r rst trrs - - PowerPoint PPT Presentation

r r st tr rs
SMART_READER_LITE
LIVE PREVIEW

r rst trrs - - PowerPoint PPT Presentation

r rst trrs r r sttt


slide-1
SLIDE 1

❊✲❦r♦♥❛✱ ▼♦♥❡② ❛♥❞ ❚r✉st ❆♠♦♥❣ ❙tr❛♥❣❡rs

  • ❛❜r✐❡❧❡ ❈❛♠❡r❛

❊❝♦♥♦♠✐❝ ❙❝✐❡♥❝❡ ■♥st✐t✉t❡✱ ❈❤❛♣♠❛♥ ❯♥✐✈❡rs✐t② ❉❙❊✱ ❯♥✐✈❡rs✐t② ♦❢ ❇♦❧♦❣♥❛ ✷✼ ❆♣r✐❧ ✷✵✶✽

slide-2
SLIDE 2

❇❘❖❆❉ ❱■❊❲

  • ♦❛❧✿ ♣r❡s❡♥t ❝♦♥❝❡♣ts r❡❧❡✈❛♥t ❢♦r ❝✉rr❡♥❝② ✐♥♥♦✈❛t✐♦♥✱ ❣❡t ❛ ❞✐s❝✉ss✐♦♥ st❛rt❡❞

❚❡❝❤♥♦❧♦❣✐❝❛❧ ✐♥♥♦✈❛t✐♦♥ ❡♥❛❜❧❡s ❛❧t❡r♥❛t✐✈❡s t♦ tr❛❞✐t✐♦♥❛❧ ❝✉rr❡♥❝② ✐♥str✉♠❡♥ts ❙t❛rt✐♥❣ ♣♦✐♥t t♦ ❛ss❡ss ✐♠♣❧✐❝❛t✐♦♥s✿ ✉♥❞❡rst❛♥❞✐♥❣ t❤❡ r♦❧❡ ♦❢ ♠♦♥❡② ✐♥ ❛ s♦❝✐❡t② ■ ✇✐❧❧ ❞✐s❝✉ss t❤✐s ❜② ♦✛❡r✐♥❣ ✐♥s✐❣❤ts ❢r♦♠ ❝♦♠♣❧❡♠❡♥t❛r② s❝✐❡♥t✐✜❝ ♠❡t❤♦❞♦❧♦❣✐❡s✿ ❼ ❚❤❡♦r❡t✐❝❛❧✿ t♦ ❢♦r♠✉❧❛t❡ ❧♦❣✐❝❛❧ ✐♥t✉✐t✐♦♥s ❼ ❊♠♣✐r✐❝❛❧✿ t♦ ✈❛❧✐❞❛t❡ ♦r r❡✜♥❡ t❤❡♦r❡t✐❝❛❧ ✐♥t✉✐t✐♦♥s

slide-3
SLIDE 3

❘❖❆❉▼❆P ❋❖❘ ❚❍❊ ◆❊❳❚ ✷✵ ▼■◆❯❚❊❙ ✶✳ ❲❤② s♦❝✐❡t✐❡s ♥❡❡❞ ♠♦♥❡② t♦ ❢✉♥❝t✐♦♥ ✷✳ ❚❤r❡❡ t❤❡♦r❡t✐❝❛❧ s♦✉r❝❡s ♦❢ ♣♦ss✐❜❧❡ ✐♥❡✣❝✐❡♥❝② ✸✳ ❆ ♣❡❡❦ ❛t ✐♥s✐❣❤ts ❢r♦♠ ❧❛❜♦r❛t♦r② ❞❛t❛ ▲✐t❡r❛t✉r❡ ✫ r❡❢❡r❡♥❝❡s✿ ❛ ✈❛r✐❡t② ♦❢ ❛✉t❤♦rs ✭❡✲♠❛✐❧ ♠❡ ❢♦r ❛ ❧✐st✮

