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duh hdvlo| rewdlqhg e| vroylqj wkh v|vwhp ghqhg e| +9, iru t dqg t2 = Wkh sxusrvh ri
wkh qh{w wzr vxevhfwlrqv lv wr h{dplqh li wklv ehqfkpdun vroxwlrq fdq eh uhsolfdwhg lq d
ghfhqwudol}hg up zkhuh wkh dxwkrulw| ryhu wkh rswlpdo surgxfwlrq txdqwlwlhv lv ghohjdwhg
wr wkh glylvlrqdo pdqdjhuv dqg wkh frruglqdwlrq ghylfh lq sodfh lv hlwkhu wudqvihu sulflqj ru
d wlg| frvw doorfdwlrq uxoh1 Dv qrwhg lq wkh lqwurgxfwlrq/ wklv sduw ri wkh dqdo|vlv lv dlphg
wr glvhqwdqjoh wkh sureohp ri dfklhylqj lqwhuqdo hflhqf| iurp vwudwhjlf frqvlghudwlrqv
dowkrxjk wkhuh lv qr prgho hqgrjhqrxv jdlq iurp ghfhqwudol}dwlrq lq wkh prqrsro| vhwwlqj1
Vxfk jdlqv frxog/ krzhyhu/ dulvh irup lqirupdwlrqdo dv|pphwulhv ehwzhhq KT dqg wkh
glylvlrqv zklfk duh eh|rqg wkh vfrsh ri wklv sdshu exw kdyh ehhq h{whqvlyho| glvfxvvhg lq
wkh wudqvihu sulflqj olwhudwxuhH 1

615 Wudqvihu sulflqj

Frqvlghu uvw wkh sureohp ri qglqj d wudqvihu sulfh wkdw ohdgv wkh dxwrqrprxv surw
fhqwhu pdqdjhuv wr lqwhuqdol}h wkh frqjhvwlrq frvwv lq rughu wr pd{lpl}h wkh surwv ri wkh
zkroh upb 1 Wkh rswlpl}dwlrq surfhgxuh frqvlvwv ri wzr vwdjhv1 Rq vwdjh rqh KT vhwv wkh
wudqvihu sulfh/ dqg rq vwdjh wzr wkh glylvlrqdo pdqdjhuv ghflgh rq wkhlu rswlpdo rxwsxw
txdqwlwlhv1 Wkh vroxwlrq ri wklv wzr vwdjh rswlpl}dwlrq sureohp lv rewdlqhg e| edfnzdug
lqgxfwlrq vwduwlqj zlwk wkh pdqdjhuv*v surw pd{lpl}dwlrq sureohp rq vwdjh wzr=

pd{ & @ U& +t& ,  w& t& > n 5 i4> 5j > +:,
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zkhuh w& ghqrwhv wkh shu xqlw wudqvihu sulfh wkdw glylvlrq n lv fkdujhg iru xwlol}lqj wkh
fhqwudol}hg vhuylfh1 Reylrxvo|/ glylvrq n zloo ghwhuplqh lwv rswlpdo rxwsxw txdqwlw| e|
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pdqdjhuv* rswlpdo ghflvlrqv dqg uhjdug wkh rswlpdo txdqwlwlhv dv ixqfwlrqv ri wkh wudqvihu
sulfh lq lwv uvw vwdjh rswlpl}dwlrq sureohp/ wkxv

t&W +w& , @ duj pd{ & +t& > w& ,> n 5 i4> 5j
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 +w > w2 , @ Y +w , . Y2 +w2 , . w tW +w , . w2 t2W +w2 ,  tW +w ,t2W +w2 , +<,

zlwk uhvshfw wr w dqg w2 > zkhuh Y& +w& , =@ & +t&W +w& ,> w& , ghqrwhv glylvlrq n*v pd{lpxp
surw iru d jlyhq wudqvihu sulfh w& 1 Vlqfh wkh ghulydwlyhv ri wkh glylvlrqv* pd{lpxp ydoxh
ixqfwlrqv duh jlyhq e| gY& +w& ,@gw& @ C& +w& ,@Cw& @ t&W +w& , iurp QN|j,,A}?t Ohppd/
wkh upv* rswlpl}dwlrq sureohp |lhogv wkh iroorzlqj vroxwlrqv

wW& @ t,W +wW, ,> n> o 5 i4> 5j > n 9@ o= +43,

Dffruglqj wr +43, KT fkdujhv hdfk glylvlrq h{dfwo| wkh pdujlqdo frvw ri wkh frqjhvwhg
vhuylfh1 Pruhryhu/ d frpsdulvrq zlwk wkh rswlpdo srolf| ri wkh fhqwudol}hg up |lhogv wkh
iroorzlqj uhvxow=

Ohppd 4 Wkh ghflvlrq sureohp ri wkh fhqwudol}hg up fdq hflhqwo| eh ghohjdwhg wr wkh
glylvlrqdo ohyho e| wudqvihu sulflqj1
Surri Vxevwlwxwlqj wkh rswlpdo wudqvihu sulfh iurp htxdwlrq +43, lqwr wkh pdqdjhuv* uvw
rughu frqglwlrqv +;, |lhogv wkh rswlpdolw| frqglwlrq ri wkh fhqwudol}hg up jlyhq e| +9, 

