Download as pdf or txt
Download as pdf or txt
You are on page 1of 11

 &RQWURYHUVLHVLQ0HPH7KHRU\

5RVH1&RQWURYHUVLHVLQ0HPH7KHRU\
-RXUQDORI0HPHWLFV(YROXWLRQDU\0RGHOVRI,QIRUPDWLRQ7UDQVPLVVLRQ
Š––’śŵŵ ˆ’Ŝ‘”‰ŵŒ‘Ş‡‹–ŵɨɰɰɯŵ˜‘Žɩŵ”‘•‡ɏŜŠ–Ž

&RQWURYHUVLHVLQ0HPH7KHRU\
1LFN5RVH
'HSDUWPHQWRI3V\FKRORJ\
8QLYHUVLW\RIWKH:HVWRI(QJODQG%ULVWRO8.
DQGWKHC0HPH/DE 
1LFKRODV5RVH#XZHDFXN

$EVWUDFW
,QWURGXFWLRQ
5HSOLFDWRUVDQG3KHQRW\SHV
/DPDUFNLDQ+HUHGLW\
6RFLRELRORJ\DQG0HPHWLFV
6HOIFHQWHUHG6HOHFWLRQLVP
&RQFOXVLRQ
1RWHV
5HIHUHQFHV

$EVWUDFW
0HPHWKHRU\DQGWKHQRWLRQRIFXOWXUDOHYROXWLRQSUHVHQWWKHSRVVLELOLW\RIDIXQGDPHQWDOO\QHZ
ZD\RIXQGHUVWDQGLQJKXPDQFXOWXUH<HWVRPHRIWKHVSHFXODWLRQZLWKLQPHPHWKHRU\KDVEHFRPH
FRQIXVLQJDQGDPELJXRXV)RXUDUHDVRIPHPHWKHRU\DUHFULWLFDOO\UHYLHZHG7KHVHDUHDPELJXLW\
LQWKHGHILQLWLRQRIDPHPHDQGFRQIXVLRQUHJDUGLQJWKHGLVWLQFWLRQEHWZHHQUHSOLFDWRUDQG
SKHQRW\SHWKHSUREOHPRILQKHULWDQFHRIDFTXLUHGFKDUDFWHULVWLFVWKHUHODWLRQVKLSEHWZHHQ
PHPHWLFVDQGVRFLRELRORJ\DQGWKHVHOHFWLRQRUPXWDWLRQRIPHPHVEHLQJFDUULHGRXWE\FRQVFLRXV
IRUHVLJKW:KLOVW,VXJJHVWGLUHFWLRQVZKLFKPLJKWUHVROYHWKHVHSUREOHPVWKHSXUSRVHRIWKLVVKRUW
UHYLHZLVWRKHOSJHQHUDWHWKHZLGHUGHEDWHUHTXLUHGWRVHWWOHWKHVHLPSRUWDQWLVVXHV

.H\ZRUGVPHPHWKHRU\UHSOLFDWRUSKHQRW\SH/DPDUFNLVPVRFLRELRORJ\VHOIFHQWUHG
VHOHFWLRQLVP&ORDN'DZNLQV'HQQHWW

,QWURGXFWLRQ
(YROXWLRQE\QDWXUDOVHOHFWLRQKDVEHHQFRQWURYHUVLDOVLQFH'DUZLQILUVWSXEOLVKHGC7KH2ULJLQRI
6SHFLHV LQQRWOHDVWDPRQJVWWKRVHZKRKROGUHOLJLRXVEHOLHIV%\GHPRQVWUDWLQJWKDWWKURXJKWKH
DFFXPXODWLRQRIVPDOOLQKHULWHGFKDQJHVDQGGLIIHUHQWLDOVXUYLYDOCQDWXUH FRXOGVHOHFWDQLPDOVXSRQWKH
EDVLVRIWKHLUVXLWDELOLW\WRWKHLUHQYLURQPHQW'DUZLQDFKLHYHGDQH[SODQDWLRQRIKRZFRPSOH[LW\DQG
DSSDUHQWGHVLJQFRXOGKDYHDULVHQLQQDWXUHZLWKRXWWKHQHHGIRUDGHVLJQHU3HUKDSVWKHPRVW
FRQWURYHUVLDODVSHFWRI'DUZLQ VWKHRU\ZDVWKDWLWFKDOOHQJHGWKHYLHZWKDWC0DQ ZDVVRPHKRZVHSDUDWH

KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

IURPWKHUHVWRIQDWXUH+XPDQEHLQJVZHUHPHUHO\DQRWKHUEUDQFKRIOLIHVWHPPLQJIURPWKHVDPH
HYROXWLRQDU\SURFHVVDQGSULPLWLYHEHJLQQLQJVDVDOORWKHUDQLPDOV

'HVSLWHWKHFRQWURYHUV\'DUZLQLDQHYROXWLRQDU\WKHRU\KDVVXFFHHGHGLQEHFRPLQJDFHQWUDOIHDWXUHRI
WKHELRORJLFDOVFLHQFHV7KHWKHRU\KDVXQGHUJRQHVRPHUHILQHPHQWGXULQJWKHWLPHLWKDVEHHQDURXQG
QRWOHDVWZLWKWKHXQLILFDWLRQLQWKH VZLWKWKHJHQHWLFPHFKDQLVPRIKHUHGLW\ HJ)LVKHU>@ 
(VVHQWLDOO\KRZHYHULWFRXOGEHVDLGWKDW'DUZLQ VWKHRU\LVWKHFHQWUHSLHFHRIELRORJ\WKHEDVLVIRU
H[SODLQLQJWKHRULJLQVDQGKLVWRU\RIOLIHRQ(DUWKDQGSHUKDSVHYHU\ZKHUHHOVHLQWKHXQLYHUVH FI
'DZNLQV>@'HQQHWW>@ 

7KHFRUHWHQHWVRIHYROXWLRQE\QDWXUDOVHOHFWLRQCDUHDVPXFKRSHQWRGRXEWDVWKHWKHRU\WKDWWKHHDUWK
JRHVURXQGWKHVXQ  'DZNLQV>@S $GYDQFHVLQVRFLRELRORJ\DQGHYROXWLRQDU\SV\FKRORJ\DWWHPSW
WRXVHWKHVWUHQJWKRIWKLVWKHRU\WRJHQHUDWHH[SODQDWLRQVRIKXPDQEHKDYLRXUE\VHHNLQJSRVVLEOH
JHQHWLFDOO\EDVHGHYROXWLRQDU\DGDSWDWLRQV HJ%DUNRZ&RVPLGHVDQG7RRE\>@ +RZHYHULWLVFOHDU
WKDWKXPDQEHLQJVGLIIHUIURPRWKHUDQLPDOVRQ(DUWKE\WKHFRPSOH[LW\RIWKHLUFXOWXUH%\DSSDUHQWO\
VHHNLQJWRH[SODLQDOOKXPDQEHKDYLRXULQWHUPVRIELRORJ\VRFLRELRORJ\KDVIRXQGLWVHOIDFFXVHGRI
ZKDW'HQQHWW>@FDOOVCJUHHG\UHGXFWLRQLVP ,WLVFOHDUWKDWPXFKRIKXPDQFXOWXUHUHTXLUHVDPRUH
DSSURSULDWHOHYHORIGHVFULSWLRQ$OWKRXJKWKHOHYHORIWKHJHQHPD\QRWIXOILOWKDWUHTXLUHPHQWLWUHPDLQV
WREHGHWHUPLQHGZKHWKHUHYROXWLRQDU\WKHRU\FRXOGEHPRUHZLGHO\DSSOLHGWRLQFRUSRUDWHKXPDQ
FXOWXUDOFKDQJH,WKDVEHHQVXJJHVWHGWKDWFXOWXUDOFRPSOH[LW\PD\KDYHDULVHQWKURXJKPHFKDQLVPV
DQDORJRXVWRWKRVHUHVSRQVLEOHIRUWKHIRUPDWLRQRIRUJDQLFOLIHOHDGLQJWRWKHDWWHPSWWRFUHDWHDWKHRU\
IRUWKHHYROXWLRQRIFXOWXUH

0HPHWLFVWDNHVWKH'DUZLQLDQUHYROXWLRQRQHVWHSIXUWKHU(YROXWLRQDU\WKHRU\H[SODLQVKRZFRPSOH[LW\
DQGDSSDUHQWGHVLJQFRXOGHPHUJHZLWKLQQDWXUHZLWKRXWWKHQHHGRIDGHVLJQHU,QWKHFDVHRIFXOWXUHWKH
CGHVLJQHU FRXOGEHWKHCFRPPRQVHQVH QRWLRQVRICIUHHZLOO CLQWHQWLRQDOLW\ RUC6HOI ,QDZD\PHPHWLFV
DSSHDUVWRDWWHPSWWRUHSODFHWKHC6HOI  FI%ODFNPRUH>@'HQQHWW>@ ZLWKDQDOJRULWKPRIFXOWXUH
LQWKHVDPHZD\WKDW'DUZLQDQGKLVVXFFHVVRUVKDYHUHSODFHGC*RG ZLWKDQDOJRULWKP FI'HQQHWW>@
S RIOLIH:HFDQH[SHFWWKHIXWXUHRIPHPHWLFVWREHDGLIILFXOWDQGFRQWURYHUVLDORQH

