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slide-1
SLIDE 1

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙❦✐❧❧s✱ ❚❡❝❤♥♦❧♦❣② ❛♥❞ ▲❛❜♦r ▼❛r❦❡t ■♥❡q✉❛❧✐t②

❉❛✈✐❞ ❉❡♠✐♥❣

❍❛r✈❛r❞ ❯♥✐✈❡rs✐t② ❛♥❞ ◆❇❊❘

❆✉❣✉st ✷✵✶✻

slide-2
SLIDE 2

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

Median Earnings Gap b/w College & High School Roughly Doubles between 1979 and 2012

College/high school median annual earnings gap, 1979–2012

In constant 2012 dollars

10,000 20,000 30,000 40,000 50,000 60,000 70,000 dollars 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012

Household gap $30,298 to $58,249 Male gap $17,411 to $34,969 Female gap $12,887 to $23,280 Autor, 2014

slide-3
SLIDE 3

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙t❛❣♥❛♥t✴❉❡❝❧✐♥✐♥❣ ❲❛❣❡s ❢♦r ▲♦✇✲❙❦✐❧❧❡❞ ▼❛❧❡s

❙♦✉r❝❡✿ ❆✉t♦r ✭✷✵✶✹✮

slide-4
SLIDE 4

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❉❡❝❧✐♥❡s ✐♥ ❧♦✇✲s❦✐❧❧❡❞✱ ♠❛❧❡ ▲❋P✳✳✳✳

slide-5
SLIDE 5

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚❤❡ P❧❛♥

✶✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭♣r❡✲❝♦❧❧❡❣❡✮ ✲ ❡✈✐❞❡♥❝❡ ❢r♦♠ ◆❆❊P ❛♥❞ ◆▲❙❨s ✷✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭❝♦❧❧❡❣❡✮ ✸✳ ❉❡♠❛♥❞ ❢♦r s❦✐❧❧s ❛♥❞ t❤❡ r♦❧❡ ♦❢ t❡❝❤♥♦❧♦❣②

✇❤❛t ❦✐♥❞s ♦❢ ✏❝♦❧❧❡❣❡✑ ❥♦❜s ❛r❡ ✐♥ ❞❡♠❛♥❞❄

✹✳ ❈♦♥❝❧✉s✐♦♥s ❛♥❞ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

slide-6
SLIDE 6

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚❤❡ P❧❛♥

✶✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭♣r❡✲❝♦❧❧❡❣❡✮ ✲ ❡✈✐❞❡♥❝❡ ❢r♦♠ ◆❆❊P ❛♥❞ ◆▲❙❨s ✷✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭❝♦❧❧❡❣❡✮ ✸✳ ❉❡♠❛♥❞ ❢♦r s❦✐❧❧s ❛♥❞ t❤❡ r♦❧❡ ♦❢ t❡❝❤♥♦❧♦❣②

✇❤❛t ❦✐♥❞s ♦❢ ✏❝♦❧❧❡❣❡✑ ❥♦❜s ❛r❡ ✐♥ ❞❡♠❛♥❞❄

✹✳ ❈♦♥❝❧✉s✐♦♥s ❛♥❞ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

slide-7
SLIDE 7

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚❤❡ P❧❛♥

✶✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭♣r❡✲❝♦❧❧❡❣❡✮ ✲ ❡✈✐❞❡♥❝❡ ❢r♦♠ ◆❆❊P ❛♥❞ ◆▲❙❨s ✷✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭❝♦❧❧❡❣❡✮ ✸✳ ❉❡♠❛♥❞ ❢♦r s❦✐❧❧s ❛♥❞ t❤❡ r♦❧❡ ♦❢ t❡❝❤♥♦❧♦❣②

✇❤❛t ❦✐♥❞s ♦❢ ✏❝♦❧❧❡❣❡✑ ❥♦❜s ❛r❡ ✐♥ ❞❡♠❛♥❞❄

✹✳ ❈♦♥❝❧✉s✐♦♥s ❛♥❞ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

slide-8
SLIDE 8

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚❤❡ P❧❛♥

✶✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭♣r❡✲❝♦❧❧❡❣❡✮ ✲ ❡✈✐❞❡♥❝❡ ❢r♦♠ ◆❆❊P ❛♥❞ ◆▲❙❨s ✷✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭❝♦❧❧❡❣❡✮ ✸✳ ❉❡♠❛♥❞ ❢♦r s❦✐❧❧s ❛♥❞ t❤❡ r♦❧❡ ♦❢ t❡❝❤♥♦❧♦❣②

  • ✇❤❛t ❦✐♥❞s ♦❢ ✏❝♦❧❧❡❣❡✑ ❥♦❜s ❛r❡ ✐♥ ❞❡♠❛♥❞❄

✹✳ ❈♦♥❝❧✉s✐♦♥s ❛♥❞ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

slide-9
SLIDE 9

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚❤❡ P❧❛♥

✶✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭♣r❡✲❝♦❧❧❡❣❡✮ ✲ ❡✈✐❞❡♥❝❡ ❢r♦♠ ◆❆❊P ❛♥❞ ◆▲❙❨s ✷✳ ❙✉♣♣❧② ♦❢ s❦✐❧❧s ✭❝♦❧❧❡❣❡✮ ✸✳ ❉❡♠❛♥❞ ❢♦r s❦✐❧❧s ❛♥❞ t❤❡ r♦❧❡ ♦❢ t❡❝❤♥♦❧♦❣②

  • ✇❤❛t ❦✐♥❞s ♦❢ ✏❝♦❧❧❡❣❡✑ ❥♦❜s ❛r❡ ✐♥ ❞❡♠❛♥❞❄

✹✳ ❈♦♥❝❧✉s✐♦♥s ❛♥❞ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

slide-10
SLIDE 10

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

slide-11
SLIDE 11

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

slide-12
SLIDE 12

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

slide-13
SLIDE 13

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

slide-14
SLIDE 14

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✐♠✐❧❛r ♣❛tt❡r♥s ✐♥ ❆❋◗❚ ✲ ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

  • ❈❛r❡❢✉❧ ❝♦♠♣❛r✐s♦♥ ♦❢ ❆❋◗❚ ❛❝r♦ss ❛❣❡s✱ t❡st ❢♦r♠❛ts ✭❆❧t♦♥❥✐✱

❇❤❛r❛❞✇❛❥ ❛♥❞ ▲❛♥❣❡ ✷✵✶✷✮

❈♦♠♣❛r❡ ✭♠♦st❧②✮ ♣r❡✲❝♦❧❧❡❣❡ s❦✐❧❧s ♦❢ ②♦✉t❤ ✐♥ ✶✾✽✶ t♦ s✐♠✐❧❛r ❝♦❤♦rt ✐♥ ✶✾✾✾

❙♠❛❧❧ ✐♥❝r❡❛s❡ ✐♥ s❦✐❧❧s ❛❝r♦ss ✇❛✈❡s ✲ ❞r✐✈❡♥ ❜② ♥♦♥✇❤✐t❡s

◆❛rr♦✇✐♥❣ ♦❢ ✐♥❝♦♠❡✲❛❝❤✐❡✈❡♠❡♥t ❣❛♣ ✭◆✐❡❧s❡♥ ✷✵✶✻✮

slide-15
SLIDE 15

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✐♠✐❧❛r ♣❛tt❡r♥s ✐♥ ❆❋◗❚ ✲ ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

