ﻪﻠﺧﺍﺪﻣ ﻱﺯﺎﺳﻮﮕﻟﺍ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ
١
ﻱﺩﺎﺒﻋ ﺮﻔﻌﺟ
**
ﺭﺎﻴﺸﻧﺍﺩ ﻩﺪﻜﺸﻧﺍﺩ ﻱ ﻥﺍﺮﻬﺗ ﻩﺎﮕﺸﻧﺍﺩ ﺩﺎﺼﺘﻗﺍ jebadi@ut.ac.ir
ﺩﺮﮕﻧﺎﻬﺟ ﺮﺟﺎﻫ
ﻩﺭﻭﺩ ﻱﻮﺠﺸﻧﺍﺩ ﺮﺘﻛﺩ ﻱ
ﻥﺍﺮﻬﺗ ﻩﺎﮕﺸﻧﺍﺩ ﺩﺎﺼﺘﻗﺍ ﻱﺍ
jahangardh@yahoo.com
ﺖﻓﺎﻳﺭﺩ ﺦﻳﺭﺎﺗ :
13 / 11 / 87 ﺵﺮﻳﺬﭘ ﺦﻳﺭﺎﺗ :
15 / 10 / 88
ﻩﺪﻴﻜﭼ ﻦﻳﺍ ﺖﺳﺎﻴﺳ ﻞﻴﻠﺤﺗ ﻪﺑ ﻥﺍﺮﻳﺍ ﺭﺩ ﺭﺎﺑ ﻦﻴﻟﻭﺍ ﻱﺍﺮﺑ ﻪﻟﺎﻘﻣ ﺲﭙـﺳ ﻭ ﻥﺍﺮـﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻪﻠﺧﺍﺪﻣ ﻱﺎﻫ
ﻪﻴﺒﺷ ﻭ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻪﻠﺧﺍﺪﻣ ﻱﻮﮕﻟﺍ ﻲﺣﺍﺮﻃ ﻟﺍ ﻲﻳﻮﻟﺭﺎﻛ ﺖﻧﻮﻣ ﻱﺯﺎﺳ
ﻲـﻣ ﻮﮕ ﺩﺯﺍﺩﺮـﭘ . ﺭﺩ ﻪـﻟﺎﻘﻣ
ﻪﻠﺧﺍﺪﻣ ﻞﻴﻠﺤﺗ ﺎﺑ ﺖﺴﺨﻧ ﺶﺨﺑ ﻲﻣ ﻪﺠﻴﺘﻧ ﻦﻳﺍ ﻪﺑ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ
ﺶﻴـﺑ ﻖـﻳﺭﺰﺗ ﻪﻛ ﺪﺳﺭ
ﻪﻴﻜﺗ ﻥﺍﺪﻘﻓ ﻭ ﻲﺘﻔﻧ ﻱﺎﻫﺪﻣﺁﺭﺩ ﺪﺣ ﺯﺍ ﻩﺎﮔ
ﻩﺪﻧﺯﺍﺮﺑ ﻱﺎﻫ ﻪـﻠﺧﺍﺪﻣ ﺐـﺟﻮﻣ ﺭﻮـﺸﻛ ﺩﺎﺼﺘﻗﺍ ﺖﺧﺎﺳ ﻱ
ﻱ
ﺩﺎﺼﺘﻗﺍ ﺪﻴﻟﻮﺗ ﻥﺍﻮﺗ ﺶﻫﺎﻛ ﻭ ﻡﺭﻮﺗ ﺶﻳﺍﺰﻓﺍ ﻦﻳﺍﺮﺑﺎﻨﺑ ﻭ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺯﺭﺍ ﺪﻳﺮﺧ ﻲﻣ
ﻮـﺷ ﺩ . ﻥﺁ ﺯﺍ ﺲـﭘ
ﻱﻮﮕﻟﺍ ﻲﺣﺍﺮﻃ ﻪﺑ ﻪﻟﺎﻘﻣ ﻲﻣ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻪﻠﺧﺍﺪﻣ
ﺩﺯﺍﺩﺮﭘ . ﻱﺍﺮـﺑ ﻱﺩﺪﻋ ﻖﻴﻗﺩ ﻞﺣ ﻪﻛ ﺎﺟ ﻥﺁ ﺯﺍ
ﺖﺴﻴﻧ ﺭﻮﺼﺘﻣ ﻩﺪﺷ ﻲﺣﺍﺮﻃ ﻱﻮﮕﻟﺍ
، ﻪﻣﺎﻧﺮﺑ ﻪﻴﺒﺷ ﻱ ﻩﺪﺷ ﻱﺯﺎﺳ
ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ﻩﺪﺷ ﻲﺣﺍﺮﻃ ﻱﻮﮕﻟﺍ ﻱ
ﻡﺮﻧ ﺭﺍﺰﻓﺍ ﻲﻣ ﻪﺋﺍﺭﺍR
ﺩﻮﺷ .٭٭
ﻪﻘﺒﻃ ﻱﺪﻨﺑ :JEL C15, C61, C63, E42, E44, E58, E61, G18
ﻩژﺍﻭ ﺪﻴﻠﻛ ﻪﻠﺧﺍﺪﻣ ،ﺯﺭﺍ ﺥﺮﻧ:
ﻪﻴﺒـﺷ ،ﻥﺩﺮـﻛ ﻲـﻄﺧ ﻢﺘﻳﺭﺎـﮕﻟ ،ﻥﺍﺮـﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎـﺑ ،ﻱﺯﺭﺍ ﻱ ﻱﺯﺎـﺳ
ﺖﻧﻮﻣ ﺭﺍﺰﻓﺍ ﻡﺮﻧ ،ﻮﻟﺭﺎﻛ R
* - ﺴﻳﻮﻧ ﻝﻮﺌﺴﻣ ﻩﺪﻨ
** - ﻪﻠﻴﺳﻭ ﻦﻳﺪﺑ ﺯﺍ ﺏﺎﻨﺟ ﺭﺩ ﻚـﻤﻛ ﻱﺍﺮـﺑ ﻲـﻨﻴﻤﺧ ﻡﺎـﻣﺍ ﻩﺎﮕـﺸﻧﺍﺩ ﻲـﻤﻠﻋ ﺕﺄـﻴﻫ ﻮـﻀﻋ ﺡﻼـﻓ ﻦﻴـﺸﻓﺍ ﺮـﺘﻛﺩ ﻱﺎﻗﺁ
ﻪﻣﺎﻧﺮﺑ ﻲﺴﻳﻮﻧ ﻲﻣ ﻲﻧﺍﺩﺭﺪﻗ R ﺩﻮﺷ
.
1 - ﻘﻣ ﻪﻣﺪ
ﻴﺳ ﺺﺨﺸﻣ ﻱﺯﺭﺍ ﺖﺳﺎ ﻩﺪﻨﻨﻛ
ﻩﺪﻋﺎﻗ ﻱ ﻲﻟﻮﭘ ﻡﺎﻘﻣ ﻱﺭﺎﺘﻓﺭ ﻱ ﺮﻫ
ﻪـﻟﺩﺎﺒﻣ ﻱﺍﺮـﺑ ﺭﻮـﺸﻛ ﻱ
ﻝﻮﭘ ﺎﺑ ﻲﻠﻣ ﻝﻮﭘ ﺖﺳﺍ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
. ﻦﻳﺍ ﻩﺪـﻋﺎﻗ ـﺘﻓﺭ ﻱ ـﺑ ﻱﺭﺎ ﺎ ﻪـﻔﻟﺆﻣ ﻲﻳﺎـﻫ ﺵﻭﺭ ﺪـﻨﻧﺎﻤﻫ
ﻭ ﺵﺯﺭﺍ ﻦﻴﻴﻌﺗ ﻝﻮﭘ ﺎﺑ ﻲﻠﻣ ﻝﻮﭘ ﻱﺮﺑﺍﺮﺑ ﺥﺮﻧ
ﻫ ﺺﺨـﺸﻣ ﻥﺎـﻣﺯ ﺯﺍ ﻪـﻈﺤﻟ ﺮﻫ ﺭﺩ ﻲﺟﺭﺎﺧ ﻱﺎ
ﻲﻣ ﺩﻮﺷ . ﻚﻧﺎﺑ ﻱﺰﻛﺮﻣ ﻱﺎﻫ ﻩﺪﻬﻋ
ﺖـﺳﺎﻴﺳ ﻱﺍﺮـﺟﺍ ﺭﺍﺩ ﺪﻨﺘـﺴﻫ ﻱﺯﺭﺍ ﻭ ﻲﻟﻮـﭘ ﻱﺎـﻫ
. ﻚـﻧﺎﺑ
ﻪﻔﻴﻇﻭ ﺐﻟﺎﻗ ﺭﺩ ﻱﺰﻛﺮﻣ ﺪﺷﺎﺑ ﻲﻠﻣ ﻝﻮﭘ ﺵﺯﺭﺍ ﻆﻔﺣ ﻥﺎﻤﻫ ﻪﻛ ﺩﻮﺧ ﻲﻠﺻﺍ ﻱ
، ﻪﻋﻮﻤﺠﻣ ﺯﺍ ﻱﺍ
ﺖﺳﺎﻴﺳ ﻮﭘ ﻱﺎﻫ ﻪـﻣﺎﻧﺮﺑ ﻥﺍﻮﻨﻋ ﻪﺑ ﺍﺭ ﻱﺯﺭﺍ ﻭ ﻲﻟ ﻩﺭﻭﺩ ﺮـﻫ ﻱﺍﺮـﺑ ﺶﻳﻮـﺧ ﻱﺭﺎـﻛ ﻱ
ﻲﻧﺎـﻣﺯ ﻱ
ﻲﻣﺮﺑ ﺹﺎﺧ ﺪﻨﻳﺰﮔ
. ﺖﻛﺮﺣ ﻞﻣﺎﻛ ﻥﺩﺮﻛ ﺍﺪﺟ ﻪﻛ ﻥﺍﺮﻳﺍ ﺪﻨﻧﺎﻣ ﻲﻳﺎﻫﺩﺎﺼﺘﻗﺍ ﺭﺩ ﺎﻣﺍ ﻭ ﻲﻟﻮﭘ ﻱﺎﻫ
ﺖﻟﻭﺩ ﻱﺯﺭﺍ ﻱﺎﻫﺪﻣﺁﺭﺩ ﺩﻮﺟﻭ ﻞﻴﻟﺩ ﻪﺑ ﻲﻟﺎﻣ )
ﺯﺎﮔ ﻭ ﺖﻔﻧ ﺪﻣﺁﺭﺩ ﺪﻨﻧﺎﻣ (
ﻥﺎﻜﻣﺍ ﺖـﺴﻴﻧ ﺮﻳﺬـﭘ
،
ﺖﻟﻭﺩ ﺕﺎﻴﻠﻤﻋ ﺖﻬﺟ ﻪﺑ ﻲﺟﺭﺎﺧ ﻲﻳﺍﺭﺍﺩ ﺩﻭﺭﻭ )
ﺯﺎـﮔ ﻭ ﺖـﻔﻧ ﺕﺍﺭﺩﺎﺻ ﺯﺍ ﻞﺻﺎﺣ ﺯﺭﺍ ﺖﻓﺎﻳﺭﺩ (
ﻲﻣ ﻝﻮﭘ ﻢﺠﺣ ﺶﻳﺍﺰﻓﺍ ﻪﺑ ﺭﺎﭼﺎﻧ ﻪﺑ ﺪﻣﺎﺠﻧﺍ
. ﺮـﻫ ﻲـﻠﻣ ﻝﻮـﭘ ﻲﺑﺎﻴﺷﺯﺭﺍ ﺖﺳﺎﻴﺳ ﻦﻳﺍﺮﺑﺎﻨﺑ ﻪـﭼ
ﺪﺷﺎﺑ
، ﻪﻳﺎﭘ ﻝﺮﺘﻨﻛ ﻱﺍﺮﺑ ﺪﻳﺎﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻢﻴﻤﺼﺗ ﺯﺍ ﻲﺒﻴﻛﺮﺗ ﻲﻟﻮﭘ ﻱ
ﻱﺮﻴﮔ ﻪـﺑ ﻁﻮﺑﺮﻣ ﻱﺎﻫ
ﻲﻟﺎﻳﺭ ﻭ ﻱﺯﺭﺍ ﺖﻳﺮﻳﺪﻣ )
ﻲﻠﻣ ﻝﻮﭘ ( ﺩﺰﻴﻣﺎﻴﺑ ﻢﻫ ﺭﺩ ﺍﺭ .
ﺎﺑ ﺐﻴﺗﺮﺗ ﻦﻳﺍ ﻪﺑ ﻲﻤﻧ ﻱﺰﻛﺮﻣ ﻚﻧ
ﺪﻧﺍﻮﺗ
ﻲﻣ ﺎﻬﻨﺗ ﻭ ﺪﻨﻛ ﻞﻤﻋ ﻞﻣﺎﻛ ﻝﻼﻘﺘﺳﺍ ﺎﺑ ﻩﺭﺎﭘ ﻪﺑ ﺪﻧﺍﻮﺗ
ﻪﻜﺒﺷ ﺭﺩ ﺖﻟﻭﺩ ﺫﻮﻔﻧ ﺭﺎﺛﺁ ﺯﺍ ﻱﺍ ﻲﻟﻮـﭘ ﻱ
ﺪﺸﺨﺒﺑ ﻒﻴﻔﺨﺗ .
ﻞ ﺪ ﻲﻣ ﺭﻮﺒﺠﻣ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻪﻛ ﻲﺘﻟﺎﺣ ﺭﺩ ﺯﺍ ﻲـﺧﺮﺑ ﺖـﻟﻭﺩ ﻱﺎـﺟ ﻪـﺑ ﺩﻮـﺷ
ﻪﺟﺩﻮﺑ ﻭ ﻲﻟﺎﻣ ﺕﺎﻴﻠﻤﻋ ﺖﻴﻟﺎﻌﻓ ﺎﻳ ﺪﻫﺩ ﻡﺎﺠﻧﺍ ﺍﺭ ﻱﺍ
ﻪـﻛ ﺪـﺷﺎﺑ ﻪﺘـﺷﺍﺩ ﻲﻳﺎﻫ ﺮﻴﺛﺄـﺗ
ﻪﺑﺎـﺸﻣ ﻱ
ﺖﺳﺎﻴﺳ ﺪﻧﺭﺍﺩ ﻲﻟﺎﻣ
، ﻩﺭﺎﭘ ﻪﺟﺩﻮﺑ ﻪﺒﺷ ﺕﺎﻴﻠﻤﻋ ﺯﺍ ﻱﺍ ﻱﺍ
ﻲ ﻱ ﻡﺎﺠﻧﺍ ﻲﻣ ﺩﺮﻳﺬﭘ . ﺎـﺑ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ
ﻪﻌﺳﻮﺗ ﻪﺑ ﻚﻤﻛ ﺭﻮﺼﺗ ﻪـﺟﺩﻮﺑ ﻒﻳﺎﻇﻭ ﻱﺩﺎﺼﺘﻗﺍ ﻱ
ﻲـﻣ ﻩﺪـﻬﻋ ﺮـﺑ ﺍﺭ ﻱﺍ ﻩﺍﺭ ﻦـﻳﺍ ﺯﺍ ﻭ ﺩﺮـﻴﮔ
ﻲﻣ ﻲﻳﺎﻫﺭﺎﺸﻓ ﻱﺍﺮﻳﺬﭘ ﺎـﺸﻨﻣ ﻊـﻗﺍﻭ ﺭﺩ ﻪـﻛ ﺩﻮﺷ
ء ﺩﺭﺍﺩ ﻲﻟﺎـﻣ .
ﺖـﺳﺍ ﺭﺩﺎـﻗ ﺖـﻟﻭﺩ ﻦﻳﺍﺮﺑﺎـﻨﺑ
ﻣ ﻚﻧﺎﺑ ﺮﺑ ﻪﺒﻧﺎﺟ ﻚﻳ ﻲﻠﻴﻤﺤﺗ ﻭ ﻱﺰﻛﺮ
ﺖﺳﺎﻴﺳ ﺩﺭﻭﺁ ﺩﺭﺍﻭ ﻲﻟﻮﭘ ﻱﺎﻫ .
