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Abstract

This paper aims to show that an institutional arrangement such as brokerage is an efficient coordination mechanism to mitigate the contractual hazards in the relationship between merchants and wine growers. We explain its efficiency by considering brokers as independent experts that can help merchants to monitor the growers' wine-making process. More precisely, when the merchant cannot observe the grower's production effort and finds it costly to commit to a credible monitoring of the wine quality process, it can be efficient to delegate the monitoring task to the broker. Thus, delegation to a third party has a commitment effect.
Wine Brokers as independent experts
Míhand FARES
INRA (UMR 1248, AGIR) and University of Paris 1
4, Chemin de Borde-Rouge, BP 27. 31320 Auzeville. France.
Tel: 0 0-3 3-( 0)5 -61 -75 -50-96. E-ma il: m fares@u niv -pa ris 1.f r.
This version: February 2009
Abstract
This paper aims to show that an institutional arrangement such as brokerage is an e¢cient coordi-
nation mechanism to mitigate the contractual hazards in the relationship between a merchant and
a wine grower. We explain its e¢ciency by considering the broker as an independent expert that
can help the merchant to monitor the grower in the wine quality process. More precisely, since it
is costly for the merchant to monitor the wine-making process in a credible way it may be Pareto
improving to delegate this task to a broker. Delegation to a third party has thus a commitment
e§ect.
Keywords: Intermediation; wine; monitoring. JEL ClassiÖcation: D82; L80; M12.
1
1Introduction
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*"#$ 2&0 "&5' *"('' 2&6$'$` (i) #* )#/"* -' *"&* *"' )+0#*+(#0/ %&(*< 3#3 0+*
)+0#*+( &* &44 D)+0#*+(#0/ )+(&4 "&7&(3OI (ii) #* )&< "&5' "&%%'0'3 *"&* *"'
)+0#*+(#0/ %&(*< 3#3 )+0#*+( -6* 3#3 0+* /'* & ('$64* D#)%'(='2* )+0#*+(#0/
*'2"0+4+/<OI (iii) #* )#/"* -' *"&* *"' )+0#*+( 3#3 )+0#*+( &03 /'* & ('$64*>
-6* 3#3 0+* ('5'&4 #* D*(6*"B*'44#0/ %(+-4')OF8!"'+04<5'(#^&-4'$*&*'$+=
*"' ,+(43 &(' *"'('=+(' *"' =+44+,#0/` #* #$ ('5'&4'3 *"&* *"' C6&4#*< #$ "#/"
DqHOI #* #$ ('5'&4'3 *"&* *"' C6&4#*< #$ 4+, DqLOI +( 0+*"#0/ #$ ('5'&4'3 &-+6*
*"' C6&4#*< D?$:!"' ('%+(* r&=*'( *"' )+0#*+(#0/ -'4+0/$ *+ *"' $'* += 5'(B
#^&-4' #0=+()&*#+0 I#fqH;q
L;?g;,"'(' r#?#03#2&*'$ *"&* )+0#*+(#0/
"&$ -''0 #02+0246$#5'8 P#5'0 *"&* *"' #0=+()&*#+0 +-*&#0'3 36(#0/ *"' )+0B
#*+(#0/ %(+2'$$ #$ "&(3 '5#3'02'> #* 2&0 -' 2+02'&4'3 -6* 0+* =+(/'38 !"&* #$>
*"' #0=+()'3 %&(*< 2&0 ('%+(* *"&* *"' )+0#*+(#0/ #$ #02+0246$#5' ,"#4' $"'
+-$'(5'3 & "#/" D+( 4+,O C6&4#*<8 96* #* #$ 0+* %+$$#-4' =+( "'( *+ )#$('%+(*
*"' 4+, C6&4#*< &$ "#/" C6&4#*< +( *"' "#/" C6&4#*< &$ 4+, C6&4#*<8
!"' /(+,'(W$ %('='('02'$ &(' /#5'0 -< *"' 6*#4#*< =602*#+0 UG%p; !$#p%d!>
,"'(' p#$ *"' *(&0$='( ('2'#5'3 =(+) *"' )'(2"&0* &03 d>!#$ *"' 3#$6*#4#*<
+= '@+(*8 ]#)#4&(4<> *"' -(+.'(W$ 6*#4#*< =602*#+0 #$ UB%b; %$#b%m%>,"'('b
#$ *"' *(&0$='( ('2'#5'3 =(+) *"' )'(2"&0* ,"'0 *"' -(+.'( #$ *"' )+0#*+(#0/
%&(*< &03 m>!"#$ 3#$6*#4#*< += '@+(*8 !"' /(+,'( &03 *"' -(+.'( &(' &$$6)'3
*+ "&5' & 4#)#*'3 4#&-#4#*< &03 *"'#( ('$'(5&*#+0 6*#4#*#'$ &(' 0+()&4#7'3 *+ 7'(+8
E+0$#3'( 0+, *"' )'(2"&0*W$ +-h'2*#5' =602*#+08 b' $6%%+$' *"&* qH#$ 4&(/'
'0+6/" =+( #* *+ -' #0 *"' )'(2"&0*W$ #0*'('$* *+ '0/&/' #0 %(+362*#+08 !"'
