fœ

g][oNa^<c[]h.\.z

² ³

nB“´©µ‚

‹ iDhŒDlDaŒRp\`hp<w_ciDhfgd^<\a\`[df^<g:g]h.^<\`_,\aklN^bah.\‘h7\e_a[ot@^b_c[]p<j—[d\_apm^bjN\cq‚h_aiDhklDh7\e_a[op=j

¶c·Zpq¸u2p9h.\_ciNh‚fp<jNu2[o_c[]p<jR^bgh™2ŒRh7f)_ ^_c[]p<jpbwR^, ^bjNu2p=t¹•‡^<c[d^bNgoh‚ºv»7¼ƒSQºy½¾sY)»u2h.ŒRh.jNuD\

p<jy\`p=th,h™2ŒDgd^bjN^b_cp=c†•^ba[]^<Dgoh7\v¾~¿<|ÀlR\`lN^<gog]†nlDjNu2h.‚\cp<tnhr^<\a\`lNtŒD_c[]p<jN\…^bƒp<l2_‚_ciDh

wxlDjNf_c[]p<jN^<g<wxp=ct„pbwš¼ŠSQºy½¾sY)|‡h<z{Nz]|‡go[]jDh7^ba[}_e†=zBÁ,jr_ciDh…pb_aiDhiN^bjNuš|bk=lR^bj_c[]gohvch.{<ah.\a\`[]p<j

hjR^bDg]h%_apmŒƒp=\ch\clNf i"^’klDh.\`_c[]p<js^_5^bj9†—k=lR^bj_c[]gohpbwv_ciDhnfp=jNu2[o_c[]p<jN^<gBu2[d\`_ca[oDlD_c[]p<jšz

ªšh_…lN\…ahtn[ojRun_ciN^b_‚^5ah.^<g}€Â•^bg]lDh.un ^bjRu2p<tT•‡^<c[d^bNgohZºÃ[]\vwxlDg]go†@f iN^<a^=f)_aha[oˆ.h.u9†[o_a\

u2[d\e_ac[]Dl2_a[op=jwxlDjNf_c[]p<j"Ä@SIÅ2Y‘Æ„Ç@SQºÉÈÊÅDYzZËX[o•=hj©Ä@SxÅDY|Rq‚h%f^<jwxp<X^bj9†yÌ"͍SIÎN»Ï‡Y

u2hÐNjDh5Ì9_ciÒÑÓNÔÕRÖQ×ÙØ]Ú5pbwºÛ9†

ÜÝ SIÌNYvÆÞ[]j2w.ß.œÍà‘½Ä“SIÅDYráÒÌFâã SeÏ7Y

‹ iDh—ÑÓNÔbÕNÖV×ÙØoڑä Ó2ÕFåÖV×IæÕR|ƒ[Vzh<z]| Ü ÝSIÌNY,^=\r^@wxlDjNf_c[]p<jspbwv̊|šfp<tnŒDg]h_ch.go†©uDh.\afa[oƒh.\Z_ciDh

u2[d\e_ac[]Dl2_a[op=jp<wZ_aiDh—a^<jNu2p=t畇^<c[d^bNgohº“zè·h.jNfh=|v_aiDhh.\`_c[]tn^b_c[]p<jLpbwrfp<jRu2[}_a[op=jN^bg

klN^bj_a[og]hwxlDjNf)_a[op=jN\5^bg]g]pq\Z_app<2_ ^b[]j~^ytnp<ahnfp<tnŒDg]h_ahŒN[]f_clDah@^bƒp<l2_r_ciNhnuDhŒƒhj2€

u2h.jNfh“p<w‘_ciDh’fp=jNu2[o_c[]p<jN^<g…u2[d\e_ac[]Dl2_a[op=j–pbwZºép=j–¾¸z—ê0j–pb_aiDhq…p=auN\|_ciD[d\th7^bjN\

_ciR^_rq…hiN^‡•<h^“Œƒp=\a\`[]D[]go[o_e†_cpy[oj9•<h7\e_a[o{^_ah_ciNh[]j2ëNlDh.jNfhpbw…h™2ŒDgd^bjN^b_cp<a†’•‡^<c[d^bNgoh7\

p<jy_ciNhnì`íNÔaîNÚp<w_aiDhu2[d\e_ac[]Dl2_a[op=jšz

ï ap<R^bDg]†_aiDh,\c[otnŒDg]h.\`_…ŒNch7\`h.j=_ ^_a[op=jp<wŠ_ciDhX^bƒp•<h‘p=l2_cg][ojNh.u@[du2h.^%[]\vŒRp\c\c[]Dgoh,q‘[}_aiD[]j

_ciNhwx ^btnhq‚p<aðyp<w_ciDhfgd^<\a\`[df^<gš_eq‚pb€0\c^<tnŒDgohr_ach7^_ath.j_`€0fp<j_acp=gštnp9uDhgVz ‹ iDh.ch^bah

_eq‚p"{<ap<lNŒN\0ñÞp<jNhyfp=j_cap<g‚{<ap<lDŒ–_aiN^_n[d\g]hwÙ_@q‘[o_ciDp=l2_n_cah.^b_ctnhj_.|…^bjNu¸_ciDhpb_aiDh

p<jNh‘_cpq‘iN[]f i“^5ŒR^bc_c[dflDgd^b_ach7^_ath.j_v[]\…^bŒDŒNgo[]h.uñÊ^bjRu_ciDhah.\ch.^<af iNh[d\|=pbw:fp=lD \`h=|

[]j=_ahah.\`_ch7uÊ[]jò_aiDhhóFh.f)_©p<w_ciNhs_ach7^_ath.j_p=jÊ_aiDhŒRh.`wxp=ct@^bjRfh~pbw%[]jNu2[]•9[]u2lR^bgd\z

ô p<ð2\`lNtõSeÏ.ö9÷‡ø9Y\ciDpq…h7u~_ciN^b_n_ciDhy_cah.^b_ctnhj_nhóFh.f)_@f^<jÒƒhylNjD[]klDh.go†¸uDhÐNjDh7uÒ9†

(2)

Dl2_a[op=jš|Rĉ»N_ciN^b_Zu2h.\afa[]Rh7\‰_ciDhfp<j_cap<gŠ{=cp=lDŒ^bjNuy_ciNhjDhq„p<jNh<|Nún»N_ciN^b_Zu2h.\afa[oƒh.\

[]jNu2[]•[du2lN^<g]\^wÙ_ah_cah.^_atnhj_.z ô h.jDpb_a[ojD{R|7wxp<š_aiDh…\a^bð=hpbwN\c[otnŒDg][df[o_e†<|ÄýŠþ»cúýŠþklN^bj2€

_c[]g]hrwxlDjNf)_a[op=jN\fp<ach7\`Œƒp<jNuD[ojD{_cpn_aiDhu2[d\e_ac[]Dl2_a[op=j’wxlDjNf)_a[op=jN\Zĉ»aún|Nah.\cŒRh7f)_a[o•=hg]†<|2q‚h

{<h_@ü’SIùƒYmÆÿú ýŠþ ߇Ä@SxùFY âèù:|‚^bjNuÒiDhjRfh’wxp<ÌòÆéÄ@SxùFY%_ciDh¸ÑÓNÔÕNÖV×ÙØoÚÖ

Ú ÔÖ@ÚÕRÖ

ÚZÚ å։f^<j’ƒh5h™2ŒDah.\a\ch.um^=\

SIÌNY…ÆÊümß‡Ä ýŠþ

SIÌNY ârÆÊú ýŠþ

SxÌNY~Ä ýšþ

SxÌNY»

q‘iD[df iu2h7\cfc[]ƒh.\_ciDh’_aclDh’hóFh.f_@pbwZ_ach7^_ath.j_n^b_h.•<ha†¸klN^bj_a[og]hyp<w_ciNh’p=c[]{<[]jN^<g

u2[d\e_ac[]Dl2_a[op=j—Änz

Á,j_ciDhZh.\`_c[]tn^b_c[]p<jnpbwƒ_ciNhZklN^bj_c[]g]h‰_cah.^_atnhj_hóFh.f_.|q…hu2h.tnp<jN\`_c ^_ah‘jDpqÒp=jDh‘[ot€

Œƒp<c_a^bj_nu2[}óFhahjRfh’Rh_eq…h.hj¸_aiDh’_c ^<u2[o_c[]p<jR^bg‚h™2ŒRh7f)_ ^_c[]p<jD€Vp=c[]hj_ch7u–^bŒDŒNcp^<f iÒ^<jNu

klN^bj_a[og]hch.{<ah.\a\`[]p<jšz–êÂwrq‚hyjDh.{<g]h.f_wxp=@jDpqŽh.•<hj_alN^bg‘u2[ “flDgo_c[]h.\@ahgd^_ah.u¸_cp~_ciDh

h.\`_c[]t@^_a[op=jmpbw\`lRf imtnp2u2hgd\‚[oj’{<h.jDh ^bgV|<_aiDhrp<l2_ago[]jDh7u“_ach7^_ctnh.j=_c€Âfp<j_cap<gRtnp9uDhgšf^<j

ƒhmh.^=\`[]g]†~u2h7\cfc[]ƒh.u–^bjRu–h.\`_c[]t@^_ch7uq‘[}_ai–_ciNhmiDh.goŒ¸p<w‘_ciDhm_cah.^b_ctnhj_u2lNtt†

_ciR^_[d\‰ˆhapwxp<‚_ciDh5tnh.t%ƒh \‰pbw:_aiDhfp=j_cap<gF{<ap<lDŒ’^bjNuyp<jNh,wxp=‚_ciDh5ah.\`_‘pbwp=N\chc€

•^_a[op=jN\zª:h_‰lN\‰fp<jR\`[du2h‰^<\‰^<jmh™D^<tŒNgohX^%ŒN^<`_‰pbw

œ‡¥DŸ‡£œ.¯F¦

uD^_ ^q‘iD[df iyfp<j_a^<[ojN\

p<R\`h.c•^_a[op=jN\p<j_aiDhhóFh.f_vpbwš^5\c[ojN{<g]h<Î<ÎXtn{%u2p\`h‘p<wF^=\cfp<aD[df‚^=f[du•<h \clN\^5\clD{=^<

ŒDgd^<fhƒpXp=j%_aiDh‘t%lR\cflDg]^<hjNu2lNa^<jNfh5Sxtnh7^<\clDch7u%9†ahŒƒh_a[}_a[o•=h‰{<a[oŒn\e_ach.jD{b_ai%_ac[d^bgd\ Y

pbwBÐDwÙ_ahhjt@^bg]hr•<p=golDj_ahh \‚[oj’_aiDhrÐN \e_ap<lDjRusSQ\`h.h ô ^_ ^9h_ \aYz

Ï=z_a^<`_a[ojD{nq‘[o_ci’_ciNh\e_ ^bjNuD^<aumgo[]jDh7^b‘ah{<ah.\a\c[op=j“tnp9uDhg

¼FSIºa½VYƒû e» S<Y

_ciDh5g]h.^=\e_\ak=lR^bah.\‚tnh_ciNp9u’h7\e_a[ot@^_ah.\ 9†

Æ

!#" $

þ&%

Å'(

!#")$(*

%

Å+BÆ-,/.

0'1

º23,4.

5 1

º…» S 6=Y

q‘iDhah

Ä87F»

ú97„u2h.jDpb_ah.\’htnŒD[]c[df^<g5u2[]\`_ca[]Dl2_c[]p<jR\pbw\a^btnŒDg]h.\sß7Å+c½—Æ Î2â=|

ß.Å ½ ÆçÏ<â=|ah.\cŒRh7f)_a[o•=hg]†<z4:ZlDtnha[]f.^bg‰ch7\`lNg}_ \wxp=_aiDh{<[]•<h.j¸h™D^btnŒDg]h^bah

ŒDch7\`h.j_ch.uy[]jm_ ^bDg]h@Ï<z

øNz<;2Ï.ø €=DzoÏ7ö÷

‹ ^bDg]h@Ï+> ‹ iDhÁXª8“h7\e_a[ot@^_ah5pbwBtp2u2h.gvS=Y)z ?

žA@BDC

«¬

›

Dz‘ê0j©_ciNhnklN^<j_c[]gohch.{<ah.\a\`[]p<j©wxa^<th.q…p=cðF|R_ciDhntnp2u2hg[d\,wxp<5^’{<[]•<h.j©Ì¸ÍÊSIÎN»Ï‡Y

f iN^b ^<f_cha[]ˆh.u“†

Ü%Ý ")SIÌ:½0YƅSIÌNYû SxÌNY SxøY

SxjDp<_ch,_ciN^b_…_aiDhrŒN^b ^btnh_ah \v^<ch,jDpqèwxlDjNf_c[]p<jN\‰p<w:ÌNY)zêÂ_‘[d\…Œƒp=\a\c[oDg]h_apuDha[o•=h

_ciN^b_‚_aiDhklN^bj_a[og]h5ch.{<ah.\a\`[]p<jmh.\`_c[]tn^b_chrpbw

SxÌNY‘[]\‰{=[o•=hj’†

SxÌNYvÆ

ú ýŠþ

7

SxÌNY

Ä ýšþ

7

SxÌNY» S;<Y

q‘iDhah

Ä ýšþ

7 »

ú ýŠþ

7

u2hjNpb_ch7\BhtnŒD[]c[df^<gDk=lR^bj_c[]goh…wxlDjNf_c[]p<jN\Bwxp=\c^<tŒNgoh7\vß7Å+c½Æ

Î2â=»ß.Å+e½Æ¹Ï<â=|=ch7\`Œƒh.f_c[]•<hg]†<z8:lDtnh.c[df^<gDch7\`lNg}_ \Bwxp<v\ch•=h ^bg2f iDp<[dfh7\pbwFÌ@^bah

ŒDch7\`h.j_ch.uy[]jm_ ^bDg]h2z

(3)

Ì ‚SxÌNY SIÌNY

ÎDz]Ï Ï<zE<Î €ÂÎNz'6

ÎDz6 2z÷ö €aÏ=z<Î

ÎDz<; ;2z<F €=Dz÷FE

ÎDz÷ ;2zE' €G6NzoÏHE

ÎDzö Dzö<ö €G6NzoÏI

‹ ^<Dg]h9A> ‹ iDh%UXW„h.\`_c[]tn^b_chrpbwtnp2u2hgvSIøYz ?

