NOT FOR PUBLICATION
Online Appendices
1
Appendix A. Adaptive Best Responding in FT’s Experiments and Our Revised
Experiments
Section 1. Statistical Analysis of Adaptive Best Response and Adjustment Asymmetries in FT’s
Experiments
At the aggregate level participants’ prices are well described by adaptive best responding
(ABR) in FT’s original experiments. After the first post-shock period, 45 percent of all prices in
the NH are exactly equal to the ABR price, and 77 percent deviated by no more than one price
increment. For the RH treatment, 40 percent of prices equaled the ABR and 77 percent were
within one price increment.1 We test the hypothesis that participants played their ABR more
formally with the following random effects regression model:
(A1)
where NH equals one for observations in the NH and zero otherwise,
participant i in period t and
is the ABR price of
is assumed to be distributed normally with zero mean and constant
variance. We clustered the standard errors by group because participants within a group were
responding to one another’s prices. If participants systematically followed the ABR strategy in
both treatments, we would expect to find coefficient estimates of
and
.
These expectations are upheld for all three beta coefficients, and the estimate is very close to (but
statistically distinct from) our expectation for .
The regression estimates a
confidence interval
coefficient of 0.796 (p < 0.001), with a 95 percent
0.235 from the estimate (see Table A1). Notice that 1 lies within this
interval. The estimated constant of 1.957 (p = 0.016) is statistically significant, but close to zero.
Overall, the regression results indicate that participants in the RH set their prices slightly above
the ABR. Nevertheless, the ABR strategy comes very close to describing participant behavior.
Moreover, the coefficients for NH and NH
are statistically insignificant, implying that
adjustment behavior was identical across the RH and NH treatments after the initial post-shock
period.
1
These percentages exclude observations for which a participant was in equilibrium in the previous period, because
in equilibrium firms play their ABR by definition. Including these observations would have biased the results in
favor of the ABR hypothesis. We also exclude these observations from our regression models in this section and
Section 2.
2
Regressing model (A1) on the price data from the last T-1 periods of the positive shock
experiments we find that participants also followed the ABR strategy in FT’s RH+ and NH+ (see
Table A2). The coefficients for NH+ and
are statistically insignificant at the 5
percent level, implying that participants’ adjustment behavior was identical in the NH+ and RH+
treatments. The coefficient for
is 0.977 (p < 0.001) and not significantly different from 1
at the 5 percent level. Finally, the estimated constant is statistically insignificant.
The adjustment processes in the NH and NH+ were so similar that it is hard to believe
that the asymmetry in adjustment speed was primarily due to the natures of the monetary shocks.
We look instead at the underlying economic environments in these treatments. Figure A1a
shows the best responses of type x and type y firms to the average price of other firms in the
post-shock phase of the negative shock experiments. For any ̅ , the vertical distance between a
best response function and the 45-degree line indicates the amount by which a firm of that type
should submit a price above (or below) the average price of his opponents. These vertical
distances drive the dynamics of price adjustment.
To see this, assume four firms who employ the ABR strategy and, in period , each face
their own ̅
̅
⁄ (∑
. By definition, the average price of the group in that period, ̅ , is equal to
). Let
represent the difference between ̅
and the best response of firm to
̅
(i.e., the vertical distance between the 45-degree line and firm ’s best response function).
In
period
̅
and
⁄ (∑
each
̅
firm
will
submit
price
equal
̅
to
,
so
that
). It follows that the difference in average prices between periods
will be equal to ̅ , the average of the
values of the
a
. Consequently, asymmetries in the absolute
will determine the rate at which a group of firms will reach the equilibrium if
they follow the ABR strategy. When the
are symmetrical (i.e.,
̅
) the firms have
reached the Nash equilibrium.
For the majority of the set of ̅
in the post-shock phase of the negative shock
experiments, the best response of type x firms is given by ̅
̅
, while for type y firms it is
. The net effect, in this range of ̅ , is that the average price will fall by one increment
per period, provided participants are playing their ABR. This is in stark contrast to the best
response functions in the positive shock experiments (see Figure A1b). In those experiments, for
3
most ̅
the best responses for the type x and type y firms are ̅
and ̅
respectively.
This implies an adjustment rate of three price increments per period. Closer to the equilibrium
the best responses are ̅
and ̅
for an adjustment rate of two increments per period.
Thus, we would expect participants playing their ABR to converge to the equilibrium at a rate of
two to three times that in the negative shock treatments.
Section 2. Statistical Analysis of Adaptive Best Response in Our Revised Experiments
Examination of the participant-level data suggested two main pricing strategies in the
post-shock phase of our experiments. The most common was to roughly follow the ABR
strategy, but a minority of participants (9 of 128) repeatedly chose their equilibrium price, even
when doing so was not the best response to the average price in the prior period. (Of these nine
participants, only one participated in the RH treatment; the remaining eight were divided evenly
between the NH and NH+.) We refer to this practice as “anchoring” on the equilibrium. We
categorize a participant as anchoring if, for a majority of the periods
group was not in equilibrium in period
in which his
, the participant set his price equal to the equilibrium
when it was not the ABR to do so.
We fit the data from our three treatments with human opponents to regression model A1,
adding a third dummy variable, NH+, so that all three treatments may be analyzed
simultaneously. The pricing data from those who anchored on the equilibrium was largely
invariant with respect to the ABR. This tends to inflate the constant terms and depress the slope
coefficients, despite the fact that only about 7 percent of participants could be described as
anchoring.
As a result, we report results from two models, the first using data from all
participants (the full sample model) and the second excluding observations from participants
who anchored on the equilibrium (the restricted sample model). In both models we exclude three
observations in which the participant chose no price by the end of the period and a random price
was generated for him. Table A3 displays the estimates.
Both models fit the data extremely well, with R2 statistics exceeding 0.88 in both cases.
The hypothesis that participants in the RH followed the ABR strategy is well supported. When
all data is included the constant term is statistically significant (p = 0.048) but very small.
Excluding data from the anchoring participants renders the constant statistically insignificant (p
4
= 0.715). The estimated coefficient for
use the full sample ( ̂
is not significantly different from one whether we
0.934, p < 0.001) or the restricted sample ( ̂
1.001, p < 0.001).
None of the interaction variables are statistically significant in either model, and except for the
coefficient of NH+ in the full sample model ( ̂
3.280, p = 0.001), no dummy variables in
either model are significant. Moreover, the significant coefficient for NH+ in the full sample
model is due to the fact that participants had different equilibrium prices to anchor on in the NH+
than in the RH and NH. As a result, including data from the anchoring participants exaggerates
differences in prices between the positive shock and negative shock treatments. Consequently,
we are satisfied that price adjustment behavior was the same across all three treatments with
human opponents.
5
Table A1. Results of Regression Model Comparing Actual Prices to the Adaptive Best Response in
the Post-Shock Phase of FT’s RH and NH treatments. Standard errors have been clustered by
group
Periods 22 – 40
Regressor

NH
NH*
Coefficient
(Std. Err.)
1.957*
(0.811)
0.796***
(0.120)
-0.469
(1.010)
0.067
(0.137)
95 percent
Confidence
Interval
1.590
0.235
2.916
0.268
Obs.
739
261.23
Wald
R2
0.696
* indicates significance at the 5 percent level
** indicates significance at the 1 percent level
*** indicates significance at the 0.1 percent level
6
Table A2. Results of Regression Model Comparing Actual Prices to the Adaptive Best
Response in the Post-Shock Phase of FT’s RH+ and NH+ treatments. Standard errors have
been clustered by group.
Periods 17 – 30
Regressor

NH+
NH+*
Coefficient
(Std. Err.)
0.743
(1.50)
0.977**
(0.061)
2.484
(1.924)
-0.107
(0.076)
95 percent
Confidence
Interval
2.932
0.119
3.770
0.361
Obs.
298
797.55
Wald
R2
0.7993
* indicates significance at the 5 percent level
** indicates significance at the 1 percent level
*** indicates significance at the 0.1 percent level
7
Table A3. Results of Regression Model Comparing Actual Prices to the Adaptive Best
Response in the Post-Shock Phase of our revised RH, NH and NH+ treatments. Standard
errors have been clustered by group.
Periods 17 - 30
Data from all participants
Anchoring participants excluded
Regressor
Coefficient
95 Percent
Coefficient
95 Percent
(Std. Err.)
Confidence
(Std. Err.)
Confidence
Interval
Interval
0.371*
±0.368
0.063
±0.338
(0.188)
(0.173)
0.934***
±0.070
1.001***
±0.040
(0.036)
(0.021)
NH
0.553
±1.130
0.822
±1.084
(0.576)
(0.553)
-0.004
-0.055
*
0.151
0.232
(0.073)
(0.062)
NH+
3.280***
2.226
1.976
2.660
(1.008)
(1.357)
-0.095
-0.072
NH+ *
0.332
0.292
(0.072)
(0.075)
Obs.
515
483
36,808.84
37,250.18
Wald
R2
0.8866
0.8875
* indicates significance at the 5 percent level
** indicates significance at the 1 percent level
*** indicates significance at the 0.1 percent level
8
Figure A1. a) Best Response Functions in FT’s Experiments with a Negative Monetary
Shock, b) Best Response Functions in FT’s Experiments with a Positive Monetary Shock
a)
Best Response
30
20
10
Firm Type x
Firm Type y
0
0
10
20
30
Average Price of Other Firms
b)
Best Response
30
20
10
Firm Type x
Firm Type y
0
0
10
20
Average Price of Other Firms
9
30
Appendix B. Software and Procedures
Participants were seated in a computer laboratory and given a set of written instructions
explaining the rules of the experiment, as well as a pencil and scratch paper. An experimenter
read the instructions aloud, while screenshots highlighting the functions of the computer
interface were shown on all participants’ computer screens. The experimenter paused at several
pre-determined points in the instructions to answer questions.
We used a computer interface to display participants’ income tables and allow them to
enter their decisions. Features of the interface common to all treatments were as follows. The
income table for each firm type was shown on a separate tab of the display window, and
participants could switch between tabs to compare them. Payoffs in the income tables were
designated by a white background for the table of a given participant’s firm type, and a green
background for the table of the opposite firm type. The prices a participant could charge were
designated with a grey background in the first column of the table, and the 30 possible average
prices of the other firms, which were also given a grey background, were displayed in the top
row of the table.
We provided participants in the nominal payoff treatments with an “income converter” on
their computer displays. If a participant entered a hypothetical
and ̅ , the income converter
would display the real payoff from the income table that was currently displayed.
This
established a sort of parity in the difficulty of deflating nominal payoffs between FT’s
experiments and our revised versions, which employed a more complex nominal mapping. In
the original study participants could find the real payoff by entering two numbers into an
ordinary calculator: the nominal payoff and the average price of other firms. In our experiments
participants also had to enter two numbers into the income converter to find the real payoff: their
own price and the expected average price of the other three firms.
