Download as pdf or txt
Download as pdf or txt
You are on page 1of 8



0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

-)RUHQVLF'HQW6FL-XO'HF  

30&,'30&

GRL

0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLF
VWXG\
$QQDPDODL3RQQXVZDP\,QGLUD$UFKDQD0DUNDQGHDQG0DULD3'DYLG
'HSDUWPHQWRI2UDO0HGLFLQHDQG5DGLRORJ\05$PEHGNDU'HQWDO&ROOHJHDQG+RVSLWDO%DQJDORUH.DUQDWDND,QGLD
$GGUHVVIRUFRUUHVSRQGHQFH'U$UFKDQD0DUNDQGH'HSDUWPHQWRI2UDO0HGLFLQHDQG5DGLRORJ\05$PEHGNDU'HQWDO&ROOHJHDQG
+RVSLWDO%DQJDORUH.DUQDWDND,QGLD(PDLOSODWL#JPDLOFR
&RS\ULJKW-RXUQDORI)RUHQVLF'HQWDO6FLHQFHV
7KLVLVDQRSHQDFFHVVDUWLFOHGLVWULEXWHGXQGHUWKHWHUPVRIWKH&UHDWLYH&RPPRQV$WWULEXWLRQ1RQFRPPHUFLDO6KDUH$OLNH8QSRUWHGZKLFK
SHUPLWVXQUHVWULFWHGXVHGLVWULEXWLRQDQGUHSURGXFWLRQLQDQ\PHGLXPSURYLGHGWKHRULJLQDOZRUNLVSURSHUO\FLWHG

$EVWUDFW
%DFNJURXQG

7KHLGHQWLILFDWLRQRIVNHOHWDOUHPDLQVLVRISDUDPRXQWLPSRUWDQFHLQPHGLFROHJDOLQYHVWLJDWLRQV7KHVNHOHWDO
FRPSRQHQWVPRVWRIWHQLQYHVWLJDWHGIRUJHQGHUGHWHUPLQDWLRQDUHWKHSHOYLVDQGVNXOOZLWKWKHPDQGLEOH
EHLQJDSUDFWLFDOHOHPHQWWRDQDO\]HVH[XDOGLPRUSKLVPLQWKHIUDJPHQWHGERQHV3UHVHQFHRIDGHQVHOD\HURI
FRPSDFWERQHPDNHVLWYHU\GXUDEOHDQGZHOOSUHVHUYHGWKDQPDQ\RWKHUERQHV0DQGLEXODUUDPXVFDQEH
XVHGWRGLIIHUHQWLDWHEHWZHHQVH[HVDQGLWDOVRH[SUHVVHVVWURQJXQLYDULDWHVH[XDOGLPRUSKLVP:KHQVNHOHWRQ
VH[GHWHUPLQDWLRQLVFRQVLGHUHGPHWULFDQDO\VHVRQWKHUDGLRJUDSKVDUHRIWHQIRXQGWREHRIVXSHULRUYDOXH
RZLQJWRWKHLUREMHFWLYLW\DFFXUDF\DQGUHSURGXFLELOLW\
$LPVDQG2EMHFWLYHV

 7RPHDVXUHFRPSDUHDQGHYDOXDWHWKHYDULRXVPHDVXUHPHQWVRIPDQGLEXODUUDPXVDVREVHUYHGRQ
RUWKRSDQWRPRJUDSKV  7RDVVHVVWKHXVHIXOQHVVRIPDQGLEXODUUDPXVDVDQDLGLQVH[GHWHUPLQDWLRQ
0DWHULDOVDQG0HWKRGV

$UHWURVSHFWLYHVWXG\ZDVFRQGXFWHGXVLQJRUWKRSDQWRPRJUDSKVRIPDOHVDQGIHPDOHVZKLFKZHUH
WDNHQXVLQJ.RGDN&'LJLWDO3DQRUDPLFDQG&HSKDORPHWULF6\VWHP N9SP$V 
0DQGLEXODUUDPXVPHDVXUHPHQWVZHUHFDUULHGRXWXVLQJ0DVWHU9LHZVRIWZDUH7KHPHDVXUHPHQWVRIWKH
PDQGLEXODUUDPXVZHUHVXEMHFWHGWRGLVFULPLQDQWIXQFWLRQDQDO\VLV
5HVXOWV