8QLYHUVDO'DUZLQLVP 3ORWNLQ>@'DZNLQV>@ DQGLWVDSSOLFDWLRQWRFXOWXUHSURYLGHVDULFKDQG


H[FLWLQJVRXUFHRIVSHFXODWLRQIURPDZLGHYDULHW\RIGLVFLSOLQHV0HPHWKHRU\LQSDUWLFXODUKDVSURYHG
IHUWLOHJURXQGIRUVXFKWKHRULVLQJ:KLOVWPXFKRIWKLVWKHRU\KDVEHHQJRRGVRPHRILWKDVEHFRPH
FRQIXVLQJDQGDPELJXRXV

7KLVSDSHUZLOORIIHUDFULWLFDOUHYLHZRIIRXUDUHDVRIPHPHWKHRU\7KHVHLQYROYHGLIILFXOWLHVIRUWKH
WKHRU\ZKLFK,VXVSHFWDUHDOVRRIFRQFHUQWRPDQ\SHRSOHERWKZLWKLQDQGRXWVLGHPHPHWLFV,KDYH
YLHZVDVWRKRZHDFKRIWKHVHSUREOHPDUHDVFRXOGEHVHWWOHG+RZHYHUWKHSXUSRVHRIWKLVSDSHULVWR
JLYHDVKRUWUHYLHZRIWKHVHDUHDVLQWKHKRSHRIVWLPXODWLQJVRPHWKLQJRIWKHZLGHUGHEDWHUHTXLUHGWR
ILQGVROXWLRQVIRUWKHVHSUREOHPV

5HSOLFDWRUVDQG3KHQRW\SHV
7KHGHILQLWLRQRIDPHPHLVFXUUHQWO\DPELJXRXV$PHPHFDQEHIRXQGYDULRXVO\GHVFULEHGDVDXQLWRI
LPLWDWLRQ 'DZNLQV>@ DXQLWRILQIRUPDWLRQUHVLGLQJLQDEUDLQ 'DZNLQV>@ FXOWXUDOO\WUDQVPLWWHG
LQVWUXFWLRQV 'HQQHWW>@ DQ\SHUPDQHQWSDWWHUQRIPDWWHURULQIRUPDWLRQSURGXFHGE\DQDFWRI
KXPDQLQWHQWLRQDOLW\ &VLNV]HQWPLKDO\L>@ URXJKO\HTXLYDOHQWWRLGHDVRUUHSUHVHQWDWLRQV 3ORWWLQJ
>@ DXQLWRILQIRUPDWLRQLQDPLQGZKRVHH[LVWHQFHLQIOXHQFHVHYHQWVVXFKWKDWFRSLHVRILWVHOIJHW
FUHDWHGLQRWKHUPLQGV %URGLH>@ DFWLYHO\FRQWDJLRXVLGHDV /\QFK>@ DPHQWDOUHSUHVHQWDWLRQ

KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

*DERUD>@ DVHOIUHSOLFDWLQJHOHPHQWRIFXOWXUHSDVVHGRQE\LPLWDWLRQ 2[IRUG(QJOLVK'LFWLRQDU\ 


HWF:LWKRXWVRPHNLQGRIILUPGHILQLWLRQWKHZRUGCPHPH EHFRPHVDOPRVWPHDQLQJOHVV FI:LONLQV
>@ DSSOLHGWRLQVWUXFWLRQVLQEUDLQVLQIRUPDWLRQEHKDYLRXUZRUGVPHQWDOVWDWHVERRNVDQGDOONLQGV
RIFXOWXUDODUWHIDFWVZLWKRXWFRQVLVWHQF\

'DZNLQV>@XVHGJHQHVDVDQDQDORJ\IRUPHPHVDQGUHFRJQLVHGWKDWWKHDQDORJ\KDGQDWXUDO
OLPLWDWLRQV,WLVGLIILFXOWWRUHFRJQLVHDQ\WKLQJOLNHDPHPHWLFDOOHOH DOWKRXJK'XUKDP>@UHIHUVWR
CDOORPHPHV RUPHPHWLFFKURPRVRPHVIRULQVWDQFH'DZNLQV>@VXJJHVWHGWKDWWKHPHPHLVVWLOO
GULIWLQJFOXPVLO\DERXWLQLWVSULPHYDOVRXS S PXFKOLNHHDUO\UHSOLFDWLQJPROHFXOHVDQGPLJKW
KDYHDYHU\GLIIHUHQWPHFKDQLVPIRUFRPSHWLWLRQVXFKDVPHPRU\VSDFHLQWKHEUDLQ7KXV'DZNLQV>@
DSSHDUVWRUHVLVWDQ\GHILQLWLRQRIDYHKLFOHRIFXOWXUHRUPHPHWLFSKHQRW\SH

:LONLQV>@DWWHPSWVWRFODULI\WKLVDQDORJ\E\WUDFLQJ'DZNLQV FRQFHSWLRQRIPHPHVIURP:LOOLDPV
HYROXWLRQDU\JHQHDQGH[DPLQLQJ+XOO V HJ+XOO>@ GLVWLQFWLRQEHWZHHQUHSOLFDWRUDQGLQWHUDFWRU, G
OLNHWRWDNHDQDOWHUQDWLYHDSSURDFKDQGWUDFH'DZNLQV FRQFHSWLRQRIPHPHVIURP&ORDN V>@ZRUNRQ
FXOWXUDOHWKRORJ\&ORDNDWWHPSWHGWROD\WKHIRXQGDWLRQIRUDSSO\LQJHWKRORJLFDOPHWKRGVWRWKHVWXG\RI
FXOWXUHVSHFLILFKXPDQEHKDYLRXUV&ORDN V>@GHILQLWLRQVDUHPXFKOHVVFRQIXVHGDQGWKXVSHUKDSV
PRUHXVHIXOWKDQWKHGHILQLWLRQVIRUPHPHV+HFDOOVWKHVHWRIFXOWXUDOLQVWUXFWLRQVSHRSOHFDUU\LQWKHLU
QHUYRXVV\VWHPVCLFXOWXUH 7KHPDWHULDOVWUXFWXUHVUHODWLRQVKLSVDPRQJPDWHULDOVWUXFWXUHVDQG
FKDQJHVLQWKHVHUHODWLRQVKLSVZKLFKDUHDFWXDOO\EURXJKWDERXWRUPDLQWDLQHGE\EHKDYLRXUVRIWKRVH
FXOWXUDOLQVWUXFWLRQVKHFDOOVCPFXOWXUH )HDWXUHVRIPFXOWXUHWKXVLQFOXGHIHDWXUHVRIWKHLUEHKDYLRXU
WKHLUWHFKQRORJ\WKHLUVRFLDORUJDQLVDWLRQDQGZKHQFRQVLGHUHGDVDVHWRIYHUEDOEHKDYLRXUVLGHRORJLHV
&ORDN>@VXPPDULVHGWKHLFXOWXUHPFXOWXUHLQWHUDFWLRQLQDZD\ZKLFKPDNHVWKHOLQNWR'DZNLQV
VXEVHTXHQWIRUPXODWLRQRIPHPHVDQGWKHLUSKHQRW\SHVTXLWHDSSDUHQW

$QLFXOWXUHEXLOGVDQGRSHUDWHVPFXOWXUHIHDWXUHVZKRVHXOWLPDWHIXQFWLRQLVWRSURYLGH
IRUWKHPDLQWHQDQFHDQGSURSDJDWLRQRIWKHLFXOWXUHLQDFHUWDLQHQYLURQPHQW$QGWKHP
FXOWXUHIHDWXUHVLQWXUQHQYLURQPHQWDOO\DIIHFWWKHFRPSRVLWLRQRIWKHLFXOWXUHVRDVWR
PDLQWDLQRULQFUHDVHWKHLURZQFDSDELOLWLHVIRUSHUIRUPLQJWKDWIXQFWLRQ$VDUHVXOWHDFKP
FXOWXUHIHDWXUHLVVKDSHGIRULWVSDUWLFXODUIXQFWLRQVLQWKDWHQYLURQPHQW &ORDN>@S
RULJLQDOLWDOLFV 

'DZNLQV >@H[DPSOHVRIPHPHVVXFKDVSRWVDUFKHVDQGFORWKHVIDVKLRQVZRXOGQDWXUDOO\EHORQJWR
&ORDN V>@ CPFXOWXUH RQO\WKHFXOWXUDOLQVWUXFWLRQVLQVLGHWKHEUDLQZKLFKSURGXFHGWKHVHDUWHIDFWV
ZRXOGEHFRQVLGHUHGWKHUHSOLFDWRUZKRVHCSXUSRVHV DUHEHLQJVHUYHGE\WKHVHWKLQJV'DZNLQV>@ODWHU
FODULILHVKLVSRVLWLRQE\DGRSWLQJWKHLFXOWXUHPFXOWXUHGLVWLQFWLRQ

