CINXE.COM

<!DOCTYPE html><html lang="en-US"><head><title>Just a moment...</title><meta http-equiv="Content-Type" content="text/html; charset=UTF-8"><meta http-equiv="X-UA-Compatible" content="IE=Edge"><meta name="robots" content="noindex,nofollow"><meta name="viewport" content="width=device-width,initial-scale=1"><style>*{box-sizing:border-box;margin:0;padding:0}html{line-height:1.15;-webkit-text-size-adjust:100%;color:#313131;font-family:system-ui,-apple-system,BlinkMacSystemFont,Segoe UI,Roboto,Helvetica Neue,Arial,Noto Sans,sans-serif,Apple Color Emoji,Segoe UI Emoji,Segoe UI Symbol,Noto Color Emoji}body{display:flex;flex-direction:column;height:100vh;min-height:100vh}.main-content{margin:8rem auto;max-width:60rem;padding-left:1.5rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{font-size:1.5rem;font-weight:500;line-height:2.25rem}@media (width <= 720px){.h2{font-size:1.25rem;line-height:1.5rem}}#challenge-error-text{background-image:url(data:image/svg+xml;base64,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);background-repeat:no-repeat;background-size:contain;padding-left:34px}@media (prefers-color-scheme:dark){body{background-color:#222;color:#d9d9d9}}</style><meta http-equiv="refresh" content="390"></head><body class="no-js"><div class="main-wrapper" role="main"><div class="main-content"><noscript><div class="h2"><span id="challenge-error-text">Enable JavaScript and cookies to continue</span></div></noscript></div></div><script>(function(){window._cf_chl_opt={cvId: '3',cZone: "www.ssrn.com",cType: 'managed',cRay: '917ff85a280ffd90',cH: 'RzHZEjfa3fFBjGdtsbCIO10fvA2vKXYxykQzS8PTpI4-1740573275-1.2.1.1-c4MGtSWcSjrAklc_rRfbU5pp4URkovgYzOBHfgpmF9LKrKimQWbExOeHs.cm58ZT',cUPMDTk: "\/index.cfm\/en\/rand-corporation\/rand-education?__cf_chl_tk=GpqB5QlXhBe3XP4S.i0fuS648MUsyCh4dYKcDXOqvK4-1740573275-1.0.1.1-yiEHztRlVaAmX02ZNnnWOjam2jynjMDhXzFssCkvLG0",cFPWv: 'b',cITimeS: '1740573275',cTTimeMs: '1000',cMTimeMs: '390000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "",fa: "\/index.cfm\/en\/rand-corporation\/rand-education?__cf_chl_f_tk=GpqB5QlXhBe3XP4S.i0fuS648MUsyCh4dYKcDXOqvK4-1740573275-1.0.1.1-yiEHztRlVaAmX02ZNnnWOjam2jynjMDhXzFssCkvLG0",md: "1VB9r3IxLkzLoHl_iG7pGjXMFCNQy105uHGtG8_2MtY-1740573275-1.2.1.1-4q8mjhRU6RlOuKVV0Ld1WIAaW4GWE5DMzbkFzFAZY5QsYtSqsbZWARb8EXB7Iws8KtVKeE.5WnCwSag2JIVZvmiSS6Iu9qDyrsMc.6qBaK5OVe8ldqIJcEGBySyLQPM5OBfnIt.F_KPfFnnPamXhdQXe26dHBlev7qJgiRQ0CbhvuzbejjjJ1aaBuZ57dsAqRucm60OTr9e1v782TD87a9Vp9TVbB3kkAlfYrg_9lR03XmEHkCO186Tw77NKq3OdePMJZ_WtV7LqUKGdaEk0fIpfOcQsF9y07WNt6zuaI5uBjcAoWE3k3RuU8S29NjfFHKYNQ.xhhFB2YOSrS7Okvp2NqkWRTninU5rd8zZ7BwXqPdXy1GQaugZsUpEbmDXScESaguuipcKraN48nDorcBQzI5Gwqjv3DL0cQr7zfIL7p1WU7faPR.s2aHOAX1Vi_C4bvwD62FLP0vok0eQoh14kXpJVB5hWkmo.Vp9zF0LyrXCbG2ubcfY0FMN_vt9Ki9V78sfn4WYHsBlDpcws0wUXZ8hfdeQ7Fl7lu.s9ppBqUoXmkiWkuuzjuQ6TljQXc81HuJfOYsSkZ4ux1cC4FTDvhfmsMugVmBg5TOq0zJFzrm7wBIe6ykMSwgN1rZHYAr84qsJOLXo4p01RlZKj_4.sho2KDRVKVeZS1s7fozox0W7uWC1pR516J387sRbB0Z1cVr.XLWTi8Qm7W2QLrh.RdUB9WHq_ej8YuUOGFX7Gn7iKLlBMmZbgq7xrCt3aEYKNQMYf0l7oVbZ6lMVztfYL0S1gCRuykpt731sIpaYqWn9QlAIvrDNkUAlRWjDd26LhTUAUWbj2EUF8Aazinc9JbxsdT3pBD04WkWAFE9FUhIiAu9vzf7G3a0Tz9a.sMxnBsPj52TjatWSXC8hhb4gRivIVA.ni3vEd721tBsWi03wxssH1fBz2NxaMDzyyHeU8aloxgXB3z53YgaEWpVFoU5u8J_XS2YSHAgeDJeQZk6lrnSx6KzJkjPM8szhrkZ.ria.Ihfn4YK3D6.THGwL1ESdZz8xaUoL9xDLG_pGyQTwkDrobRE7.KNftyqfh_oXyO7BGAIC_THHPKmUPd9OAK8gdsHQLMLgUuUUB9X6ZE9LamE6dUVGeg3KyR1Jsj9GtQvyHy6gDVnGxYOHHOXeCf3e1Da6sfydyYsAxUuvOATfhb9ZWnt9bCbeo6Q7rsK3iaQCNoGpM7wIyIE3L32e3w4O1yjt2EwKDOFNrnr66lUNh_YoOGGmi84ZaqvSrbAKz1Mqtqzvxad5bm8gVD3ZlVR062oGwGnkNGIbucPzacaq4UFMUyaDVyNTEr_o0jOpSXJn2QYQ8HhrC6nfPkxyN5YetLRj2pvOtGRf9Z0TAG01LQRMAFw3nkle0R9LV5LK1.4YzQ_wrY0k2tCLnBdYvkHsmN1K4VZkY2OVaVxAXn_8pbrElC5MDK.B_4SJtCETYAPB6jF7vC9mzt00FD75AYapSBdlcNAXnsvWK5dxxRYK_MzqC01MIjTB4mNJ76V88Vsr7FFZc2L7k.7OdgwLs5l9L1LnJw_.EIbopukSPyBLcXvpZ4Jm3Iq8Otma3NsnwIYxbmDaKMlPwyk2Bpe3x_MD4w7nGXrGUbmOPn.w3RAAMOocg9IHZvSVPuDunpr5p7wD6j4h9xHCUh4t2wrn.ptmozDk36YHE0zfTOrXChEQme_qG5hubb5GVA1crm6mQeAWU3L2rzYhfu1Hnr_0KOWypGik4Ne7Z8Ox9DXWiQup3XwqUYnWUnfoF7CQmXBpzj2Q107sftuY8HquuleYOvwVuXrlbuYNj1j4CnUIUnT4HHZExFo9T2XJw8AY4Hol7pP6j5NUEctvhdcXwb_UVYVDQz4XqrP73HphmvlaA.0FsIgtLevIDd72_fUz_yBLNdgHi788ZA2pbtz05uU9Pvz0DiF2CDfzhPVxP4Q9.dF9B9QYpwFcU6wMAHFTGA1HTDDxcOLWAtZaz8Pmt7B1bclR.lJWmYh5dDSMiuOHGeWaoh5sWybGdxhg4ykAtgRRaPaROahjGa4C_M2oA9jj17TxAakxwduNLP3XH2p9q22JfUYeYfoZMyfCuOC3wjsskhbGOwPh2evQrIzDvujnFu45fpVsHFNjR2NI4JslKSJTrxyL751U5uc0T.5hPTS3HDBnsb3iUjIXEaDzwwMXZ4ZRu84J9zMmGkMWSeu4_QZA4sgCZZdVloDhXneSyAS3rcCH8YdCDt2cAoLKTnu82GldvI.tsL9Qx3phtinGHl4eBtIKMMzNmo1JsY5Z6bH4M9MEuIfCzzDSsxGSHvYPFUhTzzsgGoqLWcB7hfjGTXJ8Sy4q6s3HIci_GAIsYPfnhX2Pfm86MKbqDxv8g1hrDBrPQBwmE87kPUmfLtpv30WsRX9SAaUbdhGaU.DyEU2KaL27_bT.WYI1cvHVcJrARSqnPSbmKbiogd7eopN2KVWn3ue71vL8x5tphakdK81gBH7g9cboD3Ao5rBatwqMsI52I5F.8jLZuW6tj7MESydCV2W88lgpdqqNoBjLUtWDuycOH_Wpz6nGcMu_vLux.QvxXzdYogMqWI_7oVAEo.Q6dpeIgLy2B944HxH1e",mdrd: "EKLBK6hlRXJJyFCo3KQPjIYn2xQYZ0YDswXQLj4juOY-1740573275-1.2.1.1-1i5gMWorfDrAO4HfREFME0eOAGAoHoq.VCeDNdRE.sPYTiVpLlpA2P4GeEYHew5P9QidtiQMOyQbhb_58MTJDQ7lFQKL8xlQd636I9syu9IgYRq2QOB2QMWqNucgZmi4avS9OLuE5AdJpeMJrN71MJJ6g6FRF7w9UnjexWZtMtkmMIWyR2FbjczfJ4iggt9kOjx35SoNps6BdnyyWOmfI3fT5is0izNxqgNhNRo8hZRD.F9BPBlsfHlPvcalCg5trb7mpBSXm2Q5v0z.RBaHYGbaQM7e72n7LHYakYwAm6PWLlcDk4ymK3cXm8I0v2e4PS6RWB5TE5D4FAhQ9nr5YBTM9Rmw412JRN7LatvA9Z0AISo7YbhWTia9VKdE_PCIEN6kiyOAJeMFZEwGX1Ll4J8Kjzg2IIkgG6uAZml5k5Aycero9nYtz_lf30JfWo.7q.WSScgPIISTPnJJXbN_8dUrStB2yTtyklArHCaVv_WdV9plI6jdTmoJHtmtjjICCOTmQIB6Bpp6HgAGqu2MRqf6voIOBpAr1w7e6Tme0akwZpl4Ckp9KrYzyzfX9d90vz2_wk7_fgcIt55jC9dgcBbXwbTfOMW1AELK.ndidDEgdj4bwvZmHGYW6xUWY18NHTCeRaiVdWvFHj3YQHuMMgCiebygsZWXjaFK2.oVuojjCqahnf4baaqhWI3iBgE3phFPrnTMoP4Z7occSoi6Vilnt_1J9pknPgaZ6bMpDbz38X3i8XeB9ZYTHVR.ne2FoW6nFccewiaQNVbNtXB_jPyJkBNfCqmA.W5FZcl73GDRv.v65_Yx2ciMpJ8zPYLbxvx6cPxY7ewCunrS9VlGJOFeNMuVpvBoRkfv0V4Ycd8KxygjFcvhG5AIF88UDai3_BRd32HOQdwTvCA67ynCX0vrv69EMyUnXNePct1R3vMipJvPLANTVMqvf4uteW9hQ4d33jNCsIB25K0GXIbBvZ2dHl4.AD2l.05adxOWYEeJKpPhQR5FYgxyk0XtV2CNd84V.gKQNORAEvWnLYRujfyOXuPe0t7u3BkaUHRDsB37TzK90dmo9EvUaVe7CQoczrTTLdXzQDBe_fkZaHGoJx.klh2JrU3N6UFoFMMEqDAmBKX9ugVdmXJ3NGZLGjR3wntQVZ4px5o.vAd3Ond0irHXIYR.jlK9TTOs6kD6Sn.EAbGzkuvKv_bdjnlDqrXMVh5yVhwNhwudIzCu.e_GutWy703lEm5qF6C4qN5hwvtO313rGO7R4hwSaubRPn0E7PUY92aTsnWydAyaZFvIdUZKj0GvLN6m2PqS0nI7sGuzshwJHw6fGYaBvwLWDOJVEJfRY90iqJVeCJr3HZ86aDHMn502yxT4THZjyGjOENd0DdXSZjma96G9saT.3.jTm5BMV1ZUINkGV.6ZXVUKZs9pgLx.6pvVNf3BgW_z9eCSAMRu87FhSsGLTNGPV7ho1BiTugbkLPCMkJYk626x8MUJfwFCwASADW1YaIwQ3RnLU2odYcg7XduiI3DPnrY32O_N3wEt0tLa248Bx8dQfQyyr6ha6z.o1vcM_JmK6MlV9xKKqh1q8YFMCpGbj7yQVKJzaF7yE3gyLXfHCaHUvXAJeotgAsfsNQWzNIbs11z9geFuIo.dAiIE4YgE0rHtz48WEIcuZ9rTh389JVerxIELecytVCPLvywvFbkwiNFFFOlvtO9LkA9rJfZ9JPvUbaqwlgD0JEV_epkt8xQzz2TeDQr1umZwXW30wBaCjZRCGCAkw6RE5BtirQ_9ay9soA4s4MXgqtiezqAL_NukTU6l1C4Efbes7tqYa_GR6a8lpcDvBB3jshYTm5A7J92RjHye_X5lQ2NI78Tgqu.kN3As3sa6YLDiDjshzqfv6OHV0PB4DXul.iGTG3p4IosYLdgqCdais5I2DMbc3YjhJ27rXW6CBzboOoEd79LlPVs"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/b/orchestrate/chl_page/v1?ray=917ff85a280ffd90';window._cf_chl_opt.cOgUHash = location.hash === '' && location.href.indexOf('#') !== -1 ? '#' : location.hash;window._cf_chl_opt.cOgUQuery = location.search === '' && location.href.slice(0, location.href.length - window._cf_chl_opt.cOgUHash.length).indexOf('?') !== -1 ? '?' : location.search;if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash;history.replaceState(null, null, "\/index.cfm\/en\/rand-corporation\/rand-education?__cf_chl_rt_tk=GpqB5QlXhBe3XP4S.i0fuS648MUsyCh4dYKcDXOqvK4-1740573275-1.0.1.1-yiEHztRlVaAmX02ZNnnWOjam2jynjMDhXzFssCkvLG0" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>