You are on page 1of 22

&RQWLQXLW\DQG&RQWLQXXPLQ  0RWLYDWLRQ &RQWHQWV

1RQVWDQGDUG8QLYHUVXP ,QILQLW\DQGWKHD[LRPRIFKRLFH

 1RQVWDQGDUGXQLYHUVXP

Vasil Penchev  &RQWLQXLW\DQGFRQWLQXXP


Institute of Philosophical Research  1RQVWDQGDUGFRQWLQXLW\EHWZHHQWZR
Bulgarian Academy of Science LQILQLWHO\FORVHVWDQGDUGSRLQWV

E-mail: vasildinev@gmail.com  $ QHZD[LRPRIFKDQFH


Publications blog:  7ZRNLQGVLQWHUSUHWDWLRQRITXDQWXP
http://www.esnips.com/web/vasilpenchevsnews PHFKDQLFV

7KLVILOHLVRQO\3DUWRIWKHHQWLUH ) 1. 0RWLYDWLRQ /
SUHVHQWDWLRQDQGLQFOXGHV 0\SUREOHPZDV
*LYHQ7ZRVHTXHQFHV
 0RWLYDWLRQ )eDDDD
,QILQLW\DQGWKHD[LRPRIFKRLFH
/DDDDe

 1RQVWDQGDUGXQLYHUVXP
:KHUHD LVWKHSRZHURIFRXQWDEOHVHW
7KHSUREOHP
'RWKHWZRVHTXHQFHV) DQG/
FRLQFLGHRUQRW"

) 1. 0RWLYDWLRQ / ) 1. 0RWLYDWLRQ /
$WODVWP\UHVROXWLRQSURYHGRXW )RUH[DPSOHOHWXVEHJLYHQWZR
7KDWWKHWZRVHTXHQFHV +LOEHUWVSDFHV
)eDDDD )HLWHLWHLWHLWe HL D WHLDW
/ HLDW HL D WeHLWHLWHLWHLW
/DDDDe
$QDQDORJLFDOSUREOHPLV
FRLQFLGHRUQRWLVDQHZD[LRP RUWZR $UHWKRVHWZR+LOEHUWVSDFHVWKHVDPH
GLIIHUHQWYHUVLRQVRIWKHFKRLFHD[LRP  RUQRW"
WKHD[LRPRIFKDQFHZKHWKHUZHFDQ / FDQEHJRWE\0LQNRZVNLVSDFH%
DOZD\VUHSHDWRUQRWDQLQILQLWHFKRLFH DIWHU/HJHQGUHOLNHWUDQVIRUPDWLRQ

1
) 1. 0RWLYDWLRQ / ) 1. 0RWLYDWLRQ /
6RWKDWLI $ERXWWKDWUHDOSUREOHPIURPZKLFK,
)HLWHLWHLWHLWe HL D WHLDW KDGVWDUWHGP\FRQFOXVLRQZDV
/ HLDW HL D WeHLWHLWHLWHLW 7KHUH DUHWZRGLIIHUHQWYHUVLRQV DERXW
DUHWKHVDPHWKHQ+LOEHUWVSDFH WKHWUDQVLWLRQEHWZHHQWKHPLFURREMHFW
/ LVHTXLYDOHQWRIWKHVHWRIDOOWKH +LOEHUWVSDFH/ DQGWKHDSSDUDWXV
FRQWLQXRXVZRUOGOLQHVLQVSDFHWLPH % VSDFHWLPH % LQGHSHQGHQFHRQ
VHHDOVR3HQURVHoVWZLVWRUV DFFHSWLQJRUUHMHFWLQJRIpWKHFKDQFH
7KDWLVWKHUHDOSUREOHPIURPZKLFK, D[LRPqEXWQRZD\WREHFKRVHQ
KDGVWDUWHG EHWZHHQWKHP

) 1. 0RWLYDWLRQ / ) 1. 0RWLYDWLRQ /
$IWHUWKDW,QRWLFHGWKDWWKHSUREOHPLV $QGDVDUHVXOW,GHFLGHGWKDWRQO\WKH
YHU\HDVLO\WREHLQWHUSUHWHGE\ KLJKO\UHVSHFWHGVFLHQWLVWVIURPWKH
WUDQVLWLRQZLWKLQQRQVWDQGDUGXQLYHUVXP KRQRUDEOHDQGUHYHUHQGGHSDUWPHQW
EHWZHHQWZRQRQVWDQGDUG p/RJLFq DUHWKDWDSSURSULDWHSXEOLF
QHLJKERUKRRGV XOWUDILOWHUV RIWZR ZRUWK\DQGGHVHUYLQJRIEHLQJGHOLYHUHG
LQILQLWHO\QHDUVWDQGDUGSRLQWVRU DUHSRUWRQWKDWPRVWLQWULJXLQJDQG
EHWZHHQWKHVWDQGDUGVXEVHWDQGWKH HYHQPD\EHGHOLFDWHWRSLF H[LWLQJWKRVH
SURSHUO\QRQVWDQGDUGVXEVHWRI PLQGVZKLFKDUHPRUHHPLQHQW
QRQVWDQGDUGXQLYHUVXP

) 1. 0RWLYDWLRQ /  0RWLYDWLRQ &RQWHQWV


$IWHUWKDWWKHYHU\*RGZDVVR ,
 1),1,7<DQGWKH$;,202)&+2,&(

EHQHYROHQWVRWKDW+HDOORZHGPHWR  1RQVWDQGDUGXQLYHUVXP
UHFRJQL]HPDUYHORXVPDWKHPDWLFDO  &RQWLQXLW\DQGFRQWLQXXP
SDSHUVRIDJUHDW)UHQFKPDQ$ODLQ
 1RQVWDQGDUGFRQWLQXLW\EHWZHHQWZR
&RQQHVUHFHQWO\ZKRKDVSUHIHUUHGLQ
LQILQLWHO\FORVHVWDQGDUGSRLQWV
IDYRURIVXQQ\&DOLIRUQLDWRVHWWOHDQG
ZKRDORQJWLPHDJRKDGLQWURGXFHG  $ QHZD[LRPRIFKDQFH
QRQVWDQGDUGLQILQLWHVLPDOVE\FRPSDFW  7ZRNLQGVLQWHUSUHWDWLRQRITXDQWXP
+LOEHUWRSHUDWRUV PHFKDQLFV

