&/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.

*/*4)*/( 3&563/4

$PVME UIBU BMMPX VT UP FTDBQF UIF DVSTF BOE BDIJFWF TVTUBJOBCMF HSPXUI )FSF JT XIFSF B GPSNBM
NPEFM JT PODF BHBJO SFRVJSFE 8F XJMM EP UIBU JO UIF TJNQMFTU QPTTJCMF DPOUFYU UIBU PG UIF 4PMPX NPEFM
CVU OPX JOUSPEVDJOH B OFX BTTVNQUJPO PO UIF QSPEVDUJPO GVODUJPO UIF QSFTFODF PG IVNBO DBQJUBM BT
BO BEEJUJPOBM GBDUPS 5P ĕY JEFBT MFUT HP UP UIF $PCC%PVHMBT DBTF
: = ,𝛼 )𝛽 ("-)𝛾 . ()
/PUF UIBU XF BSF BTTVNJOH UIF UFDIOPMPHJDBM QBSBNFUFS " UP CF PG UIF MBCPVSBVHNFOUJOH LJOE *U
FOUFST JOUP UIF QSPEVDUJPO GVODUJPO CZ NBLJOH MBCPVS NPSF FČFDUJWF %JWJEJOH UISPVHI CZ - XF PCUBJO

( )𝛼 ( )𝛽
: , )
= "𝛾 -(𝛼+𝛽+𝛾)− , ()
- - -
XIFSF 𝛼 + 𝛽 + 𝛾 JT UIF TDBMF FDPOPNJFT QBSBNFUFS *G 𝛼 + 𝛽 + 𝛾 =  XF IBWF DPOTUBOU SFUVSOT UP TDBMF
$34
 *G 𝛼 + 𝛽 + 𝛾 >  XF IBWF JODSFBTJOH SFUVSOT UP TDBMF EPVCMJOH BMM JOQVUT NPSF UIBO EPVCMFT
PVUQVU
"TTVNF $34 GPS TUBSUFST 8F DBO UIFO XSJUF UIF QSPEVDUJPO GVODUJPO BT
Z = "𝛾 L𝛼 I𝛽 , ()
XIFSF BT CFGPSF TNBMMDBTF MFUUFST EFOPUF QFSDBQJUB WBSJBCMFT

 ] -BXT PG NPUJPO

-FU VT TUBSU XBZ CBDL JO UIF 4PMPX XPSME "T JO UIF TJNQMF 4PMPX NPEFM BTTVNF DPOTUBOU QSPQFOTJUJFT
UP TBWF PVU PG DVSSFOU JODPNF GPS QIZTJDBM BOE IVNBO DBQJUBM TL , TI ∈ (, ) -FU 𝛿 CF UIF DPNNPO
EFQSFDJBUJPO SBUF 8F UIFO IBWF

,̇ = TL : − 𝛿,, 

)̇ = TI : − 𝛿), 

BOE UIFSFGPSF
,̇
= TL Z − 𝛿L, 

-
)̇
= TI Z − 𝛿I. 

-
3FDBMM OFYU UIBU
,̇
= L̇ + OL, ()
-

)̇
= İ + OI ()
-
6TJOH UIFTF FYQSFTTJPOT XF IBWF
L̇ = TL "𝛾 L𝛼 I𝛽 − (𝛿 + O) L, ()

İ = TI "𝛾 L𝛼 I𝛽 − (𝛿 + O) I, ()
&/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4 

XIJDI ZJFME
L̇
𝛾L = = TL "𝛾 L𝛼− I𝛽 − (𝛿 + O) , ()
L
İ
𝛾I = = TI "𝛾 L𝛼 I𝛽− − (𝛿 + O) . ()
I

 ] #BMBODFE HSPXUI QBUI

:PV XJMM SFDBMM UIBU B #(1 JT B TJUVBUJPO XIFSF BMM WBSJBCMFT HSPX BU B DPOTUBOU SBUF 'SPN 

BOE 
BOE JO UIF BCTFODF PG UFDIOPMPHJDBM QSPHSFTT
XF TFF UIBU DPOTUBOU 𝛾L BOE 𝛾I SFRVJSF
SFTQFDUJWFMZ

(𝛼 − )𝛾L + 𝛽𝛾I = , 

𝛼𝛾L + (𝛽 − )𝛾I = . 

