The Effect of Drug Prohibition on Drug Prices: Evidence from the Markets for Cocaine and Heroin

(1)

qY e&{ BP Z _BY$A$$Bt Bt Z _${RU e%$It{ PB8 Y s,R PB ]B{s$t stI <B$t

F&k V $Bt

*}s8t BP e{BtB8${R BRBt =t$%R$k

sk 1((n

y s8 sPZj B Y esYs 3BZtIs$Bt PB htst{$sj RZ}}B stI B VtT

js *$jjR PB Rs{Y sRR$Rst{ y Yst, ejts Vj%s9 et$ tI

7Yst <Zt s, j$8st V%$% W%B i${sIB iB{Ys 3$Bts 7{BTBBt

i${YsI 7}sIk FZst q{{B WBA qj8Bt stI 3st{$R{B qYBZ8$ PB Yj}

$t htI$t stI ZtIRstI$t Iss ]sBjkt qs%R stI iBA Fst${ BP

Y eV PB Yj} $t BAs$t$t stI ZtIRstI$t Y 7qiye Iss stI G$jj$s8 iYBIR stI _s${, FBYtRBt PB sII$$Btsj Yj} b$Y YR Iss y Ys% {$%I ZRPZj {B88tR PB8 R8$ts }s${$}stR s BRBt =t$%T R$k ]Y${sB ]js, *s8BZY _$t{Bt =t$%R$k BP yjj$tB$R w]Y${sBD

=]7* stI Y yqT<s%sI y! bB,RYB} FBtsYst s, Fst ]B%T

$tBt sk ]st FBt ]sZj,$tR *s%$I 3$I8st $jBt 3$I8st 7$T 8Bt p$j{Y$R s, j$8st FBYt NsYk 7% N%$ iBA s{]BZt

]sRk Zjj$st 7s8 _j98st F$8 _BAs e${ isR8ZRRt BA iBRtT

Ysj _ iZ 7Yb$t iBRt Z{ 7s{IB Fs8R G$jRBt stI bB

stBtk8BZR PR }B%$II ZRPZj {B88tR B I$R{ZRR$Bt

(2)

qY e&{ BP Z _BY$A$$Bt Bt Z _${RU e%$It{ PB8 Y s,R PB ]B{s$t stI <B$t

VARs{

qY$R }s} -s8$tR Y &{ BP IZ }BY$A$$Bt Bt Y Ajs{, 8s,

}${R BP {B{s$t stI YB$t qY }s} -s8$tR Y s$B BP s$j B Ps8T

s }${ PB {B{s$t YB$t stI R%sj jsj BBIR stI $ {B8}sR jsj

%RZR Ajs{, 8s, }${R PB {B{s$t stI YB$t qY RZjR RZR Ys

{B{s$t stI YB$t s RZARst$sjjk 8B -}tR$% Yst Yk bBZjI A $t s jsj$9I 8s, AZ B s jRR I Yst RZRI $t }%$BZR Rs{Y

FeN WZ8ARU <dd <1 ;1 Nxd NEx NEE

F&k V $Bt

*}s8t BP e{BtB8${R BRBt =t$%R$k

BRBt V (11dx wEdD nxnTEMd

`8$BtoAZIZ

Y}U\\{BtAZIZ\8$Bt\

(3)

d ytBIZ{$Bt

qY &{ BP IZ }BY$A$$Bt Bt IZ }${R $R st $8}Bst }ss8 $t Y

IAs B% jsj$9s$Bt %RZR }BY$A$$Bt e-$R$t stsjkRR RZR Ys

}BY$A$$Bt YsR s$RI }${R Is8s${sjjk 8s,$t IZR t btk B %t YZtIIR BP $8R 8B -}tR$% Yst Yk bBZjI A $P jsj

^d

3B8 ABY

YB${sj stI 8}$${sj }R}{$%R YBb% Y RstIsI {Bt{jZR$Bt $R }Bt$sjjk BB RBt

!t Y YB${sj R$I Y }RZ8}$Bt Ys }BY$A$$Bt s$RR IZ

}${R $8}j${$jk {B8}sR }BY$A$$Bt B js$RR9TPs$ qY j%st {B8}s$T RBt YBb% $R Abt }BY$A$$Bt stI Y s-s$BtT{Z8TZjs$Bt $8

Ys bBZjI s}}jk $P IZR b jsj 7$t{ Ajs{, 8s, RZ}}j$R Ps{ jBb 8s$tsj {BRR BP %sI$t s- stI ZjsBk }Bj${$R $%t Yk tB8sjjk Y$I Y$ s{$%$$R PB8 jsb tPB{8t sZYB$$R Yk t`Bk s {BR sIT

%sts Ys }s$sjjk B&RR Y $t{sRI {BRR {sI Ak }BY$A$$Bt yt sII$$Bt }BY$A$$Bt I$&R PB8 s s-s$BtT{Z8TZjs$Bt $8 $t Y

s8BZt BP tPB{8t Y tsZ BP {B8}j$st{ $t{t$%R Y I BP 8s, }Bb stI Y j%j BP sI%$R$t qYR I$&t{R {st bs,t B

%t %R Y RstIsI }RZ8}$Bt w$Bt 1((dD

d

7 PB -s8}j 3$I8st wd1D iZ stI j$8st wdMED BB wd(D WsIjT 8stt wddD Bst wddD B} stI iZ wdED B ]sZj,$tR stI iZ wdMD

d

(4)

!t Y 8}$${sj R$I 8BR stsjkRR BP }BY$A$$Bt stI IZ }${R R$8T }jk tB Ys Y sb 8s$sjR ZRI B }BIZ{ IZR Rjj s jBb }${R $t }BIZ{ {BZt$R bY$j Y ht$RYI }BIZ{R Rjj s Y$Y }${R $t {BtRZ8

{BZt$R

¹

qY$R s}}Bs{Y IBR tB s{{BZt PB Y RBs stR}Bs$Bt

I$R$AZ$Bt stI s$j$t {BRR Ys -$R PB stk }BIZ{ tB IBR $ {BT t$9 Ys Ajs{, 8s, RZ}}j$R %sI s- stI ZjsBk {BRR k}${sjjk

$t{ZI Ak jsj RZ}}j$R qYZR Y I$&t{ Abt Y Ps8s }${

stI Y s$j }${ B%RsR Y &{ BP }BY$A$$Bt

qY$R }s} {BtR$IR Y js$Bt Abt IZ }BY$A$$Bt stI IZ

}${R qY RZjR s JZsj$s$%jk R$8$js B YBR $t Y }%$BZR j$sT

Z AZ Yk RZR s jRR Is8s${ &{ BP }BY$A$$Bt VtI Ak s{{BZtT

$t PB %s$BZR Ps{BR Ys I8$t IZ }${R Y RZjR }B%$I 8B

{Bt%$t{$t %$It{ BP YR &{R

7{$Bt 1 }RtR Iss Bt Y s$B BP s$j B Ps8s }${ PB {B{s$t

YB$t stI jsj BBIR RZ{Y sR {YB{Bjs {B& s A stI BAs{{B

qY Iss RYBb Ys s$j {B{s$t stI YB$t }${R s YZtIIR BP $8R

Y {BRR BP Y sb 8s$sjR ZRI B 8s, YR BBIR {BtR$Rt b$Y

1

V }s$sj -{}$Bt $R ]sZj,$tR stI iZ wdMD bYB JZst$Pk Y {BRR Ys bBZjI

-$R $t Y sARt{ BP }BY$A$$Bt stI R$8sR Y {BRR $8}BRI Ak tPB{8t qYk IB tB YBb% s{{BZt PB Y s-s$Bt stI ZjsBk {BRR Ys s %sII Ak Ajs{, 8s, RZ}}j$R

1

(5)

sj$ stsjkRR qY Iss sjRB RYBb YBb% Ys s$j }${ $R RB8$8R YZtIIR BP $8R Y Ps8s }${ PB jsj BBIR sR bjj qYZR Y

Y$Y %sjZ BP Y$R s$B PB {B{s$t stI YB$t IBR tB Ak $RjP $tI${s s RZARst$sj &{ BP }BY$A$$Bt

qB $tP Y $8}s{ BP }BY$A$$Bt PB8 YR Iss Bt 8ZR I{$I bY${Y jsj BBI }B%$IR st s}}B}$s 8BIj PB s jsj$9I {B{s$t B YB$t 8s, yP Y s}}B}$s At{Y8s, $R js$%jk Zt}B{RRI BBIR RZ{Y sR {B& AstR $t s B{k RB Y Iss RZR Ys Ajs{, 8s, {B{s$t

stI YB$t s }Ys}R YZtIIR BP $8R Y$ jsj$9I }${R yP Y s}T }B}$s At{Y8s, $R 8B }B{RRI BBIR RZ{Y sR R}RRB s 7sAZ{,R

Yt Y Iss RZR Ajs{, 8s, {B{s$t $R 1 $8R Y jsj }${ bY$j

Ajs{, 8s, YB$t $R E $8R Y jsj }${ qY $Y 8BIj $R j$,jk Abt YR -8R AZ y RZR Ys Y R}RRB At{Y8s, $R tB

$8}jsZR$Aj

7{$Bt n -s8$tR Y }${R BP jsj {B{s$t 8B}Y$t stI YB$t ]BT {s$t $R {Ztjk }R{$AI sR s B}${sj stRY${ bY$j 8B}Y$t $R b$Ijk ZRI sR st stsjR${ yt sII$$Bt {B{s$t 8B}Y$t stI YB$t s ZRI jsjjk PB R{$t$h{ stsjk${ stI Rs{Y }Z}BRR +Zsj$k {BtR$Is$BtR sR$I Ajs{, 8s, {B{s$t $R BZYjk Y Rs8 }${ sR jsj {B{s$t bY$j

n

(6)

Ajs{, 8s, YB$t $R BZYjk Y $8R Y }${ BP jsj YB$t VI`ZRT

$t PB s j$,jk 8BtB}Bjk 8s,Z} Y Iss $8}jk Ys {B{s$t $R PBZ $8R 8B -}tR$% Yst $ bBZjI A $t s jsj 8s, bY$j YB$t $R }Ys}R t$tt $8R $R jsj$9I }${

7{$BtR 1 stI n YZR RZR Ys {Zt {B{s$t stI YB$t }${R s RZARst$sjjk Y$Y Yst Yk bBZjI A $t s jsj 8s, AZ B s jRR I Yst RZRI $t sj$ bB, !t sRBt PB Y I$&t{

$R Ys sj$ stsjkRR sRRZ8 }BY$A$$Bt {sZRR Y t$ $t{sR $t }${

PB8 Ps8s B s$j yt sII$$Bt sj$ stsjkRR Ps$j B tB Ys bY$j

}BY$A$$Bt $8}BRR {BRR Bt Ajs{, 8s, RZ}}j$R $ Ps{$j$sR %sR$Bt BP {BRR k}${sjjk ABt Ak jsj RZ}}j$R

7{$Bt ; YPB -s8$tR Y {BRR $t{ZI Ak jsj RZ}}j$R AZ

%sII B s%B$II Ak Ajs{, 8s, RZ}}j$R qYR $t{jZI s-R t%$T

Bt8tsj RsPk stI YsjY Zjs$Bt jsAB 8s, Zjs$Bt stI sIT

%$R$t -}tI$ZR s8BtR BYR qY RZjR RZR Ys RZ{Y {BRR {BtR$Z sABZ x( }{t BP Y }${ BP jsj }BIZ{R

7{$Bt x Yt -s8$tR Y {BRR $8}BRI Ak }BY$A$$Bt tPB{8t

qY RZjR RZR Ys }BY$A$$Bt:R &{R Bt jsAB {s}$sj stI 8s$sjR {BRR s sABZ Y Rs8 8st$ZI sR Y s- stI ZjsBk {BRR s%B$II

;

(7)

Ak Ajs{, 8s, RZ}}j$R qY PZjj &{ BP }BY$A$$Bt $R js $P }BY$A$$Bt s&{R Ps{B }B}B$BtR B {BtB8$R BP R{sj Z Y &{R Bt Ps{B

