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    5 views17 pages

    02 Finansovi Reshenia 23 51

    Uploaded by

    Low DrawDown EA
    gfghtdhgttd

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 17
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Heuto noneve, Tosa Tmprenie MOKE 1a Ce PAINpOCTpAHH SEXY uenita HHBecTHuHoHeN npouee [3, 25, 26, 28, 54, 56, 57] KPATKO 3A B3EMAHETO HA PELUEHHA IIPH PHCK HEOMPEJESIEHOCT B reopiaa sa ssewatie na peuevina [4, 5,55, 58] oGexr na aannanite ca pasanne nparaseckit samasn, act OT KOWTO Morar wail-OGwiO na ce rpynupat 8-TpH knaca: 1) aoGpe erpyktypupan wii koNecTBeHO OnpereaeHH Sana4H, KONTO TOMY ‘ar siemeMt OUeHRHS 2) mectpykrypnpart aH Ka¥ecTBCHO HopaseHM Sana4M, B KOHTO KonHMECTBEHIITE saaNeHMMOCTH ca NOTH HaMTEAHO HesBeCTAK, 3) mowo eTpyxTypuparin waw execentH sacaun, KOWTO CDaEpAET KaKTO KOAHeCT- ‘eH TaKa H KaeCTBeHM eneMeHTH, VanecTmo e, se Meromire 1a oczegpane na onepauirre ca npemmastiayenn npe- AuMuo 32 206pe crpyetypmpant saaa, Hsnonseanitte Meroait nospoasBar BsewaHe ta oocrioRario pewlenne no onpesesteH MpoGNeM 8 JaBHeHMOCT oT MocTaHOBKATa Ha ‘cporperwara 2anava, Hal-o6imo cnopen yenosuera ca sBSMOKHH fea THHCWHHT noo 3a HBGOp Ha ‘onrunaztio pewerte: © Koraro daxtopuite na epeaara nwat cToxacriuna npupoaa H ca woRecTHH TeX- ite nepoxtuoctit xapakreplicTINEH, TOrasa HaGOPLT ¢ a YenonHa Wa Puck; © Korato dpaktopire wa cpeaara ce xapaxtepicupat ¢ Heonpereaewoct, KoATO cce oGycaaas oF annica Ha aocTaTeNHo Hage:AINH MeTOIH Ha CpeXCTEA 3a H2- ‘Mepeaiie 1 Hamiiie Ha cMyuaBaUIM daKcopu c HeycToliNMBH craTHCTHMECKIE xapakeplictiIkit 1TH, Torasa HSGOPET € B YeAOBHA HA HeonpexeneMocT. Tipit wa6op a yeaona na pick ce bopatpa mHoxectao Ha xpirepstire 38 omri- anuoer, RovTo ca Gynnui Na paaaisit mpoMeNAiEH éaxropu (aprynenT). Huc- feviaTa crofivoct a Aa%eH xpimepil ce OByCnas npessino ot Ake TYTN akTOpH, Tispsara rpyna gaxtopiaasicn or JIBP (aiteTo, saewaiuo pewiente) W ce apuar eneweni Wa peutciiero, Hai-tecro eneNetTirre na petseniteTo Mar exporo onpe- neneno (teTepsiipano) anaete 38 cTORNOCTTa wa Kpierepnt, Teas akrOpHt MOFST BAH TOTMER 2 ‘aa ca Hanpiimep 1360p ua koNKpeTHM napamerpH. Bropata rpyna daxropy Morar aia ‘xapaetepitoupar yenosnara, 8 xouro dynkuonpe oGekTer Ha npoeKTipante. Jtuero, oeTO #3eMa pewienite He Mowe Aa Ok33ea miMiAHNe BUpxY crofinoctTa Ma Tesn ¢baKrO. i, KoHTO npeacranaasaT enyvalinit npoUceH, Ho € HeOGXOAHMO 1a