4VCTUJUVUJOH UIF TFDPOE FRVBUJPO JOUP UIF ĕSTU FRVBUJPO ZJFMET

−𝛼−𝛽
𝛾 = . ()
−𝛽 L
#VU HJWFO $34 XF IBWF BTTVNFE UIBU 𝛼 + 𝛽 <  TP XF NVTU IBWF 𝛾L = 𝛾I =  *O PUIFS XPSET KVTU
BT CFGPSF XJUIPVU UFDIOJDBM QSPHSFTT " DPOTUBOU
UIJT NPEFM GFBUVSFT DPOTUBOU QFSDBQJUB DBQJUBM L
BOE DPOTUBOU QFSDBQJUB IVNBO DBQJUBM I /P HSPXUI BHBJO 0G DPVSTF XF DBO PCUBJO MPOHSVO HSPXUI
̇
BHBJO CZ BTTVNJOH FYPHFOPVT MBCPVSBVHNFOUJOH
UFDIOPMPHJDBM QSPHSFTT "" = H $POTJEFS B #(1 JO
̇ ̇
XIJDI LL BOE II BSF DPOTUBOU PWFS UJNF 'SPN 
BOE 
UIJT SFRVJSFT UIBU LZ BOE IZ CF DPOTUBOU
PWFS UJNF $POTFRVFOUMZ JG B #(1 FYJTUT Z L BOE I, NVTU BMM CF JODSFBTJOH BU UIF TBNF SBUF 8IFO UIF
Ż ̇ ̇
QSPEVDUJPO GVODUJPO FYIJCJUT $34 UIJT #(1 DBO CF BDIJFWFE CZ TFUUJOH Z = LL = II = H ćF MPOH
SVO HSPXUI SBUF JT UIVT JOEFQFOEFOU PG TL , TI , O PS BOZUIJOH UIBU QPMJDZ BČFDUT VOMFTT H JT FOEPHFOJTFE
TPNFIPX #VU BHBJO MPOHSVO MFWFMT PG JODPNF EP EFQFOE PO UIFTF CFIBWJPVSBM QBSBNFUFST

 ] 4UJMM MPPLJOH GPS FOEPHFOPVT HSPXUI

8IZ JT UIF MPOHSVO HSPXUI SBUF TUJMM QJOOFE EPXO CZ UIF FYPHFOPVT SBUF PG UFDIOPMPHJDBM HSPXUI BT
JO UIF 4PMPX .PEFM $34 JNQMJFT UIBU UIF NBSHJOBM QSPEVDUT PG , BOE ) EFDMJOF BT UIFTF GBDUPST BDDV
NVMBUF UFOEJOH UP CSJOH HSPXUI SBUFT EPXO .PSFPWFS $PCC%PVHMBT QSPEVDUJPO GVODUJPOT TBUJTGZ
UIF *OBEB DPOEJUJPOT TP UIBU JO UIF MJNJU UIFTF NBSHJOBM QSPEVDUT BTZNQUPUJDBMMZ HP UP  *O PUIFS
XPSET $34 TUJMM LFFQT VT JO UIF EPNBJO PG EJNJOJTIJOH SFUVSOT UP DBQJUBM BDDVNVMBUJPO SFHBSEMFTT PG
UIF GBDU UIBU XF IBWF JOUSPEVDFE IVNBO DBQJUBM
)PX DBO XF DIBOHF UIF NPEFM UP NBLF MPOHSVO HSPXUI SBUFT FOEPHFOPVT JF QPUFOUJBMMZ
SFTQPOTJWF UP QPMJDZ
:PV TIPVME TFF JNNFEJBUFMZ GSPN 
UIBU UIFSF JT B QPTTJCJMJUZ GPS B #(1
XJUI 𝛾L BOE 𝛾I EJČFSFOU GSPN [FSP JG 𝛼 + 𝛽 =  ćBU JT UP TBZ JG XF IBWF DPOTUBOU SFUVSOT UP DBQJUBM
BOE IVNBO DBQJUBM UIF SFQSPEVDJCMF GBDUPST UBLFO UPHFUIFS
*U JT FBTZ UP TFF GSPN 
BOE 
UIBU JO B #(1 XF NVTU IBWF
L̇ İ L∗ T
= ⟶ ∗ = L. ()
L I I TI
 &/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4