žA@KJLC

«¬

›

M p<tnŒN^<c[]jD{{<[]•<h.j"_eq‚ptnh_ciNp9uN\|[}_%[d\5h7^<\c†—_cp©\chh_ciR^_q‘iD[]goh“_ciDhn_aa^=u2[}_a[op=jN^bgh7\e€

_c[]t@^_a[op=jÞpbwr_ciDhsfp<jRu2[}_a[op=jN^bgZh™2ŒRh7f)_ ^_c[]p<jèŒDap•9[]uDh.\@p=jDgo†[ojDwxp<atn^b_c[]p<jÞ^bƒp<lD_“_ciDh

u2[oóƒh.ch.jNfhrp<w^‡•=h ^b{<h7\ƒh_eq‚hh.j’{=cp=lDŒN\.|2\`h.hnS6=Y|9_ciDhklN^<j=_a[og]hrch.{<ah.\a\`[]p<jy^bg]gopq\…_cp

[du2hj_c[owx†–_aiDhhóFh.f)_@p<w_cah.^b_ctnhj_“^_n•^ba[op=lN\klN^<j_c[]goh7\z¸ê0tnŒƒp<c_a^<jNfh’pbw_aiD[d\wI^<f)_

htnh.c{=h.\‰p<jRfhq‚h5h™D^btn[]jDhf^<chwxlDg]go†m_a^bNgoh7\Ï^bjRuNSxah{<ah.\a\c[op=jyg][ojNh.\^<ch^<g]\cp“u2h€

ŒD[df)_ah.uL[ojLÐN{=lDah~χY)z-OÞiDh.ch7^<\_aiDhÐN \e_@p<jNhy_ahg]g]\“lN\QPelN\`_m\`p=tnh_ciN[ojD{–^<Rp=l2_@_ciDh

^‡•<h.a^<{<hhóFh.f)_p<wv_ach7^_ctnh.j=_7|:q‘iD[df i–f^<jsƒh@cp=lD{<iNgo†©fp<tnŒN^bah.usq‘[o_ci–klN^bj_c[]g]hah€

{<ah.\a\c[op=jwxp<rÌsÆ ÎNã;D|F_ciDhgd^_`_ahrp<jNh[]jNu2[df^b_ch.\.|Fwxp<rh™2^<tnŒDgoh=|ƒ_ciN^b_X_aiDhRh_`_ch.r_ciDh

hjRu2lD ^bjNfh,[d\‚q‘[}_aiDp<l2_‰_aiDh5^bŒDŒDg][df^_a[op=jmp<wB^<\afp=cN[]f^=f[duŠ|9_ciNhXN[o{={<h‚[d\v_aiDhrhóFh.f_‰p<w

_ciNh5_cah.^b_ctnhj_.|F^bjRu•[dfh5•=h \c^NzSR©p<ahp•<h..|_aiDh%hóƒh7f)_Zp<wB_ach7^_ath.j_Z[]\ZjDh.^<cg]†mjNh{b€

g][o{=[oDg]h@SIfp<tnŒN^bah.um_cp@[o_a\‘^‡•=h ^b{=h7Ywxp=[]jNu2[]•[du2lN^<g]\‰q‘[o_ci—^ ^_ciNh‘g]pqòhjRu2lD ^bjNfh<z

Vitaminc data - OLS and QR

0 0.5 1

X

2 3 4 5 6 7

Y

T [o{=lDah’Ï'>5ªšh.^=\e_\aklN^bah.\nSÙ_aiDh@Dgd^<f ð_aiD[]f ðsgo[]jDh‡Yr^bjNu~klN^bj_c[]g]hah{=ch7\c\c[]p<j—wxp=5̏Æ

ÎDã]Ï<»aÎDã6D»aÎDã<;2»cÎNã÷2»cÎNãö@SIDgolNh<|D{=ch.hjš|D^<jNumah.uyg][ojDh7\aY ?

žUBIJC

«¬

›

(4)

9p=th‚ð<h.†5u2hÐNjN[}_a[op=jN\Bch.g]^b_ch.u5_cp,klN^<j_c[]goh‚ch.{<ah.\a\`[]p<j5^<ch…[oj_cap2u2lNfh.u[]j_aiD[d\B\ch.f_c[]p<jšz

˜ h.\c[]uDh.\…_ciN^b_.|2q‚h5u2htnp<jR\e_aa^b_chXiDpqÞ_cpnlN\chXZŒDg]p=W‘hXwxp=…_aiDhrh.\`_c[]t@^_c[]p<j’pbwklN^bj_c[]g]h

ah{<ah.\a\c[op=j“tnp9uDhgd\z

Y[Z]\ ^-_(`Qabdceb]fLag

ËX[]•<hjs^@a^<jNu2p=t \a^btnŒDg]hÅ

þ

»ã.ãã»cÅ 7 |F[}_5\`h.ht@\jR^_clNa^<gš_cpmÐNjNu©_ciDh^bŒDŒDap‡™2[ot@^b_c[]p<j

pbw^@klN^bj_a[og]hmSxh=z{Rzo|D_ciDhtnh7u2[]^<j—ú

Ý

S`ÏIhF=Y`Y|D[oj_ahat@\‘pbw_ciNh5p< u2hZ\`_a^b_c[d\e_a[]f.\‘Åei

þ=j

È

ãã.ãDÈLÅei7 j

|=[Qzh<z]|b9†tnh.^<jN\pbwF\`p=`_a[ojD{Rz ‹ iDhfclRf[d^bg9ŒRp=[oj_wxp=_ciDh‘fp=jNfh.Œ2_pbwŠklN^bj_c[]g]h

ah{<ah.\a\c[op=j©h.\`_c[]t@^_c[]p<js[]\X_aiN^_r_aiDh@\c^<tŒNgoh@^bjR^bg]p<{<lNh%pbw ÜÝ

SIÌNYrf^<jsƒh@^bgd\`pywxp<lDjRu

^<\X_aiDh“^ba{<lNth.j_rp<w…_aiDh@tn[ojN[otlDt p<w‰^\cŒRh7f[oÐRfnp<ePeh7f)_a[o•=hwxlNjNf)_a[op=jš|ƒh.f.^blN\ch_ciDh

p<ŒD_c[]t[]ˆ.^b_c[]p<jè^bŒDŒNcp^<f i¸†9[]hgduD\n^sjR^_clNa^<g‚{=hjDh.a^<go[]ˆ.^b_c[]p<j¸p<wZ_aiDh—k=lR^bj_c[]goh7\_cp~_ciDh

ah{<ah.\a\c[op=jmfp=j=_ah™9_.z ‹ iNhXÌ9_ai©\c^<tnŒDgoh5klN^<j=_a[og]hf^<jyƒhrwxp<lNjNu^<\

^ba{<tn[]j

kXlIm

7

$

þ(nKo

SIÅ 3p=Y)» S =Y

q‘iDh.ch

nKo

SIùƒYvÆÞù ß7ÌqsrRSIùNtèÎ=Y â SV÷bY

SI\chhrÐR{<lDahQ=Y‰^bjNuurƒSY‰ch.ŒDah.\chj_a\…_ciNh5[ojNuD[]f.^_cp=‚wxlDjNf)_a[op=jšz

( α∗ ) = τ ( α ) = τ − 1 tg

tg

α∗

ρ ( ξ )

ξ τ

α

T [o{=lDchvA>U,lR^bj_c[]gohrah{=ch7\c\c[op=j“wxlDjRf)_c[]p<j

n o

”j9†p<jDh€Âu2[]tnhjN\c[]p<jN^<gw €Â\`_a^b_c[d\e_a[]f.\©Sx[]jNfg]lNu2[]jD{–_aiDh—g]h.^<\`_m\ak=lR^bah.\nh.\`_c[]t@^_ap<m^<jNu

S Y`Y…wxp=‘h.\`_c[]tn^b_c[]jD{@^nŒN^b ^btnh_ch‰p<wg]p9f.^_a[op=j

x

ÆÊ^<c{=t[]j

y

lIm

7

z$

þD{

SxÅ

x Y

f^<jÞRhsch7^<u2[]g]†h™_ahjNuDh.uè_ap–_ciDhsch.{<ah.\a\`[]p<jèfp=j_ch™9_7|[Qzh<z]|‘_ap–_ciDhsh.\`_c[]t@^_c[]p<jÞp<w

fp=jNu2[o_c[]p<jN^<gŠh™2Œƒh.f)_ ^_a[op=jmwxlDjRf)_c[]p<j¸¼FSQºy½¾éÆÊùƒYvÆÊù}|D~†’\`p=go•9[]jD{

~©Æò^ba{<tn[]j

AlIm€

7

$

þ { SxÅ+(~ù

|

~Y»

(5)

þ þ

s‚qƒ

t@^b_ca[}™mp<wBh™2ŒDg]^<jN^_ap<a†“•^ba[]^<Dg]h.\.z T cp=tÉjDpq„p<j:|



q‘[]gogB^bg]q‚^‡†2\‚ahwxh‰_apn_ciDh

j9lDt%ƒh5p<w…p=N\`h.c•^b_c[]p<jN\r^bjRu

ƒ

_cp’_aiDh@j9lDt%ƒh5p<w…lDjDð9jDpq‘j~ŒN^<a^<th_ch.a\.z”,\X_ciDh

\a^btnŒDg]hklN^<j=_a[og]hh.\`_c[]tn^b_c[]p<j©[d\„PelN\`_5^’\cŒRh7f[d^bgf^=\`hpbwSw €0\e_ ^_a[]\`_c[df\Zwxp<

{ Æ n o

|Š[}_

f^<j@Rh,^<uD^<Œ2_ch7uwxp<_aiDhZh7\e_a[ot@^_a[op=j@pbwF_ciNhZfp=jNu2[o_c[]p<jN^<gRklN^bj_a[og]h‰wxlDjNf_c[]p<jm^<gop=jD{r_ciDh

\a^btnhq‰^‡†<z ‹ i9lN\.|D_ciNh%lDjDð9jDpq‘j"ŒN^b ^btnh_ah \‰[oj©_ciDhåaæbՅb×ÙÖQ×IæbՃÔØÑÓNÔÕRÖQ×ÙØoډä Ó2ÕFåÖV×IæÕ

ÜÝ SxÌ:½¾ ÆèùƒY…ÆÞù|

~–^bahX_cpnRh5h7\e_a[ot@^b_ch.u^=\

~vSxÌNY…ÆÊ^<c{=t[]j

†lIm € 7

z$

þ

n‡o SIÅ ~ù

|

~Y)ã S E=Y

‹ iDh—\cŒRh7f[d^bg‘f^=\`h’pbwˆ“Æ ÏIhF©[]\nh7klD[o•^<goh.j=__cptn[]jD[otn[]ˆ[]jD{~_ciDh—\clDtçpbwr^bN\cp<g]l2_ah

•^bg]lDh.\‰p<wBah.\c[du2lN^bgd\.|=_aiDh5q‚hg]g}€Âð9jDpq‘ju‰

þ

€Âh.\`_c[]tn^b_cp=.z

˜ hwxp=chŒNcp2fh.h.u2[]jD{‘_ap‘_ciNh…u2h7\cfc[]Œ2_c[]p<j5p<wDiDpq–\`lRf i%^bj5h7\e_a[ot@^_ah…f.^bj5ƒh…fp=tnŒDl2_ch7u5[]j

ZŒNgopW‘h<|<_eq…pX[]\a\clDh.\iN^‡•=hv_aprRhu2[d\aflN\a\`h7uŠz T [] \e_7|b{<[]•<h.j%wxp=ctlDg]^S EY)|=[}_[d\fg]h.^<_aiN^_

_ciNhah‘ŒDcp=N^bNgo†h™2[]\`_a\jDp5{<h.jDh ^bgDfgop\`h7u9€Qwxp=ctT\`p=gol2_a[op=jngo[]ð<h‘[]j_ciDhZf.^<\ch‘pbwƒ_ciDhZgoh7^<\`_

\ak=lR^bah.\Xh.\`_c[]t@^_cp=.z ‹ iNhahwxp<ah<|:[}_[d\5jN^b_clD ^bg_ap^=\`ð"q‘iDh_aiDh%^<j9†"\`p=golD_c[]p<j~pbw5S E=Y

h™2[d\e_ \…^b_‚^<gogF^bjNu“q‘iDh_aiDh‚[}_‰[d\vlDjN[]klDh=z ‹ iNh,^bjR\`q‚h…[]\…ŒRp\`[o_c[]•<h,lDjNu2h.‚\cp<tnh ^_aiDh

{<h.jDh ^bgFfp=jNu2[o_c[]p<jN\.zªšh_SŠŒ‹»] ÍsßÏ<».ããã)»



â=»9ahŒDah.\chj_a\…_aiDh5\`h_‰p<w^bg]g(y€Vh.goh.th.j_

\clDN\ch_a\‰p<wvßÏ<»ã.ãã)»



â=|D^bjRumg]h_‰wxp<^<j9†ÿÍ~ß=Ï<».ãã.ã)»



â^bjNuuŽÍuŠŒ‹¹¾nu2hjDp<_ch7\‘^



‚ƒ

\clDDt@^_ac[o™—pbw¾ fp=tnŒRp\`h7uwxcp=t cpq\Z¾ ’‘ <“]».ããã.»`¾ H” <“dz99[]tn[ogd^bago†=|Rg]h_Xwxp<

^•<h.f_cp=‚Å@ƒhrÅ  Æ SxÅ ’‘ ».ãã.ã»`Å H” Yd|…z•:p<_c[dfhX_ciN^b_‰_ciD[d\‘fp=j•=hj_c[]p<jy^bŒDŒDg][]h.\‰^bgd\`pwxp<

ŽÍ–Š

þ

|_aiN^_‰[]\.|=wxp<‰\`[]jD{<g]hZj9lDtRh.a\.z ‹ iDhXcpq\vpbwš¾é_ ^bð<h.jm^<\‚fp=golNtjm•<h.f_cp=a\…^bah

ahwxhaah.us†sù

þ

»ã.ãã»cù}7ñè_ciDh.chwxp<ah<|š¾õÆéSIù

þ

»ã.ãã»cù}7NY]|òÆéSx¾—|

þ

»ã.ãã»c¾˜|7 Y]|zu:pq

q‚hrf.^bj’q‘c[o_chr_aiDhp=ch.t™6Dz6pbw#šrph.jDð<h.‘^bjNu ˜ ^<\a\`h_`_SeÏ7ö÷FE=Yv[oj’_ciNhrwxp<g]gopq‘[]jD{q‚^‡†›>

œ ÚÖXSxÅF»`¾sY@Ô

Ú

ÚG

Úì ì)×IæՍæ'ž)ìÚ

 Ÿ

ÔbÖQ×IæbÕD좡‚ÌÒÍ SIÎN»Ï‡YX£¤Iä@SxÅF»`¾sY@Ô

Úm×Ù՗=ÚՃÚ

ÔbØFîDæF¥

ì)×ÙÖQ×IæbÕA¡× £ÙÚH£¡%ÖxíDÚyì ¦‡ì)ÖÂÚX æeäyØ×ÙÕƒÚ Ô

Ú ÑÓNÔbÖQ×IæbÕDì%Å

 Æ ¾

'§

íNԇì’Õƒæ"ìæØÓ2ÖV×Iæ՗äæ

ÔÕ}¦

Ž—ÍuŠ¨X©

þ

¡ÖÙíNÚÕ~ÖxíDÚ

ÚÚ&ª=×dì)ÖIì%ÔnìæbØÓ2ÖQ×IæbÕsÖ0æ@ÖxíDÚnÑÓNÔÕRÖQ×ÙØoÚ

ÚG

Ú)ì ì)×IæÕmî

æ+žØoÚ«­¬=® ¯mæ`ä

ÖxíDڅäæ

~…SxÌN»&ŽƒYÆÞ¾ ýšþ

 Å 

»&ŽÍ–Š

¨

»:×ä%ÔbՅyæÕNØ°¦“×ääæ

ìæFnÚ±ŽÍ–Š

¨

íNæ؅ì

SxÌLÏ7Y)Ï ¨ ȳ² ¨ ÈÒÌŠÏ ¨ » SIö=Y

´

íDÚ

Ú²F|



ƶµ

l 

nKo ß7Å

Ò¾

~vSIÌD»&ŽƒY â ¾ ¾ ýŠþ

 ¡

n‡o

×d쌅=Ú ¸vՃڢ…NžX¦¬&¹]¯I¡rÔ՛…—Ï«¨~×dì

ÖxíDÚ

ƒº‚

Ï Ÿ Ú åÖÂæ

æeäæÕFÚ)ìX£»"æ

Ú æ

Ÿ Ú ¡

~vSIÌD»&ŽƒY5×dìÖxíDÚ%Ó2ÕN×IÑÓNÚrìæbØÓ2ÖQ×IæbÕ"×ä%ÔbՅyæÕNØ°¦@×ä

ÖxíDÚX×ÙÕƒÚ ÑÓNÔØ×ÙÖV×IÚìrÔ

Ú,ì Ö

×IåÖ ¡æÖxíDÚ

 ´

×dìÚ5ÖÙíNÚ,ìæbØÓ2ÖV×IæՒìÚÖ×dìZÖxíDÚ5å æbÕ

Ÿ

Ú¼ªí2Ó2ØÙ؊æ`ä‘ìÚ

Ÿ Ú ÔØ

ìæØÓ2ÖV×IæÕNì%æeä5ÖxíDÚväæ

~vSxÌN»&ŽƒYX£

‹ iDh—ŒDah.\chj_ah.uLch7\`lNg}_mu2h7\`h.c•=h.\np=jDh©^<uDuD[}_a[op=jN^bg‘aht@^baðFz½OÞiDh.ch7^<\@\c[}_alN^_a[op=jN\@[]j

q‘iD[df ip<N\cha•^_c[]p<jR\XSIÅF»`¾sY‰^<chrjDp<_[oj{<h.jDh ^bgŠŒƒp=\c[o_c[]p<j—^bahrjDpb_•=ha†@wxch7klDhj_‘lDj2€

g]h.\a\v_aiDh5ah.\cŒRp=jN\`hX•^ba[]^<Dg]h,[d\‚pbwBuD[]\afah_ahXjR^_clNch=|q‚h.^<ð@[ojNh.klN^bg][o_e†“[ojSIöY)|D^<jNuyfp<j2€