  • ❈❛r❡❢✉❧ ❝♦♠♣❛r✐s♦♥ ♦❢ ❆❋◗❚ ❛❝r♦ss ❛❣❡s✱ t❡st ❢♦r♠❛ts ✭❆❧t♦♥❥✐✱

❇❤❛r❛❞✇❛❥ ❛♥❞ ▲❛♥❣❡ ✷✵✶✷✮

  • ❈♦♠♣❛r❡ ✭♠♦st❧②✮ ♣r❡✲❝♦❧❧❡❣❡ s❦✐❧❧s ♦❢ ②♦✉t❤ ✐♥ ✶✾✽✶ t♦ s✐♠✐❧❛r

❝♦❤♦rt ✐♥ ✶✾✾✾

❙♠❛❧❧ ✐♥❝r❡❛s❡ ✐♥ s❦✐❧❧s ❛❝r♦ss ✇❛✈❡s ✲ ❞r✐✈❡♥ ❜② ♥♦♥✇❤✐t❡s

◆❛rr♦✇✐♥❣ ♦❢ ✐♥❝♦♠❡✲❛❝❤✐❡✈❡♠❡♥t ❣❛♣ ✭◆✐❡❧s❡♥ ✷✵✶✻✮

slide-16
SLIDE 16

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✐♠✐❧❛r ♣❛tt❡r♥s ✐♥ ❆❋◗❚ ✲ ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

  • ❈❛r❡❢✉❧ ❝♦♠♣❛r✐s♦♥ ♦❢ ❆❋◗❚ ❛❝r♦ss ❛❣❡s✱ t❡st ❢♦r♠❛ts ✭❆❧t♦♥❥✐✱

❇❤❛r❛❞✇❛❥ ❛♥❞ ▲❛♥❣❡ ✷✵✶✷✮

  • ❈♦♠♣❛r❡ ✭♠♦st❧②✮ ♣r❡✲❝♦❧❧❡❣❡ s❦✐❧❧s ♦❢ ②♦✉t❤ ✐♥ ✶✾✽✶ t♦ s✐♠✐❧❛r

❝♦❤♦rt ✐♥ ✶✾✾✾

  • ❙♠❛❧❧ ✐♥❝r❡❛s❡ ✐♥ s❦✐❧❧s ❛❝r♦ss ✇❛✈❡s ✲ ❞r✐✈❡♥ ❜② ♥♦♥✇❤✐t❡s

◆❛rr♦✇✐♥❣ ♦❢ ✐♥❝♦♠❡✲❛❝❤✐❡✈❡♠❡♥t ❣❛♣ ✭◆✐❡❧s❡♥ ✷✵✶✻✮

slide-17
SLIDE 17

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✐♠✐❧❛r ♣❛tt❡r♥s ✐♥ ❆❋◗❚ ✲ ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

  • ❈❛r❡❢✉❧ ❝♦♠♣❛r✐s♦♥ ♦❢ ❆❋◗❚ ❛❝r♦ss ❛❣❡s✱ t❡st ❢♦r♠❛ts ✭❆❧t♦♥❥✐✱

❇❤❛r❛❞✇❛❥ ❛♥❞ ▲❛♥❣❡ ✷✵✶✷✮

  • ❈♦♠♣❛r❡ ✭♠♦st❧②✮ ♣r❡✲❝♦❧❧❡❣❡ s❦✐❧❧s ♦❢ ②♦✉t❤ ✐♥ ✶✾✽✶ t♦ s✐♠✐❧❛r

❝♦❤♦rt ✐♥ ✶✾✾✾

  • ❙♠❛❧❧ ✐♥❝r❡❛s❡ ✐♥ s❦✐❧❧s ❛❝r♦ss ✇❛✈❡s ✲ ❞r✐✈❡♥ ❜② ♥♦♥✇❤✐t❡s
  • ◆❛rr♦✇✐♥❣ ♦❢ ✐♥❝♦♠❡✲❛❝❤✐❡✈❡♠❡♥t ❣❛♣ ✭◆✐❡❧s❡♥ ✷✵✶✻✮
slide-18
SLIDE 18

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣r❡✲❝♦❧❧❡❣❡

  • ❖✈❡r❛❧❧✱ t❤❡ ♣r❡✲❝♦❧❧❡❣❡ s✉♣♣❧② ♦❢ s❦✐❧❧s ❤❛s r❡♠❛✐♥❡❞ ❝♦♥st❛♥t

♦r ❣r♦✇♥ s❧✐❣❤t❧②✱ ❛♥❞ ❣❛♣s ❤❛✈❡ ♥❛rr♦✇❡❞✳ ❚✇♦ ♣♦ss✐❜✐❧✐t✐❡s✿

❉✐✛❡r❡♥❝❡s ✐♥ ❛❣❡ ✵ t♦ ✶✼ ❢❛♠✐❧② ✐♥✈❡st♠❡♥ts ❛r❡ ♥♦t r❡s♣♦♥s✐❜❧❡ ❢♦r ❣r♦✇✐♥❣ ✐♥❡q✉❛❧✐t②❀

  • ❛♣s ❡①✐st✱ ❜✉t t❡sts ♦❢ ❛❝❛❞❡♠✐❝ s❦✐❧❧s ❞♦♥✬t ❛❝❝✉r❛t❡❧②

♠❡❛s✉r❡ t❤❡♠

❲❡ ❦♥♦✇ ❛❧♠♦st ♥♦t❤✐♥❣ ❛❜♦✉t ❤♦✇ t♦ ♠❡❛s✉r❡ ✏♥♦♥✲❝♦❣♥✐t✐✈❡✑ s❦✐❧❧s✱ ♠✉❝❤ ❧❡ss tr❛❝❡ ♦✉t ❛ t✐♠❡ tr❡♥❞✳

❈✐r❝✉♠st❛♥t✐❛❧ ❡✈✐❞❡♥❝❡ ✲ ❣❡♥❞❡r ❣❛♣s ✐♥ ❜❡❤❛✈✐♦r✱ ●P❆✱ ❍❙ ❣r❛❞ ✈s✳ ●❊❉ ✭❡✳❣✳ ❏❛❝♦❜ ✷✵✵✷❀ ❇❡rtr❛♥❞ ❛♥❞ P❛♥ ✷✵✶✸❀ ▼✉r♣❤② ❛♥❞

❚♦♣❡❧ ✷✵✶✻✮

slide-19
SLIDE 19

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣r❡✲❝♦❧❧❡❣❡

  • ❖✈❡r❛❧❧✱ t❤❡ ♣r❡✲❝♦❧❧❡❣❡ s✉♣♣❧② ♦❢ s❦✐❧❧s ❤❛s r❡♠❛✐♥❡❞ ❝♦♥st❛♥t

♦r ❣r♦✇♥ s❧✐❣❤t❧②✱ ❛♥❞ ❣❛♣s ❤❛✈❡ ♥❛rr♦✇❡❞✳

  • ❚✇♦ ♣♦ss✐❜✐❧✐t✐❡s✿

❉✐✛❡r❡♥❝❡s ✐♥ ❛❣❡ ✵ t♦ ✶✼ ❢❛♠✐❧② ✐♥✈❡st♠❡♥ts ❛r❡ ♥♦t r❡s♣♦♥s✐❜❧❡ ❢♦r ❣r♦✇✐♥❣ ✐♥❡q✉❛❧✐t②❀

  • ❛♣s ❡①✐st✱ ❜✉t t❡sts ♦❢ ❛❝❛❞❡♠✐❝ s❦✐❧❧s ❞♦♥✬t ❛❝❝✉r❛t❡❧②

♠❡❛s✉r❡ t❤❡♠

❲❡ ❦♥♦✇ ❛❧♠♦st ♥♦t❤✐♥❣ ❛❜♦✉t ❤♦✇ t♦ ♠❡❛s✉r❡ ✏♥♦♥✲❝♦❣♥✐t✐✈❡✑ s❦✐❧❧s✱ ♠✉❝❤ ❧❡ss tr❛❝❡ ♦✉t ❛ t✐♠❡ tr❡♥❞✳