*O PUIFS XPSET JO B #(1 L BOE I NVTU HSPX BU UIF TBNF SBUF ćJT JT QPTTJCMF TJODF EJNJOJTIJOH SFUVSOT
EPFT OPU TFU JO UP FJUIFS GBDUPS 𝛼 + 𝛽 = 
 8IBU SBUF PG HSPXUI JT UIJT 6TJOH 
JO 
BOE

XF PCUBJO OPSNBMJ[JOH " =  GPS TJNQMJDJUZ

( )𝛼
L̇ İ T
= = TI L − (𝛿 + O) = T𝛼L T−𝛼
I
− (𝛿 + O). ()
L I TI
ćF MPOHSVO #(1
HSPXUI SBUF PG PVUQVU JT
Ż L̇ İ
= 𝛼 + ( − 𝛼) = T𝛼L T−𝛼
I
− (𝛿 + O). ()
Z L I
/PX TL , TI EP BČFDU MPOHSVO HSPXUI *G QPMJDZ BČFDUT UIFTF UIFO QPMJDZ BČFDUT HSPXUI 'PS JOTUBODF
JODSFBTJOH UIF TBWJOHT SBUFT MFBET UP IJHIFS HSPXUI JO UIF MPOH SVO *O PUIFS XPSET XIFO XF IBWF
IVNBO DBQJUBM BOE DPOTUBOU SFUVSOT UP SFQSPEVDJCMF GBDUPST PG QSPEVDUJPO JU JT QPTTJCMF UP FYQMBJO MPOH
SVO HSPXUI TFF 'JHVSF 


'JHVSF  &OEPHFOPVT HSPXUI

s

skαʺ sh1−α ʺ
δ+n skα s1h−α
skαʹ s1h−αʹ

k, h

" DPVQMF PG PCTFSWBUJPOT BSF JO PSEFS 'JSTU XJUI QFSNBOFOU EJČFSFODFT JO HSPXUI SBUFT BDSPTT
DPVOUSJFT UIF DSPTTOBUJPOBM WBSJBUJPO PG QFSDBQJUB JODPNFT XJMM CMPX VQ PWFS UJNF *O PUIFS XPSET
UIFSF JT OP DPOWFSHFODF JO TVDI B NPEFM "MTP JG UIFSF JT UFDIOJDBM QSPHSFTT HSPXUI SBUFT XJMM CF
IJHIFS

 ] ćF ", NPEFM

8F FNCFE UIF OPUJPO PG OPOEJNJOJTIJOH SFUVSOT UP BDDVNVMBUJPO JOUP UIF TFUUJOH PG UIF 3BNTFZ
Ḋ
QSPCMFN G (L) = "L ćF SFTVMUJOH &VMFS FRVBUJPO DU = 𝜎(" − 𝜌) EJTQMBZT FOEPHFOPVT HSPXUI ćJT
U
JT B WFSZ EJČFSFOU XPSME GSPN UIF /(. UIFSF BSF OP USBOTJUJPOBM EZOBNJDT QPMJDJFT BČFDU MPOHSVO
HSPXUI UIFSF JT OP DPOWFSHFODF BOE UFNQPSBSZ TIPDLT IBWF QFSNBOFOU FČFDUT
&/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4 