}${R s {BtR$Rt b$Y js$%jk 8BIR B%sjj &{R

7{$Bt E {Bt{jZIR

1 qY _${R BP ]B{s$t <B$t stI X7$8$T js" _BIZ{R

qY$R R{$Bt -s8$tR Y &{ BP }BY$A$$Bt Bt IZ }${R Ak R$8s$t

Y s$B BP s$j }${ B Ps8s }${ PB {B{s$t YB$t stI R%sj jsj BBIR _BY$A$$Bt $R tB Y Btjk sRBt Y$R s$B 8$Y I$& s{BRR {B88BI$$R }BIZ{$Bt RBs stR}Bs$Bt I$R$AZ$Bt stI s$j$t

{BRR sjj {Bt$AZ B Y$R s$B Z $P Y s$BR PB {B{s$t stI YB$t s

{BtR$Rtjk js Yst YBR PB jsj BBIR Y$R RZRR st $8}Bst Bj

PB }BY$A$$Bt $t s$R$t IZ }${R qY$R s$B $R sjRB Y 8s$t $tI${sB BP }BY$A$$Bt:R $8}s{ 8}jBkI $t }%$BZR bB,

1d qY _BIZ{$Bt stI _${$t BP ]B{s$t stI <B$t

]B{s$t $R st sj,sjB$I BP Y {B{s }jst e-s{$t {B{s$t PB8 {B{s $tT

%Bj%R Y PBjjBb$t R}R wBsjR dM }}ETMEDU

d isb {B{s js%R s }${,I Ak YstI I$I $t Y RZt stI 8s,I

x

(8)

1 *$I {B{s js%R s 8sRYI b$Y bs stI RZjPZ${ s{$I Y$R }BIZ{R s ABbt$RY s{$I${ j$JZ$I Ys {Bts$tR Y {B{s$t sj,sjB$I

n qY s{$I${ j$JZ$I $R $tBIZ{I $tB s tb }$ bY Y s{$I $R tZT

sj$9I Ak sII$t s AsR Vt Bst${ RBj%t $R sIII sP bY${Y s 4Z$I Ys IBR tB {Bts$t Y RBj%t $R I{stI

; qY R{BtI I{stI 4Z$I $R sIII B s {Bts$t BP bs stI RZjPZ${

s{$I RBI$Z8 {sABts $R Yt sIII V bY$ RZARst{ PB8R s Y

ABB8 qY$R bY$ RZARst{ bYt I$I $R {B{s }sR

x qY {B{s }sR $R {Z8AjI stI I$jZI $t s{Bt s 4Z$I {Bts$t$t

Y sj,sjB$I $R Yt I{stI <B s$ $R sIII B %s}Bs Y s{Bt

js%$t Y sj,sjB$I {BtItRs qY$R RZARst{ $R }RRI B 8B%

bs stI R$tR Y 8s$t$t RZARst{ $R {B{s$t AsR

E qY {B{s$t AsR $R I$jZI $t s{Bt stI 8$-I b$Y s{Bt Y

stI YkIB{YjB${ s{$I qY Y stI s{Bt s I{stI B js%

Y Rsj PB8I PB8 {B{s$t AsR stI YkIB{YjB${ s{$I VP Ik$t

Y$R RZARst{ $R }BbII {B{s$t YkIB{YjB$I

E

(9)

qsAj d }RtR Iss Bt Y }${ BP {B{s jsP stI {B{s$t

ⁿ

qY hR Bb I$R}jskR Y }${ $t _Z BP Y s8BZt BP {B{s jsP t{RRsk B }BIZ{

s }Z s8 BP {B{s$t YkIB{YjB$I w]<]ND qY R{BtI Bb I$R}jskR Y

s$j }${ } }Z s8 BP ]<]N $t Y =t$I 7sR qY s$B BP s$j

B Ps8s }${ $R 1E1

<B$t $R s R8$TRktY${ {B8}BZtI I$%I PB8 Y B}$Z8 }B}}k _sT }s% RB8t$PZ8 _BIZ{$t YB$t PB8 B}$Z8 {BtR$RR BP Y PBjjBb$t

R}R w$%st, dMM }d(EDU

d yt{$R$BtR s 8sI Bt Y $88sZ RI {s}RZj V 8$j,k -ZIs

8R Y I$I -ZIs $R ABbt sb B}$Z8 bY${Y $R 8s,I Ak

Y B}$Z8 Ps8R

1 isb ABbt B}$Z8 $R RBs,I YsI stI hjI Y$R }BIZ{R s ABbt }BbI bY${Y $R 8B}Y$t AsR B WB d YB$t y s,R sABZ

d( , BP B}$Z8 B 8s, d , BP 8B}Y$t AsR stI d , BP 8B}Y$t

AsR }BIZ{R sABZ dd , BP YB$t wNb$R dM;D

n V{kjs$Bt BP Y 8B}Y$t AsR }BIZ{R s }BbIk k RZARst{

,tBbt sR WB 1 YB$t B YB$t AsR qY$R $R tB bs RBjZAj stI

n

qY Iss RBZ{R PB sjj sAjR s $%t $t st s}}tI$- Ys $R s%s$jsAj Z}Bt JZR

qY$R $tPB8s$Bt $R sjRB s%s$jsAj $t $Bt w1((dD

(10)

tB $t`{sAj

; WB 1 YB$t {st A htI $tB WB n B R8B,$t YB$t s stZjs

RBjZAj Rsj Ys {st A k ABbt AjZ$RY B }$t, qY$R {B88Bt PB8 BP YB$t YsR s 8B}Y$t {Btt BP sABZ n( }{t

x WB n YB$t {st A htI PZY B $% WB ; YB$t s bY$

}BbI y {st A Z} B ( }{t 8B}Y$t

qsAj 1 }RtR Iss Bt Y }${ BP B}$Z8 stI YB$t qY hR R%t

BbR I$R}jsk Y }${ $t %s$BZR {BZt$R BP Y s8BZt BP B}$Z8 t{RRsk

B }BIZ{ Bt s8 BP YB$t qY htsj Bb $%R Y s$j }${ BP YB$t

$t Y =t$I 7sR VRRZ8$t Y s8BZt BP B}$Z8 t{RRsk B }BIZ{

Bt s8 BP YB$t {BRR cd(( Y Iss $8}jk s s$j B Ps8s s$B BP M;;

11 qY _BIZ{$Bt stI _${$t BP Nsj pBBIR

y tBb -s8$t Y }BIZ{$Bt stI }${$t BP R%sj jsj BBIR y PB{ZR Bt BBIR Ys s I$%I PB8 s${ZjZsj }BIZ{R Ys s }BIZ{I $t

Y Rs8 {BZt$R sR {B{s$t stI YB$t stI Ys s I$R$AZI b$Ijk stI }Z{YsRI s Y s$j j%j Ak {BtRZ8R PB 8B B jRR $88I$s

M

(11)

{BtRZ8}$Bt y Zt AjBb B bYY YR BBIR s R$8$js tBZY B {B{s$t stI YB$t B sjjBb PB 8st$tPZj {B8}s$RBtR

]YB{Bjs stI {B{Bs s }BIZ{I PB8 {B{Bs AstR Y RIR BP Y

{B{Bs }jst qYBAB8s {B{Bs _BIZ{$t {YB{Bjs stI {B{Bs $t%Bj%R Y

PBjjBb$t R}R wytts$Btsj ]B{Bs !st$9s$Bt dDU

d qY $} }BIR BP Y {B{Bs s Ys%RI Ak YstI qYR }BIR s

Y R$9 BP R8sjj 8jBtR stI {Bts$t Y {B{Bs RIR

1 qY }BIR s AB,t s}s B -s{ Y RIR stI }Zj} qY$R B{{ZR

Td( IskR sP Y }BIR Ys% At Ys%RI

n qY RI\}Zj} {B8A$ts$Bt $R RBI $t s bs8 }js{ Ys sjjBbR ksR

B As, IBbt Y }Zj} ,$jj Y AstR stI }BIZ{ BY A$B{Y8${sj

s{$BtR Ys I%jB} 4s%B stI {BjB qY$R s,R xT IskR

; qY P8tI AstR s I$I stI 8s,I Ak Ps8R

x qY AstR s {jstI stI BsRI qY RYjjR s 8B%I PB8 Y

BsRI AstR bY${Y js%R Y t$AR qY t$AR s sj,sj$t$9I B I%jB}

{BjB stI 4s%B

E qY t$AR s {ZRYI B }BIZ{ {B{Bs j$JZB bY${Y $R {B{Bs }s${jR RZR}tII $t {B{Bs AZ

(12)

7B8 {B{Bs j$JZB $R }RRI B }BIZ{ {B{Bs }RR{s, s RBj$I 8sRR

stI {B{Bs AZ Y }RR{s, $R }Zj%$9I B 8s, {B{Bs }BbI

M qY 8s$t$t {B{Bs j$JZB $R 8sI $tB {YB{Bjs Ak sII$t {B{Bs AZ RZs 8$j, 8ZjR$Pk$t stR stI BY $tI$tR

qsAj n }B%$IR Iss Bt Y }${ BP {B{Bs AstR stI {YB{Bjs }BIT Z{R

^;

qY R$8sI s$B BP s$j B Ps8s }${ $R MM PB 8$j, {YB{Bjs

}Z{YsRI s s IZ RB nd PB Zjs {B{Bs }BbI }Z{YsRI s s B{k RB En PB *Z{YT}B{RRI {B{Bs }BbI }Z{YsRI s s B{k RB stI

;;d PB s {Z} BP YB {YB{Bjs }Z{YsRI s s {B& As

]B& $R 8sI PB8 RIR BP Y {B& AZRY ]B&s ssA${s wY$Y JZsj$k {B&D B ]B&s {st}YBs wjBb JZsj$k {B&D _BIZ{$t {B& $t%Bj%R

Y PBjjBb$t R}R w]B&=t$%R dDU

d _BIR w{Y$RD {Bts$t$t Y {B& AstR s Ys%RI

1 qY AstR wY RIR BP Y {Y$RD s 8B%I

n qY t AstR s I$I R$9I RBI sII stI Rj{I Yt }s{,I $tB AsR PB RY$}8t B BsRR

;

qY 8s$t$t sAjR $t Y R{$Bt }B Y $8}j$I }${ } Zt$ BP sb 8s$sj s s{Y Rs bYsR qsAjR dT1 }B Y $8}j$I }${ } Zt$ BP htsj BBI s s{Y Rs qY$R $R PB {Bt%t$t{ stI YsR tB &{ Bt Y s$BR

d(

(13)

qsAj ; }B%$IR Iss Bt Y }${R BP {B& AstR stI {B& }BIZ{R

qY R$8sI s$B BP s$j B Ps8s }${ $R nTnx PB BsRI BZtI AstR TM PB BsRI bYBj AstR 1Tn; PB s {Z} BP {B& stI d1ETd;M PB st R}RRB B R}RRBTAsRI I$t,

qsAj xT RZ88s$9R R$8$js $tPB8s$Bt PB s tZ8A BP sII$$Btsj

BBIR $Bt w1((dD IR{$AR Y }BIZ{$Bt }B{RRR qY R$8sI s$B BP s$j B sZ{$Bt }${ $R M PB s $t s AB- BP Zjs s AsR n; PB Y

s $t s AB- BP R}{$sjk s AsR stI 1nn PB Y s $t s }B BP s qY

R$8sI s$B BP s$j B Ps8s }${ $R dnTdMx PB A RBjI $t s j$JZB

RB stI xxE PB A RBjI $t AsR B RsZst qY R$8sI s$B BP

s$j B Ps8s }${ $R n( PB Y BAs{{B $t {$sR

1n *$R{ZRR$Bt

qY {$${sj JZR$Bt $t Isb$t {Bt{jZR$BtR PB8 YR Iss $R bY${Y jsj

BBI }B%$IR s }jsZR$Aj 8BIj PB jsj$9I {B{s$t B YB$t !t %$b $R

Ys Y jsj$9I 8s, bBZjI R8Aj Rsk BZtI {B& s Y B{k RB =tI Y$R %$b Y Iss RZR {B{s$t $R M( $8R $R jsj }${

bY$j YB$t $R YZtIIR BP $8R $R jsj }${ V I$&t %$b $R Ys Y

jsj$9I 8s, bBZjI R8Aj Rsk Y 8s, PB R}RRB s 7sAZ{,R

=tI Y$R %$b Y Iss RZR {B{s$t $R Btjk sABZ b${ $R jsj }${

dd

(14)

bY$j YB$t $R sABZ R$- $8R $R jsj }${

yt s jsj 8s, IZR bBZjI }RZ8sAjk A s%s$jsAj ABY $t js$%jk Zt}B{RRI AZj, JZst$$R s jBb }${R w AZj, ]<]N s IZ RBRD stI $t js$%jk }B{RRI R8sjj JZst$$R s Y$Y }${R w {s{, R8B,T