❈✐r❝✉♠st❛♥t✐❛❧ ❡✈✐❞❡♥❝❡ ✲ ❣❡♥❞❡r ❣❛♣s ✐♥ ❜❡❤❛✈✐♦r✱ ●P❆✱ ❍❙ ❣r❛❞ ✈s✳ ●❊❉ ✭❡✳❣✳ ❏❛❝♦❜ ✷✵✵✷❀ ❇❡rtr❛♥❞ ❛♥❞ P❛♥ ✷✵✶✸❀ ▼✉r♣❤② ❛♥❞

❚♦♣❡❧ ✷✵✶✻✮

slide-20
SLIDE 20

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣r❡✲❝♦❧❧❡❣❡

  • ❖✈❡r❛❧❧✱ t❤❡ ♣r❡✲❝♦❧❧❡❣❡ s✉♣♣❧② ♦❢ s❦✐❧❧s ❤❛s r❡♠❛✐♥❡❞ ❝♦♥st❛♥t

♦r ❣r♦✇♥ s❧✐❣❤t❧②✱ ❛♥❞ ❣❛♣s ❤❛✈❡ ♥❛rr♦✇❡❞✳

  • ❚✇♦ ♣♦ss✐❜✐❧✐t✐❡s✿
  • ❉✐✛❡r❡♥❝❡s ✐♥ ❛❣❡ ✵ t♦ ✶✼ ❢❛♠✐❧② ✐♥✈❡st♠❡♥ts ❛r❡ ♥♦t

r❡s♣♦♥s✐❜❧❡ ❢♦r ❣r♦✇✐♥❣ ✐♥❡q✉❛❧✐t②❀

  • ❛♣s ❡①✐st✱ ❜✉t t❡sts ♦❢ ❛❝❛❞❡♠✐❝ s❦✐❧❧s ❞♦♥✬t ❛❝❝✉r❛t❡❧②

♠❡❛s✉r❡ t❤❡♠

❲❡ ❦♥♦✇ ❛❧♠♦st ♥♦t❤✐♥❣ ❛❜♦✉t ❤♦✇ t♦ ♠❡❛s✉r❡ ✏♥♦♥✲❝♦❣♥✐t✐✈❡✑ s❦✐❧❧s✱ ♠✉❝❤ ❧❡ss tr❛❝❡ ♦✉t ❛ t✐♠❡ tr❡♥❞✳

❈✐r❝✉♠st❛♥t✐❛❧ ❡✈✐❞❡♥❝❡ ✲ ❣❡♥❞❡r ❣❛♣s ✐♥ ❜❡❤❛✈✐♦r✱ ●P❆✱ ❍❙ ❣r❛❞ ✈s✳ ●❊❉ ✭❡✳❣✳ ❏❛❝♦❜ ✷✵✵✷❀ ❇❡rtr❛♥❞ ❛♥❞ P❛♥ ✷✵✶✸❀ ▼✉r♣❤② ❛♥❞

❚♦♣❡❧ ✷✵✶✻✮

slide-21
SLIDE 21

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣r❡✲❝♦❧❧❡❣❡

  • ❖✈❡r❛❧❧✱ t❤❡ ♣r❡✲❝♦❧❧❡❣❡ s✉♣♣❧② ♦❢ s❦✐❧❧s ❤❛s r❡♠❛✐♥❡❞ ❝♦♥st❛♥t

♦r ❣r♦✇♥ s❧✐❣❤t❧②✱ ❛♥❞ ❣❛♣s ❤❛✈❡ ♥❛rr♦✇❡❞✳

  • ❚✇♦ ♣♦ss✐❜✐❧✐t✐❡s✿
  • ❉✐✛❡r❡♥❝❡s ✐♥ ❛❣❡ ✵ t♦ ✶✼ ❢❛♠✐❧② ✐♥✈❡st♠❡♥ts ❛r❡ ♥♦t

r❡s♣♦♥s✐❜❧❡ ❢♦r ❣r♦✇✐♥❣ ✐♥❡q✉❛❧✐t②❀

  • ●❛♣s ❡①✐st✱ ❜✉t t❡sts ♦❢ ❛❝❛❞❡♠✐❝ s❦✐❧❧s ❞♦♥✬t ❛❝❝✉r❛t❡❧②

♠❡❛s✉r❡ t❤❡♠

❲❡ ❦♥♦✇ ❛❧♠♦st ♥♦t❤✐♥❣ ❛❜♦✉t ❤♦✇ t♦ ♠❡❛s✉r❡ ✏♥♦♥✲❝♦❣♥✐t✐✈❡✑ s❦✐❧❧s✱ ♠✉❝❤ ❧❡ss tr❛❝❡ ♦✉t ❛ t✐♠❡ tr❡♥❞✳

❈✐r❝✉♠st❛♥t✐❛❧ ❡✈✐❞❡♥❝❡ ✲ ❣❡♥❞❡r ❣❛♣s ✐♥ ❜❡❤❛✈✐♦r✱ ●P❆✱ ❍❙ ❣r❛❞ ✈s✳ ●❊❉ ✭❡✳❣✳ ❏❛❝♦❜ ✷✵✵✷❀ ❇❡rtr❛♥❞ ❛♥❞ P❛♥ ✷✵✶✸❀ ▼✉r♣❤② ❛♥❞

❚♦♣❡❧ ✷✵✶✻✮

slide-22
SLIDE 22

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣r❡✲❝♦❧❧❡❣❡

  • ❖✈❡r❛❧❧✱ t❤❡ ♣r❡✲❝♦❧❧❡❣❡ s✉♣♣❧② ♦❢ s❦✐❧❧s ❤❛s r❡♠❛✐♥❡❞ ❝♦♥st❛♥t

♦r ❣r♦✇♥ s❧✐❣❤t❧②✱ ❛♥❞ ❣❛♣s ❤❛✈❡ ♥❛rr♦✇❡❞✳

  • ❚✇♦ ♣♦ss✐❜✐❧✐t✐❡s✿
  • ❉✐✛❡r❡♥❝❡s ✐♥ ❛❣❡ ✵ t♦ ✶✼ ❢❛♠✐❧② ✐♥✈❡st♠❡♥ts ❛r❡ ♥♦t

r❡s♣♦♥s✐❜❧❡ ❢♦r ❣r♦✇✐♥❣ ✐♥❡q✉❛❧✐t②❀

  • ●❛♣s ❡①✐st✱ ❜✉t t❡sts ♦❢ ❛❝❛❞❡♠✐❝ s❦✐❧❧s ❞♦♥✬t ❛❝❝✉r❛t❡❧②

♠❡❛s✉r❡ t❤❡♠

  • ❲❡ ❦♥♦✇ ❛❧♠♦st ♥♦t❤✐♥❣ ❛❜♦✉t ❤♦✇ t♦ ♠❡❛s✉r❡

✏♥♦♥✲❝♦❣♥✐t✐✈❡✑ s❦✐❧❧s✱ ♠✉❝❤ ❧❡ss tr❛❝❡ ♦✉t ❛ t✐♠❡ tr❡♥❞✳

❈✐r❝✉♠st❛♥t✐❛❧ ❡✈✐❞❡♥❝❡ ✲ ❣❡♥❞❡r ❣❛♣s ✐♥ ❜❡❤❛✈✐♦r✱ ●P❆✱ ❍❙ ❣r❛❞ ✈s✳ ●❊❉ ✭❡✳❣✳ ❏❛❝♦❜ ✷✵✵✷❀ ❇❡rtr❛♥❞ ❛♥❞ P❛♥ ✷✵✶✸❀ ▼✉r♣❤② ❛♥❞

