Fr ag m e n tac i ó n y c o m p l e j i da d: a n á l i s i s d e l c a m b i o

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1 ss: Fr e o d Copey: y S r u c u r Che he Chco Reo Ecooy Fr e c ó y c o p e d d: á s s d e c o esrucur e ecooí de reó de Chco sdoro Roero Uversdd de Sev sdoro@us.es Er Deecher Uversy o Groe & Uversy o os.w..deecher@ru. Georey J. D. es Uversy o os hes@os.edu Recdo: uo de 009; cepdo: ocure de 009 s r c hs pper, o desos re dereed h he reo process: sp d uco oe. O he oe hd, due o reo d dusr reoco, reo d o ecooes h e os soe er es. Ths sp reo deeres decrese he copey o he produco syses. O he oher hd, ousourc, s or o uco reo, creses he desy o rscos d es h ecooy. The over pc o reo o he copey o he reo d o ecooc syses depeds o he e eec o hese o reo orces. hs pper, he eecs o reo o he copey o he ecooy o he Chco reo re suded ro se o puoupu es esed or he perod us vere Propo ehs Ps. Keyords: puoupu; Freo; vere Propo ehs; Chco. Revs de Ecooí Mud, 009, 68

2 Resue E ese rícuo, se derec dos desoes e e proceso de recó: u desó espc y or uco. Por u do, dedo recó y desoccó dusr, s ecooís reoes y coes esá perdedo ecdeeos eros. Es recó espc deer u reduccó de copedd de os sses producvos. Por oro do, eercó, coo or de recó uco, cree desdd de rsccoes y ecdeeos dero de u ecooí. E pco o de recó sore copedd de os sses producvos coes y reoes depede de eeco eo de ess dos uers de recó. E ese rícuo se esud os eecos de recó sore copedd de ecooí de reó de Chco prr de u sere de s puoupu esds pr e período 97804, udo oudes eds de propcó Ps. Prs cve: puoupu; Frecó; oudes Meds de Propcó; Chco. JE Cssco: C67; D57;.

3 . r o d u c o Over he s e decdes, he oo process hs rouh ou prooud ches echooy, dusr oro d he sp dvso o or. Wheres he e ecooc eorphy eds o ocus o coreperphery dscos, reord oservos see o po ecooes h re doed y dsoero. Pr o he proe ses ro he eed o dequey hde produco eredo. Th s, he suppy d ded or pus, hch re voved he process o oods d servces h re uey devered o ded. To ep he ppre sp reoro o produco syses deveoped ecooes, Joes d Keros 990, 005 hve proposed erve o he e ecooc eorphy. Ther oo o reo hhhs ho produco processes re e sp o suseque phses h re udere seprey d dere ocos. s resu, e oserve crese he rdusry rde o erede producs, h oh erreo d ero chrcer. Produco syses deveoped res y hus e os er es u eco ore depede o he res o he ord. Wheres he or cocep o reo y Joes d Keros 990, 005 ocused o he sp deso, soeh sr hs e pce oher deso. Th s, re copes hve requey ooed ousourc srees order o ocus o her core copeeces d hus ececy. Ths ousourc h e erpreed s or o uco reo d y duce crese he desy o rscos d es h ecooy. The vrey o oods d servces produced ecooy y hus dece due o sp reo u h he se produced ocy, he deree o eredo h crese due o uco reo. Ths ccords h he oservos h he he voue o erreo d ero rde hs cresed, hher percee s ccoued or y rdusry rde. Co he sp d uco specs, he pc o reo o he copey o produco syses ers o er Revs de Ecooí Mud, 009, 68

4 66 sdoro Roero, Er Deecher, Georey J. D. es es deveoped res eeres s er o eres. Oppos orces re or d heher oe s sroer h he oher or vce vers rey sees o e eprc ssue. Whe sudy produco eredo, he puoupu ccous d echques cosue ur d poeru yc reor. Ths pper hereore veses he reo ssue puoupu reor d epoys he soced vere Propo ehs Ps Deecher e., 005; Deecher d Roero, 007; Deecher d Teurshoev, 008. The eprc pr o he pper usres he heorec cosderos h he cse o he Chco reo ecooy, s represeve epe o hhy deveoped re e eced y reo reds es e., 998, ; Guo e., 005. The reder o hs pper s ored s oos. The e seco reves he rece erure o reo ro dere pos o ve. Furherore, hs seco s o deveop ore precse cocepu reor or reo. he hrd seco, soe ehodooc cosderos re preseed order o sudy reo d copey puoupu reor d he vere Propos ehs Ps re roduced. The ourh seco sudes he eecs o reo o he copey o Chco s produco syse y es o Ps. The rce cocudes h soe cosderos.. Freo: Cocepu Cosderos d erure Reve Wheres he or de o reo Joes d Keros 990, 005 s ore resrcve, e dop eeded reor or reo hs pper. Foo Curo 00 or Rue d Gör 00, reo e cosdered ro oh he sp d he uco perspecve. Fro ucooro perspecve, produco processes c e veed s se o ed ucos vov he rsoro o se o pus such s or, cp, r ers, eery, erede producs o se o oupus see Fure. Furherore, rs d her esshes c so e veed s se o ucos ed y ered rscos. The pus h rs or esshes requre or her produco processes y e ouh he re or he provso o pus c e ered hch s soced crd verc ero. he se y, rs or esshes c choose eee se her oupus he re or use he s er pus o produce ore eored oupu hch s soced orrd Deever 006 hs prevousy used he epresso uco reo he sudy he oco pers o dere ucos MNE. For epe, hedqurers, R&D, produco, osc d ses d re ere veed s he ucos. shoud e oed h hs pper ches dere e o uco reo.

