2 21 1984 50 3500 4200 1 3 1 1985 1984 1 2 1984 50 3 2 3 4 1 1989 35
3 4 5 22 3 1 19811984 19841987 1989 1981 1985 13 1984 1984 1986 1985 20 10 1987 10 2 36
1989 65 1989 1953 1985 60 1933 6.71% 43 3.15%53 1.28 33 43 2.19%53 0.03 HurdShoven(1985)Retirement History Survery HurdShoven 3 4 1945 HurdShoven 1983 Boskin 1987 1985 Boskin 1915 3 Nelissen (1987) 3 Mcdermed,Clarck andallen 1987 1983 Survey of Consumer Finance 2 9 8 43 4 8 26 37
4 198284 (1984) 1989 (1984 5 5 1989 HHG 60 (1)(2)(3) 3 40 1984 23 3 4 TachibanakiShimono19852 38
1985 2.3.1 2.3.1 b b5 minmax(hhg6 8 ) 47 0.3 (HHG) 5 1.8 3. 5.1.3 0.3 0.36 1 60 42 24 241 2411 1984 4 1984 25 29 2281 1986 312 55 59 2530 508 39
2.4.1.1 24 2184 3024 4207 626 2072 2417 3600 624 112 606 607 2 1.05 1.25 1.17 1.00 2529 2281 3294 4577 673 1968 2359 3478 682 312 936 1099 9 1.16 1.40 1.32 0.99 3034 2358 3492 4563 771 1744 2080 2914 640 614 1411 1650 131 1.35 1.68 1.57 1.20 3539 2283 3643 4601 837 1359 1827 2495 575 923 1816 2106 262 1.68 1.99 1.84 1.46 4044 2245 3806 4627 922 1143 1542 2072 483 1202 2264 2555 439 2.05 2.47 2.23 1.91 4549 2425 3959 4614 975 932 1266 1655 379 1493 2693 2959 596 2.60 3.13 2.79 2.57 5054 2572 4141 4780 1015 712 1003 1361 274 1860 3138 3418 741 3.61 4.13 3.51 3.70 5559 2530 4316 4947 1059 508 780 1076 184 2022 3537 3871 875 4.98 5.54 4.60 5.76 1984 40
2022 1984 1960 3024 1925 4316 1960 2417 1925 780 1960 606 1925 3537 1 2 1925 5 4200 4900 1960 3600 1925 1000 600 1925 3800 1960 620 1925 1000 200 2411 2412 2411 2.4.1.2 20 25 24 2160 2083 78 2800 2052 748 4007 3292 715 2529 2179 1878 301 2958 1879 1079 4125 3041 1084 3034 2193 1635 557 3103 1624 1479 4164 2612 1553 3539 2272 1409 863 3186 1405 1780 4238 2240 1998 4044 2342 1175 1166 3329 1185 2145 4290 1874 2416 4549 2524 1014 1510 3454 974 2479 4341 1512 2828 5054 2785 799 1986 3586 780 2806 4542 1259 3283 5559 2786 591 2194 3632 581 3051 4559 951 3608 1984 242 2 421 1984 25 29 41
2.4.2.3 24 142529 5 2422 2423 2424 2.4.2.4 2.4.2.1 2.4.2.2 2.4.2.5 42
2.4.2.5 25 2.5.1 2.5.5 35 HGG 24 HHG 25 34 HHG HHG HHG HHG 24 30 35 2.5.4 2.5.5 1984 2.5.6 i aihhg bi ti ni mi Bi Ti Bi=aimi+bimiHHGi Ti=tiniHHGi TBi TBi=aimi+(bimi t ini) HHGi 43
2.5.1 10 1015 1520 2025 2530 3035 3540 40 24 1105 731 374 1568 1281 287 1840 1653 186 2160 2083 78 2618 2563 54 2907 2942 34 3310 3478 168 3516 3903 387 2529 1358 767 591 1471 1040 431 1855 1457 398 2179 1878 301 2610 2346 264 2981 2707 274 3709 3339 370 3448 3329 119 3034 1329 570 1620 936 1924 1267 2193 1635 2652 2038 3024 2312 3633 3837 759 685 657 557 614 711 806 3539 1467 1684 1947 2272 2791 3039 3705 543 924 751 933 1071 876 1409 863 1789 1002 2022 1017 2514 1192 4044 1514 463 1769 682 2014 901 2342 1175 2895 1518 2913 1644 3123 1732 1051 1087 1113 1166 1377 1269 1391 4549 1527 1864 2091 2524 3024 3014 3276 355 1173 512 1352 712 1379 1014 1510 1326 1699 1365 1649 1507 1769 5054 1679 284 1987 419 2319 570 2785 799 3262 1054 3217 1127 3448 1172 3990 1394 1396 1567 1749 1986 2208 2089 2276 2596 5559 1791 205 1585 2050 310 1740 2344 416 1928 2786 591 2194 3135 789 2347 3314 827 2487 3473 844 2629 3903 1153 2750 1984 44