slide-4
SLIDE 4

❲❤② s♦❝✐❡t✐❡s ♥❡❡❞ ♠♦♥❡② t♦ ❢✉♥❝t✐♦♥

slide-5
SLIDE 5

❚❍❊ ❯❙❊❙ ❖❋ ▼❖◆❊❨ ■◆ ❆ ❙❖❈■❊❚❨ ❼ ❙♦❝✐❡t② ✭❡❝♦♥♦♠②✮✿ ❛ ❣r♦✉♣ ♦❢ ♣❡♦♣❧❡ ✇❤♦ ❜❡♥❡✜t ❢r♦♠ tr❛❞✐♥❣ ✇✐t❤ ❡❛❝❤ ♦t❤❡r ❼ ❈✉rr❡♥❝②✿ ❛♥ ✭✐♥✮t❛♥❣✐❜❧❡ ♦❜❥❡❝t t❤❛t ✇✐❞❡❧② ❝✐r❝✉❧❛t❡s t♦ ❡♥❛❜❧❡ ♣❛②♠❡♥ts ✏✜❛t✑❂♥♦ ✐♥tr✐♥s✐❝ ✈❛❧✉❡ ♦r ❡①♣❧✐❝✐t ❝♦♥✈❡rt✐❜✐❧✐t② ✭❛ s②♠❜♦❧✐❝ ♦❜❥❡❝t✮ ▼♦♥❡② ✐s s②♥♦♥②♠♦✉s ♦❢ ❝✉rr❡♥❝② ✫ s❡r✈❡s t❤r❡❡ ❢✉♥❝t✐♦♥s✿ ❼ ❢❛❝✐❧✐t❛t❡s tr❛❞❡ ✭♠❡❛♥s ♦❢ ♣❛②♠❡♥t✮ ❼ s❡r✈❡s q✉❛♥t✐✜❝❛t✐♦♥ ♣✉r♣♦s❡s ❛s ❛ st❛♥❞❛r❞ ♦❢ ✈❛❧✉❡ ✭✉♥✐t ♦❢ ❛❝❝♦✉♥t✮ ❼ ❢❛❝✐❧✐t❛t❡s s❡❧❢✲✐♥s✉r❛♥❝❡ ✭st♦r✐♥❣ ♦❢ ✈❛❧✉❡✮ ❚❛❦❡✲❛✇❛②✿ ❝✉rr❡♥❝② ✈❛❧✉❡ r❡✢❡❝ts t❤❡ ✈❛❧✉❡ ♦❢ ❡❝♦♥♦♠✐❝ ❛❝t✐✈✐t✐❡s ✐t ❡♥❛❜❧❡s

slide-6
SLIDE 6

❚❍❊ ◆❆❚❯❘❊ ❖❋ ▼❖◆❊❨ ▼♦♥❡② ✐s ❛ s♦❝✐❛❧ ❝♦♥✈❡♥t✐♦♥ ❚❤❡♦r②✿ t❤❡ ♠♦st ✈❛❧✉❛❜❧❡ tr❛❞❡s ✐♥ ❛ s♦❝✐❡t② ❛r❡ ✐♠♣❡rs♦♥❛❧ ❼ ■♠♣❡rs♦♥❛❧ ✐♥t❡r❛❝t✐♦♥s ♣r❡✈❡♥t r❡❝✐♣r♦❝✐t②✱ t❤❡ ❜❛s✐❝ ✐♥❣r❡❞✐❡♥t ♦❢ tr✉st ❼ ▲❛❝❦ ♦❢ tr✉st ♣r❡✈❡♥ts ♠✉t✉❛❧❧② ❜❡♥❡✜❝✐❛❧ tr❛❞❡s ✭❂❡❝♦♥♦♠✐❝ ❝♦♦♣❡r❛t✐♦♥✮ ❼ ▼♦♥❡t✐③✐♥❣ tr❛❞❡ ❡♥❛❜❧❡s ❝♦♦♣❡r❛t✐♦♥ ❛♠♦♥❣ str❛♥❣❡rs✱ ❣❡♥❡r❛t✐♥❣ ✈❛❧✉❡ ❚❛❦❡✲❛✇❛②✿ ❛ ♠♦♥❡t❛r② tr❛❞❡ ❝♦♥✈❡♥t✐♦♥ r❡s♦❧✈❡s ✉♥❞❡r❧②✐♥❣ tr✉st ♣r♦❜❧❡♠s