Ohppd 4 frqupv wkh zhoo nqrzq uhvxow ri Qit,juji +4<89, iru wkh fdvh ri d pxowl0
surgxfw up xqghu whfkqrorjlfdo ghshqghqfh dprqj wkh up*v glylvlrqvf 1 Dowkrxjk wklv
uhvxow lv qrw vxusulvlqj jlyhq wkh xqghuo|lqj prgho dvvxpswlrqv lw zloo eh lpsruwdqw wr
qrwh iru wkh iroorzlqj dqdo|vlv wkdw d ghfhqwudol}hg up fdq dozd|v dfklhyh wkh vdph surw
ohyho dv d fhqwudol}hg up e| hpsor|lqj d wudqvihu sulflqj vfkhph1

616 Wlg| Frvw Doorfdwlrq

Wkh sxusrvh ri wklv vxevhfwlrq lv wr h{soruh li d up fdq vwloo hflhqwo| ghfrpsrvh lwv
rswlpl}dwlrq sureohp lqwr wzr vhsdudwh ghflvlrq sureohpv vroyhg dw wkh glylvlrqdo ohyho e|
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vd|v wkdw wkh frvw doorfdwlrq vfkhph pxvw doorfdwh h{dfwo| wkh wrwdo frvw ri wkh vhuylfh
ghsduwphqw wr lwv xvhuv +$j6t"/ 4<;4,1 Vlqfh wkhuh duh rqo| wzr xvhuv/ wkh frvw doorfdwlrq
vfkhph fdq eh ghqhg e| d vlqjoh sdudphwhu >  5 ^3> 4` ghqrwlqj wkh frvw vkduh ri glylvlrq
4= Wkxv/ wkh vkduh ri glylvlrq 5 fdq eh frpsxwhg dv 4  > dqg wkh glylvlrqdo surwv duh
jlyhq e| wkh iroorzlqj h{suhvvlrqv

 @ U +t ,  t t2 > +44,

2 @ U2 +t2 ,  +4  , t t2 = +45,

Lw lv reylrxv iurp wkh surw h{suhvvlrqv +44, dqg +45, wkdw wkh glylvlrqv* surwv duh ixqf0
wlrqv ri erwk ghsduwphqwv* rxwsxw txdqwlwlhv/ zkhuhdv lq wkh odvw vhfwlrq wkh rxwsxw txdq0
wlw| ri glylvlrq n kdg qr gluhfw lpsdfw rq wkh o*v surw iru jlyhq wudqvihu sulfhv w& dqg w, =
Wkxv/ wkh vhfrqg vwdjh surw pd{lpl}dwlrq sureohpv duh qr orqjhu vlpsoh ghflvlrq sure0
ohpv olnh lq wkh wudqvihu sulflqj fdvh/ udwkhu wkh rswlpdo txdqwlwlhv duh ghwhuplqhg dv wkh
htxloleulxp rxwfrph ri d qrq0frrshudwlyh jdph ehwzhhq erwk pdunhwlqj pdqdjhuv1 Lq gh0
whuplqlqj wkh rswlpdo frvw vkduhv rq wkh uvw vwdjh ri wkh jdph KT pxvw frqvlghu wkh htxl0
oleulxp vwudwhjlhv ri wkh vhfrqg vwdjh vxejdph1 Wkh frqglwlrqv iru d Bt0Htxloleulxp
lq wkh pdqdjhuv*v vxejdph duh rewdlqhg e| pd{lpl}lqj glylvlrqdo surwv zlwk uhvshfw wr
t dqg t2 =
C gU +t ,
@  t2 @ 3 +46,
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C2 gU2 +t2 ,
@  +4  , t @ 3> +47,
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e| +46, dqg +47, iru t dqg t2 = Dsso|lqj wkh vroxwlrq surfhgxuh sursrvhg lq wkh odvw
vxevhfwlrq/ lw zloo eh vxssrvhg wkdw KT dqwlflsdwhv wkh pdqdjhuv* htxloleulxp vwudwhjlhv
dqg uhjdugv wkh rswlpdo txdqwlwlhv dv ixqfwlrqv ri wkh frvw vkduh sdudphwhu  =

t&W +, @ duj pd{ & +t& > tW > ,> n> o 5 i4> 5j > n 9@ o=
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Lq dffrugdqfh zlwk wkh suhylrxv vhfwlrq lw zloo eh khosixo wr lqwurgxfh wkh iroorzlqj qrwdwlrq
iru wkh htxloleulxp surw ri glylvlrq n =

& +t&W +,> t,W +,> , =@ Y& +,> n> o 5 i4> 5j > n 9@ o= +48,

Wkh uvw vwdjh pd{lpl}dwlrq sureohp ri KT lv wkhq jlyhq e|

pd{ +, @ Y +, . Y2 +,= +49,

k
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up*v surw lv d vroh ixqfwlrq ri wkh frvw doorfdwlrq sdudphwhu  iurp KT*v srlqw ri ylhz1

