移動(dòng)設(shè)備中頻頻譜每增加100MHz的經(jīng)濟(jì)影響 The Economic Impact of Each Additional 100 MHz of Mid-band Spectrum for Mobile

NERA

ECONOMICS.EXPERTS.EXPERIENCE.

TheEconomicImpactofEach

Additional100MHzofMid-bandSpectrumforMobile

PreparedforCTIA

22January2025

ProjectTeam

Dr.HectorLopezJulienMartin

Contents

TheEconomicImpactofEachAdditional100MHzofMid-bandSpectrumforMobile

?NERA

Contents

ExecutiveSummary i

1.TheimportanceofthewirelessindustrytotheAmericaneconomy 1

2.Theuniqueroleoflicensedmid-bandspectrum 5

3.Theeconomicimpactofallocatingmid-bandspectrumtomobile 8

3.1.ContinuedimprovementstomobileservicetomillionsofAmericans 9

3.2.ImprovingbroadbandwithFWA 12

3.3.Supportingindustriesthatrelyonmobileconnectivity 17

3.4.Supportingindustriesthatservethewirelessindustry 24

4.AllocatingadditionalspectrumtoMobilevsWi-Fi 28

5.Conclusion 32

TheEconomicImpactofEachAdditional100MHzofMid-bandExecutiveSummary

SpectrumforMobile

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ExecutiveSummary

ThewirelessindustryhasbecomeacornerstoneoftheAmericaneconomy,influencingnearlyevery

aspectofdailylifeandbusinessoperations.Astechnologycontinuestoadvance,thedemandfor

wirelesscommunicationcontinuestosurge,withAmericansconsuminganastounding100billion

gigabytesofdatainthepastyearalone.Thisgrowingrelianceonwirelessnetworksunderscorestheirroleascriticalinfrastructure,essentialforfacilitatingeconomictransactions,maintainingpersonal

connections,andmaintainingnationalsecurity.

Theindustry'ssignificantcontributionstoeconomicoutputandjobcreationfurtherhighlightits

importance.Wirelessenablesvastswathesofeconomicactivity,bothdirectlythroughinvestmentsincommunicationinfrastructureandindirectlybyenablingnewservicesandimprovingworker

productivity.Overthepastdecade,wirelesshascontributedover$5trillionofGDPand3millionjobstotheU.S.economy.

Approximately1.1GHzoflicensedspectrumbelow6GHzhassupportedthiseconomicgrowthandemployment.However,thewirelessindustryisrapidlyapproachingaspectrumdeficitthatwillresultinnetworkcongestion,therebyhinderingthecontinuedgrowthfueledbythewirelessindustry.

Projectionsindicatethatwirelessoperatorswillneedatleast400MHzofadditionalspectrumby2027tomeettheneedsoftheU.S.economy,adeficitthatwillcontinuetogrowtoover1400MHzby2032.

AdditionalwirelessspectrumisfundamentaltosomanyaspectsoftheU.S.economy.Inparticular,thisstudyfocusesontheeconomicactivityandconsumerbenefitsgeneratedby:

?continuedimprovementstomobileservicetomillionsofAmericans;

?improvedfixedbroadbandcoverageandpenetrationviafixedwirelessaccess(FWA);

?supportforindustriesthatrelyonmobileconnectivity,suchasvideostreamingandcutting-edgeVR/AR;and

?supportforindustriesthatservethewirelessindustry,suchasconstructionandelectronicmaintenance.

Allthiseconomicactivityandwirelessindustryinvestmentenabledbyadditionallicensedspectrum

willcontributesignificantlytotheAmericaneconomy.Weestimatethateachadditional100MHzof

mid-bandspectrumtomobilewillgenerate$264billionofGDP,about1.5millionnewjobs,andabout$388billioninconsumersurplus.Theimpactof400MHzofmid-bandspectrumwouldbe$1.1trillionofGDP,6.18millionnewjobs,andabout$1.5trillioninconsumersurplus.Beneficialeffectswould

continuetoaccumulatebeyond400MHz,andweestimatethatby2028even400MHzofnew5Gspectrumwillnotbeenoughtokeepupwithconsumerdemand.

