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r rs Prstt t r rr rtr rst Prs
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐
③❛❝❦❅✐r✐❢✳❢r
▲❛❜♦r❛t♦✐r❡ ■❘■❋✱ ❯♥✐✈❡rs✐té P❛r✐s ❉✐❞❡r♦t
✷✵✶✾➊✷✵✷✵
❯❘▲ ❤tt♣s✿✴✴✉♣s✐❧♦♥✳❝❝✴③❛❝❦✴t❡❛❝❤✐♥❣✴✶✾✷✵✴❧♦❣❧✐❜✴ ❈♦♣②r✐❣❤t ➞ ✷✵✶✺➊✷✵✷✵ ❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ▲✐❝❡♥s❡ ❈r❡❛t✐✈❡ ❈♦♠♠♦♥s ❆ttr✐❜✉t✐♦♥✲❙❤❛r❡❆❧✐❦❡ ✹✳✵ ■♥t❡r♥❛t✐♦♥❛❧ ▲✐❝❡♥s❡ ❤tt♣s✿✴✴❝r❡❛t✐✈❡❝♦♠♠♦♥s✳♦r❣✴❧✐❝❡♥s❡s✴❜②✲s❛✴✹✳✵✴ ❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✶ ✴ ✶✶
❋r❡❡✴▲✐❜r❡✴❖♣❡♥ ❙♦✉r❝❡ ❙♦❢t✇❛r❡ ✭❋▲❖❙❙✮ ✐s ❝♦♠♣✉t❡r s♦❢t✇❛r❡ t❤❛t ❣✐✈❡s ✉s❡rs t❤❡ ❢r❡❡❞♦♠ t♦ r✉♥ t❤❡ s♦❢t✇❛r❡ ❢♦r ❛♥② ♣✉r♣♦s❡ ❛s ✇❡❧❧ ❛s t♦ st✉❞②✱ ♠♦❞✐❢②✱ ❛♥❞ ❞✐str✐❜✉t❡ t❤❡ ♦r✐❣✐♥❛❧ s♦❢t✇❛r❡ ❛♥❞ t❤❡ ❛❞❛♣t❡❞ ✈❡rs✐♦♥s✳
▲❡t✬s ❧♦♦❦ ❛t ❛ s❛♠♣❧❡ ❊❯▲❆✿ ❤tt♣s✿✴✴✇✇✇✳♠✐❝r♦s♦❢t✳❝♦♠✴❡♥✲✉s✴❯s❡t❡r♠s✴❖❊▼✴❲✐♥❞♦✇s✴ ✶✵✴❯s❡❚❡r♠s❴❖❊▼❴❲✐♥❞♦✇s❴✶✵❴❊♥❣❧✐s❤✳❤t♠ ✭❏✉❧② ✷✵✶✼✮
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✷ ✴ ✶✶
❋r❡❡✴▲✐❜r❡✴❖♣❡♥ ❙♦✉r❝❡ ❙♦❢t✇❛r❡ ✭❋▲❖❙❙✮ ✐s ❝♦♠♣✉t❡r s♦❢t✇❛r❡ t❤❛t ❣✐✈❡s ✉s❡rs t❤❡ ❢r❡❡❞♦♠ t♦ r✉♥ t❤❡ s♦❢t✇❛r❡ ❢♦r ❛♥② ♣✉r♣♦s❡ ❛s ✇❡❧❧ ❛s t♦ st✉❞②✱ ♠♦❞✐❢②✱ ❛♥❞ ❞✐str✐❜✉t❡ t❤❡ ♦r✐❣✐♥❛❧ s♦❢t✇❛r❡ ❛♥❞ t❤❡ ❛❞❛♣t❡❞ ✈❡rs✐♦♥s✳
▲❡t✬s ❧♦♦❦ ❛t ❛ s❛♠♣❧❡ ❊❯▲❆✿ ❤tt♣s✿✴✴✇✇✇✳♠✐❝r♦s♦❢t✳❝♦♠✴❡♥✲✉s✴❯s❡t❡r♠s✴❖❊▼✴❲✐♥❞♦✇s✴ ✶✵✴❯s❡❚❡r♠s❴❖❊▼❴❲✐♥❞♦✇s❴✶✵❴❊♥❣❧✐s❤✳❤t♠ ✭❏✉❧② ✷✵✶✼✮