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wkhruhwlf whupv wklv wdvn lv htxlydohqw wr vhohfwlqj wkh rswlpdo vxejdph iurp wkh vhw ri
vxejdphv ghqhg e| wkh vhw ri dgplvvleoh ydoxhv  5 ^3> 4` = Wkh qhfhvvdu| frqglwlrq iru
wkh rswlpdo vroxwlrq ri wkh up*v frvw doorfdwlrq sureohp lv jlyhq e|

C+, C gt2W C2 gtW

@ . @ 3= +4:,
C Ct2 g Ct g

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frqjhvwlrq frvwv wkdw wkh ghsduwphqwv duh lpsrvlqj rq hdfk rwkhu1 Khqfh/ lq htxloleulxp
wkh pdqdjhuv zloo eh irufhg wr vhohfw rxwsxw txdqwlwlhv vxfk wkdw hdfk ghsduwphqw ehduv
wkh vdph pdujlqdo frvw exughq fdxvhg e| wkh surgxfwlrq h{whuqdolw|1 Vxevwlwxwlqj wkh
h{suhvvlrqv
C C2
@ t > dqg @  +4  , t2 +4;,
Ct2 Ct
iru wkh furvv hhfwv rq glylvlrqdo surwv lqwr +4:, dqg vroylqj iru  |lhogv wkh rswlpdo frvw
vkduh ri glylvlrq 4 =
gtW
t2W +,
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t2W +,  tW +, 2
g g
Wkh iroorzlqj Ohppd doorzv wr lqyhvwljdwh wkh vwuxfwxuh ri wkh rswlpdo vroxwlrq

Ohppd 5 Wkh htxloleulxp rxwsxw ri glylvlrq 4 lv lqfuhdvlqj dqg wkh htxloleulxp rxwsxw
ri glylvlrq 5 lv ghfuhdvlqj lq glylvlrq 4*v frvw vkduh=

gtW gt2W
?3 dqg A3 +53,
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Surri vhh dsshqgl{1

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lqdwru ri +4<, duh vwulfwo| qhjdwlyh iru lqwhulru vroxwlrqv ri wkh pdqdjhuv* vxejdph iurp
Ohppd 51 Pruhryhu/ vlqfh wkh ghqrplqdwru lv odujhu wkdq wkh qxphudwru/ wkh rswlpdo
frvw vkduhv zloo dvvxph ydoxhv irup wkh lqwhuydo +3> 4, iru srvlwlyh htxloleulxp txdqwlwlhv1
Krzhyhu/ wkh iroorzlqj sursrvlwlrq vwdwhv wkdw wkh uhvxowlqj doorfdwlrq zloo eh lqhflhqw1

Sursrvlwlrq 4 Wkhuh h{lvwv qr wlg| frvw doorfdwlrq vfkhph wkdw ohdgv wkh glylvrq pdq0
djhuv wr lqwhuqdol}h wkh ixoo frvw ri wkh surgxfwlrq h{whuqdolwlhv lq wkhlu surw pd{lpl}dwlrq
sureohpv1

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uvw rughu frqglwlrqv +46, dqg +47,/ dqg uhsodflqj pdujlqdo uhyhqxhv e| pdujlqdo frvw iurp
KT*v uvw rughu frqglwlrq +9, |lhogv

W @ 4 dqg W @ 3> +54,

d frqwudglfwlrq 1

Wkh srvlwlyh uhvxow derxw wudqvihu sulflqj lq Ohppd 4 lv frqwudvwhg e| wkh qhjdwlyh uhvxow
derxw frvw doorfdwlrqv lq Sursrvlwlrq 41 Xqohvv rqh ri wkh pdunhwlqj glylvlrqv surgxfhv
}hur rxwsxw lq htxloleulxp xqghu wkh rswlpdo frvw doorfdwlrq vfkhph/ wkh up vkrxog
vwulfwo| suhihu fhqwudol}dwlrq ryhu ghfhqwudol}dwlrq1 Lw lv d vwudljkwiruzdug wdvn wr ghprq0
vwudwh wkdw wkh orvv dvvrfldwhg zlwk wkh frvw doorfdwlrq vfkhph lv vroho| fdxvhg e| wkh
wlg|qhvv uhtxluhphqw1 Frpsdulqj wkh uvw rughu frqglwlrqv ri wkh fhqwudol}hg up zlwk
wkh pdqdjhuv htxloleulxp frqglwlrqv |lhogv lpphgldwho| wkdw wkh up fdq lpsohphqw wkh
rswlpdo doorfdwlrq e| fkdujlqj hdfk glylvlrq wkh hqwluh frvw ri wkh vhuylfh ghsduwphqw1 Dv
d uhvxow wkh up zrxog/ krzhyhu/ doorfdwh wzlfh ri wkh vhuylfh ghsduwphqwv frvwv wr wkh
pdunhwlqj glylvlrqv1 Wklv lv h{dfwo| wkh vroxwlrq xqghu wkh wudqvihu sulflqj vfkhph= Xqghu
wudqvihu sulflqj wkh frvwv ri ghsduwphqw n duh jlyhq e| F& @ w& t& > vxevwlwxwlqj wkh rswlpdo
wudqvihu sulfh iurp +43, |lhogv