:HREVHUYHGHDFKYDULDEOHRIWKHPDQGLEXODUUDPXVWREHDVLJQLILFDQWSUHGLFWRULQFODVVLI\LQJDJLYHQ
VDPSOH 3 
&RQFOXVLRQ

7KLVVWXG\RQPDQGLEXODUUDPXVPHDVXUHPHQWVXVLQJRUWKRSDQWRPRJUDSKVKRZVVWURQJHYLGHQFHVXJJHVWLQJ
WKDWWKHUDPXVFDQEHXVHGIRUJHQGHUGHWHUPLQDWLRQIRUIRUHQVLFDQDO\VLV
.H\ZRUGV'LVFULPLQDQWIXQFWLRQDQDO\VLVPDQGLEXODUUDPXVRUWKRSDQWRPRJUDSKVH[XDOGLPRUSKLVP
,QWURGXFWLRQ
7KHLGHQWLILFDWLRQRIKXPDQVNHOHWDOUHPDLQVLVFRQVLGHUHGDQLQLWLDOVWHSLQIRUHQVLFLQYHVWLJDWLRQVDQGLV
FUXFLDOIRUIXUWKHUDQDO\VLV>@,QWKHDGXOWVNHOHWRQVH[GHWHUPLQDWLRQLVXVXDOO\WKHILUVWVWHSRIWKH
LGHQWLILFDWLRQSURFHVVDVVXEVHTXHQWPHWKRGVIRUDJHDQGVWDWXUHHVWLPDWLRQDUHVH[GHSHQGHQW7KHUHOLDELOLW\
KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

