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Exchange Efficiency with Weak Property Rights

Profile image of Oren Bar-gillOren Bar-gill

2000, SSRN Electronic Journal

https://doi.org/10.2139/SSRN.2161659
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description

45 pages

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1 file

Abstract
sparkles

AI

Exchange efficiency is critically examined in the context of weak property rights, where the security and enforceability of ownership claims are limited. Theoretical frameworks suggest that such weak property rights may hinder efficient exchange and resource allocation, impacting economic growth and stability. Practical implications are discussed, emphasizing the need for institutional reform to strengthen property rights and enhance economic exchanges.

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References (162)

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  3. @>>@? =682= 2AAC@2496D E@ E96 AC@E64E:@? @7 6?E:E=6>6?ED 92C<6?D 324< E@ E96 D6>:?2= 2CE:4=6 3J 2=23C6D: 2?5 $6=2>65 *F3D6BF6?E 4@?EC:3FE:@?D D6E @FE E@ 56=:?62E6 E96 6S4:6?4J AC@A6CE:6D @7 AC@A6CEJ CF=6D 2?5 =:23:=:EJ CF=6D *66 6 8 JC6D 2?5 +2==6J "2A=
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  5. @C @?6 286?E E96 DEC@?86DE E@ 86E 2== E96 C6D@FC46D :? E96 64@?@>J 6G6? :7 9:D G2=F2E:@?D 2C6 =@H6C E92? E9@D6 @7 D@>6 @E96C 286?E 44@C5:?8
  6. E@ @FC 6S4:6?4J 4C:E6C:@? DF49 2? 2==@42E:@? H@F=5 ?@E 36 @AE:>2= 3642FD6 H6 C6BF:C6 E92E E96
  7. AC@A6CEJ 2?5 E96 @AE:>2= A2E6?E =6?8E9 +9:D =:E6C2EFC6 D@>6E:>6D 2C8F6D E92E D9@CE A2E6?E =6?8E9D 8:G6 DFS4:6?E :?46?E:G6D E@ :?G6DE :? :??@G2E:@? D66 6 8 @=5C:? 2?5 #6G:?6 49.;&9.3, =&251* ? E9:D D64E:@? H6 AC6D6?E 2 D:>A=6 6I2>A=6 :==FDEC2E:?8 E92E 6I492?86 6S4:6?4J 42? @3E2:? H:E9 H62< AC@A6CEJ C:89ED +96 D6EFA :? E9:D 6I2>A=6 :D :?DA:C65 3J E96 "2A=@H 2?5 *92G6== BF@E6 @? A286 +96 :?:E:2= @H?6C A2CEJ 6?;@JD 2 A6C A6C:@5 G2=F6 7C@> FD:?8 2? 2DD6E ? 6249 A6C:@5 2 E2<6C 2AA62CD @C 2== E2<6CD E96 A6C A6C:@5 G2=F6 @7 E96 2DD6E :D +:>6 :D 5:D4@F?E65 2E C2E6 249 E2<6C 42? F?:=2E6C2==J 24BF:C6 @H?6CD9:A 3J A2J:?8 E96 4FCC6?E @H?6C 52>286D :? E96 2>@F?E @7 H96C6 ? 2AA=J:?8 =:23:=:EJ
  8. @C E96 :?:E:2= @H?6C 2?5
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  35. H@F=5 ?6G6C @T6C >@C6 E92? E96 @3;64E :D H@CE9 E@ 96C 2?5 E96 D6==6C H@F=5 ?6G6C 2446AE =6DD E92? 96C G2=F2E:@? @7 E96 @3;64E +96C67@C6 E96 6BF:=:3C:F> :? DF49 2 82>6 :D 4@?D6?DF2= +96 6BF:=:3C:F> >2J 72:= E@ 36 4@?D6?DF2= :7 E96C6 :D F?46CE2:?EJ 23@FE E96 @FE4@>6 @7 E96 32C82:?:?8 82>6 +9:D >:89E 92AA6? 6:E96C 5F6 E@ AC@E@4@= DA64:L42E:@?D H9:49 4C62E6 C2?5@> @FE4@>6D @C :7 6BF:=:3C:F> DEC2E68:6D 2C6 >:I65 =D@ E96 6BF:=:3C:F> >2J ?@E 36 4@?D6?DF2= :7 E96 32C82:?:?8 CF=6D 5@ ?@E 2==@H 7@C E96 AC@E64E:@? @7 C:89ED +96 C6256C >2J H@?56C H9J H6 49@D6 E@ 56L?6 4@?D6?DF2=:EJ @7 2? 6BF:=:3C:F> C2E96C E92? @7 2 32C82:?:?8 AC@E@4@= +96 C62D@? :D E92E D@>6E:>6D E96 32C82:?:?8 AC@E@4@= AC@E64ED @C F?56C>:?6D C:89ED O:?5:C64E=J P 7@C 6I2>A=6 E9C@F89 E96 @C56C @7 >@G6D +9FD :? 2 E2<6 :E @C =62G6 :E AC@E@4@= E96 LCDE >@G6C E96 3FJ6C D2J EJA:42==J 92D E96 7C665@> E@ @T6C 2 >2D@49:DE:42==J 9:89 AC:46 23@G6 E96 G2=F6 @7 E96 2DD6E E@ 9:> ? 6BF:=:3C:F> 9@H6G6C E96 3FJ6C 49@@D6D ?@E E@ +96C67@C6 E96 6BF:=:3C:F> :D 4@?D6?DF2= 6G6? E9@F89 E96 CF=6D @7 E96 82>6 2C6 ?@E :? E92E E96J 2==@H E96 3FJ6C E@ D6=64E O?@? 4@?D6?DF2=P AC:46D *?3.9.43 # ! .:>252+;2>6 2< * <>+0*6. 9.;/.