)'(2"&0* )6$* *"'('=+(' '4#2#* *"' +%*#)&4 %(+362#0/ &03 )+0#*+(#0/ '@+(*$
=+( #*$ 2+0*(&2*6&4 ('4&*#+0$"#% *+ -' 5&46&-4'8 !"' )'(2"&0*W$ 6*#4#*< 3#@'($
&22+(3#0/ *+ *"' #0$*#*6*#+0&4 &((&0/')'0* $"' 2"++$'$ *+ '4#2#* *"+$' '@+(*$8
b"'0 *"' )'(2"&0* 3'2#3'$ *+ )+0#*+( *"' ,#0'B)&.#0/ %(+2'$$ -< "'($'4=> $"'
/'*$ UM%p; %$#qH%C1,"'(' C1#C%p$&m%: C%p$#$ *"' 2+$* += #)%4')'0*B
#0/ *"' "#/" %(+362*#+0 '@+(* -< %&<#0/ &0 #02'0*#5' $2"')' p*+ *"' /(+,'(
&03 m% #$ *"' )'(2"&0*W$ 2+$* *+ )+0#*+( -< "'($'4=8 b"'0 $"' 3'2#3'$ *+
3'4'/&*' *"' )+0#*+(#0/ *&$. *+ *"' -(+.'( $"' /'*$ UM%p; b$#qH%C2;,"'('
F[+*' *"&* *"' +%*#)&4 2+0*(&2* )&< $+45' 2&6$'$ (i) &03 (iii)8 !"#$ #)%4#'$ *"&* &* 'C6#B
4#-(#6)> *"' )+0#*+(#0/ %&(*< )+0#*+($ &03 2&00+* 2+02'&4 *"' #0=+()&*#+0 +-$'(5'3 36(#0/
*"' )+0#*+(#0/ %(+2'$$8 S+,'5'(> 36' *+ 2&6$' (ii) *"' ('%+(* 2&0 $*#44 -' #02+0246$#5' $#02'
#= *"' /(+,'( )&.'$ & "#/" C6&4#*< (qH)> )+0#*+(#0/ ('5'&4$ 0+ '5#3'02' ,#*" & %(+-&-#4#*<
D1%"O D#)%'(='2* )+0#*+(#0/ *'2"0+4+/<O8
C2#C%p; b$#$ *"' 2+$* += #)%4')'0*#0/ *"' "#/" %(+362*#+0 '@+(* D-< %&<#0/
p*+ *"' /(+,'(O &03 *"' "#/" )+0#*+(#0/ '@+(* D-< %&<#0/ b*+ *"' -(+.'(OL8
]#02' "&(3 #0=+()&*#+0 &-+6* *"' +6*%6* #$ ':246$#5'4< +-*&#0'3 *"(+6/" )+0B
#*+(#0/> 2+0*(&2*$ &(' 2+0*#0/'0* +0 *"' ('%+(*8 !"'('=+('> *"' )'(2"&0* +@'($
&2+0*(&2*p#%pH;p
L;p
?$*+ *"' /(+,'(> ,"'(' pH%pL$#$ *"' *(&0$='( ,"'0
*"' ('%+(* ('5'&4$ & "#/" D4+,O C6&4#*< &03 p?#$ *"' *(&0$='( ,"'0 *"' ('%+(*
#$ #02+0246$#5'8 b"'0 *"' )'(2"&0* 3'2#3'$ *+ 3'4'/&*' *"' )+0#*+(#0/ *&$.
*+ *"' -(+.'(> $"' &4$+ +@'($ &0 #02'0*#5' 2+0*(&2* b#%bH;b
L;b
?$,"'(' *"'
-(+.'( /'*$ bH,"'0 "' ('%+(*$ & "#/" C6&4#*<> bL,"'0 "' ('%+(*$ & 4+, C6&4#*<
&03 b?,"'0 "#$ ('%+(* #$ #02+0246$#5'8 !+/'*"'( ,#*" *"' &$$6)%*#+0 += 4#)B
#*'3 4#&-#4#*<> *"' /'0'(&4 =+() += & ='&$#-4' 2+0*(&2* #$ p#%pH;p
L;p
?$2R3
+
&03 b#%bH;b
L;b
?$2R3
+8J0+,#0/*"#$=+()>,'2&0(',(#*'*"'2+$*+=
'4#2#*#0/ *"' +%*#)&4 '@+(*$` C1#&pH&%"%&$p?&m% ,"'0 *"' )'(2"&0*
3'2#3'$ *+ )+0#*+( &03 C2#&%pH&bH$&%"%&$%p?&b?$,"'0 $"' 3'2#3'$
*+ 3'4'/&*' *"' )+0#*+(#0/ *&$.8
!"' $'C6'02' += '5'0*$ #$ &$ =+44+,$8 T* 3&*' M> *"' )'(2"&0* 3'2#3'$ *+
)+0#*+( -< "'($'4= +( *+ 3'4'/&*' *"' *&$. *+ & -(+.'(8 T* 3&*' F> *"' )'(2"&0*
+@'($ & 2+0*(&2* p#%pH;p
L;p
?$*+ *"' /(+,'( #= $"' 3'2#3'3 &* 3&*' M *+
)+0#*+( -< "'($'4=I & 2+0*(&2* p&03 & 2+0*(&2* b#%bH;b
L;b
?$*+ *"' -(+.'(
#= $"' 3'2#3'3 *+ 3'4'/&*'8 A= '#*"'( ('=6$'$> *"' /&)' '03$ &03 *"'< -+*"
/'* *"'#( ('$'(5&*#+0 6*#4#*<8 T* 3&*' L> *"' /(+,'( ':'(*$ "#$ '@+(*8 T* 3&*'
Q> 36(#0/ *"' ,#0' )&.#0/ %(+2'$$ *"' )+0#*+(#0/ %&(*< ':'(*$ "'( '@+(* *+
2+0*(+4 C6&4#*<8 T* 3&*' d> $"' $'03$ *"' ('%+(*8 T* 3&*' Z> ,#0' #$ 3'4#5'('3
*+ *"' )'(2"&0* &03 *(&0$='($ *+ *"' /(+,'( &03 *"' -(+.'( D#= "' %'(=+()$ *"'
)+0#*+(#0/ *&$.O *&.' %4&2'8
2.2 Characterization result
e++.#0/ &* *"' $6-/&)' 'C6#4#-(#6) += *"' 603'(4<#0/ /&)'> ,' &0&4<7' *"'
)'(2"&0*W$ 3'4'/&*#+0 3'2#$#+0 &* 3&*' M8 b' ^($* 2+0$#3'( *"' $#*6&*#+0 #0
,"#2" *"' )'(2"&0* #$ *"' )+0#*+(#0/ %&(*< &03 *"6$ $6%'(5#$'$ *"' ,#0'
)&.#0/ %(+2'$$ D_)'(2"&0* )+0#*+(#0/_O8 b' 2"&(&2*'(#7' *"' +%*#)&4 $#0/4'
2+0*(&2* &03 2+)%6*' *"' )#0#)6) 2+$* *"&* *"' )'(2"&0* )6$* -'&( ,#*"
*"#$ &((&0/')'0* DL8L8FO8 !"'0> ,' $*63< *"' $#*6&*#+0 ,"'(' *"' )'(2"&0*
L!"' 2+$* += #)%4')'0*#0/ *"' +%*#)&4 &2*#+0$ D*"' "#/" %(+362*#+0 &03 )+0#*+(#0/
'@+(*O #$ & 2+$* =+( *"' )'(2"&0*8 !"#$ 2+$* #$ ,"&* $"' "&$ *+ %&< *+ #0362' "'( %&(*0'($ *+
2"++$' *"' "#/" '@+(*$8 !"' '12#'02< 2(#*'(#+0 2+0$#3'('3 *"'('&=*'( *+ 2+)%&(' *"' 3#@'('0*
#0$*#*6*#+0&4 &((&0/')'0*$ D3#('2* +( 3'4'/&*'3 )+0#*+(#0/O #$ *"'0 *"' )#0#)#7&*#+0 += *"'
2+$* += #)%4')'0*#0/ "#/" '@+(*$8
3'4'/&*'$ *"' )+0#*+(#0/ *&$. *+ *"' -(+.'( D_-(+.'( )+0#*+(#0/_O8 b' 2"&(&2B
*'(#7' *"' *,+ +%*#)&4 2+0*(&2*$ &03 2+)%6*' *"' )#0#)6) 2+$*8 !"#$ &44+,$
6$ *+ $"+, *"&* 3'4'/&*#+0 #$ &0 '12#'0* 3'2#$#+0 DL8L8LO8 R#0&44<> ,' ':*'03
*"' ':*'03 *"' )+3'4 *+ $*63< 3#@'('0* &$%'2*$ += 2+446$#+0 -'*,''0 *"' &/'0*$
&03 ,' $"+, *"&* 3'4'/&*#+0 2&0 $*#44 -' %(+^*&-4' DL8L8QO8
2.2.1 Merchant monitoring
A= *"' )'(2"&0* 3+'$ 0+* 3'4'/&*' &03 3'2#3'$ *+ )+0#*+(> *"' ('4&*#+0$"#%
('362'$ *+ *"' $#0/4' 2+0*(&2* p#%pH;p
L;p
?$,#*" *"' ,#0' /(+,'(8 !"'
