,07&±,QVWUXPHQWDWLRQDQG0HDVXUHPHQW
7HFKQRORJ\&RQIHUHQFH
2WWDZD&DQDGD0D\
Σ∆$'&%DVHG)UHTXHQF\(UURU0HDVXUHPHQW
Σ∆
LQ6LQJOH&DUULHU'LJLWDO0RGXODWLRQV
'RPHQLFR/XFD&DUQu'RPHQLFR*ULPDOGL0HPEHU,(((/HRQDUGR6HUUDWRUH
'HSDUWPHQWRI(OHFWURQLFV&RPSXWHUDQG6\VWHP6FLHQFHV8QLYHUVLW\RI&DODEULD
YLD3LHWUR%XFFL$UFDYDFDWDGL5HQGH &6 ,WDO\
3K)D[^GOFDUQLJULPDOGL`#GHLVXQLFDOLW

$EVWUDFW ± 7KH SDSHU GHDOV ZLWK WKH IXQFWLRQDO EORFN DUFKLWHFWXUH
LPSOHPHQWLQJ WKH PHWKRG WR PHDVXUH WKH FDUULHU IUHTXHQF\ HUURU RI WKH
VLQJOHFDUULHUGLJLWDOPRGXODWLRQV7KHPHWKRGLVDEOHWRRSHUDWHRQ WKH
PRGXODWLRQV 0DU\ $PSOLWXGH 6KLIW .H\LQJ 0DU\ 3KDVH 6KLIW .H\LQJ
DQG 0DU\ 4XDGUDWXUH $PSOLWXGH 0RGXODWLRQ XVHG LQ WKH
WHOHFRPPXQLFDWLRQV\VWHPV7KHIXQFWLRQDOEORFNDUFKLWHFWXUHLVREWDLQHG
IURPWKH6RIWZDUH5DGLRDUFKLWHFWXUHDQGLVEDVHGRQWKHFDVFDGHRIWKH
$QDORJWR'LJLWDO&RQYHUWHU $'& WKH'LJLWDO'RZQ&RQYHUWHUDQGWKH
EDVH EDQG SURFHVVLQJ /RRNLQJ WR WKH LPSOHPHQWDWLRQ LQ PHDVXUHPHQW
LQVWUXPHQWDWLRQ WKH SHUIRUPDQFH RI WKLV FDVFDGHG DUFKLWHFWXUH LV
LQYHVWLJDWHG E\ FRQVLGHULQJ WKUHHGLIIHUHQW $'& DUFKLWHFWXUHV 7KH\DUH
EDVHGRQ L WKHSLSHOLQH LL WKHVLQJOHTXDQWL]HUORRSȈǻPRGXODWRUDQG
LLL WKH0XOWLVWDJH1RLVH6KDSHU 0$6+ ȈǻPRGXODWRU1XPHULFDOWHVWV
L  FRQILUP WKH LPSRUWDQW UXOH RI WKH $'& LQ WKLV DUFKLWHFWXUH DQG LL 
KLJKOLJKWWKHLQWHUHVWLQJSHUIRUPDQFHRIWKH0$6+EDVHGȈǻPRGXODWRU
IRUXVHLQDGYDQFHGPHDVXUHPHQWLQVWUXPHQW