ćF NPEFM JO UIF QSFWJPVT TFDUJPO KVTU MJLF UIF 4PMPX NPEFM XBT OPU NJDSPGPVOEFE JO UFSNT PG
JOEJWJEVBM EFDJTJPOT -FU VT OPX DPOTJEFS XIFUIFS JUT MFTTPOT TUJMM IPME JO B GSBNFXPSL XJUI PQUJNJTJOH
JOEJWJEVBMT
8F IBWF TFFO UIBU UIF LFZ BTQFDU UP PCUBJOJOH MPOHSVO HSPXUI JO UIF QSFWJPVT NPEFM JT UP IBWF
DPOTUBOU SFUVSOT UP SFQSPEVDJCMF GBDUPST XIFO UBLFO UPHFUIFS *ODMVEJOH IVNBO DBQJUBM BT POF TVDI
GBDUPS JT CVU POF XBZ PG HFOFSBUJOH UIBU 5P LFFQ UIJOHT BT HFOFSBM BT QPTTJCMF UIPVHI XF DBO UIJOL
PG BMM SFQSPEVDJCMF GBDUPST BT DBQJUBM BOE XF DBO TVCTVNF BMM PG UIFTF NPEFMT JOUP UIF TPDBMMFE ",
NPEFM
$POTJEFS PODF BHBJO B NPEFM XJUI POF SFQSFTFOUBUJWF IPVTFIPME MJWJOH JO B DMPTFE FDPOPNZ NFN
CFST PG XIJDI DPOTVNF BOE QSPEVDF ćFSF JT POF HPPE BOE OP HPWFSONFOU 1PQVMBUJPO HSPXUI JT 
BOE UIF QPQVMBUJPO JT OPSNBMJTFE UP  "MM RVBOUJUJFT JO TNBMMDBTF MFUUFST
BSF QFSDBQJUB &BDI DPO
TVNFS JO UIF SFQSFTFOUBUJWF IPVTFIPME MJWFT GPSFWFS
ćF VUJMJUZ GVODUJPO JT

∞ ( ) 𝜎−
𝜎
D 𝜎 F−𝜌U EU, 𝜌 > , ()
∫ 𝜎− U

XIFSF DU EFOPUFT DPOTVNQUJPO 𝜌 JT UIF SBUF PG UJNF QSFGFSFODF BOE 𝜎 JT UIF FMBTUJDJUZ PG JOUFSUFNQPSBM
TVCTUJUVUJPO JO DPOTVNQUJPO
8F IBWF UIF MJOFBS QSPEVDUJPO GVODUJPO GSPN XIJDI UIF NPEFM EFSJWFT JUT OJDLOBNF

:U = "LU " > . ()

"HBJO UIJOL PG IPVTFIPME QSPEVDUJPO UIF IPVTFIPME PXOT UIF DBQJUBM BOE VTFT JU UP QSPEVDF PVUQVU
ćF SFTPVSDF DPOTUSBJOU PG UIF FDPOPNZ JT

L̇ U = "LU − DU . ()

 ] 4PMVUJPO UP IPVTFIPMET QSPCMFN

ćF IPVTFIPMET QSPCMFN JT UP NBYJNJTF 
TVCKFDU UP 
GPS HJWFO L  ćF )BNJMUPOJBO GPS UIF
QSPCMFN DBO CF XSJUUFO BT

( ) 𝜎− ( )
𝜎
)= DU 𝜎 + 𝜆U "LU − DU . ()
𝜎−

/PUF D JT UIF DPOUSPM WBSJBCMF KVNQZ

L JT UIF TUBUF WBSJBCMF TUJDLZ
BOE 𝜆 JT UIF DPTUBUF
'JSTU PSEFS DPOEJUJPOT BSF

𝜕) −
= DU 𝜎 − 𝜆U = , ()
𝜕DU
 &/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4