\ch.klDhj_ago†’t%lDgo_c[]ŒDg]h%p=Œ2_c[]t@^bg\cp<g]l2_a[op=jN\|ƒf^<j—p9f.flD,q‘iDhj©^<gogh™2ŒDgd^bjN^b_cp=c†y•‡^<c[d^bNgoh7\

^bah5u2[d\cfch_ch<z

‹ iDh@\ch.fp=jNu©[d\a\`lDhq‚hiN^‡•=h%_apytnh.j=_a[op=js[d\Xch.g]^b_ch7u—_cp’_aiDhnjlNth.c[df^<gfp<tnŒDlD_a^_a[op=j

pbwh.\`_c[]tn^b_ch7\z ‹ iDh~\`p=gol2_a[op=jòp<wmS E=Yyf^<jòƒh"wxp=lDjNuò†L_ah.f iDjD[dklDh.\’p<w5_ciDhèØ×ÙÕFÚaÔ

î 漝

Ԓ×ÙՇ<|Nƒh.f^<lN\ch

tn[]j

AlIm € 7

z$

þ n o

SxÅ+(~¾ ~BY

t@^‡†ƒh~ch.q‘c[o_`_ahjò^=\@_ciNhstn[]jD[otn[]ˆ.^b_c[]p<jÊp<w%^¸g][ojDh7^bmwxlDjNf)_a[op=j \clDePeh7f)_m_apÒg][ojNh.^b

(6)

tn[oj

AlIm €&¾¿ À lIm

1 Á Ì Ï | 7UÂ

ûòSeÏÃ~ÌNY Ï |

7UÄ

S`Ï.ÎY

\clDePeh7f)_‰_cp Å~¾N~"Æ

Â Ä ã

‹ iDh,go[]jDh.^<c[o_e†npbwŠ_aiDh,p=ePeh.f_c[]•<h‘wxlNjNf)_a[op=jy^bjRu“fp=jN\e_aa^<[oj_ \[]tŒNgo[]h.\…_ciR^_v_aiDhr\`p=gol2_a[op=j

iN^=\‰_cp@g][oh5[]jp<jDh5p<w_aiDh•=hc_c[dfh.\‰p<w_aiDhŒƒp<g]†9iDh.u2ap<ju2hÐNjDh.u9†m_ciDhfp<jN\`_c ^b[]j_a\‰[]j

SeÏ7Î=YzBêÂ_‘[d\‰ŒRp\c\c[]DgohX_apu2h.c[]•<h,_ciR^_‰_ciDh7\`hr•=hc_c[dfh.\‰fp<ach7\`Œƒp<jNu@_cpnhg]htnhj_ \[Ž’p<wDŠ¨

^bjRu“_ ^bð<hXwxp=ct

~vSIÌNY Æ ¾

ýŠþ

 Å 

Â Æ t@^b™Rß7Å~¾

~vSxÌNY»cÎ 7 â=»‰h.\cŒƒh.f[d^bg]g]†

Â

ÆòÎ

Ä Æ tn[]jŠß.Åv~¾

~vSIÌNY)»aÎ+7F⻂h7\`Œƒh.f[]^<gog]†

Ä  ÆòÎDã

”ŒNŒN^bahj_cg]†<|_aiDhahy^<chy^bg]q‚^‡†2\^b_g]h.^<\`_

ƒ

[ojRu2[]fh.\%wxcp=t ß=Ï<».ãã.ã)»



â’\clNf i–_aiN^__ciDh

fp=cah.\cŒƒp<jNu2[]jD{ah.\c[du2lN^bgd\:^<chvh.klN^bg=_cpXˆh.cpRz ‹ iDh.chwxp<ah<|7_c ^‡•<h.a\c[ojN{‘Rh_eq…h.hj•=hc_c[dfh.\

pbw,_ciDhŒƒp<g]†9iDh.u2ap<jfp<aah.\cŒRp=jNuD\%_cp–\`q‘[o_af iN[ojD{~ƒh_eq‚hhjŎ

þ

»&Ž}ƏÍNJ ¨ ñÞiDhjRfh’_ciDh

tnh_aiDp2uƒhg]p<jN{=\B_cpr_aiDh‘{<ap<lNŒ%pbwƒ_ciNh\`p<€Âf.^bg]goh7uyÚ&ª<Ö0Ú

×Iæ

¥]îNæ×ÙÕNÖ8@ÚÖxíDæH…‡ì)zê0jnp< u2hB_cp

ÐNjNuX_aiDhvp=Œ2_c[]t@^bg'ŽmSxp=:h.klD[]•^bg]hj_cg]†Z•=hc_ch™DY|.q‚hlN\clN^<gog]†Zh.tŒNgop†r^‰tnp9uD[}ÐNh7u5\`[]tnŒDg]h™

tnh_aiDp2u—S šrp9hjDð=h^bjRu ôqÈÁ,ch.†<|DÏ7ö+E÷<Y)zB”go_ciDp=lD{<i_ciN[]\tn[]jD[]t[]ˆ.^b_c[]p<j“^<ŒDŒDap=^<f iiN^<\

\cp<tnh—fp<jR\`[du2h ^bNgoh^<u2•^<j=_ ^b{=h.\SÙwxp=“\`t@^bg]g‘ŒDap<Dg]ht@\.|v[o_“[]\nh.•<h.jÒwI^=\e_ahn_ciR^bjL_ciDh

g]h.^<\`_X\aklN^bah.\Zfp<tnŒDlD_a^_a[op=jRY)|ƒ[o_Xƒh.fp<tnh.\Za^b_ciDh.,\cgopq¹q‘[o_cis^<j—[ojRfah.^<\c[]jD{“j9lDt%ƒh

pbwp=N\cha•‡^b_c[]p<jN\.z ‹ i9lN\.|R[o_r[]\ZjDpb_r•<h.c†’\`lD[o_a^<Dg]hwxp<Xgd^ba{<hŒDap<Ngoh.tn\S



áÃÏ.Î=Î<Î=Î<Î=Yz

šrp9hjDð=h‘^bjRu ï p=`_ajDp†©SeÏ7ö<ö9÷bY…u2h•=hg]p<Œƒh.u^bj~×ÙÕNÖ0Ú

×Iæ

¥]îDæb×ÙÕNÖ[@ÚÖxíDæH…m_ciN^b_Z[]\‰ ^_aiDh

wI^<\`_q‘iDh.j’^<ŒDŒDg][oh7uyp=jygd^ba{<hruD^b_a^@\ch_a\.z

Y[ZY ɗfLÊÌ˱ÍÃceÎ8ceb]fLa

ÏÐ

ž

?KÑ

œ‡¥¡

«LÒ

 

ß(Ò

¥DŸ<±

Ò

¦2œ

Ò

Ÿ2›

¬‡Ó

Ÿ Ò

œ=œ’Ô

Ò

œ7¯9¥D¤bž

¬LÒ

¥ƒ¦‡žFœ.¥

â ¨

h7\e_a[ot@^_ah.\‰jDp=jD[]j=_ah ^<f_c[]•<hg]†“^nklN^bj_c[]g]h5ch.{<ah.\a\`[]p<j“tnp2u2h.g

‹ iDhZklN^<j_cg]h_pbw

£F¤=¥žFœ¦9§

go[]D ^ba†q‘iD[df i@\`h.c•=h.\Bwxp<_ciDhZklN^<j_c[]goh‘ah{=ch7\c\c[op=j%h7\e_a[ot@^€

_c[]p<jm[]\

ž

?KÑ

œ‡¥

zDO~hZh™2ŒDgd^b[]jQPelN\`_…_aiDhZR^<\c[]f‘lR\c^<{<h‘pbw

ž

?KÑ

œ‡¥

klN^bj_cg]h_‚[oj“_ciD[d\…\ch.f_c[]p<jš|

pb_aiDhZwxh.^b_clDah.\Zq‘[og]gRhu2[]\aflR\c\ch.u[]j—_ciNhwxp<g]g]pq‘[ojD{y\`h7f)_c[]p<jR\zÕ2hh^<ŒDŒƒhjNu2[o™˜;2z]Ï5wxp<

u2h_a^b[]g]h.uu2h.\afa[]Œ2_c[]p<j’pbw_ciDhklN^<j=_agoh_.z

‹ iDh“klN^<j=_agoh_5h™2ŒRh7f)_ \^_g]h.^=\e_r_eq‚p’[]jDŒDlD_ŒN^b ^btnh_ah \X>5^<j

³‚ƒ

t@^_ca[o™"¾_aiN^_

fp=j_a^b[]jN\



p=N\`h.c•^b_c[]p<jN\Xpbw

ƒ

h™2ŒDg]^<jN^_ap<a†•‡^<c[d^bNgoh7\,^<jNus^<j

4‚

ϕ=h.f_cp<XÅ©p<w



p<R\`h.c•=h.u—ah.\cŒRp=jN\ch.\.zXêÂw…_ciDh[]j=_ah fh.Œ2_5[]\,_cp’ƒh[]jNfg]lNu2h7u"[]js_ciDhch.{<ah.\a\`[]p<j—tnp2u2h.gQ|

_ciNh

s‚

ϕ<h7f)_cp=pbwp=jDh.\f.^bj—ƒh%fp=jNf^b_ch.jN^_ah.u’_cp“_ciDht@^b_ca[}™¾ [oj—_aiDh5wxp=gog]pq‘[ojN{

q‰^‡†>

« Ð

£FŸ=¥9žFœ

«

¡cžD­+փ§:¡

«

¨9¨'×

« C

:h.[}_aiDh‰_aiDhXtn^b_ca[}™“¾Ò|jNp<‚_ciDhr•=h.f)_ap<‚Å“\`iNp<lDgduyfp<j_a^<[ojmt[d\a\`[]jD{S)Ø

Ÿ

Ø2Yvp<‰[]j2ÐNjD[o_ch

•^bg]lDh.\rS]Ù

¯

ÑҢچÙ

¯

Ñ2Y)z ‹ iDh[]‰ŒDch7\`h.jNfhrf^<j“ƒhX[du2h.j=_a[}ÐRh.u“9†

Ϥ

Ø Ÿ Øp<

Ϥ

Ø

±b£NN¤=ž

^<jNu

_ciNh‚[]j9•^bg][]up<R\`h.c•^_a[op=jN\B\`iDp=lDgdu%ƒh‰ŒDcp2fh.\a\`h7uƒhwxp<ah‰clNjDjD[]jD{

ž

?KÑ

œ‡¥

|7h=z{Rzo|<p<tn[}_c_ch7u

lN\c[ojN{¬

Ÿ

уz

(7)

ž œ7¥

‹ iDh5N^=\`[dfX[oj9•=p9f.^_a[op=jmtnh_aiDp2uy[d\klD[o_ch5\c[otnŒDg]h+>

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

¥DŸ<±Š¨

Ò

q‘iDh.chŒN^<a^<th_ch.

¥DŸ<±

[]jNu2[df^b_ch.\nq‘iN[]f iÞfp=jNu2[o_c[]p<jN^<gklN^bj_c[]g]hywxlNjNf)_a[op=j ÜÝ SIÌ:½¾sY

iN^=\‚_cp@ƒh5h.\`_c[]tn^b_ch7uŠzêÂ_‘[]\‘h.•<h.jyŒƒp=\a\`[]Dg]hX_cp@p<tn[o_‘[}_H>

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

 F¨C

ê0j_ciD[d\f.^<\ch<|b_aiDh‘ŒDah.u2hÐNjDh7u•^<golDh‘Ì“ÆòÎDã<;Z[d\lN\ch.ušz ‹ iDhZp<l2_aŒDl2_pbw

ž

?KÑ

œ‡¥

tn[]{<i_Rh

g][}_c_cg]hXN[}_‰_cp9pfp<tnŒDg]h™Š|2DlD_…wxp=‚jNpqÊ[}_‰[d\‚\cle “f[]hj_‚_cpjDpb_ahX_ciN^b_

Ï

C ¦<­¤

Ñ §

ahwxh.a\v_cp

_ciNh…•=h.f)_ap<BpbwD_aiDh‚h.\`_c[]tn^b_ch7u%fp9hX @f[oh.j_a\

~…SxÌNYB^<jNu

Ï

C0žD¤D§

[]\_aiDh…•=h.f_cp<BpbwRch.{<ah.\a\`[]p<j

ah.\c[]u2lR^bgd\z‰êÂw†<p=l—q‚^<j__cp“iR^‡•<h^bgd\cp@_ciDhfp<aah.\cŒRp=jNu2[]jD{“fp=j2ÐRu2h.jNfh[]j_ch.c•^bgd\.|N†<p=l

iN^‡•=h‘_cp%\cŒƒh.f[owx†@h™9_aa^rŒN^<a^<tnh_ch.a\v[oj“_ciDhXf^bg]gNp<w

ž

?‡Ñ

œ‡¥

ñL_aiDh‰wxp<lN`_ai“p<jDh=|

¦2œ

|h.klN^bg

_cp5p=jDh<|<q‘iD[]f in[]jNu2[df^b_ch.\B_aiN^_†=p<lq‚^<j_B_ap5{<h_fp<j2Ѓu2hjNfh‘[oj_aha•‡^<g]\.|<^<jNu%p=Œ2_c[]p<jR^bg]go†

_ciNh©ÐDwÙ_aiÊp<jDh=|

Ÿ2›

¬KÓ

Ÿ

|‚_ciN^b_y\`Œƒh.f[}ÐRh.\m_ciDh©jNp<tn[ojR^bg,fp•<h.a^<{<hŒDap<N^<D[og][o_e†¸wxp<m_ciDh

fp=j2ÐRu2h.jNfhr[]j_cha•^bgd\5Sx[o_a\uDhwI^blNg}_•^bg]lDh5[d\‘ÎDz]Ï7Y«>

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

¥DŸ<±

Ò B Ò

Ÿ9›

¬KÓ

ŸR¨DC

‹ iDh.j

Ï

C)œ7¯2¥D¤<ž

Ÿ2›D§

{=[o•=h.\Š†=p<lX_ciNh…^<f.fh7\c\ƒ_ap‘_ciDh

ƒ„‚

‰t@^_ca[o™,pbwDfp<j2ÐRuDhjNfh[oj_aha•‡^<g]\

SÙ_aiDhÐNa\`_Xfp<g]lDtnj"fp=j_a^b[]jN\Zgopq‚hƒp<lNjNuD\.|R_aiDhn\`h7fp<jRup<jDhlDŒDŒƒhXRp=lDjNuD\ Y)zrW‘h.^=u

\ch.f)_a[op=jyøRz6wxp=‘tp=chr[]j2wxp<at@^_a[op=jšz

‹ piN^‡•=hs^ch7^bgrh™D^<tŒNgoh=|Zg]h_—lN\’lN\ch~uD^b_a^L\`h_

¯Fœ¦

Ñ

­9­

\clDŒDŒDg][]h.uÊq‘[o_ci„ZŒNgopW‘h<z

‹ iDh~uD^_ ^Ò\ch_y[d\m_eq…p<€Âu2[]tnhjN\c[]p<jN^<gQ|‘iN^‡•9[]jD{¸p=jDgo†èp=jDh©h™2ŒDgd^bjR^_cp=c†L•^ba[]^<Dg]h©ù:|X^

iDp=lN\`h.iDp<gdu È\rjDh_[]jNfp<tnh<|[oj_aiDhnÐN \e_fp=golNtj–^<jNus_ciDh@ah.\cŒRp=jN\ch•^<c[d^bDg]hnÅF|šwxp9p2u

h™2ŒƒhjNuD[}_alDch7\p<wB_aiDh%iNp<lN\chiDp=g]uš|D[oj©_ciDh%\ch.fp<jNu—fp<g]lDtnj¸SI\chh ô ^_ ^Œ9h_a\ Y)z‰ê0j©p< u2h.