Section 1. Computer Interface for Experiments with Human Opponents
Participants selected a price by clicking on one of the prices in the first column of their
own income table, which also highlighted the payoffs in the corresponding row in blue. They
were allowed to switch prices as often as they liked within a period before finalizing their
decision. The computer interface showed each participant the average price of the other firms in
10
his group at the end of the period by highlighting payoffs in the appropriate column in yellow.
The income cell at the intersection of the blue highlighting from the participant’s price row and
the yellow highlighting of the average price column was highlighted in green, and this cell
contained the participant’s period earnings. This gave them a clear visual cue of the results of
the period. Once all participants had indicated a readiness to advance to the next period, the
blue, yellow and green highlighting was removed from their screens. An experiment history
could be accessed on a third tab. It listed the
, ̅ , and
for each period that had been
completed.
Section 2. Computer Interface for Experiments with Computerized Opponents
We followed FT’s design in disclosing to participants the exact ̅
firms would charge in response to every possible
that the other three
. However, while they distributed this
information in tables on sheets of paper, we provided it visually on their computer screens. The
computer display highlighted each payoff cell that corresponded with one of the thirty possible
(
̅ ) combinations in yellow. When a participant clicked on a price in his income table, the
highlighting of the cell containing the payoff he would receive was changed from yellow to
green, and the other 29 payoffs in the price row were highlighted in blue. This minimized the
possibility that a participant would make a mistake about the payoff (real or nominal) that he
would earn for setting a given price. We considered this an important detail of the design,
because participants in the NC treatment of FT’s study had some trouble adjusting to the postshock equilibrium even though their equilibrium prices generated the highest nominal and real
incomes. We surmised that requiring them to look up the best replies, infer the proper income
cell, and deflate the nominal income may have generated some confusion.
Section 3. Computer Interface for Experiments with Self as Opponent
In the self-opponent treatments participants chose four prices rather than one.
Accordingly, it used the same basic interface as the human opponent treatments but provided a
set of text boxes (labeled “First Type X firm”, “First Type Y Firm”, etc.) for the participants to
enter their pricing decisions. Additionally, the history tab was removed from the interface, as the
participants chose prices only once in each phase.
Section 4. Procedures for Experiments with Computerized and Human Opponents
11
At the outset, the experimenter explained that the experiment would consist of two
phases, each of which would last for T periods and use a distinct set of income tables.
Participants completed a practice period using the pre-shock tables before commencing the first
of the 2T periods for which they were paid. Each period lasted up to 2 minutes with the
exception of the practice period, which lasted up to 5 minutes. A period ended when all
participants had submitted their prices or when the time ran out. If any participant had not
selected a price prior to the end of the period, the computer software randomly chose a number
from a discrete uniform distribution with support {
} and submitted that as the
participant’s price for the period. After period T, the income tables on participants’ screens were
populated with the post-shock payoffs. They were given 10 minutes to examine the new tables
prior to the start of period T+1. A button on their computer display allowed participants to
toggle between the pre- and post-shock tables in order to compare them. This button was
disabled prior to period T+1.
Section 5. Procedures for Experiments with Self as Opponent
The procedures for our self-opponent experiments were the same as above with three
exceptions. First, there were only two periods (one pre-shock and one post-shock), each of
which allowed participants 15 minutes to select their prices. Second, the practice period was
replaced with an instructions comprehension task that required the participants to calculate the
̅ , real income and (if appropriate) nominal income for a set of pre-determined prices from four
firms. This task employed a novel set of income tables distinct from the pre- and post-shock
tables used in the experiment. Finally, the time limit was not enforced by submitting random
prices. Participants who had not submitted their prices within 15 minutes simply received a
reminder on their screens to finalize their prices immediately. Shortly thereafter a lab monitor
observed each computer terminal to ensure that each participant had chosen his prices.
Section 6. Screenshots of the Computer Interface
12
Figure B1. Participant Interface in Experiments with Real Payoff Framing and Human Opponents
13
Figure B2. Price Submitted, Average Price of others Revealed in Experiments with Real Payoff Framing and Human
Opponents
14
Figure B3. Participant Interface in Experiments with Nominal Payoff Framing and Computerized Opponents (Average Price
of Opponents Conditional on Participant’s Price Highlighted in Yellow)
15
Figure B4. Price Selected in Experiments with Nominal Payoff Framing and Computerized Opponents
16
Appendix C: Instructions for Experiments with Nominal Payoff Framing and Human
Opponents
General instructions for participants
You are participating in a scientific experiment which is funded by Chapman University. The
purpose of this experiment is to analyze decision making in experimental markets. If you read
these instructions carefully and make appropriate decisions, you may earn a considerable amount
of money. At the end of the experiment all the money you earned will be immediately paid out
in cash.
Each participant is paid $7 for attending. During the experiment your income will not be
calculated in dollars, but in points. The total amount of points you collect during the experiment
will be converted into dollars by applying the following exchange rate:
50 points = $1.00
During the experiment you are not allowed to communicate with any other participant. If you
have any questions, the experimenter(s) will be glad to answer them. If you do not follow these
instructions you will be excluded from the experiment and deprived of all payments aside from
the minimum payment of $7 for attending.
[Questions?]
Overview of the experiment
The following is a brief description of the experiment. A more detailed description is given
below. The experiment will last for a number of rounds. All participants are in the role of firms,
selling some product. In this experiment, there are two types of firms: firms of type x and firms
of type y. Each firm has to choose a selling price in every round. The income you earn depends
on the price you choose and on the prices the other firms within your group choose.
[Questions?]
Detailed description of the experiment
The image on your screen is a screenshot of the computer display you will use to make your
pricing decisions. We will refer to this screenshot several times through the course of these
instructions.
The experiment is divided between two phases, the first of which consists of 15 rounds plus a
practice round. You are not paid for the practice round. You should nevertheless take the
practice round seriously since you may gain experience in this round. This experience helps you
to make decisions in the other rounds in which you are paid. The second phase consists of an
additional 15 rounds, but no practice round.
17
[Questions?]
Every participant is in a group with three other firms. There are two firms of type x and two
firms of type y in every group. Your firm type will be displayed at the top left of your screen,
and you will remain a firm of that type for the entire experiment.
In the example on your screen, the participant is a firm of type x. Consequently, there would be
one more firm of type x and two other firms of type y in her group. If she were a firm of type y,
there would be two other firms of type x and one more firm of type y in her group. No
participant knows which persons are in his or her group. However, you will be grouped with the
same participants throughout the experiment. The decisions made by other groups are irrelevant
for your group.
[Questions?]
Earning points
In every round all firms simultaneously decide which selling price they wish to set for the current
period. Every firm has to choose an integer price from the interval 1 < selling price < 30. How
much you earn depends on the price you choose and on the average price of the other three firms
in your group. Independent of the firm type, the average price for every firm is calculated by the
following formula:
Average price = (Sum of selling prices of other 3 firms) / 3
Consequently, the average price will be in the interval 1 < average price < 30 and will be
rounded to the nearest integer number.
Your computer display contains two income tables: one for firms of type x on the “Type X
Income Table” tab, the other for firms of type y on the “Type Y Income Table” tab. The income
tables are color coded. The income table with a white background shows the nominal income in
points if you (or the other firm of your type in your group) choose a specific price and a specific
average price results in that round. In the example on your screen, the participant is a firm of
type x, so the Type X Income Table has a white background.
The income table with a green background shows the nominal income in points that one of the
firms of the other type will earn if he or she chooses a specific price and a specific average price
results. In the example on your screen, the Type Y Income Table has a green background,
because the participant is a firm of type x.
[Questions?]
Both income tables display nominal points. However, your income at the end of the experiment
is not based on nominal point income, but on real point income. The following relation between
the two holds:
18
Real income = (Nominal income / Average price of other firms) – Average price of other firms
This formula holds for all firms. Because this formula may be difficult to calculate mentally,
your computer display provides you with a tool to quickly calculate real income from the income
tables. We will discuss this tool later in the instructions.
Notice that on both tables, some of the incomes are displayed in bold, red font. These are the
highest real incomes that can be earned in a given round.
[Questions?]
Let’s consider an example. The participant in the example on your screen is a firm of type x.
Suppose she chose a price of 2. Suppose the average price chosen by the three other firms in her
group was 4. In this case her nominal point income would be 108 points. Her real income
would be 23 points; that is, (108/4) – 4.
[Questions?]
When you decide which price to choose, you do not yet know which average price will actually
result in this period. Your white income table can consequently help you to calculate your real
point income given your expectation of the average price of other firms. Given your expectation
of the average price, you can read off the white table the income you would get by choosing
different selling prices.
Suppose the participant in the example on your screen expects an average price of 30. If she
chose a price of 17 her expected nominal income would be 2040 points, and her expected real
income would be 38 points; that is, (2040/30) – 30. If she chose a price of 10, her expected
nominal income would be 1740 points, and her expected real income would be 28 points; that is,
(1740/30) – 30.
[Questions?]
Using the computer display to set your price
You may select a price from the income table by clicking on one of the prices in the far left
column, labeled “Your Price.” Clicking on a price in the white income table will highlight all of
the incomes in its row in blue. The highlighted incomes show you what your earnings would be
for the round for each average price the other firms in your group might set. In the example on
your screen, the participant has selected a price of 15. If you want to revise your decision, you
may click on a different price in the far left column.
[Questions?]
You may also click on a price when you are looking at the green income table. Doing so will
highlight all of the incomes in the corresponding row in light yellow. However, be aware that
19
clicking on a price in the green income table will have no impact on the prices that the other
participants in your group will choose. You should also be aware that clicking on a price in the
green income table does not count as setting a price for your firm. To set your price, you must
click on a price in the white income table.
[Questions?]
In addition to setting your own price each round, please indicate the average price that you
expect the other three firms in your group to set. This price must be an integer between 1 and 30.
Your forecast of the average price does not affect your income and will not be known to the
other firms. Your payoff will be determined by the actual average price. Please try to indicate
an expectation that is as exact as possible since this may help you to make your own price
decision.
Along with your forecast of the average price, please select a number from 1 to 6 to indicate how
confident you are that the actual average price will be equal to your forecast. The numbers stand
for:
1 = I am not at all confident that my forecast will be correct
2 = I have little confidence that my forecast will be correct
3 = I am somewhat confident that my forecast will be correct
4 = I am quite confident that my forecast will be correct
5 = I am very confident that my forecast will be correct
6 = I am absolutely confident that my forecast will be correct
In the example on your screen, the participant has entered a forecast of 16 and a confidence of 4.