5 Freod Copey: Srucur Ches he Chco Reo Ecooy 67 verc ero. Fro hs perspecve, decsos y re copes o dsere or eere cer ucos coud duce reo. Ths hppes, or epe, he ucos h ere prevousy crred ou h se esshe re er udere dere esshes, e sepred y rscos he re. Fure : Produco Chs, Fucos d es e Fuco Oupus Fuco Oupus pus pus The s e decdes hve essed sever por ches echooy d dusr oro h hve oosed hs uco reo. he 950s d 960s, re copes ere ssoced h dusro d deveope, heres s d edu sed eerprses SMEs ere eve cosdered s sor o dsoro o he deveope process, s he res o he ery ses ecooc evouo. Thus, he ode o re, vercy ered sy, Fords copy seeed o e he resu o he dusr evouo. he 970s, hoever, hese percepos ched drcy h he rrv o he ecooc crss. Fure : er Trscos d s o he Fr MRKET FRM Esshes er rscos Mre rscos Frs or esshes scy e he decsos rerd verc dsero ccord o o ypes o cosderos. Frs, y copr her cos srucure o he ucos h he res o he rs oper he re. Ths s he echooc ve o Ser 95. Secod, y copr he rsco coss he us he re h he er rsco cos o supervso d coordo o ucos ery. Ths s he rsco ve o Cose 97 d Wso 975. Revs de Ecooí Mud, 009, 68

6 68 sdoro Roero, Er Deecher, Georey J. D. es O he oe hd, y uhors hs perod poed ou he coprve dves o SMEs ers o ey d dpo cpcy o use, chee d very copeve evroe Pore d Se, 984; Gou e., 988. The crss o he Fords corporo s erpreed s he e o e er chrcered y he SMEs dys. O he oher hd, hoever, oher uhors cosdered he ches re corporos s he evouo ords e ode o re corporo h rrso 994 ced cocero hou cero. re uo corporos MNCs hve requey cocered o he ucos hch hey hve her coprvecopeve dves d sucorced oher ucos her vue chs o SMEs. y es o hs ousourc srey, re corporos re e o coe o ypes o dves. Frs, dves ro sce d scope ecooes he ucos hch re srec or he d, secod, dves ro ey oed y decer soe oprry ucos. Ths rsoro dusr oro cosues vorous process o uco reo. O he oher hd, sp reo pes h produco processes re sp up ocs o ucos crred ou seprey. Ths pheoeo y occurs produco processes h hve cer echooc copey. Suseque ucos re ored ocs h do o eed o e perored he se oco or eve he proy o oe oher. Ech oc o ucos c hus e udere he es posse oco rd d Keros, 00. The resu produco ocs re coeced hrouh servces s, such s rsporo, surce, eecoucos, ee coordo, d quy coro. hs respec, oo s r ou redeo o he sp dvso o or hch s er he eorphy o produco cross he ord. Ths process s y drve y o cors: ero ero poces d dvces rsporo d eecoucos echooes. The rs cor hs reduced he cos o rs, he osces or ore veses d speccy due o he doesc dereuo servces he cos o he ocs o ucos reed produco. The secod cor hs decresed he rsporo coss d he cos o coordo d supervso o cves h re MNCs. s resu, MNCs re currey recosder here o oce her ps. eo s e pd o chrcerscs o he reos dor coures such s he cos o produco cors, he se o he er re or suo d reuory ssues. The reduco o he cos o oc rod due o oo props he o reoce soe ps ro hhy deveoped res o deveop coures here produco coss re oer.

7 Freod Copey: Srucur Ches he Chco Reo Ecooy 69 Fure : FreoFreor SPT Cocero Dsperso FUNCTON re vercy ered corporo Ousourc. SMEs suppers re vercy ered sep r Type Type oc syses o SMEs roud re eerprses Type Mup MNC MNC h eer SMEs suppers Thus, errores re rede her coprve dves o eve, duc sc rsoro o he erreo d ero dvso o or. The cocep o reo h eered reerred o hese oo ches ero dvso o or d ero rde. hs respec, he he ero dvso o or d speco hs rdoy ee cosdered ers o oods, he ocus hs recey oved o he roe o rdusry rde o erede producs rd d Keros, 00. hs respec, ues e. 998, 00 hve proposed he cocep o verc speco o rde, h dere ses o produco e udere dere coures. Wh he reo erure, soe uhors hve cosdered he pcos o hs reed produco or he ero rdusry rde o erede copoes Che e., 005. Ohers hve dr eo o he por roe o servces reo o e. 005, he cosequeces or he es Geshecer d Gör, 005, o he pcos or srec rde poces ee d Wo, 005, o oher ssues. oh ypes o reo.e. uco d sp y occur sueousy, or epe, he MNC decdes o ousource soe ucos d corcs SME suppers oced rod see Fure. hs cse, re copy hch oe speces cer oede esve ucos such s des, R&D d re eeres cer ucos reed o physc produco o oher rs dere coures, he For ues e á. 00, verc speco ess he: ood s produced o or ore seque ses, o or ore coures provde vuedded dur he produco o he ood, d es oe coury us use pored pus s se o he produco process, d soe o he resu oupu us e epored. Revs de Ecooí Mud, 009, 68

8 70 sdoro Roero, Er Deecher, Georey J. D. es res he coordo o he hoe vue ch. Ne s cer epe o hs cse. Ths or o reo.e. oh uco d sp e reerred o s Type. so sp reo hou uco reo d uco reo hou sp reo re posse. The rs ype es pce he vercyered MNC reoces oe o s ps o dere pce. oever, he oc o reoced ucos res h he oro oudres o he MNC. Ths or o sp reo s dced Fure s Type. The er ype.e. uco reo hou sp reo es pce he, or sce, re r ees ousourc, u operes h SME suppers h he se errory. Ths or o uco reo s dced s Type. 4. p p r oc h Fr e o d Copey p u Ou p u Fr e o r y Mes o Ps.. Geer Cosderos d M ypohess The eecs o reo o he copey o produco syses y reo c e yed ro he perspecve o he puoupu ode. oever, so do, o reev cs eed o e e o cosdero. Frs, he sece o sue ero puoupu es es dcu o cpure erreo d ero es. 5 Cosequey, he crese he copey o he ord produco syse due o e d rer ero es c o e drecy esured. Oy he er ches o d reo produco syses due o reo c e oserved ro ve o d reo sdrd puoupu es. Secody, he or puoupu reor, he reev u o yss s o oer he r or he esshe, u he secor or dusry. ece, err es re o he ocus o he yss, u er 4 Fro croecooc perspecve, he Go Coody Chs GCC d Go Vue Ch GVC pproches see e.. Gere d Koreec, 994; Gere, 999; or uphrey d Sch, 00 ddress he ssue o sp reo uder dere pers o uco reo. hs reserch sre, r or dusry ypooes re deveoped order o ep he oro d perorce o he dere es.e. MNEs, SMEs prcp GVC. 5 ercoury.e. erreo here coures re he reos puoupu es hve ee rrey cosruced. The es or se o Europe coures h hve ee cosruced y reserchers ro he Uversy o Groe re ecepo see e.. v der de d Ooserhve, 995; v der de, 999; or oe, 00; he es re ve hp:.reroe.. shoud e eoed h he EUuded proec WOD s cosruc seres o u ercoury puoupu es curre d cos prces or 40 coures he ord see hp:. od.or.