-(+.'( %4&<$ 0+ (+4' &03 ,' 2&0 $'* "#$ 2+0*(&2* *+ b#%!;!;!$8
!"' $#0/4' 2+0*(&2* )6$* ^($* %(+5#3' '0+6/" #02'0*#5'$ *+ *"' /(+,'( *+ /'*
&"#/",#0'C6&4#*<8 !"'/(+,'(2"++$'$&"#/"'@+(*D!#"O*"&*<#'43$&"#/"
,#0' C6&4#*< ,"'0 *"' 2+0*(&2* %pH;p
L;p
?$$&*#$^'$ "#$ #02'0*#5' 2+0$*(&#0*
&pH&%"%&$p?%d&&pL&%"%&$p?
,"'(' *"' 4'=* *'() += *"' #0'C6&4#*< #$ *"' ':%'2*'3 6*#4#*< += *"' /(+,'( ,"'0
"' ,+(.$ "&(3 D!#"O> &03 *"' (#/"* *'() "#$ ':%'2*'3 6*#4#*< ,"'0 "' $"#(.$
D!#!O8 a'&((&0/#0/> ,' /'*
pH%pL&d=& DFO
$#02' ,' &$$6)' *"' 4#)#*'3 4#&-#4#*< += *"' /(+,'(> *"'0 *"' *(&0$='($ &(' 0+0B
0'/&*#5'> #8'8
pH&!;p
L&!;p
?&!DLO
!+ -' &2 2 '% *'3> * " ' 2+0* (& 2* +@'(' 3 -< *" ' ) ' (2" & 0* )6$* &4 $ + $&*#$= < * "'
/(+,'(W$ %&(*#2#%&*#+0 2+0$*(&#0*
&pH&%"%&$p?%d&!
6$#0/ *"' #02'0*#5' 2+0$*(&#0* DFO &03 *"' 4#)#*'3 4#&-#4#*< += *"' -(+.'( DLO>
,' 2&0 $'' *"&* *"' %&(*#2#%&*#+0 2+0$*(&#0* #$ &4,&<$ $&*#$^'38 !"#$ #)%4#'$
*"&* #* 2&0 -' #/0+('3 #0 ,"&* =+44+,$8
!"' )'(2"&0* D*"' )+0#*+(#0/ %&(*<O )6$* &4$+ %(+5#3' & 5'(#^&-4' ('%+(*
+0 *"' ,#0' C6&4#*< +-*&#0'3 -< *"' /(+,'(8 !"#$ #)%4#'$ *"&* $"' "&$ *+ ':'(*
&"#/")+0#*+(#0/'@+(*D%#"O,"'0*"'/(+,'(,+(.$"&(3D!#"O> &03
*"6$ *"' 2+0*(&2* %pH;p
L;p
?$)6$* $&*#$=< *"' )'(2"&0*W$ #02'0*#5' 2+0$*(&#0*
*+ )+0#*+(
qH%&pH%%" %&$p?%m&qH%p?
,"'(' *"' 4'=* D(#/"*O *'() += *"' #0'C6&4#*< #$ *"' )'(2"&0*W$ ':%'2*'3 6*#4B
#*< ,"'0 $"' ':'(*$ & "#/" D4+,O '@+(* *+ )+0#*+( *"' ,#0' )&.#0/ %(+2'$$8
a'&((&0/#0/ *"' %('5#+6$ #0'C6&4#*<> ,' /'*
p?%pH&m=& DQO
[+*' *"&* $#02' ,' &$$6)'3 *"&* qH#$ 4&(/' '0+6/" =+( #* *+ -' %(+^*&-4'
*+ '0/&/' #0 & ,#0' %(+362*#+0 ('4&*#+0$"#%> *"' )'(2"&0*W$ 6*#4#*< #$ &4,&<$
0+00'/&*#5'8 !"'('=+('> *"' )'(2"&0* &4,&<$ %&(*#2#%&*' *+ *"' ('4&*#+0$"#%8
!"' +%*#)&4 2+0*(&2* )6$* &4$+ $&*#$=< & *(6*"B*'44#0/ 2+0$*(&#0*8 A03''3>
$6%%+$' *"&* *"' )'(2"&0* )+0#*+(#0/ #$ $622'$$=64> *"'0 &* 3&*' d $"' "&$
*+ 3'2#3' ,"'*"'( *+ ('5'&4 *"' '5#3'02'8 !"#$ 3'2#$#+0 3#('2*4< &@'2*$ "'(
%&<+@ $#02' 2+02'&4#0/ '5#3'02' ('$64*$ #0 & %&<)'0* += p?>,"#4'('5'&4#0/
*"' #0=+()&*#+0 ('$64*$ #0 & %&<)'0* += pi;i#H; L8!"')'(2"&0*,#44
*"'('=+(' ('5'&4 *"' '5#3'02' #=
p?&pH&03 p?&pLDdO
R+44+,#0/ * " ' P (+ $$)&0BS& ( * D FG VQO *,+ B $ *'% &%%(+ & 2" > ,' $+4 5' *" ' ) ' (B
2"&0*W$ )&:#)#7&*#+0 %(+/(&) -< )#0#)#7#0/ *"' 2+$* += #)%4')'0*#0/ *"'
%(+362*#+0 &03 )+0#*+(#0/ "#/" '@+(*$8 !"&* #$>
Min
(pH;pL;p?)C1#&pH&%"%&$p?&m
s:t: ' %"$;%($;%)$;%*$
Proposition 1 When the merchant is the monitoring party, the optimal con-
tract is %p!