This means that she expects the average price of the other three participants in this round to be
16, and she is quite confident in this expectation.
[Questions?]
When you have selected a price, entered a forecast and chosen your level of confidence, you may
click the button labeled “Submit Price” in the upper middle portion of your screen. (The Submit
Price button will be disabled until you have completed those three tasks.) Once you have
submitted your price, you cannot revise your decision until the following round.
After all participants have submitted their prices, you will receive information on the average
price set by the other three firms in your group. The column corresponding to the actual average
price will be highlighted in yellow. Where this yellow highlighting intersects the blue
highlighting from the price you have chosen for the round the income cell will be shaded green.
This cell will contain the nominal point income that you have earned for the round. In the
example on your screen, the participant had chosen a price of 20, while the average price of the
20
other three firms in her group was 17. Her nominal income of 476 points can be found in the
green shaded cell, in row 20, column 17 of the white income table.
[Questions?]
Round information and the History Tab
Your computer display will provide you with some important information throughout the
experiment. The upper left portion of the display contains the following information:
Round: The current round of the experiment. Note that “Round 0” is the practice round.
Time: The number of seconds remaining in the round. During the practice round you will
have 300 seconds (5 minutes) to submit your price. During all other rounds you will have 120
seconds (2 minutes) to do so.
You should be aware of two things regarding the time. First, when all participants have
submitted their prices, the round will end regardless of how many seconds are remaining.
Second, if time runs out before you have clicked the Submit Price button, the software will
automatically submit the last price you clicked on during that round. If you have not clicked
on any prices during that round, the software will choose a random number between 1 and 30,
and submit that as your price.
Round Income: The income, in real points, that you have earned in the current round. In
the example on your screen, the participant’s nominal point income is 476, and the average
price of the other firms in her group is 17. The Round Income box displays her real income
of 11 points; that is (476/17) – 17.
Total Income: The total income, in real points, that you have earned up to this point in
the experiment. In the example on your screen, the Total Income box displays zero points.
This is because the participant is in the practice round, Round 0, the results of which do not
affect her earnings.
[Questions?]
In addition to this information, you can click on the “History” tab to find information from
previous rounds. This includes the following:
Round: The round in which you chose a price.
Your Price: The price you set in that round.
Average Price of Others: The average price set by the other three firms in your group in that
round.
Income: The income, in real points, that you earned in that round.
21
You may access the History at any time during the experiment.
[Questions?]
Advancing the experiment to the next round
At the end of each round, a green button labeled “Ready to Continue” will appear in the upperright of your screen. Click it to indicate that you are ready to go on to the next round of the
experiment.
After all participants have clicked the Ready to Continue button, the experiment will advance to
the next round. The income highlighting from the price you set in the previous round will
disappear, as will the average price from the previous round.
[Questions?]
Cell shading, income conversion and calculator
Your computer display contains three tools that you can use in the experiment. The first of these
tools is cell shading. By default, the background of your firm type’s income table is white, while
the background of the other firm type’s income table is green, but you may change these
background colors.
To shade a cell, first click on it. A black box, or “halo,” will appear around the cell. In the upper
portion of your screen are four colored squares: the default color (white or green, depending on
which income table is visible), red, light blue and grey. Clicking on one of these squares will
assign its color to the selected income cell. In the example on your screen, the participant
clicked the red square.
You may also shade multiple cells at once. First, select a set of income cells in the table in the
same manner you would in a Microsoft Excel Spreadsheet: click on one cell and, holding down
the left mouse button, drag your cursor to another cell; then release the left mouse button. Next,
click on one of the colored squares to assign that color to all of the income cells within the halo.
You may shade cells in both of the income tables. Any cells that you shade in a given color will
remain that color for the remainder of the experiment unless you choose to change it. Cell
shading does not reset at the end of a round.
[Questions?]
The second tool at your disposal is the income converter. You may access the converter by
clicking the button labeled “Income Converter” in the upper middle portion of your screen. The
income converter can be used to quickly find the real income that will result from any
combination of your price and the average price of the other firms in your group. Once you have
22
entered these prices in the appropriate boxes, click the button labeled “Calculate Income” to see
what your income would be in real points.
When you are using the income converter, the software assumes that you want to find real
incomes from the income table you are currently viewing. In the example on your screen, you
can see that “Type: X” is printed at the top of the income converter because the Type X Income
Table is currently visible on the participant’s computer display. If you click on the Type Y
Income Table tab the income converter will reset to display real point incomes from the Type Y
Income Table. The income converter will only show you the real point incomes for the income
table that is visible on your computer display. It will not show you any real point incomes when
the History tab is selected, because neither income table will be visible.
[Questions?]
The third and final tool on your computer display is a four-function calculator. You may access
the calculator by clicking on the button labeled “Calculator” in the upper middle portion of your
screen. The calculator functions very similarly to the standard Microsoft calculator application.
[Questions?]
Changing the income tables in Phase 2
As stated above, the experiment will be divided between two phases. The only difference
between Phase 1 and Phase 2 will be the income tables that are used. In Phase 1 the income
tables will be identical to the two that you have seen in the examples on your screen. You will
use these income tables for rounds 0 – 15.
After round 15 has concluded, the income tables on your screen will be replaced by new income
tables. As with the original tables, the cells with the highest real incomes will have a bold, red
font. (Note that these may be different real incomes than the highest real incomes from Phase 1.)
You will have up to 600 seconds (10 minutes) to review these new tables before we begin Phase
2, consisting of rounds 16 – 30. At any time during this review period, you may click the Ready
to Continue button to indicate that you are ready to proceed to round 16, and do not need the full
10 minutes for review. If all participants indicate that they are ready to continue before 10
minutes have elapsed, we will end the review period early and move immediately on to round 16.
[Questions?]
You may find it useful to compare the new income tables to the original ones. In the upper
portion of your screen, beneath the colored cell shading squares, is a button labeled “Prior
Tables.” At any time during the review period or in rounds 16 – 30, you may click this button to
see the original income tables. Any cell shading that you performed in Phase 1 will be preserved
on the original tables. Additionally, you may use the payoff converter on the original income
tables as well as the new ones.
23
To return to the new income tables, click the same button (now labeled “New Tables”) a second
time. Keep in mind that in Phase 2 you cannot set your price using the original income table of
your firm type. You must have the new table for your firm type visible in order to set the price
for your firm.
24
Appendix D: Income Tables for All Firms in All Treatments
Left Column Represents Firm’s Price; Top Row Represents Average Price of Other Firms
25
Table D1. Negative Shock, Pre-Shock Phase, Real Frame, Type x Firm
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
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
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
2
2
2
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
2
2
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
2
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
35
32
29
25
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
37
35
32
29
25
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
39
37
35
32
28
25
22
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
40
39
37
35
32
28
25
22
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
39
40
39
37
35
32
28
25
22
20
17
15