2.5.2 10 1015 1520 2025 2530 3035 3540 40 24 943 1412 1700 2051 2452 2853 3310 3516 669 1301 1651 2085 2538 2938 3478 3903 2529 273 110 1429 49 1756 34 2107 86 2533 85 2887 168 3709 387 3448 1062 1452 1884 2336 2704 3339 3329 367 304 223 197 182 370 119 3034 1541 1813 2145 2578 2977 3633 962 1267 1636 2037 2315 2827 3539 580 1622 546 1852 509 2201 542 2683 663 2991 806 3705 827 1079 1398 1779 2014 2514 796 773 802 904 977 1192 4044 1638 1868 2250 2703 2913 3123 709 878 1167 1511 1644 1732 4549 929 1617 990 1960 1083 2434 1193 2904 1269 3014 1391 3276 464 681 1019 1320 1365 1507 1394 1153 1279 1415 1585 1649 1769 2596 5054 1448 1827 2078 2381 2899 3148 3448 3990 274 511 597 710 980 1144 1172 1394 1174 1316 1482 1671 1920 2005 2276 2596 5559 1357 1918 2222 2481 2948 3271 3473 3903 178 336 418 544 767 834 844 1153 1180 1582 1804 1937 2180 2437 2629 2750 1984 45
2.5.3 10 1015 1520 2025 2530 3035 24 1323 1616 1938 2349 3058 3496 814 1276 1655 2079 2630 2987 2529 509 1358 340 1590 282 2023 269 2411 428 3078 509 3501 767 979 1465 1857 2412 2722 591 611 558 554 666 779 3034 1329 1658 2080 2423 3177 3601 570 759 924 734 1268 813 1630 793 2051 1126 2284 1318 3539 1467 1695 2135 2626 3162 3714 543 738 1054 1464 1824 2138 924 957 1081 1162 1337 1577 4044 1514 463 1836 668 2190 929 2640 1203 3279 1532 1051 1168 1261 1437 1747 4549 1527 1884 2267 2654 3422 355 516 754 1007 1345 1173 1368 1513 1647 2077 5054 1717 1989 2352 3042 3553 3602 285 418 566 856 1114 1036 1432 1572 1786 2186 2440 2566 5559 1820 2056 2384 2960 3452 3502 207 309 416 618 825 793 1612 747 1968 2341 2627 2709 1984 46
2.5.4 10 1015 1520 2025 2530 3035 3540 40 24 2106 2516 2800 3078 3381 3832 3983 1370 1694 2052 2527 2927 3351 4000 736 821 748 551 402 481 17 2529 1873 2197 2626 2958 3232 3530 3805 4069 705 1168 1040 1157 1524 1103 1879 1079 2283 949 2669 861 3062 743 3393 676 3034 2243 2770 3103 3399 3701 4022 4418 914 1314 1624 1989 2327 2662 2958 1330 1456 1479 1410 1374 1361 1460 3539 1964 2425 2871 3186 3535 3888 4079 4525 658 775 1127 1405 1733 2022 2306 2589 1306 1651 1744 1780 1802 1866 1773 1936 4044 2224 2590 3014 3329 3726 4043 4207 4722 426 1798 662 1928 930 2084 1185 2145 1469 2257 1715 2327 1942 2265 2126 2597 4549 2389 2601 3097 3454 3891 4244 4349 4991 352 536 762 974 1225 1421 1585 1723 2036 2065 2335 2479 2666 2823 2764 3268 5054 2618 288 2642 419 3201 598 3586 780 4148 996 4433 1131 4547 1222 5091 1353 2330 2223 2604 2806 3152 3302 3325 3737 5559 2701 3015 3388 3632 4255 4629 4819 5343 199 337 447 581 758 886 943 1102 2502 2678 2941 3051 3498 3744 3875 4242 1984 47