Hata MHGOPMAL Ja TexutTe sepoxTuocrHn paanpeeaenus. B nporien caysali wiGoper ce HaEDpltha ' yenoaua Ha neonpeaeaenioer. His6opvr yonoBix Ha pic ostiayasa, we JIBP ne © HancHo © BLaMOmHNTE cay= ‘alin akropit w npHewa HaKakea cTofiwocr 3a nepontwocruéTe XApakTepHeTHKH a eayvalitnere baxropH wa cpeaara, Briocsescrave e wisMoxHo 1a Ce OKAE, se H96pa- tre crofitioctu wa nepostwoctintte xapaxTepicrikh He cyoTBeTeTBAT Ha jelicrBH- ‘Tenme, 8 KOHTO yHxuUNONNpa OGexTET Ha NpoeKTpaneTo. B TOBA no CoULcETHO ce {cuCTON HaGOpET Haperen HBGop 8 yerOBHA Ha pHcK, Curaciio ouuara Teopiar na crarctuseckire pewenna [4, 5, 58] comectaysar PeSAHUHH NpHHMINH Ha ¥AGoP Ha pemsenwe, TTox ApyHUHN 3a GOP Ha peuleNNe ce PasGupa wail-oOwio WarewaTisecxara bopMyaupooka 1 xapaktepoT Ha xpltephiite 2a Gop na pemente, parseper apie Hononsear ce ociosno ava sia xpHreput: © Kpirrepi, wowro xapaxtepusupar nevanGara (nonsara, noneswocrta) mpi Wa ‘npaseHHa Gop Ha pewtenmeTo, xaTo pewentteTo e ronko8a MO-n06po, KOKOTO € no-ronama cToiinocrra Ha pasrexctanis xpwrepuil (aaa 3a MaKCHOHIa- ‘ui Ha. kpurrepm); © Kpwrepait, konto xapaxtepusupar pasxoaure (sary6rtre, pucka) 2a ocnitecTEA- ‘Baile Ha MpHeTOTO peutetie, KaTO ¢ o¥esHaHa HeoGxoanMocTTa Aa Ce nocTHTHe [BesMoAHO n0-wamka crofiHOCT (sa,lava 2a MUMHMHSaLINR Ha KprTepits), Coutecreen e w na6opr Ha erparerus, ortacauta ce 20 noBeseHMeTo Ha wBiHa- 1a cpeaa. Cetecraysar HaxoaKD paavosnatiocrs a crpaTernx Ha W9G0pa ~ ApH va maxmin ini minimax. 3a xpirtepn oF rpana Bid onriarha eeTparerra, mpit onTO Ce MaKCHNIupa MHIMATHATA TewasGa. 3a xpHTepHH OT BrOpHA mtd oma. ‘a eexpaterwara, mpi xoATo ce Munuinrsupar saxcnMastutTe pennant __ Ctparerusara a maxmin (minimax) ce ocwosasa tia npeanosoxeuteTo, Ne eny- salinara soiina cpeza le peammnupa exaMoxsi nai-neGnarompnsrin yenoua (nese xo ocosanau ce na xpaen ects). Beapaanianoro no evieeroo nowencrite Ha "onumara cpena ce saMews © monenenvero Ha aoHaMepen npornstiteenope rep Monorusra Ha TeopnaTa wa irprte. Tas erpateria e odocHonata, xoraTo mpocrat ‘Tor wn JIBP ncxa 2a rapawripa waxcinano cBoevo pemerine To.secro ¢ ueecvobpaano 2a ce npwsoxu Mexia crpaTerig MexcAy Kpalinia UccuMtsoM 1 HeoGocHoRaHna OMTHMISEM, KATO Ce MbAKIA TeraoseH KoeGIET Ok 1,38 nopnrupane wa ctparerviata Wa maxinin (minimax), (Crparerviaa (npunwina) Ha neaoctarsaoro octosane Ha Jlanaac ce wspastea + smpeanonoxewitero, e vcnskn axropH Ha cpenara ca pasHiosepostii, Te. mincsaT -osnimpaun