$t YB$t {B{s s stI B}$Z8 I$t,R s AsR stI {B& RYB}RD qYZR sR b$Y 8stk jsj BBIR jBb stI Y$Y }${R bBZjI -$R R$8ZjstBZRjk PB

I$&t %R$BtR BP Y {B88BI$k

qY stRs{$BtR ZRI B {B8}Z Y }${ BP Ajs{, 8s, {B{s$t stI YB$t YBb% s PB R8sjj JZst$$R $t js$%jk }B{RRI PB8 w

R8sjj s8BZtR BP {s{,D qYZR Y 8B s}}B}$s {B8}s$RBt $R }jsZR$Ajk b$Y Y }${R BP Y js$%jk }B{RRI jsj }BIZ{R RZ{Y sR R}RRB

$8}jk$t &{R BP }BY$A$$Bt s Y jBb tI BP Y st I$R{ZRRI sAB%

qY$R {Bt{jZR$Bt $R tB $Bt {jsI Y }Z{YsR BP st R}RRB s 7sAZ{,R I$&R $t 8stk R}{R PB8 }Z{YsR BP {B{s$t s s {s{, YBZR Z Y

Ps{ Ys RZARst$sj s$j B Ps8s s$BR -$R PB jsj BBIR $t{jZI$t

YBR b$Y I$R$AZ$Bt stI s$j$t }stR Ys s R$8$js B bYs bBZjI }jsZR$Ajk -$R PB IZR $t s jsj 8s, s jsR s$RR Y }BRR$A$j$k Ys

}BY$A$$BtR &{ $R Ps R8sjj Yst $tI${sI $t }%$BZR Rs{Y

ytI}tIt BP bY${Y {B8}s$RBt }B%$IR Y $Y At{Y8s, Y

d1

(15)

s s tZ8A BP }BRR$Aj A$sRR $t Y {sj{Zjs$BtR }BI sAB% stI YR

RZR R8sjj sY js &{R BP }BY$A$$Bt 3$R 8B }B{RR$t

s,R }js{ APB Y hR 8s, stRs{$Bt $t Y jsj }BIZ{R Yst $t

Y {sRR BP {B{s$t stI YB$t $8}jk$t Y s$jTBTPs8s s$BR s

ZtIRsI PB jsj BBIR 7{BtI Y }${R BP jsj BBIR $t R}{$sj$9I jB{s$BtR RZ{Y sR Y$Ybsk R RB}R B 8B%$ YsR s k}${sjjk Y$Y

Yst YBR {BtR$II Y qY$I Y Iss RBZ{ ZRI B BAs$t }${

Iss j$,jk B%RsR stRs{$BtR }${R Ps{I Ak s{Zsj IZ {BtRZ8R sR B}}BRI B *eV stR w$Bt w1((d }}xTEDD

^x

V I$&t $RRZ $R Ys Y {B8}s$RBtR Y $8}j${$jk sRRZ8 jsj IZR bBZjI A s-I stI ZjsI j$, stk BY BBI yt }s{${ IZR bBZjI j$,jk A RZA`{ B Y$Y Yst ZRZsj s-s$Bt e-{RR$%jk Y$Y s-R bBZjI

RZj $t s Ajs{, 8s, AZ -}$t{ b$Y sj{BYBj stI {$sR RZRR

s-R {st s$R }${R Ak s Ps{B BP 1Tn b$YBZ ts$t s Ajs{, 8s,

qY ABB8 j$t $R YPB Ys }%$BZR stsjkRR Ys% B%RsI Y

&{ BP }BY$A$$Bt Bt }${R stI ZtI }jsZR$Aj sRRZ8}$BtR Y$R B%T Rs8t YsR At RZARst$sj

x

V }BRR$Aj A$sR $t Y BY I${$Bt $R Ys {B{s$t stI YB$t {BtRZ8R 8$Y

}Z{YsRR R8sjj s8BZtR s Y$Y } Zt$ }${R A{sZR Yk s j$JZ$I$k {BtRs$tI

Vt sjts$% -}jsts$Bt PB RZ{Y AYs%$B $R Ys {BtRZ8R s {B88$$t B s jBb {BtRZ8}$Bt s

dn

(16)

n qY _${ BP Nsj ]B{s$t B}Y$t stI

<B$t

V I$&t bsk B I8$t Y &{ BP }BY$A$$Bt Bt }${R $R B {B8}s

Ajs{, 8s, stI jsj stRs{$BtR

^E

]B{s$t $R ZRI jsjjk $t Y =t$I 7sR sR s B}${sj stRY${ 8s$tjk $t Y Z}} R}$sBk s{ w]ssjj stI s{,$ wdE }nnMDD yt sII$$Bt {B{s$t $R ZRI jsjjk PB {s$t R{$t$h{ stsjk${ stI Rs{Y }Z}BRR 3B -s8}j R8sjj s8BZtR BP {B{s$t s ZRI B R AjBBI Z$t stI Ys$ Rs8}jR PB Y }Rt{ BP {B{s$t 8sABj$R <B$t $R tB ZRI jsjjk sR 8I${$t $t Y =t$I 7sR AZ $ $R ZRI PB R{$t$h{ Rs{Y stI stsjk${ }Z}BRR

nd _${R PB Nsj ]B{s$t

qsAj M }B%$IR Iss Bt Y }${ BP jsj {B{s$t qY hR PBZ BbR s PB8 Y iI BB, s RstIsI {ssjBZ BP bYBjRsj }Ys8s{Z${sj }${R ZRI Ak }Ys8s{$RR YBR}$sj I$R}tRs$R <!R stI Y j$, qYR

E

BB wd(D stI Bst wddD {B8}s Y }${ BP jsj stI Ajs{, 8s, {B{s$t

qY jsj }${ JZBI Ak BB $R RZARst$sjjk AjBb Y {Zt jsj }${ AZ $ $R tB

AsRI Bt s stRs{$Bt $t AZj, {B{s$t qY }${ {$I Ak Bst $R sjRB RZARst$sjjk AjBb Y {Zt jsj }${ AZ $ $R s }${ s%s$jsAj B X$t%R$sBR" bY${Y 8sk tB A Y tsj 8s, }${ W%YjRR Y s}}sR B Ys% At s RZARst$sj

$t{sR $t Y }${ BP jsj {B{s$t B% Y }sR I{sI

]B{s$t stI 8B}Y$t s 7{YIZj yy IZR ZtI Y ]BtBjjI 7ZARst{R V{ BP d( qY$R 8stR Yk Ys% s{{}I 8I${sj ZRR stI {st A jsjjk }R{$AI ZtI

{s$t {BtI$$BtR <B$t $R s 7{YIZj y IZ bY${Y 8stR $ YsR tB {Ztjk s{{}I 8I${sj ZR $t Y =t$I 7sR

d;

(17)

s }${R s bY${Y }Ys8s{Z${sj 8stZPs{ZR s b$jj$t B Rjj Y$

}BIZ{R qY t- PBZ BbR }B Y }${R s bY${Y %s$BZR {B8}st$R AZk B Rjj {B{s$t ZRI $t Rs{Y R{$t$h{ stI stsjk${sj }BIZ{R qY

jsR h% BbR $% Ajs{, 8s, }${R PB %s$BZR stRs{$BtR R$9R

qY Iss RYBb Ys Ajs{, 8s, }${R PB {B{s$t s R$8$js B jsj }${R $tII Y jsj }${ -{IR Y Ajs{, 8s, }${ PB RB8 stRT s{$Bt R$9R

^M

qY$R {B8}s$RBt $R }Bt$sjjk 8$RjsI$t YBb% A{sZR

Y jsj }${R }BAsAjk $t{jZI s 8BtB}Bjk 8s,Z} qY $R {Ztjk Btjk Bt {B8}stk Ys jsjjk $8}BR RZARst$sj s8BZtR BP {B{s jsP $tB

Y =t$I 7sR qY$R {B8}stk -s{R Y {B{s$t $t Y PB8 BP }sR

stI RjjR $ B s R{BtI {B8}stk qY$R R{BtI {B8}stk htR Y }sR $tB AZj, {B{s$t stI RjjR $ B BY {B8}st$R qY R{BtI {B8}stk $R YZR Y

Btjk jsj 8stZPs{Z BP AZj, {B{s$t $t Y =t$I 7sR bY${Y RZRR

$R }${R {Bts$t s 8BtB}Bjk 8s,Z}

V {t jsj {sR }B%$IR $tPB8s$Bt Bt Y$R 8s,Z} yt dx s {B8}stk Ys }Z{YsRR AZj, {B{s$t PB8 Y =7 8stZPs{Z RBZY

}8$RR$Bt PB8 Y *eV B $8}B PB8 s eZB}st 8stZPs{Z Rjj$t

s s jBb }${ =tI {Zt jsb Y *eV 8ZR sjjBb $8}Bs$Bt $P

M

qY {B8}s$RBtR Abt Ajs{, 8s, stI }Ys8s{Z${sj {B{s$t ZtIRs Y

}${ BP }Ys8s{Z${sj {B{s$t Ak sABZ dd }{t R$t{ YR s }${R PB {B{s$t

YkIB{YjB$I bY${Y $R M }{t {B{s$t Ak b$Y wp$tR}BBt stI s,sjs wdE };DD

dx

(18)

X{B8}$$Bt s8Bt IB8R${ 8stZPs{ZR $R $tsIJZs" w3Isj i$RT

dM }1MD qY *eV {B8}sI Y }${ BP IB8R${ stI eZB}st {B{s$t bY s jsR bB 8stZPs{ZR -$R stI {Bt{jZII Ys X}${R

$t Y PB$t 8s,R s Abt Y$t stI btkTbB }{t BP Y

IB8R${ }${ PB s ,$jBs8 BP {B{s$t" w3Isj i$R dM }nMD

qY R$8s BP Y 8BtB}Bjk 8s,Z} }B%$II Ak Y eV $t%R$s$Bt bsR AsRI Bt stRs{$BtR BP s jsR d(( s8R $%$I$t Y d(( 8 }${

PB8 Vtsjk${sj ]B8}stk 'n Ak x Y 8$IT}B$t BP Y *eV R$8sR BP

Y 8s,Z} $8}j$R Y Ajs{, 8s, }${ BP {B{s$t $R PBZ $8R Y jsj w{B8}$$%D }${

n1 _${R PB Nsj B}Y$t stI <B$t

qsAj }RtR Iss Bt Y jsj stI Ajs{, 8s, }${R BP 8B}Y$t stI YB$t qY hR R%t j$tR $% Y }${ BP }R{$}$Bt 8B}Y$t PB8 Y

iI BB, qY }${ } s8 stR PB8 cnx( B cd(Ed qY t- Y

j$tR $% Y }${ BP 8B}Y$t s%s$jsAj PB R{$t$h{ stI Rs{Y }Z}BRR PB8 Y {B8}stk 7$8sTVjI${Y qY }${ } s8 PB s I$&t R BP

stRs{$Bt R$9R stR PB8 cE11( B cM(((( qY t- j$t $%R Y }${

BP YB$t s%s$jsAj PB8 7$8sTVjI${Y PB R{$t$h{ stI stsjk${sj }Z}BRR

qY }${ } s8 PB s 1x 8 stRs{$Bt $R c;EM( qY jsR PBZ j$tR

dE

(19)