ﺳﺎﻴﺳ ﻭ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﻲﺑﺎﻳﺯﺭﺍ ﺖ
ﻥﺍﺮﻳﺍ ﻱﺯﺭﺍ ﻱﺎﻫ ﻪﻟﺎﻘﻣ ﻦﻳﺍ ﺭﺩ ﻪﻛ
ﻪـﻠﺧﺍﺪﻣ ﻩﺎﮔﺪﻳﺩ ﺯﺍ
ﻱﺯﺭﺍ ﻱ
ﻡﺎﺠﻧﺍ ﻲﻣ ﻲﻧﺎﻣﺎﺴﺑﺎﻧ ﺖﺧﺎﻨﺷ ﻱﺍﺮﺑ ،ﺩﺮﻴﮔ ﻲﻣ ﻡﺎﺠﻧﺍ ﺭﺍﺯﺎﺑ ﻦﻳﺍ ﻱﺎﻫ
ﺩﻮﺷ . ﻦـﻳﺍ ﺐـﻟﺎﻗ ﺭﺩ ﺲﭙﺳ
ﻪﻴﺒﺷ ﺍﺭ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻪﻠﺧﺍﺪﻣ ﻱﻮﮕﻟﺍ ،ﺖﺧﺎﻨﺷ ﻲﻣ ﻱﺯﺎﺳ
ﻢﻴﻨﻛ . ﻦﻳﺪﺑ ﺐﻴﺗﺮﺗ ﻪـﻟﺎﻘﻣ ﻦﻳﺍ
ﺖﺳﺎﻴﺳ ﻲﺑﺎﻳﺯﺭﺍ ﻪﺑ ﺶﺨﺑ ﻭﺩ ﻲﻃ ﺍﺪﺘﺑﺍ ﻥﺎﺴﻜﻳ ﺯﺍ ﺪﻌﺑ ﻭ ﻞﺒﻗ ﺭﺩ ﻥﺍﺮﻳﺍ ﻱﺯﺭﺍ ﻱﺎﻫ
ﺥﺮـﻧ ﻱﺯﺎﺳ
ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ 1381
ﻲﻣ ﺩﺯﺍﺩﺮﭘ . ﻞﻴﻠﺤﺗ ﻦﻳﺍ ﻪﻠﺧﺍﺪﻣ ﻑﺪﻫ ﻭ ﻞﻜﺷ ﺮﺑ
ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ
ﺪﻴﻛﺄﺗ ﺩﺭﺍﺩ .
ﺲﭙﺳ ﻪﻟﺎﻘﻣ ﻞﻴﻠﺤﺗ ﻦﻳﺍ ﻱﺎﻨﺒﻣ ﺮﺑ ﻪﺑ
ﻭ ﻲﺣﺍﺮﻃ ﻪﻴﺒﺷ
ﻱﺯﺎﺳ ﺖﻧﻮﻣ ﻪـﻠﺧﺍﺪﻣ ﻱﻮـﮕﻟﺍ ﻲﻳﻮﻟﺭﺎﻛ
ﺩ ﻣ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭ ﻲ
ﺩﺯﺍﺩﺮﭘ .
1- Canales, K and J. Ivan, 2006. 2- Quasi fiscal operations.
2 - ﺖﺳﺎﻴﺳ ﻥﺎﺴﻜﻳ ﺯﺍ ﻞﺒﻗ ﻥﺍﺮﻳﺍ ﻱﺯﺭﺍ ﻱﺎﻫ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
) 81 - 1370 (
ﺖﺳﺎﻴﺳ ﻲﺳﺭﺮﺑ ﻪﺑ ﺶﺨﺑ ﻦﻳﺍ ﺭﺩ ﻥﺎﺴﻜﻳ ﺯﺍ ﻞﺒﻗ ﻥﺍﺮﻳﺍ ﻱﺯﺭﺍ ﻱﺎﻫ
ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
1381 ﻲﻣ ﻢﻳﺯﺍﺩﺮﭘ . ﻪـﻠﺧﺍﺪﻣ ﻑﺪﻫ ﻭ ﻞﻜﺷ ﺮﺑ ﻲﺳﺭﺮﺑ ﻦﻳﺍ ﺪﺷ ﻥﺎﻴﺑ ﻪﻛ ﻪﻧﻮﮔ ﻥﺎﻤﻫ ﻱﺯﺭﺍ ﻱ
ﺭﺍﺯﺎﺑ ﺭﺩ ﺪﻴﻛﺄﺗ ﺩﺭﺍﺩ .
ﻝﺎﺳ ﺭﺩ 1365 ﻲﻧﺎﻬﺟ ﻱﺎﻫﺭﺍﺯﺎﺑ ﺭﺩ ﺖﻔﻧ ﺖﻤﻴﻗ ﺶﻫﺎﻛ ﺎﺑ
، ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ ﻱﺯﺭﺍ ﺮﻳﺎـﺧﺫ
ﻲـﻃ ﮓﻨﺟ ﻦﺘﻓﺮﮔ ﺕﺪﺷ ﺎﺑ ﻭ ﺖﻓﺎﻳ ﺶﻫﺎﻛ ﻝﺎـﺳ
ﺎـﻫ ﻱ 67 - 1365 ﻱﺯﺭﺍ ﻊﺑﺎـﻨﻣ ﻪـﺑ ﺯﺎـﻴﻧ
،
ﻩﺰﻴﮕﻧﺍ ﻱﺮﮕﻧﺯﺎﺑ ﻭ ﺯﺭﺍ ﻲﺧﺮﻧ ﺪﻨﭼ ﻢﺘﺴﻴﺳ ﺩﺎﺠﻳﺍ ﺭﺩ ﺍﺭ ﻡﺯﻻ ﻱﺎﻫ ﻩﺭﺎﺑﻭﺩ
ـﺻ ﺖﻴﻌﺿﻭ ﺭﺩ ﺕﺍﺭﺩﺎ
ﻲﺘﻔﻧﺮﻴﻏ ﺩﺮﻛ ﺩﺎﺠﻳﺍ
. ﻝﺎﺳ ﻥﺁ ﺯﺍ ﺘـﺴﻴﺳ ﺩﻮﺟﻭ ﺪﻫﺎﺷ ﺭﻮﺸﻛ ﺪﻌﺑ ﻪﺑ
ﺩﻮـﺑ ﺯﺭﺍ ﻲـﺧﺮﻧ ﺪـﻨﭼ ﻢ .
ﻪﻫﺩ ﻲﻃ ﻕﺍﺮﻋ ﻭ ﻥﺍﺮﻳﺍ ﮓﻨﺟ ﻥﺎﻳﺎﭘ ﺯﺍ ﺲﭘ ﺩﺎﺘﻔﻫ ﻱ
، ﻡﺍﺪـﻗﺍ ﻪـﻠﺣﺮﻣ ﺪﻨﭼ ﻲﻃ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ
ﺩﺮﻛ ﺩﺍﺯﺁ ﺭﺍﺯﺎﺑ ﺭﺎﻛﻭﺯﺎﺳ ﻲﺠﻳﺭﺪﺗ ﺎﻘﺑﺍ ﻭ ﺭﻮﺸﻛ ﻱﺯﺭﺍ ﻡﺎﻈﻧ ﻥﺩﺮﻛ ﻩﺩﺎﺳ ﻪﺑ .
ﻲـﻃ ﻪـﻤﻫ ﻦـﻳﺍ ﺎﺑ
ﻱﺯﺭﺍ ﻡﺎﻈﻧ ﻪﻫﺩ ﻦﻳﺍ ﻢﻫ
ﻥﺎﻨﭼ ـﻧﺎﻣ ﻲﻗﺎـﺑ ﻲـﺧﺮﻧ ﺪﻨﭼ ﻢﺘﺴﻴﺳ ﻚﻳ ﺪ
ﻭ ﻝﺮـﺘﻨﻛ ﺕﺪـﺷ ﻪـﻛ
ﻥﺍﺰﻴﻣ ﺖﻳﺩﻭﺪﺤﻣ ﻥﺎـﺳﻮﻧ ﻩﮋـﻳﻭ ﻪـﺑ ﻲﺟﺭﺎـﺧ ﻭ ﻲـﻠﺧﺍﺩ ﻂﻳﺍﺮﺷ ﻪﺑ ﺶﻨﻛﺍﻭ ﺭﺩ ﻥﺁ ﻱﺎﻫ
ﻱﺎـﻫ
ﻲﻣ ﺮﻴﻴﻐﺗ ﺖﻔﻧ ﺖﻤﻴﻗ ﺩﺮﻛ
. ﻝﺎﺳ ﺭﺩ 1370 ﺥﺮﻧ ﺩﺍﺪﻌﺗ ﺖﻟﻭﺩ ﻲﻤـﺳﺭ ﻱﺎﻫ
) ﻲـﺘﻟﻭﺩ ( ﺯﺍ ﺍﺭ ﺯﺭﺍ
ﺥﺮﻧ ﻪﺳ ﻪﺑ ﺥﺮﻧ ﺖﻔﻫ ﺭﻭﺎﻨﺷ ﻭ ﻲﺘﺑﺎﻗﺭ ،ﻲﻤﺳﺭ
ﺩﺍﺩ ﺶﻫﺎﻛ .
ﻲﻤـﺳﺭ ﺥﺮـﻧ ﻪﺳ ﺮﺑ ﻩﻭﻼﻋ ﻚـﻳ
ﻌﻣ ﺰﻴﻧ ﺩﺍﺯﺁ ﺯﺭﺍ ﺥﺮﻧ ﻪﻟﺩﺎﺒﻣ ﺮﻳﺎﺳ ﻡﺎﺠﻧﺍ ﻱﺍﺮﺑ ﻭ ﻦﻴﻴﻌﺗ ﺩﺍﺯﺁ ﺭﺍﺯﺎﺑ ﻂﺳﻮﺗ ﻪﻛ ﺪﺷ ﻲﻓﺮ
ﻪﻧﺍﺩﺍﺯﺁ ﺎﻫ
ﻲﻣ ﺵﻭﺮﻓ ﻭ ﺪﻳﺮﺧ ﺪﺷ
.
ﻝﺎــﺳ ﻦﻳﺩﺭﻭﺮــﻓ ﻝﻭﺍ ﺭﺩ 1372
ﻲﻤــﺳﺭ ﺥﺮــﻧ ﻪــﺳ ﺖــﻟﻭﺩ ﺥﺮــﻧ ﻚــﻳ ﻭ ﻑﺬــﺣ ﺍﺭ ﻕﻮــﻓ
ﻪﻤﻴﻧ ﻦﻳﺰﮕﻳﺎﺟ ﺍﺭ ﺪﺣﺍﻭ ﺭﻭﺎﻨﺷ ﻥﺁ
ﺎﻫ ﺩﺮﻛ . ﺮـﺑﺍﺮﺑ ﺍﺪـﺘﺑﺍ ﻪﻛ ﺪﻳﺪﺟ ﺥﺮﻧ ﺢﻄﺳ 1500
ﺭﺩ ﻝﺎـﻳﺭ
ﺎﻘﻣ ﺪﺷ ﻡﻼﻋﺍ ﺎﻜﻳﺮﻣﺁ ﺭﻻﺩ ﻞﺑ
، ﻲﻣ ﻥﻼﻋﺍ ﻭ ﻦﻴﻴﻌﺗ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻂﺳﻮﺗ ﻪﻧﺍﺯﻭﺭ ﺪﻳﺩﺮﮔ
. ﺎﻣﺍ ﻪـﺑ
ﻲﻫﺪﺑ ﺭﺎﺸﻓ ﺶﻳﺍﺰﻓﺍ ﺖﻠﻋ ﻲـﺑ ﺪﺷﺭ ﻭ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﻪـﻳﻭﺭ ﺶﻫﺎـﻛ ﻥﺁ ﻝﺎـﺒﻧﺩ ﻪـﺑ ﻭ ﺕﺍﺩﺭﺍﻭ ﻱ
ﺩﺭﻭﺎﻴﻧ ﻡﺍﻭﺩ ﺪﻳﺪﺟ ﺖﺳﺎﻴﺳ ﺖﻔﻧ ﺖﻤﻴﻗ .
ﻩﺎﻣ ﺭﺫﺁ ﺭﺩ ﻦﻳﺍﺮﺑﺎﻨﺑ 1372
ﺎـﺑ ﻪـﻠﺑﺎﻘﻣ ﻱﺍﺮـﺑ ﺖﻟﻭﺩ
ﻲﻤﺳﺭ ﺥﺮﻧ ﺪﺷ ﺭﻮﺒﺠﻣ ﺖﻴﻌﺿﻭ ﻦﻳﺍ ﺗﻻﺎﺑ ﻲﺤﻄﺳ ﺭﺩ ﺍﺭ ﺯﺭﺍ
ﻱﺭﻻﺩ ﻲﻨﻌﻳ ﺮ 1750
ﻪـﮕﻧ ﻝﺎﻳﺭ
ﺩﺭﺍﺩ .
ﺩ ﻝﺎﺳ ﺭ 1372 ﺏﺎـﺴﺣ ﻡﺎـﻧ ﻪـﺑ ﻲﺑﺎـﺴﺣ ﺯﺭﺍ ﻥﺩﺮـﻛ ﻲـﺧﺮﻧ ﻚﺗ ﻝﺎﺒﻧﺩ ﻪﺑ
"
ﻩﺮـﻴﺧﺫ ﻱ
ﻱﺯﺭﺍ ﺕﺍﺪﻬﻌﺗ
"
ﺎﻣﺍ ،ﺪﺷ ﻞﻴﻜﺸﺗ ﺗ ﺖﺒﺴﻧ ﺮﻴﻴﻐﺗ
ﻝﺎـﻳﺭ ﻪﺑ ﻱﺯﺭﺍ ﺪﻣﺁﺭﺩ ﻞﻳﺪﺒ ﺩﺭﻭﺁﺮـﺑ ﻡﺪـﻋ ﻭ
ﻪﻨﻳﺰﻫ ﺭﺎﺑ ﺯﺍ ﺢﻴﺤﺻ ﺍ ﻲﺷﺎﻧ ﻱﺍ
ﻥﺎﺴﻜﻳ ﺯ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ ﺩﺮﮔ ﺐﺟﻮﻣ
ﺏﺎـﺴﺣ ﻦـﻳﺍ ﻪـﻛ ﺪـﻳ ﺭﺩ
ﺍ ﻥﺎﻤﻫ ﺩﺩﺮﮔ ﻪﺟﺍﻮﻣ ﺭﺎﻴﺴﺑ ﻱﺮﺴﻛ ﺎﺑ ﺶﻳﺍﺪﻴﭘ ﻞﻳﺍﻭ .
ﻩﺪﻧﺎﻣ ﺮﻳﺯ ﻝﻭﺪﺟ ﺭﺩ ﺏﺎـﺴﺣ ﺭﺎﻜﻫﺪـﺑ ﻱ
"
ﻩﺮﻴﺧﺫ ﻱﺯﺭﺍ ﺕﺍﺪﻬﻌﺗ ﻱ
"
ﻩﺪﻧﺎﻣ ﺭﺩ ﺮﻴﻴﻐﺗ ﻭ ﻲـﻃ ﺏﺎـﺴﺣ ﻦـﻳﺍ ﻱ
ﻝﺎـﺳ ﺎـﻫ ﻱ 86 - 1372
ﺖﺳﺍ ﻩﺪﺷ ﻩﺩﺭﻭﺁ .