TheEconomicImpactofEachAdditional100MHzofMid-bandExecutiveSummary

SpectrumforMobile

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Table1:Summaryoftheeconomicimpactofallocatingeachadditional100MHzofmid-bandspectrumtomobile

GDP($B)

Employment(M)

Consumer

Surplus($B)

ContinuedimprovementstomobileservicetomillionsofAmericans

385

ImprovingbroadbandwithFWA

40

0.30

3

Supportingindustriesthatrelyonmobileconnectivity

188

0.93

Supportingindustriesthatservethewirelessindustry

36

0.32

Total

264

1.55

388

Note:Effectofeach100MHzupto400MHz

TheEconomicImpactofEachAdditional100MHzofMid-bandTheimportanceofthewirelessindustrytotheAmericaneconomy

SpectrumforMobile

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1.TheimportanceofthewirelessindustrytotheAmerican

economy

ThewirelessindustryisanintegralpartoftheU.S.economy,withwirelesscommunicationsdeeply

integratedintohowweliveandwork.Americansconsumed100billionGBsofdatalastyear,anddatatrafficcontinuestogrow.

1

Fromenablingeconomictransactionstoconnectingfamiliesanddefendingthenation,wirelessnetworksarenotjustaconvenience,butcriticalinfrastructure.Byprovidingfast,

efficientcommunication,thewirelessindustryenablesvastswathsofeconomicactivity.

Thecorewirelessindustry,whichincludesmobileandwholesalenetworkoperators,contributes

significantlytotheAmericaneconomy.

Figure1

showstheconsistentinvestmentswirelessprovidersmakeintheU.S.’scommunicationsinfrastructure.Sincethelaunchofthefirstcommercialcellular

networks,wirelessoperatorshaveinvestedover$700billionincapitalexpenditurestobuildand

deploynetworksthroughoutthenation.

2

In2023alone,thewirelessindustryinvested$30billion;andthisdecade,theindustryhasbeenthesecond-largestsourceofdirectinvestmentintheUnited

States.

3

Thesesignificantcapitalinvestmentsininfrastructurehaveallowedwirelessprovidersto

expandnetworkcoverage,improveservicequality,andintroduceadvancedtechnologiessuchas5G,allofwhichhavetranslatedintosubstantialeconomicoutput.Overthelastdecade,thecorewirelessindustrygenerated$270billioningrossoutputand$133billioninGDPannually.

4

Figure1:CumulativewirelessindustrycapitalexpenditureintheUnitedStates,2011-2024

Source:CTIAAnnualWirelessIndustrySurveys

1TimothyTardiff,“WirelessInvestmentandEconomicBenefits,”AACG(Apr.2024),availableat

/news/wireless-investment-and-economic-benefits

2Ibid.

3Ibid.

4CompassLexecon,2022,TheImportanceofLicensedSpectrumandWirelessTelecommunicationstotheAmericanEconomy,availableat:

/wp-content/uploads/2022/12/Compass-Lexecon-Licensed-Spectrum

-

Report.pdf

TheEconomicImpactofEachAdditional100MHzofMid-bandTheimportanceofthewirelessindustrytotheAmericaneconomy

SpectrumforMobile

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BeyonditsdirecteconomiccontributiontooutputandGDP,thewirelessindustryalsogenerates

significantindirectbenefitsthroughitsinfrastructuredeploymentandwidersupplychain,asit

purchasesgoodsandserviceslikenetworkequipmentandsoftwarefromotherindustries.Andasthewirelessindustry’sworkersspendtheirincomes,theygenerateadditionalinducedeconomiceffects,

multiplyingtheindustry’simpactacrosstheeconomy.Onceindirectandinducedeffectsaretakenintoaccount,thecorewirelessindustryisestimatedtohavedriven$650billioningrossoutputand$376

billioninGDPayearoverthelastdecade.

5

Figure2

showsthattheGDPcontributionofthecorewirelessindustryhasbeensteadilygrowingatacompoundannualgrowthrateofabout5%.Byanyaccount,thewirelessindustryhasbeenacriticaldriveroftheAmericaneconomy.

Figure2:GDPcontributionofthecorewirelessindustryintheUnitedStates,2011-2020

Source:AdaptedfromCompassLexeconReport

Note:ThecorewirelessindustryincludesnetworkoperatorsandMVNOsanddoesnotincludeotherdownstreamorupstreamindustries.