.H\ZRUGV ± 'LJLWDO 0RGXODWLRQ $QDORJ WR 'LJLWDO &RQYHUWHU Ȉǻ
PRGXODWRU
, ,1752'8&7,21
2YHUWKHODVWIHZ\HDUVPRUHIXQFWLRQVRIWKHUDGLRV\VWHPV
DUHLPSOHPHQWHGLQVRIWZDUHOHDGLQJWRZDUGWKH6RIWZDUH5DGLR
65 ,QWKHUHFHLYHURIWKH65WKHLQFRPLQJVLJQDOLVWUDQVODWHG
LQWRWKHGLJLWDOGRPDLQE\WKH$QDORJWR'LJLWDO&RQYHUWHU $'& 
DQGLVGHPRGXODWHGE\XVLQJVRIWZDUHWHFKQLTXHV>@7KHEHQHILWV
RIWKLVDSSURDFKFRQVLVWLQXVLQJVLQJOHJHQHUDOSXUSRVHSODWIRUP
WR SHUIRUP GLIIHUHQW IXQFWLRQV E\ VLPSO\ UXQQLQJ GLIIHUHQW
SURJUDP 7KHPDLQHIIRUWLVWRJHWWKHKDUGZDUHDUFKLWHFWXUHDEOH
WRVXSSRUWWKH65>@E\WDNLQJRQWRDFFRXQWWKHVWURQJGLYHUVLW\
RIH[LVWLQJDQGIXWXUHFRPPXQLFDWLRQV\VWHPV
7KHFRPPRQDUFKLWHFWXUHRIWKH65SURSRVHGLQOLWHUDWXUHDQG
JHQHUDWLQJZLGHVSUHDGLQWHUHVWLQWKHWHOHFRPPXQLFDWLRQLQGXVWU\
>@ >@ LV FRQVWLWXWHG E\ WKUHHPDLQ IXQFWLRQDO EORFNV 7KH\ DUH
)LJ  L  WKH 5DGLR )UHTXHQF\ 5)  VHFWLRQ UHDOLVHG E\ WKH
DQDORJ KDUGZDUH PRGXOH LL  WKH ,QWHUPHGLDWH )UHTXHQF\ ,) 
VHFWLRQUHDOLVHGE\WKHFDVFDGHRIWKH$'&DQGWKH'LJLWDO'RZQ
&RQYHUWHU ''&  DQG LLL  WKH EDVH EDQG SURFHVVLQJ VHFWLRQ
UHDOLVHG E\ WKH 'LJLWDO 6LJQDO 3URFHVVRU '63  7KH FXUUHQW
UHVHDUFKWUHQGLVDGGUHVVHGWRSHUIRUPWKHGLJLWDOFRQYHUVLRQVULJKW
WRWKHDQWHQQD>@
%RWKWKHIHDVLELOLW\DQGWKHDGDSWDELOLW\PDGHWKLVDUFKLWHFWXUH
LQWHUHVWLQJ WR HIILFLHQWO\ LPSOHPHQW WKH PHWKRG FDUULHG RXW WR
PHDVXUH WKH FDUULHU IUHTXHQF\ HUURU RI WKH VLQJOH FDUULHU GLJLWDO
PRGXODWLRQV IRU WHOHFRPPXQLFDWLRQ V\VWHPV >@ 7KLV PHWKRG
UHTXLUHVWRSURFHVVWKHLQFRPLQJVLJQDODFFRUGLQJWRWKHIROORZLQJ
VWHSV L WRGRZQFRQYHUWWKHVLJQDOLQEDVHEDQG LL WRGHWHUPLQH
0-7803-8879-8/05/$20.00 ©2005 IEEE 780
ERWK WKH LQSKDVH ,  DQG LQ TXDGUDWXUH 4  FRPSRQHQWV RI WKH
VLJQDODQG LLL WRFRPSXWHWKHSKDVHIURPWKHUDWLRRIWKHVHWZR
FRPSRQHQWV7KHVHWKUHHVWHSVZHOOPDWFKWKHIXQFWLRQDOEORFNVRI
WKH65DUFKLWHFWXUH
7KHLQWHUHVWWRWKLVPHWKRGLVMXVWLILHGE\WKHXQLILHGDSSURDFK
WR L  WKH DPSOLWXGH PRGXODWHG VLJQDOV WKH 0DU\ 4XDGUDWXUH
$PSOLWXGH0RGXODWLRQ 04$0 DQGWKH0DU\$PSOLWXGH6KLIW
.H\LQJ 0$6. DQG LL WKHDQJOHPRGXODWHGVLJQDOVWKH0DU\
3KDVH 6KLIW .H\LQJ 036.  UHVSHFWLYHO\ 0RUHRYHU LW VKRZV
EHWWHU SHUIRUPDQFH UHVSHFW WR WKH RWKHU PHWKRGV DYDLODEOH LQ
OLWHUDWXUH>@>@
/RRNLQJWRWKHPHWKRGLPSOHPHQWDWLRQWKHGHVLJQRIERWKWKH
$'& DQG WKH ''& DUFKLWHFWXUHV LV D WUDGHRII EHWZHHQ WKH
DYDLODELOLW\ RI WKH WHFKQRORJLHV DQG ERWK WKH DFFXUDF\ DQG WKH
VHQVLWLYLW\ RI WKH IUHTXHQF\ HUURU PHDVXUHPHQW 7KHVH DUH
LPSRUWDQWDVSHFWVWREHWDNHQLQWRDFFRXQWDQGWREHLQYHVWLJDWHG
EHIRUHWKHUHDOL]DWLRQE\WKHDYDLODEOHWHFKQRORJ\
,Q SDUWLFXODU WKH SDSHU GHDOV ZLWK WKH HIIHFWV RI WKH $'&
DUFKLWHFWXUH RQ WKH FDUULHU IUHTXHQF\ HUURU PHDVXUHPHQW 7KH
DWWHQWLRQ LV UHVWULFWHG WR WKH DUFKLWHFWXUHV XVHG LQWR WKH 65 >@
>@ ,Q SDUWLFXODU WKH\ DUH WKH 3LSHOLQH $'& DQG WKH 6LJPD
'HOWD Ȉǻ %DQG3DVV %3 $'&$PRQJWKHPWKHΣ∆%3$'&
EDVHG RQ L  WKH 6LQJOH 4XDQWL]HU /RRS 64/  %3 DQG LL  WKH
0XOWLVWDJH 1RLVH 6KDSHUV 0$6+  %3 DUH WDNHQ LQWR DFFRXQW
%HFDXVH WKH TXDQWL]DWLRQ QRLVH LV GLIIHUHQW DFFRUGLQJ WR WKH
GLIIHUHQWDUFKLWHFWXUHWKHVHWZRΣ∆%3$'&LQIOXHQFHLQGLIIHUHQW
ZD\WKHFDUULHUIUHTXHQF\HUURUPHDVXUHPHQW
,QWKHIROORZLQJWKHGHVFULSWLRQRIWKHPHWKRGIRUWKHFDUULHU
IUHTXHQF\ HUURU PHDVXUHPHQW LV EULHIO\ JLYHQ IRU VDNH RI
FRPSOHWHQHVV 6XFFHVVLYHO\ WKH EORFN VFKHPH RI WKH $'&
DUFKLWHFWXUHVGHVLJQHGWREHLPSOHPHQWHGLQWRWKH,)VHFWLRQRIWKH
65DUHGLVFXVVHG7KH$'&DUFKLWHFWXUHVWDNHQLQWRDFFRXQWDUH
WKDWUHDOL]DEOHZLWKWKHH[LVWLQJWHFKQRORJLHVDWWKDWWLPH$W
WKHHQGWKHUHVXOWVRIWKHQXPHULFDOWHVWVFDUULHGRXWWRLQYHVWLJDWH
RQWKHHIIHFWVRIWKH$'&DUFKLWHFWXUHVRQWKHFDUULHUIUHTXHQF\
HUURUPHDVXUHPHQWDUHJLYHQ


)LJ %ORFN VFKHPH RI WKH UHFHLYHU RI WKH VRIWZDUH UDGLR FRQVWLWXWHG E\ WKH
FDVFDGHRIWKH5)VHFWLRQWKH,)VHFWLRQDQGWKHEDVHEDQGVHFWLRQ
 ,,)81&7,21$/%/2&.$5&+,7(&785(
)25)5(48(1&<(55250($685(0(17
$7KHPHWKRGIRUIUHTXHQF\HUURUPHDVXUHPHQW
,Q WKH QRUPDO RSHUDWLRQ RI WKH GRZQ FRQYHUVLRQ WKH
PRGXODWHG VLJQDO ZLWK WKH FDUULHU VLJQDO DW WKH UDGLR
IUHTXHQF\ IF LV PXOWLSOLHG E\ WKH VLQXVRLGDO VLJQDO ZLWK
DVVLJQHG IUHTXHQF\ IR ,Q WKLV PDQQHU WKH VSHFWUXP RI WKH
PRGXODWHG VLJQDO LV WUDQVODWHG RI WKH TXDQWLW\ HTXDO WR WKH
IUHTXHQF\ IR ,I WKLV IUHTXHQF\ LV HTXDO WR WKH FDUULHU
IUHTXHQF\ WKH FRUUHFW GRZQ FRQYHUVLRQ LQ EDVHEDQG RI WKH
VLJQDO RFFXUV ,I WKLV IUHTXHQF\ LV QRW HTXDO WR WKH FDUULHU
IUHTXHQF\ WKH GLIIHUHQFH IVK IF  IR FDQ EH DWWULEXWHG WR WKH
HUURU DIIHFWLQJ WKH FDUULHU IUHTXHQF\ 7KLV HUURU FDQ EH
HVWLPDWHG E\ WKH VORSH RI WKH VWUDLJKW OLQH UHSUHVHQWLQJ WKH
SKDVHRIWKHPRGXODWHGVLJQDOGRZQFRQYHUWHGLQEDVHEDQG
DFFRUGLQJWRWKHIROORZLQJFRQVLGHUDWLRQV
:KHQ WKH FDUULHU IUHTXHQF\ HUURU IVK RFFXUV WKH VLJQDO
VG W WUDQVODWHGLQEDVHEDQGLV