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
38
39
40
39
37
34
31
28
25
22
20
17
15
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
36
38
40
40
39
37
34
31
28
25
22
20
17
15
14
12
11
10
9
8
7
7
6
5
5
5
4
4
4
3
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
13
12
11
10
9
8
7
7
6
5
5
5
4
4
4
30
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
13
12
11
10
9
8
7
6
6
5
5
5
4
4
27
31
34
37
39
40
40
39
36
34
30
27
24
21
19
17
15
13
12
10
9
9
8
7
6
6
5
5
5
4
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
18
16
14
13
11
10
9
8
8
7
6
6
5
5
4
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
13
11
10
9
8
7
7
6
6
5
5
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
13
12
11
10
9
8
7
6
6
5
5
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
13
11
10
9
8
7
7
6
6
5
19
22
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
19
17
15
13
12
10
9
8
8
7
6
6
5
18
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
16
18
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
14
12
11
10
9
8
7
7
6
15
17
19
21
24
27
30
34
36
39
40
40
39
37
34
31
27
24
22
19
17
15
13
12
11
10
9
8
7
6
13
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
19
17
15
13
12
10
9
8
8
7
12
13
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
19
16
15
13
12
10
9
8
8
11
12
14
15
17
20
22
25
28
31
34
37
39
40
40
38
36
33
30
26
23
21
18
16
14
13
11
10
9
8
10
11
12
14
15
17
20
22
25
28
31
34
37
39
40
39
38
36
33
29
26
23
21
18
16
14
13
11
10
9
26
Table D2. Negative Shock, Pre-Shock Phase, Real Frame, Type y Firm
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
1
9
10
11
12
14
16
18
20
23
26
29
32
35
37
39
40
39
37
35
32
29
25
23
20
18
16
14
12
11
10
2
8
9
10
11
12
14
16
18
20
23
26
29
32
35
37
39
40
39
37
35
32
29
25
23
20
18
16
14
12
11
3
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
37
35
32
28
25
22
20
18
16
14
12
4
7
7
8
9
10
11
13
14
16
18
20
23
26
29
32
35
38
39
40
39
37
35
32
28
25
22
20
18
16
14
5
6
7
7
8
9
10
11
13
14
16
18
20
23
26
29
32
35
38
39
40
39
37
35
32
28
25
22
20
17
15
6
6
6
7
7
8
9
10
11
13
14
16
18
21
23
26
29
33
36
38
39
40
39
37
34
31
28
25
22
20
17
7
5
6
6
7
8
8
9
10
11
13
14
16
18
21
23
26
30
33
36
38
40
40
39
37
34
31
28
25
22
20
8
5
5
6
6
7
8
8
9
10
12
13
15
16
19
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
22
9
5
5
5
6
6
7
8
8
9
10
12
13
15
17
19
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
10
4
5
5
5
6
6
7
8
9
10
11
12
13
15
17
19
22
24
27
31
34
37
39
40
40
39
36
34
30
27
11
4
4
5
5
5
6
7
7
8
9
10
11
12
14
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
30
12
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
32
13
4
4
4
5
5
5
6
6
7
8
8
9
10
12
13
15
17
19
21
24
27
30
33
36
38
40
40
39
37
34
14
4
4
4
4
5
5
6
6
7
7
8
9
10
11
13
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
15
4
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
16
4
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
27
17
3
4
4
4
5
5
5
6
6
7
8
9
10
11
12
13
15
17
19
22
25
28
31
34
37
39
40
40
38
36
18
3
4
4
4
4
5
5
6
6
7
7
8
9
10
11
13
14
16
18
20
23
26
29
32
35
38
39
40
39
38
19
3
3
4
4
4
4
5
5
6
6
7
8
8
9
10
11
13
14
16
18
21
24
27
30
33
36
38
40
40
39
20
3
3
3
4
4
4
5
5
5
6
6
7
8
9
9
10
12
13
15
17
19
21
24
27
30
34
36
39
40
40
21
3
3
3
3
4
4
4
5
5
5
6
6
7
8
9
10
11
12
13
15
17
19
22
25
28
31
34
37
39
40
22
3
3
3
3
3
4
4
4
5
5
5
6
7
7
8
9
10
11
12
13
15
17
19
22
25
28
31
34
37
39
23
3
3
3
3
3
3
4
4
4
5
5
5
6
7
7
8
9
10
11
12
14
15
17
20
22
25
28
31
34
37
24
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
15
17
20
22
25
28
31
34
25
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
15
17
20
22
25
28
32
26
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
22
25
28
27
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
22
25
28
2
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
29
2
2
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
30
2
2
2
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
Table D3. Negative Shock, Pre-Shock Phase, Nominal Frame, Type x Firm
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
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
19
17
15
13
12
11
10
9
8
8
7
7
6
6
5
5
5
4
4
4
4
4
4
3
3
3
3
3
3
3
44
40
36
32
28
26
24
22
20
18
18
16
16
14
14
12
12
12
10
10
10
10
10
10
8
8
8
8
8
8
78
69
63
57
51
45
42
39
36
33
30
30
27
27
24
24
21
21
21
18
18
18
18
18
18
15
15
15
15
15
120
108
96
88
80
72
64
60
56
52
48
44
44
40
40
36
36
32
32
32
28
28
28
28
28
28
24
24
24
24
170
155
140
125
115
105
95
85
80
75
70
65
60
60
55
55
50
50
45
45
45
40
40
40
40
40
40
35
35
35
228
210
192
174
156
144
132
120
108
102
96
90
84
78
78
72
72
66
66
60
60
60
54
54
54
54
54
54
48
48
294
273
252
224
210
189
175
161
147
133
126
119
112
105
98
98
91
91
84
84
77
77
77
70
70
70
70
70
70
63
360
344
320
296
264
248
224
208
192
176
160
152
144
136
128
120
120
112
112
104
104
96
96
96
88
88
88
88
88
88
432
414
396
369
333
306
279
261
243
225
207
189
180
171
162
153
144
144
135
135
126
126
117
117
117
108
108
108
108
108
500
490
470
450
420
380
350
320
300
280
260
240
220
210
200
190
180
170
170
160
160
150
150
140
140
140
130
130
130
130
550
561
550
528
506
473
429
396
363
341
308
286
275
253
242
231
220
209
198
198
187
187
176
176
165
165
165
154
154
154
600
612
624
612
588
552
516
480
444
408
384
348
324
312
288
276
264
252
240
228
228
216
216
204
204
192
192
192
180
180
637
663
689
689
676
650
611
572
533
494
455
429
390
364
351
325
312
299
286
273
260
260
247
234
234
234
221
221
221
208
658
700
728
756
756
742
714
672
630
588
546
504
462
434
406
378
364
350
336
322
308
294
294
280
266
266
266
252
252
252
675
720
765
795
825
825
810
780
735
690
645
600
555
510
480
450
420
405
390
375
360
345
330
315
315
300
300
300
285
285
688
752
800
848
880
896
896
880
832
800
736
688
640
592
560
528
496
464
448
416
400
400
384
368
352
352
336
336
336
320
714
765
816
867
918
952
969
969
935
901
850
799
748
697
646
595
561
527
510
476
459
442
425
425
408
391
391
374
374
357
738
792
846
900
954
1008
1026
1044
1026
1008
954
900
846
792
738
684
648
612
576
558
522
504
486
468
450
450
432
432
414
414
760
817
874
931
988
1045
1083
1121
1121
1102
1064
1007
950
893
836
779
722
684
646
608
589
570
551
532
513
494
475
475
456
456
800
860
920
980
1040
1100
1160
1180
1200
1180
1160
1100
1040
980
920
860
800
760
720
680
640
620
600
580
560
540
540
520
520
500
861
924
987
1050
1113
1176
1239
1260
1281
1260
1239
1176
1113
1050
987
924
861
819
777
735
693
672
651
630
609
588
588
567
567
546
924
990
1056
1122
1188
1254
1320
1342
1364
1342
1320
1254
1188
1122
1056
990
924
880
836
792
770
726
704
682
660
638
638
616
616
594
966
1035
1104
1173
1242
1311
1380
1426
1449
1449
1403
1357
1288
1219
1150
1081
1012
966
920
874
828
805
759
736
713
713
690
667
667
644
1008
1056
1128
1200
1272
1344
1416
1488
1512
1536
1512
1488
1416
1344
1272
1200
1128
1056
1008
960
912
864
840
816
792
768
744
744
720
720
1025
1075
1150
1225
1300
1375
1450
1525
1575
1625
1625
1600
1550
1475
1400
1325
1250
1175
1100
1050
1000
975
925
900
875
850
825
800
800
775
1066
1118
1170
1222
1300
1378
1456
1560
1612
1690
1716
1716
1690
1638
1560
1482
1378
1300
1248
1170
1118
1066
1014
988
962
936
910
884
858
832
1080
1134
1188
1242
1323
1404
1485
1566
1647
1728
1782
1809
1809
1755
1701
1620
1539
1458
1377
1296
1242
1188
1134
1080
1053
999
972
945
945
918
1120
1148
1204
1260
1316
1400
1484
1568
1652
1736
1820
1876
1904
1904
1848
1792
1708
1624
1540
1456
1372
1316
1232
1204
1148
1120
1064
1036
1008
1008
1160
1189
1247
1276
1334
1421
1479
1566
1653
1740
1827
1914
1972
2001
2001
1943
1885
1798
1711
1595
1508
1450
1363
1305
1247
1218
1160
1131
1102
1073
1200
1230
1260
1320
1350
1410
1500
1560
1650
1740
1830
1920
2010
2070
2100
2070
2040
1980
1890
1770
1680
1590
1530
1440
1380
1320
1290
1230
1200
1170
28
Table D4. Negative Shock, Pre-Shock Phase, Nominal Frame, Type y Firm
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
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
10
11
12
13
15
17
19
21
24
27
30
33
36
38
40
41
40
38
36
33
30
26
24
21
19
17
15
13
12
11
20
22
24
26
28
32
36
40
44
50
56
62
68
74
78
82
84
82
78
74
68
62
54
50
44
40
36
32
28
26
30
33
36
39
42
45
51
57
63
69
78
87
96
105
114
123
126
129
126
120
114
105
93
84
75
69
63
57
51
45
44
44
48
52
56
60
68
72
80
88
96
108
120
132
144
156
168
172
176
172
164
156
144
128
116
104
96
88
80
72
55
60
60
65
70
75
80
90
95
105
115
125
140
155
170
185
200
215
220
225
220
210
200
185
165
150
135
125
110
100
72
72
78
78
84
90
96
102
114
120
132
144
162
174
192
210
234
252
264
270
276
270
258
240
222
204
186
168
156
138
84
91
91
98
105
105
112
119
126
140
147
161
175
196
210
231
259
280
301
315
329
329
322
308
287
266
245
224
203
189
104
104
112
112
120
128
128
136
144
160
168
184
192
216
232
256
280
304
328
352
368
384
384
376
360
336
312
288
264
240
126
126
126
135
135
144
153
153
162
171
189
198
216
234
252
270
297
324
351
378
405
423
441
441
432
414
387
360
333
306
140
150
150
150
160
160
170
180
190
200
210
220
230
250
270
290
320
340
370
410
440
470
490
500
500
490
460
440
400
370
165
165
176
176
176
187
198
198
209
220
231
242
253
275
286
308
330
363
396
429
462
495
528
550
561
561
539
517
484
451
192
192
192
204
204
216
216
228
228
240
252
264
276
288
312
336
360
384
420
456
492
528
564
600
612
624
612
600
564
528
221
221
221
234
234
234
247
247
260
273
273
286
299
325
338
364
390
416
442
481
520
559
598
637
663
689
689
676
650
611
252
252
252
252
266
266
280
280
294
294
308
322
336
350
378
392
420
448
476
518
560
602
644
686
728
742
756
742
728
686
285
285
285
285
300
300
315
315
330
330
345
360
375
390
405
435
465
495
525
570
615
660
705
750
795
810
825
810
795
750
320
320
320
320
336
336
352
352
368
368