2.5.5 10 1015 1520 2025 2530 3035 3540 40 24 3518 4007 4523 4530 2776 3292 3989 4100 2529 3954 742 3596 715 4125 534 4692 430 5325 5158 5417 2686 2516 3041 3589 4126 4254 4570 1268 1080 1084 1103 1198 904 847 3034 3185 3552 4164 4853 5443 5962 5390 1766 1419 2089 1463 2612 1553 3126 1726 3622 1822 4119 1843 4246 1145 3539 3221 3716 4238 4897 5617 5733 6425 1401 1851 2240 2716 3161 3416 3974 1820 1865 1998 2181 2456 2318 2451 4044 2680 811 3158 1214 3718 1500 4290 1874 4987 2268 5276 2519 5976 2934 6764 3689 1869 1944 2218 2416 2718 2758 3041 3074 4549 3588 3829 4341 5011 5418 5448 5737 1068 1232 1512 1860 2091 2153 2520 2520 2597 2828 3152 3327 3294 3216 5054 3713 3969 4542 5183 5488 5787 5868 847 1005 1259 1538 1689 1763 1867 2866 2963 3283 3646 3799 4024 4002 5559 3759 3765 4227 4559 5406 5789 5904 6616 650 674 800 951 1250 1364 1407 1569 3108 3091 3427 3608 4157 4425 4497 5047 1984 48
3748 2.5.6 0199 200 400 600 800 1000 1500 2000 24 2695 3086 3318 4082 2707 2529 2043 652 2722 2468 618 3247 2949 369 3484 4282 200 3660 1954 753 3562 3786 1695 2286 2641 2798 2524 2268 3034 1027 2786 1381 961 3325 1917 843 3633 2230 862 3889 2447 1038 4167 2557 1517 4116 2757 3768 2137 1405 1408 1403 1442 1610 1358 1631 3539 2977 1123 1854 3351 1568 1784 3693 1858 1834 3866 2110 1755 4147 2243 1904 4219 2225 1994 4705 2772 1933 4764 2174 2560 4044 4549 2972 869 2103 3047 3377 1200 2177 3451 3775 1508 2267 3844 3969 1710 2259 4076 4151 1838 2313 4194 4459 1929 2530 4561 4671 2039 2632 4972 4976 2273 2703 5657 670 951 1198 1347 1457 1546 1631 2009 2377 2500 2646 2729 2737 3016 3341 3648 5054 2819 3482 3931 4239 4385 4678 4739 5208 511 730 918 1052 1106 1191 1251 1460 2308 2751 3012 3187 3279 3487 3488 5559 3376 676 3948 4380 4549 4825 5437 5454 403 555 688 795 846 936 1115 1309 2973 3121 3260 3585 3703 3889 4321 4145 1984 49
ai bimi tini HHG TB bimi tini 262 24 bimi tini 0.635 5559 0.410 bimi 26 261 + 0.2 0.25 2.6.3 262 3 50
51 2.6.1 500 500 1000 1000 2000 2000 3000 3000 4000 4000 5000 5000 10000 10000 20000 20000 24 3074 2520 554 2963 2480 483 2936 2636 299 2513 2220 293 2084 1948 136 2273 2226 47 3107 3121 14 2529 3387 2452 935 3544 2680 864 3415 2498 916 3473 2568 905 3510 2549 961 3864 2933 931 3527 2709 818 3665 3069 596 3034 3442 2058 1385 3637 2243 1393 3589 2180 1409 3711 2229 1482 3766 2302 1465 3827 2296 1531 3758 2366 1392 3841 2468 1373 3539 3510 1740 1770 3665 1852 1813 3738 1919 1819 3803 1954 1848 3980 2063 1917 3916 2006 1910 3914 2070 1844 4139 2168 1971 3500 1839 1661 4044 3458 1366 2092 3734 