Professional Documents
Culture Documents
&1+U
G
G
*)(NQUU
7PKXGTUKV[QH9CUJKPIVQP5GCVVNG75#+VYCU
ITQYPHQTJQP;/)OGFKWOOCKPVCKPGFKPIN[E
GTQNCPFUVQTGFCV−°%6JG;/)OGFKWOEQPVCKPGF
KP
I.[GCUVGZVTCEVOCNVGZVTCEVINWEQUGCPFVTCEG
GNGOGPVU6JGVTCEGGNGOGPVUWUGFYGTGCFFGFCV
XXVQ
VJG HQNNQYKPI EQPEGPVTCVKQPU
KP I. (G51ŧ*1
<P51ŧ*1 /P51ŧ*1 %W51ŧ*1
%Q%Nŧ*1RWTG*51
(NCUM(GTOGPVCVKQP
6JG UGGF EWNVWTG YCU RTGRCTGF D[ KPQEWNCVKPI μ. QH
IN[EGTQN UVQEM KPVQ O. QHINWEQUG[GCUV GZVTCEV OGFKWO
EQPVCKPKPI
KPI.INWEQUG[GCUVGZVTCEV%C%1 (KI %QPEGPVTCVKQPRTQHKNGUQHTKHCO[EKP58&%9CPFTGUKF
6JGRTQFWEVKQPOGFKC
O.KPO.HNCUMQTO.KP WCN IN[EGTQN QDVCKPGF WUKPI RTGXKQWUN[ FGVGTOKPGF QRVK
O. HNCUM YGTG KPQEWNCVGF D[ CFFKPI QT O. QH OWOEQPFKVKQPU=?
FC[QNF UGGF EWNVWTG #NN EWNVWTGU YGTG KPEWDCVGF CV °%
CPFTGXOKPKPCUJCMKPIKPEWDCVQT
,GKQ6GEJ-QTGC
FT[ EGNN YGKIJV
&%9 # O. UCORNG QH EWNVWTG DTQVJ
.$KQTGCEVQT(GTOGPVCVKQP VCMGPHTQOVJGHNCUMYCUOKZGFYKVJO.QH0*%NVQ
FKUUQNXGVJGTGOCKPKPI%C%1#HVGTGCEJQHVJTGGEQPUGEW
6JG UGGF EWNVWTG YCU RTGRCTGF D[ KPQEWNCVKPI μ. QH VKXGEGPVTKHWICVKQPUHQTOKPCVTGXOKPCPFYCUJGU
IN[EGTQN UVQEM KPVQ O. QH VJG OGFKWO RTGXKQWUN[ FG YKVJ FKUVKNNGF YCVGT VJG UWRGTPCVCPV YCU FKUECTFGF CPF VJG
UETKDGF6YQ.RTQFWEVKQPOGFKWOKP.UVKTTGFDKQTGCEVQT EGNNRGNNGVYCUFTKGFCV°%HQTJ
$KQ6TQP-QTGCYCUKPQEWNCVGFYKVJO.QHFC[QNF
UGGF EWNVWTG 6JG QRGTCVKPI EQPFKVKQPU YGTG TGXOKP
°% R* CPF CGTCVKQP XXO 6JG R* YCU EQPVTQNNGF 4'57.65#0&&+5%755+10
WUKPI00C1*CPF0*51UQNWVKQPUCPF&1EQPEGP
VTCVKQP YCU PQV EQPVTQNNGF DGECWUG KV YCU OCKPVCKPGF CV &GITCFCVKQPQH458
ITGCVGT VJCP FWTKPI VJG GPVKTG KPEWDCVKQP RGTKQF 6JG
OGFKWO EQPVCKPGF
KP I. ECTDQP UQWTEG
INWEQUG CPFQT (KI UJQYU VJG EQPEGPVTCVKQP RTQHKNGU HQT 458 &%9
IN[EGTQN[GCUVGZVTCEV#NUQI.QH2')
RQN[ CPFTGUKFWCNIN[EGTQNQDVCKPGFCVQWTRTGXKQWUN[FGVGTOKPGF
GVJ[NGPGIN[EQNYCUWUGFVQRTGXGPVHQCOHQTOCVKQP QRVKOWO EQPFKVKQP KP C O. HNCUM 7PFGT VJGUG EQPFK
6TCEG GNGOGPVU YGTG CFFGF CV
XX QH OGFKWO VQ CNN VKQPUVJGEQPEGPVTCVKQPUKPOGFKWOYGTGIN[EGTQNI.