V G (W ) = ∑ $NH
M  π I VK +ψ
J (W − N7 V )
 N
 
ZKHUH $N PDSV WKH WUDQVPLWWHG V\PEROV ψ LV WKH FDUULHU
SKDVH RIIVHW 7V LV WKH V\PERO WLPH DQG J W  LV WKH ILQLWH
HQHUJ\VLJQDOZLWK7VGXUDWLRQ7KHH[SUHVVLRQVRI$NIRU0
$6.036.DQG04$0PRGXODWLRQVDUHJLYHQLQ>@7KH
DUJXPHQWRIVG W LV
 FRQYHUWHG ILUVW 7KH DGYDQWDJHV RI WKH ''& DIWHU WKH $'& >@
DUJ V G W = πI VK W + ψ + ϕ L   
 WKH SHUIHFW ,4 PDWFKLQJ FDQ EH REWDLQHG DQG LL  WKH LPDJH
ZKHUH ϕL FRVW IRU 0$6. ϕL πL0 IRU 036. DQG
ϕL DWDQ ENDN IRU04$0%\WDNLQJLQWRDFFRXQWWKHVKDSH
RI DUJ VG W  LW LV SRVVLEOH WR GLVWLQJXLVK WKH HIIHFWV RQ VG W 
EHWZHHQWKDWFDXVHGE\ L WKHV\PEROFKDQJLQJ ϕL DQG LL 
WKH FDUULHU IUHTXHQF\ HUURU IVK $V LW LV VKRZQ LQ )LJ WKH
WUHQG RI DUJ VG W  LV FKDUDFWHUL]HG E\ WKH VWUDLJKW OLQH ZLWK
VXSHULPSRVHGVWHSVFDXVHGE\V\PEROFKDQJLQJ7KHVORSHRI

)LJ 7UHQG RI WKH SKDVH FRPSXWHG DFFRUGLQJ WR WKH SURSRVHG PHWKRG LQ WKH
FDVHRI4$0VLJQDOZLWKFDUULHUIUHTXHQF\HUURUHTXDOWR+]
 IRV
,
VW 
$'& ''& µ3
4


)LJ %ORFN VFKHPH RI WKH FDVFDGH RI WKH $'& WKH ''& DQG WKH µ3
LPSOHPHQWLQJWKHPHWKRGWRFDUULHUIUHTXHQF\HUURUPHDVXUHPHQW
WKHVWUDLJKWOLQHIXUQLVKHVWKHIUHTXHQF\HUURU>@$FFRUGLQJ
WR WKH SUHYLRXV WKHRUHWLFDO EDVLV WKH LPSOHPHQWDWLRQ RI WKH
PHWKRG RQ WKH PHDVXUHPHQW LQVWUXPHQW UHTXLUHV WKH
IXOILOPHQWRIWKHIROORZLQJVWHSV
 GRZQ FRQYHUWHU LQ EDVH EDQG LQ RUGHU WR H[WUDFW WKH
FDUULHUSKDVHRIWKHPRGXODWHGVLJQDO
 HYDOXDWH WKH , DQG 4 FRPSRQHWV LQ RUGHU WR SHUPLW WKH
HYDOXDWLRQRIWKHFDUULHUSKDVH
 HVWLPDWH WKH VORSH RI WKH SKDVH WUHQG LQ RUGHU WR
GHWHUPLQHWKHFDUULHUIUHTXHQF\HUURUIVK
%)XQFWLRQDOEORFNDUFKLWHFWXUH
 7KH SUHYLRXV WKUHH VWHSV FRQFHUQLQJ L  WKH EDVHEDQG GRZQ
FRQYHUVLRQ LL  WKH HYDOXDWLRQ RI WKH ,4 FRPSRQHQWV RI WKH
PRGXODWHGVLJQDODQG LLL WKHSKDVHVORSHHVWLPDWLRQPDWFKZLWK
WKH 65 DUFKLWHFWXUH )LJ VKRZV WKH FDVFDGH RI WKH $'& WKH
''& DQG WKH µ3 H[WUDFWHG IURP WKH 65 DUFKLWHFWXUH WR
LPSOHPHQWWKHPHWKRGWRFDUULHUIUHTXHQF\HUURUPHDVXUHPHQW
6LQFH WKH VLJQDO SURFHVVLQJ LV DOZD\V VLPSOHU DQG PRUH
HIILFLHQWO\SHUIRUPHGDWWKHEDVHEDQGWKHGLJLWL]HGVLJQDOLVGRZQ
FRPSDUHGWRWKHDQDORJGRZQFRQYHUVLRQEHIRUHWKH$'&DUH L 
UHMHFWLRQFDQEHUHDOL]HG7KH,4FRPSRQHQWVDWWKHRXWSXWRIWKH
''&GHSHQGRQO\E\WKHFDUULHUIUHTXHQF\HUURUDQGFRQVWLWXWHWKH
LQSXW WR WKH IROORZLQJ EORFN GHYRWHG WR WKH FRPSXWDWLRQ RI WKH
SKDVH ,I WKLV EORFN LV UHDOLVHG E\ WKH '63 WKH ''& FDQ EH
LPSOHPHQWHGE\VRIWZDUHDQGPRGLILFDWLRQFDQEHPDGHHDVLO\WR
DGDSW QHZ UHTXLUHPHQWV 7KH KDUGZDUH LPSOHPHQWDWLRQ FDQ EH
FRQYHQLHQWO\ XVHG ZKHQ KLJK OHYHO RI GHFLPDWLRQ PXVW EH
SHUIRUPHG 7KH GLJLWL]DWLRQ E\ WKH $'& DQG WKH ,) SURFHVVLQJ
SHUIRUPHG E\ WKH ''& FDQ EH UHDOL]HG RQ FRPPRQ KDUGZDUH
DFFRUGLQJZLWKWKHWHFKQRORJLHVDYDLODEOHWRGD\
7KHFXUUHQWVWDWHRIDUWFDQQRWVXSSRUWWKH5)EDQGV:LWK
UHVSHFW WR WKLV OLPLW WKH FULWLFDO IXQFWLRQDOLW\ RI WKH EORFN
DUFKLWHFWXUHRI)LJLVLQYHVWLJDWHG,QSDUWLFXODUWKHHIIHFWRI
WKH $'& RQ WKH FDUULHU IUHTXHQF\ HUURU PHDVXUHPHQW LV
DQDO\]HGDQGWKHDUFKLWHFWXUHRIWKH$'&LVVXJJHVWHGWKDWLV
UHDOL]DEOHZLWKWKHH[LVWLQJWHFKQRORJLHV
7KHFKDUDFWHULVWLFDVSHFWVRIWKHLQSXWVLJQDOV W RI)LJ
DUH L FDUULHUIUHTXHQF\LQWRWKHUDQJHRIWKH,)DFFRUGLQJWR
WKH DYDLODEOH WHFKQRORJLHV DW WKDW WLPH DQG LL  GLJLWDO
PRGXODWLRQDFFRUGLQJWRWKHVFKHPHV0$6.04$0DQG
036.
$FFRUGLQJ WR WKH UHFHQW UHVHDUFK JLYHQ LQ OLWHUDWXUH >@
>@ WKUHH GLIIHUHQW DUFKLWHFWXUHV RI $'& FDQ EH WDNHQ LQWR
DFFRXQW7KHILUVWLVWKHSLSHOLQHDUFKLWHFWXUHVKRZQLQ)LJD
781
 D


