Der Rebound-Effekt - Tilman Santarius

Lebensmittel, Fair Trade Produkte usw.) dazu fXhren kann, dass KonsumentInnen es anschlieeend fXr gerechtfertigt halten, an anderer Stelle unethisch zu ...
1MB Größe 58 Downloads 360 Ansichten
Wuppertal Institut

Impulse zur WachstumsWende

für Klima, Umwelt, Energie GmbH

A

Energieef

n fizie

z

B C D

Der Rebound-Effekt Über die unerwünschten Folgen der erwünschten Energieeffizienz Von Tilman Santarius

Impulse für die politische Debatte

5

12

Wuppertal, März 2012

Herausgeber: Wuppertal Institut für Klima, Umwelt, Energie GmbH Autoren:

Tilman Santarius

Kontakt E-Mail:

www.santarius.de [email protected]

! !"#$%&"'()** ! Unter dem gemeinsamen Obertitel „Impulse zur WachstumsWende“ veröffentlicht das Wuppertal Institut Thesen und Forschungsergebnisse mit Bezug zur aktuellen Wachstumsdebatte.

Wuppertal, im März 2012

www.wupperinst.org ! ! !

1.*2),!3),()'.$-0!

!()*+(,-./01233(456* 7,()*0"(*./()89/#$:5(/*;-%
!

! !

!

! !

D6! E)#&$:(/*./0*F.#B)G?&!B&C:$,9DEFF&G(&!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!0K! "4K!L':--D=)>(:'DB&C:$,9DEFF&G(&!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!0M! ?6! F.#'&I(*./0*E/#"$:():("5(/*6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666*@J! I40!=)$-(F:'2&*!N=.F(JD=.F(JO!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!0P! K6! L)(/=(/*0()*2"/:(?-($2!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"M! M4"!=X'!&.,&!Y&-&**->?)F(!9&-!Y&,$7!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!"Z! O"5()&5.)*66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666*DP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

0!=X'!R,2&'G$,7&,!$,9![&'C&--&'$,7-6:'->?*\7&!A$!&.,&2!E,(W$'F!9&-!6:'*.&7&,9&,!8)%.&'-!

9),G&!.>?!L?'.-(:%?!Y]'7^!_),-!_))G&^!H.>?)&*!U:%)(A^!H),F'&9!`.,A^!B&.,?)'9!`:-G&^!#:*F7),7! 3)>?-!$,9!aW&!3>?,&.9&W.,94!!

"!

!

#$%%&'()*!+,-(.($(!"/0"!

!

!"#$%%&'($##"')* E.,&!3(&.7&'$,7!9&'!E,&'7.&%':9$G(.6.(\(^!$2!9.&!)$-7&?&,9&,!F:--.*&,!$,9!9.&!),! .?'&!3(&**&!('&(&,9&,!&',&$&'C)'&,!B&--:$'>&,!2]7*.>?-(!-%)'-)2!.2!#.'(->?)F(-D %':A&--!&.,A$-&(A&,^!.-(!&.,!W.>?(.7&'!b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c+8LLd!:9&'!9.&!+,(&',)(.:,)*&!E,&'7.&!R7&,($'!c+ERd^!7&?&,!.,! .?'&,!3A&,)'.&,!$,9!8':7,:-&,!9)6:,!)$-^!9)--!9&'!7']e(&!1&.*!9&'!&'F:'9&'*.>?&,! E.,-%)'$,7&,! 6:,! 1'&.C?)$-7)-&2.--.:,&,! XC&'! EFF.A.&,A-(&.7&'$,7&,! &'A.&*(! W&'9&,!G],,&4!5.&-!.-(!),A$AW&.F&*,^!9)!B&C:$,9DEFF&G(&!9)-!E.,-%)'%:(&,(.)*!9&'! E,&'7.&&FF.A.&,A!6&''.,7&',^!.2!E;('&2F)**!-:7)'!XC&'G:2%&,-.&'&,!G],,&,4!! ! 5.&-&-!8)%.&'!A&.7(!9.&![.&*F)*(!2]7*.>?&'!B&C:$,9DEFF&G(&!)$F^!$2'&.e(!.?'!f$),(.D ()(.6&-! R$-2)e! $,9! ! C&->?'&.C(! 9.&! 3>?W.&'.7G&.(&,^! -.&! 2.(! %:*.(.->?&,! H)e,)?D 2&,! &.,A$9\22&,4! +2! E'7&C,.-! &'->?&.,(! &-! 9'.,7&,9! &'F:'9&'*.>?^! A$GX,F(.7! B&C:$,9DEFF&G(&! .,! W.--&,->?)F(*.>?&,! 3A&,)'.&,! $,9! .2! %:*.(.->?&,! _),9&*,! A$! C&'X>G-.>?(.7&,4!! E)#&$:(/*./0*F.#B)G?.&9&,&! B&C:$,9DEFF&G(&! 9.FF&'&,A.&'(^! 9.&! -.>?! .,! 6.&'! U)(&7:'.&,! A$-)22&,F)--&,! *)--&,4! 5.&! F.,),A.&**&,! B&C:$,9DEFF&G(&! *&7&,! 9)'^! W.&!&.,&!3(&.7&'$,7!9&'!E,&'7.&&FF.A.&,A!A$!&.,&2!E.,G:22&,-7&W.,,!$,9!9)2.(! A$! ,&$&,! [&'C'\$>?&,! FX?'(4! b&.-%.&*-W&.-&! C&->?'&.C(! 9&'! E.,G:22&,-DEFF&G(^! 9)--! -.>?! 9.&! b&,A.,G:-(&,! C&.2! gC&'7),7! 6:2! 3&>?-D`.(&'D! A$2! 5'&.D`.(&'DR$(:! ?)*C.&'&,^!W)-!Y&*9!FX'!&.,&!&'?]?(&!T)>?F')7&!F'&.2)>?(!h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b&9&$($,7!9.&-&'! YX(&'! $,9! 5.&,-(*&.-($,7&,! FX?'&,! G),,4! 3:! A&.7(! C&.-%.&*-W&.-&! &.,&! a,(&'-$D >?$,7!)$-!i)%),^!9)--!R$(:F)?'&'^!9.&!-.>?!,)>?!&.7&,&'!#)?',&?2$,7!&.,!j]G:*:D

#$%%&'()*!+,-(.($(!"/00!

I!

7.->?&-!R$(:k!A$7&*&7(!?)C&,^!&.,!i)?'!,)>?!9&--&,!U)$F!7$(!0^Z2)*!2&?'!U.*:2&D (&'! )*-! 2.(! .?'&2! ?&'G]22*.>?&,! R$(:! A$6:'! 7&F)?'&,! -.,94! 5.&! L':--D=)>(:'D B&C:$,9DEFF&G(&! &'G*\'&,! ->?*.&e*.>?^! W.&! )$>?! &.,&! 3(&.7&'$,7! 9&'! R'C&.(-D! $,9! U)%.()*%':9$G(.6.(\(! &.,&! H&?',)>?F')7&! ,)>?! E,&'7.&! A&.(.7&,! G),,^! &(W)! 9$'>?! &,&'7.&6&'C')$>?&,9&! H&>?),.-.&'$,7! $,9! R$(:2)(.-.&'$,7! :9&'! W&,,! 9.&! R,D W&,9$,7!&,&'7.&&FF.A.&,(&'&'!1&>?,:*:7.&,! A$7*&.>?!2.(!V&.(&'-%)',.--&,!&.,?&'D 7&?(4!! Q.&/5"5&5"R(#*F.#'&I* b&.! 9&'! b&'&>?,$,7! 9&-! f$),(.()(.6&,! R$-2)e&-! 6:,! B&C:$,9DEFF&G(&,! *.&7&,! ,:>?! &'?&C*.>?&! a,-.>?&'?&.(&,! 6:'4! 5.&! 2&.-(&,! ]G:,:2&('.->?&,! a,(&'-$>?$,D 7&,! C&(')>?(&,! ,$'! &.,A&*,&! -&G(:'D! $,9! %':9$G(-%&A.F.->?&! R$-W.'G$,7&,! 6:,! F.,),A.&**&,! $,9! 2)(&'.&**&,! B&C:$,9DEFF&G(&,! )$F! 3&.(&! 9&'! U:,-$2&,(+,,&,4! 5)--!9.&!f$),(.()(.6&!B&C:$,9D=:'->?$,7!,:>?!7':e&!`X>G&,!)$FW&.-(^!9'X>G(!.2! a2G&?'->?*$--!)**&'9.,7-!)$-^!9)--!9.&!E'7&C,.--&!9&'!C.-?&'.7&,!H:9&**'&>?,$,D 7&,!W)?'->?&.,*.>?!,$'!&.,!G*&.,&-!R$-2)e!9&'!()(-\>?*.>?!)$F('&(&,9&,!B&C:$,9-! )$-9'X>G&,4!! ! [.&'!H&()D3($9.&,!*.&F&',!&.,&!gC&'-.>?(!$,9!R$-W&'($,7!9&'!A)?*'&.>?&,!&2%.'.D ->?&,! E.,A&*$,(&'-$>?$,7&,4! R$-! .?,&,! *&.(&(! 9&'! 6:'*.&7&,9&! 1&;(! )*-! R,?)*(-D %$,G(!9.&!N=)$-(F:'2&*!=.F(JD=.F(JO!)Cl!`),7F'.-(.7!$,9!.2!H.((&*!.-(!2.(!7&-)2(W.'(D ->?)F(*.>?&,!B&C:$,9DEFF&G(&,!6:,!2.,9&-(&,-!M/m!A$!'&>?,&,4!H.(!),9&'&,!#:'D (&,^! .2! 3>?,.((! W&'9&,! E,&'7.&&FF.A.&,A-(&.7&'$,7&,! &.,&'! #.'(->?)F(! ?]>?-(&,-! 9.&! _\*F(&! 9&-! (?&:'&(.->?&,! E.,-%)'%:(&,(.)*-! 6:,! EFF.A.&,A(&>?,:*:7.&,! $,9! D 2)e,)?2&,!'&)*.-.&'&,^!2.($,(&'!)$>?!W&,.7&'4!! L)(/=(/*0()*B-%"5"#$:(/*2"/:(?! $2W&*(%:*.(.->?&! H)e,)?2&,! &.,?&7&,! :9&'! 7)'! $,(&'C.,9&,! *)--&,4! EFF.A.&,AD -(),9)'9-! FX'! Y&'\(&! :9&'! 8':9$G(.:,-%':A&--&! C&'7&,! 9.&! 7']e(&! Y&F)?'^! B&C:$,9DEFF&G(&! ?&'6:'A$'$F&,4! B&)*&! E.,G:22&,-7&W.,,&! -:W.&! H)'G(%'&.-D -&,G$,7&,^! 9.&! )*-! =:*7&! 6:,! EFF.A.&,A-(&.7&'$,7&,! &,(-(&?&,^! *)--&,! -.>?! (?&:'&D (.->?!9$'>?!QG:-(&$&',!)C->?]%F&,4!E-!W\'&!)**&'9.,7-!&.,!G:2%*&;&-!QG:-(&$&'D 5&-.7,!2.(!-&G(:'D!$,9!%':9$G(-%&A.F.->?&,!3(&$&'-\(A&,!&'F:'9&'*.>?^!W)-!-.>?!.,! 9&'! %:*.(.->?&,! a2-&(A$,7! 2.(! _&')$-F:'9&'$,7&,! G:,F':,(.&'(! -\?&4! #&,,! 9&'! T)($'6&'C')$>?! 9$'>?! )C-:*$(&! SC&'7'&,A&, (‚caps’) C&->?'\,G(! W.'9^! G),,! &-! (?&:'&(.->?! G&.,&! B&C:$,9DEFF&G(&! 7&C&,4! 3:! *),7&! >)%-! )C&'! ,.>?(! 7*:C)*! &.,7&D FX?'(! -.,9^! G],,&,! B&C:$,9DEFF&G(&! XC&'! 9&,! #&*(?),9&*! CAW4! XC&'! 6&'-(\'G(&! +2%:'(&!6&'*)7&'(!W&'9&,4!! S$:%.##3-%?'\,G(! %:-.(.6&,! b&.(')7! A$'! T)>??)*(.7G&.(! *&.-(&,! $,9! .?'&! (&>?D ,.->?! 2]7*.>?&,! E.,-%)'%:(&,(.)*&! '&)*.-.&'&,4! SC! $,9! W.&! 9)-! [:*G-&.,G:22&,! -()C.*!7&?)*(&,!W&'9&,!:9&'!7)'!->?'$2%F&,!G),,^!.-(!9)?&'!&.,&!9&'!W.>?(.7-(&,! $,9!?&')$-F:'9&',9-(&,!=')7&,!9&'!V$G$,F(4!!

#$%%&'()*!+,-(.($(!"/00!

M!

+,*

-$./#0"%*"'1*2'03455&6"')*

gC&'! %:*.(.->?&! $,9! 7&-&**->?)F(*.>?&! Y'&,A&,! ?.,W&7! C&-(&?(! ?&$(&! W&.(7&?&,9! E.,.7G&.(!9)'.,^!9)--!9.&!2:9&',&,!+,9$-('.&7&-&**->?)F(&,!.,!9&,!,\>?-(&,!i)?'&,! $,9! i)?'A&?,(&,! 6:'! 9&'! _&')$-F:'9&'$,7! &.,&'! A.&2*.>?! 7'$,9*&7&,9&,! a2W\*D A$,7!-(&?&,4!R,7&-.>?(-!-(&.7&,9&'!Q*%'&.-&^!G,)%%&'!W&'9&,9&'!B&--:$'>&,^!A$D ,&?2&,9&'! 7*:C)*&'! E'W\'2$,7! $,9! &.,&2! ?.-(:'.->?! C&.-%.&**:-&,! [&'*$-(! 9&'! R'(&,6.&*F)*(! W.'9! &.,&! N7':e&! 1'),-F:'2)(.:,O! 7&F:'9&'(^! 9.&! .,-C&-:,9&'&! 9.&! ]G:*:7.->?&,!=:*7&->?\9&,!9&-!.,9$-('.&**&,!H&()C:*.-2$-!2.*9&'(!$,9!9.&!Y&-&**D ->?)F(!)$F!9&,!8F)9!&.,&'!-:A.)*!W.&!]G:*:7.->?!,)>??)*(.7&,!E,(W.>G*$,7!-&(A(4!! #)-! )**&'9.,7-! 9.&! Y&-()*(! 9.&-&-! 8F)9-! C&('.FF(^! 2.(?.,! 9.&! G:,G'&(&! a2-&(A$,7! 6:,!,)>??)*(.7&'!E,(W.>G*$,7^!9)'XC&'!C&-(&?(!W&.(!W&,.7&'!E.,.7G&.(4!Y&7&,W\'D (.7!W.'9!$,(&'!),9&'&2!XC&'!9.&!=')7&!7&-('.((&,^!:C!&.,&!-(&(.7!W)>?-&,9&!#.'(D ->?)F(!&.,&!Y&F)?'!:9&'!)C&'!&.,&![:')$--&(A$,7!FX'!,)>??)*(.7&!E,(W.>G*$,7!9)'D -(&**(4!5&'!a2W&*(%:*.(.G&'!$,9!DF:'->?&'!B&.,?)'9!`:-G&!2&.,(!7)'^!j.,!9&'!5&C)(D (&! XC&'! T)>??)*(.7G&.(^! U*.2)->?$(A! $,9! ]G:*:7.->?&! 8:*.(.G! 9':?(! &.,! 3>?.-2)k": R$F!9&'!&.,&,!3&.(&!-(X,9&,!9.&!EFF.A.&,A'&6:*$(.:,\'&!$,9!1&>?,.G:%(.2.-(&,^!9.&! W&.(&'&-! #.'(->?)F(-W)>?-($2! FX'! WX,->?&,-W&'(! :9&'! 7)'! ,:(W&,9.7! &')>?(&,n! )$F!9&'!),9&'&,!3&.(&!9.&!8':()7:,.-(&,!9&'!3$FF.A.&,A!$,9!9&-!U$*($'W),9&*-^!9.&! W&,.7-(&,-! FX'! &.,&! RCG&?'! 6:2! #)>?-($2-%)')9.72)! .,! 9&'! 8:*.(.G! %*\9.&'&,^! W&,,!,.>?(!7)'!FX'!3()7,)(.:,!:9&'!W.'(->?)F(*.>?&!3>?'$2%F$,74!_.,(&'!9&2!6:,! `:-G&! %:*)'.-.&'(&,! H&.,$,7--%&G('$2! 6&'-(&>G&,! -.>?! W.9&'-('&.(&,9&! R,,)?D 2&,^! XC&'! 9&'&,! #)?'?&.(-7&?)*(! 9&'A&.(! )$>?! 9.&! #.--&,->?)F(! ,:>?! ,.>?(! &.,D 9&$(.7!&,(->?.&9&,!.-(4!! ! a2! &.,&'! W.--&,->?)F(*.>?! F$,9.&'(&,! R,(W:'(! )$F! 9.&! =')7&! &.,! 3(X>G! ,\?&'! A$! G:22&,^!.-(!&-!6:,!A&,(')*&'!b&9&$($,7^!R'7$2&,(&!FX'!$,9!W.9&'!&.,&!E,(G:%%&D *$,7! 6:,! #.'(->?)F(-W)>?-($23 $,9! T)($'6&'C')$>?4 .,! 9&,! b*.>G! A$! ,&?2&,4! 3>?*.&e*.>?! .-(! 9.&! Y'&(>?&,F')7&! .,! 9&'! #)>?-($2-9&C)((&l! `\--(! -.>?! 9&'! T)($'D 6&'C')$>?!6:2!#.'(->?)F(-W)>?-($2!)C-:*$(!&,(G:%%&*,!h!:9&'!,.>?(o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

"!`:-G&^!B&.,?)'9!c"/0/dl!RC->?.&9!6:2!#)>?-($2-AW),74!U:,($'&,!&.,&'!8:*.(.G!9&'!H\e.7$,74! B),7-9:'F4! I!#.'(->?)F(-W)>?-($2!W.'9!?.&'!$,9!.2!F:*7&,9&,!)*-!f$),(.()(.6&!V$,)?2&!9&-![:*G-&.,G:22&,! 6&'-(),9&,^!$,9!AW)'!)*-!'&)*&^!.,F*)(.:,-C&'&.,.7(&!V$,)?2&^!C&.!9&'!9.&!W)>?-&,9&!Y&*92&,7&! ,.>?(!.,!W)>?-&,9&'!+,F*)(.:,!N6&'%$FF(O4! K!T)($'6&'C')$>?!W.'9!?.&'!6&'-(),9&,!)*-!+,),-%'$>?,)?2&!6:,!B&--:$'>&,!$,9!QG:-J-(&2&,! -:W:?*!)*-!p$&**&,!FX'!B:?-(:FF&!W.&!)$>?!)*-!3&,G&,!FX'!RCF\**&!$,9!E2.--.:,&,4!+2!F:*7&,9&,! W.'9!?\$F.7!)$F!9&,!E,&'7.&6&'C')$>?!$,9!)$F!E2.--.:,&,!'&G$''.&'(^!9.&!:FF&,-.>?(*.>?!,$'!&.,&,! 1&.*!9&-!T)($'6&'C')$>?-!)$-2)>?&,4! M![7*4!A4b4!_)WG&,!&(!)*4!c"///d!

Z!

!

#$%%&'()*!+,-(.($(!"/0"!

