*5
1.8
%Ã,QGLFDWRUHÃGLÃFDORUHÃUHVLGXR
6HUYHÃDÃLQGLFDUHÃDOO·XWHQWHÃFKHÃLO
YHWURà qà DGà XQDà WHPSHUDWXUD
SHULFRORVDÃLQÃFDVRÃGLÃFRQWDWWRÃFRQ
WXWWDÃ O·DUHDÃ VRYUDVWDQWHÃ ODÃ ]RQD
FRWWXUDÃ /DÃ WHPSHUDWXUDÃ YLHQH
GHWHUPLQDWDÃVHJXHQGRÃXQÃPRGHOOR
PDWHPDWLFRÃHÃXQÃHYHQWXDOHÃFDORUH
UHVLGXRÃ YLHQHÃ LQGLFDWRÃ FRQÃ XQD
´+μà GDOà FRUULVSRQGHQWHà GLVSOD\
DÃVHWWHÃVHJPHQWL
,OÃ
ULVFDOGDPHQWRÃ
UDIIUHGGDPHQWRÃVRQRÃFDOFRODWLÃLQ
UHOD]LRQHÃD)
ÃÃ,OÃOLYHOORÃGLÃSRWHQ]DÃVHOH]LRQDWR
GDô´ÃDô(´
ÃÃ,OÃSHULRGRÃGLÃDWWLYD]LRQHÃGHLÃUHOq
'RSRÃDYHUÃVSHQWRÃODÃ]RQDÃFRWWXUD
LOÃFRUULVSRQGHQWHÃGLVSOD\ÃPRVWUD
´+μà ILQRà Dà FKHà ODà WHPSHUDWXUD
GHOODÃ]RQDÃQRQÃVFHQGHÃDOÃGLÃVRWWR
GHOà OLYHOORà FULWLFRà c à à % p &
VHFRQGRÃLOÃPRGHOORÃPDWHPDWLFR
(#
1.8
%Ã5HVLGXDOÃKHDWÃLQGLFDWRU
,WÃLVÃPHDQWÃWRÃLQGLFDWHÃWRÃWKHÃXVHU
WKDWÃ WKHÃ JODVVÃ FHUDPLFÃ KDVÃ D
GDQJHURXVÃWRXFKÃWHPSHUDWXUHÃLQ
WKHÃFLUFXPIHUHQFHÃRIÃDÃFRRNLQJ
]RQHÃÃ7KHÃWHPSHUDWXUHÃZLOOÃEH
GHWHUPLQHGÃ IROORZLQJÃ D
PDWKHPDWLFDOÃ PRGHOÃ DQGÃ WKH
UHPDLQLQJÃUHVLGXDOÃKHDWÃZLOOÃEH
LQGLFDWHGÃE\ÃPHDQVÃRIô+μÃRQ
WKHÃ FRUUHVSRQGLQJÃ &VHJPHQW
HÃ
LO
GLVSOD\
+HDWLQJXSÃ DQGÃ FRROLQJÃ GRZQ
ZLOOÃEHÃFDOFXODWHGÃGHSHQGHQWÃRQ
ÃÃWKHÃVHOHFWHGÃVHWWLQJÃÅ´ÃWRÃÅ(´
ÃÃWKHÃ212))ÃWLPHÃRIÃWKHÃUHOD\V
$IWHUÃ VZLWFKLQJ2))Ã WKH
FRRNLQJÃ ]RQHÃ WKHÃ UHVSHFWLYH
GLVSOD\à VKRZVà ´+μà XQWLOà WKH
DVVLJQHGÃ FRRNLQJÃ ]RQH
WHPSHUDWXUHÃLVÃPDWKHPDWLFDOO\
LQÃDÃXQFULWLFDOÃOHYHOÃ c ÃÃ%p&
21
'3
1.8
%Ã,QGLFDWHXUÃGHÃFKDOHXUÃUpVLGXHOOH
,OÃVLJQDOHÃjÃO·XWLOLVDWHXUÃTXHÃOH
YHUUHÃHVWÃFKDXGÃHWÃSHXWÃSUpVHQWHU
XQÃ GDQJHUÃ HQÃ FDVÃ GHÃ FRQWDFW
DYHFÃODÃVXUIDFHÃVLWXpHÃDXWRXUÃGX
IR\HUÃ /DÃ WHPSpUDWXUHÃ HVW
GpWHUPLQpHÃjÃSDUWLUÃG·XQÃPRGqOH
PDWKpPDWLTXHÃ /DÃ FKDOHXU
UpVLGXHOOHÃ HVWÃ LQGLTXpHÃ SDUÃ OD
OHWWUHô+μÃVXUÃO·DIILFKHXUÃjÃVHSW
VHJPHQWVÃFRUUHVSRQGDQW
/HÃ
FKDXIIDJHÃ
HWÃ
UHIURLGLVVHPHQWÃVRQWÃFDOFXOpVÃHQ
IRQFWLRQ )
ÃÃ GHÃ ODÃ SXLVVDQFHÃ VpOHFWLRQQpH
GHô´Ãjô(´
ÃÃ GHÃ ODÃ GXUpHÃ G·DFWLYDWLRQÃ GHV
UHODLV
$SUqVÃ DYRLUÃ pWHLQWÃ OHÃ IR\HU
O·DIILFKHXUÃ FRUUHVSRQGDQW
LQGLTXHô+μÃMXVTX·jÃFHÃTXHÃOD
WHPSpUDWXUHÃ
GXÃ
UHGHVFHQGHÃ HQÃ GHVVRXVÃ GX
QLYHDXÃFULWLTXHÃ c Ã% p &ÃVXUÃOD
EDVHÃGXÃPRGqOHÃPDWKpPDWLTXH
OH
IR\HU