❚♦♣❡❧ ✷✵✶✻✮

slide-23
SLIDE 23

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣r❡✲❝♦❧❧❡❣❡

  • ❖✈❡r❛❧❧✱ t❤❡ ♣r❡✲❝♦❧❧❡❣❡ s✉♣♣❧② ♦❢ s❦✐❧❧s ❤❛s r❡♠❛✐♥❡❞ ❝♦♥st❛♥t

♦r ❣r♦✇♥ s❧✐❣❤t❧②✱ ❛♥❞ ❣❛♣s ❤❛✈❡ ♥❛rr♦✇❡❞✳

  • ❚✇♦ ♣♦ss✐❜✐❧✐t✐❡s✿
  • ❉✐✛❡r❡♥❝❡s ✐♥ ❛❣❡ ✵ t♦ ✶✼ ❢❛♠✐❧② ✐♥✈❡st♠❡♥ts ❛r❡ ♥♦t

r❡s♣♦♥s✐❜❧❡ ❢♦r ❣r♦✇✐♥❣ ✐♥❡q✉❛❧✐t②❀

  • ●❛♣s ❡①✐st✱ ❜✉t t❡sts ♦❢ ❛❝❛❞❡♠✐❝ s❦✐❧❧s ❞♦♥✬t ❛❝❝✉r❛t❡❧②

♠❡❛s✉r❡ t❤❡♠

  • ❲❡ ❦♥♦✇ ❛❧♠♦st ♥♦t❤✐♥❣ ❛❜♦✉t ❤♦✇ t♦ ♠❡❛s✉r❡

✏♥♦♥✲❝♦❣♥✐t✐✈❡✑ s❦✐❧❧s✱ ♠✉❝❤ ❧❡ss tr❛❝❡ ♦✉t ❛ t✐♠❡ tr❡♥❞✳

  • ❈✐r❝✉♠st❛♥t✐❛❧ ❡✈✐❞❡♥❝❡ ✲ ❣❡♥❞❡r ❣❛♣s ✐♥ ❜❡❤❛✈✐♦r✱ ●P❆✱ ❍❙

❣r❛❞ ✈s✳ ●❊❉ ✭❡✳❣✳ ❏❛❝♦❜ ✷✵✵✷❀ ❇❡rtr❛♥❞ ❛♥❞ P❛♥ ✷✵✶✸❀ ▼✉r♣❤② ❛♥❞

❚♦♣❡❧ ✷✵✶✻✮

slide-24
SLIDE 24

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

Educational Attainment by High School Graduates: Cohorts Completing High School 1916 – 2003

Murphy and Topel 2016 Men, Some College Women, Some College Men, ≥4 Years College Women, ≥4 Years College

.1 .2 .3 .4 .5 .6 .7 Share of Cohort with Indicated Education 1920 1940 1960 1980 2000 High School Cohort

Men and Women Aged 18 in the Indicated Year Educational Attainment of High School Cohorts, 1916-2003

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SLIDE 25

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

Autor 2014

College Share of Hours Worked in the U.S. 1963 - 2012: Males and Females with <10 Years of Potential Experience

15 20 25 30 35 40 45 50 55 60 65 College share of hours worked (%)

1964 1967 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012

Males: 0-9 Yrs Experience Females: 0-9 Yrs Experience

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SLIDE 26

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

slide-27
SLIDE 27

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

slide-28
SLIDE 28

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣♦st✲❝♦❧❧❡❣❡

  • ❙✉♣♣❧② ♦❢ ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s ❝♦♥t✐♥✉❡s t♦ ❣r♦✇✱ ❜✉t ♣❛❝❡ ❤❛s

s❧♦✇❡❞

▲♦✇❡r ❝♦♠♣❧❡t✐♦♥ r❛t❡s ■♥❝r❡❛s❡ ✐♥ s✉♣♣❧② ❞r✐✈❡♥ ❜② ❧❡ss✲s❡❧❡❝t✐✈❡ ✐♥st✐t✉t✐♦♥s✱ ❝♦❤♦rt ❝r♦✇❞✐♥❣ ✭❇♦✉♥❞ ❛♥❞ ❚✉r♥❡r ✷✵✵✼❀ ❍♦①❜② ✷✵✶✻✮

❑❛t③✲▼✉r♣❤② ✭✶✾✽✼✮ s✉♣♣❧②✲❞❡♠❛♥❞ ❢r❛♠❡✇♦r❦ ✐♠♣❧✐❡s t❤❛t ❝♦❧❧❡❣❡ ✇❛❣❡ ♣r❡♠✐✉♠ s❤♦✉❧❞ ❤❛✈❡ ❣r♦✇♥ ♠♦r❡

▲♦✇ r❡t✉r♥s t♦ ♥♦♥✲s❡❧❡❝t✐✈❡ ❞❡❣r❡❡s ❛♥❞ q✉❛❧✐t② ❛❞❥✉st♠❡♥t ✭❈❛r♥❡✐r♦ ❛♥❞ ▲❡❡ ✷✵✶✶❀ ❉❡♠✐♥❣ ❡t ❛❧ ✷✵✶✻✮

❙t✐❧❧✱ ✐♥❝r❡❛s✐♥❣ ❝♦❧❧❡❣❡ ♣r❡♠✐✉♠ ✐♠♣❧✐❡s t❤❛t ❞❡♠❛♥❞ ❢♦r s❦✐❧❧s ❤❛s ❣r♦✇♥ ❢❛st❡r t❤❛♥ s✉♣♣❧②

slide-29
SLIDE 29

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣♦st✲❝♦❧❧❡❣❡

  • ❙✉♣♣❧② ♦❢ ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s ❝♦♥t✐♥✉❡s t♦ ❣r♦✇✱ ❜✉t ♣❛❝❡ ❤❛s

s❧♦✇❡❞

  • ▲♦✇❡r ❝♦♠♣❧❡t✐♦♥ r❛t❡s

■♥❝r❡❛s❡ ✐♥ s✉♣♣❧② ❞r✐✈❡♥ ❜② ❧❡ss✲s❡❧❡❝t✐✈❡ ✐♥st✐t✉t✐♦♥s✱ ❝♦❤♦rt ❝r♦✇❞✐♥❣ ✭❇♦✉♥❞ ❛♥❞ ❚✉r♥❡r ✷✵✵✼❀ ❍♦①❜② ✷✵✶✻✮

❑❛t③✲▼✉r♣❤② ✭✶✾✽✼✮ s✉♣♣❧②✲❞❡♠❛♥❞ ❢r❛♠❡✇♦r❦ ✐♠♣❧✐❡s t❤❛t ❝♦❧❧❡❣❡ ✇❛❣❡ ♣r❡♠✐✉♠ s❤♦✉❧❞ ❤❛✈❡ ❣r♦✇♥ ♠♦r❡

▲♦✇ r❡t✉r♥s t♦ ♥♦♥✲s❡❧❡❝t✐✈❡ ❞❡❣r❡❡s ❛♥❞ q✉❛❧✐t② ❛❞❥✉st♠❡♥t ✭❈❛r♥❡✐r♦ ❛♥❞ ▲❡❡ ✷✵✶✶❀ ❉❡♠✐♥❣ ❡t ❛❧ ✷✵✶✻✮

