• No results found

 7LOOlPSQLQJSnEHWRQJEURDU

 ([HPSHOSnEHUlNQLQJDYγPHQOLJWWDEHOOPHWRGHQ

(QOLJWDYVQLWWNDQI|OMDQGHQnJRWJ\QQVDPPDUHYlUGHSnηγPlQGHWVRPJHV L%%.  HUKnOODVI|UH[HPSHOYLVHQNRUWOnGEURXWPHGVWUlFNDQ*lOOLYDUH

/XOHnXQGHUI|OMDQGHDQWDJDQGHQ

 %HWRQJHQVWU\FNKnOOIDVWKHWIFFN IUDNWLOYlUGH lUEHVWlPGPHGHQYD

ULDWLRQVNRHIILFLHQW9I RFK9ρ 

( ) 

 1RUPDOQRJJUDQQKHWLEHUlNQLQJVPRGHOOHQ

γP 

 6HJWEURWWPHGElULJKHWVUHVHUY6HJWEURWWDQWDVHQOLJWI|UV|NYLG/78

γP 

 1RUPDONRQWUROODYXWI|UDQGHW

γP 

8QGHURYDQVWnHQGHDQWDJDQGHQInVI|OMDQGHJ\QQVDPPDUHYlUGHSnηγP



 6MXYHUNOLJDEURDU

 ,QOHGQLQJ

6MXROLNDMlUQYlJVEURDUDYEHWRQJSnVWUlFNDQPHOODQ/XOHnRFK%RGHQKDUXQ

GHUV|NWVPHGDYVHHQGHSnEHWRQJHQVGUDJRFKWU\FNKnOOIDVWKHW8WERUUDGHNlU

QRUPHG∅PPVYDUYDGHRFKPHG∅PPQRWFKKDUSURYDWVJHQRP HQD[LHOODGUDJI|UV|NVH7KXQHWDO  PHGI|OMDQGHUHVXOWDW7DEHOO



(QOLJW %%. VNDOO HWW NDUDNWHULVWLVNW YlUGH DYVHV PRWVYDUD GHQ VDQQD IUDNWLOHQ I|U WU\FN

KnOOIDVWKHWHQ KRV EHWRQJF\OLQGUDU PHG  PP GLDPHWHU RFK  PP K|MG ODJUDGH L YDWWHQ YLG

±°& IUDP WLOO SURYQLQJVWLOOIlOOHW RFK SURYDGH HQOLJW 'UDIW 6WDQGDUG ,62',6 



7DEHOO6DPPDQVWlOOQLQJDYHQD[LHOODGUDJI|UV|N

%UR 3URYQU )PD[

>N1@ IFW

>03D@

  

%RGHQ&   

  

*$5  

*DUQLVRQVYlJHQ *$5  

*$5  

  

*DPPHOVWDG   

  

127  

1RWYLNHQ 127  

127  

+$3  

+DSDUDQGDYlJHQ +$3  

+$3  

  

.DOONlOOHYlJHQ   

  

%(1  

%HQVE\YlJHQ %(1  

%(1  

IFW  lU YlUGHQ IUnQ SURYQLQJDU XU VLGREDONDU L DNWXHOOD REMHNW 2P DQGUD NRQ

VWUXNWLRQVGHODUlQWUnJEDONDUQDVNDOOVWXGHUDVE|USURYQLQJVNHLGHVVDGHODUHOOHU KlQV\QWDVWLOORVlNHUKHWHQ(YHQWXHOOWNDQGHWWDVNHPHGHQH[WUDSDUWLDONRHIILFL

HQWVH.DSLWHORFK7KXQHWDO  

bYHQ WU\FNKnOOIDVWKHWHQ KDU SURYDWV PHG XWERUUDGH F\OLQGUDU∅ PP RFK I|OMDQGHUHVXOWDWHUK|OOV



7DEHOO6DPPDQVWlOOQLQJDYWU\FNSURYPHGXWERUUDGHNlUQRU

%UR 3URYQU )PD[

>N1@ IFF

>03D@

  

%RGHQ&    ,QQHK|OO  VW DUPHULQJVVWnO

  

   ,QQHK|OO  VW DUPHULQJVVWnO

*DUQLVRQVYlJHQ    ,QQHK|OO  VW DUPHULQJVVWnO

   ,QQHK|OO  VW DUPHULQJVVWnO

   ,QQHK|OO  VW DUPHULQJVVWnO

*DPPHOVWDG   

   ,QQHK|OO  VW DUPHULQJVVWnO

  

1RWYLNHQ    ,QQHK|OO  VW DUPHULQJVVWnO

  

   ,QQHK|OO  VW DUPHULQJVVWnO

+DSDUDQGDYlJHQ   

  

   ,QQHK|OO  VW DUPHULQJVVWnO

.DOONlOOHYlJHQ    3URYHW I|U NRUW (M WHVWDW

   ,QQHK|OO  VW DUPHULQJVVWnO



  

%HQVE\YlJHQ    ,QQHK|OO  VW DUPHULQJVVWnO

   ,QQHK|OO  VW DUPHULQJVVWnO

IFF  lU YlUGHQ IUnQ SURYQLQJDU XU WUnJEDONDU L DNWXHOOD REMHNW 2P DQGUD NRQ

VWUXNWLRQVGHODUlQWUnJEDONDUQDVNDOOVWXGHUDVE|USURYQLQJVNHLGHVVDGHODUHOOHU KlQV\QWDVWLOORVlNHUKHWHQ(YHQWXHOOWNDQGHWWDVNHPHGHQH[WUDSDUWLDONRHIILFL

