Professional Documents
Culture Documents
Lobastova 1
Lobastova 1
Eh[Zklh\Z=_e_gZK_j]__\gZ
IJH=GHABJH<:GB?<E:=HKH>?J@:GBY
=:A:<KBKL?F:O=:AH>H;UQB
Ki_pbZevghklv±JZajZ[hldZbwdkiemZlZpbyg_nlyguob]Zah\uo
f_klhjh`^_gbc
:<LHJ?N?J:L
^bkk_jlZpbbgZkhbkdZgb_mq_ghckl_i_gbdZg^b^ZlZl_ogbq_kdbogZmd
MnZ±
JZ[hlZ \uiheg_gZ gZ dZn_^j_ jZajZ[hldb b wdkiemZlZpbb ]Zah\uo b
]Zahdhg^_gkZlguo f_klhjh`^_gbc Mnbfkdh]h ]hkm^Zjkl\_ggh]h g_nlygh]h
l_ogbq_kdh]hmgb\_jkbl_lZ
GZmqgucjmdh\h^bl_ev ^hdlhjl_ogbq_kdbogZmd^hp_gl
IhghfZj_\:e_dkZg^jBhkbnh\bq
HnbpbZevgu_hiihg_glu ^hdlhj nbabdhfZl_fZlbq_kdbo gZmd ijhn_kkhj
OZ[b[meebgBev^mkEmlnmjZofZgh\bq
dZg^b^Zl l_ogbq_kdbo gZmd klZjrbc gZmqguc
khljm^gbdIbydh\=_ggZ^bcGbdheZ_\bq
<_^msZyhj]ZgbaZpbyHHH<he]hMjZeGBIB=Za
AZsblZ khklhblky fZjlZ ]h^Z \ gZ aZk_^Zgbb
^bkk_jlZpbhggh]h kh\_lZ > ijb Mnbfkdhf ]hkm^Zjkl\_gghf
g_nlyghf l_ogbq_kdhf mgb\_jkbl_l_ ih Z^j_km J_kim[ebdZ
;ZrdhjlhklZg]MnZmeDhkfhgZ\lh\
K ^bkk_jlZpb_c fh`gh hagZdhfblvky \ [b[ebhl_d_ Mnbfkdh]h
]hkm^Zjkl\_ggh]hg_nlygh]hl_ogbq_kdh]hmgb\_jkbl_lZ
:\lhj_n_jZljZahkeZgn_\jZey]h^Z
Mq_guck_dj_lZjv
^bkk_jlZpbhggh]hkh\_lZ FZl\__\X=
H;S:YO:J:DL?JBKLBD:J:;HLU
:dlmZevghklv<ihke_^gb_]h^ugZ[Zah\uof_klhjh`^_gbyoJNF_^
\_`v_ Mj_g]hckdh_ Yf[mj]kdh_ b ^j gZ[ex^Z_lky bgl_gkb\gh_ m\_ebq_gb_
h[t_fh\ihimlgh^h[u\Z_fhc\h^uLZdgZijbf_jgZk_ghfZgkdbomklZgh\dZo
dhfie_dkghc ih^]hlh\db ]ZaZ MDI= Mj_g]hckdh]h g_nl_]Zahdhg^_gkZlgh]h
f_klhjh`^_gbyG=DF]h^h\u_h[t_fuihklmiZxs_c\h^ukhklZ\eyxlhdheh
lukf < lh `_ \j_fy ]Zah\h^yghc dhglZdl \ k_ghfZgkdbo h[t_dlZo dZd
ijZ\beh gZoh^blky ]hjZa^h gb`_ bgl_j\Zeh\ i_jnhjZpbb Z ^Zggu_ ]b^jhob
fbq_kdh]h dhgljhey aZ kd\Z`bgghc ijh^mdpb_c ihdZau\Zxl qlh kd\Z`bgu \
hkgh\ghf \ughkyl dhg^_gkZpbhggmx \h^m h[t_fu dhlhjhc \ jZa ij_\u
rZxlh[t_fuieZklh\hc\h^u
JZ\gh\_kgh_ \eZ]hkh^_j`Zgb_ ijbjh^gh]h ]ZaZ dZd ijZ\beh g_\_ebdh b
khklZ\ey_lf_g__]fghmqblu\Zy[hevrb_h[t_fu^h[u\Z_fh]h]ZaZh[s__
dhebq_kl\hdhg^_gkZpbhgghc\h^ukhklZ\ey_lagZqbl_evgmx\_ebqbgmIhwlh
fm ZdlmZevgufb y\eyxlky aZ^Zqb ijh]ghabjh\Zgby ^h[uqb dhg^_gkZpbhgghc
\h^ujZkq_lnZah\uoij_\jZs_gbckbkl_fuijbjh^guc]Za±\h^Z\ieZkl_\
ih^a_fghf b gZa_fghf h[hjm^h\Zgbb ^ey j_r_gby dhlhjuo g_h[oh^bfh kh
\_jr_gkl\h\Zgb_ f_lh^h\ jZkq_lZ nZah\uo jZ\gh\_kbc gZ hkgh\_ nmg^Zf_g
lZevguoiheh`_gbcl_jfh^bgZfbdb
P_ev jZ[hlu Kh\_jr_gkl\h\Zgb_ f_lh^h\ jZkq_lZ nZah\uo ij_\jZs_
gbc m]e_\h^hjh^guo kf_k_c kh^_j`Zsbo \h^m b jZajZ[hldZ f_lh^h\ ijh]gh
abjh\Zgby\eZ]hkh^_j`Zgbyijbjh^guo]Zah\\kbkl_f_ieZklkd\Z`bgZ]Zah
k[hjgu_k_lb
AZ^Zqbbkke_^h\Zgbc
H[h[s_gb_ wdki_jbf_glZevguo ^Zgguo ih \eZ]hkh^_j`Zgbx ]ZaZ b