𝜕)
𝜆̇ U = − + 𝜌𝜆U = −"𝜆U + 𝜌𝜆U , ()
𝜕LU
( )
MJNU→∞ LU 𝜆U F−𝜌U = . ()
ćJT MBTU FYQSFTTJPO JT BHBJO UIF USBOTWFSTBMJUZ DPOEJUJPO 57$


 ] "U MPOH MBTU B CBMBODFE HSPXUI QBUI XJUI HSPXUI

5BLF 
BOE EJČFSFOUJBUF CPUI TJEFT XJUI SFTQFDU UP UJNF BOE EJWJEF UIF SFTVMU CZ 
UP PCUBJO

 Ḋ U 𝜆̇
− = U. ()
𝜎 DU 𝜆U
.VMUJQMZJOH UISPVHI CZ −𝜎 
CFDPNFT
( ̇ )
Ḋ U 𝜆U
= −𝜎 . ()
DU 𝜆U
'JOBMMZ VTJOH 
JO 
XF PCUBJO
Ḋ U
= 𝜎 (" − 𝜌) , ()
DU
XIJDI JT UIF &VMFS FRVBUJPO /PUF UIBU IFSF XF IBWF G ′ (L) = " TP UIJT SFTVMU JT BDUVBMMZ UIF TBNF BT JO
UIF TUBOEBSE 3BNTFZ NPEFM ćF EJČFSFODF JT JO UIF OBUVSF PG UIF UFDIOPMPHZ BT OPX XF IBWF DPOTUBOU
SFUVSOT UP DBQJUBM
%FĕOF B #(1 PODF BHBJO BT POF JO XIJDI BMM WBSJBCMFT HSPX BU B DPOTUBOU TQFFE 'SPN 

XF HFU
L̇ U D
= "− U. ()
LU LU
ćJT JNQMJFT UIBU DBQJUBM BOE DPOTVNQUJPO NVTU HSPX BU UIF TBNF SBUF o PUIFSXJTF XF XPVMEOU IBWF
L̇ U
LU
DPOTUBOU "OE TJODF ZU = "LU PVUQVU HSPXT BU UIF TBNF SBUF BT XFMM 'SPN 
XF LOPX UIBU UIJT
SBUF JT 𝜎 (" − 𝜌) )FODF
Ḋ U L̇ Ż
= U = U = 𝜎 (" − 𝜌) . ()
DU LU ZU
/PUF UIFSF XJMM CF QPTJUJWF HSPXUI POMZ JG " > 𝜌 UIBU JT POMZ JG DBQJUBM JT TVďDJFOUMZ QSPEVDUJWF TP UIBU
JU JT EFTJSBCMF UP BDDVNVMBUF JU
4FDPOE GSPN 
XF TFF UIBU BMPOH B #(1 XF NVTU IBWF
[ ]
( − 𝜎) " + 𝜎𝜌
ZU − DU = 𝜎(" − 𝜌)LU ⇒ DU = [( − 𝜎) " + 𝜎𝜌] LU = ZU . ()
"
*O XPSET DPOTVNQUJPO JT QSPQPSUJPOBM UP DBQJUBM 0S QVU EJČFSFOUMZ UIF BHFOU DPOTVNFT B ĕYFE TIBSF
PG PVUQVU FWFSZ QFSJPE /PUJDF UIBU UIJT
( JT )NVDI MJLF UIF BTTVNQUJPO NBEF JO 4PMPX *G T JT UIF TBWJOHT
SBUF IFSF  − T = (−𝜎)"+𝜎𝜌
"
PS T = 𝜎 "−𝜌
"
 ćF EJČFSFODF JT UIBU UIJT JT OPX PQUJNBM OPU BSCJUSBSZ
ćFSF BSF OP USBOTJUJPOBM EZOBNJDT UIF FDPOPNZ JT BMXBZT PO UIF #(1
&/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4 

