Cisco Systems: cfadel5cisco.com ... commissioned by Cisco Systems, Inc. ...... 2007, ¾Why Does Democracy Need Education4¿ AEA Conference Papers, Chicago, IL, ... Addresses, phone numbers, and fax numbers are listed on the Cisco ...
:YjXVi^dcVcY:Xdcdb^XcY^V
I]Z]nedi]Zh^h^hi]VibV`^c\^ckZhibZcih^cVaai]ZZaZbZcihd[V hX]ddahnhiZb iZVX]Zgh!Wj^aY^c\h!iZmiWdd`h!^c[dgbVi^dciZX]cdad\n! Xjgg^Xjajb!hjeZgk^h^dc!iZhi^c\!ZiX# VcYi]Zc[dgX^c\ndjc\eZdeaZ idViiZcYi]Zb ^#Z#\^kZjei]Z^cXdbZi]Znb^\]idi]Zgl^hZZVgc ^hV cZXZhhVgnWjicdihj[ÇX^ZciXdcY^i^dc[dgZmeVcY^c\i]Z\gdhhYdbZh" i^XegdYjXid[Vc^cYjhig^VahdX^Zin#IdWZXaZVg!i]ZbVhh^kZhnhiZbh d[jc^kZghVaXdbejahdgnhX]dda^c\e^dcZZgZY^ci]Z&.i]XZcijgnVcY ¼eZg[ZXiZY½VhlZaaVhZmiZcYZYidedhi"hZXdcYVgnZYjXVi^dc^ci]Z '%i]XZcijgnYdcdiZcXdbeVhhVaa]jbVcaZVgc^c\»[Vg[gdb^i#L]Vi eZdeaZaZVgcVcY`cdl!i]ZegVXi^XZhi]ViVgZ^c[dgbZYVcY^che^gZY WnZmeZg^ZcXZVcYgZÈZXi^dc!Vg^hZ[gdbVaa`^cYhd[]jbVcVXi^k^in# =dlZkZgi]ZVg\jbZci]ZgZ^hi]Vii]ZheZX^ÇXXd\c^i^kZ!WZ]Vk^dgVa VcYhdX^Va`cdlaZY\Z!i]Vi^hi]ZWVh^XgZhjaid[VheZX^ÇX[dgbd[ hX]dda^c\^cigdYjXZY^ci]Z&.i]XZcijgn!eaVnZYVcYXdci^cjZhid eaVnVXgjX^VagdaZ^cheZXiVXjaVg[ZVihd[^cYjhig^VaYZkZadebZci#
:Xdcdb^Xc?VeVci]ZaZVelVhZkZc\gZViZg![gdbVgdjcY'!%%%JH^c&.*% iddkZg'%!%%%JH^c'%%(#L^i]i]ZZmXZei^dcd[8]^cV!l]ZgZi]Z gZXZci\gdli]hejgi^h^begZhh^kZl]ZchZZc[gdbi]ZeZgheZXi^kZd[ hjX]VadlhiVgi^c\ed^ci!i]dhZeVgihd[i]ZldgaYl]ZgZi]ZYZkZade" bZcid[^cYjhig^VahdX^ZinZ^i]ZghiV\cViZYdgYZXa^cZYh]dlbjX] adlZg\gdli]gViZhd[ciZgcVi^dcaEEE
HdjgXZ/I]^hX]Vgi^hWVhZYdcYViV[gdb/6c\jhBVYY^hdc!8]VeiZg,!IVWaZ,"(!8dcidjghd[i]ZLdgaY:Xdcdbn!&"'%(%69!Dm[dgYJc^kZgh^in EgZhh!'%%,![dgi]Xdb^c\#lll#\\YX#cZi$BVYY^hdc '
8^hXdEjWa^X
:YjXVi^dcVcY:Xdcdb^XcYZZYcZ^i]Zg ci]^hXVhZi]Z egdWaZbl^i]i]ZZXdcdb^XgZhZVgX]^hcdidcani]VinZVghd[hX]dda" ^c\bVnWZjcgZaViZYidegdYjXi^kZXVeVX^inWjiVahdi]ViegdYjXi^kZ XVeVX^inbVnWZjcgZaViZYidZVgc^c\h#
V#B^Xgd"ZXdcdb^XZk^YZcXZdchX]dda^c\VcY^cXdbZ#
:VX]VYY^i^dcVanZVgd[hX]dda^c\VeeZVgh idgV^hZZVgc^c\hWnVWdji&%eZgXZci^c i]ZJc^iZYHiViZh!Vai]dj\]i]ZgViZd[ gZijgcidZYjXVi^dckVg^ZhdkZgi^bZVh lZaaVhVXgdhhXdjcig^Zh# »@gjZ\ZgVcYA^cYV]a '%%&
8^hXdEjWa^X
,
=dlZkZg!dcWVaVcXZi]ZZXdcdb^Xa^iZgVijgZ]VhWZZcVWaZidiV`Z ^cidVXXdjcibdhid[i]ZhZY^[ÇXjai^ZhVcYVhYZe^XiZYWZadl^c;^\jgZ *[gdb@gjZ\ZgVcYA^cY]Va '%%&!e#&&%) !i]Zadc\ZgVeZghdc\dZh idhX]ddai]Z]^\]Zgi]Z^gZVgc^c\h#>cVYY^i^dc!gZXZcildg`]VhWZZc VWaZidiV`ZVYkVciV\Zd[VYkVcXZh^cYViVXdaaZXi^dcidbdkZWZndcY i]ZfjVci^iVi^kZanW^VhZYbZVhjgZd[nZVghd[hX]dda^c\idadd`Vii]Z Vg\jVWanbdgZfjVa^iVi^kZVcYVXXjgViZbZVhjgZd[Xd\c^i^kZVX]^ZkZ" bZci =Vcjh]Z`VcYLbVcc!'%%, #L]^aZi]Zi^bZheZci^chX]dda bVndgbVncdiWZgZaViZYidVXfj^g^c\`cdlaZY\ZdghiVijhi]Vi]VhV WZVg^c\dcZVgc^c\h^ihZZbhad\^XVaidi]^c`i]ViVeZghdc¿hhXdgZdcV iZhid[Xd\c^i^kZVX]^ZkZbZcih]djaY]VkZVWZVg^c\dc]dlegdYjX" i^kZi]ZnVgZ^ci]ZZXdcdbn#6ai]dj\]!VhcdiZY^ci]Z^cigdYjXi^dc!^i^h ^bedgiVciidgZXd\c^oZi]Vicdi^dchd[Xd\c^i^kZVX]^ZkZbZciVcYi]Z gZaVi^dch]^ed[hjX]¼h`^aah½idegdYjXi^k^inVahdX]Vc\ZdkZgi^bZ#
HlZYZc
&%#*
&%#*
&%
&%
Ad\LV\Z
Ad\LV\Z
Jc^iZYHiViZh
.#* . -#*
.#* . -#*
.&%&&&'&(&)&*&+&,&-&.