HQWVH.DSLWHORFK7KXQHWDO  

8UUHVXOWDWHQEHUlNQDVPHGHOYlUGHPRFKVWDQGDUGDYYLNHOVHVHQOLJW



%UR 'UDJKnOOIDVWKHW 7U\FNKnOOIDVWKHW

>03D@P V

>03D@ 9

>@ P

>03D@ V

>03D@ 9

>@

 .DUDNWHULVWLVNGUDJRFKWU\FNKnOOIDVWKHW

'HQNDUDNWHULVWLVNDKnOOIDVWKHWHQKDUKlUXWYlUGHUDWVSnWUHROLNDVlWW

• VWDWLVWLVNW

• HQOLJWHNYDWLRQ G DYVQLWWL'LPHQVLRQHULQJJHQRPSURYQLQJ 

• HQOLJW%%.DYVQLWW

'HWUHXWYlUGHULQJDUQDlUJMRUGDPHGV\IWHDWWXSSI\OODNUDYHQL%%.RPDWW GHWNDUDNWHULVWLVNDYlUGHWVNDOOPRWVYDUDGHQVDQQDIUDNWLOHQDYKnOOIDVWKHWHQ



'HQ VWDWLVWLVND XWYlUGHULQJHQ lU JMRUG XQGHU DQWDJDQGHW DWW KnOOIDVWKHWHQ lU QRU

PDOI|UGHODG PHG VNDWWDGH PHGHOYlUGHQ P RFK VWDQGDUGDYYLNHOVHU V 'HW ND

UDNWHULVWLVNDIUDNWLOYlUGHWInVJHQRPDWWV|NDGHWYlUGHVRPXSSI\OOHU

GlUNSQEHURUDYDNWXHOOIUDNWLORFKDQWDOPlWYlUGHQHQOLJWWDEHOO D LELODJDL'L

PHQVLRQHULQJJHQRPSURYQLQJ  RFKlU

 *lOOHU YLG WUH  SURYYlUGHQ )|U .DOONlOOHYlJHQ PHG IHP  SURYYlUGHQ DQYlQGV PV



-lPI|UHOVHPHG(&  WDEHOO'JHUNSQ RP9lURNlQGRFKNSQ

RP9lUNlQG

8WYlUGHULQJ HQOLJW %%.   J|UV HQOLJW DYVQLWW  9LOONRU $ I|U HQ VHULHRPWUHSURYXUHQNRQVWUXNWLRQVGHOJHU

GlUI7.lUIRUGUDWYlUGHSnGUDJKnOOIDVWKHWYLGSURYQLQJDYEHWRQJLIlUGLJNRQ

VWUXNWLRQ'HWWDVDPEDQGOHGHUWLOOI|OMDQGHNUDY

 I7.RFKI..YlUGHQD2PUlNQLQJWLOOKnOOIDVWKHWVNODVVYlUGHJ|UVJHQRPDWWGLYL

GHUDI7.YlUGHQDPHGRFKI..YlUGHQDPHGPHGKlQV\QWLOODWWKnOOIDVW

KHWLIlUGLJNRQVWUXNWLRQYLGQRUPDOWDUEHWVXWI|UDQGHlURPNULQJUHVSHNWL

YHOlJUHlQLVWDQGDUGSURYVHWDEHOOHUQDDRFKEL%%.   7U\FNKnOOIDVWKHWVYlUGHQDKlUU|UGRFNIUnQF\OLQGUDU [PPVRPPRWVYDUDU NXEHU [[PP  'HVVD YlUGHQ PnVWH UlNQDV RP WLOO L %%. 

DYVQLWWDQJLYQDVWDQGDUGLVHUDGHSURYF\OLQGUDU [PP 'HWWDJ|UV JHQRPDWWPXOWLSOLFHUDWU\FNKnOOIDVWKHWVNODVVYlUGHQDPHGIDNWRUQ'HQND

UDNWHULVWLVND WU\FNKnOOIDVWKHWHQ InV VOXWOLJHQ JHQRP DWW \WWHUOLJDUH PXOWLSOLFHUD YlUGHQDPHGI|UDWWWDKlQV\QWLOOOnQJWLGVHIIHNWHU

'HVVDNRUUHNWLRQHUOHGHUIUDPWLOOI|OMDQGHVDPEDQGPHOODQNDUDNWHULVWLVNDKnOO

IDVWKHWHURFKXWYlUGHUDGHYlUGHQHQOLJW%%.  



0HG HNYDWLRQHUQD      InV I|OMDQGH YlUGHQ Sn XWYlUGHUDGH GUDJ RFK WU\FNKnOOIDVWKHWHUVH7DEHOORFK7DEHOO

7DEHOO8WYlUGHUDGGUDJKnOOIDVWKHW

%%.

%UR 6WDWLVWLVN

PHWRG



7DEHOO8WYlUGHUDGWU\FNKnOOIDVWKHW

%%.