Thewirelessindustry’simpactacrosstheeconomyextendsfurtherstill.Asageneral-purpose

technology,wirelesscommunicationnetworksfuelthebroadereconomybyenablinginnovationandeconomicactivityinother,downstreamindustriesthatrelyandbuildupontheservicestheyprovide.Forexample,arecentstudybyAccentureestimatesthat5Gnetworkswillcontributeanadditional

$159billiontotheAmericanmanufacturingindustry’sGDPovera5-yearperiod.

6

CompassLexecon,meanwhile,findthatin2020alonethewirelessindustrybroadlycontributed$825billioninGDP;

includingtheeffectsofthecoremobileindustryandthebroadmobileecosystem–whichincludessocialnetworkingsites,mobilegaming,smartphoneapps,searchenginesanddigitaladvertising.

7

Throughnetworkexpansionandnewservices,mostnotablymobileFixedWirelessAccess(FWA),thewirelessindustryalsoexpandsbroadbandconnectivityinunder-servedareas,createsnewcompetition

5Ibid.

6Accenture,availableat

/content/dam/accenture/final/a-com-migration/pdf/pdf-

146/accenture-5g-wp-us.pdf

7CompassLexecon,2022

TheEconomicImpactofEachAdditional100MHzofMid-bandTheimportanceofthewirelessindustrytotheAmericaneconomy

SpectrumforMobile

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towiredbroadband,andpromotesinclusiveaccesstotheeconomy.FWAhasbeenpivotalinclosingthedigitaldivideandbringingAmericansonline.In2022,90%ofnewhomebroadbandconnectionswere5GFWA,andmanyoftheseconnectionswereinareasthatareunderservedbyfixednetworks

suchascable.

8

Numerousstudieshaveestablishedtheeconomicbenefitsassociatedwithincreasingbroadbandpenetration.Forexample,TheWorldBankestimatesthatindevelopedeconomies,a10-percentagepointincreaseinbroadbandpenetrationboostsGDPgrowthby1.2%.

9

Otherstudieshavefoundeffectsofsimilarmagnitudesfordevelopedeconomies,withconcomitantbenefitsonwages

andemployment.

Byemployingworkersandenablingupanddownstreameconomicactivity,thewirelessindustryis

alsoasignificantdriverofemploymentintheUnitedStates.Directly,wirelessprovidersenablealargenumberofhigh-qualityjobs,employingengineers,technicians,customerservicerepresentativesandadministrativestafftoruntheiroperations.Theongoingexpansionof5Gnetworksisexpectedto

continuetocreatejobswellintothedecade.Indirectly,thewirelessindustryalsosupportsjobs

upstream,asitfuelsdemandforgoodsandservicesinothersectorslikemanufacturingandsoftwaredevelopment.Overthelastdecade,thecorewirelessindustryisestimatedtohaveenablednearly2millionjobsperyear.

10

Inthefirsthalfofthisdecade,meanwhile,5Gisprojectedtocreateor

transformupto16millionjobs.

11

Importantly,thewirelessindustryalsoplaysacrucialroleinclosingthedigitaldivide.Studiesinthe

U.S.havefoundthatimprovingthequalityofbroadbandhasadisproportionatelypositiveimpactonreducingunemploymentinruralareas.AccordingtoonestudybyLoboetal.(2020),unemploymentratesareabout0.26percentagepointslowerincountieswithaccesstohighqualitybroadbandthanincountieswithlowerqualityservices.

12

Thishighlightsthevitalrolethatthewirelessindustryplaysinlevellingtheplayingfieldandpromotingeconomicopportunityandinclusiveaccesstotheeconomy.

Inadditiontoitsdirectcontributiontotheeconomy,thewirelessindustryalsogeneratessubstantialconsumerwelfarebyconnectingAmericansandofferingever-improvingservicesatlowercosts.

Today,Americanspay$0.006perMBofdata.

13

Thisrepresentsa93%decreasefromadecadeago.