H;p
!
L;p
!
?$#%d=&; !;%d&m$=&$and the cost of implementing high
e§orts is C1#%d&m$%" & +$,with+#%"%&$=&.
Proof ]#02' #0 *"' )'(2"&0* %(+/(&) *"' +-h'2*#5' D2+$*O =602*#+0 #$ #02('&$B
#0/ #0 *"' *(&0$='( p>#*#$+%*#)&4*+$'*p&$ 4+, &$ %+$$#-4'8 9'2&6$' pL#$
2+0$*(&#0'3 +04< -< *"' /(+,'(W$ 4#)#*'3 4#&-#4#*<> *"'0 =(+) DLO ,' )6$* $'*
pL#!:p
H#$ -+603'3 -< *"' /(+,'(W$ #02'0*#5' 2+0$*(&#0*> *"'0 =(+) DFO
pH#d=& /#5'0 *"&* pL#!8A0*(+362#0/*"'$'5&46'$#0'C6&*#+0DQO>,'/'*
p?#%d&m$=&8!"#$#)%4#'$*"&*&*'C6#4#-(#6)*"')'(2"&0*W$*(6*"B*'44#0/
2+0$*(&#0* DdO #$ &4$+ $&*#$^'3 $#02' p?%pH#m=& &!&03 p?&pL#!8
!"'('=+('> *"' +%*#)&4 2+0*(&2* #$ %p!
H;p
!
L;p
!
?$#%d=& ; !;%d&m$=&$8b'2&0
0+, 2+)%6*' *"' 2+$* += '4#2#*#0/ *"' "#/" '@+(*$` C1#%d&m$%" & +$>,#*"
+#%"%&$=&8!
[+*' *"&* ,"'0 *"' *'2"0+4+/< += )+0#*+(#0/ #$ %'(='2* %&#"$>*"'2+$*+=
#)%4')'0*#0/ !#"&03 %#"#$ h6$* C1#%d&m$>#8'8 *"'2+$*+=':'(*#0/*"'
%(+362*#+0 &03 )+0#*+(#0/ "#/" '@+(*$ ,"'0 *"+$' '@+(*$ &(' +-$'(5&-4'8 !"#$
#)%4#'$ *"&* *"' )'(2"&0* 2&0 ':*(&2* *"' ,"+4' $6(%46$ =(+) *"' ('4&*#+0$"#%>
#8'8 UM#qH%%d&m$8A02+0*(&$*>,"'0*"')+0#*+(#0/*'2"0+4+/<#$
#)%'(='2* %&'"$;*"' )'(2"&0* 2&0 0+ )+(' ':*(&2* *"' ,"+4' $6(%46$ $#02'
*"' 2+$* += #)%4')'0*#0/ #$ "#/"'( %C1#%d&m$%" & +$$8!"#$#$-'2&6$'
*"' )'(2"&0* )6$* 4'&5' & ('0* R#%d&m$+ *+ *"' /(+,'(8 a',(#*#0/ *"#$
':%('$$#+0> ,' /'*
R#%"%&$p!
?DZO
,"#2" #$ 3'2('&$#0/ ,#*" &; &$ $6//'$*'3 &-+5'> -6* &4$+ #02('&$#0/ ,#*" p!
?8
a'2&44 *"&* p?#$ *"' %(#2' *"&* *"' )'(2"&0* )6$* %&< *+ -' 2('3#-4' #0 "'(
2+))#*)'0* *+ *'44 *"' *(6*" #0 *"' ('%+(* $"' $'03$8 ]#02' p?/'0'(&*'$ 0+
#02'0*#5'$ *+ ':'(* & "#/" '@+(*> #* #$ h6$* & ('0* 4'=* *+ *"' /(+,'(8
2.2.2 Broker monitoring
A0 *"#$ $'2*#+0> *"' )'(2"&0* 3'4'/&*'$ *"' )+0#*+(#0/ *&$. *+ *"' -(+.'( &03
*"6$ $#/0$ *,+ 2+0*(&2*$` +0' ,#*" *"' -(+.'( *+ %'(=+() *"' )+0#*+(#0/ *&$.>
*"' +*"'( ,#*" *"' /(+,'( *+ ,+(. "&(3 D!#"O#0+(3'(*+/'*&"#/",#0'
C6&4#*<8 !+ /#5' '0+6/" #02'0*#5'$ *+ %'(=+() *"' )+0#*+(#0/ *&$. D%#"$>
*"' 2+0*(&2* %bH;b
L;b
?$)6$* -' $62" *"&* *"' -(+.'(W$ #02'0*#5' 2+0$*(&#0*
&bH&%"%&$b?%m&b?DNO
#$ $&*#$^'38 a'&((&0/#0/> ,' /'*
&%bH%b?$&mDHO
]#02' *"' -(+.'( #$ &4$+ &$$6)'3 *+ "&5' & 4#)#*'3 4#&-#4#*<> *"'0 *"' *(&0$='($
"' /'*$ )6$* -' 0+0B0'/&*#5'8 !"&* #$
bH&!;b
L&!;b
?&!DVO
[+*' *"&* *"#$ 4#)#*'3 4#&-#4#*< 2+0$*(&#0* #)%4#'$ *"&* *"' -(+.'(W$ %&(*#2#%&*#+0
2+0$*(&#0* #$ $&*#$^'3 ,"'0 "#$ #02'0*#5' 2+0$*(&#0* #$ -#03#0/8 !+ %(+5#3'
#02'0*#5'$ *+ *"' -(+.'( *+ ('5'&4 *"' #0=+()&*#+0 "' +-$'(5'3> *"' )'(2"&0*
)6$* $'*
bH&b?&03 bL&b?DGO
;*"'(,#$'> #8'8 #= bH'b?+( bL'b?;#* #$ %(+^*&-4' =+( *"' -(+.'( *+ 2+02'&4
*"' #0=+()&*#+0 +-$'(5'3 DqH+( qLO&03h6$*('%+(**"&*"'+-$'(5'30+*"#0/
Dr#?$8A03''3>*"'-(+.'(/'*$&"#/"'(%&<)'0*#="'3+'$0+*('5'&4
*"' #0=+()&*#+0 +-$'(5'3 Db?&bH+( b?&bLO8 96*> $#02' &* 'C6#4#-(#6)
*"' +%*#)&4 2+0*(&2* +@'('3 *+ *"' -(+.'( $&*#$^'$ *"#$ *(6*"=64 ('5'4&*#+0
2+0$*(&#0* DGO> ,' 2&0 #/0+(' #* #0 *"' %(+/(&)8
[+, 2+0$#3'( *"' 2+0*(&2* ,#*" *"' /(+,'(8 e#.' *"' %('5#+6$ $'**#0/ ,"'('
*"' )'(2"&0* ,&$ *"' )+0#*+(#0/ %&(*<> *"' +%*#)&4 %(+362#0/ 2+0*(&2* )6$*
&4$+ $&*#$=< *"' $&)' #02'0*#5' &03 4#)#*'3 4#&-#4#*< 2+0$*(&#0*$ DDFO &03 DLOO8
!"'('=+('> ,"'0 *"' )'(2"&0* 3'4'/&*'$ *"' )+0#*+(#0/ *&$. *+ *"' -(+.'( $"'
2"++$'$ *"' +%*#)&4 2+0*(&2*$ *"&* )#0#)#7' *"' 2+$* += #)%4')'0*#0/ *"' "#/"
'@+(*$
Min
h(pH;pL;p?);(bH;bL;b?)iC2#&%pH&bH$&%"%&$%p?&b?$
s:t: '%"$;%($;%,$;%-$;%.$
Proposition 2 When the monitoring task is delegated to the broker, the opti-
mal contracts are the following: %p!!