%UR 6WDWLVWLVN

PHWRG SURYDV I|U DWW EHVWlPPD GHQ NDUDNWHULVWLVND ElUI|UPnJD VRP NDQ DQVlWWDV L HQ NRQVWUXNWLRQVEHUlNQLQJ 'HW DQWDV DWW IOHUD E\JJHOHPHQW NRPPHU DWW WLOOYHUNDV WLOOYLONDGHWHUKnOOQDNDUDNWHULVWLVNDYlUGHWNQ\WV(QVNDWWQLQJVPHWRGPHGIL[

K|J VDQQROLNKHW DWW LQWH |YHUVNDWWD SRSXODWLRQHQV YHUNOLJD NYDQWLO YlOMV

'HWWDLQQHElUDWWNYDQWLOHQRIWDVWXQGHUVNDWWDVYLONHWOHGHUWLOOGHOnJDYlUGH

QDL7DEHOORFK7DEHOO

%%.DQYlQGHULQWHSURYVHULHQVYDULDWLRQGLUHNWLYLOONRU$'HQlUJMRUG I|UGHQVLWXDWLRQVRPJlOOHUKlUDWWXWYlUGHUDKnOOIDVWKHWHQLHQIlUGLJNRQVWUXN

WLRQ'HQlUGRFNXWIRUPDGPHGKlQV\QWLOODWWSURGXNWHQηγP 'HQlU GlUI|ULQWHWLOOI|UDWWEDNYlJHQEHVWlPPDHWWNDUDNWHULVWLVNWYlUGHYLONHWYLJ|U KlU9LYlOMHUlQGnDWWWLOOlPSD%%.VPHWRG

$WWGUDJKnOOIDVWKHWVNODVVHQHQOLJW7DEHOOEL%%.  EOLUQnJRWK|JUH lQI7.EHURUSnDWWKnOOIDVWKHWHUYLGQRUPDOWDUEHWVI|UIDUDQGHEOLUOlJUHLHWWE\JJ

QDGVYHUNlQLVWDQGDUGSURYVH0|OOHUHWDO  DYVQLWW+nOOIDVWKHWV

XWYHFNOLQJLEHWRQJE\JJQDGHU



6RP EHO\VQLQJ DY %%.V PHWRG NDQ lYHQ I|OMDQGH NRPPHQWDUHU L %%.

 EHDNWDV3URYQLQJVUHVXOWDWYLGVWLFNSURYDQVHVXSSI\OODIRUGULQJDUQDI|U

7LOOnWHW RPUnGH



2&NXUYRU 2SHUDWLQJ &KDUDFWHULVWLF &XUYHV  EHKDQGODV lYHQ L 0|OOHU HW DO  DYVQLWW6WDQGDUGLVHUDGHKnOOIDVWKHWVNODVVHU

0HGα5 RFKβ  IUDNWLO InVI7.YlUGHQVRPlUIDNWRUQHH

H   OlJUHlQ%%.VYlUGHQHQOLJWYLOONRU%0DQNDQRFNVnVH



GHW VRP Vn DWW PDQ WLOOnWHU DWWβYlUGHW VlQNV PHG PD[LPDOW∆β   L HQ YHUNOLJNRQVWUXNWLRQMlPI|UWPHGGLPHQVLRQHULQJVYlUGHWRFKGHQVDQQROLNKHWV

WHRUHWLVNDPHWRGHQVH1.%  6lQNQLQJHQPRWVYDUDUXQJHIlUHQKDOY VlNHUKHWVNODVVMlPI|U7DEHOO

(QP\FNHWYLNWLJI|UXWVlWWQLQJ I|UXWYlUGHULQJHQHQOLJWRYDQ lU DWW SURYNURS

SDUQDPnVWHYDUDWDJQDLGHQNRQVWUXNWLRQVGHOVRPVNDOOXQGHUV|NDV2PVnLQWH lUIDOOHWE|UKlQV\QWDVGlUWLOOVH.DSLWHORFKGLVNXVVLRQHQDQJnHQGHHQH[WUD SDUWLDONRHIILFLHQWγPRFK7KXQHWDO  

 3DUWLDONRHIILFLHQWHQηγPHQOLJWWDEHOOPHWRG 3DUWLDONRHIILFLHQWHQγPInVHQOLJWHNYDWLRQ  

( )

3DUWLDONRHIILFLHQWHQγPRVlNHUKHWLNDUDNWHULVWLVNWYlUGHSnKnOOIDVWKHW 9LG EHVWlPQLQJ DYγP DQYlQGV YDULDWLRQVNRHIILFLHQWHUQD HQOLJW 7DEHOO  L 7DEHOO  RFK IUDNWLO L 7DEHOO  YLONHW JHU N= RFK GlUPHG lU