1517 2217 3809 1576 2234 3982 1653 2328 4067 1731 2335 4161 1764 2396 4167 1792 2374 3806 1572 2234 4539 2014 2525 4549 3527 1099 2429 3828 1195 2633 3892 1269 2623 4056 1344 2711 4119 1397 2722 4298 1458 2840 4339 1494 2845 4027 1365 2662 3989 1260 2729 5054 3557 851 2706 3894 947 2946 4002 989 3013 4165 1059 3106 4276 1091 3185 4568 1183 3385 4533 1181 3351 4852 1258 3594 5161 1356 38055559 3880 686 3194 4112 724 3388 4097 736 3361 4188 756 3432 4331 815 3517 4546 868 3678 4587 887 3700 4906 977 3930 5109 1172 3937 1984
2.6.2 5559 0.410 0.210 0.02 24 2529 3034 3539 4044 4549 5054 0.635 0.580 0.555 0.506 0.450 0.422 0.420 0.254 0.250 0.270 0.255 0.230 0.214 0.210.258.06.014.005 0.0 0.014 0.03 0.503 0.301 0.100 1984 2.6.3 24 576 2929 428 5559 3453 4198 3422 2529 3034 3539 4044 4549 5054 834 1328 1807 2206 2487 2769 3354 3499 3641 3766 3895 4073 843 1336 1749 2173 2590 3033 2152 3742 2164 1984 261 262 40 40 27 1984 (1) (2) (3) 5 5 1989 65 52
1 2 6 3 4 5 6 6 Bernheim (1987) 53
3 31 311 3 3.1.1.1 lnw ( F, α ) = i j i + γ DA i i ji j + ε i β DF j ji F DFj 2 DAj σ u u i = ( u ) 2 2 i + v it σ u + σ v i j lnwifii 3.1.1.1 7 the University of Michigan Panel Study i=lnwifiilnwfii of Income Dynamics Lillard and 2 2 2 i 2 Willis1978 σ u( σ u + σ v ) W 0.606 W 3.1.1.1 F ui 0.471 vit Lillard1978 2 Lillard and Weiss1979 E t(ui) =ui E t(vit)=0 < < it=ui+vit < < ui < 3.1.1.1 vit E t( it)=ui < ui ui i 3.1.1.1 i King and Dicks-Mireaux 1982Haburd 19851986 uivitui < 2 2 2 σ u ( σ u + σ v ) King and Dicks Mireaux1982Haburd1984 54
(1986) 0.5 ui =0.5i i a lnwifi,a=lnwifi,a+0.5i 3.1.1.2 LTW LTW < i (F, α ) = i < R a = α 1 + γ 1 + γ < W (F, a ) i a α i < (3.1.1.3) r R r R 60 1984 3.1.1.2 3.1.1.1 A1 24 A2 2529 A3 3034 A4 3539 A5 4044 A6 4549 A7 5054 5559 1 CITY1 3 CITY2 3CITY1 CITY3 3 CITY4 3 CITY5 3 3 2 W1 30499 W2 500999 W3 1000 129 3 K1 K2 K3 K4 K5 K6 K7 K8 K9 K10 4 SEX1 5 N1 1 N2 2 N3 3 N4 5 6 H 55
3.1.1.2 1984 14.178 84.003 15.092 237.225 13.898 210.092 A1 0.619 18.937 0.880 18.311 0.275 9.921 A2 0.430 27.634 0.705 44.988 0.113 6.592 A3 0.260 19.642 0.514 40.284 0.0212 1.431 A4 0.101 7.741 0.371 29.499 0.100 6.875 A5 0.0309 2.332 0.214 16.595 0.173 11.817 A6 0.124 9.087 0.092 7.219 0.168 11.693 A7 0.152 10.85 0.008 0.632 0.140 9.462 CITY1 0.249 21.16 0.206 17.935 0.256 22.019 CITY2 0.195 17.642 0.168 17.923 0.202 19.904 CITY3 0.153 8.446 0.105 5.892 0.224 12.948 CITY4 0.132 8.010 0.138 7.883 0.0903 5.052 CITY5 0.0638 5.598 0.071 8.326 0.0508 5.419 Wl 0.126 14.645 0.0897 11.225 W2 0.218 16.286 0.233 14.218 W3 0.311 33.701 0.318 34.217 K1 0.102 0.653 0.248 6.400 K2 0.0696 0.431 0.0964 2.060 K3 0.0914 0.623 0.242 8.591 K4 0.0842 0.575 0.134 4.870 K5 0.0933 0.637 0.131 4.666 K6 0.124 0.847 0.0077 0.140 K7 0.0484 0.324 0.183 2.889 K8 0.164 1.122 0.145 5.146 K9 0.0294 0.199 0.0826 1.908 K10 0.0224 0.153 0.133 4.657 SEX1 0.692 37.871 0.312 17.807 0.750 45.093 N1 0.247 3.056 0.0939 1.567 0.174 3.066 N2 0.143 1.774 0.016 0.277 0.113 1.995 N3 0.0626 0.770 0.0079 0.131 0.0647 1.142 N4 0.0594 0.702 0.0160 0.256 0.0402 0.687 H 0.0218 7.226 0.0095 3.177 0.0199 6.348 0.448 0.485 0.3841 8.06 5.65 8.437 11536 5650 11215 56