384
400
416
432
448
480
512
544
576
624
672
720
768
816
864
880
896
880
864
816
340
357
357
357
374
374
374
391
391
408
425
442
459
476
493
510
544
578
612
663
714
765
816
867
918
952
969
969
935
901
378
396
396
396
396
414
414
432
432
450
450
468
486
504
522
558
576
612
648
684
738
792
846
900
954
1008
1026
1044
1026
1008
418
418
437
437
437
437
456
456
475
475
494
513
513
532
551
570
608
627
665
703
760
817
874
931
988
1045
1083
1121
1121
1102
460
460
460
480
480
480
500
500
500
520
520
540
560
580
580
600
640
660
700
740
780
820
880
940
1000
1080
1120
1180
1200
1200
504
504
504
504
525
525
525
546
546
546
567
567
588
609
630
651
672
693
714
756
798
840
903
966
1029
1092
1155
1218
1260
1281
550
550
550
550
550
572
572
572
594
594
594
616
638
638
660
682
704
726
748
770
814
858
902
968
1034
1100
1166
1232
1298
1342
598
598
598
598
598
598
621
621
621
644
644
644
667
690
690
713
736
759
782
805
851
874
920
989
1035
1104
1173
1242
1311
1380
624
648
648
648
648
648
648
672
672
672
696
696
720
720
744
744
768
792
816
840
864
912
936
984
1056
1104
1176
1248
1320
1392
675
675
700
700
700
700
700
700
725
725
725
750
750
775
775
800
800
825
850
875
900
925
975
1000
1050
1125
1175
1250
1325
1425
728
728
728
754
754
754
754
754
754
780
780
780
806
806
832
832
858
858
884
910
936
962
988
1040
1092
1144
1196
1248
1326
1404
783
783
783
783
810
810
810
810
810
810
837
837
837
864
864
891
891
918
918
945
972
999
1026
1053
1107
1161
1215
1269
1323
1404
840
840
840
840
840
868
868
868
868
868
868
896
896
896
924
924
952
952
980
980
1008
1036
1064
1092
1120
1176
1232
1288
1344
1428
899
899
899
899
899
899
928
928
928
928
928
928
957
957
957
986
986
1015
1015
1044
1044
1073
1102
1131
1160
1189
1247
1305
1363
1421
960
960
960
960
960
960
960
990
990
990
990
990
990
1020
1020
1020
1050
1050
1080
1080
1110
1110
1140
1170
1200
1230
1260
1320
1380
1440
29
Table D5. Negative Shock, Post-Shock Phase, Real Frame, Type x Firm
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
1
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
2
26
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
3
35
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
4
40
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
5
36
40
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
6
29
38
39
32
23
16
11
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
7
26
35
40
35
26
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
8
23
32
39
38
29
20
14
10
7
6
4
4
3
2
2
2
1
1
1
1
1
1
1
1
1
1
1
0
0
0
9
17
25
34
40
36
27
19
13
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
1
0
0
10
12
17
25
34
40
36
26
18
13
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
11
9
12
18
25
35
40
35
26
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
12
7
9
12
18
26
35
40
35
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
13
5
7
9
12
18
26
35
39
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
14
4
5
7
9
12
18
25
35
39
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
15
3
4
5
7
9
12
18
25
35
39
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
16
3
3
4
5
7
9
12
18
25
34
39
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
30
17
2
3
3
4
5
7
9
12
17
25
34
38
33
24
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
18
2
2
3
3
4
5
7
9
12
17
25
34
38
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
19
2
2
2
3
3
4
5
6
9
12
17
25
34
38
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
20
1
2
2
2
3
3
4
5
6
9
12
17
25
34
38
33
24
16
12
8
6
5
4
3
3
2
2
2
1
1
21
1
1
2
2
2
3
3
4
5
6
9
12
17
25
33
37
32
24
16
11
8
6
5
4
3
3
2
2
2
1
22
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
33
37
32
23
16
11
8
6
5
4
3
2
2
2
2
23
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
24
33
37
32
23
16
11
8
6
5
4
3
2
2
2
24
1
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
37
32
23
16
11
8
6
5
4
3
2
2
25
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
37
32
23
16
11
8
6
5
4
3
2
26
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
36
31
23
16
11
8
6
5
4
3
27
1
1
1
1
1
1
1
1
2
2
2
2
3
4
5
6
8
12
17
24
33
36
31
23
16
11
8
6
5
4
28
1
1
1
1
1
1
1
1
1
2
2
2
2
3
4
5
6
8
12
17
24
32
36
31
23
16
11
8
6
5
29
0
1
1
1
1
1
1
1
1
1
2
2
2
2
3
4
5
6
8
12
17
24
32
36
31
23
16
11
8
6
30
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
4
5
6
8
12
16
24
32
36
31
22
16
11
8
Table D6. Negative Shock, Post-Shock Phase, Real Frame, Type y Firm
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
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
9
12
18
26
35
40
35
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
7
9
13
18
26
36
40
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
5
7
9
13
19
27
36
40
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
4
6
7
10
14
20
29
38
39
32
23
16
11
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
4
5
7
9
12
18
26
35
40
35
26
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
4
5
6
8
11
16
23
32
39
38
29
20
14
10
7
6
4
4
3
2
2
2
1
1
1
1
1
1
1
1
3
4
5
6
9
12
17
25
34
40
36
27
19
13
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
1
3
3
4
5
7
9
12
17
25
34
40
36
26
18
13
9
7
5
4
3
3
2
2
2
1
1
1
1
1
1
2
3
3
4
5
7
9
12
18
25
35
40
35
26
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
2
2
3
3
4
5
7
9
12
18
26
35
40
35
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
26
35
39
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
35
39
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
35
39
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
34
39
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
38
33
24
17
12
9
6
5
4
3
3
2
2
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
38
33
24
17
12
8
6
5
4
3
3
2
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
38
33
24
17
12
8
6
5
4
3
3
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
38
33
24
16
12
8
6
5
4
3
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
33
37
32
24
16
11
8
6
5
4
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
33
37
32
23
16
11
8
6
5
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
24
33
37
32
23
16
11
8
6
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
37
32
23
16
11
8
0
0
0
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
37
32
23
16
11
0
0
0
0
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
36
31
23
16
0
0
0
0
0
1
1
1
1
1
1
1
1
1
2
2
2
2
3
4
5
6
8
12
17
24
33
36
31
23
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
2
2
2
2
3
4
5
6
8
12
17
24
32
36
31
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
2
2
2
2
3
4
5
6
8
12
17
24
32
36
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
4
5
6
8
12
16
24
32
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
4
5
6
8
11
16
24
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
4
5
6
8
11
16
31
Table D7. Negative Shock, Post-Shock Phase, Nominal Frame, Type x Firm
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
1
19
13
10
8
6
5
4
4
3
3
3
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
2
56
40
28
22
18
14
12
10
10
8
8
8
6
6
6
6
6
6
6
6
6
6
4
4
4
4
4
4
4
4
3
114
84
63
45
36
30
24
21
18
18
15
15
15
12
12
12
12
12
12
12
12
12
12
9
9
9
9
9
9
9
4
176
152
116
84
64
52
44
36
32
28
28
24
24
24
20
20
20
20
20
20
20
20
20
20
16
16
16
16
16
16
5
205
225
195
150
110
85
70
55
50
45
40
40
35
35
35
30
30
30
30
30
30
30
30
30
30
25
25
25
25
25
6
210
264
270
228
174
132
102
84
72
66
60
54
54
48
48
48
42
42
42
42
42
42
42
42
42
42
36
36
36
36
7
231
294
329
294
231
175
133
112
98
84
77
70
70
63
63
63
56
56
56
56
56
56
56
56
56
56
49
49
49
49
8
248
320
376
368
296
224
176
144
120
112
96
96
88
80
80
80
72
72
72
72
72
72
72
72
72
72
72
64
64
64
9
234
306
387
441
405
324
252
198
162
144
126
117
108
108
99
99
99
90
90
90
90
90
90
90
90
90
90
90
81
81
10
220
270
350
440
500
460
360
280
230
190
170
150
140
130
130
120
120
120
110
110
110
110
110
110
110
110
110
110
100
100
11
220
253
319
396
506
561
506
407
319
253
220
198
176
165
154
154
143
143
143
132
132
132
132
132
132
132
132
132
132
121
12
228
252
288
360
456
564
624
564
444
360
288
252
228
204
192
180
180
168
168
168
156
156
156
156
156
156
156
156
156
156
13
234
260
286
325
403
507
624
676
611
494
390
325
286
260
234
221
208
208
195
195
195
182
182
182
182
182
182
182
182
182
14
252
266
294
322
364
448
546
686
742
672
546
434
364
322
294
266
252
238
238
224
224
224
210
210
210
210
210
210
210
210
15
270
285
300
330
360
405
495
600
750
810
735
600
480
405
360
315
300
285
270
270
255
255
255
240
240
240
240
240
240
240
16
304
304
320
336
368
400
448
544
656
800
880
800
656
528
448
400
352
336
320
304
304
288
288
288
272
272
272
272
272
272
32
17
323
340
340
357
374
408
442
493
578
714
867
935
850
697
578
493
442
391
374
357
340
340
323
323
323
306
306
306
306
306
18
360
360
378
378
396
414
450
486
540
630
774
936
1008
918
756
630
540
468
432
414
396
378
378
360
360
360
342
342
342
342
19
399
399
399
418
418
437
456
475
532
589
684
836
1007
1083
988
817
684
589
513
475
456
437
418
418
399
399
399
380
380
380
20
420
440
440
440
460
460
480
500
520
580
640
740
900
1080
1160
1060
880
720
640
560
520
500
480
460
460
440
440
440
420
420
21
462
462
483
483
483
504
504
525
546
567
630
693
798
966
1134
1218
1113
945
777
672
609
567
546
525
504
504
483
483
483
462
22
506
506
506
528
528
528
550
550
572
594
616
682
748
858
1034
1210
1298
1188
990
836
726
660
616
594
572
550
528
528
528
528
23
552
552
552
552
575
575
575
598
598
621
644
667
736
805
920
1081
1288
1380
1265
1058
897
782
713
667
644
621
598
575
575
575
24
600
600
600
600
600
624
624
624
648
648
672
696
720
768
864
984
1152
1368
1464
1344
1128
960
840
768
720
696
672
648
624
624
25
650
650
650
650
650
650
675
675
675
700
700
725
750
775
825
925
1050