ﻝﻭﺪﺟ 1 - ﻩﺪﻧﺎﻣ ﺭﺩ ﺮﻴﻴﻐﺗ ﻭ ﻩﺪﻧﺎﻣ ﺏﺎﺴﺣ ﺭﺎﻜﻫﺪﺑ ﻱ
"
ﻩﺮﻴﺧﺫ ﻱﺯﺭﺍ ﺕﺍﺪﻬﻌﺗ ﻱ
"
) ﻝﺎﻳﺭ ﺩﺭﺎﻴﻠﻴﻣ (
ﺬﺧﺎﻣ : ﺝ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻲﻳﺎﻄﻋﺍ ﺕﺍﺭﺎﺒﺘﻋﺍ ﺵﺭﺍﺰﮔ .ﺍ
.ﺍ
، ﻝﺎﺳ ﺎﻫ ﻒﻠﺘﺨﻣ ﻱ
ﻪﻣﺍﺩﺍ ﻝﻭﺪﺟ ﻱ 1 - ﻴﻴﻐﺗ ﻭ ﻩﺪﻧﺎﻣ ﻩﺪﻧﺎﻣ ﺭﺩ ﺮ
ﺏﺎﺴﺣ ﺭﺎﻜﻫﺪﺑ ﻱ
"
ﻩﺮﻴﺧﺫ ﻱﺯﺭﺍ ﺕﺍﺪﻬﻌﺗ ﻱ
"
) ﻝﺎﻳﺭ ﺩﺭﺎﻴﻠﻴﻣ (
ﺬﺧﺎﻣ : ﺝ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻲﻳﺎﻄﻋﺍ ﺕﺍﺭﺎﺒﺘﻋﺍ ﺵﺭﺍﺰﮔ .ﺍ
.ﺍ
، ﻝﺎﺳ ﺎﻫ ﻒﻠﺘﺨﻣ ﻱ
ﻦﻳﺪﺑ ﺮﺗ ﻲﻃ ﺐﻴﺗ ﻝﺎﺳ
ﺎﻫ ﺏﺎـﺴﺣ ﻱﺮـﺴﻛ ﺶﻳﺍﺰـﻓﺍ ﺎـﺑ ﻱﺩﺎﻤﺘﻣ ﻱ
"
ﻩﺮـﻴﺧﺫ ﺕﺍﺪـﻬﻌﺗ ﻱ
ﻱﺯﺭﺍ
"
ﺪﺷ ﻩﺩﻭﺰﻓﺍ ﻕﻮﻓ ﻢﻠﻗ ﺖﺑﺎﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻪﺑ ﺖﻟﻭﺩ ﻲﻫﺪﺑ ﺮﺑ .ﺪ
ﻝﺎﺳ ﺖﺸﻬﺒﻳﺩﺭﺍ ﺭﺩ 1373
ﻲﻤﺳﺭ ﺥﺮﻧ ﻚﻳ
ﻲﺗﺍﺭﺩﺎﺻ ﺥﺮﻧ ﻪﺑ ﻡﻮﺳﻮﻣ ﺪﻳﺪﺟ ﺭﺍﺯﺎـﺑ ﻪﺑ ﺰﻴﻧ
ﺢﻄﺳ ﺭﺩ ﻪﻛ ﺪﺷ ﻪﻓﺎﺿﺍ ﺯﺭﺍ 2345
ﻪـﺑ ﻁﻮـﺑﺮﻣ ﺕﻻﺩﺎـﺒﻣ ﻡﺎـﻤﺗ ﺎـﻜﻳﺮﻣﺁ ﺭﻻﺩ ﺮـﺑﺍﺮﺑ ﺭﺩ ﻝﺎﻳﺭ
ﺮﻴﻏ ﺕﺍﺭﺩﺎﺻ ﺮﻴﻏ ﺕﺍﺩﺭﺍﻭ ﻭ ﻲﺘﻔﻧ
ﻲﻣ ﻞﻣﺎﺷ ﺍﺭ ﻱﺭﻭﺮﺿ ﺪﺷ
. ﻭ ﻡﺭﻮـﺗ ﺥﺮﻧ ﺶﻳﺍﺰﻓﺍ ﻝﺎﺳ ﻦﻳﺍ ﺭﺩ
ﻢﻳﺮﺤﺗ ﺪﻳﺪﺸﺗ ﺪـﺷ ﻝﺎـﻳﺭ ﺵﺯﺭﺍ ﺶﻫﺎـﻛ ﺐـﺟﻮﻣ ﺎﻜﻳﺮﻣﺁ ﻱﺎﻫ
. ﺖـﺸﻬﺒﻳﺩﺭﺍ ﺭﺩ 1374
ﺥﺮـﻧ
ﻪﺑ ﻲﺗﺍﺭﺩﺎﺻ 3000
ﻳﺭ ﺍ ﻝﺎ ﺖﻓﺎﻳ ﺶﻳﺍﺰﻓ .ﺖ
ﻴﺗ ﺭﺩ ﻝﺎﺳ ﻩﺎﻣ ﺮ 1376
ﻪـﺿﺮﻋ ﻪـﺑ ﻡﺍﺪـﻗﺍ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺱﺭﻮـﺑ ﺭﺍﺯﺎـﺑ ﺭﺩ ﻱﺯﺭﺍ ﻕﺍﺭﻭﺍ ﻱ
ﺩﺮﻛ ﻥﺍﺮﻬﺗ .
ﺯﺭﺍ ﺭﺍﺯﺎـﺑ ﺩﺭﺍﻭ ﻥﺍﺮـﻬﺗ ﺱﺭﻮـﺑ ﺥﺮـﻧ ﻪﺑ ﻡﻮﺳﻮﻣ ﻱﺮﮕﻳﺩ ﺪﻳﺪﺟ ﺥﺮﻧ ﺐﻴﺗﺮﺗ ﻦﻳﺍ ﻪﺑ
ﻪﺑ ﻚﻳﺩﺰﻧ ﺍﺪﺘﺑﺍ ﺭﺩ ﻥﺁ ﺢﻄﺳ ﻪﻛ ﺪﺷ 5000
ﺭ ﺩﻮـﺑ ﺎﻜﻳﺮﻣﺁ ﺭﻻﺩ ﺮﺑﺍﺮﺑ ﺭﺩ ﻝﺎﻳ .
ﻲـﻃ ﻝﺎـﺳ ﻭﺩ
ﻧ ﺪﻣﺁﺭﺩ ﻪﻛ ﻝﻭﺍ ﺩﻮﺑ ﻦﻴﻳﺎﭘ ﺖﻔ
، ﻱﺍﺮﺑ ﻪﻛ ﺍﺭ ﻱﺯﺭﺍ ﺭﺍﺪﻘﻣ ﺖﺴﻧﺍﻮﺘﻧ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻦﻴﻣﺄﺗ
ﺢﻄﺳ
ﺪﻨﻛ ﻪﺿﺮﻋ ﺱﺭﻮﺑ ﺭﺍﺯﺎﺑ ﻪﺑ ﺍﺭ ﺩﻮﺑ ﻡﺯﻻ ﺎﺿﺎﻘﺗ .
ﺱﺭﻮـﺑ ﺥﺮﻧ ﻪﺑ ﺩﺍﺯﺁ ﺯﺭﺍ ﺖﻤﻴﻗ ﻪﻓﺎﺿﺍ ﻪﺠﻴﺘﻧ ﺭﺩ
ﺯﺍ ﻥﺍﺮﻬﺗ 20 ﻪﺑ ﺪﺻﺭﺩ 50
ﺖـﻓﺎﻳ ﺶﻳﺍﺰﻓﺍ ﺪﺻﺭﺩ .
ﻝﺎـﺳ ﺭﺩ ﻩﺮﺧﻻﺎـﺑ 1378
ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ
ﻪﻠﺣﺮﻣ ﻭﺩ ﺭﺩ ﺍﺭ ﺯﺭﺍ ﺖﻤﻴﻗ ﻪﻛ ﺪﺷ ﺭﻮﺒﺠﻣ
، 20 ﻦﻳﺩﺭﻭﺮـﻓ ﺭﺩ ﺪﺻﺭﺩ 1378
ﻭ 16 ﺭﺩ ﺪـﺻﺭﺩ
ﺒﻳﺩﺭﺍ ﺖﺸﻬ 1378 ﺪﻫﺩ ﺶﻳﺍﺰﻓﺍ .
ﻝﺎـﺳ ﻲـﻃ ﻉﻮـﻤﺠﻣ ﺭﺩ ﻱﺎـﻫ
78 - 1377 ﺭﺩ ﺭﻻﺩ ﺖـﻤﻴﻗ
ﻥﺍﺮﻬﺗ ﺱﺭﻮﺑ 42
ﻝﺎﺳ ﺭﺩ ﻭ ﺪﺻﺭﺩ 79
- 1378
، 20 ﺖﻓﺎﻳ ﺶﻳﺍﺰﻓﺍ ﺪﺻﺭﺩ .
ﺖﺸﻬﺒﻳﺩﺭﺍ ﻦﻴﺑ 1378
ﻝﺎـﺳ ﺪﻨﻔﺳﺍ ﺎﺗ 1379
ﺯﺍ ﻩﺩﺎﻔﺘـﺳﺍ ﺎـﺑ ﺖـﺴﻧﺍﻮﺗ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ
ﻪﺿﺮﻋ ﺖﻔﻧ ﺖﻤﻴﻗ ﺶﻳﺍﺰﻓﺍ ﻫﺩ ﺶﻳﺍﺰﻓﺍ ﻥﺍﺮﻬﺗ ﺱﺭﻮﺑ ﺭﺍﺯﺎﺑ ﺭﺩ ﺍﺭ ﺯﺭﺍ ﻱ
ﻦـﻳﺍ ﺭﺩ ﺭﻻﺩ ﺥﺮـﻧ ﻭ ﺪ
1 - ﺭﻮﺸﻛ ﺩﺎﺼﺘﻗﺍ ﺖﻴﻌﺿﻭ ﻞﻴﻠﺤﺗ :
ﻪﻣﺎﻧﺮﺑ ﺩﺮﻜﻠﻤﻋ ﺯﺍﺪﻧﺍ ﻢﺸﭼ ﻭ ﻡﻮﺳ ﻱ
ﻝﺎﺳ 1384 .
2 - ﻪﻣﺎﻧﺯﺍﺮﺗ ﻭ ﻱﺩﺎﺼﺘﻗﺍ ﺵﺭﺍﺰﮔ ﻝﺎﺳ ﻱ
1374 .
ﺩﻭﺪﺣ ﺍﺭ ﺭﺍﺯﺎﺑ 8000
ﺪﻳﺎﻤﻧ ﺖﻴﺒﺜﺗ ﻝﺎﻳﺭ .
ﺯﺭﺍ ﺥﺮـﻧ ﻪـﺑ ﺩﺍﺯﺁ ﺯﺭﺍ ﺥﺮـﻧ ﻲـﻧﻭﺰﻓ ﺐـﻴﺗﺮﺗ ﻦﻳﺍ ﻪﺑ
ﻪﺑ ﻥﺍﺮﻬﺗ ﺱﺭﻮﺑ 2
ﻲﺗﺍﺭﺩﺎـﺻ ﺯﺭﺍ ﺥﺮـﻧ ﻪـﺑ ﻼﺒﻗ ﻪﻛ ﻲﺗﺍﺩﺭﺍﻭ ﺞﻳﺭﺪﺗ ﻪﺑ ﻭ ﺖﻓﺎﻳ ﺶﻫﺎﻛ ﺪﺻﺭﺩ
ﻲﻣ ﻡﺎﺠﻧﺍ ﺘﻨﻣ ﻥﺍﺮﻬﺗ ﺱﺭﻮﺑ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﻪﺑ ﺖﻓﺮﮔ
ﺪـﺷ ﻞـﻘ .
ﻝﺎـﺳ ﺭﺩ 1379
ﻲﺗﺍﺭﺩﺎـﺻ ﺯﺭﺍ ﺥﺮـﻧ
ﻡﺎﺠﻧﺍ ﻱﺍﺮﺑ ﺐﻟﺎﻏ ﺥﺮﻧ ﻪﺑ ﻥﺍﺮﻬﺗ ﺱﺭﻮﺑ ﺥﺮﻧ ﻭ ﻑﺬﺣ ﻪﻟﺩﺎﺒﻣ
ﻞﻳﺪﺒﺗ ﻲﺻﻮﺼﺧ ﺶﺨﺑ ﻱﺎﻫ ﺪﺷ
.
ﻥﺎﺴﻜﻳ ﺯﺍ ﻞﺒﻗ ﺎﺗ ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
1381 ﺥﺮـﻧ ﻪـﺑ ﺍﺭ ﺯﺭﺍ ﺯﺍ ﻲـﺸﺨﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ
ﻲﻤـﺳﺭ ﺥﺮﻧ ﺯﺍ ﺮﺗﻻﺎﺑ )
ﻝﺩﺎـﻌﻣ 1750 ﺭﻻﺩ ﺮـﻫ ﻱﺍﺮـﺑ ﻝﺎـﻳﺭ (
ﻪـﻣﺎﻧﺰﻳﺭﺍﻭ ﺥﺮـﻧ ﺢﻄـﺳ ﺭﺩ ﻱﺍ
ﻲﻣ ﺰﻳﺭﺍﻭ ﻪﻧﺍﺰﺧ ﻪﺑ ﺍﺭ ﻥﺁ ﻲﻟﺎﻳﺭ ﻝﺩﺎﻌﻣ ﻭ ﻱﺭﺍﺪﻳﺮﺧ ﺩﻮﻤﻧ
. ﻲﻤـﺳﺭ ﺥﺮﻧ ﺕﻭﺎﻔﺘﻟﺍ ﻪﺑﺎﻣ
ﺥﺮـﻧ ﺎـﺗ
ﻪﻣﺎﻧﺰﻳﺭﺍﻭ ﺯﺭﺍ ﻱﺍ
، ﺭﺍﺯﺎـﺑ ﺭﺩ ﺭﻮﻛﺬـﻣ ﺯﺭﺍ ﺵﻭﺮـﻓ ﺯﺍ ﺲـﭘ ﺪـﻳﺎﺑ ﻭ ﻩﺪـﺷ ﺏﻮﺴﺤﻣ ﺖﻟﻭﺩ ﻲﻫﺪﺑ
ﻲﻣ ﻪﻳﻮﺴﺗ ﻲﻫﺪﺑ ﻦﻳﺍ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻂﺳﻮﺗ ﺪﺷ
. ﺯﺭﺍ ﺭﺍﺯﺎـﺑ ﺶـﺸﻛ ﻡﺪـﻋ ﺖـﻠﻋ ﻪﺑ ﺎﻣﺍ
، ﻚـﻧﺎﺑ
ﻪﻤﻫ ﺵﻭﺮﻓ ﻪﺑ ﺭﺩﺎﻗ ﻱﺰﻛﺮﻣ ﺪﻳﺩﺮﮕﻧ ﺭﺍﺯﺎﺑ ﺭﺩ ﺭﻮﻛﺬﻣ ﻱﺎﻫﺯﺭﺍ ﻱ
. ﺥﺮﻧ ﻥﺎﻴﻣ ﻑﻼﺘﺧﺍ ﻪﺠﻴﺘﻧ ﺭﺩ
ﻲﻤﺳﺭ ﻪﻣﺎﻧﺰﻳﺭﺍﻭ ﺥﺮﻧ ﻭ ﻩﺪﺷ ﻱﺭﺍﺪﻳﺮﺧ ﺯﺭﺍ ﻡﺎﻧ ﻪﺑ ﻲﺑﺎﺴﺣ ﺭﺩ ﻱﺍ
"
ﺯﺭﺍ ﺪـﻳﺮﺧ ﺯﺎـﻴﺘﻣﻻﺍ ﻖﺣ
"
ﻞﺼﻓ ﺭﺩ
"
ﻲﻳﺍﺭﺍﺩ ﻪﻗﺮﻔﺘﻣ ﻱﺎﻫ
"
ﻫﺪﺑ ﻥﺍﻮﻨﻋ ﻪﺑ ﻭ ﺖﺒﺛ ﻲـﻣ ﺏﻮـﺴﺤﻣ ﺖـﻟﻭﺩ ﻲ
ﺪـﺷ . ﺯﺍ ﺲـﭘ
ﻥﺎﺴﻜﻳ ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ 1381
ﻩﺪﻧﺎﻣ ﺏﺎﺴﺣ ﻱ
"
ﺣ ﺯﺭﺍ ﺪﻳﺮﺧ ﺯﺎﻴﺘﻣﻻﺍ ﻖ
"
) ﺩﻭﺪﺣ 48
ﻝﺎﻳﺭ ﺩﺭﺎﻴﻠﻴﻣ ﺭﺍﺰﻫ (
ﻪـﻣﺎﻧﺯﺍﺮﺗ ﻲﺑﺎـﻳﺯﺭﺍ ﺪـﻳﺪﺠﺗ ﺯﺍ ﻲﺷﺎﻧ ﺪﻣﺁﺭﺩ ﺖﺑﺎﺑ ﻞﻳﺪﻌﺗ ﺯﺍ ﺲﭘ ﻚـﻧﺎﺑ ﻱ
ﻥﺎﺴﻜﻳ ﺎﺑ ﻪﻄﺑﺍﺭ ﺭﺩ ﻱﺰﻛﺮﻣ ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
1381 ) ﺩﻭﺪﺣ 36 ﻝﺎـﻳﺭ ﺩﺭﺎـﻴﻠﻴﻣ ﺭﺍﺰﻫ (
ﺏﺎﺴﺣ ﺖﺑﺎﺑ ﺖﻟﻭﺩ ﻲﻫﺪﺑ ﺶﻫﺎﻛ ﻑﺮﺻ ﻪﻛ
"
ﺯﺭﺍ ﺪﻳﺮﺧ ﺯﺎﻴﺘﻣﻻﺍ ﻖﺣ
"
ﻜﻳ ﻥﺍﻮﻨﻋ ﻪﺑ ﺪﺷ ﺯﺍ ﻲ
ﻥﺎﺴﻜﻳ ﺖﺑﺎﺑ ﺖﻟﻭﺩ ﻲﻫﺪﺑ ﻡﻼﻗﺍ ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
1381 ﻪﻣﺎﻧﺯﺍﺮﺗ ﺭﺩ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ ﻱ
ﺪﻳﺩﺮﮔ ﺖﺒﺛ .