HGTOGPVCVKQP GZRGTKOGPVU #NN HGTOGPVCVKQP TGUWNVU CTG RTG [GCUVGZVTCEVI.%C%1I.CPFVTCEGGNGOGPVU
UGPVGFCUVJGCXGTCIGQHVYQGZRGTKOGPVUYKVJUVCPFCTFFG
XX 6JG OCZKOWO EQPEGPVTCVKQP QH 458 TGCEJGF CR
XKCVKQPU RTQZKOCVGN[ OI. CV FC[U OCKPVCKPGF HQT OQTG
FC[UCPFVJGPUJCTRN[FGETGCUGFVQCDQWVJCNHQHVJGOCZK
#PCN[UKU OWOEQPEGPVTCVKQPCVFC[U6JGUCOGVTGPFQHTKHCO[EKP
RTQFWEVKQPYCUQDUGTXGFD[-TKUJPCGVCN=?
6JG EQPEGPVTCVKQPU QH INWEQUG CPF IN[EGTQN YGTG OGCU (KIUJQYUVJGFGITCFCVKQPGZRGTKOGPVQHUVCPFCTF458
WTGFD[*2.%VJG*2.%U[UVGOEQPUKUVGFQH5RGEVTC5[U CV VJG KPEWDCVKQP VGORGTCVWTG °% #U UJQYP KP (KI
VGO 2 RWOR 5JQFGZ 4+ FGVGEVQT CPF $KQ4CF 458 FGETGCUGF UNKIJVN[ WPVKN FC[U CPF VJGP FGETGCUGF
*2:*EQNWOP
EQPFKVKQPUO.OKP°%/ UJCTRN[6JGTGHQTGVJGOCKPVGPCPEGQH458RTQFWEGFDGHQTG
*51 4KHCO[EKP 58 CPF $ YGTG OGCUWTGF D[ C *2.% CPFCHVGTFC[UCVOCZKOWONGXGNHQT`FC[UCPFVJGP
U[UVGOVJCVEQPUKUVGFQHC.CD#NNKCPEG2RWOR
#RRNG VJGUJCTRFGETGCUGUJQYPKP(KIYCUCVVTKDWVGFVQFGITCFC
8CNNG[ /0 75# YKVJ C 5RGEVTC 78 FGVGEVQT UGV CV VKQPQH458KVUGNHPQVWVKNK\CVKQPD[EGNNUCUCECTDQPUQWTEGU
PO # TGXGTUGFRJCUG 2JGPQOGPGZ .WPC % EQNWOP 5KPEG IN[EGTQN EQPEGPVTCVKQP EQPVKPWQWUN[ FGETGCUGF FWTKPI
5V.QKU/175#CPFTKHCO[EKP$UVCPFCTFYCUQDVCKPGF KPI KPEWDCVKQP KV KU KORQTVCPV VQ KPETGCUG VJG KPKVKCN ITQYVJ
EQWTVGU[QH2TQHGUUQT%JWP-[W-KO
+PLG7PKXGTUKV[-KO TCVGYJKEJKPVWTPFGETGCUGUVJGKPEWDCVKQPRGTKQF6JGFGI
JCG-QTGC TCFCVKQPTCVGQH458CV°%YCUOWEJJKIJGTVJCPVJCVQH
6JG EGNN EQPEGPVTCVKQP YCU FGVGTOKPGF D[ OGCUWTKPI VJG 458CV°%UQVJGFGITCFCVKQPUGGOUVQDGXGT[UGPUKVKXG
$KQVGEJPQN$KQRTQEGUU'PI=
G
(KI &GITCFCVKQP QH RWTG TKHCO[EKP 58 CV FKHHGTGPV VGORGTC (KI'HHGEVQHIN[EGTQNHGGFKPIVKOGQPTKHCO[EKP58RTQFWEVKQP
VWTGU
°%
I.YCUCRRTQZKOCVGN[VKOGUVJCVYKVJIN[EGTQNI.