 ] $MPTJOH UIF NPEFM ćF 57$ BOE UIF DPOTVNQUJPO GVODUJPO

8F NVTU OPX BTL UIF GPMMPXJOH RVFTUJPO "SF XF TVSF UIF #(1 JT PQUJNBM *G " > 𝜌 UIF #(1 JNQMJFT
UIBU UIF DBQJUBM TUPDL XJMM CF HSPXJOH GPSFWFS )PX DBO UIJT CF PQUJNBM 8PVME JU OPU CF CFUUFS UP
EFQMFUF UIF DBQJUBM TUPDL .PSF UFDIOJDBMMZ JT UIF #(1 DPNQBUJCMF XJUI UIF 57$ 4JODF XF EJE OPU VTF
JU JO DPOTUSVDUJOH UIF #(1 XF DBOOPU CF TVSF 4P OFYU XF DIFDL UIF #(1 JT JOEFFE PQUJNBM JO UIBU
VOEFS TPNF DPOEJUJPOT JU EPFT TBUJTGZ UIF 57$
6TJOH 
UIF 57$ DBO CF XSJUUFO BT
( )
− 𝜎 −𝜌U
MJNU→∞ LU DU F = . ()

/PUF OFYU UIBU FRVBUJPO 

JT B EJČFSFOUJBM FRVBUJPO XIJDI IBT UIF TPMVUJPO
DU = D F𝜎("−𝜌)U . ()
$PNCJOJOH UIF MBTU UXP FRVBUJPOT UIF 57$ CFDPNFT
( )
− 𝜎 −"U
MJNU→∞ LU D F = . ()

'SPN UIF TPMVUJPO UP FYQSFTTJPO 

XF IBWF
LU = L F𝜎("−𝜌)U . ()
6TJOH UIJT UP FMJNJOBUF L5 UIF 57$ CFDPNFT
( ) ( )
− 𝜎 𝜎("−𝜌)U −"U − 𝜎 −𝜃U
MJNU→∞ L D F F = MJNU→∞ L D F = , ()

XIFSF
𝜃 ≡ ( − 𝜎) " + 𝜎𝜌. ()
)FODF GPS UIF 57$ XF OFFE 𝜃 >  XIJDI XF IFODFGPSUI BTTVNF /PUF UIBU XJUI MPHBSJUINJD VUJMJUZ
𝜎 = ) 𝜃 = 𝜌

 ] ćF QFSNBOFOU FČFDU PG USBOTJUPSZ TIPDLT

*O UIF ", NPEFM BT XF IBWF TFFO HSPXUI SBUFT PG BMM QFSUJOFOU WBSJBCMFT BSF HJWFO CZ 𝜎 (" − 𝜌) 4P JG
QPMJDZ DBO BČFDU QSFGFSFODFT 𝜎 𝜌
PS UFDIOPMPHZ "
JU DBO BČFDU HSPXUI
*G JU DBO EP UIBU JU DBO BMTP BČFDU MFWFMT 'SPN UIF QSPEVDUJPO GVODUJPO JO BEEJUJPO UP 
BOE

XF IBWF
LU = L F𝜎("−𝜌)U , ()

ZU = "L F𝜎("−𝜌)U , ()

DU = [( − 𝜎) " + 𝜎𝜌] L F𝜎("−𝜌)U . ()

$MFBSMZ DIBOHFT JO 𝜎 𝜌 BOE " NBUUFS GPS UIF MFWFMT PG WBSJBCMFT
 &/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4