_]hjZkl\hjbfhklb\\h^_
:^ZilZpbymjZ\g_gbykhklhygbyI_g]ZJh[bgkhgZdkbkl_f_ijbjh^
guc]Za\h^Z
JZajZ[hldZ f_lh^Z \hkklZgh\e_gby i_j\hgZqZevgh]h khklZ\Z ieZklh
\hckf_kbkmq_lhfk\yaZgghc\h^u\ieZklZodhee_dlhjZo
JZajZ[hldZf_lh^h\ijh]ghabjh\Zgby\eZ`ghklb]ZaZ\kbkl_f_ieZkl
±kd\Z`bgZ±]Zahk[hjgZyk_lv
F_lh^ubkke_^h\Zgbc
Ijbj_r_gbbihklZ\e_gguoaZ^Zqbkihevah\ZguZiiZjZll_jfh^bgZfbdb
nZah\uoij_\jZs_gbcf_lh^ufZl_fZlbq_kdhcklZlbklbdbqbke_ggu_f_lh^u
j_r_gbyg_ebg_cguomjZ\g_gbc
GZmqgZygh\bagZ
>ey ih\ur_gby lhqghklb jZkq_lZ khklZ\h\ khkms_kl\mxsbo nZa ]Zah
\h^yguokf_k_ckihfhsvxmjZ\g_gbykhklhygbyI_g]ZJh[bgkhgZij_^eh`_gh
bkihevah\Zlvdhwnnbpb_gluiZjgh]h\aZbfh^_ckl\byf_`^mdhfihg_glZfbhl
^_evgh^ey]Zah\hcb`b^dhcnZa
Hij_^_e_gu agZq_gby wlbo dhwnnbpb_glh\ \ aZ\bkbfhklb hl l_fi_jZ
lmju^eyhkgh\guodhfihg_glh\ijbjh^gh]h]ZaZ
<uy\e_gh qlh ijb hij_^_e_gbb dhwnnbpb_glh\ iZjgh]h \aZbfh^_ckl
\by f_`^m dhfihg_glZfb kbkl_fu ]Za\h^Z gZbemqr__ khhl\_lkl\b_ jZkq_l
guobwdki_jbf_glZevguo^Zgguo^Z_ldjbl_jbcfbgbfmfZhlghkbl_evghcg_
\yadbdhgp_gljZpbcdhfihg_glh\\iZjh\hcb`b^dhcnZaZo
Ij_^eh`_gZe]hjblfj_ljhki_dlb\gh]h\hkklZgh\e_gbykhklZ\ZieZklh
\hckf_kbkmq_lhfk\yaZgghc\h^u
IjZdlbq_kdZyagZqbfhklv
Ihemq_gu ZgZeblbq_kdb_ aZ\bkbfhklb dhwnnbpb_glh\ jZkij_^_e_gby
^ey[bgZjguo\h^h]Zah\uokf_k_c
Hij_^_e_gugZqZevgu_bl_dmsb_khklZ\uieZklh\hc]Zah\h^yghckf_
kbk_ghfZgkdbohleh`_gbcF_^\_`v_]hbMj_g]hckdh]hf_klhjh`^_gbc
GZhkgh\_ZiiZjZlZjZ\gh\_kghcl_jfh^bgZfbdbnZah\uoij_\jZs_gbc
jZajZ[hlZgf_lh^ijh]ghabjh\Zgby\eZ`ghklb]ZaZ\kbkl_f_ieZkl±kd\Z`bgZ
±]Zahk[hjgZyk_lv
:ijh[ZpbyjZ[hluHkgh\gu_iheh`_gbyjZ[hlu^hdeZ^u\ZebkvgZc
] c ] c ] gZmqghl_ogbq_kdbo dhgn_j_gpbyo klm
^_glh\ ZkibjZglh\ b fheh^uo mq_guo M=GLM ] MnZ j_kim[ebdZgkdhc gZ
mqghc dhgn_j_gpbb klm^_glh\ b ZkibjZglh\ ih nbabd_ b fZl_fZlbd_ ;Zr=M
]MnZ]F_`^mgZjh^ghcgZmqghl_ogbq_kdhcdhgn_j_gpbbIjh[e_fu
g_nl_]Zah\h]hdhfie_dkZJhkkbbM=GLM]MnZ]F_`^mgZjh^ghcgZ
mqghijZdlbq_kdhcdhgn_j_gpbbM=GLM]MnZ]gZmqghl_ogbq_kdbo
kh\_lZoHHHGZ^uf]ZaijhfMj_g]hc]Zaijhf±]]
Im[ebdZpbb Ih l_f_ ^bkk_jlZpbb him[ebdh\Zgh i_qZlguo jZ[hl \
lhfqbke_q_luj_[_akhZ\lhjh\
H[t_f jZ[hlu >bkk_jlZpbhggZy jZ[hlZ khklhbl ba \\_^_gby q_luj_o
jZa^_eh\ aZdexq_gby kibkdZ bkihevah\Zgguo bklhqgbdh\ ijbeh`_gbc b ba
eh`_gZ gZ kljZgbpZo fZrbghibkgh]h l_dklZ kh^_j`bl jbkmgdh\
lZ[ebpm b ^\Z ijbeh`_gby Kibkhd bkihevah\Zgguo bklhqgbdh\ khklZ\ey_l
gZbf_gh\Zgby
:\lhj \ujZ`Z_l bkdj_ggxx ijbagZl_evghklv gZmqghfm dhgkmevlZglm
dlg^hp_glmdZn_^juJZajZ[hldZbwdkiemZlZpby]Zah\uob]Zahdhg^_gkZl
guo f_klhjh`^_gbc M=GLM DZebgh\kdhfm X< aZ ihe_agu_ kh\_lu b ih
fhsv\l_hj_lbq_kdbobkke_^h\Zgbyoijbih^]hlh\d_^ZgghcjZ[hlu