QHINWEQUGYCUUGNGEVGFHQTHWTVJGTUGGFEWNVWTGRTGRCTCVKQP
5KPEG INWEQUG YCU OQTG GHHGEVKXG HQT EGNN ITQYVJ VJCP
IN[EGTQN CPF IN[EGTQN YCU OQTG GHHGEVKXG HQT 458 RTQFWE
VKQPVJCPINWEQUGYGEQPFWEVGFCRTGNKOKPCT[GZRGTKOGPVVQ
FGVGTOKPGVJGQRVKOWOVKOGVQCFFIN[EGTQNYJGPUVCTVKPIC
EWNVWTGYKVJINWEQUGHQNNQYGFD[IN[EGTQNCFFKVKQPKPC
O.HNCUM
(KI+PKVKCNN[I.QHINWEQUGYCUCFFGFCPF
VJGPI.QHIN[EGTQNYCUCFFGFCHVGTQTFC[U6JG
VQVCNECTDQPEQPEGPVTCVKQPWUGFYCUVJGUCOGCUVJGQRVKOWO
IN[EGTQNEQPEGPVTCVKQPFGVGTOKPGFKPQWTRTGXKQWUUVWF[=?
#HVGTFC[UVJGCOQWPVQHINWEQUGTGOCKPKPIYCUCDQWV
I. VJG INWEQUG YCU EQORNGVGN[ EQPUWOGF CHVGT ` FC[U
9JGPIN[EGTQNYCUCFFGFCVFC[UVJG458[KGNFYCU
OI.YJKEJYCUCDQWVJKIJGTVJCPVJG[KGNFQDVCKPGF
YJGPQPN[IN[EGTQNYCUWUGFCUVJGECTDQPUQWTEGCUUJQYP
KP (KI 9JGP IN[EGTQN YCU CFFGF CV CPF FC[U 458
(KI 'HHGEVQHIN[EGTQNQTINWEQUGEQPEGPVTCVKQPQPEGNNITQYVJ [KGNFU FGETGCUGF UKIPKHKECPVN[ 6JKU EQWNF DG FWG VQ VJG
QH^K=ãÉÇáíÉêê~åÉá// UJQTVCIGQHECTDQPUQWTEGDGECWUGIN[EGTQNYCUCFFGFCVVJG
UVCIGYJGPINWEQUGYCUCNOQUVGZJCWUVGF
VQVGORGTCVWTG (GGFKPI/GVJQF
'HHGEVQH%CTDQP5QWTEG 5KPEGINWEQUGYCUCDGVVGTECTDQPUQWTEGHQTEGNNITQYVJ
VJCP IN[EGTQN VJG HGGFKPI OGVJQF VJCV KPETGCUGU KPKVKCN EGNN
6Q HKPF C ECTDQP UQWTEG VJCV UVKOWNCVGU VJG KPKVKCN EGNN ITQYVJTCVGKP.DKQTGCEVQTYCUKPXGUVKICVGF(KTUVCEQP
ITQYVJTCVGVJGGHHGEVQHECTDQPUQWTEGQPEGNNITQYVJYCU VTQNGZRGTKOGPVKPYJKEJQPN[IN[EGTQNYCUWUGFCUCECTDQP
KPXGUVKICVGF )GPGTCNN[ CP GHHGEVKXG ECTDQP UQWTEG HQT EGNN UQWTEG YCU ECTTKGF QWV CV VJG RTGXKQWUN[ FGVGTOKPGF QRVK
ITQYVJ KU FKHHGTGPV HTQO VJCV HQT OGVCDQNKVG RTQFWEVKQP OWO EQPFKVKQP #U UJQYP KP (KI VJG JKIJGUV 458 CPF
=?+PQWTRTGXKQWUTGUGCTEJ=?IN[EGTQNYCUOQTGGH &%9YJKEJYGTGQDUGTXGFCVCRRTQZKOCVGN[CPFFC[U
HGEVKXG VJCP INWEQUG CV KPETGCUKPI 458 [KGNF *QYGXGT KV YGTG OI. CPF I. TGURGEVKXGN[ 5KPEG 458 CPF
YCU VJQWIJV VJCV INWEQUG YQWNF DG OQTG GHHGEVKXG HQT EGNN &%9 XCNWGU YGTG OQPQVQPQWUN[ CRRTQCEJGF VJGKT OCZK
ITQYVJ VJCP IN[EGTQN (KI UJQYU VJG GHHGEV QH INWEQUG QT OWO XCNWGU VJG CXGTCIG OCZKOWO XCNWGU UJQYP KP ITCRJ
IN[EGTQNQPEGNNITQYVJKPCO.HNCUM;GCUVGZVTCEVCPF YGTGUGNGEVGFHQTEQORCTKUQP