RIVH[GHWHUPLQDWLRQGHSHQGVRQWKHFRPSOHWHQHVVRIWKHUHPDLQVDQGWKHGHJUHHRIVH[XDOGLPRUSKLVP
LQKHUHQWLQWKHSRSXODWLRQ>@:KHQWKHHQWLUHDGXOWVNHOHWRQLVDYDLODEOHIRUDQDO\VLVVH[FDQEHGHWHUPLQHG
XSWRDFFXUDF\EXWLQFDVHVRIPDVVGLVDVWHUVZKHUHXVXDOO\IUDJPHQWHGERQHVDUHIRXQGVH[
GHWHUPLQDWLRQZLWKDFFXUDF\LVQRWSRVVLEOHDQGLWGHSHQGVODUJHO\RQWKHDYDLODEOHSDUWVRIVNHOHWRQ
>@
$VHYLGHQWIURPWKHHDUOLHUVWXGLHVVNXOOLVWKHPRVWGLPRUSKLFDQGHDVLO\VH[HGSRUWLRQRIVNHOHWRQDIWHU
SHOYLVSURYLGLQJDFFXUDF\XSWR>@%XWLQFDVHVZKHUHLQWDFWVNXOOLVQRWIRXQGPDQGLEOHPD\SOD\D
YLWDOUROHLQVH[GHWHUPLQDWLRQDVLWLVWKHPRVWGLPRUSKLFODUJHVWDQGVWURQJHVWERQHRIVNXOO>@3UHVHQFH
RIDGHQVHOD\HURIFRPSDFWERQHPDNHVLWYHU\GXUDEOHDQGKHQFHUHPDLQVZHOOSUHVHUYHGWKDQPDQ\RWKHU
ERQHV'LPRUSKLVPLQPDQGLEOHLVUHIOHFWHGLQLWVVKDSHDQGVL]H>@0DOHERQHVDUHJHQHUDOO\ELJJHUDQG
PRUHUREXVWWKDQIHPDOHERQHV>@
7KHUHODWLYHGHYHORSPHQW VL]HVWUHQJWKDQGDQJXODWLRQ RIWKHPXVFOHVRIPDVWLFDWLRQLVNQRZQWRLQIOXHQFH
WKHH[SUHVVLRQRIPDQGLEXODUGLPRUSKLVPDVPDVWLFDWRU\IRUFHVH[HUWHGDUHGLIIHUHQWIRUPDOHVDQGIHPDOHV
>@+XPSKUH\HWDOVKRZHGWKDWWKHVLWHVDVVRFLDWHGZLWKWKHJUHDWHVWPRUSKRORJLFDOFKDQJHVLQVL]HDQG
UHPRGHOLQJGXULQJJURZWKPDQGLEXODUFRQG\OHDQGUDPXVLQSDUWLFXODUDUHJHQHUDOO\WKHPRVWVH[XDOO\
GLPRUSKLF0HDVXUHPHQWVRIWKHPDQGLEXODUUDPXVWHQGWRVKRZKLJKHUVH[XDOGLPRUSKLVPDQGGLIIHUHQFHV
EHWZHHQWKHVH[HVDUHJHQHUDOO\PRUHPDUNHGLQWKHPDQGLEXODUUDPXVWKDQLQWKHPDQGLEXODUERG\>@
0HWKRGVEDVHGRQPHDVXUHPHQWVDQGPRUSKRPHWU\DUHDFFXUDWHDQGFDQEHXVHGLQGHWHUPLQDWLRQRIVH[>@
'HQWRIDFLDOUDGLRJUDSK\KDVEHFRPHDURXWLQHSURFHGXUHLQWKHGHQWDOPHGLFDODQGKRVSLWDOFOLQLFV7KH
UDGLRJUDSKVDUHWDNHQDWGLIIHUHQWSHULRGVGXULQJWKHOLIHWLPHRIODUJHVHJPHQWVRIWKHSRSXODWLRQ>@
5RWDWLRQDOSDQRUDPLFUDGLRJUDSK\LVZLGHO\XVHGIRUREWDLQLQJDFRPSUHKHQVLYHRYHUYLHZRIWKH
PD[LOORIDFLDOFRPSOH[>@,QIRUHQVLFDQWKURSRORJ\FRPSDULVRQRIDQWHPRUWHPDQGSRVWPRUWHPUDGLRJUDSKV
LVRQHRIWKHFRUQHUVWRQHVRISRVLWLYHLGHQWLILFDWLRQRIKXPDQUHPDLQV$QWHPRUWHPRUWKRSDQWRPRJUDPVPD\
EHRIJUHDWYDOXHLQWKHLGHQWLILFDWLRQRIKXPDQUHPDLQV>@6HYHUDOVWXGLHVKDYHEHHQFRQGXFWHGRQGU\