14

Atthesametime,theservicesofferedtoconsumersarehugelyimproved.Averagemobilebroadband

8CTIA,2024,CTIAResponsetoFCCCommunicationsMarketReport2024,availableat:

/wp-

content/uploads/2024/06/240606-FINAL-CTIA-Comments-for-2024-Communications-Marketplace-Report.pdf

9

/curated/zh/178701467988875888/pdf/102955-WP-Box394845B-PUBLIC-WDR16-BP-

Exploring-the-Relationship-between-Broadband-and-Economic-Growth-Minges.pdf

10CTIA,2024,AnnualSurveyHighlights,availableat:

/wp-content/uploads/2024/09/2024-Annual-

Survey-Highlights.pdf

11Accenture,2021,TheImpactof5GontheUnitedStatesEconomy,availableat:

/content/dam/accenture/final/a-com-migration/pdf/pdf-146/accenture-5g-wp-us.pdf

12Lobo,AlamandWhitacre,2020,Broadbandspeedandunemploymentrates:Dataandmeasurementissues,availableat:

/science/article/pii/S0308596118303823

13Cable.co.uk,2024,Thecostof1GBofmobiledatain237countries,availableat:

https://www.cable.co.uk/mobiles/worldwide-data-pricing/

14Nielsen,2011,AverageU.S.SmartphoneDataUsageUp89%asCostperMBGoesDown46%,availableat:

/insights/2011/average-u-s-smartphone-data-usage-up-89-as-cost-per-mb-goes-down-46/

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speedsintheU.S.arenowover100Mbps–athirty-foldincreaserelativetotheNorthAmerican

averageof3Mbpsatthestartofthedecade.

15

Andthesebenefitsarewidespreadtoo:some95%ofU.S.adultssaytheyusetheinternetand15%accesstheinternetsolelyviatheirsmartphone.

16

In2015,the645MHzofspectrumlicensedforwirelessbroadbandnetworkswasestimatedtogenerate

between$5trillionand$10trillioninsavingsforconsumers.

17

Giventheimprovementsinservice

qualityanddeclinesinprices,savingsshouldbehighertoday.Again,thisunderscoresthecriticalrolethatthewirelessindustryplaysinsupportingAmerica’ssocietyanditseconomy.

15Cisco,2011,CiscoGlobalCloudIndex:ForecastandMethodology,2010–2015,availableat:

/wp-content/uploads/2011/12/Cloud_Index_White_Paper.pdf

16PewResearch,2024,Internet,BroadbandFactSheet,availableat:

/internet/fact-

sheet/internet-broadband/

17TheBrattleGroup,2015,MobileBroadbandSpectrum:AVitalResourcefortheU.S.Economy,availableat:

/wp-content/uploads/2017/10/7801_mobile_broadband_spectrum_-

_a_valuable_resource_for_the_american_economy_bazelon_mchenry_051115.pdf

Theuniqueroleoflicensedmid-bandspectrum

TheEconomicImpactofEachAdditional100MHzofMid-bandSpectrumforMobile

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2.Theuniqueroleoflicensedmid-bandspectrum

Radiofrequencyspectrumhasbeendescribedasoneofthe“Nation’smostimportantnational

resources”,owingtoitsrolesupportingthewirelessindustry.

18

Thelargesumsinvestedbywireless

operatorsonacquiringspectrumlicensesdemonstratestheirvitalimportancetotheirnetworks.

Figure

3

showsthecumulativerevenuesraisedfortheTreasurybywirelessoperatorsfromspectrumlicensesacquiredinFCCauctionssince2014.

Figure3:CumulativerevenuesraisedfortheTreasuryinlicensedspectrumbywirelessoperatorssince1994

19

3.7GHz

2.5GHz

3.45GHz

$233$233$233

H-Block

$54

$210

28GHz

24GHz

600MHz

AWS-3

3.5GHzmmWave

$129

$114$114$117

$95$95

20142015201620172018201920202021202220232024

Source:FCC

Differentfrequencieswithintheusablerangeofwirelessspectrumhavedifferentcharacteristicsandusecases:

?Low-bandfrequenciesbelow1GHzareidealforprovidingwide-areacoverageowingtotheirlong-rangepropagation,andalsopenetratingdeepindoors,buttheyareinlimitedsupplysocannotsupportsignificantcapacity;

?Lowermid-bandspectrumliesbetween1.0and3.0GHz.ThissetoffrequenciescomprisescoremobilefrequencieslikethePCSandAWSbands,whichhavebeenanintegralpartof

18

/briefing-room/presidential-actions/2023/11/13/memorandum-on-modernizing-united

-states-spectrum-policy-and-establishing-a-national-spectrum-strategy/

19FCC,2022,FiscalYear2023BudgetEstimatestoCongress,availableat:

/public/attachments/DOC-

381693A1.pdf.