/PUJDF IFSF UIBU UIFSF JT OP DPOWFSHFODF JO QFS DBQJUB JODPNFT XIBUTPFWFS $PVOUSJFT XJUI UIF
TBNF 𝜎 𝜌 BOE " SFUBJO UIFJS JODPNF HBQT GPSFWFS
$POTJEFS UIF FČFDUT PG B TVEEFO JODSFBTF JO UIF NBSHJOBM QSPEVDU PG DBQJUBM " XIJDI TVEEFOMZ BOE
′
( ′ U =)
GSPN " UP " > " ćFO CZ 
UIF HSPXUI SBUF PG BMM WBSJBCMFT
VOFYQFDUFEMZ SJTFT BU UJNF
JNNFEJBUFMZ SJTFT UP 𝜎 " − 𝜌 
8IBU IBQQFOT UP UIF MFWFMT PG UIF WBSJBCMFT ćF DBQJUBM TUPDL DBOOPU KVNQ BU UJNF  CVU DPOTVNQ
UJPO DBO ćF JOTUBOU BęFS UIF TIPDL U = +
JU JT HJWFO CZ
[ ]
D+ = ( − 𝜎) "′ + 𝜎𝜌 L+ > D = [( − 𝜎) " + 𝜎𝜌] L+ , ()
XIFSF L+ = L CZ WJSUVF PG UIF TUJDLZ(OBUVSF PG) DBQJUBM ( )
4P DPOTVNQUJPO SJTFT CZ ( − 𝜎) "′ − " L  #VU PVUQVU SJTFT CZ "′ − " L  4JODF PVUQVU SJTFT
NPSF UIBO DPOTVNQUJPO HSPXUI QJDLT VQ SJHIU BXBZ
*U UVSOT PVU UIBU UIF ", NPEFM IBT WFSZ EJČFSFOU JNQMJDBUJPOT GSPN UIF /FPDMBTTJDBM (SPXUI .PEFM
XIFO JU DPNFT UP UIF FČFDUT PG USBOTJUPSZ TIPDLT 5P TFF UIBU DPOTJEFS B USBOTJUPSZ JODSFBTF JO UIF
EJTDPVOU GBDUPS JF TVQQPTF 𝜌 JODSFBTFT GPS B ĕYFE JOUFSWBM PG UJNF GPS TJNQMJDJUZ BTTVNF UIBU UIF OFX
𝜌 JT FRVBM UP "
'JHVSF  TIPXT UIF FWPMVUJPO PG UIF FDPOPNZ UIF USBOTJUPSZ JODSFBTF JO UIF EJTDPVOU SBUF KPMUT
DPOTVNQUJPO CSJOHJOH HSPXUI EPXO UP [FSP XIJMF UIF EJTDPVOU GBDUPS SFNBJOT IJHI 8IFO UIF EJT
DPVOU GBDUPS SFWFSUT DPOTVNQUJPO EFDSFBTFT BOE HSPXUI SFTUBSUT #VU UIFSF JT B QFSNBOFOU GBMM JO UIF
MFWFM PG PVUQVU SFMBUJWF UP UIF PSJHJOBM QBUI *O PUIFS XPSET UIFSF JT GVMM QFSTJTUFODF PG TIPDLT FWFO JG
UIF TIPDL JUTFMG JT UFNQPSBSZ :PV NBZ XBOU UP DPNQBSF UIJT XJUI UIF /FPDMBTTJDBM (SPXUI .PEFM USB
KFDUPSJFT 'JHVSF 
XIFSF UIFSF JT DBUDIVQ UP UIF PSJHJOBM QBUI BOE UIFSF BSF OP MPOHSVO FČFDUT
'JHVSF  5SBOTJUPSZ JODSFBTF JO EJTDPVOU SBUF
ln c

δ↑ δ↓ t

 ] *O TVN
*O ", NPEFMT PG FOEPHFOPVT HSPXUI
 ćFSF JT OP USBOTJUJPOBM EZOBNJDT
 1PMJDJFT UIBU BČFDU UIF NBSHJOBM QSPEVDU PG DBQJUBM FH UBYFT
EP BČFDU HSPXUI
 ćFSF JT OP DPOWFSHFODF
 &WFO UFNQPSBSZ QPMJDJFT IBWF QFSNBOFOU FČFDUT
&/%0(&/064 (3085) .0%&-4 * &4$"1*/( %*.*/*4)*/( 3&563/4 

'JHVSF  $PNQBSJTPO XJUI 4PMPX NPEFM

ln c

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