,ZDVLQVXIILFLHQWO\FOHDUDERXWWKHGLVWLQFWLRQEHWZHHQWKHPHPHLWVHOIDVUHSOLFDWRURQWKH
RQHKDQGDQGLWV SKHQRW\SHVHIIHFWV RU PHPHSURGXFWV RQWKHRWKHU$PHPHVKRXOGEH
UHJDUGHGDVDXQLWRILQIRUPDWLRQUHVLGLQJLQDEUDLQ &ORDN V LFXOWXUH  'DZNLQV>@
S 

'HVSLWHWKLVKHOSIXOFODULILFDWLRQWKHGLVWLQFWLRQEHWZHHQPHPHVDQGWKHLUSKHQRW\SHVKDVEHHQ
RYHUORRNHGE\VXEVHTXHQWDXWKRUVDGGLQJWRWKHFRQIXVLRQJHQHUDWHGE\'DZNLQV >@ODFNRIFODULW\
)RUDQH[DPSOHRIVXFKFRQIXVLRQ,ZRXOGOLNHWRXVH'HQQHWW V>@QRZIDPRXVPD[LP

$VFKRODULVMXVWDOLEUDU\ VZD\RIPDNLQJDQRWKHUOLEUDU\ 'HQQHWW>@S>@S




:KLOVWWKHUHLVQRGRXEWLQJWKHVKRFNYDOXHXSRQWKHUHDGHU'HQQHWW VPD[LPLVTXLWHSUREOHPDWLF2QH
FRXOGFRPSDUH'HQQHWW V>@VWDWHPHQWWRWKH %DWHVPDQ>@ TXRWDWLRQDELUGLVWKHQHVW VZD\RI

KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

PDNLQJDQRWKHUQHVWLQJHQHWLFV'DZNLQV>@SRLQWVRXWWKDW%DWHVRQ VUHPDUNZKLFKDURVHIURPDQ
DUJXPHQWWKDWJHQHWLFGHWHUPLQDQWVRIGHYHORSPHQWDUHQHFHVVDU\EXWQRWVXIILFLHQWLVZURQJLQ'DZNLQV
YLHZEHFDXVHWKHQHVWLVQRWDUHSOLFDWRU7KHJHQHLVWKHUHSOLFDWRUDQGERWKWKHELUGDQGWKHQHVWDUH
SKHQRW\SLFH[SUHVVLRQVRIWKRVHJHQHV$V'DZNLQV>@SXWVLW$QHVWOLNHDELUGLVWKHJHQH VZD\RI
PDNLQJDQRWKHUJHQH 'DZNLQV>@S

'HQQHWWDSSHDUVWRVXJJHVWWKDWZHVKRXOGFRQVLGHUWKDWDOLEUDU\ SUHVXPDEO\WKHCLQIRUPDWLRQ KRXVHG


ZLWKLQDOLEUDU\ LVDUHSOLFDWRUDQGWKHVFKRODU DSHUVRQZKRVWXGLHVERRNV DSKHQRW\SH+RZHYHU
'HQQHWW>@JRHVRQWRVXJJHVWWKDWODQJXDJH RUDORUZULWWHQ LVDCYHKLFOH IRULQYLVLEOHPHPHVZKLFK
DUHWKHFXOWXUDOUHSOLFDWRUV7KLVZRXOGVXJJHVWSHUKDSVWKDW'HQQHWWGRHVQRWKROGWKHSRVLWLRQWKDWD
OLEUDU\LVDUHSOLFDWRUEXWVRPHWKLQJOLNHDPHPHYHKLFOH,QZKLFKFDVHZHPLJKWEHEHWWHURIIVD\LQJ
WKDWOLEUDULHVDVYHKLFOHVIRUWKHPHPHVVHUYHWRSURPRWHWKHUHSOLFDWLRQRIWKRVHPHPHV DPRQJ
VFKRODUV 1RWDVSXQFK\DVWKHRULJLQDOEXWPXFKFOHDUHU,WKLQNDQGDOVRFRQVLVWHQWZLWK&ORDN V>@
RULJLQDOZRUNZKHUHDOLEUDU\ZRXOGEHDFODVVRIPFXOWXUHWKHIXQFWLRQRIZKLFKLVWKHPDLQWHQDQFH
DQGSURSDJDWLRQRILFXOWXUH

7KHUHDUHWZRSRLQWV,KRSHWRKDYHEURXJKWRXWIURPWKLVEULHIUHYLHZRIWKHSUREOHP)LUVWO\WKDWVRPH
RIWKHSUREOHPVRIGHILQLQJPHPHVDQGPDNLQJDILUPGLVWLQFWLRQEHWZHHQUHSOLFDWRUSKHQRW\SHVWHP
IURP'DZNLQV >@ODFNRIFODULW\DQGWKHRYHUORRNLQJE\VXEVHTXHQWDXWKRUVRI&ORDN V>@ZRUNDQG
'DZNLQV >@FRUUHFWLRQ6HFRQGO\WKDW&ORDN V>@ZRUNLVZRUWK\RIJUHDWHUFRQVLGHUDWLRQWKDQLW
FXUUHQWO\DSSHDUVWRHQMR\DVLWJHQHUDWHVVRPHULJLGGHILQLWLRQVDQGGLVWLQFWLRQVZKLFKPXFKRI
PHPHWLFVKDVVRIDUODFNHG

/DPDUFNLDQ+HUHGLW\
:K\GLGVXFKXVXDOO\FOHDUDQGFRQVLVWHQWZULWHUVIXGJHWKHLPSRUWDQWLVVXHRIUHSOLFDWRUSKHQRW\SH
GLVWLQFWLRQ",VXVSHFWRQHUHDVRQZDVEHFDXVH'DZNLQVDQGFRQWHPSRUDULHVUHDOLVHGWKDWWKH\ZHUH
SURSRVLQJDQHYROXWLRQDU\V\VWHPZKLFKDSSHDUHGWRZRUNRQ/DPDUFNLDQOLNHSULQFLSOHVWKDWLVD
V\VWHPZKLFKLQYROYHGWKHLQKHULWDQFHRIDFTXLUHGFKDUDFWHULVWLFV*LYHQWKDW'DUZLQLVWVKDGVSHQWWKH
EHVWSDUWRI\HDUVWU\LQJWRH[SODLQZK\ELRORJLFDOHYROXWLRQZDVQRW/DPDUFNLDQDQGWU\LQJWRXQGR
VRPHRIWKHPLVFRQFHSWLRQVJHQHUDWHGE\WKLVDOWHUQDWLYHPRGHOLWVHHPVSRVVLEOHWKDWWKH\GUHZEDFNDW
WKHODVWIRUIHDURIUHVXUUHFWLQJDQROGCHQHP\ 

/DPDUFNLDQKHUHGLW\LVQRZZLGHO\UHMHFWHGDVWKHPHFKDQLVPIRULQKHULWDQFHZLWKLQELRORJLFDOV\VWHPV
DOWKRXJKWKHUHKDYHEHHQRFFDVLRQDOVFDUHVVHH'DZNLQV  >@/DPDUFN VWKHRULHVRQHYROXWLRQ
DQGLQKHULWDQFHKDYHEHHQRIWHQPLVUHSUHVHQWHGRUPLVXQGHUVWRRG FI+XOO>@ :LWKLQPHPHWLFVZH
WHQGWRUHIHUWRWKHIDFWWKDWFXOWXUHLVDFTXLUHGE\GLUHFWO\FRS\LQJWKHSKHQRW\SHDVC/DPDUFNLDQ  HJ
%R\GDQG5LFKHUVRQ>@ 3XWVLPSO\WKHYLHZWKDWDEODFNVPLWK VVRQZLOOLQKHULWWKHGHYHORSHGDUP
PXVFOHVRIWKHEODFNVPLWKLVDVVLPSO\XQWUXHDVWKHLGHDWKDWDGRJZKLFKORVHVDOHJZLOOJLYHELUWKWR
WKUHHOHJJHGSXSSLHV2UJDQLVPVGRQRWDSSHDUWRLQKHULWWKHFKDQJHVPDGHWRWKHSKHQRW\SHGXULQJWKH
OLIHWLPHRIWKHSDUHQWRUJDQLVP$OWKRXJKWKLVLVXQWUXHIRUELRORJLFDOV\VWHPVVRPHWKLQJOLNH
/DPDUFNLDQLQKHULWDQFHPD\H[LVWIRUFXOWXUDOV\VWHPV