9 Freod Copey: Srucur Ches he Chco Reo Ecooy 7 secor es. Neverheess, he hree ors o reo: Type oh sp d uco reo, Type sp reo hou uco reo d Type uco reo hou sp reo h hve eecs o he puoupu es specc sp re. Freo y cuse upe ches he r o erede pu coeces. prcur, he do eees re epeced o decrese. Moreover, he drec d drec ches due o reo ec he copey o he hoe ecooc syse. O he oe hd, Type uco reo h crese he copey o produco syses, sce e es eee secors pper cpur rscos h prevousy ere ered. hs respec, he process o eero o soe ucos y re copes h cuse sc crese he es eee dusr d servce cves puoupu es. Ths pheoeo h so e reorced y drec eec o reo, ey cresed ded or erede servces. These servces such s eecouco, rsporo, surce or c servces he reed produco d coorde cves h he o vue chs. O he oher hd, he he pc o sp reo cuded Types d o he copey o ecooc syses s cosdered, s ecessry o dsush eee o cses. Th s, soe res reos or coures y ose cer ucos, he oher res rc he. Fro he perspecve o res h ose ucos, reo Types d h cuse decrese he copey o her produco syses, sce soe er es re reoced o ousde he re. The cosequeces o such reo deveoped res h e hhy sc, eveuy cus process o hoo ou es e., 998, ; Guo e., 005. s resu o reo, hese deveoped reos h ecoe ore depede o he res o he ord s source o pus d s re or oupus, h he coco eec h her rreo upers decrese se. cors, ro he perspecve o he deso res, sp reo h crese he copey o he ecooc syse. oever, oud e ecessry h ddo o reo soe er es h oc rs ere deveoped, e o he e ero es. Thus, he eree cse o he ecve dusry see e.. rdy, 998, or Roero d Sos, 007 he ssupo o specc ucos h o hve sc eecs o he copey o he oc syse soe cses. These ecve dusres opere ess deveoped errores deveop specc phses o cope produco processes. The erede pus hey requre re purchsed eery d he oupu s used suseque ucur cves ps oced oher res. Revs de Ecooí Mud, 009, 68

10 7 sdoro Roero, Er Deecher, Georey J. D. es Moreover, s por o ve he eecs o reo o copey roder perspecve, hypohes eer per o evouo he copey o ecooc syses. ccord o hs de, copey oud crese pre o he deveope process, so h he eves o copey hhy deveoped ecooes re epeced o e hher h ess deveoped ecooes. Ths s e h he des d ds o rsch 958, eoe 966 or Roso d Mrdy 97. Neverheess, s hs ee rued ove, he curre phse o oo, he copey o reo d o syses h e decres deveoped ecooes due o sp reo reds. Wheher d o h ee hs s he cse, s er o eprc veso... ppy vere Propo ehs o Sudy Freo Copey y e deed s he deree o secor erede produco erco d s esured y he uer d se o he er es. he puoupu erure, upe dcors hve ee proposed o cpure copey. c, y esure or he se o he es c e cosdered s dcor o he copey o he syse. Whe sudy he copey o produco syse y es o vere Propos ehs P, see Deecher e., 005; Deecher d Roero, 007; Deecher d Teurshoev, 008, he ocus o eo hs shed ro he se o he eecs eee secors o he dsce eee he secors. The de o dsce s reeced y he uer o seps es suus oe secor o ec oher secor. hus yeds esure o he e d cos o duse, d, cosequey, o he syse s copey. eer, puoupu es sho h he he o drec d drec eecs re ccoued or ech secor ses soeh o every oher secor s e s o se. Thereore, ech secor hs h every oher secor houh y o hese s y e s se. To esure he dsce eee secors, he P c e used. T he crdoo pproch, he P esures or epe he vere uer o seps es ded crese hoes d resurs o prope hrouhou he produco process d ec he oupu vue rcuure see so Sos e., 996. Thus, he P provdes ese o he eh o he produco chs y o secors. he orrdoo pproch, esures he vere uer o seps es cospush rcuure o ec he oupu vue o hoes d resurs. s e sho er, he dve o P s h oh pproches re equve. So, he dsce eee rcuure d hoes d resurs does o deped o heher he orrd or crd pá. 7 perspecve s doped. e he ypc eee o he r Z deoe he doesc erede deveres oey Z ers ro secor o secor. The ypc eee pá. 7 o cou vecor deoes he ded or he oods d servces produced pá.74 h pá.76