ﻲ ﺪ
ﺖﺳﺎﻴﺳ ﻲﺳﺭﺮﺑ ﻪﺑ ﺪﻌﺑ ﺶﺨﺑ ﺭﺩ ﻥﺎﺴﻜﻳ ﺯﺍ ﺲﭘ ﻥﺍﺮﻳﺍ ﻱﺯﺭﺍ ﻱﺎﻫ
ﻝﺎﺳ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
1381 ﻲﻣ ﻢﻳﺯﺍﺩﺮﭘ . ﻲﺳﺭﺮﺑ ﻦﻳﺍ ﺪﺷ ﻥﺎﻴﺑ ﻪﻛ ﻪﻧﻮﮔ ﻥﺎﻤﻫ ﻑﺪﻫ ﻭ ﻞﻜﺷ ﻪﺑ
ﻪﻠﺧﺍﺪﻣ ﺖـﻟﻭﺩ ﻱ
ﻲﻟﻮﭘ ﻡﺎﻘﻣ ﻭ ﺭﺍﺯﺎﺑ ﺭﺩ
ﺪﻴﻛﺄﺗ ﺯﺭﺍ ﺩﺭﺍﺩ
.
3 - ﺖﺳﺎﻴﺳ ﻥﺎﺴﻜﻳ ﺯﺍ ﺲﭘ ﻥﺍﺮﻳﺍ ﻱﺯﺭﺍ ﻱﺎﻫ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
) 86 - 1381 (
ﻥﺎﺴﻜﻳ ﺯﺍ ﺲﭘ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺯﺎﺳ
ﻝﺎﺳ 1381 ﻦﻴـﺑ ﺕﻼﻣﺎـﻌﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﺭﺩ ﺯﺭﺍ ﺕﻼﻣﺎﻌﻣ
ﻲﻣ ﻡﺎﺠﻧﺍ ﺯﺭﺍ ﻲﻋﺮﻓ ﻭ ﻲﻜﻧﺎﺑ ﺩﺩﺮﮔ
ﻱﺍﺭﺍﺩ ﻚﻳ ﺮﻫ ﻪﻛ ﻭﺯﺎﺳ
ﺖﺳﺍ ﺩﻮﺧ ﺹﺎﺧﺭﺎﻛ .
ﺭﺩ ﺯﺭﺍ ﺪﻳﺮﺧ
ﻦﻴﺑ ﺕﻼﻣﺎﻌﻣ ﺭﺍﺯﺎﺑ ﻩﺪـﺷ ﺶﻳﺎـﺸﮔ ﻱﺩﺎﻨـﺳﺍ ﺕﺍﺭﺎـﺒﺘﻋﺍ ﻪـﺟﻭ ﺖـﺧﺍﺩﺮﭘ ﻑﺮﺻ ﺎﺗﺪﻤﻋ ﻲﻜﻧﺎﺑ
ﻲﻣ ﻲﻋﺮﻓ ﺭﺍﺯﺎﺑ ﺭﺩ ﻲﻟﻭ ﺩﻮﺷ
، ﻪﻜﺒﺷ ﻂﺳﻮﺗ ﻩﺪﺷ ﻱﺭﺍﺪﻳﺮﺧ ﺯﺭﺍ ﺭﻮـﺸﻛ ﺯﺍ ﺝﺭﺎـﺧ ﻪـﺑ ﻲﻜﻧﺎﺑ ﻱ
ﻲﻓﺍﺮﺻ ﻑﺮﺼﻣ ﻪﺑ ﺎﻳ ﻩﺪﻳﺩﺮﮔ ﻪﻟﺍﻮﺣ ﻲﻣ ﺭﻮﺸﻛ ﻞﺧﺍﺩ ﻱﺎﻫ
ﺪﺳﺭ .
ﺭﺍ ﺵﻭﺮـﻓ ﻭ ﺪﻳﺮﺧ ﻥﺍﺰﻴﻣ ﻪﻛ ﺖﺳﺍ ﻥﺁ ﺯﺍ ﻲﻛﺎﺣ ﻱﺯﺭﺍ ﻱﺎﻫﺭﺍﺯﺎﺑ ﺭﺩ ﺯﺭﺍ ﺵﻭﺮﻓ ﻱﺎﻫﺭﺎﻣﺁ ﺯ
ﻪﻜﺒﺷ ﻂﺳﻮﺗ ﻩﺭﺍﻮـﻤﻫ ﻥﻮـﻨﻛﺍ ﻢـﻫ ﺎـﺗ ﺭﺍﺯﺎـﺑ ﻦﻳﺍ ﺲﻴﺳﺎﺗ ﻭﺪﺑ ﺯﺍ ﺯﺭﺍ ﻲﻋﺮﻓ ﺭﺍﺯﺎﺑ ﺭﺩ ﻲﻜﻧﺎﺑ ﻱ
1 - ﺭﻮﺸﻛ ﺩﺎﺼﺘﻗﺍ ﺖﻴﻌﺿﻭ ﻞﻴﻠﺤﺗ :
ﻪﻣﺎﻧﺮﺑ ﺩﺮﻜﻠﻤﻋ ﻝﺎﺳ ﺯﺍﺪﻧﺍ ﻢﺸﭼ ﻭ ﻡﻮﺳ ﻱ
1384 .
ﺖﺳﺍ ﻪﺘﺷﺍﺩ ﻩﺪﻨﻳﺍﺰﻓ ﻱﺪﺷﺭ .
ﻡﺪـﻋ ﻭ ﻪـﻌﻣﺎﺟ ﻦﺌﻤﻄﻣﺎـﻧ ﻂﻳﺍﺮـﺷ ﻞـﻴﻟﺩ ﻪـﺑ ﺎﺗﺪـﻤﻋ ﺮﻣﺍ ﻦﻳﺍ
ﺪﻳﺮﺧ ﺭﺩ ﺖﻳﺩﻭﺪﺤﻣ ﻪﻧﻮﮔﺮﻫ
، ﻪـﻟﺍﻮﺣ ﻭ ﺵﻭﺮـﻓ ﻖﻃﺎـﻨﻣ ﻦـﻳﺍ ﺭﺩ ﺭﻮـﺸﻛ ﺯﺍ ﺝﺭﺎـﺧ ﻪـﺑ ﺯﺭﺍ ﻱ
ﻲﻣ ﺪﺷﺎﺑ . ﺭﺍﺯﺎﺑ ﺭﺩ ﺮﮕﻳﺩ ﻱﻮﺳ ﺯﺍ ﻌﻣ
ﻧ ﻥﻮـﻳﺩ ﺪﻨﻧﺎﻣ ﻱﺮﮕﻳﺩ ﻞﻣﺍﻮﻋ ﺯﺭﺍ ﻲﻜﻧﺎﺑ ﻦﻴﺑ ﺕﻼﻣﺎ ﻱﺪـﻘ
ﻂﺳﻮﺗ ﺲﻧﺍﺯﻮﻳ ﺕﻼﻴﻬﺴﺗ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﻥﺍﺰﻴﻣ ﻭ ﻚﻧﺎﺑ
ﺎﻫ ﺯﺭﺍ ﺵﻭﺮﻓ ﻥﺍﺰﻴﻣ ﺮﺑ ﺮﻴﺛﺄﺗ
ﻩﺩﻮـﺑ ﺭﺍﺬـﮔ
ﺖﺳﺍ . ﻲﮕﻨﻳﺪﻘﻧ ﺖﻴﻌﺿﻭ ﻩﻭﻼﻋ ﻪﺑ ﻚﻧﺎﺑ
ﻭ ﺎﻫ ﺭﺩ ﻢـﻬﻣ ﻞـﻣﺍﻮﻋ ﺰـﻴﻧ ﻻﺎـﻛ ﺕﺍﺭﺩﺎـﺻ ﻭ ﺕﺍﺩﺭﺍﻭ
ﺪﻨﺘـﺴﻫ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ ﻂـﺳﻮﺗ ﺯﺭﺍ ﺵﻭﺮﻓ ﻥﺍﺰﻴﻣ ﻦﻴﻴﻌﺗ .
ﺯﺭﺍ ﺵﻭﺮـﻓ ﻲـﻃ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ
ﻝﺎﺳ ﺎﻫ ﻱ 86 - 1382 ﺖﺳﺍ ﻩﺪﺷ ﻩﺩﺍﺩ ﻥﺎﺸﻧ ﺮﻳﺯ ﻝﻭﺪﺟ ﺭﺩ ﺯﺭﺍ ﻲﻋﺮﻓ ﻭ ﻲﻠﺻﺍ ﻱﺎﻫﺭﺍﺯﺎﺑ ﺭﺩ .
ﻝﻭﺪﺟ 2 - ﺭﺍﺯﺎﺑ ﺮﻫ ﻢﻬﺳ ﻭ ﻲﻋﺮﻓ ﻭ ﻲﻠﺻﺍ ﻱﺎﻫﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺯﺭﺍ ﺵﻭﺮﻓ )
ﺭﻻﺩ ﻥﻮﻴﻠﻴﻣ (
ﻝﺎﺳ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺵﻭﺮﻓ
ﺭﺍﺯﺎﺑ ﻢﻬﺳ ﻲﻠﺻﺍ ﺭﺍﺯﺎﺑ ﻢﻬﺳ
ﻲﻋﺮﻓ ﺯﺍ ﺯﺭﺍ ﺪﻳﺮﺧ
ﻱﺮﺘﺸﻣ ﻪﺑ ﺯﺭﺍ ﺵﻭﺮﻓ
ﺸﻣ
ﻱﺮﺘ ﻲﻋﺮﻓ ﻲﻠﺻﺍ
1382 11603
7337 61
/ 0 39 / 0 4568 16344
1383 10000
8957 53
/ 0 47 / 0 7418 21139
1384 12893
11473 53
/ 0 47 / 0 10421 24494
1385 14848
17654 46
/ 0 54 / 0 14831 29849
1386 15046
24595 38
/ 0 62 / 0 16950 34239
ﺬﺧﺎﻣ : ﻩﺭﺍﺩﺍ ﺝ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺕﺍﺭﺩﺎﺻ ﻱ .ﺍ
.ﺍ .
ﻝﺎﺳ ﺭﺩ 1386 ﺩﻭﺪﺣ 70 ﺪﺻﺭﺩ ) ﻝﺩﺎﻌﻣ ﻲﻤﻗﺭ 20833
ﺭﻻﺩ ﻥﻮـﻴﻠﻴﻣ (
ﺯﺭﺍ ﻉﻮـﻤﺠﻣ ﺯﺍ
ﻚﻧﺎﺑ ﻂﺳﻮﺗ ﻩﺪﺷ ﻪﺘﺧﻭﺮﻓ ﻲﻋﺮﻓ ﺭﺍﺯﺎﺑ ﺭﺩ ﺎﻫ
) 29813 ﺭﻻﺩ ﻥﻮﻴﻠﻴﻣ (
ﺝﺭﺎـﺧ ﻪـﺑ ﻪﻟﺍﻮﺣ ﻑﺮﺻ
ﺎﻬﻨﺗ ﻭ ﻩﺪﺷ 720
ﻩﺪـﺷ ﻪﻨﻳﺰﻫ ﻞﺧﺍﺩ ﻪﺑ ﻪﻟﺍﻮﺣ ﻭ ﻱﺩﺎﻨﺳﺍ ﺭﺎﺒﺘﻋﺍ ﺕﺭﻮﺻ ﻪﺑ ﻥﺁ ﺭﻻﺩ ﻥﻮﻴﻠﻴﻣ
ﺖﺳﺍ . ﻭ
ﺖ
ﻝﻭﺪﺟ 3 - ﺎﺑ ﻱﺯﺭﺍ ﺕﺎﻴﻠﻤﻋ ﻲﻃ ﻲﻋﺮﻓ ﺭﺍﺯ
ﻝﺎﺳ ﺎﻫ ﻱ 86 - 1383 ) ﺭﻻﺩ ﻥﻮﻴﻠﻴﻣ (
ﻝﺎﺳ ﺪﻳﺮﺧ
ﺵﻭﺮﻓ
ﺭﺍﺯﺎﺑ ﺯﺍ ﻲﻋﺮﻓ ﺯﺍ ﻱﺪﻘﻧ
ﻱﺮﺘﺸﻣ ﺯﺍ ﻪﻟﺍﻮﺣ
ﺝﺭﺎﺧ ﻊﻤﺟ ﺭﺍﺯﺎﺑ ﺭﺩ
ﻲﻋﺮﻓ ﻪﺑ ﻱﺪﻘﻧ
ﻱﺮﺘﺸﻣ ﺭﺎﺒﺘﻋﺍ ﻱﺩﺎﻨﺳﺍ ﻪﺑ ﻪﻟﺍﻮﺣ
ﻞﺧﺍﺩ ﻪﺑ ﻪﻟﺍﻮﺣ
ﺝﺭﺎﺧ ﻊﻤﺟ
1383 9699 20
348 10067 295 16 615 1144 8059 10129
1384 11584 47
422 12053 477 10 435 1477 9662 12061
1385 18243 40
423 18706 669 467 567 2959 14033 18695
1386 25278
* 24 4017 29319 1147 61
555 7217 20833 29813
ﺬﺧﺎﻣ : ﻩﺭﺍﺩﺍ ﺝ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺕﺍﺭﺩﺎﺻ ﻱ .ﺍ
.ﺍ
. ﻝﺎﺳ ﺭﺩ ﺝﺭﺎﺧ ﺯﺍ ﻪﻟﺍﻮﺣ ﺪﻳﺮﺧ ﻢﻗﺭ* 1386
ﻣ ﺖﻔﻧ ﺖﻛﺮﺷ ،ﺖﻔﻧ ﺖﻛﺮﺷ ﺝﺭﺎﺧ ﺯﺍ ﻪﻟﺍﻮﺣ ﺪﻳﺮﺧ ﻪﺑ ﻁﻮﺑﺮ ﺶﻛ
ﻦﻜﺴﻣ ﻭ ﺎﺑ ﺏﺎﺴﺣ ﻪﺑ ﺮﻬﺷ ﻥﺍﺯﺎﺳ ﺖﺳﺍ ﻩﺩﻮﺑ ﺖﻠﻣ ﻚﻧ
.
1 - ،ﺯﺭﺍ ﺵﻭﺮﻓ ﺺﻟﺎﺧ 1385
.
ﻥﻮﻧﺎﻗ ﻪﺟﺩﻮﺑ ﻱﺎﻫ ﻪﻧﻻﺎﺳ ﻱ
ﺺﻴـﺼﺨﺗ ﻞﺑﺎﻗ ﺯﺭﺍ ﺩﻭﺪﺣ ﻦﻴﻴﻌﺗ ﺎﺑ ﺖﻟﻭﺩ ﻱ
، ﺯﻮـﺠﻣ ﺭﻭﺪـﺻ
ﺖﻔﻧ ﺪﻣﺁﺭﺩ ﺺﻴﺼﺨﺗ
، ﻱﺎـﻫﺩﺍﺩﺭﺍﺮﻗ ﺪﻘﻋ ﻱﺍﺮﺑ ﺯﻮﺠﻣ ﺭﻭﺪﺻ ﻦﻴﻣﺄـﺗ
ﺕﺭﻮـﺻ ﻪـﺑ ﻲﻟﺎـﻣ ﻱﺎـﻫ
ﻭ ﻒﻠﺘﺨﻣ ﺪﻴﻳﺄﺗ
ﻪﻳﻭﺭ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ ﻂـﺳﻮﺗ ﺯﺭﺍ ﺖﺧﺍﺩﺮﭘ ﻭ ﺖﻓﺎﻳﺭﺩ ﻱ
، ﻪﻜﺒـﺷ ﺖﻳﺮﻳﺪـﻣ ﻱ
ﻲﻣ ﺺﺨﺸﻣ ﺍﺭ ﺭﻮﺸﻛ ﻱﺯﺭﺍ ﻊﺑﺎﻨﻣ ﺪﻨﻳﺎﻤﻧ
.
ﻪﺟﺩﻮﺑ ﻥﻮﻧﺎﻗ ﺭﺩ ﻱ
ﻝﺎﺳ 1386 ﻉﻮﻤﺠﻣ ﺯﺍ ، 7
/ 36 ﻪـﺟﺩﻮﺑ ﻱﺯﺭﺍ ﻊﺑﺎـﻨﻣ ﺭﻻﺩ ﺩﺭﺎـﻴﻠﻴﻣ ﻱ
ﻝﺎﺳ ﻦﻳﺍ ﺩﻭﺪﺣ ، 9 / 32 ﺖﺳﺍ ﻲﻟﺎﻳﺭ ﻑﺭﺎﺼﻣ ﻱﺍﺭﺍﺩ ﺭﻻﺩ ﺩﺭﺎﻴﻠﻴﻣ .