_cp’alDjš|ƒwxp<Xh™D^btnŒDg]h<|F_aiDhth7u2[d^bj"ah{=ch7\c\c[]p<j–SxÌ"ÆÃÎDã<;<Y‘p<wvŗp<jsfp<jR\e_ ^bj_Z_ahat’|Šù

^bjRumù

Æ

|D†=p<l’iN^‡•<h,_cpn_e†9Œƒh5^_‘_ciNhfp<tnt@^bjRumg][ojNh5p<‘[]jm_aiDh5h.u2[o_cp=‘q‘[ojRu2pq

Ô2Ÿ=¥DŸ

Ð

žD¤9Ÿ‡Ô¡7¢¯Šœ¦

Ñ

­9­F¢=¨

« Ð

£FŸ=¥9žFœ

«

¡cžD­+փ§:¡&Ô2Ÿ=¥9ŸR¨¨4׳Ô2Ÿ=¥DŸ„Ü

Ò

BHÝÇ× ¡&Ô2Ÿ=¥2Ÿ„Ü

Ò

BHÝޒJR¨

  Ð Ô2Ÿ=¥DŸ„Ü

Ò

J‡Ý

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

 F¨

Ï

C ¦<­9¤

Ñ § ?

žA@KßC

«¬

›

ô p@jDpb_‰wxp<a{<h_‰_cpngop^<u

£F¤<¥9žFœ¦9§

g][]Da^<c†@ƒhwxp=ch5alDjDjN[ojD{

ž

?KÑ

œ7¥

>

›Nœ72žDŸ<ž9 ¡‡¢ £ƒ¤=¥9žFœ¦§N¢<¨8C

‹

iDhch7\`lNg}_rpbw_aiDhn^bƒp•<h%h™D^btnŒDg]h\ciDp<lNg]u©^<ŒDŒƒh.^bX[]j"_aiDh,ŒDg]p=W‘hp<l2_aŒDl2_5q‘[]jNu2pq

^<\‚wxp=gog]pq\à>

á ­<¯2¥D¤b¯2¥ƒ§Ò­

Ñ

¦<­9¤

Ñ §

Ü«B

Ò Ý @LC«BIJKâKãKä

ÜdJ

Ò Ý BDCXBIåKä‡ä

Üdß Ò Ý Ú

@LCdJ'æAä›BIä

(8)

‹ iDh…ŒDa^=f)_a[]f.^bgblN\chwxlNgojDh7\c\:pbwN^<j†,h.\`_c[]t@^_c[]p<jr_ah.f iDjN[]klDh…[]\u2h_ahat[]jDh7uŠ|Rh7\`[du2h7\špb_aiDh

wI^<f_cp=a\.|R9†[o_a\X[oj9•^ba[d^bjNfh%^bjNu©cp=DlN\`_cjDh7\c\ZŒDcp=ŒRh.`_a[oh7\|ƒƒh.f^<lN\ch_ciNh†©^bahh7\c\chj_c[d^bg

wxp<Xfp=iDhahj_Z[]j_chaŒDah_ ^_c[]p<jp<wch.{<ah.\a\`[]p<j’ch7\`lNg}_ \z”Zg}_aiDp<lD{=i©\`p=tnhpbw_aiDh.\chŒDap<Œ2€

hc_c[]h.\X^bahp<wÙ_chjsŒRh.afh[]•<h7u—^<\,{< ^bj_ch7u–SxŒDap<N^<Dg]†yƒh.f.^blN\ch%p<w_ciDh.[oX•^bg][]u2[o_e†[oj"_ciDh

f^=\`hnp<wv_ciNh@goh7^<\`_5\aklN^bah.\Xah{=ch7\c\c[op=jRY)|F[o_%u2p9h.\rjDp<_iN^‡•<h_cpƒhn_ciDh“f.^<\ch%wxp=5tnp<ah

h•=p<g]•<h7umah{=ch7\c\c[op=jyŒNcp2fh7u2lDah.\.z

T

p=`_alDjN^b_chg]†<|ƒklN^bj_c[]g]h5ch.{<ah.\a\`[]p<jyŒDch7\`h.c•=h.\‰t@^bj9†

pbw‰_aiDh.\ch“[]j•^<c[d^bj_ŒDap<Œƒhc_c[]h.\.|B^<jNuh•=hj–^<uNuD\5_ap—_ciDh.t \ch•=h ^bgp<_ciDh.%u2[d\e_a[ojRf)_c[]•<h

klN^bg][o_c[]h.\.|2q‘iD[]f iq‚h5^bahX{=p<[]jD{_cp“u2[d\cflN\a\‰jDpq5z

í[Z]\ îºï[Íb=ð#Î#ñ†bdΕaÕò›_

ê0j¸t@^bj9†\`[o_clR^_c[]p<jR\%[o_[d\%ŒNchwxh ^bDg]h@_cp~^<uIPelR\e__ciDh’\cf.^bg]h“pbwp=c[]{<[]jN^bg…•^ba[]^<Dgoh7\5p<

ahŒN^<a^<th_ca[oˆ.h‚^Xtnp2u2hgD\cpX_ciN^b_[}_ \ah.\clDg}_iN^=\^rtnp<ah…jN^b_clD ^bg2[]j_ch.cŒDah_ ^_a[op=jšz89lRf i

f iN^<jD{<h7\v\ciDp<lDgdu“jNpb_‘^óFh.f)_‚p<lD‰klN^bg][o_a^_a[o•=h,^<jNumklN^<j=_a[}_ ^_a[o•=h,fp=jNfg]lN\c[op=jN\R^<\ch.u“p=j

_ciNhah{=ch7\c\c[op=jp<l2_aŒDl2_.zrê0j9•^ba[]^<jNfh_cp^m\ch_,p<w…\cp<tnh%h.goh.th.j_a^ba†y_c ^bjN\`wxp<at@^_c[]p<jR\

pbw:_ciDhXtnp9uDhgF[]\‰f.^bg]goh7u"Ú ÑÓ2×

Ÿ Ô

×IÔbՃå Ú5[]j“_aiD[]\‰fp<j_ch™_7z•šrph.jDð<h.…^<jNu ˜ ^<\a\`h_`_5SeÏ7ö÷’EY

wxp<at%lNg]^b_ch.umwxp<lN‘h.klD[]•‡^<c[d^bjRfhrŒDap<Œƒhc_c[]h.\‰pbwklN^bj_c[]g]h5ch.{<ah.\a\`[]p<jšzÁ,jNfhXq‚h5u2hjNpb_ch

_ciNhnklN^<j_c[]gohnah{<ah.\a\c[op=j©h.\`_c[]t@^_chwxp<^y{<[]•<h.jsÌÒÍÊSIÎD».Ï7YX^bjRu"p=N\`h.c•^b_c[]p<jN\SxÅF»`¾~Y

9†

~vSxÌ(ócŃ»c¾sY)|_aiDhjmwxp<‰^bj9†

ƒ‚Õƒ

jDp=jN\`[]jD{=lDg]^<t@^_ac[o™ô»dõsÍà

¨

|2^bjNuŒö÷èÎiDp=g]uD\

Ï=z

~vSxÌ(ó&ö=ÅF»c¾sYƽö

~vSIÌ(ó`ÅF»`¾~Y

Dz

~vSxÌ(óàö=ÅF»c¾sYƽö

~vS`ÏsÌ(ócÅF»`¾sY

6Nz

~vSxÌ(ócÅ5û¸¾ºõ»`¾sYÆ

~…SxÌ(ó`ÅF»c¾sY:ûõ

øRz

~vSxÌ(ócŃ»c¾˜ô,YÆô ýšþ

~‚SxÌ(ó`ÅF»c¾sY)z

‹ iD[d\tnh.^<jN\.|2wxp<h™D^btnŒDg]h<|2_aiN^_Z[owq…h5lR\`h%^=\‰_ciNh5th7^<\clDahtnhj_lDjD[o_Zp<wÅytn[og]go[]tnh€

_ch.a\%[ojR\e_ah.^<u¸pbw‘tnh_ch.a\.|B_ciN^b_[d\%Å~t%lNg}_a[oŒDg][]h.u¸9†LÏ.Î=Î<ÎD|_ciNhj¸p=lD%h7\e_a[ot@^_ahm\af^bg]h.\

^bŒNŒDcp=ŒDa[]^b_chg]†›>

~…SxÌ(ó`Å(øtntùV»c¾sYÆ Ï7Î<Î=Î

~vSxÌ(ócśøtù»`¾sYz

í[ZY ú'a„ð#Î#ñ†bdΕaò›_ÇcefûÊüf„af•cefLaÕb]òÅceñAΕag‡ý¢fñ†ÊÌÎ8cAbdfLaÕg

U,lN^<j=_a[og]h.\h™2iD[]D[}_Rh7\`[du2h.\©¶`lN\clN^bgdÀ’h.klD[]•^ba[]^<jNfhnŒDap<Œƒhc_c[]h.\^<g]\cph.klD[]•^ba[]^<jNfh_cp

tnp<jDp<_cp=jDh@_c ^bjR\ewxp=ct@^_a[op=jN\.z’ª:h_þS

YRh’^jDp<jNuDh.fah.^=\`[]jD{wxlDjRf)_c[]p<jÒp<j¸à:ñL_aiDhj

[o_Z[otntnh.uD[]^b_chg]†ywxp<g]gopq\‚wxap<tÉ_ciDh%uDhÐNjD[o_c[]p<j—p<w_aiDh%klN^<j=_a[og]hrwxlDjNf_c[]p<j_aiN^_wxp=Z^bj9†

 ^bjNu2p=tŽ•^ba[]^<Dg]hXº

Üvÿ

Ý

SxÌNYvÆÛþß Ü Ý‘SxÌNY)â=ã S`Ï<χY

ê0jpb_aiDhq‚p< uD\.|9_ciDhk=lR^bj_c[]goh7\‰pbw_ciNhr_c ^bjN\`wxp<atnh.uya^<jNu2p<tɕ‡^<c[d^bNgohþSQº%Y‘^bahX_ciDh

_c ^bjR\ewxp=ctnh.uklN^bj_a[og]h.\p<wR_aiDh‘p<a[]{<[]jN^bg2•^ba[d^bDg]h‘º“z ï g]h.^<\ch‰jDpb_ah‰_ciN^b__ciD[d\[d\jDp<__ciDh

f^=\`hpbw…_ciDh“fp<jNuD[}_a[op=jN^bgh™2Œƒh.f_a^_a[op=j9ñ ¼NߒþSIº%Y)âÆûþS,º%Y,lDjDg]h.\a\vþS YX[d\X^’g][ojNh.^b

wxlDjNf_c[]p<jšz ‹ iD[d\r[]\Xq‘i9†"^’f^<chwxlDgf iDp<[dfhpbw…_ciDh_c ^bjR\ewxp=ct@^_a[op=j©pbw…_ciDh@u2h.ŒRh.jNu2h.j=_

•^ba[]^<Dg]h‘[]\…\`p5[]tnŒRp=`_ ^bj_[oj@•^<c[]p<lN\h.fp=jDp<tnh_ca[]f.\tnp9uDhgd\q‘iDhjn_aiDhZp=auD[ojN^<c†%goh7^<\`_

\ak=lR^bah.\,th_ciDp2us[]\5^<ŒDŒDg][oh7uÒSIlDj2wxp<c_clNjN^_ahg]†<|Š_aiDhahn[]\XlN\clN^bg]g]†—jDp{<lD[du2hq‘iD[]f i~p<jNh

[d\‘fp<aah.f)_)Y)z

(9)

wxp<at@^_a[op=j©p<j—_aiDhn\`p<€Âf.^bg]goh7u’fhjN\cp<a[]jD{“tnp2u2hgd\zQO~h^=\c\clDtnh_aiN^_X_ciDh.chh™2[d\e_ \|ƒwxp<

h™D^<tŒNgoh=|D^\c[]tŒNgoh5g][ojNh.^b‘ah{=ch7\c\c[]p<j“tnp2u2hg:q‘[}_ai’[Vz[QzuŠzDh.cap< \

Å'Æèù

|

~yûFe» vÍsß=Ï=»ã.ãã»



â=»

^bjRu’_ciN^b__ciDh%ch7\`Œƒp<jN\ch5•^ba[]^<Dg]h5Å [d\lDjNp<N\cha•^bDg]hXwxp<,\cp<tnh5ah.^=\`p=jšz…ê0jR\e_ah.^<uš|Nq‚h

p<R\`h.c•=hÅ ÆÞt@^b™Rß7Å »&öNâ»<q‘iDh.chÕö“Í—àL[]\v_ciDhXfh.jN\`p=c[]jD{5Œƒp<[]j_.z ˜ h.f^<lN\ch‘pbw:fh.jN\cp<c€

[]jD{N|7_ciNh‚\`_a^<jNuD^b urg]h.^<\`_\aklN^bah.\:th_ciDp2u5[d\jDpb_fp<jR\`[d\e_ahj_B^<j9†tnp=chSIDl2_^‘ŒDap<Œƒhago†

wxp<at%lNg]^b_ch.u"t@^™2[otlDtég][oð=hg][oiDp9p2u—h7\e_a[ot@^_ap<5f^<j"ƒhlR\`h7uNY)zÁ,j"_ciDh@fp<j_c ^ba†<|R_ciDh

klN^bj_a[og]hZah{=ch7\c\c[op=jnh.\`_c[]tn^b_cp=.|_ciR^bjDð2\v_cp_aiDhXh.klD[]•‡^<c[d^bjRfh_ap%tnp<jNpb_cp=jDh_aa^<jN\`wxp<c€

t@^_a[op=jN\|…u2p9h.\jDpb_nalDjÒ[]j_cp\`lNf iŒDap<Dg]ht@\^<\jDpb_ah.uÒ†

ï

pq‚hg]g,S`Ï.ö'E+=YzZ\c[ojN{

þSxùFYvÆèt@^b™ƒß7ù:»&öNâ5q‚h5f^bj’q‘a[}_ah

Ü

")SxÌ:½ù YÆ Üÿ

"

SIÌ:½ù Yvƽþß Ü

"aSIÌ:½ù Y âXÆÛþSxù

|

~YÆÊt@^™ƒß.ù

|

~»&öNâã

‹ i9lN\.|2q…hf.^bj\`[]tnŒDgo†yh.\`_c[]t@^_chX_aiDh5lDjDð9jDpq‘j’ŒN^b ^btnh_ch \‚9†