F& @ tW +wW ,t2W +wW2 , @ Ff +,> n @ 4> 5=

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w t . w2 t2 @ Ff

rq wkh up*v wudqvihu sulflqj sureohp dqg suhyhqwv lw iurp dfklhylqj wkh uvw ehvw vroxwlrq
lq wkh ghfhqwudol}hg vhwwlqj1 Wkh sureohp ri dfklhylqj hflhqf| lq ghfhqwudol}hg ghflvlrq
pdnlqj xqghu d wlg| frvw doorfdwlrq uxoh lv yhu| vlplodu wr wkh dwwhpsw ri vroylqj wkh iuhh
ulghu sureohp lq whdp surgxfwlrq e| d surw vkdulqj vfkhph1 Dffruglqj wr ,WBA
 6 +4<;5, lw lv lpsrvvleoh wr h{sorlw wkh ehqhwv
BAa $j6tj|5 +4<:5,/ dqg QN,6t|iN
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rxw lqwurgxflqj d uhvlgxdo fodlpdqw zkrvh %sulpdu| uroh lv wr euhdn wkh exgjhw edodqfh
frqvwudlqw%2 1 Wklv lv h{dfwo| wkh uroh ri KT lq wkh wudqvihu sulflqj vhwwlqj1 Krzhyhu/
hyhq li wkh wlg|qhvv uhtxluhphqw zrxog eh uhod{hg/ wudqvihu sulflqj zrxog vwloo eh suhihu0
deoh iurp d pruh sudfwlfdo srlqw ri ylhz1 Vlqfh wkh glylvlrq pdqdjhuv pxvw rqo| vroyh
d vlpsoh ghflvlrq sureohp xqghu wudqvihu sulflqj zkhuhdv wkh| pxvw dovr dqwlflsdwh wkh
rwkhu pdqdjhu*v surgxfwlrq ghflvlrq lq wkh frvw doorfdwlrq fdvh/ wkh pd{lpl}dwlrq sureohp
lv ohvv frpsoh{ lq wkh iruphu hqylurqphqw wkdq lq wkh odwwhu rqh1
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iurp qrz rq wkdw glylvlrq 4 idfhv gxrsrolvwlf frpshwlwlrq rq lwv qdo surgxfw pdunhw
zkloh glylvlrq 5 vwloo srvvhvvhv prqrsro| srzhu1 Frqvlghu uvw wkh pd{lpl}dwlrq sureohp
ri wkh frpshwlqj fhqwudol}hg upv1 Reylrxvo|/ wkh upv* surwv zloo ghshqg rq wkh qdwxuh
ri frpshwlwlrq1 Ohw d @ +d > d  , ghqrwh wkh yhfwru ri wkh upv* ghflvlrq yduldeohv/ wkhq
d @ t @ +t > t  , zkhq wkh upv frpshwh lq txdqwlwlhv dqg d @ s @ +s > s  , zkhq wkh
upv frpshwh lq sulfhv1 Vxevwlwxwlqj wkh ghpdqg ixqfwlrqv ghqhg lq vhfwlrq 5 |lhogv wkh
iroorzlqj surw h{suhvvlrq iru up l=
;
? s +t > t ,t . U +t ,  t t
 +d > d  > t2 , @
     2 2  2 iru d @ t
= s t +s > s  , . U2 +t2 ,  t +s > s  ,t2 iru d @ s =

Wkurxjkrxw lw zloo eh dvvxphg wkdw wkh surw ixqfwlrq lv vwulfwo| frqfdyh dqg wzlfh frq0
wlqxrxvo| glhuhqwldeoh lq erwk ghflvlrq yduldeohv d dqg t2 uhvshfwlyho|1 Zkloh wkh uvw
rughu frqglwlrq iru surgxfw 5>
C gU2
@  t > l 5 i4> 5j > +55,
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uhpdlqv xqfkdqjhg dv frpsduhg wr wkh pxowlsurgxfw prqrsro| fdvh +h{fhsw iru wkh up
lqgh{ l,/ wkh frqglwlrqv iru d Bt0htxloleulxp rq wkh gxrsro| pdunhw ehfrph=
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A
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@ Ct +56,
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Wkh v|vwhp ri uvw rughu frqglwlrqv jlyhq e| +56, lpsolflwo| ghqhv wkh upv* uhdfwlrq
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vwudwhj| ri up m/ duh rewdlqhg e| vroylqj wkh uvw rughu frqglwlrq ri up l iru d 1 Jlyhq
wkh dvvxpswlrqv derxw wkh ghpdqg v|vwhp/ wkh uhdfwlrq ixqfwlrq ri up l zloo kdyh d
qhjdwlyh vorsh xqghu txdqwlw| frpshwlwlrq dqg d srvlwlyh vorsh xqghu sulfh frpshwlwlrq1
Wkxv/ wkh kljkhu wkh sulfh +txdqwlw|, ri up m/ wkh kljkhu wkh rswlpdo sulfh +wkh orzhu wkh
rswlpdo txdqwlw|, ri up l1 Wklv lv gxh wr wkh idfw wkdw txdqwlwlhv duh vwudwhjlf vxevwlwxwhv
zkloh sulfhv duh vwudwhjlf frpsohphqwv 1 D pruh irupdo vwdwhphqw ri wklv uhodwlrqvkls lv
jlyhq e| wkh iroorzlqj frqglwlrq
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wkh pdujlqdo frqjhvwlrq frvwv ri glylvlrq 5 +t2 , mxvw dv wkh pxowlsurgxfw prqrsrolvw
grhv lq klv uvw rughu frqglwlrq +9,1 Wkh qdwxuh ri frpshwlwlrq kdv wkhuhiruh qr txdolwd0
wlyh lpsdfw rq wkh uhohydqw frvwv iru wkh ghflvlrq ri wkh fhqwudol}hg up1 Krzhyhu/ wkh
rswlpdo srolf| pxvw qrw rqo| frqvlghu lqwhuqdo hflhqf| exw dovr wkh frpshwlwru*v rxwsxw
pdunhw vwudwhj|e 1 Wr surylgh wkh qhfhvvdu| frqglwlrqv iru wkh h{lvwhqfh ri d xqltxh Bt0
htxloleulxp lq wkh gxrsro| jdph/ dvvxph wkdw wkh upv uvw vroyh +55, iru t2 dqg wkhq
vxevwlwxwh wkh uhvxowlqj vroxwlrq tW2 +t , lqwr +56,1 Wkh Bt0htxloleulxp dW @ +dW > dW2 ,
zloo eh xqltxh zkhq wkh iroorzlqj frqglwlrq krogvD =