.&%&&&'&(&)&*&+&,&-&.
NZVghd[HX]dda^c\
NZVghd[HX]dda^c\
LZhiciZgcVi^dcVa6YjaiA^iZgVXnHjgkZn HdjgXZ/=Vcjh]Z`VcYO]Vc\ '%%+
;^cVaan![dgi]Zb^XgdaZkZaZk^YZcXZ!;^\jgZ,[gdbi]ZD:89XdcÇgbh i]ZWVh^XbZhhV\ZgZ\VgY^c\i]ZbZVhjgZYgZaVi^dch]^eWZilZZc heZX^ÇXaZkZahd[ZYjXVi^dcVaVX]^ZkZbZci!^ci]^hXVhZVjc^kZgh^in" aZkZaYZ\gZZi]Vi[daadlhdcY^gZXian[gdb]^\]"hX]dda!VcYl]ViV eZghdcZVgch#
>cVaaXdjcig^Zh![dgbVaZhVcY[ZbVaZh!eg^kViZ^ciZgcVagViZhd[gZijgcZmXZZY-dcVc^ckZhibZci ^ciZgi^Vgn"aZkZaZYjXVi^dc l]ZcXdbeaZiZY^bbZY^ViZan[daadl^c\^c^i^VaZYjXVi^dc #Eg^kViZ ^ciZgcVagViZhd[gZijgcVgZ\ZcZgVaanZkZc]^\]Zg[dg^ckZhibZci^cjeeZghZXdcYVgndgedhi" hZXdcYVgncdc"iZgi^VgnZYjXVi^dc BVaZh
EZgXZci
'*
;ZbVaZh
'% &* &% * Jc^iZYHiViZh
Jc^iZY@^c\Ydb
Hl^ioZgaVcY
HlZYZc
CdglVn
CZlOZVaVcY
@dgZV
=jc\Vgn
;^caVcY
9ZcbVg`
7Za\^jb
%
;^\jgZ,/Eg^kViZ^ciZgcVagViZhd[gZijgc[dgjc^kZgh^inaZkZaVX]^ZkZbZci^cD:89Xdjcig^Zh
HdjgXZ/D:89!IVWaZ6.!+#HZZ6ccZm([dgCdiZh lll#dZXY#dg\$ZYj$ZV\'%%+ #
8^hXdEjWa^X
.
9Zhe^iZi]ZVeeVgZcihigZc\i]d[i]ZhZÇcY^c\h^i^h^bedgiVciidcdiZ i]Vii]ZgZVgZVahdhigdc\gZVhdch[dgfjZhi^dc^c\l]ViZmVXian^hWZ^c\ bZVhjgZYVcY^[i]ZgZVgZcdidi]Zg[VXidghi]Vib^\]iVXXdjci[dgi]Z edh^i^kZgZaVi^dch]^eWZilZZcnZVghd[hX]dda^c\VcYZVgc^c\h#6h =Vcjh]Z`VcYLbVcc '%%, ed^cidji!i]ZgZaVi^dch]^eWZilZZc hX]ddafjVa^inVcYiZhihXdgZh^hcdiVaai]VihigV^\]i[dglVgYh^cXZ di]Zg[VXidgha^`ZeVgZciVaWVX`\gdjcYVcYadXVi^dcbVnWZZkZcbdgZ ^cÈjZci^VadciZhidjiXdbZhi]VcnZVghd[hX]dda^c\dghX]ddafjVa^in# >cYZZYdcZd[i]ZbV^cX]VaaZc\Zhidi]ZZXdcdbZig^XVcVanh^h^hid Y^hZciVc\aZi]Z[VXidghi]ViVXXdjci!^cY^[[ZgZciXdciZmihVcY^cY^[[Zg" Zcied^cih^ci^bZ![dgY^[[ZgZcXZh^cWdi]i]ZaZkZahVcYX]Vc\Zh^ci]Z aZkZahd[Xd\c^i^kZiZhidjiXdbZh# ;jgi]ZgbdgZ!ZkZc^[i]Za^c`WZilZZchX]dda^c\VcYl]VieZdeaZ`cdl l]ZcbZVhjgZYWnbVi]ZbVi^Xhdga^iZgVXniZhihXVcWZcV^aZYYdlc! i]ZgZ^hhi^aaVc^bedgiVcideZcfjZhi^dcVWdji]dllV\ZhaZkZahVgZ YZiZgb^cZY#6h7dlaZh!ci]Za^iZgVijgZi]^h^hXVaaZYi]ZhdX^VaVhdeedhZYid i]Zeg^kViZgZijgcdcZYjXVi^dc#=ZgZV\V^c!a^`Zl^i]i]Zb^Xgd"aZkZa gZhZVgX]i]ZgZVgZ^bedgiVciYZÇc^i^dcVa^hhjZhgZaViZY!dcXZV\V^c!id fjZhi^dchhjX]Vhi]ZfjVci^inkZghjhfjVa^ind[hX]dda^c\VcY^hVc ZXdcdbnXdbeVgVWaZdkZgi^bZVh^iX]Vc\Zh![dg^chiVcXZ[gdbdcZ l]ZgZ]ZVknbVcj[VXijg^c\eaVnhVaZVYgdaZiddcZl]ZgZa^\]iZg]^\]" iZX]cdad\n^cYjhig^ZhVcYi]ZhZgk^XZhZXidgVgZbdgZ^bedgiVci#L]Vi i]ZcXVcWZXdcXajYZY[gdbi]^hkdajb^cdjha^iZgVijgZ4 HijY^Zhi]ViXdbeVgZY^[[ZgZciXdjcig^ZhdkZgVeZg^dYd[i^bZ!hjX] Vhi]ZhijYnWn7Vggd '%%' !i]Viadd`hVi&%%Xdjcig^Zh[gdb&.