6:,!T)($'6&'C')$>?!)$-!9&,!+,9$-('.&*\,9&',!.,!9&,!7*:C)*&,!3X9&,6 :9&'!9.&!)CD ,&?2&,9&! T&((:DE,&'7.&C.*),A! C&.2! gC&'7),7! A$! &',&$&'C)'&,! E,&'7.&('\7&',4?(.7&-!R'7$2&,(!7&7&,!&.,&!?.,'&.>?&,9&!E,(G:%%&*$,7!6:,!#)>?-($2! $,9! T)($'6&'C')$>?! .-(! F&',&'! 9&'! B&C:$,9DEFF&G(^! 9&2! -.>?! 9.&-&'! R'(.G&*! W.9D 2&(4 1.1 Das vergessene Paradox #&,,! )$>?! ,:>?! ,.>?(! $,(&'! 9&'! b&A&.>?,$,7^! W$'9&! 9&'! H&>?),.-2$-! 9&-! B&C:$,9DEFF&G(-! C&'&.(-! 9$'>?! #.**.)2! 3(),*&J! i&6:,-! '&,:22.&'(&-! #&'G! k"#$! %&'(!)*$+,-&.q!c0@ZMd!)*-!8)')9:;!.,!9.&!5.-G$--.:,!&.,7&FX?'(l!EFF.A.&,A-(&.7&'$,D 7&,!C&.!9&'!T$(A$,7!6:,!U:?*&!FX?'&,!,.>?(!A$!E.,-%)'$,7&,!6:,!U:?*&^!-:,9&',! A.&?&,! &.,&,! &'?]?(&,! U:?*&6&'C')$>?! ,)>?! -.>?^! W&.*! 9&'! (&>?,.->?&! =:'(->?'.((! &.,&! H&?',)>?F')7&! ,)>?! E,&'7.&! .,9$A.&'(4! E,(->?&.9&,9! FX'! 9.&! 5&F.,.(.:,! 9&-! b&7'.FF-!B&C:$,9^!9.&!-.>?!9.&-&'!R'(.G&*!A$!&.7&,!2)>?(^!.-(!,.>?(!9.&!_]?&!9&-!EFD F&G(-! -:,9&',! 9.&! 6:,! i&6:,-! &,(9&>G(&! U)$-)*.(\(! AW.->?&,! EFF.A.&,A-(&.7&'$,7! $,9! H&?',)>?F')7&l /$0&*.12344$5,! 0$6$-7#.$,! 1$.! 8$+,$-8$9,$.! :&.+*;! ?(! ,$'! B&--:$'>&,D! :9&'!E,&'7.&D!-:,9&',!)$>?!R'C&.(-D!$,9!U)%.()*D8':9$G(.6.(\(--(&.7&'$,7&,!&.,&! H&?',)>?F')7&! ,)>?! -.>?! A.&?&,! G],,&,4! 5&'! 6:'*.&7&,9&! R'(.G&*! C&->?'\,G(! -.>?! .,9&--&,! 9)')$F^! )$F! 9&'! S$(%$(-&.(&! ,$'! 9.&! H&?',)>?F')7&! ,)>?! E,&'7.&! A$! C&D (')>?(&,4 ! SFF&,C)'! W$'9&! 9)-! 6:,! i&6:,-! C&->?'.&C&,&! 8)')9:;! .,! 9&'! W.--&,->?)F(*.>?&,! 5.-G$--.:,! XC&'! 0//! i)?'&! *),7! 6&'7&--&,4! 5)?&'! C&-(.22(! 9.&! [:'-(&**$,7! 6:,! NEFF.A.&,A! 7*&.>?! 3%)'-)2G&.(O! C.-! ?&$(&! 9)-! 5&,G&,! $,9! _),9&*,! 6:,! 8:*.(.G&'+,D ,&,^! a,(&',&?2&'+,,&,^! U:,-$2&,(+,,&,l! &-! W.'9! F&-(! 9)6:,! )$-7&7),7&,^! 9)--! &.,!&FF.A.&,(&'&'!a27),7!2.(!E,&'7.&!$,9!B&--:$'>&,!9)A$!FX?'(^!9)--!9.&-&!.,!)CD -:*$(&,!V)?*&,!&.,7&-%)'(!W&'9&,!G],,(&,4!5:>?!W)-!)2!&.,A&*,&,!b&.-%.&*!.,($.D (.6!&.,*&$>?(&,9!G*.,7(^!7.*(!7),A!:FF&,C)'!,.>?(!FX'!9&,!E,&'7.&6&'C')$>?!6:,!Y&D -&**->?)F(&,!.,!3$22&4!3>?*.&e*.>?!.-(!&-!)$7&,->?&.,*.>?^!9)--!)**!r&,&!Y&-&**->?)FD (&,^!9.&!-&.(!9&'!+,9$-('.)*.-.&'$,7!9.&!7']e(&,!8':9$G(.6.(\(-F:'(->?'.((&!-&.(!H&,D ->?&,7&9&,G&,! &'A.&*&,! G:,,(&,^! *)$F&,9! 2&?'! E,&'7.&! $,9! B&--:$'>&,! 6&'D C')$>?(! ?)C&,4! E.,&! E']'(&'$,7! 9&'! a'-)>?&,! $,9! #.'GW&.-&,! 6:,! B&C:$,9D EFF&G(&,! *.&F&'(! ,.>?(! ,$'! &.,&! E'G*\'$,7! FX'! 9.&-&-! ->?&.,C)'&! 8)')9:;^! -:,9&',! *\--(! 9.&! %:-.(.6&! U:''&*)(.:,! AW.->?&,! -(&.7&,9&'! E,&'7.&%':9$G(.6.(\(! $,9! -(&.D 7&,9&'!T)>?F')7&!*:7.->?!$,9!F:*7&'.>?(.7!&'->?&.,&,4!! ! E'-(! 0P@/! ?)C&,! 5),.&*! U?)AA::2! c0P@/d! $,9! `&:,)'9! b'::G&-! c0PP/d! FX'! &.,&! #.&9&'C&*&C$,7!9&'!_J%:(?&-&!6:,!i&6:,-!7&-:'7(!$,9!&.,&!,&$&'&!W.--&,->?)F(D *.>?&! 5.-G$--.:,! XC&'! 9&,! B&C:$,9! ),7&A&((&*(4! R**&'9.,7-! W$'9&! -&.(9&2! 9&'! B&C:$,9DEFF&G(!,$'!.,!9&'!]G:,:2.->?&,!5.-A.%*.,!C&?),9&*(^!6:'!)**&2!)$-!AW&.! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Z!V$'![&'*)7&'$,7!6:,!1'&.C?)$-7)-&2.--.:,&,!-.&?&!A4b4!8&(&'-!&(!)*4!c"/0/d!:9&'!b'$>G,&'!&(!)*4!

c"/0/d!:9&'l!3),()'.$-!c"//Pd4!! :((!c"/00d!!

#$%%&'()*!+,-(.($(!"/00!


8&'-%&G(.6&,4!V$2!&.,&,!?)C&,!.?,!QG:*:7.->?&!QG:,:2&,!.2!V$-)22&,?),7!2.(! 9&'! =')7&! 9.-G$(.&'(^! W.&! -.>?! 9)-! #&>?-&*6&'?\*(,.-! 6:,! #.'(->?)F(-W)>?-($2! $,9! E,&'7.&,)>?F')7&! 6&'?\*(49 V$2! ),9&'&,! W$'9&! -&.(! 9&,! 0P@/&'! i)?'&,! &.,&! C.-!?&$(&!AW)'!,:>?!XC&'->?)$C)'&^!)C&'!A$,&?2&,9&!R,A)?*!&2%.'.->?&'!3($9.&,! 9$'>?7&FX?'(^! 9.&! 6&'-$>?&,^! B&C:$,9DEFF&G(&! &.,A&*,&'! 3&G(:'&,! :9&'! 8':9$G(D 7'$%%&,!2.((&*-!?.-(:'.->?&'!V&.('&.?&,!:9&'!]G:,:2&('.->?&'!H:9&**&!A$!f$),(.D F.A.&'&,.10 [:,!&.,&'!W.--&,->?)F(*.>?!F$,9.&'(&,!5.-G$--.:,!.,!5.-A.%*.,&,!r&,-&.(-!9&'!QG:D ,:2.&!G),,!C.-!?&$(&!,.>?(!9.&!B&9&!-&.,4!#&9&'!*.&7&,!-:A.:*:7.->?&!3($9.&,^!&(D W)! A$2! V$-)22&,?),7! 6:,! B&C:$,9DEFF&G(&,! $,9! .,9.6.9$&**&2! _),9&*,! :9&'! )$-!-J-(&2(?&:'&(.->?&'!3.>?(11 6:'^!,:>?!7.C(!&-!&.,&!?.,'&.>?&,9&!5.-G$--.:,!)$-! %:*.(.GW.--&,->?)F(*.>?&'! 8&'-%&G(.6&^! &(W)! A$'! =')7&^! 2.(! W&*>?&,! 8:*.(.G&,! $,9! H)e,)?2&,! B&C:$,9DEFF&G(&! &.,7&?&7(! W&'9&,! G],,(&,4! U$'A$2^! :CW:?*! 9)-! 8?\,:2&,! C&'&.(-! 6:'! G,)%%! 0M/! i)?'&,! .,! 9.&! #.--&,->?)F(! &.,7&FX?'(^! 2.(! 9&,! [&']FF&,(*.>?$,7! 6:,! U?)AA:$2! $,9! b'::G&-! .,! 9&,! 0P@/&'! i)?'&,! W.&9&'&,(D 9&>G(! $,9! -&.(9&2! 6&'-(\'G(! 9.-G$(.&'(! W$'9&^! C&-(&?(! ,)>?! W.&! 6:'! -&*C-(! .,! 9&'! QG:,:2.&^! $,AW&.F&*?)F(! )C&'! .,! )**&,! ),9&'&,! W.--&,->?)F(*.>?&,! 5.-A.%*.,&,! 7':e&'!=:'->?$,7-C&9)'F4 1.2 Forschungsthemen und Fragen +,! 9&,! *&(A(&,! i)?'&,! -.,9! &.,.7&! gC&'-.>?(--($9.&,! A$2! B&C:$,9DEFF&G(! &'->?.&D ,&,^!9)6:,!rX,7-(!9.&!3($9.&!6:,!H)9*&,&'!$,9!R*>:((!c"/00d!.2!B)?2&,!9&'!E,D f$&(&!U:22.--.:,!9&-!5&$(->?&,!b$,9&-()7-!j#)>?-($2^!#:?*-(),9^!`&C&,-f$)D *.(\(4k! T)>?! W.&! 6:'! 2),7&*(! &-! )C&'! ),! $2F)--&,9&,! R,)*J-&,! 9)'XC&'^! W.&! B&C:$,9DEFF&G(&! &,(-(&?&,4! b.-?&'! W&'9&,! a'-)>?&,! XC&'W.&7&,9! 2.(! ]G:,:2.D ->?&,! U)(&7:'.&,! $,9! 9&2! V$-)22&,-%.&*! 6:,! 8'&.-&,^! E.,G:22&,^! cE,&'7.&Dd! T)>?F')7&! $,9! +,6&-(.(.:,&,! C&->?'.&C&,4! 3.&! '&G$''.&'&,! .,-:F&',! )**&! &,(W&9&'! )$F!E.,G:22&,-D^!8'&.-D!:9&'!3$C-(.($(.:,-&FF&G(&!c-.&?&!$,(&,d^!W:C&.!2&.-(!6:,! ')(.:,)*!T$(A&,D2);.2.&'&,9&,!+,9.6.9$&,!)$-7&7),7&,!W.'94!5&27&7&,XC&'!7.C(! &-! C.-! 9)(:! G)$2! [&'-$>?&^! B&C:$,9DEFF&G(&! ),?),9! %-J>?:*:7.->?&'! $,9! -:A.)*D W.--&,->?)F(*.>?&'!V$-)22&,?\,7&!$,9!U)(&7:'.&,!A$!C&->?'&.C&,4!T)?&*.&7&,9&! =')7&,^!&(W)!W)'$2!H&,->?&,!,)>?!&.,&'!E.,-%)'$,7!&.7&,(*.>?!2&?'!G:,-$2.&D '&, A&(($.^!C*.&C&,!.,!9&'!B&C:$,9D=:'->?$,7!C.-*),7!)$e&,!6:'4!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! P!#\?'&,9!C&.!,&:G*)--.->?&,!QG:,:2&,!9)-![&'-(\,9,.-!6:'?&''->?(^!9&'!E,&'7.&6&'C')$>?!W.'D G&!'&*)(.6!C&7'&,A(!)$F!9)-!#)>?-($2!W&.*!9.&!_]?&!9&'!E,&'7.&G:-(&,!)2!b'$((:.,*),9%':9$G(! C&7'&,A(!-&.^!)'7$2&,(.&'&,!]G:*:7.->?&!QG:,:2&,!)$F!b)-.-!9&'!Y'$,9-\(A&!9&'!1?&'2:9J,)2.G^! 9)--!E,&'7.&,)>?F')7&!9&'!&,(->?&.9&,9&!H:(:'!9&-!#.'(->?)F(-W)>?-($2-!-&.4!5)?&'!-&.!&.,&! E,(G:%%&*$,7!%')G(.->?!G)$2!2]7*.>?^!W&.*!&.,&!()(-\>?*.>?!6&''.,7&'(&!E,&'7.&,)>?F')7&!h!:C! 9$'>?!EFF.A.&,A-(&.7&'$,7&,!:9&'!),9&'-W.&!h!9)-!#.'(->?)F(-W)>?-($2!!&*&2&,()'!C&&.,F*$--&,! 9X'F(&4!E.,&,!gC&'C*.>G!XC&'!9.&-&!5.-G$--.:,!2.(!W&.(&'&,!B&F&'&,A&,!F.,9&(!-.>?!&(W)!C&.!i&,G.,-! &(!)*4!c"/00d!! 0/!3.&?&!?.&'A$!U)%.(&*!I4!! 00!VW)'!F.,9&,!-.>?!p$&'C&AX7&!A$'!3J-(&2(?&:'.&!C&.!Y.)2%.&(':!$,9!H)J$2.^!)**&'9.,7-!2.(!b&D AX7&,!A$!,)($'W.--&,->?)F(*.>?&,!$,9!,.>?(!A$!-:A.)*W.--&,->?)F(*.>?&,!3J-(&2(?&:'.&,4!3.&?&! Y.)2%.&(':^!H)'.:t!H)J$2.^!U:A:!c"//@d!

@!

!

#$%%&'()*!+,-(.($(!"/0"!

5.&-&'!R'(.G&*!W.'9!)$FA&.7&,^!W.&!EFF.A.&,A-(&.7&'$,7&,!)$>?!$,)C?\,7.7!6:,!E.,D G:22&,-&FF&G(&,!A$!&.,&'!H&?',)>?F')7&!FX?'&,!G],,&,4!3>?*.&e*.>?!FX?'&,!EFF.D A.&,A-(&.7&'$,7&,!6:,!1&>?,:*:7.&,!,.>?(!,$'!A$!U:-(&,-&,G$,7&,^!-:,9&',!2.(D $,(&'! )$>?! A$! V&.(&.,-%)'$,7&,! :9&'! &.,&'! [&'C&--&'$,7! 9&'! 7&-&**->?)F(*.>?&,! RGA&%(),A! ]G:*:7.->?! '&*&6),(&'! _),9*$,7&,n! C&.9&-! G),,! .,9.6.9$&**&! 8'\F&'&,D A&,!6&'->?.&C&,4!+2!E'7&C,.-!W&'9&,!9&,!.,!9&'!QG:,:2.&!C&->?'.&C&,&,!F.,),A.D &**&,! $,9! 2)(&'.&**&,! B&C:$,9DEFF&G(&,! W&.(&'&! %-J>?:*:7.->?&! $,9! -J-(&2.->?! C&9.,7(&!B&C:$,9DEFF&G(&!),!9.&!3&.(&!7&-(&**(412 =&',&'!?)(!9.&!C.-?&'.7&!U:,A&,(')(.:,!9&'!=:'->?$,7!)$F!]G:,:2&('.->?&!R,)*JD -&,! G:,-$2C&A:7&,&'! B&C:$,9DEFF&G(&! 9.&! a,(&'-$>?$,7! 7&-)2(W.'(->?)F(*.>?&'! B&C:$,9DEFF&G(&! 6&',)>?*\--.7(4! E-! 2),7&*(! ),! (?&:'&(.->?&,! E'G*\'$,7&,^! W.&! 7&-)2(W.'(->?)F(*.>?&! B&C:$,9-! &,(-(&?&,4! H.(! 9&'! E.,FX?'$,7! 9&-! b&7'.FF-! 6:,! NL':--D=)>(:'DB&C:$,9DEFF&G(&,O!2]>?(&!9.&-&'!R'(.G&*!&.,&,!b&.(')7!9)A$!*&.-(&,^! 9.&! #.'GW&.-&,! 7&-)2(W.'(->?)F(*.>?&'! B&C:$,9DEFF&G(&! ,\?&'! A$! &']'(&',! $,9! 9&,! G:,-$2D! $,9! %':9$G(.:,--&.(.7&,! W&.(&'&! -J-(&2.->?&! a'-)>?&,! ?.,A$A$FXD 7&,4! E'-(! &.,! 6&'(.&F(&-! [&'-(\,9,.-! 9)'XC&'^! W&*>?&! #.'G2&>?),.-2&,! -.>?! ?.,(&'! B&C:$,9DEFF&G(&,! 6&'-(&>G&,! cU)%.(&*! "d! $,9! W&*>?&! f$),(.()(.6&,! R$-2)e&! B&C:$,9DEFF&G(&!!),,&?2&,!G],,&,!cU)%.(&*!Id!*\--(!&.,&!6:'-.>?(.7&!R,,\?&'$,7! ),!9.&!=')7&!A$^!:C!-.&!-.>?!%:*.(.->?!&.,9\22&,!*)--&,4!U],,&,!$2W&*(%:*.(.->?&! +,-('$2&,(&!B&C:$,9-!&.,9\22&,!:9&'!7)'!$,(&'C.,9&,!$,9!-:2.(!&.,&!E,(G:%D %&*$,7! 6:,! #)>?-($2! $,9! T)($'6&'C')$>?! 2]7*.>?! 2)>?&,o! E.,&! G'.(.->?&! 5.-D G$--.:,! 7\,7.7&'! +,-('$2&,(&! 9&'! a2W&*(%:*.(.G! *\--(! W&,.7! _:FF,$,7^! 9)--! 9.&-! $2F)--&,9!7&*.,7&,!G],,(&!cU)%.(&*!Kd4!5.&!3G&%-.-!FX?'(!$,W&.7&'*.>?!A$!9&'!=')D 7&^! W.&! EFF.A.&,AD! $,9! U:,-.-(&,A-(')(&7.&,! .,! V$G$,F(! .,! &.,&! &'F:*7'&.>?&! T)>?D ?)*(.7G&.(-%:*.(.G!&.,7&C&((&(!W&'9&,!$,9!W&*>?&!b&9.,7$,7&,!&'FX**(!-&.,!2X--&,^! 9)2.(!-.&!&.,&!$,&.,7&->?'\,G(!G:,-('$G(.6&!B:**&!C&.!9&'!N7':e&,!1'),-F:'2)(.:,O! ?.,!A$!&.,&'!,)>??)*(.7&'&,!#.'(->?)F(-W&.-&!-%.&*&,!G],,&,!cU)%.(&*!Md4!!