C 2  C 2  C 2  C 2 
 A 3> +58,
Cd2 Cd2  Cd Cd  Cd  Cd

zkhuh wkh surw ri up l lv jlyhq e|  +d > d  , =@  +s > s  > tW2 +t +s > s  ,,, zkhq upv
frpshwh lq sulfhv dqg  +d > d  , =@  +t > t  > tW2 +t ,, zkhq upv frpshwh lq txdqwlwlhv
uhvshfwlyho|1

715 Vwudwhjlf Wudqvihu Sulflqj

Lq wkh ghfhqwudol}hg vhwwlqj wkh zhoo nqrzq wzr vwdjh rswlpl}dwlrq surfhgxuh dssolhv1 Rq
vwdjh rqh wkh upv* KT*v ghwhuplqh wkhlu wudqvihu sulfhv iru erwk ghsduwphqwv1 Zkhuhdv
rq vwdjh wzr wkh pdunhwlqj pdqdjhuv revhuyh wkh rxwfrph ri wkh uvw vwdjh jdph ehiruh
wkh| ghflgh rq wkhlu htxloleulxp vwudwhjlhvS 1 Krzhyhu/ xqolnh wkh pxowlsurgxfw prqrsro|
fdvh wkh uvw vwdjh wudqvihu sulflqj ghflvlrqv duh rewdlqhg dv htxloleulxp vwudwhjlhv ri d
qrq0frrshudwlyh jdph ehwzhhq erwk upv* KT*v1 Zrunlqj edfnzdugv zh uvw frqvlghu wkh
pdqdjhuv* ghflvlrq sureohpv rq vwdjh wzr=
;
? s +t > t ,t  w t
pd{  +d > d  , @
       iru d @ t
+59,
@ = s t +s > s  ,  w t +s > s  , iru d @ s

dqg pd{ 2 +t2 , @ U2 +t2 ,  w2 t2 > +5:,
^2
zkhuh w& ghvljqdwhv wkh wudqvihu sulfh wkdw KT l fkdujhv lwv glylvlrq n iru hdfk xqlw ri
wkh frqjhvwhg vhuylfh1 Vwduwlqj zlwk wkh pdunhw jdph ehwzhhq wkh frpshwlqj glylvlrqv 4
e
W? T@h|U*@h |i i^*Mh4 t|h@|i}it 4t|c ? }i?ih@*c Mi UL4T|i_ @t |i tL*|L? Lu |i i^@|L?
t)t|i4 _i€?i_ M) E22 @?_ E2 uLh  ' c 2(  ' 
D
5ii i} $!| EbHSc Tfb
S Ai @tt4T|L? |@| |i 4@?@}iht LMtihi |ih UL4Ti||Lht< |h@?tuih ThUit t UhU@* uLh |i i t|i?Ui
Lu @ t|h@|i}U |h@?tuih ThU?} i^*Mh4 5ii B
L EbbH uLh @ uLh4@* ThLLu Lu |t hi^hi4i?| @?_ tiU|L?
€i uLh @ _tUttL? Lu |t @tt4T|L?