+%id &..*!h]dlgZhjaihVh^c;^\jgZ-#L]Vii]^hÇ\jgZh]dlh^hi]Vi¼nZVgh d[hX]ddaViiV^cbZciVii]ZhZXdcYVgnVcY]^\]ZgaZkZah[dgbVaZhV\Z '*VcYdkZg]VhVedh^i^kZVcYh^\c^ÇXVciZ[[ZXidci]ZhjWhZfjZci gViZd[ZXdcdb^X\gdli]½ 7Vggd!'%%' #I]^hXVcWZ^ciZgegZiZYid bZVci]Vi^[i]ZVkZgV\ZcjbWZgd[nZVghd[jeeZgaZkZahX]dda^c\[dg i]^heVgi^XjaVg\gdje^cXgZVhZhWndcZnZVgi]Zci]ZgViZd[ZXdcdb^X \gdli]^cXgZVhZhWn%#))eZgXZcieZgnZVg#I]ZhZVgZedlZg[jagZhjaih h^cXZVc^cXgZVhZ^cZXdcdb^X\gdli]d[Vabdhi]Va[VeZgXZcil^aa]VkZ VaVg\Z^beVXidci]ZidiVacZ[[ZXii]ZgZ^hZk^YZcXZ[gdbi]ZZXdcdbZig^Xa^iZgVijgZi]Vih]dlh V[Vaa^c\d[[d[i]ZbVXgd"ZXdcdb^X^beVXid[nZVghd[hX]dda^c\Vh Xdjcig^ZhWZXdbZlZVai]^Zg#7ji!dcXZi]ZhijY^ZhVYdeiXd\c^i^kZ bZVhjgZhd[VX]^ZkZbZci»dcZhi]ViVgZcdicZXZhhVg^anZmXajh^kZan WVhZYdchX]dda^c\WjigZÈZXii]ZWgdVYZgXdciZmi[dgaZVgc^c\heZ" X^ÇXXd\c^i^kZh`^aah»i]Zci]Z]^\]eVn"d[[gZijgch#I]ZaViiZgZk^YZcXZ bVnhi^aacdiXVeijgZ`cdlaZY\ZhdX^ZinY^bZch^dchd[aZVgc^c\h^cXZ bdhid[i]ZXd\c^i^kZiZhihgZbV^c[V^gancVggdlan[dXjhZYdc^cYjhig^Va ZgVh`^aahZih#=dlZkZgi]ZeVgVYdmgZbV^ch»^cXZgiV^cXVhZhnZVghd[ hX]dda^c\]Vh]^\]gViZhd[gZijgcVcY^cdi]ZghXd\c^i^kZVX]^ZkZbZci# ;daadl^c\i]^ha^cZd[i]dj\]ihj\\Zhihi]Vi^i^h^bedgiVciidiV`Z^cid VXXdjcii]ZY^[[ZgZcXZhi]ViY^hi^c\j^h]![dg^chiVcXZ!VhjW"HV]VgVc Xdjcignhigj\\a^c\idZhiVWa^h]WVh^XhdX^d"ZXdcdb^X[djcYVi^dch[gdb Vc:VhiZgc:jgdeZVccVi^dcZciZg^c\i]Z:jgdeZVcJc^dc#>ci]ZXVhZ d[:VhiZgc:jgdeZi]Z]^\]ZhigZijgchbVnWZVii]ZhZXdcYVgnVcY iZgi^VgnaZkZahd[ZYjXVi^dc!l]^aZ^ci]ZaZhhYZkZadeZYcVi^dci]ZgZ bVnWZVkZgn]^\]eVnd[[»cdi_jhi^c^cXdbZ»[gdbeg^bVgnhX]dda" ^c\#>cYZZYi]ZgZ^hXdch^YZgVWaZZk^YZcXZ[gdbi]ZYZkZadebZci a^iZgVijgZ!gZ\VgY^c\i]Z^bedgiVcXZd[^cXgZVh^c\\^ga¿heVgi^X^eVi^dc gViZh^ceg^bVgnZYjXVi^dc!i]VijcYZghXdgZh]dlY^[[ZgZcXZh^chiV\Zh d[ZXdcdb^XVcYhdX^VaYZkZadebZciXVcVaiZgi]Z^beVXid[hX]dda^c\ JC:H8D!:YjXVi^dc[dg6aa!'%%* # D[XdjghZ^i^h^bedgiVciidiV`Z^cidVXXdjcicdidcanY^[[ZgZcXZh VXgdhhi^bZ^ci]ZhVbZeaVXZWjiVahdVXgdhheaVXZhVii]ZhVbZi^bZ# ;dgZmVbeaZi]ZbjX]]^\]ZggZijgchidVYkVcXZYaZkZahd[hX]dda^c\ ^cYZkZadeZYXdjcig^ZhXVcaZVYidVcZmdYjhd[eZdeaZ[gdbeddgZg Xdjcig^Zh#Dg!