ﻥﺁ ﺯﺍ ﻱﺰـﻛﺮﻣ ﻚﻧﺎﺑ ﻪﻛ ﺎﺟ
ﻪﺑ ﻒﻇﻮﻣ ﻦﻴﻣﺄﺗ
،ﺖﺳﺍ ﻪﺟﺩﻮﺑ ﻝﺎﻳﺭ ﺩﻮﺟﻭ ﺎﺑ
ءﺰـﺟ ﻢـﻜﺣ 2
ﺪـﻨﺑ ) ﺏ ( ﻩﺮـﺼﺒﺗ ﻱ 2 ﻥﻮﻧﺎـﻗ
ﻪﺟﺩﻮﺑ ﻱ ﻝﺎﺳ
11386
، ﻝﺍﻭﺭ ﻖﺒﻃ ﻝﺎﺳ
ﺎﻫ ﻪﺿﺮﻋ ﺩﺍﺯﺎﻣ ﻪﺘﺷﺬﮔ ﻱ ﻱ
ﻱﺎـﺿﺎﻘﺗ ﻪـﺑ ﺖﺒﺴﻧ ﺯﺭﺍ
ﻚﻧﺎﺑ ﻂﺳﻮﺗ ﺯﺭﺍ ﺥﺮﻧ ﺖﻳﺮﻳﺪﻣ ﺭﻮﻈﻨﻣ ﻪﺑ ﺭﺍﺯﺎﺑ ﻱﺰﻛﺮﻣ
ﻱﺭﺍﺪﻳﺮﺧ ﻲﻣ
ﺩﺩﺮﮔ . ﺥﺮﻧ ﺮﮕﻳﺩ ﻥﺎﻴﺑ ﻪﺑ
ﻪﺟﺩﻮﺑ ﻲﻨﻤﺿ ﺯﺭﺍ ﻝﺎﺳ ﻱ
1386 ﺮﺑﺍﺮﺑ 8900 ﻪﺑ ﻝﺎﻳﺭ ﺖـﺳﺍ ﺭﻻﺩ ﻚﻳ ﻱﺍﺯﺍ .
ﻲﻟﺎـﺣ ﺭﺩ ﻦـﻳﺍ
ﺪﻨﺑ ﻪﻛ ﺖﺳﺍ )
ﻒﻟﺍ ( ﻩﺮﺼﺒﺗ ﻱ 2 ﻪﺟﺩﻮﺑ ﻥﻮﻧﺎﻗ ﻝﺎﺳ ﻦﻳﺍ
ﻲـﺷﺎﻧ ﻱﺯﺭﺍ ﺪـﻳﺍﻮﻋ ﻪﻛ ﺩﺭﺍﺩ ﺢﻳﺮﺼﺗ
ﻪﻧﺍﺰﺧ ﻪﺑ ﺯﻭﺭ ﺥﺮﻧ ﻪﺑ ﻱﺯﺭﺍ ﺪﻳﺍﻮﻋ ﺮﻳﺎﺳ ﻭ ﺖﻔﻧ ﺵﻭﺮﻓ ﺯﺍ ﻲـﻣ ﺰـﻳﺭﺍﻭ ﺭﻮﺸﻛ ﻞﻛ ﻱﺭﺍﺩ
ﺩﻮـﺷ . ﺯﺍ
ﻒﻳﺩﺭ ﻲﻟﺎﻳﺭ ﻒﻘﺳ ﺮﮕﻳﺩ ﻑﺮﻃ ﻲﻣ ﺰﻳﺭﺍﻭ ﻥﺁ ﻪﺑ ﻱﺯﺭﺍ ﻱﺎﻫﺪﻣﺁﺭﺩ ﻪﻛ ﻲﻳﺎﻫ
ﺩﻮﺷ
، ـﻤﻫ ﻪﻟﺎـﺳ ﻪ
ﻥﻮﻧﺎﻗ ﺭﺩ ﺖﺳﺍ ﻩﺪﺷ ﻦﻴﻴﻌﺗ ﻪﺟﺩﻮﺑ ﻱﺎﻫ .
ﺩﻭﺭ ﺮﺗﻻﺎﺑ ﺯﺭﺍ ﺥﺮﻧ ﺮﮔﺍ ﻲﻨﻌﻳ
، ﺭﺍﺪﻘﻣ ﻢﻛ ﺮﺗ ﻪـﺑ ﺯﺭﺍ ﻱ
ﻲﻣ ﺵﻭﺮﻓ ﻦﻴﻳﺎﭘ ﺯﺭﺍ ﺥﺮﻧ ﺮﮔﺍ ﻭ ﺪﺳﺭ
ﺪﻳﺁ ﺮﺗ
، ﺭﺍﺪﻘﻣ ﺶﻴﺑ ﺮﺗ ﻲـﻣ ﺵﻭﺮـﻓ ﻪﺑ ﺯﺭﺍ ﻱ ﺪـﺳﺭ
. ﺲـﭘ
ﻥﺁ ﺶﻳﺍﺰﻓﺍ ﺎﻳ ﺶﻫﺎﻛ ﻭ ﻪﺟﺩﻮﺑ ﻥﻮﻧﺎﻗ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻦﻴﻴﻌﺗ ﺮﻴﺛﺄﺗ
ﻒﻘﺳ ﺭﺩ ﻱ ﺩﺭﺍﺪﻧ ﺎﻫ
. ﺯﺍ ﻦـﻳﺍ ﻭﺭ
ﺮﻣ ﻚﻧﺎﺑ ﻱﺎـﻫﺭﻻﺩ ﻖﻳﺭﺰﺗ ﺮﺛﺍ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻁﻮﻘﺳ ﺯﺍ ﺎﺗ ﺖﺳﺍ ﻩﺪﺷ ﺪﻬﻌﺘﻣ ﻲﻨﻤﺿ ﺭﻮﻃ ﻪﺑ ﻱﺰﻛ
ﺪﻨﻛ ﻱﺮﻴﮔﻮﻠﺟ ﺭﺍﺯﺎﺑ ﻪﺑ ﻲﺘﻔﻧ .
ﻋ ﻪﺑ ﺖﻟﻭﺩ ﻲﻨﻌﻳ ﻪـﺿﺮﻋ ﻥﺍﻮﻨ
ﻩﺪـﻨﻨﻛ ﻩﺪـﻤﻋ ﻱ ﻚـﺴﻳﺭ ،ﺯﺭﺍ ﻱ
ﻚـﻧﺎﺑ ﻪـﺑ ﻞـﻣﺎﻛ ﺭﻮـﻃ ﻪـﺑ ﺍﺭ ﻲﺗﺎﺒـﺳﺎﺤﻣ ﺯﺭﺍ ﺥﺮﻧ ﻪﺑ ﺖﻟﻭﺩ ﺯﺭﺍ ﺵﻭﺮﻓ ﻥﺎﻜﻣﺍ ﻡﺪﻋ ﺯﺍ ﻲﺷﺎﻧ ﺖﺳﺍ ﻩﺩﻮﻤﻧ ﻞﻘﺘﻨﻣ ﻱﺰﻛﺮﻣ .
ﺯﺎﺑ ﻲﺘﻗﻭ ﻲﻣ ﺍﺭ ﺖﻟﻭﺩ ﺯﺭﺍ ﺩﻮﺧ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ،ﺖﺳﻭﺮﺑﻭﺭ ﻪﺿﺮﻋ ﺩﺍﺯﺎﻣ ﺎﺑ ﺯﺭﺍ ﺭﺍ ﻪـﺑ ﻭ ﺩﺮـﺧ
ﻪﻳﺎﭘ ﺶﻳﺍﺰﻓﺍ ﺖﻤﻴﻗ ﺍﺭ ﺖـﻟﻭﺩ ﺯﺎﻴﻧ ﺩﺭﻮﻣ ﻲﻟﺎﻳﺭ ﻊﺑﺎﻨﻣ ،ﻲﮕﻨﻳﺪﻘﻧ ﻭ ﻲﻟﻮﭘ ﻱ
ﻦﻴﻣﺄـﺗ ﻲـﻣ ﺪـﻨﻛ .
ﺖﻤﻴﻗ ﺪﺷﺭ ﻪﺑ ،ﺪﻌﺑ ﻡﺪﻗ ﺭﺩ ﻲﮕﻨﻳﺪﻘﻧ ﺶﻳﺍﺰﻓﺍ ﻲﻣ ﺎﻫ
ﻭ ﺯﺭﺍ ﻲـﻌﻗﺍﻭ ﺥﺮـﻧ ﺶﻫﺎﻛ ﻪﺑ ﻪﻛ ﺪﻣﺎﺠﻧﺍ
ﻲﻣ ﺭﻮﺸﻛ ﻲﺘﺑﺎﻗﺭ ﻥﺍﻮﺗ ﺶﻫﺎﻛ ﺎﺠﻧﺍ
ﺪﻣ . ﻝﺎﺜﻣ ﻥﺍﻮﻨﻋ ﻪﺑ ﻢﻬﻣ
ﺮﺗ ﻪﻳﺎﭘ ﺶﻳﺍﺰﻓﺍ ﻞﻣﺎﻋ ﻦﻳ ﻲﻟﻮـﭘ ﻱ
ﺭﺩ ﻝﺎﺳ ﺎﻫ ﻱ 1382 ، 1383 ، 1384 ﻭ 1385 ﻲﻳﺍﺭﺍﺩ ﺺﻟﺎﺧ ﺎـﺑ ﻱﺰـﻛﺮﻣ ﻚﻧﺎﺑ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﻲﻤﻬﺳ ﻝﺩﺎـﻌﻣ ﺐـﻴﺗﺮﺗ ﻪﺑ 6
/ 30 ، 7 / 50 ، 1 / 49 ﻭ 5 / 51 ﺯﺍ ﻲـﺷﺎﻧ ﻪـﻛ ﻩﺩﻮـﺑ ﺪـﺻﺭﺩ ﺪـﺣﺍﻭ
ﻲﻳﺍﺭﺍﺩ ﺶﻳﺍﺰﻓﺍ ﺍﺮـﺑ ﺖﻟﻭﺩ ﺯﺍ ﺯﺭﺍ ﺪﻳﺮﺧ ﻞﻴﻟﺩ ﻪﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﻱ ﻦﻴﻣﺄـﺗ ﻊﺑﺎـﻨﻣ
1 - ءﺰﺟ ﻪﻛ ﺖﺳﺍ ﺮﻛﺫ ﻪﺑ ﻡﺯﻻ 2
ﺪﻨﺑ ) ﺏ ( ﻩﺮﺼﺒﺗ ﻱ ) 2 ( ﻪﺟﺩﻮﺑ ﻥﻮﻧﺎﻗ ﻝﺎﺳ ﻱ 1386 ﺯﺍ ﺖﺳﺍ ﺕﺭﺎﺒﻋ :
ﺝ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ .ﺍ.
ﺍ . ﻒﻠﻜﻣ
ﻒﻳﺩﺭ ﻭ ﻡﺎﻜﺣﺍ ﺭﺩ ﺭﻮﻛﺬﻣ ﻱﺯﺭﺍ ﻎﻟﺎﺒﻣ ﺵﻭﺮﻓ ﺖﺳﺍ ﻪﻧﻮﮔ ﻪﺑ ﺍﺭ ﻥﻮﻧﺎﻗ ﻦﻳﺍ ﻱﺎﻫ
ﻪﻣﺎﻧﺯﺍﺮﺗ ﺐﻳﻮﺼﺗ ﺦﻳﺭﺎﺗ ﺎﺗ ﻪﻛ ﺪﻫﺩ ﻡﺎﺠﻧﺍ ﻱﺍ ﻝﺎﺳ ﻱ
1386 ﻲﻳﺍﺭﺍﺩ ﺺﻟﺎﺧ ،ﻚﻧﺎﺑ ﻥﺁ ﻝﺎﺳ ﻥﺎﻳﺎﭘ ﻪﺑ ﺖﺒﺴﻧ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
1385 ﺪﺑﺎﻴﻧ ﺶﻳﺍﺰﻓﺍ ﻞﺤﻣ ﻦﻳﺍ ﺯﺍ .
ﺖﺷﺍﺩﺮﺑ ﻭ ﻪﺟﺩﻮﺑ ﻲﻟﺎﻳﺭ ﻩﺮﻴﺧﺫ ﺏﺎﺴﺣ ﺯﺍ ﺭﺮﻜﻣ ﻱﺎﻫ
ﻱﺯﺭﺍ ﻱ ) ﻝﺎـﺳ ﺭﺩ ﻝﺎﺜﻣ ﺭﻮﻃ ﻪﺑ 1385
ﻩﺮـﻴﺧﺫ ﺏﺎﺴﺣ ﺯﺍ ﺭﺎﺑ ﻪﺳ ،ﻪﺟﺩﻮﺑ ﻢﻤﺘﻣ ﺭﺎﻬﭼ ﻲﻃ ﺪـﺷ ﺖـﺷﺍﺩﺮﺑ ﻱﺯﺭﺍ ﻱ
( ﺵﻭﺮـﻓ ﻡﺪـﻋ ﻭ
ﺩﻮﺑ ﺭﺍﺯﺎﺑ ﺭﺩ ﻥﺁ ﻞﻣﺎﻛ .ﺩ
ﻪـﺟﺩﻮﺑ ﺭﺩ ﻲﺘﻔﻧ ﻱﺎﻫﺪﻣﺁﺭﺩ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺶﻳﺍﺰﻓﺍ ﻪﻛ ﺖﺳﺍ ﻲﻬﻳﺪﺑ ﻪﻧﻻﺎـﺳ ﻱﺎـﻫ
ﺖـﻟﻭﺩ ﻱ
ﺯﺭﺍ ﺪﻳﺮﺧ ﻡﺰﻠﺘﺴﻣ ﺶﻴﺑ
ﺮﺗ ﻱﺍﺮﺑ ﺖﻟﻭﺩ ﺯﺍ ﻦﻴﻣﺄﺗ
ﻪﺟﺩﻮﺑ ﻲﻟﺎﻳﺭ
ﺖـﺳﺍ ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ ﻂﺳﻮﺗ .
ﻲﻟﺎﻳﺭ ﻱﺎﻫﺪﻣﺁﺭﺩ ﻖﻘﺤﺗ ﻡﺪﻋ ﻥﺍﺮﺒﺟ ﺭﺩ ﺖﻟﻭﺩ ﻱﺯﺭﺍ ﻱﺎﻫﺪﻣﺁﺭﺩ ﻢﻬﺳ ﻪﭼﺮﻫ ﺶﻴﺑ
ﺮﺗ ،ﺪـﺷﺎﺑ
ﻱﺍﺮﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺮﺑ ﺭﺎﺸﻓ ﻭ ﺭﺍﺯﺎﺑ ﺭﺩ ﻪﻠﺧﺍﺪﻣ
ﺖﻟﻭﺩ ﺯﺭﺍ ﺪﻳﺮﺧ ﺶﻴﺑ
ﺮﺗ ﺩﻮـﺑ ﺪﻫﺍﻮﺧ .
ﻦـﻳﺍ ﺎـﺑ
ﻞﻴﻠﺤﺗ ﺑ ﺪﻌﺑ ﺶﺨﺑ ﺭﺩ ﻪﻟﺎﻘﻣ ﺭﺩ ﻪﻠﺧﺍﺪﻣ ﻱﻮﮕﻟﺍ ﻲﺣﺍﺮﻃ ﻪ
ﻭ ﻥﺍﺮـﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﻪﻴﺒـﺷ
ﺖـﻧﻮﻣ ﻱﺯﺎـﺳ
ﻲﻳﻮﻟﺭﺎﻛ ﻮﮕﻟﺍ ﻲﻣ ﺩﺯﺍﺩﺮﭘ .
4 - ﻪﻠﺧﺍﺪﻣ ﻱﻮﮕﻟﺍ
ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ
ﻪﻌﻟﺎﻄﻣ ﻪﻨﻴﻣﺯ ﺭﺩ ﻲﻛﺪﻧﺍ ﻱﺎﻫ ﺩﺭﻭﺁﺮﺑ ﻱ
ﻪﻠﺧﺍﺪﻣ ﻱﻮﮕﻟﺍ
ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻡﺎـﺠﻧﺍ
ﻪـﺘﻓﺮﮔ ﺖـﺳﺍ .
