• No results found

Känslor och minne : Påverkas inkodningen av sinnesstämningen?

N/A
N/A
Protected

Academic year: 2021

Share "Känslor och minne : Påverkas inkodningen av sinnesstämningen?"

Copied!
43
0
0

Loading.... (view fulltext now)

Full text

(1)

§—œ•˜› ˜Œ‘ –’——Ž

ªŸŽ›”Šœ ’—”˜—’—Ž— ŠŸ œ’——Žœœ§–—’—Ž—



3RQWXV-RKQVVRQ

Š—’Šž™™œŠœ ’ ˜—’’˜—œŸŽŽ—œ”Š™ ’—”ã™’—œ ž—’ŸŽ›œ’Ž         Š—•ŽŠ›Ž •›’Œ‘ •˜œœ˜—    

(2)
(3)

㛘›

-DJYLOOWDFNDPLQKDQGOHGDUH8OULFKVRPYDULWRWUROLJWKMlOSVDPRFKHQJDJHUDGXQGHUKHOD DUEHWHWV JnQJ 'HW YDU HWW XWPlUNW WLOOIlOOH DWW In OlUD VLJ PHU LQRP lPQHW JHQRP YnUD GLVNXVVLRQHURPlPQHWRFKXSSVDWVHQ(WWVWRUWWDFNULNWDVRFNVnWLOO.DULQ-RQDVRFK$P\² YlQQHUQDL*ODVEXUHQ²VRPDOOWLGILQQVGlUEHUHGGDDWWO\VVQDGLVNXWHUDJHQ\DSHUVSHNWLY HOOHUEDUD RFKNDQVNHYLNWLJDVWDYDOOW DWWVNUDWWDPHGQlUDUEHWHWlUWXQJW

(4)

Š––Š—Š—’—

,QRPIRUVNQLQJNULQJDIIHNWRFKHPRWLRQHUKDUPDQIXQQLWDWWSRVLWLYVLQQHVVWlPQLQJOHGHUWLOO |NDG SHUFHSWLRQ XWLIUnQ KHOKHWHQ DY YLVXHOO VWLPXOXV Sn HQ JOREDO QLYn PHGDQ QHJDWLY VLQQHVVWlPQLQJ OHGHU WLOO |NDG SHUFHSWLRQ XWLIUnQ GHWDOMHU Sn HQ ORNDO QLYn HJ *DVSHU  &ORUH*DVSHU 'HQQDUDSSRUWV\IWDUWLOODWWKLWWDHWWVDPEDQGPHOODQGHVVDI\QG RFKGHWYnW\SHUDYPHQWDOEHDUEHWQLQJVRPlUNlQGDLQRPIRUVNQLQJHQNULQJPLQQHHQVRP JHUPLQQHWNRQWH[WRFKHQVRPJ|UGHWHQNODUHDWWXUVNLOMD HJ%XUQV 'HWWDVDPEDQG lULI|UIDWWDUHQVNlQQHGRPLQWHWLGLJDUHWHVWDWLSXEOLFHUDGHVWXGLHU5HVXOWDWHQVW|GHULQWHGH WYn K\SRWHVHUQD VRP WHVWDGHV PHQ HQ P|MOLJ I|UNODULQJ WLOO GH PRWVlJHOVHIXOOD GDWD VRP QRWHUDWV I|UHVOnV YLONHQ EHDNWDU HQ LQWHUDNWLRQ DY HIIHNWHU IXQQD I|U LQGXFHUDG VLQQHV VWlPQLQJ

(5)
(6)

——Ž‘ª••œã›ŽŒ”—’—

 ,QOHGQLQJ    +\SRWHVHU   6WUXNWXU   7HRULEDNJUXQG    $IIHNWRFKNRJQLWLRQ   $IIHNWlULQIRUPDWLRQ   7HRULQRPUHJOHUDQGHIRNXV   )OH[LELOLWHWVK\SRWHVHQ   9LGJDRFKEHIlVWWHRULQ    %HDUEHWQLQJLPLQQHW   7YnSHUVSHNWLYSnPLQQHWVIXQNWLRQ   1lUWYnEOLUHWW   0HWRGEDNJUXQG    $WWVNDSDVLQQHVWlPQLQJ    *XLGHGLPDJHU\PHGPXVLN   0HWRG    'HOWDJDUH   0DWHULDO    6LQQHVWlPQLQJVLQGXNWLRQ   6NDWWQLQJDYVLQQHVVWlPQLQJ    2UGOLVWD   3URFHGXU    'HVLJQRFKDQDO\V    5HVXOWDW   ,QGXNWLRQDYVLQQHVVWlPQLQJ    $QWDOnWHUNDOODGHRUG    ,WHPJDLQV   ,WHPORVVHV    )DOVNWnWHUNDOODGHRUG   'LVNXVVLRQ   0HWRGGLVNXVVLRQ   (IIHNWHUDYVLQQHVVWlPQLQJVLQGXNWLRQHQ    (IIHNWHUDYRUGOLVWDQ    (QP|MOLJI|UNODULQJ   .RSSOLQJDUWLOOGHWHRUHWLVNDUDPYHUNHQ   6OXWVDWVHU   )UDPWLGDIRUVNQLQJ    5HIHUHQVOLVWD  

(7)

 

 —•Ž—’—

'HQ KlU UDSSRUWHQ V\IWDU WLOO DWW NQ\WD DQ IRUVNQLQJ LIUnQ WYn GLVFLSOLQHU LQRP NRJQLWLRQVSV\NRORJLQ VRP InWW HWW VWRUW JHQRPEURWW GHW VHQDVWH GHFHQQLHW 'HQ HQD LQULNWQLQJHQ KDQGODU RP KXU HPRWLRQHU RFK DIIHNW LQIOXHUDU YnU NRJQLWLRQ GHQ DQGUD RP KMlUQDQV VWUDWHJL I|U LQIRUPDWLRQVEHDUEHWQLQJ RFK KXU ROLND V\VWHP VDPDUEHWDU I|U DWW ODJUD RFKKlPWDLQIRUPDWLRQIUnQYnUWPLQQH

,GDJYHWIRUVNDUHDWWDIIHNWKDUHWWVWRUWLQIO\WDQGHSnYnUNRJQLWLRQRFKDWWYLLQWHDOOWLGlU

KHOW PHGYHWQD RP GHW 7LOO H[HPSHO IDQQ 6FKZDU] RFK &ORUH   QlU GH JHQRPI|UGH WHOHIRQLQWHUYMXHUSnGHQI|UVWDYDFNUDYnUGDJHQDWWGHXSSULQJGDSHUVRQHUQDVNDWWDGHVLQ WLOOIUHGVVWlOOGKHW|YHUOLYHWK|JUHMlPI|UWPHGSHUVRQHUVRPEOHYXSSULQJGDHQNDOORFKUHJQLJ GDJ3URIILWW  IDQQDWWGHOWDJDUHVRPILFNO\VVQDSnOHGVDPPXVLNEHG|PGHNXOOHQVRP EUDQWDUHlQGHVRPILFNO\VVQDSnJODGPXVLNQlUKDQOlWGHOWDJDUHEHG|PDHQNXOOHVOXWQLQJ ,IOHUDVWXGLHUKDUPDQIXQQLWDWWQHJDWLYDIIHNWInURVVDWWEHDUEHWDV\QLQWU\FNXWLIUnQGHVV EHVWnQGVGHODULVWlOOHWI|UKHOKHWHQ 'HUU\EHUU\ 5HHG 3RVLWLYDIIHNWJ|UGlUHPRWDWWYL I|UVW RFK IUlPVW DQYlQGHU RVV DY KHOKHWHQ QlU YL WDU LQ V\QLQWU\FN *DVSHU  &ORUH  *DVSHU ([HPSHOYLVQlUYLlUJODGDKDUYLOlWWDUHDWWVHVNRJHQlQYDUMHWUlGVHSDUDW .LPFKL   'HQ WLGLJD IRUVNQLQJHQ NULQJ DIIHNW RFK GHVV LQYHUNDQ Sn NRJQLWLRQ KDU IUDPI|UDOOWYDULWULNWDGPRWHIIHNWHUQDSnYnUEHG|PQLQJVI|UPnJDRFKKXUYLYlUGHUDUVWLPXOL 3n VHQDUH nU KDU IRUVNQLQJHQ HPHOOHUWLG E|UMDW ULNWD LQ VLJ PHU PRW DWW VWXGHUD GHW QlUD VDPEDQGHW PHOODQ DIIHNWLYD WLOOVWnQG RFK PHQWDO EHDUEHWQLQJ DY LQIRUPDWLRQ QnJRW VRP )RUJDV   PHQDU NDQ YDUD Q\FNHOQ WLOO HQ I|UVWnHOVH DY KXU YnU NRJQLWLRQ SnYHUNDV DY NlQVORU

,QRPPLQQHVIRUVNQLQJHQKDUPDQLGHQWLILHUDWWYnVlUVNLOGDVlWWDWWKDQWHUDLQIRUPDWLRQYLG LQNRGQLQJRFKKnJNRPVW'HWHQDV\VWHPHWEHDUEHWDUPLQQHWVNRPSRQHQWHUPHGV\IWHWDWW VNDSDHQNRQWH[WVRPI|UELQGHUGHPVLQVHPHOODQRFKEHQlPQVUHODWLRQHOOEHDUEHWQLQJ'HW

DQGUD V\VWHPHW NDOODW HQKHWVVSHFLILN EHDUEHWQLQJ EHDUEHWDU LQIRUPDWLRQ VRP XUVNLOMHU YDU

RFK HQ DY PLQQHVNRPSRQHQWHUQD I|U DWW J|UD GHP W\GOLJDUH RFK OlWWDUH DWW nWHUNDOOD XU PLQQHW %XUQV   )|U DWW In RSWLPDO PLQQHVIXQNWLRQ NUlYV GHW DWW EnGD GHVVD V\VWHP VDPDUEHWDU +XQW (LQVWHLQ 

.OHLQ /RIWXV .LKOVWURP RFK $VHURQ   I|UVWlUNWH SHUVRQHUV UHODWLRQHOOD HOOHU HQKHWV VSHFLILNDEHDUEHWQLQJQlUGHOWDJDUHVWXGHUDGHHQRUGOLVWDI|UDWWGlUHIWHUWHVWDGHUDVPLQQH I|URUGHQLWUHXSSUHSDGHPLQQHVWHVWHU'HIDQQDWWRUGHQVRPGHOWDJDUQDnWHUNDOODGHVNLOMGH VLJPHOODQWHVWHUQDYLVVDRUGI|UVYDQQVDPWLGLJWVRPDQGUDRUGWLOONRP'HVVXWRPVnJGHDWW GHOWDJDUHVRPInWW|NDGUHODWLRQHOOEHDUEHWQLQJJO|PGHIlUUHRUGlQGHSHUVRQHUVRPInWW |NDG HQKHWVVSHFLILN EHDUEHWQLQJ 'HVVD KDGH L VLQ WXU OlWWDUH I|U DWW PLQQDV Q\D RUG YLG

 

$IIHNWNDQVHVVRPHQVDPOLQJVWHUPI|UNlQVORLQWU\FNRFKNDQLQQHIDWWDEnGHVLQQHVVWlPQLQJRFK HPRWLRQHU

(QJUHODWLRQDOSURFHVVLQJ (QJLWHPVSHFLILFSURFHVVLQJ

(8)

 

VHQDUHWHVWHUMlPI|UWPHGGHQDQGUDJUXSSHQ

'HWLQWUHVVDQWDPHGGHVVDWYnRPUnGHQlUKXUQlUDGHOLJJHUVDPWLGLJWVRPGHWLQWHILQQV QnJRWVRP|YHUEU\JJHUDYVWnQGHWPHOODQGHP8SSUHSDGHVWXGLHUKDUYLVDWKXUSRVLWLYDIIHNW InU RVV DWW EHDUEHWD YLVXHOO LQIRUPDWLRQ XWLIUnQ GHVV KHOKHW RFK NRQWH[W VDPWLGLJW VRP YL EHDUEHWDU LQIRUPDWLRQ PHU ORNDOW RFK GHWDOMHUDW QlU YL lU LQGXFHUDGH PHG QHJDWLY DIIHNW 'HUU\EHUU\ 5HHG*DVSHU &ORUH*DVSHU  'HQW\SHQDYEHDUEHWQLQJ W\FNVKDP\FNHWJHPHQVDPWPHGGHV\VWHPVRP.OHLQHWDO  XQGHUV|NWHI|UPLQQHW

'HQQDXSSVDWVDYVHUGlUI|UDWWI|UV|ND|YHUEU\JJDGHWWDJDSPHOODQIRUVNQLQJVGLVFLSOLQHU JHQRP DWW KLWWD HQ NRSSOLQJ PHOODQ SRVLWLY DIIHNW RFK UHODWLRQHOO EHDUEHWQLQJ WLOOVDPPDQV PHGHQNRSSOLQJPHOODQQHJDWLYDIIHNWRFKHQKHWVVSHFLILNEHDUEHWQLQJ

 ¢™˜ŽœŽ›

*HQRP DWW OnWD I|UV|NVGHOWDJDUH VWXGHUD HQ RUGOLVWD VRP GH VHGDQ InU WUH XSSUHSDGH PLQQHVWHVWSnRFKGHVVI|ULQQDQLQGXFHUDGHPPHGSRVLWLYDOWHUQDWLYWQHJDWLYVLQQHVVWlPQLQJ E|U HQ NRSSOLQJ NXQQD J|UDV PHOODQ DIIHNW RFK PHQWDO LQIRUPDWLRQVEHDUEHWQLQJ %HDUEHWQLQJHQ YLG LQNRGQLQJ RFK nWHUNDOOQLQJ DY RUGHQ L OLVWDQ NRPPHU YLG SRVLWLY VLQQHVVWlPQLQJDWWYDUDPHUJOREDORFKGlUI|UOlJJDWRQYLNWHQSnUHODWLRQHOOEHDUEHWQLQJ, QHJDWLYVLQQHVVWlPQLQJNRPPHUEHDUEHWQLQJHQGlUHPRWVNHSnHQPHUORNDOQLYnPHGHWW VWDUNDUHIRNXVSnHQKHWVVSHFLILNEHDUEHWQLQJ'HWWDEOLUV\QOLJWJHQRPDWWOLNVRP.OHLQHWDO   PlWD HQKHWVVSHFLILN EHDUEHWQLQJ L DQWDO Q\D RUG VRP WLOONRPPHU PHOODQ GH WUH WHVWHUQDRFKUHODWLRQHOOEHDUEHWQLQJLDQWDORUGVRPJO|PVERUW

8WLIUnQGHWWDIRUPXOHUDGHVI|OMDQGHWYnK\SRWHVHU

+ 'HOWDJDUH LQGXFHUDGH PHG QHJDWLY VLQQHVVWlPQLQJ NRPPHU LKnJ IOHU Q\D RUG PHOODQGHWUHWHVWHUQDMlPI|UWPHGGHOWDJDUHLGHQSRVLWLYDJUXSSHQ + 'HOWDJDUHLQGXFHUDGHPHGSRVLWLYVLQQHVVWlPQLQJJO|PPHUERUWIlUUHRUGPHOODQ WHVWHUMlPI|UWPHGGHOWDJDUHLQGXFHUDGHPHGQHJDWLYVLQQHVVWlPQLQJ