slide-7
SLIDE 7

❚❤r❡❡ t❤❡♦r❡t✐❝❛❧ s♦✉r❝❡s ♦❢ ♣♦ss✐❜❧❡ ✐♥❡❢❢✐❝✐❡♥❝②

slide-8
SLIDE 8

★✶✖❈❖❖❘❉■◆❆❚■❖◆ P❘❖❇▲❊▼❙✿ ▼❖◆❊❨ ■❙ ▲■❑❊ ❆ ▲❆◆●❯❆●❊ ❚❤❡ ♠♦r❡ ♣❡♦♣❧❡ s♣❡❛❦ ❛ ❧❛♥❣✉❛❣❡✱ t❤❡ ♠♦r❡ ✈❛❧✉❛❜❧❡ t❤❛t ❧❛♥❣✉❛❣❡ ✐s t♦ t❤❡♠ ❙♦✱ ✐♥str✉♠❡♥t ❝♦♦r❞✐♥❛t✐♦♥ ♥❡❡❞❡❞ t♦ ♠❛①✐♠✐③❡ ✈❛❧✉❡ ♦❢ ❝✉rr❡♥❝② s②st❡♠ ❼ ❇✉t ❛❝❤✐❡✈✐♥❣ ❝♦♦r❞✐♥❛t✐♦♥ ♠❛② ❜❡ ❞✐✣❝✉❧t ✇❤❡♥ ♠❛♥② ✐♥str✉♠❡♥ts ❝♦♠♣❡t❡ ❼ ■♥str✉♠❡♥t ❢r❛❣♠❡♥t❛t✐♦♥ ❝❛♥ ❜❡ ❛ s♦✉r❝❡ ♦❢ ✐♥❡✣❝✐❡♥❝② ✭♥❡t✇♦r❦ ❡✛❡❝ts✮ ❼ ❈♦♦r❞✐♥❛t✐♦♥ ❡s♣❡❝✐❛❧❧② ♣r♦❜❧❡♠❛t✐❝ ✇❤❡♥ ✐♥❝❡♥t✐✈❡s ❛r❡ ♠✐s✲❛❧✐❣♥❡❞ ❚❛❦❡✲❛✇❛②✿ ❝♦♦r❞✐♥❛t✐♦♥ ♣r♦❜❧❡♠s ❧♦♦♠ ❧❛r❣❡ ✐♥ ❡st❛❜❧✐s❤✐♥❣ ❛ ❝✉rr❡♥❝② s②st❡♠

slide-9
SLIDE 9

❈❖❖❘❉■◆❆❚■❖◆ ❋❆■▲❯❘❊❙ ■◆ ❙❊▲❊❈❚■◆● ❆ P❆❨▼❊◆❚ ■◆❙❚❘❯▼❊◆❚ P❧❛②❡rs✬ ✐♥t❡r❡st ❛r❡ ♣❡r❢❡❝t❧② ❛❧✐❣♥❡❞ ❤❡r❡ ✳ ✳ ✳ ❝❛s❤ ❡❧❡❝tr♦♥✐❝ ❝❛s❤ 90, 90 0, 0 ❡❧❡❝tr♦♥✐❝ 0, 0 180, 180 ✳ ✳ ✳ ❜✉t ♥♦t ❤❡r❡ ✭r❡❞✐str✐❜✉t✐♦♥ ♦❢ ✇❡❛❧t❤✮ ❝❛s❤ ❡❧❡❝tr♦♥✐❝ ❝❛s❤ 180, 90 0, 0 ❡❧❡❝tr♦♥✐❝ 0, 0 90, 180 ❆ ❝♦♦r❞✐♥❛t✐♦♥ ✏❞❡✈✐❝❡✑ ✭❛ ♣✉❜❧✐❝ ✐♥st✐t✉t✐♦♥❄✮ ✐s ✈❛❧✉❛❜❧❡ ✐♥ ❝❛s❡ ✷