DGXOWPDQGLEOHVIRUVH[GHWHUPLQDWLRQ>@EXWDOLWHUDWXUHVHDUFKGLGQRWUHYHDODQ\VWXGLHVZLWKUHJDUGWR
PHDVXUHPHQWVRQUDPXVRIWKHPDQGLEOHXVLQJDGLJLWDOSDQRUDPLFUDGLRJUDSK
+HQFHWKLVSDSHUDLPVWRHYDOXDWHWKHXVHIXOQHVVRIPDQGLEXODUUDPXVLQVH[GLVFULPLQDWLRQLQ%DQJDORUH
SRSXODWLRQDQGSURSRVHWKHXVHRIVDPHLQIRUHQVLFDQDO\VLV
$LPVDQG2EMHFWLYHV
7KHSUHVHQWVWXG\ZDVGHVLJQHGZLWKWKHIROORZLQJDLPVDQGREMHFWLYHV
 7RPHDVXUHFRPSDUHDQGHYDOXDWHWKHYDULRXVPHDVXUHPHQWVRIPDQGLEXODUUDPXVDVREVHUYHGRQ
GLJLWDORUWKRSDQWRPRJUDSKV
 7RDVVHVVWKHXVHIXOQHVVRIPDQGLEXODUUDPXVDVDQDLGLQVH[GHWHUPLQDWLRQ
0DWHULDOVDQG0HWKRGV
$UHWURVSHFWLYHVWXG\ZDVFRQGXFWHGXVLQJRUWKRSDQWRPRJUDSKVRIPDOHVDQGIHPDOHVRI%DQJDORUH
SRSXODWLRQLQWKHDJHJURXSEHWZHHQDQG\HDUV,GHDORUWKRSDQWRPRJUDSKVRIFRPSOHWHO\GHQWDWH
SDWLHQWVZHUHVHOHFWHGIRUWKHVWXG\3DWKRORJLFDOIUDFWXUHGGHYHORSPHQWDOGLVWXUEDQFHVRIWKHPDQGLEOH
GHIRUPHGDQGHGHQWXORXVPDQGLEOHVZHUHH[FOXGHGIURPWKHVWXG\5DGLRJUDSKVWDNHQE\.RGDN&
'LJLWDO3DQRUDPLFDQG&HSKDORPHWULF6\VWHP N9SP$V ZHUHXVHGIRUWKHVWXG\6LQFHWKLV
VWXG\ZDVFRQGXFWHGRQUDGLRJUDSKVVWRUHGLQWKHV\VWHPHWKLFDOFOHDUDQFHZDVQRWDSSOLFDEOH0DQGLEXODU
UDPXVPHDVXUHPHQWVZHUHFDUULHGRXWXVLQJ0DVWHU9LHZVRIWZDUH
7KHIROORZLQJSDUDPHWHUVZHUHPHDVXUHGXVLQJPRXVHGULYHQPHWKRG E\PRYLQJWKHPRXVHDQGGUDZLQJ
OLQHVXVLQJFKRVHQSRLQWVRQWKHGLJLWDOSDQRUDPLFUDGLRJUDSK >)LJXUHVDQG@
 0D[LPXPUDPXVEUHDGWK7KHGLVWDQFHEHWZHHQWKHPRVWDQWHULRUSRLQWRQWKHPDQGLEXODUUDPXVDQG
DOLQHFRQQHFWLQJWKHPRVWSRVWHULRUSRLQWRQWKHFRQG\OHDQGWKHDQJOHRIMDZ>@
 0LQLPXPUDPXVEUHDGWK6PDOOHVWDQWHULRUSRVWHULRUGLDPHWHURIWKHUDPXV>@
KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

 &RQG\ODUKHLJKWPD[LPXPUDPXVKHLJKW+HLJKWRIWKHUDPXVRIWKHPDQGLEOHIURPWKHPRVWVXSHULRU
SRLQWRQWKHPDQGLEXODUFRQG\OHWRWKHWXEHUFOHRUPRVWSURWUXGLQJSRUWLRQRIWKHLQIHULRUERUGHURIWKH
UDPXV>@
 3URMHFWLYHKHLJKWRIUDPXV3URMHFWLYHKHLJKWRIUDPXVEHWZHHQWKHKLJKHVWSRLQWRIWKHPDQGLEXODU
FRQG\OHDQGORZHUPDUJLQRIWKHERQH>@
 &RURQRLGKHLJKW3URMHFWLYHGLVWDQFHEHWZHHQFRURQLRQDQGORZHUZDOORIWKHERQH>@
6WDWLVWLFDODQDO\VLV