ﺶﻴﺑ ﺮﺗ ﻪﻌﻟﺎﻄﻣ ﻦﻳﺍ ﺗ ﻝﺮﺘﻨﻛ ﻱﺪﻴﻗ ﻚﺗ ﻱﻮﮕﻟﺍ ﻚﻳ ﻲﺣﺍﺮﻃ ﻪﺑ ﺎﻫ
ﻲـﻣ ﻲﻓﺩﺎـﺼ ﺪـﻧﺯﺍﺩﺮﭘ
. ﻪـﺑ
ﻝﺍﺪﻧﺎﺴﻛﺁ ﻭ ﺎﻛﺍﺪﻧﻮﻣ ﻝﺎﺜﻣ ﺭﻮﻃ )
1998
2( ﻪـﻨﻴﻬﺑ ﻝﺮـﺘﻨﻛ ﻱﻮـﮕﻟﺍ ﻂﻳﺍﺮـﺷ ﺭﺩ ﺍﺭ ﺯﺭﺍ ﺥﺮـﻧ ﻱ
ﻲﻣ ﻲﺣﺍﺮﻃ ﻲﻧﺎﻨﻴﻤﻃﺍﺎﻧ ﺪﻨﻨﻛ
. ﻭﺮﺗﺎـﭘﺍﺯ ﻭ ﺱﻼﻴﻧﺩﺎـﻛ ﻪﻛ ﻲﻟﺎﺣ ﺭﺩ )
1999
3( ﻝﺮـﺘﻨﻛ ﻱﻮـﮕﻟﺍ
ﻪﻨﻴﻬﺑ ﻪﻘﻄﻨﻣ ﻱﺯﺭﺍ ﻢﻳژﺭ ﻚﻳ ﺽﺮﻓ ﺎﺑ ﺍﺭ ﺯﺭﺍ ﺥﺮﻧ ﻱ ﻲﻣ ﻲﺣﺍﺮﻃ ﻑﺪﻫ ﻱ
ﺥﺮـﻧ ﺪـﻳﺎﺑ ﻪﻛ ﺪﻨﻨﻛ
ﻫ ﺯﺭﺍ ﺩﻮـﺷ ﻪﺘـﺷﺍﺩ ﻪـﮕﻧ ﻱﺯﺭﺍ ﺭﺍﻮـﻧ ﻲﻧﺎـﻴﻣ ﺵﺯﺭﺍ ﻪـﺑ ﻚـﻳﺩﺰﻧ ﻩﺭﺍﻮﻤ .
ﻪـﻌﻟﺎﻄﻣ ﺭﺩ ﺮـﮕﻳﺩ ﻱ
ﻭﺮﺗﺎﭘﺍﺯ ﻭ ﺱﻼﻴﻧﺩﺎﻛ )
2000
4( ﻚﻳ ﻪﻟﺄﺴﻣ ﻲﻣ ﻲﺣﺍﺮﻃ ﺍﺭ ﻲﻓﺩﺎﺼﺗ ﻝﺮﺘﻨﻛ ﻱ ﻱﺍﺮـﺑ ﻪـﻛ ﺪﻨﻨﻛ
ﻪﻠﺧﺍﺪﻣ ﻲﺘﺳﺎﻴﺳ ﺭﺍﺰﺑﺍ ﻭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻑﺪﻫ ﻪﺑ ﻥﺪﻴﺳﺭ
ﻲـﻣ ﻪـﺘﻓﺮﮔ ﺮـﻈﻧ ﺭﺩ ﻩﺮـﻬﺑ ﺥﺮﻧ ﻭ ﺩﻮـﺷ
.
ﺍﺭﻮﻣﻮﺴﺗ ﻭ ﻲﺸﻴﻧﻭﺍ ﻑﺪﻫ )
2006
5( ـﻛ ﺍﺪـﻴﭘ ﻪـﻨﻴﻬﺑ ﻝﺮـﺘﻨﻛ ﻥﺩﺮ ﻞﻗﺍﺪـﺣ ﺯﺍ ﻱﺍ
ﻞـﻛ ﻱﺯﺎـﺳ
ﻪﻨﻳﺰﻫ ﺖﺳﺍ ﺩﻭﺪﺤﻣﺎﻧ ﻲﻧﺎﻣﺯ ﻖﻓﺍ ﻚﻳ ﻲﻃ ﻪﻠﺧﺍﺪﻣ ﻱﺭﺎﻈﺘﻧﺍ ﻱﺎﻫ .
ﻪـﻌﻟﺎﻄﻣ ﻦـﻳﺍ ﻪـﺑ ﺎـﻬﻨﺗ ﺎـﻫ
ﮕﻟﺍ ﻲﺣﺍﺮﻃ ﻲﻣ ﻲﻓﺩﺎﺼﺗ ﻝﺮﺘﻨﻛ ﻱﻮ
ﺪﻧﺯﺍﺩﺮﭘ .
ﻩﺪـﺷ ﻲـﺣﺍﺮﻃ ﻥﺍﺮـﻳﺍ ﻱﺍﺮـﺑ ﺭﺎـﺑ ﻦﻴﺘـﺴﺨﻧ ﻱﺍﺮﺑ ﻪﻛ ﻪﻟﺎﻘﻣ ﻦﻳﺍ ﺭﺩ ﻩﺩﺎﻔﺘﺳﺍ ﺩﺭﻮﻣ ﻱﻮﮕﻟﺍ ﻪﻣﺎﻧﺮﺑ ﻱﻮﮕﻟﺍ ﻚﻳ ،ﺖﺳﺍ ﻲﻄﺧﺮﻴﻏ ﻱﺰﻳﺭ
6ﺎﻳﻮﭘ ﻭ ﻲﻓﺩﺎـﺼﺗ ﺕﺭﻮـﺻ ﻪﺑ ﻊﺑﺍﻮﺗ ﻥﺁ ﺭﺩ ﻪﻛ ﺖﺳﺍ
ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺮﻈﻧ ﺭﺩ ﻥﺎﻣﺯ ﻲﻃ ﻪﺘﺳﻮﻴﭘ ﺪﻧﺍ
. ﺖﻴﻌﺿﻭ ﻱﺎﻫﺮﻴﻐﺘﻣ ﻪﻛ ﺖﺳﺍ ﻩﺪﺷ ﺽﺮﻓ ﻦﻳﺍ ﺭﺩ7
1 - ﺵﺭﺍﺰﮔ ﻪﻣﺎﻧﺯﺍﺮﺗ ﻭ ﻱﺩﺎﺼﺘﻗﺍ ﻝﺎﺳ ﻱ
ﻤﺟ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻒﻠﺘﺨﻣ ﻱﺎﻫ ﻥﺍﺮﻳﺍ ﻲﻣﻼﺳﺍ ﻱﺭﻮﻬ
.
2- Mundaca, G. and B. Oksendal, 1998.
3- Cadenillas A. and F. Zapatero, 1999.
4- Cadenillas A. and F. Zapatero, 2000.
5- Onishi, M. and M. Tsujimura, 2006.
6- Non-linear dynamic programming model.
7- State variables.
ﺯﺭﺍ ﺥﺮﻧ ﻪﻛ ﻮﮕﻟﺍ
، ﻲﻧﻭﺍﺮﺑ ﻲﻓﺩﺎﺼﺗ ﺪﻨﻳﺁﺮﻓ ﺯﺍ ﺪﻨﺘﺴﻫ ﻡﺭﻮﺗ ﻭ ﺪﻴﻟﻮﺗ ﺢﻄﺳ ﻲـﻣ ﻱﻭﺮﻴﭘ1
ﺪـﻨﻨﻛ
2.
ﻐﺘﻣ ﻝﺮﺘﻨﻛ ﺮﻴ
، 3
ﻢﺠﺣ ﻪﻠﺧﺍﺪﻣ ﺖـﺳﺍ ﺭﺍﺯﺎـﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ .
ﺯﺭﺍ ﻱ ﻪـﻠﺧﺍﺪﻣ ﻱ
ﺯﺍ ﺕﺭﺎـﺒﻋ ﺭﻮـﻀﺣ
ﻝﻮﭘ ﺭﺍﺯﺎﺑ ﺭﺩ ﻝﻭﻮﺴﻣ ﻡﺎﻘﻣ ﺎﻳ ﺖﻟﻭﺩ ﻱﺭﺍﺯﺎﺑﺮﻴﻏ /
ﺭﺍﺯﺎـﺑ ﺖﻴﻌـﺿﻭ ﻪـﺑ ﻥﺩﺍﺩ ﺖﻬﺟ ﻑﺪﻫ ﺎﺑ ﺯﺭﺍ
ﻝﻮﭘ / ﺭﺩ ﺯﺭﺍ ﺖﺳﺍ ﺖﻟﻭﺩ ﻱﺍﺮﺑ ﺏﻮﻠﻄﻣ ﻱﻮﺳ .
ﻱﺎـﻫﺮﻴﻐﺘﻣ ﺖـﻛﺮﺣ ﺪﻨﻳﺁﺮﻓ ﻲﺳﺭﺮﺑ ﻪﺑ ﺮﻳﺯ ﺭﺩ
ﻲﻣ ﻥﺍﺮﻳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻪﻠﺧﺍﺪﻣ ﻱﻮﮕﻟﺍ ﺭﺩ ﻝﺮﺘﻨﻛ ﻭ ﺖﻴﻌﺿﻭ ﻢﻳﺯﺍﺩﺮﭘ
.
ﻒﻟﺍ - ﺯﺭﺍ ﺥﺮﻧ ﻱﺎﻳﻮﭘ ﺪﻨﻳﺁﺮﻓ
ﻥﺍﺮﻳﺍ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻪﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺪﻬﻌﺗ
ﻦﻴﻣﺄﺗ ﺖـﻟﻭﺩ ﻱﺯﺭﺍ ﻊﺑﺎﻨﻣ ﻲﻟﺎﻳﺭ ﻝﺩﺎﻌﻣ ﺐـﺟﻮﻣ
ﻪﻠﺧﺍﺪﻣ ﻱ ﺭﺍﺯﺎﺑ ﻱﺎﺿﺎﻘﺗ ﺮﺑ ﺩﺍﺯﺎﻣ ﺯﺭﺍ ﺪﻳﺮﺧ ﻖﻳﺮﻃ ﺯﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻚﻧﺎﺑ ﻦﻳﺍ ﻩﺪﺷ
ﺖﺳﺍ . ﻥﺎـﻴﺑ ﻪـﺑ
ﺮﮕﻳﺩ ﻦﻴﻣﺄﺗ ﻪﻈﺣﻼﻣ ﻞﺑﺎﻗ ﺶﺨﺑ ﻲﻟﺎﻣ ﻪﺟﺩﻮﺑ ﻑﺭﺎﺼﻣ ﺯﺍ ﻱﺍ
ﻱ ﺖﻟﻭﺩ ﺎﻫ ﻖـﻳﺮﻃ ﺯﺍ ﻥﺍﺮـﻳﺍ ﺭﺩ
ﺯﺍ ﻞﺻﺎﺣ ﻱﺯﺭﺍ ﻱﺎﻫﺪﻣﺁﺭﺩ ﻩﺮﻴﺧﺫ ﺏﺎﺴﺣ ﻱﺩﻮﺟﻮﻣ ﻭ ﺖﻔﻧ ﺭﻭﺪﺻ
ﻱﺯﺭﺍ ﻱ ﻡﺎﺠﻧﺍ ﻲـﻣ ﺩﺮـﻴﮔ .
ﻪﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻡﺍﺰﻟﺍ ﻭﺭ ﻦﻳﺍ ﺯﺍ ﻦﻴﻣﺄﺗ
ﺯﺭﺍ ﺪـﻳﺮﺧ ﺯﺍ ﺮﻳﺰﮔﺎﻧ ﺍﺭ ﻚﻧﺎﺑ ﻦﻳﺍ ،ﻪﺟﺩﻮﺑ ﻲﻟﺎﻳﺭ ﻊﺑﺎﻨﻣ
ﻪﻳﻮﺴﺗ ﺭﻮﻈﻨﻣ ﻪﺑ ﺭﺍﺯﺎﺑ ﺭﺩ ﻲـﻣ ﻚﻧﺎﺑ ﻦﻳﺍ ﻂﺳﻮﺗ ﻩﺪﺷ ﻦﻴﻴﻌﺗ ﺥﺮﻧ ﺭﺩ ﺭﺍﺯﺎﺑ ﻱ
ﺪـﻳﺎﻤﻧ . ﻦﻳﺍﺮﺑﺎـﻨﺑ
ﻩﻮﺤﻧ ﻥﺍﺮﻳﺍ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻦﻴﻴﻌﺗ ﻱ ﻪﻈﺣﻼﻣ ﺱﺎﺳﺍ ﺮﺑ
ﻱﺎﻫ ﻦﻴﻣﺄﺗ ﻪﺟﺩﻮﺑ ﻲﻟﺎﻣ ﻊﺑﺎﻨﻣ ﻱ
ﻪﻠﺧﺍﺪﻣ ﻦﻳﺍﺮﺑﺎﻨﺑ ﻭ ﺖﻟﻭﺩ ﻆـﻔﺣ ﻱﺍﺮـﺑ ﺎـﺿﺎﻘﺗ ﺮﺑ ﺩﺍﺯﺎﻣ ﺯﺭﺍ ﺪﻳﺮﺧ ﺕﺭﻮﺻ ﻪﺑ ﺭﺍﺯﺎﺑ ﺭﺩ ﺖﻟﻭﺩ ﻱ
ﺭﻮﻛﺬﻣ ﺯﺭﺍ ﺥﺮﻧ ﻡﺎﺠﻧﺍ
ﻲﻣ ﺩﺮﻴﮔ :
) 1 (
t t t
t s s s s
x x ds dw I( )
- +1= 0+
ò
0m +ò
0 s +å
1 z0
ﻥﺎﻨﭼ ﻪﭼ ﻪﻟﺩﺎﻌﻣ ﺯﺍ ﻱ ) 1 ( ﻲﻣ ﻩﺪﻫﺎﺸﻣ ﺯﺭﺍ ﺥﺮﻧ ﺩﻮﺷ
) ﺖﺤﺗ (x ﺮﻴﺛﺄـﺗ ﻱﺩﺎـﺼﺘﻗﺍ ﺭﺎـﺸﻓ
ﻥﻭﺮﺑ ﺍﺯ ( )m ﺭﺎﺸﻓ ﺪﻨﻧﺎﻣ ﻦﻴﻣﺄﺗ
ﻪﺟﺩﻮﺑ ﻲﻟﺎﻳﺭ ﺖﺳﺍ ﺖﻟﻭﺩ ﻞﻛ ﻱ
(m Îs R)
، ﻪـﻛ ﻱﺭﻮﻃ ﻪﺑ
ﺮﺘﻣﺍﺭﺎﭘ m ás 0 ﻭ ﺯﺭﺍ ﺥﺮـﻧ ﺵﺯﺭﺍ ﺶﻳﺍﺰﻓﺍ ﺭﺎﺸﻓ m ñs 0
ﺍ ﺯﺭﺍ ﺥﺮـﻧ ﺵﺯﺭﺍ ﺶﻫﺎـﻛ ﺭﺎـﺸﻓ ﺖـﺳ
.
ﺮﺘﻣﺍﺭﺎﭘ s ñs 0 ﻥﻭﺮﺑ ﻥﺎﺳﻮﻧ ﻱﺩﺎـﺼﺘﻗﺍ ﻭ ﻲـﺳﺎﻴﺳ ﻱﺎـﻫﺮﻴﻐﺘﻣ ﺮـﮕﻳﺩ ﻞـﻴﻟﺩ ﻪﺑ ﺯﺭﺍ ﺥﺮﻧ ﻱﺍﺯ
) ﻢﻳﺮﺤﺗ ﻭ ﺖﻔﻧ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﻨﻧﺎﻣ ﻦﻴﺑ ﻱﺎﻫ
ﻲـﻠﻠﻤﻟﺍ ( ﻲـﻣ ﺪـﺷﺎﺑ . ﻪـﺑ ﻱﺩﺎـﺼﺘﻗﺍ ﺕﺎـﻴﺑﺩﺍ ﺭﺩ
ﺮﺘﻣﺍﺭﺎﭘ ms
ﻩﺪﻳﺍﺯ ﻩ ﺮﺘﻣﺍﺭﺎﭘ ﻪﺑ ﻭ ss
ﻥﺎﺳﻮﻧ ﻦ ﻥ ﻲﻣ ﺪﻨﻳﻮﮔ . x0
ﻉﻭﺮـﺷ ﻥﺎﻣﺯ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ
s ، w
ﺮﻨﻳﻭ ﺪﻨﻳﺁﺮﻓ ﻱﺍﺭﺍﺩ ﻪﻛ ﺯﺭﺍ ﺥﺮﻧ ﻙﻮﺷ ﺮ
ﻭ ﺖﺳﺍ I(zs) ﻪـﻠﺧﺍﺪﻣ ﺮـﺛﺍ ﻊﺑﺎﺗ ﺥﺮـﻧ ﻱﻭﺭ ﻱﺯﺭﺍ ﻱ
ﻲﻣ ﺯﺭﺍ ﺪﺷﺎﺑ . ﻱﺎﻫﺮﺘﻣﺍﺭﺎﭘ
s, s
ﺗ ﻱﺎﻫﺮﺘﻣﺍﺭﺎﭘ m s ﺭﺍﺪـﻘﻣ ﻪﺑ ﻪﻛ ﺪﻨﺘﺴﻫ ﻲﻧﻭﺍﺮﺑ ﻲﻓﺩﺎﺼﺗ ﻊﻳﺯﻮ
ﺪﻧﺭﺍﺩ ﻲﮕﺘﺴﺑ ﻥﺎﻣﺯ ﻭ ﺯﺭﺍ ﺥﺮﻧ .