  36. = .:>252+;2>6 8/ =1. -B
  37. *62, 0*6. <>,1 =1*= .:>252+;2>6 8>=,86.< 27 9.;28--8 78= -.9.7-87
  38. *<= *,=287< .A,.9= =1;8>01 =1. 2-.7=2=B 8/ =1. 8@7.;
  39. 744+ *66 E96 AA6?5:I +9:D AC@A@D:E:@? 6IA=2:?D @FC 7@4FD @? E96 3:=2E6C2= 32C82:?:?8 D@=FE:@? =.89*3(* 4+ &3 A(.*39 .1&9*7&1 &7,&.3.3, !41: 9.43 .6 H2?E E@ D66 :7 H6 42? 6IA64E E96 6S4:6?E 2==@42E:@? E@ 2C:D6 2 LCDE H6=72C6 E96@C6> EJA6 C6DF=E :? 2 3:=2E6C2= 32C82:?:?8 6?G:C@?>6?E H:E9 H62< AC@A6CEJ C:89ED : 6 H96? :D D>2== *?3.9.43 ! 7 .G,2.7= *<<.= *558,*=287 2< 87. 27 @12,1 =1. 9.;28- =*4.; ,87<>6.< =1. *<<.= 27 9.;28-2/ *7-875B 2/ 12< ?*5>*=287 .A,..-< =1*= 8/ =1. +.0277270 8/ 9.;28-8@7.; +96 6S4:6?E 2==@42E:@? :D 7@C E96 2DD6E E@ 36 @H?65 3J E96 A2CEJ H:E9 E96 9:896DE A6C A6C:@5 G2=F6 2>@?8 E9@D6 H9@ 92G6 D9@H? FA D@ 72C ? @E96C H@C5D H96? :D E96 4FCC6?E
  40. @H?6CND :56?E:EJ +9:D 4@F=5 92AA6? 7@C 6I2>A=6 :7 E96C6 2C6 >F=E:A=6 6BF:=:3C:2 :? E96 DE286 82>6 2?5 E96 6BF:=:3C:2 2C6 D6=64E65 32D65 @? E96 @H?6CND :56?E:EJ
  41. @H?6C 2?5 D9@HD FA 2D E96 E2<6C 6S4:6?4J C6BF:C6D E92E E96 2DD6E 492?86 92?5D :7 2?5 @?=J :7 +96
  42. @==@H:?8 2DDF>AE:@? :D C6BF:C65 7@C E96 6I:DE6?46 @7 2? 6S4:6?E D@=FE:@? 88:259.43 8; *55 =*4.;< *7-/8; *7B =@8 8@7.;< <>,1 =1*= 2= 6><=
  43. +. +9:D :D 2 >:=5 2DDF>AE:@? E D2JD C@F89=J E92E 52>286D 42??@E 36 OE@@ ?682E:G6=JP 4@C C6=2E65 H:E9 @H?6CND G2=F2E:@? %@E6 E92E E9:D 2DDF>AE:@? A=246D ?@ C6DEC:4E:@?D @? H96E96C 52>286D 8C@H @C D9C:?< @G6C E:>6 7@C>2==J 255:?8 E96 D2>6 56A6?56?E ?F>36C E@ 2?5 =62G6D E96 :?6BF2=:EJ :? DDF>AE:@? F?2T64E65 3642FD6 E96 ND 42?46= @FE +96 ?6IE =6>>2 6DE23=:D96D E96 7@==@H:?8 <6J E649?:42= C6DF=E 7E6C LI:?8 4@?E:?F2E:@? G2=F6D H9:49 D2E:D7J 2 46CE2:? >@?@E@?:4:EJ 5745*79> H6 42? L?5 AC:46D 2?5 3C:36D 2E E:>6 H9:49 2C6 4@?D:DE6?E H:E9
  44. D@=FE:@? 2?5 2C6 6S4:6?E :? A6C:@5 A2CE 2 @7 E96
  45. $@C6@G6C D@>6 @7 E96D6 AC:46D 2?5 3C:36D E9@D6 :? A2CE 3 @7 E96 =6>>2 :?5F46 @?6 A6C:@5 324< 4@?E:?F2E:@? G2=F6D H9:49 2=D@ D2E:D7J E96 >@?@E@?:4:EJ AC@A6CEJ A2CE 4 @7 E96 =6>>2
  46. *22& 2A <<>6. <<>69=287 185-< <<>6. =1*= =1.
  47. + 6870 *55 +2 ?.,=8;< 2-.7=2D.-27 9*;= * =1.;. .A2<=< *= 5.*<= 87. +2 ?.,=8; @12,1 <*=2<D.< =1. /8558@270 6878=872, <.5.,=287 ,87-2=287 2< 787-.,;.*<270 27 /8; *55 *7- 2< 787-.,;.*<270 27 /8; *55 , 55 6878=872,*55B <.5.,=.-+2 ?.,=8;< 02?. ;2<. =8 -.D7.-+B *7-@12,1 2< <=;2,=5B 27,;.*<270 27 8?.; *55
  48. E96
  49. @C 2== @H?6CDN A6C A6C:@5 FD6 G2=F6D E96? :? 3@E9 *46?2C:@ 2?5 *46?2C:@ #6>>2 D6ED FA 2 324<H2C5 :?5F4E:@? 2C8F>6?E 7 :? E96 =2DE A6C:@5 :D ?@?564C62D:?8 :? E96? E96 =6>>2 2T@C5D 2? :?5F4E:@? E@ 2== AC6G:@FD A6C:@5D S4:6?4J AC@A282E6D 324<H2C5D 7C@> A6C:@5 E@ A6C:@5 E9C@F89 2 49@:46 @7 >@?@E@?:42==J D6=64E65 AC:46D 2?5 3C:36D +9:D :?5F4E:@? 2C8F>6?E AC@G6D E96 6I:DE6?46 @7 2? 6S4:6?E D@=FE:@? "-*47*2 # <<>6. <<>69=287 185-< 7 .G,2.7=
  50. *=.;*5 +*;
  51. *27270 <85>=287 .A2<=< ?.;B 6878=872,*55B <.5.,=.-<.