2
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
$IHZSUHOLPLQDU\QRWHVDERXWKRZWKH
NQRZOHGJHRILQILQLW\LVSRVVLEOH7KH 7KHZD\RIPDWKHPDWLFVWRLQILQLW\
VKRUWDQVZHULVDVWKDWRI*RGLQ )URPRXUILQLWHH[SHULHQFHDQG
EHOLHIDQGE\DQDORJ\7KHZD\RI SHUFHSWLRQWR$[LRPV7KHPRVW
PDWKHPDWLFVWREHDFKLHYHGDOLWWOH IDPRXVH[DPSOHLVWKHD[LRPDWL]DWLRQRI
NQRZOHGJHRILQILQLW\WUDQVLWVWKUHH JHRPHWU\DFFRPSOLVKHGE\(XFOLGLQKLV
VWDJHV)URPILQLWHSHUFHSWLRQWR p(OHPHQWVq
$[LRPV1HJDWLRQRIVRPHD[LRPV
0DWKHPDWLFVEH\RQGILQLWHQHVV

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
7KHZD\RIPDWKHPDWLFVWRLQILQLW\ 7KHZD\RIPDWKHPDWLFVWRLQILQLW\
0DWKHPDWLFVEH\RQGILQLWHQHVV:H
1HJDWLRQRIVRPHD[LRPVWKHPRVW

IUHTXHQWO\FLWHGLQVWDQFHLVWKHILIWK FDQSRVWXODWHVRPHSURSHUWLHVRILQILQLWH
(XFOLGSRVWXODWH DQGLWVUHSODFLQJLQ VHWVE\DQDORJ\RIILQLWHRQHV HJ
/REDFKHYVNLJHRPHWU\E\RQHRILWV nQXPEHURIHOHPHQWVoDQGnSRZHUo 
QHJDWLRQV0DWKHPDWLFVRQO\VWDUWVIURP +RZHYHUVXFKWUDQVIHUPD\SURGXFH
SHUFHSWLRQEXWLWVFRJQLWLRQFDQJR SDUDGR[HVVHHDVH[DPSOH&DQWRU
EH\RQGLWE\DQDORJ\ pQDLYHqVHWWKHRU\

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
$IHZLQIHUHQFHVDERXWWKHPDWKIXOO 7KHPRVWGLIILFXOWSUREOHPV RIWKHPDWK
VFDOHRIIHQVLYHDPRQJVWWKHLQILQLW\ RIIHQVLYHDPRQJLQILQLW\
 $QDORJ\ ZHOOFKRVHQ DSSURSULDWH :KLFK WUDQVIHUV DUH DOORZHG E\ LQ
SURSHUWLHV RI ILQLWH PDWKHPDWLFDO VWUXF ILQLW\ ZLWKRXWSURGXFLQJSDUDGR[HV"
WXUHV DUHWUDQVIHUUHG LQWRLQILQLWHRQHV
:KLFK SURSHUWLHV DUH VXLWDEOH WR EH
%HOLHIWKHWUDQVIHUUHG SURSHUWLHVDUH
WUDQVIHUUHGLQWRLQILQLW\"
SRVWXODWHG DVXVXDOWKHLUQHJDWLRQVFDQ
EHSRVWXODWHGWRR +RZWRGRFNLQILQLWLHV"

3
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
7KH$[LRPRI&KRLFH DIRUPXODWLRQ  6RPHRWKHUIRUPXODWLRQVRUFRUROODULHV
,IJLYHQDZKDWHYHU VHW$ FRQVLVWLQJRI  $Q\VHWFDQEHZHOORUGHUHG DQ\LWV
VHWVZHDOZD\VFDQFKRRVHDQHOHPHQW VXEVHWKDVDOHDVWHOHPHQW
IURPHDFKVHWWKHUHE\FRQVWLWXWLQJD  =RUQoVOHPD
QHZVHW% REYLRXVO\RIWKHVDPHSR  8OWUDILOWHUOHPD
ZHU DV$ 6RLWVVHQVHLVZHDOZD\V  %DQDFK7DUVNL SDUDGR[
FDQWUDQVIHUWKHSURSHUW\RIFKRRVLQJDQ
 1RQFORQLQJ WKHRUHPLQTXDQWXP
HOHPHQWRIILQLWHVHWWRLQILQLWHRQH
LQIRUPDWLRQ

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
=RUQoVOHPPD LVHTXLYDOHQWWRWKHD[LRPRI 8OWUDILOWHUOHPPD $ILOWHU RQDVHW;
FKRLFH&DOODVHW$DFKDLQLIIRUDQ\ LVDFROOHFWLRQRIQRQHPSW\VXEVHWV
WZRPHPEHUV%DQG&HLWKHU%LVDVXE RI; WKDWLVFORVHGXQGHUILQLWH
VHWRI&RU&LVDVXEVHWRI%1RZFRQ
LQWHUVHFWLRQDQGXQGHUVXSHUVHW$Q
VLGHU DVHW'ZLWKWKHSURSHUWLHVWKDWIRU
XOWUDILOWHU LVDPD[LPDOILOWHU7KH
HYHU\FKDLQ(WKDWLVDVXEVHWRI'WKH
XQLRQRI(LVDPHPEHURI'7KHOHP
XOWUDILOWHU OHPPDVWDWHVWKDWHYHU\
PDVWDWHVWKDW'FRQWDLQVDPHPEHUWKDW ILOWHU RQDVHW; LVDVXEVHWRIVRPH
LVPD[LPDOLHZKLFKLVQRWDVXEVHWRI XOWUDILOWHU RQ; DPD[LPDOILOWHURI
DQ\RWKHUVHWLQ' QRQHPSW\VXEVHWVRI;