HKGH<GH?KH>?J@:GB?J:;HLU
<h \\_^_gbb kh^_j`blky h[sZy oZjZdl_jbklbdZ jZ[hlu h[hkgh\ZgZ __
ZdlmZevghklvknhjfmebjh\Zgup_evbaZ^Zqbbkke_^h\Zgbcijb\_^_guhkgh\
gu_j_amevlZlugZmqgu_iheh`_gbyb\u\h^u\ughkbfu_gZaZsblm
<i_j\hc]eZ\_^Z_lkyhp_gdZ\ebygbydhg^_gkZpbhgghc\h^ugZmkeh
\by jZ[hlu k_ghfZgkdbo kd\Z`bg b kbkl_fu k[hjZ ]ZaZ ih ijhfukeh\uf ^Zg
guff_klhjh`^_gbck_\_jZLxf_gkdhch[eZklb
K_ghfZgkdb_aZe_`bMj_g]hckdh]hF_^\_`v_]hYf[mj]kdh]hAZiheyj
gh]h f_klhjh`^_gbc bf_xl koh^gu_ khklZ\u ]ZaZ Z lZd`_ ]_heh]bq_kdh_
kljh_gb_IeZklh\u_\h^uk_ghfZgkdbo]Zah\uoaZe_`_cy\eyxlkykeZ[hfbg_
jZebah\Zggufbbhlghkylkydoehjb^ghdZevpb_\hfmlbim
<k_\h^u\oh^ysb_\khklZ\^h[u\Z_fhcijh^mdpbb^_eylkygZljb]jmi
iu ieZklh\Zy dhg^_gkZpbhggZy b l_ogh]_ggZy JZajZ[hlZgu f_lh^bdb
>_]lyj_\ ;< Dmag_ph\ XK KlZ\bpdbc <: Kheh\v_\Z BF iha\heyx
sb_hij_^_eblvdhebq_kl\hlhcbebbghc\h^u\h[s_fh[t_f_`b^dhklbih
klmiZxs_cbakd\Z`bgu
Hkh[_gghklb nbevljZpbhggh_fdhklguo k\hckl\ k_ghfZgkdbo aZe_`_c
dhgkljmdpbbkd\Z`bgGDLffbgZebqb_lhesbfgh]he_lg_
f_jaeuoihjh^m`_gZklZ^bbi_jbh^Zihklhygghc^h[uqbijb\_ebdy\e_gbyf
jZg__g_\klj_qZ\rbfkyijbjZajZ[hld_^jm]bo]Zah\uof_klhjh`^_gbc<qZ
klghklbwlhhlghkblkyddhg^_gkZpbbiZjh\\h^u\kl\he_kd\Z`bgb\hafh`
ghklb__gZdhie_gbygZaZ[h_
Bkke_^h\Zgbyijh\_^_ggu_gZk_ghfZgkdboh[t_dlZoF_^\_`v_]hJ_fb
ah\<<FboZceh\G<]bMj_g]hckdh]hFZkeh\<G]f_
klhjh`^_gbc ihdZaZeb qlh gZ kh\j_f_gghf wlZi_ bo jZajZ[hldb ij_h[eZ^Z_l
dhebq_kl\hkd\Z`bgh[\h^gyxsbokylhevdhdhg^_gkZpbhgghc\h^hcjbk
Ijhp_glkd\Z`bg
Dhg^_gkZpbhggZy Kf_kv IeZklh\Zy\h^Z
\h^Z dhg^_gkZpbhgghc
bieZklh\hc\h^
F_^\_`v_f_klhjh`^_gb_ Mj_g]hckdh_f_klhjh`^_gb_
JbkJZkij_^_e_gb_nhg^Z^h[u\Zxsbokd\Z`bgMj_g]hckdh]hbF_^\_`v_
]hf_klhjh`^_gbcjZ[hlZxsbok\h^hc\]ihoZjZdl_jmh[\h^g_gby
GZ jbk ihdZaZgu aZ\bkbfhklb dhebq_kl\Z hlk_iZjbjh\Zgghc `b^dhklb
∆:^h[ \ dhee_dlhj_ GZ^uf ± hl ^_[blZ ]ZaZ T b klZlbq_kdh]h ^Z\e_gby Jkl
^eykd\Yf[mj]kdh]h=DF\ijh^mdpbbdhlhjhcih^Zgguf]b^jhobfb
q_kdh]hZgZebaZkh^_j`blkylhevdhdhg^_gkZpbhggZy\h^ZDZd\b^ghdhebq_
kl\h\ughkbfhc\h^u\hajZklZ_lihg_ebg_cghfmaZdhgmkm\_ebq_gb_f^_[b
lZZkgb`_gb_ieZklh\h]h^Z\e_gbym\_ebqb\Z_lm^_evguc\ughkdhg^_gkZpb
hgghc\h^u
Ijhfukeh\u_ ^Zggu_ ih kbkl_f_ k[hjZ ^ey k_ghfZgkdhc aZe_`b Mj_g
]hckdh]hG=DFaZ]k\b^_l_evkl\mxlhlhfqlh\ihklmiZxs_cgZMDI=
kf_kb ^hey dhg^_gkZpbhgghc \h^u agZqbl_evgh ij_h[eZ^Z_l b baf_gy_lky ih
û:^h[d]lukf
Tlukf kml
JbkAZ\bkbfhklvdhebq_kl\Zhlk_iZjbjh\Zgghc\h^u ∆:^h[ hl^_[blZT^ey
kd\Z`bguJkl FIZgZJkl FIZgZ
Jkl FIZgZ
GZf_klhjh`^_gbbF_^\_`v_gZoh^ys_fkygZiha^g_cklZ^bbjZajZ[hl
`
dbm^_evgh_dhebq_kl\hnZdlbq_kdbhlk_iZjbjh\Zgghc`b^dhklb 9m^ gZ[hev
