You are on page 1of 28

6HPLRWLF HFRORJ\ GLIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH

.DOHYL .XOO
$OOHV /HEHQGLJH ELOGHW HLQH $WPRVSKlUH XP VLFK KHU - : *RHWKH  

1DWXU :LU OHEHQ PLWWHQ LQ LKU XQG VLQG LKU IUHPGH 6LH VSULFKW XQDXIK|UOLFK PLW XQV XQG YHUUl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
$FFRUGLQJ WR VRPH HVWLPDWLRQV URPDQWLFLVP LQ WKH %DOWLF FRXQWULHV LQFOXGLQJ (VWRQLD ODVWHG WR VRPH H[WHQW XS WR WKH EHJLQQLQJ RI WKH WK FHQWXU\ GXH WR WKH SHUVLVWHQFH RI DJUDULDQ FXOWXUH DQG WUDGLWLRQDO W\SH RI ODQG XVH 7KXUH YRQ 8H[NOO SHUV FRPP KDV K\SRWKHVLVHG WKDW WKLV FRXOG EH DQ LQGLUHFW UHDVRQ IRU WKH GHYHORSPHQW RI D VWURQJ QRQ'DUZLQLDQ YLHZ WR QDWXUH . ( Y %DHU - Y 8H[NOO QDPHO\ LQ WKLV UHJLRQ &I :LW]DQ\    'LH |NRORJLVFKH .ULVH NRQQWH LQ GLHVHU $XVPD QXU HQWVWHKHQ ZHLO VLFK GLH .XOWXU GHU DEHQGOlQGLVFKHQ 0RGHUQH ]XU LQQHUHQ XQG lXHUHQ 1DWXU NRPPXQLNDWLRQVSDWKRORJLVFK YHUKlOW
!

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pYL6WUDXVV ZDV DVNHG ZKDW KH WKRXJKW ZDV WKH LGHDO EDODQFH EHWZHHQ PDQ DQG QDWXUH KH UHVSRQGHG E\ VXJJHVWLQJ D ZD\ DQ\RQH PLJKW DQVZHU WKDW TXHVWLRQ WR IRU KLP RU KHUVHOI %HJLQ KH VDLG E\ LPDJLQLQJ FRQGLWLRQV RI H[WUHPH GRPLQDQFH RI RQH ZRUOG RYHU WKH RWKHU 7KHQ DVN ZKDW FRQGLWLRQ LQ \RXU RZQ H[SHULHQFH VHHPV WR VWULNH D KDSS\ EDODQFH EHWZHHQ WKHVH H[WUHPHV /p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
7KHVH GLIIHUHQW VLWXDWLRQV VHHP MXVW WR EH H[DPSOHV RI GLIIHUHQW KXPDQ SRSXODWLRQ GHQVLWLHV ZLWKRXW DQ\ VSHFLILF FRQQHFWLRQ WR WKH LGHDOV RI KXPDQ QDWXUH UHODWLRQVKLSV +RZHYHU , DVVXPH WKDW WKLV LV QRW ZKDW /pYL6WUDXVV SULPDULO\ KDG LQ PLQG
"