11 7 Freod Copey: Srucur Ches he Chco Reo Ecooy Revs de Ecooí Mud, 009, 68 y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor duced y secor. F deds cude doesc cosupo, doesc eses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o cou equos he yed: here deoes he vecor o ross doesc oupu vues ech cor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece ces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus dusry. Us he pu coeces, ccou equo c e re s: e souo o hs equo yeds: 4 ere deoes he eoe verse. he pu coeces re se, crese deds oud requre h produco s resed y. ece, he ypc eee provdes he er pu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... e o crese he oupu o secor, due o ded crese cor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch ures oe sep; he oher ers re he drec eecs. For epe, ecs he osep drec eec h rus v dusry. Th s, he d crese dusry crese he oupu o dusry y, hch ures er pus ro d hus er oupu dusry. Ths hods or ch dusry so h eeres osep drec eecs eee usres d. he cse, so he eec us e cuded cuse he er ded us rs o e produced se. h cse, presso 5 ches o... 6, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here h P pá. 7 pá. 7 pá.74 pá.76 deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6, or r oo s rcuure o ec he oupu vue o hoes d resurs. s e sho he dve o P s h oh pproches re equve. So, he d eee rcuure d hoes d resurs does o deped o he orrd or crd perspecve s doped. e he ypc eee o he r Z deoe he doesc er deveres oey ers ro secor o secor. The ypc eee o vecor deoes he ded or he oods d servces produced y s F deds cude doesc cosupo, doesc veses, ove epedures, d ross epors. The ypc eee o he ro vecor he prry pus o secor, hch cude or coss, cp deprec oper surpus, d pors. The o ccou equos he yed: e Z here deoes he vecor o ross doesc oupu vues ech secor he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s r oo s, here deoes he do r h he e o he vecor o s do. The coece dces he pu ro h s ecessry per dor o oupu secor. so reecs he drec e or depedece o dusry o pus ro dusry. Us h coeces, ccou equo c e rere s: The souo o hs equo yeds:, here rcuure o ec he oupu vue o hoes d resurs. s e sho he dve o P s h oh pproches re equve. So, he d eee rcuure d hoes d resurs does o deped o he orrd or crd perspecve s doped. e he ypc eee o he r Z deoe he doesc er deveres oey ers ro secor o secor. The ypc eee o vecor deoes he ded or he oods d servces produced y F deds cude doesc cosupo, doesc veses, ov epedures, d ross epors. The ypc eee o he ro vecor he prry pus o secor, hch cude or coss, cp deprec oper surpus, d pors. The o ccou equos he yed: e Z here deoes he vecor o ross doesc oupu vues ech secor he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s r oo s, here deoes he do r h he e o he vecor o s do. The coece dces he pu ro h s ecessry per dor o oupu secor. so reecs he drec e or depedece o dusry o pus ro dusry. Us h coeces, ccou equo c e rere s: The souo o hs equo yeds: deoes he do r h he eees o he vecor produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: here produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 deoes he eoe verse. he pu coeces re he se, crese produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 deds oud requre h produco s cresed y produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e. produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6, yeds produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 The o crese he oupu o secor, due o ded crese secor produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 y oe dor yeds The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h produced y secor. F deds cude doesc cosupo, doesc veses, overe epedures, d ross epors. The ypc eee o he ro vecor, ves he prry pus o secor, hch cude or coss, cp depreco, he oper surpus, d pors. The o ccou equos he yed: here deoes he vecor o ross doesc oupu vues ech secor d e s he cou suo vecor coss o oes. Fro he crdoo perspecve, dee pu coeces s, or r oo s Z, here deoes he do r h he eees o he vecor o s do. The coece dces he pu ro secor h s ecessry per dor o oupu secor. so reecs he drec crd e or depedece o dusry o pus ro dusry. Us he pu coeces, ccou equo c e rere s: The souo o hs equo yeds: 4 here deoes he eoe verse. he pu coeces re he se, crese deds oud requre h produco s cresed y. ece, he ypc eee provdes he er oupu secor, h s ecessry o ssy oe er dor o ded secor. The poer seres epso o he eoe verse,.e...., yeds.... The o crese he oupu o secor, due o ded crese secor y oe dor yeds... 5 The rs er o he rh hd sde epresses he drec eec hch requres oe sep; he oher ers re he drec eecs. For epe, reecs he osep drec eec h rus v dusry. Th s, he ded crese dusry crese he oupu o dusry y, hch requres er pus ro d hus er oupu dusry. Ths hods or ech dusry so h eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o... 6 eeres osep drec eecs eee dusres d. he cse, so he eec us e cuded ecuse he er ded us rs o e produced se. h cse, epresso 5 ches o

12 74 sdoro Roero, Er Deecher, Georey J. D. es Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y Fro 5 oos h he shre Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 requres oe sep, he shre Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 o seps, he shre Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y Us epresso 7 ves or he P Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 Preupy y ves.... ece h P pá. 7 pá. 7 pá.74 pá.76. The Ps re hus oed s h P pá. 7 pá. 7 pá.74 pá.76 or Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 d s Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 d s souo yeds Thus, he vere prop c o e derved. he de oupu dusry s eced y requres oe sep, he hree seps, ec. ded crese dusry ecoes he cse here, s eec occurs rrespecve o he pr oro o he depedeces crese y oe dor dusry y hs dusry s oupu o Noe h he ueror epress d, o he r ves hus oed s h or d Ne e cosder he or perspecve, oupu coeces re shre o he oupu o dusry h orrd depedece o dusry o c o e rere s G. Ths ode s ode proposed y Ghosh 958 dscusso d urher erure. The eee o he Gho drec pus drec depedece o eee dusres d, dusry y oe dor. The drec eec, he secod er he hreesep drec eec, eceer. T push dusry o ec he oupu. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 o he Ghosh verse Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9 reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y... 9, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y Thus, he vere propo eh P eee dusres d c o e derved. he ded dusry creses y dor, he oupu dusry s eced y. Fro 5 oos h he shre requres oe sep, he shre o seps, he shre hree seps, ec. The vere uer o seps es he ded crese dusry o ec he oupu dusry, hus ecoes... 7 he cse here, sr reso ppes. ecuse he eec occurs rrespecve o he produco srucure, does o provde y oro o he depedeces d e eeced. So, ded crese y oe dor dusry yeds e o he eec crese hs dusry s oupu o. Us epresso 7 ves or he P... 8 Noe h he ueror epressos 7 d 8 s ve y he eees, d, o he r.... Preupy y ves.... ece. The Ps re hus oed s h or d s Ne e cosder he orrdoo pproch. Us he seers perspecve, oupu coeces re deed s or Z, he shre o he oupu o dusry h s sod o dusry. reecs he drec orrd depedece o dusry o ses o dusry. ccou equo c o e rere s d s souo yeds G. Ths ode s e o s he suppydrve puoupu ode proposed y Ghosh 958 see Deecher, 997, or horouh dscusso d urher erure. The eee o he Ghosh verse G reecs he o or drec pus drec depedece o dusry o dusry. derv he P eee dusres d, cosder crese he prry coss o dusry y oe dor. The oupu vue dusry creses y.... The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y The rs er ves he oesep drec eec, he secod er he osep drec eec, he hrd er he hreesep drec eec, eceer. The vere uer o seps es cospush dusry o ec he oupu vue dusry s hus ve y