H;p
!!
L;p
!!
?$#%d=&; !;!$ and %b!!
H;b
!!
L;b
!!
?$#
%m=&; !;!$,andtheimplementationcostoftheproductionandmonitoringef-
forts is C2#%d&m$.
Proof ]#02' #0 *"' %(+/(&) pL>p?&03 bL>b?&(' -+603'3 -'4+, +04< -<
*"' /(+,'(W$ &03 *"' -(+.'(W$ 4#)#*'3 4#&-#4#*< 2+0$*(&#0*$> *"'0 pL#p?#
bL#b?#!:!+ #0 3 62 ' *"' /(+,'( *+ ,+(. "&( 3 D !#"O> *"' )'(2"&0*
)6$* $'* & "#/"'( pH-'2&6$' *"' /(+,'(W$ #02'0*#5' 2+0$*(&#0* DFO "&$ *+ -'
$&*#$^'38 !"&* #$> /#5'0 *"&* pL#!>*"'0pH#d=&8]#)#4&(4<>*+#0362'
*"' -(+.'( *+ )+0#*+( D%#"O*"')'(2"&0*)6$*$'*bH*+ $&*#$=< *"' -(+B
.'(W$ #02'0*#5' 2+0$*(&#0* DHO8 !"&* #$> bH#m=& /#5'0 *"&* b?#!8!"'
+%*#)&4 2+0*(&2*$ &(' *"'0 $62" *"&* p!! #%p!!
H;p
!!
L;p
!!
?$#%d=&; !;!$ &03
b!! #%b!!
H;b
!!
L;b
!!
?$#%m=&; !;!$8[+,,'2&02+)%6*'*"''4#2#*#0/2+$*603'(
3'4'/&*#+0` C2%p!!;b
!!$#&%p!!
H&b!!
H$&%"%&$%p!!
?&b!!
?$#d&m: !
Proposition 3 The merchant always chooses to delegate the monitoring task
to the broker since it is less costly.
Proof !"' %(++= #$ #))'3#&*'> $#02' C2#%d&m$'C1#%d&m$%" & +$
-'2&6$' +#&=%" %&$&!8!"&*#$>3'4'/&*#0/*"')+0#*+(#0/*&$.*+*"'
-(+.'( /'0'(&*'$ &0 #)%4')'0*&*#+0 2+$* %C2$4+,'( *"&0 *"' 2+$* %C1$*"&* *"'
)'(2"&0* )6$* -'&( #= $"' %'(=+()$ -< "'($'4= *"' )+0#*+(#0/ *&$.8 !"'('=+('>
*"' )'(2"&0* &4,&<$ 2"++$'$ 3'4'/&*#+08 !
?'4'/&*#+0 #$ &0 '12#'0* 2"+#2' -'2&6$' #* )#0#)#7'$ *"' 2+$* += #)%4'B
)'0*#0/ *"' "#/" '@+(*$8 f+(' %('2#$'4< $#02' *"#$ 2+$* #$ +04< %d&m$,"'0
*"' )'(2"&0* 3'4'/&*'$ *"' )+0#*+(#0/ *&$. *+ *"' -(+.'(> $"' 2&0 ':*(&2* *"'
,"+4' $6(%46$ =(+) *"' ('4&*#+0$"#%8 !"&* #$> 0+ ('0* #$ 4'=* *+ *"' /(+,'(
D0+( *+ *"' -(+.'(O8 T03> =(+) %Z$>*"'('0*#$0644'5'0,"'0*"')+0#*+(#0/
*'2"0+4+/< #$ #)%'(='2* %&<"$ $#02' p!!
?#b!!
?#!8A0+*"'(,+(3$>3'4'/&B
*#+0 #$ '12#'0* 0+* -'2&6$' *"' -(+.'( "&$ &22'$$ *+ & -'**'( *'2"0+4+/< -6*
)&#04< -'2&6$' 3'4'/&*#+0 /'0'(&*'$ & 2+))#*)'0* '@'2* #0 *"' ('5'4&*#+0 +=
'5#3'02'8 b"'0 *"' )'(2"&0* #$ *"' )+0#*+(#0/ %&(*<> $"' 2&00+* 2+))#*
"'($'4= *+ ('5'&4#0/ *"' '5#3'02' qH,"'0 pH#$ 4&(/'( *"&0 p?8!"#$#$-'2&6$'
*"' )'(2"&0* "&$ *+ /#5' #02'0*#5'$ *+ #0362' qH>,"#2"#)%4#'$*"&*pH#$
4&(/'( *"&0 p?>&03&**"'$&)'*#)'#0362'"'($'4=*+('%+(**(6*"=644<D,"#2"
#)%4#'$ *"&* p?&pH$:]#02' *"' )'(2"&0* 2&0 ('/64&*' -+*" #02'0*#5'$ +04<
*"(+6/" *"' 60#C6' 2+0*(&2* p>*"'+%*#)&42+0*(&2*$%'2#^'$p!
H&p!