 ›ž”ž›

5DSSRUWHQLQOHGVPHGHWW|YHUVLNWOLJWNDSLWHODYlPQHWWLOOVDPPDQVPHGHQEDNJUXQGV\IWH RFKK\SRWHVHU'lUHIWHUI|OMHUHQWHRULGHOVRPJnULQGMXSDUHIUDPI|UDOOWSnKXUDIIHNWLQIOXHUDU ROLNDGHODUDYYnUNRJQLWLRQVDPWGHQIRUVNQLQJVRPJMRUWVRPEHDUEHWQLQJYLGLQNRGQLQJRFK KnJNRPVW DYPLQQHQ .DSLWOHW I|OMV DY HWW DYVQLWW VRPJ|U HQ NRUWDUHJHQRPJnQJ DY WHRULQ EDNRP VLQQHVVWlPQLQJVLQGXNWLRQ RFK GH SURFHGXUHU VRP DQYlQGV 'lUHIWHU EHVNULYV GHQ HPSLULVND VWXGLH VRP JHQRPI|UGHV RFK PHWRGHQ VRP WLOOlPSDGHV , GHW IHPWH NDSLWOHW SUHVHQWHUDV GDWD IUnQ VWXGLHQ RFK GH DQDO\VHU VRP JHQRPI|UGHV $YVOXWQLQJVYLV GLVNXWHUDV GDWD RFK NRSSOLQJDU J|UV WLOO WLGLJDUH IRUVNQLQJ VDPW K\SRWHVHUQD VRP IRUPXOHUDGHV L LQOHGQLQJHQ.DSLWOHWDYVOXWDVPHGVOXWVDWVHURFKI|UVODJWLOOIUDPWLGDIRUVNQLQJ

(9)

 

 Ž˜›’‹Š”›ž—

 Ž” ˜Œ‘ ”˜—’’˜—

'HW YDU I|UVW I|U  nU VHGDQ VRP DIIHNW RFK HPRWLRQHU XSSK|UGH DWW LJQRUHUDV LQRP GHQ NRJQLWLRQVSV\NRORJLVNDIRUVNQLQJHQPHQVHGDQGHVVKDUXWYHFNOLQJHQJnWWIRUW )RUJDV  9LYHWLGDJDWWDIIHNWXW|YDUHWWVWRUWLQIO\WDQGH|YHUNRJQLWLYDI|UPnJRUVRPWLOOH[HPSHODWW J|UD EHG|PQLQJDU RFK EHDUEHWD YLVXHOOD SHUFHSW PHQ YDG YL LQWH YHW lU H[DNW KXU VWRUW LQIO\WDQGHWlUHOOHUYLONDPHNDQLVPHUVRPVW\UGHW )RUJDV ,VWlOOHWILQQVHWWIOHUWDOPHUHOOHU PLQGUH YlOXWYHFNODGH RFK RPIDWWDQGH WHRULHU YDUDY I\UD SUHVHQWHUDV QHGDQ  VRP NDQ I|UNODUDYLVVDDVSHNWHUDYKXUDIIHNWSnYHUNDURVV(QOLJW)RUJDV  lUGHWP|MOLJHQVnDWW GHQWlWDUHODWLRQHQPHOODQDIIHNWLYDWLOOVWnQGRFKLQIRUPDWLRQVEHDUEHWQLQJNDQYDUDQ\FNHOQ WLOODWWI|UVWnKXUWlQNDQGHLQIOXHUDVDYYnUDNlQVORU9LlUGRFNLQWHGlUlQ)DNWXPlUDWWGHW IRUWIDUDQGHlUSUREOHPDWLVNWDWWGHILQLHUDH[DNWYDGDIIHNWRFKHPRWLRQHUlU )RUJDV  (QOLJW HQ GHILQLWLRQ KlPWDG XU &ORUH  +XQWVLQJHU   lU DIIHNW UHSUHVHQWDWLRQHU DY SHUVRQOLJDYlUGHULQJDUVRPXWWU\FNVHQNHOWVRPPHUHOOHUPLQGUHSRVLWLYWDOWHUQDWLYWQHJDWLYW )OHUDDIIHNWNDQVDPPDQIDOODRFKXWJ|UGnHWWVnNDOODWDIIHNWLYWWLOOVWnQG(WWVnGDQWWLOOVWnQG NDQYDUDNRSSODWWLOOHWWVSHFLILNWVWLPXOLDQWLQJHQHWWREMHNWHOOHUHQKlQGHOVHRFKEOLUGlUPHG HQHPRWLRQ+XUXYLGDHPRWLRQlUV\QRQ\PWPHGNlQVODHOOHULQWHlURFNVnHQGHILQLWLRQVIUnJD (QOLJW 1DWLRQDOHQF\NORSHGLQ lU NlQVOD RFK HPRWLRQ V\QRQ\PW PHG YDUDQGUD gKPDQ  3HUVVRQ PHQH[HPSHOYLV'DPDVLR  VNLOMHUSnHPRWLRQRFKGHWHQJHOVNDRUGHWI|U NlQVOD IHHOLQJ $IIHNWLYD WLOOVWnQG NDQ RFNVn YDUD XWDQ VWLPXOL RFK PHU OnQJYDUULD YDG VRP NDOODVVLQQHVVWlPQLQJ &ORUH +XQWVLQJHU 

*HQHUHOOWVHWWDQYlQGVDIIHNWVRPHQSDUDSO\WHUPI|UDWWLQQHIDWWDEnGHDIIHNWHPRWLRQHU RFKVLQQHVVWlPQLQJYLONHWOHGHUWLOODWWGHWLPnQJDIDOOLQWHJnUDWWDYJ|UDVSHFLILNWYLONHQW\S DY IHQRPHQ VRP I|UIDWWDUHQ YHUNOLJHQ V\IWDU Sn -DJ KDU I|UV|NW DQYlQGD PLJ DY RYDQVWnHQGH GHILQLWLRQHU WLOOVDPPDQV PHG GH WHUPHU UHIHUHQVI|UIDWWDUQD DQYlQGHU VLJ DY L VWUlYDQHIWHUDWWKnOODVSUnNEUXNHWNRQVHNYHQW

 Ž” §› ’—˜›–Š’˜—

(QGLVWLQNWDVSHNWDYHPRWLRQHUlUDWWGHXSSOHYVRFKDWWXSSOHYHOVHQDYNlQVODQVSHODUHQ YLNWLJUROOLYnULQIRUPDWLRQVEHDUEHWQLQJ &ORUH*DVSHURFK*DUYLQRPLQWHDQQDWDQJHV lU GHW &ORUH HW DO  VRP lU UHIHUHQV L I|OMDQGH DYVQLWW  (PRWLRQHU ELVWnU RVV PHG PHGYHWHQLQIRUPDWLRQRPXQGHUPHGYHWQDYlUGHULQJDU'HVVDNlQVORUIXQJHUDUVRPDIIHNWLY IHHGEDFN VRP KMlOSHU WLOO RFK JXLGDU EHG|PQLQJDU EHVOXWVIDWWDQGH RFK LQIRUPDWLRQV EHDUEHWQLQJ7HRULQVRPRPIDWWDUGHVVDDQWDJDQGHQNDOODVDIIHFWDVLQIRUPDWLRQWKHRU\ VY DIIHNWVRPLQIRUPDWLRQ 

'DPDVLR  IDQQDWWSDWLHQWHUPHGKMlUQVNDGRUVRPKDUPLVWI|UPnJDQDWWXSSIDWWD DIIHNW KDU VYnUW DWW DJHUD PnOLQULNWDW |YHUKXYXGWDJHW 'HQQD DYVDNQDG DY DIIHNWLY

  (QJPRRG

(10)

 

LQIRUPDWLRQLQQHElUDWWNRJQLWLYDI|UPnJRUVRPWLGLJDUHIRUVNQLQJLQWHDQVHWWYDUDNRSSODGH WLOOHPRWLRQHURFKDIIHNWInUQHGVDWWHOOHULQJHQIXQNWLRQ,QIRUPDWLRQVYlUGHWI|UDIIHNWEHURUSn YLONHWREMHNWVRPGHQDIIHNWLYDXSSOHYHOVHQWLOOVNULYV,VLJVMlOYWlUDIIHNWEDUDHQXSSIDWWQLQJ DY EUD HOOHU GnOLJW 6FKZDU] RFK &ORUH   JHQRPI|UGH WHOHIRQLQWHUYMXHU GHQ I|UVWD YnUGDJHQPHGVROLJWRFKYDUPWYlGHUQlUPlQQLVNRUYDUQDWXUOLJWSRVLWLYDRFKJODGDHOOHU HQ NDOO RFK UHJQLJ YnUGDJ QlU PlQQLVNRU YDU DOOPlQW PLQGUH SRVLWLYD 'H IDQQ DWW EnGD WLOOVWnQGHQ SnYHUNDGH KXU GHOWDJDUQD YlUGHUDGH VLQ DOOPlQQD Q|MGKHW PHG OLYHW L SRVLWLY VLQQHVVWlPQLQJ YDU YlUGHULQJDUQD K|JUH lQ GH YDU L QHJDWLY VLQQHVVWlPQLQJ 0HQ QlU GHOWDJDUH JMRUGHV PHGYHWQD RP DWW YlGUHW NXQGH YDUD HQ RUVDN WLOO GHUDV NlQVORU I|UVYDQQ KHOD HIIHNWHQ DY DIIHNW Sn Q|MGKHWHQ PHG OLYHW *HQRP DWW PDQLSXOHUD WLOOVNULYQLQJHQ DY DIIHNW WLOO YlGUHW  I|UlQGUDGHV LQWH GHOWDJDUQDV IDNWLVND NlQVOD LVWlOOHW I|UlQGUDGHV LQQHE|UGHQ DY NlQVODQ WLOO DWW VLJQDOHUD QnJRW DQQDW .lQVORU NDQ DOOWVn PHQ LQWH DOOWLG SnYHUNDYlUGHULQJDU1lUHQDQQDQDQOHGQLQJlQGHWREMHNWVRPVNDYlUGHUDVPHGYHWDQGH J|UVI|UVYLQQHUHIIHNWHQDYVLQQHVVWlPQLQJHQ

, YHUNOLJKHWHQ XWDQI|U H[SHULPHQWVLWXDWLRQHU VNHU WLOOVNULYQLQJHQ DY DIIHNW QDWXUOLJWYLV PHVWDGHOVNRUUHNW'HWlUSnJUXQGDYDWWDIIHNWRIWDVWlUWlWWNQXWHWWLOOGHWPHQWDODLQQHKnOO VRP lU DNWXHOOW I|U WLOOIlOOHW 9nUW HPRWLRQHOOD V\VWHP XWYHFNODGHV DQWDJOLJHQ VRP HWW YDUQLQJVV\VWHP YDUV V\IWH YDU DWW XQGHUOlWWD KDQWHULQJHQ DY P|MOLJKHWHU RFK IDUOLJD KRW (PRWLRQHU PnVWH YDUD ULNWDGH PRW DNWXHOOW NRJQLWLYW RFK SHUFHSWXHOOW LQQHKnOO I|U DWW |YHUKXYXGWDJHWNXQQDYlJOHGDYDODYRPHGHOEDUDKDQGOLQJDU1lULQQHE|UGHQDYNlQVORU LQWHEHJUlQVDVWLOOHQPHGYHWHQXUVSUXQJVNlOODNDQGHNQ\WDVDQWLOOYDGVRPUnNDUYDUDLIRNXV I|UWLOOIlOOHW$WWDIIHNWSnYHUNDUYnUEHG|PQLQJVI|UPnJDlUW\GOLJW$IIHNWVRPNRSSODVWLOOHWW REMHNWNDQXSSIDWWDVVRPJLOODQGHHOOHURJLOODQGHRFKOHGDWLOOElWWUHHOOHUVlPUHEHG|PQLQJ DYDNWXHOOWREMHNW

1lU REMHNWHW L IUnJD LVWlOOHW lU HQ XSSJLIW NDQ DIIHNW XSSIDWWDV VRP IHHGEDFN Sn HQV I|UPnJDDWWJHQRPI|UDRFKNODUDDYXSSJLIWHQ)HHGEDFNHQNDQWRONDVVRPI|UWURHQGHHOOHU VNHSVLV WLOO NRJQLWLYW WLOOJlQJOLJ LQIRUPDWLRQ YLONHW OHGHU WLOO |NDG HOOHU PLQVNDG WLOOWUR Sn HJQD |YHUW\JHOVHURFKI|UYlQWQLQJDU%RGHQKDXVHQ.UDPHURFK6XVVHU  YLVDGHDWWGHOWDJDUH L SRVLWLY VLQQHVVWlPQLQJ YDU PHU EHQlJQD DWW DQYlQGD VLJ DY VWHUHRW\SW EHG|PDQGH 'H GURJ VOXWVDWVHQ DWW SRVLWLYD SHUVRQHU VDNQDGH LQFLWDPHQW WLOO DWW DQVWUlQJD VLJ NRJQLWLYW RFK HQJDJHUD K|JUH PHQWDOD SURFHVVHU Vn OlQJH VRP XSSJLIWHUQD VRP NUlYGH GHQ H[WUD DQVWUlQJQLQJHQLQWHKDGHQnJRQGLUHNWI|UYlQWDGSnYHUNDQSnGHUDVHJHWYlOPnHQGHHOOHU KXP|U 8W|YHU VWHUHRW\SHU WHQGHUDUSRVLWLYW LQGXFHUDGHSHUVRQHURFNVn DWW DQYlQGDVLJ DY VFULSWDW EHWHHQGH %OHVV &ORUH 6FKZDU] HW DO   VDPW PHU JHQHUHOOW RFK LQNOXGHUDQGH NDWHJRULVHUDQGH ,VHQ  'DXEPDQ   'HQ PHVW EHW\GHOVHIXOOD GHOHQ DY KXU DIIHNW SnYHUNDUNRJQLWLYLQIRUPDWLRQVEHDUEHWQLQJlUDWWSRVLWLYDRFKQHJDWLYDNlQVORUXSSIDWWDVVRP VLJQDOHURPDWWIRUWVlWWDHOOHUDWWVOXWDDQYlQGDLQWHUQNXQVNDS

ŽŠ›‹Ž—’— ™ª •˜‹Š• Ž••Ž› •˜”Š• —’Ÿª

8W|YHUDWWUHJOHUDDQYlQGDQGHWDYLQWHUQLQIRUPDWLRQKDUDIIHNWNRSSODWVLKRSPHGQLYnQSn YLONHQLQGLYLGHUIRNXVHUDUSnLQIRUPDWLRQ *DVSHU $IIHNWVRPNRSSODVWLOOHQXSSJLIWRFK XSSOHYV VRP IHHGEDFN RP IUDPJnQJ HOOHU PLVVO\FNDQGH ERUGH RFNVn SnYHUND EDODQVHQ

(11)

 

PHOODQ JOREDOW RFK ORNDOW IRNXV YLG LQIRUPDWLRQVEHDUEHWQLQJ &ORUH HW DO   'HQ WHRULQ KlUVWDPPDUGHOYLVXU9DOODFKHUVRFK:HJQHUV  VWXGLHURPKXULQGLYLGHULGHQWLILHUDURFK KnOOHU UHGD Sn VLQD KDQGOLQJDU 'H NRQVWDWHUDGH DWW PDQ L HQ IUDPJnQJVULN NRQWH[W DJHUDU XWLIUnQPHUDEVWUDNWDRFKRPIDWWDQGHPnOSnHQK|JUHJOREDOQLYn1lUNRQWH[WHQnDQGUD VLGDQ YLWWQDU RP SUREOHP VNLIWDU PDQ IRNXV IUnQ GHQ JOREDOD QLYnQ WLOO HQ PHU ORNDO I|U DWW I|UV|ND LGHQWLILHUD SUREOHPHW RFK DJHUDU XWLIUnQ PHU NRQNUHWD RFK GHWDOMHUDGH PnO $WW LQGLYLGHUWHQGHUDUDWWDQYlQGDVLJPHUDYI|UYlQWQLQJDUVWHUHRW\SHURFKVFULSWLSRVLWLYlQL QHJDWLYVLQQHVVWlPQLQJNDQRFNVnVHVVRPHQEHNUlIWHOVHSnDWWSRVLWLYRFKQHJDWLYVLQQHV VWlPQLQJOHGHUWLOOJOREDOUHVSHNWLYHORNDOEHDUEHWQLQJ