()9 =

H 

(QOLJW$YVQLWWVlWWVη  NRQVWDQW 'HWWDLQQHElUlYHQDWWPHGHOYlUGHW Pη



DYηlUOLNDPHG)|UDWWEHVWlPPDYDULDWLRQVNRHIILFLHQWHQI|UρJlOOHU

YLONHWlUHQNRQVWDQW'HWWDLQQHElUDWWVSULGQLQJHQI|UρlUQROOVρ YLONHW OHGHUWLOODWW

'HWWD JHU QX I|OMDQGH YlUGHQ Sn SDUWLDONRHIILFLHQWHQγP I|U GUDJ UHVSHNWLYH WU\FNKnOOIDVWKHWHUQD



7DEHOO3DUWLDONRHIILFLHQWHQγPI|UGUDJUHVSHNWLYHWU\FNKnOOIDVWKHWHUQD

%UR 'UDJ 7U\FN

9I

>@ γP

>@ 9I

>@ γP

>@

%RGHQ&    

*DUQLVRQVJDWDQ    

*DPPHOVWDG    

1RWYLNHQ    

+DSDUDQGDYlJHQ    

.DOONlOOHYlJHQ    

%HQVE\YlJHQ    

3DUWLDONRHIILFLHQWHQγPRVlNHUKHWLEHUlNQLQJVPRGHOORFKPnWW

9LGEHVWlPQLQJDYγPDQWDVDWWEHUlNQLQJVQRJJUDQQKHWHQlUQRUPDOGnYDUMHEUR UlNQDVRPPHGKMlOSDYQXPHULVNDGDWRUEHUlNQLQJDUPHQDWWGHWHMWDVKlQV\Q WLOOPnWWDYYLNHOVHUH[FHQWULFLWHWHURFKDQGUDRUGQLQJHQVPRPHQW'HWWDJHUI|U DOODGHVMXEURDUQDγP 

3DUWLDONRHIILFLHQWHQγPEURWWNDUDNWlU

0HGOHGQLQJDYUHVXOWDWIUnQSURYQLQJDYHQYHUNOLJEURHQOLJWWRQSn0DOP

EDQDQ  NDQHWWEURWWLHQDYMlUQYlJVEURDUQDDQWDVVNHXQGHUHWWVHJWEHWH

HQGH9LGDUHDQWDVEURWWHWVNHXWDQElULJKHWVUHVHUY'HWWDJHUI|UDOODVMXEURDUQD γP 

3DUWLDONRHIILFLHQWHQγPLQYHUNDQDYNRQWUROO

'nGHWVDNQDVNlQQHGRPRPKXUNYDOLWHWVNRQWUROOHQXWI|UGHVYLGSURGXNWLRQHQ DYEURDUQDVlWWVYlUGHWSnγPWLOO6NXOOHGHWVNHWWVlUVNLOGHOOHUOLWHQNRQWUROO DYVSHJODVGHWLSURYQLQJVUHVXOWDWHQ

1XNDQVOXWOLJHQGHQ\DQ\DQVHUDGHYlUGHQDSnηγPEHUlNQDVI|UGHVMXEURDUQD



7DEHOO1\DEHUlNQDGHQ\DQVHUDGHYlUGHQSnηγP

%UR 'UDJ 7U\FN

γP ηγP γP ηγP

%RGHQ&    

*DUQLVRQVJDWDQ    

*DPPHOVWDG    

1RWYLNHQ    

+DSDUDQGDYlJHQ    

.DOONlOOHYlJHQ    

%HQVE\YlJHQ    

 'LPHQVLRQHUDQGHGUDJRFKWU\FNKnOOIDVWKHW

)|UGHVMXEURDUQDHUKnOOVGLPHQVLRQHUDQGHGUDJUHVSHNWLYHWU\FNKnOOIDVWKHWHQ

OLJW%.5DYVQLWW

Q P

G IN

I = ηγ γ GlU

IG GLPHQVLRQHUDQGHKnOOIDVWKHWVYlUGH

IN NDUDNWHULVWLVNWKnOOIDVWKHWVYlUGHHQOLJW7DEHOORFK7DEHOO

ηγP HQOLJW7DEHOO

γQ LVlNHUKHWVNODVV

0HGSDUWLDONRHIILFLHQWHUγPHQOLJWWDEHOOPHWRGHQVYlUGHQL7DEHOOInV



7DEHOO'LPHQVLRQHUDQGHGUDJRFKWU\FNKnOOIDVWKHWVYlUGHQ

%UR IFWN

>03D@ ηγP IFWG

>03D@ IFFN

>03D@ ηγP IFFG

>03D@

%RGHQ&      

*DUQLVRQVJDWDQ      

*DPPHOVWDG      

1RWYLNHQ      

+DSDUDQGDYlJHQ      

.DOONlOOHYlJHQ      

%HQVE\YlJHQ      

0HGEHVWlPQLQJDYηγPHQOLJWVDQQROLNKHWVWHRUHWLVNPHWRG$YVQLWWInVI|U 9& RFKPHGγQ γ* γ% RFKγ4 I|OMDQGHGLPHQ

VLRQHUDQGHGUDJRFKWU\FNKnOOIDVWKHWVYlUGHQ

7DEHOO'LPHQVLRQHUDQGHGUDJRFKWU\FNKnOOIDVWKHWVYlUGHQPHGηγPHQOLJWVDQQROLN

KHWVWHRUHWLVNPHWRGI|UγQ γ* γ% RFKγ4 

%UR IFWN

>03D@ ηγP IFWG

>03D@ IFFN

>03D@ ηγP IFFG

>03D@

%RGHQ&      

*DUQLVRQVJDWDQ      

*DPPHOVWDG      

1RWYLNHQ      

+DSDUDQGDYlJHQ      

.DOONlOOHYlJHQ      

%HQVE\YlJHQ      



'HQVDQQROLNKHWVWHRUHWLVNDPHWRGHQJHULGHWWDIDOOPHGγ4 OlJUHYlUGHQ Sn SDUWLDONRHIILFLHQWηγP RFK K|JUH YlUGH Sn GUDJ RFK WU\FNKnOOIDVWKHWHQIFWG RFKIFFGlQWDEHOOPHWRGHQE\JJGSnSURGXNWIRUPHOQ  