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
%DQDFKs7DUVNL SDUDGR[ ZKLFK VD\V LQ )LUVWVWDWHGLQWKH %DQDFK7DUVNL
HIIHFW WKDW LW LV SRVVLEOH WR nFDUYH XSo SDUDGR[ VWDWHVWKDWLWLVSRVVLEOHWR
WKH GLPHQVLRQDO VROLG XQLW EDOO LQWR GLVVHFWDEDOO LQWRVL[SLHFHVZKLFKFDQ
ILQLWHO\ PDQ\ SLHFHV DQG XVLQJ RQO\ EHUHDVVHPEOHGE\ULJLGPRWLRQVWRIRUP
URWDWLRQ DQG WUDQVODWLRQ UHDVVHPEOH WKH WZREDOOVRIWKHVDPHVL]HDVWKH
SLHFHVLQWRWZREDOOVHDFKZLWKWKHVDPH RULJLQDO7KHQXPEHURISLHFHVZDV
YROXPH DV WKH RULJLQDO 7KH SURRI OLNH VXEVHTXHQWO\UHGXFHGWRILYHE\
DOOSURRIVLQYROYLQJWKHD[LRPRIFKRLFH 5RELQVRQ  DOWKRXJKWKHSLHFHV
LVDQH[LVWHQFHSURRIRQO\ DUHH[WUHPHO\FRPSOLFDWHG

4
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
)LYHSLHFHVDUHPLQLPDODOWKRXJKIRXU %DQDFK7DUVNLSDUDGR[ LVYHU\
SLHFHVDUHVXIILFLHQWDVORQJDVWKH LPSRUWDQWIRUTXDQWXPPHFKDQLFVDQG
VLQJOHSRLQWDWWKHFHQWHULVQHJOHFWHG$ LQIRUPDWLRQVLQFHDQ\TXELWLV
JHQHUDOL]DWLRQRIWKLVWKHRUHPLVWKDW LVRPRUSKLFWRD'VSKHUH7KDWoVZK\
DQ\WZRERGLHVLQWKDWGRQRWH[WHQG WKHSDUDGR[UHTXLUHVIRUDUELWUDU\TXELWV
WRLQILQLW\DQGHDFKFRQWDLQLQJDEDOORI HYHQHQWLUH+LOEHUWVSDFH WREHDEOH
DUELWUDU\VL]HFDQEHGLVVHFWHGLQWRHDFK WREHEXLOWE\DVLQJOHTXELWIURPLWV
RWKHU LHWKH\DUHHTXLGHFRPSRVDEOH SDUWVE\WUDQVODWLRQVDQGURWDWLRQV
LWHUDWLYHO\UHSHDWLQJWKHSURFHGXUH

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
6RWKDWWKH %DQDFK7DUVNLSDUDGR[ %XWWKH %DQDFK7DUVNL SDUDGR[ LVD
LPSOLHVWKHSKHQRPHQRQRIHQWDQJOHPHQW ZHDNHUVWDWHPHQWWKDQWKHD[LRPRI
LQTXDQWXPLQIRUPDWLRQDVWZRTXELWV FKRLFH,WLVYDOLGRQO\DERXWp 'VHWV
RUWZRVSKHUHV IURPRQHFDQEH %XW,KDYHQoWPHHWDQ\RWKHUDGGLWLRQDO
FRQVLGHUHGDVWKRURXJKO\HQWDQJOHG FRQGLWLRQ/HWXVDFFHSWWKDWWKH
7ZRSDUWO\HQWDQJOHGTXELWVFRXOGEH %DQDFK7DUVNL SDUDGR[ LVHTXLYDOHQWWR
UHFNRQHGDVVKDULQJVRPHVXEVHWRIDQ WKHD[LRPRIFKRLFHIRUp 'VHWV%XW
LQLWLDOTXELW VSKHUH DVLIpTXELWV HQWDQJOHPHQWDVZHOO'VSDFHDUH
VSKHUHV s 6LDPHVHWZLQVq SK\VLFDOIDFWVDQGWKHQe

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
%HVLGHVWKHD[LRPRIFKRLFHRFFXUVLQ
%XWHQWDQJOHPHQW %DQDFK7DUVNL WKHSURRIVRIWKH+DKQ%DQDFK WKH
SDUDGR[ DVZHOO'VSDFHDUH RUHP LQIXQFWLRQDODQDO\VLVWKH WKHR
SK\VLFDOIDFWVDQGWKHQFRQVHTXHQWO\ UHP WKDWHYHU\YHFWRUVSDFH KDVDED
WKH\DUHHPSLULFDOFRQILUPDWLRQVLQ VLV7\FKRQRII
V WKHRUHP LQWRSRORJ\
IDYRURIWKHD[LRPRIFKRLFH7KLV VWDWLQJWKDWHYHU\SURGXFWRIFRPSDFW
SURYHVWKDWWKH%DQDFK7DUVNL SDUDGR[ VSDFHV LVFRPSDFWDQGWKHWKHRUHPVLQ
LVMXVWWKHPRVWGHFLVLYHFRQILUPDWLRQ DEVWUDFWDOJHEUDWKDWHYHU\ULQJ KDVD
DQGQRWDWDOODUHIXWDWLRQRIWKHD[LRP PD[LPDOLGHDO DQGWKDWHYHU\ILHOG KDV
RIFKRLFH DQDOJHEUDLFFORVXUH

5
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
7KH&RQWLQXXP+\SRWKHVLV 7KH&RQWLQXXP+\SRWKHVLV
7KHJHQHUDOL]HGFRQWLQXXPK\SRWKHVLV 7KHJHQHUDOL]HGFRQWLQXXPK\SRWKHVLV
*&+ LVQRWRQO\LQGHSHQGHQWRI=) *&+ LV1D 1D 6LQFHLWFDQEH
EXWDOVRLQGHSHQGHQWRI=)SOXVWKH IRUPXODWHGZLWKRXW$&HQWDQJOHPHQW
D[LRPRIFKRLFH =)& +RZHYHU=) DVDQDUJXPHQWLQIDYRURI$&LVQRW
SOXV*&+LPSOLHV$&PDNLQJ*&+D H[SDQGHGWR*&+:HPD\DVVXPHWKH
VWULFWO\VWURQJHUFODLPWKDQ$&HYHQ QHJDWLRQRI*+&DERXWFDUGLQDOLWLHV
WKRXJKWKH\DUHERWKLQGHSHQGHQWRI ZKLFKDUHQRWpDOHIVqWRJHWKHUZLWK
=) $&DERXWFDUGLQDOLWLHVZKLFKDUHDOHIV