 .DOHYL .XOO 7KH XQGHUVWDQGLQJ WKDW WKH KXPDQ VSHFLHV WRJHWKHU ZLWK LWV FXOWXUH LV HQWLUHO\ D SDUW RI WKH HFRV\VWHP ZLWK LWV SURGXFHUV DQG HOHPHQW FLUFOHV DQG WKDW KXPDQV FDQ QHYHU HVFDSH WKH HFRV\VWHP KDV EHHQ WDXJKW E\ HFRORJ\ ZLWK VRPH KROLVWLF HPSKDVLV E\ ( 3 2GXP   +HQFH HFRORJ\ DV GHVFULELQJ WKH PDWHULDO SURFHVVHV LQ HFRV\VWHPV FDQ GHPRQVWUDWH WKH LPEDODQFHV RI FDUERQ QLWURJHQ RU SKRVSKRUXV F\FOHV FDQ PRGHO WKH SRSXODWLRQ G\QDPLFV DQG SURYLGH WKH RSWLPXP UDWHV RI ILVKLQJ DQG UHVRXUFH PDQDJHPHQW ,W FDQ JLYH LGHDV KRZ WR GHYHORS HFRORJLFDO WHFKQRORJLHV DQG WR SURWHFW VSHFLHV DQG FRPPX QLWLHV LQ D PRUH HIILFLHQW ZD\V +RZHYHU HFRORJLFDO NQRZOHGJH DV D QDWXUDO VFLHQWLILF NQRZOHGJH LV LQ SULQFLSOH QRW VXIILFLHQW WR VROYH PDQ\ HFRORJLFDO SUREOHPV LW LV LQFDSDEOH RI PHHWLQJ WKH HQYLURQPHQWDO LVVXHV RI FRQWHPSRUDU\ FXOWXUH 'HVSLWH WKH IDFW WKDW ZH DSSDUHQWO\ NQRZ ZK\ WKH QXPEHU RI OLYLQJ VSHFLHV LQ WKH ZRUOG LV GHFUHDVLQJ WKH KXPDQ SRSXODWLRQ LV JURZLQJ WKH PRXQWDLQV RI ZDVWH UHDFK IURP WKH EDFN\DUGV DQG RFHDQLF DE\VV WR WKH XSSHU OD\HUV RI WKH DWPRVSKHUH 0\ JXHVV LV WKDW LW LV VR QRW RQO\ EHFDXVH WKH VROXWLRQ RI WKHVH SUREOHPV DOVR UHTXLUHV LQ DGGLWLRQ WR WKH NQRZOHGJH RI HFRORJLFDO SURFHVVHV DQ XQGHUVWDQGLQJ RI KXPDQ EHKDYLRXU EXW EHFDXVH WKH VHPLRWLF DVSHFWV RI KXPDQ QDWXUH UHODWLRQVKLSV DUH RI JUHDW LPSRUWDQFH HYHU\ZKHUH DQG WKHVH SDUWLFXODUO\ DUH VWLOO QRW VXIILFLHQWO\ WDNHQ LQWR FRQVLGHUDWLRQ RU XQGHUVWRRG 7KH UHODWLRQVKLSV EHWZHHQ KXPDQV DQG QDWXUH DUH FRQQHFWHG WR GHHS FXOWXUDO SURFHVVHV $ SRVVLEOH H[DPSOH FDQ EH WKH EHKDYLRXU RI WKH SULPHYDO VRFLHW\ RQ (DVWHU ,VODQG LQ ZKLFK WKH HVWDEOLVKPHQW RI UHOLJLRXV V\PEROV DQG WKH EXLOGLQJ RI VWRQH VWDWXHV OHG WR WKH HQWLUH GHVWUXFWLRQ RI WKH IRUHVW RQ WKH LVODQG IROORZHG E\ WKH GHJHQHUDWLRQ RI WKH FXOWXUH 3RQWLQJ   %HVLGHV FRQVWUXFWLQJ RXU XQGHUVWDQGLQJ RI QDWXUH ZH DOVR FRQVWUXFW WKH VXUURXQGLQJ QDWXUH LWVHOI 7KH HFRORJLFDO SURFHVVHV DQG GXPSLQJ JURXQGV HQIROG ERWK 8PZHOW DQG ,QQHQZHOW WKHLU UHDO VSKHUH LV WKH VHPLRVSKHUH 7KHUHIRUH ZLWKRXW XQGHUVWDQGLQJ WKH VHPLRWLF PHFKDQLVPV ZKLFK GHWHUPLQH WKH SODFH RI QDWXUH LQ GLIIHUHQW FXOWXUHV RQH KDV OLWWOH KRSH RI VROYLQJ PDQ\ VHULRXV HQYLURQPHQWDO SUREOHPV DQG RI ILQGLQJ WKH VWDEOH SODFH RI FXOWXUH LQ QDWXUH ,Q WKLV SDSHU , DWWHPSW WR GHPDUFDWH WKH VSHFLILFV RI HFRVHPLRWLFV RU VHPLRWLF HFRORJ\ WR GHVFULEH DQG FODVVLI\ VRPH RI LWV PDLQ SUREOHPV DQG WR LQWURGXFH VHYHUDO FRQFHSWV XVLQJ LWV VSHFLILF SHUVSHFWLYH

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

'HILQLQJ HFRVHPLRWLFV
7KH WHUP HFRVHPLRWLFV DOVR HFRORJLFDO VHPLRWLFV VHPLRWLF HFRORJ\ VWLOO GRHV QRW DSSHDU LQ WKH WH[WERRNV DQG UHYLHZV RI IRU LQVWDQFH 7 $ 6HEHRN E  RU - 'HHO\   $OWKRXJK WKH WHUP ZDV DOUHDG\ XVHG LQ WKH WK ,QWHUQDWLRQDO &RQJUHVV RI 6HPLRWLFV LQ *XDGDODMDUD 0H[LFR LQ  DQG LQ D UHFHQW PHHWLQJ LQ 7DUWX $OVR LW DSSHDUV LQ WKH ILUVW YROXPH RI $ +DQGERRN RQ WKH 6LJQ 7KHRUHWLF )RXQGDWLRQV RI 1DWXUH DQG &XOWXUH 7HPEURFN  DV gNRVHPLRVH LQ *HUPDQ DQG HQYLURQPHQWDO VHPLRVLV LQ (QJOLVK ,W ZDV DOVR XVHG E\ - +RIIPH\HU  LQ WKH IRUP HFRVHPLRWLF 7KH SDSHU E\ : 1|WK  ZDV DSSHDUHQWO\ WKH ILUVW WR FRLQ WKLV WHUP DQG WR GHILQH LW 7KLV ZRUN E\ 1|WK ZDV GLVFXVVHG LQ VHYHUDO SDSHUV RI WKH VDPH YROXPH RI WKH =HLWVFKULIW IU 6HPLRWLN %|KPH  %HUQDUG  +DXVHU D +RIIPH\HU E  +RZHYHU WKHVH ZHUH QRW WKH ILUVW ZRUNV LQ ZKLFK VHPLRWLF HFRORJ\ ZDV LQWURGXFHG $OUHDG\  \HDUV HDUOLHU DWWHPSWV WR EXLOG VHPLRWLF HFR ORJ\ ZHUH PDGH LQ WKH 0RVFRZ JURXS RI WKHRUHWLFDO ELRORJ\ /HYLFK   DQG WKHVH LGHDV ZHUH GLVFXVVHG LQ MRLQW PHHWLQJV ZLWK
)RU LQVWDQFH LQ WKH FRQWULEXWLRQ E\ 6WHSKHQ 'XSODQWLHU (FRVHPLRWLF DVSHFWV RI WKH XVHV RI QDWXUH ZHUH WKH WRSLF RI D 1RUWK (XURSHDQ ZRUNVKRS RQ DQWKURSRORJ\ RI HQYLURQPHQW RUJDQLVHG MRLQWO\ E\ WKH 'HSDUWPHQW RI $QWKURSRORJ\ RI cDUKXV 8QLYHUVLW\ 'HSDUWPHQW RI 6HPLRWLFV RI 7DUWX 8QLYHUVLW\ DQG -DNRE YRQ 8H[NOO &HQWUH 0D\  (VWRQLD  ,Q WKH FXUUHQW YROXPH KLV SDSHU DSSHDUV LQ LWV ILUVW (QJOLVK HGLWHG YHUVLRQ
# $ %