)LJ 2XWSXWVLJQDORIWKHΣ∆%364/ PRGXODWRUFRUUHVSRQGLQJWR

WKHLQSXWVLJQDOJHQHUDWHGDFFRUGLQJWRWKHPRGXODWLRQ36.
7KH PRGXODWRU FHQWUDO IUHTXHQF\ LV HTXDO WR 0+] WKH
VDPSOLQJ IUHTXHQF\ LV HTXDO WR 0+] DQG WKH FDUULHU
IUHTXHQF\HUURULVN+]
>@7KLVDUFKLWHFWXUHXVHVWKHSLSHOLQHVWDJHRIELWLQRUGHU
WR RSWLPL]HV WKH VSHHG 7KH VHFRQG DUFKLWHFWXUH LV WKH WK
RUGHUȈǻ%3EDVHGRQ64/PRGXODWRUVKRZQLQ)LJE>@
7KLV PRGXODWRU KDV 0XOWLSOH )HHG%DFN 0)%  VWUXFWXUHV
ZLWKDVLQJOHELWTXDQWL]HU7KHUHVRQDWRULQWKHORRSILOWHULV
LPSOHPHQWHG E\ WKH 'RXEOH 'HOD\ ''  WRSRORJ\ 7KH ''
E
 UHVRQDWRU FRQVLVWV RI WZR GHOD\ HOHPHQWV LQ VHULHV ZLWK D
IHHGEDFN WHUP RI RQH :LWK WKLV UHVRQDWRU WKH QRWFK
IUHTXHQF\ >@ LV GLUHFWO\ IL[HG DW IV ZLWK IV VDPSOLQJ
IUHTXHQF\ 7KH WKLUG DUFKLWHFWXUH LV WKH Σ∆ %3 EDVHG RQ
0$6+ PRGXODWRU >@ VKRZQ LQ )LJF 7KLV RSHUDWHV ZLWK
WZR Σ∆ PRGXODWRUV 7KH 0$6+ DUFKLWHFWXUH FRQVLVWV RI WKH
VWDJHV LQ FDVFDGH HDFK RQH FRQVWLWXWHG E\ D VLQJOHTXDQWL]HU
ORRS (DFK VWDJH LV IHHG E\ WKH TXDQWL]HU HUURU DULVLQJ IURP
WKH SUHYLRXV RQH 7KLV FRQILJXUDWLRQ LQFUHDVHV WKH
SHUIRUPDQFHLQEDQGRIWKHFRQYHUWHUDQGSHUPLWVWRLQFUHDVH
WKH (IIHFWLYH 1XPEHU 2I %LWV (12%  $V D UHVXOW WKH
LQFUHDVLQJ RI WKH ELW UHVROXWLRQ FRQWULEXWHV WR LQFUHDVH WKH
DFFXUDF\LQWKHIUHTXHQF\HUURUHVWLPDWLRQ
7KHFRPPRQVWUXFWXUHRIWKH''&LVVKRZQLQWKHEORFN


F
VFKHPH RI )LJ ,W RSHUDWHV WKH PXOWLSOLFDWLRQ E\ XVLQJ WKH
 GLJLWDO VLQXVRLGDO VLJQDO ZLWK IUHTXHQF\ HTXDO WR IR ,Q WKH
)LJ %ORFN VFKHPH RI D  3LSHOLQH $'& E  Σ∆ %DQG3DVV EDVHG RQ FDVHRIWKHΣ∆%3PRGXODWRUWKHVLJQDOPXVWEHWUDQVODWHGE\
VHFRQGRUGHU64/PRGXODWRUDQGF Σ∆%30$6+ WDNLQJLQWRDFFRXQWWKHFHQWUDOEDQGIUHTXHQF\ IZ %HFDXVH

WKLV ODVW LV UHODWHG WR IV E\ WKH UHODWLRQ IZ IV WKH UHODWLRQ
IR IVPXVWEHUHVSHFWHGLQWKHVWUXFWXUHRI)LJ7KHUHIRUH
LWFDQEHDVVXPHGWKDWWKHFDUULHUIUHTXHQF\HUURULVHYDOXDWHG
E\WKHGLVWDQFHEHWZHHQWKHFHQWUDOEDQGIUHTXHQF\RIWKHȈǻ
%3PRGXODWRUDQGWKHUHDOFDUULHUIUHTXHQF\RIWKHPRGXODWHG
VLJQDO 7KH RXWSXW RI ERWK WKH Ȉǻ %3 PRGXODWRU DQG WKH
3LSHOLQH$'&LVPXOWLSOLHGE\WKHVHTXHQFH«IRU
WKH FRPSRQHQWV , DQG E\ « IRU WKH FRPSRQHQW
4 %HFDXVH WKH RXWSXW RI WKH Ȉǻ %3 PRGXODWRUV WDNHQ LQWR
DFFRXQWLVFRQVWLWXWHGE\RQO\RQHELWDVVKRZQLQ)LJWKH
PXOWLSOLFDWLRQLVVLPSOHUUHVSHFWWRWKDWRIWKH3LSHOLQH$'&
,QGHHG WKLV ODVW LV FKDUDFWHUL]HG E\ PXOWLELW UHVROXWLRQ
RXWSXW0RUHRYHUWKHGHFLPDWRU),5ILOWHULQWKH''&>@LV
 XVHG L WRUHPRYHWKHKLJKIUHTXHQF\FRPSRQHQWVDQG LL WR
)LJ %ORFNVFKHPHRIWKH'LJLWDO'RZQ&RQYHUWHU PRGLI\WKHGLJLWDORXWSXWUHVROXWLRQ