slide-10
SLIDE 10

★✷✖❇❯■▲❉■◆●✴▼❆■◆❚❆■◆■◆● P❯❇▲■❈ ❈❖◆❋■❉❊◆❈❊ ■◆ ❆ ❈❯❘❘❊◆❈❨ ❆ ❝✉rr❡♥❝②✬s ✈❛❧✉❡ r❡✢❡❝ts t❤❡ ❧❡✈❡❧ ♦❢ ♣✉❜❧✐❝ ❝♦♥✜❞❡♥❝❡ ✐♥ ✐t ❚❤❡♦r②✿ ♦❜❥❡❝t ❜❡❝♦♠❡s ❛ ❝✉rr❡♥❝② ✐❢ ♥♦✲♦♥❡ ❝❛♥ ♣❡rs♦♥❛❧❧② ❣❛✐♥ ❢r♦♠ r❡❢✉s✐♥❣ ✐t ❚❤❡ ✐❞❡❛✿ ■ ❛❝❝❡♣t ❛ s②♠❜♦❧✐❝ ♦❜❥❡❝t ✐❢ ■ tr✉st t❤❛t ♦t❤❡rs ✇✐❧❧ ❞♦ t❤❡ s❛♠❡✱ s♦ ❼ ❛❝❝❡♣t❛❜✐❧✐t② ❞❡♣❡♥❞s ♦♥ t❤❡ ❢✉t✉r❡ ✈❛❧✉❡ ♦❢ t❤❡ ✐♥str✉♠❡♥t ❼ t❤❡ ❢✉t✉r❡ ✈❛❧✉❡ ❞❡♣❡♥❞s ♦♥ t❤❡ tr❛❞❡s t❤❡ ✐♥str✉♠❡♥t ❡①♣❡❝t❡❞ t♦ s✉♣♣♦rt ❼ ❛ ❝✐r❝✉❧❛r ❛r❣✉♠❡♥t ❤✐♥❣✐♥❣ ♦♥ ❜❡❧✐❡❢s ✭s❡❧❢✲❢✉❧✜❧❧✐♥❣ ❛❝❝❡♣t❛❜✐❧✐t②✮

slide-11
SLIDE 11

❈❖◆❋■❉❊◆❈❊ ■◆ ❆ ❈❯❘❘❊◆❈❨ ≈ ❈❖◆❋■❉❊◆❈❊ ■◆ ❚❍❊ ■❙❙❯❊❘ ❼ ❍✐st♦r✐❝❛❧❧②✿ ❝♦♥✜❞❡♥❝❡ ❂ q✉❛❧✐t② ♦❢ t❤❡ ❝♦✐♥s ✐ss✉❡❞ ❼ ◆♦✇❛❞❛②s✿ ❝♦♥✜❞❡♥❝❡ ❂ q✉❛♥t✐t② ✐ss✉❡❞ ❚❤❡ ♣r♦❜❧❡♠✿ ✐ss✉❡r ❡❛r♥s ②✐❡❧❞ s♣r❡❛❞ ❜t✇♥ ❛ss❡ts ❛❝q✉✐r❡❞ ✫ ❧✐❛❜✐❧✐t✐❡s ✐ss✉❡❞ ❼ ▼✐❝r♦✲❡❝♦♥♦♠✐❝ ♦♣♣♦rt✉♥✐s♠✿ t❡♠♣t❛t✐♦♥ t♦ ♦✈❡r✐ss✉❡ ❝✉rr❡♥❝② ✐♥str✉♠❡♥ts ❼ ▼❛❝r♦✲❡❝♦♥♦♠✐❝ ❡①t❡r♥❛❧✐t②✿ ❝✉rr❡♥❝② ✈❛❧✉❡ ♠❛② ❜❡❝♦♠❡ ✉♥st❛❜❧❡ ♦r ❞❡❝❧✐♥❡ ❼ ❚❤✐s ✇✐❧❧ ❡✈❡♥t✉❛❧❧② r❡❞✉❝❡ t❤❡ ✐ss✉❡r✬s ♣❛②♦✛ ✭❛♥ ✐♥t❡r✲t❡♠♣♦r❛❧ tr❛❞❡♦✛✮ ❚❛❦❡✲❛✇❛②✿ ❈♦♥✜❞❡♥❝❡ ❡❛s✐❡r t♦ ❜✉✐❧❞ ✐❢ ✐ss✉❡r ❦♥♦✇♥ t♦ ❤❛✈❡ ❛ ❧♦♥❣✲r✉♥ ❤♦r✐③♦♥