daxtopu. HesasiicHMo OF ToRa, Ne ce 1axoxaa ot Taxbea cneoGochos No" npeanionoxeHnte, Tas crpaTeri nwa eBoeTo npeaiMcTao, Til Karo ne ce Dero. ton a pai a cepa Yeon PLT w YoaowHa Ha MeonperenedocT ce ocHosaEa Ha cHere opi 2vawin ua JIBP orev nonenetteTo a gare na cesar le comeeeoo ‘evutevo iva eySexien xapakrep, ¢ roeTo wapacraa orrosopHoctra wa ISP. Kego opwaen anapar worar aa ce npiutarar MeTOAITE Ha TEOpliaTa Ha paasuiTe MHOKE. rma (27, 29, 30,31]. Bunexcaar ce pansrrt penauint omctto kavcereert croftioera 28 MHOFOKPHTEPHANEH H3Bor HA NPOEKTHH PEWENHA ‘ua dbaxropirre Ha epenara i a uenesara Qynxuus (kpurrepHs 23 onrtHwansoct). Ena panwitra petaune Ge Xapakrepianpa c GYHKUNA Ha npHHAMIERNOCT, KORTO € CyGEK- Fuoua Mapka 3a cTenenTa Ha HRITRAKeHHe (AocToRepHocT) HANPHMEp Ma penauerTa ‘axtop/xpurepin, Haii-uecTo npit coxHHTe OGKTH H CHCTewH, KONTO Ce XAPAKTepIOMPaT CoC Ccouteersenn rommvecTaenH 1 KavectReHH ocoBeHtocrH, GaxTOpHTe (aprywenTiTe) Ha aGopa or JIBP ca aerepwuitipanit KomHYecTBeH napaMerpH (BemiutHH), a axtopst- re Ha cpenara var eayaeH XapaKTep HAH ce olienaBaT Hes KaveCTBEHH (HAMpHMED amrancrnai) cTORHOCTH. B pesyatar Ha CbRMecTHOTO aelicTBMe Ma TeDK sa paxnniHt no xapaKrep dak Topi HSxozoT (KPHTEHAT) € MHOFOIHAYEN, Le. Hota pasMirTH (xHeTONHO OMpeTCneHt) Crofivocr. Tesn ctofinoctt Moxe a ce Mirrepnperipar KaTo KavecTBeHH (MHHTBHC™ ‘Tait, norHseckiC HAN HHTTepBaNHM. Eau noaxoasut alapaT 38 popMaztHo OHcaHie ba KpiTepis 3a OnTHMAAHOCT Ha peWIEHHETO Morar aa ca MIOTOSHAMHHTE NOTHHECKH DeponTHocTHH H cEOTBETHO MHOrOZANHHTe noTHdeckH pasMorTH ysxunH. [pnnara- HeTo Ha TOSH TloaNOAAUL anapar e SOBGH NepuMerspa Ha HaCTOAULOTO pasTERLTate Tpi knacupaite na npoekrH B yCAOBHATa Ha PACK M HeoMpeseenocT ce Mpeno- pasa KoneTpynpave H wanonaeaHe Ha Mone, anropHTall 1 NPorpaMHH HNCTPYMEH- ‘TW 3a saewaule ua mioroxpiTepuamiu peusenns, ABA AIITOPHTBMA 34 KBA3H MHOTOKPHTEPHATEH AHAIH3 Pasmnexaat ce sea ocHoBHH anropHTsMa, yenoBHo oTGenasaHN KaTO anropiTrs\ RETURNIRISK® n aaropurras SIGMA", Tesi anropitan ce onpesesxr xavo Kea3it Gato ve mm, nowt) muoroxpetepiacin, Tai KavO Te npeanarar wa JIBP 2a wssopuit {e808 1960p To NoBeNe OT EAH KPHTEpI Tipu mopsis anroperem ,RETURN/RISK" npeasapireaio Mowe aa ce Mapxnpa, ‘ye 38 BceKH MPOEKT NO BCEKH KpUTEpHIT MOKE a Ce MOY" OUUEHKA, KONTO Aa CbOTBET- ‘eTsa Ha nevaa6a, NetHa cerauua cTojiHoct, ssaspsulaeMoct H Tin. HampiiMep HeKa ce PeAMOAOAHL. He € BLIMOKWO