~vSIÌNYvÆÊ^<c{=tn[oj

AlIm}€

7

z$

þ n o

SxÅ+(~t@^™ƒß.ù

|

~»&öRâ‡Y)ã

í[Zí ÅfÕÍÕg'cea_DgKg

9h.jN\`[o_c[]•9[}_e†ypbw^bjh.\`_c[]t@^_ap<‘_ap“u2hŒN^<`_alDah.\‚wxap<tÉ[o_a\Zu2[]\`_ca[]Dl2_c[]p<jR^bg:^=\c\clDtnŒ2_c[]p<jR\‰[]\

^bjNpb_ciNh[otnŒƒp<c_a^<j=_[d\c\clDh<z ‹ iDh‰g]p<jD{ru2[d\cflN\c\c[]p<jfp<jNfhajD[]jD{Zahgd^_a[o•=h‚klN^<go[o_c[]h.\BpbwR_ciDh

tnh.^<js^bjRu©tnh.u2[d^bjs[]\5^<j©h™D^<tŒNgohpbw‚iDpq \`[]{<jN[}ÐRf.^bj_X_ciD[d\Xð[]jNuspbwvap<NlN\e_ajDh.\a\Sxp<

\chjN\c[}_a[o•9[o_e†DYf^<jƒh<z

‹

iDh,\c^<tŒNgohtnh7^bjš|=Rh.[ojD{^5\`lDŒƒha[]p<h7\e_a[ot@^_ahpbwF_aiDhh™2Œƒh.f_a^€

_c[]p<jlDjNu2h.B_ciDh‰jDp=ct@^bg][o_e†Xp<wD_ciNh…h.cap<Bu2[]\`_ca[]Dl2_c[]p<j:|<f^<j%ƒh‚^=u2•<h.a\chg]†5^óFh.f)_ah.u%h•<h.j

9†—^m\c[ojD{=goh%p<N\cha•^_c[]p<j—[owv[o_X[d\X\`le “f[oh.j=_ago†’wI^<Zwxap<t_ciNh%ah.\`_,pbwvuN^_a^mŒRp=[oj_ \zÁ,j

_ciNhp<_ciDh.,iN^<jNuŠ|F_aiDhhóƒh7f)_rpbw…\clNf i"^’u2[d\e_ ^bj_,p=N\cha•‡^b_c[]p<j—p=j©_ciNh\a^btnŒDg]h%tnh.uD[]^<j

[d\rRp=lDjNu2h7usjNp’t@^b_`_ch.5iDpq wI^<r_ciDh@p=l2_cg]†9[ojD{p=N\`h.c•^b_c[]p<j©[d\z ‹ iD[d\rap<DlN\`_cjNh.\a\,p<w

_ciNh@th7u2[d^bj~[]\.|:p<w‚fp=lD \`h=|šp<l2_eq‚h[]{<iNh.u©9†sgopq‚hXh« “f[]hjRf†"[]j–\`p=tnhf.^<\ch.\.z“ÁZ_aiDh

klN^bj_a[og]h.\nh.j’Pep†Ò\c[otn[]g]^<@ŒDcp=ŒRh.`_a[oh7\0ñè_ciNhyhóƒh7f)_“pbwrp<lD_cg]†[]jD{p<R\`h.c•^_a[op=jN\p<j_ciDh

Ì9_ci\a^btnŒDg]h,klN^bj_a[og]hZ[d\vƒp<lNjNu2h.uš|{=[o•=hj@_aiN^_‚_ciNh,j9lDtRh.…p<wšp<l2_ago[]h \v[d\…gopq‚hv_ciN^<j

 tn[ojšß.ÌD».ÏÃsÌFâz

U,lN^<j=_a[og]h~ch.{<ah.\a\`[]p<jÞ[]jDiDh.c[o_a\y_ciNh.\chsap<DlR\e_ajDh.\a\mŒNcp=ŒRh.`_a[oh7\’\c[]jNfhs_ciDhtn[]jD[otn[]ˆh7u

p<APeh.f)_a[o•=hvwxlNjNf)_a[op=jN\[oj_ciNhf^<\ch‚pbwR\a^btnŒDg]h‘k=lR^bj_c[]goh7\‰S =YB^<jNu%[]j_ciDh‘f^=\`h‚pbwFklN^bj_c[]g]h

ah{<ah.\a\c[op=j S EYn^bah’_ciDh"\a^btnh=z ‹ iDh—p<jNgo†Lu2[}óFhahjRfh—[d\n_ciN^b_mah{<ah.\a\c[op=j¸ch7\`[du2lN^<g]\

aS)~BYZÆ Å'U–ù | ~^<chlN\ch.u—[]jN\`_ch.^=u©p<wvu2h•9[d^_c[]p<jR\wxap<t tnh.^<j"Å+

x z ‹ iDhahwxp=ch=|

klN^bj_a[og]hmah{=ch7\c\c[op=jh.\`_c[]tn^b_ch7\^<chmch.go[d^bDg]hm[]jҌNch7\`h.jNfh“p<wZp<lD_cg]†[]jD{sp<N\cha•^_c[]p<jR\

_ciR^_@iN^‡•<hyg]^<c{=hmah.\c[]uDlN^bgd\z ‹ p~[og]g]lN\e_aa^b_chy_ciD[d\nŒDap<Œƒhc_e†<|g]h_@lN\lN\ch—^s\ch_npbw,_ch.j

\c[otlDg]^b_ch7uʌN\chlNuDpb€Âa^<jNu2p<t uD^b_a^ŒRp=[oj_a\y_apq‘iD[df iòp=jDh"p=l2_cg]†9[ojN{p=N\`h.c•^b_c[]p<jN\m[]\

^<uNu2h.u~SÙ_aiDh%fp=tnŒDgoh_ch5fp2u2h5p<w:_aiD[]\h™D^btnŒDg]hr[]\\`_cp=ch7um[]j ?

žA@'æSC

«¬

›

Y)z

­<±2¥N›Nœ¤=ž

Ð

¡¢@LC]å

Ò

æSC]ãR¨ "­<±9¥N›< Fœ7¯

°

­<F§<¤<ž

Ÿ=¥Fœ­<¯

ºÔ2Ÿ=¥DŸ¹œ7¯Šœ7¥FœbŸ2›Nœ

Ï

Ÿ=¥Fœb­b¯

(10)

Ï

¯ Ð

BI@ ¯9±b£NN¤=žò­

Ñ

­<F§b¤=ž

Ÿ=¥ƒœb­<¯F§

N¤=¥DŸ

Ð

¡IB

Ò

JR¨ –œ7¯9¥D¤=žƒ¦<¤

¬

¥ÊŸ<¯AÔ¹§=›=­

¬ ¤

« Ð

£FŸ=¥9žFœ

«

¡`¯Š¨K×.±9¯Šœ

Ñ

­bžb£‚¡e¯Š¨—žDŸb¯AÔ2­‡£Š›b 

°

¤<¯N¤<žDŸ=¥D¤‡Ô Ô2Ÿ=¥DŸ

« Ð

§<­=ž9¥¡

« ¨

« Ð

«

¡IB'×b­b±2¥N›Nœb¤<ž[Ü«BH݃¨ "Ÿ‡Ô‡Ô ­b±2¥N›Nœb¤<ž

°

¤<¯N¤=ž2Ÿ=¥D¤žD¤

°

žD¤N§9§9œb­<¯ ›Nœ.¯N¤ÊŸ<¯AÔè¯N­Rœ§‡ òž2¤N§

¬

­<¯ƒ§<¤

Ÿ=žƒœbŸ<R›¤

žD¤

°

›Nœ.¯N¤

Ð

«

N¤=¥DŸ

  Ð

žD¤

°

›Nœ.¯N¤„Ü«B V¯AÝ"!Û@LC]@‡ã

¯N­=ž£FŸ2›B¡`¯F¨

  Ð  

­<±2¥N›Dœb¤=ž[ÜdJ'Ý "Ÿ‡Ô‡Ô ­b±2¥N›Nœb¤<ž

?

žA@'æ„C

«¬

›

·Z^‡•9[]jD{@_aiDhuD^b_a^m[oj©iR^bjNuŠ|ƒq‚hf^<j"^<uD•‡^<jNfh_cpmh7\e_a[ot@^b_c[]p<j—[]j—_ciDhn\a^btnhq‰^‡†’^=\[]j

\ch.f)_a[op=j–2z<2z ‹ p%t@^bð=hZah.\clDg}_ \vtnp=ch,p<9•9[op=lN\|<_ciDh.†“^bahZu2h.ŒD[]f_ch7u“[]jy^%\c[]tŒNgoh,{< ^bŒDišz

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

@LC]ãR¨ "¤N§‡¥Fœ£FŸ=¥ƒœb­<¯

N¤=¥DŸ

Ó

Ÿ=¥

ÐÛÏ C ¦<­9¤

Ñ §

~¦žD¤9Ÿ=¥2¤

°

žDŸ

¬KÓ

œ¦<Ÿ2›³ÔRœ§

¬

›Ÿ< 

Ò

ԞDŸFÖÇÔ9Ÿ=¥DŸ

¬

­Rœ7¯9¥ƒ§Ÿ<¯AÔʞD¤

°

ž2¤N§9§2œb­b¯F§Ò›Nœ.¯N¤

Ô Ð

¦žD¤9Ÿ=¥2¤‡Ôƒœ§

¬

›Ÿ= ¡IB

Ò

B<¨

Ô2Ÿ=¥DŸ

Ð « Ü Ò

J‡Ý}ׇ  NÔ2Ÿ<¥DŸ

¬

­Rœ7¯2¥R§

­<±2¥N›

Ð

­<±2¥N›Nœ¤=ž[Ü«BHÝ}×b­<±2¥N›Dœb¤<ž[ÜGJ‡Ý#"­b±2¥N›Nœb¤<ž

§<¤=¥b£FŸD§®

¬

¡ ­b±2¥N›

Ò B Ò

BHJ

Ò

BIãN¨ œ§¸R›b±N¤LŠœ

°

§¥2Ÿ=ž

›Nœ7¯N¤

Ð « Ü Ò J‡Ý}ׇžD¤

°

›Dœ7¯N¤ —¥9ž=±N¤èžD¤

°

žD¤D§9§2œb­<¯Ê›Nœ7¯N¤

§<¤=¥b£FŸD§®

¬

¡)›Dœ7¯N¤

Ò @ Ò @ Ò

@R¨

§<¤=¥b£FŸD§®N›B¡)›Dœ7¯N¤

Ò

¡IB 0ž2­+ÖF§:¡)›Dœ7¯N¤R¨9¨%$

Ò B Ò B Ò

B<¨

  Ó

Ÿ=¥

Ð

«&

N¤=¥DŸ

Ó

Ÿ=¥

?

žN›Nœ7¯D¤

Ð « Ü Ò J‡Ýׇ 

Ó

Ÿ=¥ "¤N§‡¥Fœ£FŸ=¥2¤‡ÔLžD¤

°

žD¤N§9§2œ­<¯ò›Nœ.¯N¤

§<¤=¥b£FŸD§®

¬ ¡ ?

žN›Nœ7¯N¤

Ò @ Ò @ Ò

@R¨

§<¤=¥b£FŸD§®N›B¡

?

žN›Nœ7¯N¤

Ò

¡HB 0žD­+փ§:¡

?

žN›Dœ7¯N¤R¨9¨%$

Ò æ Ò B Ò

ßN¨

ºÔƒœ§

¬

›=Ÿ= òŸ2›9›Þ­<('¤N¦¥ƒ§

§ Ó

­+Öv¡¼Ô

Ò B Ò B Ò

Ô2Ÿ=¥DŸ„Ü B ¯AÝ

Ò

­<±2¥N›

Ò

›Dœ7¯N¤

Ò ?

žN›Dœ7¯N¤R¨

§<¤=¥

° ­ ¬

¥¡&Ô

Ò B Ò B Ò

¢¥Fœ‡¥N›¤ƒ¢

Ò

¢*)b±DŸ<¯2¥Fœ<›=¤žD¤

°

ž2¤N§9§2œb­b¯Å֊œ‡¥

Ó

­<±9¥N›Nœb¤=žŠ¢=¨

?

žA@'æ„C

«¬

›

”Z\X^@ah.\clDgo_.|F†<p=l©\`iDp=lDgdu—\`h.h^@{=a^<ŒDi—go[]ð<hp<jDh%p<j—ÐN{=lDah6D|ƒ[oj"q‘iD[]f i"p<N\cha•^_c[]p<jR\

^bahu2h.jDpb_ah.u9†yNg]^=f ð’f[o fg]h.\^<jNu’_ciNh%p<lD_cg][oh.[]\Zch.ŒDah.\chj_ch7uy9†y_ciDhD[]{“Dg]lDh%\`_a^b

[]j©_ciNha[o{=i_,lDŒDŒƒh5fp<ajDh,pbw_ciNh{=a^<ŒDišz T lDc_ciDh..|F_aiDhDgolNhg][ojNhu2h.ŒD[df)_a\Z_ciNh%_aclDh

ah{<ah.\a\c[op=j“go[]jDh=|Dq‘iD[]gohr_aiDhr_ciD[df ð“ah.u’g][ojDh5\ciDpq\‚_ciNh5h.\`_c[]tn^b_ch7uyah{=ch7\c\c[]p<j“g][ojNh<z

”Z\†<p<lst@^‡†©iN^‡•<hjDp<_c[dfh.uš|:q‚htnh.j=_a[op=jDh.u"_ciNh@cp=DlN\`_cjDh7\c\Xpbw‘klN^bj_a[og]hnch.{<ah.\a\`[]p<j

q‘[o_ci’ch7\`Œƒh.f_…_app=N\`h.c•^b_c[]p<jN\_ciN^b_‰^<ch,wI^b‚[ojy_ciNhXu2[]ah.f)_a[op=jmp<wš_ciDhru2h.ŒRh.jNu2hj_‘•^ba[}€

(11)

Quantile regression with outlier

0.2 0.4 0.6 0.8

X

2 3 4

Y

T [o{=lDahQ6†>W‘p<DlR\e_ajDh.\a\‰pbwvUXWòh7\e_a[ot@^b_ch.\‚_ap@p<l2_ago[]h \.z ?

žA@'æ„C

«¬

›

^bNgoh=|b[Qzh<z]|_aiN^_iN^‡•<h‚gd^ba{<hvah.\c[du2lN^bgd\.zjDwxp<c_clDjN^b_ch.go†=|‡_ciD[d\f^<jDjDpb_ƒh‰\a^b[du%^<Rp=l2__ciDh

hóFh.f_,p<wp<N\cha•^_c[]p<jR\‰_ciN^b_X^<ch%uD[]\`_a^<j=_X[oj©_ciDh\`ŒN^=fhp<wh™2ŒDgd^bjN^b_cp=c†y•‡^<c[d^bNgoh7\0ñÊ^

\c[ojD{=gohŒƒp<[]j=_5u2 ^b{={<h.u’wI^<rhjDp=lD{<i—_apq‚^<au©[oj2ÐRjD[}_e†©f.^bj~f^blR\`h%_ciN^b_5^<gogklN^bj_a[og]hah€

{<ah.\a\c[op=ji9†9ŒƒhaŒDg]^<jDh.\v{<pr_aiDcp=lD{<i@[o_.z”,\…^<j@h™D^btnŒDg]h<|g]h_…lR\…fp<jN\c[]uDh_aiDhZŒDah•9[]p<lN\

uD^b_a^n\`h_q‘[}_ai—^uD[}óFhahj_p<lD_cg][oh.à>

­<±2¥N›Nœ¤=ž

Ð

¡¢ß

Ò

JR¨

W‘lDjNjD[ojN{h™D^btnŒDg]h ?