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✷ ✴ ✶✶
❋r❡❡✴▲✐❜r❡✴❖♣❡♥ ❙♦✉r❝❡ ❙♦❢t✇❛r❡ ✭❋▲❖❙❙✮ ✐s ❝♦♠♣✉t❡r s♦❢t✇❛r❡ t❤❛t ❣✐✈❡s ✉s❡rs t❤❡ ❢r❡❡❞♦♠ t♦ r✉♥ t❤❡ s♦❢t✇❛r❡ ❢♦r ❛♥② ♣✉r♣♦s❡ ❛s ✇❡❧❧ ❛s t♦ st✉❞②✱ ♠♦❞✐❢②✱ ❛♥❞ ❞✐str✐❜✉t❡ t❤❡ ♦r✐❣✐♥❛❧ s♦❢t✇❛r❡ ❛♥❞ t❤❡ ❛❞❛♣t❡❞ ✈❡rs✐♦♥s✳
▲❡t✬s ❧♦♦❦ ❛t ❛ s❛♠♣❧❡ ❊❯▲❆✿ ❤tt♣s✿✴✴✇✇✇✳♠✐❝r♦s♦❢t✳❝♦♠✴❡♥✲✉s✴❯s❡t❡r♠s✴❖❊▼✴❲✐♥❞♦✇s✴ ✶✵✴❯s❡❚❡r♠s❴❖❊▼❴❲✐♥❞♦✇s❴✶✵❴❊♥❣❧✐s❤✳❤t♠ ✭❏✉❧② ✷✵✶✼✮
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✷ ✴ ✶✶
▲❡st❡r ♣✐❝❦❡❞ ✉♣ ❛ s❝r❡✇❞r✐✈❡r✳ ➇❨♦✉ s❡❡ t❤✐s❄ ■t✬s ❛ t♦♦❧✳ ❨♦✉ ❝❛♥ ♣✐❝❦ ✐t ✉♣ ❛♥❞ ②♦✉ ❝❛♥ ✉♥s❝r❡✇ st✉✓ ♦r s❝r❡✇ st✉✓ ✐♥✳ ❨♦✉ ❝❛♥ ✉s❡ t❤❡ ❤❛♥❞❧❡ ❢♦r ❛ ❤❛♠♠❡r✳ ❨♦✉ ❝❛♥ ✉s❡ t❤❡ ❜❧❛❞❡ t♦ ♦♣❡♥ ♣❛✐♥t ❝❛♥s✳ ❨♦✉ ❝❛♥ t❤r♦✇ ✐t ❛✇❛②✱ ❧♦❛♥ ✐t ♦✉t✱ ♦r ♣❛✐♥t ✐t ♣✉r♣❧❡ ❛♥❞ ❢r❛♠❡ ✐t✳➈ ❍❡ t❤✉♠♣❡❞ t❤❡ ♣r✐♥t❡r✳ ➇❚❤✐s ❬ ❉✐s♥❡② ✐♥ ❛ ❇♦① ❪ t❤✐♥❣ ✐s ❛ t♦♦❧✱ t♦♦✱ ❜✉t ✐t✬s ♥♦t ②♦✉r t♦♦❧✳ ■t ❜❡❧♦♥❣s t♦ s♦♠❡♦♥❡ ❡❧s❡ ➋ ❉✐s♥❡②✳ ■t ✐s♥✬t ✐♥t❡r❡st❡❞ ✐♥ ❧✐st❡♥✐♥❣ t♦ ②♦✉ ♦r ♦❜❡②✐♥❣ ②♦✉✳ ■t ❞♦❡s♥✬t ✇❛♥t t♦ ❣✐✈❡ ②♦✉ ♠♦r❡ ❝♦♥tr♦❧ ♦✈❡r ②♦✉r ❧✐❢❡✳➈ ❬✳ ✳ ✳ ❪ ➇■❢ ②♦✉ ❞♦♥✬t ❝♦♥tr♦❧ ②♦✉r ❧✐❢❡✱ ②♦✉✬r❡ ♠✐s❡r❛❜❧❡✳ ❚❤✐♥❦ ♦❢ t❤❡ ♣❡♦♣❧❡ ✇❤♦ ❞♦♥✬t ❣❡t t♦ r✉♥ t❤❡✐r ♦✇♥ ❧✐✈❡s✿ ♣r✐s♦♥❡rs✱ r❡❢♦r♠✲s❝❤♦♦❧ ❦✐❞s✱ ♠❡♥t❛❧ ♣❛t✐❡♥ts✳ ❚❤❡r❡✬s s♦♠❡t❤✐♥❣ ✐♥✲ ❤❡r❡♥t❧② ❛✇❢✉❧ ❛❜♦✉t ❧✐✈✐♥❣ ❧✐❦❡ t❤❛t✳ ❆✉t♦♥♦♠② ♠❛❦❡s ✉s ❤❛♣♣②✳➈
➋ ❈♦r② ❉♦❝t♦r♦✇✱ ▼❛❦❡rs ❤tt♣✿✴✴❝r❛♣❤♦✉♥❞✳❝♦♠✴♠❛❦❡rs✴