MpecMATaHETO Ha HMBECTHUHOMHATA BESBPLLLZEMOCT H phexa 2a pasnicais nporwosupalin ChCTORNNA Ha HKOHOMMeCKATA Cpexa. Tiporwoaupasitre ckcToRitie, cbrtacto HKOHOMHNecKATa TeOPH H NAKTIKa, MO- rar qa cvoTBeTCTRAT Ha pasate BapHaHTH Ha HKONOMHYECKATA CHTYRUNA, KATO Ha- Inpwvep KpH8, CTaTtauii, Havaso pEIBHTHC, OAMBNENHE, ToLeM, CHINO pa3BliTHe (Gyst) 1-74, Bescropxo Toan Goi cuxepacanie (ceunwocT) Ha MporwosipaHttTe HKO- HomMeckH CHTYAuNIt He e CTPoTO peraaMeHTHPAN H npaKTaKaTa Moxe Ja opMmpa Apyrn RonycTHNHt HTyaUHH, KOHTO ChOTRETCTBAT Ha MpeaTORMTAMNTA Ha AMULETO, sewauo peusetne. ‘3a KONCTPylIpAHeTO Wa ANTOpHTEMa HHBECTHUOHHa BESBpPULaEMOCT/PHICK, ANTO- purum RETURN / RISK ce wanioxaaat pesyaravie of auaziisa W Wa6opa Ha MeTOIIC Momeni 3a MHOTONpHTepHaeN AHA, HSeNeABAMHATA Ha OnlepaMiTTe M MHOTOKDHTE- pitanna ontuesauna (4, 5, 21, 22, $7, 58} Tipeanonara ce, ve ca anew: + Ae xpalitio wnoxectao na asTteplarieH (npoeKH, sapnawTi, cUeHapH ‘Tuuuonn pewsensia) + Se xpaiino sHoxecTBO Ha AONyCTHMIETE NporHosHpanit HKOHONIIYECKH CUTya ane vw i ‘MBAH NOMHEB: 29 + ale serpmuara na oueiara wa nara antepnarisa 4, np j-rara aonyerana spornoxpana vxonosuseena cain Sj ish j=tn; + q,¢sepontvocrra 3a cGuaane na j-ara aonyermwa nporHosypata HKOHOMI- sgexa mpobewna exryawis, g, > 0(Y). Tpr6sa aa © womsaneno M pasencrBoTo xe ae Karo mrrepaxrina apoueaypa rpanisen cnysaR woxe a ce npezaian cx ryauma, xorato newuki nepostuocta ca pant q? = n cevrmacno npwuyina Ha Tanaac (npntuia na HeaocrareAHoro ochonasine) 3a nesea anrepnarusa A, ce Hotenssa exornersara cpeasa erofivoct, ¢peaHo <_mpeternena crofinocr, mareMaririecko ovaKBaHe no iapasa: a Lay. Le ‘oso € cpeamta cTofioct, waHCAeMa CbracHO MpHHUHTA pecnexriano alana. Jay) warpuara e mx Marpiua, KoRTO B TepwnnTe Ha TeopHarTa Ha MaTpHUHH- ‘Tempe arpa a rpara, nnaTextia warp van warpia wa nevanGara B anropwrova RETURN / RISK paornentaara marta € marpiia wa oueMKare sa muecrmoronnara mbaapeiitewoct ka fara amepmarea mpi j-rara aonyeTisa ‘porvionnpava nkowowiciecra ciryanin Sn ce, e mnecraontiaTa mbanpbulaeNoct cnopea xaparrepa n ceuuwoeTTa va paarnenctanara aasava NOx 2a: BMTPEWINA HopNA Ha KESApEUNAEMOCT,cPeTO- apimraeriva nnn cpeawo-reowerpiia muanpeimaevocT, OGuta nai ica SBP lachocr (ioMinaa, icra manpbulaeMoct cea ann, icra maspoutaeMoct xen orwrrane wa nnauuia), perpocnexiaka (NeTopHiecka, OTHeTHa) Hat OAR faara(xenaia)mbsepuUlaeNOer 1 TTo-wararok nanropirrowa RETURN /RISK ce wsaicannareneanrre xapakrepit crofivocti 8 marpiusra: a, =mina, = maxcr, B, B=minB, =minmasa, ‘max min a, maxa, Uuenovo CL ce wapira data yena na uipama, WO sascusun, evoraerto B Sopa nena na ucpama, Wait nmuane. 