^iXdjaYWZVg\jZY!VcjcbZg^iZY [gdbVgViZd[gZijgc eZgheZXi^kZ ^ckZhibZci^c]^\]ZgZYjXVi^dcWneaVXZhl]ZgZi]ZgZVaan W^\eVnd[[^h[gdbeg^bVgnhX]dda^c\#=dlZkZg![gdbVadc\Zg"gjc eZgheZXi^kZ^i^hY^[ÇXjaiidYgVlXdcXajh^dch^ci]^hVgZV#;dg^chiVcXZ! i]Zadc\"gjc^bea^XVi^dchd[¼WgV^cYgV^c½VgZ[Vg[gdbXaZVgh^cXZi]Z Y^gZXi^dcd[ÈdlVcYaZkZad[gZijgcXVcX]Vc\ZVhVXdjcignbdkZh i]gdj\]Y^[[ZgZcihiV\Zhd[YZkZadebZci#6XVhZ^ced^ci^hi]Z^bedg" iVcigdaZd[]^\]anhX]ddaZY^cY^k^YjVahgZijgc^c\id>cY^VVcY8]^cV^c gZXZcinZVghWZXVjhZi]ZWddbXdcY^i^dchd[[ZgZkZc\gZViZggZlVgYh# :fjVaaneZgi^cZci^hi]ZZmeZg^ZcXZd[Xdjcig^Zha^`Z8VcVYVi]VilZgZ VWaZidaZkZgV\Za^c`hid:c\aVcYVcYi]ZJc^iZYHiViZhidWj^aYjeV higdc\edhi"hZXdcYVgnhnhiZb#;jgi]ZgbdgZ!^ci]ZXdciZmid[\adWVa `cdlaZY\Zh]Vg^c\i]ZgdaZd[Vc^ciZgcVi^dcVacZildg`d[hijYZcih hijYn^c\^c[dgZ^\caVcYhbVnWZbdgZ^bedgiVcii]Vc^hXjggZcian gZXd\c^oZY#
8^hXdEjWa^X
;gdbVbdgZ\ZcZgVaeZgheZXi^kZ!i]ZgZ^hdkZgVaaV\gZZbZcii]VibdgZ VcYWZiiZghX]dda^c\^hVc^bedgiVcilVnid^begdkZZXdcdb^X\gdli]# ;^\jgZ&&WZadledgigVnhdcZkZgh^dcd[i]^hVg\jbZciWnh]dl^c\ ]dlhX]ddagZ[dgbhi]Vi^begdkZXd\c^i^kZVX]^ZkZbZciXVceVnd[[[dg ZXdcdb^X\gdli]#I]Zad\^Xd[;^\jgZ&&gZhihdci]ZXVjhVaX]V^c[gdb hX]ddagZ[dgbidWZiiZgXd\c^i^kZgZhjaih»bZVc^c\Vc^begdkZbZci^c i]ZiZhihXdgZh[dgi]ZedejaVi^dcVhVl]daZdkZgi^bZ»idZXdcdb^X \gdli]#>c;^\jgZ&&:g^X6#=Vcjh]Z`Zhi^bViZhi]ZgZijgch[gdbi]Z ^cigdYjXi^dcd[hX]ddagZ[dgbhi]Vi^begdkZiZhihXdgZh#=ZVg\jZhi]Vi hX]ddagZ[dgbiV`Zhi^bZid]VkZVc^beVXidci]ZiZhihXdgZhVcYid WZXdbZ^cÈjZci^VadcZXdcdb^XeZg[dgbVcXZdkZgVaa#;^\jgZ&&WZadl h]dlhi]ZkZgnh^\c^ÇXVci\V^ch^ceZgXZciV\Zd[ci]ZZ^\]innZVghdghdV[iZg&,-%i]ZedejaVi^dcd[7g^iV^c cZVganig^eaZY!i]Zidlchd[A^kZgeddaVcYBVcX]ZhiZg WZXVbZ\^\Vci^XX^i^Zh!i]ZVkZgV\Z^cXdbZd[i]ZedejaV" i^dcbdgZi]VcYdjWaZY!i]Zh]VgZd[[Vgb^c\[Zaa[gdb_jhi jcYZg]Va[id_jhijcYZgdcZ"[^[i]d[i]ZcVi^dchdjieji!VcY i]ZbV`^c\d[iZmi^aZhVcY^gdcbdkZY^cidi]ZhiZVb"Yg^k" Zc[VXidg^Zh#HdhigVc\ZlZgZi]ZhZZkZcihi]ViWZ[dgZi]Zn ]VeeZcZYi]ZnlZgZcdiVci^X^eViZY!VcYl]^aZi]ZnlZgZ ]VeeZc^c\i]ZnlZgZcdiXdbegZ]ZcYZY# »9#C#BX8adh`Zn!¼I]Z>cYjhig^VaGZkdaji^dc^c7g^iV^c &,-%"&-+%/6HjgkZn!½^cGdYZg^X`;adjYVcY9dcVaY BX8adh`Zn!I]Z:Xdcdb^X=^hidgnd[7g^iV^ch^cXZ&,%%
L]ViYdZhi]^hhnhiZbYdi]Vi^hhdXgjX^Va[dg^cYjhig^VahdX^ZinVcY i]Z`^cYd[ZXdcdb^X\gdli]i]Vi^hine^XVad[^cYjhig^VahdX^Zin4 	^[[jh^c\VcY^cXjaXVi^c\i]Zdg\Vc^oVi^dcVaViig^WjiZhd[i]Z[VXidgn#