7KHGDWDZHUHDQDO\]HGXVLQJWKHGLVFULPLQDQWSURFHGXUHRIWKHVWDWLVWLFDOSDFNDJH6366'LVFULPLQDQW
IXQFWLRQDQDO\VLVZDVXVHGWRGHWHUPLQHYDULDEOHVWKDWGLVFULPLQDWHEHWZHHQPDOHDQGIHPDOHDQGLV
LQFUHDVLQJO\XWLOL]HGIRUVH[GLDJQRVLVIURPVNHOHWDOPHDVXUHPHQWV
5HVXOWV
'HVFULSWLYHVWDWLVWLFVRIILYHPDQGLEXODUUDPXVPHDVXUHPHQWVDQGDVVRFLDWHGXQLYDULDWH)UDWLRVIRUERWK
VH[HVDUHVKRZQLQ7DEOH:HQRWLFHGWKDWHDFKYDULDEOHZDVDVLJQLILFDQWSUHGLFWRULQFODVVLI\LQJDJLYHQ
VDPSOH 3 7KHPHDQYDOXHVVKRZHGWKDWDOOGLPHQVLRQVZHUHKLJKHUIRUPDOHVFRPSDUHGWR
IHPDOHV0HDQPHDVXUHPHQWVEHWZHHQPDOHVDQGIHPDOHVDUHVKRZQLQ)LJXUH7KH)VWDWLVWLFYDOXHV
LQGLFDWHGWKDWPDQGLEXODUPHDVXUHPHQWVH[SUHVVLQJWKHJUHDWHVWVH[XDOGLPRUSKLVPZHUHPLQLPXPUDPXV
EUHDGWKIROORZHGE\FRQG\ODUKHLJKWDQGSURMHFWLYHKHLJKWRIUDPXV
7KHVH[FRXOGEHGHWHUPLQHGIURPFDOFXODWLRQVXVLQJWKHHTXDWLRQVJLYHQEHORZ>7DEOH@
'0DOH PD[UDPXVEUHDGWK  PLQUDPXVEUHDGWK  FRQG\ODUKHLJKW 
 SURMHFWLYHKHLJKWRIUDPXV  FRURQRLGKHLJKW
')HPDOH PD[UDPXVEUHDGWK  PLQUDPXVEUHDGWK  FRQG\ODUKHLJKW 
 SURMHFWLYHKHLJKWRIUDPXV  FRURQRLGKHLJKW
)RUFODVVLI\LQJDJLYHQVDPSOHDVPDOHRUIHPDOHWKHKLJKHUPD[LPXPYDOXHRIWKHWZRHTXDWLRQVLV
FRQVLGHUHG:LWKDOOWKHYDULDEOHVLQFRQVLGHUDWLRQRIWKHFDVHVZHUHFODVVLILHGFRUUHFWO\>7DEOH@DQG
WKHDFFXUDF\FDQEHLQFUHDVHGE\UHSHDWHGLWHUDWLRQV,QWKLVVWXG\WKHVHFWLRQLQJSRLQWZDVIRXQGWREH
9DOXHVJUHDWHUWKDQWKLVVHFWLRQLQJSRLQWLQGLFDWHPDOHDQGYDOXHVOHVVHUWKDQWKLVSRLQWLQGLFDWH
IHPDOH>7DEOH@
'LVFXVVLRQ
7KHLGHQWLILFDWLRQRIVH[IURPKXPDQUHPDLQVLVRIIXQGDPHQWDOLPSRUWDQFHLQIRUHQVLFPHGLFLQHDQG
DQWKURSRORJ\HVSHFLDOO\LQFULPLQDOLQYHVWLJDWLRQVDVZHOODVLQWKHLGHQWLILFDWLRQRIPLVVLQJSHUVRQVDQGLQ
DWWHPSWVDWUHFRQVWUXFWLQJWKHOLYHVRIDQFLHQWSRSXODWLRQV2QHRIWKHLPSRUWDQWDVSHFWVRIIRUHQVLFVLVWR
GHWHUPLQHVH[IURPIUDJPHQWHGMDZVDQGGHQWLWLRQ>@,GHQWLILFDWLRQRIVH[EDVHGRQPRUSKRORJLFDOPDUNVLV
VXEMHFWLYHDQGOLNHO\WREHLQDFFXUDWHEXWPHWKRGVEDVHGRQPHDVXUHPHQWVDQGPRUSKRPHWU\DUHDFFXUDWH
DQGFDQEHXVHGLQGHWHUPLQDWLRQRIVH[IURPWKHVNXOO>@0DQGLEOHVZHUHXVHGIRUWKHDQDO\VLVIRU
WZRVLPSOHUHDVRQVILUVWO\WKHUHDSSHDUVWREHDSDXFLW\RIVWDQGDUGVXWLOL]LQJWKLVHOHPHQWDQGVHFRQGO\WKLV
ERQHLVRIWHQUHFRYHUHGODUJHO\LQWDFW>@
7KHDFFXUDF\RISDQRUDPLFUDGLRJUDSK\LQSURYLGLQJDQDWRPLFPHDVXUHPHQWVKDVEHHQHVWDEOLVKHG
2UWKRSDQWRPRJUDSKKDVEHHQDGYRFDWHGURXWLQHO\DQGZLGHO\XVHGE\WKHFOLQLFLDQVDVDQDSSURSULDWH
VFUHHQLQJWRROIRUWKHGLDJQRVLVRIRUDOGLVHDVHV7KHSULQFLSDODGYDQWDJHVRISDQRUDPLFLPDJHVDUHWKHLU
EURDGFRYHUDJHORZSDWLHQWUDGLDWLRQGRVHDQGWKHVKRUWWLPHUHTXLUHGIRULPDJHDFTXLVLWLRQ>@2WKHU
DGYDQWDJHVDUHWKDWLQWHUIHUHQFHRIVXSHULPSRVHGLPDJHVDUHQRWHQFRXQWHUHG$OVRWKHFRQWUDVWDQG
EULJKWQHVVHQKDQFHPHQWDQGHQODUJHPHQWRILPDJHVSURYLGHDQDFFXUDWHDQGUHSURGXFLEOHPHWKRGRI
PHDVXULQJWKHFKRVHQSRLQWV>@7KHOLPLWDWLRQVRIWKLVWHFKQLTXHDUHPDJQLILFDWLRQDQGJHRPHWULF
GLVWRUWLRQWKHYHUWLFDOGLPHQVLRQLQFRQWUDVWWRWKHKRUL]RQWDOGLPHQVLRQLVOLWWOHDOWHUHGDQGWKLVWHFKQLTXHLV
TXLWHVHQVLWLYHWRSRVLWLRQLQJHUURUVEHFDXVHRIUHODWLYHO\QDUURZLPDJHOD\HU>@+RZHYHULQRXUVWXG\WKLV
OLPLWDWLRQGLGQRWDIIHFWRXUUHVXOWVVLQFHDOOLPDJHVZHUHXQLIRUPO\PDJQLILHG
KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