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
1HJDWLRQRI&RQWLQXXP+\SRWKHVLV 1HJDWLRQRI&RQWLQXXP+\SRWKHVLV
7KHQHJDWLRQRI*+&DERXWFDUGLQDOL %XWWKHSK\VLFDOVHQVHRI DQG
WLHVZKLFKDUHQRWpDOHIVqWRJHWKHUZLWK  7KHQRQZHOORUGHUDEOHVHWVFRQVLVW
$&DERXWFDUGLQDOLWLHVZKLFKDUHDOHIV RIZHOORUGHUHGVXEVHWV DWOHDVWWKHLU
7KHUHDUHVHWVZKLFKFDQQRWEHZHOO HOHPHQWVDVVHWV ZKLFKDUHWRJHWKHULQ
RUGHUHG$SK\VLFDOLQWHUSUHWDWLRQRI VSDFHWLPH $Q\ZHOORUGHUHGVHW
WKHLUVLVDVSK\VLFDOREMHFWVRXWRI EHFDXVHRI%DQDFK7DUVNLSDUDGR[ 
EH\RQG VSDFHWLPH(QWDQJOHPHQW FDQEHDVDVHWRIHQWDQJOHGREMHFWVLQ
DERXWDOOWKHVSDFHWLPHREMHFWV VSDFHWLPH

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
1HJDWLRQRI&RQWLQXXP+\SRWKHVLV
1HJDWLRQRI&RQWLQXXP+\SRWKHVLV
6RWKDWWKHSK\VLFDOVHQVHRI DQG
LVXOWLPDWHO\7KHPDSSLQJEHWZHHQ 6LQFHWKHSK\VLFDOTXDQWLWLHVKDYH
WKHVHWRIVSDFHWLPHSRLQWVDQGWKHVHW LQWHUSUHWHGE\+LOEHUWRSHUDWRUVLQ
RISK\VLFDOHQWLWLHVLVDpPDQ\PDQ\q TXDQWXPPHFKDQLFVDQGLQIRUPDWLRQ
FRUUHVSRQGHQFH,WFDQEHHTXLYDOHQWO\ FRUUHVSRQGLQJO\E\+HUPLWLDQDQG
UHSODFHGE\XVXDOPDSSLQJVEXW QRQ+HUPLWLDQRQHV WKHQWKDWIDFWLV
KRZHYHURIDIXQFWLRQDOVSDFHQDPHO\ DQHPSLULFDOFRQILUPDWLRQRIWKH
E\+LOEHUWRSHUDWRUV QHJDWLRQRIFRQWLQXXPK\SRWKHVLV

6
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
1HJDWLRQRI&RQWLQXXP+\SRWKHVLV $QLPSRUWDQWH[DPSOHRILQVHSDUDEOH
%XWDVZHOONQRZQ=)*+&LPSOLHV VHW:KHQSRVWXODWLQJWKDWLIDVHW$ LV
$&6LQFHZHKDYHDOUHDG\SURYHGERWK JLYHQWKHQDVHW% DOZD\VH[LVWVVXFK
1*+&DQG$&WKHRQO\SRVVLELOLW\ RQHWKDW$ LVWKHVHWRIDOOWKHVXEVHWV
UHPDLQVDOVRWKHQHJDWLRQRI=) RI%$QLQVWDQFHOHW$ EHDFRXQWDEOH
1=) QDPHO\WKHQHJDWLRQWKHD[LRP VHWWKHQ% LVDQLQVHSDUDEOHVHWZKLFK
RIIRXQGDWLRQ $) 7KHUHLVDVSHFLDO ZHFDQFDOOnVXEFRXQWDEOHVHWo,WV
NLQGRIVHWVZKLFKZLOOFDOOnLQVHSD SRZHU] LVELJJHUWKDQDQ\ILQLWHSRZHU
UDEOH VHWVoDQGDOVRGRQoWIXOILOO$) EXWOHVVWKDQWKDWRIDFRXQWDEOHVHW

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
7KHD[LRPRIIRXQGDWLRQp(YHU\
7KHD[LRPRIIRXQGDWLRQ
QRQHPSW\VHWLVGLVMRLQWIURPRQHRILWV
HOHPHQWVp ,W FDQDOVREHVWDWHGDV$ 0HQGHOVRQ  SURYHGWKDWWKH
VHWFRQWDLQVQRLQILQLWHO\GHVFHQGLQJ HTXLYDOHQFHRIWKHVHWZRVWDWHPHQWV
PHPEHUVKLS VHTXHQFHRU$VHW QHFHVVDULO\UHOLHVRQWKHD[LRPRI
FRQWDLQVD PHPEHUVKLS PLQLPDO FKRLFH7KHGXDOH[SUHVVLRQLVFDOOHG
HOHPHQWLHWKHUHLVDQHOHPHQWRIWKH LQGXFWLRQDQGLVHTXLYDOHQWWRWKH
VHWWKDWVKDUHVQRPHPEHUZLWKWKHVHW D[LRPLWVHOI ,WR

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
7KHD[LRPRIIRXQGDWLRQDQGLWV 7KHD[LRPRIIRXQGDWLRQDQGLWV
QHJDWLRQ6LQFHZHKDYHDFFHSWHGERWK QHJDWLRQ6RWKDWZHKDYHWKUHHNLQGV
WKHD[LRPRIFKRLFHDQGWKHQHJDWLRQRI RILQVHSDUDEOHVHWpFRQWDLQLQJ
WKHD[LRPRIIRXQGDWLRQWKHQZHDUHWR LQILQLWHO\GHVFHQGLQJ PHPEHUVKLS 
FRQILUPWKHQHJDWLRQRI LQGXFWLRQ VHTXHQFHq  pZLWKRXWD PHPEHUVKLS 
QDPHO\p7KHUHDUHVHWVFRQWDLQLQJ PLQLPDOHOHPHQWp  %RWK DQG
LQILQLWHO\GHVFHQGLQJ PHPEHUVKLS  7KHDOOHJHGpD[LRPRIFKDQFHq
VHTXHQFH25 ZLWKRXWD PHPEHUVKLS  FRQFHUQVRQO\
PLQLPDOHOHPHQW