  52. *27270 <85>=287
  53. =&251* &% $ "! .= *7- <<>6. 78 -2<,8>7=270
  54. *=.- @2=1 78 ,869.7<*=287 7 =1. 9.;28-<>+0*6. 27 @12,1 *0.7= 2< =1. 8@7.; 8@7.; @255
  55. *B =*4.; *7B=1270 &12< 6.*7< =1*= 27 =1.
  56. *27270 +.=@..7 8@7.; *7-=*4.; =1. /8;6.; 1*< ?*5>. /;86 4..9270 =1.
  57. = @1.;.*< =*4.; 1*< ?*5>. 2/ 1. 8+=*27< 98<<.<<287 8/ =1. *<<.= .7,. =1. 8+3.,= @255 +. .2=1.; =*4.7 8; <85-=8 =*4.; -.
  58. *7B ,*<. =1. 8>=,86. 2< 27.G,2.7= "-* 41* 4+ 434943.( !*1*(9.43 .3 '9&.3.3, A (.*3(> .92E :D >@?@E@?:4 D6=64E:@? 2?5 H9J :D :E :>A@CE2?E 7@C 6S4:6?4J $@?@E@?:4 D6=64E:@? :?EF:E:G6=J 8F2C2?E66D E92E 286?ED H:E9 9:896C G2=F2E:@? 7@C E96 2DD6E 2C6 ?@E EC62E65 >F49
  59. H@CD6 :? E96 32C82:?:?8 E92? 286?ED H:E9 =@H6C G2=F2E:@? +9:D 4@?46C? H@F=5 2C:D6 7@C 6I2>A=6 :7 :? 2 D6C:6D @7 E2<6 :E @C =62G6 :E @T6C 32C82:?:?8 82>6D 9:89 G2=F2E:@? 286?ED H6C6 DJDE6>2E:42==J C6=682E65 E@ OD64@?5 >@G6CP DE2EFD C682C5=6DD @7 H96E96C E96J 2C6 @H?6CD @C E2<6CD ? E9:D 42D6 9:89 G2=F2E:@? 286?ED H@F=5 36 7F==J 6IAC@AC:2E65 2?5 H@F=5 E96C67@C6 92G6 =:EE=6 :?46?E:G6 E@ 82:? 4@?EC@= @7 E96 2DD6E +9:D 5:D:?46?E:G6 H@C<D 282:?DE 6S4:6?4J
  60. @C E@ 6IA6C:6?46 2 8C62E6C ?6E AC6D6?E G2=F6 7C@> E2<:?8 @G6C E96 2DD6E 2D 4@>A2C65 E@ E96 4FCC6?E 2?5 6S4:6?E @H?6C ?
  61. D@ :E H@F=5 36 5:S4F=E :? 2 32C82:?:?8 6?G:C@?>6?E E@ AC6G6?E 7C@> 364@>:?8 E96
  62. @H?6C +9:D H@F=5 36 :?6S4:6?E
  63. $@?@E@?:4 D6=64E:@? E96C67@C6 :D ?@E >6C6=J 2 E649?:42= AC@A6CEJ C2E96C :E :D DF3DE2?E:G6=J =:?<65
  64. A@D:E:G6 @C ?@E E@@ ?682E:G6 4@CC6=2E:@? 36EH66? E96 286?EDN G2=F2E:@?D 2?5 E96:C 32C82:?:?8 A@H6CD *:>:=2C=J DDF>AE:@? :>A@D6D 2 4@?5:E:@? @? E96 4@CC6=2E:@? 36EH66? E96 286?EDN G2=F2E:@?D 2?5 E96 DEC6?8E9 @7 E96:C AC@A6CEJ C:89ED ?EF:E:G6=J +96@C6> D2JD E92E H96? E96D6 4@CC6=2E:@?D 2C6 3@E9 A@D:E:G6 E96? 6S4:6?4J AC6G2:=D $@C6 AC64:D6=J E96 E96@C6> 8:G6D DFS4:6?E 4@?5:E:@?D @? E96 4@CC6=2E:@? 36EH66? E96 286?EDN G2=F2E:@?D 2?5 E96 DEC6?8E9 @7 E96:C AC@A6CEJ C:89ED DF49 E92E :E :D A@DD:3=6 E@ L?5 C625 >@?@E@?:42==J D6=64E 2? 2==@42E:@? @7 32C82:?:?8 A@H6CD 24C@DD 286?ED H9:49 DFAA@CED 6S4:6?4J +96 ?6IE 6I2>A=6 :==FDEC2E6D E92E E96C6 42? 36 :?6S4:6?E 32C82:?:?8 D@=FE:@?D H96? >@?@E@?:4 D6=64E:@? 72:=D - ?@E96C :?E6CAC6E2E:@? @7 ?@? >@?@E@?6 D6=64E:@? 4@?46C?D GF=?6C23:=:EJ E@ 2 E2<:?8 86?ED 42? 36 96E6C@86?6@FD :? E96:C GF=?6C23:=:EJ E@ 2 E2<:?8 @C 6I2>A=6 D@>6 286?ED >2J <66A E96:C 2DD6ED :? >@C6
  65. =@42E:@?D @C :?G6DE