.DPE\ODINDVHWDO>@FRQFOXGHGWKDWWKHXVHRIWKHSDQRUDPLFUDGLRJUDSKIRUHYDOXDWLRQRIWRWDOUDPDO
KHLJKWLVUHOLDEOHDQGDQDV\PPHWU\RIPRUHWKDQLVDQLQGLFDWLRQRIDWUXHDV\PPHWU\6FKXO]HHWDO>@
IRXQGWKDWWKHPRVWUHOLDEOHPHDVXUHPHQWVZHUHREWDLQHGIRUOLQHDUREMHFWVLQWKHKRUL]RQWDOSODQHDQGGLJLWDO
PHDVXUHPHQWVDUHVXIILFLHQWO\DFFXUDWHIRUFOLQLFDOXVH
,QWKLVVWXG\PDQGLEXODUUDPXVPHDVXUHPHQWVZHUHVXEMHFWHGWRGLVFULPLQDQWIXQFWLRQDQDO\VLV(DFKRIWKH
ILYHYDULDEOHVPHDVXUHGRQPDQGLEXODUUDPXVXVLQJRUWKRSDQWRPRJUDSKVKRZHGVWDWLVWLFDOO\VLJQLILFDQWVH[
GLIIHUHQFHVEHWZHHQVH[HVLQGLFDWLQJWKDWUDPXVH[SUHVVHVVWURQJVH[XDOGLPRUSKLVP7KHPDQGLEXODUUDPXV
GHPRQVWUDWHGJUHDWHVWXQLYDULDWHVH[XDOGLPRUSKLVPLQWHUPVRIPLQLPXPUDPXVEUHDGWKFRQG\ODUKHLJKW
IROORZHGE\SURMHFWLYHKHLJKWRIUDPXV2YHUDOOSUHGLFWLRQUDWHXVLQJDOOILYHYDULDEOHVZDVDQGWKH
DFFXUDF\FDQEHLQFUHDVHGE\UHSHDWHGLWHUDWLRQV
(DUOLHVWVWXGLHVRQPDQGLEOHE\0RUDQWHWDO  0DUWLQ  DQG+UGOLFND   FLWHGLQ+XPSKUH\
HWDO KDYHHVWDEOLVKHGWKHXVHIXOQHVVRIPDQGLEOHIRUGHWHUPLQDWLRQRIVH[7KH\IRXQGWKDWWKHVH[XDO
GLIIHUHQFHVZHUHKLJKHVWLQKHLJKWRIWKHUDPXVWKXVHPSKDVL]LQJWKDWVH[GLIIHUHQFHVDUHPRUHSURQRXQFHG
LQPDQGLEXODUUDPXVWKDQLQERG\
+XPSKUH\HWDO>@HPSKDVL]HGWKDWDOPRVWDQ\VLWHRIPDQGLEXODUERQHGHSRVLWLRQRUUHVRUSWLRQRU
UHPRGHOLQJIRUWKDWPDWWHUVHHPVWRKDYHDSRWHQWLDOIRUEHFRPLQJVH[XDOO\GLPRUSKLF+HQFHPDQGLEXODU
FRQG\OHDQGUDPXVLQSDUWLFXODUDUHJHQHUDOO\WKHPRVWVH[XDOO\GLPRUSKLFDVWKH\DUHWKHVLWHVDVVRFLDWHG
ZLWKWKHJUHDWHVWPRUSKRORJLFDOFKDQJHVLQVL]HDQGUHPRGHOLQJGXULQJJURZWK
9DULRXVVWXGLHVKDYHLQYHVWLJDWHGWKHVH[XDOGLPRUSKLVPRIWKHPDQGLEXODUUDPXVIOH[XUHXVLQJGLUHFWYLVXDO
DVVHVVPHQWHJ'RQQHOO\HWDO  ,QGUD\DQDHWDO  +LOO  DQG.HPNHV*URWWHQWKDOHUHWDO
 DQGIRXQGWKDWUHVXOWVRIWKHVHVWXGLHVZHUHFRQWUDGLFWRU\DQGQRWUHSHDWDEOH>@+DXQ 
TXHVWLRQHGWKHSUHGLFWLYHDFFXUDF\RIPDQGLEXODUUDPXVIOH[XUHDVDVLQJOHLQGLFDWRURIVH[XDOGLPRUSKLVP
DQGVXJJHVWVWKDWFDXWLRQEHXVHGZKHQDSSO\LQJWKLVWHFKQLTXHLQWKHDEVHQFHRIRWKHUPRUSKRORJLFDODQG
RVWHRPHWULFLQGLFDWRUVHVSHFLDOO\LQWKHFDVHRIIUDJPHQWDU\IRUHQVLFRUUDUHIRVVLOUHPDLQV>@
*LOHVPHDVXUHGPDQGLEOHVRINQRZQVH[XVLQJDQWKURSRPHWULFPHDVXUHPHQWVDQGUHSRUWHGPDQGLEXODUUDPXV
KHLJKWPD[LPXPUDPXVEUHDGWKDQGPLQLPXPUDPXVEUHDGWKDVKLJKO\VLJQLILFDQWZLWKDQDFFXUDF\RI
LQ$PHULFDQ:KLWHVDQG1HJURHV>@6WH\QDQG,VFDQ  DFKLHYHGDQDFFXUDF\RIZLWKILYH
PDQGLEXODUSDUDPHWHUV LHELJRQLDOEUHDGWKWRWDOPDQGLEXODUOHQJWKELFRQG\ODUEUHDGWKPLQLPXPUDPXV
EUHDGWKDQGJRQLRQJQDWKLRQ LQ6RXWK$IULFDQ:KLWHVZKLFKLVFRPSDUDEOHZLWKWKHSUHVHQWVWXG\UHVXOWV
>@'D\DOHWDO  IRXQGPDQGLEXODUUDPXVKHLJKWWREHWKHEHVWSDUDPHWHULQWKHLUVWXG\ZLWK
DFFXUDF\>@
6DLQLHWDOFRQGXFWHGDVWXG\RQGU\DGXOWPDQGLEOHVRIQRUWKHUQSDUWRI,QGLDDQGIRXQGWKDWUDPXV
H[SUHVVHVVWURQJVH[XDOGLPRUSKLVPLQWKLVSRSXODWLRQ7KHRYHUDOOSUHGLFWLRQUDWHXVLQJILYHYDULDEOHVZDV
7KHEHVWSDUDPHWHUVZHUHFRURQRLGKHLJKWFRQG\ODUKHLJKWDQGSURMHFWLYHKHLJKWRIUDPXVDQG
EUHDGWKPHDVXUHPHQWVZHUHQRWYHU\GLPRUSKLFLQWKHLUVDPSOH>@
0LQLPXPUDPXVEUHDGWKPHDVXUHPHQWZDVIRXQGWREHWKHEHVWSDUDPHWHULQWKHSUHVHQWVWXG\ZKLFKLV
FRQVLVWHQWZLWKRWKHURVWHRPHWULFVWXGLHVE\*LOHV  DQG9RGDQRYLF  ZKHUHEUHDGWK
PHDVXUHPHQWVZHUHIRXQGWREHYHU\GLPRUSKLF7KLVLVUHODWHGWRWKHGLIIHUHQFHVLQPXVFXORVNHOHWDO
GHYHORSPHQWDQGWRWKHGLIIHUHQFHVUHODWHGWRDGLIIHUHQWJURZWKWUDMHFWRU\LQPDOHVDQGIHPDOHV>@
/LPLWDWLRQVRIWKLVVWXG\DUHWKHLQDELOLW\WRUHOLDEO\DVVLJQVH[LQWKHVXEDGXOWUDQJHDQGLQDELOLW\WRDVVHVV
WKHJHQGHULQFDVHRIHGHQWXORXVSDWLHQWV
,WKDVEHHQHVWDEOLVKHGWKDWVRFLRHQYLURQPHQWDOIDFWRUV HJQXWULWLRQIRRGFOLPDWHSDWKRORJLHVHWF
LQIOXHQFHWKHGHYHORSPHQWDQGWKXVWKHDSSHDUDQFHRIERQHV>@1XPHURXVVWXGLHVKDYHGHPRQVWUDWHG
WKDWVNHOHWDOFKDUDFWHULVWLFVGLIIHULQHDFKSRSXODWLRQDQGKDYHHPSKDVL]HGWKHQHHGIRUSRSXODWLRQVSHFLILF
RVWHRPHWULFVWDQGDUGVIRUVH[GHWHUPLQDWLRQ>@
&RQFOXVLRQ
0DQGLEXODUUDPXVFDQEHFRQVLGHUHGDVDYDOXDEOHWRROLQJHQGHUGHWHUPLQDWLRQVLQFHLWSRVVHVVHVUHVLVWDQFH
KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