7,*

89#$./&'*"'1*:"#59;)"')&'**

+,! 9&'! `.(&')($'! W&'9&,! ?\$F.7! 9'&.! R'(&,! 6:,! B&C:$,9DEFF&G(&,! $,(&'->?.&9&,l! 5&'!9.'&G(&!B&C:$,9DEFF&G(^!9&'!-.>?!.,!9&'!&'?]?(&,!T)>?F')7&!,)>?!9&2!7*&.>?&,! Y$(! CAW4! 9&'! 7*&.>?&,! 5.&,-(*&.-($,7! A&.7(! cC-%4l! 9&'! gC&'7),7! 6:2! 3&>?-D`.(&'D! A$2! 5'&.D`.(&'DR$(:! FX?'(! 9)A$^! 9)--! 2.(! 9&2! 5'&.D`.(&'DR$(:! ,$,! W&.(&'&! 3('&D >G&,! 7&F)?'&,! W&'9&,dn! 9&'! .,9.'&G(&! B&C:$,9DEFF&G(^! 9&'! -.>?! .,! 9&'! &'?]?(&,! T)>?F')7&! ,)>?! )*(&',)(.6&,! YX(&',! :9&'! `&.-($,7&,! \$e&'(! cC-%4l! 9&'! gC&'7),7! 6:2!3&>?-D`.(&'D!A$2!5'&.D`.(&'DR$(:!FX?'(!9)A$^!9)--!U:,-$2&,(+,,&,!,$,!?\$D F.7&'! .,! 9&,! a'*)$C! F*.&7&,dn! $,9! ->?*.&e*.>?! 9&'! -('$G($'&**&! :9&'! 2)G':D ]G:,:2.->?&!B&C:$,9DEFF&G(!cC-%4l!W&.*!6.&*&!U:,-$2&,(&,!,$,!5'&.D`.(&'DR$(:-! F)?'&,^!W.'9!.,-7&-)2(!W&,.7&'!b&,A.,!,)>?7&F')7(^!W)-!9.&!8'&.-&!'&*)(.6!-.,G&,! *\--(!$,9!&.,&,!R,'&.A!-&(A(^!9)--!),9&'&!3&G(:'&,!6&'2&?'(!&,&'7.&6&'C')$>?&,D 9&!8':9$G(&!,)>?F')7&,d4!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 0"!8-J>?:*:7.->?&!$,9!2)(&'.&**&!B&C:$,9DEFF&G(&!W&'9&,!C&'&.(-!7&,),,(!C&.!8)&>?^!T.G:!c"/00d!

#$%%&'()*!+,-(.($(!"/00!

P!

5.&! _]?&! &.,&-! B&C:$,9DEFF&G(-! W.'9! 7&2&.,?.,! 9&F.,.&'(! )*-! r&,&'! 8':A&,(-)(A! 6:,!&.,&'!&FF.A.&,A-(&.7&',9&,!H)e,)?2&!:9&'!1&>?,:*:7.&^!9&'!9$'>?!&.,&,!R,D -(.&7!9&'!T)>?F')7&!G:2%&,-.&'(!W.'94!a2!9.&-!A$!C&'&>?,&,^!C&9)'F!&-!9&'!a,(&'D ->?&.9$,7!AW.->?&, &.,&'-&.(-!9&2!(&>?,.->?!$,9!(?&:'&(.->?!2)>?C)'&,^!-:A$-)D 7&,! N6:2! +,7&,.&$'O! ),6.-.&'(&,! EFF.A.&,A%:(&,(.)*! $,9! ),9&'&'-&.(-! 9&2! .,! 9&'! 8');.-! ()(-\>?*.>?! '&)*.-.&'(&,! E,&'7.&6&'C')$>?4! 3:! ('\7(! C&.-%.&*-W&.-&! 9.&! E,(D W.>G*$,7! ,&$&'! H:(:'&,! (?&:'&(.->?! 9)-! 8:(&,(.)*^! 9)--! R$(:-! -()((! C.-?&'! .2! 3>?,.((!-&>?-!`.(&'!,$'!,:>?!9'&.!`.(&'!b&,A.,!)$F!0//!U.*:2&(&',!6&'C')$>?&,4!=X'! 9.&!b&'&>?,$,7!9&-!B&C:$,9DEFF&G(-!.-(!)C&'!&,(->?&.9&,9^!W.&!6.&*!3%'.(!9)-!5'&.D `.(&'DR$(:!()(-\>?*.>?!XC&'!-&.,&!`&C&,-A&.(!6&'F)?'&,!?)(4!E.,!B&C:$,9DEFF&G(!6:,! C&.-%.&*-W&.-&!M/m!WX'9&!C&9&$(&,^!9)--!.2!gC&'7),7!6:2!3&>?-D`.(&'!A$2!5'&.D `.(&'DR$(:! 9.&! _\*F(&! 9&'! 0//m.7&,! (&>?,.->?&,! EFF.A.&,A-(&.7&'$,7! 9$'>?! &.,&! 3(&.7&'$,7!9&'!T)>?F')7&!G:2%&,-.&'(!W$'9&4!!

F,,"%0./GD F.'&! CAW4! 9&'! 6:,! 3)$,9&'-! &.,7&FX?'(&,! b&A&.>?,$,7! U?)AA:$2Db'::G&-D _J%:(?&-&14 W.'9! &.,&! C&-(.22(&! R$-%'\7$,7! 9&-! B&C:$,9DEFF&G(-! C&->?'.&C&,^! 9&,! ->?:,! i&6:,-! C&->?'.&C&,! ?)(l! 9)--! EFF.A.&,A-(&.7&'$,7&,! )$F7'$,9! 6:,! B&C:$,9DEFF&G(&,! .,! .?'&'! #.'G$,7! ,.>?(! ,$'! (&.*W&.-&! G:2%&,-.&'(! -:,9&',! .2! E;('&2F)**!XC&'G:2%&,-.&'(!W&'9&,^!-:!9)--!9&'!E,&'7.&6&'C')$>?!,)>?!9&'!EFF.D A.&,A-(&.7&'$,7! -:7)'! XC&'! 9)-! 6:'?&'.7&! T.6&)$! ?.,)$-! ),-(&.7(n! 2.(! ),9&'&,! #:'(&,^!9)--!&.,!B&C:$,9DEFF&G(!6:,!XC&'!0//m!6:'*.&7(4!! #.&!)C&'!&,(-(&?&,!9.'&G(&^!.,9.'&G(&!$,9!2)G':D]G:,:2.->?&!B&C:$,9DEFF&G(&o! #)'$2!F')7&,!U:,-$2&,(.,,&,!$,9!U:,-$2&,(&,!,)>?!9&2!E'W&'C!&.,&-!&FF.A.D &,(&'&,! 8':9$G(-! 2&?'! E,&'7.&! ,)>?o! #.&-:! 6&'*)7&'(! -.>?! 9.&! 6:*G-W.'(->?)F(*.D >?&! T)>?F')7&! .,! B.>?($,7! &,&'7.&6&'C')$>?&,9&'! 8':9$G(&! $,9! 3&G(:'&,^! W&,,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 0I!p$&**&!9&'!RCC.*9$,7l!&.7&,&!5)'-(&**$,7!9&-!#$%%&'()*!+,-(.($(-! 0K!3)$,9&'-!c0PP"d!

0/!

!

#$%%&'()*!+,-(.($(!"/0"!

9.&! 7&-)2(W.'(->?)F(*.>?&! E,&'7.&&FF.A.&,A! -(&.7(o! E-! 7.C(! 6.&*F\*(.7&! Y'X,9&^! W)D '$2!&-!A$!&.,&2!B&C:$,9DEFF&G(!G:22&,!G),,4!3.&!G],,&,!.,!F.,),A.&**&^!2)(&'.D &**&^!%-J>?:*:7.->?&!$,9!L':--D=)>(:'DB&C:$,9DEFF&G(&!G)(&7:'.-.&'(!W&'9&,!c-.&D ?&!b:;!0d.15

Box 1: Systematisierung 13 möglicher Rebound-Effekte Finanzielle Rebound-Effekte Einkommens-Effekt Re-Investitions-Effekt Marktpreis-Effekt

Materielle Rebound-Effekte Embodied-Energy-Effekt Neue-Märkte-Effekt U:,-$2DRGG$2$*)(.:,-DEFF&G(

Psychologische Rebound-Effekte Moral-Hazard-Effekt Moral-Leaking-Effekt Moral-Licensing-Effekt

Cross-Factor-Rebound-Effekte Cross-Factor-Effekt Materieller Cross-Factor-Effekt Multiple Cross-Factor-Effekte Konsum-Rationalisierungs-Effekt

2.1 Finanzielle Rebound-Effekte =.,),A.&**&!B&C:$,9DEFF&G(&!W&'9&,!9$'>?!U:-(&,&.,-%)'$,7&,!)$F7'$,9!6:,!EFD F.A.&,A2)e,)?2&,! ?&'6:'7&'$F&,4! b&.-%.&*-W&.-&! W.'9! 9&'! gC&'7),7! A$! 6&'D C')$>?-\'2&'&,!R$(:-!9)A$!FX?'&,^!9)-!R$(:F)?'&'!W&,.7&'!FX'!b&,A.,!)$-7&C&,! 2X--&,4!#)-!2)>?&,!-.&!2.(!9&2!F'&.!7&W:'9&,&,!Y&*9o!a,9!W.&!6&'\,9&',!-.>?! 9.&!b&,A.,D!$,9!E,&'7.&D8'&.-&^!W&,,!C)*9!F*\>?&,9&>G&,9!5'&.D`.(&'DR$(:-!7&F)?D '&,!W&'9&,o!5'&.!F.,),A.&**&!B&C:$,9DEFF&G(&!G],,&,!$,(&'->?.&9&,!W&'9&,4! E,&'7.&&FF.A.&,A2)e,)?2&,^! 9.&! -.>?! ]G:,:2.->?! )2:'(.-.&'&,^! FX?'&,! A$! &.,&2! '&)*&,! E.,G:22&,-7&W.,,! 9&'! [&'C')$>?&'4! 5.&! a'-)>?&! &.,&-! B&C:$,9DEFF&G(-! G),,!9),,!&.,!E.,G:22&,-DEFF&G(!-&.,4!5&,,!-&*C-(!W&,,!C&.-%.&*-W&.-&!&.,!5'&.D `.(&'DR$(:! .,! 9&'! E'-(),->?)FF$,7! A$,\>?-(! 2&?'! Y&*9! )*-! &.,! ?&'G]22*.>?&-! 3&>?-D`.(&'DR$(:!G:-(&,!WX'9&^!9X'F(&!-.>?!9.&!+,6&-(.(.:,!.2!`)$F&!9&'!V&.(!)2:'D (.-.&'&,4!5.&!F'&.!7&W:'9&,&,!H.((&*!G],,&,!&,(W&9&'!.,!9.&!&'?]?(&!U:,-$2%(.:,! 9&-!7*&.>?&,!Y$(&-!7&-(&>G(!W&'9&,!c9.'&G(&'!B&C:$,9DEFF&G(d^!&-!G],,(&,!)*-:!2.(! 9&2!5'&.D`.(&'DR$(:'!->?*.>?(!2&?'!U.*:2&(&'!7&F)?'&,!W&'9&,4!S9&'!-.&!G],,&,! .,!9.&!U:,-$2%(.:,!)*(&',)(.6&'!YX(&'!$,9!5.&,-(*&.-($,7&,!F*.&e&,^!9.&!.?'&'-&.(-! 9),,!E,&'7.&!$,9!B&--:$'>&,!6&'C')$>?&,!c.,9.'&G(&'!B&C:$,9DEFF&G(d4!5.&!_]?&! 9&-!B&C:$,9DEFF&G(-!?\,7(!9),,!6:2!R,(&.*!9&-!T)($'6&'C')$>?-!9.&-&'!)*(&',)(.D 6&,! YX(&'! :9&'! 5.&,-(*&.-($,7&,! )C4! E.,! b&.-%.&*! FX'! *&(A(&'&-! .-(! 9&'! V$-)22&,D ?),7! AW.->?&,! B)$2W\'2&C&9)'F! $,9! #:?,F*\>?&! .,! 5&$(->?*),9l! EFF.A.&,(&'&! _&.A$,7&,!$,9!H)e,)?2&,!9&'!Y&C\$9&9\22$,7!?)C&,!9&,![&'C')$>?!6:,!_&.D A&,&'7.&!r&!p$)9')(2&(&'!#:?,F*\>?&!AW.->?&,!0PPM!$,9!"//M!$2!Pm!6&''.,7&',! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 0M!E.,&,!R,F),7!FX'!&.,&!3J-(&2)(.-.&'$,7!6:,!B&C:$,9DEFF&G(&,!2)>?&,!C&'&.(-!i&,G.,-!&(!)*4!

c"/00d!$,9!!8)&>?!c"/00d4!=&',&'!-(&**(!6),!9&,!b&'7?!&.,&!`.-(&!6:,!0K!B&C:$,9DEFF&G(&,!)$F^!9.&! &'!)**&'9.,7-!,.>?(!,\?&'!&'*\$(&'(^!-.&?&!6),!9&,!b&'7?!c"/00d!

#$%%&'()*!+,-(.($(!"/00!

00!

G],,&,4!+2!7*&.>?&,!V&.(')$2!-(.&7!r&9:>?!9&'!7&-)2(&!E,&'7.&6&'C')$>?!FX'!9)-! _&.A&,!9&'!%'.6)(&,!_)$-?)*(&!$2!"^@m!),4!5.&!E.,-%)'&'F:*7&!W$'9&,!9$'>?!9&,! $2! >)4! 0Im! 7&-(.&7&,&,! #:?,F*\>?&,C&9)'F! G:2%&,-.&'(4! +,-7&-)2(! .-(! 9&'! B)$2W\'2&C&9)'F!%':!8&'-:,!-&.(!0P?!7&C*.&C&,4!E.,&!E,(G:%%&D *$,7!?)(!,.>?(!-()((7&F$,9&,!c-.&?&!RCC.*9$,7!"d416

F,,"%0./?&,! Y$(&-! c9.'&G(&'! B&C:$,9! )*-! E;%),-.:,d! :9&'! A$'! +,6&-(.(.:,&,! .,! ,&$&! 8':9$G(&! $,9! 5.&,-(*&.-($,7&,! -(&>G&,! c.,9.'&G(&'! B&C:$,9! )*-! 5.6&'-.F.A.&'$,7! 9&'! 8':D 9$G(%)*&((&d4!R$>?!G),,!9)-!a,(&',&?2&,!9.&!`]?,&!9&'!R'C&.(,&?2&'!),?&C&,^! W)-! W.&9&'$2! A$! 9&2! :C&,! 7&,),,(&,! E.,G:22&,-DEFF&G(! FX?'&,! G),,4! _\$F.7! FX?'&,!&'W)'(&(&!U:-(&,&.,-%)'$,7&,!C&.2!U:,-$2&,(&,!)$>?!A$!+,6&-(.(.:,&,!.,! &.,!B&D5&-.7,.,7!9&-!?&'G]22*.>?&,!8':9$G(-^!&(W)!$2!9.&-&-!)((')G(.6&'!A$!2)D >?&,4!b&.-%.&*-W&.-&!W$'9&,!EFF.A.&,A-(&.7&'$,7&,!.,!9&'!H:(:'&,(&>?,:*:7.&!-&*D (&,! 7&,$(A(^! $2! 6&'C')$>?-\'2&'&! 8U#-! ),A$C.&(&,^! -:,9&',! $2! C&.! 7*&.>?&2! [&'C')$>?! %':! =)?'A&$7G.*:2&(&'! *&.-($,7--(\'G&'&^! ->?,&**&'&! $,9! ->?W&'&! R$D (:-!?&'A$-(&**&,4!3:!6&'C')$>?&,!9&'!G*)--.->?&!N[#!U\F&'O!6:,!0PMM!$,9!9&'!2:D 9&',&!N[#!b&)(*&O!6:,!"//M!2.(!?W.,9.7G&.(!6:,!00/G2t?! ,:>?!
!

0"!

!

#$%%&'()*!+,-(.($(!"/0"!

G&.(!'$,9!0"//!G7!)$F!9.&!#))7&4!_.&'!W.'9!9&'!B&C:$,9DEFF&G(!7&2&--&,!)2!1:,D ,&,G.*:2&(&'!%':!`.(&'!b&,A.,!-.>?(C)'4!! 5.&! 7&,),,(&,! B&C:$,9DEFF&G(&! )$F! RG(&$'-&C&,&! cU:,-$2&,(&,^! 8':9$A&,(&,d! G],,&,!.,!3$22&!A$!W&.(&'&,!EFF&G(&,!FX?'&,^!9.&!7&-)2(7&-&**->?)F(*.>?!W.'G&,4! b&.-%.&*-W&.-&!W.'9!9.&!F*\>?&,9&>G&,9&!E.,FX?'$,7!6:,!5'&.D`.(&'DR$(:-!A$!&.,&'! 7&-)2(7&-&**->?)F(*.>?!7&'.,7&'&,!T)>?F')7&!,)>?!b&,A.,!FX?'&,^!-:!9)--!9.&!b&,D A.,%'&.-&!-.,G&,!:9&'!r&9&,F)**-!W&,.7&'!->?,&**!),-(&.7&,^!)*-!-.&!&-!:?,&!9.&!EFF.D A.&,A6&'C&--&'$,7! 9&'! H:(:'&,! 7&(),! ?\((&,4! 5&'! )**7&2&.,&! 8'&.-6&'F)**! G),,! ,$,!W.&9&'$2!&.,&!&'?]?(&!T)>?F')7&!)$-!),9&'&,!3&G(:'&,!-(.2$*.&'&,4!5&'!7&D -$,G&,&! b&,A.,%'&.-! 9X'F(&! A$! &.,&'! H&?',)>?F')7&! ,)>?! ),9&'&,! b&,A.,! 6&'D C')$>?&,9&,!8':9$G(&,!FX?'(^!9.&!.2!b&('.&C!,$,!C.**.7&'!W&'9&,n!9)?&'!G),,!6:,! &.,&2!H)'G(%'&.-DEFF&G(!7&-%':>?&,!W&'9&,4!H]7*.>?&'W&.-&!G],,(&,!Y&2&.,9&,! 6&'-(\'G(!.,!2:(:'.-.&'(&!`)$CC*\-&'!-()((!.,!G:,6&,(.:,&**&!b&-&,!.,6&-(.&'&,4!5.&! F*\>?&,9&>G&,9&! E.,FX?'$,7! 6:,! &FF.A.&,(&,! _:*A%&**&(-DQF&,! ! .,! C&-(.22(&,! Y&D C.&(&,!.,!3X99&$(->?*),9!:9&'!Q-(&''&.>?!G],,(&!A$!&.,&2!'&*)(.6&,!BX>G7),7!9&'! *:G)*&,!_:*A%'&.-&!FX?'&,^!.,!9&--&,!=:*7&!,$,!?:*A6&')'C&.(&,9&!+,9$-('.&,!cH]D C&*^!_:*A!FX'!9&,!E;%:'(d!.2!#&((C&W&'C!C&--&'!7&-(&**(!W&'9&,!$,9!.?'&!T)>?F')D 7&!,)>?!_:*A!)$-W&.(&,4! 2.2 Materielle Rebound-Effekte +,6&-(.(.:,&,!.,!EFF.A.&,A2)e,)?2&,!G],,&,!A$!&.,&'!H&?',)>?F')7&!,)>?!E,&'D 7.&!:9&'!H)(&'.)*!FX'!9.&!_&'-(&**$,7!9.&-&'!YX(&'!FX?'&,4!5.&-&!E,&'7.&D!$,9!H)(&D '.)*G:-(&,! W&'9&,! )$>?! )*-! N7')$&! E,&'7.&u! C&A&.>?,&(^! W&.*! -.&! .,! 9&,! Y&'\(&,! N6&'G]'%&'(u! -.,94! 5.&! 9)2.(! A$-)22&,?\,7&,9&! H&?',)>?F')7&! G),,! )*-! E2C:D 9.&9DE,&'7JDEFF&G(!C&A&.>?,&(!W&'9&,4!b&.-%.&*-W&.-&!6&'C')$>?(!&.,!$,7&9\22D (&-!_)$-!.2![&'7*&.>?!A$!&.,&2!&,&'7&(.->?!7&9\22(&,!AW)'!2&?'!_&.A&,&'7.&!.2! *)$F&,9&,! b&('.&C^! )C&'! 9.&! _&'-(&**$,7! 9&'! 5\22$,7! &'F:'9&'(! &.,&,! E,&'7.&D )$FW),9^! 9&'! C&.2! b)$! 9&-! $,7&9\22(&,! _)$-&-! ,.>?(! ),F\**(4! 5&'! &,&'7&(.->?&! H&?')$FW),9! C&.! 9&'! _&'-(&**$,7! 9&'! 5\22$,7! G),,! .,-! [&'?\*(,.-! A$! 9&,! _&.D A&,&'7.&DE.,-%)'$,7&,!XC&'!9.&!T$(A$,7-9)$&'!9&-!_)$-&-!7&-&(A(!W&'9&,4!H&?D '&'&!3($9.&,!6&'),->?*)7&,!FX'!8':9$G(&!9&'!Y&C\$9&9\22$,7!R2:'(.-)(.:,-A&.D (&,! 6:,! &.,&2! i)?'! C.-! ?.,! A$! 0M! i)?'&,^! r&! ,)>?! 5\222)e,)?2&^! Y&C\$9&(J%! $,9! U*.2)A:,&4! #&,,! 6:,! &.,&'! `&C&,-9)$&'! 9&'! Y&C\$9&! 6:,! '$,9! 0//! i)?'&,! )$-7&7),7&,! W.'9^! &,(-%'\>?&! 9.&-! &.,&2! 2)(&'.&**&,! B&C:$,9DEFF&G(! 6:,! 0D 0Mm.18 =X'!A)?*'&.>?&!E,&'7.&-%)'%':9$G(&!A&.7&,!`.F&DLJ>*&DR,)*J-&,!?&$(&^!W.&! ?:>?!9&'!E2C:9.&9DE,&'7JDEFF&G(!.-(!$,9!)C!W&*>?&'!T$(A$,7-9)$&'!$,9!D)'(!-.>?! 9.&!+,6&-(.(.:,!.,!&FF.A.&,(&'&!Y&'\(&!*:?,(4!! T&$&!EFF.A.&,A(&>?,:*:7.&,!W.&!)$>?!9&'!#),9&*!9&'!U:,-.-(&,A!9&'!#.'(->?)F(!h! W&7! 6:,! F:--.*&,! E,&'7.&('\7&',! $,9! B:?-(:FF&,! ?.,! A$! &',&$&'C)'&,! E,&'7.&,! $,9! ,)>?W)>?-&,9&,! B:?-(:FF&,! h! W.'9! ,.>?(! ,$'! 9$'>?! &.,&! a2'X-($,7! 6:'D ?),9&,&'!8':9$G(.:,-),*)7&,!'&)*.-.&'(!W&'9&,!G],,&,4![.&*2&?'!9X'F(&,!6.&*F)>?! ,&$&! U)%)A.(\(&,! $,9! +,F')-('$G($'&,^! -%'.>?l! 7\,A*.>?! ,&$&! H\'G(&! )$F7&C)$(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 0@!3.&?&!)$-FX?'*.>?&'!?.&'A$^!2.(!R$-W&'($,7!6&'->?.&9&,&'!&2%.'.->?&'!3($9.&,^!6:'!)**&2!)$F!34!