?&03
*"6$ & ('0* #$ 4'=* *+ *"' /(+,'(8 !"#$ 4&2. += 2+))#*)'0* 3+'$ 0+* +226(
,"'0 )+0#*+(#0/ #$ 3'4'/&*'3 *+ *"' -(+.'(8 A0 *"' 3'4'/&*#+0 /&)'> *"'('
&(' *,+ 2+0*(&2*$ &03 *"6$ *"' )'(2"&0* 2&0 6$' *"' 2+0*(&2* p*+ ('/64&*'
*"' /(+,'(W$ #02'0*#5' *+ ':'(* & "#/" %(+362*#+0 '@+(* &03 *"' 2+0*(&2* b*+
('5'&4 *"' '5#3'02'8 !"'('=+('> *"' -(+.'(W$ 3'2#$#+0 2+02'(0#0/ *"' ('5'4&*#+0
+= '5#3'02' 3'%'03$ +04< +0 b&03 0+* +0 p8!"#$#)%4#'$*"&**"')'(2"&0*
2&0 $'* bH4&(/'( *"&0 b?*+ #0362' *"' -(+.'( *+ ('5'&4 *"' '5#3'02' ,#*"+6*
4'&5#0/ & ('0*8 ]#)#4&(4<> $"' 2&0 $'* pH4&(/'( *"&0 p?*+ #0362' *"' /(+,'(
*+ ':'(* & "#/" '@+(* ,#*"+6* 4'&5#0/ & ('0*8
2.2.3 Collusions
]6%%+$' *"&* *"' )'(2"&0* 2"++$'$ *+ 3'4'/&*' *"' )+0#*+(#0/ *&$. &03 *"&*
2+446$#+0$ )&< +226(8 A0 &22+(3&02' ,#*" !#(+4' DFGVN> FGGLO> ,' &(' 2+02'(0'3
,#*" ': %+$* 2+446$#+08 !"&* #$> 2+446$#+0 *"&* *&.'$ %4&2' &=*'( 3&*' Z += *"'
/&)' ,"'0 )+0#*+(#0/ ('5'&4$ '5#3'02' &-+6* *"' ,#0' C6&4#*< %(+362'3 -< *"'
/(+,'(8 R#($*> ,' 2+0$#3'( 2+446$#+0 -'*,''0 )'(2"&0* &03 -(+.'(8 ]6%%+$'
*"&* *"' -(+.'( +-$'(5'$ & "#/" C6&4#*< %qH$$62" *"&* *"' )'(2"&0* "&$ *+
%&< *"' /(+,'( & *(&0$='( pH8A=*"')'(2"&0*2&02+05#02'*"'-(+.'(0+**+
('5'&4 *"' #0=+()&*#+0> $"' +04< "&$ *+ %&< p?D*+ *"' /(+,'(O &03 b?D*+ *"'
-(+.'(O #0$*'&3 += pH&bH#= *"' -(+.'( ('5'&4$ *"' #0=+()&*#+0 #0 "#$ ('%+(*8
!"'('=+('> *"' )'(2"&0* "&$ & $*(+0/ #02'0*#5' *+ 2+4463' ,#*" *"' -(+.'( -<
+@'(#0/ & -(#-' w=+( 0+* ('5'&4#0/ *"' '5#3'02' #= 2+446$#+0 0'* += *"' -(#-'
#$ %(+^*&-4'8 !"&* #$> #= %pH%p?$&%bH%b?$%w>!8!"')&:#)6)-(#-'
*"&* *"' )'(2"&0* #$ ,#44#0/ *+ %&< #$ *"'0 wmax #%pH%p?$&%bH%b?$8b'
&$$6)' *"&* 2+446$#+0 #$ 2+$*4< $#02' *"' -(#-' "&$ *+ -' *(&0$='(('3 #0 $*'&4*"8
R+44+,#0/ ! # ( +4' DFGG L O > *"#$ 2 + $ * 2&0 -' ' : %( '$ $'3 -< & *(&0$= ' ( %& (& )' *'(
k2%!;"$ ,"#2" #$ %(+%+(*#+0&4 *+ *"' $#7' += *"' -(#-'8 b"'0 *"' )'(2"&0*
$'03$ & -(#-' += w)+0'*&(< 60#*$> *"' -(+.'( ('2'#5'$ +04< kw )+0'*&(<
60#*$8 !"' -(+.'( &22'%*$ & -(#-' #= *"#$ #$ %(+^*&-4' *+ "#)8 !"&* #$> #= "'
/'*$ )+(' *"&0 *"' )+0'*&(< #02'0*#5' *+ ('5'&4 *"' '5#3'02' %bH%b?$8A=*"'
-(+.'( "&$ *"' ,"+4' -&(/&#0#0/ %+,'(> "' 2&0 ':*(&2* *"' )&:#)6) -(#-'8
!"'('=+('> *"' -(+.'( ,#44 &22'%* *+ 2+4463' ,"'0'5'( kwmax >%bH%b?$8A*
=+44+,$ *"&* ,"'0 kwmax '%bH%b?$>*"'-(+.'("&$0+#02'0*#5'*+2+4463'
&03 &$ & 2+0$'C6'02' 2+446$#+0 ,#44 0+* *&.' %4&2'8 !"' +%*#)&4 2+0*(&2*$
%('5'0*$ 2+446$#+0 #= *"'< $&*#$=< *"' =+44+,#0/ 2+446$#+0B%(++=0'$$ 2+0$*(&#0*`
%bH%b?$&k=%" %k$%pH%p?$8
!"' =+44+,#0/ %(+%+$#*#+0 d $"+,$ *"&* 2+446$#+0 "&$ & 3#@'('0* #)%&2* +0
*"' '12#'02< += 3'4'/&*#+0 &22+(3#0/ *+ *"('' ('/#)'$ /#5'0 *"('$"+43 5&46'$
=+( *"' *(&0$='( %&(&)'*'( k8
Proposition 4 (i) If !<k'm=%m&d$,theoptimaldelegationcontract
hp!!;b
!!iprevents collusion and the broker receives no rent;
(ii) If m=%m&d$<k'%m&R$=%m&d&R$,withR#%m&d$+,delegation
is still proÖtable but to prevent collusion a rent must be left to the broker;
(iii) If k>%m&R$=%m&d&R$,thereisnocollusion-proofcontractthat
makes delegation proÖtable.