slide-12
SLIDE 12

★✸✖❈❯❘❘❊◆❈❨ ❙❨❙❚❊▼❙ ❆❘❊ P❯❇▲■❈ ●❖❖❉❙ ❆ ❝✉rr❡♥❝② s②st❡♠ ✐s s✐♠✐❧❛r t♦ ❝❧❡❛♥ ❛✐r ♦r ♥❛t✐♦♥❛❧ ♣❛r❦s ✭♥♦♥✲❡①❝❧✉❞❛❜❧❡✱ ♥♦♥✲r✐✈❛❧✮ ❚❤❡♦r②✿ ♣r✐✈❛t❡ ❝♦♥tr✐❜✉t✐♦♥ t♦ ♣✉❜❧✐❝ ❣♦♦❞s ✐s ✐♥❡✣❝✐❡♥t ❼ ■♥❡✣❝✐❡♥❝②❂ ❡①❝❡ss✐✈❡ ❡♠✐ss✐♦♥ ♦❢ ❝✉rr❡♥❝② ✐♥str✉♠❡♥ts ❼ ❚❤✐s ❞❛♠❛❣❡s ❝♦♥✜❞❡♥❝❡ ✐♥ ✭❤❡♥❝❡ ✈❛❧✉❡ ✫ st❛❜✐❧✐t② ♦❢✮ ❛ ❝✉rr❡♥❝② ❚❛❦❡✲❛✇❛②✿ ♣✉❜❧✐❝ ❣♦♦❞ ❛s♣❡❝t s✉❣❣❡sts r♦❧❡ ❢♦r ♣✉❜❧✐❝ ❝✉rr❡♥❝② ♣r♦✈✐s✐♦♥

slide-13
SLIDE 13

❆ ♣❡❡❦ ❛t ✐♥s✐❣❤ts ❢r♦♠ ❧❛❜♦r❛t♦r② ❞❛t❛

slide-14
SLIDE 14

❈❯❘❘❊◆❈❨ ❙❨❙❚❊▼❙ ■◆ ❚❍❊ ▲❆❇ ◆♦ ❥✉st✐✜❝❛t✐♦♥ r❡❛❧❧② ♥❡❡❞❡❞ ❤❡r❡ ✐♥ ❙t♦❝❦❤♦❧♠ ✭❱❡r♥♦♥ ❙♠✐t❤✖◆♦❜❡❧ Pr✐③❡ ✷✵✵✶✮ ❇✉t ❧❡t ♠❡ ❡♠♣❤❛s✐③❡ ♦♥❡ ♣❛rt✐❝✉❧❛r ❛❞✈❛♥t❛❣❡ ♦❢ t❤✐s ♠❡t❤♦❞♦❧♦❣②✿ ❼ ❈❛♥ ♠❛♥✐♣✉❧❛t❡ t❤❡ ❧❛❜ s❡t✉♣ t♦ ❡st❛❜❧✐s❤ ❝❛✉s❛❧✐t② ▲❡t✬s ❞✐s❝✉ss t❤r❡❡ ✜♥❞✐♥❣s✿ ❼ ❈✉rr❡♥❝② s②st❡♠s ❡♠❡r❣❡ s♣♦♥t❛♥❡♦✉s❧② ✫ ♣r♦♠♦t❡ tr✉st ❛♠♦♥❣ str❛♥❣❡rs ❼ ❈♦♥✜❞❡♥❝❡ ✐♥ ❛ ❝✉rr❡♥❝② r❡✢❡❝ts ❝♦♥✜❞❡♥❝❡ ✐♥ t❤❡ ✐ss✉❡r✭s✮ ❼ ❆ s♦❝✐❡t②✬s ❡❝♦♥♦♠✐❝ ❞❡✈❡❧♦♣♠❡♥t r❡✢❡❝ts t❤❡ str❡♥❣t❤ ♦❢ ✐ts ❝✉rr❡♥❝② s②st❡♠