 .DOHYL .XOO FROOHDJXHV IURP 6W 3HWHUVEXUJ DQG 7DUWX $OVR WKHUH KDYH EHHQ VHYHUDO SXEOLFDWLRQV LQ ZKLFK VRPH VHPLRWLF DVSHFWV RI KXPDQ HFRORJ\ KDYH EHHQ FRQVLGHUHG HJ +RUQERUJ  7HKHUDQL.U|QQHU  +DXVHU E  DQG PDQ\ PRUH LQ ZKLFK WKH VHPLRWLFV RI KXPDQ QDWXUH UHODWLRQVKLSV DUH GHYHORSHG ZLWKRXW WKH GLUHFW DSSOLFDWLRQ RI VHPLRWLF WHUPLQRORJ\ HJ 6LPPRQV  /DUVHQ *UJDV  5DSRSRUW   +HUH , SUHIHU WR GHILQH HFRVHPLRWLFV LQ D VOLJKWO\ GLIIHUHQW ZD\ WKDQ : 1|WK GHYHORSLQJ KLV FRQFHSW LQ D ZD\ ZKLFK DOORZV ELR VHPLRWLFV DQG HFRORJLFDO VHPLRWLFV WR EH GLVWLQJXLVKHG 7KHUH DUH WZR PDLQ UHDVRQV WR GR VR DOWKRXJK JHQHUDOO\ , FRQVLGHU WKH GLVFXVVLRQ RQ WKH PHDQLQJV RI WKH QDPHV RI VFLHQWLILF GLVFLSOLQHV VHQVHOHVV LW LV QRW RXU FRQYHQWLRQ ZKLFK VKRXOG GHILQH WKH OLPLWV HJ RI ELRORJ\ EXW UDWKHU WKH DUHD RI WKH DSSOLFDELOLW\ RI WKH UXOHV ZKLFK DUH GLVFRYHUHG LQ WKH ILHOG   $FFRUGLQJ WR WKH GHILQLWLRQ JLYHQ E\ 1|WK    LW LV QRW YHU\ FOHDU LQ PDQ\ FDVHV ZKDW GLVWLQJXLVKHV HFRVHPLRWLFV IURP ELRVHPLRWLFV RU IURP WKH 8PZHOWOHKUH RI - Y 8H[NOO : 1|WK LQFOXGHV XQGHU WKH QDPH RI HFRVHPLRWLFV WKH VHPLRWLF DVSHFWV RI DOO RUJDQLVPHQYLURQPHQW LQWHUDFWLRQV ERWK KXPDQ DQG QRQKXPDQ DPRQJ WKHP WKRVH ZKLFK KDYH EHHQ YLHZHG E\ HQGR VHPLRWLFV LH FRQVLGHULQJ WKDW WKH HQYLURQPHQW FDQ DOVR EH LQWUD RUJDQLVPLF ,Q WKLV VHQVH 1|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|WK  DOVR QRWLFHV IRU H[DPSOH ) GH 6DXV VXUHV DQWKURSRVHPLRWLFV LV D VHPLRWLFV ZLWKRXW DQ\ HFRVHPLRWLF SHUVSHFWLYH  6XFK D OLQJXRFHQWULF SURJUDP RI VHPLRVLV LV ERXQG WR LPSHGH DQ\ SURVSHFWV IRU WKH VWXG\ RI WKH HFRORJLFDO GHWHUPLQDQWV LQ WKH SURFHVV RI VHPLRVLV LQWHUDFWLRQ RI WKH RUJDQLVP DQG LWV HQYLURQ PHQW +HUH VHHPV WR EH ORFDWHG DQ DUHD ZKLFK LQGHHG LV VWLOO QRW
,W VKRXOG EH QRWHG WKDW WKH FRXUVH RQ HFRVHPLRWLFV LV EHLQJ UHDG IRU WKH ILUVW WLPH LQ 7DUWX 8QLYHUVLW\ LQ  ZKHUHDV WKH FRXUVH RQ ELRVHPLRWLFV KDV EHHQ WDXJKW LQ 7DUWX UHJXODUO\ VLQFH 
&