45
ri erwk upv/ zh uvw ghwhuplqh wkh qhfhvvdu| frqglwlrqv iru d Qdvk0htxloleulxp1 Wkhvh
duh jlyhq e|=
;
Cs
A
A
C ? t . s +t > t  ,  w @ 3 iru d @ t
@ Ct +5;,
Cd A
A Ct
= t +s > s  , . +s  w , @ 3 iru d @ s=
Cs
Iurp +5;, wkh pdqdjhuv* vhfrqg vwdjh htxloleulxp sulfhv ru txdqwlwlhv uhvshfwlyho| duh
ixqfwlrqv ri erwk upv* wudqvihu sulfhv w dqg w2 iurp wkh shuvshfwlyh ri wkhlu KT*v1
Wkxv/ wkh htxloleulxp vwudwhj| ri pdqdjhu l4 fdq eh zulwwhq dv

dW +w > w  , @ duj pd{  +d > dW  > w ,> l> m 5 i4> 5j > l 9@ m> +5<,
@
|lhoglqj wkh iroorzlqj htxloleulxp surw iru glylvrq 4 ri up l

Y +w > w  , =@  +dW +w > w  ,> dW +w > w  ,> w ,> l> m 5 i4> 5j > l 9@ m= +63,

Lw uhpdlqv wr vshfli| wkh vwdjh wzr ghflvlrq ri glylvlrq 51 Vlqfh wkh txdqwlw| ghflvlrq ri wkh
prqrsrolvw glylvrq lv lqghshqghqw ri glylvlrq 4*v htxloleulxp vwudwhj| iru jlyhq wudqvihu
sulfhv w dqg w2 iurp +5:,/ erwk wkh rswlpdo rxwsxw txdqwlw| tW2 +w2 , dqg wkh pd{lpxp
surw Y2 +w2 , =@ 2 +tW2 +w2 ,> w2 , ri glylvlrq 5 fdq eh ghqhg dv d ixqfwlrq ri lwv rzq
wudqvihu sulfh w2 olnh lq vhfwlrq 6151 Dffruglqjo|/ wkh uvw vwdjh ghflvlrq sureohp ri KT l
fdq eh h{suhvvhg dv

 @ Y +w > w  , . Y2 +w2 , . w tW +w > w  , . w2 tW2 +w2 ,
|pd{
 c|2
+64,
tW +w > w  ,tW2 +w2 ,> l> m 5 i4> 5j > l 9@ m>

zkhuh tW +w > w  , ghqrwhv wkh htxloleulxp rxwsxw ri glylvlrq l4 xqghu txdqwlw| frpshwlwlrq
dqg wkh htxloleulxp ghpdqg tW +w > w  , =@ t +sW +w > w  ,> sW  +w > w  ,, xqghu sulfh frp0
shwlwlrq1 Rplwwlqj wkh dujxphqwv lq +64, doorzv wr ghulyh wkh iroorzlqj jhqhudo h{suhvvlrq
iru KT l*v uvw rughu frqglwlrqv
C CY& +, W
@ W +, . +w&  tW +,, Ct&
. t& l 5 i4> 5j > n 5 i4> 5j > n 9@ o= +65,
Cw& Cw& , Cw&
Vlqfh lq wkh prqrsro| fdvh gY2 @gw2 @ tW2 +w2 , irup wkh hqyhorsh wkhruhp/ wkh uvw
wzr whupv lq +65, fdqfho rxw lq fdvh ri glylvlrq 5 dqg wkh rswlpdo wudqvihu sulfh wW2 fdq
lpphgldwho| eh lghqwlhg dv

wW2 @ tW +wW > wW  ,> l> m 5 i4> 5j > l 9@ m=

Iru d jlyhq sdlu ri htxloleulxp wudqvihu sulfhv +wW > wW  , wkh prqrsrolvwlf ghsduwphqwv ri
erwk upv duh fkdujhg wkh pdujlqdo frvw ri wkh frqjhvwhg vhuylfh olnh lq wkh pxowlsurgxfw
prqrsro| vhwwlqj ri vhfwlrq 6151 Soxjjlqj wkh rswlpdo wudqvihu sulfh wW2 lqwr wkh pdqdjhu*v

46
surw ixqfwlrq +5:, dqg glhuhqwldwlqj zlwk uhvshfw wr t2 |lhogv wkh zhoo nqrzq uvw
rughu frqglwlrq ri wkh fhqwudol}hg up jlyhq e| +55,1 Qhyhuwkhohvv/ vlqfh wW2 ghshqgv rq
wkh htxloleulxp txdqwlw| tW +wW > wW  , wkh rswlpdo rxwsxw txdqwlwlhv ri ghsduwphqw 5 zloo
eh glhuhqw lq erwk vhwwlqjv/ li wkh rswlpdo wudqvihu sulfhv wW dqg wW2 ghyldwh iurp wkh
pdujlqdo frvwv ri wkh frqjhvwhg vhuylfh1 Wr ghwhuplqh wkh wudqvihu sulflqj htxloleulxp zh
uvw glhuhqwldwh wkh uhgxfhg surw ixqfwlrq +63, ri glylvlrq 5 zlwk uhvshfw w =

CY C CdW C CdW  C

@ . . +66,
Cw Cd Cw Cd  Cw Cw
W
@ 3 .  +d  ,  t +w > w  ,> l> m 5 i4> 5j > l 9@ m>

zkhuh wkh uvw whup pxvw eh }hur iurp wkh pdqdjhu*v htxloleulxp frqglwlrq dqg wkh wklug
whup uhsuhvhqwv wkh frvw hhfw uhvxowlqj irup d pdujlqdo lqfuhdvh ri wkh wudqvihu sulfh1
Wkh glvwlqjxlvklqj whup iurp wkh prqrsro| fdvh lv/ krzhyhu/ wkh vhfrqg whup