7
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞

7KHDOOHJHGpD[LRPRIFKDQFHq 7KH/DZRIWKHH[FOXGHGPLGGOH
FRQFHUQLQJRQO\FODLPVWKDWWKHUHDUH 7KHDVVXPSWLRQRIWKHD[LRPRIFKRLFH
DVLQVHSDUDEOHVHWVpFRQWDLQLQJLQILQLWHO\ LVDOVRVXIILFLHQWWRGHULYHWKHODZRI
GHVFHQGLQJ PHPEHUVKLS VHTXHQFHq DV WKHH[FOXGHGPLGGOHLQVRPH
VXFKRQHVpFRQWDLQLQJLQILQLWHO\ FRQVWUXFWLYH V\VWHPV ZKHUHWKHODZLV
DVFHQGLQJ PHPEHUVKLS VHTXHQFHq DQG QRWDVVXPHG 
GLIIHUHQWIURPWKHIRUPHURQHV

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞

$IHZ PD\EHUHGXQGDQW FRPPHQWDULHV $ PD\EHUDWKHUXVHIXO FRPPHQWDU\


:HDOZD\VFDQ :HDOZD\VFDQ
 &KRRVHDQHOHPHQWDPRQJWKH D 5HSHDWWKHFKRLFHFKRRVLQJWKHVDPH
HOHPHQWVRIDVHWRIDQDUELWUDU\SRZHU HOHPHQWDFFRUGLQJWR
 &KRRVHDVHWDPRQJWKHVHWVZKLFK E 5HSHDWWKHFKRLFHFKRRVLQJWKHVDPH
DUHWKHHOHPHQWVRIWKHVHW$ ZLWKRXWLWV VHWDFFRUGLQJWR
UHSHDWLQJLQGHSHQGHQWO\RIWKH$ SRZHU

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
7KHVHQVHRIWKH$[LRPRI&KRLFH 7KHVHQVHRIWKH$[LRPRI&KRLFH
 &KRLFHDPRQJLQILQLWHHOHPHQWV ,IDOOWKHDUHIXOILOOHG
 &KRLFHDPRQJLQILQLWHVHWV  FKRLFHLVWKHVDPHDVDPRQJILQLWHDV
 5HSHWLWLRQRIWKHDOUHDG\PDGH DPRQJLQILQLWHHOHPHQWVRUVHWV
FKRLFHDPRQJLQILQLWHHOHPHQWV  WKHQRWLRQRILQIRUPDWLRQEHLQJEDVHG
 5HSHWLWLRQRIWKHDOUHDG\PDGH RQFKRLFHLVWKHVDPHDVWRILQLWHDV
FKRLFHDPRQJLQILQLWHVHWV WRLQILQLWHVHWV

8
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
$WODVWWKHDZDUGIRU\RXUNLQG 6RWKDWWKHD[LRPRIFKRLFHVKRXOGEH
SDWLHQFH7KHOLQNDJHVEHWZHHQP\ GLYLGHGLQWRWZRSDUWV7KHILUVW SDUW
PRWLYDWLRQDQGWKHFKRLFHD[LRP FRQFHUQLQJTXDQWXPFKRLFHFODLPVWKDW
:KHQDFFHSWLQJLWVQHJDWLRQZHRXJKW WKHFKRLFHEHWZHHQLQILQLWHHOHPHQWVRU
WRUHFRJQL]HDVSHFLDONLQGRIFKRLFH VHWVLVDOZD\VSRVVLEOH 7KHVHFRQG SDUW
DQGRILQIRUPDWLRQ LQUHODWLRQRILQILQLWH FRQFHUQLQJTXDQWXPLQIRUPDWLRQFODLPV
HQWLWLHVTXDQWXPFKRLFH PHDVXULQJ  WKDWWKHPDGHDOUHDG\FKRLFHEHWZHHQ
DQGTXDQWXPLQIRUPDWLRQ LQILQLWHHOHPHQWVRUVHWVFDQEHDOZD\V
UHSHDWHG

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
0\H[SRVLWLRQLVGHYRWHGWRWKHQHJD 1HJDWLQJWKHFKRLFHD[LRPVHFRQGSDUW
WLRQ RQO\RIWKHpVHFRQGSDUWqRIWKH LVWKHVXJJHVWHGpD[LRPRIFKDQFHq
FKRLFHD[LRP%XWQRWPRUHWKDQD SURSHUO\VSHDNLQJ,WVVHQVHLVTXDQWXP
FRXSOHRIZRUGVDERXWWKHVHQVHIRUWKH LQIRUPDWLRQH[LVWVDQGLWLVGLIIHUHQW
ILUVWSDUWWREHUHSODFHGRUFDQFHOHG WKDQpFODVVLFDOqRQH7KHIRUPHUGLIIHUV
:KHQGRLQJWKDWZHDFFHSWDQHZNLQG IURPWKHODWWHULQILYHEDVLFSURSHUWLHV
RIHQWLWLHVZKROHZLWKRXWSDUWVLQSULQ DVIROORZLQJFRS\LQJGHVWUR\LQJQRQ
FLSOHRULQRWKHUZRUGVVXFKNLQGRI VHOILQWHUDFWLQJHQHUJHWLFPHGLXPEHLQJ
VXSHUSRVLWLRQZKLFKGRHVQoWDOORZDQ\ LQVSDFHWLPHp<HVqDERXWFODVVLFDO
GHFRKHUHQFH DQGp1RqDERXWTXDQWXPLQIRUPDWLRQ

,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH


&ODVVLFDO4XDQWXP +RZGRHVWKHp&RS\LQJq <HV1R 
&RS\LQJ <HV 1R GHVFHQGIURP
'HVWUR\LQJ <HV 1R 1R<HV "
1RQVHOILQWHUDFWLQJ <HV 1R
(QHUJHWLFPHGLXP <HV 1R ,WLVREYLRXVO\p&RS\LQJqPHDQVWKDWD
VHWRIFKRLFHVLVUHSHDWHGDQG
%HLQJLQVSDFHWLPH <HV 1R
FRQVHTXHQWO\LWKDVEHHQDEOHWREH
UHSHDWHG

9
,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
,IWKHFDVHLVp&RS\LQJs 1RqIURP +RZGRHVWKHp'HVWUR\LQJq
<HV1R GHVFHQGIURP
 <HV
1R<HV "