K@l!3:'&**!c"//?&,9&>G&,9&! E.,FX?'$,7! 6:,! E*&G(':DR$(:2:C.*&,! G),,! r&! ,)>?! E'A&$7$,7! 9&-! 9)FX'! C&,](.7(&,! 3(':2-! AW)'! 2]7*.>?&'! #&.-&! A$! EFF.A.&,A7&W.,,&,! r&! 7&F)?'&D ,&2! U.*:2&(&'! &.,&-! R$(:2:C.*-! FX?'&,4! a2! 9&,! 7&-)2(7&-&**->?)F(*.>?&,! B&C:$,9DEFF&G(! .,! 9&,! b*.>G! A$! ,&?2&,^! 2$--! )C&'! ,.>?(! ,$'! &.,&! `&C&,-AJG*$-D R,)*J-&! 9&'! 8':9$G(.:,^! T$(A$,7! $,9! E,(-:'7$,7! 6:,! EDR$(:-! C&'X>G-.>?(.7(! W&'9&,^!-:,9&',!&C&,-:!9&'!R$FC)$!,&$&'!2)(&'.&**&'!+,F')-('$G($'&,^!9.&!FX'!9&,! b&('.&C!6:,!EDR$(:-!,](.7!W&'9&,!h!6:,!9&,!+,9$-('.&,!A$'!_&'-(&**$,7!9&'!,&$&,! H:(:'&,! $,9! RGG$2$*)(:'&,! C.-! ?.,! A$! 9&,! 3(':2(),G-(&**&,! :9&'! p$.>G9':%D 3()(.:,&,^! W:! R$(:F)?'&'! *&&'&! RGG$-! 7&7&,! F'.->?&! RGG$-! )$-()$->?&,! G],,&,4! 3:7)'!9.&!Y&?\*(&'^!2.(!9&,&,!9.&!+,7&,.&$'&!9&'!RGG$2$*)(:'&,!:9&'!9.&!b&('&.D C&'! 9&'! ,&$&,! 3(':2(),G-(&**&,! .?'&! %&'-],*.>?&! E,&'7.&,)>?F')7&! C&-('&.(&,^! G],,&,! A$! B&C:$,9DEFF&G(&,! FX?'&,n! &(W)^! W&,,! 9)-! 6:'?&'.7&! E.,G:22&,-,.D 6&)$! XC&'(':FF&,! W.'9! :9&'! ,$,! .,-7&-)2(! 2&?'! 8&'-:,&,! .,! R'C&.(! -(&?&,4! 8)$D ->?)*! 7&-%':>?&,! $2F)--(! 9&'! T&$&DH\'G(&DEFF&G(! .,-:F&',! )**! r&,&! 2)(&'.&**&,! B&C:$,9DEFF&G(&^! 9.&! 6:,! `.F&DLJ>*&DR,)*J-&,! &.,A&*,&'! 8':9$G(&! ,.>?(! 2&?'! )CD 7&C.*9&(!W&'9&,!cG],,&,d4!! s?,*.>?!9&2!T&$&DH\'G(&DEFF&G(!*\--(!-.>?!)$F!EC&,&!9&'!U:,-$2&,(&,!&.,!2)(&D '.&**&'! B&C:$,9DEFF&G(! &,(9&>G&,^! 9&'! )*-! U:,-$2DRGG$2$*)(.:,-DEFF&G(! C&A&.>?D ,&(!W&'9&,!G),,4!E'!?&C(!)$F!9.&!1)(-)>?&!)C^!9)--!9&'!U:,-$2!6:,!&FF.A.&,(&'&,^! $2W&*(F'&$,9*.>?&'&,! 8':9$G(&,! ,.>?(! .22&'! 9.&! ?&'G]22*.>?&,! 8':9$G(&! &'D -&(A(^!-:,9&',!:F(!A$-\(A*.>?!A$!.?,&,!&'F:*7(4!b&.-%.&*-W&.-&!G],,(&!,)>?!9&2!U)$F! &.,&-!?:>?&FF.A.&,(&,!Rvvv!UX?*->?'),G-!9&'!)*(&^!&,&'7.&.,(&,-.6&'&!UX?*->?'),G! .,!9&,!8)'(JG&**&'!:9&'!9.&!5)(->?&!W),9&',4!S9&'l!9.&!E*(&',!&'W&'C&,!&.,!E*&G(D ':)$(:^! 6&'->?':((&,! )C&'! .?'! G:,6&,(.:,&**&-! R$(:! ,.>?(^! -:,9&',! '&.>?&,! &-! A$'! T$(A$,7!),!.?'&!U.,9&'!W&.(&'4!+,!9&'!`&C&,-AJG*$-DR,)*J-&!9&-!&FF.A.&,(&'&,!Y$D (&-!$,9!C&(')>?(&(!),!&.,&2!&.,A&*,&,!U:,-$2&,(&,!2)7!9&'!E,&'7.&D!:9&'!B&-D -:$'>&,6&'C')$>?! AW)'! -.,G&,^! )C&'! 7&-)2(7&-&**->?)F(*.>?! 7&-&?&,! \$e&'(! -.>?! 9.&! RGG$2$*)(.:,! 6:,! ,&$&,! $,9! )*(&,! U:,-$27X(&',! )*-! 2)(&'.&**&'! B&C:$,9D EFF&G(4! 2.3 Psychologische Rebound-Effekte a2W&*(F'&$,9*.>?&'&! 8':9$G(&! $,9! 5.&,-(*&.-($,7&,! 6&'\,9&',! ,.>?(! ,$'! .?'&! (&>?,.->?&,! E.7&,->?)F(&,^! -:,9&',! ?\$F.7! )$>?! .?'&,! -J2C:*.->?&,! Y&?)*(4! 5.&! E.,->?\(A$,7^! 9&'! U:,-$2! 6:,! &(W)-! ?.,*\,7*.>?! )*-! ->?\9*.>?! Y&C'),92)'G(&2! G],,(&! 9$'>?! EFF.A.&,AD! :9&'! U:,-.-(&,A-(&.7&'$,7&,! ]G:*:7.->?! 6&'('&(C)'! 7&D W:'9&,! -&.,^! G),,! &.,&! H&?',)>?F')7&! C&9.,7&,4! +,! 9&'! 3:A.)*%-J>?:*:7.&! W.'9! 9.&-!)*-!H:')*D_)A)'9DEFF&G(!C&->?'.&C&,4!E.,&!&2%.'.->?&!E'?&C$,7!.,!i)%),!?)(! A$'! gC&'')->?$,7! .?'&'! =:'->?&'! 7&A&.7(^! 9)--! R$(:F)?'&'^! 9.&! -.>?! ,)>?! &.7&,&'! #)?',&?2$,7!&.,!j]G:*:7.->?&-!R$(:k!A$7&*&7(!?)C&,!cA4b4!1:J:()!8'.$-!2.(!_JCD '.92:(:'d^! &.,! i)?'! ,)>?! 9&--&,! U)$F! 7$(! 0^Z2)*! 2&?'! U.*:2&(&'! 9)2.(! 7&F)?'&,! -.,9^! )*-! 2.(! .?'&2! ?&'G]22*.>?&,! R$(:! A$6:'.20 +,-:F&',! C.&(&(! 9&'! H:')*D !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 0P!R$F!9&,!T&$&DH\'G(&DEFF&G(!W&.-(!&'-(2)*-!T.G:!8)&>?!?.,^!-.&?&!8)&>?!c"/00d4! "/

!S?()t=$r..!c"/00d!!

0K!

!

!

#$%%&'()*!+,-(.($(!"/0"!

_)A)'9DEFF&G(! &.,&! W&.(&'&! E'G*\'$,7! FX'! 9&,! 9.'&G(&,! B&C:$,9DEFF&G(l! U:,-$D 2&,(&,!6&'C')$>?&,!2&?'!6:2!Y*&.>?&,^!&C&,!A$-(!9)-!8':9$G(!&FF.A.&,(&'!7&W:'D 9&,!.-(4 E.,&! H&?',)>?F')7&! 9&-! ,$,2&?'! &,&'7.&&FF.A.&,(&,! 8':9$G(-! 2$--! .,9&--&,! ,.>?(!AW),7-*\$F.7!9$'>?!&.,&!)G(.6&^!')(.:,)*!.,(&,9.&'(&!_),9*$,7!&'F:*7&,^!-:,D 9&',! G),,! )$>?! 9$'>?! $,.,(&,9.&'(&-! [&'?)*(&,! &'F:*7&,4! b&.-%.&*-W&.-&! G),,! &-! )*-!E,(*)-($,7!&2%F$,9&,!W&'9&,^!9)--![&'C')$>?&'+,,&,!,)>?!9&2!E.,C)$!&.,&'! &,&'7.&D&FF.A.&,(&'&,!_&.A$,7!W&,.7&'!%&,.C&*!9)')$F!)>?(&,!2X--&,^!W\?'&,9!9&'! _&.A%&'.:9&!)**&!=&,-(&'!-(&(-!7&->?*:--&,!A$!?)*(&,4!s?,*.>?!G],,(&!9&'!U)$F!6:,! E,&'7.&-%)'*)2%&,! &-! 2.(! -.>?! C'.,7&,^! 9)--! &.,! `.>?(! .,! &.,&2! A&.(W&.*.7! $,C&D ,$(A(&,!B)$2!),7&->?)*(&(!C*&.C(!h!A$2)*!)$>?!9.&!U:-(&,!9&-!b'&,,&,*)--&,-!9&'! b.',&!FX'!9.&![&'C')$>?&'+,,&,!A$'X>G7&?&,4!5&'!U)$F!9&-!&FF.A.&,(&'&,!8':9$G(-! W.'G(! f$)-.! 7&W.--&,-C&'$?.7&,9^! W&-?)*C! 6:,! &.,&2! H:')*D`&)G.,7DEFF&G(! 7&D -%':>?&,! W&'9&,! G],,(&l! W&.*! &-! ]G:*:7.->?^! ]G:,:2.->?! $,9! 77F4! )$>?! 7&-&**D ->?)F(*.>?! N,.>?(! 2&?'! -:! 9)')$F! ),G:22(O^! W&'9&,! &,&'7.&-%)'&,9&! _),9*$,7&,! c=&,-(&'! ->?*.&e&,^! `.>?(! *]->?&,d! .,! 9&'! 8'.:'.-.&'$,7! 9&'! A.&*7&'.>?(&(&,! H:(.6&! A$'X>G7&-($F(!:9&'!7)'!)$F7&7&C&,4!+,-:F&',!*.&F&'(!9&'!H:')*D`&)G.,7DEFF&G(!&.,&! W&.(&'&!E'G*\'$,7!FX'!9&,!9.'&G(&,!B&C:$,9DEFF&G(4! 5&27&7&,XC&'! &'G*\'(! 9&'! H:')*D`.>&,-.,7DEFF&G(! &.,&! =:'2! 9&-! .,9.'&G(&,! B&C:$,9DEFF&G(-l! R$F7'$,9! 9&-! E'W&'C-! &.,&-! ]G:*:7.->?&,! 8':9$G(-! -(&.7(! 9.&! T)>?F')7&! ,)>?! ),9&'&,! $2W&*(->?\9*.>?&,! 8':9$G(&,4! E(*.>?&! &2%.'.->?&! 3($D 9.&,!?)C&,!2.((*&'W&.*&!,)>?7&W.&-&,^!9)--!9&'!U:,-$2!N&(?.->?&'O!8':9$G(&!cb.:D `&C&,-2.((&*^!=).'!1')9&!8':9$G(&!$-W4d!9)A$!FX?'&,!G),,^!9)--!U:,-$2&,(+,,&,! &-! ),->?*.&e&,9! FX'! 7&'&>?(F&'(.7(! ?)*(&,^! ),! ),9&'&'! 3(&**&! $,&(?.->?! A$! G:,-$D 2.&'&,.21 E-! .-(! *&.>?(! 6:'-(&**C)'^! 9)--! 9.&-! )$>?! A$! &.,&2! %-J>?:*:7.->?&,! B&C:$,9DEFF&G(! C&.2! E,&'7.&6&'C')$>?! FX?'&,! G),,4! 3:! G],,(&,! H&,->?&,^! 9.&! -.>?!&.,!-%)'-)2&-!R$(:!7&G)$F(!?)C&,^!,$,!?\$F.7&'!a'*)$C-'&.-&,!2.(!9&2!=*$7D A&$7! $,(&',&?2&,n! :9&'! 9.&! a2-(&**$,7! )**&'! ?&'G]22*.>?&,! `&$>?(2.((&*! )$F! E,&'7.&-%)'*)2%&,! 2)7! 9&,! T&$G)$F! &.,&-! 8*)-2)F&',-&?&'-! :9&'! Nb&)2&'-O! '&>?(F&'(.7&,4! 2.4 Cross-Factor-Rebound-Effekte b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b4!H)A)'tV?:,7!c"/0/dn!:9&'!)$>?l!V?:,7!&(!)*4!c"//Pd4!

#$%%&'()*!+,-(.($(!"/00!

0M!

&,(7&7&,7&-&(A(&,!V$-)22&,?),7422 E-!W\'&!,)>?7&')9&!%:*.(.->?&'!3&*C-(2:'9^! W&,,!B&7.&'$,7&,!&.,&!V$,)?2&!9&'!R'C&.(-%':9$G(.6.(\(!A$*)--&,!:9&'!7)'!F]'D 9&',! WX'9&,^! 9.&! A$! &.,&2! ')-),(&,! BX>G7),7! 9&-! R'C&.(-%*)(A),7&C:(-! FX?'(4! 1)(-\>?*.>?!-(.&7!9.&!R'C&.(-%':9$G(.6.(\(!.,!5&$(->?*),9!AW.->?&,!0P?&,^!?)C&,!-.>?!h! W&,,!XC&'?)$%(!h!,$'!FX'!&.,A&*,&!b'),>?&,!$,9!)$>?!9:'(!,$'!.,!1&.*&,!C&W)?'D ?&.(&(4! +2! Y&7&,(&.*^! W.'9! 6.&*F)>?! A$'&>?(! )'7$2&,(.&'(^! 9)--! 9.&! 3(&.7&'$,7! 9&'! R'C&.(-%':9$G(.6.(\(! *&(A(*.>?! R'C&.(-%*\(A&! ->?)FF&! :9&'! W&,.7-(&,-! -.>?&'&4! H.(! ),9&'&,! #:'(&,^! 9)--! &.,! 7&-&**->?)F(*.>?! W.&! %:*.(.->?! ?]>?-(! W.**G:22&,&'! B&C:$,9DEFF&G(! 9)FX'! -:'7(^! 9)--! R'C&.(-%':9$G(.6.(\(--(&.7&'$,7&,! &.,&! H&?'D ,)>?F')7&!,)>?!R'C&.(!C&9.,7&,4!H)9*&,&'!$,9!R*>:((!FX7&,!?.,A$l!jT&((:!W$'9&,! F'&.! W&'9&,9&! 3($,9&,! -&*(&,! 2.(! T.>?(-($,! 7&FX**(^! -:,-(! WX'9&,! W.'! ?&$(&! 6.&*! W&,.7&'!)'C&.(&,!)*-!F'X?&'^!)*-!9.&!R'C&.(-*&.-($,7!%':!3($,9&!,:>?!6.&*!,.&9'.7&'! W)'4!R,->?&.,&,9!7.C(!$,9!7)C!&-!0//m!B&C:$,9!:9&'^!G:22(!9)-!b&6]*G&'$,7-D W)>?-($2!,:>?!9)A$^!b)>GF.'&4k24 #.&! W.'G(! -.>?! &.,&! 3(&.7&'$,7! 9&'! R'C&.(-%':9$G(.6.(\(! ,$,! )$F! 9.&! T)>?F')7&! ,)>?! B&--:$'>&,! $,9! E,&'7.&! )$-o! E.,.7&! V&.(! C&6:'! i&6:,-! 0@ZM! 9&,! B&C:$,9D EFF&G(! 6:,! E,&'7.&&FF.A.&,A-(&.7&'$,7&,! &,(9&>G(! ?)(^! ?)C&,! ),9&'&! QG:,:2&,! C&'&.(-! &.,&,! B&C:$,9DEFF&G(! AW.->?&,! 8':9$G(.6.(\(--(&.7&'$,7&,! 9&-! =)G(:'-! R'C&.(!$,9!9&'!T)>?F')7&!,)>?!9&2!=)G(:'!T)($'!F&-(7&-(&**(4!i:?,!3($)'(!H.**!&(W)! G:,-()(.&'(&l!C-.79$'+$1!$44$7,-?7&-&(A(!?)(^!9)--!A$,&?2&,9&! R'C&.(-%':9$G(.6.(\(!A$,&?2&,9&-!6:*G-W.'(->?)F(*.>?&-!R'C&.(-6:*$2&,!->?)FF(4! "I!#$%%&'()*!+,-(.($(!c"//@d^!34!K"P4!3.&?&!)$>?!b:,('$%!&(!)*4!c"//?! H&>?),.-.&'$,7! $,9! H:(:'.-.&'$,7! -$C-(.($.&'(! W.'9^!*\--(!-.>?!6:,!&.,&2!2)(&'.&**&,!L':--D=)>(:'DB&C:$,9DEFF&G(!-%'&>?&,4!SC! C&.! 9&'! &*&G('.->?&,! UX>?&,2)->?.,&^! 9.&! 9.&! H$-G&*G')F(! 9&-! H&.-(&'G:>?-! %:D (&,A.&'(^!:9&'!9&'!('),-%:'(D!$,9!+1D.,(&,-.6&,!J*+,2-.2"-;$2`.&F&'$,7^!9.&!9.&!8':D 9$G(.6.(\(! 6:,! `:7.-(.G&'+,,&,! -(&.7&'(l! W)>?-&,9&! E,&'7.&,)>?F')7&! .-(! :F(! 9.&! Y'$,9*)7&! :9&'! =:*7&! 7&-(.&7&,&'! R'C&.(-%':9$G(.6.(\(4! E,(-%'&>?&,9&! %:*.(.->?&! B)?2&,C&9.,7$,7&,^! W.&! &.,&! ?:?&! b&-(&$&'$,7! 9&-! =)G(:'-! R'C&.(! C&.! 6&'D 7*&.>?-W&.-&! 7&'.,7&'! b&-(&$&'$,7! 9&-! =)G(:'-! E,&'7.&^! A$2)*! .,! _:>?*:?,*\,D 9&',^! 6&'-(\'G&,! 9)-! 8':C*&2^! 9)--! -&.(! i)?'A&?,(&,! 9.&! 3(&.7&'$,7! 9&'! R'C&.(-D %':9$G(.6.(\(! 9$'>?! &.,&! c'&*)(.6&d! H.,9&'$,7! 9&'! E,&'7.&%':9$G(.6.(\(! &'G)$F(! W.'94! =X'!9&,!$27&G&?'(&,!V$-)22&,?),7!7.*(!.,9&--&,!?\$F.7!9)-!Y&7&,(&.*l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b&.-%.&*!9&'!3()?*.,9$-('.&!C&->?'.&C&,28: R$F7'$,9!9&'!')-),(&,!E,&'7.&%'&.--(&.D 7&'$,7&,! 9$'>?! 9.&! Q*DU'.-&,! .,! 9&,! 0P?&! .?'&! E,&'7.&G:-(&,! %':! 1:,,&! 3()?*! C.-! A$2! E,9&! 9&-! "/4i)?'?$,9&'(-!$2!KMm!'&9$A.&'&,!G],,&,^!$4)4!9$'>?!9.&!E.,FX?'$,7!6:,!E*&G(D ':D`.>?(C:7&,]F&,4!b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b)>GF.'&! 7&,&'.&'&,!W&'9&,4!! sf$.6)*&,(! A$'! 8':9$G(.:,--&.(&! G],,&,! )$>?! )$F! U:,-$2&,(&,-&.(&! B&C:$,9D EFF&G(& 9$'>?!EFF.A.&,A7&W.,,&!),9&'&'!R'(!&'G*\'(!W&'9&,^!6:'!)**&2!9$'>?!&.,7&D -%)'(&! V&.(430 E.,! b&.-%.&*! ?.&'FX'! *.&F&'(! 9&'! V$-)22&,?),7! AW.->?&,! H:C.*.(\(^! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "?!3:'&**!c"//?-(!(?&:'&(.->?!9)'*&7(^!->?&.,(!&'!2.(!