$% Y }${ } }Z s8 BP Ajs{, 8s, YB$t PB I$&t stRs{$BtR R$9R

qY hR $RRZ $t $t}$t Y$R $tPB8s$Bt $R Ys Y }${ } }Z

s8 BP 8B}Y$t PB8 7$8sTVjI${Y $R 8s,Ijk Y$Y Yst Ys PB8

Y bB iI BB, RBZ{R <BjI$t stRs{$Bt R$9 {BtRst Y }${ PB8 7$8sTVjI${Y $R xTd( $8R Y$Y

y sRRZ8 Ys Y$R }8$Z8 4{R sII$$Btsj {BRR RZ{Y sR ZsstR sABZ }Z$k jsI B Y R}{$h{ ZRR BP Y 7$8sTVjI${Y }BIZ{R VRT RZ8$t }Ys8s{Z${sj YB$t bBZjI A {Ys} Yst Y Rs{Y JZsj$k YB$t Ak s R$8$js Ps{B Y$R RZRR ZR$t ;EM(\d( B c;1nE sR Y

}${ } }Z s8 BP YB$t $t jsj stRs{$BtR BP BZYjk 1x 8

qY 8s$t$t $RRZ $R bYY sR b$Y {B{s$t Y jsj }${R 4{ s 8BtB}Bjk 8s,Z} qY$R $R }BRR$Aj AZ Y s {Ztjk bB {B8}st$R

Ys jsjjk $8}B B}$Z8 stI I$%sR $tB Y =t$I 7sR w7{,jBb stI s} 1(((D qYZR Y 8s,Z} $R }jsZR$Ajk R8sjj Yst PB {B{s$t AZ

B Bt Y {BtR%s$% R$I y sRRZ8 $ JZsjR Y {B{s$t 8s,Z} BP x

]B8A$t$t Y$R b$Y Y sRRZ8}$Bt Ys Y }${ BP 1x 8 BP YB$t PB8 7$8sTVjI${Y RYBZjI A I4sI Ak s Ps{B BP d( stI {B8}s$t Y$R B

Y }${ } }Z s8 PB Ajs{, 8s, stRs{$BtR Ys s BZYjk 1x

d

(20)

8 $8}j$R Ajs{, 8s, YB$t $R BZYjk d $8R Y jsj }${

Vt sjts$% s}}Bs{Y B R$8s$t Y jsj }${ BP YB$t $R B {B8T A$t $tPB8s$Bt Bt Y }${ BP jsj 8B}Y$t b$Y $tPB8s$Bt Bt Y {B8T }ss$% }Bt{k BP YB$t stI 8B}Y$t VR RYBbt $t qsAj 8B}Y$t $R s%s$jsAj PB8 jsj 8stZPs{ZR PB sR j$j cnx( } s8 $t stRs{$BtR BP d(( s8R qY }${ } s8 PB Ajs{, 8s, YB$t stRs{$BtR Ys

s BZYjk d(( }Z s8R $R cddn VRRZ8$t Ys YB$t $R Y $8R sR }Bt sR 8B}Y$t w$%st, dMM }d(ED Y$R $8}j$R Ys Ajs{, 8s,

YB$t $R dn $8R Y }${ BP jsj YB$t

nn ]s%sR

!t }BRR$Aj JZsj$h{s$Bt B YR RZjR $R Ys Y Ajs{, 8s, }${R s PB BBIR bYBR JZsj$k 8$Y A jBb B Zt{s$t y $R tB }BRR$Aj B

j$8$ts Y$R {Bt{t AZ R%sj {BtR$Is$BtR RZR $ $R tB BP B%T bYj8$t $8}Bst{ 3$R Y stsjkR$R sAB% {BtBjR PB }Z$k Y R$tj

8BR $8}Bst sR}{ BP JZsj$k 7{BtI Ajs{, 8s, RZ}}j$R Ys% st

$t{t$% B }B%$I JZsj$k B ss{ }s AZR$tRR qY$I -$R$t Iss RZR JZsj$k {BtR$Is$BtR s tB B%bYj8$t

qY$R {sj{Zjs$Bt $tBR stk {BRR BP }BIZ{$t YB$t PB8 8BY}$t sY wdE

};(D RsR Ys XYB$t $R s}}B-$8sjk ;TM $8R 8B }Bt Yst 8B}Y$t bYt sI8$t$RI Ak $t`{$Bt" bY${Y bBZjI $8}jk s jBb s$B BP Ajs{, 8s, B jsj YB$t }${R

dM

(21)

yt dE s}}B-$8sjk ; 8$jj$Bt }RBtR ZRI {B{s$t RB8 BP Y8 8stk

$8R w=7 *}s8t BP FZR${ dM qsAj nMn }1;xD stI Y b

d;;dM( 8t{kTBB8 }$RBIR jsI B {B{s$t w=7 *}s8t BP FZR${ dM }1xnD qYZR Y b sABZ nE 8t{k BB8T}$RBIR } YZtII }RBtR bYB ZRI {B{s$t !P YR d;;dM( }$RBIR YBb%

Btjk nx0 {BtR$RI BP }$RBIR {sZRI Ak B%IBRR B Zt-}{I s{$Bt

sR B}}BRI B {YBt${ &{ R,$t IB-$h{s$Bt B b$YIsbsj stI Btjk

}$RBIR $t Y hR bB {sB$R {st sRBtsAjk A s$AZI B }BB

JZsj$k

^d(

3ZY B%IBR stI Zt-}{I s{$Bt {st B{{Z bYt JZsj$k

$R ,tBbt 8stk }RBtR {BtRZ8 Y$Y IBRR BP sj{BYBj PB -s8}j qYZR

Y tZ8A BP 8t{kTBB8 }$RBIR s$AZsAj B JZsj$k {Bt{tR $R 8BIR

V R{BtI {s%s $R Ys IZR 8$Y A 8B s%s$jsAj $t s jsj$9I 8s, RZR$t Y PZjj }${ bBZjI IB} 8B Yst Y 8Btsk }${

e-$R$t %$It{ YBb% RZRR IZR s sjsIk b$Ijk s%s$jsAj !%

Y dMxTd }$BI Y }{ts BP Y$Y R{YBBj Rt$BR Rs$t $ bsR XPs$jk sRk" B X%k sRk" B {B{s$t wYB$tD sjbskR -{II ;(0 stI PJZtjk -{II x(0 w1(0 n(0D w=7 *}s8t BP FZR${ dM

d(

qY sRBt $%t PB sABZ dE0 BP Y }$RBIR $R BY\Zt,tBbt sRBt *$R$AT Z$t YR {sRR }B}B$Btsjjk s8BtR Y 8s$t$t h% {sB$R bBZjI tB Ys% s RZARst$sj &{ Bt Y RZjR

d

(22)

}dE1D qYR R}BtRR RZR s Ps$ I BP s%s$jsA$j$k R$t{ B% Y

Rs8 }$BI Y }{ts BP Y$Y R{YBBj Rt$BR sI8$$t B Ys%$t ZRI {B{s$t wYB$tD $t Y }%$BZR bj% 8BtYR stI Abt nd0 stI dnd0 w(;0 stI d10D w=7 *}s8t BP FZR${ dM }1nD

; qY ]BRR BP _BIZ{$t Nsj *ZR

qY RZjR }RtI sAB% RZR s 8B 8BIR &{ BP IZ }BY$A$$Bt Bt IZ }${R Yst }RtI $t }%$BZR bB, !t }BRR$Aj -}jsts$Bt $R

Ys jsj RZ}}j$R $t{Z s- stI ZjsBk {BRR Ys s %sII B s%B$II Ak Ajs{, 8s, RZ}}j$R yt Y$R R{$Bt y -s8$t Y 8st$ZI BP RZ{Y {BRR

qY 8BR BA%$BZR {BR %sII Ak Ajs{, 8s, RZ}}j$R $R s-R stI sRRB{$sI {B8}j$st{ {BRR VRRZ8$t tB As$R B jsAB stI {s}$sj 8BT A$j$k Y I$&t$sj $t jsAB stI {s}$sj {BRR Abt Y jsj stI Ajs{, 8s, R{BR JZsjR Y s- AZIt $t{ZI Ak jsAB stI {s}$sj $t Y

jsj R{B

yt dx s- {Bjj{$BtR $t Y j%st {sB$R JZsjI 1E }{t BP p*_ w$Bt w1((d }}1xT1EDD VI`ZR$t PB Y I$&t{ Abt BRR stI t BZ}Z B PB Y Ps{ Ys {s}$sj RZ}}j$I B Y B%t8t stI

1(

(23)

tBtT}Bh R{BR $R tB s-I bBZjI 8s, Y s- AZIt %t js N$,T b$R s{{BZt$t PB {B8}j$st{ {BRR bBZjI $t{sR Y R$8sI AZIt Bt jsj RZ}}j$R

V R{BtI RBZ{ BP {BRT$t{sR$t }Bj${$R $R t%$Bt8tsj RsPk stI YsjY Zjs$Bt qYR }Bj${$R $8}BR I${ {BRR $t Y PB8 BP {B8T }j$st{ -}tI$ZR stI Yk }Bt$sjjk IZ{ }BIZ{$%$k BbY Ak sj$t h8 $t}Z {YB${R B IZ{$t $ttB%s$Bt *${ {B8}j$st{ {BRR s 8BIR $t {B8}s$RBt B Bsj h8 {BRR w 8st stI Z$ dD AZ

-$R$t R$8sR RZR Y$R Zjs$Bt YsR IZ{I }BIZ{$%$k BbY Ak s jsR (d(T(1( }{ts }B$tR } ks stI }BRR$Ajk Ak sR 8Z{Y sR dT1 }{ts }B$tR } ks w$Bt w1((d }}1ET1MDD

VRRZ8$t IZ{I }BIZ{$%$k BbY BP (x }{ts }B$tR } ks

{Z8ZjsI B% btkTh% ksR wY }$BI PB8 Y sjk d(R bYt

Y$R Zjs$Bt Ast B A$ B Y }RtD Y$R Zjs$Bt YsR IZ{I }BIZ{$%$k stI YZR $t{sRI }${ Ak dnn }{t VRRZ8$t Y 8stT ZPs{Z$t }${ $R x0 BP Y s$j }${ $8}j$R Ys t%$Bt8tsj RsPk

stI YsjY Zjs$Bt Ys% $t{sRI s$j }${R Ak sABZ d( }{t

^dd

V I$&t {BR s%B$II Ak Ajs{, 8s, RZ}}j$R $R sI%$R$t qY $8T

dd

W%B wdMD R$8sR Ys Y 8stZPs{Z$t }${ $R M(0 BP Y s$j }${ PB

sIkTBTs {sjR ZjBb stI j8} wdD R$8s xM0 PB {$sR

1d

(24)

}j${s$Bt BP YR -}tI$ZR PB {BR stI }${ $R s8A$ZBZR s }$B$ w$Bt 1((dD Z stk IZ{$Bt $t {Bt%t$Btsj sI%$R$t B&RR $t{sRI {BRR t{RR$sI Ak Y$R IZ{$Bt w %$Bjt ZP AsjRD stI $ 8sk $8}jk }${ IZ{$BtR Ys -{I Y 8st$ZI BP Y IZ{I -}tI$Z qY

R{B} PB sI%$R$t $t s jsj 8s, PB {B{s$t B YB$t 8$Y R8Aj

Ys $t Y 8s,R PB RBP I$t,R sj{BYBj B {$sR sI%$R$t s{{BZtR PB sABZ d( }{t BP %tZR $t Y RBP I$t, $tIZRk Tdx }{t $t

Y sj{BYBj $tIZRk stI d1 }{t $t Y {$s $tIZRk w$Bt 1((d

}1D

WZ8BZR BY }Bj${$R w8$t$8Z8 bs jsbR st$TI$R{$8$ts$Bt jsbR

{Bjj{$% Ass$t$t jsbR PR stI }8$R jB{sj 9Bt$t ZjR j$sA$j$k $tRZT st{ stI Y j$,D sj8BR {s$tjk sII s Pb }{ts }B$tR 8B B Y