rbgkl\_]Zah\uoijhfukeh\\d\ZjlZe_]kgbabehkvihkjZ\g_gbxkl_f
`_d\ZjlZehf]lZ[eijbwlhfkgbabebkvm^_evgu_h[t_fudZdieZ
klh\hclZdbdhg^_gkZpbhgghc\h^uqlhih\b^bfhfm\ua\Zghl_fqlh\h^Z
kdhg^_gkbjh\Z\rZyky \ kl\he_ kd\Z`bgu lZd `_ dZd b ieZklh\Zy g_ ihe
ghklvx\ughkblkybakd\Z`bgohlykgb`_gb_m^_evgh]hdhebq_kl\ZieZklh\hc
\h^ufh`_l[ulv\ua\Zghbaheypb_c\h^hijblhdh\bhldexq_gb_fh[\h^gb\
rboky kd\Z`bg < kZfhf ^_e_ _keb kjZ\gblv jZkq_lgu_ 9dj\ b nZdlbq_kdb_
9dn\ oflukf
,9d\ZjlZe]
`
9m^
o f lf
Ijhp_glieZklh\hc\h^u
Ijhp_gldhg^_gkZp\h^u
9 j oflukf
d\
9dn\ oflukf
JZkl\hj_gguc\hklZlhqghcbieZklh\hc\h^_]Zafh`_lkhklZ\eylvagZqb
l_evgmx\_ebqbgmgZijbf_j^eyf_klhjh`^_gbyF_^\_`v_ij_^_evgh_gZku
s_gb_ieZklh\hc\h^uijbjh^guf]Zahf\ijbdhglZdlghcahg_ijbgZqZevghf
ieZklh\hf ^Z\e_gbb ih ^Zgguf Dhjp_grl_cgZ <G khklZ\ey_l hl ^h
kfe Ijb wlhf k_ghfZgkdbc \h^hghkguc ]hjbahgl bf__l agZqbl_evgu_
lhesbgmbijhly`_gghklvIjbkgb`_gbbieZklh\h]h^Z\e_gby\u^_eyxsbcky
ba\h^hgZihjghckbkl_fu]Za[m^_laZljm^gylvijh^\b`_gb_ieZklh\uo\h^
<k_wlhk\b^_l_evkl\mxlhg_h[oh^bfhklbijh]ghabjh\ZgbynZah\uoi_
j_oh^h\]Zah\h^yghckf_kb\aZ\bkbfhklbhll_jfh[Zjbq_kdbomkeh\bcbmq_lZ
dhebq_kl\Z dhg^_gkZpbhgghc \h^u \ kbkl_f_ ieZkl kd\Z`bgZ ± ]Zahk[hjgZy
k_lv
<lhjhcjZa^_eihk\ys_gZgZebamf_lh^h\jZkq_lZ\eZ]hkh^_j`Zgbyijb
jh^gh]h]ZaZb_]hjZkl\hjbfhklb\\h^_ZlZd`_\u[hjmmjZ\g_gbykhklhygby
^eykbkl_fuijbjh^guc]Za±\h^Z
JZkl\hjbfhklv]ZaZ\\h^_ijbgbadbo^Z\e_gbyohij_^_ey_lkyihaZdhgm
=_gjb Z ijb \ukhdbo ^Z\e_gbyo ^ey gZoh`^_gby jZkl\hjbfhklb bkihevamxl
mjZ\g_gb_ Djbq_\kdh]hBevbgkdhc ihemq_ggh]h gZ hkgh\_ l_hjbb jZa[Z\e_g
guojZkl\hjh\
<jZ[hlZoGZfbhlZ:Xijh\_^_guh[h[s_gb_bZgZebah[rbjgh]hwdk
i_jbf_glZevgh]h fZl_jbZeZ ih \eZ]hkh^_j`Zgbx b jZkl\hjbfhklb m]e_\h^h
jh^guobg_m]e_\h^hjh^guo]Zah\\\h^_Bfij_^eh`_guf_lh^ujZkq_lZdhg
klZglnZah\h]hjZ\gh\_kby\kbkl_fZo]Za±\h^Z\uy\e_guaZdhghf_jghklb
khkms_kl\h\Zgby^\monZagh]hkhklhygby\h^h]Zah\uokf_k_c
>eyhij_^_e_gby\eZ`ghklbijbjh^gh]h]ZaZqZklhbkihevamxlaZ\bkbfh
klb ;xdZq_dZ b =mofZgZ y\eyxsb_ky ZiijhdkbfZpbyfb ghfh]jZffu FZd
D_llu b <__ G_^hklZldZfb wlbo f_lh^h\ y\ey_lky lh qlh hgb g_ mqblu\Zxl
dhfihg_glguc khklZ\ ]ZaZ b ijb]h^gu ^ey ]Zah\ k hlghkbl_evghc iehlghklvx
Z\\h^bfZyihijZ\dZgZiehlghklvmqblu\Z_lebrv__m\_ebq_gb_g_aZ\b
kbfh hl gZebqby \ ]Za_ g_m]e_\h^hjh^guo dhfihg_glh\ dhlhju_ hdZau\Zxl
jZaebqgh_ ih \_ebqbg_ b agZdm \ebygb_ Djhf_ lh]h k_ghfZgkdbc ]ZaZ bf__l
hlghkbl_evgmxiehlghklvf_g__
>ey jZkq_lZ nZah\uo ij_\jZs_gbc m]e_\h^hjh^guo kbkl_f kh^_j`Zsbo
\h^m ijbf_gyxl mjZ\g_gb_ J_^eboZD\hg]Z b _]h fh^bnbdZpbb >_ KZglbk
<: Bklhfbg b <= D\hg] Wlb fh^bnbdZpbb ^Zxl ohjhrb_ j_amevlZlu ih