WRGDPDJHDQGGLVLQWHJUDWLRQSURFHVVHV:HIRXQGWKDWPDQGLEXODUUDPXVPHDVXUHPHQWVXVLQJ
RUWKRSDQWRPRJUDSKVZHUHUHOLDEOHIRUVH[GHWHUPLQDWLRQ+HQFHZHVWURQJO\VXJJHVWWKHXVHRIPDQGLEXODU
UDPXVDVDQDLGIRUJHQGHUGHWHUPLQDWLRQLQIRUHQVLFDQDO\VLV,QYLHZRIWKHVHILQGLQJVIXUWKHUVWXGLHVRQ
PRUHGLYHUVHSRSXODWLRQVWRDVVHVVWKHVLJQLILFDQFHRIWKHVHSDUDPHWHUVDUHUHFRPPHQGHG
)RRWQRWHV
6RXUFHRI6XSSRUW1LO
&RQIOLFWRI,QWHUHVW1RQHGHFODUHG

5HIHUHQFHV
6DLQL96ULYDVWDYD55DL5.6KDPDO616LQJK7%7ULSDWKL6.0DQGLEXODUUDPXV$QLQGLFDWRUIRU
VH[LQIUDJPHQWDU\PDQGLEOH-)RUHQVLF6FL 6XSSO 6>3XE0HG@
6FKHXHU/$SSOLFDWLRQRIRVWHRORJ\WRIRUHQVLFPHGLFLQH&OLQ$QDW
>3XE0HG@
'XUL05DNRFHYL='RQL'7KH5HOLDELOLW\RIVH[GHWHUPLQDWLRQRIVNHOHWRQVIURPIRUHQVLFFRQWH[W
LQWKH%DONDQV)RUHQVLF6FL,QW>3XE0HG@
+X.6.RK.6+DQ6+6KLQ.-.LP+-6H[GHWHUPLQDWLRQXVLQJQRQPHWULFFKDUDFWHULVWLFVRIWKH
PDQGLEOHLQ.RUHDQV-)RUHQVLF6FL>3XE0HG@
)UDQNOLQ'2
+LJJLQV32[QDUG&('DGRXU,'LVFULPLQDQWIXQFWLRQVH[LQJRIWKHPDQGLEOHRI
,QGLJHQRXV6RXWK$IULFDQV)RUHQVLF6FL,QWH>3XE0HG@
+XPSKUH\/7'HDQ0&6WULQJHU&%0RUSKRORJLFDOYDULDWLRQLQJUHDWDSHDQGPRGHUQKXPDQ
PDQGLEOHV-$QDW>30&,'30&@>3XE0HG@
9RGDQRYLF0'XPDQFLF-'HPR=0LKHOLF''HWHUPLQDWLRQRIVH[E\GLVFULPLQDQWIXQFWLRQDQDO\VLV
RIPDQGLEOHVIURPWZR&URDWLDQDUFKDHRORJLFDOVLWHV$FWD6WRPDWRO&URDW
6DVVRXQL9'HQWRIDFLDOUDGLRJUDSK\LQIRUHQVLFGHQWLVWU\-GHQW5HV-DQ)HE6XSSOHPHQW
  