  66. >@C6 :? 2?E: E2<:?8 D64FC:EJ DJDE6>D 6E6C@86?6@FD GF=?6C23:=:EJ E@ 2 E2<:?8 42? C6DF=E :? G:@=2E:@? @7 E96 >@?@E@?:4 D6=64E:@? 4@?5:E:@? 251*2*39&9.43 4+ &3 A(.*39 .1&9*7&1 &7,&.3.3, !41:9.43 +96 5:D4FDD:@? :? E96 AC6G:@FD D64E:@? DF886DED E92E H96? DDF>AE:@? :D @?=J >2C8:?2==J D2E:DL65 2?5 E96 AC@A6CEJ C:89ED @7 9:89 G2=F2E:@? 286?ED 2C6 C6=2E:G6=J F?AC@E64E65 6S4:6?4J :D 2E C:D< ? DF49 42D6D >@?@E@?6 D6=64E:@? 4@>A6?D2E6D 3J 8:G:?8 9:89 G2=F2E:@? 286?ED 6?@F89 DFCA=FD :? E96 32C82:?:?8 DF49 E92E E96J 2C6 H:==:?8 E@ 82:? 4@?EC@= @7 E96 2DD6E =62C=J :? DF49 3@C56C=:?6 42D6D >@?@E@?6 D6=64E:@? H:== 92G6 E@ H@C< 92C5 E@ 249:6G6 E96 6S4:6?E @FE4@>6 +C2?D=2E:?8 E9:D :562 :?E@ 2 5J?2>:4 32C82:?:?8 82>6 E9:D >62?D E92E E96 32C82:?:?8 AC@E@4@=D >FDE 36 DEC6E4965 D:8?:L42?E=J :? 72G@C @7 9:89 G2=F2E:@? 286?ED +9:D DEC6E49:?8 >2J >2?:76DE :ED6=7 :? 2 ?@? 4@@A6C2E:G6 32C82:?:?8 82>6 :? :?EF:E:G6=J :>A=2FD:3=6 32C82:?:?8 AC@E@4@=D ? E9:D D64E:@? H6 AC6D6?E 2 DFS4:6?E 4@?5:E:@? DEC@?86C E92? DDF>AE:@? DF49 E92E 6S4:6?4J 42? 36 249:6G65 G:2 2 G6CJ C62D@?23=6 32C82:?:?8
  67. AC@E@4@= 88:259.43 8; *55 =*4.;< *7-/8; *7B =@8 8@7.;< <>,1 =1*= 2= 6><=
  68. +. +9:D 2DDF>AE:@? E9@F89 2 DEC6?8E96?:?8 @7 DDF>AE:@? :D DE:== C62D@?23=J >:=5 E D2JD E92E 52>286D 2C6 ?@? 564C62D:?8 :? FD6 G2=F6 ,?56C E9:D 4@?5:E:@? 7@C 2?J 8:G6? A2:C @7 H6:89ED H9:49 42AEFC6 32C82:?:?8 A@H6CD H6 H:== D9@H E92E E96 7@==@H :?8 BF2?E:E:6D 6BF:=:3C:F> BF2?E:E:6D :? 2 C62D@?23=6 ?@? 4@@A6C2E:G6 32C82:?:?8 82>6
  69. @?DE:EFE6 2? 6S4:6?E 3:=2E6C2= 32C82:?:?8 D@=FE:@? 2D6 2D6 +23=6 BF:=:3C:F> (F2?E:E:6D
  70. @ H6 D2J E92E E96 EC2?D76CD :? +23=6 2C6 OA=2FD:3=6P +96D6 EC2?D76CD 56?@E65 3J 2C6 4@?G6I 4@>3:?2E:@?D @7 BF2?E:E:6D H9:49 6IAC6DD E96 A@DD6DD@CJ G2=F6 7@C E96 EH@ A2CE:6D @C 6I2>A=6 :D 2 4@?G6I 4@>3:?2E:@? @7 2?5 H:E9 H6:89ED 2?5 +9:D >62?D E92E :7 E96 2DD6E :D 3@F89E C2E96C E92? E2<6? E9:D 42? 92AA6? H96? 52>286D 2C6 G6CJ =2C86 2?5 :D =2C86 E96? E96 @H?6C 86ED A2:5 2 C6=2E:G6=J =@H AC:46
  71. @C E96 2DD6E 4=@D6 E@ 9:D A@:?E @7 :?5:T6C6?46 +96 H6:89E >62DFC6D E2<6C ND 32C82:?:?8
  72. A@H6C :? E96 ?68@E:2E:@? E92E 56E6C>:?6D E96 AC:46 2E H9:49 E96 @3;64E :D D@=5 :7 ?@E E2<6? *:>:=2C=J >62DFC6D @H?6C ND 32C82:?:?8 A@H6C :? E96 ?68@E:2E:@? E92E 56E6C>:?6D E96 3C:36 C6BF:C65
  73. @C E2<6C E@ 8@ 2H2J +96 6IAC6DD:@? 7@C 42? 36 C625 2AAC@I:>2E6=J 2D D2J:?8 E92E :D 2 4@?G6I 4@>3:?2E:@? @7 2?5 H:E9 H6:89ED 2?5 6C6 C6AC6D6?ED E96 >@?6J EC2?D76C E92E E2<6D A=246 H96? E96 E2<6C :D 3C:365 2H2J .96? :D =2C86 E9:D >@?6E2CJ EC2?D76C :D D>2== +96 ?@E6H@CE9J 762EFC6 @7 +23=6 :D E92E E96 H6:89ED 2?5 2C6 4@?DE2?E @G6C E:>6 H9:49 >62?D E92E E96C6 :D ?@ H6:C5 D9:7E :? 32C82:?:?8 A@H6C @G6C E:>6 +96 7@==@H:?8 E96@C6> DE2E6D E92E E96 BF2?E:E:6D :? +23=6 8:G6 C:D6 E@ 2? 6S4:6?E 3:=2E6C2= 32C82:?:?8 D@=FE:@? +9:D C6DF=E D9@HD E92E 2? 6S4:6?E 32C82:?:?8 D@=FE:@? 42? 36 :>A=6>6?E65 H:E9 2 C62D@?23=6 32C82:?:?8 AC@E@4@= "-*47*2 # <<>6. <<>69=287 185-< 2A *7B