*DVSHU RFK &ORUH   XQGHUV|NWH HIIHNWHQ DY DIIHNW Sn IRNXVHULQJVQLYn JHQRP DWW VWXGHUD KXU QHJDWLY UHVSHNWLYH SRVLWLY VLQQHVVWlPQLQJ LQIOXHUDGH JOREDO NRQWUD ORNDO EHDUEHWQLQJLHQYLVXHOOXSSJLIW0HUVSHFLILNWSU|YDGHGHRPVLQQHVVWlPQLQJNXQGHUHJOHUD GHQJOREDODGRPLQDQVHIIHNWHQ'HQJOREDODGRPLQDQVHIIHNWHQ 1DYRQ LQQHElUDWWYnU YLVXHOODSHUFHSWLRQlUHQWRSGRZQSURFHVVVRPI|UVWEHDUEHWDUHQVFHQKROLVWLVNWRFKJOREDOW I|U DWW GlUHIWHU EU\WD QHU ELOGHQ L GHWDOMULNDUH RFK DOOW PLQGUH GHODU WLOO HQ ORNDO QLYn *OREDO LQIRUPDWLRQGRPLQHUDU|YHUORNDOLDOODIDOOKRVGHDOOUDIOHVWDYLONHWLQQHElUDWWGHWlUOlWWDUH I|URVVDWWVHVNRJHQlQGHHQVNLOGDWUlGHQ VH.LPFKLI|UHQJHQRPJnQJ 9DG*DVSHU RFK &ORUH   IDQQ YDU DWW QHJDWLY VLQQHVVWlPQLQJ EU|W GHQ JOREDOD GRPLQDQVHQ RFK LVWlOOHWILFNLQGLYLGHUDWWWLOOHQVW|UUHJUDGUHDJHUDSnORNDOVWLPXOLI|UVW'HDQYlQGHVLJDYHQ YLVXHOOPDWFKQLQJVXSSJLIWGlUVDPPDILJXUYDU|PVRPJOREDOWRFK|PVRPORNDOWVWLPXOXV VH ILJXU  .LPFKL  3DOPHU   )|UVW OlW GH GHOWDJDUH EHVNULYD HWW PLQQH IUnQ HQ Q\OLJHQ LQWUlIIDGKlQGHOVHVRPJMRUGHGHPDQWLQJHQJODGDHOOHUOHGVQDI|UDWWI|UVlWWDGHOWDJDUQDL SRVLWLY HOOHU QHJDWLY VLQQHVWlPQLQJ 'lUHIWHU ILFN GH VH HQ KHOKHWVILJXU WH[ HQ NYDGUDW  XSSE\JJGDYPLQGUHJHRPHWULVNDILJXUHU WH[WULDQJODU 'HUDVXSSJLIWYDUDWWDYJ|UDYLONHQ DYWYnDQGUDILJXUHUVRPElVWVWlPGH|YHUHQVPHGGHQI|UVWD$QWLQJHQ|YHUHQVVWlPGHGH ORNDOD ILJXUHUQD HOOHU Vn |YHUHQVVWlPGH GHQ JOREDOD IRUPHQ 'HQQD XSSJLIW KDU YLVDW VLJ OlPSOLJI|UlQGDPnOHWGnGHQDQYlQGHUPLQLPDOLQWHUQNXQVNDS *DVSHU 'HWYLVDGH VLJ DWW GHOWDJDUH L SRVLWLY VLQQHVVWlPQLQJ RIWDUH NDWHJRULVHUDGH ILJXUHU VRP JOREDOW |YHUHQVVWlPPDQGH lQ GHOWDJDUH LQGXFHUDGH PHG QHJDWLY VLQQHVVWlPQLQJ 'lUPHG EHNUlIWDGH UHVXOWDWHQ GHQ HIIHNW Sn IRNXVQLYn YLG LQIRUPDWLRQVEHDUEHWQLQJ SRVLWLY VLQQHVVWlPQLQJI|UHQNODUJOREDOEHDUEHWQLQJPHGDQQHJDWLYVLQQHVVWlPQLQJLVWlOOHWI|UHQNODU IRNXVPRW HQPHUORNDOQLYn *DVSHU   UHSOLNHUDGH VLQ WLGLJDUH VWXGLH *DVSHU  &ORUH   JHQRP DWW DQYlQGD VLJ DY PLQQHVEHVNULYQLQJRFK GHQ YLVXHOOD PDWFKQLQJVXSSJLIWHQ RFK IDQQ nWHULJHQ VW|G I|U K\SRWHVHQ RP I|UlQGUDG IRNXVQLYn 'lUWLOO XWYLGJDGH KRQ RPIDWWQLQJHQ DY VWXGLHQ WLOO DWW XQGHUV|ND KXUXYLGD HIIHNWHU VRP PDQ IXQQLW DY DIIHNW Sn EHG|PQLQJRFNVnlUJlOODQGHI|UEHDUEHWQLQJ)RUVNQLQJHQKDUKLWWLOOVKDIWHWWVW|UUHIRNXVSn HIIHNWHUQDYLGEHG|PQLQJRFKXWYlUGHULQJlQYLGEHDUEHWQLQJ *DVSHU %ODQGDQQDW IDQQ*DVSHUDWWWYHW\GLJKHWRFKWLGHQlJQDGnWWYHW\GLJLQIRUPDWLRQI|UVWlUNHUHIIHNWHUQDDY DIIHNW GHW YLOO VlJD DWW GHVWR PHU WLG VRP VSHQGHUDV nW SUREOHPVRP lU VYnUWRONDGH GHVWD W\GOLJDUHEOLUHIIHNWHQDYDIIHNW2FKOLNVRP6FKZDU]RFK&ORUH  IDQQKRQDWWQlUDIIHNW KDUHQXSSHQEDUXUVSUXQJVNlOODRFKELOGDUHQNlQVODVRPLQWHNQ\WVDQWLOOVWLPXOLWI|UVYLQQHU HIIHNWHUQD

(12)

 



)LJXU7YHW\GLJDRFKLFNHWYHW\GLJDILJXUHUDQYlQGDLJOREDODORNDODYLVXHOODWHVW *DVSHU 

'HUU\EHUU\ RFK 5HHG   JHQRPI|UGH IRUVNQLQJ LQRP VDPPD RPUnGH PHQ XWLIUnQ HWW DQQDW SHUVSHNWLY 'H VWXGHUDGH KXU GHOWDJDUHV LQQHERHQGH RUR RFK PDQLSXOHUDG RUR

SnYHUNDU EHDUEHWQLQJ DY SHUFHSW 5HVXOWDWHQ YLVDGH DWW GHOWDJDUH PHG EnGH K|J LQQHERHQGH RUR WLOOVDPPDQV PHG PDQLSXOHUDG RUR KDGH PLQVNDGH UHDNWLRQVWLGHU YLG nWHUJLYQLQJDYORNDODVWLPXOLQlUGHULVNHUDGHDWWI|UORUDSRlQJ'HUU\EHUU\RFK5HHGVVWXGLH OLJJHUVnOHGHVLOLQMHPHGK\SRWHVHQRPIRNXVQLYn &ORUHHWDO*DVSHU &ORUH *DVSHU 

)|UIOHUVWXGLHUVRPEHKDQGODUDIIHNWVRPLQIRUPDWLRQVH&ORUHHWDO  HOOHU&ORUHVRFK +XQWVLQJHUVIlUVNDUHJHQRPJnQJIUnQ$OOIRUVNQLQJVRPEHGULYVLQRPDIIHNWRPUnGHWVHU GRFN LQWH DIIHNW VRP EDUD LQIRUPDWLRQ 'HW ILQQV HWW IOHUWDO WHRULHU VRP KDU DOWHUQDWLYD I|UNODULQJDU L I|OMDQGH DYVQLWW SUHVHQWHUDV WUH VnGDQD WHRULQ RP UHJOHUDQGH IRNXV

IOH[LELOLWHWVK\SRWHVHQRFKVOXWOLJHQYLGJDRFKEHIlVWWHRULQ   (QJWUDLWDQ[LHW\ (QJVWDWHDQ[LHW\ (QJUHJXODWRU\IRFXV (QJIOH[LELOLW\K\SRWKHVLV (QJEURDGHQDQGEXLOGWKHRU\

(13)

 

 Ž˜›’— ˜– ›Ž•Ž›Š—Ž ˜”žœ

+LJJLQVSUHVHQWHUDGHWHRULQRPUHJOHUDQGHIRNXVLVLQDUWLNHOIUnQ(QOLJWGHQQDWHRULNDQ PDQ VlUVNLOMD WYn W\SHU DY VMlOYUHJOHUDQGH V\VWHP IUlPMDQGH RFK I|UHE\JJDQGH IRNXV ,

GHWI|UVWDSHUVSHNWLYHWUHSUHVHQWHUDVPnOVRPDPELWLRQHURFKSUHVWDWLRQHUPHGDQGHWDQGUD UHSUHVHQWHUDUPnOVRPDQVYDURFKVlNHUKHW7HRULQKDUVLQJUXQGLGHQNODVVLVNDLGpQRPDWW PlQQLVNRU DWWUDKHUDV DY RFK V|NHU VLJ WLOO JOlGMH RFK Q|MH VDPWLGLJW VRP GH YLOO XQGYLND REHKDJRFKVPlUWD +LJJLQV (PSLULVNIRUVNQLQJKDUYLVDWDWWPDQLHWWIUlPMDQGHIRNXV DQYlQGHU VLJ DY DNWLYD RFK GLUHNWD VWUDWHJLHU I|U DWW Qn HWW |QVNDW PnO PHGDQ HWW I|UHE\JJDQGH IRNXV OHGHU WLOO DWW PDQ IUlPVW I|UHGUDU DWW DQYlQGD YLJLODQWD I|UVLNWLJD VWUDWHJLHU I|U DWW XQGYLND PLVVO\FNDQGHQ )|UVWHU  +LJJLQV   7HRULQ DQWDU DWW GH WYn V\VWHPHQ lU DSSOLFHUEDUD VRP VWUDWHJLHU RDYVHWW RP GH DQYlQGV I|U DWW XSSQn HWW |QVNDW PnOWLOOVWnQGHOOHUXQGYLNDHWWR|QVNDWPnOWLOOVWnQGGHWYLOOVlJDDWWEnGHHWWIUlPMDQGHRFKHWW I|UHE\JJDQGH IRNXV NDQ DQYlQGDV I|U DWW XSSQn HWW SRVLWLYW PnO +LJJLQV   'H VMlOYUHJOHUDQGH V\VWHPHQ lU DSSOLFHUEDUD EnGH L HQ YDUDNWLJ HOOHU WLOOIlOOLJ NRQWH[W Vn DWW OHYQDGVUHJOHU OLNYlO VRP HQVNLOGD KlQGHOVHU NDQ OHGD WLOO HWW IUlPMDQGH HOOHU I|UHE\JJDQGH IRNXV +LJJLQV)|UVWHU +LJJLQV 

,HQVHQDUHVWXGLH )|UVWHU +LJJLQV NRSSODGHVWHRULQRPGHWYnV\VWHPHQLKRSPHG JOREDONRQWUDORNDOLQIRUPDWLRQVEHDUEHWQLQJ)|UVWHURFK+LJJLQVI|UHVORJGnDWWLQGLYLGHULHWW IUlPMDQGH IRNXV HQNODUH NXQGH DQYlQGD JOREDO EHDUEHWQLQJ PHGDQ LQGLYLGHU L HWW I|UHE\JJDQGH IRNXV VNXOOH KD OlWWDUH I|U ORNDO EHDUEHWQLQJ /LNVRP L IOHUD DQGUD VWXGLHU *DVSHU &ORUH*DVSHU KDUHQXWJnQJVSXQNWYDULWGRPLQDQVHIIHNWHQI|UJOREDO SHUFHSWLRQDYYLVXHOOVWLPXOL 1DYRQ )|UVWHURFK+LJJLQVPHQDUDWWGHVVDUHJOHUV\VWHPlU YLGDUH EHJUHSS lQ SRVLWLY RFK QHJDWLY DIIHNW YDUV HIIHNW Sn EHDUEHWQLQJ KDU HQ VWDUN EHYLVJUXQG VHRYDQVWnHQGHDYVQLWW 

 •Ž¡’‹’•’Žœ‘¢™˜ŽœŽ—

%DXPDQQRFK.XKO  O\IWHUIUDPHQHQOLJWGHPWLGLJDUHRSU|YDGK\SRWHVRPDIIHNWRFK EHDUEHWQLQJ (QOLJW K\SRWHVHQ J|U SRVLWLYW DIIHNW DWW LQIRUPDWLRQVEHDUEHWQLQJ VNHU PHU IOH[LEHOWRFKHIIHNWLYWVQDUDUHlQDWWGHWIUlPMDUJOREDOEHDUEHWQLQJ%DXPDQQRFK.XKOVHU IOH[LELOLWHWVSHUVSHNWLYHW VRP HQ DOWHUQDWLY V\Q Sn DIIHNW RFK EHDUEHWQLQJ MlPI|UW PHG SHUVSHNWLYHWXWLIUnQWHRULQDWWDIIHNWlULQIRUPDWLRQ VHRYDQVWnHQGHDYVQLWW 

%DXPDQQ RFK .XKOV K\SRWHV lU KlPWDG XU WLGLJDUH IRUVNQLQJ JMRUG DY .XKO   YDUV LQWHUDJHUDQGH SHUVRQOLJKHWVV\VWHPWHRUL KlGDQHIWHU EHQlPQG VRP 36,WHRULQ  (QOLJW 36,

WHRULQ ILQQV GHW I\UD NRJQLWLYD Vn NDOODGH PDNURV\VWHP VRP GHOWDU Sn ROLND QLYnHU L LQIRUPDWLRQVEHDUEHWQLQJ 'HVVD lU DQDO\WLVNW WlQNDQGH XWYLGJDW VHPDQWLVNW PLQQH LQWXLWLY EHWHHQGHNRQWUROO RFK HWW V\VWHP I|U DWW XSSWlFND LQNRQVHNYHQV L REMHNW .XKO   (QOLJW IOH[LELOLWHWVK\SRWHVHQ |NDU SRVLWLY DIIHNW WLOOJlQJOLJKHWHQ WLOO GHW DQGUD V\VWHPHW ² GHW XWYLGJDGH VHPDQWLVND PLQQHW ² PHGDQ QHJDWLY DIIHNW HJUlQVDU WLOOJlQJOLJKHWHQ WLOO GHWWD

  (QJSURPRWLRQ

(QJSUHYHQWLRQ

(14)

 

PLQQH %DXPDQQ  .XKO   'HWWD PLQQH NDQ I|UHVWlOODV VRP HWW LPSOLFLW UHSUHVHQWDWLRQVV\VWHP VRP JHU WLOOJnQJ WLOO VHPDQWLVND QlWYHUN RFK GlULJHQRP WLOO DYOlJVQD VHPDQWLVND DVVRFLDWLRQHU .XKO   (WW H[HPSHO Sn GHWWD UHSUHVHQWDWLRQVV\VWHP PHQDU %DXPDQQRFK.XKOlUVWXGLHQJMRUGDY,VHQ-RKQVRQ0HUW]RFK5RELQVRQ  VRPYLVDGH DWWLQGLYLGHUPHGSRVLWLYDIIHNWKLWWDGHIOHURYDQOLJDRFKPHUVSULGGDRUGDVVRFLDWLRQHU