3.1.1.3 1984 24 2529 3034 3539 4044 4549 5054 5559 15299 16065 14519 12749 10166 7280 4281 1564 4225 3436 3243 3108 2468 2213 1570 966 16217 15592 14277 12501 10019 7390 4666 1946 2193 2097 1952 1693 1448 1336 983 879 11891 11322 9844 8366 6505 4454 2537 968 2756 2377 2307 2046 1802 1419 960 610 3.1.1.3 312 60 311 31 21 2 1 29 60 60 30999 3099 100999 30 999 (1987) 37 3.1.2.2 313 3131 60 (60 )(79 ) 60 3.1.3.3 1984 57
3121 1984 t t t A1 A2 A3 A4 A5 A6 A7 CITY1 CITY2 CITY3 CITY4 CITY5 Wl W2 W3 K1 K2 K3 K4 K5 K6 K7 K8 K9 K10 SEX1 N1 N2 N3 N4 H 11.575 0.481 0.359 0.218 0.092 0.026 0.112 0.138 0.226 0.186 0.132 0.150 0.065 0.089 0.150 0.221 0.045 0.002 0.021 0.018 0.028 0.121 0.052 0.070 0.089 0.020 0.607 0.213 0.124 0.052 0.042 0.022 0.383 7.591 11536 72.908 15.637 24.493 17.504 7.555 2.068 8.776 10.498 20.410 17.816 7.759 9.649 6.105 11.012 11.879 25.448 0.303 0.013 0.153 0.128 0.205 0.880 0.369 0.504 0.639 0.148 35.290 2.795 1.630 0.686 0.528 7.735 12.386 0.850 0.661 0.482 0.349 0.196 0.082 0.010 0.212 0.184 0.121 0.135 0.075 0.297 0.110 0.031 0.012 0.035 0.009 0.495 5.34 5650 237.225 18.311 44.988 40.284 29.499 16.595 7.219 0.632 17.935 17.923 5.892 7.833 8.326 17.807 1.567 0.277 0.131 0.256 3.177 11.292 0.201 0.114 0.012 0.086 0.161 0.157 0.126 0.223 0.188 0.190 0.117 0.036 0.068 0.163 0.229 0.194 0.011 0.106 0.061 0.086 0.064 0.124 0.063 0.110 0.082 0.695 0.212 0.147 0.098 0.061 0.019 0.390 7.218 11215 199.559 8.467 7.808 0.983 6.910 12.838 12.771 9.995 22.425 21.771 12.796 7.657 4.422 9.886 11.619 28.721 5.847 0.272 4.407 2.583 3.559 1.350 2.286 2.590 2.979 3.346 48.840 4.366 3.033 2.012 1.222 6.954 58
3.1.3.3 3122 100 30999 1000 30999 42.7 29.5 44.3 31.9 50.8 60 1987 315 32 79 33 3131 6064 104088 6569 78790 7074 63062 7578 59068 31 2 331 331 t 413581.0 72.660 3132 60 130278.2 67.013 60 76448.8 57.703 0.186 225.410 10 4 2 0.714 0.916 304.550 7.52610 13 47171 34 3511(1) 314 59
116 35 60 60 123 3.5.1.112 351 3511 3121 3512 2 1 3511 (1) 2 3 1 1 4 2 3 45,000 60
3511(2) 54 59 173,250 28.47% 185,650 26.25% 6,503 1.07 8,105 1.15 2,075 0.34 1,185 0.17 601 0.10 551 0.08 178,808 29.38 209,508 29.62 4,767 0.78 6,204 0.88 38,659 14.57 90,243 12.76 3,629 0.60 3,241 0.46 87,800 14.43 89,780 12.70 4,336 0.71 4,746 0.67 14,909 2.45 12,617 1.78 525 0.09 224 0.03 42,273 5.98 1,523 0.22 17,912 2.94 21,373 3.02 276 0.05 217 0.03 9,205 1.51 11,210 1.59 932 0.15 862 0.12 5,241 0.86 6,705 0.95 606 0.10 515 0.07 5,451 0.90 7,359 1.04 3,157 0.52 3,112 0.04 583,310 95.84 677,903 95.86 25,332 4.16 29,300 4.14 442,792 72.75 486,586 68.80 15,500 2.55 18,101 2.56 54 61