30 MHOTOKPHTEPHANEH H3Gor HA MPOEKTHM PEMIEHHS Pucker r, npn antepnariea A, H 2onyeriMa nporosmpana HROROMHMYECKS CHTY- ung S, ce wosnesapa no Wspasa: r= Bi maxa,—4,> oneaero eneasa, 4e r,2 0 Marpuuata’r, npexerasa ,yZa%nocY" WM ,sicyzaunoct” OT WBNONIBAHETO Ha EAH ow apyra aurepnariea B maevia ROHKPETHa AomTycTuNa NPOTHOIHaHa HROOMIECKA ‘ortyauu, PucKT e HB¥MCAEH KATO panna Mey MaNCHMATHATa 3a saeNa ciya- tuna S, msepuuseoct Ba cvorserereauara na anreprariara A, sosppouiaeMocT a, . B roast Micha Taxa WOSHEAHIT .pHEK" ecTO Ge ONPEAEAA KATO ,cHxAAEHE egret). LlenecvoGpasto e 2a ce Hanpanit eatio orkToneHue 38 KOMMIONeNTHT Ha HHBECTH- LUnoHHNx prick NpM HHBECTHUMTTE B PeaAHM AKTHBH, KATO Ce MAPKHMa, He ToRA MOTE Jia ca: TeXHOROTHeN PHek, OTPACTOR pHCK, perMoHaeH PUCK, MONTHYECKHE PHCK, SaKoH08 priex, pick or Hitvlauns, BaMyTeH pucK, uNAHCOS PHICK, KOPMOPATHBEH DHICK HTH. cfloped ocoGeHocTiTe wa sana4aTa. coe Towa Ha mcexH eTal Ha HaCesEaMe a pHCKA Wa HolBeCTHUMOMNH MPOCKTH ‘Morar aa nipuBaiar pasts NeTOaH 3a aHasia. Tes MeTORH saKAPAIFTeHO TpAGDA Jaa skmiowaT; MeTOIA Ha aHanH9 a SyacTaureawocTTa; MeTOIa Ha KDHTINHETa TOK; Meron Ha avant Ha CUeHapHITe; CTHMyAUNONMHX NETO, MeTOMA Ha EPBOTO 1a pewiennra; Merona Ha GeapiCKOBHTe exausatenn; MeTOIa Ha BKIHONBaNE HA PHCKO- ba Npenita 8 wopwaTa Ha CKONTHPAHE HTH. Tlo-nararax 8 pasraexkaanis 2ITopHrEM ce HsawcasBa cpesmia cTorHOCT (MaTeMa- -myeckoro o¥aknatte, cpeaNo Mpeternewara cTofioct) Ha picka Lan. * $., noo eesornemara cpena erat Ha pra, omen sa curnaco npn ta Tae. pecnexrusno F; Caen Tosa ce nsacnmat caeatuTe oceM KpHTepHs 3a HaGop Ha oMTHDMama (8 Te ‘cen entices Wa ywara) anTepHari@a: 1. Kprrepiit axcnnym wa mareNariieckoro osaxsate a mnsnppuiaewocrTa: E, = maxi, 2. Kpirepuil munya MarewarirueckoTo OvaKBAHE Ha pica E,=ming, Ananorio: 3. Kpireputi wa Jlanaac 3a msaapoutsenoerra L, maxat ean nomen 31 4, Kpurrepnit wa Slane 2a picxa 1, =minz" 5. Kpireputt wa Yona 3a maxcimnia Wa avaepoumaeocrra W= max mina, ‘Toxm xpurrepuit ce onpeenx xavo xpiteputit a kpaiimia necHMmezeM, Toit Karo 3 lonrumania ce wiGupa Task antepHaTHsa, pH KORTO MUKMMATHATa sLSEpEUIBEMOCT & 6. Kpirrepait wa Celfonyox 3a munuMaxcuis pie $= min max r,= min 7, Tosm apirepiti ce onpexeas couto rato KpHTEpH a pains neciMHsDM, Tei xaro 28 onraasa ce #36npa ran aepyathea, Np KOSTO puCKST Hota Hal-waseara rovinoer» Ha-eGnaronpueTHara ciyauta (woravo proRet e waxCHNae). 