  74. <.= 8/ 9;2,.< *7-+;2+.< 27 &*+5. 2< *7 .G,2.7= +25*=.;*5 +*;
  75. @C5:?8=J :? ;FDE:7J:?8 E96 AC6G2=6?46 @7 E96 AC@A6CEJ CF=6 @C >@C6 86?6C2==J :? DEF5J:?8 E96 C6=2E:G6 6S4:6?4J @7 5:T6C6?E =682= CF=6D E96 7@4FD >2J AC@A6C=J D9:7E E@H2C5D 2 AC6 6I492?86 :?G6DE>6?E A92D6 &?6 >:89E 36=:6G6 E92E AC@A6CEJ CF=6D 2D @AA@D65 E@ =:23:=:EJ CF=6D AC@G:56 36EE6C :?46?E:G6D E@ :?G6DE :? 56G6=@A:?8 E96 2DD6E AC:@C E@ E96 6I492?86 A92D6 +9:D 9@H6G6C :D ?@E ?646DD2C:=J E96 42D6 .9J 2C6 AC@A6CEJ CF=6D 36=:6G65 E@ :?5F46 :?G6DE>6?E +96 32D:4 :?EF:E:@? :D E92E E96 DEC@?86C AC@E64E:@? 2T@C565 3J AC@A6CEJ CF=6D 2==@HD E96 @H?6C E@ 6?;@J E96 36?6LED @7 96C :?G6DE>6?E 3J FD:?8 E96 2DD6E 96CD6=7 @C 3J D6==:?8 :E 2E 2 9:896C AC:46 .62<6C AC@E6E4E:@? @? E96 @E96C 92?5 :>A=:6D 2 9:896C AC@323:=:EJ @7 6IAC@AC:2E:@? H9:49 AC@G:56D 2 5:D:?46?E:G6 E@ :?G6DE :? E96 2DD6E ?5 E96C6 2C6 255:E:@?2= 2C8F>6?ED 7@C H9J AC@A6CEJ CF=6D >@DE 6S4:6?E=J AC@>@E6 6I 2?E6 :?G6DE>6?ED *66 "2A=@H 2?5 *92G6== 2C :== 2?5 6349F< FE E96C6 2C6 @E96C 2C8F>6?ED DF886DE:?8 E92E AC@A6CEJ CF=6D 42? 36 :?76C:@C E@ =:23:=:EJ CF=6D :? E6C>D @7 6I 2?E6 :?G6DE>6?E 6S4:6?4J +96 :?EF:E:@? DFAA@CE:?8 E96 :?G6DE>6?E 6S4:6?4J @7 AC@A6CEJ CF=6D 7@4FD6D @? :?G6DE>6?ED >256 3J E96 4FCC6?E @H?6C FE A@E6?E:2= E2<6CD 42? 2=D@ >2<6 :?G6DE>6?ED E92E H@F=5 :?4C62D6 E96 G2=F6 @7 E96 2DD6E A@DE E2<:?8 *F49 :?G6DE>6?ED 2C6 6DA64:2==J :>A@CE2?E :? 6?G:C@?>6?ED H96C6 6I492?86 6S4:6?4J C6BF:C6D E92E E96 2DD6E 492?86 92?5D @7E6? #:23:=:EJ CF=6D 42? 36 36EE6C E92? AC@A6CEJ CF=6D :? :?5F4:?8 :?G6DE>6?ED 3J A@E6?E:2= E2<6CD
  76. $@C6 86?6C2==J @?46 H6 C64@8?:K6 E96 3:=2E6C2= ?2EFC6 @7 E96 :?G6DE>6?E AC@3=6> E92E
  77. AC@E64E65 3J =:23:=:EJ CF=6D .96? AC@A6CEJ C:89ED 2C6 AC@E64E65 3J AC@A6CEJ CF=6D E96 EC2?D76C :? E96 32C82:?:?8 82>6 36EH66? E96 4FCC6?E @H?6C 2?5 E96 A@E6?E:2= E2<6C H:== 36 2 7F?4E:@? @7 E96 2DD6END G2=F6 E@ E96 A2CE:6D +96 C6DF=E:?8 9@=5 FA AC@3=6> 5:=FE6D :?46?E:G6D
  78. @C E96 A@DD:3:=:EJ E92E >F=E:A=6 E2<6CD 42? ECJ 2== 2E @?46 E@ F?:=2E6C2==J E2<6 E96 2DD6E :? 6I492?86 7@C 2 4@FCE 56E6C>:?65 AC:46 %@E:46 9@H6G6C E92E 2? 2DD6E 42??@E 36 E2<6? @C 96=5 3J >@C6 E92? @?6 A6CD@? :? 2 D:?8=6 A6C:@5 *@ E96C6 :D 2 4@?46AEF2= 5:S4F=EJ :? 56L?:?8 E96 C:89E E@ E2<6 @H6G6C E9:D 5:S4F=EJ :D C6D@=G65 H6 6IA64E E92E :? E9:D 6?G:C@?>6?E 2D H6== 6S4:6?4J D9@F=5 AC6G2:= .96? >FE=:A=6 E2<6CD 2AA62C D:>F=E2?6@FD=J 2?5 D@>6 G2=F6 E96 2DD6E >@C6 E92? E96 368:??:?8 @7 A6C:@5 @H?6C :E :D ?2EFC2= E@ E9:?