782
 ,,, ())(&762)7+($'&$5&+,7(&785( 7DE 615 DQG (12% IRU WKH 3LSHOLQH $'& Ȉǻ %3 64/ DQG Ȉǻ %3
217+()5(48(1&<(55250($685(0(17 0$6+

 615 (12%
7KH HIIHFWV RI WKH SUHYLRXV FRQVLGHUHG DUFKLWHFWXUHV RI WKH
3LSHOLQH$'& G% ELW
$'& XSRQ WKH FDUULHU IUHTXHQF\ HUURU PHDVXUHPHQW DUH Ȉǻ%364/ G% ELW
LQYHVWLJDWHG E\ PHDQV RI WKH VLPXODWLRQV SHUIRUPHG LQ WKH Ȉǻ%30$6+ G% ELW
0$7/$%DQG6LPXOLQNHQYLURQPHQW
3DUWLFXODULQWHUHVWLVGHYRWHGWRWKH$'&DUFKLWHFWXUHVEHFDXVH 7KHUHIRUH WKH PHDVXUHPHQW HUURU HP  GHILQHG E\ WKH
WKH\ GHWHUPLQH PRUH WKH RYHU DOO EHKDYLRXU RI WKH SURSRVHG GLIIHUHQFHEHWZHHQWKHDVVLJQHGVKLIWRIWKHFDUULHUIUHTXHQF\
VWUXFWXUH DQG WKH PHDVXUHG FDUULHU IUHTXHQF\ HUURU FDQ EH HYDOXDWHG
DQGWDNHQLQWRDFFRXQWDVSHUIRUPLQJLQGH[
7KHLQYHVWLJDWLRQLVSHUIRUPHG L E\DVVXPLQJEDVLFFRPPRQ
FKDUDFWHULVWLFV WR GHVLJQ WKH $'& DUFKLWHFWXUHV DQG LL  E\
HYDOXDWLQJ WKH WUHQG RI WKH PHDVXUHPHQW HUURU LQ GLIIHUHQW
RSHUDWLQJFRQGLWLRQV

$ 'HVLJQFKDUDFWHULVWLFVRIWKH$'&DUFKLWHFWXUHV

7KHEORFNVFKHPHVRI)LJIXUQLVKWKHXVHIXOLQIRUPDWLRQIRU
WKH VLPXODWLRQ 7KH GHVLJQ SDUDPHWHUV FKDUDFWHULVLQJ HDFK EORFN
DUH HVWDEOLVKHG E\ LPSRVLQJ WKH DJUHHPHQW DPRQJ WKH WKUHH
DUFKLWHFWXUHV RI L  WKH 6LJQDO WR 1RLVH 5DWLR 615  LL  WKH
(12%DQG LLL WKHSDVVEDQGRIWKHIUHTXHQF\UHVSRQVH
7KH YDOXHV RI WKH 615 DQG WKH (12% HYDOXDWHG IRU HDFK
 DUFKLWHFWXUH RI WKH )LJ DUH JLYHQ LQ 7DE ,Q FRQWUDVW WR WKH
3LSHOLQH $'& ZKRVH WKH TXDQWL]DWLRQ QRLVH LV XQLIRUPO\
GLVWULEXWHGLQIUHTXHQF\WKHȈǻ%3PRGXODWRULVFKDUDFWHULVHGE\
WKHQRLVHVKDSLQJ7KHUHIRUHWKHHYDOXDWLRQRIERWKWKH615DQG
(12%LVLQIOXHQFHGE\WKHZLGWKRIWKHSDVVEDQGIROORZLQJIURP
WKHQRLVHVKDSLQJHIIHFW7KHIXQGDPHQWDOSUREOHPLVWKDWWKHSDVV
EDQG RI WKH Ȉǻ PRGXODWRU FDQQRW EH GHILQHG D SULRUL LQ D
WUDGLWLRQDOZD\,QJHQHUDOWKHSDVVEDQGLVGHILQHGDFFRUGLQJ L 
WR WKH HPSOR\PHQW RI WKH Ȉǻ PRGXODWRU LQ WKH FRPPXQLFDWLRQ
FKDQQHODQG LL WKHEDQGRIWKHPRGXODWHGVLJQDOWREHSURFHVVHG
$VDFRQVHTXHQFHWKHYDOXHVRIWKH7DEPXVWWREHFRQVLGHUHG
DVWKHWUHQGYDOXHVIRUHDFKDUFKLWHFWXUHWDNHQLQWRDFFRXQW2ZLQJ
WRWKHTXLWHFRUUHVSRQGHQFHDPRQJWKHWUHQGYDOXHVRI7DEWKH
HIIHFWVRIWKUHH$'&DUFKLWHFWXUHFDQEHFRPSDUHG
,Q RUGHU WR LQYHVWLJDWH DERXW WKH SDVV EDQG RI WKH IUHTXHQF\
 UHVSRQVH WKH 3RZHU 6SHFWUDO 'HQVLW\ 36'  FDQ EH DQDO\VHG
FRQYHQLHQWO\)LJVKRZVWKH36'RI L WKH3LSHOLQH$'& LL 
WKH Ȉǻ %3 64/ PRGXODWRU DQG LLL  WKH Ȉǻ %3 0$6+
PRGXODWRU 7KH FRPSDULVRQ DPRQJ WKH 36' SRUWUDLWV KLJKOLJKWV
WKDWWKHVHDUFKLWHFWXUHVFDQRSHUDWHLQWKHVDPHIUHTXHQF\UDQJH
FKDUDFWHULVHG E\ EDQG ZLGWK IZG N+] DQG FHQWUDO EDQG
IUHTXHQF\IZ 0+]