7. Kpirrepaii Ha oGoSuienna waxcumun (necHwisva — ontuwHsMa) HoH KpHTepAlt a Xypove H=maxykming, +(1-K)maxa, max {io + (1-298, } = max h, Koosuynenrer k, wsGupan mexay Ou 1 (0k $1) © sapra aa necimieawa- swe Hs waenezoneene wan ma amo, ssevamo pew 38 rpane ccrolinocti, ako k= 1,70 Ta. HO = max min g, ax min dy a, soevo e epirrepist Ha Yon, a ano k= 0, 70 1b. reo e spurepit a kpaine onruwsezn, Toraes, roravo 0 << 1, ce monyasa {eMo™ MACY KPANID’ NecHMToM H KAMA ONT 3a mEsopwuReMOCTTa Koedmunenrot & ce w36npa oF HICMeTORATEAA LTH NNLETO, BIEMAMIO PeLICHHIe, B 32k canoer ot cySerrunn choGpaxceri,Flouavora Toa" roepien ce onpeaena KATO eapraa nec, 98 picka mpi JIBP. 3a na ce .Mpeoonest™ cybextHBHHTe ChoOpaxcHita MPH KONKPeTHH 3aZla4it He ‘sabricumo or H36panara cToliMoct Ha k, kpiTepuat Ha Xypeuu ce HHHCAABA H 3a Tpa~ rusnrre crofton k= 0 x k= 1 Toma Ge Onperens TO nposepxa va yerotatDoeT a pewenmevo pt iagpsitaewoct. 32 MHOFOKPHTEPHAEH H3kop HA NPOEKTHH PEWERHA 8. Mlocaeauur KpHTepiit € KPHTEpHit Ha OGoGitewH MUHMMAKE (necHRNsMa — lonruniasa) Ha putea: F wilinp, +(—Ayminr, |= min fy, +. =o, } =minf, Anianorusno OS k Sle chmara wapxa na necuuuaMa - onruMinMa Ha uscne- osaTeas HAM Ha AMLETO, BSEMAtLO PeweHMe. 3a rpaHHNTe crofiHOcTH, ako k xoero e Kpirrepiirr a Celisiuve, axo k= 0, 8b. F%=minminy,, oto € xpuTepusr Ha xpaixitt,onmHMHs6N". PecreKTHBHO, NoraTO 0 0 (‘Yj aonyexa ce - Ha arrepnarusure a, ce eomioctanst aneata ane wamaeno yenonnero 2, 5,= D/A), Amepnarunnte ce noapexaar peawa Henapacraae wa nena no mse me- Tips xowerpynpanero a anropitiirre , MAXMIN" t ¥LINCOM™ ‘Toxa Moxe aa ce npeaswast raro HBTepaxrusua npoueaypa H TpAHNNEH cays, KOTaTO cHakH TermoaHH KOedHUeHTH ca paBH, ETO OauaNasa, He MpMNMET wa JJanac (apwuumsr na wegocrarssnoro ocnosauue) € cw, AJITOPHTMH 34 MHOTOKPHTEPHAITHO B3EMAHE ‘HA PEWEHHG C H3ITOI3BAHE HA PA3MHTH MHOKECTBA Konerpynpanero na anropiri ¢ vanomsane Wa paaMirt MHOxECTBO € MOH ‘ewo va salavara a2 maenale Ha peilena mpi WeTOUN (PEBMIETH) OUCHRH 8 WHET tunonis n3G0p (29, 39, 40, 41,42]. + Anropirrn px Tosi xpHTepu e TeraonwH KOeGHUNeNTH peas ‘mena (ATOKRI) ‘Tes anropHTMH peulasar 3ama4H 3a H3G0p HAM HapenGa Ha MHOKECTBO OT an- “Tepmariat, oleHeNt Mo HAKOAKD HOAHCeCTRENH KPHTEpHA B