{"id":4603,"date":"2011-01-05T11:56:08","date_gmt":"2011-01-05T11:56:08","guid":{"rendered":"http:\/\/geoeconomics.ge\/ge\/?p=4603"},"modified":"2013-03-05T11:58:49","modified_gmt":"2013-03-05T11:58:49","slug":"%e1%83%a5%e1%83%aa%e1%83%94%e1%83%95%e1%83%98%e1%83%97%e1%83%98-%e1%83%a4%e1%83%98%e1%83%9c%e1%83%90%e1%83%9c%e1%83%a1%e1%83%94%e1%83%91%e1%83%98-%e1%83%94%e1%83%99%e1%83%9d%e1%83%9c%e1%83%9d","status":"publish","type":"post","link":"http:\/\/geoeconomics.ge\/?p=4603","title":{"rendered":"\u10e5\u10ea\u10d4\u10d5\u10d8\u10d7\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8 &#8211; \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e1 \u10d0\u10ee\u10d0\u10da\u10d8 \u10db\u10d4\u10d8\u10dc\u10e1\u10e2\u10e0\u10d8\u10db\u10d8"},"content":{"rendered":"<p><strong>\u10d8\u10d0 \u10d5\u10d0\u10e0\u10d3\u10d8\u10e8\u10d5\u10d8\u10da\u10d8 &#8211; \u10d8\u10d5. 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\u10e8\u10d4\u10ee\u10d4\u10d3\u10e3\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0, \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10d8\u10ea\u10d5\u10da\u10d4\u10d1\u10d0 \u10d9\u10d5\u10da\u10d4\u10d5\u10d8\u10e1 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10d0.\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u10dc\u10d4\u10dd\u10d9\u10da\u10d0\u10e1\u10d8\u10d9\u10e3\u10e0\u10d8 \u10e8\u10d4\u10ee\u10d4\u10d3\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e3\u10e0\u10d7\u10d8\u10d4\u10e0\u10d7\u10d3\u10d0\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d3\u10d0 \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d4\u10d1\u10d8 \u10d0\u10db\u10e2\u10d9\u10d8\u10ea\u10d4\u10d1\u10d4\u10dc, \u10e0\u10dd\u10db \u10d0\u10d3\u10d0\u10db\u10d8\u10d0\u10dc\u10d4\u10d1\u10d8 \u10e7\u10dd\u10d5\u10d4\u10da\u10d7\u10d5\u10d8\u10e1 \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d4\u10d1\u10d4\u10dc, \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10d8\u10d3\u10d4\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 \u10db\u10e3\u10e8\u10d0\u10dd\u10d1\u10e1, \u10e7\u10dd\u10d5\u10d4\u10da\u10d7\u10d5\u10d8\u10e1 \u10d0\u10d3\u10d2\u10d4\u10dc\u10e1 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da \u10e4\u10d0\u10e1\u10e1, \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d8\u10d8\u10e1 \u10ee\u10d4\u10da\u10db\u10d8\u10e1\u10d0\u10ec\u10d5\u10d3\u10dd\u10db\u10dd\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d3\u10d0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10de\u10e0\u10d8\u10dc\u10ea\u10d8\u10de\u10e3\u10da\u10d0\u10d3 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8\u10d0. \u10d0\u10db \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e12 \u10ec\u10d0\u10e0\u10db\u10dd\u10db\u10d0\u10d3\u10d2\u10d4\u10dc\u10da\u10d4\u10d1\u10d8\u00a0 \u10db\u10d8\u10d8\u10e9\u10dc\u10d4\u10d5\u10d3\u10dc\u10d4\u10dc, \u10e0\u10dd\u10db \u10dc\u10d4\u10dd\u10d9\u10da\u10d0\u10e1\u10d8\u10d9\u10e3\u10e0\u10d8 \u10db\u10d4\u10d7\u10dd\u10d3\u10dd\u10da\u10dd\u10d2\u10d8\u10d8\u10d7 \u10d2\u10d0\u10d3\u10d0\u10ec\u10e7\u10d3\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e1 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10de\u10e0\u10dd\u10d1\u10da\u10d4\u10db\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8 \u10d2\u10d0\u10ee\u10d3\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e0\u10e3\u10da\u10d8 \u10d2\u10d0\u10d9\u10dd\u10dc\u10e2\u10e0\u10dd\u10da\u10d4\u10d1\u10d0. \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10e1\u10e2\u10d7\u10d0 \u10d0\u10db \u10ef\u10d2\u10e3\u10e4\u10d8\u10e1 \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7\u10d8 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d3\u10d8 \u10ec\u10d0\u10e0\u10db\u10dd\u10db\u10d0\u10d3\u10d2\u10d4\u10dc\u10d4\u10da\u10d8, \u10dc\u10dd\u10d1\u10d4\u10da\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10d8\u10e1 \u10da\u10d0\u10e3\u10e0\u10d4\u10d0\u10e2\u10d8 \u10e0\u10dd\u10d1\u10d4\u10e0\u10e2 \u10da\u10e3\u10d9\u10d0\u10e1\u10d8 (Robert Lucas) 2003 \u10ec\u10d4\u10da\u10e1 \u10ec\u10d4\u10e0\u10d3\u10d0: &#8220;\u10d2\u10d0\u10d3\u10d0\u10ec\u10e7\u10d5\u10d4\u10e2\u10d8\u10da\u10d8\u10d0 \u10d3\u10d4\u10de\u10e0\u10d4\u10e1\u10d8\u10d8\u10e1 \u10d7\u10d0\u10d5\u10d8\u10d3\u10d0\u10dc \u10d0\u10ea\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d8 \u10d0\u10db\u10dd\u10ea\u10d0\u10dc\u10d0&#8221; (\u10de\u10e0\u10dd\u10d1\u10da\u10d4\u10db \u10dd\u10e4 \u10d3\u10d4\u10de\u10e0\u10d4\u10e1\u10e1\u10d8\u10dd\u10dc-\u10de\u10e0\u10d4\u10d5\u10d4\u10dc\u10e2\u10d8\u10dd\u10dc \u10f0\u10d0\u10e1 \u10d1\u10d4\u10d4\u10dc \u10e1\u10dd\u10da\u10d5\u10d4\u10d3)3. \u10dc\u10d4\u10dd\u10d9\u10da\u10d0\u10e1\u10d8\u10d9\u10dd\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 \u10e1\u10d0\u10e4\u10e3\u10eb\u10d5\u10da\u10d0\u10d3 \u10d3\u10d0\u10d4\u10d3\u10dd \u10e1\u10d0\u10e5\u10db\u10d8\u10d0\u10dc\u10d8 \u10ea\u10d8\u10d9\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10e3\u10e0\u10d8 \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e0\u10d7\u10e3\u10da \u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10e3\u10e0 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10e1. \u10d4\u10e4\u10d4\u10e5\u10e2\u10d8\u10d0\u10dc\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10e3\u10e0\u10d8 \u10e1\u10d0\u10e5\u10db\u10d8\u10d0\u10dc\u10dd\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d3\u10d0\u10db\u10e3\u10e8\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10e0\u10d8\u10d2\u10d8 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8. \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10e4\u10d0\u10e0\u10d7\u10dd \u10d2\u10d0\u10d5\u10e0\u10ea\u10d4\u10da\u10d4\u10d1\u10d0 \u10f0\u10de\u10dd\u10d5\u10d0 \u10d8\u10e3\u10ef\u10d8\u10dc \u10e4\u10d0\u10db\u10d0\u10e1 (Eugene Fama) \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10f0\u10d8\u10de\u10dd\u10d7\u10d4\u10d6\u10d0\u10db (Efficient Markets Hypotheses\u00a0&#8211; EMH), \u10e3. \u10e8\u10d0\u10e0\u10de\u10d8\u10e1 (William Forsyth Sharpe) \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10db\u10d0 (Capital Asset Pricing Model &#8211; CAMP), \u10e4. \u10d1\u10da\u10d4\u10d8\u10d9\u10e1\u10d0 (Fischer Black) \u10d3\u10d0 \u10db. \u10e1\u10e5\u10dd\u10da\u10d8\u10e1 (Myron Scholes) \u10dd\u10e4\u10ea\u10d8\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10ec\u10d0\u10e0\u10db\u10dd\u10e5\u10db\u10dc\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0\u10db (Option Pricing Model &#8211; OPM).