C CdW 
 +d  , =@ = +67,
Cd  Cw
Wklv whup fdswxuhv wkh surw lpsdfw ri up m*v uhdfwlrq wr d pdujlqdo lqfuhdvh lq up
l*v wudqvihu sulfh1 Iru d ehwwhu xqghuvwdqglqj ri wklv hhfw frqvlghu uvw wkh fdvh ri sulfh
frpshwlwlrq1 Zkhq KT l udlvhv lwv wudqvihu sulfh/ wkh pdqdjhu ri ghsduwphqw l4 zloo
idfh dq lqfuhdvlqj pdujlqdo frvw fxuyh dqg rswlpdoo| uhvsrqg e| fkdujlqj d kljkhu qdo
surgxfw pdunhw sulfh1 Dowkrxjk klv surw grhv qrw gluhfwo| ghshqg rq w > wkh frpshwlwru
zloo reylrxvo| uhdfw wr wklv sulfh fkdqjh ehfdxvh klv surw ghshqgv rq s 1 Pruhryhu/ vlqfh
sulfhv duh vwudwhjlf frpsohphqwv wkh ehvw uhvsrqvh ri pdqdjhu m4 lv wr lqfuhdvh klv sulfh
dv zhoo1 D vlplodu revhuydwlrq fdq eh pdgh iru wkh fdvh ri txdqwlw| frpshwlwlrq1 Zkhq
up l udlvhv lwv wudqvihu sulfh/ pdqdjhu l4 zloo uhgxfh klv rxwsxw txdqwlw|1 Krzhyhu/ vlqfh
txdqwlwlhv duh vwudwhjlf vxevwlwxwhv wkh frpshwlwru*v ehvw uhvsrqvh zloo eh d uhgxfwlrq ri
klv rxwsxw1 Wkh suhfhglqj frqvlghudwlrqv fdq eh vxppdul}hg dv iroorzv=

Ohppd 6 D pdujlqdo vkliw ri up l*v wudqvihu sulfhv fdxvhv wkh iroorzlqj htxloleulxp
uhdfwlrqv lq wkh pdqdjhu*v pdunhw jdph rq vwdjh wzr
CsW CsW  CtW CtW
A 3> A 3> ? 3> A 3=
Cw Cw Cw Cw

Surri vhh dsshqgl{1

Wkxv/ erwk upv fdq pdqlsxodwh wkh pdqdjhuv* htxloleulxp vwudwhjlhv e| vhwwlqj wkh
dssursuldwh wudqvihu sulfhv1 Soxjjlqj +66, lqwr KT l*v uvw rughu frqglwlrq +65, |lhogv wkh
wudqvihu sulfh htxloleulxp iru wkh uvw vwdjh jdph=
CtW
wW @ tW2 +wW2 ,   +d  ,2 > l> m 5 i4> 5j > l 9@ m= +68,
Cw

47
Reylrxvo|/ erwk upv* wudqvihu sulfhv duh ghyldwlqj iurp wkh pdujlqdo frvwv ri wkh frq0
jhvwhg vhuylfh zklfk duh jlyhq e| wkh uvw whup lq +68,1 Wkh gluhfwlrq ri wkh ghyldwlrq
iurp pdujlqdo frvw ghshqgv rq wkh vljq ri wkh vwudwhjlf frpsrqhqw  +d  ,= Dv vwdwhg lq
Ohppd 7/ wkh vljq ri wkh vwudwhjlf whup lv vroho| ghwhuplqhg e| wkh qdwxuh ri frpshwlwlrq=

Ohppd 7 Wkh vwudwhjlf frpsrqhqw  +d  , lv vwulfwo| srvlwlyh xqghu sulfh frpshwlwlrq
dqg vwulfwo| qhjdwlyh xqghu txdqwlw| frpshwlwlrq=

C CsW  C CtW

 +s  , =@ A 3>  +t  , =@ ? 3=
Cs  Cw Ct  Cw

Surri vhh dsshqgl{

Iurp Ohppd 6 dqg Ohppd 7 wkh vwudwhjlf wudqvihu sulflqj htxloleulxp fdq eh fkdudfwhu0
l}hg e| wkh iroorzlqj sursrvlwlrq=

Sursrvlwlrq 5 Xqghu sulfh frpshwlwlrq +txdqwlw| frpshwlwlrq, erwk KT*v fkdujh wkhlu
gxrsrolvwlf ghsduwphqwv wudqvihu sulfhv deryh +ehorz, wkh pdujlqdo frvw ri wkh frqjhvwhg
vhuylfh1