% 0HDVXUHPHQWHUURUWUHQG

,QRUGHUWRSUHOLPLQDU\DVVHVVWKHFRUUHFWQHVVRIWKHRSHUDWLRQ
PRGH RI WKH SURSRVHG VWUXFWXUH QXPHURXV WHVWV DUH SHUIRUPHG
)LJVKRZVWKHWUHQGRIWKHSKDVHHYDOXDWHGLQWKHWKLUGEORFNRI
WKH )LJ 7KH UHVXOWV UHIHU WR L  LQSXW PRGXODWHG VLJQDO
DFFRUGLQJ WR WKH 36. LL  Σ∆ %3 64/ PRGXODWRU LLL 

 PRGXODWRUFHQWUDOEDQGIUHTXHQF\IZ 0+]DQG LY FDUULHU
)LJ 3RZHUVSHFWUDOGHQVLW\RIWKHSLSHOLQH$'& XSSHU WKHΣ∆%3 IUHTXHQF\HUURUIVK +]7KHSKDVHVORSHGHQRWHVWKDWWKHFDUULHU
64/ PRGXODWRU FHQWHU  DQG WKH Σ∆ %3 0$6+ PRGXODWRU
ORZHU 
IUHTXHQF\GLIIHUVIURPWKHFHQWUDOIUHTXHQF\RIWKHΣ∆PRGXODWRU

783
 VKRZ LQWHUHVWLQJ SHUIRUPDQFH LI FRPSDUHG WR WKH 3LSHOLQH


$'& DUFKLWHFWXUH %RWK WKH Σ∆ DUFKLWHFWXUHV DUH

FKDUDFWHUL]HGE\WKHSURSHUW\RIWKHQRLVHVKDSLQJLQWKHSDVV
EDQGDVVKRZQLQWKH36'SRUWUDLWRI)LJ7KLVSURSHUW\LV
RI JUHDW LQWHUHVW DQG DGYDQWDJHV IRU DSSOLFDWLRQ WR WKH
WHOHFRPPXQLFDWLRQ VLJQDOV 7KHUHIRUH LW LV RI LQWHUHVW WR
LQYHVWLJDWH RQ WKH HIIHFWV RI WKH QRLVH RQ WKH PHDVXUHPHQW
HUURUHP
)LJ VKRZV WKH WUHQG RI WKH PHDVXUHPHQW HUURU LQ WKH
FDVH RI Σ∆ %3 64/ PRGXODWRU 7KH LQSXWV DUH L  WKH 




 3LSHOLQH$'&
)LJ 7UHQGRIWKHSKDVHDWWKHRXWSXWRIΣ∆%364/PRGXODWRUIRU 

HP>SSP@
36.LQSXWVLJQDO7KHPRGXODWRUFHQWUDOIUHTXHQF\LVHTXDO 
WR0+]WKHFDUULHUIUHTXHQF\HUURULVHTXDOWR+]

Σ∆$'&
7KH LQYHVWLJDWLRQ DERXW WKH WUHQG RI WKH PHDVXUHPHQW 

HUURUHPLQGLIIHUHQWRSHUDWLQJFRQGLWLRQVLVIXQGDPHQWDO L WR 

KLJKOLJKW WKH PHWURORJLFDO FKDUDFWHULVWLFV RI WKH $'& 

DUFKLWHFWXUHDQG LL WRGHWHFWWKHLQIOXHQFLQJSDUDPHWHUV      

&DUULHUIUHTXHQF\VKLIW>SSP@
7KH WHVWV DUH SHUIRUPHG L  E\ H[DPLQLQJ  GLIIHUHQW
WHVWVLJQDOVIRUHDFKGLJLWDOPRGXODWLRQDQG LL E\DVVXPLQJ 
)LJ 7UHQGRIWKHPHDVXUHPHQWHUURULQWKHFDVHRIΣ∆%364/
WKH V\PERO IUHTXHQF\ IV\PE 0V\PEROV ,Q DOO WKH WHVWV WKH PRGXODWRU DQG 3LSHOLQH $'& IRU WKH 36. PRGXODWLRQ
PHDVXUHPHQW HUURU HP LV HYDOXDWHG YHUVXV WKH DVVLJQHG VKLIW VLJQDONVDPSOHVDUHSURFHVVHG
RIWKHFDUULHUIUHTXHQF\

)RU VDNH RI EUHYLW\ LQ WKH IROORZLQJ WKH UHVXOWV RI WKH
SHUIRUPHG WHVWV DUH GLVFXVVHG L  WR KLJKOLJKW WKH 
SHUIRUPDQFHVRIWKHWKUHH$'&DUFKLWHFWXUHV LL WRHYDOXDWH  
WKH HIIHFWV RI WKH VDPSOH QXPEHU RQ WKH FDUULHU IUHTXHQF\
HP>SSP@

HUURU PHDVXUHPHQW DQG LLL  WR GHILQH WKH DFFHSWDEOH ORZHU 


ERXQGRIWKH615  
)LJVKRZVWKHWUHQGRIWKHPHDVXUHPHQWHUURULQWKHFDVH

RI WKH 3LSHOLQH $'& DQG Σ∆ %3 64/ EDVHG $'&
UHVSHFWLYHO\ 7KH LQSXW LV WKH 36. PRGXODWHG VLJQDO 
NVDPSOHVDUHSURFHVVHGIRUHDFKWHVWVLJQDO)LJVKRZV      
&DUULHUIUHTXHQF\VKLIW>SSP@
WKHWUHQGRIWKHPHDVXUHPHQWHUURULQWKHFDVHRIWKHΣ∆%3
0$6+ EDVHG $'& 7KH LQSXW LV DOZD\V WKH 36. )LJ7UHQG RI WKH PHDVXUHPHQW HUURU LQ WKH FDVH RI Σ∆
PRGXODWHG VLJQDO DQG WKH VDPSOHV SURFHVVHG IRU HDFK WHVW %30$6+PRGXODWRUIRUWKH36.PRGXODWLRQVLJQDOE\
SURFHVVLQJ   NVDPSOHV   NVDPSOHV DQG  
VLJQDO DUH L  NVDPSOHV LL  NVDPSOHV DQG LLL  NVDPSOHVUHVSHFWLYHO\
NVDPSOHV UHVSHFWLYHO\ ,W FDQ EH KLJKOLJKWHG WKH
LQWHUHVWLQJ SHUIRUPDQFH RI WKH Σ∆ %3 0$6+ EDVHG $'& 