< @7 E96 @H?6C 2D 2F4E:@?:?8 E96 2DD6E E@ E96 >F=E:A=6 E2<6CD '6C92AD 9:89 G2=F6 E2<6CD H@F=5 36 H:==:?8 E@ A2J E96 @H?6C 2 AC:46 6I4665:?8 :7 E96 @H?6C 42? 96=A E96> AC6G2:= :? E96 2F4E:@? &C A6C92AD E96 E2<6CD H@F=5 4@?EC24E H:E9 6249 @E96C :? 2 42CE6= =:<6 72D9:@? DF886DE:?8 282:? E92E E96 9:896DE G2=F6 286?E D9@F=5 6?5 FA H:E9 E96 2DD6E 7 @? E96 @E96C "2A=@H 2?5 *92G6== 2C8F6 E92E 2DJ>>6EC:4 :?7@C>2E:@? =625D E@ :?6S4:6?E @FE4@>6D F?56C 3@E9
  79. AC@A6CEJ CF=6D 2?5 =:23:=:EJ CF=6D 2?5 4@?4=F56 :E >2J 36 E92E 6:E96C CF=6 :D 36EE6C A "2A=@H 2?5 *92G6== 255 E92E :7 4FCC6?E @H?6CD 2C6 2DDF>65 E@ 6?;@J 9:896C G2=F6D DF49 E92E 2DD6E EC2?D76CD 2C6 C2C6=J 6S4:6?E E96? AC@A6CEJ CF=6D H@F=5 36 DFA6C:@C D:?46 E96 4@DE @7 72:=65 32C82:?:?8 5F6 E@ 2DJ>>6EC:4 :?
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  111. D@=FE:@?
  112. *FAA@D6 E96 3:=2E6C2= 32C82:?:?8 @FE4@>6 @7 E96 :?E6C24E:@? 36EH66? 2?5 :D E92E E96 2DD6E :D E2<6? +96? E96 D2>6 DE286 82>6 56D4C:365 AC6G:@FD=J H:== 92G6 2 $2C<@G A6C764E 6BF:=:3C:F> E92E DFAA@CED E96 3:=2E6C2= 32C82:?:?8 D@=FE:@?
  113. *FAA@D6 E96 3:=2E6C2= 32C82:?:?8 @FE4@>6 @7 E96 :?E6C24E:@? 36EH66? 2?5 :D E92E E96 E2<6C :D 3C:365 2H2J +96? :? E96 5J?2>:4 82>6 H6 H:== DA64:7J 2 DE286 82>6 36EH66? 2?5 :? H9:49 E96 @H?6C 49@@D6D H96E96C E@ @T6C @C K6C@ 2?5 E96 @H?6C 49@@D6D H96E96C E@ 2446AE E96 3C:36 C6;64E :E 2?5 E2<6 E96 2DD6E @C C6;64E :E 2?5 3FJ E96 2DD6E 2E AC:46 ? E9:D 42D6 8F2C2?E66D E92E E96 @H?6C H:== AC676C E@ @T6C E96 3C:36 $@C6@G6C D:?46 E96 32C82:?:?8 D@=FE:@? @FE4@>6 :D E92E E96 E2<6C :D 3C:365 2H2J 8F2C2?E66D E92E E96 E2<6C AC676CD E@ 36 3C:365 2H2J C2E96C E92? 24BF:C:?8 E96 2DD6E +96C67@C6 E96 $2C<@G A6C764E 6BF:=:3C:F> @7 E96 DE286 82>6 H6 92G6 4@?DECF4E65 DFAA@CED E96 3:=2E6C2= 32C82:?:?8 D@=FE:@? 744+ 4+ *22& .6 AC67246 E96 AC@@7 H:E9 2 4@?G6?:6?E C6DE2E6>6?E @7 E96 ?@E:@? @7 6S4:6?4J )642== E92E 2? 6S4:6?E 3:=2E6C2= 32C82:?:?8 D@=FE:@? :D 2 D6E H:E9 E96 AC@A6CEJ E92E :7 :7 ,D:?8 E9:D 4@?5:E:@? 42? 36 HC:EE6? 2D :7 :7 744+ 2 #6END LCDE 492C24E6C:K6 E96 3: G64E@C 7@C E9@D6 G2=F6D @7 DF49 E92E 642FD6 @7 E96 >@?@E@?:4:EJ 2DDF>AE:@? E96 :?E6CG2=
  114. @FA=65 H:E9 8F2C2?E66D E92E 2?5 2C6 D2E:DL65 ? 724E 2== A2:CD E92E
  115. >@?@E@?:4:EJ 2DDF>AE:@? 8F2C2?E66D E92E 6?46 E96C6 6I:DED 2 ?F>36C H:E9 E96 AC@A6CEJ E92E
  116. =67E>@DE :?6BF2=:EJ D2JD E92E :D D2E:DL65 +96 C:89E>@DE :?6BF2=:EJ :D G6CJ D:>:=2C E@ 9@@D:?8 6?DFC6D E92E E96 C:89E 92?5 D:56 @7 :D ?@??682E:G6 H9:49 :>A=:6D E92E 42? 36 49@D6? E@ 36 ?@??682E:G6 E9FD D2E:D7J:?8 6I24E=J :?2==J