&.,&'!]G:,:2&('.->?&,!b&'&>?,$,7!?.-(:'.->?&'!E,&'7.&6&'C'\$>?&!)$-!I/!+,9$-('.&-&G(:'&,!.,! 9&,!a3R!.,!&.,&2!R'(.G&*!)$-!9&2!i)?'!"/0/!)$>?!&2%.'.->?!A$!F&-(.7&,^!-.&?&!3)$,9&'-!c"/0/d4! I/!B&C:$,9DEFF&G(&^!9.&!)$F!9.&!E.,-%)'$,7!6:,!V&.(!A$'X>G7&?&,^!W&'9&,!)$>?!C&->?'.&C&,!6:,! b.,-W),7&'!c"//0d4!

#$%%&'()*!+,-(.($(!"/00!

0
#&7&A&.(! $,9! E,&'7.&6&'C')$>?4! p$&'! XC&'! U$*($'&,^! `\,9&'! $,9! E%:>?&,! *\--(! -.>?!&2%.'.->?!,)>?W&.-&,^!9)--!H&,->?&,!%':!1)7!'&*)(.6!G:,-(),(!AW.->?&,!/^?&,9&'! #&.-&! 9.&! )$F7&W&,9&(&! V&.(! FX'! H:C.*.(\(! *),7F'.-(.7! )*-:! W&9&'! 2.(! 9&2! Y')9! 9&'! 1&>?,.-.&'$,7! ,:>?! 2.(! 9&,! U:-(&,! 9&'! =:'(C&W&7$,7! G:''&D *.&'(^! XC&'-&(A(! -.>?! &.,7&-%)'(&! #&7&A&.(! .,! *\,7&'&! #&7-('&>G&,4! 5.&! gC&'W.,D 9$,7!*\,7&'&'!#&7-('&>G&,!&'F:'9&'(!)C&'!&.,&,!&'?]?(&,!E,&'7.&6&'C')$>?4!H.(! ),9&'&,! #:'(&,^! V&.(&FF.A.&,A7&W.,,&! C&.! 9&'! H:C.*.(\(! 7&,&'.&'&,! B&C:$,9D EFF&G(&!C&.2!E,&'7.&6&'C')$>?4!E.,!),9&'&-!b&.-%.&*!*\--(!-.>?!FX'!9.&!T$(A$,7!9&-! +,(&',&(-!),,&?2&,4!#&'!-.>?!),!9)-!*),7-)2&!3$'F&,!.2!+,(&',&(!2.(!&.,&2!)*(&,! 8L! $,9! &.,&2! MZG! H:9&2! XC&'! &.,&! ),)*:7&! 1&*&F:,6&'C.,9$,7! .,! 9&,! 0PP/&'! i)?'&,!&'.,,&'(^!W.'9!C&-(\(.7&,!G],,&,^!9)--!2.(!-(&(.7!->?,&**&'!7&W:'9&,&,!+,D (&',&(6&'C.,9$,7&,! $,9! *&.-($,7-F\?.7&'&,! B&>?,&',! ?&$(&! W&-&,(*.>?! 2&?'! U*.>G-! %':! H.,$(&! 2]7*.>?! -.,94! +,9&--&,! &'F:'9&'(! r&9&! T$(A$,7! 9&-! +,(&',&(-! E,&'7.&n!,.>?(!,$'!C&.2!.,9.6.9$&**&,!T$(A&'^!-:,9&',!6:'!)**&2!9$'>?!3&'6&'!$,9! 9&,! 5)(&,('),-%:'(4! E-! G),,! 9)6:,! )$-7&7),7&,! W&'9&,^! 9)--! -.>?! V&.(&FF.A.&,AD 7&W.,,&!C&.2!3$'F&,!.,!6&'2&?'(&'!+,(&',&(D='&f$&,(.&'$,7!2.(!&.,&2!7']e&'&,! 5)(&,6:*$2&,! $,9! -:2.(! &.,&2! &'?]?(&,! E,&'7.&6&'C')$>?! 9&-! +1D3&G(:'-! ,.&D 9&'->?*)7&,4! b&.9&! b&.-%.&*&! *&7&,! ,)?&^! 6:,! &.,&2! U:,-$2DB)(.:,)*.-.&'$,7-D EFF&G(! A$! -%'&>?&,l! &.,&! A$,&?2&,9&! 5$'>?')(.:,)*.-.&'$,7! 9&-! U:,-$2-! G),,! &.,&!-(&.7&,9&!E,&'7.&,)>?F')7&!C&9.,7&,4!

./&9/&>0&'**

+,!9&,!6&'7),7&,&,!I/!i)?'&,!W$'9&,!2&?'&'&!5$(A&,9!&2%.'.->?&'!3($9.&,!)$FD 7&*&7(^! 9.&! 9)-! f$),(.()(.6&! R$-2)e! 6:,! B&C:$,9DEFF&G(&,! 2.(?.*F&! ]G:,:2&('.D ->?&'!H:9&**&!:9&'!?.-(:'.->?&'!5)(&,'&.?&,!C&'&>?,&,4!5.&!R$--)7&G')F(!9&'!7':D e&,! H&?'?&.(! 9.&-&'! 3($9.&,! FX'! 9.&! _]?&! 9&-! 7&-)2(W.'(->?)F(*.>?&,! B&C:$,9D EFF&G(-!.-(!)$-!&.,&'!B&.?&!6:,!Y'X,9&,!C&7'&,A(4!H.(!RC-(),9!9.&!2&.-(&,!3($9.&,! 2:9&**.&'&,!,$'!%':9$G(D!:9&'!-&G(:'-%&A.F.->?&!B&C:$,9-!C&.2!E,96&'C')$>?&'^! &(W)!.2![&'G&?'-D^!Y&C\$9&C&'&.>?!:9&'!9&'!T$(A$,7!6:,!E*&G(':7&'\(&,n!2),>?&! 3($9.&,! $,(&'-$>?&,! ,$'! 9.'&G(&^! ),9&'&! W&,.7-(&,-! 9.'&G(&! $,9! .,9.'&G(&! B&C:$,9-4!T&C&,!9&,!6.&*&,!%':9$G(D!$,9!-&G(:'-%&A.F.->?&,!3($9.&,!$,(&'-$>?&,! ,$'!&.,.7&!W&,.7&!H:9&**&!%':9$G(.:,--&.(.7&32 $,9!,$'!9'&.!3($9.&,!9)-!R$-2)e! 7&-)2(W.'(->?)F(*.>?&'!B&C:$,9DEFF&G(&33. V$9&2!-&.!),7&2&'G(^!9)--!9.&!]G:,:D 2&('.->?&,!H:9&**&!,$'!F.,),A.&**&!B&C:$,9DEFF&G(&!)C7&C.*9&(!?)C&,4!5)!%-J>?:D *:7.->?&! $,9! ),9&'&! B&C:$,9DEFF&G(&! C.-*),7! $,C&'X>G-.>?(.7(! C*.&C&,^! &'F)--&,! 9.&! :?,&?.,! C&7'&,A(! )$--)7&G'\F(.7&,! 3($9.&,! A$! &.,A&*,&,! -&G(:'-%&A.F.->?&,! B&C:$,9DEFF&G(&,!)*-:!-&*C-(!9:'(!,$'!&.,&,!G*&.,&,!1&.*)$-->?,.((!)**&'!2]7*.>?&,! B&C:$,9-4!5)6:,!)C7&-&?&,!C&A.&?(!-.>?!9.&!7),A!XC&'W.&7&,9&!V)?*!6:,!a,(&'D -$>?$,7&,!)$F!+,9$-('.&*\,9&'^!W\?'&,9!E,(W.>G*$,7-D!$,9!3>?W&**&,*\,9&'!C.-D *),7!G)$2!C&(')>?(&(!W$'9&,4 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I0!U,:F*)>?&'!c2007). I" II

!3.&?&!A$2!b&.-%.&*!3)$,9&'-!c"/0/d4!! !_:*2tE,7*$,9!c"//Pdn!Y.)2%.&(':tH)J$2.!c"//@dn!b)'G&'!!&(!)*4!c"//?$,7!W.'9!.,D -:F&',! ,.>?(! ,$'! 9)'.,! *.&7&,^! 9.&! 6&'->?.&9&,&,! ]G:,:2&('.->?&,! R,-\(A&! A$! 9.D '&G(&,! $,9! .,9.'&G(&,! B&C:$,9DEFF&G(&,! )$F! EC&,&! 6:,! U:,-$2&,(&,! 2.(! 9&,! G:2%*&;&,!R,-\(A&,!A$'!H:9&**.&'$,7!6:,!B&C:$,9DEFF&G(&,!)$F!8':9$A&,(&,-&.D (&! A$-)22&,! A$! FX?'&,4! [.&*2&?'! 2X--&,! A$-\(A*.>?! &2%.'.->?&! a,(&'-$>?$,7&,! )$-! 9&'! a2W&*(D! $,9! [&'?)*(&,-%-J>?:*:7.&! &.,F*.&e&,^! $2! %-J>?:*:7.->?&,! B&C:$,9-! B&>?,$,7! A$! (')7&,^! -:W.&! &'-(2)*-! L':--D=)>(:'DB&C:$,9DEFF&G(&! .,! 7&-)2(W.'(->?)F(*.>?&! Y*&.>?7&W.>?(-2:9&**&! &.,C&A:7&,! W&'9&,4! E'-(! &.,&! V$D -)22&,->?)$!9.&-&'!.,(&'9.-A.%*.,\'&,!&2%.'.->?&,!=:'->?$,7^!9.&!(&.*W&.-&!,:>?! 7)'! ,.>?(! &;.-(.&'(^! WX'9&! &-! &'*)$C&,^! 9.&! 7&-)2(W.'(->?)F(*.>?&! 3$22&! )**&'! B&C:$,9DEFF&G(!&.,&'!EFF.A.&,A-(&.7&'$,7!$2F)--&,9!)CA$->?\(A&,4! 5)--!9.&!f$),(.()(.6&!B&C:$,9D=:'->?$,7!,:>?!7':e&!`X>G&,!)$FW&.-(^!9'X>G(!.2! a2G&?'->?*$--!)**&'9.,7-!)$-^!9)--!9.&!E'7&C,.--&!9&'!C.-?&'.7&,!H:9&**'&>?,$,D 7&,!W)?'->?&.,*.>?!,$'!&.,!G*&.,&-!R$-2)e!9&'!()(-\>?*.>?!)$F('&(&,9&,!B&C:$,9-! )$-9'X>G&,4!5.&-!C.&(&(!.22&'?.,!9.&!3.>?&'?&.(^!9)--!9.&!.2!F:*7&,9&,!7&,),,(&,! V)?*&,!-.>?!)2!$,(&'&,!B),9!9&--&,!C&W&7&,^!W)-!.,!9&'!B&)*.(\(!A$!&'W)'(&,!.-(4! 3.1 Faustformel ‚Fifty-Fifty’ [.&'!H&()D3($9.&,!*.&F&',!&.,&!gC&'-.>?(!$,9!R$-W&'($,7!9&'!A)?*'&.>?&,!&2%.'.D ->?&,!E.,A&*$,(&'-$>?$,7&,.34 +2!5&().*!W.9&'-%'&>?&,!-.>?!9.&!3($9.&,!A$2!1&.*! &'?&C*.>?4! H.(! [:'-.>?(! *\--(! -.>?! FX'! +,9$-('.&*\,9&'! '$,9! 0/DI/m! 9.'&G(&! B&C:$,9DEFF&G(&! C&.! E,96&'C')$>?&',! .,! 9&,! 3&G(:'&,! [&'G&?'^! _)$-?)*D (&tE*&G(':7&'\(&! $,9! Y&C\$9&! &;(')%:*.&'&,^! W:C&.! &-! ,)>?! :C&,! $,9! $,(&,! RCD W&.>?$,7&,! 7.C(4! _.,A$! G:22&,! .,9.'&G(&! $,9! 2)G':D]G:,:2.->?&! B&C:$,9D EFF&G(&! cb-%4! 9&'! H)'G(%'&.-DEFF&G(d! .2! a2F),7! 6:,! MDM/m^! 2.(! 3%.(A&,! .,! 2),D >?&,!3&G(:'&,!6:,!XC&'!P/m!$,9!b)>GF.'&n!?.&'!A&.7(!)**&.,!9.&!b),9C'&.(&!9&'!R,D 7)C&!9.&!C&-(&?&,9&,!a,-.>?&'?&.(&,4!! T$'!)*-!R,?)*(-%$,G(!G),,!9)?&'!9.&!=)$-(F:'2&*!)C7&*&.(&(!W&'9&,^!9)--!*),7F'.-D (.7! $,9! .2! H.((&*! 2.(! 7&-)2(W.'(->?)F(*.>?&,! B&C:$,9DEFF&G(&,! 6:,! 2.,9&-(&,-! M/m! 7&'&>?,&(! W&'9&,! 9)'F4! H.(! ),9&'&,! #:'(&,^! .2! 3>?,.((! W&'9&,! EFF.A.&,AD 2)e,)?2&,!?]>?-(&,-!M/m!9&'!E.,-%)'$,7!'&)*.-.&'&,^!9.&!-.&!6&'-%'&>?&,^!?\$D F.7!-:7)'!,:>?!W&,.7&'.35 R**&'9.,7-!-&.!,:>?2)*-!),7&2&'G(^!9)--!9.&!H:9&**'&>?,$,7&,!,$'!F.,),A.&**&!$,9! G&.,&!2)(&'.&**&,^!%-J>?:*:7.->?&,!$,9!L':--D=)>(:'DB&C:$,9DEFF&G(&!.,!9&,!H:D 9&**'&>?,$,7&,! C&'X>G-.>?(.7&,! h! )$>?! W&,,! 9.&-&! EFF&G(&! ,.>?(! )**&! )99.(.6! W.'D G&,^!-:,9&',!-.>?!(&.*W&.-&!)$>?!)$-->?*.&e&,4!E.,&'!3>?\(A$,7!6:,!)**&,!B&C:$,9D EFF&G(&,!.,!3$22&!G),,!-.>?!,$'!),?),9!?.-(:'.->?&'!V&.('&.?&,!7&,\?&'(!W&'9&,4! 5.&-!?)C&,!_:*2!$,9!E,7*$,9!.,!&.,&'!C'&.(!),7&*&7(&,!3($9.&!$,(&',:22&,4!+?'! E'7&C,.-l! +,! 9&,! a3R! $,9! -&>?-! EaD3())(&,! -(.&7! 9.&! E,&'7.&&FF.A.&,A! AW.->?&,! 0P?&,!V&.(')$2!9&'!E,&'7.&6&'D !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

IK!H)9*&,&'tR*>:((!c"/00dn!i&,G.,-!&(!)*4!c"/00dn!3:'&**!c"//?F')7&! )$F7&F'&--&,4! VW)'!9X'F(&!9.&!H&?',)>?F')7&!,.>?(!)**&.,!)$F!B&C:$,9DEFF&G(&!-:,9&',!)$>?!)$F! ),9&'&!#)>?-($2-&FF&G(&!A$'X>G7&?&,4!R**&'9.,7-!C&'X>G-.>?(.7(!9.&!3($9.&!)$>?! G&.,&! [&'*)7&'$,7-&FF&G(&! 9$'>?! 9&,! #&*(?),9&*^! 9.&! 9&,! E,&'7.&6&'C')$>?! -$GD A&--.6&! 6:,! +,9$-('.&D! .,! 3>?W&**&,D! $,9! E,(W.>G*$,7-*\,9&'! 6&'->?.&C&,n! W\'&! 9&'! E,&'7.&6&'C')$>?! .,! 9&,! _&'G$,F(-*\,9&',! 9&'! +2%:'(&! .,! 9.&! R,)*J-&! 6:,! _:*2! $,9! E,7*$,9! &.,C&A:7&,! W:'9&,^! *.&e&! -.>?! W:2]7*.>?! &.,&! ,:>?! ?]?&'&! 3(&.7&'$,7!9&'!T)>?F')7&!F&-(-(&**&,.37 R$>?! 9&'! 3)>?6&'-(\,9.7&,')(! FX'! a2W&*(F')7&,! .,! 5&$(->?*),9! A.&?(! 9)-! =)A.(l! j+,-7&-)2(! 9&$(&,! 9.&! 6&'FX7C)'&,! W.--&,->?)F(*.>?&,! E'G&,,(,.--&! 9)')$F! ?.,^! 9)--!9&'!*),7F'.-(.7&!7&-)2(W.'(->?)F(*.>?&!B&C:$,9DEFF&G(!'&7&*2\e.7!XC&'!M/m! *.&7(!$,9!)$>?!#&'(&!6:,!XC&'!0//m!&''&.>?(^!9)-!?&.e(!9.&!&'A.&*(&,!E.,-%)'$,7&,! A$'! _\*F(&! C.-! 6:**-(\,9.7! )$-7*&.>?&,! G],,(&4k38 +,9&--&,! 9X'F(&,! .,! 3>?W&**&,D! $,9! E,(W.>G*$,7-*\,9&',! 9.&! B&C:$,9DEFF&G(&! ?]?&'! *.&7&,^! W&.*! 9:'(! ,:>?! 6.&*! 2&?'! ,)>??:*&,9&'! U:,-$2! $,9! .,F')-('$G($'&**&! +,6&-(.(.:,&,! 2]7*.>?! $,9! 7&D WX,->?(!-.,9.39