,%DXPDQQVRFK.XKOV  VWXGLHXQGHUV|NWHGHKXUXYLGDGHQJOREDODGRPLQDQVHIIHNW VRP 1DYRQ   IXQQLW NXQGH XSSKlYDV JHQRP DWW |ND IOH[LELOLWHWHQ L EHDUEHWQLQJ PHG KMlOS DY SRVLWLYW DIIHNW (QOLJW GHP YLVDU WLGLJDUH VWXGLHU HJ *DVSHU  &ORUH   DWW LQGLYLGHU I|UHGUDU HQ JOREDO GRPLQDQV QlU GH InU HWW IULWW YDO LQWH Q|GYlQGLJWYLV DWW GHW I|UVlPUDUI|UPnJDQDWWVNLIWDIUnQJOREDOWLOOORNDOEHDUEHWQLQJ,GHUDVPHQLQJYDUGHQYLVXHOOD XSSJLIWVRPDQYlQGHVDY*DVSHURFK&ORUH XUVSUXQJOLJHQIUnQ.LPFKL 3DOPHU LQWH WLOOUlFNOLJ I|U DWW I|UNDVWD GHUDV K\SRWHV %DXPDQQ RFK .XKO IDQQ RFNVn DWW VYDUVWLGHUQD I|U NRUUHNWD ORNDOD VYDU YDU NRUWDUH HIWHU SRVLWLYD MlPI|UW PHG QHXWUDOD RFK QHJDWLYD RUG L HQ SULPLQJXSSJLIW8W|YHUNULWLNHQULNWDGIUnQ%DXPDQQVRFK.XKOVVLGDKDUGHWYnWHRULHUQDYDULWL SULQFLSVNLOMGDnW GRFNQlPQV.XKOIRUVNQLQJNRUWL&ORUH +XQWVLQJHU 

 ’Š ˜Œ‘ ‹Ž§œ Ž˜›’—

)|U DWW J|UD IUDPVWHJ LQRP IRUVNQLQJHQ NULQJ DIIHNW XWYHFNODGH %DUEDUD )UHGULFNVRQ HQ Q\ WHRUHWLVN PRGHOO IUDPI|UDOOW ULNWDG PRW DWW ElWWUH InQJD GH VSHFLILND HIIHNWHUQD VRP XSSNRPPHUDYSRVLWLYDNlQVORU )UHGULFNVRQ)UHGULFNVRQ -RLQHU 'HQQDPRGHOO EHQlPQV YLGJDRFKEHIlVWWHRULQ RFK EHVWnU DY WYn FHQWUDOD K\SRWHVHU ²   YLGJQLQJV K\SRWHVHQ RFK EHJUlQVQLQJVK\SRWHVHQ ² VRP lU ULNWDGH PRW SRVLWLY UHVSHNWLYH QHJDWLY

DIIHNW )UHGULFNVRQ %UDQLJDQ  )UHGULFNVRQ  -RLQHU   9LGJQLQJVK\SRWHVHQ DQWDU DWW SRVLWLYD NlQVORU YLGJDU GHW NRJQLWLYD RPInQJHW I|U XSSIDWWQLQJVI|UPnJD RFK KDQGOLQJ JHQRPDWW|NDNDSDFLWHWHQI|USHUFHSWWDQNDURFKKDQGOLQJDUWLOOJlQJOLJDLPHGYHWDQGHW %HJUlQVQLQJVK\SRWHVHQlUPRWVDWVHQRFKVlJHUDWWQHJDWLYDNlQVORUPLQVNDUVDPPDRPInQJ RFKWLOOJlQJOLJKHWHWWIHQRPHQVRPNDQWlQNDVKDYDULWHWWHYROXWLRQlUWOlPSOLJWV\VWHPI|UDWW IRUWWDEHVOXWRPHYHQWXHOOIO\NWLHQKRWIXOOVLWXDWLRQ9LGJDGHWDQNHRFKKDQGOLQJVP|MOLJKHWHU GlUHPRWOlUKDYDULWElWWUHOlPSDGHLGHWOnQJDORSSHWHIWHUVRPGHKMlOSHUWLOODWWE\JJDXSS RFKEHIlVWDPnQJDROLNDW\SHUDYSHUVRQOLJDWLOOJnQJDU )UHGULFNVRQ %UDQLJDQ 'HVVD NDQ YDUD I\VLVND L IRUP DY IlUGLJKHWHU RFK KlOVD VRFLDOD L IRUP DY VRFLDOD QlWYHUN RFK YlQVNDSHOOHULQWHOOHNWXHOODLIRUPDYNXQVNDSEnGHRPYlUOGHQRFKRPVLQQHW

6RP HPSLULVN JUXQG I|U YLGJDRFKEHIlVWWHRULQ OLJJHU IOHUD DY ,VHQV VWXGLHU YDUDY QnJUD UHGDQ RPQlPQGD L WLGLJDUH DYVQLWW  %ODQG DQQDW VWXGLHQ JMRUG DY ,VHQ HW DO   YLONHQ I|UHNRPlYHQLVDPEDQGPHGIOH[LELOLWHWVWHRULQYLVDGHDWWSRVLWLYDIIHNWJDYPHUDQQRUOXQGD RFK YDULHUDGH RUGDVVRFLDWLRQHU YLONHW YLVDU Sn GHQ |NDGH YLGGHQ DY NRJQLWLRQ RFK VW|GHU GlUPHG YLGJQLQJVK\SRWHVHQ )UHGULFNVRQ %UDQLJDQ   (QDQQDQ VWXGLHJMRUG DY,VHQ RFK 'DXEPDQ   YLVDGH KXU SHUVRQHU L SRVLWLY VLQQHVVWlPQLQJ EOHY PHU IOH[LEOD RFK |SSQDUH L VLQ DQYlQGQLQJ DY NDWHJRULHU HQ VWXGLH VRP lYHQ I|UHNRP L &ORUH HW DO  L VDPEDQG PHG DIIHNWVRPLQIRUPDWLRQWHRULQ  <WWHUOLJDUH HQ VWXGLH ,VHQ 'DXEPDQ 

  (QJEURDGHQK\SRWKHVLV (QJQDUURZK\SRWKHVLV

(15)

  1RZLFNL VWXGHUDGHSRVLWLYDIIHNWRFKGHVVLQYHUNDQSnNUHDWLYSUREOHPO|VQLQJ/LNVRP DOODGHWUHRYDQVWnHQGHV\QVlWWHQSnDIIHNWRFKEHDUEHWQLQJXWJnUlYHQYLGJDRFKEHIlVW WHRULQIUnQ1DYRQV  JOREDODGRPLQDQVHIIHNW'HUU\EHUU\RFK5HHGVVWXGLH  OLNVRP *DVSHURFK&ORUH  WDVXSSVRPH[HPSHOSnKXUYLGJQLQJVK\SRWHVHQYLGJDURPInQJHW RFKJ\QQDUEHDUEHWQLQJSnHQPHUJOREDOQLYn )UHGULFNVRQ %UDQLJDQ )UHGULFNVRQ RFK %UDQLJDQ JHQRPI|UGH RFNVn VWXGLHU GlU PDQ IDQQ VW|G I|U YLGJQLQJVK\SRWHVHQ L HQ JOREDOORNDOYLVXHOOEHDUEHWQLQJVXSSJLIWJHQRPDWWEHDUEHWQLQJVNHGGHLK|JUHJUDGJOREDOW KRV GHOWDJDUH PHG SRVLWLYW DIIHNW 6DPPD VW|G nWHUIDQQV GRFN LQWH I|U EHJUlQVQLQJV K\SRWHVHQ GHOWDJDUH PHG QHJDWLYW DIIHNW YLVDGH LQWH HWW PLQVNDW RPInQJ QnJRW VRP NDQ I|UNODUDVPHGDWWHQJROYHIIHNWXSSQnGGHV )UHGULFNVRQ %UDQLJDQ 

Ž” ˜Œ‘ –’——Ž

8W|YHU DWW SnYHUND EHG|PQLQJDU RFK LQIRUPDWLRQVEHDUEHWQLQJ ILQQV GHW GHVVXWRP UHVXOWDW VRP YLVDU DWW VLQQHVVWlPQLQJ lYHQ SnYHUNDU PLQQHW &ORUH HW DO   (QOLJW &ORUH HW DO   lU LQWH XSSOHYGD DIIHNW L VLJ ODJUDGH L PLQQHW LVWlOOHW lU GHW JHQHUHOOW LQWU\FN HOOHU NRQFHSWDYDIIHNWHQVRPJ|UDWWYLNDQWRONDGHWVRPDNWLYHUDV$IIHNWLVLJJ|ULQWHPLQQHQ PHG VDPPD YDOHQV PHU IUDPWUlGDQGH 2P PDQ NlQQHU VLJ OHGVHQ RFK I|UHVWlOOHU VLJ VLQ VLWXDWLRQ VRP µDWW YDUD OHGVHQµ NDQ I|UHVWlOOQLQJHQ L VLJ J|UD DQGUD PLQQHQ Gn PDQ YDU OHGVHQ PHU WLOOJlQJOLJD PHQ HQ VnGDQ HIIHNW EHURU VQDUDUH Sn NRJQLWLY SULPLQJ lQ DIIHNWLY SnYHUNDQSnPLQQHW &ORUHHWDO 

/|ZHQVWHLQ HQOLJW&ORUHHWDO NRQVWDWHUDGHDWWSHUVRQHUUXWLQPlVVLJWXQGHUVNDWWDGH YLNWHQDYNlQVORUYLGEHVOXWVIDWWDQGHRFKKDQQRWHUDGHRFNVnDWWYLGEHG|PQLQJDYVLWWRFK DQGUDVWLGLJDUHRFKIUDPWLGDEHWHHQGHPLVVEHG|PHUGHRIWDEHW\GHOVHQDYGHQVXEMHNWLYD HUIDUHQKHWHQ)UDPI|UDOOWPHQDU/|ZHQVWHLQlUGHGnOLJDSnDWWJ|UDEHG|PQLQJDUU|UDQGH GURJHU DONRKRORFK VH[XHOOW EHWHHQGHGlUI|U DWW GHXQGHUVNDWWDUGHQDWWUDNWLRQVRPGHUDV HJQD HPRWLRQHOOD XSSOHYHOVHU JHQHUHUDU (QOLJW &ORUH HW DO   NDQ YnUD VYnULJKHWHU YLG XSSVNDWWQLQJ DY GHWWD VODJ EHUR Sn DWW YL EDUD NDQ ODJUD HWW NRQFHSW DY DIIHNW IUnQ HPRWLRQHOODXSSOHYHOVHULQWHDIIHNWHQLVLJ(WWVnGDQWNRQFHSWPHQDU&ORUHHWDOEOHNQDU MlPI|UWPHGGHQORFNDQGHNUDIWHQKRVGHQYHUNOLJDXSSOHYHOVHQLQXHW

 ŽŠ›‹Ž—’— ’ –’——Ž

0LQQHW lU HQ DY YnUD NRJQLWLYD I|UPnJRU VRP KDU VWXGHUDWV PHVW RFK LGDJ YHW YL I|UKnOODQGHYLV P\FNHW RP YnUD ROLND W\SHU DY PLQQH RFK GHUDV VW\UNRU UHVSHNWLYH EHJUlQVQLQJDU 8QGHU GHQ VHQDUH GHOHQ DY WDOHW KDU WYn GRPLQHUDQGH SHUVSHNWLY Sn PHQWDOD UHSUHVHQWDWLRQHU RFK PLQQHWV IXQNWLRQ IUDPWUlWW LQRP PLQQHVIRUVNQLQJHQ +XQW  (LQVWHLQ 'HVVDWYnV\QVlWWEUXNDUNDOODVGHWRUJDQLVDWRULVNDRFKOHYHOVRISURFHVVLQJ

SHUVSHNWLYHW

  (QJRUJDQL]DWLRQ

(16)

 

 Ÿª ™Ž›œ™Ž”’Ÿ ™ª –’——Žœ ž—”’˜—

2UJDQLVDWRULVNW 'HW RUJDQLVDWRULVND V\QVlWWHW YDU IUDPI|UDOOW EHW\GDQGH XQGHU WDOHW %XUQV   (QOLJW GHWWD V\QVlWW lU GHQ YLNWLJDVWH LQIRUPDWLRQHQ YLG VNDSDQGHW DY Q\D PLQQHQVnGDQVRPNQ\WHUVDPPDQGHNRPSRQHQWHUHOOHUKlQGHOVHUVRPlUDNWXHOODYLGWLGHQ I|U LQNRGQLQJ PHG YDUDQGUD +RGJH  2WDQL    'HWWD NDOODV LGDJ UHODWLRQHOO EH DUEHWQLQJ,QNRGQLQJVSURFHVVHQEHVWnUGlUI|UWLOOVWRUGHODYDWWDEVWUDKHUDHJHQVNDSHUVRP VNDSDUUHODWLRQHUPHOODQGHROLNDNRPSRQHQWHUQDVRPPLQQHWXWJ|UVDYRFKPDQDQWDUDWW PLQQHQ VNDSDGH PHG GHQQD SURFHVV lU NUDIWLJW RUJDQLVHUDGH NULQJ GHVVD GHODGH HJHQVNDSHU +XQW (LQVWHLQ 'lUI|UlURFNVnGHFXHVVRPELOGDUPLQQHVVSnUHWRFK

J|UGHWP|MOLJWDWW nWHUNDOODPLQQHWWLOOVWRUGHOXSSE\JJGDDYLQIRUPDWLRQVRPUHODWHUDUGH DNWXHOODPLQQHVHOHPHQWHQWLOOYDUDQGUD

/HYHOVRISURFHVVLQJ'HWWDSHUVSHNWLYYDUGRPLQHUDQGHXQGHUWDOHWRFKDQVnJVYDUD GLUHNWPRWVDWWGHWRUJDQLVDWRULVND %XUQV ,VWlOOHWI|UDWWOlJJDYLNWHQYLGLQIRUPDWLRQVRP YDU UHODWHUDG DOOD LQEODQGDGH HOHPHQW RFK KlQGHOVHU YLG WLGSXQNWHQ I|U LQNRGQLQJ lU GHQ YLNWLJDVWHLQIRUPDWLRQHQDWWEHDUEHWDVnGDQWVRPlUVSHFLILNWI|UYDUMHLQNRGQLQJVWLOOIlOOH +XQW (LQVWHLQ 'HWYLOOVlJDHQKHWVVSHFLILNEHDUEHWQLQJ7HRULQXWYHFNODGHVPHGRFKNRP DWWUHSUHVHQWHUDVDYEHJUHSSHWW\GOLJKHWVRPV\IWDUSnGHQW\GOLJKHWPHGYLONHQVSnUHWWLOO

GHW VSHFLILND PLQQHW IUDPWUlGHU L PlQJGHQ DY DOOD DQGUD PLQQHVVSnU *HQRP DWW PHU VHPDQWLVNLQIRUPDWLRQVRPlUUHOHYDQWI|UPLQQHWODJUDVI|UVWlUNVGHWWDVSnURFKW\GOLJKHWHQ |NDUPHGHIIHNWHQDWWPLQQHWlUOlWWDUHDWWnWHUNDOOD)|UDWWXSSQnRSWLPDOIXQNWLRQLPLQQHW DUEHWDULQNRGQLQJVSURFHVVHQIUDPI|UDOOWI|UDWWKLWWDVnP\FNHWHQKHWVVSHFLILNLQIRUPDWLRQVRP P|MOLJW ² HQ IXQNWLRQ VRP VWnU L VNDUS NRQWUDVW WLOO GHQ UHODWHUDQGH SURFHVVHQ L GHW RUJDQLVDWRULVNDSHUVSHNWLYHW +XQW (LQVWHLQ 