hij_^_e_gbx k\hckl\ ]Zah\uo kf_k_c h^gZdh hgb g_ ijb]h^gu ^ey hibkZgby
ih\_^_gby`b^dhcnZaudZdm]e_\h^hjh^ghclZdbg_m]e_\h^hjh^ghc
<]Zahijhfukeh\hcijZdlbd_^eyhibkZgbyk\hckl\khkms_kl\mxsbonZa
bkihevamxl_^bgu_mjZ\g_gbykhklhygbydhlhju_hkgh\ZgugZbkihevah\Zgbb
deZkkbq_kdbo iheh`_gbc jZ\gh\_kghc l_jfh^bgZfbdb D ij_bfms_kl\Zf _^b
gh]h mjZ\g_gby hlghkblky \hafh`ghklv jZkq_lZ nZah\h]h jZ\gh\_kby kf_k_c
khklhysbodZdbam]e_\h^hjh^h\jZaebqgh]hkljh_gbylZdbfgh]bog_m]e_\h
^hjh^guo\_s_kl\
GZb[hevr__ jZkijhkljZg_gb_ ihemqbeb ^\mo b lj_odhwnnbpb_glgu_
]^_KLM±ihijZ\hqgucdhwnnbpb_gliZjgh]h\aZbfh^_ckl\byijba\Zggucbgl_
]jZevgh mq_klv hkh[_gghklb \aZbfh^_ckl\by fhe_dme jZagh]h kljh_gby b jZa
f_jZ\kf_kb
Wlb dhwnnbpb_glu hij_^_eyxlky bkoh^y ba gZbemqr_]h kh\iZ^_gby j_
amevlZlh\jZkq_lh\ihmjZ\g_gbxkhklhygbykjZaebqgufbwdki_jbf_glZevgu
fb ^Zggufb ^ey [bgZjguo kf_k_c 397^Zggu_ ^ey h^ghnZagh]h khklhygby
khklZ\unZagZoh^ysboky\jZ\gh\_kbbbl^
<lj_lv_fjZa^_e_j_rZxlkyaZ^Zqbk\yaZggu_kZ^ZilZpb_cmjZ\g_gby
IJdjZkq_lmnZah\h]hjZ\gh\_kby]Zah\h^yguokf_k_c
< gZmqghl_ogbq_kdhc ebl_jZlmj_ dhwnnbpb_glu iZjgh]h \aZbfh^_ckl
\byDI<f_`^m\h^hcbdhfihg_glZfbijbjh^guo]Zah\j_dhf_g^m_lkyijb
gbfZlvjZ\gufbijbq_fwlhagZq_gb_gbdZdg_h[hkgh\u\Z_lkyZj_amev
lZlu jZkq_lZ k lZdbf agZq_gb_f DI< ihdZau\Zxl g_\ukhdmx lhqghklv Hq_
1 α LS 1 β LS
) = Z ∑ − + Z ∑ − → PLQ
L = α Lw L = β Lw
1 1
) = Z ∑ α LS − α Lw + Z ∑ β Lj − β Lw
→ PLQ
L = L =
]^_ ) ) ) djbl_jbb khihklZ\e_gby wdki_jbf_glZevguo b jZkq_lguo ^Zg
S
guo Z Z±\_kh\u_dhwnnbpb_glu α L α Lw ±jZkq_lgh_bwdki_jbf_glZev
S
gh_ agZq_gby k\hckl\ iZjh\hc nZau β L β Lw ± jZkq_lgh_ b wdki_jbf_glZevgh_
agZq_gbyk\hckl\`b^dhcnZau1±dhebq_kl\hwdki_jbf_glh\
<jZ[hl_^eyhij_^_e_gbyDI<^eykbkl_fu\h^Z±dhfihg_glijbjh^gh
S
]h]ZaZ\djbl_jbyo\dZq_kl\_ α L α Lw ijbgbfZebkvkhhl\_lkl\_gghjZkq_lgu_
\ LS bwdki_jbf_glZevgu_ \ Lw agZq_gbykh^_j`ZgbyiZjh\\h^u\iZjh\hcnZa_
S S
Z \ dZq_kl\_ β L β Lw khhl\_lkl\_ggh jZkq_lgu_ [ L b wdki_jbf_glZevgu_
gm ± d \h^_ \ wlhc `_ lhqd_ bf__l fbgbfmf b I ≈ ⋅ − ijb wlhf
G_h[oh^bfhhlf_lblvqlh\bkke_^m_fhf^bZiZahg_^Z\e_gbcbl_fi_jZ
lmjagZq_gbyDI<f_`^m\h^hcb]ZaZfbbf_xlhljbpZl_evgu_agZq_gby^ey
`b^dhcnZauaZbkdexq_gb_fk_jh\h^hjh^Z
Ba]jZnbdh\jbk±\b^ghqlh&/k\ukhdhclhqghklvxhibku\Z_lky
ijyfhebg_cghcaZ\bkbfhklvxhll_fi_jZlmjuqlhy\ey_lkym^Zqgufihkdhev
dm jZkq_lu ihdZaZeb qlh ^Z`_ g_[hevrb_ baf_g_gby K/ g_ lhevdh kbevgh
\ebyxlgZlhqghklvjZkq_lh\ghb\g_dhlhjuokemqZyofh]mlijb\_klbdjZk
oh^bfhklbbl_jZpbhggh]hijhp_kkZ
LZ[ebpZ
AgZq_gbydjbl_jb_\
IhdZ IjbL K IjbL K
aZl_ev ih ih ih ih ih ih
I
I
)
&/
&9
K9 7ij7ij7ij
K9
K/K9