(QEHVWlPQLQJDYηγPSnVDPPDVlWWI|U9& RFKPHGγQ γ* 

γ% RFKγ4 InVI|OMDQGHGLPHQVLRQHUDQGHGUDJRFKWU\FNKnOOIDVWKHWV

YlUGHQ

7DEHOO'LPHQVLRQHUDQGHGUDJRFKWU\FNKnOOIDVWKHWVYlUGHQPHGηγPHQOLJWVDQQROLN

KHWVWHRUHWLVNPHWRGI|UγQ γ* γ% RFKγ4 

%UR IFWN

>03D@ ηγP IFWG

>03D@ IFFN

>03D@ ηγP IFFG

>03D@

%RGHQ&      

*DUQLVRQVJDWDQ      

*DPPHOVWDG      

1RWYLNHQ      

+DSDUDQGDYlJHQ      

.DOONlOOHYlJHQ      

%HQVE\YlJHQ      

, GHWWD IDOO PHGγ4   InV lQQX OlJUH YlUGHQ Sn SDUWLDONRHIILFLHQWηγP RFK lQQXK|JUHYlUGHSnGUDJRFKWU\FNKnOOIDVWKHWHUQDIFWGRFKIFFGlQWDEHOOPHWR

GHQ



 .RPPHQWDUHURFKVOXWVDWVHU

'HWILQQV HQ KHO GHO DWWYLQQDSnDWW JHQRP SURYQLQJ I|UVlNUD VLJ RP DNWXHOO KnOOIDVWKHWLGHEURDUGlUHQ|NQLQJDYGLPHQVLRQHUDQGHODVWNDQYDUDDNWXHOO

'HQNDUDNWHULVWLVNDGUDJKnOOIDVWKHWHQKDUXWYlUGHUDWVPHGWUHPHWRGHU6NLOOQD

GHQPHOODQUHVXOWDWHQlUPnWWOLJDRFK%%.VPHWRGUHNRPPHQGHUDVI|UIRUWVDWW DQYlQGQLQJ

3DUWLDONRHIILFLHQWHQηγPNDQJHQRPVWXGLXPDYDNWXHOODEURDUlQGUDVIUnQWLOO YlUGHQPHOODQ  RFK  I|U WDEHOOPHWRGHQ RFK WLOO YlUGHQ PHOODQ 

RFKI|UGHQVDQQROLNKHWVWHRUHWLVNDPHWRGHQPHGγ4 

)|UDWWHQDQDO\VDYEHILQWOLJDNRQVWUXNWLRQHUVNDOOEOLPHUQ\DQVHUDGI|UHVOnUYL DWWγPVlWWVWLOOGnYLLQWHNlQQHUWLOOQnJRWRPXWI|UDQGHRFKPDWHULDONRQ

WUROOHQYLGSURGXNWLRQHQ(IIHNWHUDYXWI|UDQGHWRFKPDWHULDONRQWUROOHQE|UInVL SURYUHVXOWDWHQ

9LGDUHE|ULγPlYHQWDVKlQV\QWLOOKXUEHUlNQLQJVVQLWWHWLNRQVWUXNWLRQHQlUUH

ODWHUDWWLOOKnOOIDVWKHWHQVYDULDWLRQLQRPNRQVWUXNWLRQVGHOHQJHQRPHQ\WWHUOLJDUH SDUWLDONRHIILFLHQWγP (QOLJW XQGHUV|NQLQJDU NDQ KnOOIDVWKHWHQ YDULHUD DYVHYlUW LQRPHQNRQVWUXNWLRQVGHOVH)LJXUIUnQ%XQJH\RFK0LOODUG  

%HDP

:DOO

&ROXPQ

6ODE 7RS



0LG



%RWWRP

5HODWLYHVWUHQJWK 

     

/RFDWLRQZLWKLQ PHPEHU

)LJXU  7\SLVND KnOOIDVWKHWVYDULDWLRQHU LQRP NRQVWUXNWLRQVGHODU IUnQ %XQJH\ RFK 0LOODUG  



)|UDWWHQXQGHUV|NQLQJRFKQ\DQVHUDGEHVWlPQLQJDYGLPHQVLRQHUDQGHKnOOIDVW

KHWVYlUGHQVNDOOEOLVnUlWWYLVDQGHVRPP|MOLJWPnVWHSURYNURSSDUVSURYSODWVHUV OlJH L NRQVWUXNWLRQHQ OLJJD L HOOHU DOOGHOHV LQWLOO DNWXHOOW EHUlNQLQJVVQLWW (QOLJW 7KXQHWDO  YDUKnOOIDVWKHWHQLVLGREDONDUQDFDK|JUHlQLSODWWDQI|U GHQ L 3DXOVVRQ HW DO   SURYDGH EURQ |YHU /DXWDMRNNL +lQV\Q WLOO GHWWD VNXOOHNXQQDWDVJHQRPDWWLQI|UDHQ\WWHUOLJDUHSDUWLDONRHIILFLHQW

γ = ≈

 −  

  

P 



DWWDQYlQGDVGnSURYNURSSDUWDVXUNRQVWUXNWLRQVGHODUVRPLQWH|YHUHQVVWlPPHU PHGDNWXHOOWEHUlNQLQJVVQLWW



 5HIHUHQVHU

$.   $.$OOPlQQDUHJOHUI|UElUDQGHNRQVWUXNWLRQHU3ULQ

FLSHU UHNRPPHQGDWLRQHU RFK NRPPHQWDUHU VDPW H[HPSHO Sn WLOOlPSQLQJ  6WRFNKROP6WDWHQV3ODQYHUN5DSS

RUWQU/LEHUVLG,6%1

%%.  %HVWlPPHOVHU I|U EHWRQJNRQVWUXNWLRQHU   %%.