WKHQWKDWFDVHLVWKHQRQFORQLQJ
WKHRUHPLQTXDQWXPLQIRUPDWLRQ1R p'HVWUR\LQJqLVVLPLODUWRFRS\LQJ
TXELWFDQEHFRSLHG :RRWWHUV=XUHN $VLIQHJDWLYHFRS\LQJ


,QILQLW\DQGWKH$[LRPRI&KRLFH ,QILQLW\DQGWKH$[LRPRI&KRLFH
∞ ∞
+RZGRHVWKHp1RQVHOILQWHUDFWLQJq +RZGRHVWKHp(QHUJHWLF
<HV1R GHVFHQGIURP PHGLXPq <HV1R GHVFHQGIURP
1R<HV "
1R<HV "
(QHUJHWLFPHGLXPPHDQVIRUUHSHDWLQJ
6HOILQWHUDFWLQJPHDQV WREHWXUQHGLQWRVXEVWDQFHRULQRWKHU
ZRUGVWREHFDUULHGE\PHGLXPREH\HG
QRQUHSHDWLQJE\LWVHOI
HQHUJ\FRQVHUYDWLRQ

,QILQLW\DQGWKH$[LRPRI&KRLFH  0RWLYDWLRQ &RQWHQWV



+RZGRHVWKHp%HLQJLQVSDFHWLPHq ,QILQLW\DQGWKHD[LRPRIFKRLFH

<HV1R GHVFHQGIURP  12167$1'$5'81,9(5680

1R<HV "  &RQWLQXLW\DQGFRQWLQXXP

 1RQVWDQGDUGFRQWLQXLW\EHWZHHQWZR
n%HLQJRIDVHWLQVSDFHWLPHoPHDQV LQILQLWHO\FORVHVWDQGDUGSRLQWV
WKDWWKHVHWLVZHOORUGHUHGZKLFKIRO
 $ QHZD[LRPRIFKDQFH
ORZVIURPWKHD[LRPRIFKRLFHn1R
D[LRPRIFKDQFHoPHDQV WKDWWKHZHOO  7ZRNLQGVLQWHUSUHWDWLRQRITXDQWXP

RUGHULQJLQVSDFHWLPHLVFRQVHUYHG PHFKDQLFV

10
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP

Abraham Robinson Abraham Robinson


(October 6, 1918 (October 6, 1918
Leibnitz – April 11, 1974) His Book (1966) – April 11, 1974)

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
p,WLVVKRZQLQWKLV pf*:/HLEQL]DUJXHGWKDWWKH
ERRNWKDW /HLEQL] LGHDV WKHRU\RILQILQLWHVLPDOVLPSOLHV
FDQEHIXOO\YLQGLFDWHG
DQGWKDWWKH\OHDGWRD
WKHLQWURGXFWLRQRILGHDOQXPEHUV
QRYHODQGIUXLWIXO ZKLFKPLJKWEHLQILQLWHO\VPDOORU
DSSURDFKWRFODVVLFDO LQILQLWHO\ODUJHFRPSDUHGZLWKWKH
$QDO\VLVDQGPDQ\
RWKHUEUDQFKHVRI
UHDOQXPEHUVEXWZKLFKZHUH WR
His Book (1966) PDWKHPDWLFVq S SRVVHVVWKHVDPHSURSHUWLHVDV
WKHODWWHUq S

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHRULJLQDODSSURDFKRI$5RELQVRQ 7KHILQLWHQHVVSULQFLSOH ,IDQ\IL
&RQVWUXFWLRQRIDQRQVWDQGDUGPRGHO QLWH VXEVHWRID LQILQLWH VHW 4 SRVVHV
RI5 WKHUHDOFRQWLQXXP 1RQVWDQ VHV DPRGHOWKHQWKHVHW 4 SRVVHVVHVD
GDUG PRGHO 6NROHP /HW$ EH PRGHOWRR7KHPRGHORI 4 LVQRW
WKHVHWRIDOOWKHWUXHVWDWHPHQWVDERXW LVRPRUSKLFWR5 $ DQGLWLVD
5WKHQ4 $“ F!F!CF!CCe  QRQVWDQGDUGXQLYHUVXPRYHU5 $,WV
$Q\ILQLWHVXEVHWRI4 KROGVIRU5 VHQVHLVDVIROORZWKHUHLVD
$IWHUWKDWWKHILQLWHQHVVSULQFLSOH QRQVWDQGDUGQHLJKERUKRRG8[ DERXWDQ\
FRPSDFWQHVVWKHRUHP LVXVHG VWDQGDUGSRLQW[ RI5

11
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHSURSHUWLHV RIQRQVWDQGDUG
QHLJKERUKRRG8[ DERXWDQ\VWDQGDUG ,QGHHGWKHZRUGRI*:/HLEQL] pWKDW
SRLQW[ RI5 7KHpOHQJWKqRI8[ LQ WKHWKHRU\RILQILQLWHVLPDOVLPSOLHVWKH
5 RURIDQ\LWVPHDVXUDEOHVXEVHWLV LQWURGXFWLRQRILGHDOQXPEHUVZKLFK
 $Q\8[ LQ5 LVLVRPRUSKLFWR 5  PLJKWEHLQILQLWHO\VPDOORULQILQLWHO\
$ LWVHOI2XUPDLQSUREOHPLVDERXW ODUJHFRPSDUHGZLWKWKHUHDOQXPEHUV
FRQWLQXLW\DQGFRQWLQXXPRIWZR EXWZKLFKZHUHWRSRVVHVVWKHVDPH
QHLJKERUKRRGV 8[ DQG 8\ EHWZHHQWZR SURSHUWLHVDVWKHODWWHUq 5RELQVRQS
QHLJKERUZHOORUGHUHGVWDQGDUGSRLQWV [  DUHUHDOO\DFFRPSOLVKHGE\
DQG \ RI 5 5RELQVRQoVQRQVWDQGDUGDQDO\VLV