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✸ ✴ ✶✶
❋r❡❡ ❙♦❢t✇❛r❡ ❤❛s r❛❞✐❝❛❧❧② ❝❤❛♥❣❡❞ t❤❡ ✇❛② s♦❢t✇❛r❡ ✐s✿ ❞❡✈❡❧♦♣❡❞ t❡st❡❞ ♣r♦✈❡♥ ❝♦♥❝❡✐✈❡❞ ♠❛r❦❡t❡❞ s♦❧❞ ♠❛✐♥t❛✐♥❡❞ t❛✉❣❤t ❞❡♣❧♦②❡❞ ✳ ✳ ✳
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✹ ✴ ✶✶
❋r❡❡ ❙♦❢t✇❛r❡ ✐s ❡✈❡r②✇❤❡r❡ ♣❛rt✐❝✐♣❛t✐♦♥ ✐♥ ❋r❡❡ ❙♦❢t✇❛r❡✿ ❛ ❜✐❣ ♣❧✉s ♦♥ ❈❱s ✐♥ ❋r❛♥❝❡✿ ✙✶✵✪ ♦❢ ■❚ ●❉P ✐♥ ✷✵✶✹ ✭✙✹ ❇❊❯❘✮✱ ❝♦♥st❛♥t❧② ❣r♦✇✐♥❣ ✐♥ s♣✐t❡ ♦❢ t❤❡ ❝r✐s✐s ✭❝❢✳ ➇▲❡ ♠❛r❝❤é ❞✉ ❧♦❣✐❝✐❡❧ ❧✐❜r❡ ♣ès❡ ✹✱✶ ♠✐❧❧✐❛r❞s ❡♥ ❋r❛♥❝❡➈✱ ▲❡s ❊❝❤♦s✱ ✶✽✴✶✶✴✷✵✶✺✮ ➇✷✵✶✼✲✷✵✷✷✿ é✈♦❧✉t✐♦♥ ❞✉ ♠❛r❝❤é ❞✉ ▲♦❣✐❝✐❡❧ ▲✐❜r❡ ❡♥ ❋r❛♥❝❡➈✱ ❈◆▲▲✴P❆❈ ✷✵✶✼✿ s❧✐❞❡s✱ ✶ ✈✐❞❡♦ ✷
✶✳ ❤tt♣s✿✴✴t✐♥②✉r❧✳❝♦♠✴②✽r❤✻❛❣❥ ✷✳ ❤tt♣s✿✴✴②♦✉t✉✳❜❡✴✽❖❘❣❴❣❙❛❑♣♦
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✺ ✴ ✶✶
❆♥ ✐♥tr♦❞✉❝t✐♦♥ t♦ ❋r❡❡ ❙♦❢t✇❛r❡ t♦♣✐❝s✱ ❛❧♦♥❣ t❤❡ ❢♦❧❧♦✇✐♥❣ ❛①❡s ❤✐st♦r② ♣❤✐❧♦s♦♣❤② ❧❡❣❛❧ ♠❛♥❛❣❡♠❡♥t ✴ ♦r❣❛♥✐③❛t✐♦♥ ❜✉s✐♥❡ss ✴ ❡❝♦♥♦♠✐❝s t❡❝❤♥✐❝❛❧ ❋❡❡❞❜❛❝❦ ❢r♦♠ ♦t❤❡rs✱ ✇✐t❤ ❡①t❡r♥❛❧ s♣❡❛❦❡rs ✸ ❝♦♠♣❛♥✐❡s ♣r♦❢❡ss✐♦♥❛❧s ♦r❣❛♥✐③❛t✐♦♥s ✴ ♥♦♥✲♣r♦✂ts
✸✳ st❛rt✐♥❣ ✇✐t❤ ❛❝❛❞❡♠✐❝ ②❡❛r ✷✵✶✾➊✷✵✷✵ t❤✐s ❝❧❛ss ❞✉r❛t✐♦♥ ❤❛s ❜❡❡♥ r❡❞✉❝❡❞✱ s♦ ✇❡ ✇✐❧❧ ♥♦ ❧♦♥❣❡r ❤❛✈❡ ❣✉❡st ❧❡❝t✉r❡s
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✻ ✴ ✶✶
✶ ✷ ❧❡❝t✉r❡s ✶ ✷ ❚❉✴❚P
❛❧t❡r♥❛t✐✈❡ ❈▼✴❚❉✴❚P ❛s ♥❡❡❞❡❞ ✭s❛♠❡ s❧♦t✮
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✼ ✴ ✶✶
✶