?,*

@9&'A&'*1&9*2>'/&)"')*

+-(! &-! 2]7*.>?^! B&C:$,9DEFF&G(&! 9$'>?! $2W&*(%:*.(.->?&! H)e,)?2&,! &.,A$?&7&,! :9&'!7)'!A$!$,(&'C.,9&,o!!V$!9.&-&'!=')7&!?)(!&-!C.-*),7!,:>?!G&.,&!W.'G*.>?&!5&D C)((&!7&7&C&,.40 5)-![&'-\$2,.-!.-(!9'.,7&,9!,)>?A$?:*&,^!$,9!9.&!F:*7&,9&,!RCD ->?,.((&!-(&**&,!&.,&,!R,F),7!9)'4 4.1 Effizienzstandards S'9,$,7-'&>?(*.>?&!H)e,)?2&,!W.&!EFF.A.&,A-(),9)'9-!FX'!Y&'\(&!:9&'!8':9$G(.D :,-%':A&--&! C&'7&,! $,(&'! )**&,! &FF.A.&,A-(&.7&',9&,! 8:*.(.G&,! 9.&! 7']e(&! Y&F)?'^! B&C:$,9DEFF&G(!?&'6:'A$'$F&,4!#.&!.,!U)%.(&*!"!)$-7&FX?'(!W&'9&,!.,-C&-:,9&'&! NW.,DW.,DH)e,)?2&,O^! C&.! 9&,&,! -.>?! 9.&! H&?'G:-(&,! FX'! 9.&! EFF.A.&,A-(&.7&'$,7! ->?:,! C)*9! )2:'(.-.&'&,! $,9! 9.&! ,&C&,! a2W&*(D! 9)?&'! )$>?! R'C&.(-D! $,9t:9&'! U)%.()*G:-(&,! -&,G&,^! ?:?&! F.,),A.&**&! $,9! L':--D=)>(:'DB&C:$,9DEFF&G(&! ,)>?! -.>?!A.&?&,!$,9!,.>?(!-&*(&,!b)>GF.'&!7&,&'.&'&,.41 3.&!W&'9&,!)$F!G&.,&,!=)**!9.&! 3$22&!9&-!(&>?,.->?!2]7*.>?&,!E.,-%)'%:(&,(.)*-!'&)*.-.&'&,4!E2%F&?*$,7&,!W.&! &(W)!6:2!+8LL42 :9&'!6:,!H>U.,-&J43, 9)--!-$C-(),(.&**&!E.,-%)'$,7&,!6:,!1'&.CD !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! IZ!_:*2tE,7*$,9!c"//Pd4! I?&!+,-('$2&,(&! B&C:$,9-!&.,?&7&,!G],,&,4!R,-:,-(&,!F.,9&,!-.>?!)**7&2&.,&![:'->?*\7&!FX'!8:*.(.G&,!A$'!E,(D G:%%&*$,7!6:,!#)>?-($2!$,9!T)($'6&'C')$>?!C&.!&.,.7&,!R$(:'&,^!9.&!)C&'!,.>?(!-%&A.&**!)$F!9.&! E.,?&7$,7!6:,!B&C:$,9DEFF&G(&,!F:G$--.&'&,4!3.&?&!A$2!b&.-%.&*!i)>G-:,!c"/00d!:9&'!`:-G&! c"/0/d4!! K0!3:!)$>?!3:'&**!c"//G-.>?(.7&,4! +,! V$G$,F(! -:**(&! 9.&! E.,FX?'$,7! &.,&-! G:-D (&,,&$(')*&,! EFF.A.&,A-(),9)'9-! A$6:'! &.,&'! RC->?\(A$,7! $,(&'A:7&,! W&'9&,^! :C! 9.&!Y&F)?'!9&-!b)>GF.'&!C&-(&?(4!#&,,!EFF.A.&,A-(),9)'9-!?:?&!B&C:$,9-!:9&'!7)'! b)>GF.'&!,)>?!-.>?!A.&?&,!G],,(&,^!-:**(&,!)*(&',)(.6&!H)e,)?2&,!&'W:7&,!W&'D 9&,4! R$>?! -:*>?&! :'9,$,7-'&>?(*.>?&,! H)e,)?2&,^! 9.&! A$! H&?'G:-(&,! C&.! 8':9$A&,D (&,! :9&'! U:,-$2&,(&,! FX?'&,^! G],,&,! 2.(! B&C:$,9DEFF&G(&,! &.,?&'7&?&,4! 5)-! 7&,),,(&!b&.-%.&*!9&'!_&'-(&**$,7!6:,!.22&'!*&.-($,7--(\'G&'&,!$,9!->?W&'&'&,! R$(:-!C&.!7*&.>?C*&.C&,9&2![&'C')$>?44 *&7(!,)?&^!9)--!EFF.A.&,A-(),9)'9-!FX'!C&D -(.22(&^!-()'G!C&7&?'(&!8':9$G(7'$%%&,!G&.,&!?:?&,!E.,-%)'$,7&,!&'W)'(&,!*)-D -&,n!\?,*.>?&-!9X'F(&!C&.-%.&*-W&.-&!)$>?!FX'!=&',-&?7&'\(&!7&*(&,^!9&'&,!R$--()(D ($,7!$,9!Y']e&!9&,!8':7,:-&,!A$F:*7&!W&.(&'!A$,&?2&,!W.'945, :9&'!FX'!9.6&'-&! >:2%$(&'7&-(&$&'(&! 8':9$G(&! 9&'! a,(&'?)*($,7-&*&G(':,.G! c`)%(:%-^! 32)'(%?:D ,&-^!3%.&G:,-:*&,!$-W4d^!9&'&,![&'G)$F-A)?*&,!$,9!T$(A$,7!.,!9&,!,\>?-(&,!i)?D '&,! -()'G! A$,&?2&,! 9X'F(&4! b&.! 9&')'(.7&,! 8':9$G(7'$%%&,! W.'9! 9.&! #.'G$,7! -&*C-(!6:,!G:-(&,.,(&,-.6&,!EFF.A.&,A-(),9)'9-!W&.(7&?&,9!9$'>?!B&C:$,9-!,.6&*D *.&'(4! R**7&2&.,!&2%F.&?*(!&-!-.>?!9)?&'^!:'9,$,7-'&>?(*.>?&!H)e,)?2&,!W.&!EFF.A.&,AD -(),9)'9-!$4)4!.,!&.,&2!G*$7&,!H&(-7G!;-K!2.(!2)'G(W.'(->?)F(*.>?&,!+,-('$2&,(&,! c3(&$&',^! E2.--.:,-?),9&*d! A$! 6&'G,X%F&,^! $2! B&C:$,9DEFF&G(&! %)'(.&**! &.,A$?&D 7&,4!! 4.2 Ökosteuern #&.A-\>G&'! &(! )*4! ->?*)7&,! &.,! 5&-.7,! &.,&'! QG:*:7.->?&,! 3(&$&''&F:'2! 6:'^! C&.! 9&2!9.&!3(&$&'-\(A&!\f$.6)*&,(!A$!9&,!EFF.A.&,A-(&.7&'$,7&,!),-(&.7&,4!5)2.(!-:*D *&,! EFF.A.&,A! C&9.,7(&! U:-(&,&'-%)',.--&! XC&'! 3(&$&',! )C7&->?]%F(! W&'9&,.46 +,! 9&'! 1)(! &.7,&(! -.>?! 9&'! [:'->?*)7! 9)A$^! F.,),A.&**&,! B&C:$,9DEFF&G(&,! &,(7&7&,D A$W.'G&,4! R**&'9.,7-! -.&?(! -.>?! &.,&! E.,?&7$,7! 6:,! B&C:$,9DEFF&G(&,! 9$'>?! QG:-(&$&',!2.,9&-(&,-!9'&.!_&')$-F:'9&'$,7&,!7&7&,XC&'4!! V$,\>?-(! G],,&,! QG:-(&$&',! *&9.7*.>?! E.,G:22&,-D! $,9! H)'G(%'&.-DEFF&G(&! &.,D ?&7&,n! %-J>?:*:7.->?&^! 2)(&'.&**&! $,9! (&.*-! )$>?! L':--D=)>(:'DB&C:$,9DEFF&G(&! W&'9&,! 6:,! U:-(&,-(&.7&'$,7&,! ,.>?(! (),7.&'(4! #.&! -()'G! 9&'! 7&-)2(W.'(->?)F(*.D >?&! B&C:$,9DEFF&G(! 9$'>?! QG:-(&$&',! $,(&'C$,9&,! W&'9&,! G),,^! C*&.C(! 9)?&'! :FF&,4!! =&',&'!-.&?(!-.>?!9.&!G:,G'&(&!a2-&(A$,7!&.,&-!-%&A.&**!)$F!B&C:$,9DEFF&G(&!A$7&D ->?,.((&,&,! QG:-(&$&'D5&-.7,-! &'?&C*.>?&,! %:*.(.->?&,! $,9! -:A.)*&,! 8':C*&2&,! )$-7&-&(A(4!E-!2$--!,\2*.>?!2.(!&.,&2!N(')9&D:FFO!AW.->?&,!9&'!#.'G$,7!&.,&'!-:*D !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! KK!3.&?&!:C&,!U)%.(&*!"40!

KM!3.&?&!)$>?!3Ba!c"/00d^!34!IMIn!$,9!S&?2&!&(!)*4!c"//Pd! KZ!#&.A-\>G&'!&(!)*4!c"/0/d!

#$%%&'()*!+,-(.($(!"/00!

"0!

>?&,! Nb&%'&.-$,7! 6:,! EFF.A.&,A7&W.,,&,O! &.,&'-&.(-! $,9! .?'&,! 7&-&**->?)F(*.>?&,! U:-(&,!),9&'&'-&.(-!7&'&>?,&(!W&'9&,4!3>?*.&e*.>?!?)(!3)$,9&'-!7&A&.7(l!r&!$,&*)-D (.->?&'!9.&!3$C-(.($(.:,-&*)-(.A.(\(!AW.->?&,!9&2!=)G(:'!T)($'!$,9!),9&'&,!=)G(:D '&,!cR'C&.(^!U)%.()*d^!9&-(:!?]?&'&!QG:-(&$&'-\(A&!2X--&,!&.,7&FX?'(!W&'9&,^!$2! ()(-\>?*.>?!&(W)-!C&W.'G&,!A$!G],,&,4!H.(!b*.>G!)$F!B&C:$,9DEFF&G(&!7.*(!.,9&--&,! 9&'!a2G&?'->?*$--l!r&!&*)-(.->?&'!9.&!3$C-(.($(.:,-G)%)A.(\(^!9&-(:!&?&'!W.'9!AW)'! ->?:,! &.,! 7&'.,7&'! 3(&$&'-)(A! &.,! a2-(&$&',! C&.2! [&'?)*(&,! C&W.'G&,! h! W:C&.! 9),,!)C&'!2.(!?:?&,!B&C:$,9DEFF&G(&,!7&'&>?,&(!W&'9&,!2$--447 U$'A^!&.,&!?:?&! E*)-(.A.(\(! FX?'(! A$! ?:?&,! B&C:$,9-! C&.! 7&'.,7&,! U:-(&,! 9$'>?! 9.&! QG:-(&$&',^! &.,&!7&'.,7&!E*)-(.A.(\(!A$!7&'.,7&,!B&C:$,9-!)C&'!?:?&,!U:-(&,4!b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b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r&9&2!=)**&! 3.,,! $,9! -(&**(! A$9&2! &.,! 7&&.7,&(&-! +,-('$2&,(! A$'! E.,?&7$,7! C&-(.22(&'! B&C:$,9DEFF&G(&!9)'4! 4.3 Absolute Obergrenzen #&,,! 9&'! T)($'6&'C')$>?! 9$'>?! )C-:*$(&! SC&'7'&,A&,! cL7'H+Md! C&->?'\,G(! W.'9^! G),,! &-! (?&:'&(.->?! G&.,&! B&C:$,9DEFF&G(&! 7&C&,4! 5.&! E.,FX?'$,7! &.,&-! W&*(W&.D (&,! E2.--.:,-?),9&*-! C&.-%.&*-W&.-&^! 9&'! 9.&! 7&-)2(&,! 1'&.C?)$-7)-&2.--.:,&,! )**&'! `\,9&'! 9&>G&*(^! 2)>?(! E2.--.:,--(&.7&'$,7&,! 9$'>?! B&C:$,9DEFF&G(&! $,D 2]7*.>?n! &-! G),,! 9),,! )$>?! G&.,&! V$,)?2&! 9&'! E2.--.:,&,! 9$'>?! .,9.'&G(&! B&C:$,9DEFF&G(&! 7&C&,^! 9)! 9.&! E2.--.:,&,! 9&-! U:,-$2-! )*(&',)(.6&'! YX(&'! $,9! 5.&,-(*&.-($,7&,! r)! &C&,F)**-! 9$'>?! 9.&! SC&'7'&,A&! 7&9&>G&*(! W&'9&,4! [&'D ->?.&9&,(*.>?! W&'9&,! )$>?! SC&'7'&,A&,! FX'! ),9&'&! 3>?)9-(:FF&! $,9! a2W&*(D 2&9.&,! 9.-G$(.&'(^! 9.&! -.>?! %'.,A.%.&**! &C&,F)**-! A$'! E.,?&7$,7 von Rebound!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

K
-%.&*!b&$&'2),,t3),()'.$-!c"//Zd4!

""!

!

#$%%&'()*!+,-(.($(!"/0"!

Effekten eignen.49 +,! 9&'! 8');.-! -(&?(! 9.&! E.,FX?'$,7! 6:,! )C-:*$(&,! SC&'7'&,A&,! )C&'!6:'!AW&.!8':C*&2&,4!! E'-(&,-!W.'9!&-!-&*(&,!7&*.,7&,^!SC&'7'&,A&,!W&*(W&.(!F&-(A$*&7&,4!5.&!E.,FX?'$,7! &.,&-!W&*(W&.(&,!N7'H+O!FX'!1'&.C?)$-7)-&2.--.:,&,!&(W)!*.&7(!.,!W&.(&'!=&',&4!5.&! [&'?),9*$,7&,! $,(&'! 9&'! U*.2)')?2&,G:,6&,(.:,! caT=LLLd! W&'9&,! C.-! ?&$(&! 9$'>?! 9.&! =')7&! 7&*\?2(^! W&*>?&! b&.('\7&! +,9$-('.&D^! 3>?W&**&,D! $,9! E,(W.>GD *$,7-*\,9&'! F).'&'! #&.-&! *&.-(&,! -:**&,n! C.-! 9.&-&! =')7&! 9&'! U*.2)7&'&>?(.7G&.(! ,.>?(!7&*]-(!.-(^!->?&.,(!&.,&!)C-:*$(&!E2.--.:,-7'&,A&!FX'!)**&!`\,9&'!$,9&,GC)'4! 3:!*),7&!.,9&--&,!SC&'7'&,A&,!,$'!FX'!&.,A&*,&!`\,9&'!7&*(&,^!G),,!&.,&!'\$2*.D >?&![&'*)7&'$,7!9.&!#.'G$,7!9.&-&'!SC&'7'&,A&,!->?2\*&',4!3:!.-(!C&.-%.&*-W&.-&! 5&$(->?*),9! &.,&-! 9&'! W&,.7&,! +,9$-('.&*\,9&'^! 9)-! -&.,&! ,)(.:,)*&,! E2.--.:,&,! -&.(! .,! U')F(! 1'&(&,! 9&-! UJ:(:D8':(:G:**-! '&9$A.&'&,! G:,,(&4! VW.->?&,! 0PPM! $,9! "//M! -.,9! 9.&! LS"DE2.--.:,&,! .,! 5&$(->?*),9! 6:,! 0/^M! )$F! P^?! .,! 5&$(->?*),9! A$7&,:22&,n50 &-! ?)(!G&.,&!)C-:*$(&!E,(G:%%&*$,7!6:,!#.'(->?)F(-W)>?-($2!$,9!E2.--.:,&,!-()((D 7&F$,9&,4! 1':(A! )C-:*$(&'! ,)(.:,)*&'! SC&'7'&,A&,! G],,&,! )*-:! B&C:$,9DEFF&G(&! &,(-(&?&,^!W&,,!?&.2.->?&!8':9$G(&!9$'>?!+2%:'(&!&'-&(A(!W&'9&,4!! VW&.(&,-! W.'9! &-! -&*C-(! .,,&'?)*C! 6:,! `\,9&',! -&*(&,! 7&*.,7&,^! ,)(.:,)*&! SC&'D 7'&,A&,!FX'!&.,!a2W&*(2&9.$2!F&-(A$*&7&,4!5)-!E2.--.:,-?),9&*--J-(&2!9&'!Ea! C&.-%.&*-W&.-&! 9&>G&*(! 9.&! E2.--.:,&,! *&9.7*.>?! FX'! &2.--.:,-.,(&,-.6&! a,(&',&?D 2&,^!W:9$'>?!'$,9!M/m!9&'!EaDE2.--.:,&,!)C7&9&>G(!W&'9&,4!3&*C-(!.2!(?&:'&D (.->?&,!=)**!&.,&'!N7&->?*:--&,&,![:*G-W.'(->?)F(O!9&'!Ea^!.,!9&2!)*-:!G&.,&![&'*)D 7&'$,7&,!.,-!R$-*),9!-()((F.,9&,!G],,&,^!W&'9&,!.,9.'&G(&!B&C:$,9DEFF&G(&!2]7D *.>?!-&.,^!.,9&2!-.>?!9.&!T)>?F')7&!6:,!3&G(:'&,^!9.&!9&2!E2.--.:,-?),9&*!$,(&'D *.&7&,^!)$F!),9&'&!3&G(:'&,!6&'*)7&'(4!b&.-%.&*-W&.-&!G],,(&,!W&,.7&'!&2.--.:,-D .,(&,-.6&!YX(&'!G:,-$2.&'(!W&'9&,^!)C&'!9.&!3$22&!9&'!),-(&**&!9&--&,!6&'2&?'(! ,)>?7&F')7(&,!&2.--.:,-\'2&'&,!YX(&'!G),,!A$!&.,&2!W&.(&'&,!R,-(.&7!9&'!E2.-D -.:,&,!FX?'&,4! #.&! :C&,! C&'&.(-! FX'! QG:-(&$&',! '&-X2.&'(^! -.,9! C&.9&! 8':C*&2&! ,.>?(! )*-! R'7$D 2&,(!7&7&,!9.&!E.,FX?'$,7!6:,!)C-:*$(&,!SC&'7'&,A&,!)$F!9&,!T)($'6&'C')$>?!A$! 6&'-(&?&,^!$,9!-&.&,!&-!)$>?!,$'!Y'&,A&,!FX'!&.,A&*,&!3&G(:'&,!:9&'!`\,9&'4!1)(D -\>?*.>?! &.7,&,! -.>?! )C-:*$(&! SC&'7'&,A&,! $,(&'! )**&,! $2W&*(%:*.(.->?&,! +,-('$D 2&,(&,! )2! C&-(&,! 9)A$^! B&C:$,9DEFF&G(&! &.,A$9\22&,4! 5.&! E.,FX?'$,7! &.,&-! )C-:*$(&,! [&'C')$>?-A.&*-! FX'! 9&,! 3(':2C&9)'F! .,! 5&$(->?*),9! &(W)^! W.&! &-! 9&'! 3)>?6&'-(\,9.7&,')(! FX'! a2W&*(F')7&,! $,9! ),9&'&! F:'9&',51,! W\'&! &.,! 7':e&'! =:'(->?'.((^!)$>?!FX'!9.&!H.,9&'$,7!6:,!B&C:$,9DEFF&G(&,4!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! KP!3.&?&!A4b4!b)',&-!c"//Zd4!