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$QRWKHUSRVVLEOHDSSURDFKZDV ,Q,67DORQJVLGHWKHEDVLFELQDU\
GHYHORSHGE\ZDVGHYHORSHGLQWKHPLG PHPEHUVKLSUHODWLRQ‰LWLQWURGXFHVD
VE\WKHPDWKHPDWLFLDQ(GZDUG QHZXQDU\SUHGLFDWHVWDQGDUG ZKLFK
1HOVRQ1HOVRQLQWURGXFHGDQHQWLUHO\ FDQEHDSSOLHGWRHOHPHQWVRIWKH
D[LRPDWLFIRUPXODWLRQRIQRQVWDQGDUG PDWKHPDWLFDOXQLYHUVHWRJHWKHUZLWK
DQDO\VLVWKDWKHFDOOHG,QWHUQDO6HW WKUHHD[LRPVIRUUHDVRQLQJZLWKWKLV
7KHRU\ RU,67,67LVDQH[WHQVLRQRI QHZSUHGLFDWH DJDLQ,67 WKHD[LRPV
=HUPHOR)UDHQNHO VHWWKHRU\RULWLVD RI,GHDOL]DWLRQ6WDQGDUGL]DWLRQ
FRQVHUYDWLYH H[WHQVLRQRI=)& 7UDQVIHU

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
,GHDOL]DWLRQ
6WDQGDUGLVDWLRQ
)RUHYHU\FODVVLFDOUHODWLRQ5DQGIRUDUELW
UDU\ YDOXHVIRUDOORWKHUIUHHYDULDEOHVZH ,I $ LVDVWDQGDUGVHWDQG 3DQ\
KDYHWKDWLIIRUHDFKVWDQGDUGILQLWHVHW) SURSHUW\FODVVLFDORURWKHUZLVHWKHQ
WKHUHH[LVWVDJ VXFKWKDW5 JI KROGVIRU WKHUHLVDXQLTXHVWDQGDUGVXEVHW % RI
DOOI LQ)WKHQWKHUHLVDSDUWLFXODU* VXFK $ ZKRVHVWDQGDUGHOHPHQWVDUH
WKDWIRUDQ\VWDQGDUGI ZHKDYH5 *I  SUHFLVHO\WKHVWDQGDUGHOHPHQWVRI $
DQGFRQYHUVHO\LIWKHUHH[LVWV* VXFKWKDW
VDWLVI\LQJ 3 EXWWKH EHKDYLRXU RI %
V
IRUDQ\VWDQGDUGIZHKDYH5 *I WKHQ
QRQVWDQGDUGHOHPHQWVLVQRWSUHVFULEHG 
IRUHDFKILQLWHVHW)WKHUHH[LVWVDJ VXFK
WKDW5 JI KROGVIRUDOOI LQ)

12
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7UDQVIHU 7KHVHQVHRIWKHXQDU\SUHGLFDWHVWDQGDUG

,IDOOWKHSDUDPHWHUV ,IDQ\IRUPXODKROGVIRUDQ\ILQLWH VWDQGDUG

VHWRI VWDQGDUG HOHPHQWVLWKROGVIRUDOOWKH


$%&:
XQLYHUVXP6RWKDWVWDQGDUG HOHPHQWVDUH
RIDFODVVLFDOIRUPXOD ) KDYH RQO\WKRVHZKLFKHVWDEOLVKVHWWKHVWDQGDUGV
VWDQGDUGYDOXHVWKHQ ZLWKZKLFKDOOWKHHOHPHQWVPXVWEHLQ
FRQIRUPLW\,QRWKHUZRUGVWKHVWDQGDUG
) [$%: HOHPHQWVZKLFKDUHDOZD\VDVILQLWH DVILQLWH
KROGVIRUDOO[
V DVVRRQDVLWKROGV QXPEHUHVWDEOLVKVHWWKHVWDQGDUGV DERXW

IRUDOOVWDQGDUG [V LQILQLW\1H[We

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
6RWKDWWKHVXJJHVWHGE\1HOVRQ,67LVD 7KHEDVLFLGHDRIERWKWKHYHUVLRQRI
FRnVWUXFWLYLVWYHUVLRQRIQRQVWDQGDUG
QRQVWDQGDUGDQDO\VLV DV5RQLQVRQoV DV
DQDO\VLV,I=)&LVFRQVLVWHQWWKHQ=)&
1HOVRQoV LVUHSHWLWLRQRIDOOWKHUHDO
,67LVFRQVLVWHQW,QIDFWDVWURQJHU
VWDWHPHQWFDQEHPDGH=)&,67LVD
FRQWLQXXP5 DWRUEHWWHUZLWKLQDQ\LWV
FRQVHUYDWLYHH[WHQVLRQ RI=)&DQ\
SRLQWDVQRQVWDQGDUGQHLJKERUKRRGV
FODVVLFDOIRUPXOD FRUUHFWRULQFRUUHFW WKDW DERXWDQ\RIWKHP7KHFRQVLVWHQF\RI
FDQEHSURYHQZLWKLQLQWHUQDOVHWWKHRU\FDQ WKDWUHSHWLWLRQLVDFKLHYHGE\WKHQRWLRQ
EHSURYHQLQWKH =HUPHOR)UDHQNHO D[LRPV RILQWHUQDO VHW LHDVLIZLWKLQ DQ\
ZLWKWKH$[LRPRI&KRLFHDORQH VWDQGDUGHOHPHQW

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KDWFROODSVHDQGUHSHWLWLRQRIDOO
LQILQLW\LQWRDQ\LWVSRLQWLVDFFRPS :KDWLVnXOWUDILOWHUo"
OLVKHG E\WKHQRWLRQRIXOWUDILOWHU LQ /HW6 EHDQRQHPSW\VHWWKHQDQ XOWUDILOWHU
QRQVWDQGDUGDQDO\VLV 8OWUDILOWHU LVZD\ RQ6 LVDQRQHPSW\FROOHFWLRQ) RIVXEVHWV

WREHWUDQVIHUUHGDQGWKHUHE\UHSHDWHG
ŠF
RI6 KDYLQJWKHIROORZLQJSURSHUWLHV

‰ ‰
WKHWRSRORJLFDOSURSHUWLHVRIDOOWKHUHDO  

FRQWLQXXPLQWRDQ\LWVSRLQWDQGDIWHU
‰ ˆˆ ‰
,I$% )WKHQ$% ) 