%DQG0DWHULDO8WI|UDQGH.RQWUROO6WRFNKROPXW

JLYHQDY6WDWHQV%HWRQJNRPPLWWpKRV$%VYHQVN%\JJ

WMlQVW,6%1

%%.  %RYHUNHWVKDQGERNRPEHWRQJNRQVWUXNWLRQHU  %%.

%DQG0DWHULDO8WI|UDQGH.RQWUROO6WRFNKROP%R

YHUNHW%\JJDYGHOQLQJHQ,6%1

%HQJWVVRQHWDO  3HU(YHUW%HQJWVVRQ%R%HUJJUHQ/DUV2KOVVRQ +n

NDQ6WLOOH  *HRWHNQLNRFKVWDWLVWLN3DUWLDONRHIILFLHQ

'LPHQVLRQHULQJ JHQRP SURYQLQJ   6WRFNKROP %R

YHUNHW%\JJDYGHOQLQJHQVLG,6%1

(&  (XURFRGH%DVLVRI'HVLJQDQG$FWLRQVRQ6WUXFWXUHV

3DUW , %DVLV RI 'HVLJQ (XURSHDQ 3UHVWDQGDUG (19

(XURSHDQ&RPPLWWHHIRU6WDQGDUGL]DWLRQ &(1 %UXVVHOVVLG

.|QLJHWDO  .|QLJ*HUW7XH1JX\HQ6RXNKRY'PLWULDQG$K

QHU &DUVWHQ   'HVLJQ )RUPDW &KDSWHU  ,Q

6WUXFWXUDO&RQFUHWH9ROXPH7H[WERRNRQ%HKDYLRXU'H

VLJQ DQG 3HUIRUPDQFH 8SGDWHG NQRZOHGJH RI WKH &(%),3 0RGHO&RGH/DXVDQQH6ZLW]HUODQG7KHLQWHUQD

WLRQDOIHGHUDWLRQIRUVWUXFWXUDOFRQFUHWH ILE %XOOHWLQ

SS,6%1



0|OOHUHWDO  0|OOHU*3HWHUVRQV1(OIJUHQ/  +nOOIDVWKHW

.DSLWHO  L %HWRQJKDQGERN 0DWHULDO 8WJnYD  6WRFN

KROP $% 6YHQVN %\JJWMlQVW RFK &HPHQWD ,6%1 



1.%  5HWQLQJVOLQLHUIRU ODVW RJ VLNNHUKHWVEHVWHPPHOVHU IRU EDHUHQGH NRQVWUXNWLRQHU   1.%UDSSRUW QU   VLG

,6%1

1.%  5HWQLQJVOLQLHUIRU ODVW RJ VLNNHUKHWVEHVWHPPHOVHU IRU EDHUHQGH NRQVWUXNWLRQHU  1.%UDSSRUWQUVLG

,6%1,661

1\OLQGHU.DWDULQD 

$6XPPDU\RI7HVW5HVXOWVREWDLQHGLQD6ZHGLVK5H

VHDUFK3URJUDP,Q0HFKDQLFDO0DWHULDO3URSHUWLHVRI+LJK 3HUIRUPDQFH&RQFUHWH/XOHn5HSRUW.SS

3DXOVVRQHWDO  3DXOVVRQ%M|UQ7|\Ul%M|UQ(OIJUHQ/HQQDUW'DQL

HOVVRQ *HRUJ -RKDQVVRQ +nNDQ cVWU|P /DUV RFK 2KOVVRQ8OI7  WRQSn0DOPEDQDQ,QIUDVWUXN

WXU )RUVNQLQJV RFK XWYHFNOLQJVSURMHNW DYVHHQGH EHWRQJEURDUV ElULJKHW /XOHn %DQYHUNHW RFK 7HNQLVND +|JVNRODQ L /XOHn5DSSRUWVLG

6FKQHLGHU-|UJ  6FKQHLGHU-|UJ  ,QWURGXFWLRQWR6DIHW\DQG5HOLDELO

LW\ RI 6WUXFWXUHV ,$%6( ,QWHUQDWLRQDO $VVRFLDWLRQ IRU

%ULGJH DQG 6WUXFWXUDO (QJLQHHULQJ  =ULFK 6FKZHL]