6KRUWRIVRPHNLQGRIWHOHSDWK\LWLVGLIILFXOWWRVHHKRZLQVWUXFWLRQVIRUDFXOWXUDOEHKDYLRXULQVLGHRQH
SHUVRQ VEUDLQFRXOGEHWUDQVPLWWHGWRDQRWKHUSHUVRQ VEUDLQZLWKRXWWKHPHGLDWLRQRIDSKHQRW\SH7KH
PHGLDWLRQRIWKHSKHQRW\SHPD\EHHQRXJKWRFDOOFXOWXUDOLQKHULWDQFHC/DPDUFNLDQ EXWRIPRUHLQWHUHVW
LVWKHTXHVWLRQRIZKHWKHUDFFLGHQWDOGHYLDWLRQVLQWKHSKHQRW\SHDUHDFTXLUHGE\WKHQHZKRVW$V
%ODFNPRUH>@H[SODLQVWKLVLVQRWDOZD\VWKHFDVH6KHJLYHVWKHH[DPSOHRIWHOOLQJDVWRU\ZLWKDKRDUVH
YRLFH:KHQWKHQHZKRVWRIWKHVWRU\UHWHOOVWKHWDOHWKH\GRQRWGRVRZLWKWKHVDPHKRDUVHYRLFH,W
KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

PD\EHWKHFDVHWKDWKXPDQEHLQJVDUHYHU\UHVLVWDQWWRWKLVNLQGRIC/DPDUFNLDQ LQKHULWDQFHDQGWKDW
FKDQJHVDFFLGHQWDOO\DFTXLUHGE\WKHSKHQRW\SHDUHQRWDXWRPDWLFDOO\DGRSWHGE\SRWHQWLDOKRVWV

$OWKRXJKVRPHWKHRULVWV HJ%R\GDQG5LFKHUVRQ>@*DERUD>@ DSSHDUFHUWDLQWKDWFXOWXUDO


LQKHULWDQFHLVC/DPDUFNLDQ RWKHUV HJ'DZNLQV>@+XOO>@%ODFNPRUH>@ VHHPWRKDYH
UHVHUYDWLRQVDQGTXHVWLRQWKHUHOHYDQFHRIWKHWHUPZKHQDSSOLHGWRFXOWXUDOHYROXWLRQ,QRQHVHQVHWKHUH
LVDFDXVDODUURZIURPSKHQRW\SHWRUHSOLFDWRULQWKDWWKHV\QWKHVLVRIDFXOWXUDOLQVWUXFWLRQSURFHHGVIURP
WKHLQWHUDFWLRQRIDSRWHQWLDOKRVWDQGWKHSKHQRW\SHRIWKDWLQVWUXFWLRQDQGWKLVPD\EHFDOOHG
C/DPDUFNLDQ ,QDQRWKHUVHQVHWKHV\VWHPDSSHDUVUHPDUNDEO\UHVLVWDQWWRDFFLGHQWDOQRLVHZLWKLQWKH
SKHQRW\SHRIWHQV\QWKHVLVLQJWKHFXOWXUDOLQVWUXFWLRQZLWKRXWWKDWDFTXLUHGFKDUDFWHULVWLFRIWKH
SKHQRW\SH,WLVQRWFOHDUZKHWKHUFXOWXUDOLQKHULWDQFHLV/DPDUFNLDQ LQWKHVHQVHJLYHQDERYH RU
PHUHO\RFFDVLRQDOO\/DPDUFNLDQ7KHUHIRUHLWVHHPVVHQVLEOHWRFRQFOXGHWKDWFXOWXUDOLQKHULWDQFHLV
PHGLDWHGWKURXJKWKHSKHQRW\SHDQGWKDWWKHSRVVLELOLW\H[LVWVWKDWFKDUDFWHULVWLFVDFTXLUHGE\WKH
SKHQRW\SHFDQDOVREHLQKHULWHG,WPD\EHEHWWHUWRGURSWKHWHUPC/DPDUFNLDQ DOWRJHWKHU FI
%ODFNPRUH>@ 

'RHVWKLVLPSO\DFDXVDODUURZEHWZHHQWKHSKHQRW\SHDQGWKHUHSOLFDWRU" 'DZNLQV>@FRQFHUQ ,W


GRHVEXWRQO\LQWKDWFKDQJHVWRWKHSKHQRW\SHPD\EHV\QWKHVLVHGDVCPXWDQW LQVWUXFWLRQVLQWKHEUDLQRI
DKRVWWKDWFRPHVLQWRFRQWDFWZLWKLW,QWKLVZD\LWDSSHDUVWKDWWKHPHFKDQLVPRIWUDQVPLVVLRQLVVLPSO\
DQRWKHUH[DPSOHRIWKHGLIIHUHQFHEHWZHHQPHPHVDQGJHQHV&RS\LQJWKHSKHQRW\SH ZKHQWKH
SKHQRW\SHKDVEHHQDFFLGHQWDOO\FKDQJHG FRXOGEHVDLGWRVRPHWLPHVFDXVHWKHFUHDWLRQRIPXWDQW
PHPHV7KLVIRUPRIC/DPDUFNLVP FRXOGEHVHHQDVMXVWDQRWKHUSRWHQWLDOVRXUFHRIFRS\LQJLQILGHOLW\LQ
PHPHWUDQVPLVVLRQ7KHCPHPHOLQH IRUWKHFRQVWUXFWLRQRIWKHRULJLQDOPHPHSKHQRW\SHKDVHQGHGDQG
DQHZPXWDQWCPHPHOLQH KDVVSUXQJXS:KLOVWWKLVLVFHUWDLQO\DCSUREOHP IRUPHPHV DVDOOFRS\LQJ
LQILGHOLW\LVDSUREOHP LWGRHVQRWQHFHVVDULO\FORXGWKHGLVWLQFWLRQEHWZHHQPHPHVDQGWKHLUSKHQRW\SHV
RUSUHYHQWFXOWXUDOHYROXWLRQIURPEHLQJFRQVLGHUHG'DUZLQLDQ

,QGHHGWKHSUREOHPRIFRS\LQJLQILGHOLW\PD\JLYHXVLQVLJKWLQWRWKHGHHSHUP\VWHU\RIZK\KXPDQV
KDYHHYROYHGVXFKFRPSOH[FXOWXUHZKLOVWQRRWKHUDQLPDORQ(DUWKKDVGRQHVR1DWXUHDERXQGVZLWK
H[DPSOHVRIFXOWXUDOWUDQVPLVVLRQ HJ%RQQHU>@ EXWKXPDQVDSSHDUXQLTXHLQWKHFRPSOH[LW\DQG
YDULDWLRQRIWKHLUFXOWXUH0DQ\ZULWHUVKDYHVSHFXODWHGDVWRWKHFDXVHRIWKLVGLVSDULW\IRUH[DPSOH
FUHDWLYLW\ HJ*DERUD>@ RU0DFKLDYHOOLDQLQWHOOLJHQFH HJ%\UQHDQG:KLWHQ>@ 

'HQQHWW>@VXJJHVWVWKDWIRUFXOWXUDOHYROXWLRQWRRFFXUWKHILGHOLW\RIWUDQVPLVVLRQPXVWOLHZLWKLQD
SDUWLFXODUUDQJH7KHILGHOLW\FDQQRWEHEHFDXVHFXOWXUHZRXOGKDYHQRYDULDWLRQZKLFKLVUHTXLUHG
IRUGLIIHUHQWLDOVXUYLYDOWRGULYHHYROXWLRQDU\FKDQJH7KHILGHOLW\PXVWVWLOOEHYHU\KLJKRUHOVHFXOWXUH
ZRXOGKDYHQRFRQWLQXLW\EHWZHHQLQGLYLGXDOVDQGC*RRG7ULFNV  'HQQHWW>@ ZRXOGEHORVWDVTXLFNO\
DVJDLQHGDQGDJDLQHYROXWLRQZRXOGQRWRFFXU

2QHPLJKWVSHFXODWHWKDWDWVRPHVWDJHRIHYROXWLRQKXPDQLPLWDWLRQSURJUHVVHGWRWKHSRLQWZKHUHLW
FURVVHGDILGHOLW\WKUHVKROG,WEHFDPHKLJKHQRXJKILGHOLW\IRUC*RRG7ULFNV WRVXUYLYHIRUVRPHWLPHLQ
WKHV\VWHP FI0D\QDUG6PLWKDQG6]DWKPDU\>@ZKRPRGHOSHUPLVVLEOHJHQRPHVL]HDVDIXQFWLRQRI
UHSOLFDWLRQDFFXUDF\IRUYLUXVHV ,WLVHDV\WRIRUJHWMXVWKRZKDUGLPLWDWLRQLVKXPDQVDUHVRJRRGDWLW
)HZRWKHUVSHFLHVKDYHEHHQVKRZQWRWUXO\LPLWDWHRQHDQRWKHUDQGQRQHDUHDQ\ZKHUHQHDUDV
SURILFLHQWDWWKHWDVNDVHYHQKXPDQEDELHV FI+H\HV>@0HOW]RIIDQG0RRUH>@ ,IWUDQVPLVVLRQ
ILGHOLW\LVDNH\IDFWRUUHVSRQVLEOHIRUWKHFRPSOH[LW\RIRXUFXOWXUHZHZRXOGH[SHFWQRUPDODGXOWVWREH
ZHOOZLWKLQWKHH[SHFWHGUDQJHRIILGHOLW\ZKHUHDVKXPDQV HJDXWLVWLFFKLOGUHQSHUKDSV DQGDQLPDO
JURXSVZKLFKGRQRWUHDGLO\GHYHORSFRPSOH[FXOWXUHZRXOGQRW

KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

6RFLRELRORJ\DQG0HPHWLFV
(YROXWLRQE\QDWXUDOVHOHFWLRQZLWKWKHJHQHIXOILOOLQJWKHUROHRIWKHUHSOLFDWRUSURYLGHVIRUPLGDEOH
H[SODQDWRU\SRZHUZKHQDSSOLHGWRELRORJLFDOV\VWHPV'DZNLQV>@GHPRQVWUDWHVKRZWKHLGHDFDQ
QRWRQO\DFFRXQWIRUFRPSOH[ELRORJLFDOVWUXFWXUHVVXFKDVWKHH\HEXWDOVRVRFLDOEHKDYLRXUVVXFKDV
SDWWHUQVRIDJJUHVVLRQ$OWUXLVWLFEHKDYLRXUZKLFKDSSHDUHGDWKRUQLQWKHVLGHRICQDWXUHUHGLQWRRWKDQG
FODZ PRGHOVRIHYROXWLRQUHFHLYHGVSHFLDODWWHQWLRQ%LRORJLVWV HJ+DPLOWRQ>@7ULYHUV>@
'DZNLQV>@&URQLQ>@$[HOURG>@5LGOH\>@ KDYHXVHGWKHCJHQH VH\HYLHZ WRSURYLGH
FRQYLQFLQJH[SODQDWLRQVRIDOWUXLVWLFEHKDYLRXUDPRQJDQLPDOVWKURXJKPHFKDQLVPVVXFKDVNLQVHOHFWLRQ
DQGUHFLSURFDODOWUXLVP&RQVLGHULQJHYROXWLRQIURPWKHSRLQWRIYLHZRIWKHVHOILVKJHQHKDVDOVRJLYHQ
QHZOLIHWRH[SODQDWLRQVRIIODPER\DQWIHDWXUHVDPRQJDQLPDOVVXFKDVWKHSHDFRFN VWDLOE\DOORZLQJD
EHWWHUXQGHUVWDQGLQJRIWKHPHFKDQLVPVRIVH[XDOVHOHFWLRQ HJ&URQLQ>@ 

'HVSLWHWKHVXFFHVVRIVRFLRELRORJ\LQLOOXPLQDWLQJSRVVLEOHHYROXWLRQDU\PHFKDQLVPVZKLFKOHDGWR
SDUWLFXODUIRUPVRIKXPDQEHKDYLRXUPDQ\DVSHFWVRIFXOWXUHUHPDLQEH\RQGWKHDHJLVRIQHR'DUZLQLDQ
H[SODQDWLRQ,WLVDSSDUHQWWKDWWKHHYROXWLRQRIELRORJLFDOSKHQRW\SHVFDQQRWFRPSOHWHO\H[SODLQWKH
SDQRSO\RIEHKDYLRXUVZKLFKKXPDQVH[KLELW.LQVHOHFWLRQVH[XDOVHOHFWLRQDQGUHFLSURFDODOWUXLVPPD\
ZHOOGHVFULEHWKHPHFKDQLVPVZKLFKRSHUDWHGWRIRUPIRUH[DPSOHDOWUXLVWLFEHKDYLRXUEXWPXFKRIWKH
VSHFLILFVRIWKRVHEHKDYLRXUVDUHQRWDGHTXDWHO\H[SODLQHGE\VRFLRELRORJ\7KHPHFKDQLVPV
VRFLRELRORJLVWVH[DPLQHDOORZXVWRXQGHUVWDQGZK\DOWUXLVWLFEHKDYLRXUHYROYHGLQWKHILUVWSODFHEXW
H[DPSOHVOLNHEORRGGRQDWLRQZKHUHWKHGRQRUDSSHDUVWRUHFHLYHQR ELRORJLFDO EHQHILWLQUHWXUQRU
DGRSWLRQZKHUHSDUHQWVLQYHVWLQQRQNLQDSSHDUWRUHTXLUHDGGLWLRQDOH[SODQDWLRQV

7KHUHDSSHDUVWREHDIHHOLQJSDUWLFXODUO\DPRQJSV\FKRORJLVWVDQGVRFLRORJLVWVWKDWSHUKDSV
VRFLRELRORJ\KDVJRQHWRRIDU HJ5RVH>@ DUHVLVWDQFHWRZKDWVRPHVHHDVCJUHHG\UHGXFWLRQLVP
'HQQHWW>@ ,WLVDSSDUHQWWKDWWKHUHQHHGVWREHDWKHRU\ZKLFKDWWHPSWVGHVFULSWLRQRIKXPDQ
EHKDYLRXUDWDPRUHDSSURSULDWHOHYHORIDQDO\VLV

+RZHYHUVRPHSURSRQHQWVRIPHPHWKHRU\RIWHQDSSHDUWRXQGHUYDOXHVRFLRELRORJLFDOH[SODQDWLRQVIRU
EHKDYLRXU0HPHWKHRU\VKRXOGRQO\EHDSSOLHGZKHUH2FFDP VUD]RUDOORZV$WKHRU\RIFXOWXUDO
HYROXWLRQVKRXOGLQFRUSRUDWHVRFLRELRORJLFDOILQGLQJVRQO\FDOOLQJXSRQWKHDGGLWLRQRIFXOWXUDO
PHFKDQLVPVZKHUHWKH\DUHQHFHVVDU\LQRUGHUWRDFFXUDWHO\GHVFULEHRUH[SODLQEHKDYLRXUDOSKHQRPHQD
$QH[DPSOHIURP/\QFK>@LOOXVWUDWHVWKLVSRLQW

(DWLQJDEXQGDQWKLJKIDWIRRGFDXVHVSHRSOHWRJDLQZHLJKWDVWKH\DJH6RZRPHQ VERG\
IDWSHUFHQWDJHQRZFRUUHODWHVZLWKWKHLUDJH%XWPHQZKRSUHIHU\RXQJZRPHQFDQOHDG
ORQJHUUHSURGXFWLYHFDUHHUVUHSOLFDWLQJWKHLUPHPHVLQWRPRUHVRQV%\WKXVIDYRXULQJ
\RXQJZRPHQWKHOHDQSDUWQHUSUHIHUHQFHRXWUHSOLFDWHVWKHIDWSDUWQHUSUHIHUHQFHLQ
PRGHUQZHOOIHGVRFLHWLHV /\QFK>@S

:KHWKHURUQRWWKLVH[DPSOHLVWUXH DQGWKHUHDUHQRVRFLRORJLFDOUHIHUHQFHVLQVXSSRUWRIWKHFODLP
PDGH /\QFK>@JLYHVXVQRFOXHDVWRZK\ZHVKRXOGDVFULEHOHDQSDUWQHUSUHIHUHQFHWRSXUHO\
FXOWXUDOIDFWRUV,QWKHH[DPSOHVLPSO\UHSODFLQJWKHZRUGCPHPH ZLWKCJHQH FRXOGPDNHLWD
VRFLRELRORJLFDODUJXPHQW6XUHO\JHQHVZKLFKSURPRWHPHQWRKDYHVH[XDOUHODWLRQVKLSVZLWK\RXQJHU
ZRPHQ EHFDXVHRIWKHLUORQJHUUHSURGXFWLYHFDUHHUV FRXOGOHDGWRDCOHDQSDUWQHUSUHIHUHQFH 

$VZHOODVRYHUUHO\LQJXSRQWKHSRZHURICYHUWLFDO WUDQVPLVVLRQRIPHPHV CYHUWLFDO UHIHUVWRFXOWXUDO


WUDQVPLVVLRQIURPSDUHQWVWRFKLOGUHQFI&DYDOOL6IRU]DDQG)HOGPDQ>@ WKLVNLQGRIPHPHWLFVGRHV
QRWWDFNOHWKHSRVVLELOLW\RIRWKHUPHFKDQLVPVIRUFXOWXUH HJCHSLJHQHWLF UXOHV/XPVGHQDQG:LOVRQ
>@ DQGRYHUORRNVSRVVLEOHJHQHWLFELDVHVLQFXOWXUDOVHOHFWLRQDQGWKHH[SODQDWRU\SRZHUDOUHDG\
DYDLODEOHIURPVRFLRELRORJ\:HVKRXOGQRWLJQRUHRUDWWHPSWWRUHZULWHWKHDGYDQFHVPDGHE\
KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