%C%1YGTGCPFI.TGURGEVKXGN[#UIN[EGTQNEQPEGP 6Q CFF INWEQUG KPVQ VJG EWNVWTG OGFKWO VYQ FKHHGTGPV
VTCVKQP YCU KPETGCUGF &%9 EQPVKPWQWUN[ KPETGCUGF DWV CU HGGFKPIOGVJQFUYGTGFGXKUGF
UKOWNVCPGQWUCFFKVKQPQH
INWEQUG EQPEGPVTCVKQP YCU KPETGCUGF &%9 UJCTRN[ KP INWEQUGCPFIN[EGTQN
INWEQUGCFFKVKQPHKTUVHQNNQYGFD[
ETGCUGF CPF VJGP FGETGCUGF CHVGT I. 6JG FGETGCUG QH CFFKVKQPQHIN[EGTQNCHVGTFC[U+PVJGHKTUVOGVJQFCNOQUV
&%9CDQXGI.QHINWEQUGYQWNFDGFWGVQKPJKDKVKQPQH VJGUCOGCOQWPVQHINWEQUG
I.CPFIN[EGTQN
I.
EGNNITQYVJD[INWEQUG5KPEG&%9XCNWGYKVJINWEQUGCV YGTGUKOWNVCPGQWUN[CFFGFVQVJGTGCEVQTKPUVGCFQHI.
G
(KI %QPEGPVTCVKQPRTQHKNGUQHTKHCO[EKP58&%9CPFTGUKF (KI %QPEGPVTCVKQPRTQHKNGUQHTKHCO[EKP58&%9CPFTGUKF
WCN IN[EGTQN KP C . HGTOGPVGT
ECTDQP UQWTEG I. WCN INWEQUG CPF IN[EGTQN KP C . HGTOGPVGT
ECTDQP
IN[EGTQN UQWTEGI.INWEQUGCFFGFKPKVKCNN[CPFI.IN[E
GTQNCFFGFCHVGTFC[U
YCUCNOQUVVJGUCOG6JKUKURTQDCDN[TGNCVGFVQVJGTGUKFWCN
IN[EGTQN COQWPV CV VJG NCVGT UVCIG QH VJG KPEWDCVKQP +P QWT
RTGXKQWUUVWF[=?KVYCUKNNWUVTCVGFVJCVIN[EGTQNYCUOQTG
GHHGEVKXG VJCP INWEQUG HQT 458 RTQFWEVKQP 5KPEG VJG IN[E
GTQN EQPEGPVTCVKQP CV NCVGT UVCIG KP VJG UGEQPF OGVJQF YCU
OCKPVCKPGFCVTGNCVKXGN[JKIJGTNGXGNUVJCPKPVJGHKTUVOGVJQF
KVKUVJQWIJVVJCVVJG458[KGNFGSWKXCNGPVVQVJCVQHVJGHKTUV
OGVJQF YCU RTQFWEGF CV NQYGT &%9 VJCP VJCV QH VJG
HKTUV OGVJQF 6JGTGHQTG KPKVKCN EGNN ITQYVJ TCVG CPF 458
[KGNFECPDGUKIPKHKECPVN[KPETGCUGFTGICTFNGUUQHVJGCFFKVKQP
OGVJQFQHINWEQUGKPVQIN[EGTQNRTQXKFGFINWEQUGKURTGUGPV
(KI %QPEGPVTCVKQPRTQHKNGUQHTKHCO[EKP58&%9CPFTGUKF FWTKPIVJGKPKVKCNUVCIG
WCN INWEQUG CPF IN[EGTQN KP C . HGTOGPVGT
ECTDQP 9JGP VJG GHHGEV QH INWEQUG QP EGNN ITQYVJ YCU KPXGUVK
UQWTEGI.INWEQUG
I.IN[EGTQNCFFGFUKOWN ICVGF CU UJQYP KP (KI VJG OCZKOWO EGNN EQPEGPVTCVKQP
VCPGQWUN[ YCUQDUGTXGFCVI.QHINWEQUG6JGTGHQTGVJKUEQPEGPVTC
VKQP YCU UGNGEVGF HQT KPKVKCN UVCTVWR INWEQUG EQPEGPVTCVKQP
*QYGXGTVJGTGYQWNFDGUQOGKPVGTCEVKQPUDGVYGGPINWEQUG
QHIN[EGTQN(KIUJQYUVJCVCVFC[UVJGJKIJGUV458CPF CPF IN[EGTQN 6Q HKPF VJKU KPVGTCEVKQP VJG CRRNKECVKQP QH TG