2529 3034 3539 4044 4549 5054 555924 24 3.5.1.2 2529 3034 3539 4044 4549 5054 5559 185.2 209.3 240.9 273.2 307.4 335.2 344.0 299.6 205.8 232.6 267.7 303.5 341.6 372.5 382.3 332.9 208.2 235.3 270.9 307.1 345.6 376.9 386.8 336.8 210.0 237.3 273.2 309.7 348.6 380.1 390.1 339.7 209.3 236.5 272.3 308.7 347.4 378.8 388.8 338.6 206.2 233.1 268.3 304.2 342.3 373.3 383.1 333.6 199.6 225.6 259.6 294.4 331.3 361.2 370.7 322.8 196.6 222.2 255.8 290.0 326.4 355.9 365.2 318.0 170.6 213.0 266.9 310.3 349.4 376.7 381.8 342.2 24 2529 3034 3539 4044 4549 5054 24 55592529 3034 3539 4044 4549 5054 5559 161.8 166.9 168.5 168.0 164.6 162.4 161.7 161.7 195.4 201.6 203.5 202.9 198.8 196.1 195.3 195.3 233.6 241.0 243.3 242.5 237.7 234.4 233.5 233.5 267.0 275.4 278.0 277.2 271.6 267.9 266.8 266.8 311.2 320.9 324.0 323.0 316.5 312.2 311.0 311.0 348.8 359.7 363.2 362.1 354.8 350.0 348.6 348.6 382.3 394.3 398.1 396.9 388.9 383.6 382.1 382.1 378.6 390.5 394.2 393.0 385.1 379.9 378.4 378.4 3539 4044 4549 5054 5559 24 2529 3034 24 183.9 200.6 227.6 245.0 264.0 263.0 255.0 224.8 2529 192.0 209.3 237.5 255.7 275.6 274.5 266.2 234.6 3034 192.9 210.3 238.7 256.9 276.9 275.8 267.4 235.7 3539 192.9 210.3 238.7 256.9 276.9 275.8 267.4 235.7 4044 192.2 209.5 237.8 255.9 275.9 274.8 266.4 234.9 4549 186.0 202.8 230.2 247.8 267.1 266.0 257.9 227.4 5054 177.4 193.4 219.5 236.2 254.6 253.6 245.9 216.8 5559 178.1 194.2 220.4 237.2 255.6 254.6 246.9 217.6 171.1 207.7 245.8 270.9 289.5 288.4 277.4 246.5 1984 62
5.1 3512 1984 1984 1985 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3513 59/4 59/11 58/4 59/3 57/4 58/3 55/1057/3 54/4 55/9 53/4 54/3 51/8 53/3 50/4 51/7 48/1159/3 46/1148/10 44/1146/10 43/4 44/10 42/4 43/3 41/4 42/3 40/5 41/3 39/4 40/4 38/4 39/3 37/4 38/3 36/4 37/3 35/5 36/3 34/4 35/4 33/4 34/3 29/5 33/3 28/9 29/4 24/5 28/8 23/8 24/4 1.06 1.10 1.14 1.20 1.33 1.41 1.53 1.85 2.17 2.96 3.41 4.47 5.05 5.19 5.65 6.46 7.02 7.65 8.47 9.16 11.08 11.23 11.48 45,000410,000 30,000320,000 20,000200,000 10,000134,000 10,000100,000 7,000 60,000 3,000 36,000 3,000 18,000 3,000 8,000 2,000 8,000 300 8,100 22/9 23/7 100 600 22/6 22/8 21/4 22/5 30 600 19/1021/3 10 200 10.6% 9.1% 7.6% 6.4% 6.2% 5.5% 3.5% 3.0% 9.4% 11.0% 63
(1)1984 35 11 1984 3513 3513 6.5 (2)1984 1985 1984 5 1.8 28.92020 3514 3513 3514 1 59/1260/9 45,000410,000 10.6% 2 60/1065/9 68,000470,000 12.4% 3 65/1070/9 14.2% 4 70/1075/9 16.0% 5 75/1080/9 17.8% 6 80/1085/9 20.0% 7 85/1090/9 25.0% 8 90/1095/9 27.0% 9 95/10 28.9% 60 30 60 60 78 19 5 minmax 6 8 47 0.3 5 1.8 352 4 5 353 64