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

)LJXUH  'HILQLQJ WKH VSKHUH RI HFRVHPLRWLFV LQ UHODWLRQ WR ELRVHPLRWLFV DQG SV\FKRVRPDWLFV 8QGHU LQWHUQDO QDWXUH ZH PHDQ WKH ELRORJLFDO RUJDQLVP DQG XQGHU H[WHUQDO QDWXUH DOO WKH OLYLQJ DQG QRQOLYLQJ HQYLURQPHQW

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

 .DOHYL .XOO

(IIHFWV RI KXPDQQDWXUH IXQFWLRQDO FLUFOHV


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
9DULRXV DVSHFWV RI HFRORJLFDO GHFRQWH[WXDOLVDWLRQ KDYH EHHQ DQDO\VHG E\ $ +RUQERUJ   ([DFWO\ DV * %DWHVRQ   VD\V DERXW LQIRUPDWLRQ ZKLFK LV D GLIIHUHQFH WKDW PDNHV D GLIIHUHQFH
' (

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

0XOWLSOH QDWXUHV
6FKRODVWLFV DOUHDG\ PDGH WKH GLIIHUHQFH EHWZHHQ ILUVW DQG VHFRQG QDWXUH E\ VHFRQG QDWXUH WKH RQH EXLOW E\ KXPDQV ZDV PHDQW 7KH VDPH GLVFULPLQDWLRQ KDV ODWHU EHHQ DVVLJQHG WR +HJHO 7KH LPSRUWDQW SRLQW KHUH LV WKDW QDWXUH LV QRW XQLTXH WKHUH LV QRW RQH QDWXUH EXW VHYHUDO - Y 8H[NOO ZLWK KLV QRWLRQ RI 8PZHOW KDV HPSKDVLVHG WKDW HYHU\ RUJDQLVP KDV LWV RZQ VXEMHFWLYH HQYLURQPHQW ZKLFK LV GLIIHUHQW IURP DQ\ RWKHU DQG LQ WKH FDVH RI GLIIHUHQW VSHFLHV RI DQLPDOV WKHVH GLIIHUHQFHV FDQ EH YHU\ ODUJH +RZHYHU WKLV LV QRW WKH DVSHFW , DP


&I &URZH   6HH 6PLWK  

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
7KH WUXH ZLOGHUQHVV REYLRXVO\ LV WKH XQWRXFKHG QDWXUH ZKLFK LQ DQ DEVROXWH VHQVH LV HYHQ XQWRXFKHG E\ RXU NQRZOHGJH ,W IROORZV WKDW ZH DUH QRW DEOH WR GHVFULEH LW DW OHDVW LQ FRUUHFW VFLHQWLILF WHUPV 1 6PLWK  
! "

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

6HPLRWLF HFRORJ\ GLIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH  7KH ORJLFDO UHODWLRQVKLSV EHWZHHQ WKH IRXU QDWXUHV IURP ]HUR WR WKH WKLUG FDQ EH UHSUHVHQWHG DV GHDOLQJ ZLWK WKH FUHDWLRQ SURFHVVHV EHWZHHQ QDWXUH DQG LWV LPDJH FRQVWUXFW RU VFKHPD  WKURXJK D VLPSOH FRPELQDWRULFV

 ]HUR QDWXUH LV  ILUVW QDWXUH LV  VHFRQG QDWXUH LV  WKLUG QDWXUH LV

QDWXUH IURP QDWXUH LPDJH IURP QDWXUH QDWXUH IURP LPDJH LPDJH IURP LPDJH

7KH VDPH FDQ EH UHSUHVHQWHG LQ D ILJXUH )LJ  

)LJXUH  7KH SURFHVVHV ZKLFK JHQHUDWH WKH WK VW QG DQG UG QDWXUH 1 QDWXUH 0 LPDJH

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

6HPLRWLF HFRORJ\ GLIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH  VHPLRWLFLW\ WR LQFOXGH DOO WKH OLYLQJ )RU WKH ODWWHU LH WKH VWDWHPHQW WKDW VHPLRVLV EHJLQV ZLWK OLIH WR EH WUXH DQG DFFHSWDEOH GRHV QRW PHDQ WKDW WKHUH LV QR GLIIHUHQFH EHWZHHQ ELR DQG DQWKURSRVHPLRVLV 7KH KXPDQ ODQJXDJH DQG GHVLJQ UHPDLQ GLIIHUHQW IURP WKDW RI RWKHU OLYLQJ FUHDWXUHV RQ (DUWK 7KLV GLIIHUHQFH LV VLPSO\ QRW VR HDV\ WR ILQG