&%9 XCNWGU YGTG OI. CPF I. TGURGEVKXGN[ URQPUGUWTHCEGOGVJQFVQHKPFVJGQRVKOCNTCVKQQHIN[EGTQNVQ
9JGPVJGUGXCNWGUYGTGEQORCTGFYKVJVJGXCNWGUQHEQPVTQN INWEQUG KP EWNVWTG OGFKWO YQWNF DG PGGFGF #FFKVKQPCNN[
458[KGNFCPF&%9YGTGKPETGCUGFD[CPFTGURGE VJG FGXGNQROGPV QH UWKVCDNG HGGFKPI UVTCVGI[ HQT HGFDCVEJ
VKXGN[5KPEGVJGKPKVKCNITQYVJTCVGYCUUKIPKHKECPVN[JKIJGT EWNVKXCVKQPCNUQEQWNFHWTVJGTKORTQXGVJGRTQFWEVKXKV[
VJCP VJCV QH EQPVTQN VJG KPEWDCVKQP VKOG VQ OCZKOWO 458
EQPEGPVTCVKQPYCUCNUQFGETGCUGFD[FC[U6JWUINWEQUGKP
IN[EGTQN UVKOWNCVGU KPKVKCN EGNN ITQYVJ CPF EQPUGSWGPVN[ KP 4GEGKXGF(GDTWCT[CEEGRVGF#RTKN
ETGCUGU458[KGNF#NUQINWEQUGCPFIN[EGTQNCRRGCTVQDG
EQPUWOGF UKOWNVCPGQWUN[ D[ EGNNU DGECWUG VJG FKHHGTGPEG
DGVYGGPINWEQUGCPFIN[EGTQNEQPEGPVTCVKQPUCVCP[KPEWDC 4'('4'0%'5
VKQPVKOGFQGUPQVEJCPIGOWEJYKVJVKOG
+P VJG UGEQPF OGVJQF I. QH INWEQUG YCU CFFGF KPK (NQUU * ) CPF 69 ;W
4KHCO[EKPOQFG QH
VKCNN[CPFVJGPI.QHIN[EGTQNYCUCFFGFCHVGTFC[U CEVKQP TGUKUVCPEG CPF DKQU[PVJGUKU %JGO 4GX
6JG JKIJGUV 458 CPF &%9 YJKEJ YGTG QDUGTXGF CV CR
RTQZKOCVGN[ CPF FC[U YGTG OI. CPF I. 5CPHKNKRRQ#%&GNNC$TWPC./CTUKNK'/QTXKNNQ
TGURGEVKXGN[
(KI6JGKPKVKCNITQYVJTCVGWUKPIOGVJQF % 4 2CUSWCNWEEK ) 5EJKQRRCECUUK CPF & 7PIJGTK
YCUNQYGTVJCPVJCVWUKPIOGVJQFDWVJKIJGTVJCPVJCVQH
$KQNQIKECNCEVKXKV[QHCPGYENCUUQHTKHCO[EKPU
EQPVTQN #NUQ VJG KPEWDCVKQP VKOG HQT OCZKOWO &%9 YCU 5RKTQRKRGTKF[NTKHCO[EKPU,#PVKDKQV
CDQWV FC[ NQPIGT VJCP VJCV QH EQPVTQN 6JKU ECP DG GZ /WTCNK-TKUJPC25)8GPMCVGUYCTNWCPF.84CQ
RNCKPGFD[VJGNCIVKOGPGGFGFHQTEGNNUVQCEENKOCVG VQVJG
2TQFWEVKQPQHTKHCO[EKP58WUKPIOWVCPVUVTCKPU
UWDUVTCVG VTCPUKVKQP HTQO INWEQUG VQ IN[EGTQN %QORCTGF VQ QH #O[EQNCVQRUKU OGFKVGTTCPGK /6%% 9QTNF , /K
OGVJQF&%9YCUFGETGCUGFD[CDQWVDWV458[KGNF ETQDKQN$KQVGEJPQN
$KQVGEJPQN$KQRTQEGUU'PI=
G
/WTCNK -TKUJPC 2 5 ) 8GPMCVGUYCTNW CPF . WUKPI #O[EQNCVQRUKU OGFKVGTTCPGK 9QTNF , /KETQDKQN
8GPMCVGUYCT 4CQ
'HHGEV QH WTCEKN QP TKHCO[EKP $KQVGEJPQN
58RTQFWEVKQPD[#O[EQNCVQRUKUOGFKVGTTCPGK/84 &GUJRCPFG # & - ) $CJGVK CPF 0 4 %JCVVGTLGG
.GVV#RRN/KETQDKQN
&GITCFCVKQP QH βNCEVCO CPVKDKQVKEU %WTT 5EK
-TKUJPC25/)8GPMCVGUYCTNW#2CPFG[CPF.