❙t✐❧❧✱ ✐♥❝r❡❛s✐♥❣ ❝♦❧❧❡❣❡ ♣r❡♠✐✉♠ ✐♠♣❧✐❡s t❤❛t ❞❡♠❛♥❞ ❢♦r s❦✐❧❧s ❤❛s ❣r♦✇♥ ❢❛st❡r t❤❛♥ s✉♣♣❧②

slide-30
SLIDE 30

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣♦st✲❝♦❧❧❡❣❡

  • ❙✉♣♣❧② ♦❢ ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s ❝♦♥t✐♥✉❡s t♦ ❣r♦✇✱ ❜✉t ♣❛❝❡ ❤❛s

s❧♦✇❡❞

  • ▲♦✇❡r ❝♦♠♣❧❡t✐♦♥ r❛t❡s
  • ■♥❝r❡❛s❡ ✐♥ s✉♣♣❧② ❞r✐✈❡♥ ❜② ❧❡ss✲s❡❧❡❝t✐✈❡ ✐♥st✐t✉t✐♦♥s✱ ❝♦❤♦rt

❝r♦✇❞✐♥❣ ✭❇♦✉♥❞ ❛♥❞ ❚✉r♥❡r ✷✵✵✼❀ ❍♦①❜② ✷✵✶✻✮

❑❛t③✲▼✉r♣❤② ✭✶✾✽✼✮ s✉♣♣❧②✲❞❡♠❛♥❞ ❢r❛♠❡✇♦r❦ ✐♠♣❧✐❡s t❤❛t ❝♦❧❧❡❣❡ ✇❛❣❡ ♣r❡♠✐✉♠ s❤♦✉❧❞ ❤❛✈❡ ❣r♦✇♥ ♠♦r❡

▲♦✇ r❡t✉r♥s t♦ ♥♦♥✲s❡❧❡❝t✐✈❡ ❞❡❣r❡❡s ❛♥❞ q✉❛❧✐t② ❛❞❥✉st♠❡♥t ✭❈❛r♥❡✐r♦ ❛♥❞ ▲❡❡ ✷✵✶✶❀ ❉❡♠✐♥❣ ❡t ❛❧ ✷✵✶✻✮

❙t✐❧❧✱ ✐♥❝r❡❛s✐♥❣ ❝♦❧❧❡❣❡ ♣r❡♠✐✉♠ ✐♠♣❧✐❡s t❤❛t ❞❡♠❛♥❞ ❢♦r s❦✐❧❧s ❤❛s ❣r♦✇♥ ❢❛st❡r t❤❛♥ s✉♣♣❧②

slide-31
SLIDE 31

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣♦st✲❝♦❧❧❡❣❡

  • ❙✉♣♣❧② ♦❢ ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s ❝♦♥t✐♥✉❡s t♦ ❣r♦✇✱ ❜✉t ♣❛❝❡ ❤❛s

s❧♦✇❡❞

  • ▲♦✇❡r ❝♦♠♣❧❡t✐♦♥ r❛t❡s
  • ■♥❝r❡❛s❡ ✐♥ s✉♣♣❧② ❞r✐✈❡♥ ❜② ❧❡ss✲s❡❧❡❝t✐✈❡ ✐♥st✐t✉t✐♦♥s✱ ❝♦❤♦rt

❝r♦✇❞✐♥❣ ✭❇♦✉♥❞ ❛♥❞ ❚✉r♥❡r ✷✵✵✼❀ ❍♦①❜② ✷✵✶✻✮

  • ❑❛t③✲▼✉r♣❤② ✭✶✾✽✼✮ s✉♣♣❧②✲❞❡♠❛♥❞ ❢r❛♠❡✇♦r❦ ✐♠♣❧✐❡s t❤❛t

❝♦❧❧❡❣❡ ✇❛❣❡ ♣r❡♠✐✉♠ s❤♦✉❧❞ ❤❛✈❡ ❣r♦✇♥ ♠♦r❡

▲♦✇ r❡t✉r♥s t♦ ♥♦♥✲s❡❧❡❝t✐✈❡ ❞❡❣r❡❡s ❛♥❞ q✉❛❧✐t② ❛❞❥✉st♠❡♥t ✭❈❛r♥❡✐r♦ ❛♥❞ ▲❡❡ ✷✵✶✶❀ ❉❡♠✐♥❣ ❡t ❛❧ ✷✵✶✻✮

❙t✐❧❧✱ ✐♥❝r❡❛s✐♥❣ ❝♦❧❧❡❣❡ ♣r❡♠✐✉♠ ✐♠♣❧✐❡s t❤❛t ❞❡♠❛♥❞ ❢♦r s❦✐❧❧s ❤❛s ❣r♦✇♥ ❢❛st❡r t❤❛♥ s✉♣♣❧②

slide-32
SLIDE 32

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣♦st✲❝♦❧❧❡❣❡

  • ❙✉♣♣❧② ♦❢ ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s ❝♦♥t✐♥✉❡s t♦ ❣r♦✇✱ ❜✉t ♣❛❝❡ ❤❛s

s❧♦✇❡❞

  • ▲♦✇❡r ❝♦♠♣❧❡t✐♦♥ r❛t❡s
  • ■♥❝r❡❛s❡ ✐♥ s✉♣♣❧② ❞r✐✈❡♥ ❜② ❧❡ss✲s❡❧❡❝t✐✈❡ ✐♥st✐t✉t✐♦♥s✱ ❝♦❤♦rt

❝r♦✇❞✐♥❣ ✭❇♦✉♥❞ ❛♥❞ ❚✉r♥❡r ✷✵✵✼❀ ❍♦①❜② ✷✵✶✻✮

  • ❑❛t③✲▼✉r♣❤② ✭✶✾✽✼✮ s✉♣♣❧②✲❞❡♠❛♥❞ ❢r❛♠❡✇♦r❦ ✐♠♣❧✐❡s t❤❛t

❝♦❧❧❡❣❡ ✇❛❣❡ ♣r❡♠✐✉♠ s❤♦✉❧❞ ❤❛✈❡ ❣r♦✇♥ ♠♦r❡

  • ▲♦✇ r❡t✉r♥s t♦ ♥♦♥✲s❡❧❡❝t✐✈❡ ❞❡❣r❡❡s ❛♥❞ q✉❛❧✐t② ❛❞❥✉st♠❡♥t

✭❈❛r♥❡✐r♦ ❛♥❞ ▲❡❡ ✷✵✶✶❀ ❉❡♠✐♥❣ ❡t ❛❧ ✷✵✶✻✮

❙t✐❧❧✱ ✐♥❝r❡❛s✐♥❣ ❝♦❧❧❡❣❡ ♣r❡♠✐✉♠ ✐♠♣❧✐❡s t❤❛t ❞❡♠❛♥❞ ❢♦r s❦✐❧❧s ❤❛s ❣r♦✇♥ ❢❛st❡r t❤❛♥ s✉♣♣❧②

slide-33
SLIDE 33

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♣♣❧② ♦❢ s❦✐❧❧s✱ ♣♦st✲❝♦❧❧❡❣❡

  • ❙✉♣♣❧② ♦❢ ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s ❝♦♥t✐♥✉❡s t♦ ❣r♦✇✱ ❜✉t ♣❛❝❡ ❤❛s

s❧♦✇❡❞

  • ▲♦✇❡r ❝♦♠♣❧❡t✐♦♥ r❛t❡s
  • ■♥❝r❡❛s❡ ✐♥ s✉♣♣❧② ❞r✐✈❡♥ ❜② ❧❡ss✲s❡❧❡❝t✐✈❡ ✐♥st✐t✉t✐♦♥s✱ ❝♦❤♦rt