1225
1450
1550
1425
1200
1025
900
825
775
750
725
700
675
26
702
702
702
702
702
702
702
728
728
728
754
754
780
806
832
884
988
1118
1300
1534
1612
1482
1274
1092
962
884
832
806
780
754
27
756
756
756
756
756
756
756
756
783
783
783
783
810
837
864
891
945
1053
1188
1377
1620
1701
1566
1350
1161
1026
945
891
864
837
28
812
812
812
812
812
812
812
812
812
840
840
840
840
868
896
924
952
1008
1120
1260
1456
1680
1792
1652
1428
1232
1092
1008
952
924
29
841
870
870
870
870
870
870
870
870
870
899
899
899
899
928
957
986
1015
1073
1189
1334
1537
1769
1885
1740
1508
1305
1160
1073
1015
30
900
900
930
930
930
930
930
930
930
930
930
930
960
960
960
990
1020
1050
1080
1140
1260
1380
1620
1860
1980
1830
1560
1380
1230
1140
Table D8. Negative Shock, Post-Shock Phase, Nominal Frame, Type y Firm
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
1
10
13
19
27
36
41
36
26
19
13
10
8
6
5
4
4
3
3
3
2
2
2
2
2
2
2
2
2
2
1
2
18
22
30
40
56
76
84
72
54
38
28
22
18
14
12
10
10
8
8
8
6
6
6
6
6
6
6
6
6
6
3
24
30
36
48
66
90
117
129
111
84
60
45
36
27
24
21
18
18
15
15
15
12
12
12
12
12
12
12
12
12
4
32
40
44
56
72
96
132
168
172
144
108
80
60
48
40
36
32
28
28
24
24
24
20
20
20
20
20
20
20
20
5
45
50
60
70
85
115
155
200
225
200
155
115
85
70
60
50
45
40
40
35
35
35
30
30
30
30
30
30
30
30
6
60
66
72
84
102
132
174
228
270
264
210
156
120
96
78
72
60
60
54
48
48
48
42
42
42
42
42
42
42
42
7
70
77
84
91
112
133
168
224
287
329
301
238
182
140
112
98
84
77
70
70
63
63
63
56
56
56
56
56
56
56
8
88
88
96
104
120
136
160
200
264
336
384
352
272
208
168
136
120
104
96
88
88
80
80
80
72
72
72
72
72
72
9
99
108
108
117
126
144
162
189
243
306
396
441
396
315
243
189
162
144
126
117
108
108
99
99
99
90
90
90
90
90
10
120
120
130
130
140
150
170
190
220
280
360
450
500
450
350
280
220
190
170
150
140
130
130
120
120
120
110
110
110
110
11
143
143
143
154
154
165
176
198
220
253
319
407
506
550
495
396
308
253
220
198
176
165
154
154
143
143
143
132
132
132
12
156
168
168
168
180
180
192
204
228
252
288
360
444
564
612
552
444
348
288
252
228
204
192
180
180
168
168
168
156
156
13
182
182
195
195
195
208
208
221
234
260
286
325
403
494
624
676
611
494
390
325
286
247
234
221
208
208
195
195
195
182
14
210
210
210
224
224
224
238
238
252
266
294
322
364
448
546
672
742
672
546
434
364
322
280
266
252
238
238
224
224
224
15
240
240
240
240
255
255
255
270
270
285
300
330
360
405
480
600
735
795
720
585
480
405
360
315
300
285
270
270
255
255
16
272
272
272
272
272
288
288
288
304
304
320
336
368
400
448
528
656
800
864
784
640
528
448
384
352
336
320
304
304
288
33
17
306
306
306
306
306
306
323
323
323
340
340
357
374
391
442
493
578
714
867
935
850
697
578
493
425
391
374
357
340
340
18
342
342
342
342
342
342
342
360
360
360
378
378
396
414
432
486
540
630
774
936
1008
918
756
612
540
468
432
414
396
378
19
380
380
380
380
380
380
380
380
399
399
399
418
418
437
456
475
532
589
684
836
988
1064
969
817
665
570
513
475
456
437
20
420
420
420
420
420
420
420
420
420
440
440
440
460
460
480
500
520
580
640
740
900
1060
1140
1040
860
720
620
560
520
500
21
462
462
462
462
462
462
462
462
462
462
483
483
483
504
504
525
546
567
630
693
798
945
1134
1218
1113
924
777
672
609
567
22
484
506
506
506
506
506
506
506
506
506
506
528
528
528
550
550
572
594
616
660
748
858
1012
1210
1298
1188
990
836
726
660
23
529
529
529
552
552
552
552
552
552
552
552
552
575
575
575
598
598
621
644
667
713
805
920
1081
1288
1380
1265
1058
897
782
24
576
576
576
576
600
600
600
600
600
600
600
600
600
624
624
624
648
648
672
696
720
768
864
984
1152
1368
1440
1320
1128
960
25
625
625
625
625
625
650
650
650
650
650
650
650
650
650
675
675
675
675
700
725
750
775
825
925
1050
1225
1450
1525
1400
1200
26
676
676
676
676
676
676
702
702
702
702
702
702
702
702
702
728
728
728
728
754
780
806
832
884
988
1118
1300
1508
1612
1482
27
729
729
729
729
729
729
729
756
756
756
756
756
756
756
756
756
783
783
783
783
810
837
864
891
945
1053
1188
1377
1593
1701
28
784
784
784
784
784
784
784
784
812
812
812
812
812
812
812
812
812
812
840
840
840
868
896
924
952
1008
1120
1232
1456
1680
29
841
841
841
841
841
841
841
841
841
870
870
870
870
870
870
870
870
870
870
899
899
899
928
957
986
1015
1073
1160
1305
1537
30
900
900
900
900
900
900
900
900
900
900
930
930
930
930
930
930
930
930
930
930
960
960
960
990
1020
1050
1080
1140
1230
1380
Table D9. Positive Shock, Pre-Shock Phase, Real Frame, Type x Firm
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
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
9
10
11
13
14
16
18
21
23
26
29
33
36
38
39
40
39
37
34
31
28
25
22
20
17
15
14
12
11
10
8
9
10
11
13
14
16
18
21
23
26
30
33
36
38
40
40
39
37
34
31
28
25
22
20
17
15
14
12
11
8
8
9
10
12
13
15
16
19
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
13
12
7
8
8
9
10
12
13
15
17
19
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
13
6
7
8
9
10
11
12
13
15
17
19
22
24
27
31
34
37
39
40
40
39
36
34
30
27
24
21
19
17
15
6
7
7
8
9
10
11
12
14
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
18
16
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
18
5
6
6
7
8
8
9
10
12
13
15
17
19
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
22
19
5
6
6
7
7
8
9
10
11
13
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
20
5
5
6
6
7
8
9
10
11
12
13
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
5
5
6
6
7
7
8
9
10
11
13
14
16
18
20
23
26
29
32
35
38
39
40
39
38
35
32
29
26
23
4
5
5
6
6
7
8
8
9
10
11
13
14
16
18
21
24
27
30
33
36
38
40
40
39
37
34
31
28
25
4
5
5
5
6
6
7
8
9
9
10
12
13
15
17
19
21
24
27
30
34
36
39
40
40
39
37
34
31
27
4
4
5
5
5
6
6
7
8
9
10
11
12
13
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
30
4
4
4
5
5
5
6
7
7
8
9
10
11
12
13
15
17
19
22
25
28
31
34
37
39
40
40
38
36
33
3
4
4
4
5
5
5
6
7
7
8
9
10
11
12
14
15
17
20
22
25
28
31
34
37
39
40
40
38
36
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
15
17
20
22
25
28
31
34
37
39
40
39
38
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
15
17
20
22
25
28
32
35
37
39
40
39
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
22
25
28
32
35
37
39
40
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
22
25
28
32
35
37
39
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
25
29
32
35
37
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
25
29
32
35
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
32
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
29
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
26
2
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
23
2
2
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
20
2
2
2
2
2
2
2
3
3
3
3
3
3
4
4
4
5
5
6
6
7
7
8
9
10
11
12
14
16
18
34
Table D10. Positive Shock, Pre-Shock Phase, Real Frame, Type y Firm
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
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
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
2
2
2
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
2
2
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
2
25
22
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
2
28
25
22
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
2
32
28
25
22
20
17
15
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
2
34
31
28
25
22
20
17
15
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
3
3
3
3
3
3
2
37
34
31
28
25
22
20
17
15
14
12
11
10
9
8
7
7
6
5
5
5
4
4
4
3
3
3
3
3
3
39
37
34
31
28
25
22
19
17
15
13
12
11
10
9
8
7
7
6
5
5
5
4
4
4
3
3
3
3
3
40
39
37
34
31
28
25
22
19
17
15
13
12
11
10
9
8
7
6
6
5
5
5
4
4
4
3
3
3
3
40
40
39
36
34
30
27
24
21
19
17
15
13
12
10
9
9
8
7
6
6
5
5
5
4
4
4
3
3
3
39
40
40
38
36
33
30
27
24
21
18
16
14
13
11
10
9
8
8
7
6
6
5
5
4
4
4
4
3
3
38
39
40
39
38
35
32
29
26
23
20
18
16
14
13
11
10
9
8
7
7
6
6
5
5
4
4
4
4
3
36
38
40
40
39
37
34
31
28
25
22
19
17
15
13
12
11
10
9
8
7
6
6
5
5
5
4
4
4
3
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
4
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
4
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
13
11
10
9
8
7
7
6
6
5
5
4
4
4
4
34
37
39
40
40
38
36
33
30
27
24
21
19
17
15
13
12
10
9
8
8
7
6
6
5
5
5
4
4
4
32
35
38
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
7
6
6
5
5
4
4
4
30
33
36
38
40
40
39
37
34
31
28
25
22
19
17
15
14
12
11
10
9
8
7
7
6
5
5
5
4
4
27
30
34
36
39
40
40
39
37
34
31
27
24
22
19
17
15
13
12
11
10
9
8
7
6
6
5
5
5
4
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
19
17
15
13
12
10
9
8
8
7
6
6
5
5
5
22
25
28
31
34
37
39
40
40
38
36
33
30
27
24
21
19
16
15
13
12
10
9
8
8
7
6
6
5
5
20
22
25
28
31
34
37
39
40
40
38
36
33
30
26
23
21
18
16
14
13
11
10
9
8
8
7
6
6
5
17
20
22
25
28
31
34
37
39
40
39
38
36
33
29
26
23
21
18
16
14
13
11
10
9
8
7
7
6
6
15
17
20
22
25
28
32
35
37
39
40
39
38
35
32
29
26
23
20
18
16
14
13
11
10
9
8
7
7
6
14
16
18
20
22
25
28
32
35
37
39
40
39
38
35
32
29
26
23
20
18
16
14
13
11
10
9
8
7
7
12
14
16
18
20
22
25
28
32
35
37
39
40
39
38
35
32
29
26
23
20
18
16
14
12
11
10
9
8
7
11
12
14
16
18
20
23
25
29
32
35
37
39
40
39
37
35
32
29
26
23
20
18
16
14
12
11
10
9
8
10
11
12
14
16
18
20
23
25
29
32
35
37
39
40
39
37
35
32
29
26
23
20
18
16
14
12
11
10
9
35
Table D11. Positive Shock, Pre-Shock Phase, Nominal Frame, Type x Firm
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
1
10
11
12
14
15
17
19
22
24
27
30
34
37
39
40
41
40
38
35
32
29
26
23
21
18
16
15
13
12
11
2
20
22
24
26
30
32
36
40
46
50
56
64
70
76
80
84
84
82
78
72
66
60
54
48
44
38
34
32
28
26
3
33
33
36
39
45
48
54
57
66
72
81
90
99
108
117
123
129
129
126
120
111
102
93
84
75
66
60
54
48
45
4
44
48
48
52
56
64
68
76
84
92
100
112
124
136
148
160
168
176
176
172
164
152
140
128