ﺯﺭﺍ ﺥﺮﻧ ﻦﻳﺍﺮﺑﺎﻨﺑ ﺮﺛﺄﺘﻣ
ﻱﺎﻫﺭﺎﺸﻓ ﺯﺍ ﻦﻴﻣﺄـﺗ
ﻪـﺟﺩﻮﺑ ﻲﻟﺎـﻳﺭ ﻱ
1- Brownian motion.
2- Karatzas, I and S. E. Shreve, 1991, Chs 3 and 5.
3- Control variable.
4- Drift.
5- Volatility.
6- Wiener process.
ﻪﻠﺧﺍﺪﻣ ﻥﺍﺰﻴﻣ ﻭ ﺖﻟﻭﺩ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻱﺯﺭﺍ ﻱ
(zs) ﺖـﺳﺍ ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺮﻈﻧ ﺭﺩ .
ﻪﺟﺩﻮﺑ ﻢﺠﺣ ﻪﭼ ﺮﻫ ﺖﻟﻭﺩ ﻱ
گﺭﺰﺑ ﺮﺗ ﺴﺑﺍﻭ ﻭ ﻲﺘﻔﻧ ﻱﺎﻫﺪﻣﺁﺭﺩ ﻪﺑ ﻲﮕﺘ ﺶﻴﺑ
ﺮﺗ ﺩﻮـﺷ
، ﺭﺎـﺸﻓ
ﻱﺍﺮﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺮﺑ ﻦﻴﻣﺄﺗ
ﻲﻣ ﺶﻳﺍﺰﻓﺍ ﻪﺟﺩﻮﺑ ﻝﺎﻳﺭ ﺪﺑﺎﻳ
. ﻝﺍﺮﮕﺘﻧﺍ ﺱﺎﺳﺍ ﺮﺑ ﻥﺎﻤﻳﺭ ﻱﺮﻴﮔ
-
ﺲﺠﻠﻴﺘﺳﺍ ﺮ
ﺲ ﺯﺭﺍ ﺥﺮﻧ ﻊﺑﺎﺗ xt
ﻲﻣ ﺍﺭ ﻪﺘﺴﺴﮔ ﻞﻜﺷ ﻪﺑ ﻥﺍﻮﺗ ﺮﻛ ﻥﺎﻴﺑ ﺮﻳﺯ ﻱ
ﺩ :
x x
t t t t t t t t
x +1=x + m x -1+ s x -1dw + zI( -1)
t t
dw = e dt
t d e
(i.i.d)
1 (i
+
xt
t+1 t
xt
t
xt-1 t t-1
t t I(z -1)
xt x m st
t t
ﺏ - ﺎﻳﻮﭘ ﺪﻨﻳﺁﺮﻓ ﻡﺭﻮﺗ ﺥﺮﻧ ﻱ
) 2 (
t t t
t s s s s
t s
ds dw q (x x) ds
f (y y) ds
p + = p + m + s + -
+ -
ò ò ò
ò
1 0
0 0 0
0
ﻪﻟﺩﺎﻌﻣ ﺯﺍ ﻪﻛ ﺭﻮﻃ ﻥﺎﻤﻫ ﻲﻣ ﻩﺪﻫﺎﺸﻣ ﺰﻴﻧ ﻻﺎﺑ ﻱ
ﻲﻓﺩﺎـﺼﺗ ﻱﺎـﻳﻮﭘ ﺪـﻨﻳﺁﺮﻓ ﺯﺍ ﻡﺭﻮـﺗ ﺥﺮﻧ ﺩﻮﺷ
ﻲﻣ ﻱﻭﺮﻴﭘ ﻲﻧﻭﺍﺮﺑ ﺪﻨﻛ
. ﻓ ﻦﻳﺍ ﺭﺩ ﺪﻨﻳﺁﺮ p0
ﻉﻭﺮﺷ ﻥﺎﻣﺯ ﺭﺩ ﻡﺭﻮﺗ ﺥﺮﻧ
s ، ﻱﺩﺎـﺼﺘﻗﺍ ﺭﺎـﺸﻓ m
ﻥﻭﺮﺑ ﻡﺭﻮﺗ ﺢﻄﺳ ﻱﻭﺭ ﺍﺯ
s ، ﻥﻭﺮﺑ ﻥﺎﺳﻮﻧ s ﻭ ﻱﺩﺎـﺼﺘﻗﺍ ﻱﺎـﻫﺮﻴﻐﺘﻣ ﺮﮕﻳﺩ ﻞﻴﻟﺩ ﻪﺑ ﻡﺭﻮﺗ ﻱﺍﺯ
ﻲﺳﺎﻴﺳ
s ، ﺁﺮﻓ ﻱﺍﺭﺍﺩ ﻪـﻛ ﻡﺭﻮﺗ ﺥﺮﻧ ﻙﻮﺷ w ﺖـﺳﺍ ﺮـﻨﻳﻭ ﺪـﻨﻳ
، ﺖـﺑﺎﺛ ﺐﻳﺮـﺿ ﺐﻳﺮـﺿ q
ﺖﺑﺎﺛ ﺐﻳﺮﺿ ﻭ ﻡﺭﻮﺗ ﻱﻭﺭ ﺯﺭﺍ ﺥﺮﻧ ﻥﺎﺳﻮﻧ ﻱﺭﺍﺬﮔﺮﺛﺍ ﻱﻭﺭ ﺪـﻴﻟﻮﺗ ﻑﺎﻜﺷ ﻱﺭﺍﺬﮔﺮﺛﺍ ﺐﻳﺮﺿ f
ﺖﺳﺍ ﻡﺭﻮﺗ
t . ﻥﺎﻣﺯ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ x
، t ﻑﺪﻫ ﺯﺭﺍ ﺥﺮﻧ x
t ، ﻥﺎـﻣﺯ ﺭﺩ ﺪـﻴﻟﻮﺗ ﺢﻄﺳ y ﻭ t
y
ﺖـﺳﺍ ﺩﺎـﺼﺘﻗﺍ ﺭﺩ ﻲﻟﺩﺎﻌﺗ ﺎﻳ ﻑﺪﻫ ﺪﻴﻟﻮﺗ ﺢﻄﺳ .
ﻱﺎـﻫﺮﺘﻣﺍﺭﺎﭘ
s, s
ﻊـﻳﺯﻮﺗ ﻱﺎـﻫﺮﺘﻣﺍﺭﺎﭘ m s
ﺴﺑ ﻥﺎﻣﺯ ﻭ ﻡﺭﻮﺗ ﺥﺮﻧ ﻪﺑ ﻪﻛ ﺪﻨﺘﺴﻫ ﻲﻧﻭﺍﺮﺑ ﻲﻓﺩﺎﺼﺗ ﺪﻧﺭﺍﺩ ﻲﮕﺘ
.
ﻪﺳ ﻱﺎﻫﻮﮕﻟﺍ ﺡﺮﻃ ﺎﺑ ﺭﻮﻠﻴﺗ ﺪﻨﻧﺎﻣ ﻥﺎﻧﺍﺩﺩﺎﺼﺘﻗﺍ ﺯﺍ ﻱﺭﺎﻴﺴﺑ ﺭﺩ ﻱﺎﻫﺭﻮـﺸﻛ ﺩﺭﻮﻣ ﺭﺩ ﻪﻓﺎﻜﺷ
ﻪﻌﺳﻮﺗ ﻝﺎﺣ
، ﺶﻘﻧ ﻞﻴﻟﺩ ﻪﺑ ﺍﺭ ﺯﺭﺍ ﺥﺮﻧ ﺕﺍﺮﻴﻴﻐﺗ ﺮﺛﺆﻣ
ﻲـﻣ ﺎـﻔﻳﺍ ﺩﺎـﺼﺘﻗﺍ ﺭﺩ ﻪـﻛ ﻱ ﺮـﺑ ،ﺪـﻨﻛ
ﻲﻳﺎﻳﻮﭘ ﺖﻳﻮﻘﺗ ﻭ ﻚﻳﺮﺤﺗ ﻲﻣﺭﻮﺗ ﻱﺎﻫ
ﺮﺛﺆﻣ ﻪﺘـﺴﻧﺍﺩ ﺪـﻧﺍ .
ﻱ ﺪ ﻭ ﺪـﻨﻳﺁﺮﻓ ﻚـﻳ ﺖـﻴﻫﺎﻣ ﺭﺩ ﻡﺭﻮـﺗ
ﺩ ﻱﺎﻳﻮﭘ ﻥﺎﻳﺮﺟ ﺖﺳﺍ ﻪﻧﺎﮔﻭ
. ﺏﺎﻨﺘﺟﺍ ﺭﻮﻃ ﻪﺑ ﻪﭼﺮﮔ ﻲﻨﻌﻳ ﺩﺭﺍﺩ ﻲﻟﻮـﭘ ﺪـﻌﺑ ﻚﻳ ﻱﺮﻳﺬﭘﺎﻧ
، ﺎـﻣﺍ
ﺖﻤﻴﻗ ﻝﺎﺣ ﻦﻴﻋ ﺭﺩ ﻪﻨﻳﺰﻫ ﺍﺭ ﺎﻫ
ﻲﻣ ﻦﻴﻴﻌﺗ ﺎﻫ ﺪﻨﻨﻛ
. ﺮـﺑ ﻩﻭﻼـﻋ ﻡﺭﻮﺗ ﻦﻴﻴﺒﺗ ﺭﺩ ﺮﮕﻳﺩ ﻥﺎﻴﺑ ﻪﺑ
1- Riemann - Stieltjes integration.(L. C. Evans, 2005) 2- Identically independently distribution.
3- Taylor Lance, 1991, pp. 3-50.
ﻪﻨﻳﺰﻫ ﻪﺑ ﺪﻳﺎﺑ ﻲﮕﻨﻳﺪﻘﻧ ﻭ ﻝﻮﭘ ﻱﺎﻫﺮﻴﻐﺘﻣ ﻪﻨﻳﺰﻫ ﺶﻳﺍﺰﻓﺍ ﻞﻠﻋ ﻭ ﺎﻫ
ﺩﻮـﺷ ﻪـﺟﻮﺗ ﺎـﻫ .ﺩ
ss
ms
t+ t tp t- tp t- dwt q xt- (xt x) f yt- (yt y) p 1= p + m p 1+ s p 1 + 1 - + 1 -
t t
dw =u dt
ut d
(i.i.d) (i
پ - ﺪﻴﻟﻮﺗ ﺢﻄﺳ ﻱﺎﻳﻮﭘ ﺪﻨﻳﺁﺮﻓ
) 3
t t t (
t s s s s
y +1=y0+
ò
0 m ds+ò
0 s dw +hò
0(p - p) ds ﻲﻣ ﻱﻭﺮﻴﭘ ﻲﻧﻭﺍﺮﺑ ﻲﻓﺩﺎﺼﺗ ﻱﺎﻳﻮﭘ ﺪﻨﻳﺁﺮﻓ ﺯﺍ ﺪﻴﻟﻮﺗ ﺢﻄﺳ ﺪـﻨﻛ. ﺪـﻨﻳﺁﺮﻓ ﻦـﻳﺍ ﺭﺩ y0
ﺭﺍﺪـﻘﻣ
ﻉﻭﺮﺷ ﻥﺎﻣﺯ ﺭﺩ ﺪﻴﻟﻮﺗ ﺢﻄﺳ
s ، ﻥﻭﺮـﺑ ﻱﺩﺎﺼﺘﻗﺍ ﺭﺎﺸﻓ m ﻱﻭﺭ ﺍﺯ
ﺪـﻴﻟﻮﺗ ﺢﻄـﺳ
s ، ﻥﺎـﺳﻮﻧ s
ﻥﻭﺮﺑ ﻭ ﻲﺳﺎﻴﺳ ﻭ ﻱﺩﺎﺼﺘﻗﺍ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺮﮕﻳﺩ ﻞﻴﻟﺩ ﻪﺑ ﺪﻴﻟﻮﺗ ﻱﺍﺯ ws
ﺖـﺳﺍ ﺪـﻴﻟﻮﺗ ﻙﻮـﺷ .
ﻱﺎﻫﺮﺘﻣﺍﺭﺎﭘ
s, s
ﻲﻣ ﻲﻧﻭﺍﺮﺑ ﻲﻓﺩﺎﺼﺗ ﻊﻳﺯﻮﺗ ﻱﺎﻫﺮﺘﻣﺍﺭﺎﭘ m s ﻭ ﺪـﻴﻟﻮﺗ ﺢﻄـﺳ ﻪـﺑ ﻪـﻛ ﺪﻨـﺷﺎﺑ
ﺪﻧﺭﺍﺩ ﻲﮕﺘﺴﺑ ﻥﺎﻣﺯ .
ﺮﺿ ﺖﺑﺎﺛ ﺐﻳ ﺖـﺳﺍ ﺪـﻴﻟﻮﺗ ﺢﻄـﺳ ﻱﻭﺭ ﻡﺭﻮـﺗ ﻱﺭﺍﺬﮔﺮﺛﺍ ﺐﻳﺮﺿh
s . p
ﻥﺎﻣﺯ ﺭﺩ ﻡﺭﻮﺗ ﺥﺮﻧ ﻭ s
ﺖﺳﺍ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻲﻟﺩﺎﻌﺗ ﺎﻳ ﻑﺪﻫ ﻡﺭﻮﺗ ﺥﺮﻧ p .
ﻥﺎﺳﻮﻧ ﺯﺍ ﻡﺭﻮـﺗ ﺥﺮﻧ
ﻲﻣ ﺭﺍﺬﮔﺮﺛﺍ ﺪﻴﻟﻮﺗ ﻱﻭﺭ ﻑﺪﻫ ﻡﺭﻮﺗ ﺪﺷﺎﺑ
. ﺩﺎﻬﻧ ﻪﻛ ﺎﺟ ﻥﺁ ﺯﺍ ﻩ
ﺪﻨﺘـﺴﻫ ﺏﺎـﻴﻤﻛ ﺪـﻴﻟﻮﺗ ﻱﺎـﻫ
،
ﻪﻨﻳﺰﻫ ﻖﻳﺮﻃ ﺯﺍ ﻡﺭﻮﺗ ﻲﻣ ﺮﺛﺍ ﺪﻴﻟﻮﺗ ﻱﻭﺭ ﻲﻳﺎﻬﻧ ﻱ
ﺩﺭﺍﺬﮔ . ﻪﻨﻳﺰﻫ ﺮﮕﻳﺩ ﻥﺎﻴﺑ ﻪﺑ ﻲﻌﺑﺎﺗ ﻲﻳﺎﻬﻧ ﻱ
ﻲﻣ ﺪﻴﻟﻮﺗ ﺯﺍ ﻱﺩﻮﻌﺻ ﺪﺷﺎﺑ
ﻬ ﺪ . ﻦﻳﺍ ﻖﺒﻃ ﻦﻳﺍﺮﺑﺎﻨﺑ ﻪـﻄﺑﺍﺭ
ﻱ ﺪـﻴﻟﻮﺗ ﺢﻄـﺳ ﺮﺛﺄـﺘﻣ
ﻱﺎﻫﺭﺎـﺸﻓ ﺯﺍ
ﻥﻭﺮﺑ ﻱﺩﺎﺼﺘﻗﺍ ﺍﺯ
، ﻙﻮﺷ ﻭ ﻡﺭﻮﺗ ﺖﺳﺍ ﺪﻴﻟﻮﺗ ﻱﺎﻫ
.
ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ﻞﺒﻗ ﺪﻨﻧﺎﻤﻫ ﻝﺍﺮﮕﺘﻧﺍ
ﻥﺎﻤﻳﺭ ﻱﺮﻴﮔ -
ﻲﻣ ﺍﺭ ﺪﻴﻟﻮﺗ ﻊﺑﺎﺗ ﺲﺠﻠﻴﺘﺳﺍ ﻪـﺑ ﻥﺍﻮـﺗ
ﻪﺘﺴﺴﮔ ﻞﻜﺷ ﺖﺷﻮﻧ ﺮﻳﺯ ﻱ
:
y y
t t t t t t t t t
y +1=y + m y -1+ s y -1dw + ph -1(p - p)
ﻥﺁ ﺭﺩ ﻪﻛ
t t
dw =v dt ﻲﻣ
ﺪﺷﺎﺑ . ﻪﻛ ﻱﺭﻮﻃ ﻪﺑ vt
ﺪـﻨﻳﺁﺮﻓ ﻱﺍﺭﺍﺩ ﻭ ﺪـﻴﻟﻮﺗ ﻙﻮـﺷ
ﻥﺎﺴﻜﻳ ﻭ ﺖﺧﺍﻮﻨﻜﻳ ﻲﻓﺩﺎﺼﺗ (i.i.d)
ﺖﺳﺍ .
1- Deravi, K. and P. Gregorowicz and C.E. Hegji, 1995.