M/!b'$>G,&'!&(!)*4!c"/0/dn!\?,*.>?&!V)?*&,!C&.!8&(&'-!&(!)*!c"/0/d4!! M0!3Ba!c"/00d^!34!IMIn!-.&?&!)$>?!`.,At3>?&'?:',!c"/00d4!

#$%%&'()*!+,-(.($(!"/00!

"I!

4.4 Nachhaltigkeits-Kommunikation 5.&![.&*A)?*!$,(&'->?.&9*.>?&'!Y'X,9&!FX'!B&C:$,9-!*&7(!,)?&^!9)--!,.>?(!,$'!:'9D ,$,7-'&>?(*.>?&! $,9! 2)'G(W.'(->?)F(*.>?&! +,-('$2&,(&! ),7&A&.7(! -.,9^! B&C:$,9D EFF&G(&! A$! 6&''.,7&',^! -:,9&',! )$>?! )**&'! R'(&,! 6:,! H)e,)?2&,! 9&'! T)>??)*(.7D G&.(-G:22$,.G)(.:,^! 9.&! 9)')$F! )CA.&*&,^! 9)-! #.--&,! $,9! 9.&! #&'(6:'-(&**$,7&,! 6:,! U:,-$2&,(+,,&,! $,9! 8':9$A&,(+,,&,! A$! C&&.,F*$--&,4! _.&'A$! A\?*&,! a2D W&*(C.*9$,7^! T)>??)*(.7G&.(-D#&'C&>)2%)7,&,! :9&'! QG:D`)C&*-! 7&,)$-:! W.&! a2W&*(DH),)7&2&,(D3J-(&2&^! a2W&*(DR$9.(-^! :9&'! ]G:*:7.->?&-! H)'G&(.,7^! $2! ,$'! &.,.7&! A$! ,&,,&,4! +,-C&-:,9&'&! %-J>?:*:7.->?&! B&C:$,9DEFF&G(&! G],,&,^! W&,,! XC&'?)$%(^! ,$'! 9$'>?! +,-('$2&,(&! 9&'! T)>??)*(.7G&.(-G:22$,.G)(.:,! )9'&--.&'(!W&'9&,4!! 5:>?!(':(A!7':e&'!E'F:*7&!C&.!9&'![&'C&--&'$,7!9&-!a2W&*(0$A*++,+$-.+!G:,,(&,! C.-?&'! ,$'! W&,.7&! E'F:*7&! &'A.&*(! W&'9&,^! 9)-! ()(-\>?*.>?&! a2W&*(?&'?&.(! 6:,! H)e,)?2&,! 9&'! T)>??)*(.7G&.(-G:22$,.G)(.:,! -(&(-! $,-.>?&'4! +2! H&(-7G! ;-K! 2.(! ),9&'&,! +,-('$D 2&,(&,!-:**(&,!-.&!7&,$(A(!W&'9&,^!$2!XC&'!9.&!6.&*F\*(.7&,!a'-)>?&,!$,9!V$-)2D 2&,?\,7&!6:,!B&C:$,9-!)$FA$G*\'&,4!a,9!&-!C.&(&(!-.>?!),!A$!&'F:'->?&,^!W.&!-.&! -%&A.&**! A$'! E.,?&7$,7! 6:,! B&C:$,9DEFF&G(&,! W&.(&'&,(W.>G&*(! W&'9&,! G],,(&,4! +,9&--&,!C&-(&?(!C.-!)$F!W&.(&'&-!W&,.7!Y'$,9!A$'!_:FF,$,7^!9)--!9&'!7&-)2(W.'(D ->?)F(*.>?&! B&C:$,9DEFF&G(! 9$'>?! T)>??)*(.7G&.(-G:22$,.G)(.:,! ,&,,&,-W&'(! 6&''.,7&'(!W&'9&,!G],,(&4!!

B,*

-$./#0"%*41&9*2'03455&6"')**

5.&! [.&*A)?*! $,9! [&'->?.&9&,)'(.7G&.(! 2]7*.>?&'! B&C:$,9DEFF&G(&! $,9! 9.&! .,! 9.&D -&2! 1&;(! 6:'7&(')7&,&! E.,->?\(A$,7^! 9)--! 9.&! 3$22&! 9.&-&'! B&C:$,9DEFF&G(&! )$>?! *),7F'.-(.7! 2.,9&-(&,-! 9.&! _\*F(&! 9&'! E.,-%)'%:(&,(.)*&! 6:,! EFF.A.&,A2)eD ,)?2&,!)$FA&?'&,!W.'9^!2)>?(!9&$(*.>?^!9)--!1&>?,:*:7.&D!$,9!+,,:6)(.:,-:FF&,D -.6&,! )**&.,&! ,.>?(! )$-'&.>?&,^! $2! ]G:*:7.->?&! V.&*&! W.&! &(W)! 9.&! [&'2.,9&'$,7! 9&'!1'&.C?)$-7)-&!$2!>)4!@/DP/m!.,!9&,!+,9$-('.&*\,9&',!C.-!A$2!i)?'!"/M/52 A$! &''&.>?&,4!H&?'&'&!3($9.&,!?)C&,!C.-?&'!$,(&'-$>?(^!:C!$,9!W.&!-.>?!&.,&![:**6&'D -:'7$,7! 9$'>?! &',&$&'C)'&! E,&'7.&,! $,9! &.,&! B&9$G(.:,! 9&'! 1'&.C?)$-7)-&! $2! C.-!A$!P/m!C.-!"/M/!.,!5&$(->?*),9!$,9!E$':%)!'&)*.-.&'&,!*\--(453 3.&!7&?&,!6:,! &.,&2! W&.(&'! W)>?-&,9&,! [:*G-&.,G:22&,! )$-^! )C&'! G&.,&! 9&'! 3($9.&,! C&'X>GD -.>?(.7(!.'7&,9W&*>?&!B&C:$,9DEFF&G(&454 5)!9.&!3($9.&,!)**&!(&>?,.->?&,!8:(&,(.)D *&! FX'! 9.&! E2.--.:,-'&9$G(.:,! $2! P/m! )$-->?]%F&,! $,9! .,-:F&',! G&.,&'*&.! 3%.&*D '\$2&!FX'!H.--&'F:*7&!*)--&,^!2$--!$,(&'!b&'X>G-.>?(.7$,7!6:,!B&C:$,9DEFF&G(&,! $,9! 9&'! =)$-(F:'2&*! N=.F(JD=.F(JO! &.,&! E''&.>?$,7! 9&-! V.&*-! 9$'>?! EFF.A&,AD! $,9! U:,-.-(&,A-(')(&7.&,! C&.2! ?&$(.7&,! U&,,(,.--(),9! 9&'! 1&>?,.G! )*-! $,&''&.>?C)'! &'G*\'(!W&'9&,4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

M"!+8LL!c"//&!-.&?&!6:'!)**&2!##=!c"/0/d! MK!3:!$'(&.*(!)$>?!9&'!3Ba!c"//Pd4!

"K!

!

#$%%&'()*!+,-(.($(!"/0"!

`&(A(*.>?! *.&7(! 9&'! Y'$,9! FX'! 9)-! [&'-)7&,! ,.>?(! .2! 2),7&*,9&,! (&>?,.->?&,! E.,D -%)'%:(&,(.)*^!-:,9&',!.2!.22),&,(&,!T)>?(&.*!6:,!EFF.A.&,AD!$,9!8':9$G(.6.(\(-D -(&.7&'$,7&,!r&7*.>?&'!R'(^!9)--!-.&!9)-!#.'(->?)F(-W)>?-($2!),?&.A&,4![:'!)**&2! W.'G&,! NW.,DW.,OD`]-$,7&,! W)>?-($2--(.2$*.&'&,9^! C&.! 9&,&,! [&'C')$>?&'^! a,D (&',&?2&'^! B&7.&'$,7&,! U:-(&,! -%)'&,4! 5:>?! *&(A(*.>?! *]-(! r&9&'! 8':9$G(.6.(\(-D ->?$C!&.,&,!#)>?-($2-->?$C!)$-4!5)-!#)>?-($2!*\--(!9&,!S$(%$(!)**&'!YX(&'!$,9! 5.&,-(*&.-($,7&,!),-(&.7&,^!$,9!2.(!.?2!9.&!T)>?F')7&!,)>?!E,&'7.&!$,9!B&--:$'D >&,! FX'! 9.&! _&'-(&**$,7! 9.&-&'! YX(&'4! #.&! ?:>?! 9.&! 3$22&! )**&'! B&C:$,9DEFF&G(&! 9.&-&-! #)>?-($2-->?$C-! .-(^! ?\,7(! 6:2! V$-)22&,?),7! AW.->?&,! E,&'7.&,)>?D F')7&! $,9! S$(%$(! )Cn! 2.(! ),9&'&,! #:'(&,^! W.&! &,&'7.&D! $,9! 2)(&'.)*.,(&,-.6! 9.&! A$-\(A*.>?! ?&'7&-(&**(&,! YX(&'! -.,94! 5:>?! )$>?! N7'X,&O! 8':9$G(&^! W.&! &(W)! &',&$D &'C)'&!E,&'7.&,^!-.,9!,.>?(!A$!]G:*:7.->?&,!T$**G:-(&,!A$!?)C&,4!5)?&'!2$--!),D 7&AW&.F&*(! W&'9&,^! 9)--! &.,! 7'X,&-! #)>?-($2! &.,&! ?.,'&.>?&,9&! E,(G:%%&*$,7! 6:,! T)($'6&'C')$>?! $,9! #.'(->?)F(-W)>?-($2! '&)*.-.&'&,! G),,^! -:! *),7&! ,.>?(! 7*&.>?A&.(.7!]G:,:2.->?&!3>?'$2%F$,7!.,!,.>?(D,)>??)*(.7&,!3&G(:'&,!-()((F.,9&(4! 5.1 Zweifel am grünen Wachstum QG:*:7.->?!7&-.,,(&!b&FX'W:'(&'!&.,&-!W&.(&'&,!#.'(->?)F(-W)>?-($2-!)'7$2&,D (.&'&,^! 9)--! &.,! 2)--.6&'! R$-C)$! &',&$&'C)'&'! E,&'7.&,^! 9&'! Y&C\$9&9\22$,7^! ,)>??)*(.7&'!+,F')-('$G($'&,!$-W4!,$'!C&.!W)>?-&,9&2![:*G-&.,G:22&,!A$!&'A.&D *&,!-&.4!NY'X,&-O!#.'(->?)F(-W)>?-($2!c89$$.!89&A,#d!-(&**&!)C&'!G&.,&!A$-\(A*.>?&! ]G:*:7.->?&!b&*)-($,7!9)'^!9)!&-!,$'!)$F!9.&!?]?&'&,!U:-(&,!6:,!9&,!+,6&-(.(.:,&,! .,!,)>??)*(.7&!8':9$G(.:,-W&.-&,!$,9!+,F')-('$G($'&,!$,9!9&2!U:,-$2!]G:*:7.D ->?&'!8':9$G(&!A$'X>G7&?&4!! R**&'9.,7-!2$--!G*)'!7&-(&**(!W&'9&,^!9)--!&-!)$>?!.2!(?&:'&(.->?&,!=)**!&.,&'!)$-D ->?*.&e*.>?! 7'X,! W)>?-&,9&,! #.'(->?)F(! B&C:$,9DEFF&G(&! 7&C&,! W.'94! 3>?*.&e*.>?! 7.*(l!#&,,!C&.-%.&*-W&.-&!9&'![&'C')$>?!F:--.*&'!E,&'7.&!9$'>?!9.&!+-:*.&'$,7!6:,! _\$-&',! 7&-&,G(!W.'9^! W.'9! 9&'! =)G(:'! T)($'! 9$'>?! 9&,! =)G(:'! U)%.()*! &'-&(A(4! #.&! :C&,! &'*\$(&'(^! FX?'(! 9.&-&'! [:'7),7! .,-C&-:,9&'&! 9),,! A$! ?:?&,! B&C:$,9D EFF&G(&,^! W&,,! 9.&! 3$C-(.($(.:,-&*)-(.A.(\(! AW.->?&,! T)($'! $,9! U)%.()*! c:9&'! R'D C&.(d! ?:>?! .-(4! Y&,)$! 9.&-&! E*)-(.A.(\(! W.'9! )C&'! 2.(! 9&2! F:'(->?'&.(&,9&,! gC&'D 7),7! A$! &.,&'! %:-(F:--.*&,! #.'(->?)F(! -(&.7&,^! 9)! 9&'! =)G(:'! T)($'! -(&(.7! *&.>?(&'! 9$'>?!R'C&.(!:9&'!U)%.()*!-$C-(.($.&'C)'!W.'94!! E.,! 6&'&.,F)>?(&-! b&.-%.&*! 6&'),->?)$*.>?(! 9&,! V$-)22&,?),7! AW.->?&,! 7'X,&2! #)>?-($2!$,9!-(&.7&,9&,!B&C:$,9DEFF&G(&,4!H),!FX?'&!-.>?!6:'!R$7&,^!2.(!W&*>?! $,(&'->?.&9*.>?&2! R$FW),9! ),! B&--:$'>&,^! R'C&.(! $,9! U)%.()*! 9.&! &'-(&,! R$(:-! 2.(!S((:DH:(:'&,!7&7&,XC&'!9&,!_JC'.9DR$(:-!6:,!?&$(&!7&C)$(!W$'9&,4!5.&!H:D (:'&,(&>?,:*:7.&! 9&'! &'-(&,! Y&,&')(.:,! C&-(),9! )$-! W&,.7&,! 1&.*&,^! 9.&! .2! W&D -&,(*.>?&,! )$-! E.-&,! $,9! 3()?*! 7&F&'(.7(! W$'9&,^! $,9! C)$(&! )$F! 6&'?\*(,.-2\e.7! &.,F)>?&,! U:,-('$G(.:,-%*\,&,! )$F^! 9.&! 6:,! &.,&'! XC&'->?)$C)'&,! V)?*! ),! =:'D ->?&',!$,9!+,7&,.&$'&,!&,(W.>G&*(!W$'9&,4!5.&!R,('.&C-(&>?,:*:7.&!&.,&-!_JC'.9D R$(:-!?.,7&7&,!.-(!G:2%*&;^!6&'&.,(!A.7!6&'->?.&9&,&!B:?-(:FF&!)$-!)**&,!E'9(&.*&,^! ),! 9&'&,! RCC)$! $,9! 1'),-%:'(! A)?*'&.>?&! =.'2&,! C&(&.*.7(! -.,9^! $,9! W.'9! 6:,! _&&'->?)'&,! 6:,! #.--&,->?)F(*&'+,,&,! $,9! +,7&,.&$'+,,&,! &,(W.>G&*(^! 9.&! )**&!

#$%%&'()*!+,-(.($(!"/00!

"M!

Y&?\*(&'! C&A.&?&,! $,9! .?'&'-&.(-! U:,-$2! (\(.7&,4! U$'Al! W\?'&,9! _JC'.9DR$(:-! %':!1:,,&,G.*:2&(&'!6.&**&.>?(!&,&'7.&-%)'&,9&'!F)?'&,^!7&?(!.?'&!_&'-(&**$,7!2.(! 2$*.(%*&,!7&-)2(W.'(->?)F(*.>?&,!B&C:$,9DEFF&G(&,!&.,?&'4!! E-!.-(!&.,&!G$'A-.>?(.7&!R'7$2&,()(.:,^!9)--!W&.(&'&-!#)>?-($2!h!$,9!-&.!&-!,:>?! -:!7'X,!h!9)A$!FX?'&,!WX'9&^!9.&!+,6&-(.(.:,&,!$,9!9&'!U:,-$2!$,9!F:*7*.>?!)$>?! 9&'!B&--:$'>&,6&'C')$>?!$,9!9.&!E2.--.:,&,!7.,7&,!.,!&.,&2!H)e&!A$'X>G^!9)--! T)>??)*(.7G&.(-A.&*&!&''&.>?(!W&'9&,!G],,&,4!3>?*.&e*.>?!W.'9!&.,!H&?'!),![:*G-D &.,G:22&,^! )$>?! W&,,! &-! )$-! (&$'&'&,! 7'X,&,! 8':9$G(&,! '&-$*(.&'(^! .22&'! &.,! H&?'!),!U:,-$2!,)>?!-.>?!A.&?&,4!5&,,!W)-!9'X>G&,!9.&!?]?&'&,!U:-(&,!9&'!7'XD ,&,! 8':9$G(&! ->?:,! )$-o! 3.&! 9'X>G&,! )$-^! 9)--! &,(W&9&'! 2&?'! _$2),G)%.()*! c#.--&,d! A$! .?'&'! E,(W.>G*$,7^! :9&'! 2&?'! R'C&.(-A&.(! A$'! =&'(.7$,7^! :9&'! 2&?'! R$FW),9!A$2!RCC)$!-%&A.&**!C&,](.7(&'!B:?-(:FF&!F\**.7!W.'94!+,!r&9&2!=)**!W&'9&,! 2&?'!]G:,:2.->?&!1'),-)G(.:,&,!6:'7&,:22&,^!9.&!7$,$9-+!H'9-0*+!2&?'!a,(&'D ,&?2&,!:9&'!H&,->?&,!),!9&'!#&'(->?]%F$,7!9.&-&'!8':9$G(&!C&(&.*.7&,!$,9!9)D ?&'!?.&'A$*),9&!W.&!7*:C)*!9$'>?![&'*)7&'$,7-&FF&G(&!6.&*F\*(.7&!B&C:$,9DEFF&G(&! 7&,&'.&'&,^!9.&!&.,&'!?.,'&.>?&,9&,!E,(G:%%&*$,7!6:,!#.'(->?)F(-W)>?-($2!$,9! T)($'6&'C')$>?!&,(7&7&,W.'G&,4! 5.2 Für eine Gesellschaft des Genug E-! 7.C(! G&.,! E,('.,,&,! )$-! 9&'! 1)(-)>?&^! 9)--! '&)*&-! #.'(->?)F(-W)>?-($2! &.,&! H&?',)>?F')7&! ,)>?! -.>?! A.&?(4! #&,,! 9)-! V.&*! T)>??)*(.7G&.(! &',-(! 7&,:22&,! W.'9^!-:!->?&.,(!,$'!9.&!S%(.:,!A$!C*&.C&,^!9&,!1&$F&*-G'&.-!9&'!#)>?-($2--%.')*&! A$! C&&,9&,4! E.,&! #)>?-($2-DY&-&**->?)F(^! 9.&! &.,&! N7':e&! 1'),-F:'2)(.:,O! A$'! T)>??)*(.7G&.(-DY&-&**->?)F(! ),-('&C(^! -(&?(! 6:'! 9&'! H)22$()$F7)C&^! .?'! #)>?-D ($2! W.'G$,7-6:**! A$! C&7'&,A&,4! T$'! W&,,! 9)-! [:*G-&.,G:22&,! )$F?]'(! -(&(.7! W&.(&'! A$! W)>?-&,^! G],,&,! EFF.A.&,AD! $,9! U:,-.-(&,A-(')(&7.&,! .?'&! (&>?,.->?! 2]7*.>?&,^! -%'.>?l! .?'&! 6:**&,! E.,-%)'%:(&,(.)*&! '&)*.-.&'&,! $,9! 9&,! B&--:$'>&,D 6&'C')$>?!)$F!&.,!(')7F\?.7&-!T.6&)$!'&9$A.&'&,4!SC!$,9!W.&!.,9&--&,!9)-![:*G-D &.,G:22&,! -()C.*! 7&?)*(&,! W&'9&,! cL+,$'1G! +,',$! $7&.&;GMd! :9&'! 7)'! ->?'$2%F&,! G),,^! .-(! &.,&! 9&'! W.>?(.7-(&,! $,9! ?&')$-F:'9&',9-(&,! =:'->?$,7-F')7&,! FX'! 9.&! V$G$,F(4!! H]7*.>?&'! #&.-&! G],,&,! QG:-(&$&',! ,&C&,! .?'&'! $2-(&$&',9&,! #.'G$,7! ,:>?! &.,&,! W&.(&'&,! b&.(')7! *&.-(&,^! 9.&-! .,-! #&'G! A$! -&(A&,4! 5&,,! W&,,! )$-! 9&,! E.,D ,)?2&,!&.,&'!QG:*:7.->?&,!3(&$&''&F:'2!G&.,&!,&$&,!B&C:$,9DEFF&G(&!?&'6:'7&D ?&,! -:**&,^! 9X'F&,! -.&! *&9.7*.>?! A$2! RC(')7&,! 9&'! C&-(&?&,9&,! j&W.7&,! 3())(-D ->?$*9&,“55 6&'W&,9&(!W&'9&,4!5)-!E'7&C,.-!W\'&!6&'2$(*.>?!G&.,!7'X,&-!#)>?-D ($2^! -:,9&',! &?&'! &.,! ]G:*:7.->?&-! $,9! -:A.)*&-! Y&-$,9->?'$2%F&,! 9&'! #.'(D ->?)F(4!5&,,!W&,,!9.&!E.,,)?2&,!9&'!3(&$&',!9&2!#.'(->?)F(-G'&.-*)$F!%')G(.->?! &,(A:7&,!WX'9&,^!G),,!&-!-&.,^!9)--!9)-![:*G-&.,G:22&,!-()C.*!C*&.C(!:9&'!-.,G(4! RC&'! -:W:?*! 9.&! ]G:*:7.->?&,! 3>?$*9&,! C&.! 9&'! b.:-%?\'&! )*-! )$>?! 9.&! ]G:,:2.D !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! MM!b.,-W),7&'!,&,,(!3())(-->?$*9&,!)$>?!j&W.7&!3>?$*9&,k!9&'!V&,(')*C),G&,^!W&.*!V&,(')*C),G&,!