slide-15
SLIDE 15

★ ✶✖❈✉rr❡♥❝② s②st❡♠s ❡♠❡r❣❡ s♣♦♥t❛♥❡♦✉s❧② ✫ ♣r♦♠♦t❡ tr✉st ❛♠♦♥❣ str❛♥❣❡rs

slide-16
SLIDE 16

▲❆❇❖❘❆❚❖❘❨ ❙❊❚❯P ❼ ✭▼❛❝r♦✮❊❝♦♥♦♠②❂ ❣r♦✉♣ ✇✐t❤ ❡✈❡♥ ♣❛rt✐❝✐♣❛♥ts ✭✹ t♦ ✸✷✮✱ ♣r♦❞✉❝❡rs✰❝♦♥s✉♠❡rs ❼ ❍♦r✐③♦♥✿ ♣❛rt✐❝✐♣❛♥ts ❡①♣❡❝t ♠❛♥② ♣❛✐r✇✐s❡ ❡♥❝♦✉♥t❡rs ✭♣r♦❞✉❝❡r✲❝♦♥s✉♠❡r✮ ✕ ❙tr❛♥❣❡rs✿ r♦❧❡s ❛❧t❡r♥❛t❡✱ ❝♦✉♥t❡r♣❛rt ✉♥❦♥♦✇♥✱ ❤✐❞❞❡♥ ♣❛st ❝♦♥❞✉❝t ✕ ❚r❛❞❡ ♠♦t✐✈❡✿ ❝♦♥s✉♠❡r ✈❛❧✉❡s ♣r♦❞✉❝t✐♦♥ ❛ ❧♦t ♠♦r❡ t❤❛♥ ♣r♦❞✉❝❡r ✕ ❖♣t✐♠✉♠✿ ♣r♦❞✉❝❡rs ❛❧✇❛②s ♠❛❦❡ ❛ ❣✐❢t ✭❂ ✶✵✵✪ ❝♦♦♣❡r❛t✐♦♥ ❂ ♠❛① ✇❡❧❢❛r❡✮ ❼ ❚❤❡ ♣r♦❜❧❡♠✿ ♣r♦❞✉❝❡r ♠✉st tr✉st t❤❛t str❛♥❣❡rs ✇✐❧❧ r❡❝✐♣r♦❝❛t❡ ❤❡r ❝✉rr❡♥t ❣✐❢t ❘❡✢❡❝ts s❡t✉♣ ✐♥ ✏❢r✐❝t✐♦♥❛❧✑ ♠❛❝r♦ ♠♦❞❡❧s ✭s❡❡ ◆♦❜❡❧ ♣r✐③❡ ✷✵✶✵✮

slide-17
SLIDE 17

❚❍❊ P❘❖❉❯❈❊❘✬❙ ❆▲❚❊❘◆❆❚■❱❊❙ ❲❍❊◆ ▼❊❊❚■◆● ❆ ❙❚❘❆◆●❊❘ P♦✐♥ts ❝✉♠✉❧❛t❡✱ ❛r❡ ❡①❝❤❛♥❣❡❞ ❢♦r ✩✩ ❛t s❡ss✐♦♥ ❡♥❞ ✭❝❛s❤ ♣❛②♠❡♥ts✮

slide-18
SLIDE 18

❊❋❋■❈■❊◆❈❨ ❉❊❈▲■◆❊❙ ❆❙ ●❘❖❯P❙ ●❊❚ ▲❆❘●❊❘ ❚❛❦❡✲❛✇❛②✿ ♥♦ tr✉st ✐♥ str❛♥❣❡rs ⇒ ♥♦ ✐♥t❡rt❡♠♣♦r❛❧ tr❛❞❡ ⇒ ♠❛❝r♦ ✐♥❡✣❝✐❡♥❝②

slide-19
SLIDE 19

❙❖ ❲❊ ❆❉❉❊❉ ❚❖❑❊◆❙ ✭❂❲❖❘❚❍▲❊❙❙ ❉■●■❚❆▲ ❖❇❏❊❈❚❙✮ ❋✐①❡❞ s✉♣♣❧②✱ ♥♦ r❡❢❡r❡♥❝❡ t♦ ♦✉ts✐❞❡ ❝✉rr❡♥❝✐❡s✱ ♥♦ r❡❞❡♠♣t✐♦♥✱ q✉✐❞✲♣r♦✲q✉♦