13 Freod Copey: Srucur Ches he Chco Reo Ecooy The The ueror ueror c c e e re re s s h ~ The The ueror c c e e re The ueror c e re s h ~ s s h ~ The ueror c e re s h ~, h ~ h ~, h h, h ~, h ~ ~, h ~ G G G, d, d he he Ps Ps re re ~ ~ GG G, d d, d he he he Ps Ps re re re ve ve y y h h ve G G,, d he Ps re re ~. Whe. Whe, he, he Ps Ps re re sr sr o o crdoo crdoo cse cse ve ~ y ~ y ~ h... Whe Whe,,, he he he Ps Ps re re re sr sr o o crdoo o o crdoo cse cse cse ve ve ve y y y h h h ve y. Whe, he Ps re sr o crdoo cse ~ ~ ~ he he he he eec eec s eeced. s eeced. ve ~ y y h h h ve y h he he he he he eec eec eec s s eeced. s s eeced. Fy, Fy, e e sho sho h h he he Ps Ps re re he he se se or or he he orrd orrd d d he he he he eec s eeced. crd crd Fy, Fy, cse. cse. e Fy, e sho Fro e Fro sho h e he he sho h deo he h deo he Ps he h Ps o re o he he Ps re he re pu se he pu he re d or se d he he he se or he or oupu orrd he oupu he or coeces orrd d coeces he he orrd d d he he d he Fy, crd e sho Fro cse. h he Fro he Ps o he deo re o he he pu o pu se d he d or he pu he oupu d orrd coeces oos oos crd h h cse. Fro he deo o he pu d he oupu he oupu d coeces coeces he,, or or.. s s cosequece cosequece e e hve hve crd oos cse. Fro he deo o he pu d he oupu coeces oos h h,, or or, or.. s. s s. cosequece s e hve cosequece e e hve hve e hve oos h, or. s cosequece e hve G d d d so G G d d so so G d so so G G so GG G... Thereore Thereore Thereore.. Thereore Thereore G d so G. Thereore ~ ~ ~ ~ ~ ~ G G G. ~ ~ T Th s, s, h h G G G G G. ~ h h d d. For. For he he T Th ~ G G ~. s, ~ s, ~ Th h s, hh h d d d. For. For he he P P he P he he he orrd orrd cse cse e e e. For he. hus hus Th d d s, h h h ~ ~ h h d,, hch hch s s s he he he P P P. For he he he P P ~ P he he orrd he orrd cse cse e e cse hus hus e d d hus ~ h h d h hh,, h hch, hch s s he he s P P he P he he crd crd he crd cse. cse. cse. he P crd he Ps orrd cse e hus d h h, hch s P he Ps Ps hve crd hve cse. hve srhorrd cse. srhorrd ppco ppco ppco or esur or or esur esur he eecs he he eecs eecs o o o crd reo reo cse. Ps Ps o hve o hve he he he hve copey srhorrd o srhorrd o o produco produco ppco syses. ppco syses. or syses. or esur O or O he O esur he oe he he oe hd, oe eecs he hd, hd, eecs o o o sp sp reo Ps reo hve srhorrd he he o duces copey reoco he copey ppco o o o o produco o or produco esur syses. o syses. o oher o oher O O oher reos eecs he reos O reos oe oe or he o hd, oe or or hd, reo coures. sp sp reo Produco reo he copey chs duces duces h h o reoco prevousy produco reoco o ere o ere syses. produco copeey copeey o produco O o o he udere oher udere oher o oe oher reos hd, reos he or he or or sp hoe hoe he coures. reo hoe reo reo coures. reo or Produco or coury or coury Produco duces coury chs re re reoco re chs sp h h sp sp up prevousy up h up d o d d prevousy produco perored ere perored ere copeey here o oher dere dere copeey udere reos reos reos udere or or he or he coures. coures. hoe he Produco reo hoe Cosequey, or or reo chs coury or h coury he re re he prevousy sp sp copey re up up sp d ere d up perored copeey d d erdepedeces perored udere dere dere reos o he o he reos or he or coures. Cosequey, he copey d erdepedeces o he or or hoe produco produco coures. reo coures. syse or syse coury Cosequey, Cosequey, re dsh sp he he up he copey he d he hoe hoe copey perored reo. d reo. d erdepedeces d rer dere rer erdepedeces pr pr reos o o he he o or o o o he he o he coures. eecs eecs produco produco syse produco Cosequey, coe coe syse ro ro dsh syse drec drec he dsh eecs eecs he dsh copey d he d hoe he Ps hoe Ps reo. he d hoe reo. erdepedeces decrese. decrese. rer pr reo. rer o cors rer pr cors he o pr o o pr o he he o hs, o o hs, o he o produco eecs he eecs he res res eecs syse coe rc coe rc ro coe ro ro drec dsh e e drec ro cves, cves, eecs drec eecs d he eecs hoe d he d he Ps copey reo. Ps copey d Ps decrese. o decrese. rer o he he decrese. produco pr produco cors o cors o he syse, cors o syse, o hs, hs, o hs, eecs he he hs, se he he se coe he o res o res he drec drec res ro rc rc eecs drec eecs rc e e eecs e d d cves, cves, e he d he eh eh cves, Ps he he he o o copey produco produco he decrese. copey o o he o chs chs he he o cors produco coud he coud produco crese, o crese, hs, syse, syse, provded he he provded syse, he res se se he h he o rc h o se soe se drec soe o o drec oc drec e oc eecs es cves, es eecs eecs d d he re he d d re deveoped. eh he he copey deveoped. eh eh o o produco o O o o O produco produco he he oher produco oher chs chs hd, hd, chs coud syse, uco coud uco coud crese, crese, he reo se reo crese, provded o provded drec h provded h h soe h eecs h h soe oc py oc soe d py es oc he oc he es eh pperce es re pperce re o deveoped. re re produco deveoped. deveoped. o o e O O e chs he he es O O oher es oher he coud oher hd, oher due crese, due hd, hd, o uco o he he uco provded eero eero uco reo h reo soe reo o oc o h h h es h prevousy py h prevousy py he re py he deveoped. pperce he ere he ere pperce pperce er er O o o he rscos. e o oher rscos. o e e es hd, es These uco due These due o o o due e e he he o he reo es es he eero eero h eveuy eveuy o o py o h h o hve hve he h prevousy he pperce he prevousy eec eec ere ere o o ehe er ere o ehe er e er rscos. es rscos. produco produco rscos. due These chs o chs These e he These d e d e e eero cres cres es es Ps. Ps. es o eveuy eveuy h eveuy prevousy hve hve hve he he he hve eec ere eec he o er ehe eec o o ehe o rscos. ehe produco produco produco chs These chs d e chs d d d es cres cres eveuy Ps. Ps. hve he eec o ehe produco chs d cres Ps. cres FRGMENTTON FRGMENTTON Ps. ND ND STRUCTUR STRUCTUR CNGE CNGE N N TE TE CCGO CCGO REGON 4. REGON 4. FRGMENTTON 4. FRGMENTTON ECONOMY ECONOMY ND ND ND STRUCTUR STRUCTUR CNGE CNGE N N TE TE N TE CCGO CCGO 4. FRGMENTTON 4. REGON Freod REGON ECONOMY Srucur Che he Chco Reo Ecooy ECONOMY ND STRUCTUR CNGE N TE CCGO REGON Over Over he he ECONOMY s s hree hree decdes, he he Chco reo ecooy hs hs uderoe uderoe Over he s hree decdes, he Chco reo ecooy hs uderoe soe Over soe Over he sc he Over s s he hree rsoros; hree rsoros; s hree decdes, decdes, he he he he Chco he ery ery Chco 970s, reo 970s, reo he he ecooy reo reo ecooy s hs s hs doed doed uderoe soe sc rsoros. he ery 970s, he s doed hs uderoe Over y y ucur soe he ucur s soe sc hree sc produco. decdes, rsoros; produco. rsoros; he Chco 009, 009, he he he ery reo ery srucure srucure he 970s, ery ecooy o 970s, o he he he ecooy reo he hs ecooy reo s uderoe s hs hs doed s ee ee doed soe rsored y rsored y y ucur sc ucur y ucur o rsoros; o oo oo produco. very produco. very sr sr 009, produco; o he o he 009, he he ery US US srucure 009, he s he 970s, s srucure he hoe. hoe. o he he srucure reo o Ths o Ths ecooy he he rsoro o s rsoro ecooy hs ee he doed ecooy hs hs oo ee oo ee hs ee y pce ucur pce rsored s s rsored o resu o resu produco. o oo oo oo o o very o he very very he sr oo sueous sueous sr very 009, o sr o he o he he US o dece US srucure s US dece he s hoe. s US s o hoe. Ths he he rsoro shre hoe. Ths ecooy shre Ths o rsoro o Ths ucur ucur hs oo rsoro ee oo oo oo rsored produco produco pce pce s s o oo resu ross resu ross s very o reo resu o he reo o sr he he sueous o produc he o produc he sueous US d d dece s he he dece pre hoe. pre he dece Ths crese shre he he crese rsoro shre o ucur he shre o servcereed o servcereed ucur o oo ucur pce produco. produco. s produco resu Nohsd Nohsd o ross he ross reo sueous reo hs hs produc rsoro, rsoro, produc dece d he he d pre he he reo s pre shre reo s crese o crese ecooy ucur ecooy servcereed reed produco. res res servcereed produco soeh soeh produco. produco. ross ou ou Nohsd o reo o phse Nohsd Nohsd phse produc hs he hs he d US hs US he rsoro, ecooy rsoro, pre ecooy he crese he ers he ers he reo s reo s o servcereed o usess usess ecooy ecooy cyce res cyce res produco. ehvor ehvor res soeh soeh see Nohsd soeh see ou es, ou es, o o ou ou phse o 008; o 008; hs phse h h rsoro, he he h he resos resos US he US he US y ecooy y US ecooy he e ecooy reo s e oud oud ers ecooy he he ers o ure o ure usess o res o o usess oods oods cyce cyce cyce soeh d d ehvor servces servces ou see see o produced phse produced es, h s 008; s e he e 008; he US s he Chco s resos ecooy Chco s he resos y y roe e roe e y ers oud e o o o oud usess he he d ure d he reo ure cyce o reo cyce ehvor see es, 008; he resos y e oud he ure o o oods o oods ehvor produco d produco d see servces chs. es, chs. produced The 008; The yss s yss s he e e resos s o o e he he y Chco s s Ps Ps Chco s e y oud roe y roe provde provde roe he o ure soe soe o d o d por oods por reo oods d servces produced s e s Chco s roe o d reo d reo d shs shs servces produco produco o o produced he he chs. epos epos chs. The s The e The yss or or yss s he he Chco s sch o o sch he he o he Ps Ps eee roe eee y y y o Chco s provde Chco s provde d soe cu soe cu reo por cro por cro produco produco shs chs. o o chs. he he The epos The yss yss or o or o he he he sch Ps y Ps y eee provde provde Chco s soe por soe por cu cro shs o he epos or he sch eee Chco s cu cro Revs de Ecooí Mud, 009, 68 75