¼6iiZbeihidgZ[dgb7g^i^h]VcY6bZg^XVchdX^Zin[gdbi]Z &-(%hdc^cl]VilZcdlaVWZai]ZK^Xidg^VcZgVlZgZV bdcjbZciVahjXXZhh#I]Z^beVXidchdX^VaXVe^iVa^cWdi] hdX^Zi^ZhlVhZmigVdgY^cVgn!VhbVhhZhd[gjYZ!^aa^iZgViZ V\g^XjaijgValdg`ZghVcYjgWVceddglZgZXdckZgiZY ^cidl]VilZcdljcYZghiVcYVhi]Zldg`^c\XaVhh#JcYZg i]ZY^hX^ea^cZd[i]Zi^bZXadX`!i]ZhZldg`ZghjcYZghiddY i]Vii]Zn]VYid`ZZegZ\jaVg]djgh!hiVnhdWZgdci]Z _dW!VcYbV^ciV^cb^c^bVahiVcYVgYhd[YZXZciWZ]Vk^dg#½ ;j`jnVbV!&...!e#'+- @Zn^hhjZh]ZgZVgZ/
I]ZhdX^VadgYZgVgdjcYjhZkZgnYVnheg^c\hjeZVX]bdgc^c\hZZb" ^c\and[^ihdlcVXXdgY#7jiZkZgndcZ`cdlhi]VidjgXdbeaZmhdX^Zi^Zh [daadlb^aa^dchd[[Vb^a^VgVcYaVg\ZanVXXZeiZYeViiZgch#LZYdcdigZ^c" kZcihdX^VadgYZg[gdbhXgViX]ViYVlc#>i^hVahdkZgnXaZVgi]Vii]ZgZVgZ hdX^Zi^Zhi]ViadhZi]Zi]gZVYdgcdadc\Zgigjhii]ZeViiZgcd[nZhiZgYVn WZXVjhZ^iY^Ycdildg`i]gdj\]aVX`d[WVh^XhjXXZhh^cegdk^Y^c\ i]Zb^c^bVd[a^[Zdgi]Zb^c^bjbd[l]VieZdeaZWZa^ZkZ^h^bedgiVci# HdX^VaWgZV`Ydlch!^cbVcn[dgbh!Zm^hiVaaVgdjcYjh#HdX^VaX]Vc\Z ^hcdii]ZhVbZVhhdX^VaWgZV`Ydlc!Vai]dj\]hdbZi^bZhX]Vc\ZXVc egdkd`ZhjX]WgZV`Ydlch#I]ZaVhi[ZlXZcijg^Zh]VkZ^aajhigViZYi]^h bVcni^bZh^ci]ZgZkdaji^dch!lVghVcYXg^hZhi]Vih]dd`i]ZldgaY# BdgZeZgi^cZci^cdjgYVn!Vhi]^c`ZghVhY^kZghZVh6c\jhBVYY^hdc '%%, !;gVcX^h;j`jnVbV &... !L^aa^Vb7Vjbda '%%) dgL^aa^Vb :VhiZgan '%%& ]VkZVaaVg\jZY!^hi]ZY^[ÇXjaind[bV`^c\i]ZkdnV\Z [gdbdcZ`^cYd[hdX^ZinidVcdi]Zg#8]^cZhZ!>cY^VcVcY7gVo^a^VceZVh" VcihVgZbV`^c\i]^h`^cYd[kdnV\ZZkZgnYVn!^ci]Zb^aa^dch!Vhi]Zn aZVkZi]Z^ggjgVaa^kZhidbdkZidi]ZX^in V#I]ZgdaZd[i]Z&.i]XZcijgn¾hX]ddahnhiZb¿^ci]ZigVch^i^dcid^cYjh" ig^VahdX^Zin
V# ejcXijVa^in!dWZY^ZcXZidcdc"[ZVain$cdc"Y^k^cZVji]dg^in! W# [V^i]^cVcZmiZgcVa]^ZgVgX]nd[`cdlaZY\Z!VXXZeiVcXZ d[i]ZegZ"YZiZgb^cVi^dcd[iVh`hVcYdW_ZXi^kZh! X# XdbbdcaVc\jV\Z! Y# h]VgZYXdYZhd[\gdjeWZ]Vk^dg^ci]Zldg`eaVXZ!VXXZeiVcXZ d[higVc\Zgh! Z# WVh^XYZÇc^i^dchd[XdaaZXi^kZ"^ciZgZhihVcYhZa["^ciZgZhih# '# 9^[[jh^c\VcY^cXjaXVi^c\i]Zdg\Vc^oVi^dcVaViig^WjiZhd[Vcdcnbdjh jgWVca^[Z!bVhh"X^i^oZch]^eVcYi]ZVYb^c^higVi^kZhiViZ#
¼6bdc\i]ZCVcY^VcdXXjeVi^dcVaYZ[^c^i^dcd[i^bZ ZkdakZY³Vi*/(%^ci]Zbdgc^c\i]ZdmZc]VkZ\dcZidi]Z \gVo^c\\gdjcY!Vi+i]Zh]ZZe]VkZWZZcjc[VhiZcZY³ >cBVYV\VhXVgi]Zi^bZb^\]iWZbZVhjgZYWn¾Vg^XZ Xdd`^c\¿ VWdji]Va[Vc]djg dg¾i]Z[gn^c\d[VadXjhi¿ V bdbZci #I]Z8gdhhG^kZgcVi^kZhlZgZgZedgiZYVhhVn^c\ ¾i]ZbVcY^ZY^caZhhi]Vci]Zi^bZ^cl]^X]bV^oZ^hcdinZi XdbeaZiZangdVhiZY¿ aZhhi]Vc[^[iZZcb^cjiZh #½ »:EI]dbehdc!&.