In lieu of an abstract, here is a brief excerpt of the content:

  =HYPL[PLZHUK,_[LU[VM 1VPU[3HUKV^ULYZOPW ;KHSUHFHGLQJFKDSWHUVKDYHGHPRQVWUDWHGWKHVWUXFWXUDOSRWHQWLDO IRU GRPDLQV DQG YLOODJHV WR GHYHORS PXOWLSOH DUUDQJHPHQWV IRU UHJXODWLQJIDUPHUULJKWVLQODQG7KH\DOVRKLQWWKDWJHRJUDSKLFFRQGL WLRQVDORQHPD\QRWH[SODLQWKHSUHVHQFHRUDEVHQFHRIZDULFKL7KH SUHVHQFHRIMRLQWRZQHUVKLSLWVHOILVDVLJQLILFDQWLQGLFDWRURIWKHYDULD WLRQLQODQGRZQHUVKLSW\SHVSHUPLWWHGE\DQGLQWURGXFHGXQGHU-DSDQª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ª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roject MUSE (2024-04-26 10:32 GMT)  *< 3; 0=(; 0 5 .*6 4 4 6 5 : FUHDWHIUHHULGHUSUREOHPVLQZKLFKVRPHSDUWLFLSDQWVFDQVXFFHVVIXOO\ VHHNDQGJHWVRPHWKLQJIRUQRWKLQJIRUH[DPSOHVRLOQXWULHQWVZLWKRXW KDYLQJWRUHQHZWKHVRLO" ,QDOORIWKHMRLQWRZQHUVKLSUHJLRQVVXEVWDQWLDOQRQPDUNHWFRP PXQDOFRQWUROVPHGLDWHGDIDUPHUª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ª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

Share