❝r♦✇❞✐♥❣ ✭❇♦✉♥❞ ❛♥❞ ❚✉r♥❡r ✷✵✵✼❀ ❍♦①❜② ✷✵✶✻✮

  • ❑❛t③✲▼✉r♣❤② ✭✶✾✽✼✮ s✉♣♣❧②✲❞❡♠❛♥❞ ❢r❛♠❡✇♦r❦ ✐♠♣❧✐❡s t❤❛t

❝♦❧❧❡❣❡ ✇❛❣❡ ♣r❡♠✐✉♠ s❤♦✉❧❞ ❤❛✈❡ ❣r♦✇♥ ♠♦r❡

  • ▲♦✇ r❡t✉r♥s t♦ ♥♦♥✲s❡❧❡❝t✐✈❡ ❞❡❣r❡❡s ❛♥❞ q✉❛❧✐t② ❛❞❥✉st♠❡♥t

✭❈❛r♥❡✐r♦ ❛♥❞ ▲❡❡ ✷✵✶✶❀ ❉❡♠✐♥❣ ❡t ❛❧ ✷✵✶✻✮

  • ❙t✐❧❧✱ ✐♥❝r❡❛s✐♥❣ ❝♦❧❧❡❣❡ ♣r❡♠✐✉♠ ✐♠♣❧✐❡s t❤❛t ❞❡♠❛♥❞ ❢♦r s❦✐❧❧s

❤❛s ❣r♦✇♥ ❢❛st❡r t❤❛♥ s✉♣♣❧②

slide-34
SLIDE 34

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❲❤② ❤❛✈❡ ❤✐❣❤✲s❦✐❧❧❡❞ ❥♦❜s st♦♣♣❡❞ ❣r♦✇✐♥❣ s✐♥❝❡ ✷✵✵✵❄

❙♦✉r❝❡✿ ❆❝❡♠♦❣❧✉ ❛♥❞ ❆✉t♦r ✭✷✵✶✶✮

slide-35
SLIDE 35

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❈♦❧❧❡❣❡ ❣r❛❞s ✲ t❤❡ ❧❡❛❞✐♥❣ ❡❞❣❡ ♦❢ t❤❡ ❧❛❜♦r ♠❛r❦❡t✳✳✳✳

❙♦✉r❝❡✿ ❇❡❛✉❞r②✱ ●r❡❡♥ ❛♥❞ ❙❛♥❞ ✭✷✵✶✹✮

slide-36
SLIDE 36

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙❚❊▼ ❡♠♣❧♦②♠❡♥t ❣r♦✇t❤✱ ✷✵✵✵✲✷✵✶✷

  • .2

.2 .4 .6 Engineers (All) Drafters And Surveyors Engineering And Science Technicians Architects Physical Scientists Biological Scientists Pilots/Air Traffic Control Math/Stats/Actuaries Medical Scientists Operations Researchers

  • Comp. Sci./Programming/Tech Support

STEM Occupations

❙♦✉r❝❡✿ ❈❡♥s✉s✱ ❆❈❙

slide-37
SLIDE 37

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❆♥❞ ❛❧❧ ♦t❤❡r ♣r♦❢❡ss✐♦♥❛❧ ♦❝❝✉♣❛t✐♦♥s✳✳✳✳

  • .2

.2 .4 .6 Writers, Editors & Reporters Marketing, Advertising & Pr Arts & Entertainment, Athletes Social Scientists And Urban Planners Dentists Dental Hygienists Pharmacists Legal Assistants & Paralegals Physicians' Assistants Other Business Support Lawyers & Judges College Instructors Physicians Social Workers, Counselors & Clergy Economists & Survey Researchers Accounting And Finance Health Therapists Health Technicians Nurses Managers (All) Teachers (K-12)

All Other Managerial or Professional Occupations

❙♦✉r❝❡✿ ❈❡♥s✉s ❛♥❞ ❆❈❙

slide-38
SLIDE 38

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • .05

.05

Change in Employment Share Relative to 1980

1980 1990 2000 2010

Low Math, Low Social Low Math, High Social High Math, Low Social High Math, High Social Occupational Task Intensity based on 1998 O*NET

Sources: 1980-2000 Census, 2005-2013 ACS

1980 to 2012

Relative Changes in Employment Share by Occupation Task Intensity

❙♦✉r❝❡✿ ❈❡♥s✉s ❛♥❞ ❆❈❙

slide-39
SLIDE 39

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

.1 .2 .3

Percent Change in Real Hourly Wage Relative to 1980

1980 1990 2000 2010

Low Math, Low Social Low Math, High Social High Math, Low Social High Math, High Social Occupational Task Intensity based on 1998 O*NET

Sources: 1980-2000 Census, 2005-2013 ACS

1980 to 2012

Relative Change in Real Hourly Wages by Occupation Task Intensity

❙♦✉r❝❡✿ ❈❡♥s✉s ❛♥❞ ❆❈❙

slide-40
SLIDE 40

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • r♦✇✐♥❣ r❡❧❛t✐✈❡ ❞❡♠❛♥❞ ❢♦r ✏s♦❝✐❛❧ s❦✐❧❧s✑
  • ▼♦r❡ ❞❡t❛✐❧ ✐♥ ❉❡♠✐♥❣ ✭✷✵✶✻✮

❣r♦✇t❤ t❤r♦✉❣❤♦✉t t❤❡ ✇❛❣❡ ❞✐str✐❜✉t✐♦♥ ✲ ♥♦t ❥✉st ❝✉st♦♠❡r s❡r✈✐❝❡✱ ❤❡❛❧t❤✴❡❞✉❝❛t✐♦♥✱ ♠❛♥❛❣❡♠❡♥t✴✜♥❛♥❝❡ ■♥ t❡r♠s ♦❢ ♠❡❛s✉r❡♠❡♥t✱ ✏s♦❝✐❛❧ s❦✐❧❧s✑ ❂ ✲✏r♦✉t✐♥❡✑ ❛t t❤❡ ♦❝❝✉♣❛t✐♦♥ ❧❡✈❡❧ ❜r♦❛❞❧② ❝♦♥s✐st❡♥t ✇✐t❤ ✉♥❜❛❧❛♥❝❡❞ ❣r♦✇t❤✱ s❡r✈✐❝❡s ✈s✳ ♠❛♥✉❢❛❝t✉r✐♥❣

❊st✐♠❛t❡ r❡t✉r♥s t♦ s❦✐❧❧s ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

❛❣❡s ✷✺✲✸✸✱ ❝♦♥s✐st❡♥t s❡t ♦❢ s❦✐❧❧ ♠❡❛s✉r❡s

slide-41
SLIDE 41

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • r♦✇✐♥❣ r❡❧❛t✐✈❡ ❞❡♠❛♥❞ ❢♦r ✏s♦❝✐❛❧ s❦✐❧❧s✑
  • ▼♦r❡ ❞❡t❛✐❧ ✐♥ ❉❡♠✐♥❣ ✭✷✵✶✻✮
  • ❣r♦✇t❤ t❤r♦✉❣❤♦✉t t❤❡ ✇❛❣❡ ❞✐str✐❜✉t✐♦♥ ✲ ♥♦t ❥✉st ❝✉st♦♠❡r

s❡r✈✐❝❡✱ ❤❡❛❧t❤✴❡❞✉❝❛t✐♦♥✱ ♠❛♥❛❣❡♠❡♥t✴✜♥❛♥❝❡ ■♥ t❡r♠s ♦❢ ♠❡❛s✉r❡♠❡♥t✱ ✏s♦❝✐❛❧ s❦✐❧❧s✑ ❂ ✲✏r♦✉t✐♥❡✑ ❛t t❤❡ ♦❝❝✉♣❛t✐♦♥ ❧❡✈❡❧ ❜r♦❛❞❧② ❝♦♥s✐st❡♥t ✇✐t❤ ✉♥❜❛❧❛♥❝❡❞ ❣r♦✇t❤✱ s❡r✈✐❝❡s ✈s✳ ♠❛♥✉❢❛❝t✉r✐♥❣