,QGHHG WKH PHDVXUHPHQW HUURU LV UHGXFHG LI FRPSDUHG WR RWKHU 
WZR DUFKLWHFWXUHV 6LPLODU FRQFOXVLRQV FDQ EH GHGXFHG E\ 

DQDO\]LQJ WKH WHVWV SHUIRUPHG E\ XVLQJ WKH RWKHU PRGXODWHG
HP>SSP@

VLJQDOV 
0RUHRYHU )LJ VKRZV WKDW WKH PHDVXUHPHQW HUURU WUHQG 
ZHDNO\ GHSHQGHQWV RQ WKH QXPEHU RI WKH SURFHVVHG VDPSOHV 

$OVR IRU WKH Σ∆ %3 64/ EDVHG $'& WKH PHDVXUHPHQW HUURU
WUHQG ZHDNO\ GHSHQGHQWV RQ WKH QXPEHU RI WKH SURFHVVHG 
VDPSOHV DV VKRZQ LQ )LJ 1HYHUWKHOHVV WKH PHDVXUHPHQW      

HUURULVDOZD\VJUHDWHUWKDQWKHHUURULQWKHFDVHRIWKHΣ∆%3 &DUULHUIUHTXHQF\VKLIW>SSP@

0$6+EDVHG$'&LIWKHDVVLJQHGVKLIWRIWKHFDUULHUIUHTXHQF\
)LJ7UHQG RI WKH PHDVXUHPHQW HUURU LQ WKH FDVH RI  Σ∆ %3
LVORZHUWKDQSSP 64/ PRGXODWRU IRU WKH 36. PRGXODWLRQ VLJQDO E\
2Q WKH EDVLV RI WKH UHVXOWV RI WKH SUHYLRXV FRQVLGHUHG SURFHVVLQJ   NVDPSOHV DQG   NVDPSOHV
WHVWV WKH DUFKLWHFWXUHV HPSOR\LQJ WKH Σ∆ %3 PRGXODWRUV UHVSHFWLYHO\

784
  D &21&/86,216
HP>SSP@ 
 ,Q WKH SDSHU WKH IXQFWLRQDO EORFN DUFKLWHFWXUH LPSOHPHQWLQJ
 WKH PHWKRG WR PHDVXUH WKH FDUULHU IUHTXHQF\ HUURU RI WKH VLQJOH

FDUULHUGLJLWDOPRGXODWLRQVLVSUHVHQWHG,WLVDEOHWRRSHUDWHRQWKH
 VLQJOHFDUULHUGLJLWDOPRGXODWHGVLJQDOV0$6.04$0DQG0

     
36. 7KH IXQFWLRQDO EORFN DUFKLWHFWXUH REWDLQHG IURP WKH
6RIWZDUH 5DGLR DUFKLWHFWXUH LV EDVHG RQ WKH FDVFDGH RI WKH
&DUULHUIUHTXHQF\VKLIW>+]@
$QDORJWR'LJLWDO&RQYHUWHU $'& WKH'LJLWDO'RZQ&RQYHUWHU
DQGWKHEDVHEDQGSURFHVVLQJ7KHSHUIRUPDQFHRIWKLVFDVFDGHG
 DUFKLWHFWXUH LV DQDO\]HG E\ FRQVLGHULQJ WKUHH GLIIHUHQW $'&

E DUFKLWHFWXUHV EDVHG RQ L  WKH SLSHOLQH LL  WKH VLQJOH TXDQWL]HU
 ORRS Ȉǻ PRGXODWRU DQG LLL  WKH 0XOWLVWDJH 1RLVH 6KDSHU
HP>SSP@



0$6+ ȈǻPRGXODWRU1XPHULFDOWHVWV L FRQILUPWKHLPSRUWDQW
 UXOHRIWKH$'&LQWKLVDUFKLWHFWXUHDQG LL KLJKOLJKWWKDWWKHΣ∆
 %DQG 3DVV 0$6+ PRGXODWRU EDVHG $'& RIIHUV LQWHUHVWLQJ
 SHUIRUPDQFHV&RQVHTXHQWO\LWFDQGLGDWHVWREHLPSOHPHQWHGLQ

      KDUGZDUHDQGWREHXVHGLQDGYDQFHGPHDVXUHPHQWLQVWUXPHQW
&DUULHUIUHTXHQF\VKLIW>+]@ 5()(5(1&(6
 >@ 7 +HQWVFKHO * )HWWZHLV ³6RIWZDUH UDGLR UHFHLYHUV´ LQ &'0$
7HFKQLTXHV IRU 7KLUG *HQHUDWLRQ 0RELOH 6\VWHPV YRO  .OXZHU
 F ,QWHUQDWLRQDO 6HULHV LQ (QJLQHHULQJ DQG &RPSXWHU 6FLHQFH FK  SS
 ±
 >@ :LSUR7HFKQRORJLHV³6RIWZDUHGHILQHGUDGLR´:KLWH3DSHU$XJXVW
HP>SSP@



 