$SSURDFKHV WR QDWXUH
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
W \RX JHW ULG RI WKH EDWV" %XW \RX VHH WKH EDWV HDW WKH ERRNZRUPV WKDW ZRXOG RWKHUZLVH GDPDJH WKH ERRNV )RU  \HDUV WKH EDWV KDYH EHHQ SURWHFWLQJ WKH ERRNV 7KXV RQ D ODUJHU VFDOH ZH FDQ QRWLFH WKH WZR TXLWH GLIIHUHQW ZD\V RI WKH RUJDQLVDWLRQ RI QDWXUH SURWHFWLRQ $FFRUGLQJ WR WKH ILUVW WKH PDLQ ZD\ WR SURWHFW QDWXUH LV WKURXJK WKH UHVHUYHV LQ ZKLFK QDWXUH LV OHIW E\ LWVHOI UHSHOOLQJ SHRSOH IURP WKH DUHD 7KHVH DUH WKH VWDWH RU IHGHUDOO\RZQHG QDWLRQDO SDUNV RI PDQ\ ZHVWHUQ FRXQWULHV RQ WKH WHUULWRU\ RI ZKLFK KXPDQV DUH QRW DOORZHG WR OLYH RU FKDQJH DQ\WKLQJ :KDW LV DOORZHG LV WR FRPH DQG ORRN EXW HYHQ WKLV LV VWURQJO\ UHJXODWHG VSDWLDOO\ DQG WHPSRUDOO\ IRU VRPH DUHDV ZLWK DFFHVV RQO\ IRU SDUN SHUVRQQHO DQG UHVHDUFKHUV DQG HYHQ IRU WKHP RQO\ ZLWK VSHFLDO OLFHQVHV  $FFRUGLQJ WR WKH RWKHU WKH ZD\ WR SURWHFW QDWXUH LV WKURXJK WKH SUHVHUYDWLRQ RI WKH WUDGLWLRQDO OLIH VW\OHV RI KXPDQV RQ WKH EDVLV RI WKH QRQLQWHQVLYH XVH RI QDWXUH $Q H[DPSOH RI WKH ODWWHU LV WKH WUDGLWLRQDO ZRRGHG PHDGRZ RQ WKH FDOFDUHRXV DUHDV RI WKH %DOWLF 6HD LVODQGV DQG RQ WKH PDLQODQG RI (VWRQLD DQG 6ZHGHQ ,W LV YHU\ LQWHUHVWLQJ WR QRWLFH WKDW ZKLOH WKH ILUVW W\SH RI QDWXUH SURWHFWLRQ UHVXOWV LQ KLJK YDOXHV RI ODUJHVFDOH VSHFLHV GLYHUVLW\ WKH QXPEHU RI VSHFLHV LQ HJ RQH VTXDUH NLORPHWUH EHLQJ KLJKHU WKDQ LQ WKH VXUURXQGLQJ DUHDV RI WKH VDPH KDELWDW  WKHQ WKH VHFRQG W\SH UHWDLQV WKH H[DPSOHV RI WKH KLJKHVW VPDOOVFDOH IHZ VTXDUH PHWUHV VSHFLHV GLYHUVLW\ .XNN .XOO   7KH QDWXUH UHVHUYHV LQ ZKLFK WKH ZLOGHUQHVV LV OHIW E\ LWVHOI ZLWKRXW DQ\ PDQDJHPHQW FDQ UHWDLQ WKHLU
)URP 6WHSKHQ 6PLWK $VN 8PEHUWR ,Q 7RURQWR *OREH 0DLO 1DWLRQDO HGLWLRQ  2FW  S ' 7KH VWRU\ LV UHWHOOHG LQ 6DVKD -HUDEHN   (FKRHLQJ 7KRXJKWV RQ %DWV DQG %RRNV ,Q 7KH 0DUJLQDO /LEUDULDQ    S 
#

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

6HPLRWLF H[WHQVLRQ RI HFRORJ\


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

6HPLRWLF VXVWDLQDELOLW\
'HVSLWH LWV LPPDQHQW HWHUQLW\ WKH VHPLRVSKHUH LV HYHU JURZLQJ ,Q WKLV LW LV RU DW OHDVW LW VHHPV WR EH LQ FRQWUDGLFWLRQ ZLWK WKH HFRORJLFDO PRGHO RI D VXVWDLQDEOH HFRQRP\ 7KH VXVWDLQDEOH HFRQRP\ DOPRVW FDQQRW JURZ 6HPLRWLFDOO\ H[WHQGHG HFRORJ\ ZRXOG WKXV WHOO XV WKDW WKH VWDELOLW\ DQG OLPLWHGQHVV ZKLFK ZH FDQ VHH LQ EDODQFHG QDWXUDO HFRV\VWHPV DQG ZKLFK DOWKRXJK ZLWK VHULRXV GLIILFXOWLHV VHHPV WR EH
$