Proof [+*' ^($* *"&* ,"'0 k#!>2+446$#+0#$#0^0#*'4<2+$*4<&03*"6$
*"' 2+446$#+0B%(++=0'$$ 2+0$*(&#0* #$ *(#5#&44< $&*#$^'3 ,"&*'5'( *"' 3'4'/&*#+0
2+0*(&2* 2+0$#3'('38 T$ & 2+0$'C6'02'> 2+446$#+0 0'5'( +226($8 b"'0 k#">
2+446$#+0 #$ 2+$*4'$$> &03 *"6$ #* &4,&<$ +226($ -'2&6$' 0+ 3'4'/&*#+0 2+0*(&2*
2&0 %('5'0* *"' 2+02'&4)'0* += '5#3'02' %(+5#3'3 *"&* %p!!
H%p!!
?$&!:R+(
*"' )+(' /'0'(&4 2&$' ,"'(' k2%!;"/>,'"&5'*"(''3#@'('0*('/#)'$/#5'0
*"('$"+43 5&46'$ =+( *"#$ *(&0$='( %&(&)'*'(8
(i) ,"'0 *"' 2+446$#+0 2+$* #$ "#/" Dk'm=%m&d$O> *"' +%*#)&4 3'4'/&*#+0
2+0*(&2* hp!!;b
!!i#h%d=&; !;!$;%m=&; !;!$i#$ 2+446$#+0B%(++=8 T03 #* 4'&5'$
0+ ('0* *+ *"' -(+.'( D0+( *+ *"' /(+,'(O $#02' *"' 2+$* += '4#2#*#0/ *"' "#/"'$*
'@+(*$ #$ +04< C2%p!!;b
!!$#d&m8
(ii) b"'0 *"' 2+446$#+0 2+$* #$ 0+* 5'(< "#/" Dm=%m&d$<k'%m&
R$=%m&d&R$>,#*"R#%m&d$+O> #* #$ $*#44 %+$$#-4' *+ %('5'0* 2+446$#+0
$#)%4< -< #02('&$#0/ bH#0 *"' -(+.'(W$ 2+0*(&2* b>,"#4'.''%#0/*"'/(+,'(W$
2+0*(&2* p!! 2+0$*&0*8 !"#$ 0', 2+0*(&2* %p!!;b$&4$+ (&#$'$ *"' #)%4')'0*&*#+0
2+$* $#02' 0+, C2%p!!;b$#&bH&d&d&m>,"#2"('362'$*"''12#'02<+=
3'4'/&*#+0 -< 4'&5#0/ & ('0* *+ *"' -(+.'(8 ?'4'/&*#+0 #$ %(+^*&-4' =+( *"'
)'(2"&0* 60*#4 *"#$ 2+$* C2%p!! ;b$'C6&4$ *"' #)%4')'0*&*#+0 2+$* ,#*"+6*
3'4'/&*#+0> #8'8 C1%p!$8!"#$"+43$=+(b!!!
H#%m&R$=&8!"#$3'4'/&*#+0
2+0*(&2* hp!!;b
!!!i;,"'(' b!!! #%%m&R$=&; !;!$>#$2+446$#+0B%(++=,"'0k'
%m&R$=%m&d&R$8!"'('=+('>,"'0%m=%m&d$<k'%m&R$=%m&d&R$
&44 *"' +%*#)&4 3'4'/&*#+0 2+0*(&2*$ hp!!;bi>,"'('b<b'b!!!>4'&5'&('0*
*+ *"' -(+.'(8 96* #* #$ 4+,'( *"&0 *"' ('0* 4'=* R*+ *"' /(+,'( ,"'0 *"'
)'(2"&0* #$ )+0#*+(#0/8 !"'('=+('> 3'4'/&*#+0 #$ $*#44 %(+^*&-4'8
(iii) b"'0 *"' 2+446$#+0 2+$* #$ 4+, Dk&%m&R$=%m&d&R$$>*"'
3'4'/&*#+0 2+0*(&2* hp!!;bi2&0 %('5'0* 2+446$#+0 +04< #= bH>%m&R$=&8!"#$
#)%4#'$ *"&* C2%p!!;b$>C
1%p!$8!"&*#$3'4'/&*#+0#$0+)+('%(+^*&-4'8 !
i(+%+$#*#+0 d $"+,$ *"&* 2+446$#+0 -'*,''0 )'(2"&0* &03 -(+.'( )&< 60B
3'()#0' *"' 2+))#*)'0* '@'2* += 3'4'/&*#+08 ;04< ,"'0 2+446$#+0 #$ 5'(<
2+$*4< Dk'm=%m&d$O> *"' +%*#)&4 3'4'/&*#+0 2+0*(&2* hp!!;b
!!i('5'&4$ '5B
#3'02' ,#*"+6* 4'&5#0/ & ('0* *+ *"' -(+.'(8 A0 *"' *,+ +*"'( ('/#)'$> & ('0*
#$ 4'=* *+ *"' -(+.'( *+ $&*#$=< *"' 2+446$#+0B%(++=0'$$ 2+0$*(&#0*8 b"'0 *"'
2+446$#+0 2+$* #$ 0+* 5'(< "#/" Dm=%m&d$<k'%m&R$=%m&d&RO> 3'4'B
/&*#+0 $*#44 /'0'(&*'$ & 2+))#*)'0* '@'2*8 A03''3> '5'0 #= *"' 2+446$#+0B%(++=
3'4'/&*#+0 2+0*(&2* hp!!;bi;,"'(' b&b!!;4'&5'$ & ('0* *+ *"' -(+.'( *+ ('%+(*
*(6*"=644<> 3'4'/&*#+0 #$ $*#44 %(+^*&-4' -'2&6$' C2%p!!;b$'C1%p!$8b"'0
2+446$#+0 #$ 0+* 5'(< 2+$*4< Dk>%m&R$=%m&d&R$$O> *"' 2+))#*)'0*
'@'2* 5&0#$"'$ $#02' 3'4'/&*#+0 #$ 0+ )+(' %(+^*&-4'8 !"'0> *"' +04< '12#'0*
2+0*(&2* #$ p!,"'(' *"' )+0#*+(#0/ %&(*< D*"' )'(2"&0*O 2&00+* 2+))#* "'(B
$'4= *+ ('5'&4#0/ *"' '5#3'02' ,#*"+6* 4'&5#0/ & ('0* *+ *"' /(+,'(8 !"#$ ('$64*
$6//'$*$ *"&* *"' 4+,'( 2+446$#+0 2+$* D#8'8 "#/"'( kO;*"' 4+,'( *"' 3'4'/&*#+0
2+))#*)'0* '@'2*8
[+, 2+0$#3'( *"' $#*6&*#+0 ,"'(' 2+446$#+0 -'*,''0 -(+.'( &03 /(+,'( 2&0
+226(8 9< 2+4463#0/ *"' /(+,'( ,#44 $"#(. &03 *"' -(+.'( ,#44 ('%+(* #02+0246B
$#5' ('$64*$8 S+,'5'(> $#02' *"#$ 2+446$#+0 #$ 0+* %(+^*&-4' 603'( *"' +%*#)&4
3'4'/&*#+0 2+0*(&2* D%p!!