14 76 sdoro Roero, Er Deecher, Georey J. D. es shs o he epos or he sch eee Chco s cu cro ecooc perorce d he epecos h, h sr ecooc srucure, shoud ehve sr sho o pá. he o 7 ecooy. The u puoupu es re derved ro ecooerc puoupu ode deveoped or he Chco reo. se yer puoupu es, sseed re pr ro esshe eve pá. d 7 or 987 d 99, ere ered o ecooerc ode h s soved sr sho o sdrd Wrs eer equru ode. oever, hs cse, prces ere o dused o cer res u pu pá.74 coeces; s oed srevch e. 997, he syse y e cosdered eer equru ode o he Mrsh ype. he verso o he ode used hs pper, u puoupu es h 6 secors deed h ere erced ro he syse or he perod 978 o 04. For ech 66 puoupu e, he r pá.76 v he P eee ech pr o secors s ccued. The eee P o h r dces he vere propo eh o cospush secor dreced orrd o ec he oupu vue secor. he se e, ves he vere propo eh o dedpu dreced crd ro secor o. Thus, cosder he r or he yer 009 s epe, he res P s oud or he e ro uer d Wood Producs o Pr d Push 5.7 d he ses P s oud or secosupo he Tocco dusry.08. Whe cosder he dsces ro oe secor o y secor he produco syse, e e veres. Ths y e doe ro o perspecves, orrd d crd. The orrd vere P s deed s: F P 0 F P 0 0 d he vere crd P s deed s: P P here s he uer o secors, he cse o he Chco reo ecooy 6. The orrd vere P F ves he vere dsce ro secor o y secor he cosder he eecs o he oupu vue o secor due o C cospush P secor. Te F ves he Fs d s 009. The res F correspods o M 4.48 d he ses o he Feder Govere Eerprses C.6. P F The crd vere P ves he vere dsce ro secor o y secor he cosder he eecs o he oupu vue secor due o o dedpu ro secor. For he esed puoupu e o 009, Te shos h he res correspods o he Peroeu secor 4.5 d he ses o Foresry, Fsheres d rcuur Servces.69.