K/ 7ij
K/
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m
\h^hcbZahlhf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
K9
K9 7ij
K9K/
K/ 7ij
K/
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m\h^hc
bm]e_dbkeuf]Zahf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
K/ 7ij
&/
K9K/
&9
K9 7ij7ij7ij
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m\h^hc
bk_jh\h^hjh^hf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
K9
K9 7ij
K9K/
K/
K/ 7ij
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m\h^hc
bf_lZghf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
K9
K9 7ij
K9K/
K/ 7ij K/
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m\h^hc
bwlZghf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
K9
K9 7ij
K9K/
K/ 7ij
K/
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m\h^hc
bijhiZghf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
K9
K9 7ij
K9K/
K/ 7ij
K/
L_fi_jZlmjZD
JbkAZ\bkbfhklvdhwnnbpb_glh\iZjgh]h\aZbfh^_ckl\byf_`^m\h^hc
bghjfZevguf[mlZghf^ey]Zah\hcK9b`b^dhcK/nZahll_fi_jZlmju
g_m^h\e_l\hjbl_evghhij_^_ey_lkykh^_j`Zgb_iZjh\\h^u\[hevrbgkl\_kem
qZ_\ ih]j_rghklv ij_\urZ_l Z \ g_dhlhjuo kemqZyo ^hklb]Z_l
Ijbf_g_gb_ ^\mo DI< iha\hebeh kms_kl\_ggh ih\ukblv lhqghklv jZkq_lZ
dhgp_gljZpbc dhfihg_glh\ b \ ]Zah\hc b \ `b^dhc nZaZo >ey `b^dhc nZau
hlebqbyf_`^mwdki_jbf_glZevgufbbjZkq_lgufbagZq_gbyfb\[hevrbgkl\_
kemqZ_\g_ij_\urZxlZ^ey]Zah\hcnZaukhklZ\eyxlf_g__LZd
`_gZ^hhlf_lblvqlhkh^_j`Zgb_iZjh\\h^ujZkkqblZggh_ih;xdZq_dmijb
\h^bldagZqbl_evgufjZkoh`^_gbyf^hkwdki_jbf_glZevgufb^Zggu
fbijbgZebqbb\kf_kbg_m]e_\h^hjh^guodhfihg_glh\
Q_l\_jlucjZa^_e ihk\ys_g ijbf_g_gbx mjZ\g_gby khklhygby IJ d
kbkl_f_ijbjh^guc]Za±\h^Zijbj_r_gbbke_^mxsboijhfukeh\uoaZ^Zq
j_ljhki_dlb\gh_ \hkklZgh\e_gb_ bkoh^gh]h khklZ\Z ieZklh\hc kf_kb k
mq_lhfk\yaZgghc\h^uih^ZggufklZg^Zjlguodhfie_dkguo]b^jh^bgZfbq_
kdbob]Zahdhg^_gkZlguobkke_^h\Zgbc
ijh]ghabjh\Zgb_\eZ]hkh^_j`Zgby]ZaZ\ieZklh\uobaZ[hcguomkeh\b
yo
ijh]ghabjh\Zgb_\eZ]hkh^_j`Zgby]ZaZbh[t_fh\kdhg^_gkbjh\Z\r_cky
\eZ]b\kbkl_f_kl\hekd\Z`bgu±]Zahk[hjgZyk_lvbf_`ijhfukeh\uodhf
fmgbdZpbyo
AZ^ZqZ \hkklZgh\e_gby gZqZevgh]h h[s_]h ieZklh\h]h khklZ\Z ]Zah\h^y
ghc kf_kb j_rZ_lky ke_^mxsbf h[jZahf Ijb ba\_klguo ieZklh\uo l_jfh[Z
jbq_kdbomkeh\byobkhklZ\_ieZklh\hciZjh\hcnZaug_h[oh^bfhhij_^_eblv
kh^_j`Zgb_ \h^u \ ieZklh\hc iZjh\hc nZa_ khklZ\ ieZklh\hc `b^dhc nZau b
fheyjgu_^hebiZjh\hcb`b^dhcnZa\ieZklh\hckf_kb
>eyj_r_gbywlhcaZ^Zqbdjhf_mjZ\g_gbynZah\uodhgp_gljZpbc\nhj
f_Jwqnhj^Zbmkeh\bcjZ\_gkl\Ze_lmq_kl_cdhfihg_glh\\iZjh\hcb`b^dhc