❊st✐♠❛t❡ r❡t✉r♥s t♦ s❦✐❧❧s ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

❛❣❡s ✷✺✲✸✸✱ ❝♦♥s✐st❡♥t s❡t ♦❢ s❦✐❧❧ ♠❡❛s✉r❡s

slide-42
SLIDE 42

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • r♦✇✐♥❣ r❡❧❛t✐✈❡ ❞❡♠❛♥❞ ❢♦r ✏s♦❝✐❛❧ s❦✐❧❧s✑
  • ▼♦r❡ ❞❡t❛✐❧ ✐♥ ❉❡♠✐♥❣ ✭✷✵✶✻✮
  • ❣r♦✇t❤ t❤r♦✉❣❤♦✉t t❤❡ ✇❛❣❡ ❞✐str✐❜✉t✐♦♥ ✲ ♥♦t ❥✉st ❝✉st♦♠❡r

s❡r✈✐❝❡✱ ❤❡❛❧t❤✴❡❞✉❝❛t✐♦♥✱ ♠❛♥❛❣❡♠❡♥t✴✜♥❛♥❝❡

  • ■♥ t❡r♠s ♦❢ ♠❡❛s✉r❡♠❡♥t✱ ✏s♦❝✐❛❧ s❦✐❧❧s✑ ❂ ✲✏r♦✉t✐♥❡✑ ❛t t❤❡

♦❝❝✉♣❛t✐♦♥ ❧❡✈❡❧ ❜r♦❛❞❧② ❝♦♥s✐st❡♥t ✇✐t❤ ✉♥❜❛❧❛♥❝❡❞ ❣r♦✇t❤✱ s❡r✈✐❝❡s ✈s✳ ♠❛♥✉❢❛❝t✉r✐♥❣

❊st✐♠❛t❡ r❡t✉r♥s t♦ s❦✐❧❧s ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

❛❣❡s ✷✺✲✸✸✱ ❝♦♥s✐st❡♥t s❡t ♦❢ s❦✐❧❧ ♠❡❛s✉r❡s

slide-43
SLIDE 43

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • r♦✇✐♥❣ r❡❧❛t✐✈❡ ❞❡♠❛♥❞ ❢♦r ✏s♦❝✐❛❧ s❦✐❧❧s✑
  • ▼♦r❡ ❞❡t❛✐❧ ✐♥ ❉❡♠✐♥❣ ✭✷✵✶✻✮
  • ❣r♦✇t❤ t❤r♦✉❣❤♦✉t t❤❡ ✇❛❣❡ ❞✐str✐❜✉t✐♦♥ ✲ ♥♦t ❥✉st ❝✉st♦♠❡r

s❡r✈✐❝❡✱ ❤❡❛❧t❤✴❡❞✉❝❛t✐♦♥✱ ♠❛♥❛❣❡♠❡♥t✴✜♥❛♥❝❡

  • ■♥ t❡r♠s ♦❢ ♠❡❛s✉r❡♠❡♥t✱ ✏s♦❝✐❛❧ s❦✐❧❧s✑ ❂ ✲✏r♦✉t✐♥❡✑ ❛t t❤❡

♦❝❝✉♣❛t✐♦♥ ❧❡✈❡❧

  • ❜r♦❛❞❧② ❝♦♥s✐st❡♥t ✇✐t❤ ✉♥❜❛❧❛♥❝❡❞ ❣r♦✇t❤✱ s❡r✈✐❝❡s ✈s✳

♠❛♥✉❢❛❝t✉r✐♥❣

❊st✐♠❛t❡ r❡t✉r♥s t♦ s❦✐❧❧s ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

❛❣❡s ✷✺✲✸✸✱ ❝♦♥s✐st❡♥t s❡t ♦❢ s❦✐❧❧ ♠❡❛s✉r❡s

slide-44
SLIDE 44

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • r♦✇✐♥❣ r❡❧❛t✐✈❡ ❞❡♠❛♥❞ ❢♦r ✏s♦❝✐❛❧ s❦✐❧❧s✑
  • ▼♦r❡ ❞❡t❛✐❧ ✐♥ ❉❡♠✐♥❣ ✭✷✵✶✻✮
  • ❣r♦✇t❤ t❤r♦✉❣❤♦✉t t❤❡ ✇❛❣❡ ❞✐str✐❜✉t✐♦♥ ✲ ♥♦t ❥✉st ❝✉st♦♠❡r

s❡r✈✐❝❡✱ ❤❡❛❧t❤✴❡❞✉❝❛t✐♦♥✱ ♠❛♥❛❣❡♠❡♥t✴✜♥❛♥❝❡

  • ■♥ t❡r♠s ♦❢ ♠❡❛s✉r❡♠❡♥t✱ ✏s♦❝✐❛❧ s❦✐❧❧s✑ ❂ ✲✏r♦✉t✐♥❡✑ ❛t t❤❡

♦❝❝✉♣❛t✐♦♥ ❧❡✈❡❧

  • ❜r♦❛❞❧② ❝♦♥s✐st❡♥t ✇✐t❤ ✉♥❜❛❧❛♥❝❡❞ ❣r♦✇t❤✱ s❡r✈✐❝❡s ✈s✳

♠❛♥✉❢❛❝t✉r✐♥❣

  • ❊st✐♠❛t❡ r❡t✉r♥s t♦ s❦✐❧❧s ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s

❛❣❡s ✷✺✲✸✸✱ ❝♦♥s✐st❡♥t s❡t ♦❢ s❦✐❧❧ ♠❡❛s✉r❡s

slide-45
SLIDE 45

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

  • r♦✇✐♥❣ r❡❧❛t✐✈❡ ❞❡♠❛♥❞ ❢♦r ✏s♦❝✐❛❧ s❦✐❧❧s✑
  • ▼♦r❡ ❞❡t❛✐❧ ✐♥ ❉❡♠✐♥❣ ✭✷✵✶✻✮
  • ❣r♦✇t❤ t❤r♦✉❣❤♦✉t t❤❡ ✇❛❣❡ ❞✐str✐❜✉t✐♦♥ ✲ ♥♦t ❥✉st ❝✉st♦♠❡r

s❡r✈✐❝❡✱ ❤❡❛❧t❤✴❡❞✉❝❛t✐♦♥✱ ♠❛♥❛❣❡♠❡♥t✴✜♥❛♥❝❡

  • ■♥ t❡r♠s ♦❢ ♠❡❛s✉r❡♠❡♥t✱ ✏s♦❝✐❛❧ s❦✐❧❧s✑ ❂ ✲✏r♦✉t✐♥❡✑ ❛t t❤❡

♦❝❝✉♣❛t✐♦♥ ❧❡✈❡❧

  • ❜r♦❛❞❧② ❝♦♥s✐st❡♥t ✇✐t❤ ✉♥❜❛❧❛♥❝❡❞ ❣r♦✇t❤✱ s❡r✈✐❝❡s ✈s✳

♠❛♥✉❢❛❝t✉r✐♥❣

  • ❊st✐♠❛t❡ r❡t✉r♥s t♦ s❦✐❧❧s ❛❝r♦ss ◆▲❙❨ ✇❛✈❡s
  • ❛❣❡s ✷✺✲✸✸✱ ❝♦♥s✐st❡♥t s❡t ♦❢ s❦✐❧❧ ♠❡❛s✉r❡s
slide-46
SLIDE 46

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙♦✉r❝❡✿ ❈❡♥s✉s ❛♥❞ ❆❈❙

slide-47
SLIDE 47

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥

  • r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵ ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-48
SLIDE 48