(J 8H[NOO   &I 7 9HKNDYDDUDV  H[SODQDWLRQ RI WKLV VXEMHFW

 .DOHYL .XOO DW OHDVW LQ SULQFLSOH SRVVLEOH WR DFKLHYH LQ HFRV\VWHPV ZLWK KXPDQV ZLOO EH ORVW LI ZH WDNH LQWR DFFRXQW WKH VHPLRWLF SURFHVVHV DQG LQHYLWDELOLW\ RI WKH JURZWK DQG H[WHQVLRQ RI VHFRQG QDWXUH 7KH XQOLPLWHG JURZWK RI VLJQ V\VWHPV IROORZV IURP WKH SULQFLSOH RI WKH JURZWK RI VLJQV 7KH FODLP QR OLPLWV LQ OHDUQLQJ SURSRVHG E\ WKH &OXE RI 5RPH VHHPV WR VXLW DV D SURRI RI WKLV 7KH LGHD RI VXVWDLQDELOLW\ GRPLQDWLQJ LQ HFRORJLFDO SXEOLFDWLRQV RI WKH ODVW GHFDGHV LV DOPRVW HQWLUHO\ DEVHQW LQ VHPLRWLF OLWHUDWXUH 7KLV FDQ EH H[SODLQHG E\ WKH DSSDUHQW UDULW\ RI D IHDWXUH OLNH VXVWDLQDELOLW\ LQ VHPLRWLF V\VWHPV +RZHYHU WKH VLWXDWLRQ LQ VHPLRWLFV GHVHUYHV D IXUWKHU LQVLJKW DQG DQDO\VLV SDUWLFXODUO\ FRQVLGHULQJ WKH UHFHQW JURZWK RI ELRVHPLRWLFV LQWR D UHJXODU EUDQFK RI WKLV ILHOG ,I ZH DFFHSW D SULQFLSDO VWDWHPHQW RI ELRVHPLRWLFV DFFRUGLQJ WR ZKLFK WKH HOHPHQWV RI OLYLQJ V\VWHPV DUH VLJQV +RIIPH\HU   RU WKDW OLIH EHJLQV ZLWK VHPLRWLF FRQWUROV 3DWWHH   WKHQ LW IROORZV WKDW WKH QRQKXPDQ OLYLQJ V\VWHPV DUH VLJQ V\VWHPV 7KHUHIRUH WKH H[DPSOHV RI EDODQFHG HFRV\VWHPV FDQ VHUYH DV H[DPSOHV RI EDODQFHG VLJQ V\VWHPV ZLWK OLPLWHG JURZWK %LRORJLFDO VXVWDLQDEOH V\VWHPV VWLOO KDYH KLVWRU\ LQ WKH VHQVH RI WKHLU XQLTXH VHTXHQFH RI LQWHUQDO FKDQJHV +RZHYHU WKH\ ODFN DQ H[WHQVLYH VHOIGHVFULSWLRQ RI WKHLU KLVWRU\ RU DW OHDVW WKH\ KDYH WR ORRVH LW ZKHQ EHFRPLQJ ROG HQRXJK RWKHUZLVH WKH VL]H OLPLW FDQQRW EH VWULFWO\ DSSOLHG  +HUH LV RQH UHDVRQ ZK\ WKH DSSOLFDELOLW\ RI ELR VHPLRWLF V\VWHPV DV PRGHOV IRU FXOWXUH LV YHU\ OLPLWHG %LRORJLFDO RUJDQLVPV KDYH PHPRU\ LQ WKH VHQVH RI WKH LQKHULWDQFH RI XQLTXH SDWWHUQV DQG FRGHV ZKLFK JR EDFN ELOOLRQV RI \HDUV IRU VHYHUDO IHDWXUHV +RZHYHU WKLV LV D PHPRU\ ZLWKRXW WLPH RU ZLWK TXLWH UHVWULFWHG WLPH 7KH QDUUDWLYHV ZKLFK PD\ EH LQFOXGHG LQWR ELRORJLFDO PHPRU\ DV FHUWDLQ GHYHORSPHQWDO VHTXHQFHV DUH OLNH VKRUW WDOHV WKH\ QHYHU UHDFK WKH OHQJWK RI WKH KLVWRULFDO QDUUDWLYHV RQH FDQ UHDG IURP WKH ERRNV DERXW SK\ORJHQ\ RU KXPDQ DQG FXOWXUDO KLVWRU\ +RZHYHU WKH DEVHQFH RI OHQJWK\ QDUUDWLYHV GRHV QRW UHVWULFW WKH H[LVWHQFH RI WKH VLJQ V\VWHPV DQG ODQJXDJHV 9LFH YHUVD LW FDQ EH D
7KH UDULW\ RI UHIHUHQFHV RQ HFRORJLFDO SUREOHPV LQ VHPLRWLF OLWHUDWXUH LV WKH PRUH VXUSULVLQJ GXH WR WKH IDFW WKDW ERWK VHPLRWLFV DQG HFRORJ\ EHFDPH YHU\ SRSXODU DQG VWDUWHG D SHULRG RI UDSLG JURZWK DOPRVW VLPXOWDQHRXVO\ LQ V ,W LV LPSRUWDQW WR HPSKDVLVH WKDW WKH DEVHQFH RI WKH VHOIGHVFULSWLRQ RI KLVWRU\ GRHV QRW PHDQ WKH DEVHQFH RI VHOIGHVFULSWLRQ DW DOO 7KH SDUWLDO VHOI GHVFULSWLRQ RI VRPH VWUXFWXUHV LV D JHQHUDO IHDWXUH RI OLYLQJ V\VWHPV
& '

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

&RQFOXVLRQV
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
, RZH P\ WKDQNV WR 3HHWHU 7RURS ZKR KDV DPRQJ RWKHUV LQVSLUHG PH WR WKLQN DERXW HFRVHPLRWLFV DQG WR 0 /RWPDQ : 1|WK 6 %UDXFNPDQQ
(

6HPLRWLF HFRORJ\ GLIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH 

5HIHUHQFHV
%DWHVRQ *UHJRU\   6WHSV WR DQ (FRORJ\ RI 0LQG 1HZ <RUN %DO ODQWLQH %HUQDUG -HII   hEHU GLDOHNWLVFKH =XVDPPHQKlQJH GHU 1DWXU =HLW VFKULIW IU 6HPLRWLN     %|KPH +DUWPXW   h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|KOHU HG  6WXWWJDUW 3KLOLSS 5HFODP MXQ +DXVHU 6XVDQQH D  1DWXU 8PZHOW =HLFKHQ =HLWVFKULIW IU 6HPLRWLN     +DXVHU 6XVDQQH E  5HSUl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i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