84CQ
$KQU[PVJGUKUQHTKHCO[EKP58D[#O[EQ /C[GT#(CPF9&&GEMYGT
5KOWNVCPGQWU
NCVQRUKU OGFKVGTTCPGK /6%% KP UQNKF EWNVWTGU RTQFWEVKQPCPFFGEQORQUKVKQPQHENCXWNCPKECEKFFWTKPI
$KQVGEJPQN#RRN$KQEJGO 5VTGRVQO[EGUENCXWNKIGTWUEWNVKXCVKQPU#RRN/KETQDKQN
'N'PUJCU[*#7+$GUJC[#+'N&KYCP[*/ $KQVGEJPQN
1OCT # ) 'N-JQN[ CPF 4 'N0CLCT
+O %JQY;4.K,9W5/2WCJ590GY93
RTQXGOGPV QH TKHGO[EKPU RTQFWEVKQP D[ #O[EQNCVQRUKU %JKC(.KG6//4CJOCPCPF9,%JQK
OGFKVGTTCPGK KP DCVEJ CPF HGFDCVEJ EWNVWTGU #EVC /K /QFGNKPI CPF QRVKOK\CVKQP QH OGVJCPQN CU C EQUQNXGPV
ETQDKQN2QN KPCOQZKEKNNKPU[PVJGUKUCPFKVUCFXCPVCIGQXGTGVJ[NGPG
#DW5JCF[/4#+'N&KYCP[/#(CTKFCPF* IN[EQN$KQVGEJPQN$KQRTQEGUU'PI
# 'N'PUJCU[
5VWFKGU QH TKHCO[EKP RTQFWEVKQP 6CQ , . : & 9CPI ; . 5JGP CPF & < 9GK
D[ #O[EQNCVQRUKU OGFKVGTTCPGK EGNNU KOOQDKNK\GF QP
5VTCVGI[ HQT VJG KORTQXGOGPV QH RTQFKIKQUKP
INCUUYQQN,$CUKE/KETQDKQN RTQFWEVKQP D[ C 5GTTCVKC OCTEGUEGPU OWVCPV VJTQWIJ
5JKP*,%,-KOCPF5$-KO
1RVKOK\C HGFDCVEJHGTOGPVCVKQP9QTNF,/KETQDKQN$KQVGEJPQN
VKQPQHEWNVWTGOGFKWOHQTTKHCO[EKP58RTQFWEVKQPD[
#O[EQNCVQRUKU OGFKVGTTCPGK // WUKPI UVCVKUVKECN FG 5JK ( < :W CPF 2 %JGP
1RVKOK\CVKQP QH γ
UKIPU$KQVGEJPQN$KQRTQEGUU'PI RQN[INWVCOKECEKFRTQFWEVKQPD[$CEKNNWUUWDVKNKU<,7
-TKUJPC 2 5 / ) 8GPMCVGUYCTNW CPF . 8 4CQ WUKPICUWTHCEGTGURQPUGOGVJQFQNQI[$KQVGEJPQN$KQ
5VWFKGUQPHGTOGPVCVKXGRTQFWEVKQPQHTKHCO[EKP RTQEGUU'PI