15 Freod Copey: Srucur Ches he Chco Reo Ecooy P F 0 re F oeher h s dces h secor s sued he e o produco chs. Ths s, or sce, he cse or vesoc, d rcuur Producs Te or 009 F 4.8;.7. re d s F dce h secor s sued he ed o produco chs. epe he 009 puoupu e h e he Ruer d Pscs secor P 4.4; F.69. Fy, he over vere o he Ps c e used s de or esur copey o he produco syse. Th copey de C oud e ve y he oo epresso: 77 C P F The copey de ccued ro he 009 puoupu e s.90, dc he vere dsce eee y posse pr o secors he 66 puoupu e. Te : P veres Secor Descrpo Secor uer F F. Che % Che % vesoc, rc. producs Foresry, Fsheres, rc. Serv M Cosruco Food d Kdred producs Tocco ppre d Tees uer d Wood producs Furure d Fures Pper d ed producs Pr d Push Checs d ed producs Peroeu Ruer d Pscs eher Soe, Cy d Gss Prry Mes Frced Mes No Eecrc Mchery Eecrc Mch. & Eecroc Trsporo Equp srues Revs de Ecooí Mud, 009, 68

16 78 sdoro Roero, Er Deecher, Georey J. D. es Msceeous Muc Trsporo Coucos Ues Trde Fce, surce Re Ese oes, Repr Servces E & Dr Pces uo Repr & Servces usees & Recreo eh & Nopro Feder Gov. Eerprses Se & oc Gov. Eerpr vere C The eecs o reo c e pproched y he ches hese F, d C. s c e see Te, oh orrd d crd vere Ps crese or he secors he Chco reo ecooy he perod 97804, sho vere roh re o.%. Rerd he orrd veres, he res roh re s oud or Soe, Cy d Gss 5.6%, heres he ses roh re correspods o Prry Mes 5.9%. Wh respec o he crd veres, he res roh re s oud or Fce d surce.6% d he ses or Ues 5.0%. The resus sho h reo s esured y he roh re he vere Ps s spred over he secors very eve y. Wheres h hve ee epeced h reo ecs soe secors uch ore h oher secors, hs does o see o e he cse. The eecs o reo re oserved hrouhou he ere syse o he se ee. Fure 4 shos he evouo o he copey de C. s c e see, e c cery dsush o dere perods he evouo o he copey eves o Chco s produco syse. he rs perod, , C decreses, dc reduco he copey o he produco srucure. The u s reched 99 h C o.. Ths edecy c e eped s resu o he reoco o producve cvy ou o he reo proped y reo o Type.e. sueous uco d sp reo due o eero o cer ucos o oher rs d Type.e. sp reo due reoco o ocs o ucos h he r. hs respec, he Chco ecooy hs epereced over decrese he eve o eredo. My prs o he vue ch o produco eher reoced or dsppered oeher cses here he produco s cesed.

17 Freod Copey: Srucur Ches he Chco Reo Ecooy 79 Fure 4: Copey Treds he Chco Reo Ecooy Copey de 5 4,5 4,5,5,5 0, oever, sce 99 hs dec edecy hs vered d he C sysecy creses, dc hher eves o copey Chco s ecooc syse. Ths c h e rued, o oher resos, o cree o re es due o ousourc s e s o he pcs o cresed speco h he produc o ech secor. Fro hs perspecve, he eec o reo Type.e. uco reo, such s ousourc, y re rs h he reo h hve corued o eure he cosequeces o reo o Types d o he copey o he Chco producve syse. Thus, he copey de shos over crese o.% perod Co c u s o hs pper e hve yed reo he Chco reo ecooy, ppy he vere propo ehs. Sured, he oucoes c e veed s e eered y process h hree chrcerscs. The Chco ecooy hs epereced process o hoo ou due o sp reo, cus over reduco eredo. decrese he vrey o oods d servces produced y oe secor.e. secodry produc produco hs decresed. crese he speco o produco ech secor. Ths er oservo s cosse h he NEG des o he doce o sce ecooes d he y o dvdu esshe o serve ore eesve eorphc res. Revs de Ecooí Mud, 009, 68