116
104
92
84
76
68
5
55
60
65
70
75
80
85
90
100
110
120
135
145
160
180
195
210
220
225
225
220
205
195
175
160
145
130
120
110
100
6
72
78
78
84
90
96
102
108
120
126
138
150
168
186
204
222
240
258
270
276
276
264
252
234
216
198
180
162
144
132
7
91
91
98
98
105
112
119
126
133
147
161
175
189
210
231
252
273
294
315
322
329
322
315
294
273
252
231
210
189
175
8
104
112
112
120
128
128
136
144
160
168
184
200
216
232
256
280
304
328
352
368
384
384
376
360
336
312
288
264
240
216
9
126
135
135
144
144
153
162
171
180
198
207
225
243
261
288
315
342
369
396
423
432
441
432
423
396
369
342
315
288
261
10
150
160
160
170
170
180
190
200
210
220
240
260
280
300
330
360
390
420
450
480
490
500
490
480
450
420
390
360
330
300
11
176
187
187
198
198
209
220
231
242
253
275
297
319
341
374
407
440
473
506
539
550
561
550
539
506
473
440
407
374
341
12
204
204
216
216
228
240
252
264
276
288
300
324
348
372
408
444
480
516
552
588
612
624
624
600
576
540
504
468
432
396
13
234
234
247
247
260
260
273
286
299
312
338
351
377
403
429
468
507
546
585
624
663
676
689
676
663
624
585
546
507
468
14
252
266
266
280
280
294
308
308
322
336
350
378
392
420
448
490
532
574
616
658
700
728
756
756
742
714
672
630
588
546
15
285
300
300
300
315
315
330
345
360
360
375
405
420
450
480
510
540
585
630
675
735
765
810
825
825
810
780
735
690
630
16
320
320
336
336
336
352
352
368
384
400
416
432
448
464
496
528
560
608
656
704
752
800
848
880
896
896
864
832
784
736
36
17
357
357
357
374
374
374
391
408
408
425
442
459
476
493
510
544
578
612
663
714
765
816
867
918
952
969
969
935
901
850
18
378
396
396
396
414
414
414
432
450
450
468
486
504
522
540
576
594
630
684
720
774
828
882
936
990
1026
1044
1044
1008
972
19
418
418
437
437
437
456
456
475
475
494
494
513
532
551
570
589
627
646
684
741
779
836
893
950
1007
1064
1102
1121
1102
1083
20
460
460
460
480
480
480
500
500
520
520
540
540
560
580
600
620
640
680
700
740
800
840
900
960
1040
1100
1140
1180
1200
1180
21
504
504
504
504
525
525
525
546
546
567
567
588
588
609
630
651
672
693
735
777
819
861
903
966
1029
1113
1176
1218
1260
1281
22
550
550
550
550
550
572
572
572
594
594
616
616
638
638
660
682
704
726
748
792
836
880
924
968
1034
1100
1188
1254
1298
1342
23
598
598
598
598
598
598
621
621
621
644
644
667
667
690
690
713
736
759
782
805
851
897
943
989
1058
1104
1196
1265
1334
1380
24
624
648
648
648
648
648
648
672
672
672
696
696
720
720
744
744
768
792
816
840
864
912
960
1008
1056
1128
1176
1272
1344
1416
25
675
675
700
700
700
700
700
700
725
725
725
750
750
775
775
800
800
825
850
875
900
925
975
1025
1075
1125
1200
1275
1350
1425
26
728
728
728
754
754
754
754
754
754
780
780
780
806
806
832
832
858
858
884
910
936
962
988
1040
1092
1144
1196
1274
1352
1430
27
783
783
783
783
810
810
810
810
810
810
837
837
837
864
864
891
891
918
918
945
972
999
1026
1053
1107
1161
1215
1269
1350
1431
28
840
840
840
840
840
868
868
868
868
868
868
896
896
896
924
924
952
952
980
980
1008
1036
1064
1092
1120
1176
1232
1288
1344
1428
29
899
899
899
899
899
899
928
928
928
928
928
928
957
957
957
986
986
1015
1015
1044
1044
1073
1102
1131
1160
1189
1247
1305
1363
1421
30
960
960
960
960
960
960
960
990
990
990
990
990
990
1020
1020
1020
1050
1050
1080
1080
1110
1110
1140
1170
1200
1230
1260
1320
1380
1440
Table D12. Positive Shock, Pre-Shock Phase, Nominal Frame, Type y Firm
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
1
19
17
15
13
12
11
10
9
8
8
7
7
6
6
5
5
5
4
4
4
4
4
4
3
3
3
3
3
3
3
2
44
40
36
32
28
26
24
22
20
18
18
16
16
14
14
12
12
12
10
10
10
10
10
10
8
8
8
8
8
8
3
78
69
63
57
51
45
42
39
36
33
30
30
27
27
24
24
21
21
21
18
18
18
18
18
18
15
15
15
15
15
4
116
104
96
88
80
72
64
60
56
52
48
44
44
40
40
36
36
32
32
32
28
28
28
28
28
28
24
24
24
24
5
165
150
135
125
115
105
95
85
80
75
70
65
60
60
55
55
50
50
45
45
45
40
40
40
40
40
40
35
35
35
6
228
204
186
168
156
138
126
120
108
102
96
90
84
78
78
72
72
66
66
60
60
60
54
54
54
54
54
54
48
48
7
287
266
245
224
203
189
168
154
147
133
126
119
112
105
98
98
91
91
84
84
77
77
77
70
70
70
70
70
70
63
8
360
336
312
288
264
240
224
200
184
176
160
152
144
136
128
120
120
112
104
104
104
96
96
96
88
88
88
88
88
88
9
432
414
387
360
333
306
279
252
234
216
198
189
180
171
162
153
144
144
135
126
126
126
117
117
117
108
108
108
108
108
10
500
490
470
440
410
380
350
320
290
270
250
230
220
210
200
190
180
170
160
160
150
150
150
140
140
140
130
130
130
130
11
561
561
550
517
495
451
418
385
352
330
308
286
264
253
231
220
220
209
198
187
187
176
176
176
165
165
165
154
154
154
12
612
624
624
600
576
540
504
468
432
396
360
336
312
300
276
264
252
240
240
228
216
216
204
204
192
192
192
192
180
180
13
663
676
689
676
663
624
585
546
507
468
429
403
377
351
338
312
299
286
273
260
260
247
247
234
234
221
221
221
221
208
14
700
728
756
756
742
714
672
630
588
546
504
462
434
406
378
364
350
336
322
308
294
280
280
266
266
266
252
252
252
238
15
750
795
810
825
810
795
750
705
660
615
570
525
495
465
435
405
390
375
360
345
330
330
315
315
300
300
285
285
285
285
16
816
864
880
896
880
864
816
768
720
672
624
576
544
512
480
448
432
416
400
384
368
368
352
352
336
336
320
320
320
320
37
17
884
935
952
969
952
935
884
833
782
731
680
629
595
561
527
510
476
459
442
425
408
408
391
391
374
374
357
357
357
357
18
936
990
1026
1044
1044
1008
972
918
864
810
756
702
666
630
594
558
540
504
486
468
468
450
432
432
414
414
414
396
396
396
19
969
1026
1083
1102
1121
1102
1083
1026
969
912
855
798
741
703
665
627
589
570
551
532
513
494
494
475
475
456
456
437
437
437
20
1000
1060
1120
1160
1200
1200
1180
1140
1080
1020
960
900
840
780
740
700
680
640
620
600
580
560
540
540
520
500
500
500
480
480
21
1008
1071
1155
1197
1260
1281
1281
1260
1218
1155
1092
1008
945
903
840
798
756
714
693
672
651
630
609
588
567
567
546
546
546
525
22
1034
1100
1166
1232
1298
1342
1364
1364
1320
1276
1210
1144
1078
1012
946
902
858
814
770
748
704
682
660
660
638
616
616
594
594
594
23
1035
1104
1173
1242
1311
1380
1426
1449
1449
1403
1357
1288
1219
1150
1081
1012
966
897
874
828
805
759
736
713
713
690
667
667
644
644
24
1056
1104
1176
1248
1320
1392
1464
1512
1536
1536
1488
1440
1368
1296
1200
1128
1080
1008
960
912
888
840
816
792
768
768
744
720
720
696
25
1050
1125
1175
1250
1325
1400
1475
1550
1600
1625
1600
1575
1525
1450
1350
1275
1200
1150
1075
1025
975
950
900
875
850
825
800
800
775
775
26
1066
1118
1196
1248
1326
1404
1508
1586
1638
1690
1716
1690
1664
1586
1508
1430
1352
1274
1196
1144
1092
1040
1014
962
936
910
884
858
858
832
27
1107
1161
1215
1269
1323
1404
1485
1593
1674
1728
1782
1809
1782
1755
1674
1593
1512
1431
1350
1269
1215
1161
1107
1080
1026
999
972
945
918
918
28
1120
1176
1232
1288
1344
1400
1484
1568
1680
1764
1820
1876
1904
1876
1848
1764
1680
1596
1512
1428
1344
1288
1232
1176
1120
1092
1064
1036
1008
980
29
1160
1189
1247
1305
1363
1421
1508
1566
1682
1769
1856
1914
1972
2001
1972
1914
1856
1769
1682
1595
1508
1421
1363
1305
1247
1189
1160
1131
1102
1073
30
1200
1230
1260
1320
1380
1440
1500
1590
1650
1770
1860
1950
2010
2070
2100
2070
2010
1950
1860
1770
1680
1590
1500
1440
1380
1320
1260
1230
1200
1170
Table D13. Positive Shock, Post-Shock Phase, Real Frame, Type x Firm
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
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
8
11
16
22
31
36
32
24
16
12
8
6
5
4
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
6
8
11
16
23
31
36
32
24
17
12
8
6
5
4
3
2
2
2
2
1
1
1
1
1
1
1
1
1
0
5
6
8
11
16
23
31
36
32
24
17
12
8
6
5
4
3
2
2
2
2
1
1
1
1
1
1
1
1
1
4
5
6
8
11
16
23
31
36
33
24
17
12
8
6
5
4
3
2
2
2
2
1
1
1
1
1
1
1
1
3
4
5
6
8
11
16
23
31
36
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
2
3
4
5
6
8
11
16
23
32
37
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
2
2
3
4
5
6
8
11
16
23
32
37
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
1
2
2
2
3
4
5
6
8
11
16
23
32
37
33
24
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
2
3
4
5
6
8
11
16
23
32
37
33
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
6
8
11
16
24
32
37
33
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
6
8
12
16
24
33
38
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
38
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
6
8
12
17
24
33
38
34
25
17
12
9
7
5
4
3
3
2
2
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
24
33
38
34
25
17
12
9
7
5
4
3
3
2
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
39
34
25
18
12
9
7
5
4
3
3
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
39
35
25
18
12
9
7
5
4
3
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
39
35
25
18
12
9
7
5
4
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
39
35
26
18
12
9
7
5
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
35
40
35
26
18
12
9
7
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
26
35
40
35
25
18
12
9
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
13
18
26
36
40
34
25
17
12
0
0
1
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
13
19
27
36
40
34
25
17
0
0
0
1
1
1
1
1
1
1
1
1
1
1
2
2
2
3
4
4
6
7
10
14
20
29
38
39
32
23
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
26
35
40
35
26
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
11
16
23
32
39
38
29
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
40
36
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
40
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
35
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
26
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
38
Table D14. Positive Shock, Post -Shock Phase, Real Frame, Type y Firm
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