slide-20
SLIDE 20

◆❖ ▼❖❘❊ ❊❋❋■❈■❊◆❈❨ ❉❊❈▲■◆❊ ❆❙ ●❘❖❯P❙ ●❊❚ ▲❆❘●❊❘ ❚❛❦❡✲❛✇❛②✿ s②♠❜♦❧✐❝ ♦❜❥❡❝ts ❜❡❝❛♠❡ ♠♦♥❡②✱ ❤❡❧♣❡❞ str❛♥❣❡rs tr✉st ❡❛❝❤ ♦t❤❡r

slide-21
SLIDE 21

★ ✷✖❈♦♥❢✐❞❡♥❝❡ ✐♥ ❛ ❝✉rr❡♥❝② r❡❢❧❡❝ts ❝♦♥❢✐❞❡♥❝❡ ✐♥ t❤❡ ✐ss✉❡r✭s✮

slide-22
SLIDE 22

❙❖ ❋❆❘ ❋❯▲▲ ❈❖◆❋■❉❊◆❈❊ ■◆ ❚❍❊ ■❙❙❯❊❘ ✭❋■❳❊❉ ❙❯PP▲❨✮ ❲❤❛t ✇♦✉❧❞ ❤❛♣♣❡♥ ✐❢ ♣r✐✈❛t❡ s✉♣♣❧②❄ ❈♦♥tr❛st t✇♦ ❝♦♥❞✐t✐♦♥s ❼ ❈♦♥tr♦❧✿ st❛❜❧❡✱ ❡①♦❣❡♥♦✉s s✉♣♣❧② ♦❢ t♦❦❡♥s ❼ ❚r❡❛t♠❡♥t✿ ❝♦♥s✉♠❡rs ❝❛♥ ✐ss✉❡ t♦❦❡♥s✱ ❛❞❞✐♥❣ t♦ ❡①✐st✐♥❣ s✉♣♣❧② ❚❤❡♦r❡t✐❝❛❧❧②✱ ❛♥② s✉♣♣❧② ✐♥❝r❡❛s❡ ✐s s♦❝✐❛❧❧② s✉❜♦♣t✐♠❛❧ s❤♦✉❧❞ ♥♦t ♦❝❝✉r ❚r❛❝❦ ✭✐❢ ❛♥❞✮ ❤♦✇ ❛ ❝✉rr❡♥❝② s②st❡♠ ❞❡✈❡❧♦♣s ♦✈❡r ✺ ❝♦♥s❡❝✉t✐✈❡ ✏❣❛♠❡s✑

slide-23
SLIDE 23

❋■❳❊❉ ❙❯PP▲❨✿ ❈■❘❈❯▲❆❚■❖◆ ✫ ❊❋❋■❈■❊◆❈❨ ●❘❖❲

slide-24
SLIDE 24

P❘■❱❆❚❊ ❙❯PP▲❨✿ ❈■❘❈❯▲❆❚■❖◆ ✫ ❊❋❋■❈■❊◆❈❨ ▲❆◆●❯■❙❍

slide-25
SLIDE 25

★ ✸✖❆ s♦❝✐❡t②✬s ❡❝♦♥♦♠✐❝ ❞❡✈❡❧♦♣♠❡♥t r❡❢❧❡❝ts t❤❡ str❡♥❣t❤ ♦❢ ✐ts ❝✉rr❡♥❝② s②st❡♠