\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u10e7\u10d5\u10d4\u10da\u10d0 \u10d6\u10d4\u10db\u10dd\u10d7 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\u10d0\u10e6\u10d8\u10d0\u10e0\u10d0, \u10e0\u10dd\u10db\u00a0\u00a0 \u10e8\u10dd\u10d9\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d3\u10d0\u10d8\u10dc\u10d2\u10e0\u10d0 \u10db\u10d8\u10e1\u10d8 \u10d8\u10dc\u10e2\u10d4\u10da\u10d4\u10e5\u10e2\u10e3\u10d0\u10da\u10e3\u10e0\u10d8 \u10e8\u10d4\u10ee\u10d4\u10d3\u10e3\u10da\u10d4\u10d1\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10dc\u10dd\u10d1\u10d0&#8221;. \u10de\u10e0\u10d4\u10e1\u10d0\u10e8\u10d8 \u10d2\u10d0\u10e9\u10dc\u10d3\u10d0 \u10db\u10e0\u10d0\u10d5\u10d0\u10da\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10d0, \u10e9\u10d8\u10d9\u10d0\u10d2\u10dd\u10e1 \u10e1\u10d9\u10dd\u10da\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10da\u10d4\u10e5\u10e2\u10e3\u10d0\u10da\u10e3\u10e0\u10d8 \u10d9\u10dd\u10da\u10d0\u10e4\u10e1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1. \u10db\u10d0\u10d7 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10e0\u10d4\u10d6\u10dd\u10dc\u10d0\u10dc\u10e1\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd \u10dc\u10dd\u10d1\u10d4\u10da\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10d8\u10e1 \u10da\u10d0\u10e3\u10e0\u10d8\u10d0\u10e2\u10d8\u10e1, \u10de\u10dd\u10da \u10d9\u10e0\u10e3\u10d2\u10db\u10d0\u10dc\u10d8\u10e1\u00a0New York Times-\u10e8\u10d8 2009 \u10ec\u10d4\u10da\u10e1 \u10d2\u10d0\u10db\u10dd\u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10e3\u10da \u10e1\u10e2\u10d0\u10e2\u10d8\u10d0\u00a0 &#8220;How\u00a0\u10d3\u10d8\u10d3\u00a0economists\u00a0get it so wrong&#8221;7, \u10e0\u10dd\u10db\u10d4\u10da\u10e8\u10d8\u10ea \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8\u10d0, \u10e0\u10dd\u10db \u10dc\u10d4\u10dd\u10d9\u10da\u10d0\u10e1\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 \u10d3\u10d4\u10db\u10dd\u10dc\u10e1\u10e2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d0\u10d3 \u10d5\u10d4\u10e0 \u10d0\u10db\u10e9\u10dc\u10d4\u10d5\u10d4\u10dc \u10d0\u10d3\u10d0\u10db\u10d8\u10d0\u10dc\u10e3\u10e0 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\u10e1\u10d0\u10db\u10e7\u10d0\u10e0\u10dd\u10e1 \u10db\u10e0\u10d0\u10d5\u10d0\u10da\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e3\u10e1\u10d0\u10d3\u10d4\u10d2\u10d0\u10e0\u10d8\u10d0. \u10d5\u10d8\u10dc\u10d0\u10d8\u10d3\u10d0\u10dc \u10d8\u10e1 \u10db\u10eb\u10da\u10d0\u10d5 \u10d9\u10e3\u10da\u10e2\u10e3\u10e0\u10e3\u10da \u10ec\u10d8\u10dc\u10d0\u10d0\u10e6\u10db\u10d3\u10d4\u10d2\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d2\u10d0\u10dc\u10d8\u10ea\u10d3\u10d8\u10e1.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u10d8\u10d0 \u10d5\u10d0\u10e0\u10d3\u10d8\u10e8\u10d5\u10d8\u10da\u10d8 &#8211; \u10d8\u10d5. \u10ef\u10d0\u10d5\u10d0\u10ee\u10d8\u10e8\u10d5\u10d8\u10da\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1\u10d8\u10e1 \u10e4\u10d0\u10d9\u10e3\u10da\u10e2\u10d4\u10e2\u10d8\u10e1 IV \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10e1\u10e2\u10e3\u10d3\u10d4\u10dc\u10e2\u10d8, \u10dd\u10da\u10d8\u10d9\u10dd \u10d5\u10d0\u10e0\u10d3\u10d8\u10e8\u10d5\u10d8\u10da\u10d8 &#8211; II \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10e1\u10e2\u10e3\u10d3\u10d4\u10dc\u10e2\u10d8\u00a0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10e8\u10d8 \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[27],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u10e5\u10ea\u10d4\u10d5\u10d8\u10d7\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8 - \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e1 \u10d0\u10ee\u10d0\u10da\u10d8 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