VRFLRELRORJ\,WVHHPVOLNHO\WKDWWKHUHZLOOEHPDQ\LQVWDQFHVZKHUHPHPHVDQGJHQHVKDYHFRHYROYHG
HJ'XUKDP>@ SDUWLFXODUO\ZKHQWKHPDMRULW\RIFXOWXUDOWUDQVPLVVLRQKDVEHHQCYHUWLFDO ,IZH
ZLVKWRORRNIRUH[DPSOHVRIDSSDUHQWO\CLQGHSHQGHQW FXOWXUDOHIIHFWVRQKXPDQEHKDYLRXULWPLJKWEH
PRUHSURILWDEOHWRORRNDWELRORJLFDOO\PDODGDSWLYHEHKDYLRXUVZKLFKKDYHDULVHQIURPSUHGRPLQDQWO\
CKRUL]RQWDO WUDQVPLVVLRQ LHFXOWXUDOWUDQVPLVVLRQEHWZHHQQRQNLQFI&DYDOOL6IRU]DDQG)HOGPDQ
>@ :KHUHFXOWXUDOSUDFWLFHVDSSHDUWRGLUHFWO\LQFUHDVHWKHFKDQFHVRIELRORJLFDOUHSURGXFWLYHVXFFHVV
ZHVKRXOGDFNQRZOHGJHWKHPDVFRHYROXWLRQDU\V\VWHPV HJ'XUKDP>@ DQGUHFRJQLVHWKHLPSRUWDQW
FRQWULEXWLRQRIELRORJ\WRPDQ\RIRXUEHKDYLRXUV

6HOIFHQWHUHG6HOHFWLRQLVP
)LQDOO\,ZRXOGOLNHWRH[DPLQHZKDW,EHOLHYHLVDPDMRUPLVFRQFHSWLRQZKLFKKDVIRXQGLWVZD\LQWR
PHPHWLFV,VKDOOFDOOWKLVPLVFRQFHSWLRQ6HOIFHQWHUHGVHOHFWLRQLVP3HUKDSV'DZNLQVKLPVHOISURYLGHV
WKHPRVWIDPRXVH[DPSOH

:HDUHEXLOWDVJHQHPDFKLQHVDQGFXOWXUHGDVPHPHPDFKLQHVEXWZHKDYHWKHSRZHUWR
WXUQDJDLQVWRXUFUHDWRUV:HDORQHRQHDUWKFDQUHEHODJDLQVWWKHW\UDQQ\RIWKHVHOILVK
UHSOLFDWRUV 'DZNLQV>@S

2QWKHYHU\ODVWSDJHRI7KH6HOILVK*HQH5LFKDUG'DZNLQVFORVHVKLVDUJXPHQWZLWKDFDOOWRRYHUWKURZ
WKHW\UDQQ\RIWKHUHSOLFDWRUV,QGRLQJVRLWFRXOGEHFODLPHGWKDWKHFRPPLWWHGDFRPPRQEXW
IXQGDPHQWDOHUURUKHDVVXPHGWKHUHZDVCVRPHRQH EH\RQGWKHFRQVWUXFWVRIWKHPHPHVDQGJHQHVZKR
FRXOGGRWKHRYHUWKURZLQJ

7KHLGHDWKDWD6HOIEH\RQGWKHFRQVWUXFWVRIWKHJHQHVDQGPHPHVFDQVHOHFWRUGHVLJQPHPHVLVZKDW,
FDOOC6HOIFHQWHUHGVHOHFWLRQLVP 6HOIFHQWHUHGVHOHFWLRQLVWVFODLPWRDFFHSWWKHLGHDWKDWPHPHVDUHWKH
XQLWRIFXOWXUDOKHUHGLW\DQGHYHQWKDWPHPHVKDYHCSRZHU WRLQIOXHQFHEHKDYLRXUEXWWKHQFRQWUDGLFW
WKHPVHOYHVE\FODLPLQJWKDWLWLVWKHCFRQVFLRXV6HOI ZKLFKVHOHFWVZKLFKPHPHVDSHUVRQKDVLQCWKHLU
EUDLQ7KLVLVWKHVHQWLPHQWHFKRHGWKURXJKRXW&VLNV]HQWPLKDO\L>@DQG%URGLH>@7KHCVRPHRQH
EH\RQGWKHFRQVWUXFWRIWKHPHPHVDQGJHQHVLVCFRQVFLRXVQHVV WKH\FODLP,WLVDSSDUHQWWKDWERWKRI
WKHPEHOLHYHWKDWFRQVFLRXVQHVVKDVWKHSRZHUWRVHOHFWPHPHVLQRUGHUWRIXOILOVRPHOLIHJRDO

$IWHUDOORXUJHQHWLFSURJUDPODLGGRZQEHIRUHRXUDQFHVWRUVDFKLHYHGFRQVFLRXVQHVV
GLFWDWHVWKDWZHSODFHDOORXUHIIRUWVLQWRZKDWLWWDNHVWRUHSOLFDWHRXURZQJHQHV<HW
WKHUHDUHDOVRPDQ\SHRSOHIRUZKRPWKHJRDOVRIVXUYLYDODQGUHSURGXFWLRQDUHQRW
VXIILFLHQW,WLVIRUWKHVHLQGLYLGXDOVWKDWWKHSRVVLELOLW\RIFRQWULEXWLQJFRQVFLRXVO\WR
HYROXWLRQPLJKWEHDYHU\DWWUDFWLYHSURSRVLWLRQ &VLNV]HQWPLKDO\L>@S

<RXFDQFRQVFLRXVO\SURJUDP\RXUVHOIZLWKPHPHVWKDWKHOS\RXZLWKZKDWHYHU\RX UHXS
WRLQOLIH7KDW VRQHRIWKHPDLQVWUDWHJ\PHPHVLQWKHPHPHWLFVSDUDGLJP,WJRHVDJDLQVW
WKDWVWUDWHJ\WREHOLHYHUHOLJLRXVGRJPDZLWKRXWKDYLQJFRQVFLRXVO\FKRVHQLWDVHPSRZHULQJ
WR\RXURZQOLIH %URGLH>@S

7KHRWKHULGHDWKH\ERWKDSSHDUWRVXSSRUWLVDNLQWRWKHLGHDRICGLUHFWHGPXWDWLRQ DSDUDGR[LFDO
SRVLWLRQZKHUHE\PXWDWLRQWKDWRFFXUVLVQRWUDQGRPEXWVRPHKRZGLUHFWHGWRZDUGVVRPHJRDO7KH
FODLPWKDWYDULDWLRQLVGLUHFWHGE\KXPDQLQWHQWLRQDOLW\DSSHDUVXWWHUO\LQFRPSDWLEOHZLWKWKHLGHDRI
FXOWXUHDVDQHVVHQWLDOO\'DUZLQLDQHYROXWLRQDU\V\VWHP

$WWKHPRPHQWRIFUHDWLRQWKHPHPHLVSDUWRIDFRQVFLRXVSURFHVVGLUHFWHGE\KXPDQ
LQWHQWLRQDOLW\ &VLNV]HQWPLKDO\L>@S
KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

,QWKHQRWVRGLVWDQWIXWXUHWKHEXONRIRXUFXOWXUHZLOOEHFRPSRVHGRIGHVLJQHUYLUXVHV
:K\"%HFDXVHQRZWKDWZHNQRZKRZWRGRLWZHZLOO:HZLOOFRQTXHUWKHFRQFHSWXDO
ODQGVFDSHDVVXUHO\DVZHFRQTXHUHGWKHZLOGHUQHVV$WILUVWGHVLJQHUYLUXVHVZLOOFRPSHWH
ZLWKFXOWXUDOYLUXVHVIRUDVKDUHRIRXUPLQG6RRQWKHROGFXOWXUDOYLUXVHVZLOOORVHEHFDXVH
WKHQDWXUDOVHOHFWLRQZLWKZKLFKWKH\HYROYHLVQRWDVTXLFNDVWKHLQWHOOLJHQFHGLUHFWHG
FUHDWLRQRIGHVLJQHUYLUXVHV %URGLH>@S

7KHFODLPWKDWZHFDQLQWHQWLRQDOO\GHVLJQDQGFKRRVHPHPHVEHJVWKHTXHVWLRQCZK\GRZHQHHGDQ
HYROXWLRQDU\WKHRU\DWDOO" ,IWKHSURFHVVHVRIPHPHVHOHFWLRQDUHQRWCQDWXUDO RQHLVSHUKDSVOHIWZLWK
CFRQVFLRXVIRUHVLJKW SLFNLQJDQGFKRRVLQJPHPHVWRZDUGVVRPHJRDO(YHQLIZHLJQRUHWKHYHU\UHDO
LVVXHRIFRQVFLRXVQHVVGRLQJDQ\WKLQJWKLVLVVWLOOHQWLUHO\DWRGGVZLWKWKHSURSRVDOWKDWFXOWXUHLVDQ
HYROXWLRQDU\V\VWHP