{BRR %sII B s%B$II Ak Ajs{, 8s, RZ}}j$R VII$t Z} YR Ps{BR

$8}j$R Ys jsj }${ -{IR {BRR Ak s Ps{B BP BZYjk 1

x qY ]BRR y8}BRI Ak _BY$A$$Bt etPB{T 8t

VjYBZY Ajs{, 8s, RZ}}j$R %sI 8stk {BRR $t{ZI Ak jsj RZ}T }j$R Yk $t{Z {BRR tB j%$I Bt jsj RZ}}j$R yt hR{sj ks 1(((

PIsj -}tI$Z PB }BY$A$$Bt tPB{8t bsR s}}B-$8sjk cdd A$jT

11

(25)

j$Bt bY$j Rs stI jB{sj -}tI$Z sj8BR {s$tjk -{II cd;n A$jj$Bt stI 8sk Ys% At sR Y$Y sR cx(1 A$jj$Bt w$Bt 1((1D qY$R 8$Y RZR

Ys }BY$A$$Bt YsR s RZARst$sj &{ Bt IZ }${R y RYBb Y YBb%

Ys Y {BRR $8}BRI Ak tPB{8t s {BtR$Rt b$Y js$%jk 8BIR

&{R BP }BY$A$$Bt Bt }${R

qY hR {BR $8}BRI Ak }BY$A$$Bt $R Y bs }8$Z8 }s$I B {B8T }tRs 8}jBkR PB Y $R, BP sR $t{s{s$Bt $t`Zk B IsY N%$

wd }RBtsj {B88Zt${s$BtD RZRR Ys cd( st YBZ $R st Z}} ABZtI Bt Y bsR }s$I B 8}jBkR $t Y $jjsj IZ R{B Y$Y hZR RB8T

$8R {$I $t Y j$sZ w 3sst dED {BR}BtI B Y st$tR BP

t}tZR bYB }Z Z} Y$ Bbt 8Btk

^d1

7$t{ 8stk Ajs{, 8s, 8T }jBkR R$8ZjstBZRjk bB, s 8$t$8Z8 bsR `BAR wN%$ stI zt,sRY dMD Y 8$t$8Z8 bs $R s jBb ABZtI Bt Y st$tR BP YR 8}jBkT

R $t Y jsj R{B qYZR bs {BRR s s}}B-$8sjk IBZAj bYs Yk bBZjI A $t s jsj 8s,

^dn

_BY$A$$Bt sjRB $8}BRR {BRR Bt Y BbtR BP {s}$sj BY }YkR${sj stI htst{$sj sRRR Aj$%I B Ys% At ZRI $t Y IZ sI s R$9I Ak

d1

N%$ stI zt,sRY wdMD _sI$jjs wd1D stI BZB$R wdxD sjRB }B jBb bsR PB bB,R $t Y Ajs{, 8s, IZ sI

dn

qY$R {Bt{jZR$Bt $R {BtR$Rt b$Y $tI}tIt %$It{ $t s{]BZt stI iZ

wd1D NB wd1D pB wdxD stI j$t wdD R $Bt w1((d }}ndTn1D

1n

(26)

PIsj Rs stI jB{sj jsb tPB{8t sZYB$$R stI s RZARst$sj Ps{$Bt BP YR sRRR s PBP$I }8sttjk !% Y }$BI dnTd R$9ZR s%sI s 8BR c1x A$jj$Bt } ks w$Bt 1((d }}n1TnnD

qB sZ Y $8}s{ BP YR R$9ZR Bt {BRR y sRRZ8 sR s At{Y8s,

Ys Y {s}$sjTBZ}Z s$B $t Y IZ R{B $R JZsj B Y s$B BP tBtT

R$It$sj }$%s {s}$sj B }$%s BZ}Z $t Y B%sjj {BtB8k

^d;

yt dE Y$R bsR s}}B-$8sjk d1x w=7 ]tRZR ZsZ dM qsAj M(

}xx stI qsAj dE };x1D !W*]_ wds }nD R$8sR Ys dx RsjR

$t Y $jjsj IZ R{B JZsjI cxn A$jj$Bt dE IBjjsR VRRZ8$t s dE

%sjZ BP cE( A$jj$Bt Y$R $8}j$R s {s}$sj RB{, BP cx A$jj$Bt qYZR sRR

R$9ZR $t dE JZsjI s}}B-$8sjk nn }{t BP Y {s}$sj RB{,

qY Y$I 8s`B {BR $8}BRI Bt IZ s^{,R $R IZ R$9ZR !W*]_

wds };D R$8sR Ys $t dx ;E1Txxn 8${ BtR BP ]<]N b }BT IZ{I stI IR$tI PB Y =t$I 7sR BP Y$R s8BZt PB$t R$9ZR s8BZtI B ;d BtR stI PIsj R$9ZR M BtR $8}jk$t s R$9Z s BP 1xTn( }{t VII$t $t Rs stI jB{sj R$9ZR bBZjI j$,jk $t{sR Y

R$9Z s Btjk 8BIsjk

qB I8$t Y t $8}s{ BP YR Y &{R Bt Y {BRR BP }BIZ{T

d;

qY$R $R s RBt sRRZ8}$Bt AZ $ $R tB {js bY${Y bsk $ $R A$sRI $t RB8 {sRR Ajs{, 8s, RZ}}j$R jk Ys%$jk Bt {s}$sj B %sI jsb tPB{8t

1;

(27)

$t IZR ZtI }BY$A$$Bt sRRZ8 hR Ys R$9I IZR s sb 8s$sjR

qYt b$ {BRR sR

g ) jU L L R- wdD

bY g $R Bsj {BR j $R Y bs s U $R jsAB $R Y tsj s Bt {s}$sj $R {s}$sj R $R Y }${ BP sb 8s$sjR stI - $R Y JZst$k BP sb 8s$sjR qY I$R{ZRR$Bt sAB% RZRR Ys tPB{8t s$RR j Ak s Ps{B BP sABZ 1 Ys tPB{8t s$RR Y JZ$I tsj s Bt {s}$sj Ak nn }{ts }B$tR bY${Y $R BZYjk x( }{t BP Y s%s

sj Zt Bt JZ$k stI Ys tPB{8t s$RR Y &{$% }${ BP sb 8s$sjR Ak tB 8B Yst x( }{t ]B8A$t$t YR R$8sR $8}j$R

tPB{8t s$RR }${ Ak s 8BR s Ps{B BP bB Vjts$%jk sRRZ8

Ys R$9I IZR s Y ht$RYI }BIZ{ qYt {BRR s

g ) wjU L Dwd L 0D w1D

bY 0 $R Y R$9Z s yt Y$R {sR Y R$8sR $8}jk Ys tPB{T 8t s$RR {BRR Ak s 8BR s Ps{B BP Y qYR {BRR s BZYjk Y

8st$ZI BP Y s- stI ZjsBk {BRR s%B$II Ak Ajs{, 8s, RZ}}j$R

qY PZjj &{ BP }BY$A$$BtT{Z8TtPB{8t $R }RZ8sAjk js Yst

Y Ps{B BP 1Tn RZRI sAB% R$t{ Y {sj{Zjs$BtR $tB sII$$Btsj {BRR t{RR$sI Ak }BY$A$$Bt w A$ARD stI Y &{ BP }BY$A$$Bt

1x

(28)

Bt Ps{B }B}B$BtR B {BtB8$R BP R{sj y $R tB BA%$BZR YBb js

YR sII$$Btsj &{R 8$Y A RB Y R$8sR $t Y$R R{$Bt 8jk RZR Ys Y st$Aj &{R BP tPB{8t s tB RB js sR B tI

$8}jsZR$Aj Y RZjR sAB% sABZ jsj %RZR $jj${$ }${R

E ]Bt{jZR$BtR

qY stsjkR$R sAB% RZRR Ys Y {Zt }${R BP {B{s$t stI YB$t

bY$j RZARst$sjjk Y$Y Yst Yk bBZjI A $t s jsj 8s, s tB sR

j%sI sR RZRI Ak }%$BZR Rs{Y qs,$t $tB s{{BZt ABY Y

Ps8s B s$j }${ I$&t{R stI Y jsj %RZR $jjsj }${ {B8}sT

$RBtR y R$8s Ys Y Ajs{, 8s, }${ BP {B{s$t $R 1T; $8R Y }${

Ys bBZjI BAs$t $t s jsj 8s, bY$j Y Ajs{, 8s, }${ BP YB$t $R ETd $8R Y jsj$9I }${ yt {BtsR }$B Rs{Y YsR RZRI Ys

{B{s$t $R d( B ;( $8R $R jsj }${ bY$j YB$t $R YZtIIR BP $8R $R jsj }${ qYZR 8k {Bt{jZR$Bt $R JZsj$s$%jk R$8$js AZ JZst$s$%jk I$&t PB8 Ys $t }%$BZR Rs{Y

qY ,k JZR$Bt PB PZZ Rs{Y $R bYY $t{sRI tPB{8t BP s $%t }BY$A$$Bt s$RR }${R bYs% Y js$Bt Abt Y $t$$sj j%j BP }${R stI YBR Ys bBZjI BAs$t ZtI st sjts$% $8

1E

(29)

qY I$R{ZRR$Bt sAB% IBR tB sIIRR Y$R $RRZ 8BB% $ R8R j$,jk

Ys $t{sRI tPB{8t RYBZjI sII {BRR stI YPB $t{sR }${

$tI}tIt BP Y {BtR$Is$BtR s$RI Y

qY -$R$t $8TR$R Iss Bt IZ }${R stI }BY$A$$Bt tPB{8t

YBb% s}}s $t{BtR$Rt b$Y Y$R Yk}BYR$R !% Y }sR btkT h% ksR Y sj }Z$kTsI`ZRI }${R BP {B{s$t stI YB$t Ys% Psjjt Is8s${sjjk bY$j tPB{8t YsR $t{sRI R%sjTPBjI w sRB% Fs{BABRBt

stI $Bt 1((dD

^dx

BB% }BIZ{$Bt stI {BtRZ8}$Bt BP IZR Ys% $P stkY$t $t{sRI B% Y Rs8 $8 }$BI qY$R {B8A$ts$Bt BP Ps{R $R s P$j B}${ PB PZZ Rs{Y

dx

ijsIjk $tsIB wdnD ZRR sttZsj RsTj%j Iss Bt {B{s$t }${R PB8 7qiye stI {B{s$t ZR sR PB8 Y Bt$B$t Y 3ZZ B -s8$t Y &{ BP {B{s$t

R$9ZR Bt }${ stI {BtRZ8}$Bt < htIR tB %$It{ Ys Y$R 8sRZ BP tPB{8t

s$RR }${ B IZ{R {BtRZ8}$Bt 7$8$jsjk OZst stI ]sZj,$tR wdMD htI s tsjjk ts$% $8TR$R js$Bt Abt Y tZ8A BP $jjsj IZ R$9ZR stI Y Ajs{, 8s, }${R BP {B{s$t stI YB$t

1

(30)

iPt{R

>dH sRB% 7Zt $$jj Fs{BARBt stI F&k V $Bt w1((dD X_BY$A$T

$Bt stI Y s, PB yjjsj *ZRU Vt !%%$b BP i{t <$RBk"

GBjI e{BtB8${R 1w; !{T*{D dnnTdxM

>1H 8st ej$ stI N$tIs q Z$ wdD Xet%$Bt8tsj iZjs$Bt stI _BIZ{$%$kU e%$It{ PB8 !$j iht$R" 8stZR{$} BRBt =t$%T R$k

>nH BZB$R _Y$j$}} wdxD yt 7s{Y BP iR}{U 7jj$t ]s{, $t ej sT

$B ]s8A$IU ]s8A$I =t$%R$k _RR

>;H ZjBb F8k stI _sZj j8} wdD XqY qBAs{{B *sj" BB,T

$tR _s}R Bt e{BtB8${ V{$%$k ${B{BtB8${R dM n1nTn;

>xH ]ssjj G$jj$s8 V stI ttY s{,$ wdED XNB{sj VtRY${R"