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
16
11
8
6
5
4
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
24
16
11
8
6
5
4
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
32
24
16
12
8
6
5
4
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
36
32
24
17
12
8
6
5
4
3
2
2
2
2
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
31
36
32
24
17
12
8
6
5
4
3
2
2
2
2
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
23
31
36
33
24
17
12
8
6
5
4
3
2
2
2
2
1
1
1
1
1
1
1
1
1
0
0
0
0
0
16
23
31
36
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
0
0
0
0
11
16
23
32
37
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
0
0
0
8
11
16
23
32
37
33
24
17
12
8
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
0
6
8
11
16
23
32
37
33
24
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
1
5
6
8
11
16
23
32
37
33
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
1
4
5
6
8
11
16
24
32
37
33
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
1
3
4
5
6
8
12
16
24
33
38
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
1
3
3
4
5
6
8
12
17
24
33
38
34
25
17
12
9
6
5
4
3
3
2
2
2
1
1
1
1
1
1
2
3
3
4
5
6
8
12
17
24
33
38
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
1
2
2
3
3
4
5
6
9
12
17
24
33
38
34
25
17
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
39
34
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
39
35
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
39
35
25
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
39
35
26
18
12
9
7
5
4
3
3
2
2
2
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
35
40
35
26
18
12
9
7
5
4
3
3
2
2
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
26
35
40
35
25
18
12
9
7
5
4
3
3
2
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
13
18
26
36
40
34
25
17
12
9
7
5
4
3
3
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
13
19
27
36
40
34
25
17
12
9
6
5
4
3
1
1
1
1
1
1
1
1
2
2
2
3
4
4
6
7
10
14
20
29
38
39
32
23
16
11
8
6
5
4
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
26
35
40
35
26
18
12
9
7
5
4
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
8
11
16
23
32
39
38
29
20
14
10
7
6
4
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
6
9
12
17
25
34
40
36
27
19
13
9
7
5
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
17
25
34
40
36
26
18
13
9
7
0
1
1
1
1
1
1
1
1
1
1
2
2
2
3
3
4
5
7
9
12
18
25
35
40
35
26
18
12
9
39
Table D15. Positive Shock, Post -Shock Phase, Nominal Frame, Type x Firm
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
1
9
12
17
23
32
37
33
25
17
13
9
7
6
5
4
3
3
3
2
2
2
2
2
2
2
2
2
2
1
1
2
16
20
26
36
50
66
76
68
52
38
28
20
16
14
12
10
8
8
8
8
6
6
6
6
6
6
6
6
6
4
3
24
27
33
42
57
78
102
117
105
81
60
45
33
27
24
21
18
15
15
15
15
12
12
12
12
12
12
12
12
12
4
32
36
40
48
60
80
108
140
160
148
112
84
64
48
40
36
32
28
24
24
24
24
20
20
20
20
20
20
20
20
5
40
45
50
55
65
80
105
140
180
205
190
145
110
85
65
55
50
45
40
40
35
35
35
30
30
30
30
30
30
30
6
48
54
60
66
72
84
102
132
174
228
258
234
180
138
108
84
72
66
60
54
54
48
48
48
42
42
42
42
42
42
7
63
63
70
77
84
91
105
126
161
210
273
308
280
217
168
133
105
91
84
77
70
70
63
63
63
56
56
56
56
56
8
80
80
80
88
96
104
112
128
152
192
248
320
360
328
256
200
160
136
112
104
96
88
88
80
80
80
72
72
72
72
9
99
99
99
99
108
117
126
135
153
180
225
288
369
414
378
306
234
189
162
135
126
117
108
108
99
99
99
90
90
90
10
110
120
120
120
130
130
140
150
160
180
210
260
340
420
470
430
350
270
220
190
160
150
140
130
130
120
120
120
110
110
11
132
132
143
143
143
154
154
165
176
187
209
253
297
385
484
539
495
396
308
253
220
187
176
165
154
154
143
143
143
132
12
156
156
156
168
168
168
180
180
192
204
216
240
288
348
432
540
600
552
444
348
288
252
216
204
192
180
180
168
168
168
13
182
182
182
182
195
195
195
208
208
221
234
247
273
325
390
481
598
663
611
494
390
325
286
260
234
221
208
208
195
195
14
210
210
210
210
210
224
224
224
238
238
252
266
280
322
364
434
532
658
728
672
546
434
364
322
294
266
252
238
238
224
15
240
240
240
240
240
240
255
255
255
270
270
285
300
315
360
405
480
600
735
810
735
600
495
405
360
330
300
285
270
270
16
272
272
272
272
272
272
272
288
288
288
304
304
320
336
352
400
448
528
656
800
880
816
656
544
448
400
368
336
320
304
40
17
306
306
306
306
306
306
306
306
323
323
323
340
340
357
374
408
442
493
578
714
867
952
884
714
595
493
442
408
374
357
18
342
342
342
342
342
342
342
342
342
360
360
360
378
378
396
414
450
486
540
630
774
936
1026
954
792
648
540
486
450
414
19
380
380
380
380
380
380
380
380
380
380
399
399
399
418
418
437
456
494
532
589
703
836
1026
1121
1026
855
703
589
532
494
20
400
420
420
420
420
420
420
420
420
420
420
440
440
440
460
460
480
500
540
580
640
760
920
1100
1200
1100
900
760
640
580
21
441
441
462
462
462
462
462
462
462
462
462
462
483
483
483
504
504
525
546
588
630
714
819
987
1197
1281
1155
966
798
693
22
484
484
506
506
506
506
506
506
506
506
506
506
506
528
528
528
550
550
572
594
638
682
770
902
1078
1276
1364
1232
1034
858
23
529
529
529
552
552
552
552
552
552
552
552
552
552
552
575
575
575
598
621
621
667
690
759
851
989
1196
1403
1426
1265
1058
24
576
576
576
576
600
600
600
600
600
600
600
600
600
600
624
624
624
648
648
672
696
744
792
864
1008
1200
1416
1536
1416
1200
25
625
625
625
625
650
650
650
650
650
650
650
650
650
650
675
675
675
700
700
725
750
775
825
900
1025
1200
1425
1600
1575
1350
26
676
676
676
676
676
702
702
702
702
702
702
702
702
702
702
728
728
728
754
754
780
806
832
910
988
1118
1326
1560
1716
1612
27
729
729
729
729
729
729
756
756
756
756
756
756
756
756
756
756
783
783
783
810
810
837
864
918
972
1053
1188
1404
1647
1809
28
784
784
784
784
784
784
784
812
812
812
812
812
812
812
812
812
812
840
840
840
868
868
896
924
980
1036
1120
1288
1484
1764
29
841
841
841
841
841
841
841
841
870
870
870
870
870
870
870
870
870
870
899
899
899
928
928
957
986
1044
1102
1189
1363
1595
30
900
900
900
900
900
900
900
900
900
930
930
930
930
930
930
930
930
930
930
960
960
960
990
990
1020
1050
1110
1170
1260
1440
Table D16. Positive Shock, Post -Shock Phase, Nominal Frame, Type y Firm
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
1
17
12
9
7
6
5
4
3
3
3
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
1
2
52
36
26
20
16
14
12
10
8
8
8
6
6
6
6
6
6
6
6
6
6
4
4
4
4
4
4
4
4
4
3
105
81
57
45
33
27
24
21
18
15
15
15
12
12
12
12
12
12
12
12
12
12
9
9
9
9
9
9
9
9
4
160
144
112
84
64
48
40
36
32
28
24
24
24
24
20
20
20
20
20
20
20
20
20
16
16
16
16
16
16
16
5
180
205
185
145
110
85
65
55
50
45
40
35
35
35
35
30
30
30
30
30
30
30
30
30
25
25
25
25
25
25
6
174
222
252
234
180
138
108
84
72
66
60
54
48
48
48
48
42
42
42
42
42
42
42
42
42
36
36
36
36
36
7
161
210
266
301
280
217
168
133
105
91
84
77
70
70
63
63
63
56
56
56
56
56
56
56
56
56
49
49
49
49
8
152
192
248
320
360
328
256
200
160
128
112
104
96
88
88
80
80
80
72
72
72
72
72
72
72
72
72
64
64
64
9
153
180
225
288
369
414
378
297
234
189
153
135
126
117
108
108
99
99
99
90
90
90
90
90
90
90
90
90
90
81
10
160
180
210
260
330
420
470
430
340
270
220
190
160
150
140
130
130
120
120
120
110
110
110
110
110
110
110
110
110
110
11
176
187
209
242
297
374
473
528
484
396
308
253
220
187
176
165
154
154
143
143
143
132
132
132
132
132
132
132
132
132
12
192
204
216
240
276
336
432
528
588
540
444
348
288
252
216
204
192
180
180
168
168
168
156
156
156
156
156
156
156
156
13
208
221
234
247
273
325
377
481
598
663
611
494
390
325
286
247
234
221
208
208
195
195
195
182
182
182
182
182
182
182
14
238
238
252
266
280
308
364
434
532
658
728
672
546
434
364
322
280
266
252
238
238
224
224
224
210
210
210
210
210
210
15
255
270
270
285
300
315
345
405
480
585
720
795
735
600
480
405
360
330
300
285
270
270
255
255
255
240
240
240
240
240
16
288
288
304
304
320
336
352
400
448
528
640
784
864
800
656
528
448
400
368
336
320
304
304
288
288
288
272
272
272
272
41
17
323
323
323
340
340
357
374
391
442
493
578
714
867
952
867
714
595
493
442
408
374
357
340
340
323
323
323
306
306
306
18
342
360
360
360
378
378
396
414
432
486
540
630
774
936
1026
954
774
648
540
486
450
414
396
378
378
360
360
360
342
342
19
380
380
399
399
399
418
418
437
456
494
532
589
684
836
1007
1102
1026
836
703
589
532
494
456
437
418
418
399
399
399
380
20
420
420
420
440
440
440
460
460
480
500
540
580
640
740
900
1080
1180
1100
920
760
640
580
540
500
480
460
460
440
440
440
21
462
462
462
462
483
483
483
504
504
525
546
588
630
693
819
966
1176
1281
1176
987
819
693
630
588
546
525
504
504
483
483
22
506
506
506
506
506
528
528
528
550
550
572
594
638
682
748
880
1056
1254
1364
1254
1034
880
748
682
638
594
572
550
550
528
23
552
552
552
552
552
552
575
575
575
598
598
621
644
690
736
828
943
1127
1357
1449
1311
1104
920
805
736
690
644
621
598
598
24
600
600
600
600
600
600
600
624
624
624
648
648
672
696
744
792
888
1032
1224
1440
1536
1392
1176
984
864
792
720
696
672
648
25
650
650
650
650
650
650
650
650
675
675
675
700
725
725
775
800
875
975
1125
1350
1575
1600
1425
1200
1025
900
825
775
750
725
26
702
702
702
702
702
702
702
702
728
728
728
754
754
780
806
858
910
988
1144
1352
1586
1716
1586
1352
1144
988
910
858
806
780
27
756
756
756
756
756
756
756
756
783
783
783
810
810
837
864
891
945
1026
1161
1350
1593
1782
1755
1512
1269
1107
999
918
891
837
28
812
812
812
812
812
812
812
812
812
840
840
840
868
868
896
924
952
1036
1120
1260
1484
1736
1904
1792
1540
1316
1148
1036
980
924
29
870
870
870
870
870
870
870
870
870
870
899
899
899
928
928
957
986
1044
1102
1189
1334
1566
1827
2001
1885
1595
1363
1218
1102
1044
30
900
930
930
930
930
930
930
930
930
930
930
960
960
960
990
990
1020
1050
1110
1170
1260
1440
1650
1950
2100
1950
1680
1440
1260
1170