6FKXO]H5.UXPPHQDXHU)6FKDOOGDF)G
+RRHGW%3UHFLVLRQDQGDFFXUDF\RIPHDVXUHPHQWVLQGLJLWDO
SDQRUDPLFUDGLRJUDSK\'HQWRPD[LOORIDF5DGLRO>3XE0HG@
.DKDQD7+LVV-)RUHQVLFUDGLRORJ\%U-5DGLRO>3XE0HG@
)UDQNOLQ'2[QDUG&(2
+LJJLQV3'DGRXU,6H[XDOGLPRUSKLVPLQWKHVXEDGXOWPDQGLEOH
4XDQWLILFDWLRQXVLQJJHRPHWULFPRUSKRPHWULFV-)RUHQVLF6FL>3XE0HG@
)UDQNOLQ'2
+LJJLQV32[QDUG&(6H[XDOGLPRUSKLVPLQWKHPDQGLEOHRILQGLJHQRXV6RXWK$IULFDQV
$JHRPHWULFPRUSKRPHWULFDSSURDFK6RXWK$IULFDQ-RXUQDORI6FLHQFH
5D]L70RVOHP]DGH6+5D]L6&RPSDULVRQRIOLQHDUGLPHQVLRQVDQGDQJXODUPHDVXUHPHQWVRQ
SDQRUDPLFLPDJHVWDNHQZLWKWZRPDFKLQHV-RXUQDORI'HQWDO5HVHDUFK'HQWDO&OLQLFV'HQWDO3URVSHFWV
>30&,'30&@
6KDKDEL05DPD]DQ]DGHK%$0RNKEHU1&RPSDULVRQEHWZHHQWKHH[WHUQDOJRQLDODQJOHLQ
SDQRUDPLFUDGLRJUDSKVDQGODWHUDOFHSKDORJUDPVRIDGXOWSDWLHQWVZLWK&ODVV,PDORFFOXVLRQ-2UDO6FL
>3XE0HG@
/DVWHU:6/XGORZ-%%DLOH\/-+HUVKH\+*$FFXUDF\RIPHDVXUHPHQWVRIPDQGLEXODUDQDWRP\DQG
SUHGLFWLRQRIDV\PPHWU\LQSDQRUDPLFUDGLRJUDSKLFLPDJHV'HQWRPD[LOORIDF5DGLRO
>3XE0HG@
.DPE\ODINDV30XUGRFN(*LOGD(7DOOHQWV5+.\UNDQLGHV69DOLGLW\RISDQRUDPLFUDGLRJUDSKVIRU
PHDVXULQJPDQGLEXODUDV\PPHWU\$QJOH2UWKRG>3XE0HG@
KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

2HWWOp$&3UHWRULXV(6WH\Q0*HRPHWULF0RUSKRPHWULF$QDO\VLVRI0DQGLEXODU5DPXV)OH[XUH$P
-3K\V$QWKURSRO>3XE0HG@
+LOO&$7HFKQLFDO1RWH(YDOXDWLQJ0DQGLEXODU5DPXV)OH[XUHDVD0RUSKRORJLFDO,QGLFDWRURI6H[
$P-3K\V$QWKURSRO>3XE0HG@
*LOHV(6H[GHWHUPLQDWLRQE\GLVFULPLQDQWIXQFWLRQDQDO\VLVRIWKHPDQGLEOH$P-3K\V$QWKURSRO
>3XE0HG@
6WH\Q0,VFDQ0<6H[XDOGLPRUSKLVPLQWKHFUDQLDDQGPDQGLEOHVRI6RXWK$IULFDQZKLWHV)RUHQVLF
6FL,QW>3XE0HG@
6XD]R*,=DYDQGR0'6PLWK5/(YDOXDWLQJDFFXUDF\DQGSUHFLVLRQLQPRUSKRORJLFWUDLWVIRUVH[XDO
GLPRUSKLVPLQPDOQXWULWLRQKXPDQVNXOO$FRPSDUDWLYHVWXG\,QW-0RUSKRO
)LJXUHVDQG7DEOHV
)LJXUH

'LDJUDPVKRZLQJPDQGLEXODUUDPXVPHDVXUHPHQWVDGDSWHGIURP6DLQLHWDO>@
)LJXUH

KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

0HDVXUHPHQWVRIPDQGLEXODUUDPXVRQRUWKRSDQWRPRJUDSK
7DEOH

'HVFULSWLYHVWDWLVWLFV
)LJXUH

0HDQPHDVXUHPHQWVLQPDOHVDQGIHPDOHV
7DEOH

KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH





0DQGLEXODUUDPXV$QLQGLFDWRUIRUVH[GHWHUPLQDWLRQ$GLJLWDOUDGLRJUDSKLFVWXG\

/LQHDUGLVFULPLQDQWIXQFWLRQ
7DEOH

3UHGLFWLRQDFFXUDF\
7DEOH

6WDQGDUGL]HGDQGXQVWDQGDUGL]HGFRHIILFLHQWVLQRULJLQDOVDPSOHV
$UWLFOHVIURP-RXUQDORI)RUHQVLF'HQWDO6FLHQFHVDUHSURYLGHGKHUHFRXUWHV\RI0HGNQRZ3XEOLFDWLRQV

KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&"UHSRUW SULQWDEOH



You might also like