 ,WDO\ 0D\
   
&DUULHUIUHTXHQF\VKLIW>+]@
)LJ 7UHQG RI WKH PHDVXUHPHQW HUURU LQ WKH FDVH RI Σ∆ %3 64/
PRGXODWRU 7KH LQSXW LV D 4$0 PRGXODWHG VLJQDO E  36.
PRGXODWHGVLJQDODQGF $6.PRGXODWHGVLJQDO*DXVVLDQQRLVHLV
VXSHULPSRVHGZLWK615HTXDOWR G% G%DQG G%
4$0PRGXODWHGVLJQDO LL WKH36.PRGXODWHGVLJQDODQG
LLL WKH$6.PRGXODWHGVLJQDO0RUHRYHU*DXVVLDQQRLVH
LVVXSHULPSRVHGWRWKHPRGXODWHGVLJQDODQGWKHYDOXHRIWKH
615 LV HTXDO WR L   G% LL   G% DQG LLL   G% ,Q
SDUWLFXODU WKH PHDVXUHPHQW HUURU LQFUHDVHV DV GHFUHDVHV WKH
6157KHORZHUERXQGRIWKH615FDQEHDVVXPHGHTXDOWR
G%,QGHHGORZHUYDOXHRI615LQFUHDVHVWKHHUURUWRQRW
DFFHSWDEOHYDOXHV
2WKHUWHVWVDUHSHUIRUPHGWRLQYHVWLJDWHRQWKHLQIOXHQFHRIWKH
QRLVHVXSHULPSRVHGWRWKHVLJQDOLQWKHFDVHRIWKHΣ∆%30$6+
PRGXODWRU 7KH LQSXWV DUH DOZD\V L  WKH 4$0 PRGXODWHG
VLJQDO LL  WKH 36. PRGXODWHG VLJQDO DQG LLL  WKH $6.
PRGXODWHGVLJQDO7KHHUURULVTXLWHFRLQFLGHQWWRWKHHUURURIWKH
Σ∆%364/PRGXODWRULQWKHIROORZLQJFRQGLWLRQ*DXVVLDQQRLVH
VXSHULPSRVHGWRWKHPRGXODWHGVLJQDODQGYDOXHRIWKH615HTXDO
WRG%7KHUHIRUHWKHORZHUERXQGRIWKH615FDQEHDVVXPHG
HTXDOWRG%IRUWKHΣ∆%30$6+PRGXODWRU
7KHVHODVWWHVWVFRQILUPWKHLQWHUHVWLQJSHUIRUPDQFHRIWKH
Σ∆%30$6+PRGXODWRUEDVHG$'&WRWKHFDUULHUIUHTXHQF\
HUURU PHDVXUHPHQW RQ GLJLWDO PRGXODWHG VLJQDOV RI WKH
VFKHPHV0$6.036.DQG04$0
>@ ) 0DOREHUWL³+LJKVSHHG KLJKUHVROXWLRQGDWD FRQYHUWHUVIRUEDVH VWDWLRQV
WHFKQRORJLHV DUFKLWHFWXUHV DQG FLUFXLWGHVLJQ´ 3URF RI:RUNVKRSRQ $'&
0RGHOOLQJDQG7HVWLQJ3UDJXH&]HFK5HSXEOLF-XQHSS
 >@ '/ &DUQu ' *ULPDOGL ³&DUULHU IUHTXHQF\ DQG SKDVH RIIVHW PHDVXUHPHQW
IRU JHQHUDO VLQJOH FDUULHU GLJLWDO PRGXODWLRQV´ 3URF RI ,07& &RPR
  >@ ) 5LFH % &RZOH\ % 0RUDQ 0 5LFH &UDPpU5DR ORZHU ERXQGV IRU
4$0 SKDVH DQG IUHTXHQF\ HVWLPDWLRQ ,((( 7UDQV &RP YRO  6HSW
SS
 >@ (6HUSHGLQ3&LEODW*%*LDQQDNLV3/RXEDWRQ³3HUIRUPDQFHDQDO\VLV
RI EOLQG FDUULHU SKDVH HVWLPDWRUV IRU JHQHUDO 4$0 FRQVWHOODWLRQ´ ,(((
7UDQVDFWLRQRQ6LJQDO3URFHVVLQJYROQ$XJXVWSS
>@ +;X4+XDQJ+=KHQJ³2QWKHEOLQGFDUULHUSKDVHHVWLPDWLRQIRUODUJH
4$0FRQVWHOODWLRQ´3URFRIWK,QWHUQ&RQIRQ$GY,QIRUP1HWZRUNLQJ
DQG$SSOLFDWLRQV $,1$  ;L¶DQ &KLQD 0DUFKSS
>@ .9 &DUWZULJKW ³%OLQG SKDVH UHFRYHU\ LQ JHQHUDO 4$0 FRPPXQLFDWLRQ
V\VWHPV XVLQJ DOWHUQDWLYH KLJKHU RUGHU VWDWLVWLFV´ ,((( 6LJQDO 3URFHVVLQJ
/HWWHUVYROQ'HFSS
>@ *1 .DU\VWLQRV '$ 3DGRV ³6XSHUYLVHG SKDVH FRUUHFWLRQ RI EOLQG VSDFH
WLPH '6&'0$ FKDQQHO HVWLPDWHV´ 3URF RI &RQIHUHQFH RQ ,QIRUPDWLRQ
6FLHQFHDQG6\VWHPV3ULQFHWRQ8QLYHUVLW\0DUFK
>@: &RZOH\ 3KDVH DQG IUHTXHQF\ HVWLPDWLRQ IRU 36. SDFNHWV ERXQGV DQG
DOJRULWKPV,(((7UDQV&RPPYRO-DQSS
>@' *ULPDOGL / 6HUUDWRUH ³(IIHFW RI 3LSHOLQH $'& DUFKLWHFWXUH DQG Σ∆
PRGXODWRURQ''&´3URFRI,:$'&3HUXJLD,W6HSSS

>@:<DQJ³$9P:E06DPSOHV&026$'&ZLWKG%6)'5
DW1\TXLVWLQSXW´,(((-66W&LUFYROSS'HF
>@4 +XDQJ & +DPPHUVFKPLHG 7 %XUJHU ³0HHWLQJ WKH FKDOOHQJH RI KLJK
G\QDPLF UDQJH KLJK VSHHG $' &RQYHUVLRQ IRU 6RIWZDUH'HILQHG 5DGLR
6'5 ´KWWSZZZZLUHOHVVZRUOGUHVHDUFKRUJ
>@&KRQ,Q /DR +R,HQJ ,HRQJ .XDL)RN $X .XRN+DQJ 0RN 6HQJ3DQ 8
530DUWLQV³$0+]%DQGSDVV6LJPD'HOWD0RGXODWRU8VLQJ'RXEOH
'HOD\6LQJOHRSDPS6&5HVRQDWRUZLWK'RXEOH6DPSOLQJ´
>@'RQ 2URILQR ³)L[HGSRLQW *60 GLJLWDO GRZQ FRQYHUWHU LQ VLPXOLQN´
KWWSZZZPDWKZRUNVFRPPDWODEFRQWUROILOHH[FKDQJH
>@3 <X ³$ E 06DPSOHV 3LSHOLQHG $'& ZLWK ')&$´ 3URF RI,66&&
'LJ7HFK3DSHUV6DQ)UDQFLVFR&$)HESS
>@.XR&-/LX&7+RX&-³6LJPDGHOWDPRGXODWRUIRUEDQGSDVVVLJQDO´
&LUFXLWVDQG6\VWHPV,6&$6  &RQQHFWLQJWKH:RUOG ,(((
,QWHU6\PSRVLXPRQ9ROXPH0D\3DJH V YRO
>@(%+RJHQDXHU³$QHFRQRPLFDOFODVVRIGLJLWDOILOWHUVIRUGHFLPDWLRQDQG
LQWHUSRODWLRQ´,(((7UDQV$663$SULO

785