  117. @FA=65 H:E9 D2E:D7J 2?5 %@E6 E92E 3642FD6 H6 92G6 96?46 J E96 D2>6 =@8:4 H6 92G6
  118. *@ H6 42? HC:E6 E96 D6E @7 3: G64E@CD >@C6 4@>A24E=J 2D 4@>AC:D:?8 2== A2:CD 4@FA=65 H:E9 ? E96D6 D@=FE:@?D H6 92G6 7C@> 2?5
  119. *F>>:?8 FA E96 D6E @7 AC:46D 3C:36D 2?5 2DD@4:2E65 G2=F6D E92E D@=G6 2?5 :D ?@?6>AEJ 2?5 :D 8:G6? :? E96 7@==@H:?8 E23=6
  120. @H?6C 3J :ED G2=F2E:@? 7@C E96 2DD6E ':4< 2 2 5:T6C6?E:23=6 7F?4E:@? H:E9 E96
  121. AC@A6CEJ E92E 6BF2=D E96 52>286D E92E E2<6C :D C6BF:C65 E@ A2J E@ 2? @H?6C H:E9 G2=F6 6?@E6 7FCE96C 3J E96 G2=F6 7@C E96 @H?6C H:E9 3J E96 AC:46 2?5 3J E96 3C:36 H96? +96? E96 3: G64E@CD :56?E:L65 :? A2CE
  122. J 2DDF>AE:@? :D :?4C62D:?8 :? D@ * /8;=28;2 E96 LCDE E6C> :? 3C24<6ED
  123. *@ E96 7F?4E:@? :D 4@?E:?F@FD 2E +96C67@C6 2?J 3: G64E@C D6=64E65 :? A2CE 3 86? 6C2E6D H62< >@?@E@?:4:EJ @7 24C@DD E96 6?E:C6 C2?86 @7 ND 744+ 4+ "-*47*2
  124. >@?@E@?:42==J D6=64E65 3: G64E@CD 6249 @7 H9:49 D@=G6D 2?5 2?5 6249 @7 H9:49 8:G6D C:D6 E9C@F89 2?5 E@ 2 G64E@C @7 G2=F6D H9:49 :D ?@?56 4C62D:?8 :? ':4< 2?J @7 E96D6 3: G64E@CD 2?5 2DD@4:2E65 G2=F6D #6>>2 6?DFC6D E92E 2E =62DE @?6 6I:DED )6A62E E96 AC@46DD 7@C E@ 86E 2 D6E @7 >@?@E@?:42==J D6
  125. =&251* =&251* .= *7-<<>6. 78 -2<,8>7=270
  126. = >< D;<= 5884 *= =1. 27=.;*,=287 +.=@..
  127. =*4.< 95*,. 27 =1. <>+0*6. @12,1 *;2<.< */=.; *0.7= ;.=*27< 98<<.<<287 8/ =1. *<<.= 27 9.;28- &1. <.= 8/ :>*7=2=2.< @12,1 *;. .G,2.7= *7-,869*=2+5. @2=1 * <85>=287 2 . <*=2</B *;. /8>7-27 =1. 9;88/ 8/ .
  128. * &1. 5./= 1*7-,85>67 27 =1. 7.A= =*+5. ;.9;
  129. ->,.< =12< <.= 27 =1. ,*<. @1.;. =1. ;201= 1*7-,85>67 <18@< =1. :>*7=2=2.< =1*= 8+=*27 02?.7
  130. *27270 98@.;< =1*= @. ,18<.
  131. *=.;*5 +*;0*27270 <85>=287 ,8;;.<987-.7,. %.5.,=287 /8; 8>; .A*695.
  132. 2< =1. 5*<= 9.;28-27 =12< .A*695. .= >< -2<,><< 8>;
  133. <.5.,=287 27 =1. $ ,85>67 /;
  134. *=.;2*5 +.,*><. +;2+.< *;. 78= 9*2-27 .:>252+;2>6 02?.7 =1. ?.;B 1201 -*6*0.
  135. !.A= 5.= >< ,87<2-.; =1. 27=.;*,=287 +.=@..
  136. *27270 <85>=287 :>*7=2=2.< *;. 9;.<.7=.-27 =1. /8558@270 =*+5.
  137. *=.;*5 *;0*27270 %85>=287 ,8;;.<987-.7,. %.5.,=287 /8; 8>; .A*695.
  138. !8=. =1*= @. 1*?. ><.-=8 =;*7<5*=. =1. ,85>67 27=8 =1. $ ,85>67 .= >< -2<,><< 8>; <.5.,=287 27 =1. $ ,85>67 0*27 =1. <.5.,=287 8/ 2< 266*=.;2*5 8; 27 ,87=;*<= @2=1 =1. 9;.?28>< ,*<. @. <.5.,= =1. 1201.<= 5.?.5 8/ ,869*=2+5. @2=1
  139. * +*;
  140. *<<.= 6><= ;.
  141. *27 @2=1 *0.7= >= =12< 8>=,86. @8>5-+. -2G,>5= =8 <>998;= *< * <85>=287 <27,.
  142. 7= &1.;. 2< * ;*70. 8/ 9;2,.< =1*= <>998;= * 6>=>*55B +.7.D,2*5 B.= <8,2*55B 27.G,2.7= =;*-. 27 9.;28- &12< .