Valuesfor2023and2024arethesameas2022astherehavenotbeenanyauctionsinthoseyears.

?NERA6

wirelessoperators’networksforalongtime.Thesebandsoffersuperiorcapacitytolow-bandfrequencies;

?Mid-bandspectrum,whichcomprisesfrequenciesbetween3.0and8.5GHz,holdsauniquepositioninwirelessproviders'spectrumportfolios,offeringacombinationofhighbandwidthforcapacityandgoodpropagation;and

?High-bandspectrumabove10GHzoffersexceptionallylargecapacity,butsignalsonlytravelforshortdistances,makingitbestsuitedforuseindenseurbanareasandvenueslike

stadiums.

TheC-Band,withfrequenciesaround3500MHz,hasemergedasthekey5Gbandworldwide.TheoutsizedshareofU.Snetworktrafficnowcarriedoverthisspectrumevidencesitsimportance.For

instance,Verizon,whichinvestedheavilyintoacquiringC-Bandlicenses,reportsthathalfofits

networktrafficisnowcarriedbyC-Bandspectrum,anditexpectsthissharewillgrowfurther.

20

Mid-bandspectrum’scriticalimportanceisalsoreflectedinitswide-spreaddeployment.Ericssonestimatesthat85%ofthepopulationinNorthAmericaiscoveredbymid-bandspectrum–only5%belowthe

reportedcoverageoflow-bandspectrum.

21

Tomaximizetheeconomicbenefitsthatflowfromthishighcapacityandspeed,itisessentialthat

sufficientspectrumisavailablesothatwirelessnetworkcapacitycankeepupwiththegrowing

demandfordataandprovidefornewinnovativeservices.Currently,380MHzofmid-bandislicensedformobileintheU.S.

22

Whilethisbandwidthmaycurrentlybesufficienttomeetdatademand,recentstudiesestimatethattheU.S.willneedbetween400MHzand2GHzofadditionalspectrumto

supportfuturetrafficgrowth.Forexample,BrattleestimatesthattheU.S.willneedanadditional400MHzby2027and1.4GHzby2032.

23

Similarly,theGSMAestimatesthatdenselypopulatedAmericancities,suchasNewYork,willrequirebetween1and2GHzofadditionalmid-bandspectrumbythe

endofthedecade.

24

Releasingadditionalmid-bandspectrumsuitabletopowermobileconnectivityiscrucialiftheU.S.istoretainitsstatusasthegloballeaderinwirelessconnectivity.Yet,theU.S.isatriskoffallingbehind,asothercountriescontinuetoawardspectrumformobile.China,forexample,hasalreadyallocated

20VerizonCommunicationsInc,2024,Q22024EarningsCall,availableat:

/about/sites/default/files/2024-07/2Q24_Transcript_VZ_072224_0.pdf

21Ericsson,2023,5GNetworkCoverageOutlook,availableat:

/en/reports-and-papers/mobility-

report/dataforecasts/network-

coverage#:~:text=North%20American%20service%20providers%20have,at%20the%20end%20of%202023.

Ericssondoesprovideadefinitionformid-bandinthisdocument

22FCC,2022,2022CommunicationsMarketplaceReport,availableat:

/public/attachments/FCC-22-

103A1.pdf

23Brattle2023,Howmuchlicensedspectrumisneededtomeetfuturedemandfornetworkcapacity?

24Coleago,2021,Estimatingthemid-bandspectrumneedsinthe2025-2030timeframe,availableat:

/connectivity-for-good/spectrum/wp-content/uploads/2021/07/Estimating-Mid-Band-Spectrum-

Needs.pdf

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700MHzofspectruminthe6GHzbandtomeetthedemandformobiledata.

25

Asaresult,Chinanowleadsthewayintermsofspectrumallocationsformobile,andby2027,isexpectedtohavereleased

upto1560MHzofexclusive-use,high-powermid-bandspectrumtocommercialwirelessoperators.

26

Meanwhile,theU.S.isexpectedtolagfouroftheG7membercountriesby2027ifnoadditional

mobilemid-bandspectrumisreleased.