$t pBBI8st m p$j8st:R qY _Ys8s{BjB${sj sR$R BP qYs}Z${R Y

I$$Bt FBj p <sI8st stI N e N$8A$I IR Wb OB,U {psbT

<$jj

>EH ]sZj,$tR FBtsYst _ stI _ iZ wdMD XGYs _${ *ss qjj

=R sABZ Z s,R" FBZtsj BP Z yRRZR 1MwnD xnTEd1

1M

(31)

>H *$WsIB FBYt wdnD XNsb etPB{8t Y _${ BP ]B{s$t stI ]B{s$t =R" sY8s${sj stI ]B8}Z BIjj$t dw1D xnTE;

>MH 3sst F&k wdED XpstR *ZR stI W$YABYBBI ]Yst" $t pstR $t V8${s ] iBtsjI <Z& I WbAZk _s,U 7s _ZAj${s$BtR

>H 3$I8st $jBt wd1D X_BY$A$$Bt stI *ZR" WbRb, sk d

d(;

>d(H p$tR}BBt NR stI Fs8R s,sjs wdED ]B{s$tU V *Z stI yR 7B{$sj e%BjZ$Bt Wb OB,U sR${ BB,R

>ddH pB F&k wdxD XqY e&{ BP VRR Bt Y e8}jBk8t stI est$tR BP OBZt t" +Zsjk FBZtsj BP e{BtB8${R ]wdD 3AZT sk xdT1

>d1H ytts$Btsj ]B{Bs !st$9s$Bt d GA 7$

Y}U\\bbb${{BB\

>dnH j$t F&k i wdD XqY e&{ BP _$RBt 7tt{ NtY Bt Y

7ZARJZt e8}jBk8t stI est$tR BP ]$8$tsj PtIstR" GBBIBb G$jRBt 7{YBBj $R{ZRR$Bt _s} '1(M _$t{Bt =t$%R$k

1

(32)

>d;H $%st, Fss wdMMD <B$tU kYR stI isj$k 7kItkU Vjjt m

=tb$t

>dxH B} ]Y$RB}Y 7 stI _ iZ wdED X7Z}}RR$t yjjsj pZt s,RU NRRBtR PB8 *Z etPB{8t" Nsb stI ]Bt8}Bsk _BAj8R xwdD ddTd;E

>dEH N%$ 7%t * stI 7ZIY$ VjjsI$ zt,sRY wdMD XVt e{BtB8${

VtsjkR$R BP s *ZT7jj$t pst:R 3$tst{R" W ei G_ 'Ex1

>dH Nb$R iB wdM;D XqY yjj${$ qs^{ $t <B$tU ytBIZ{$Bt stI _s y ]Zj$%s$Bt stI _BIZ{$Bt" *Zj$t, 7}$t Td;

>dMH NB FBYt i F wd1D XVt V8} s sRZ$t Y qBsj BtT

sk _tsjk PB8 *Z ]Bt%${$BtRU qY y8}Bst{ BP st ytI$%$IZsj:R i}Zs$Bt" FBZtsj BP Nsj 7ZI$R ywFstD dxTdM

>dH s{]BZt iBA stI _ iZ wd1D XV Y GsR BP 7$t cn(

st <BZ2 e{BtB8${ VR}{R BP 7Tj%j Z sj$t" ]$8 stI

*j$tJZt{k nMw;D ;T;d

>1(H sY FBYt q wdED !}$Z8 stI yR $%s$%R Z etPB{8t

VI8$t$Rs$Bt =7 *}s8t BP FZR${

n(

(33)

>1dH $Bt FPk V w1((dD X_BY$A$$BtR stI Y _${R BP _BY$A$I pBBIRU e%$It{ PB8 Y s,R PB <B$t stI ]B{s$t" ytIZRk 7ZI$R GB,$t _s} WBd(x *}s8t BP e{BtB8${R BRBt =t$T

%R$k

>11H $Bt F&k V w1((1D X*Z _Bj${k $t Y =7U Vt e{BtB8${ VtsjkT R$R" 8stZR{$} BRBt =t$%R$k

>1nH BB s, < wd(D X7Z}}jk iIZ{$Bt stI Z Nsb etPB{T 8t" $t ZR stI ]$8 ${Ysj qBtk stI Fs8R + G$jRBt IR

]Y${sBU =t$%R$k BP ]Y${sB _RR

>1;H Bst FBYt _ wddD X_BY$A$$Bt $R _%R _Bj${kU GYs GsR qZ $t dnn $R qZ WBb" $t 7s{Y$t PB Vjts$%R j%kt _ sZRR stI eIbsI _ Ns9s IR 7stPBIU <BB% ytR$Z$Bt _RR

>1xH BsjR eI8ZtIB wdMD ]B{s$tU GY$ pBjI iZRY $t _Z qZR{BtU qY =t$%R$k BP V$9Bts _RR

>1EH WsIj8stt eYst V wddD XV8${s:R *Z _BAj8" Zjj$t BP

Y V8${st V{sI8k BP VR stI 7{$t{R NzwnD 1;T;(

nd

(34)

>1H Ws$Btsj Ws{B${R ytjj$t{ ]BtRZ8R ]B88$ wdM1D Ws{B${R ytjj$t{ eR$8sU qY 7Z}}jk BP ZR B Y =7 yjj${$ s, 3B8 3B$t stI B8R${ 7BZ{R $t dM( wG$Y _B`{$BtR qYBZY dM;D

GsRY$tBt ]U Z etPB{8t VI8$t$Rs$Bt

>1MH W%B V%$% wdMD XsRZ$t s, _Bb $t Y isIkTBTes ]T

sj ytIZRk" W ei G_ 'EnM

>1H !^{ BP Ws$Btsj Z ]BtBj _Bj${k wdsD GYs V8${s:R =RR 7}tI Bt yjjsj ZR dMMTdx GsRY$tBt *]U =7p_!

>n(H !^{ BP Ws$Btsj Z ]BtBj _Bj${k wdAD Ws$Btsj Z ]BtBj 7sk dU ZI 7Z88sk GsRY$tBt *]U =7p_!

>ndH !^{ BP Ws$Btsj Z ]BtBj _Bj${k wdMD Ws$Btsj Z ]BtBj 7sk dMU ZI 7Z88sk GsRY$tBt *]U =7p_!

>n1H _sI$jjs 3j$- wd1D qY pst sR st V8${st et}$R Wb ZtRb${,U iZR =t$%R$k _RR

>nnH iZ _ wdMMD X+Zst$k yjjZR$BtR stI _ssIB-R BP *Z ytT I${$BtU 3Isj yt%t$Bt $tB z${ _Bj${k" Nsb stI ]Bt8}Bsk _BAj8R xdwdD 1nnT1x1

n1

(35)

>n;H iZ _ stI s, Vi j$8st wdMED Xi$R,R stI _${RU Vt e{BtB8${ VtsjkR$R BP *Z etPB{8t" $t qBtk stI WB$R wIRD ]$8 stI FZR${U Vt VttZsj i%$b BP iRs{Y zBj ]Y${sBU

=t$%R$k BP ]Y${sB _RR

>nxH 7{,jBb 7% stI FBtsYst s} w1(((D X_B}}k 3$jIR BP ytI$s <s%

s _js{ $t Y 7Zt Z y:R =tI Vs{," Gsjj 7 FBZtsj BtIsk

V}$j n

>nEH qY qs ]BZt{$j wdD 3B8 eRs B 7YjP

Y}U\\bbbs{BZt{$j{BZ,\RsY8

>nH =W]_ wdD Xe{BtB8${ stI 7B{$sj ]BtRJZt{R BP Z VAZR

stI yNj${$ qs^{,$t" q{Yt${sj _s} 'E =t$I Ws$BtR ytts$Btsj

*Z ]BtBj _Bs88 z$tts

>nMH =7 ZsZ BP Y ]tRZR wdMD 7s$R${sj VARs{ BP Y =t$I 7sRU dM GsRY$tBt *]U Ws$Btsj q{Yt${sj ytPB8s$Bt 7%${R

>nH =7 }s8t BP FZR${ ZsZ BP FZR${ 7s$R${R wdMD 7BZ{T ABB, BP ]$8$tsj FZR${ 7s$R${R d GsRY$tBt ]U =7p_!

nn

(36)

>;(H OZst OZYBt stI FBtsYst _ ]sZj,$tR wdMD XqY e&{ BP zs$T s$Bt $t <$YTN%j B8R${ Z etPB{8t Bt zs$s$Bt $t *Z

_${R" 7B{$BTe{BtB8${ _jstt$t 7{$t{R n1w;D 1ExT1E

n;

(37)

qsAj d

_${R PB ]B{s NsP stI js{, s, ]B{s$t

_${ BP V8BZt JZ$I _BIZ{ *s NB{s$Bt s, } }Z ps8 BP ]<]N ]B{s NsP +nT+;dM _Z 3s8s c(nETc(x

]B{s$t dM =7 is$j cd11((

s$B BP s$j B Ps8s }${ 1E1

nx

(38)

qsAj 1

_${R PB !}$Z8 B}Y$t stI js{, s, <B$t _${ BP V8BZt JZ$I _BIZ{ *s NB{s$Bt s, } }Z ps8 BP <B$t isb !}$Z8 d VPYst$Rst 3s8s c(1M

isb !}$Z8 dM ytI$s 3s8s c(ddT(1n isb !}$Z8 d ytI$s 3s8s c(d1T(1

isb !}$Z8 d qYs$jstI 3s8s c1M

isb !}$Z8 dM ]BjB8A$s 3s8s cnE;

isb !}$Z8 dE VR$s 3s8s c(x(TE1

isb !}$Z8 dE Ns$t V8${s 3s8s cxM(

<B$t dM =7 is$j cM;;1M

s$B BP s$j B Ps8s }${ M;;

nE

(39)

qsAj nU _${R PB ]YB{Bjs stI _BIZ{R

_${ } _BZtI

_BIZ{ *s NB{s$Bt s, BP ]B{Bs stR

]B{Bs stR +d ]B I:y%B$ 3s8s c(n(

]B{Bs stR dM NBtIBt\WO e-\y8 c(E

$j, ]YB{Bjs (E\ BRBt is$j c1E;;

]B{Bs _BbI iZjs (M\ BRBt is$j c;(

]B{Bs _BbI *Z{Y BRBt is$j cdMMn

]Z} BP <B ]YB{Bjs (M\ BRBt is$j cdn1n(

s$B BP s$j B Ps8s }${ $j, ]YB{Bjs MM

s$B BP s$j B Ps8s }${ ]B{Bs _BbI iZjs nd

s$B BP s$j B Ps8s }${ ]B{Bs _BbI *Z{Y En

s$B BP s$j B Ps8s }${ <B ]YB{Bjs ;;d

n

(40)

qsAj ;U _${R PB ]B&

_${ }

_BIZ{ *s NB{s$Bt s, jA ]B&

isb stR wVsA${sD +; dM ]BjB8A$s 3s8s c(x isb stR wVsA${sD +; dM s9$j 3s8s c(MM iBsRI pBZtI stR (M\ BRBt is$j c1E(

iBsRI GYBj stR (M\ BRBt is$j cEnE

]Z} BP ]B& (E\ BRBt is$j c1x;n

eR}RRB *$t, (E\ BRBt is$j cdddn(

s$B BP s$j B Ps8s }${ iBsRI pBZtI stR nTnx

s$B BP s$j B Ps8s }${ iBsRI GYBj stR TM

s$B BP s$j B Ps8s }${ ]Z} BP ]B& 1Tn;

s$B BP s$j B Ps8s }${ eR}RRB *$t, d1ETd;M

nM

(41)

qsAj x _${R PB qs

_${ }

_BIZ{ *s NB{s$Bt s, jA BP qs

*$I qs d 7$ Nst,s VZ{$Bt c(x(Td((

B- BP qs sR iZjs (\ BRBt is$j cxM B- BP qs sR 7}{$sjk (M\ BRBt is$j c1xE

]Z} BP qs (M\ BRBt is$j cd;Mn

s$B PB8 sZ{$Bt B s$j B- BP qs sR iZjs M

s$B PB8 sZ{$Bt B s$j B- BP qs sR 7}{$sjk n;

s$B PB8 sZ{$Bt B s$j ]Z} BP qs 1nn

n

(42)

qsAj E

_${R PB sjk stI

_${ }

_BIZ{ *s NB{s$Bt s, , BP sjk

sj$t sjk (;\ =t$I 7sR 3s8s c((E

]sR BP N$JZBZ 7B (M\ BRBt is$j cdnn1TdM Bj BP s\iRsZst (M\ BRBt is$j cxnnn

s$B BP s$j B Ps8s }${ $t N$JZBZ 7B dnTdMx

s$B BP s$j B Ps8s }${ $t s\iRsZst xxE

;(

(43)

qsAj _${R PB qBAs{{B

_${ } }BZtI _BIZ{ *s NB{s$Bt s, BP BAs{{B ]ZI qBAs{{B dM =7 3s8s cdMn

]$sR (E\ BRBt is$j cxx1n

s$B BP s$j B Ps8s }${ qBAs{{B n(

;d

(44)

qsAj M

Nsj %RZR js{, s, _${R PB ]B{s$t

s, V8BZt _${ _${ } }Z s8

_R{$}$Bt sjj$t{,BI x 8 n1;d c E;M;