nZaZobkihevam_lky_s_h^ghkhhlghr_gb_hlghr_gb_h[t_fZ`b^dhcnZaud
h[t_fm \k_c kf_kb \ ieZklh\uo mkeh\byo ij_^klZ\eyxs__ kh[hc gZkus_g
ghklvihjh\h]hijhkljZgkl\Zk\yaZgghc\h^hc6\\_ebqbgZdhlhjhcij_^iheZ
]Z_lkyba\_klghc
1/]/
6\ =
19]9 + 1/]/
]^_ 1/ ± dhebq_kl\h fhe_c `b^dhc \h^ghc nZau ]/ ±dhwnnbpb_gl k\_jok`b
fZ_fhklb`b^dhc\h^ghcnZau19±dhebq_kl\hfhe_ciZjh\hcnZau]9±dh
wnnbpb_glk\_jok`bfZ_fhklbiZjh\hcnZau
<lZ[eijb\_^_guj_amevlZlujZkq_lh\\hkklZgh\e_gbybkoh^gh]hkh
klZ\Z]Zah\h^yghckf_kb^eyk_ghfZgkdboaZe_`_cMj_g]hckdh]hbF_^\_`v_]h
f_klhjh`^_gbc < dZq_kl\_ bkoh^guo ^Zgguo ^ey Mj_g]hckdh]h f_klhjh`^_
gby ijbgbfZebkv gZqZevgu_ ieZklh\u_ l_fi_jZlmjZ b ^Z\e_gb_ Lie K
Jie FIZ 6\ ± khklZ\ m]e_\h^hjh^ghc qZklb iZjh\hc nZau \ fhe
^heyo 1 ± KH ± KG ± KG ± KG±
^eyf_klhjh`^_gbyF_^\_`v_Lie KJie FIZ6\±khklZ\m]e_
\h^hjh^ghcqZklbiZjh\hcnZau\fhe^heyo1±KH±KG±
KG±KG±KG±
LZ[ebpZ
J_amevlZlujZkq_lh\ih\hkklZgh\e_gbxbkoh^gh]hkhklZ\Z]Zah\h^yghckf_kb
Dhf Mj_g]hckdh_f_klhjh`^_gb_ F_^\_`v_f_klhjh`^_gb_
ihg_gl KhklZ\fhevgu_^heb
]ZaZ `b^dhklb h[sbc ]ZaZ `b^dhklb h[sbc
+2
1
&2
&+
&+
&+
&+
Bkihevamy\hkklZgh\e_gguckhklZ\ieZklh\hc]Zah\h^yghckf_kb^eygZ
qZevguol_jfh[Zjbq_kdboieZklh\uomkeh\bcfh`ghhlwlbomkeh\bcijhkqb
lZlvieZklh\u_ijhp_kku^bnn_j_gpbZevghcdhg^_gkZpbb\lhfqbke_b\eZ]h
kh^_j`Zgb_]ZaZ^eyex[uoaZ[hcguomkeh\bcIhemq_gguckhklZ\iZjh\hcnZ
aukhhl\_lkl\m_lkhklZ\mijh^mdpbbihklmiZxs_c\kd\Z`bgmGZjbkih
dZaZgh baf_g_gb_ \eZ]hkh^_j`Zgby k_ghfZgkdh]h ]ZaZ Mj_g]hckdh]h G=DF \
aZ[hcguomkeh\byo
<eZ]hkh^_j`Zgb_]f
JaZ[FIZ
Jbk<eZ]hkh^_j`Zgb_]ZaZ\aZ[hcguomkeh\byoLaZ[ K
Jk_i <eZ]hkh^_j`Zgb_]ZaZ]fijbLk_iK
FIZ
Ijbf_qZgb_\qbkebl_e_±\eZ]hkh^_j`Zgb_ihmjZ\g_gbxIJ\agZf_gZl_e_±
ihaZ\bkbfhklb;xdZq_dZ
BalZ[e\b^ghqlh\eZ]hkh^_j`Zgb_jZkkqblZggh_ih;xdZq_dm\k_]^Z
\ur_q_fjZkkqblZggh_ihmjZ\g_gbxIJWlhfh`ghh[tykgblvke_^mxsbf
aZ\bkbfhklv;xdZq_dZg_mqblu\Z_lkh^_j`Zgb_1ZlZd`_l_fqlhk_ghfZg
kdbc]Zabf__lhlghkbl_evgmxiehlghklvlh]^ZdZdaZ\bkbfhklv;xdZq_dZ
ijbf_gy_lky^ey]Zah\khlghkbl_evghciehlghklvx
Bkihevah\Zgb_f_lh^h\jZkq_lZijhp_kkh\^bnn_j_gpbZevghcbdhglZdl
ghc dhg^_gkZpbc ]Zah\h^yghc kf_kb k ijbf_g_gb_f Z^Zilbjh\Zggh]h mjZ\g_
gby khklhygby IJ iha\hey_l ihemqblv \k_ oZjZdl_jbklbdb ]Zah\h^yghc kf_kb
dZd\ieZklh\uomkeh\byolZdbihf_j_^\b`_gby]ZaZhlaZ[hydmklvxb^Ze__
ih ]Zahijhfukeh\uf dhffmgbdZpbyf \ lhf qbke_ \eZ]hkh^_j`Zgb_ ]ZaZ
m^_evgh_ kh^_j`Zgb_ dhg^_gkZpbhgghc \h^u \ ]Zah\h^yghc kf_kb ^_[bl dhg
^_gkZpbhgghc\h^u
>eymkeh\bcMDI=Mj_g]hckdh]hG=DFijh\_^_gujZkq_lu^_[blh\
bh[t_fh\dhg^_gkZpbhgghc\h^uihklmiZxs_cgZimgdlk_iZjZpbb]ZaZkbk
ihevah\Zgb_ff_lh^h\\hkklZgh\e_gbygZqZevghcieZklh\hc]Zah\h^yghckf_kb