paannani cxaan, Hera AZ (@,yondjyond,}e KPa MYOKECTBO OT ARTEpHaTHBH, OUeWeNIH NO HaKoR- xo epitepiin K = (KjyoyKjoookg) Teraana (B@xHOCTIFTe) Ha KpiTepiTe ca W = (os) yons Wy} B MATpHN HX ORT aK HaEeRART Taka: Tadamua 1 “Anrepusrian! k, ’ ky 7 k, sprtepint = 4, Su Xy 4 x 4 Xa x, 7 oe IM € olleMKara Ma arTepHaTuBaTa 4, seaaeTo peanoro site X, 47 Toon My J ‘no xpurepia k, . Ha ncexnt xpirrepnit K, Ce npinicea peansio swien0 WT. Teropen | BAH NOTES: er roedmumertr (axnioet na xpyrrepis). Bt OcHona Ha TesH aH WeaTa ua anropiTst- ‘Te e nonyvasane Ha wapen6a Ha amtepHarueure or wail-aoGpaTa 10 Wait-nowara. * Aaropierba 3a arpernpauin oneparopit ¢ Tertosna KoespnuneHTH. sa xpitrepmnre (ATOKRID) : Aaropiaatr vonomaa satire or ranaua 1. Tt karo ouennie no xpie- pure morat na Guar» pasa mepnt ean, ro 2a ranoro ypuspoe te toonaar npoueaypr, koho tpancopunpar eee cruabcr Tatas Ine eeaee én 3 acento Hpepiire pas penal na Upearoancare. Se con ay tanonmana tpancopunpaura dyes 1 aw inj = aia 05+ Ximaxtx,) As(a,0,) s10 14) mints) 3a ncexs croaG ot ra6niua | ce nonysasa cvorseriara pasar penauin Ry re. 2a eT puTepHH CvoTneTH.aT pasMIITa enaLWA 8 MATPIEH BIL HERA TAK He (@,.4,). Hy (@,a,) Hy, (a,,,) Ral Beaoa). Wy.) Blane) | & - Hn.) Hy(@yoa)) Hy (a,sa,) Tlonexce Hako xpirrepimt worer aa ca MiHMeupaumt, 38.28 Guast scwHKATE SpirTepuit MaKCHMSHpau ce HaMucaaBaT OTMIHeHUIATA Ha PenauNitTe, CkOTBETHA ‘a NIMUIMHSHAMLITTE KpHTepHH, Te. CTOHIMOCTHTE Ha CLOTRETHITE MaTpHUMt Ce 1 svat or exmmia. Bens penaunn Ry, k= l,..m ce compar 3a nonyuasane Ha arperupavia penauwa R cue cneawara warpiaa: H(a,,0,) . W(a.4,) B(@,.a,) R=] W@.a).. Wa,a,) o Baya,) @ HG@,.4,) B(@,4,) -- W(a,.4,) Beexi enenent or raaH warpuua ce wsmHcnsa spes Popayaure 3a arperupauit nepatopn ¢ ternonun koedpuunentH, Homarssait ca exeawute oneparopn, xaTo cro ocrie 3a Hy (a,,a,) ce esewar or (1) re) Ms - Mla.0,)= vib (@,.2,), weaeto OS iy $1, 38 MHOFOKPHTEPHAAEH H350P HA MPOEKTHH PEWEHHA re RAH OTHER a Crofinocrure 3a (4,,q) ce sexar or (1), a woeduttenrie C, A, 7 ce aananat AomiauinTenno, Moxe aa ce exenepunentipa ¢ pasmnunn Tex eroRwoct. Tonyasarce 3 arperupai penauun, r.€.3 warpnuut or anaa Rn ce npoxwaana, eneauaion ocranasire ersnkn wa aaropurew ATOKRIL, Te. soaka OT Te3H MarpHU ce nperssenasa, 38 noay‘asane va Matpuunt R’ ypea (7), Flozyenire matpiut R° ce mpewtapexaar Ht ce Noaysanar TpHRWINM MaTpHUN, KOIFTO NoKaSBAT NapeROHTE Ha aurrepnaTusiTe or wali-206pava so Hall-nowara 8 aasicuvocr oF Spats arperspaut vm. ‘oneparop. 