 §› Ÿª ‹•’› Ž

+XQWRFK(LQVWHLQ  XQGHUV|NWHGHWYnEHDUEHWQLQJVSHUVSHNWLYHQI|UDWWVHLIDOOQnJRWYDU ElWWUH lQ HOOHU NXQGH XQGHURUGQDV GHW DQGUD )|U DWW RSHUDWLRQDOLVHUD V\QVlWWHQ DQYlQGH GHWYnW\SHUDYRUGOLVWRUHQPHGRUGKlPWDGHXUW\GOLJDNDWHJRULHURFKHQDQQDQPHGRUG XU GLIIXVD NDWHJRULHU YLOND GHOWDJDUQD XSSIDWWDGH VRP VOXPSPlVVLJD 3n GHVVD RUG ILFN GHOWDJDUQD XWI|UD HQ DY WYn XSSJLIWHU DQWLQJHQ HQ VRUWHULQJVXSSJLIW HOOHU HQ VNDWWQLQJV XSSJLIWSnKXUWLOOWDODQGHYDUMHRUGYDU'HUDVLGpYDUDWWOLVWDQPHGW\GOLJWNDWHJRULVHUDGHRUG RFK VRUWHULQJVXSSJLIWHQ EnGD VNXOOH VW|GMD GHW RUJDQLVDWRULVND SHUVSHNWLYHWV UHODWLRQHOOD EHDUEHWQLQJPHGDQGHQ VOXPSDUWDGHOLVWDQRFKVNDWWQLQJVXSSJLIWHQ I|UVWlUNWH GHQ HQKHWV VSHFLILNDEHDUEHWQLQJHQVRPI|UVWlUNWHHWWPLQQHVW\GOLJKHWLOHYHOVRISURFHVVLQJ

5HVXOWDWHQIUnQVWXGLHQYLVDGHDWWGHQElVWDnWHUNDOOQLQJHQLQWHQRWHUDGHVI|UVLWXDWLRQHU GlU HWW DY SHUVSHNWLYHQ I|UVWlUNWHV XWDQ LVWlOOHW QlU GH WYn NRPELQHUDGHV GHW YLOO VlJD QlU VRUWHULQJVXSSJLIWHQXWI|UGHVSnGHQVOXPSDUWDGHOLVWDQHOOHUVNDWWQLQJVXSSJLIWHQXWI|UGHVSn GHQ NDWHJRULVHUDGH OLVWDQ +XQW RFK (LQVWHLQ GURJ Gn VOXWVDWVHQ DWW GH WYn SHUVSHNWLYHQ WYlUWHPRW DWW YDUD PRWVDWWD YDUDQGUD RFK PRWVlJHOVHIXOOD YDU WYn NRPSOHWWHUDQGH

 

 'HW ILQQV LQJHQ PRWVYDUDQGH WHUP Sn VYHQVND L I|UIDWWDUHQV NlQQHGRP 'lUI|U NRPPHU GHQ HQJHOVNDWHUPHQDQYlQGDV

(17)

 

EHDUEHWQLQJVV\VWHP VRP WLOOVDPPDQV VNDSDU PLQQHQ UHODWLRQHOO EHDUEHWQLQJ RFK HQKHWVVSHFLILN EHDUEHWQLQJ 8W|YHUKRSVODJQLQJHQ DYGH WYn SHUVSHNWLYHQ NXQGH +XQWRFK (LQVWHLQ  RFNVnNRQVWDWHUDDWWGHQUHODWLRQHOODRFKGHQHQKHWVVSHFLILNDEHDUEHWQLQJHQ VSHODGH WYn VNLOMGD UROOHU YLG nWHUNDOOQLQJHQ DY PLQQHQ 'H IDQQ DWW UHODWLRQHOO EHDUEHWQLQJ KMlOSHU WLOO DWW DYJUlQVD HWW RPUnGH HOOHU HQ NDWHJRUL VRP DOOD HOHPHQW GHODNWLJD L GHW |QVNDGH PLQQHW LQQHIDWWDV DY 'lUHIWHU lU GHW GHQ HQKHWVVSHFLILND EHDUEHWQLQJHQV UROO DWW XWLIUnQ GHVVD JUlQVHU KLWWD GH DNWXHOOD PLQQHVHQKHWHUQD 8WLIUnQ GHWWD SHUVSHNWLY EOLU nWHUNDOOQLQJDYPLQQHQHQLWHUDWLYSURFHVVVRPJ|UDOOWPHUGHWDOMHUDGHXUVNLOMQLQJDUGlUEnGH UHODWLRQHOO RFK HQKHWVVSHFLILN LQIRUPDWLRQ DQYlQGV I|U DWW KLWWD UlWW PLQQH +XQW  (LQVWHLQ  

(QUHSOLNHULQJDY+XQWRFK(LQVWHLQVVWXGLHVRPJMRUGHVDY.OHLQ/RIWXV.LKOVWURPRFK$VHURQ  ILFNHWWVWRUWJHQRPVODJLQRPIRUVNQLQJVRPUnGHW'HDQYlQGHVDPPDXSSJLIWHUVRP +XQW RFK (LQVWHLQ PHG VNLOOQDGHQ DWW GH YLG nWHUNDOOQLQJ OlW GHOWDJDUQD JHQRPI|UD WUH PLQQHVWHVWDYPDWHULDOHW +XQWRFK(LQVWHLQKDGHEDUDHWW 5HVXOWDWHQ.OHLQHWDOILFNYDUDWW PHOODQ PLQQHVWHVWHUQD I|UVYDQQ YLVVD WLGLJDUH nWHUNDOODGH RUG VDPWLGLJW VRP Q\D RUG IUnQ PDWHULDOHWWLOONRP'HVVDI|UHWHHOVHUNDOODGHGHLWHPORVVHVUHVSHNWLYHLWHPJDLQVRFK.OHLQHW

DO IDQQ DWW GHW IDQQV HQ VWDUN NRUUHODWLRQ PHOODQ GHP RFK YLONHQ W\S DY EHDUEHWQLQJ VRP I|UVWlUNWHV²UHODWLRQHOOHOOHUHQKHWVVSHFLILN6DPEDQGHWGHIDQQYDUDWWUHODWLRQHOOEHDUEHWQLQJ PLQVNDGH ULVNHQ I|U LWHP ORVVHV PHGDQ HQKHWVVSHFLILN EHDUEHWQLQJ |NDGH FKDQVHQ I|U LWHP JDLQV%XUQV  UHSOLNHUDGH.OHLQHWDORFKNXQGHJHVW|GWLOOGHUDVK\SRWHVRPDWWLWHP JDLQV RFK ORVVHV YDU HWW WLOOI|UOLWOLJW VlWW DWW PlWD GH WYn EHDUEHWQLQJVW\SHUQD 0HWRGHQ DWW PlWD LQNRGQLQJVSURFHVVHUJHQRP LWHPJDLQVRFKORVVHVKDU InWW IRUWVDWW VW|G L HIWHUI|OMDQGH IRUVNQLQJ VRP IRUWVDWW GHILQLHUD UROOHUQD VRP GH ROLND W\SHUQD DY EHDUEHWQLQJ VSHODU %XUQV  

5HODWLRQHOO EHDUEHWQLQJ )|U UHODWLRQHOO EHDUEHWQLQJ KDU WUH |YHUJULSDQGH IXQNWLRQHU NRQVWDWHUDWV   9LG IUL nWHUNDOOQLQJ DY WLGLJDUH LQNRGDW PDWHULDO WHQGHUDU HQKHWHU IUnQ HQ VlUVNLOGHSLVRGDWWYDUDJUXSSHUDGHLNDWHJRULHUVRPlUPHUHOOHUPLQGUHH[SOLFLWD  YDUWHIWHU NDWHJRULHUQDnWHUNDOODVEOLUPLQQHVHQKHWHUXUGHROLNDNDWHJRULHUQDWLOOJlQJOLJDRFKVOXWOLJHQ  LGHQPnQVWUDWHJLQI|UDWWPLQQDVGHQHIWHUV|NWDLQIRUPDWLRQHQIXQJHUDGHYlONRPPHU VDPPDVWUDWHJLRFKNDWHJRULHUDQYlQGHVLJHQI|UDWWKlPWDGHQLQIRUPDWLRQHQ %XUQV  'H UHODWLRQHOOD FXHV VRP VNDSDV lU I|UKnOODQGHYLV In YLONHW J|U DWW VDPWOLJD FXHV VDQQROLNW DQYlQGVYLGHQnWHUNDOOQLQJ %XUQV 9LGXSSUHSDGHnWHUNDOOQLQJDUDYVDPPDLQNRGDGH LQIRUPDWLRQ lU GHW GlUI|U WUROLJW DWW VDPPD FXHV DQYlQGV LJHQ YLONHW OHGHU WLOO DWW VDPPD HQKHWHU nWHUNDOODV Sn Q\WW RFK XWJ|U Sn Vn VlWW GHW VN\GG PRW LWHP ORVVHV VRP .OHLQ HW DO  IDQQI|UUHODWLRQHOOEHDUEHWQLQJLVLQVWXGLH

(QKHWVVSHFLILN EHDUEHWQLQJ (QKHWVVSHFLILN EHDUEHWQLQJ   P|MOLJJ|U HQKHWVXQLND FXHV nWHUNDOOQLQJ DY HQVWDND HQKHWHU JHQRP |NDG W\GOLJKHW XU NDWHJRULHU YLONHW OHGHU WLOO DWW IOHU HOHPHQWIUnQYDUMHNDWHJRULnWHUNDOODV  J|UGHWHQNODUHDWWVNLOMDXWHWWVlUVNLOWHOHPHQWIUnQ OLNQDQGHDQGUDHOHPHQWVRPLQWHlUHQGHODYGHQHIWHUV|NWDLQIRUPDWLRQHQRFKGHVVXWRP  HIWHUVRPHQHQKHWVXQLNFXHEDUDlUNQXWHQWLOOHQVSHFLILNHQKHWRFKYDUMHHQKHWLVLQWXU

 

(18)

 

NDQ KD IOHUD HQKHWVVSHFLILND FXHV lU GHW P|MOLJW DWW VDPWOLJD FXHV LQWH DQYlQGV YLG HQ nWHUNDOOQLQJXWDQNDQDQYlQGDVYLGVHQDUHWLOOIlOOHQ YLONHW|NDUFKDQVHQI|ULWHPJDLQV%XUQV  

,YLVVDIDOONDQDQWDOHWLWHPJDLQV|YHUVWLJDDQWDOHWLWHPORVVHVYLONHWUHVXOWHUDULHQ|NQLQJDY nWHUNDOODGH RUG |YHU WLG HWW IHQRPHQ VRP REVHUYHUDGHV UHGDQ  DY %DOODUG RFK VRP QXPHUDlUNlQWVRPK\SHUPQHVL (UGHO\L %HFNHU 'HWKDUJMRUWVPnQJDROLNDW\SHUDY VWXGLHUNULQJlPQHWYDUDYPnQJDDQYlQGHUVLJDYLWHPJDLQVRFKORVVHVVRPPlWYlUGHQI|U EHDUEHWQLQJ 3D\QH  2ORIVVRQ  0XOOLJDQ  0XOOLJDQ  'XNH  VH 3D\QH  I|U HQ JHQRPJnQJ  8W|YHU K\SHUPQHVL KDU GLVWLQNWLRQHQ PHOODQ UHODWLRQHOO RFK HQKHWVVSHFLILN EHDUEHWQLQJ WDJLWV XSS LQRP IOHUD DVSHNWHU DY PLQQHW RFK JHWW NODUKHW L IHQRPHQ VDPWLGLJW VRP GHQ KDU InWW VWlUNW VW|G VH +XQW  0F'DQLHO  I|U HQ JHQRPJnQJ 

(19)

 

 Ž˜‹Š”›ž—

'HWWD NDSLWHO WDU XSS WLGLJDUH IRUVNQLQJ ULNWDG PRW SURFHGXUHU IUDPWDJQD I|U DWW LQGXFHUD VLQQHVVWlPQLQJKRVLQGLYLGHUbPQHWlUWlWWI|UNQLSSDWPHGGHWRPDIIHNWPHQlUHQVHSDUDW GHOGnGHWVQDUDUHOLJJHUWLOOJUXQGI|UPHWRGYDOHWlQI|UV\IWHRFKIUnJHVWlOOQLQJDU

)|U DWW NXQQD EHGULYD IRUVNQLQJ RFK XWYHFNOD WHRUHWLVND PRGHOOHU lU GHW Q|GYlQGLJW DWW NXQQDREVHUYHUDIHQRPHQHWPDQI|UV|NHUI|UVWnVLJSn1lUGHWlUDIIHNWVRPXQGHUV|NVILQQV GHW GlUI|U I|JD I|UYnQDQGH  YLVVD PHWRGRORJLVND VYnULJKHWHU I|U DWW Sn HWW UHOLDEHOW VlWW NXQQDPDQLSXOHUDRFKREVHUYHUDDIIHNWLYDYDULDEOHU7URWVDWWEHKDYLRULVPHQVJODQVGDJDUlU EDNRPRVVRFK6NLQQHUVVYDUWDOnGDnWPLQVWRQHlUGHOYLV|SSQDGKDUYLLQWHQnJRQGLUHNWLQV\Q WLOO YnUW NlQVOROLY ,VWlOOHW ILQQV GHW HWW IRUVNQLQJVIlOW GHGLNHUDW nW DWW XWYHFNOD PHWRGHU YDUV SURFHGXUHUNDQLQGXFHUDDIIHNWLGHOWDJDUHXQGHUVn NRQWUROOHUDGHRFKUHOLDEODIRUPHUVRP P|MOLJWRFKKLWWDVlWWDWWPlWDGHWWDHIIHNWLYW

  œ”Š™Š œ’——Žœ§–—’—

,GDJ ILQQV HWW IOHUWDO PHWRGHU I|U DWW SURGXFHUD ROLND VLQQHVVWlPQLQJDU L ODERUDWRULHPLOM| DY YLOND GHQ PHVW LPSOHPHQWHUDGH lU 9HOWHQV   SURFHGXU I|U HQ JHQRPJnQJ VH :HVWHUPDQQ6SLHV6WDKO +HVVH 9HOWHQSURFHGXUHQLQQHElUDWWGHOWDJDUHQInUOlVD HWWDQWDOPHQLQJDUVRPEHVNULYHUDQWLQJHQSRVLWLYDHOOHUQHJDWLYDVMlOYXWYlUGHULQJDU WH[·MDJ PnUYlOGLJWEUDI\VLVNWLGDJ·HOOHU·MDJKDUI|UPnQJDGnOLJDVDNHULPLWWOLY· PHGLQVWUXNWLRQHQ DWWI|UV|NDOHYDVLJLQRFKNlQQDGHQVLQQHVVWlPQLQJVRPEHVNULYV 9HOWHQ:HVWHUPDQQ HWDO 8SSVNDWWQLQJVYLVIXQJHUDUYHOWHQSURFHGXUHQEDUDLSURFHQWDYI|UV|NHQXSS WLOO KlOIWHQ DY GHOWDJDUQD NDQ PLVVO\FNDV PHG DWW NRPPD LQ L HIWHUV|NW VLQQHVVWlPQLQJ :HVWHUPDQQHWDO 

9HOWHQSURFHGXUHQ I|UHNRPPHU LQWH EODQG GHQ I|UHJnHQGH IRUVNQLQJHQ RP KXU DIIHNW SnYHUNDU EHDUEHWQLQJ GlUHPRW KDU HWW IOHUWDO DQGUD LQGXNWLRQVPHWRGHU DQYlQWV 6FKZDU] RFK &ORUH   *DVSHU RFK &ORUH   %OHVV &ORUH 6FKZDU] HW DO   VDPW *DVSHU  OlWGHOWDJDUHEHVNULYDHQDNWXHOOKlQGHOVHVRPJMRUGHSHUVRQHQLIUnJDDQWLQJHQJODG RFK SRVLWLY HOOHU OHGVHQ RFK QHJDWLY %RGHQKDXVHQ HW DO   DQYlQGH VLJ DY VDPPD PHWRG QlU GH OlW GHOWDJDUH EHVNULYD HWW JODWW PLQQH I|U DWW LQGXFHUD GHP PHG SRVLWLY VLQQHVVWlPQLQJ , HQ DQQDQ VWXGLH DY )UHGHULFNVRQ RFK %UDQLJDQ   DQYlQGHV NRUWD ILOPNOLSS I|U DWW LQGXFHUD SRVLWLY RFK QHJDWLY VLQQHVVWlPQLQJ ,VHQ HW DO     JHQRPI|UGHHWWIOHUWDOVWXGLHUGlUGHLQGXFHUDGHSRVLWLYVLQQHVVWlPQLQJLGHOWDJDUHJHQRP DWW DQWLQJHQ JH GHP HQ RYlQWDG SUHVHQW L IRUP DY HQ JRGLVSnVH VRP WDFN I|U VLWW GHOWDJDQGH HOOHU JHQRP DWW YLVD HQ UROLJ NRUWILOP /LNDVn LQGXFHUDGH GH QHJDWLY VLQQHVVWlPQLQJPHGKMlOSDYHWWDQQDWILOPNOLSS