  143. A*695. 255><=;*=.< =1*= =1.;. ,*7 +. 27.G,2.7,2.< 2/ +*;
  144. *27270 98@.; 2< 78= 98<2=2?.5B ,8;
  145. *=.-@2=1 ?*5>*=287 *5<8 @1.7 98<<.<<287 2< 9;8=.,=.-@2=1 * 9;89.;=B ;>5. 7 =1. .A*695. *0.7= 1*< * 1201.; ?*5>*=287 +>= 5.<< +*;0*27270 98@.; =1*7 *0.7= 8;6*55B =1. 9;8+5.6 2< =1*= 6878=87. <.5.,=287 2< ?285*=.-.?.7 =18>01 @. 1*?. 744+ 4+ "-*47*2
  146. @>3:?2E:@? @7 E96 6IEC6>6D @7 E96 :?E6CG2= C676C E@ A2CE 3 :? E96 AC@@7 @7 #6>>2 &79 ' .96? H6 92G6
  147. %@E6 LCDE E92E :D 2 4@?E:?F@FD 7F?4E:@? @7 %6IE D:?46 H6 2C6 :? E96 42D6 2?5 3J 2DDF>AE:@? :D ?@?564C62D:?8 :? :E 7@==@HD E92E
  148. +96C67@C6 42? 36 HC:EE6? >@C6 D:>A=J 2D H96? H96? H96? '=F88:?8 :?E@ E96 7@==@H:?8 6IAC6DD:@? 2?5 D:>A=:7J:?8 J:6=5D H96? H96? H96? *:?46 :D ?@?564C62D:?8 :? 3J 2DDF>AE:@? 2?5 :D ?@?564C62D:?8 :? =:89E
  149. &79 ( +92E :D ?@?564C62D:?8 :? H96? 42? 36 AC@G65 5:C64E=J 7@==@H:?8 E96 AC@@7 @7 #6>>2 .96? H6 92G6 7C@> E92E D2>6 AC@@7 *:?46 E96 C:89E 92?5 D:56 :D ?@?564C62D:?8 :? 3J A2CE 3 E96 C6DF=E :D AC@G65 3;*892*39 A(.*3(> $49 +47 :'1.(&9.43%
  150. # !! "" $! &! ! 2< *7 .:>252+;2>6 27 @12,1 .*,1 *0.7= 27-.
  151. 7-.7=5B ,188<.< =8 6*A262C.< @1.;. *7-/8
  152. *?3.9.43 7 27?.<=6.7= .:>252+;2>6 @2=1 .G,2.7= =;*-270 2< <*2-=8 +. # !! &! 2/ .:>252+;2>6 27?.<=6.7=< ,827,2-. @2=1 =18<. 8/ * <8,2*5 95*77.; @18 ,188<.< +8=1 27?.<=6.7=< *7-*<<.= *558,*=287< 27 *7 >7,87<=;*27.-@*B =&251* &1.;. *;. =@8 *0.7=< 0.7= 2< .7-8@.-@2=1 *7 *<<.= /8; @12,1 1.
  153. &1. D;<= 8+<.;?*=287 2< =1*= =1. 89=26*5 *558,*=287 2< /8; =1. *<<.= =8 +. =;*-.-*=
  154. +.0277270 8/ 9.;28-7-..-2/ *0.7= 185-< =1. *<<.= 27 +8=1 9.;28-< =1.7 <8,2*5 ?*5>. 2< 02?.7 +B @12,1 2< 6*A262C.-*= %>+<=2=>=270 27=8 =1. 8+3.,=2?. />7,=287 B2.5-< * <8,2*5
  155. @ <>998<. =1. ;.026. 2< 87. 8/ 52*+252=B @2=1 "+<.;?. =1*= *0.7= 1*< 1201.; ><.
  156. *B.; E< 9*B8H 2<
  157. +8=1 ,*<.< =1. <85>=287 =8 =1. 27-2?2->*5E< 27?.<=6.7= 9;8+5.6 ,827,2-.< @2=1 =1. <8,2*55B 89=26*5 87. .7,. * 52*+252=B ;.026. @2=1 * <6*55 02?.< ;2<. =8 =1. <8,2*55B 89=26*5 27?.<=6.7= 5.?.
  158. =12< ,*<. *= *7 .G,2.7= .:>252+;2>6 =1. 8+3.,= 6><= ,1*70. 1*7-< ?2* * 7.08=2*=287 0.7= @255 1*?. =8
  159. *B * 9;2,. 27 8;-.; =8 98<<.<< =1. *<<.= 8; .A*695. 2/ =1. 9;2,. @*< -.=.;627.-+B *7 *5=.;7*=270 8H.;< 0*6. =1
  160. =1*= ,*<. *0.7=
  161. +9:D 6I2>A=6 :==FDEC2E6D E92E :? D@>6 42D6D D@4:2==J @AE:>2= :?G6DE>6?E :D AC@>@E65 3J 2 =:23:=:EJ CF=6 H:E9 2 G6CJ D>2== 2?5 4@?DE2?E .6 42? :?E6CAC6E DF49 2 CF=6 2D H62< AC@A6CEJ C:89ED 6CE2:? 762EFC6D @7 E9:D 6I2>A=6 2C6 ?@E 6DD6?E:2= +96 C6DEC:4E:@? E@ EH@ 286?ED :D ?@E 6DD6?E:2= ?@C :D E96 DA64:L4 7@C> @7 E96 FD6 G2=F6 7F?4E:@? :?4=F5:?8 E96 762EFC6 E92E :?G6DE>6?E 42??@E 2T64E H9:49 2==@42E:@? :D @AE:>2= +9C66 762EFC6D 9@H6G6C 2C6 6DD6?E:2= :CDE E92E E96 @AE:>2= 2==@42E:@? 6?E2:=D EC256 :? 6G6CJ A6C:@5 E9@F89 E96C6 :D @?=J @?6
  162. A@DD:3=6 A6C:@5 7@C EC25:?8 :? E9:D 6I2>A=6 *64@?5 E92E 52>286D 2C6 :?56A6?56?E @7 FD6 G2=F6D +9:C5 52>286D 2C6 D6E =@H

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