*LYHQWKHFRPSOH[LW\DQGYDULHW\RIOLIHIRXQGRQ(DUWKLWLVQRWVXUSULVLQJSHUKDSVWKDWLQWKHSDVW
SHRSOHKDYHORRNHGWRWKDWFRPSOH[LW\DVHYLGHQFHIRUWKHH[LVWHQFHRID*RGRUVXSUHPHGHVLJQHU
:LOOLDP3DOH\>@XVHGWKHH[DPSOHRIILQGLQJDZDWFKRQDGHVHUWHGKHDWKDQGWKDWIURPWKH
FRPSOH[LW\DQGDSSDUHQWGHVLJQRIWKHZDWFKRQHFRXOGLQIHUWKHSUHVHQFHRIDGHVLJQHU%\DQDORJ\KH
FODLPHGEHFDXVHFRPSOH[LW\DQGDSSDUHQWGHVLJQH[LVWVZLWKLQQDWXUHQDWXUHWRRPXVWKDYHKDGD
GHVLJQHU3DOH\ZDVILUPLQWKHFODLPWKDW$UUDQJHPHQWGLVSRVLWLRQRISDUWVVXEVHUYLHQF\RIPHDQVWR
DQHQGUHODWLRQRILQVWUXPHQWVWRDXVHLPSO\WKHSUHVHQFHRILQWHOOLJHQFHDQGPLQGDQGKLVEHOLHIWKDW
7KHUHFDQQRWEHGHVLJQZLWKRXWDGHVLJQHU,WLVWKLVYLHZZKLFKKDVEHHQURXQGO\GHIHDWHGE\WKH
'DUZLQLVWUHYROXWLRQZLWKLQWKHELRORJLFDOVFLHQFHV,QELRORJLFDOHYROXWLRQLWLVXQQHFHVVDU\WRSRVLW
VRPHH[WHUQDOLQIOXHQFHRUJXLGHRU*RGZKLFKGLUHFWVHYROXWLRQDORQJ1DWXUDOVHOHFWLRQFDQDFFRXQW
IRUWKHHYROXWLRQRIFRPSOH[LW\DQGGHVLJQZLWKRXWDGHVLJQHUZLWKRXWIRUHVLJKW

,IPHPHVDUHQRWVHOHFWHGE\WKHVDPHVRUWVRICQDWXUDO SURFHVVHVZKLFKDIIHFWJHQHVLWEHFRPHVGLIILFXOW
WRXQGHUVWDQGKRZPHPHVFRXOGEHVDLGWRKDYHCSKHQRW\SLFSRZHU RUDQ\RWKHUNLQGRISRZHUIRUWKDW
PDWWHU,IRQHEHOLHYHV*RGPHGGOHVLQELRORJ\RQHQHHGQRWSRVLWHYROXWLRQWRH[SODLQWKHIRUPVZHILQG
LQELRORJ\/LNHZLVHLIRQHEHOLHYHVWKDWCFRQVFLRXVQHVV KDVWKHIRUHVLJKWDQGLQGHSHQGHQFHWRVHOHFWDQG
GLUHFWEHKDYLRXUVWRZDUGVVRPHJRDORQHQHHGQRWSRVLWHYROXWLRQWRH[SODLQWKHIRUPVZHILQGLQ
FXOWXUH

3HRSOHFKRRVHPHPHVEXWSHRSOHDUHFRQVWUXFWVRIPHPHVDQGJHQHV,IPHPHWKHRU\LVWREHJLYHQ
VHULRXVFRQVLGHUDWLRQWKHQZHPXVWILUVWUHMHFWWKHQRWLRQWKDWVRPHCFHQWUDOH[HFXWLYH6HOI FDQSLFNDQG
FKRRVHDPRQJWKHPHPHVDQGUHIHULQVWHDGWRWKHVRUWVRIILOWHUV FI'HQQHWW>@ ZKLFKPHPHVDQG
JHQHVKDYHFRQVWUXFWHG'HQQHWW>@VXJJHVWVLWLVWKHPHPHVZKLFKDOUHDG\RFFXS\WKHEUDLQZKLFK
LQIOXHQFHWKHEUDLQWRDFFHSWRUUHMHFWQHZPHPHVZKLFKFRPHDORQJ

%XWLILWLVWUXHWKDWKXPDQPLQGVDUHWKHPVHOYHVWRDYHU\JUHDWGHJUHHWKHFUHDWLRQRI
PHPHVWKHQZHFDQQRWVXVWDLQWKHSRODULW\RIYLVLRQZLWKZKLFKZHKDYHVWDUWHGLWFDQQRW
EHCPHPHVYHUVXVXV EHFDXVHHDUOLHULQIHVWDWLRQVRIPHPHVKDYHDOUHDG\SOD\HGDPDMRUUROH
LQGHWHUPLQLQJZKRRUZKDWZHDUH7KHCLQGHSHQGHQW PLQGVWUXJJOLQJWRSURWHFWLWVHOIIURP
DOLHQDQGGDQJHURXVPHPHVLVDP\WK 'HQQHWW>@SRULJLQDOLWDOLFV

8QGHUVWDQGLQJWKHCQDWXUDO VHOHFWLRQSUHVVXUHVXSRQPHPHVLVRIIXQGDPHQWDOLPSRUWDQFHWRPHPH
WKHRU\7RDWWULEXWHVHOHFWLRQWRFRQVFLRXVIRUHVLJKWLJQRULQJWKDW VKRUWRIVRPHNLQGRISUHFRJQLWLRQ
IRUHVLJKWGRHVQRWUHDOO\H[LVWQRWRQO\XQGHUPLQHVWKHYDOXHRIPHPHWKHRU\DVDQHYROXWLRQDU\SURFHVV
LWLVDOVRDNLQGRIJLYLQJXS0HPHVHOHFWLRQLVDOUHDG\DELJHQRXJKP\VWHU\ZLWKRXWLQWURGXFLQJWKH
FRPSOH[DQGHQLJPDWLFFRQFHSWRIFRQVFLRXVQHVV:HPLJKWDVZHOODWWULEXWHPHPHVHOHFWLRQWRPDJLF
IRUDOOWKHSURJUHVVWKDWZLOODFKLHYH

KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

&RQFOXVLRQ
,KDYHEULHIO\DQGFULWLFDOO\UHYLHZHGIRXULPSRUWDQWDUHDVZKLFK,EHOLHYHDUHFHQWUDOWRPHPHWKHRU\
7KHGLIILFXOWLHVZKLFK,KDYHFRYHUHGJHQHUDWHFRQFHUQERWKZLWKLQDQGRXWVLGHPHPHWLFVDQGZKLFKQHHG
VRPHNLQGRIUHVROXWLRQEHIRUHPDMRUSURJUHVVFDQEHPDGHWRZDUGVDVFLHQFHRIPHPHWLFV:KLOVW,KDYH
DLUHGP\YLHZVDVWRKRZWKHGLIILFXOWLHVLQWKHVHDUHDVPLJKWEHVHWWOHGWKHVHDVSHFWVRIPHPHWKHRU\
FDQRQO\UHDOO\EHUHVROYHGWKURXJKIXUWKHUGHEDWHDQGHYHQWXDOO\UHVHDUFK,WLVP\KRSHWKDWWKHVHVKRUW
UHYLHZVZLOOJRVRPHZD\WRVWLPXODWLQJWKDWSURFHVV

1RWHV
,PHDQC6HOI LQWKHVDPHVHQVHWKDW%ODFNPRUH>@UHIHUVWR%ODFNPRUHVXJJHVWVWKDWWKHUHLVQRC6HOI
EH\RQGDFRQVWUXFWRIPHPHVQRRQHWRCKDYH DEHOLHIRUCRZQ DQLGHD6KHVXJJHVWVWKDWWKHLOOXVLRQRI
DC6HOI LVLWVHOIDPHPHFRPSOH[ LHDFROOHFWLRQRIFRDGDSWHGPHPHV ZKLFKLVCXQ]LSSHG E\=HQ
WUDLQLQJ7KLVJHQHUDOOLQHRIWKLQNLQJLVVLPLODULQGLUHFWLRQWRVRPHRI'HQQHWW VLGHDVLQ&RQVFLRXVQHVV
([SODLQHG>@

$QC$OJRULWKP LQWKHVHQVHWKDW'HQQHWW>@XVHVWKHWHUPLVEURDGO\FKDUDFWHULVHGDVDCIRROSURRIDQG
VRPHKRZPHFKDQLFDOSURFHGXUH  'HQQHWW>@S +HUH,XVHWKHWHUPWRXQGHUOLQHWKHHVVHQWLDO
CPLQGOHVVQHVV RIWKHSURFHVVLQYROYHG LHQRWGLUHFWHGE\IRUHVLJKWRUDC6HOI 