'HW ILQQV GRFN SUREOHP I|UNQLSSDGH PHG EnGH nWHUNDOOQLQJ DY PLQQHQ RFK YLVQLQJ DY ILOPNOLSSVRPLQGXNWLRQVPHWRG1lUGHOWDJDUHVMlOYDVNDKlPWDVDNHUXUPLQQHW|YHUOlPQDU PDQDOONRQWUROO|YHUYLONHQVLQQHVVWlPQLQJVRPI|UVWlUNVWLOOGHOWDJDUHQVMlOY 0D\HU$OOHQRFK %HDXUHJDUG 'HOWDJDUHQPnVWHVMlOYNRPPDSnHWWPLQQHVRPlUWLOOUlFNOLJWVWDUNWRFK

(20)

 

VRP UHSUHVHQWHUDU GHQ VLQQHVVWlPQLQJ VRP LQGXNWLRQHQ ULNWDV PRW 3UREOHPHW PHG DWW LQGXFHUDPHGKMlOSDYILOPHUGlUHPRWlUDWWGHWNDQYDUDVYnUWDWWDYJ|UDKXUXYLGDHIIHNWHU HIWHUILOPHQEHURUSnKDQGOLQJHQHOOHUlQGHQVLQQHVVWlPQLQJVRPV\IWDWVWLOODWWLQGXFHUD

 ž’Ž ’–ŠŽ›¢ –Ž –žœ’”

:HVWHUPDQ HW DO   NRQVWDWHUDGH DWW HIIHNWHQ DY HQ VLQQHVVWlPQLQJVLQGXNWLRQ RIWD lU VW|UVWI|UPHWRGHUVRPNRPELQHUDUWYnROLNDWHNQLNHUVRPNRPSOHWWHUDUYDUDQGUDbYHQ0D\HU HWDO  DQVHUDWWHQNRPELQDWLRQlUDWWI|UHGUDIUDPI|UHQHQVNLOGLQGXNWLRQVPHWRG2OLND LQGXNWLRQHUIXQJHUDUDGGLWLYWQlUGHULNWDVPRWVDPPDVLQQHVVWlPQLQJRFKHIIHNWHQNDQSn VlWW I|UVWlUNDV 0D\HU HW DO JHQRPI|UGH HQ VHULH VWXGLHU I|U DWW XWYHFNOD HQ Q\ W\S DY LQGXNWLRQVPHWRG VRP GUDU Q\WWD DY GH I|UVWlUNWD HIIHNWHUQD VRP InV DY DWW NRPELQHUD WHNQLNHU'HDQYlQGHVLJDYWYnPHWRGHUHQULNWDGPRWGHQEDNRPOLJJDQGHDWPRVIlUHQRFK HQ ULNWDG PRW GHOWDJDUHQV XSSPlUNVDPKHW )|U DWW SnYHUND EDNJUXQGHQ DQYlQGHV PXVLN RFK WLOO I|UJUXQGHQ DQYlQGHV HQ PHWRG VRP EHVWnU DY NRUWD KlQGHOVHEHVNULYQLQJDU Vn NDOODGH YLQMHWWHU VSHFLHOOW IUDPWDJQD I|U HQYLVV VLQQHVVWlPQLQJ WH[ µ'XKDU SUHFLV InWW HWW Q\WWMREERFKGHWlUWLOORFKPHGElWWUHlQGXYnJDWKRSSDVSnµHOOHUµ(WWKXVGMXUVRPGX W\FNHUYlOGLJWP\FNHWRPG|URYlQWDWµ 'HSnPLQQHURPGHVMlOYYlUGHUDQGHSnVWnHQGHQ

VRP DQYlQGV L YHOWHQSURFHGXUHQ PHQ JHU HQ EHW\GOLJW VWDUNDUH RFK PHU GHWDOMHUDG ELOG 'HOWDJDUHQInUOlVDHWWDQWDOYLQMHWWHU WLOOVW\FNHQ PHGLQVWUXNWLRQHUQDDWWI|UV|NDOHYDVLJ LQ L GHQ EHVNULYQD VLWXDWLRQHQ Vn P\FNHW VRP P|MOLJW 'HQQD PHWRG NDOODV I|U JXLGHG LPDJHU\ %nGH JXLGHG LPDJHU\ RFK PXVLN NDQ WLOOlPSDV HQVNLOW I|U DWW IUDPNDOOD HQ

VLQQHVVWlPQLQJ PHQ GHW PHGI|U SUREOHPHW DWW GH YDU I|U VLJ lU UHODWLYW RVSHFLILND PHG KlQVHHQGHWLOOYLONHQVLQQHVVWlPQLQJVRPI|UVWlUNV 0D\HUHWDO 9LQMHWWHUQDWLOOlPSDGHL JXLGHG LPDJHU\ lU HQGDVW HWW UDPYHUN VRP VOnV LKRS PHG GHOWDJDUHQV HJQD PHQWDOD NRQVWUXNWLRQHUYLONHWOHGHUWLOODWWYLVVNRQWUROOJnUI|UORUDG|YHUH[DNWKHWHQSnVLQQHVVWlPQLQJ VRPI|UVWlUNWV'HWVDPPDJlOOHUYLGDQYlQGDQGHWDYPXVLNVRPHQVNLOGPHWRG*HQRPDWW VDPPDQIOlWDGHWYnPHWRGHUQDILFN0D\HUHWDOUHVXOWDWVRPJHUVW|GWLOOK\SRWHVHQDWWHQ NRPELQDWLRQ|NDUSUHFLVLRQHQI|UYLONHQVLQQHVVWlPQLQJVRPI|UVWlUNV,GHVVDVWXGLHUWHVWDGHV I\UD ROLND VLQQHVVWlPQLQJDU JOlGMH OHGVDPKHW UlGVOD RFK LOVND RFK I|U DOOD I\UD IXQJHUDGH LQGXNWLRQHQ Vn DWW |QVNDG VLQQHVVWlPQLQJ I|UVWlUNWHVPHGDQ|YULJD WUH NQDSSW I|UlQGUDGHV |YHUKXYXGWDJHW'HWVWlUNHUPHWRGHQPHGDYVHHQGHSnHQEULVWVRPRIWDI|UHNRPPHUYLG GHVVD DY LQGXNWLRQVSURFHGXUHU QlPOLJHQ YLONHQ W\S DY QHJDWLY VLQQHVVWlPQLQJ VRP HJHQWOLJHQIUDPEULQJDV'HWKDUNRQVWDWHUDWVDWWOHGVDPKHWUlGVODRFKLOVNDKDUHQWHQGHQV DWWVDPYDULHUDYLONHWlUHWWKRWPRWYDOLGLWHWHQHIWHUVRPGHWlUWUHVLQQHVVWlPQLQJDUPHGYLWW VNLOGD RFK lQQX LQWH KHOW NlQGD HIIHNWHU VDPODGH XQGHU VDPPD WHUP 0D\HU HW DO  :HVWHUPDQQ HW DO   'H IDQQ lYHQ DWW LQGXNWLRQHQ DY OHGVDPKHW RFK JOlGMH JDY XSSKRYWLOOVDPPDVRUWVEHG|PQLQJVHIIHNWHUVRPQRWHUDWVI|UDQGUDLQGXNWLRQVPHWRGHURFK lYHQI|UQDWXUOLJVLQQHVVWlPQLQJYLONHWNDQVHVVRPHWWWHFNHQSnH[WHUQYDOLGLWHW 0D\HUHWDO   (QRIWDXWWU\FNWRURlUKXUXYLGDLQGXNWLRQVPHWRGHUQDYHUNOLJHQSURGXFHUDUHQlNWDYHUVLRQ   0LQDHJQDDQSDVVDGH|YHUVlWWQLQJDUDY0D\HUVHWDO  YLQMHWWHU 6YJXLGDWI|UHVWlOODQGH

(21)

 

DY HWW QDWXUOLJW I|UHNRPPDQGHVLQQHVVWlPQLQJ HOOHU LQWH (QOLJW 0D\HU HW DO SHNDUGH IOHVWD EHYLVHQSnDWWGHQVLQQHVVWlPQLQJVRPVNDSDVYHUNOLJHQlUOLNYlUGLJHQQDWXUOLJPRWVYDULJKHW PHQ lPQHW lU IRUWIDUDQGH KHWW GHEDWWHUDW <WWHUOLJDUH RUR KDU XWWU\FNWV |YHU KXUXYLGD HIIHNWHUQD DY LQGXNWLRQHQ NDQ EHUR Sn I|UYlQWQLQJVHIIHNWHU KRV GHOWDJDUHQ RFK XWJ|U HWW YHUNOLJWKRWPRWEHJUHSSVYDOLGLWHWHQ 0D\HUHWDO:HVWHUPDQQHWDO $YWLGLJDUH VWXGLHUVRPLQGXFHUDGVLQQHVVWlPQLQJKDUQnJUDNRQWUROOHUDWI|UYlQWQLQJVHIIHNWHUJHQRPDWW KD NRQWUROOJUXSSHU VRP InWW LQVWUXNWLRQHU RP DWW DJHUD VRP RP GH YRUH L HQ YLVV VLQQHVVWlPQLQJ HOOHU LQIRUPHUDWV RP DWW HIIHNWHUQD DY VLQQHVVWlPQLQJ lU PRWVDWWD GH I|UYlQWDGH :HVWHUPDQQ HW DO   (WW DUJXPHQW PRW KRWHWV SRWHQWLHOOD LQYHUNDQ lU DWW I|UYlQWQLQJVHIIHNWHULQWHlUNRPSOH[WQRJI|UDWWI|UNODUDUHVXOWDWVRPlUVnDV\PPHWULVND|YHU ROLNDVLQQHVVWlPQLQJDU 0D\HUHWDO 'HWILQQVWHQGHQVHUI|UDWWHIIHNWHQDYLQGXNWLRQHQ I|UVWlUNVQlUGHOWDJDUHLQIRUPHUDVRPDWWGHVNDInHQVSHFLILNVLQQHVVWlPQLQJ :HVWHUPDQQ HW DO   :HVWHUPDQQ HW DO SnSHNDU GRFN DWW GHW IDNWXPHW I|UVWlUNHU KRWHW IUnQ I|UYlQWQLQJVHIIHNWHUPHQDWWYLIRUWIDUDQGHYHWI|UOLWHI|UDWWNXQQDVlJDKXUP\FNHWVnGDQD HIIHNWHULQIOXHUDULQGXNWLRQHQ

(22)

 

 Ž˜

,GHWWDNDSLWHOEHVNULYVPHWRGHQRFKGHWPDWHULDOVRPDQYlQGHVI|UDWWJHQRPI|UDVWXGLHQ VRPV\IWDGHWLOODWWEHVYDUDK\SRWHVHUQDYLONDIRUPXOHUDGHVLLQOHGQLQJVNDSLWOHW

 Ž•ŠŠ›Ž

GHOWDJDUHYDUDYNYLQQRUGHOWRJLVWXGLHQ*HQRPVQLWWVnOGHUQYDUnU 6'  RFK VDPWOLJDVWXGHUDGHYLG/LQN|SLQJV8QLYHUVLWHW'HOWDJDUHNRPSHQVHUDGHVI|UVLWWGHOWDJDQGH PHG HQ PXJJ LIUnQ /LQN|SLQJV XQLYHUVLWHW )|UGHOQLQJHQ DY GHOWDJDUH |YHU GH WUH ROLND JUXSSHUQDYDULGHQSRVLWLYDLGHQQHJDWLYDRFKLNRQWUROOJUXSSHQ

 ŠŽ›’Š•

 ’——Žœ§–—’—œ’—ž”’˜—

)|UDWWLQGXFHUDVLQQHVVWlPQLQJDQYlQGHVGHQPHWRGVRPXWYHFNODGHVDY0D\HU$OOHQRFK %HDXUHJDUG   'H DQYlQGH VLJ DY HQ WYnGHODG LQGXNWLRQVPHWRG GlU PXVLN XWJ|U HQ EDNJUXQGRFKµJXLGHG LPDJHU\µXWJ|U I|UJUXQGHQ $WW DQYlQGDVLJDY HQ NRPELQDWLRQ DY WYnPHWRGHUKDUYLVDWVLJYDUDHIIHNWLY 0D\HUHWDO 

0XVLN 7Yn NODVVLVND LQVWUXPHQWHOOD PXVLNVW\FNHQ DQYlQGHV YLG LQGXNWLRQHQ HWW VW\FNH I|U SRVLWLYRFKHWWVW\FNHI|UQHJDWLYVLQQHVVWlPQLQJ,0D\HUHWDO  YDUGHVVDVW\FNHQGH WYnK|JVWUDQNDGHPXVLNVW\FNHQDI|UJOlGMHUHVSHNWLYHOHGVDPKHW)|USRVLWLYVLQQHVVWlPQLQJ DQYlQGHV'HOLEHV  0D]XUNDIUnQ&RSSHOLDRFKI|UQHJDWLY VLQQHVVWlPQLQJDQYlQGHV &KRSLQ  2SXVIUnQ3UHOXGHV

9LQMHWWHU0HGDQPXVLNHQDQYlQGHVI|UDWWVNDSDHQEDNRPOLJJDQGHDWPRVIlUDQYlQGHV YLQMHWWHU I|U DWW EHVNULYD HQ VLWXDWLRQ VlUVNLOW VWDUNW I|UNQLSSDG PHG |QVNDG VLQQHVVWlPQLQJ /LNVRP PXVLNVW\FNHQD KlPWDGHV RFNVn YLQMHWWHUQD XU 0D\HU HW DO   GlU GH KDGH UDQJRUGQDWV K|JVW HIWHU VDPPD SRVLWLYD RFK QHJDWLYD VNDORU 'RFN |YHUVDWWHV RFK PRGLILHUDGHVPHQLQJDUQDI|UDWWElWWUHSDVVDLQLHQVYHQVNNRQWH[W7LOOVWXGLHQDQYlQGHVVH[ YLQMHWWHUI|UYDUMHVLQQHVVWlPQLQJ VHELODJD 

 ”Š—’— ŠŸ œ’——Žœœ§–—’—

9DUMH GHOWDJDUH ILFN I\OOD L HQ HQNlW VH ELODJD   GlU GH VNDWWDGH VLQ XSSOHYGD VLQQHVVWlPQLQJ (QNlWHQ YDU XSSGHODG L WYn VHNWLRQHU YDUDY GHQ I|UVWD EHVWRG DY  RUG KlOIWHQ SRVLWLYD HQWXVLDVWLVN Q|MG JODG WLOOIUHGV XSSU\PG VWROW LYULJ O\FNOLJ RFK LQVSLUHUDG  RFKGHQDQGUDKlOIWHQQHJDWLYD UlGGRO\FNOLJOHGVHQRUROLJREHKDJGHSULPHUDGQHUY|V VNUlPG RFK IUXVWUHUDG  )|U YDUMH RUG ILFN GHOWDJDUHQ YlUGHUD KXU YlO YDUMH RUG VWlPGH |YHUHQVPHGGHOWDJDUHQVXSSOHYGDKXP|USnHQVNDODIUnQWLOO,GHQDQGUDVHNWLRQHQILFN GHOWDJDUHQ XSSVNDWWD KXU JODG UHVSHNWLYH OHGVHQ KDQ HOOHU KRQ NlQGH VLJ Sn WYn VHSDUDWD 9$VNDORU VHELODJD 