_R{$}$Bt sjj$t{,BI 1x 8 dd(; EM;;

_R{$}$Bt VTV 7}{Z8 x 8 nnx(( E((

_R{$}$Bt VTV 7}{Z8 1x 8 dEx((( EE((

iRs{Y ]B8}stk d d 8 Mnxx

iRs{Y ]B8}stk 1 d( 8 MxME( MxE(

Vtsjk${sj ]B8}stk n d(( 8 ;n(

Vtsjk${sj ]B8}stk ; d 8 dd11x dd11x

js{, s, d 8 d(EM1

js{, s, x 8 M;n;

js{, s, d( 8 EM

js{, s, 1x 8 ;E

js{, s, d(( 8 n;1

;1

(45)

qsAj

Nsj %RZR js{, s, _${R PB B}Y$t stI <B$t

s, V8BZt _${ _${ } }Z s8

B}Y$t iI BB, VTV 7}{Z8 x 8 1Mx( x(

B}Y$t iI BB, VTV 7}{Z8 1x 8 x(( nM(

B}Y$t iI BB, VTV 7}{Z8 d(( 8 nx((( nx(

B}Y$t iI BB, sjj$t{,BI x 8 xn(x d(Ed

B}Y$t iI BB, sjj$t{,BI 1x 8 1Ex1x d(Ed

B}Y$t iI BB, sjj$t{,BI x( 8 xn((x d(E(

B}Y$t iI BB, sjj$t{,BI d(( 8 d(Ed(( d(Ed

B}Y$t 7$8sTVjI${Y 1x 8 1((( M((((

B}Y$t 7$8sTVjI${Y d 8 dxx(( dxx((

B}Y$t 7$8sTVjI${Y x 8 ndd(( E11(

<B$t 7$8sTVjI${Y 1x 8 dd(( ;EM(((

<B$t js{, s, 1x 8 d;;;

<B$t js{, s, d 8 ;M;

<B$t js{, s, x 8 1x

<B$t js{, s, d(( 8 ddn

;n

The Effect of Drug Prohibition on Drug Prices: Evidence from the Markets for Cocaine and Heroin

qY e&{ BP *Z _BY$A$$Bt Bt *Z _${RU e%$It{ PB8 Y s,R PB ]B{s$t stI <B$t

F&k V $Bt

*}s8t BP e{BtB8${R BRBt =t$%R$k

sk 1((n

y s8 sPZj B Y esYs 3BZtIs$Bt PB htst{$sj RZ}}B stI B VtT

js *$jjR PB Rs{Y sRR$Rst{ y Yst, ejts Vj%s9 et$ tI

7Yst <Zt s, j$8st V%$% W%B i${sIB iB{Ys 3$Bts 7{BTBBt

i${YsI 7}sIk FZst q{{B WBA qj8Bt stI 3st{$R{B qYBZ8$ PB Yj}

$t htI$t stI ZtIRstI$t Iss ]sBjkt qs%R stI iBA Fst${ BP

=]7* stI Y yqT<s%sI y! bB,RYB} FBtsYst s, Fst ]B%T

$tBt sk ]st FBt ]sZj,$tR *s%$I 3$I8st $jBt 3$I8st 7$T 8Bt p$j{Y$R s, j$8st FBYt NsYk 7% N%$ iBA s{]BZt

]sRk Zjj$st 7s8 _j98st F$8 _BAs e${ isR8ZRRt BA iBRtT

Ysj _ iZ 7Yb$t iBRt Z{ 7s{IB Fs8R G$jRBt stI bB

stBtk8BZR PR }B%$II ZRPZj {B88tR B I$R{ZRR$Bt

qY e&{ BP *Z _BY$A$$Bt Bt *Z _${RU e%$It{ PB8 Y s,R PB ]B{s$t stI <B$t

VARs{

qY$R }s} -s8$tR Y &{ BP IZ }BY$A$$Bt Bt Y Ajs{, 8s,

}${R BP {B{s$t stI YB$t qY }s} -s8$tR Y s$B BP s$j B Ps8T

s }${ PB {B{s$t YB$t stI R%sj jsj BBIR stI $ {B8}sR jsj

%RZR Ajs{, 8s, }${R PB {B{s$t stI YB$t qY RZjR RZR Ys

{B{s$t stI YB$t s RZARst$sjjk 8B -}tR$% Yst Yk bBZjI A $t s jsj$9I 8s, AZ B s jRR I Yst RZRI $t }%$BZR Rs{Y

FeN WZ8ARU <dd <1 ;1 Nxd NEx NEE

F&k V $Bt

*}s8t BP e{BtB8${R BRBt =t$%R$k

BRBt V (11dx wEdD nxnTEMd

`8$BtoAZIZ

Y}U\\{BtAZIZ\8$Bt\

d ytBIZ{$Bt

qY &{ BP IZ }BY$A$$Bt Bt IZ }${R $R st $8}Bst }ss8 $t Y

IAs B% jsj$9s$Bt %RZR }BY$A$$Bt e-$R$t stsjkRR RZR Ys

}BY$A$$Bt YsR s$RI }${R Is8s${sjjk 8s,$t IZR t btk B %t YZtIIR BP $8R 8B -}tR$% Yst Yk bBZjI A $P jsj

3B8 ABY

YB${sj stI 8}$${sj }R}{$%R YBb% Y RstIsI {Bt{jZR$Bt $R }Bt$sjjk BB RBt

!t Y YB${sj R$I Y }RZ8}$Bt Ys }BY$A$$Bt s$RR IZ

}${R $8}j${$jk {B8}sR }BY$A$$Bt B js$RR9TPs$ qY j%st {B8}s$T RBt YBb% $R Abt }BY$A$$Bt stI Y s-s$BtT{Z8TZjs$Bt $8

Ys bBZjI s}}jk $P IZR b jsj 7$t{ Ajs{, 8s, RZ}}j$R Ps{ jBb 8s$tsj {BRR BP %sI$t s- stI ZjsBk }Bj${$R $%t Yk tB8sjjk Y$I Y$ s{$%$$R PB8 jsb tPB{8t sZYB$$R Yk t`Bk s {BR sIT

%sts Ys }s$sjjk B&RR Y $t{sRI {BRR {sI Ak }BY$A$$Bt yt sII$$Bt }BY$A$$Bt I$&R PB8 s s-s$BtT{Z8TZjs$Bt $8 $t Y

s8BZt BP tPB{8t Y tsZ BP {B8}j$st{ $t{t$%R Y I BP 8s, }Bb stI Y j%j BP sI%$R$t qYR I$&t{R {st bs,t B

%t %R Y RstIsI }RZ8}$Bt w$Bt 1((dD

7 PB -s8}j 3$I8st wd1D iZ stI j$8st wdMED BB wd(D WsIjT 8stt wddD Bst wddD B} stI iZ wdED B ]sZj,$tR stI iZ wdMD

d

!t Y 8}$${sj R$I 8BR stsjkRR BP }BY$A$$Bt stI IZ }${R R$8T }jk tB Ys Y sb 8s$sjR ZRI B }BIZ{ IZR Rjj s jBb }${R $t }BIZ{ {BZt$R bY$j Y ht$RYI }BIZ{R Rjj s Y$Y }${R $t {BtRZ8

{BZt$R

qY$R s}}Bs{Y IBR tB s{{BZt PB Y RBs stR}Bs$Bt

I$R$AZ$Bt stI s$j$t {BRR Ys -$R PB stk }BIZ{ tB IBR $ {BT t$9 Ys Ajs{, 8s, RZ}}j$R %sI s- stI ZjsBk {BRR k}${sjjk

$t{ZI Ak jsj RZ}}j$R qYZR Y I$&t{ Abt Y Ps8s }${

stI Y s$j }${ B%RsR Y &{ BP }BY$A$$Bt

qY$R }s} {BtR$IR Y js$Bt Abt IZ }BY$A$$Bt stI IZ

}${R qY RZjR s JZsj$s$%jk R$8$js B YBR $t Y }%$BZR j$sT

Z AZ Yk RZR s jRR Is8s${ &{ BP }BY$A$$Bt VtI Ak s{{BZtT

$t PB %s$BZR Ps{BR Ys I8$t IZ }${R Y RZjR }B%$I 8B

{Bt%$t{$t %$It{ BP YR &{R

7{$Bt 1 }RtR Iss Bt Y s$B BP s$j B Ps8s }${ PB {B{s$t

YB$t stI jsj BBIR RZ{Y sR {YB{Bjs {B& s A stI BAs{{B

qY Iss RYBb Ys s$j {B{s$t stI YB$t }${R s YZtIIR BP $8R

Y {BRR BP Y sb 8s$sjR ZRI B 8s, YR BBIR {BtR$Rt b$Y

V }s$sj -{}$Bt $R ]sZj,$tR stI iZ wdMD bYB JZst$Pk Y {BRR Ys bBZjI

-$R $t Y sARt{ BP }BY$A$$Bt stI R$8sR Y {BRR $8}BRI Ak tPB{8t qYk IB tB YBb% s{{BZt PB Y s-s$Bt stI ZjsBk {BRR Ys s %sII Ak Ajs{, 8s, RZ}}j$R

1

sj$ stsjkRR qY Iss sjRB RYBb YBb% Ys s$j }${ $R RB8$8R YZtIIR BP $8R Y Ps8s }${ PB jsj BBIR sR bjj qYZR Y

Y$Y %sjZ BP Y$R s$B PB {B{s$t stI YB$t IBR tB Ak $RjP $tI${s s RZARst$sj &{ BP }BY$A$$Bt

stI YB$t s }Ys}R YZtIIR BP $8R Y$ jsj$9I }${R yP Y s}T }B}$s At{Y8s, $R 8B }B{RRI BBIR RZ{Y sR R}RRB s 7sAZ{,R

Yt Y Iss RZR Ajs{, 8s, {B{s$t $R 1 $8R Y jsj }${ bY$j

Ajs{, 8s, YB$t $R E $8R Y jsj }${ qY $Y 8BIj $R j$,jk Abt YR -8R AZ y RZR Ys Y R}RRB At{Y8s, $R tB

$8}jsZR$Aj

n

Ajs{, 8s, YB$t $R BZYjk Y $8R Y }${ BP jsj YB$t VI`ZRT

$t PB s j$,jk 8BtB}Bjk 8s,Z} Y Iss $8}jk Ys {B{s$t $R PBZ $8R 8B -}tR$% Yst $ bBZjI A $t s jsj 8s, bY$j YB$t $R }Ys}R t$tt $8R $R jsj$9I }${

7{$BtR 1 stI n YZR RZR Ys {Zt {B{s$t stI YB$t }${R s RZARst$sjjk Y$Y Yst Yk bBZjI A $t s jsj 8s, AZ B s jRR I Yst RZRI $t sj$ bB, !t sRBt PB Y I$&t{