že@KãLC

«¬

›

q‘[o_cin_aiD[d\g]h•<h.a^<{<h‚ŒRp=[oj_v{=[o•=h.\u2 ^bt@^b_c[df^bg]g]†u2[oóƒh.`€

hj_ah.\clDgo_a\‚_ciR^bj’[oj’_ciNh5ŒDch.•9[op=lN\‘f^=\`hñÞ\chh,ÐN{<lNchrøNz

+ ³ ê<Zµ‘ êb ìë

ê0jÞ_aiD[]\’\ch.f)_a[op=jÞq…hsq‘[og]gru2[]\aflR\c\mŒRp\c\c[oN[og][}_a[oh7\“ah{^b u2[ojN{¸\e_ ^_c[d\`_c[df^bg,[ojDwxhahjNfh©wxp<

klN^bj_a[og]hah{=ch7\c\c[]p<j©tnp2u2hgd\.z”go_ciNp<lD{=i"_aiDhah^<chjDh7^bago†—jDp’lN\a^bDg]hÐNjD[o_ch“\a^btnŒDg]h

ah.\clDg}_ \Šwxp=B\`_a^b_c[d\e_a[]f.^bg<[]j2wxh.ch.jNfh‚fp<tnŒN^<ch7uX_cp‘_aiDh‚pbwÙ_ch.jlN\ch.ur_aiDhp=c†Xpbw2g]h.^=\e_\cklN^<ch7\

lDjNuDhB_ciDh‰jDp=ct@^<go[o_e†5^<\a\`lDtnŒ2_a[op=jš|_aiDh‚^=\`†9tnŒ2_apb_c[dfv_ciDh.p<a†5pbóFh \B\ch•=h ^bgfp<tnŒƒh_a[ojD{

tnh_aiDp2uD\|FjN^<tnhg]†m_ah.\`_a\,N^<\ch.up=j—_ciDhqO~^<g]u"\e_ ^_c[d\`_c[df\.|R ^bjDðy_ch7\e_ \|F^bjRu—go[]ð<h.go[]iDp9p2u

 ^_c[]pb€Âg][oð=hZ_ah.\`_a\.zL9p<tnhrpbwB_ciDh.t ^<chru2[d\cflN\c\ch.u’[]jm_aiD[d\\`h7f)_a[op=jšz

(12)

Quantile regression with outlier

0 0.5 1 1.5 2 2.5 3

X

1 2 3 4 5 6 7

Y

T [o{=lDchrø}>#:Zp<j2€Âap<DlN\`_cjNh.\a\‰pbwUXW h.\`_c[]t@^_ah.\‰_apg]h•=h ^b{=h,Œƒp<[]j_a\.z ?

žA@KãLC

«¬

›

,Z]\ - Εb]a Εg/.ÊÌËcef•cAb]ò-ñ†_DgKÍ10=cAg

‹ iDh‘^<\c†9tnŒ2_cp<_c[df…ƒhiR^‡•[]p<p<wƒp=au2[]jN^<c†5\a^btnŒDg]h‰klN^<j_c[]goh7\{<hjNh ^bg][oˆ.h.\ch.g]^b_c[]•<hg]†5h.^=\e€

[]go†5_apr_ciDhklN^<j_c[]goh‰ah{<ah.\a\c[op=j%f^=\`h=z”LwxlDjNuN^btnhj_a^<g2ch7\`lNg}_q‰^<\u2h.c[]•<h7u[]jšrp9h.jDð<h.

^bjRu ˜ ^<\a\ch_`_S`Ï.ö÷FE=YzBª:h_5ß

~…SxÌNY½Ì—͏SIÎD».Ï7Y)âr[d\‚_ciNh@ÑÓNÔÕRÖQ×ÙØ]Ú

ÚG

Úìaì)×IæbÕ@î

æ.å Úìaì^<jNu

fp=jN\c[]u2h.‰_ciDhfg]^=\c\c[df^bgFah{=ch7\c\c[op=j“tnp2u2hg

Å+ÆÞ¾ ~yûFe» vÍsß=Ï=»ã.ãã»

 â

q‘[o_ci[Qz[QzuŠzh.cap< \%F 2òÄn|<ÄÞiN^=\^XuDhjN\c[}_e†þ“\`lNf i_ciR^_wxp<^bg]g9ù©Íà…»aÎ tLÄ@SIùƒY[t„Ï<»

iDp=g]uD\þSIùƒY ÷ÎDzҔ,\c\clDtn[ojN{"_aiN^_



ýŠþ µ 7

z$

þ

¾˜|

¾43 Ü 765 Ü *^<\

 5 û87Þ»

q‘iDh.ch Ü *[]\‚^rŒƒp=\c[}_a[o•=hZu2hÐRjD[}_ahZt@^_ac[o™Š|‡šrp9h.jDð<h.v^bjNu ˜ ^=\c\ch_c_,SeÏ7ö÷’EY\`iNpq…h7u%_aiN^_

_ciNhPep=[oj_^<\c†9tŒD_cpb_a[]fu2[d\e_ac[]Dl2_a[op=j"pbw„

ƒ

€Â•‡^<c[d^_ah%klN^bj_a[og]hah{=ch7\c\c[]p<j—h.\`_c[]t@^_ap< \

9 7nÆ;:

~7ŠSxÌ

þ

Yd|v»ã.ãã»

~}7ŠSIÌ ‹ Yd|<

|

_a^<ð<h7\‚_ciDhrwxp=ct

=

?>

9Õ7 94@ ÆBA

=

C

~ 7 SIÌED7Y#3~vSxÌEDYGFIH

‹D $ þ 0

5KJL:ÂÎN»NMO Ü

ýšþ

*

<» S`ÏH=Y

q‘iDh.ch4MÞÆTSQP#

D Y ‹

)D $ þ

ÆBRISxtn[]jšß.Ìàe»`Ì

D

âsÌXQÌ

D

Y&h2Sþß‡Ä ýŠþ SxÌXÂY â’þß7Ä ýŠþ SxÌ

D

Y)âTS

‹ D $ þ

^<jNu

Ä ýŠþ chwxh \,^<{=^<[oj_ap“_ciNhklN^<j=_a[og]hwxlNjNf)_a[op=jsfp=cah.\cŒƒp<jNu2[]jD{n_ap“_ciNhu2[d\`_ca[oDlD_c[]p<j"Änz

·Z^‡•9[]jD{,_ciDh‰^<\c†9tŒD_cpb_a[]f…jDp=ct@^bg][o_e†5pbwD_aiDh‰h.\`_c[]tn^b_ch7\[]jiN^bjNuš|bp<jDh‰f^<j%lN\ch…_ciDh[O^bgdu

_ch7\e_,wxp<,_ch7\e_a[ojD{yi9†Œƒpb_aiDh.\ch.\Z_ciR^_Xf.^bj©ƒhh™2ŒDah.\a\`h7u—^<\Z^y\`h_,p<wgo[]jDh.^<,ah.\`_ca[df)_c[]p<jR\

p<j

~}7ŠSIÌ

þ

Y)»ã.ãã.»

~}7ŠSIÌ ‹ Y…wxp<\cp<tnhrÌ

þ

».ãã.ã»`Ì ‹ »¼ÿÍVU…z

‹ iDhv\c[o_clN^b_c[]p<j5[d\Šgo[o_`_agoh…D[o_:tnp<ahfp<tnŒDg][df^_ah.ur[]jr_ciDh…f^<\chpbw2jDp=j2€Â[Qz[QzuŠz.hacp=a\.|Dl2__ciDh

jDp=ct@^bg][o_e†“pbwB_ciDhk=lR^bj_c[]goh5ah{=ch7\c\c[]p<jmh7\e_a[ot@^b_cp<‘[d\ŒNch7\`h.c•=h.u“lNjNu2hZiDh_ahap=\afh.uN^<\`€

_c[df[o_e†<z‚êÂwq…huDhjDp<_chr_ciNhh.\`_c[]t@^_ch5p<wfp9h« “f[]hj_ \‰wxp<Ì—͸SQÎD».Ï7Y‚9†

~7ŠSxÌNY)|R_ciNhjwxp<

(13)

 =  C

~ 7 SIÌNY#—~…SxÌNY F 0

5KJ :ÎN»XW ýšþ SxÌNYZYSIÌNY[W ýšþ SxÌNY < » S`Ïà6Y

q‘iDh.ch

YSxÌNY…Æ g][ot

7\ © ]

Y 7 SxÌNY…Æ g][ot

7\ © ]

̚SeÏ~ÌNY



ýšþ

7

z$

þ ¾ |

¾

^bjRu

W¸SIÌNYvÆ g][ot

7/\ © ]

W7ŠSxÌNYvÆ g][ot

7\ ©]



ýŠþ

7

z$

þ ¾ |

¾Gþ’0ß‡Ä ýŠþ

SxÌNY â

Sþ SY,u2hjNpb_ch7\rfp<jRu2[}_a[op=jN^bgu2h.jN\c[}_e†—p<wvŗ{<[]•<h.j©¾sY)z” {=lD[]uDh%_apm_aiDhh7\e_a[ot@^b_c[]p<j"p<w

W 7 SxÌNY[]\{=[o•=hjš|bwxp<h™2^<tnŒDgoh=|b[]j ï pq…h.gogŠSeÏ7ö+E=ö=Y)|=^bjNušrp9hjDð=h^<jNu ï p<c_cjDp†“SbÎ<Î=Î=Yz

,ZY ^ Î_0X`™ce_Dg'c

”Z\q‚^=\‚^<goah.^=u2†@tnhj_c[]p<jNh.u’[oj’_aiDhrŒDch.•9[op=lN\‘\`h7f)_a[op=jš|9_ciDh^=\`†9tnŒ2_apb_c[dfXjDp<at@^bg][}_e†@p<w

klN^bj_a[og]hah{<ah.\a\c[op=j,h7\e_a[ot@^_ah.\:{<[]•<h.\šlN\šŒƒp=\a\`[]D[]go[o_e†,_cp_ah.\`_:•^ba[op=lN\Šg][ojNh.^bi9†Œƒpb_aiDh.\ch.\

wxp<at%lNg]^b_ch.u,_aiDcp=lD{<irah{=ch7\c\c[op=jXklN^<j_c[]goh7\Š9†,tnh.^<jN\Šp<w_aiDhO^bgduX_ch7\e_7z T p=:^‘{=hjDh.a^<g

g][ojDh7^b‘i9†9ŒRp<_ciDh7\`[d\‘^bƒp<lD_‘_ciDhr•<h7f)_ap< 9 Æ;: ~vSIÌ

þ

Yd|».ãã.ã»]~…SxÌ

‹

Yd|a<

|

W * >W 9 Æێ S`Ïø9Y

SbW Rh.[ojN{^Y

‚  ƒ

t@^_ca[o™F|AŽ’^•<h.f_cp=…p<w:goh.jD{b_ai?Y:Y)|9_aiDh±O~^<g]um_ch7\e_‘\e_ ^_a[]\`_c[df\‰f^<j

ƒh5q‘c[o_`_ahj—^<\

c

7“ÆÃSbW

9

ŽƒY | RdWfegMOÊSI¾ | ¾sY ýŠþh W | S

ýšþ

SbW

9

sŽƒY)» S`ÏH;=Y

q‘iD[df iiN^<\rlDjRu2h5_aiDh“•^bg][du2[}_e†"pbwiWq*y^<\c†tnŒ2_apb_a[]f.^bg]go†?j

Æ

u2[d\e_ac[]Dl2_a[op=j~q‘[o_cikYÞu2h€

{<ahh7\Xpbw‚wxch.h.u2p=t’z ‹ iDh@p=jDg]†"u2[ @flDgo_ŒRp=[oj_[d\X_ciDh@h7\e_a[ot@^_a[op=jsp<w…_aiDh“^<\c†9tnŒ2_cp<_c[df

fp•^<c[d^bjNfh@t@^_ca[o™MXz ‹ iDhahm^bahm\ch•=h ^bgv\`_c ^_ah{<[]h.\%^‡•‡^<[ogd^bNgoh=|\chh–šrph.jDð<h.^<jNu

ï p<c_cjNp†SbÎ=Î<Î=Yvwxp=‰_ciDh.[ou2[d\aflN\a\`[]p<j:z

‹ pŒNch7\`h.j=_^nŒƒp=\a\`[]Dg]h5^bŒDŒDg][df^_a[op=jyp<w:_aiD[]\‘_ch.\`_ŒDap2fh.uDlDch=|2goh_lN\‘h™9ŒNg]^<[oj^n\`[]tnŒDgoh

_ch7\e_‚pbwŠiDh_chap=\afh7uD^<\`_c[df[o_e†<z T p=gog]pq‘[]jD{všrp9hjDð=hv^<jNu ˜ ^<\a\`h_`_,S`Ï.ö+E‡b^Y)|biDp=tnp=\afh.uN^<\`€

_c[df[o_e†"[d\5h7k=lN[o•^bg]hj_5_ap_ciDh@h7k=lR^bg][}_e†©p<w‰\cg]p<Œƒh@ŒN^b ^btnh_ah \r^<fap=\a\rklN^bj_c[]g]h.\.z M p<j2€

\c[]u2h..|9wxp=‘h™D^btnŒDg]h<|2tnp2u2h.gvS=Y

Å'Æ-û

RûFe» vÍsß=Ï=»ã.ãã»



â=ã

‹ iDh.j_ciDh5_ah.\`_pbw_ciNhh.klN^<go[o_e†“pbw_aiDh%\cgop=ŒRh5ŒN^<a^<tnh_ch. ^<fap=\a\‰klN^bj_c[]g]h.\‘Ì

þ

»`ÌXÆ[]\

jDp<_ciD[]jD{nDl2__aiDhr_ch7\e_p<w:_aiDh5i9†Œƒpb_aiDh.\c[d\

Wq*9> SxÌXƇY# SxÌ

þ

YÆÊÎNã

9[]jNfhr_aiDh5Ì9_ci—klN^<j=_a[og]hrch.{<ah.\a\`[]p<jmh.\`_c[]tn^b_ch

SIÌNY‰[]\‰[]j’_ciD[d\f.^<\chX\c[otnŒDg]†“_aiDhu2[oóƒh.`€

hjRfhp<wB_aiDhÌ9_aisklN^bj_a[og]h.\‰wxp=,\a^btnŒDg]h.\rß7Å ½ ƄÎDâ%^bjNu~ß7Å ½ ÆTÏ<âmSxahtnhtRh..|

Í~ß7ÎD».ÏbâY)|

SxÌXƇY#

SxÌ

þ

YvÆ

Æ ß

ÜÝ

SxÌXÆ9½BƹÏ7Y8 ÜÝ

SxÌXƽÆÊÎ=Y)âÒß

ÜÝ

SIÌ

þ ½:Æ Ï‡Y8

Ü%Ý

SxÌ

þ ½ÆÞÎY â

Æ ß ÜÝ SxÌXÆ9½BƹÏ7Y8 ÜÝ SxÌ

þ ½Æ Ï7Y)âÒß ÜÝ SIÌXƽ:ÆÊÎY8 Ü%Ý SxÌ

þ ½ÆÞÎY â

(14)