Figure4:Mid-bandspectrumallocatedtomobileindifferentcountriesby2027

1,180MHz

deficitvsChina

800

600

450

1,560

326

390

390

380

300

ChinaJapanS.KoreaCanadaUKFranceUSItalyGermany

Source:AdaptedfromAnalysysMason,2022,Comparisonoftotalmobilespectrumindifferentmarkets.

Notes:Wehaveremovedanyspectrumthatisnotavailableonanexclusiveuse,full-powerbasis.

25CTIA,2023,ChinaCommitsto5GMid-BandSpectrumwith6GHzAllocation:U.S.NeedsClearResponse,availableat:

/news/china-commits-to-5g-mid-band-spectrum-with-6-ghz-allocation-u-s-needs-clear-

response#:~:text=The%206%20GHz%20band%20China,5G%20technology%20in%20the%20band

26AnalysysMason,2022,Comparisonoftotalmobilespectrumindifferentmarkets,availableat:

/wp-

content/uploads/2022/09/Comparison-of-total-mobile-spectrum-28-09-22.pdf

TheEconomicImpactofEachAdditional100MHzofMid-bandTheeconomicimpactofallocatingmid-bandspectrumtomobile

SpectrumforMobile

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3.Theeconomicimpactofallocatingmid-bandspectrumtomobile

Allocatingadditionalmid-bandspectrumtomobile–intheformoffull-powerflexible-uselicenses–willcreatevaluethroughouttheeconomy.Althoughouranalysismaynotcaptureallofthebenefits

overtime,inthispaperwefocusontheimpactonmobileconsumers,FWAconsumers,industriesthatrelyonmobileconnectivity,andindustriesthatsupportthewirelessindustry:

?ContinuedimprovementstomobileservicetomillionsofAmericans.

?FWAconsumerswillbenefitfromadditionalcoverage,increasedpenetration,higherspeeds,higheradditionaldataconsumption,andlowerprices.

?Industriesthatrelyonmobileconnectivity,suchasvideostreaming,mobilegames,and

cutting-edgevirtualrealityandAI,willenjoyamorerobustplatformtodelivertheirservices.

?Industriesthatsupportthewirelessindustrywillbenefitfromtheadditionalcapitalexpenditure(capex)requiredtodeploythespectrumandtheadditionaloperationalexpense(opex)

requiredtomaintainthenetwork.

Wemeasuretheeconomicimpactofallocatingeachadditional100MHztomobilebyestimatingitsimpactonthreemetrics:grossdomesticproduct(GDP),employment,andconsumersurplus.GDPisameasureofvalueaddedtotheeconomy,thatis,thevalueofthegrossoutputofanindustryminus

thevalueoftheintermediateinputsrequiredtoproducetheoutput.TheadditionalGDPproducedbythespectrumallocationisameasureofthevalueoftheadditionalgoodsandservicesthatcanbe

consumedbyfinaldemand.Employmentrepresentsthenumberofadditionalone-yearjobs.

Consumersurplusisameasureofconsumerbenefitandisthedifferencebetweenwhatconsumerswouldbewillingtopayandwhattheyactuallypay.

Forallmetrics,weestimatetheimpactofallocatingmid-bandspectrumbycomparingasituationwithadditionalspectrumagainstacounterfactualinwhichthespectrumisnotallocated.

Table2

showsthemetricsestimatedforeachchannelaffectedbythespectrumallocationanddeployment.

TheEconomicImpactofEachAdditional100MHzofMid-bandTheeconomicimpactofallocatingmid-bandspectrumtomobile

SpectrumforMobile

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Table2:Thesourcesoftheeconomicvalueofallocatingmid-bandspectrumtomobile

ChannelGDPEmploymentConsumerSurplus

Bettermobileserviceatnoadditionalcost

*

ImprovingbroadbandwithFWA

*

*

*

Supportingindustries

thatrelyonmobile

*

*

connectivity

Supportingindustries

thatservethewireless

*

*

industry

Weestimatetheeffectofeachadditional100MHzbyfirstestimatingtheimpactof400MHzandthendividingbyfour.Therefore,throughoutthepaper,wereportthemarginalimpactofadding400MHzofspectrumandtheaverageeffectof100MHz(upto400MHz).Conceptually,wewouldexpectthe

first100MHztohavealargereffectthanthelast100MHz,butwedonotestimatetheimpactof100MHzblocksindividually.However,thesumofthefirstfour100MHzblockswouldequaltheeffects

reportedinth