18 80 sdoro Roero, Er Deecher, Georey J. D. es The sp reo hs cused decrese Ps d he Copey de C. The uco reo h rs ou he processes d, hs ed o crese he Ps d he C. These o orces cery hve opposed eecs o he C,.e. versus d. he perod 97899, he rs s do, he he secod s sroer he perod The over resu shos see Fure 4 h he Chco ecooy s ore cope 04 h 978. Chco s produc ore u s ore speced d ess depede o he oc ecooy or pus.e. he drec depedece hs decresed. oever, he Chco syse s ore cope, he sese h ore rscos eee rs d secors re ecessry o ccoode cospush or dedpu.e. he drec depedece hs cresed. Reereces rd, S.W. d Keros,. 00: roduco, Freo. Ne Produco Pers he Word Ecooy, Oord Uversy Press, Oord, 6. Che,. ; Kodroc, M. d Y, KM. 005: Verc Speco d Three Fcs ou U.S. ero Trde, The Norh erc Jour o Ecoocs d Fce, 6, 559. Cose, R.. 97: The ure o he r, Ecooc, 4, Curo, V. 00: Soe cuses d cosequeces o reo, Freo. Ne Produco Pers he Word Ecooy, Oord Uversy Press, Oord, Deever, F. 006: Fuco Freo d he oco o Muo Frs he Ered Europe, Reo Scece d Ur Ecoocs, 6, Deecher, E. 997: Vdco o he Ghosh Mode: Reerpreo s Prce Mode, Jour o Reo Scece, 7, Deecher, E. d Roero,. 007: Produco Chs erreo Freor: deco y Mes o vere Propos ehs, ero Reo Scece Reve, 0, 68. Deecher, E.; Roero. d os, N.S. 005: Us vere Propo ehs o dey Produco Chs he dus Ecooy, Esudos de Ecooí pcd,, Deecher, E. d Teurshoev, U. 008: Oershp Reos he Presece o CrossShrehod, Jour o Ecoocs, 95, 89. Geshecer,. d Gör,. 005: Do Used Worers ys ose ro Freo, The Norh erc Jour o Ecoocs d Fce, 6, 89. Gere, G. 999: ero Trde d dusr Uprd he ppre Coody Ch, Jour o ero Ecoocs, 48, 770.

19 Freod Copey: Srucur Ches he Chco Reo Ecooy 8 Gere, G. d Koreec, M. eds. 994: Coody Chs d Go Cps, Preer, odo. Gou, M.; Np, P. d Sorey, D.J. 988: S s euu The Reo porce o Ssce cves, Gou, M.; Np P. d Sorey, D.J. eds.: S d Medused Eerprses d Reo Deveope, Rouede, odres, 8. Ghosh,. 958: pu oupu pproch oco syse, Ecooc, 5, Guo, D.; es, G.J.D. d Sos, M. 005: er Decoposo pproches or he yss o Tepor Ches Ecooc Srucure: ppco o Chco s ecooy ro 980 o 000, Ecooc Syses Reserch, 7, 975. rdy, J. 998: Chedrs he Deser? Trsos, Corpore Srey d ocy Wroc, Reo Sudes,, rrso,. 994: e d Me. The Ch dscpe o Corpore Poer he e o Fey. rper Cos Pushers, Ne Yor. es, G.J.D. 008: O Soe Coudr Reo Scece, s o Reo Scece, 4, 565. es, G.J.D.; Sos, M.; Guo, J.; srevch, P.R. d Schder, G.R. 998: The ooou Process he Chco Ecooy, 97505, Georphc yss, 0, 7. es, G.J.D.; srevch, P.R.; Schder, G.R. d Sos, M. 998: oero, Cuser d Srucur Che: erpre Ches he Chco Reo Ecooy, Seer, M. d Cppe, R. eds.: Fro oero Ecooes o ovve Cusers, Po, odo. rsch,.o. 958: The Srey o Ecooc Deveope, Ye Uversy Press, Ne ve. oe,.r. 00: puoupu yss o Europe ero, Norh od, serd. ues, D. ; Rpopor, D. d Y, KM. 998: Verc Speco d he Ch Nure o Word Trde, Ecooc Pocy Reve Feder Reserve o Ne Yor, Jue, ues, D. ; sh, J. d Y, KM. 00: The Nure d Groh o Verc Speco Word Trde, Jour o ero Ecoocs, 54, uphrey, J. d Sch,. 00: o Does sero Go Vue Chs ec Uprd dusr Cusers?, Reo Sudes, 6, srevch, P.R.; es, G.J.D.; Sos, M. d Schder, G.R. 997: Forecs Srucur Che Wh Reo Ecooerc puoupu Mode, Jour o Reo Scece, 7, Revs de Ecooí Mud, 009, 68

20 8 sdoro Roero, Er Deecher, Georey J. D. es Joes, R.W. d Keros,. 990: The Roe o Servces Produco d ero Trde: Theorec Freor, Joes, R.W. d Krueer,.O. eds.: The Poc Ecooy o ero Trde: Essys oor o Roer E. d, s ce, Oord. Joes, R.W. d Keros,. 005: ero Freo d he Ne Ecooc Georphy, The Norh erc Jour o Ecoocs d Fce, 6, 0. ee, J. d Wo, K. 005: Verc ero d Srec Trde Poces, The Norh erc Jour o Ecoocs d Fce, 6, 97. eoe, W. 966: puoupu Ecoocs. Oord Uversy Press, Ne Yor. o, N.V.; Re, R. d Soueyr,. 005: Freo d Servces, The Norh erc Jour o Ecoocs d Fce, 6, 75. Pore, M.J. d Se, C.F. 984: The Secod dusr Dvde Posses or Prospery, sc oos, Ne Yor. Roso, S. d Mrdy,. 97: Copey d duse pu Oupu Syses, Oord ue o Ecoocs d Sscs, 5, 9 4. Roero,. d Sos, F.J. 007: Fr Se d Reo es. Typooy o Mucur Esshes Souher Sp, Reo Sudes, 4: Rue, F. d Gör,. 00: Goo d Freo: Evdece or Eecroc dusry red, rd, S.W. d Keros,. eds.: Freo. Ne Produco Pers he Word Ecooy, Oord Uversy Press, Oord, Sos, M.; es, G.J.D. d ddd, E. 996: Typooy o Propo o Ches o he Srucure o Mureo Eooc Syse: The Cse o he Europe Uo , s o Reo Scece, 0, Ser, J.G. 95: The Dvso o or s ed y he Ee o he Mre, Jour o Poc Ecooy, 59, 859. V der de, J.. 999: erdepedece d Specso he Europe Uo, PhD hess, Depre o Ecoocs, Uversy o Groe. V der de, J.. d Ooserhve, J. 995 Europe Couy ercoury puoupu Reos: Cosruco Mehod d M Resus or , Ecooc Syses Reserch, 7, Wso, O.E. 975: Mres d errches: yss d rus pcos. Sudy he Ecoocs o er Oro, Mc Ne Yor.