$R Ys sj$ stsjkRR sRRZ8 }BY$A$$Bt {sZRR Y t$ $t{sR $t }${

PB8 Ps8s B s$j yt sII$$Bt sj$ stsjkRR Ps$j B tB Ys bY$j

}BY$A$$Bt $8}BRR {BRR Bt Ajs{, 8s, RZ}}j$R $ Ps{$j$sR %sR$Bt BP {BRR k}${sjjk ABt Ak jsj RZ}}j$R

7{$Bt ; YPB -s8$tR Y {BRR $t{ZI Ak jsj RZ}}j$R AZ

%sII B s%B$II Ak Ajs{, 8s, RZ}}j$R qYR $t{jZI s-R t%$T

Bt8tsj RsPk stI YsjY Zjs$Bt jsAB 8s, Zjs$Bt stI sIT

%$R$t -}tI$ZR s8BtR BYR qY RZjR RZR Ys RZ{Y {BRR {BtR$Z sABZ x( }{t BP Y }${ BP jsj }BIZ{R

7{$Bt x Yt -s8$tR Y {BRR $8}BRI Ak }BY$A$$Bt tPB{8t

qY RZjR RZR Ys }BY$A$$Bt:R &{R Bt jsAB {s}$sj stI 8s$sjR {BRR s sABZ Y Rs8 8st$ZI sR Y s- stI ZjsBk {BRR s%B$II

;

qY e&{ BP Z _BY$A$$Bt Bt Z _${RU e%$It{ PB8 Y s,R PB ]B{s$t stI <B$t

F&k V $Bt

*}s8t BP e{BtB8${R BRBt =t$%R$k

sk 1((n

y s8 sPZj B Y esYs 3BZtIs$Bt PB htst{$sj RZ}}B stI B VtT

js *$jjR PB Rs{Y sRR$Rst{ y Yst, ejts Vj%s9 et$ tI

7Yst <Zt s, j$8st V%$% W%B i${sIB iB{Ys 3$Bts 7{BTBBt

i${YsI 7}sIk FZst q{{B WBA qj8Bt stI 3st{$R{B qYBZ8$ PB Yj}

$t htI$t stI ZtIRstI$t Iss ]sBjkt qs%R stI iBA Fst${ BP

=]7* stI Y yqT<s%sI y! bB,RYB} FBtsYst s, Fst ]B%T

$tBt sk ]st FBt ]sZj,$tR *s%$I 3$I8st $jBt 3$I8st 7$T 8Bt p$j{Y$R s, j$8st FBYt NsYk 7% N%$ iBA s{]BZt

]sRk Zjj$st 7s8 _j98st F$8 _BAs e${ isR8ZRRt BA iBRtT

Ysj _ iZ 7Yb$t iBRt Z{ 7s{IB Fs8R G$jRBt stI bB

stBtk8BZR PR }B%$II ZRPZj {B88tR B I$R{ZRR$Bt

qY e&{ BP Z _BY$A$$Bt Bt Z _${RU e%$It{ PB8 Y s,R PB ]B{s$t stI <B$t

VARs{

qY$R }s} -s8$tR Y &{ BP IZ }BY$A$$Bt Bt Y Ajs{, 8s,

}${R BP {B{s$t stI YB$t qY }s} -s8$tR Y s$B BP s$j B Ps8T

s }${ PB {B{s$t YB$t stI R%sj jsj BBIR stI $ {B8}sR jsj

%RZR Ajs{, 8s, }${R PB {B{s$t stI YB$t qY RZjR RZR Ys

{B{s$t stI YB$t s RZARst$sjjk 8B -}tR$% Yst Yk bBZjI A $t s jsj$9I 8s, AZ B s jRR I Yst RZRI $t }%$BZR Rs{Y

FeN WZ8ARU <dd <1 ;1 Nxd NEx NEE

F&k V $Bt

*}s8t BP e{BtB8${R BRBt =t$%R$k

BRBt V (11dx wEdD nxnTEMd

`8$BtoAZIZ

Y}U\\{BtAZIZ\8$Bt\

d ytBIZ{$Bt

qY &{ BP IZ }BY$A$$Bt Bt IZ }${R $R st $8}Bst }ss8 $t Y

IAs B% jsj$9s$Bt %RZR }BY$A$$Bt e-$R$t stsjkRR RZR Ys

}BY$A$$Bt YsR s$RI }${R Is8s${sjjk 8s,$t IZR t btk B %t YZtIIR BP $8R 8B -}tR$% Yst Yk bBZjI A $P jsj

3B8 ABY

YB${sj stI 8}$${sj }R}{$%R YBb% Y RstIsI {Bt{jZR$Bt $R }Bt$sjjk BB RBt

!t Y YB${sj R$I Y }RZ8}$Bt Ys }BY$A$$Bt s$RR IZ

}${R $8}j${$jk {B8}sR }BY$A$$Bt B js$RR9TPs$ qY j%st {B8}s$T RBt YBb% $R Abt }BY$A$$Bt stI Y s-s$BtT{Z8TZjs$Bt $8

Ys bBZjI s}}jk $P IZR b jsj 7$t{ Ajs{, 8s, RZ}}j$R Ps{ jBb 8s$tsj {BRR BP %sI$t s- stI ZjsBk }Bj${$R $%t Yk tB8sjjk Y$I Y$ s{$%$$R PB8 jsb tPB{8t sZYB$$R Yk t`Bk s {BR sIT

%sts Ys }s$sjjk B&RR Y $t{sRI {BRR {sI Ak }BY$A$$Bt yt sII$$Bt }BY$A$$Bt I$&R PB8 s s-s$BtT{Z8TZjs$Bt $8 $t Y

s8BZt BP tPB{8t Y tsZ BP {B8}j$st{ $t{t$%R Y I BP 8s, }Bb stI Y j%j BP sI%$R$t qYR I$&t{R {st bs,t B

%t %R Y RstIsI }RZ8}$Bt w$Bt 1((dD

7 PB -s8}j 3$I8st wd1D iZ stI j$8st wdMED BB wd(D WsIjT 8stt wddD Bst wddD B} stI iZ wdED B ]sZj,$tR stI iZ wdMD

!t Y 8}$${sj R$I 8BR stsjkRR BP }BY$A$$Bt stI IZ }${R R$8T }jk tB Ys Y sb 8s$sjR ZRI B }BIZ{ IZR Rjj s jBb }${R $t }BIZ{ {BZt$R bY$j Y ht$RYI }BIZ{R Rjj s Y$Y }${R $t {BtRZ8

{BZt$R

qY$R s}}Bs{Y IBR tB s{{BZt PB Y RBs stR}Bs$Bt

I$R$AZ$Bt stI s$j$t {BRR Ys -$R PB stk }BIZ{ tB IBR $ {BT t$9 Ys Ajs{, 8s, RZ}}j$R %sI s- stI ZjsBk {BRR k}${sjjk

$t{ZI Ak jsj RZ}}j$R qYZR Y I$&t{ Abt Y Ps8s }${

stI Y s$j }${ B%RsR Y &{ BP }BY$A$$Bt

qY$R }s} {BtR$IR Y js$Bt Abt IZ }BY$A$$Bt stI IZ

}${R qY RZjR s JZsj$s$%jk R$8$js B YBR $t Y }%$BZR j$sT

Z AZ Yk RZR s jRR Is8s${ &{ BP }BY$A$$Bt VtI Ak s{{BZtT

$t PB %s$BZR Ps{BR Ys I8$t IZ }${R Y RZjR }B%$I 8B

{Bt%$t{$t %$It{ BP YR &{R

7{$Bt 1 }RtR Iss Bt Y s$B BP s$j B Ps8s }${ PB {B{s$t

YB$t stI jsj BBIR RZ{Y sR {YB{Bjs {B& s A stI BAs{{B

qY Iss RYBb Ys s$j {B{s$t stI YB$t }${R s YZtIIR BP $8R

Y {BRR BP Y sb 8s$sjR ZRI B 8s, YR BBIR {BtR$Rt b$Y

V }s$sj -{}$Bt $R ]sZj,$tR stI iZ wdMD bYB JZst$Pk Y {BRR Ys bBZjI

-$R $t Y sARt{ BP }BY$A$$Bt stI R$8sR Y {BRR $8}BRI Ak tPB{8t qYk IB tB YBb% s{{BZt PB Y s-s$Bt stI ZjsBk {BRR Ys s %sII Ak Ajs{, 8s, RZ}}j$R

sj$ stsjkRR qY Iss sjRB RYBb YBb% Ys s$j }${ $R RB8$8R YZtIIR BP $8R Y Ps8s }${ PB jsj BBIR sR bjj qYZR Y

Y$Y %sjZ BP Y$R s$B PB {B{s$t stI YB$t IBR tB Ak $RjP $tI${s s RZARst$sj &{ BP }BY$A$$Bt

stI YB$t s }Ys}R YZtIIR BP $8R Y$ jsj$9I }${R yP Y s}T }B}$s At{Y8s, $R 8B }B{RRI BBIR RZ{Y sR R}RRB s 7sAZ{,R

Yt Y Iss RZR Ajs{, 8s, {B{s$t $R 1 $8R Y jsj }${ bY$j

Ajs{, 8s, YB$t $R E $8R Y jsj }${ qY $Y 8BIj $R j$,jk Abt YR -8R AZ y RZR Ys Y R}RRB At{Y8s, $R tB

$8}jsZR$Aj

Ajs{, 8s, YB$t $R BZYjk Y $8R Y }${ BP jsj YB$t VI`ZRT

$t PB s j$,jk 8BtB}Bjk 8s,Z} Y Iss $8}jk Ys {B{s$t $R PBZ $8R 8B -}tR$% Yst $ bBZjI A $t s jsj 8s, bY$j YB$t $R }Ys}R t$tt $8R $R jsj$9I }${

7{$BtR 1 stI n YZR RZR Ys {Zt {B{s$t stI YB$t }${R s RZARst$sjjk Y$Y Yst Yk bBZjI A $t s jsj 8s, AZ B s jRR I Yst RZRI $t sj$ bB, !t sRBt PB Y I$&t{

$R Ys sj$ stsjkRR sRRZ8 }BY$A$$Bt {sZRR Y t$ $t{sR $t }${

PB8 Ps8s B s$j yt sII$$Bt sj$ stsjkRR Ps$j B tB Ys bY$j

}BY$A$$Bt $8}BRR {BRR Bt Ajs{, 8s, RZ}}j$R $ Ps{$j$sR %sR$Bt BP {BRR k}${sjjk ABt Ak jsj RZ}}j$R

7{$Bt ; YPB -s8$tR Y {BRR $t{ZI Ak jsj RZ}}j$R AZ

%sII B s%B$II Ak Ajs{, 8s, RZ}}j$R qYR $t{jZI s-R t%$T

Bt8tsj RsPk stI YsjY Zjs$Bt jsAB 8s, Zjs$Bt stI sIT

%$R$t -}tI$ZR s8BtR BYR qY RZjR RZR Ys RZ{Y {BRR {BtR$Z sABZ x( }{t BP Y }${ BP jsj }BIZ{R

7{$Bt x Yt -s8$tR Y {BRR $8}BRI Ak }BY$A$$Bt tPB{8t

qY RZjR RZR Ys }BY$A$$Bt:R &{R Bt jsAB {s}$sj stI 8s$sjR {BRR s sABZ Y Rs8 8st$ZI sR Y s- stI ZjsBk {BRR s%B$II

Ak Ajs{, 8s, RZ}}j$R qY PZjj &{ BP }BY$A$$Bt $R js $P }BY$A$$Bt s&{R Ps{B }B}B$BtR B {BtB8$R BP R{sj Z Y &{R Bt Ps{B

}${R s {BtR$Rt b$Y js$%jk 8BIR B%sjj &{R

7{$Bt E {Bt{jZIR

1 qY _${R BP ]B{s$t <B$t stI X7$8$T js" _BIZ{R

qY$R R{$Bt -s8$tR Y &{ BP }BY$A$$Bt Bt IZ }${R Ak R$8s$t