SS

7KXQHWDO  7KXQ +nNDQ 2KOVVRQ 8OI (OIJUHQ /HQQDUW  

%HWRQJKnOOIDVWKHWLMlUQYlJVEURDUSn0DOPEDQDQ/XOHn/X

OHnWHNQLVNDXQLYHUVLWHW7HNQLVN5DSSRUW

9lQQPDQ.HUVWLQ 

.HUVWLQ 9lQQPDQ   0DWHPDWLVN VWDWLVWLN /XQG

6WXGHQWOLWWHUDWXUVLG,6%1

gVWOXQG/DUV  gVWOXQG/DUV  6WXGLXPDYHUIRUGHUOLJWYlUGHSnSDUWL

DONRHIILFLHQWHQI|UWnJODVWYLGGLPHQVLRQHULQJDYMlUQYlJVEURDU

8WUHGQLQJSnXSSGUDJDY%DQYHUNHW%RUOlQJHVLG

$

%,/$*$$

'HQQDELODJDlUHQDYVNULIWDYHQXWUHGQLQJPHGWLWHOQ6WXGLXPDYHUIRUGHUOLJWYlU

GH Sn SDUWLDONRHIILFLHQWHQ I|U WnJODVW YLG GLPHQVLRQHULQJ DY MlUQYlJVEURDU DY SURIHVVRU HP/DUVgVWOXQG

,DYVNULIWHQKDUI|OMDQGHEHWHFNQLQJDUlQGUDWVI|UDWWVWlPPD|YHUHQVPHG|YULJD GHODULUDSSRUWHQ

0HGHOYlUGH µ⇒P

6WDQGDUGDYYLNHOVH σ⇒V

'HWHUPLQLVWLVNDNRHIILFLHQWHU P⇒E Q⇒G

$



678',80$9(5)25'(5/,*79b5'(3c 3$57,$/.2()),&,(17(1)g57c*/$679,'

',0(16,21(5,1*$9-b519b*6%52$5

/DUVgVWOXQG 2WWR/LQGEODGVYlJ

/XQG

3URIHVVRUHPLElUDQGHNRQVWUXNWLRQHU YLG/XQGVWHNQLVNDK|JVNROD

$

 ,QOHGQLQJ

, HWW EUHY GDWHUDW  KDU MDJ JHQRP +nNDQ .HOOQHU InWW %DQYHUNHWV XSSGUDJDWWVWXGHUDRPSDUWLDONRHIILFLHQWHQγ4 I|UWnJODVWHQNDQPLQVNDV RPPDQNDQI|UXWVlWWDDWWYDUMHYDJQYlJVLQQDQGHQInUJnXWSnVSnUHWI|UNRQ

WUROODYDWWODVWHQLQNOXVLYHYDJQHQVHJHQW\QJGLQWH|YHUVNULGHUHWWYLVVWIDVW

VWlOOWYlUGH

(WWVlWWDWWVWXGHUDGHWWDNDQYDUDDWWEHG|PDSDUWLDONRHIILFLHQWHQVVWRUOHNJHQRP DWW MlPI|UD UHVXOWDWHQ DY EHUlNQLQJDU HQOLJW SDUWLDONRHIILFLHQWPHWRGHQ PHG UH

VXOWDWHQDYEHUlNQLQJDUHQOLJWHQVDQQROLNKHWVWHRUHWLVNPHWRG,GHWWDVDPPDQ

KDQJE|USnSHNDVDWWHQVDQQROLNKHWVWHRUHWLVNPHWRGLQWHNDQYlQWDVJHGHULN

WLJD YlUGHQD Sn VlNHUKHWVIDNWRUHU QnJUD VnGDQD ULNWLJD YlUGHQ ILQQV LQWH 'H VDQQROLNKHWVWHRUHWLVNDPHWRGHUQDVI|UGHODUOLJJHULDWW GH lU L ULPOLJW K|J JUDG ORJLVNDRFKNRQVHNYHQWD'lUI|UlUGHVRPLGHWWDIDOOOlPSOLJDDWWWLOOlPSDI|U MlPI|UHOVHQDYVHHQGHVlNHUKHWVQLYnQLROLNDIDOO

,GHQQDVWXGLHI|UXWVlWWVEODQGDQQDWDWWGHQWRWDODODVWHQIUnQHQYDJQH[NOXVLYH G\QDPLVNDLQYHUNDQKDUHQ|YUHJUlQVVRPNDQEHVWlPPDVRFKNRQWUROOHUDV