T lN`_aiDh’[}_[d\mŒƒp=\a\`[]Dg]h©_apu2h.c[]•<h"_ciDhs•‡^<c[d^bjRfhl SxÌ

þ

»`Ì Æ Y“pbw

SIÌ Æ Y±

SIÌ

þ

Y@wxap<t

wxp<at%lNg]^SeÏI<Y|D^bjNum_cp“fp<jN\`_calNf)_‰_aiDh\e_ ^_a[]\`_c[df\

m 7nÆ ß

Sx툮7Y#

SxÌ

þ

Y)â’h(lSIÌ

þ

»cÌXƇY

q‘[o_ci–^bj^<\c†9tŒD_cpb_a[]f.^bg]go†"jDp<at@^bgu2[d\e_ac[]Dl2_a[op=jšz

T

p=^yŒNa^=f)_c[df^<gch7^bg][oˆ7^_c[]p<jspbw‚_ciDh

_ch7\e_7|Š[}_5q‚p<lDgdu—ƒhjNh.fh7\c\a^ba†’_cp’^bŒDŒDap‡™2[ot@^b_ch—lSIÌ

þ

»`ÌXÆ7Y)|šDlD_,_aiD[]\X{=ph7\Zƒh†=p<jNu©_ciDh

\afp<Œƒh‰pbwD_aiD[d\_cl2_ap<a[]^<gQz

T

p=Btnp=ch‚[ojDwxp<atn^b_c[]p<jp<j%_ciDh\cpb€0f^<gog]h.unìVîNÔ

ì)×ÙÖ¦Ú)ì)ÖV×nÔbÖQ×IæbÕN|

\chh’wxp<“h™D^btnŒDg]hº2[]uDuD[]klD[%S`Ï.ö'<Î=Y| ˜ pbÐRjD{<h.©SeÏ.ö9÷F;=Y)|LO~hgd\ci¹S`Ï.ö'E+E=Y|vp=“·Z^bg]gZ^<jNu

9iDh7^_aiDhS`Ï.ö+E'E=Yz

,Zí ÅΕaon¶ce_Dg'cAg

ÏÐ

ž

?KÑ

œ‡¥¡

«LÒ

 

ß(Ò

¥DŸ<±

Ò

¦2œ

Ò

Ÿ2›

¬‡Ó

Ÿ Ò

œ=œ’Ô

Ò

œ7¯9¥D¤bž

¬LÒ

¥ƒ¦‡žFœ.¥

â ¨

h7\e_a[ot@^_ah.\‰jDp=jD[]j=_ah ^<f_c[]•<hg]†“^{<[]•<h.j’klN^<j=_a[og]hrch.{<ah.\a\`[]p<jytnp9uDhg

¦ Ó œ Ð

ž9žƒ§‡¥D¤N§¥¡

« @ Ò`«

B Ò  ߛÒ

§¦b­<žD¤

â ¨

Œƒhcwxp<at@\‚_ciDh5ah{=ch7\c\c[op=j“ ^bjDð2\afp<ah_ah.\`_

‹ iDhZfg]^=\c\c[df^bgD_ciDh.p<a†%pbwŠ ^bjDð%_ch7\e_rSI·?p^«Pehðn^bjNurq2[]uip^<ðF|NÏ.ö'÷<Y:h.tnŒDgop†2\_aiDh

ÔÕtsìå æ

Ú

ä Ó2ՃåÖV×IæÕDì

öK7FaS)ˆ`YÆvu

wx Ï [}w#ˆ‰È Szy Ï‡Y¼h



y —ˆ



[}w‘Sby LÏ7Y&h



t³ˆ‚È"y h  »

Î [}w_y h 

t³ˆ

S`ÏàY

q‘iDh.ch1y ch.ŒDch7\`h.j_a\_aiDh, ^bjNðp<wƒ_aiDh{Q_ai“p<R\`h.c•^_a[op=jnÅ []jsSIÅ

þ

».ããã»`Å 7 Yz ‹ iDhZ[]j_ch€

{< ^_a[op=jyp<wö 7+ S)ˆ`Yq‘[}_ai—ch7\`Œƒh.f_‘_cp“•^<c[]p<lN\‘\afp=chr{=hjDh.a^b_c[]jD{wxlDjNf)_a[op=jN\

{

ŒDcp2u2lRfh.\

•<h7f)_ap< \ŠpbwN\afp=ch7\|7a^<jDð€Vg][]ð<h\`_a^_a[]\`_c[df\.|q‘iD[df i%^bahv\clD[o_a^bNgohwxp=:_ah.\`_c[]jD{Nz T p=[]jN\`_a^bjRfh<|

[]j=_ah{=a^b_c[]jD{Nö 7F S ˆ`Y5lN\c[ojN{—_ciDhyªšhƒh.\aklDh“tnh.^=\`lNch©SI{<hjNh ^_c[]jD{wxlDjRf)_c[]p<j

{

S)ˆ`YÆ ˆ`Y

{<h.jDh ^_ah.\…_ciNh9OÞ[ogdfp‡™2p<j\afp<ah.\

|

:Æ}

þ

*

öK7FaS)ˆ`Y[~'ˆÆ

y LÏIhF



»Æ Ï=»ã.ãã»

 » S`χ÷<Y

{

S ˆ`YvÆÞ\c{<jS)ˆe—ÏIh+<YB†9[]hgduD\_ciNhZ\`[]{<j“\afp=ch7\

| ƽö 7F SeÏIh+<Y^<jNu@\`p5p=jšz ‹ iDhq‰^‡†iDpq

_ciN[]\_ciDh.p<a†%f^<jƒhZ^<ŒDŒDg][oh7u[]j_ciDhZch.{<ah.\a\`[]p<jfp<j_ah™9_q‚^=\Bwxp<lDjRun†nËXl2_ch.j9DclNjDjDh

^bjRuV€<lDah

q

fð<p•p^’SeÏ7ö<ö'=Y)|Rq‘iDp“jDp<_c[dfh.u—_ciN^b_Z_ciNh% ^bjDð2\afp<ah.\5S`ÏàY‰t@^‡†yƒh%•9[]hq‚h.u—^<\

^n\`p=golD_c[]p<j’pbw^g][]jDh.^<`€ÂŒDap<{< ^btntn[]jD{tnp2u2hg

t@^™

‚

l„ƒ

*X

þX…

1 Å | ö S`ÏàEY

\clDePeh.f_‰_cp ¾˜öÆÃSeÏÃ3ˆ`Y0¾ÒÏà7Fã

‹ iDh[otnŒƒp<c_a^bj_XŒDcp=ŒRh.`_e†ypbw_aiD[]\,tnp2u2hgB[]\,[o_a\Xu2lN^bg][o_e†y_apmtnp2u2hg‰SeÏ7Î=Y‚_aiN^_ru2hÐRjDh.\

ah{<ah.\a\c[op=jmklN^bj_c[]g]h.\eñÞ\chh5^bgd\cpšrp9hjNð<h‘^<jNu ôÈÁ,ch.†"SeÏ7ö<ö'6=Ywxp<u2h_a^b[]gd\z

‹ iDh–lDjRfp•<h.ch7uòg][]jDðÊ_apށa^<jDð2\cfp<ah"_ah.\`_a\—h.jN^bDg]h.u _apÊfp<jR\e_aclNf_—_ch7\e_ \—pbw@\`[]{<jN[}ÐD€

f^<jNfh’pbwXch.{<ah.\a\`p=a\%[ojèklN^bj_a[og]hch.{<ah.\a\`[]p<j–q‘[o_ciDp=l2_“jDh7fh.\a\c[}_e†_ap~h7\e_a[ot@^b_ch—\`p=tnh

j9lD[d\c^<jNfhXŒN^b ^btnh_ch \XSI\clNf i’^=\oMÞ[]jm_aiDh5f^=\`hXpbw_ciDh9O^bgdu“_ah.\`_ YzvËX[o•=hjy_ciDhrtnp2u2hg

ÅnÆÞ¾*X~†*…û–¾

þ ~ þ

û†9»¼~†*5͗à

¨

ýˆ‡

»¼~

þ

͗à

‡

|NËXl2_ahj9DalDjDjDh..|„€=lDah

q

fð<p•p^D|‡šrp9hjDð=h7|

(15)

þ

ah{<ah.\a\c[op=j“a^<jDð2\cfp<ah,ŒNcp2fh7\c\.zêÂ_[d\‘fp<jR\e_aclNf_ch7uy[]j’_ciDhrwxp=gog]pq‘[]jD{nq‚^‡†›>BÐN \e_7|Nfp=t€

ŒDl2_ahßHö 7F S)ˆ`Y â

7

$

þ

^_r_ciDhnah.\`_ca[]f_ch7u"tnp2u2hgÅ"ÆT¾ * ~ * û"y^bjRu©_aiDh@fp<aah.\cŒRp=jNu2[]jD{

 ^bjDð2\afp<ah.\…•<h7f)_ap<

|

ÆÃS

|

ÂY

7

z$

þ

Æe}?Šqö‡7+cS ˆ`Y[~

{

S)ˆ`Y h 7

$

þ

z•:h™9_.|2wxp=ctÉ_ciDh5•=h.f)_ap<

‹

7nÆ



ýŠþXŒ

Æ ¾ þ | »

q‘iD[df i¸fp=j•=ha{<h7\r[ojÒuD[]\`_ca[oNl2_c[]p<j_apJ :ÎN»¼ô

Æ S{ Y Ü * < lNjNu2h%_ciDhyj9lDgog‚i9†9ŒRp<_ciDh7\`[d\|

q‘iDh.chô Æ S{

Y,Æ Š þ

* { Æ

S)ˆ`Y~+ˆ)| Ü * ÆÃg][ot 7\ ]©Sx¾

þ

¾ þ Yd|…Sx¾

þ

¾ þ Y¼h



|:^bjNu

¾ þ Æ

¾ * SI¾˜|

* ¾ * Y ýŠþ ¾˜|

* ¾ þ z T []jN^bg]g]†<|2_aiDhr_ch7\e_\`_a^_a[]\`_c[df\

m 7@Æ ‹ |

7 Ü ýŠþ

‹ 7†h ô

Æ S{ Y S`Ï.öY

iN^=\m^<\c†9tnŒ2_cp<_c[df^bg]g]†"j

Ƈ

u2[d\e_ac[]Dl2_a[op=jšz ‹ pÒu2pÒ_ciD[d\m_ch.\`_y[]jò,ŒDg]p=W‘hLSx{<[]•<h.jÊ\`p=tnh

SxÅF»c¾sY`Y|9_ciDhrp<jNgo†@_aiD[]jD{n†<p<l’iN^‡•=h_cp@u2pn[d\‚_cp@\cŒDgo[o_‰_ciDh5t@^b_ca[}™“¾ _cp_eq‚pŒN^<`_ \‚¾ *

^bjRuy¾

þ

SIgoh7^‡•[]jD{_ciNh5[oj_ch.afhŒ2_lR\`lN^<gog]†“[]j¾ * Y‰^bjNuy_ap“f^bg]gF_ciNhk=lR^bj_cg]h_

ž9žƒ§¥2¤N§¥

|

q‘iD[df ich7k=lN[oah.\‚¾*<»c¾

þ

»N^bjRuyÅmp<j[ojNŒDl2_.z‰Á,Œ2_c[]p<jN^<gog]†<|N†<p<lf^<j’\cŒƒh.f[owx†“_aiDhr_e†9ŒRh5p<w

_ciNh%\cfp<ahr{<hjNh ^_c[]jD{wxlDjNf_c[]p<j_ap“Rh%lN\`h7u–SI\chh^<ŒDŒRh.jNu2[o™º;wxp=tnp<ahu2h_ ^b[]g]\ Y óN_ciDh

OÞ[]g]fp‡™9p=j\afp=ch7\B^<ch‚htnŒDg]p†<h7u%9†%uDhwI^blNg}_7z

T

p<u2h.tp=jN\`_c ^_c[]p<jpbwR_ciDhklN^<j=_agoh_.|bg]h_

lN\lR\`h^<{=^b[]j^5\c[]t%lDgd^_ah.unuD^_ ^r\`h_eñÞq…h‘{=hjDh.a^b_ch‰^rŒN\`h.lNu2p<€V ^bjNuDp<t Ï.Î=Î

‚

6Zt@^b_ca[}™

¾é^bjNu_eq‚p5ah.\cŒRp=jN\`h‘•=h.f_cp< \Å

þ

ÆÞ¾ SeÏ=»&D»X5Ï7Y]|XûŽ

þ

^<jNunÅ+ÆZÆʾ SeÏ<»¢2»aÎ=Yd|5ûŽFÆz

‹ iDhah.\clDgo_c[]jD{‘_ah.\`_\e_ ^_a[]\`_c[df\u2[}óFhB\`[]{<jN[}ÐRf.^bj_cg]†SI[oj_ciDhÐRa\`_f^=\`h=|_aiDh_ah.\`_B\`_a^_a[]\`_c[df\

[d\…\c[o{=jD[oÐRf^<j=_7|=q‘iN[og]h,[]j@_aiDh,gd^_c_ch.vp<jNhZjDp<_ Y…^<\[d\‚u2p2flDtnhj_ah.u“ƒpb_aim9†_ciDh.[o‚•^bg]lDh.\

^bjRu

ƒ

€V•^bg]lDh7\z

~§2œ£N±R›=Ÿ=¥D¤ Ô2Ÿ<¥DŸ¸£FŸ=¥9žFœ

«

¯ Ð BI@K@

žDŸ<¯AÔ2­7£œ

Ï

¤¡HBKBI@›B=¨

« Ð

£FŸ=¥9žFœ

«

¡`¯Š¨³×±9¯Šœ

Ñ

­=žb£‰¡e¯

Ò

JR¨

°

¤<¯N¤=ž2Ÿ=¥D¤ UBҟ<¯AÔÊ AJ

 UB

Ð « Ü Ò BHݏ!ÇJ

‡«

Ü Ò J‡Ý

ÚÊ«

Ü Ò

߇Ý6!ʯD­=žb£FŸ2›¡`¯Š¨

 AJ

Ð « Ü Ò BHݏ!ÇJ

‡«

Ü Ò

J‡Ýk!ò¯N­=ž£FŸ2›B¡`¯F¨

¥D¤N§¥Ê¥

Ó ¤ Ó   ¬

­=¥

Ó

¤D§2œ§–¥

Ó

Ÿ=¥Ê¥

Ó

¤„¦<­9¤

чÑ

œ¦2œb¤b¯2¥Þ­

ÑÊ«

Ü Ò ß‡Ý¹œ§

Ï

¤=žD­

Ñ

œ‡žƒ§¥ ¦<ŸD§<¤

¦ Ó

œAB

Ð

ž9žƒ§¥D¤D§¥¡

« Ü Ò

B ]J‡Ý Òn«

Ü Ò ß‡Ý

Ò

 (B=¨

¦ Ó

œAB

¦FÔ

Ñ

¦:¡¦

Ó

œAB

Ò

B=¨

~§<¤N¦<­<¯eԄ¦<ŸN§<¤

¦ Ó

œFJ

Ð

ž9žƒ§¥D¤D§¥¡

« Ü Ò

B ]J‡Ý Òn«

Ü Ò ß‡Ý

Ò

 eJR¨

¦ Ó

œFJ

¦FÔ

Ñ

¦:¡¦

Ó

œFJ

Ò

B=¨

?