L%p!!
?$&%b!!
L%b!!
?$#!O> 2+446$#+0 ,#44 0'5'( *&.'
%4&2'8
3Conclusion
!"#$ %&%'( ':%4&#0$ *"' '12#'02< += "&5#0/ ('2+6($' *+ & -(+.'( #0 *"' ,#0'
('4&*#+0$"#% -'*,''0 & )'(2"&0* &03 & /(+,'(8 b"'0 *"' )'(2"&0* 2&00+*
2+))#* "'($'4= *+ ('5'&4#0/ '5#3'02' #0 *"' ,#0' )&.#0/ %(+2'$$ ,#*"+6* 4'&5B
#0/ & ('0* *+ *"' /(+,'(> #* 2&0 -' '12#'0* *+ 3'4'/&*' *"' )+0#*+(#0/ *&$. *+
&0 #03'%'03'0* -(+.'(8 ?'4'/&*#+0 "&$ *"6$ & 2+))#*)'0* '@'2*8 !"#$ ('$64*
/#5'$ & *"'+('*#2&4 (&*#+0&4' *+ *"' ')%#(#2&4 ^03#0/ *"&* )+0#*+(#0/ *"' C6&4B
#*< += & ,#0' D2+)%4':O 2+0*(&2* #02('&$'$ *"' %(+-&-#4#*< += "&5#0/ ('2+6($'
*+ & -(+.'( D9&(#*&6: '*8> LMMNO8
!"' 2+))#*)'0* '@'2* += 3'4'/&*#+0 &44+,$ 6$ *+ $6%%+(* *"' 24&#) +0 *"'
#)%+(*&02' += *"' -(+.'( #03'%'03'02'> -'$#3'$ "#$ 0'2'$$&(< ':%'(* $*&*6$Q8
S+,'5'(> 3'4'/&*#+0 /'0'(&*'$ & _=644_ 2+))#*)'0* '@'2* +04< ,"'0 *"' 2+4B
46$#+0 2+$* #$ "#/"8 b"'0 *"#$ 2+$* 3'2('&$'$> *"' 2+))#*)'0* '@'2* -'2+)'$
$)&44 $#02' *"' -(+.'( ('%+(*$ *(6*"=644< +04< #= "' /'*$ & 4&(/'( ('0*8 R+( & 4+,
'0+6/" 2+446$#+0 2+$*> *"' 2+))#*)'0* '@'2* 5&0#$"'$ $#02' %('5'0*#0/ 2+446B
$#+0 #$ $+ 2+$*4< *"&* & 2+446$#+0B%(++= 3'4'/&*#+0 2+0*(&2* #$ 0+ )+(' %(+^*&-4'8
!"#$ 2&0 ':%4&#0 ,"< $+)' 2+)%4')'0*&(< )'2"&0#$)$ &(' 6$'3 -< *"' )'(B
2"&0*8 T$ $6//'$*'3 -< e#77'(# DFGGGO 2+)%'*#*#+0 -'*,''0 -(+.'($ )&< -' &
('4'5&0* 3'5#2' *+ %('5'0* *"' %+$$#-#4#*< += & $62" 2+$*4< 2+446$#+08 9&(#*&6:
'* &48 DLMMNO ^03 $+)' '5#3'02' *"&* )'(2"&0*$ #0*(+362' 2+)%'*#*#+0 &)+0/
-(+.'($8 ;*"'( )'2"&0#$)$ $62" &$ ('%6*&*#+0 36' *+ ('%'&*'3 ':2"&0/'$
DJ4'#0 &03 e'j'(> FGVFI J&03+(#> FGGLO %4&< & 2(62#&4 (+4'> $#02' -(+.'($ #0
*"' ,#0' #036$*(< $'') *+ 2&(' &-+6* *"'#( ('%6*&*#+0 &$ /++3 $6%'(5#$+($ D?'B
5'$&> FGGQO8 !"#$ ('%6*&*#+0 '@'2* #$ 0+* 2&%*6('3 #0 *"' )+3'4 -6* #* ,+643
5#*#&*' *"' %+$$#-#4#*< += & )'(2"&0*k-(+.'( 2+446$#+08 A* (')&#0$ "+,'5'( *"&*
&0 #)%+(*&0* *+%#2 =+( =6*6(' ('$'&(2" #$ *+ &0&4<7' )+(' =+()&44< "+, *"'$'
)'2"&0#$)$ 2&0 %('5'0* *"' -(+.'(k)'(2"&0* 2+446$#+0 ,#*"+6* 2('&*#0/ &0
':*(& 2+$*$ #0 *"' 2+0*(&2* ('4&*#+0$"#%8
References
lFm T(2"&)-&63> f8 DLMMLO8 e'$ 2+6(*#'($ 3&0$ 4& (Y/#+0 e&0/6'3+2B
a+6$$#44+08 )#)'+8
Q!"' -(+.'( 2&0 $#/0&4 "#$ ':%'(*#$' -< +-*&#0#0/ *"' ,#0' -(+.'( %(+='$$#+0&4 %'()#*
D&0 ':&)> '$*&-4#$"'3 #0 FGGH> ,"#2" %(+5'$ *"&* "' "&$ *"' .0+,4'3/' *+ ':'(2#$' *"' ,#0'
-(+.'(&/'O &03k+( h+#0#0/ *"' R('02" ,#0' -(+.'($ 60#+08
lLm 9&(#*&6:> \8> T6-'(*> f8> f+0*&#/0'> n8> &03 a')&63> S8 DLMMNO8 f&*2"B
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LVL8
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dVd8
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a'5#', d` QVZBQGH8
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lLGm ]%64-'(> ?8 DFGGGO8 f&(.'* f#2(+$*(62*6('` A0*'()'3#&(#'$ &03 *"' !"'B
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lQQm c&5&$> T8 DFGGd&O8 n2+0+)#2$ += -(+.'(&/'` &0 +5'(5#',8 o+6(0&4 += a'&4
n$*&*' e#*'(&*6(' L` FNGBFGZ8
lQdm c&5&$> T8 DFGGd-O8 f#334')'0 #0 -#4&*'(&4 $'&(2" )&(.'*$8 o+6(0&4 += e&B
-+( n2+0+)#2$ FL` dMNBdLG8

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