+, @Zn^hhjZh]ZgZVgZ/ V# XdbbdcaVc\jV\Z!XVeVX^inidÇcYZhhZci^Vaha^`Z/VeaVXZid a^kZ!V_dW![ddYi]gdj\]lg^iiZccdc"[Vb^a^Va$cdc"ig^WVahdjgXZh! W# h]VgZYXdYZhd[\gdjeWZ]Vk^dg^cXdciZmiha^`Z[VXidg^Zh dgjgWVcV\\adbZgVi^dch ejcX]^c\"^c!XdbbjiZgigV^c hX]ZYjaZh!ZiX# X# VXXZeiVcXZd[higVc\Zgh! Y# [VX^a^iViZhVgi^XjaVi^dcVcYZmegZhh^dcd[YZbVcY[dgbVhh" Xdchjbei^dcVcYlZa[VgZhiViZhZgk^XZhWnjc^kZghVa^o^c\i]Z ZmeZg^ZcXZd[¼djihdjgX^c\½[dgbZgan[Vb^an"dcandgadXVa"dcan [jcXi^dch»ZmeVcYhhe]ZgZd[aZ\^i^bVXn$igjhi[dgbViZg^Va VcY^bbViZg^Va!VcY Z# VXXZei^c\$WZa^Zk^c\^ci]Zbni]h!XdYZhi]ViWdcYeZdeaZ idi]ZcVi^dcVa[dgbd[XddeZgVi^dc"^ciZgYZeZcYZcXn#
&)
8^hXdEjWa^X
:YjXVi^dcVcY:Xdcdb^Xbegdk^c\i]ZdkZgVaahdX^ZiVaXVeVX^inidegdYjXZ VXfj^gZVcY ^ckZci !VXXjbjaViZ bV^ciV^c$gZbZbWZg VcYYZegZX^ViZ [dg\Zi! YZc^\gViZ `cdlaZY\Z# V# ^cXgZVhZhi]Zhjeeand[ldg`Zghl^i]]^\]Xd\c^i^kZVcY gZhZVgX]XVeVX^i^Zh! W# VaiZghi]ZgViZhVcYbZi]dYh[dgi]ZY^[[jh^dcd[`cdlaZY\Z ^chdX^Zin! X# egdk^YZhVhigjXijgZ[dgXgZVi^dcVcYgZig^ZkVad[`cdlaZY\Z# I]Z]^hidg^XVagZXdgYVcYi]ZZk^YZcXZXdaaZXiZYWnhdX^VahX^Zci^hih VgZaZhhYZÇc^i^kZgZ\VgY^c\i]Za^c`WZilZZc^cYjhig^VahdX^ZinVcY Z^i]ZgZXdcdb^X\gdli]dghdX^ValZaa"WZ^c\#I]ZgZVgZ^bedgiVci ZmVbeaZhd[lZaahX]ddaZY!bdhian^cYjhig^VahdX^Zi^ZhºeZg]Vehbdhi egdb^cZciani]Z[dgbZgHdk^ZiJc^dcVcY8]^cVWjiVahdeVgihd[AVi^c 6bZg^XVºi]Vi[V^aZYidbViX]i]Z\gdli]gViZhd[:jgdeZ!?VeVcVcY Cdgi]6bZg^XV#BVhhXdbejahdgnhX]dda^c\hnhiZbh!ZkZcdcZhi]Vi \ZcZgViZgZaVi^kZan]^\]gViZhd[a^iZgVXn!VgZcdiZcdj\]#8gjX^Vaan ^i^h]dli]ZheZX^ÇXWZ]Vk^dgVaVcYXd\c^i^kZViig^WjiZh\ZcZgViZY Wn^cYjhig^VahX]dda^c\^hjhZYi]Vi^hdcZd[i]ZbV^cY^hi^c\j^h]^c\ [ZVijgZhWZilZZci]ZjchiVWaZ!adl\gdli]^cYjhig^VahdX^Zi^ZhVcYi]Z bdgZhiVWaZ!]^\]Zg\gdli]dcZh#>chi^iji^dch di]Zgi]VchX]dda^c\ ! ZkZcihVcYkVajZhVgZbV_dg[VXidghh]Ve^c\i]ZlVnY^[[ZgZci`^cYhd[ `cdlaZY\ZVgZjhZYVcYi]ZZXdcdb^XeVnd[[hVhhdX^ViZYl^i]i]Vi jhZ#LZaahX]ddaZYeZdeaZldg`^c\^cVXZcigVaaneaVccZYZXdcdbnYd cdieZg[dgbVhlZaaVhi]dhZldg`^c\^cbdgZdeZcbVg`Zi"lZa[VgZdg b^mZYZXdcdb^Zh#
[hjeeanh^YZ XdchigV^cihZbZg\Z!hjX]VhÇcY^c\Vhj[ÇX^ZcicjbWZgd[fjVa^ÇZY iZVX]Zgh!i]Zci]ZgZl^aaWZZkZcV[jgi]ZgcZZY[dg^ccdkVi^kZ gZhedchZh^ci]ZVgZVhd[gZXgj^ibZci!igV^c^c\VcYiZVX]^c\bZi]dYh# BVcV\ZbZcibZi]dYh!dg\Vc^oVi^dcVabdYZahVcY^c\ZcZgVai]Z ^cXZci^kZh$Y^h^cXZci^kZhi]ViVaiZg]dlhX]ddahldg`XVcVahd WZZmeZXiZYidhig^kZidbV`Zi]ZX]Vc\Zid¼WZhiegVXi^XZ½#
8^hXdEjWa^X