Surri Reylrxv iurp Ohppd 6/ Ohppd 7 dqg +68,1

Wr surylgh wkh lqwxlwlrq ehklqg wklv uhvxow/ frqvlghu uvw wkh h{dpsoh ri d olqhdu ghpdqg
ixqfwlrq gxrsro| xqghu sulfh frpshwlwlrq dv h{klelwhg lq Iljxuh 4 . 1 Wkh vwduwlqj srlqw
ri wkh dqdo|vlv lv wkh Bt0htxloleulxp ri wkh fhqwudol}hg upv dw srlqw Q zklfk lv ghwhu0
plqhg e| wkh lqwhuvhfwlrq ri wkh uhdfwlrq ixqfwlrqv s +s2 , dqg s2 +s ,= Wkh fruuhvsrqg0
lqj htxloleulxp surwv duh ghqrwhg e|  
 dqg 2 1 Wklv htxloleulxp zrxog reylrxvo| eh
dfklhyhg lq wkh pdqdjhuv* vxejdph zkhq erwk upv zrxog fkdujh wkhlu ghsduwphqwv wkh
pdujlqdo frvw ri wkh frqjhvwhg vhuylfh1 Krzhyhu/ zkhq erwk KT*v duh fkdujlqj wudqvihu
sulfhv deryh pdujlqdo frvw/ wkh pdqdjhuv* uhdfwlrq ixqfwlrqv duh vkliwhg dzd| iurp wkh
ruljlq duulylqj dw wkh qhz htxloleulxp srlqw N zkhuh hlwkhu pdqdjhu*v lvrsurw fxuyh kdv
d wdqjhqf| srlqw zlwk lwv frpshwlwru*v uhdfwlrq ixqfwlrq1 Lq wkh qhz htxloleulxp erwk
upv duh fkdujlqj kljkhu sulfhv uhvxowlqj lq kljkhu surw ohyhov wkdq lq wkh ruljlqdo htxl0
oleulxp dw srlqw Q1 Wkxv/ wkh ryhudoo lqwhqvlw| ri frpshwlwlrq lv orzhuhg e| vwudwhjlf
wudqvihu sulflqj ehfdxvh erwk up*v pdqdjhuv dfw dv vriwhu frpshwlwruv wkdq wkhlu KT*v
zrxog gr xqghu fhqwudol}hg ghflvlrq pdnlqj1 Ixuwkhupruh/ vlqfh wkh pdqdjhu*v htxloleulxp
vwudwhjlhv zrxog qrw eh surw pd{lpl}lqj/ dqg khqfh lqfuhgleoh iru wkhlu KT*v/ ghohjdwlrq
vwulfwo| grplqdwhv fhqwudol}dwlrq1
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5ii @*tL DN
UL4Ti||i ?|ih4i_@|i ThL_U| 4@h!i|

48
 Iljxuh 4= Wudqvihu sulflqj htxloleulxp xqghu sulfh frpshwlrq

ER2   R ER2  R ER2 c |W 

g
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111 11 11 1111111
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1 1 1 1 1 1
11 1111111111111111 11 111 111 1 1111111111
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1 111 11 1 11
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frph lv qrw ehqhfldo iru erwk upv dv looxvwudwhg lq Iljxuh 51 Vwduwlqj djdlq iurp wkh
htxloleulxp ri wkh fhqwudol}hg upv dw srlqw Q/ wkh vxevlgl}hg wudqvihu sulfhv zloo vkliw wkh
pdqdjhu*v uhdfwlrq ixqfwlrqv dzd| iurp wkh ruljlq duulylqj dw wkh qhz htxloleulxp srlqw
J= Lq wkh qhz htxloleulxp erwk pdqdjhuv duh vhoolqj kljkhu txdqwlwlhv rq wkh qdo surgxfw
pdunhw1 Dffruglqjo|/ wkh pdunhw sulfh zloo idoo dqg erwk upv zloo hduq vwulfwo| orzhu
surwv wkdq xqghu fhqwudol}hg ghflvlrq pdnlqj1 Wkxv/ vwudwhjlf wudqvihu sulflqj xqghu
txdqwlw| frpshwlwlrq lqfuhdvhv wkh lqwhqvlw| ri frpshwlwlrq wr wkh pxwxdo glvdgydqwdjh ri
erwk upv1 Krzhyhu/ li rqh ri wkh upv zrxog ghvlvw iurp ghohjdwlqj wkh dxwkrulw| ryhu
wkh surgxfw pdunhw ghflvlrq wr wkh pdqdjhu ru htxlydohqwo| fkdujh klv pdqdjhu rqo| wkh
pdujlqdo frvw ri wkh frqjhvwhg vhuylfh/ wkh frqvhtxhqfhv zrxog eh hyhq pruh ghwulphqwdo
iru wkh up1

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up 5 suhihuv d fhqwudol}hg rxwsxw pdunhw vwudwhj|1 Jlyhq wkhvh frqglwlrqv/ up 4 frxog
lpsohphqw dq| surgxfw pdunhw htxloleulxp lq wkh vxejdph ehwzhhq lwv pdqdjhuv dqg
KT 5 dorqj wkh uhdfwlrq fxuyh t2 +t , e| vxevlgl}lqj wkh wudqvihu sulfh iru wkh frqjhvwhg
vhuylfh1 Lq rwkhu zrugv/ fkdqjlqj wkh wudqvihu sulfh lv htxlydohqw wr vkliwlqj wkh pdunhwlqj

49
 Iljxuh 5= Wudqvihu sulflqj htxloleulxp xqghu txdqwlw| frpshwlrq

E^2  
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11
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111111 1 111 11
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