❡①❛♠
✷
❚❉✿ ✰✵✴✰✶✴✰✷ ❜♦♥✉s ♦♥ t❤❡ ✂♥❛❧ ❣r❛❞❡
ñ ❡①❡r❝✐s❡s ñ s❤♦rt ❡ss❛②s ♦♥ s❡❧❡❝t❡❞ t♦♣✐❝s ✸
♣r♦❥❡❝t ✭♠❛♥❞❛t♦r②✱ ♥♦t ❈❈✮
ñ r❡❧❡✈❛♥t ❝♦❞❡ ❝♦♥tr✐❜✉t✐♦♥ t♦ ❛♥ ❡①✐st✐♥❣✱ ♠❛❥♦r ❋r❡❡ ❙♦❢t✇❛r❡
♣r♦❥❡❝t✳ ❊①❛♠♣❧❡s ❛♥❞ ❣✉✐❞❛♥❝❡ ✇✐❧❧ ❜❡ ♣r♦✈✐❞❡❞ ❞✉r✐♥❣ ✶st ❚P
ñ ♠♦r❡ ✐♥❢♦ ✐♥ t❤❡ ✂rst ❚P
✶❡ s❡ss✐♦♥✿ ✺✵✪ ❡①❛♠ ✰ ✺✵✪ ♣r♦❥❡❝t ✰ ❚❉ ❜♦♥✉s ✷❡ s❡ss✐♦♥✿ ✺✵✪ ❡①❛♠ ✰ ✺✵✪ ♣r♦❥❡❝t ✰ ❚❉ ❜♦♥✉s
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✽ ✴ ✶✶
❤tt♣s✿✴✴✉♣s✐❧♦♥✳❝❝✴③❛❝❦✴t❡❛❝❤✐♥❣✴✶✾✷✵✴❧♦❣❧✐❜✴ ❆❞❞❡♥❞✉♠✿ ❛s s❡♣❛r❛t❡ s❧✐❞❡ ❞❡❝❦s ♦r❛❧❧② ✦ t❛❦❡ ♥♦t❡s
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✾ ✴ ✶✶
❏♦s❤✉❛ ●❛②✱ ❘✐❝❤❛r❞ ▼✳ ❙t❛❧❧♠❛♥ ❋r❡❡ ❙♦❢t✇❛r❡✱ ❋r❡❡ ❙♦❝✐❡t②✿ ❙❡❧❡❝t❡❞ ❊ss❛②s ♦❢ ❘✐❝❤❛r❞ ▼✳ ❙t❛❧❧♠❛♥ ✷✵✵✾ ❤tt♣✿✴✴✇✇✇✳❣♥✉✳♦r❣✴❞♦❝✴❢s❢s✲✐✐✲✷✳♣❞❢ ❱❛♥ ▲✐♥❞❜❡r❣ ■♥t❡❧❧❡❝t✉❛❧ Pr♦♣❡rt② ❛♥❞ ❖♣❡♥ ❙♦✉r❝❡✿ ❆ Pr❛❝t✐❝❛❧ ●✉✐❞❡ t♦ Pr♦t❡❝t✐♥❣ ❈♦❞❡ ❖✬❘❡✐❧❧② ▼❡❞✐❛✱ ✷✵✵✽ ❊r✐❝ ❙✳ ❘❛②♠♦♥❞ ❚❤❡ ❈❛t❤❡❞r❛❧ ❛♥❞ t❤❡ ❇❛③❛❛r✿ ▼✉s✐♥❣s ♦♥ ▲✐♥✉① ❛♥❞ ❖♣❡♥ ❙♦✉r❝❡ ❜② ❛♥ ❆❝❝✐❞❡♥t❛❧ ❘❡✈♦❧✉t✐♦♥❛r② ❖✬❘❡✐❧❧② ▼❡❞✐❛✱ ✶✾✾✾ ❤tt♣✿✴✴❝❛t❜✳♦r❣✴❡sr✴✇r✐t✐♥❣s✴❝❛t❤❡❞r❛❧✲❜❛③❛❛r✴ ❑❛r❧ ❋♦❣❡❧ Pr♦❞✉❝✐♥❣ ❖♣❡♥ ❙♦✉r❝❡ ❙♦❢t✇❛r❡✿ ❍♦✇ t♦ ❘✉♥ ❛ ❙✉❝❝❡ss❢✉❧ ❋r❡❡ ❙♦❢t✇❛r❡ Pr♦❥❡❝t ❖✬❘❡✐❧❧② ▼❡❞✐❛✱ ✷✵✶✼ ✭✷♥❞ ❡❞✳✮ ❤tt♣✿✴✴♣r♦❞✉❝✐♥❣♦ss✳❝♦♠✴
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✶✵ ✴ ✶✶
❙t❡❢❛♥♦ ❩❛❝❝❤✐r♦❧✐ ✭P❛r✐s ❉✐❞❡r♦t✮ Pr❡s❡♥t❛t✐♦♥ ✷✵✶✾➊✷✵✷✵ ✶✶ ✴ ✶✶