(23)

   ›•’œŠ (QOLVWDEHVWnHQGHDYRUGNRQVWUXHUDGHV VHELODJD 2UGHQYDUVXEVWDQWLYRFKKlPWDGHV XUHQDYWLRRUGNDWHJRULHU GMXUNOlGHVSODJJP|EOHUIRUGRQPXVLNLQVWUXPHQWN|NVUHGVNDS JU|QVDNHUYHUNW\JOHNVDNHURFKLQVHNWHU IUnQ1LOVVRQ  .DWHJRULHUQDYDOGHVSnJUXQGDY DWWGHUHSUHVHQWHUDVDYRUGVRPlUNRQNUHWDRFKI\VLVNWSnWDJOLJD2UGHQYDUHQWLOOWUHVWDYLJD RUGVRPLQQHK|OOPHOODQWUHRFKHOYDERNVWlYHU2UGVRPYDUKRPRQ\PDXQGYHNVLGHIDOOGlU HWW RUG KDGH IOHUD EHW\GHOVHU VRP YDU YDQOLJW I|UHNRPPDQGH 2UGHQ SUHVHQWHUDGHV HWW L WDJHW XQGHU I\UD VHNXQGHU RFK YDU VNULYQD L YHUVDOHU L YLW WH[W Sn HQ P|UNW JUn EDNJUXQG 7\SVQLWWHW$ULDODQYlQGHVRFKERNVWlYHUQDKDGHHQVWRUOHNDYSXQNWHU GHQVW|UVWDP|MOLJD VWRUOHNHQI|UDWWGHWOlQJVWDI|UHNRPPDQGHRUGHWVNXOOHInSODWVSnHQRFKVDPPDUDGYLG SUHVHQWDWLRQHQ /LVWDQVVRUWHUDGHVHIWHUVW\UGVOXPSQLQJVnDWWWYnRUGIUnQVDPPDNDWHJRUL LQWHNRPHIWHUYDUDQGUD)|UDWWNRQWUROOHUDHIIHNWHUDYRUGHQVRUGQLQJUHYHUVHUDGHVOLVWDQI|U KlOIWHQDYGHOWDJDUQD

 ›˜ŒŽž›

'DWDLQVDPOLQJHQ JHQRPI|UGHV L VHVVLRQHU PHG HQ WLOO WUH GHOWDJDUH SHU WLOOIlOOH *HQRP ORWWQLQJDYJMRUGHVYLONHQLQGXNWLRQGHOWDJDUHJHQRPJLFN$OODGHOWDJDUHYLGHWWJLYHWWLOOIlOOH ORWWDGHV LQ L VDPPD VLQQHVWlPQLQJVLQGXNWLRQ 'HOWDJDUQD YDU SODFHUDGH Sn UDG PHG HQ PHWHUVPHOODQUXP YLGHWW OnQJW VNULYERUG YlQGDPRW I|UV|NVOHGDUHQ )UDPI|U YDURFKHQ DY GHPOnJHWWSDSSHUPHGYLQMHWWHUQDSn|YHUWlFNWDY\WWHUOLJDUHHWWSDSSHU/LNVRPL0D\HUV HWDOVVWXGLH  ILFNGHOWDJDUQDLQOHGQLQJVYLVO\VVQDSnHWWNODVVLVNWPXVLNVW\FNHXQGHUHQ PLQXW 'lUHIWHU LQIRUPHUDGHV GH PXQWOLJW DY I|UV|NVOHGDUHQ DWW GH NXQGH OlVD GHQ I|UVWD YLQMHWWHQSnSDSSUHWPHQKnOOD|YULJDIHPIRUWVDWW|YHUWlFNWD9DUWUHWWLRQGHVHNXQGVDGHV GHOWDJDUQDnWDWWOlVDHQQ\YLQMHWWWLOOGHVVDWWVDPWOLJDVH[YLQMHWWHUEOLYLWOlVWDXQGHUWUHWWLR VHNXQGHUYDUGHUD%DNJUXQGVPXVLNHQDYVOXWDGHVVDPWLGLJWVRPYLQMHWWHUQD(IWHUDWWKDInWWHQ VLQQHVVWlPQLQJLQGXFHUDGYLVDGHVHQOLVWDPHGRUGI|UGHOWDJDUQD2UGHQSUHVHQWHUDGHVSn HQ  WXP VWRU GDWRUPRQLWRU SODFHUDG  PHWHU IUDPI|U GHOWDJDUQD 1lU VDPWOLJD RUG SUHVHQWHUDWV ILFN GHOWDJDUQD I\OOD L HQNlWHQ I|U DWW VNDWWD VLQ XSSOHYGD VLQQHVVWlPQLQJ 'lUHIWHU ILFNGHOWDJDUQDnWHUNDOODRUGOLVWDQ RFK VNULYDQHU VnPnQJD RUG VRPP|MOLJW XQGHU IHPPLQXWHU9LGnWHUNDOOQLQJVI|UV|NHQDQYlQGHVWUHXSSUHSDGHLGHQWLVNDWHVWHUYLONHWDQYlQWV LWLGLJDUHVWXGLHU HJ.OHLQHWDO%XUQV 'HOWDJDUQDYDULQWHPHGYHWQDRPDWWGHW YDUPHUlQHWWWHVWIUDPWLOOGHVVGHILFNHWWQ\WWSDSSHURFKLQVWUXHUDGHVDWWJ|UDOLNDGDQWVRP YLGGHWI|UVWDWHVWHW1lUGHWWUHGMHWHVWHWVNXOOHE|UMDILFNGHnWHULJHQLQVWUXNWLRQHUQDDWWJ|UD VRPYLGI|UHJnHQGHWHVWPHGWLOOlJJHWDWWGHWRFNVnYDUGHWVLVWDDYGHWUHWHVWHUQD9DUMH WHVWYDUDGHLPLQXWHURFKGHWYDULQJHQSDXVPHOODQnWHUNDOOQLQJDUQDXW|YHUGHQWLGGHWWRJ I|UV|NVOHGDUHQDWWVDPODLQRFKGHODXWQ\DSDSSHU$YVOXWQLQJVYLVILFNGHOWDJDUQDI\OODLHQ GHPRJUDILVNHQNlW

(24)

 

Žœ’— ˜Œ‘ Š—Š•¢œ

6WXGLHQYDUHQPHOODQJUXSSVGHVLJQGlUW\SDYLQGXFHUDGVLQQHVVWlPQLQJYDUHQREHURHQGH PHOODQJUXSSVYDULDEHO,WHPJDLQVRFKORVVHVEHVWRGDYWYnPlWSXQNWHUVRPVORJVLKRSWLOOHQ RFK YDU VnOHGHV RFNVn EHURHQGH YDULDEOHU 'H WUH PLQQHVWHVWHUQD YDU LQRPJUXSSVYDULDEOHU PHG GH WUH EHWLQJHOVHUQD 7 7 RFK 7 RFK DQYlQGHV I|U DWW DQDO\VHUD EnGH GHW WRWDOD DQWDOHW nWHUNDOODGH RUG RFK DQWDOHW IDOVNW nWHUNDOODGH RUG 'H IDOVNW nWHUNDOODGH RUGHQ LQNOXGHUDGHVLQWHLDQDO\VHUQDI|UWRWDOWnWHUNDOODGHRUGHOOHULWHPJDLQVRFKORVVHV

(25)

 

 Žœž•Š

, GHWWD NDSLWHO SUHVHQWHUDV GH DQDO\VHU VRP JMRUGHV Sn GHQ JHQRPI|UGD VWXGLHQV GDWD 'HOWDJDUQDYDUI|UGHODGHMlPW|YHUWUHJUXSSHUSRVLWLYWUHVSHNWLYHQHJDWLYWLQGXFHUDGJUXSS Q UHVSHNWLYHQ  RFKNRQWUROOJUXSS LQJHQLQGXFHUDGVLQQHVVWlPQLQJQ  7RWDOW DQWDOGHOWDJDUHYDU NYLQQRU PHGJHQRPVQLWWVnOGHUQnU$QDO\VHUQDlUJMRUGDSn VLJQLILNDQVQLYnRPLQWHDQQDWDQJHV

 —ž”’˜— ŠŸ œ’——Žœœ§–—’—

(Q HQYlJVYDULDQVDQDO\V JHQRPI|UGHV PHG LQGXFHUDG VLQQHVVWlPQLQJ SRVLWLY QHJDWLY HOOHU QHXWUDO  VRP REHURHQGH YDULDEHO RFK GHOWDJDUQDV XSSVNDWWDGH VLQQHVVWlPQLQJ VRP EHURHQGH YDULDEHO 'HQ QHJDWLYD JUXSSHQV XSSVNDWWDGH VLQQHVVWlPQLQJ 0    YDU VLJQLILNDQW )   S  OlJUHlQEnGHNRQWUROOJUXSSHQV 0  RFKGHQ SRVLWLYD JUXSSHQV 0    VNDWWQLQJ VH ILJXU   'HQ SRVLWLYD VLQQHVWlPQLQJVLQGXNWLRQHQ |NDGHGRFN LQWH KXP|UHW WLOOUlFNOLJW L GHQ SRVLWLYD JUXSSHQ I|U DWW VLJQLILNDQW VNLOMD GHQIUnQ NRQWUROOJUXSSHQ



)LJXU'HOWDJDUHVXSSVNDWWQLQJDYGHUDVVLQQHVVWlPQLQJHIWHULQGXNWLRQ

 —Š• ªŽ›”Š••ŠŽ ˜›

)|U DWW VH GHOWDJDUQDV SUHVWDWLRQ L DQWDO RUG SHU WHVW JHQRPI|UGHV HQ  [  PL[DG YDULDQVDQDO\VPHGLQGXFHUDGVLQQHVVWlPQLQJ SRVLWLYQHJDWLYHOOHUQHXWUDO VRPREHURHQGH YDULDEHO RFK DQWDO nWHUNDOODGH RUG I|U YDUMH WHVWRPJnQJ 7 7 RFK 7  VRP EHURHQGH LQRPJUXSSVYDULDEHO'HOWDJDUQDIUnQHQJUXSSnWHUNDOODGHLQWHVLJQLILNDQWIOHUHOOHUIlUUHRUG lQQnJRQDYGHDQGUDJUXSSHUQDS!(QWUHQGYLVDGHHQVYDJK\SHUPQHVLHIIHNWVlUVNLOW

(26)

  I|UGHQSRVLWLYDJUXSSHQYDUVSUHVWDWLRQYDUQnJRWK|JUH|YHUODJ VHILJXU   )LJXU'HOWDJDUHVNRUUHNWnWHUNDOODGHRUGXSSGHODWHIWHULQGXNWLRQDYVLQQHVVWlPQLQJRFKWHVWRFK  Ž– Š’—œ $QWDOLWHPJDLQVI|UYDUMHGHOWDJDUHWRJVIUDPJHQRPDWWGUDERUWGHnWHUNDOODGHRUGHQL7 IUnQRUGHQL7RFKXSSUHSDSURFHGXUHQPHG7IUnQ7'lUHIWHUVXPPHUDGHVGHWYnWDOHQ I|U YDUMH GHOWDJDUH (Q HQYlJVYDULDQVDQDO\V JHQRPI|UGHV PHG LQGXFHUDG VLQQHVVWlPQLQJ SRVLWLY QHJDWLY HOOHU QHXWUDO  RFK DQWDO LWHP JDLQV WRWDOW |YHU WHVWHUQD VRP REHURHQGH UHVSHNWLYHEHURHQGHYDULDEHOS!'HQQHJDWLYDJUXSSHQ 0  KDGHLQWHVLJQLILNDQW IOHUJDLQVlQGHQSRVLWLYDJUXSSHQ 0  HOOHUNRQWUROOJUXSSHQ 0  6RPILJXUYLVDU YDU I|UGHOQLQJHQ GHQ PRWVDWWD WUHQGHQ lU DWW GHQ SRVLWLYD JUXSSHQ KDGH QnJRW IOHU LWHP JDLQVlQNRQWUROOJUXSSHQVRPLVLQWXUKDGHQnJRWIOHUlQGHQQHJDWLYDJUXSSHQ

(27)

   )LJXU'HOWDJDUHVWRWDODDQWDOLWHPJDLQVRFKORVVHVI|UGHODW|YHULQGXNWLRQVJUXSS  Ž– •˜œœŽœ )|UDWWInIUDPLWHPORVVHVJMRUGHVVDPPDVDNVRPI|ULWHPJDLQVPHGVNLOOQDGHQDWWRUGQLQJHQ YDUGHQRPYlQGDGHWYLOOVlJDDWWRUGHQnWHUNDOODGHL7GURJVERUWIUnQ7RFKRUGHQIUnQ7 GURJVERUWIUnQ7'lUHIWHUVXPPHUDGHVWDOHQI|UYDUMHGHOWDJDUHOLNVRPGHJMRUGHVI|ULWHP JDLQVRFKHQYDULDQVDQDO\VPHGLQGXFHUDGVLQQHVVWlPQLQJ SRVLWLYQHJDWLYHOOHUQHXWUDO VRP REHURHQGH YDULDEHO RFK DQWDO WRWDOD LWHP ORVVHV VRP EHURHQGH 'HW IDQQV LQWH QnJRQ VLJQLILNDQW VNLOOQDG PHOODQ KXU PnQJD LWHP ORVVHV GHOWDJDUH KDGH EHURHQGH Sn VLQQHVVWlPQLQJ)  2PPDQVHUWLOOILJXUNDQPDQVHDWWNRQWUROOJUXSSHQ 0   KDGHQnJRWIOHULWHPORVVHVlQGHSRVLWLYW 0  UHVSHNWLYHQHJDWLYW 0  LQGXFHUDGH JUXSSHUQD 7URWVLFNHVLJQLILNDQWDKXYXGHIIHNWHUJMRUGHVHQ[[PL[DGYDULDQVDQDO\VPHGLQGXFHUDG VLQQHVVWlPQLQJ SRVLWLYQHJDWLYHOOHUQHXWUDO VRPREHURHQGHYDULDEHOJDLQV YLG7HOOHU7  RFKORVVHV YLG7HOOHU7 VRPEHURHQGHLQRPJUXSSVYDULDEHO,QJHQLQWHUDNWLRQVHIIHNWIDQQV I|UDQWDOJDLQVHOOHUORVVHVRFKWHVW77HOOHU7S!  Š•œ” ªŽ›”Š••ŠŽ ˜›

8QGHU nWHUNDOOQLQJDUQD nWHUJDY GHOWDJDUH LEODQG RUG VRP LQWH IDQQV PHG Sn GHQ XUVSUXQJOLJD OLVWDQ Vn NDOODGH IDOVND nWHUNDOOQLQJDU 'HVVD H[NOXGHUDGHV XU GH |YULJD DQDO\VHUQD'nDQWDOHWIDOVNWnWHUNDOODGHRUGYDUI|UKnOODQGHYLVVWRUW VHILJXU JMRUGHVHQ[  PL[DG YDULDQVDQDO\V PHG LQGXFHUDG VLQQHVVWlPQLQJ SRVLWLY QHJDWLY HOOHU QHXWUDO  VRP REHURHQGH YDULDEHO DQWDO IDOVNW nWHUNDOODGH RUG I|U YDUMH WHVWRPJnQJ 7 7 RFK 7  VRP REHURHQGH LQRPJUXSSVYDULDEHO I|U DWW XQGHUV|ND HYHQWXHOOD VDPEDQG 'HW IDQQV LQJHQ VLJQLILNDQWVNLOOQDGPHOODQYLONHQLQGXFHUDGVLQQHVVWlPQLQJHQGHOWDJDUHInWWRFKDQWDOIDOVNW