bjZkq_lZijhp_kkh\^bnn_j_gpbZevghcbdhglZdlghcdhg^_gkZpbbDhebq_kl\h
\ughkbfhckdhg^_gkbjh\Z\r_cky\eZ]bbakd\Z`bgujZkkqblu\Zehkvihj_`b
fm b kdhjhklb l_q_gby ]Zah`b^dhklghc kf_kb J_amevlZlu jZkq_lh\ ihdZaZeb
qlh\eZ]hkh^_j`Zgb_]ZaZgZmklv_f_gvr_q_fgZaZ[h_Ijb^\b`_gbb]ZaZih
re_cnm \eZ`ghklv \ hkgh\ghf mf_gvrZ_lky h^gZdh ^ey g_dhlhjuo re_cnh\
\eZ]hkh^_j`Zgb_ m\_ebqb\Z_lky qlh fh`gh h[tykgblv [hevrbfb ]b^jZ\ebq_
kdbfbihl_jyfb>eyMDI=^hey\h^ukdhg^_gkbjh\Z\r_ckyijb^\b`_gbb
]ZaZhlaZ[hydmklvxij_\Zebjm_l\h[s_fh[t_f_dhg^_gkZpbhgghc\h^uih
klmiZxs_cgZMDI=Ihklmie_gb_dhg^_gkZpbhgghc\h^ugZ]khklZ\ey
_lfZdhebq_kl\hjZkl\hj_ggh]h\g_c]ZaZf
HKGH<GU?J?AMEVL:LUB<U<H>U
IhdZaZgZ g_h[oh^bfhklv jZkq_lZ \eZ]hkh^_j`Zgby ijbjh^gh]h ]ZaZ \
kbkl_f_ieZkl±kd\Z`bgZ±]Zahk[hjgZyk_lvkbkihevah\Zgb_fmjZ\g_gbckh
klhygbyZ^Zilbjh\ZgguodjZkq_lmnZah\h]hjZ\gh\_kby]Zah\h^yguokf_k_c
GZhkgh\_h[h[s_gbywdki_jbf_glZevguo^Zgguoihemq_guZgZeblb
q_kdb_aZ\bkbfhklbdhwnnbpb_glh\jZkij_^_e_gby^ey[bgZjguokf_k_c]Za
Ihj_amevlZlZf^bkk_jlZpbbhim[ebdh\Zguke_^mxsb_jZ[hlu
Eh[Zklh\Z =K IhghfZj_\ :B Ijh]ghabjh\Zgb_ h[\h^g_gby nhg^Z
^h[u\Zxsbokd\Z`bggZdjmiguo]Zah\uof_klhjh`^_gbyoL_abku^hdeZ^h\
c gZmqghl_ogbq_kdhc dhgn_j_gpbb klm^_glh\ ZkibjZglh\ b fheh^uo mq_
guoMnZM=GLMK
;_euoX<Eh[Zklh\Z=KIhghfZj_\:B:gZebaj_amevlZlh\ijh
]ghabjh\Zgbyh[\h^g_gbynhg^Zkd\Z`bggZdjmiguo]Zah\uof_klhjh`^_gbyo
L_abku^hdeZ^h\cgZmqghl_ogbq_kdhcdhgn_j_gpbbklm^_glh\ZkibjZg
lh\bfheh^uomq_guoMnZM=GLM±LK
DZebgh\kdbc X< DZfZeh\ GK Eh[Zklh\Z =K JZkq_lu nZah\h]h
jZ\gh\_kby ]Zahdhg^_gkZlh\h^yguo kf_k_c Ijh[e_fu g_nl_]Zah\h]h dhf
ie_dkZ Jhkkbb L_a ^hde F_`^mgZjh^ghc gZmq±l_og dhgn_j_gpbb K_dpby
=hjgh_^_eh±MnZM=GLMK
Eh[Zklh\Z=KKh\_jr_gkl\h\Zgb_f_lh^bdbjZkq_lZnZah\h]hjZ\gh
\_kby]Zahdhg^_gkZlgh\h^yguokf_k_ckbkihevah\Zgb_fmjZ\g_gbykhklhygby
I_g]ZJh[bgkhgZ L_abku ^hdeZ^h\ c gZmqghl_ogbq_kdhc dhgn_j_gpbb
klm^_glh\ ZkibjZglh\ b fheh^uo mq_guo K_dpby nmg^Zf_glZevguo gZmd
MnZM=GLMK
DZebgh\kdbc X< DZfZeh\ GK Eh[Zklh\Z =K H \hkklZgh\e_gbb
bkoh^gh]hkhklZ\Z]Zah\h^yghckf_kbGZmqghl_ogbq_kdb_^hklb`_gbybi_
j_^h\hc hiul \ g_nl_]Zah\hc ijhfure_gghklb K[ gZmq lj MnZ M=GLM
K±
Eh[Zklh\Z=KJZkq_l\eZ]hkh^_j`Zgbyijbjh^gh]h]ZaZkbkihevah
\Zgb_fmjZ\g_gbykhklhygbyL_abku^hdeZ^h\j_kim[ebdZgkdhcgZmqghcdhg
n_j_gpbbklm^_glh\bZkibjZglh\ihnbabd_bfZl_fZlbd_MnZ;=MK
Eh[Zklh\Z =K H gZqZevghf ijb[eb`_gbb dhwnnbpb_glh\ jZkij_^_
e_gby^eyjZkq_lZnZah\h]hjZ\gh\_kby]Zah\h^yguokf_k_cGL@Bgl_j\Ze
K
DZebgh\kdbc X< Eh[Zklh\Z =K EZgqZdh\ =: IhghfZj_\ :B
Ijh]ghabjh\Zgb_ ^h[uqb dhg^_gkZpbhgghc \h^u gZ ]Zah\uo b ]Zahdhg^_gkZl
guof_klhjh`^_gbyo=Zah\Zyijhfure_gghklvK