ﻢﻫ ﻞﻣﺎﻛ ﺭﺎﻴﺴﺑ ﻞﻴﻠﺤﺗ ﻦﻴﻨﭼ ﺮﺗ
ﻱ ﻲﻠﺧﺍﺩ ﻡﺭﻮﺗ ﻭ ﺯﺭﺍ ﺥﺮﻧ ﺕﺍﺮﻴﻴﻐﺗ ﻥﺎﻴﻣ ﻪﻠﻴﺳﻭ ﻪﺑ
ﻱ ﻥﺎﻛ ) 1987 ( ﺮﻓﺎﻫ ﻭ ) 1989 ( ﺖﺳﺍ ﻩﺪﺷ ﻪﺋﺍﺭﺍ .
ﻩﺭﺎﻤﺷ ﺬﺧﺎﻣ ﻪﺑ ﻱ
8 ﻭ 9 ﺪﻴﻨﻛ ﻩﺎﮕﻧ . 2- Chadha, J. S. and C. Nolan, 2004, pp. 271- 287.
ﻲﻣ ﻝﺎﺣ ﻞﻜﺷ ﻥﺍﻮﺗ ﻪﺘﺴﺴﮔ ﻱﺎﻫ
ﻪﻟﺩﺎﻌﻣ ﻱ ﺯﺭﺍ ﺥﺮﻧ ﻱﺎﻫ
، ﻪـﻟﺩﺎﻌﻣ ﻪـﻛ ﺪﻴﻟﻮﺗ ﻭ ﻡﺭﻮﺗ ﻱﺎـﻫ
ﺪﻴﻗ ﺪ ﻲﻣ ﻩﺪﻴﻣﺎﻧ ﻪﻟﺩﺎﻌﻣ ﺕﺭﻮﺻ ﻪﺑ ﺍﺭ ﺪﻧﻮﺷ
ﺖﻓﺮﮔ ﺮﻈﻧ ﺭﺩ ﺮﻳﺯ ﻲﻓﺩﺎﺼﺗ ﻱﺎﻫ :
) 4
x x (
t t t t t t t t
x +1=x +x -1m +x -1s + zI( -1)+ e
) 5
t t t t t t t t (
t t t
q x (x x) f y (y y) u
p p
+ - - -
-
p = p + p m + p s + -
+ - +
1 1 1 1
1
) 6
y y (
t t t t t t t t t
y +1=y +y -1m +y -1s + ph -1(p - p +) v
ﺭﺩ ﻪﻛ ﻥﺁ
t ﺎﻫ
، e ut t ﻭ ﻙﻮﺷ v ﺯﺭﺍ ﺥﺮـﻧ ﻲﻓﺩﺎﺼﺗ ﻱﺎﻫ
، ﻪـﻛ ﺪﻨﺘـﺴﻫ ﺪـﻴﻟﻮﺗ ﻭ ﻡﺭﻮـﺗ
ﻲﻓﺩﺎﺼﺗ ﺪﻨﻳﺁﺮﻓ ﻱﺍﺭﺍﺩ i.i.d
ﻲﻣ ﺪﻨﺷﺎﺑ
t . ﻪـﻠﺧﺍﺪﻣ ﻥﺍﺰـﻴﻣ z ﻥﺎـﻣﺯ ﺭﺩ ﺭﺍﺯﺎـﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ
t
ﺖﺳﺍ . ﻪﻠﺧﺍﺪﻣ ﺮﮔﺍ ﺪـﺷﺎﺑ ﻪﺘﺷﺍﺪﻧ ﺩﻮﺟﻭ ﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ
، ﺎـﻬﻨﺗ ﺯﺭﺍ ﺥﺮـﻧ ﺮﺛﺄـﺘﻣ
ﻱﺎﻫﺭﺎـﺸﻓ ﺯﺍ
ﻥﻭﺮﺑ ﻱﺩﺎﺼﺘﻗﺍ ﺍﺯ
) ﺭﺎﺸﻓ ﻦﻴﻣﺄﺗ ﻪﺟﺩﻮﺑ ﻲﻟﺎﻳﺭ ﺖﻟﻭﺩ ﻞﻛ ﻱ
( ﻥﻭﺮـﺑ ﻥﺎـﺳﻮﻧ ﻭ ﻪـﺑ ﺯﺭﺍ ﺥﺮـﻧ ﻱﺍﺯ
ﺖﺳﺍ ﻱﺩﺎﺼﺘﻗﺍ ﻭ ﻲﺳﺎﻴﺳ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺮﮕﻳﺩ ﻞﻴﻟﺩ .
ﻭ ﺪـﻴﻟﻮﺗ ﻱﻭﺭ ﻡﺭﻮﺗ ﻥﺎﺳﻮﻧ ﻑﺮﻃ ﻚﻳ ﺯﺍ ﺯﺍ
ﺖﺳﺍ ﻩﺪﺷ ﺽﺮﻓ ﺭﺍﺬﮔﺮﺛﺍ ﻡﺭﻮﺗ ﻱﻭﺭ ﺯﺭﺍ ﺥﺮﻧ ﻭ ﺪﻴﻟﻮﺗ ﻑﺎﻜﺷ ﺮﮕﻳﺩ ﻑﺮﻃ .
t t
I(z = l z) l £1
l l
-ﺕ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻲﻟﻮﭘ ﻡﺎﻘﻣ ﻑﺪﻫ ﻊﺑﺎﺗ
ﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻲﻟﻮﭘ ﻡﺎﻘﻣ ﻥﺍﻮﻨﻋ ﻪ
ﺩﻮـﺧ ﻥﺎـﻳﺯ ﻊﺑﺎـﺗ ﻥﺩﺮﻛ ﻞﻗﺍﺪﺣ ﻝﺎﺒﻧﺩ ﻪﺑ
ﻲﻣ ﺪﺷﺎﺑ . ﻪﻄﺑﺍﺭ ﺭﺩ ﻥﺎـﺳﻮﻧ ﺯﺍ ﻲﻌﺑﺎﺗ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻥﺎﻳﺯ ﻊﺑﺎﺗ ﺮﻳﺯ ﻱ ﺯﺭﺍ ﺥﺮـﻧ ﻱﺎـﻫ
) ﻪـﻠﻤﺟ ﻱ
ﻝﻭﺍ (،
ﻥﺎﺳﻮﻧ ﻡﺭﻮﺗ ﺥﺮﻧ ﻱﺎﻫ )
ﻪﻠﻤﺟ ﻡﻭﺩ ﻱ ( ﺩﺎـﺼﺘﻗﺍ ﺭﺩ ﺪﻴﻟﻮﺗ ﻑﺎﻜﺷ ﻭ ﻱ
ﺩ ) ﻪـﻠﻤﺟ ﻡﻮـﺳ ﻱ ( ﻭ
ﻪﻨﻳﺰﻫ ﻪﻠﺧﺍﺪﻣ ﻲﻧﺎﻣﺯﺎﺳ ﻱﺎﻫ ﻱﺯﺭﺍ ﻱﺎﻫ
) ﻪﻠﻤﺟ ﻡﺭﺎﻬﭼ ﻱ (
ﺖﺳﺍ ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺮﻈﻧ ﺭﺩ .
ﻦﻳﺍﺮﺑﺎﻨﺑ
ﺮﮔﺍ ﺪﺷﺎﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻥﺎﻳﺯ ﻊﺑﺎﺗ J
، ﺖﺷﺍﺩ ﻢﻴﻫﺍﻮﺧ :
i
t t t t
i i
Min J E{ e [ (x ) k{( ) ( ) (y y) }] dt
e g( )
¥ -l d
d t á ¥
-l t
=
= a - r + - i p - p + i -
+ z
ò å
2 2 2
0
1
1
ﻛ ﻥﺁ ﺭﺩ ﻪ ﻱﺰـﻛﺮﻣ ﻚﻧﺎﺑ ﻥﺎﻳﺯ ﻊﺑﺎﺗ J
، ﺭﺎـﻈﺘﻧﺍ ﺩﺭﻮـﻣ ﺭﺍﺪـﻘﻣ E )
ﻲـﺿﺎﻳﺭ ﺪـﻴﻣﺍ
d (،
a
ﻥﺎـﺳﻮﻧ ﻪـﺑ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻪﻛ ﻲﺘﻴﻤﻫﺍ ﺐﻳﺮﺿ ﻲﻟﺩﺎـﻌﺗ ﺎـﻳ ﻑﺪـﻫ ﺯﺭﺍ ﺥﺮـﻧ ﺯﺍ ﺯﺭﺍ ﺥﺮـﻧ ﻱﺎـﻫ
ﻲﻣ ﺪﻫﺩ
t ، ﺭﺍ ﺥﺮﻧ x ﻥﺎﻣﺯ ﺭﺩ ﺯ
، t ﻱﺰـﻛﺮﻣ ﻚـﻧﺎﺑ ﻑﺪـﻫ ﺎـﻳ ﻲﻟﺩﺎـﻌﺗ ﺯﺭﺍ ﺥﺮﻧ r d = ±1،
1- Restriction equations.
2- Taylor rule.
ﻥﺎﺳﻮﻧ ﺕﻭﺎﻔﺘﻣ ﺮﺛﺍ ﻥﺩﺍﺩ ﻥﺎﺸﻧ ﻱﺍﺮﺑ ﻲﺴﻳﺪﻧﺍ ﻑﺪﻫ ﺯﺭﺍ ﺥﺮﻧ ﻦﻴﻳﺎﭘ ﻭ ﻻﺎﺑ ﺭﺩ ﺯﺭﺍ ﺥﺮﻧ ﻱﺎﻫ
،
k
ﺐﻳﺮﺿ ﺮﻴﺛﺄﺗ ﻭ ﺪﻴﻟﻮﺗ ﻑﺎﻜﺷ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻥﺎﻳﺯ ﺭﺍﺪﻘﻣ ﺮﺑ ﻡﺭﻮﺗ
i ، ﻚـﻧﺎﺑ ﻪﻛ ﻲﺘﻴﻤﻫﺍ ﺐﻳﺮﺿ
ﻥﺎﺳﻮﻧ ﻪﺑ ﻱﺰﻛﺮﻣ ﻲـﻣ ﻡﺭﻮﺗ ﻞﺑﺎﻘﻣ ﺭﺩ ﺪﻴﻟﻮﺗ ﻱﺎﻫ
ﺪـﻫﺩ -i ، ﻚـﻧﺎﺑ ﻪـﻛ ﻲـﺘﻴﻤﻫﺍ ﺐﻳﺮـﺿ 1
ﻥﺎﺳﻮﻧ ﻪﺑ ﻱﺰﻛﺮﻣ ﻲﻣ ﺪﻴﻟﻮﺗ ﻞﺑﺎﻘﻣ ﺭﺩ ﻡﺭﻮﺗ ﻱﺎﻫ
ﺪﻫﺩ p ، ﻡﺭﻮﺗ ﺢﻄﺳ ﻑﺪﻫ
، ﺪﻴﻟﻮﺗ ﺢﻄﺳ y
ﻑﺪﻫ z، ﻪﻠﺧﺍﺪﻣ ﺕﺪﺷ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ
t ، ﻪﻠﺧﺍﺪﻣ ﻥﺎﻣﺯ ﺯﺭﺍ ﺭﺍﺯﺎـﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ
، g( )z
ﻪﻨﻳﺰﻫ ﻊﺑﺎﺗ ﻪﻠﺧﺍﺪﻣ ﻱ
ﺖﺳﺍ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻱﺯﺭﺍ ﻱ .
ﻪـﻄﺑﺍﺭ ﺯﺍ ﻪـﻛ ﺭﻮﻃ ﻥﺎﻤﻫ ﺎـﻫ
،ﺯﺭﺍ ﺥﺮـﻧ ﻱ
ﻲﻣ ﻩﺪﻳﺩ ﻢﻫ ﺪﻴﻟﻮﺗ ﻭ ﻡﺭﻮﺗ ﺩﻮﺷ
t ، x +1
ﺯﺍ ﻲﻌﺑﺎﺗ zt
ﺖﺳﺍ
،
t+ , yt+ ﺎﻣﺍ p 1 1
ﺍﺭ ﻲﮔﮋﻳﻭ ﻦﻳﺍ
ﺪﻧﺭﺍﺪﻧ . g(zt)
g(
g
t t t
g (z = y z -) ( 0)2= y z2
t t t t
Min J E{ e [ (x ) k{( ) ( ) (y y) }]dt
e } , ,..., t
¥ -l d
d tá ¥ -l t
t t=
= a - r + - i p - p + i -
+ y z t = -
ò å
2 2 2
0
2 1
1
1 2 1
ﻝﺍﺮﮕﺘﻧﺍ ﻝﺍﺮﮕﺘﻧﺍ ﻉﻮﻧ ﺯﺍ ﻱﺰﻛﺮﻣ ﻚﻧﺎﺑ ﻥﺎﻳﺯ ﻊﺑﺎﺗ ﺭﺩ ﺩﻮﺟﻮﻣ ﻱﺎﻫ ﻲﻓﺩﺎﺼﺗ ﻱﺎﻫ
t=
ﻲ ﺪﻨﺘـﺴﻫ . ﻦـﻳﺍ
ﻝﺍﺮﮕﺘﻧﺍ ﺎﻫ ﺯﺍ ﻲﻣ ﻱﻭﺮﻴﭘ ﻲﺻﺎﺧ ﺪﻋﺍﻮﻗ ﺪﻨﻨﻛ
. ﻞـﺣ ﻞﻳﺎـﺴﻣ ﻪـﻧﻮﮔ ﻦﻳﺍ ﻱﺍﺮﺑ ﻭﺭ ﻦﻳﺍ ﺯﺍ
ﻖـﻴﻗﺩ
ﺖﺴﻴﻧ ﺭﻮﺼﺗ ﻞﺑﺎﻗ ﻱﺩﺪﻋ .
ﺵﻭﺭ ﺯﺍ ﻪﻟﺎﻘﻣ ﻦﻳﺍ ﺭﺩ
ﻪﺒﻴﺷ ﺖـﻧﻮﻣ ﻱﺯﺎـﺳ ﻮﻟﺭﺎـﻛ
ﻮ ﺯﺍ ﻩﺩﺎﻔﺘـﺳﺍ ﺎـﺑ
ﻡﺮﻧ ﺭﺍﺰﻓﺍ ﻪﺑ R ﻞﺣ ﻪﻟﺄﺴﻣ ﻞﻗﺍﺪﺣ ﻱ ،ﺯﺭﺍ ﺥﺮـﻧ ﺩﻮـﻴﻗ ﻪـﺑ ﻪﺟﻮﺗ ﺎﺑ ﻲﻟﻮﭘ ﻡﺎﻘﻣ ﻥﺎﻳﺯ ﻊﺑﺎﺗ ﻱﺯﺎﺳ
ﻲﻣ ﻡﺭﻮﺗ ﻭ ﺪﻴﻟﻮﺗ ﻢﻳﺯﺍﺩﺮﭘ
. ﺍﺰﺑﺍ ﻲﻟﻮﭘ ﻡﺎﻘﻣ ﻲﻟﺮﺘﻨﻛ ﺭ
، ﻪﻠﺧﺍﺪﻣ ﺖﺳﺍ ﺯﺭﺍ ﺭﺍﺯﺎﺑ ﺭﺩ ﻱﺯﺭﺍ ﻱ .
ﻪﻴﺒﺷ ﺵﻭﺭ ﺢﻳﺮﺸﺗ ﺯﺍ ﻞﺒﻗ ﻣ ﻱﺯﺎﺳ
ﺍﺪﺘﺑﺍ ﻲﻳﻮﻟﺭﺎﻛ ﺖﻧﻮ ﻪﻟﺩﺎﻌﻣ
ﻱﺎﻫ ﻡﺭﻮﺗ ﻭ ﺪﻴﻟﻮﺗ ،ﺯﺭﺍ ﺥﺮﻧ
ﻲﻣ ﻲﻄﺧ ﺕﺭﻮﺻ ﻪﺑ ﺍﺭ ﻢﻴﺴﻳﻮﻧ
. ﻪﻣﺎﻧﺮﺑ ﺭﺩ ﻊﺑﺍﻮﺗ ﻦﻳﺍ ﺯﺍ ﻲﺴﻳﻮﻧ
ﺪﺷ ﺪﻫﺍﻮﺧ ﻩﺩﺎﻔﺘﺳﺍR .
ﻱﺍﺮـﺑ
ﻲﻤﺘﻳﺭﺎﮕﻟ ﻥﺩﺮﻛ ﻲﻄﺧ ﺵﻭﺭ ﺯﺍ ﻥﺩﺮﻛ ﻲﻄﺧ ﺭ
ﻩﺩﺎﻔﺘﺳﺍ ﻲﻣ ﻢﻴﻨﻛ . ﻥﺩﺮـﻛ ﻲـﻄﺧ ﺭﺎﻛ ﺱﺎﺳﺍ
1- Stochastic integrals.
2- Monte Carlo simulation.
3- Log linear approximation.