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥

  • r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵ ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-49
SLIDE 49

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵ ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-50
SLIDE 50

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • ●r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵ ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-51
SLIDE 51

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • ●r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵ ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-52
SLIDE 52

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • ●r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

  • ❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵

❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-53
SLIDE 53

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • ●r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

  • ❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵
  • ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-54
SLIDE 54

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • ●r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

  • ❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵
  • ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮

slide-55
SLIDE 55

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❙✉♠♠✐♥❣ ✉♣ t❤❡ ❡✈✐❞❡♥❝❡

✶✳ ❈♦❣♥✐t✐✈❡ s❦✐❧❧s ❛t ❛❣❡ ✶✼ r♦✉❣❤❧② ❝♦♥st❛♥t s✐♥❝❡ ✶✾✼✶ ✲ ♥♦ ❣❡♥❞❡r ❞✐✛s ✷✳ ❈♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ❣r❡✇ r❛♣✐❞❧② ❢r♦♠ ✶✾✻✹✲✶✾✽✷✱ s❧♦✇❧② ❛❢t❡r✇❛r❞

  • ❋❧❛t ❝♦♠♣❧❡t✐♦♥ r❛t❡s ❢♦r ♠❡♥✱ ❣r♦✇✐♥❣ ❢♦r ✇♦♠❡♥
  • ●r♦✇t❤ ❞r✐✈❡♥ ❜② ♦♣❡♥ ❛❝❝❡ss✱ ❧♦✇❡r✲q✉❛❧✐t② ✐♥st✐t✉t✐♦♥s

✸✳ ■♥❝r❡❛s✐♥❣ ❞❡♠❛♥❞ ❢♦r ❝♦❧❧❡❣❡ ❣r❛❞✉❛t❡s s✐♥❝❡ ✶✾✽✵s

  • ❉❡❝❡❧❡r❛t✐♥❣ s✐♥❝❡ ✷✵✵✵
  • ❋❧❛t✴❞❡❝❧✐♥✐♥❣ r❡t✉r♥ t♦ ❝♦❣♥✐t✐✈❡ s❦✐❧❧s s✐♥❝❡ ✷✵✵✵

✹✳ ❊♠♣❧♦②♠❡♥t ❛♥❞ ✇❛❣❡ ❣r♦✇t❤ ✐♥ ❤✐❣❤ ♠❛t❤✴❤✐❣❤ s♦❝✐❛❧ ❥♦❜s

  • ❈♦♠♣❧❡♠❡♥t❛r✐t② ✭✏❞❡❝❧✐♥❡ ♦❢ t❤❡ ♥❡r❞s✑✮
slide-56
SLIDE 56

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣ ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s

❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ❛✈❡r❛❣❡ r❡t✉r♥ ✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮ ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞

  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-57
SLIDE 57

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣

❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s

❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ❛✈❡r❛❣❡ r❡t✉r♥ ✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮ ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞

  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-58
SLIDE 58

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s

❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ❛✈❡r❛❣❡ r❡t✉r♥ ✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮ ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞

  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-59
SLIDE 59

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s
  • ❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ≥ ❛✈❡r❛❣❡ r❡t✉r♥

✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮ ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞

  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

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SLIDE 60

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s
  • ❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ≥ ❛✈❡r❛❣❡ r❡t✉r♥

✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮

  • ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞

  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-61
SLIDE 61

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s
  • ❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ≥ ❛✈❡r❛❣❡ r❡t✉r♥

✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮

  • ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

  • ❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞
  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-62
SLIDE 62

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s
  • ❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ≥ ❛✈❡r❛❣❡ r❡t✉r♥

✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮

  • ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

  • ❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞
  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱ t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-63
SLIDE 63

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s
  • ❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ≥ ❛✈❡r❛❣❡ r❡t✉r♥

✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮

  • ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

  • ❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞
  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

  • ✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱

t❡❛♠✇♦r❦✱ ❡t❝✳✳✳ ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣

slide-64
SLIDE 64

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚✇♦ P♦❧✐❝② ■♠♣❧✐❝❛t✐♦♥s

✶✳ ❲❡ ♥❡❡❞ ♠♦r❡ ②♦✉t❤ ✭❡s♣❡❝✐❛❧❧② ♠❡♥✮ t♦ ❣r❛❞✉❛t❡ ❢r♦♠ ❣♦♦❞ ❝♦❧❧❡❣❡s

  • Pr✐✈❛t❡s ♥♦t ❡①♣❛♥❞✐♥❣ ✲ ♠✉st ❜❡ ♣✉❜❧✐❝✱ ♥♦♥✲✢❛❣s❤✐♣
  • ❊✈✐❞❡♥❝❡ ♦❢ ❤✐❣❤ r❡t✉r♥s ❢♦r ♠❛r❣✐♥❛❧ ❝♦❧❧❡❣❡ ❡♥r♦❧❧❡❡s
  • ❘❉ ❡st✐♠❛t❡s s❤♦✇ ♠❛r❣✐♥❛❧ r❡t✉r♥ ≥ ❛✈❡r❛❣❡ r❡t✉r♥

✭❍♦❡❦str❛ ✷✵✵✾✱ ❩✐♠♠❡r♠❛♥ ✷✵✶✹✱ ●♦♦❞♠❛♥ ❡t ❛❧ ✷✵✶✼✮

  • ✏❋❧❛t ♦❢ t❤❡ ❝✉r✈❡✑ ❛r❣✉♠❡♥t ✭❡✳❣✳ ❈❛r♥❡✐r♦ ❛♥❞ ❍❡❝❦♠❛♥ ✷✵✵✸❀

▼✉r♣❤② ❛♥❞ ❚♦♣❡❧ ✷✵✶✻✮ ✐♠♣❧✐❡s t❤❡ ♦♣♣♦s✐t❡

  • ❈❛✉s❛❧ ❡✛❡❝t ♦❢ s♣❡♥❞✐♥❣ ♦♥ ❝♦❧❧❡❣❡ ❛tt❛✐♥♠❡♥t ✭❈♦❤♦❞❡s ❛♥❞
  • ♦♦❞♠❛♥ ✷✵✶✹❀ ❉❡♠✐♥❣ ❛♥❞ ❲❛❧t❡rs ✷✵✶✻✮

✷✳ ❙❝❤♦♦❧s ✲ ❛t ❛❧❧ ❧❡✈❡❧s ✲ ♠✉st ❧♦♦❦ ♠♦r❡ ❧✐❦❡ t❤❡ ♠♦❞❡r♥ ❧❛❜♦r ♠❛r❦❡t

  • ✏✷✶st ❝❡♥t✉r② s❦✐❧❧s✑ ✲ ❝r✐t✐❝❛❧ t❤✐♥❦✐♥❣✱ ♣r♦❜❧❡♠ s♦❧✈✐♥❣✱

t❡❛♠✇♦r❦✱ ❡t❝✳✳✳

  • ▲❡ss ❞✐r❡❝t ✐♥str✉❝t✐♦♥✱ ♠♦r❡ ✢❡①✐❜❧❡ ❛♥❞ ♣r♦❥❡❝t✲❜❛s❡❞ ❧❡❛r♥✐♥❣
slide-65
SLIDE 65

❇❛s✐❝ ❋❛❝ts ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭Pr❡✲❈♦❧❧❡❣❡✮ ❙✉♣♣❧② ♦❢ ❙❦✐❧❧s ✭❈♦❧❧❡❣❡✮ ❉❡♠❛♥❞ ❢♦r ❙❦✐❧❧s

❚❤❛♥❦s✦

❞❛✈✐❞❴❞❡♠✐♥❣❅❣s❡✳❤❛r✈❛r❞✳❡❞✉