-&.(!R$F?&C$,7!9&-!Y:*9-(),9)'9-!.,!9&'!`)7&!-.,9^!%')G(.->?!$,C&7'&,A(!3>?$*9&,!)$FA$,&?2&,^! 9.&!,.&2),9!A$'X>GF:'9&'(^!$,9!9.&!-.>?!-:!*),7&!.,!Y&*9->?]%F$,7!$,9!'&)*&-!#.'(->?)F(-W)>?-D ($2!XC&'-&(A&,^!C.-!9)-!3J-(&2!G:**)C.&'(4!3.&?&!b.,-W),7&'!c"//Zd4!

"Z!

!

#$%%&'()*!+,-(.($(!"/0"!

->?&,! 3>?$*9&,! C&.! $,-&'&,! ,)>?F:*7&,9&,! Y&,&')(.:,&,! G],,(&,! )C7&C)$(! W&'D 9&,4!! S?,&! VW&.F&*! &'F:'9&'(! &.,&! b&&,9.7$,7! 9&'! #)>?-($2--%.')*&! &,:'2&,! ]G:,:D 2.->?&,^!%:*.(.->?D.,-(.($(.:,&**&,!$,9!.,9.6.9$&**&,!B&F:'2W.**&,4!5.&![:*G-W.'(D ->?)F(-*&?'&!2$--!&.,&!NH)G':]G:,:2.&!9&'!H\e.7$,7O!&'-(!&,(W.>G&*,^!9&,,!9&'! W.--&,->?)F(*.>?&! N'-.+,9$';! ?)(! C.-?&'! 9.&! =')7&! 6]**.7! .7,:'.&'(^! :C! $,9! W.&! H)'G(W.'(->?)F(&,!:?,&!#)>?-($2!F*:'.&'&,!G],,&,4!5.&!8:*.(.G!2$--!&-!,.>?(!,$'! ->?)FF&,^! :?,&! ,&$&! 3())(-->?$*9&,! )$-A$G:22&,! $,9! )*(&! 3>?$*9&,! )CA$C)$&,^! -:,9&',!A$9&2!)**!r&,&!+,-(.($(.:,&,!9&'!-:A.)*&,!3.>?&'$,7!'&F:'2.&'&,^!9.&!C.-D *),7!)$F!-(&(&-!#)>?-($2!),7&W.&-&,!W)'&,4!! V$6:'!2X--&,!8:*.(.G&'+,,&,!$,9!bX'7&'+,,&,!-.>?!)$F!&.,&!5&C)((&!XC&'!N7&-&**D ->?)F(*.>?&! 3$FF.A.&,AO! &.,*)--&,4! E'-(! W&,,! 9.&! E.,-.>?(! ),7&G:22&,! .-(^! 9)--! &-! &.,&,!8$,G(!7&C&,!G),,!$,9!-:**(&^!),!9&2!7&,$7!h!:9&'!6.&**&.>?(!->?:,!A$!6.&*!h! #.'(->?)F(-W)>?-($2!&'A.&*(!W:'9&,!.-(^!W.'9!&-!2]7*.>?!-&.,^!XC&'!]G:,:2.->?&! Y'&,A&,!9&-!#)>?-($2-!,)>?A$9&,G&,4!a,9!&'-(!W&,,!9.&-&!Y'&,A&,!&.,&-!1)7&-! &.,7&?)*(&,! W&'9&,^! G],,&,! EFF.A.&,AD! $,9! U:,-.-(&,A-(')(&7.&,! &.,&,! $,&.,7&D ->?'\,G(! G:,-('$G(.6&,! b&.(')7! A$'! T)>??)*(.7G&.(! *&.-(&,4! 5.&! i)?'&^! 9.&! C.-! A$'! `]-$,7! 9.&-&'! H)22$()$F7)C&! W:?*! ,:>?! 6&'7&?&,! 9X'F(&,^! W&'9&,! .,9&--&,! ,&$&-! b&W&.-2)(&'.)*! FX'! 9.&! 1?&-&! 9.&-&-! R'(.G&*-! *.&F&',l! 9)--! B&C:$,9DEFF&G(&! &.,&!?.,'&.>?&,9&![&'2.,9&'$,7!9&-!)C-:*$(&,!T)($'6&'C')$>?-!6&'&.(&*,^!-:!*),D 7&!9.&!#.'(->?)F(!W&.(&'!W\>?-(4!

C>0&9$0"9* b)'G&'^!1&''Jt!EG.,-^!8)$*t!=:;:,^!1.2:(?J!i4!c"//':D&>:,:2.>! '&C:$,9!&FF&>(!),9!(?&!aU!&>:,:2J4!+,l!E,&'7J!8:*.>J!T'4!IM^!34!KPIMDKPKZ4!! b)'G&'^!1&''Jt!5)7:$2)-^!R(?),)-.:-t!B$C.,^!i:,)(?),!c"//Pdl!1?&!2)>':&>:,:D 2.>!'&C:$,9!&FF&>(!),9!(?&!W:'*9!&>:,:2J4!+,l!E,&'7J!EFF.>.&,>J!T'4!"^!34! K00DK":*:7.>)*!1);!B&F:'2!.,!Y&'D 2),Jl!_),9*.,7!1W:!_:(!8:()(:&-!)(!(?&!3)2&!1.2&4!+,l!E,&'7J!8:*.>J![:*4! IK^!T'4!@^!34!P0?-($2--%.')*&4!Y&*9^!E,&'7.&!$,9! +2)7.,)(.:,!.,!9&'!5J,)2.G!9&-!H)'G(%':A&--&-4!H)'C$'74! b.,-W),7&'^!H)(?.)-!c"//0dl!1&>?,:*:7.>)*!%':7'&--!),9!-$-().,)C*&!9&6&*:%D 2&,(l!W?)(!)C:$(!(?&!'&C:$,9!&FF&>(o!+,l!E>:*:7.>)*!E>:,:2.>-!T'4!IZ^!34!00PD 0I"4! bH#+!c"/00dl!=:'->?$,7!FX'!&.,&!$2W&*(->?:,&,9&^!A$6&'*\--.7&!$,9!C&A)?*C)'&! E,&'7.&6&'-:'7$,74!5)-!Z4!E,&'7.&F:'->?$,7-%':7')22!9&'!b$,9&-'&7.&D '$,74!! b:,('$%^!_&.,A!i4t!!T.77&2&J&'^!`)'-t!!H&*A^!i]'7!c"// b'::G&-^!`&,!c0PP/dl!1?&!7'&&,?:$-&!&FF&>(l!(?&!F)**)>.&-!.,!(?&!&,&'7J!&FF.>.&,(! -:*$(.:,4!+,l!E,&'7J!8:*.>J!T'4!0@^!340PPD"/04! b'$>G,&'!&(!)*4!c"/0/dl!L:$,(.,7!LS"DE2.--.:,-!.,!)!Y*:C)*.A&9!#:'*94!5+ED 5.->$--.:,!8)%&'!T:4!P4!b:,,4! EC&'(^!1?.*:t!E--.7^!T)(?)*.&t!_)$-&'^!Y&'9!c"/0/dl!V&'(.F.A.&'$,7--J-(&2&!FX'!Y&D C\$9&4!T)>??)*(.7G&.(!C&W&'(&,^!.,(&',)(.:,)*&'!3J-(&26&'7*&.>?^!V&'(.F.A.&D '$,7!$,9!QG:,:2.&4!HX,>?&,4! Y.)2%.&(':^!H)'.:t!H)J$2.^!U:A:!c"//@dl!1?&!i&6:,O-!8)')9:;l!1?&!E6:*$(.:,!:F! L:2%*&;!R9)%(.6&!3J-(&2-!),9!(?&!L?)**&,7&!F:'!3>.&,(.F.>!R,)*J-.-4!+,l!i:?,! H4!8:*.2&,.!&(!)*4l!1?&!HJ(?!:F!B&-:$'>&!EFF.>.&,>J4!1?&!i&6:,-!8)')9:;4!`:,D 9:,^!34!?,.>)*!EFF.>.&,>J^!),9! (?&!B&C:$,9!EFF&>(l!R!B&6.&W!:F!(?&!`.(&')($'&4!S)G!B.97&l!S)G!B.97&!T)(.:D ,)*!`)C:')(:'J4! _)WG&,^!8)$*t!`:6.,-^!R2:'Jt!`:6.,-^!`4!_$,(&'!c"///dl!T)($')*!L)%.()*.-2l!L'&)D (.,7!(?&!T&;(!+,9$-('.)*!B&6:*$(.:,4!T&W!y:'G4! _&.,C&'7^!B.>?)'9!c"//Pdl!3&)'>?.,7!F:'!)!H.')>*&4!T&(!E,&'7J!`.2.(-!w!(?&!=)(&!:F! +,9$-('.)*!3:>.&(J4!R!3($9J!F:'!(?&!+,(&',)(.:,)*!=:'$2!:,!Y*:C)*.A)(.:,4!3),! ='),>.->:4! _:*2^!3(.7DS*$Ft!E,7*$,9^!Y]'),!c"//Pdl!+,>'&)-&9!&>:&FF.>.&,>J!),9!7':--! '&C:$,9!&FF&>(l!E6.9&,>&!F':2!a3R!),9!-.;!E$':%&),!>:$,('.&-!0PZ/D"//"4! +,l!E>:*:7.>)*!E>:,:2.>-!T'4!Z@^!+--4!I^!34!@&4! B&C:$,9!w!b)>GF.'&!)-!E2&'7&,(!8?&,:2&,)4!S)G*),9^!b'&)G(?':$7?!+,-(.D ($(&4! U?)AA::2^!5),.&*!i4!c0P@/dl!E>:,:2.>!.2%*.>)(.:,-!F:'!2),9)(&9!&FF.>.&,>J!.,! -(),9)'9-!F:'!?:$-&?:*9!)%%*.),>&-4!+,l!1?&!E,&'7J!i:$',)*!T'4!0^!34!"0DK/4! U,:F*)>?&'^!_&'2),,!c"//?,.->?D ]G:,:2.->?&!E,(G:%%&*$,7!6:,!T)($'6&'C')$>?!$,9!#.'(->?)F(-W)>?-($2! $,(&'!C&-:,9&'&'!b&'X>G-.>?(.7$,7!9&'!3J-(&2)(.-.&'$,7!6:,!B&C:$,9D EFF&G(&!$,9!8':C*&26&'->?.&C$,7&,4![:'*\$F.7&!E,9F)--$,7!&.,&'!3($9.&!),! 9.&!E,f$&(&!U:22.--.:,!j#)>?-($2^!#:?*-(),9^!`&C&,-f$)*.(\(k!9&-!5&$(D ->?&,!b$,9&-()7-!6:2!K40"4"/004!! H)A)'^!T.,)t!V?:,7^!L?&,Db:!c"/0/dl!5:!Y'&&,!8':9$>(-!H)G&!a-!b&((&'!8&:%*&o! +,l!!8-J>?:*:7.>)*!3>.&,>&^![:*4!"0^!T'4!K^!34!KPKDKP@4! H>U.,-&J!w!L:2%),J!c"/0/dl!+2%)>(!:F!(?&!F.,),>.)*!>'.-.-!:,!>)'C:,!&>:,:2.>-4! [&'-.:,!"40!:F!(?&!Y*:C)*!Y'&&,?:$-&!Y)-!RC)(&2&,(!L:-(!L$'6&4! H.**^!i:?,!3($)'(!c0@K@dl!8'.,>.%*&-!:F!8:*.(.>)*!E>:,:2J!W.(?!-:2&!:F!(?&.'!R%%*.D >)(.:,-!(:!3:>.)*!8?.*:-:%?J4!`:,9:,^!b::G!0^!L?)%(&'!+[^!3&.(&!0II4!

"@!

!

#$%%&'()*!+,-(.($(!"/0"!

S&?2&^!+,&-!&(!)*4!c"//Pdl!a2W&*(7&'&>?(&!Y&-()*($,7!&,&'7.&C&('.&C&,&'!8':9$GD (&4!5&'!b&.(')7!9&'!QG:9&-.7,DB.>?(*.,.&!A$!9&,!E,&'7.&&FF.A.&,AA.&*&,!9&'!Ea4! E.,&!3($9.&!FX'!9)-!a2W&*(C$,9&-)2(4!5&--)$4! S?()^!_.':J$G.t!=$r..^!3)(:-?.!c"/00dl!5:&-!8$'>?)-.,7!),!kE>:D>)'q!8':2:(&!+,D >'&)-&!.,!L)'D5'.6.,7!5.-(),>&o!a,%$C*.-?&9!8)%&'!F':2!1:GJ:!+,-(.($(&!:F! 1&>?,:*:7J4!1:GJ:4!! 8)&>?^!T.G:!c"/00dl!Y'X,&-!#)>?-($2o![:2!=&?*->?*)7&,!r&7*.>?&'!E,(G:%%&D *$,7-C&2X?$,7&,l!E.,!1')$&'-%.&*!.,!2&?'&'&,!RG(&,4!+,l!3)$&'^!1?:2)-! c_'-74dl!QG:,:2.&!9&'!T)>??)*(.7G&.(4!Y'$,9*)7&,^!+,9.G)(:'&,^!3(')(&7.&,4! H)'C$'7^!34!0Z0D0@"4! 8&(&'-^!Y*&,!84!&(!)*4!c"/0/dl!Y':W(?!.,!&2.--.:,!('),-F&'-!6.)!.,(&',)(.:,)*!(')9&! F':2!0PP/!(:!"//@4!+,l!8':>&&9.,7-!:F!(?&!T)(.:,)*!R>)9&2J!:F!3>.&,>&!:F!(?&! a,.(&9!3()(&-!:F!R2&'.>)^!T'4!0DZ4! 8:*.2&,.^!i:?,!H4!&(!)*!c"//@dl!1?&!HJ(?!:F!B&-:$'>&!EFF.>.&,>J4!1?&!i&6:,-!8)')D 9:;4!`:,9:,4!! B:J^!i:J)-?'&&!c"///dl!1?&!'&C:$,9!&FF&>(l!-:2&!&2%.'.>)*!&6.9&,>&!F':2!+,9.)4!+,l! E,&'7J!8:*.>J!T'4!"@!cZD*)--.>)*! Y':W(?4!+,l!E,&'7J!i:$',)*!T'4!0I^!340I0D0K@4! 3)$,9&'-^!_)''J!54!c"///dl!R!6.&W!F':2!(?&!2)>':!-.9&l!'&C:$,9^!C)>GF.'&^!),9! U?)AA::2Db'::G&-4!+,l!E,&'7J!8:*.>J!T'4!"@^!34!KIPDKKP4! 3)$,9&'-^!_)''J!54!c"/0/dl!_.-(:'.>)*!E6.9&,>&!F:'!E,&'7J!L:,-$2%(.:,!B&C:$,9! .,!I/!a3!3&>(:'-!),9!)!1::*G.(!F:'!B&C:$,9!R,)*J-.-4!R'(.G&*!.2!E'->?&.,&,4! 3:'&**^!3(&6&!c"//(l!),!)--&--2&,(!:F!(?&!&6.9&,>&!F:'!&>:D ,:2JDW.9&!&,&'7J!-)6.,7-!F':2!.2%':6&9!&,&'7J!&FF.>.&,>J4!`:,9:,4! 3Ba!c"/00dl!#&7&!A$!&.,&'!0//m!&',&$&'C)'&,!E,&'7.&6&'-:'7$,74!3:,9&'7$(D )>?(&,4!b&'*.,4! 1$',&'^!U)'&,t_),*&J^!T.>Gt5&!=&,>&^!i),.,&!c"//Pdl!5:!8':9$>(.6.(J!+2%':6&D 2&,(-!H:6&!a-!R*:,7!(?&!E,6.':,2&,()*!U$A,&(-!L$'6&o!3(.'*.,7!E>:,:2.>-! 5.->$--.:,!8)%&'!T'4!"4!WWW4&>:,:2.>-4-(.'4)>4$G4! 6),!9&,!b&'7?^!i&':&,!L4!i4!H4!c"/00dl!+,9$-('.)*!&,&'7J!>:,-&'6)(.:,^!'&C:$,9! &FF&>(-!),9!%$C*.>!%:*.>J4!aT+5S!#:'G.,7!8)%&'!T'4!0"4!#.&,4! #bYa!c"//Pdl!3:*6.,7!1?&!L*.2)(&!5.*&22)l!1?&!b$97&(!R%%':)>?4!3:,9&'7$(D )>?(&,4!b&'*.,4! #&.A-\>G&'^!E',-(!a*'.>?t!_)'7':6&-^!U)'*-:,t!32.(?^!H.>?)&*!c"/0/dl!=)G(:'!FX,F! h!5.&!=:'2&*!FX'!,)>??)*(.7&-!#)>?-($24!HX,>?&,4! #$%%&'()*!+,-(.($(!c"//@dl!V$G$,F(-F\?.7&-!5&$(->?*),9!.,!&.,&'!7*:C)*.-.&'(&,! #&*(4!E.,!R,-(:e!A$!&.,&'!7&-&**->?)F(*.>?&,!5&C)((&4!='),GF$'(4!! ##=!c_'-74dc"/0/dl!H:9&**!5&$(->?*),94!U*.2)->?$(A!C.-!"/M/4![:2!V.&*!?&'!9&,D G&,4!='),GF$'(4! V&.,DE*)C9.,^!E.2),!S4!c0PP:,:2.>-!T'4!0P!cKd^!34!KZMDK