3531 3532 (1) 591984 3.5.3.1 59 3.37 % 58 2.03 1.0337 57 0 1.0547 56 5.23 1.0547 55 4.61 1.1098 54 3.70 1.1610 53 3.84 1.2040 52 6.92 1.2502 51 6.94 1.3367 50 10.85 1.4295 49 29.64 1.5846 48 15.39 2.0542 47 10.68 2.3704 46 11.74 2.6236 45 12.67 2.9316 44 10.2 3.3030 43 8.0 3.6399 42 7.9 3.9311 41 6.9 4.2416 40 7.2 4.5343 39 8.5 4.8608 38 7.5 5.2739 37 9.3 5.6695 36 7.3 6.1968 35 12.4 6.6491 34 7.4736 3532 3531 34 34 3.5.3.2 1 59/4 59/11 2 57/4 59/3 3 56/4 57/3 4 55/4 56/3 5 54/1055/3 6 54/4 54/9 7 53/4 54/3 8 52/4 53/3 9 51/7 52/3 10 50/8 51/6 11 49/1050/7 12 49/9 13 48/1049/8 14 46/1048/9 15 44/1146/9 16 43/4 44/10 17 42/4 43/3 18 41/4 42/3 19 40/5 41/3 20 39/4 40/4 21 38/4 39/3 22 37/4 38/3 23 36/4 37/3 24 35/5 36/4 25 34/1035/4 26 34/1 34/9 450,000 440,000 420,000 410,000 390,000 380,000 360,000 340,000 310,000 245,000 220,000 185,000 150,000 110,000 75,000 10.3% 9.3% 8.8% 7.0% 65
1/1.25 3432) 3432 59 6.5% () (2) 59 60 3533 (1) 5 min {max(hhg6 8 )47 } 0.36 5 i=1.8% 3 54 3541 3542 3533 1 59/1260/3 2 60/4 3 60/5 61/3 4 61/4 66/3 5 66/4 71/3 6 71/4 76/3 7 76/4 81/3 8 81/4 86/3 9 86/4 91/3 10 91/4 96/3 11 96/4 450,000 460,000 68,000470,000 14.24% 15.3 % 12.26% 13.1 % 15.6 % 17.6 % 19.6 % 21.6 % 23.6 % 27.6 % 61 3 355 4 5 3551 59 6.5% 60 i 1.8% 3551 3533 66
3.5.5.1 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 677810.422 760024.093 844196.478 930232.606 1018040.254 1107529.875 1198614.537 1291209.856 1385233.931 1480607.288 1577252.817 1684738.124 1793266.948 1902636.949 2012827.872 2123776.493 2235421.567 2344315.154 2452227.956 2558318.346 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 2662671.766 2765145.324 2865937.787 2962434.873 3059160.093 3153124.934 3541069.692 3327728.117 3411048.553 3493195.786 3567581.515 3637497.884 3701536.551 3751913.583 3791019.462 3827945.163 3855827.629 3874620.231 3885259.718 3889866.452 59 1.8% 3552 (1) 60 60 78 82 (2) 58 29,000 i1.8 356 3561 3562 4 4 3563 60 4 3564 (1). HHG0.300.75 (2). HHG0.360.75 HHG 357 3571 1 50 i =1.8% 67
59 3572 2 3.5.7.1 36 60 361 3.6.1 3611 60 64 (1) 15 65 78 79 2,019,000 65 1,835, 000 59 68,000 150,000 65 78 79 HHG 92,000 15 62,000 15,000 68,000 65 78 79 60 i1.8 59 (2) 50 78 79 50 78 79 i1.8 59 3612 65 78 (1) (2) 60 64 3613 79 362 3.6.2 3621 59 (1) 60 82 83 29,000 i1.8% 59 68
361 60 15 15 6 8 6 8 6064 6578 65 78 65 78 65 78 65 65 i1.8% 77,000 62,000 79 50 50 6578 6064 78 78 79 69
59 6064 362 60 50 50 6082 82 82 i1.8% i1.8% 6582 i1.8% 6582 83 (2) 50 8283 50 8283 i1.8% 59 i1.8%59 (2) 59 3623 6582 (1) (2) 59 3622 6064 3624 83 (1) 658283 70
363 3631 1 50i=1.8% 59 3643 60 3644 12 3632 2 3631 364 3641 50 60 6468 50 3642 6881.6 50 71
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