L]Vii]^hZmigVedaVi^dcYdZhcdiiZaajhVWdji^hi]ZZmiZciidl]^X]i]Z daYhX]ddahnhiZbh!^cXajY^c\i]Z¼bVhh^ÇXVi^dc½d[edhi"hZXdcYVgn ZYjXVi^dc!l^aagZVaanXdci^cjZidegZYdb^cViZVhi]Zbdhi^bedgiVci dgbdhiegdb^cZcihdjgXZd[aZVgc^c\#>i^hldgi]gZbZbWZg^c\i]Z dWhZgkVi^dc[gdbi]ZiZX]c^XVaZXdcdb^Xha^iZgVijgZi]Vi¼i]Zh]VgZ d[]jbVcXVe^iValZVai]^ci]ZV\\gZ\ViZlZVai]d[i]ZJc^iZYHiViZh Yjg^c\&.)-º&.-.lVh³¾Zhi^bViZYVi¿³VgdjcYVgZbVg`VWaZ.( eZgXZci½ EVaVX^dh"=jZgiV!'%%( #>[i]Zh^\chd[VcZbZg\^c\aZVgc^c\ hdX^Zinh^\c^[nVcZlhdX^d"ZXdcdb^XhnhiZb B^aaZg!'%%(W!'%%+V i]Zc^cYjhig^VahinaZhX]dda^c\!l^i]^ih]j\ZXjhidY^VagdaZi]Vi^ciZg" [ZgZhl^i]aZVgc^c\Z[ÇX^ZcXnVcY^ihVji]dg^iVg^VcgZfj^gZbZcih[dg iZhi^c\$XaVhhgddbWZ]Vk^dg!ZiX#!b^\]i\gVYjVaanWZXdbZbVg\^cVa# G^\]icdli]ZgZ^hcdlVnidiZaa^[i]ZgZl^aaWZZ^i]Zgi]ZX]Vc\Zh^c i]ZXdbedh^i^dcd[i]ZZXdcdbndg^ci]ZgdaZd[hX]dda^c\#L]VilZ Yd`cdl[gdbi]ZeVhi^hi]Vil]Zci]Z]dl!l]Vi!l]ZcVcYl]ZgZd[ lZVai]XgZVi^dcX]Vc\Zhi]ZchdiddYdZhi]ZlVnaZVgc^c\^hegd" YjXZY#I]^hbZVchi]Vi^i^hedhh^WaZi]Vii]Zhigdc\edh^i^kZgZaVi^dc" h]^eWZilZZcl]VieZdeaZ`cdlVcYi]ZlZVai]VcYlZaa"WZ^c\d[ hdX^Zin!VagZVYnZk^YZci[gdbi]Z^cYjhig^VaZgV!XdjaYWZXdbZZkZc XaZVgZg^ci]Z[jijgZ#
&,
6X`cdlaZY\ZbZcih >lVciidi]Vc`8]VgaZh;VYZa!IEgZhh 9#6XZbd\ajVcYH#?d]chdc!'%%,!¾:YjXVi^dcVcY>chi^iji^dch¿!6:68dc[ZgZcXZEVeZgh!8]^XV\d!>A!?VcjVgn*",!'%%, E#6\]^dc!VcYE#=dl^ii!&..-!:cYd\ZcdjhIEgZhh!8VbWg^Y\Z!BVhhVX]jhZiih B#6`g^X]VcYG#B^aaZg!'%%+!¼I]Z;jijgZd[@ZnGZhZVgX]6Xidgh^ci]Z:jgdeZVcGZhZVgX]6gZV/Hnci]Zh^hEVeZg½!=^\]AZkZa:meZgibegdkZbZci^c:Xdcdb^X9ZkZadebZci¿C7:GLdg`^c\EVeZg&'-('!8VbWg^Y\Z!B6/ CVi^dcVa7jgZVjd[:Xdcdb^XGZhZVgX] :#=Vcjh]Z`VcYA#O]Vc\!'%%+!¾FjVa^in"8dch^hiZci:hi^bViZhd[>ciZgcVi^dcVaGZijgchidH`^aa¿!C7:GLdg`^c\EVeZg&'++)!8VbWg^Y\Z!B6/ CVi^dcVa7jgZVjd[:Xdcdb^XGZhZVgX] 8#=Vgbdc!=#DdhiZgWZZ`!VcY>#LVa`Zg#'%%(#¼I]ZgZijgchidZYjXVi^dc/B^XgdZXdcdb^Xh#½?djgcVad[:Xdcdb^XHjgkZnh&,!cd#'/&&*"&**# =ZX`bVc!?VbZh?#!AVcXZ?#AdX]cZg!VcYEZigV:#IdYY#'%%+#¼:Vgc^c\h[jcXi^dch!gViZhd[gZijgcVcYigZVibZciZ[[ZXih/I]ZB^cXZgZfjVi^dc VcYWZndcY#½>c=VcYWdd`d[i]Z:Xdcdb^Xhd[:YjXVi^dc!ZY^iZYWn:g^X6#=Vcjh]Z`VcY;^c^hLZaX]#6bhiZgYVb/Cdgi]=daaVcY/(%,")*-# 9#?dg\ZchdcVcY7#;gVjbZc^!&.-.!¾I]Z6XXjbjaVi^dcd[=jbVcVcYCdc"=jbVc8Ve^iVa!&.)-"&.-)¿!^cG#:#A^ehZnVcY=#H#I^XZ!ZY#! I]ZBZVhjgZbZcid[HVk^c\!>ckZhibZci!VcYLZVai]!8]^XV\d!Jc^kZgh^ind[8]^XV\dEgZhh 6#@gjZ\ZgZiB#A^cYV]a!'%%&!¾:YjXVi^dc[dg\gdli]/l]nVcY[dgl]db4¿!?djgcVad[:Xdcdb^XA^iZgVijgZ!(./&&%&"&&(+