$

 %HUlNQLQJVSULQFLSHU

 $OOPlQIRUPXOHULQJDYGLPHQVLRQHULQJVYLOONRU

 /DVWHIIHNW

/DVWHIIHNWHQ PRPHQWWYlUNUDIWRG VNULYV

= + + Q⋅ ϕ

6 E* G4 G4 

*lUHJHQW\QJGDYEURQ*lUHQVWRNDVWLVNYDULDEHOPHGPHGHOYlUGHP*RFK YDULDWLRQVNRHIILFLHQWHQ9*

4lUWnJODVW4lUHQVWRNDVWLVNYDULDEHOPHGPHGHOYlUGHP4RFKYDULDWLRQVNRHI

ILFLHQW94

4QlUQRPLQHOOWYlUGHI|UWnJODVWHQ

ERFKGlUGHWHUPLQLVWLVNDNRHIILFLHQWHU

ϕlUHQIDNWRUVRP DQJHU G\QDPLVN LQYHUNDQϕlUHQ VWRNDVWLVN YDULDEHO PHG PHGHOYlUGHµϕRFKYDULDWLRQVNRHIILFLHQW9ϕ

(QNRHIILFLHQWνVRPDQJHUI|UKnOODQGHWPHOODQPHGHOYlUGHQDDYODVWHIIHNWHUQD DYHJHQW\QJGRFKWnJODVWLQI|UV

ν =* *

4

EP

GP 

)|UKnOODQGHWPHOODQPHGHOYlUGHRFKQRPLQHOOWYlUGHI|UWnJODVWHQVNULYV λ =P4

4Q 

ϕlUVDWWWLOOGHWQRPLQHOODYlUGHW4QRFKLQQHKnOOHUGHOVRVlNHUKHWHQL4RFK GHOVRVlNHUKHWHQLGHG\QDPLVNDHIIHNWHUQD

'HVWRNDVWLVNDYDULDEOHUQD*4RFKϕDQWDVYDUDQRUPDOI|UGHODGH

 %lUI|UPnJD

%lUI|UPnJDQ5VNULYV

5 &DI= 

$

IlUKnOOIDVWKHWVYlUGHWIlUHQVWRNDVWLVNYDULDEHOPHGPHGHOYlUGHWPIRFKYDULD

WLRQVNRHIILFLHQWHQ9I

DlUHQJHRPHWULVNVWRUKHW WH[WYlUVQLWWVDUHD DlUHQVWRNDVWLVNYDULDEHOPHG PHGHOYlUGHWPDRFKYDULDWLRQVNRHIILFLHQWHQ9D

&lUHQIDNWRUVRPEHVNULYHURVlNHUKHWHQLEHUlNQLQJVPRGHOOHQ&lUHQVWRNDV

WLVNYDULDEHOPHGPHGHOYlUGHWP&RFKYDULDWLRQVNRHIILFLHQW9& IDRFK&VDPPDQVlWWVVnDWW

PHGHOYlUGHWP5 =P P P& D I 

YDULDWLRQVNRHIILFLHQWHQ95 = 9&+9D+9I 

,IRUWVlWWQLQJHQDQYlQGV5P5RFK958SSGHOQLQJHQL&DRFKIJ|UVI|UHQ VHQDUHXSSVNDWWQLQJDYQXPHULVNDYlUGHQ

'HVWRNDVWLVNDYDULDEOHUQD5&DRFKIDQWDVYDUDORJDULWPLVNWQRUPDOI|UGHODGH

 'LPHQVLRQHULQJVYLOONRU 'LPHQVLRQHULQJVYLOONRUHWVNULYV

 %HUlNQLQJHQOLJWHQVDQQROLNKHWVWHRUHWLVNPHWRG

'LPHQVLRQHULQJVYlUGHQDI|UGHVWRNDVWLVNDYDULDEOHUQD5*4RFKϕlU

$

,RYDQVWnHQGHXWWU\FNlUα5α*α4RFKαϕVnNDOODGHNlQVOLJKHWVNRHIILFLHQWHU VRPVNDOOXSSI\OODYLOONRUHW

GlU 3IlUGHQIRUPHOODEURWWVDQQROLNKHWHQ

Φ ⋅ lUGHQLQYHUVDQRUPDOI|UGHOQLQJVIXQNWLRQHQ

0HGGP4 = λG4  RFKQ EP* = ν λ* G4  EOLU HNY   PHG GLPHQVLRQHULQJVQ

2PYlUGHQDSnαβ9ν*λRFKPϕlUNlQGDNDQ = 5

Q

] P

G4 EHVWlPPDV]lU HUIRUGHUOLJWPHGHOYlUGHSnElUI|UPnJDQVDWWLUHODWLRQWLOOHIIHNWHQDYGHQQRPL

QHOODODVWHQ VHlYHQELODJD 

 %HUlNQLQJHQOLJWSDUWLDONRHIILFLHQWPHWRGHQ 'LPHQVLRQHULQJVYlUGHQDlU

$

,RYDQVWnHQGHXWWU\FNlU5N*NRFK4NNDUDNWHULVWLVNDYlUGHQN5LXWWU\FNHWI|U 5N DQJHU YLONHQ IUDNWLO 5N PRWVYDUDU 'HWWD EHKDQGODV PHU LQJnHQGH L DYVQLWW

.DUDNWHULVWLVNDYlUGHWI|UHJHQW\QJGlUOLNDPHGPHGHOYlUGHW.DUDNWHULV

WLVNDYlUGHW4NI|UWnJODVWlUOLNDPHGWnJODVWHQVQRPLQHOODYlUGH'LPHQVLRQH

ULQJVYlUGHWϕGEHUlNQDVHQOLJWEHVWlPPHOVHU

0HG GLPHQVLRQHULQJVYlUGHQD HQOLJW HNY   LQVDWWD L HNY   RFK PHG

= ν λ

* * Q

EP G4 EOLUHNY 

− − ν λγ − γ + ϕ =

γ H[S  

5 5 5 * * 4 G

Q 5

P N 9

G4 

9lUGHQDSn 5

Q

P

G4 EHUlNQDVHQOLJWHQVDQQROLNKHWVWHRUHWLVNPHWRG9lUGHWSnHQ DYSDUWLDONRHIILFLHQWHUQDγ5γ*RFKγ4NDQVHGDQEHVWlPPDVRPYlUGHQDSnGH WYn|YULJDlUNlQGD,GHWWDIDOOEHVWlPVγ4

$

Related documents