3a aa ce wantomear ropmure arpernpauut oneparopi, oxo ca sanaceum Terna na xpitepme, cremkire va anropitresa ca eneawirre. Tpanegopupar ce crofivocrie sma marpmuTe Ry, = loon im, pes wopastre: (1, (4,,4,)" ,weaero 0< wy Sk 5m = ® Sa ren ana oneparopa Terra a xpirepuire ce HopMamHaHpar 76 petrnense - nla,,a,)= ‘sar ce, 3a aa Guaar 8 mertepsa.ta (0, 1) w eynara ust aa Goae eaMnna, ~ B(a,,4,)=max{min(y, (a,,a,).w)} (5) xunero 0S w, $1,max{ry,)=I, ~ BG@,,a,)=min{max(y,(a,,4,),1-,)} , © HR Hyg. i weaero 0S w, S1,maxfivy ares es coeerepe wren Gs paises oingeeenesr oars ae Hi(41,4)) = (—w.) +H (@,s4,)~ (l=) (4,4, si, = an suepnaza [0, 1] w mal-ronaunsr OF 70x na Gute eaMeHLA. rj Tlonytanat ce 4 arperapa persion, e. 4 warps or nuaa R. Bosta or Tes as sa is eee : Hi (@, a) = u,(a,4), @ MarpHtus ce nperoaneatsa 7a nonysasane na warpru R’ no CneAMWA Has avo H(4,.4;)2 W(a,.4,), rorasa H'(a,,4,)=1(a,,a,) w p'(a,,a,)=0. o rroneto H(i.) © caorvcren enewent ot sarpnuara (1), 3a ema pene Ry k=1,...)m, ce nonysasat no ave warp R}, RE, k= Tonysenirte warp’ ce npevapexctar n ce noaysanar TpiarRai ¥arpHU, a Nasa ; oro noxassat wapeaGure wa anrepHarueHe or Hali-20Gpara 20 Hail-nowaTa B 3451 Hea) HEC@ a) Hi(a,0,) ‘cumoct or usGpams arpermpaut oneparop. Anropuronat ce ocuonasa Ha wscneaaanits, myGzmxysann s (31, 32, 33, 34, 35, R=] Blona)= Bila) = we,a,) 36, 38). ~ + Aaropirem c arperupaut onepaTopx Ges Teraosunt KoeduuneHTHL Hilda) WY(@,,2,) .. wi(a,,a,) ) da wpirrepunre (ATOKRIZ) i Paxmixara c anropuraa ATOKRII e 8 wsGopa 1a arperupauurre onepatops. H- Naa). wilave,) — wHava,) omar ce onepatopi, 8 KOHTO TermosMITe KOe‘ilMeNTH ne y¥acTBaT BEB OpMyATA Palen WM, Ako He ca tanaeHH Tera Na xpHTepuiNTe, TO ciem MOmy'aBane Ha penaUiTe i Ry k= ly H mpewsancnasane Ha MHMMMIGMpanyTe KPHTepHH OT CKOTBETHITE ‘erbmikn va anropirres ATOKRI] ce woscasear arpernpanire peau spes cnezirre arperupauun onepatopit: eee 19M, K=Lyroy M(B) WG a)-~ Hlasa,) — Wil@.a,) (2,.4,) ~ Hla, a)=a max tla, a))+l-a)min{y,(¢,, 4)}.06 [0,1], 41 Torana 3a nomynasane wa arperupasnre penatnot R ce vaonsear arperupauuere 0) ‘onepatopit (8), (9), (10), no usunenenn no creas nasi: = Ha,,4)-2F n(a,,)(1-Ayminy(0,.4)), Me [0.1], jL,. A 70 i ~Hla,,q) = amex tui(a,, a)}+(1— a) minful(a,,a)}, a€ (01), & = n(a,.0,)= Toco] [1-The-stenapy}eonianren 19 i

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