 .DOHYL .XOO


0HUUHOO )OR\G   6LJQV *URZ 6HPLRVLV DQG /LIH 3URFHVVHV 7RURQWR 8QLYHUVLW\ RI 7RURQWR 3UHVV 0H\HU$ELFK $GROI   *HLVWHVJHVFKLFKWOLFKH *UXQGODJHQ GHU %LRORJLH 6WXWWJDUW *)LVFKHU 9HUODJ 1|WK :LQIULHG   gNRVHPLRWLN =HLWVFKULIW IU 6HPLRWLN     1|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|QQHU 3DUWR  'LH 8H[NOOVFKH 8PZHOWOHKUH DOV $XV JDQJVSXQNW IU GLH +XPDQ XQG .XOWXU|NRORJLH =HLWVFKULIW IU 6HPLRWLN    

6HPLRWLF HFRORJ\ GLIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH 


7HPEURFN *QWHU   gNRVHPLRVH ,Q 6HPLRWLN (LQ +DQGEXFK ]X GHQ ]HLFKHQWKHRUHWLVFKHQ *UXQGODJHQ YRQ 1DWXU XQG .XOWXU YRO  5RODQG 3RVQHU .ODXV 5REHULQJ DQG 7KRPDV $ 6HEHRN HGV   %HUOLQ GH *UX\WHU 7KRPSVRQ -RKQ 1   7KH &RHYROXWLRQDU\ 3URFHVV &KLFDJR 7KH 8QL YHUVLW\ RI &KLFDJR 3UHVV 8H[NOO -DNRE YRQ   7KHRUHWLVFKH %LRORJLH WH JlQ]OLFK QHX EHDUEHL WHWH $XIODJH %HUOLQ 9HUODJ YRQ -XOLXV 6SULQJHU 8H[NOO -DNRE YRQ   .RPSRVLWLRQVOHKUH GHU 1DWXU %LRORJLH DOV XQGR JPDWLVFKH 1DWXUZLVVHQVFKDIW +HUDXVJHJ YRQ 7KXUH Y 8H[NOO  )UDQN IXUW DP 0DLQ 8OOVWHLQ 9HKNDYDDUD 7RPPL   ([WHQGHG FRQFHSW RI NQRZOHGJH IRU HYROXWLRQDU\ HSLVWHPRORJ\ DQG IRU ELRVHPLRWLFV KLHUDUFKLHV RI VWRUDJH DQG VXEMHFW RI NQRZOHGJH ,Q (PHUJHQFH &RPSOH[LW\ +LHUDUFK\ 2UJDQL]DWLRQ *HRUJH / )DUUp DQG 7DUNNR 2NVDOD HGV  (VSRR :DUN 0F.HQ]LH D  9LUWXDO *HRJUDSK\ /LYLQJ ZLWK *OREDO 0HGLD (YHQWV %ORRPLQJWRQ ,QGLDQD 8QLYHUVLW\ 3UHVV :DUN 0F.HQ]LH E  7KLUG QDWXUH &XOWXUDO 6WXGLHV     :DUQNH &DPLOOD   6FKHOOLQJV ,GHH XQG 7KHRULH GHV 2UJDQLVPXV XQG GHU 3DUDGLJPDZHFKVHO GHU %LRORJLH XP GLH :HQGH ]XP  -DKUKXQGHUW -DKUEXFK IU *HVFKLFKWH XQG 7KHRULH GHU %LRORJLH   :LW]DQ\ *QWKHU   1DWXU GHU 6SUDFKH 6SUDFKH GHU 1DWXU 6SUDFK SUDJPDWLVFKH 3KLORVRSKLH GHU %LRORJLH :U]EXUJ .|QLJVKDXVHQ 1HX PDQQ :KLWH /\QQ MU   7KH KLVWRULFDO URRWV RI RXU HFRORJLFDO FULVLV 6FLHQFH  


    : 1|WK - +RIIPH\HU   

 

 .DOHYL .XOO          

    

,QQHQZHOW   

- Y 8H[NOOD 2EMHNW 0HUNZHOW :LUNZHOW             

6HPLRRWLOLQH |NRORRJLD HULQHYDG ORRGXVHG VHPLRVIllULV


gNRVHPLRRWLNDW Y}LE GHILQHHULGD NXL LQLPHVH NXOWXXUL MD ORRGXVH VXKHWH VHPLRRWLOLVW DQDOVL QLQJ QHQGH VXKHWH YDDWOHPLVW VHPLRR WLOLVHQD 6HOOLVHQD HULVWXE WD ELRVHPLRRWLNDVW NXL NRJX HOXVORRGXVH PlUJLOLVHVW NlVLWOHPLVHVW ROOHV SLJHP NXOWXXULVHPLRRWLND RVD .XLY}UG DJD ORRGXV RQ NXOWXXULVHPLRRWLND REMHNWLNV WUDGLWVLRRQLOLVHOW YDLG SLLUDWXG PllUDO ODLHQGDE WD VHOOH VIllUL .XQD LQLPHVH MD ORRGXVH VXKH RQ YDLG NV QlLGH OGLVHPDVW RUJDQLVPL MD WD PEUXVH VXKWHVWLNXVW RQ |NRVHPLRRWLNDO ND KLVRVD ELRVHPLRRWLNDJD 1LLVXJXQH PllUDWOXV WlSVXVWDE : 1|WKL MD - +RIIPH\HUL NlVLWOXVL MRRQ   .}LN lUDWXQWDY PEUXVHV Y}LE ROOD PDQLSXODWVLRRQL REMHNWLNV 0lUJLSURWVHVV PLOOH WHNVWLNV RQ ORRGXV VLVDOGDE VHOOH WHNVWL VR ORR