'XUKDP>@XVHVWKHLGHDRIPHPHVLQKLVERRNC&RHYROXWLRQ +HSURYLGHVVRPHH[FHOOHQWH[DPSOHV
DQGDQDO\VLVZKHUHJHQHVDQGPHPHVKDYHFRHYROYHGLQSDUWLFXODUFXOWXUHV,QKLVYLHZPHPHVFDQDOWHU
WKHEHKDYLRXURIKXPDQVLQVXFKDZD\WKDWFHUWDLQJHQHVDUHIDYRXUHGRYHURWKHUVHJFXOWXUDOEHOLHIV
DERXWGDLU\LQJDQGIUHVKPLONFRQVXPSWLRQDIIHFWWKHUHSURGXFWLYHILWQHVVRIJHQHVIRUDGXOWODFWRVH
DEVRUSWLRQ'XUKDPFRPHVWRWKHFRQFOXVLRQWKDWHYROXWLRQLQYROYHVDGXDOLQKHULWDQFHV\VWHPJHQHWLF
DQGFXOWXUDOZKLFKLQWHUDFWZLWKHDFKRWKHULQSUHGRPLQDQWO\FRVXSSRUWLYHZD\V:KLOVWWKLVPD\EH
WUXHZKHQPHPHVDQGJHQHVVKDUHWKHVDPHYHFWRURIWUDQVPLVVLRQ LHIURPSDUHQWVWRNLQ LWLVOLNHO\
WKDWZKHQPHPHVEHJLQWRXVHODWHUDOWUDQVPLVVLRQ HJWRQRQNLQ WKH\FDQEHJLQWREHKDYHPRUH
LQGHSHQGHQWO\RIELRORJLFDODGYDQWDJHVRPHWLPHVOHDGLQJWRELRORJLFDOO\PDODGDSWLYHEHKDYLRXUV FI
&ORDN>@ 

5HIHUHQFHV
>@$[HOURG5  7KH(YROXWLRQ2I&RRSHUDWLRQ1HZ<RUN%DVLF%RRNV

>@%DUNRZ-+&RVPLGHV/DQG7RRE\-  7KH$GDSWHG0LQG(YROXWLRQDU\3V\FKRORJ\DQG


WKH*HQHUDWLRQRI&XOWXUH2[IRUG2[IRUG8QLYHUVLW\3UHVV

>@%DWHVRQ  5HYLHZRIWKH6HOILVK*HQH$QLPDO%HKDYLRXU

>@%ODFNPRUH6  0HPHV0LQGVDQG6HOYHV6HPLQDUSDSHUIRUWKH/6(OHFWXUHVHULHVC$ERXW


%LRORJ\ 1RYWK DOVRDWŠ––’śŵŵ™™™Ŝ‡‡•Ŝ‘”‰Ŝ—ŵŽ‡ –—”‡•ŵ•ŜŠ–Ž

>@%ODFNPRUH6  >LQSUHVV@:DNLQJIURPWKH0HPH'UHDP,Q*:DWVRQ*&OD[WRQDQG6


%DWFKHORU (GV 7KH3V\FKRORJ\RI$ZDNHQLQJ%XGGKLVP6FLHQFHDQG3V\FKRWKHUDS\3ULVP3UHVV
DOVRDWŠ––’śŵŵ™™™Ŝ‡‡•Ŝ‘”‰Ŝ—ŵ‡‡ŞŽƒ„ŵɰɭŜ  
KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

>@%ODFNPRUH6  >LQSUHVV@7KH0HPH0DFKLQH2[IRUG2[IRUG8QLYHUVLW\3UHVV

>@%RQQHU-7  7KH(YROXWLRQ2I&XOWXUH,Q$QLPDOV3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV

>@%R\G5DQG5LFKHUVRQ3  &XOWXUHDQG7KH(YROXWLRQDU\3URFHVV&KLFDJR8QLYHUVLW\RI


&KLFDJR3UHVV

>@%URGLH5  9LUXVRIWKH0LQG6HDWWOH,QWHJUDO3UHVV

>@%\UQH5:DQG:KLWHQ$  0DFKLDYHOOLDQ,QWHOOLJHQFH2[IRUG&ODUHQGRQ3UHVV

>@&DYDOOL6IRU]D//DQG)HOGPDQ0: &XOWXUDO7UDQVPLVVLRQDQG(YROXWLRQ$4XDOLWDWLYH
$SSURDFK3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV

>@&ORDN)7  ,VDFXOWXUDOHWKRORJ\SRVVLEOH"+XPDQ(FRORJ\

>@&URQLQ+  7KH$QWDQG7KH3HDFRFN&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV

>@&VLNV]HQWPLKDO\L0 7KH(YROYLQJ6HOI1HZ<RUN+DUSHU&ROOLQV

>@'DZNLQV5  7KH6HOILVK*HQH2[IRUG2[IRUG8QLYHUVLW\3UHVV QG(GLWLRQ 

>@'DZNLQV5  7KH([WHQGHG3KHQRW\SH2[IRUG2[IRUG8QLYHUVLW\3UHVV

>@'DZNLQV5  7KH%OLQG:DWFKPDNHU/RQGRQ3HQJXLQ

>@'HQQHWW'  &RQVFLRXVQHVV([SODLQHG1HZ<RUN/LWWOH%URZQ &R

>@'HQQHWW'  'DUZLQ V'DQJHURXV,GHD/RQGRQ3HQJXLQ

>@'XUKDP:+  &RHYROXWLRQ*HQHV&XOWXUH$QG+XPDQ'LYHUVLW\6WDQIRUG&$6WDQIRUG


8QLYHUVLW\3UHVV

>@)LVKHU5$  7KH*HQHWLFDO7KHRU\RI1DWXUDO6HOHFWLRQ2[IRUG&ODUHQGRQ3UHVV

>@*DERUD  7KHRULJLQDQGHYROXWLRQRIFXOWXUHDQGFUHDWLYLW\-RXUQDORI0HPHWLFV


(YROXWLRQDU\0RGHOVRI,QIRUPDWLRQ7UDQVPLVVLRQŠ––’śŵŵ ˆ’Ŝ‘”‰ŵŒ‘Ş‡‹–ŵɨɰɰɮŵ˜‘Žɨŵ‰ƒ„‘”ƒɏŽŜŠ–Ž

>@+DPLOWRQ:'  7KHJHQHWLFDOWKHRU\RIVRFLDOEHKDYLRXU-RXUQDORI7KHRUHWLFDO%LRORJ\




>@+H\HV&0  ,PLWDWLRQFXOWXUHDQGFRJQLWLRQ$QLPDO%HKDYLRXU

>@+XOO'/  7KHQDNHGPHPH,Q+&3ORWNLQ (G /HDUQLQJ'HYHORSPHQWDQG&XOWXUH


&KLFHVWHU-RKQ:LOH\ 6RQV/WG

>@/XPVGHQ&$QG:LOVRQ(  *HQHV0LQG$QG&XOWXUH&DPEULGJH0$+DUYDUG8QLYHUVLW\


3UHVV

>@/\QFK$  7KRXJKW&RQWDJLRQ1HZ<RUN%DVLF%RRNV

>@0D\QDUG6PLWK-DQG6]DWKPDU\(  7KH0DMRU7UDQVLWLRQVLQ(YROXWLRQ2[IRUG2[IRUG


8QLYHUVLW\3UHVV
KWWSFISPRUJMRPHPLWYROURVHBQKWPO 
 &RQWURYHUVLHVLQ0HPH7KHRU\

>@0HOW]RII$1DQG0RRUH0.  ,PLWDWLRQRIIDFLDODQGPDQXDOJHVWXUHVE\KXPDQ


QHRQDWHV6FLHQFH

>@3DOH\:LOOLDP  1DWXUDO7KHRORJ\>WK(G3ULQWHGE\6+DPLOWRQ@

>@3ORWNLQ+  'DUZLQ0DFKLQHVDQGWKH1DWXUHRI.QRZOHGJH/RQGRQ3HQJXLQ

>@5LGOH\0  7KH2ULJLQVRI9LUWXH/RQGRQ3HQJXLQ

>@5RVH6  3UH&RSHUQLFDQ6RFLRELRORJ\1HZ6FLHQWLVW

>@7ULYHUV5/  7KHHYROXWLRQRIUHFLSURFDODOWUXLVP4XDUWHUO\5HYLHZRI%LRORJ\

>@:LONLQV-6  :KDW VLQD0HPH"-RXUQDORI0HPHWLFV(YROXWLRQDU\0RGHOVRI,QIRUPDWLRQ


7UDQVPLVVLRQŠ––’śŵŵ ˆ’Ŝ‘”‰ŵŒ‘Ş‡‹–ŵɨɰɰɯŵ˜‘Žɩŵ™‹Ž‹•ɏŒ•ŜŠ–Ž
‹-R0(0,7

%DFNWR,VVXH9ROXPH



KWWSFISPRUJMRPHPLWYROURVHBQKWPO 

You might also like