slide-26
SLIDE 26

❙❊❚ P❊❖P▲❊ ❋❘❊❊ ❚❖ ■▼P❘❖❱❊ ❚❍❊■❘ ✏❊❈❖❙❨❙❚❊▼✑ ❼ ❙t❛② ✐♥ s♠❛❧❧ ❣r♦✉♣✿ ❡❛s② t♦ ❜✉✐❧❞ tr✉st✱ ❜✉t ❧✐tt❧❡ t♦ ❣❛✐♥ ✭❛✉t❛r❦②✮ ❼ ❋♦r♠ ❛ ❧❛r❣❡ ❣r♦✉♣✿ ❤❛r❞ t♦ ❜✉✐❧❞ tr✉st✱ ❜✉t ✺✵✪ ♠♦r❡ t♦ ❣❛✐♥ ✭tr❛❞❡✮ ❆❣❛✐♥✱ s❡♣❛r❛t❡❧② st✉❞② t❤✐s ❝❤♦✐❝❡ ✇✐t❤♦✉t ❛♥❞ ✇✐t❤ t♦❦❡♥s ❚❤❡♦r❡t✐❝❛❧❧② ✐♥ ❡❛❝❤ ❝❛s❡ ♦♣t✐♠❛❧ t♦ ❢♦r♠ ❧❛r❣❡ ❣r♦✉♣✱ ❡❛s② t♦ r❡❛♣ ❢✉❧❧ ❜❡♥❡✜ts

slide-27
SLIDE 27

◆❖ ❚❖❑❊◆❙✱ ◆❖ ❊❈❖◆❖▼■❈ ❉❊❱❊▲❖P▼❊◆❚ ❘❡❛❧✐③❡❞ ❡✣❝✐❡♥❝② ✐♥❞❡① ✭♠❛①❂✶✵✵✮ ❈♦♥tr♦❧ ◆ P❛rt♥❡rs❤✐♣s ✺✼ ✶✸ ▲❛r❣❡ ❣r♦✉♣s ✹✺ ✸

slide-28
SLIDE 28

❲■❚❍ ❚❖❑❊◆❙✱ ❲❊ ❙❊❊ ❊❈❖◆❖▼■❈ ❉❊❱❊▲❖P▼❊◆❚ ❘❡❛❧✐③❡❞ ❡✣❝✐❡♥❝② ✐♥❞❡① ✭♠❛①❂✶✵✵✮ ❈♦♥tr♦❧ ◆ ❚♦❦❡♥s ◆ P❛rt♥❡rs❤✐♣s ✺✼ ✶✸ ✺✺ ✻ ▲❛r❣❡ ❣r♦✉♣s ✹✺ ✸ ✻✼ ✶✵ ✳ ✳ ✳ ❜✉t ♥♦t ✐♥ s♦❝✐❡t✐❡s t❤❛t ❢❛✐❧❡❞ t♦ ❞❡✈❡❧♦♣ ❛ str♦♥❣ ♠♦♥❡t❛r② ❝♦♥✈❡♥t✐♦♥

slide-29
SLIDE 29
  • Min. possible efficiency

Fixed pairs: max. possible Large groups: max. possible Fixed pairs: average realized 10 20 30 40 50 60 70 80 90 100 Realized efficiency (%) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Intensity of monetary trade in a group Training phase Selection phase

slide-30
SLIDE 30

❲❤❛t ❤❛✈❡ ✇❡ ❧❡❛r♥❡❞❄

slide-31
SLIDE 31

▲❊❙❙❖◆ ✶ ▼♦♥❡② ❜✉✐❧❞s tr✉st✱ ❤❡❧♣s str❛♥❣❡rs ❝♦❧❧❛❜♦r❛t❡ t♦ ❛❝❤✐❡✈❡ ❝♦♠♠♦♥ ♣r♦s♣❡r✐t②

slide-32
SLIDE 32

▲❊❙❙❖◆ ✷ ▼♦♥❡② ✐s ❛ s♦❝✐❛❧ ❝♦♥✈❡♥t✐♦♥✱ ❡①♣♦s❡❞ t♦ ❝♦♦r❞✐♥❛t✐♦♥ ❛♥❞ ❝♦♥✜❞❡♥❝❡ ♣r♦❜❧❡♠s

slide-33
SLIDE 33

▲❊❙❙❖◆ ✸ ❆ ❝✉rr❡♥❝② s②st❡♠ ✐s ❛ ♣✉❜❧✐❝ ❣♦♦❞✱ s♦ ✐♥❡✣❝✐❡♥t ♣r✐✈❛t❡ ❝♦♥tr✐❜✉t✐♦♥s ♣♦ss✐❜❧❡