6HPLRWLF HFRORJ\ GLIIHUHQW QDWXUHV LQ WKH VHPLRVSKHUH  GXVH W}ONLPLVH NXMXQGHLNV QLQJ WDJDVLW}ONLPLVH PXXGHWXG ORRGXVHNV 6HHW}WWX RQ lUDWXQWDYD GLIHUHQWVHHULWXVH PllU HKN ORRGXVH WXQGPLVH DVWH RWVHVHOW VHRWXG ORRGXVH PDQLSXODWVLRRQL Y}LPDOLNX XODWXVHJD $UHQJ ORRGXVH WXQGPLVHV WRRE SDUDWDPDWXOW NDDVD ORRGXVH PDQLSX OHHULPLVH XODWXVH VXXUHQHPLVH ,QLPHVH VXKWHV MDRWXE ORRGXV HVPDOW WXQGPDWXNV HKN KWVHNV MD WXQWXNV HKN GLIHUHQWVHHULWXNV 7HLVHNV WXQWX MDRWXE RPDNRUGD HVPD VHNV HKN NRQWUROOLPDWXNV MD WHLVHVHNV HKN NRQWUROOLWXNV .XLJL ORRGXV NRJX RPD WXQWXG RVDV Y}LE ROOD PDQLSXOHHULWDY Y}LE LQLPP}MX ROOD VLLVNL QLL Q}UN HW VHH SUDNWLOLVHOW PLQJLW WRLPHW ORRGXVHOH HL RPD .DVXWDWDYDWH YDKHQGLWH VXXUHPD M}X Y}L LQLPHVWH VXXUHPD WLKHGXVH NRUUDO DJD PXXWXE PDQLSXODWVLRRQ OHNDDOXNDNV MD NRQWUROOLYDNV PLVOlEL OXXDNVHJL WHLVHQH ORRGXV bUDWXQGPLQH MD VHOOHJD VHRVWXY PDQLSXOHHULPLQH NXMXWDE HQGDVW VDPDDHJVHOW WHDWDYDW NRQWUROOL PDQLSXOHHULWDYD OH 6HHOlEL RVD ORRGXVHVW PXXGHWDNVH WD SROH HQDP HKH YDLG DVHQGDWDNVH WHLVH ORRGXVHJD ,QLPHVH NXL ORRGXVH DUKLWHNWL P}MX WHLVH ORRGXVH NXMXQGD PLVHO XODWXE NVLNXWH OLLNLGH Y}L NRRVOXVWH NDLWVPLVHVW MD VHHOlEL NRQWUROOLVW Y}L WDUELPLVHVW NXQL QLLVXJXVWH HKLWXVOLNH PEHUNRU UDOGXVWHQL NXV DOJQH HOXVWLN RQ WlLHOLNXOW DVHQGDWXG QW OLQQDGHV  (ULVWDWDYDG WHLQH NROPDV MQH ORRGXV PRRGXVWDYDG OLKWVD WSR ORRJLD PLOOHV QXOOORRGXV RQ ORRY ORRGXV LVH HVLPHQH ORRGXV RQ NHHOHILOWUL OlEL QlKWXG ORRGXV WHLQH ORRGXV RQ NXMXWOXVWH DOXVHO PXXGHWXG ORRGXV QLQJ NROPDV ORRGXV RQ ORRGXVH NXMXWOXVWH DOXVHO ORRGXG NXMXWOHWXG ORRGXV MRRQ   6HH MDRWXV RVXWXE LVRPRUIVHNV - Y 8H[NOOL IXQNWVLRRQLULQJL NRPSRQHQWLGHJD YDVWDYDOW REMHNW PlUJLLOP WRLPHLOP VLVHLOP 8H[NOOL PlUJLLOP MD WRLPHLOP NRRV PRRGXVWDYDG RPDLOPD  /RRGXVH GHWDLOVHP WXQGPLQH |NRORRJLOLVWH SURWVHVVLGH WHDGYXV WDPLQH HL RVXWX SLLVDYDNV HW SDOMXVLG LOPQHYDLG |NRORRJLOLVL SURE OHHPH ODKHQGDGD .XQD LQLPHVH MD ORRGXVH VXKWHG VHRVWXYDG WXJHYDVWL NXOWXXUL VYDSURWVHVVLGHJD HL ROH SDOMX ORRWXVW ND QHLV VXKHWHV LOPQHYDLG VJDYDPDLG NRQIOLNWH ODKHQGDGD LOPD NXOWXXULVHPLRRWLOLVL SURWVHVVH P}LVWPDWD 6HOOHVW OlKWXYDOW RQ OLVDNV |NRORRJLOLVHOH VWDELLOVXVHOH YDMDOLN YDDGHOGD ND VHPLRRWLOLVW VWDELLOVXVW

You might also like