žA@KäC

«¬

›C

«¬

›

OÞiDh.jy_aiDh\afa[oŒ2_‘h.jNuD\.|2_ciDh5,ŒDg]p=W‘h5p=l2_cŒDlD_Z\`iDp=lDgdumg]p9p<ð“g][oð=h

á ­<¯9¥D¤<¯2¥ƒ§¸­

Ñ ¦ Ó

œAB

Ü«B

ÒÝ BIåLCdßKâKß

á ­<¯9¥D¤<¯2¥ƒ§¸­

Ñ

¦’Ô Ñ ¦

Ü«B

ÒÝ @LC]åKåKå‡åKå

(16)

á ­<¯9¥D¤<¯2¥ƒ§¸­ ¦ œFJ

Ü«B

ÒÝ @LC]@›B‘+æAßKä

á ­<¯9¥D¤<¯2¥ƒ§¸­

Ñ

¦’Ô Ñ ¦

Ü«B

ÒÝ @LCXBI@t‡@›B

‹ iDhrh™2[d\e_ahjNfhrpbwB^_ah.\`_c[]jD{“\e_aa^b_ch.{<†wxp<klN^<j=_a[og]hrch.{<ah.\a\`[]p<jmtp<_c[]•^_ch7u“_aiDh\ch.^b f i

wxp<,^nch.•<h \ch,ŒDap2fh7u2lDahr_ciN^b_q…p=lDg]u’ŒDap•9[]uDh^nth_ciDp2u’wxp=h.\`_c[]t@^_c[]jD{“fp<j2ÐRuDhjNfh

[]j=_aha•^bgd\‰q‘[}_aiDp<l2_Z^=f)_alN^bgŠð9jDpq‘g]h.u2{=h,p<w_aiDh^<\c†9tnŒ2_cp<_c[dfXfp•^ba[]^<jNfhXt@^_ca[o™FzvU,lD[o_ch

{<h.jDh ^bgƒah.\clDg}_ \‚[ojm_ciD[d\‘^bah.^%q…h.chXu2ha[o•=h.um[oj’·l

q

\cð<p•p^“S`Ï.ö=öbøYzB”Zg}_aiDp<lN{<i“_aiDh5fp=t€

ŒDl2_ ^_a[op=j©pbw_aiDh.\ch%fp=j2ÐRu2h.jNfh[oj_aha•‡^<g]\Z[]\Za^b_ciDh.,u2[ “flDgo_.|ƒ_aiDhah^<ch\cp<tnh\cŒƒh.f[d^bg

f^=\`h7\Šwxp=q‘iD[df i_aiDh‚ŒDcp2fh.u2lDah[d\š_aa^=f)_ ^bDg]h,Sšrph.jDð<h..|=Ï.ö=öbøYz:”j^<uD^<Œ2_a^b_c[]p<jp<w2_ciDh

_ch7f iDjD[dklDhvwxp=jNp<j2€Â[Qz[VzuŠz‡h.cap< \ŠiN^‡•=hvƒhhju2p<jNh…ah.fhj_cg]†<zD:Zpq5|[}_q‰^<\B^bg]ch7^<u2†Xtnhj2€

_c[]p<jNh.us_ciN^b_%klN^bj_cg]h_

ž

?KÑ

œ7¥

f.^bjfp=tŒNl2_ch“^<g]\cp’fp<j2Ѓu2hjNfh@[oj_aha•‡^<g]\Xwxp=klN^bj_c[]g]h

ah{<ah.\a\c[op=j“h.\`_c[]t@^_ch7\z ‹ iD[d\‰[d\u2p<jNh,9†@_aiDh^bƒp•<hXtnhj_c[]p<jDh7umtnh_ciDp2u’pbw‚×ÙÕ

Ÿ Ú ÖV×ÙՇ

ÔbÕtsÖ0Ú)ì)ÖQì |=q‘iD[df i“iN^<\…\`h.•<h.a^<g2ŒDa^=f)_a[]f.^bgN[]tnŒDg][]f.^_c[]p<jR\z”ƒp•<hZ^<gogV|=_ciDhXfp<tnŒDlD_a^_a[op=j

pbwfp=j2ÐRu2h.jNfhr[]j=_aha•^bgd\‚^b_Z^bjyh™D^<f_‘\c[]{<jD[oÐRf^<jNfhXg]h•<h.gU–q‚p<lDgdumah.klD[]ah,ð9jDpq‘g]h.u2{=h

pbw_aiDh%h.j_c[]chk=lR^bj_c[]gohch.{<ah.\a\`[]p<j’ŒDap2fh.\a\5ß

~vSxÌNY.½ÌÍèSIÎN»Ï7Y)â=z ‹ iN[]\,[]\,jDp<_,Œƒp=\a\`[]Dg]h

ƒh.f^<lN\chyq‚h—^bg]q‚^‡†2\q…p=cðq‘[o_ciÐNjD[o_ch©\a^btnŒDg]h.\.|iDhjRfhq…hiN^‡•=hmp=jDgo†^bj^<ŒDŒDap‡™9€

[]tn^b_c[]p<jèpbwX_ciNh—ŒDcp2fh.\a\n[ojè_aiDhwxp<atõß

~vSxÌNY.½ÌTÍ ß.Ì

þ

»ã.ãã»cÌX‹%â<â=z ‹ iDhahwxp=ch=|_eq‚p

fp=j2ÐRu2h.jNfhm[oj_ch.c•^<g]\^<chyfp<tnŒDlD_ch.u~wxp=%h.•<ha†"ŒR^b ^btnh_ah%^b_^—{<[]•<h.j–\`[]{<jD[oÐRf.^bjNfh

g]h•<h.g SxŒR^b ^btnh_ah

Ÿ2›

¬KÓ

Ÿ

YVñè_ciDhngd^ba{<h7\e_rp<jDhnq‘[o_ci~_calDh@\c[o{=jD[}Ѓf^bjRfhngoh.•<h.giD[o{=iDh

_ciR^bjN…|Rg]h_XlN\Zf.^bg]gš[}_Qr

þ

|F^bjRu’_ciDh%\ct@^bg]goh7\e_,p<jDhq‘[o_ci_aclNh%\`[]{<jN[}ÐRf.^bjNfh5goh.•<h.g:g]pq…h.

_ciR^bj˜…|(r«Æ<z ‹ iDhj:|F^=ffp< u2[ojN{n_cp“_aiDh•‡^<golNhpbwŒN^<a^<tnh_ch.

œ7¯2¥D¤<ž

¬Š|D•^ba[]p<lN\Zch7\`lDgo_a\

^bahrch_clDajDh7uŠzêÂwB[o_a\‘•^<golDhr[d\‘jDp=jDˆh.cpp<‰_aiDh5ŒN^b ^btnh_ch‰[d\‰jDpb_Z\cŒƒh.f[oÐNh7uŠ|Dh<z{Nz]|

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

@LC]ã

Ò

B=¨

Ò

_ciNhjs_ciDhRp=lDjNuD\Xp<w_ciDhnah_alDcjNh.u—[]j_cha•^bgd\,^<ch[oj_ahaŒRp=g]^b_ch.u©wxcp=t _ciDhg]pq…h.X^<jNu

lDŒDŒƒh‰ƒp<lDjRuD\‚pbwš_aiDh,ŒR^b[]a\…pbw:[]j_ch.c•^bgd\.|^<jNu@_aiDh,ah.\clDgo_‚[]j

Ï

C)œ7¯2¥2¤=ž

Ÿ2›2§

[d\‰^

ƒ–‚

t@^_ac[o™Òpbw5fp=j2ÐRu2h.jNfh[]j_cha•^bgd\0ñè_ciNhyÐRa\`_“fp<g]lDtnjèiDp<gduD\_aiDh—[oj_ahaŒRp=g]^b_ch.ug]pq…h.

ƒp<lDjNuN\|2_aiDh\ch.fp=jNuyp<jDhrlDŒDŒƒhZRp=lDjNuD\.zê0j’_ciDh5p<_ciDh.f^<\ch<|9[Vzh=zo|

œ.¯2¥D¤=ž

¬mÆòÎD|

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

@LC]ã

Ò B Ò B Ò

@R¨

Ò

Ï

C)œ.¯2¥D¤=ž

Ÿ2›D§

[d\…^

ƒ‚

ø%t@^b_ca[}™@pbwšŒR^b[]a\vpbw:fp=j2ÐRu2h.jNfh,[oj_aha•‡^<g]\eñè_ciDhZÐNa\`_…fp<g]lDtnj

fp=j_a^b[]jN\‰_aiDh%g]pq‚hƒp<lDjRuD\p<w[]j_ch.c•^bgd\r Æ |R_ciDh\`h7fp<jRup<jDh5g]pq…h.ƒp<lDjNuN\pbwLr

þ È\|

_ciNh‘_ciD[] unp<jDh‘h.t%ƒp9uD†lDŒNŒRh.Rp=lDjNuD\vpbwUr

þ È\.|^<jNu_ciDhwxp<lDc_ci@p=jDh‘lDŒDŒƒh…Rp=lDjNuD\p<w

[]j=_aha•^bgd\„r Æ |2q‘iD[df im[]tnŒDgo[]h.\‚_aiN^_‚_ciNhXƒp<lNjNuD\‚[oj’apq\pbw

Ï

C)œ.¯2¥D¤=ž

Ÿ2›D§

^<ch,jlNth.`€

[df^bg]g]†\cp<c_ch7uŠzZê0j©_ciD[d\rf^<\ch<|R_ciNh%t@^_ac[o™

Ï C

¬e

Ÿ2›

q‘[]gogfp=j=_ ^b[]j—_ciNhfp=cah.f_

ƒ

€Â•^bg]lDh.\

fp=cah.\cŒƒp<jNu2[]jD{_cpnƒp<lDjNuN\‘[oj

Ï

C)œ7¯9¥D¤=ž

Ÿ9›D§

z

T

[ojR^bg]go†=|DRhwxp<ah5fg]p=\c[ojD{_aiD[]\‘_cp<ŒN[]f<|2q…h5t@^bð=hrp<jDh5\ctn^<gogŠaht@^<cð@p=j

œ9œ’Ô

\cq‘[}_ f išzêÂ_a\

•^bg]lDh@\`Œƒh.f[}ÐRh.\.|šq‘iDh_aiDhX_aiDh@ŒDap9fh.u2lNchn\`iNp<lDgdu©ŒDah.\clDtnhn[Qz[VzuŠzŠh.cap< \SÙ_ciN[]\r[d\X_ciDh

u2hwI^blDgo_X\ch_c_c[]jD{Y|Rp=q‘iDh_aiDh,[}_r\`iNp<lDgdut@^bð<h\cp<tnhjNp<j2€Â[Qz[VzuŠzRhacp=a\‘^=uIPelN\`_ctnhj_ \z

O~hXf.^bjmu2[d\afg]p=\ch_ciNh,hóƒh7f)_‰pbwš_aiD[]\‚ŒN^<a^<tnh_ch.vlN\c[]jD{_aiDhX^<goah.^=u2†@u2[d\cflN\c\ch.u

¯Fœ¦

Ñ

­9­

uD^b_a^Dz ‹ iDhuD^_ ^©\`h.ht@\%_cp"h™2iD[oN[}_@\`p=tnhmð9[ojRu–pbwiDh_ch.cp\cfh.uD^=\e_a[]f[}_e†èSI^=\%[d\%p<wÙ_ch.j

_ciNhnf.^<\ch[owv_aiDh@\`h_Xp<w‚\c[o{=jD[oÐRf^<j=_Xh™2ŒDgd^bjN^b_cp=c†•^ba[]^<Dg]h.\,[oj9•<p=go•=h%[]jNu2[]•9[]u2lR^bgd\rq‘[}_ai

u2[]•<h.a\ch,g]h•=hgd\‰pbw[ojRfp<tnh‡Y)|N\chhXÐN{=lDchv;Dz

‹ p’fp<tnŒN^bah_aiDhnch7\`lNg}_a[ojD{fp=j2ÐRu2h.jNfh[]j=_aha•^bgd\wxp=Xtnh7u2[]^<jsah{=ch7\c\c[]p<j—lDjNuDhX_ciDh

(17)

Nicfoo data - OLS and QR

0.5 1 1.5 2 2.5

X

0.5 1 1.5

Y

T [o{=lDah;A>5ªšh.^=\e_\aklN^bah.\nSÙ_aiDh@Dgd^<f ð_aiD[]f ðsgo[]jDh‡Yr^bjNu~klN^bj_c[]g]hah{=ch7\c\c[]p<j—wxp=5̏Æ

ÎDã]Ï<»aÎDã6D»aÎDã<;2»cÎNã÷2»cÎNãö@SIDgolNh<|D{=ch.hjš|D^<jNumah.uyg][ojDh7\aY ?

žA@KâC

«¬

›

[Vz[Vzušzh.cap< \v^=\c\clDtnŒ2_a[op=jy^bjRu@q‘[}_aiDp<lD_‰[o_.|9†=p<lyf.^bj@_e†9ŒƒhX^b_…_aiDhrfp<tnt@^bjRu“g][ojDhXp<‚[]j

_ciNh5h.u2[o_cp=‘q‘[ojNuDpq

Ô2Ÿ=¥DŸ

Ð

žD¤9Ÿ‡Ô¡7¢¯Šœ¦

Ñ

­9­F¢=¨

« Ð

£FŸ=¥9žFœ

«

¡cžD­+փ§:¡&Ô2Ÿ=¥9ŸR¨¨4׳Ô2Ÿ=¥DŸ„Ü

Ò

BHÝÇ× ¡&Ô2Ÿ=¥2Ÿ„Ü

Ò

BHÝޒJR¨

  Ð Ô2Ÿ=¥DŸ„Ü

Ò

J‡Ý

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

@LC]ã Ò B Ò

@C«B

Ò

B=¨

Ï

C)œ7¯2¥2¤=ž

Ÿ2›2§

ÏÛÐ

ž

?KÑ

œ‡¥¡

«LÒ

  Ò

@LC]ã Ò B Ò

@C«B

Ò

@R¨

Ï

C)œ7¯2¥2¤=ž

Ÿ2›2§

?

žA@tC

«¬

›

Á,jNfhv†<p=l5clNj5_ciD[d\Bh™D^btnŒDg]h<|7_aiDh…p=l2_cŒNl2_q‘[]jNu2pq–q‘[]gog2fp<j_a^<[ojr_aiDhvwxp=gog]pq‘[]jD{ah.\clDg}_ \X>

á ­<¯9¥D¤<¯2¥ƒ§¸­

Ñ

œ.¯2¥D¤=ž

Ÿ2›D§

Ü«B

ÒÝ @LCXBIJKâBIJ @LC«BIߛBIå'æ

ÜdJ

ÒÝ BDCXBHäKäKâ BDC]JKßKä‡J

Üdß ÒÝ Ú

@LC]J'æAäBIä

Ú

@LCdJ'æAäK@t

á ­<¯9¥D¤<¯2¥ƒ§¸­

Ñ

œ.¯2¥D¤=ž

Ÿ2›D§

Ü«B

ÒÝ @LC]@KJ'æ(BàæAJ @LC]JK@KJ+æUB

ÜdJ

ÒÝ BDC]@‡â'æAâ BDC]ߛBIâ‡â

Referenzen

ÄHNLICHE DOKUMENTE

And the methodology is implemented in terms of financial time series to estimate CoVaR of one specified firm, then two different methods are compared: quantile lasso regression

In Chapter 3, motivated by applications in economics like quantile treatment ef- fects, or conditional stochastic dominance, we focus on the construction of confidence corridors

With regard to the study on GDP growth, our results: (i) confirm the position that, the magnitude of the role of foreign aid in stimulating growth is substantially higher

Since we could assume that slope parameters may vary at various quantiles of the conditional distribution because of firms’ heterogeneity, we implement a

Also controlled for 7 indicators for age of the house, 3 indicators for year, 3 indicators for seasons of sale, 42 indicators for schools, and 432 indicators for subdivisions,

Estimation results related to the developed markets volatility effects on the Asian and Latin American region st ock market’s volatility (Table 3 and 4) show

In this paper we use recent advances in unconditional quantile regressions (UQR) (Firpo, Fortin, and Lemieux (2009)) to measure the effect of education (or any other

In addition, analyzing the effects of foreign aid by donors indicates that while multilateral aid has a larger reduction impact on corruption, except for Japan, bilateral aid from