(28)

  nWHUNDOODGHRUGKDQHOOHUKRQKDGH)    )LJXU7RWDOWDQWDOIDOVNWnWHUNDOODGHRUG 'HWIDQQVLQWHKHOOHUQnJRQHIIHNWSPHGHQWHQGHQVPRWVLJQLILNDQVPHOODQYLONHWDY GH WUH WHVWHQ VRP IUDPNDOODGH IOHVW DQWDO IDOVNW nWHUNDOODGH RUG (Q WUHQG DWW GHQ SRVLWLYD JUXSSHQ KDU IOHU IDOVNW nWHUNDOODGH RUG lQ NRQWUROOJUXSSHQ VRP KDU IOHU lQ GHQ QHJDWLYD JUXSSHQQRWHUDGHVRFKDWWGHQSRVLWLYDJUXSSHQRFKNRQWUROOJUXSSHQKDUHQ|NQLQJIUnQ7 WLOO7 VHILJXU 



(29)

 

 ’œ”žœœ’˜—

6\IWHW PHG GHQ JHQRPI|UGD VWXGLHQ YDU DWW XQGHUV|ND RP GHW ILQQV HWW VDPEDQG PHOODQ SRVLWLY RFKQHJDWLYDIIHNW RFKGHQUHODWLRQHOOD UHVSHNWLYH HQKHWVVSHFLILND EHDUEHWQLQJVRP IXQQLWVLVWXGLHURPPLQQHRFKEHDUEHWQLQJ HJ%XUQV%XUQV+XQW (LQVWHLQ .OHLQ HW DO   7LGLJDUH DIIHNWIRUVNQLQJ KDU IXQQLW DWW SRVLWLY DIIHNW OHGHU WLOO HQ I|UVWlUNW JOREDO GRPLQDQV YLG EHDUEHWQLQJ PHGDQ QHJDWLY DIIHNW GlUHPRW OHGHU WLOO HQ |NDG EHDUEHWQLQJSnORNDOQLYn HJ*DVSHU &ORUH*DVSHU 'lUI|UWHUGHWVLJLQWH DOOWI|UDYOlJVHWDWWNXQQD|YHUEU\JJDJDSHQPHOODQUHODWLRQHOOEHDUEHWQLQJRFKHWWJOREDOW IRNXVUHVSHNWLYHHQKHWVVSHFLILNEHDUEHWQLQJRFKORNDOWIRNXV

)|U DWW NXQQD PlWD GH WYn W\SHUQD DY EHDUEHWQLQJ ILFN GHOWDJDUQD L WUH XSSUHSDGH PLQQHVWHVWI|UV|NDnWHUNDOODRUGOLVWDQ*HQRPDWWWLWWDSnLWHPJDLQV RUGVRPWLOONRPPLW RFK LWHP ORVVHV RUG VRP I|UVYXQQLW  PHOODQ WHVWHUQD RSHUDWLRQDOLVHUDGHV HQKHWVVSHFLILN RFK UHODWLRQHOOEHDUEHWQLQJ 3D\QH.OHLQHWDO%XUQV +\SRWHVHUQDVRPVWlOOGHV XSSYDUDWWQHJDWLYVLQQHVVWlPQLQJVNXOOHOHGDWLOOIOHULWHPJDLQVlQYDGSRVLWLYVLQQHVVWlPQLQJ JMRUGH VRP LVWlOOHW VNXOOH OHGD WLOO VLJQLILNDQW IlUUH LWHP ORVVHV MlPI|UW PHG QHJDWLY VLQQHVVWlPQLQJ

5HVXOWDWI|UK\SRWHV,WHPJDLQV,UHVXOWDWHQI|UDQDO\VHQDYLWHPJDLQVVHUPDQDWWGHW LQWH ILQQV VW|G I|U K\SRWHVHQ RP DWW QHJDWLY VLQQHVVWlPQLQJ VNXOOH JH IOHU LWHP JDLQV 6NLOOQDGHUQD YDU LQWH VLJQLILNDQWD PHQ YDG VRP lU DQPlUNQLQJVYlUW lU DWW WUHQGHQ L GDWDQ IDNWLVNWJnUVWLFNLVWlYPRWK\SRWHVHQIOHVWJDLQVnWHUILQQVEODQGGHOWDJDUHLQGXFHUDGHPHG SRVLWLYLQWHQHJDWLYVLQQHVVWlPQLQJ+\SRWHVHQNDQDOOWVnLQWHDQWDV 5HVXOWDWI|UK\SRWHV,WHPORVVHV,QWHKHOOHULDQDO\VHQI|ULWHPORVVHVInUK\SRWHVHQQnJRW VW|G,QJHQJUXSSKDGHVLJQLILNDQWIOHUHOOHUIlUUHORVVHVRFKGHWILQQVLQWHKHOOHUQnJRQWUHQG VRPNDQJHHQLQGLNDWLRQSnDWWHWWVnGDQWVDPEDQGILQQV.RQWUROOJUXSSHQKDGHQnJRWIOHU ORVVHVMlPI|UWPHGGHEnGDLQGXFHUDGHJUXSSHUQDVRPNQDSSWVNLOMGHVLJnWDOOV 6WXGLHQKDULQWHO\FNDWVYLVDQnJRWVDPEDQGPHOODQDIIHNWRFKW\SDYEHDUEHWQLQJ'HWWD WURWVDWWWHRULQUXQWRPNULQJlUYlOJUXQGDGRFKGHPHWRGHUVRPDQYlQWVlUEHSU|YDGHRFK KDUYLVDWUHOLDEODUHVXOWDWWLGLJDUH'HQSURFHGXUVRPDQYlQWVI|UDWWLQGXFHUDVLQQHVVWlPQLQJ lU LQWH XWQ\WWMDG L WLGLJDUH VWXGLHU PHQ NRPELQHUDGH LQGXNWLRQVPHWRGHU VRP GHQQD lU JHQHUHOOWVHWWHIIHNWLYDUHlQH[HPSHOYLVPLQQHVEHVNULYQLQJDU :HVWHUPDQQHWDO 'HWlU GRFN I|UVWD JnQJHQ Vn YLWW MDJ YHW VRP HQ VLQQHVWlPQLQJVLQGXNWLRQ KDU NRPELQHUDWV PHG XSSUHSDGHPLQQHVWHVWHU²HOOHUPHGQnJRQDQQDQW\SDYPHWRG²I|UDWWNXQQDREVHUYHUD UHODWLRQHOORFKHQKHWVVSHFLILNEHDUEHWQLQJ

 Ž˜’œ”žœœ’˜—

 Ž”Ž› ŠŸ œ’——Žœœ§–—’—œ’—ž”’˜—Ž—

0HWRGHQI|UDWWLQGXFHUDVLQQHVVWlPQLQJVRPWRJVIUDPDY0D\HUHWDO  YLVDGHVWRUD HIIHNWHU RFK  GHVVXWRP GHODGHV GHW QHJDWLYD VSUHNWUDW DY NlQVORU XSS L OHGVDPKHW UlGVOD RFKLOVND'HWlUGRFNHQLVDPPDQKDQJHWQ\PHWRGVRPLQWHI|UHNRPPLWLWLGLJDUHVWXGLHU

(30)

 

GlU IUDPI|UDOOW EHVNULYQLQJDU DY PLQQHQ 6FKZDU]  &ORUH  %RGHQKDXVHQ HW DO  %OHVV&ORUH6FKZDU]HWDO*DVSHU &ORUH*DVSHU PHQRFNVnILOPNOLSSHOOHU RYlQWDGH JnYRU ,VHQ  'DXEPDQ  ,VHQ  ,VHQ HW DO   KDU DQYlQWV )|U DWW EHG|PDHIIHNWHQDYLQGXNWLRQHQLVWXGLHQDQYlQGHVVNDWWQLQJVVNDORUVRPGHOWDJDUQDVMlOYD ILFNI\OODL7LOOVDPPDQVPHGGHWIDNWXPDWWGHYDULQIRUPHUDGHRFKLQVWUXHUDGHRPV\IWHWDWW GHVNXOOHI|UVlWWDVLHQVSHFLILNVLQQHVVWlPQLQJRFKDWWGHVNXOOHI|UV|NDOHYDVLJLQVnYlOVRP P|MOLJW L GH EHVNULYQD VLWXDWLRQHUQD J|U DWW I|UYlQWQLQJVHIIHNWHU LQWH NDQ XWHVOXWDV IUnQ UHVXOWDWHWDYVNDWWQLQJHQ9LGDQDO\VDYUHVXOWDWHWVHUPDQDWWGHQQHJDWLYDJUXSSHQVNLOMHUVLJ VLJQLILNDQWLIUnQGH|YULJDJUXSSHUQDPHGDQGHQSRVLWLYDJUXSSHQEDUDlUQnJRWK|JUHlQ NRQWUROOJUXSSHQ'HWWD UHVXOWDW lUKHOW LOLQMH PHG WLGLJDUH IRUVNQLQJ HJ 0D\HU HW DO  *DVSHU VRPNRQVWDWHUDWDWWGHOWDJDUHQRUPDOWVHWWKDUHQSRVLWLYVLQQHVVWlPQLQJLQQDQ LQGXNWLRQ RFK DWW GHW lU EHW\GOLJW OlWWDUH DWW I|UlQGUD HQ VLQQHVVWlPQLQJ L PRWVDWW ULNWQLQJ MlPI|UW PHG DWW I|UVWlUND GHQ \WWHUOLJDUH 'HVVXWRP lU GHW LQWH RYlQWDW DWW LQGLYLGHU VRP DQPlOHUVLJIULYLOOLJWWLOODWWGHOWDLHQVWXGLHJ|UGHWWLOOVWRUGHODYDQOHGQLQJHQDWWGHW\FNHUGHW lU UROLJW 'HW OHGHU WLOO DWW GH VHU H[SHULPHQWWLOOIlOOHW VRP QnJRW SRVLWLYW YLONHW I|UK|MHU GHUDV VLQQHVVWlPQLQJLQOHGQLQJVYLV

)|UKnOODQGHWPHOODQ VMlOYVNDWWQLQJDUQD LJUXSSHUQDGHQSRVLWLYD JUXSSHQKDPQDUQnJRW |YHUNRQWUROOJUXSSHQLVNDWWQLQJVDPWLGLJWVRPGHQQHJDWLYDJUXSSHQlUVLJQLILNDQWOlJUHNDQ GlUI|U VHV VRP HQ EHNUlIWHOVH Sn DWW LQGXNWLRQHQ YDULW YHUNVDP RFK DWW VNLOOQDGHUQD LQWH HQEDUWEHURUSnI|UYlQWQLQJVHIIHNWHUKRVGHOWDJDUQD

2PPDQDQWDUDWWVLQQHVWlPQLQJVLQGXNWLRQHQYDUYHUNVDPVWnUPDQGRFNLQI|U\WWHUOLJDUH HWW SRWHQWLHOOW SUREOHP 6RP PnQJD VWXGLHU KDU YLVDW 6FKZDU]  &ORUH  %OHVV &ORUH 6FKZDU]HWDO&ORUHHWDO*DVSHU &ORUH*DVSHU HOLPLQHUDVHIIHNWHQ DYVLQQHVVWlPQLQJQlUGHOWDJDUQDJ|UVXSSPlUNVDPPDSnGHQYHUNOLJDDQOHGQLQJWLOOGHUDV DIIHNWLYD WLOOVWnQG 'HWWD lU GRFN NRQVWDWHUDW XWLIUnQ XSSJLIWHU GlU GHOWDJDUQD InWW J|UD EHG|PQLQJDU DY REMHNW HOOHU SHUFHSWHUDW YLVXHOO VWLPXOXV , GHQ DNWXHOOD VWXGLHQ YDU GHOWDJDUQDLQIRUPHUDGHRPV\IWHWPHGLQGXNWLRQHQPHQGHYDUGlUHPRWRYHWDQGHVRPGHW EDNRPOLJJDQGHV\IWHWPHGPLQQHVXSSJLIWHQRFKGHI|UYlQWDGHHIIHNWHUQDDYDIIHNWSnGHQ 'HVVXWRPDQYlQGH*DVSHURFK&ORUH  RFK*DVSHU  VMlOYDHQLQGXNWLRQPHGVWRU PHGYHWDQGHJUDG I|U GHOWDJDUHQ DWW EHVNULYD HWW PLQQH  VRP 0D\HU HW DO   DQVHU SUREOHPDWLVNLGHWDYVHHQGHDWWNRQWUROO|YHUOlPQDVWLOOGHOWDJDUHQVMlOYVRPVNDIUDPPDQD HWW PLQQH VRP lU I|UNQLSSDW PHG |QVNDG VLQQHVVWlPQLQJ VDPWLGLJW VRP GHW lU WLOOUlFNOLJW GHWDOMHUDWRFKOHYDQGH2PHIIHNWHUDYVLQQHVVWlPQLQJKDUNXQQDWUHGRYLVDVPHGHQPHWRG VRP L YLVVD DYVHHQGHQ lU VlPUH RFK GHVVXWRP KDU HQ OLND K|J PHGYHWDQGHJUDG lQ GHQ 0D\HUHWDOXWYHFNODW RPlQHQOLJWGHPVMlOYD YRUHGHWRULPOLJWDWWOLNQDQGHHIIHNWHUVNXOOH XWHEOL PHG DQOHGQLQJHQ DWW XUVSUXQJVNlOODQ WLOO GHW LQGXFHUDGH VLQQHVVWlPQLQJHQ YDULW I|U SnWDJOLJ 0D\HU HW DO PHQDU DWW HQ VW\UND PHG DWW DQYlQGD MXVW YLQMHWWHU lU DWW GH WLOOVDPPDQVLQGXFHUDUVDPPDDIIHNWXWDQDWWJHHWWW\GOLJWREMHNWDWWNQ\WDGHQWLOO

References

Related documents

'HW lU YLNWLJW DWW IRUVNDUHQ KDU I|UVWnHOVH I|U VnYlO E\JJSURFHVVHQ VRP IRUVNQLQJVSURFHVVHQLYDOHWDYIRUVNQLQJVPHWRG0HWRGYDOHWE|UVWlOODVLUHODWLRQWLOO EnGH

6DPPDQIDWWQLQJ cU I|UVWDWOLJDGHV GH WLGLJDUH SULYDWlJGD DSRWHNHQ RFK HWW VYHQVNW DSRWHNVPRQRSRO LQUlWWDGHV 6YHULJHV PHGOHPVNDS L 8 KDU OHWW WLOO DWW DSRWHNHWV

Den svenska sektionen av den ideella föreningen Läkare utan Gränser samlar in pengar, rekryterar volontärer och bildar opinion. Den informerar allmänheten, politiker, medier och

,QWUHVVDQW lU RFNVn DWW DOOD WUH JUXSSHU VWXGHUDQGH DQYlQGHU VLJ XQJHIlU OLND P\FNHW

'HW YDQOLJDVWH DUEHWVP|QVWUHW EODQG VPnVNROOlUDUH RFK OlUDULQQRU L -XNNDVMlUYL VNROGLVWULNW YDU DWW GH DQWLQJHQ DUEHWDGH HQEDUW L .LUXQD HOOHU HQEDUW L E\DUQD 8QGHU nUHQ IUDP WLOO

Att filmen inte inledningsvis visar en scen där alkohol köps ut från Systembolaget, utan istället avslutar med detta, kan tänkas symbolisera det ansvar bolaget har

The analysis further suggests that Member States having serious concerns of the effects of EU legislation on their national criminal justice systems have been unable or unwilling

I|U DWW I|UVWn GH EDNRPOLJJDQGH PRWLYHQ WLOO DWW nWHUI|UD HOOHU LQWH nWHUI|UD