&-
8^hXdEjWa^X
:YjXVi^dcVcY:Xdcdb^X9Ldg`^c\EVeZg.+"&!Jc^kZgh^ind[6VaWdg\ 7#AjcYkVaaVcY7#?d]chdc!&..)!¾I]ZAZVgc^c\:Xdcdbn¿?djgcVad[>cYjhig^VaHijY^Zh!&"'/'(")' 6#BVYY^hdc!'%%&!¾I]ZLdgaY:Xdcdbn/6B^aaZcc^VaEZgheZXi^kZ¿!D:899ZkZadebZci8ZcigZ!EVg^h 6#BVYY^hdc!'%%,!8dcidjghd[i]ZLdgaY:Xdcdbn/i]ZEVXZVcYEViiZgcd[8]Vc\Z!&"'%(%69!8VbWg^Y\ZJc^kZgh^inEgZhh #EVaVX^dh"=jZgiV!'%%(!¾6c:be^g^XVa6cVanh^hd[i]ZG^h`EgdeZgi^Zhd[=jbVc8Ve^iVaGZijgch¿!6bZg^XVc:Xdcdb^XGZk^Zl!.("(/.)-".+) E#GdbZgE!&..%!¾:cYd\ZcdjhIZX]cdad\^XVa8]Vc\Z¿!?djgcVad[Eda^i^XVa:Xdcdbn!.-/,&"&%' :#E#I]dbehdc!&.+,!¾I^bZ!Ldg`9^hX^ea^cZ!VcY>cYjhig^Va8Ve^iVa^hb¿!EVhiVcYEgZhZci!Cd#(-!9ZXZbWZg!*+"., JC:H8D!:YjXVi^dc[dg6aa!'%%'!'%%)!'%%*!'%%+!'%%,!EVg^h! ]iie/$$edgiVa#jcZhXd#dg\$ZYjXVi^dc$Zc$Zk#e]e"JGAT>92).*.&JGAT9D29DTIDE>8JGATH:8I>DC2'%&#]iba K#LVY]lV!cX# &+-GdW^chdcGdVY '-"%&8Ve^iVaIdlZg H^c\VedgZ%+-.&' lll#X^hXd#Xdb IZa/ +*+(&,,,,, ;Vm/ +*+(&,,,..
:jgdeZ=ZVYfjVgiZgh 8^hXdHnhiZbh>ciZgcVi^dcVa7K =VVgaZgWZg\eVg` =VVgaZgWZg\lZ\&("&. &&%&8=6bhiZgYVb I]ZCZi]ZgaVcYh lll"ZjgdeZ#X^hXd#Xdb IZa/ (&%-%%%'%%,.& ;Vm/ (&%'%(*,&&%%
8^hXd]VhbdgZi]Vc'%%d[[^XZhldgaYl^YZ#6YYgZhhZh!e]dcZcjbWZgh!VcY[VmcjbWZghVgZa^hiZYdci]Z8^hXdLZWh^iZVilll#X^hXd#Xdb$\d$d[[^XZh# '%%,8^hXdHnhiZbh!>cX#6aag^\]ihgZhZgkZY#88KE!i]Z8^hXdad\d!VcYi]Z8^hXdHfjVgZ7g^Y\Zad\dVgZigVYZbVg`hd[8^hXdHnhiZbh!>cX#08]Vc\^c\i]ZLVnLZLdg`!A^kZ!EaVn!VcYAZVgc^hVhZgk^XZbVg`d[ 8^hXdHnhiZbh!>cX#0VcY6XXZhhGZ\^higVg!6^gdcZi!7EM!8ViVanhi!8896!889E!88>:!88>E!88C6!88CE!88HE!8^hXd!i]Z8^hXd8Zgi^[^ZY>ciZgcZildg`:meZgiad\d!8^hXd>DH!8^hXdEgZhh!8^hXdHnhiZbh!8^hXdHnhiZbh 8Ve^iVa!i]Z8^hXdHnhiZbhad\d!8^hXdJc^in!:ciZgeg^hZ$HdakZg!:i]Zg8]VccZa!:i]Zg;Vhi!:i]ZgHl^iX]!;VhiHiZe!;daadlBZ7gdlh^c\!;dgbH]VgZ!ciZgcZiFjdi^Zci!>DH!^E]dcZ!>E$IK!^F:meZgi^hZ!i]Z ^Fad\d!^FCZiGZVY^cZhhHXdgZXVgY!^Fj^X`HijYn!A^\]iHigZVb!A^c`hnh!BZZi^c\EaVXZ!BM!Egd8dccZXi!HXg^eiH]VgZ!HB6GIcZi!HiVX`L^hZ!I]Z;VhiZhiLVnid >cXgZVhZNdjg>ciZgcZiFjdi^Zci!VcYIgVchEVi]VgZgZ\^hiZgZYigVYZbVg`hd[8^hXdHnhiZbh!>cX#VcY$dg^ihV[[^a^ViZh^ci]ZJc^iZYHiViZhVcYXZgiV^cdi]ZgXdjcig^Zh# 6aadi]ZgigVYZbVg`hbZci^dcZY^ci]^hYdXjbZcidgLZWh^iZVgZi]ZegdeZgind[i]Z^ggZheZXi^kZdlcZgh#I]ZjhZd[i]ZldgYeVgicZgYdZhcdi^beanVeVgicZgh]^egZaVi^dch]^eWZilZZc8^hXdVcYVcndi]ZgXdbeVcn# %,%*G