WKDWDOOWKHSURSHUWLHVRIUHDOFRQWL
‰
,I$% ) DQG$ % 6WKHQ$% )
QXXP WREHUHFRYHUHGIURPWKHWUDQV
‰
)RUDQ\VXEVHW$ RI6HLWKHU$ ) RU
IHUUHG WRSRORJLFDOSURSHUWLHV LWVFRPSOHPHQW $C 6s $ )

13
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$SKLORVRSKLFDOUHIOHFWLRQ /HWXVUHPHPEHU

8OWUDILOWHU OHPPD $ILOWHU RQDVHW; WKH%DQDFK7DUVNLSDUDGR[HQWLUH+LOEHUW


VSDFHFDQEHGHOLYHUHGRQO\E\UHSHWLWLRQDG
LVDFROOHFWLRQRIQRQHPSW\VXEVHWVRI
LQILQLWXPRIDVLQJOHTXELW VLQFHLWLV
; WKDWLVFORVHGXQGHUILQLWHLQWHUVHFWLRQ
LVRPRUSKLFWR'VSKHUH DVZHOOWKH
DQGXQGHUVXSHUVHW$Q XOWUDILOWHU LVD SDUDGR[IROORZVIURPWKHD[LRPRIFKRLFH
PD[LPDOILOWHU7KH XOWUDILOWHU OHPPD +RZHYHUQRQVWDQGDUGDQDO\VLVcarries out
VWDWHVWKDWHYHU\ILOWHU RQDVHW; LVD the same idea as the Banach-Tarski paradox
VXEVHWRIVRPHXOWUDILOWHU RQ; DPD about 1D sphere, i.e. a point: all the
[LPDO ILOWHURIQRQHPSW\VXEVHWVRI; nonstandard universum can be recovered
from a point, since the universum is within it

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHSKLORVRSKLFDOUHIOHFWLRQFRQWLQXHV 6RPHWKLQJVWLOODOLWWOHPRUH,I+LOEHUWVSD
7KDWoVZK\QRQVWDQGDUGDQDO\VLVLVDJRRG FH LVLVRPRUSKLFWRDZHOORUGHUHGVHTXHQFH
WRROIRUTXDQWXPPHFKDQLFV1RQVWDQGDUG RI'VSKHUHVGHOLYHUHGE\WKHD[LRPRI
XQLYHUVXP 18 SRVVHVVHVDVLIIUDFWDO FKRLFHYLDWKH%DQDFK7DUVNLSDUDGR[WKHQ
VWUXFWXUHMXVWDV+LOEHUWVSDFH,WDOORZVDOO ,WLVDWOHDVWFRPSDUDEOHXQOHVVHYHQLVR
TXDQWXPREMHFWVWREHGHVFULEHGDVLQWHUQDO PRUSKLF WR0LQNRZVNLVSDFH,WLVJHWWLQJ
VHWVDEVROXWHO\VLPLODUWRPDFURREMHFWV JHQHUDOL]HGLQWRQRQVWDQGDUGXQLYHUVXPDVWR
EHLQJGHVFULEHGDVH[WHUQDORUVWDQGDUGVHWV DUELWUDU\QXPEHUGLPHQVLRQVDQGHYHQDVWR
7KHEHVWDGYDQWDJHLVWKDW 18 FDQGHVFULEH IUDFWLRQDOQXPEHUGLPHQVLRQVDVZHZLOOVHH
WKHWUDQVLWLRQEHWZHHQLQWHUQDODQGH[WHUQDO 6RWKDWTXELW LVJHWWLQJJHQHUDOL]HGLQWR
VHWZKLFKLVRXUPDLQSUREOHP LQWHUQDOVHWZLWKXOWUDILOWHUVWUXFWXUH

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$QGDWODVW 7KHJHQHUDOL]HGVR+LOEHUW 7KXVZHKDYHDOUHDG\SLRQHHUHGWR$ODLQ
VSDFHDVQRQVWDQGDUGXQLYHUVXP LVGHOLYHUHG &RQQHVoLQWURGXFLQJRILQILQLWHVLPDOV DV
DJDLQE\WKHD[LRPRIFKRLFHEXWWKLVWLPH FRPSDFW+LOEHUWRSHUDWRUVXQOLNHWKHUHVW
YLD=RUQoVOHPPD DQHTXLYDOHQWWRWKH +LOEHUWRSHUDWRUVUHSUHVHQWLQJWUDQVIRU
D[LRPRIFKRLFH YLDXOWUDILOWHUOHPPD D PDWLRQV RIVWDQGDUGVHWV+HKDVVXJJHVWHG
ZHDNHUVWDWHPHQWWKDQWKHD[LRPRIFKRLFH  WKHIROORZLQJpGLFWLRQDU\q
1RQVWDQGDUGXQLYHUVXPDGPLWVWREHLQLWV
WXUQJHQHUDOL]HGDVLQWKHJDXJHWKHRULHV
&RPSOH[YDULDEOH +LOEHUWRSHUDWRU
ZKHQLQWHUQDODQGH[WHUQDOVHWGLIIHULQ
5HDOYDULDEOH 6HOIDGMRLQW RSHUDWRU
VWUXFWXUHDVLQYDU\LQJWKHQRQVWDQGDUG
FRQQHFWLRQEHWZHHQWZRSRLQWVDVZHZLOOGR ,QILQLWHVLPDOV &RPSDFWRSHUDWRU

14
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHVHQVHRIFRPSDFWRSHUDWRULILWLVDS ,ZRXOGOLNHWRGLVSOD\WKDW&RQQHVo
SOLHGWRQRQVWDQGDUGXQLYHUVXPLWWUDQV LQILQLWHVLPDOVSRVVHVVHVDQH[FHSWLRQDOO\
IRUPVDQRQVWDQGDUGQHLJKERUKRRGLQWRD LPSRUWDQWSURSHUW\WKH\DUHLQILQLWHVLPDOV
QRQVWDQGDUGQHLJKERUKRRGVRWKDWLWNHHSV ERWKLQ+LOEHUWDQGLQ0LQNRZVNLVSDFHVR
GLYLVLRQEHWZHHQVWDQGDUGDQGQRQVWDQGDUG WKDWWKH\GHVFULEHYHU\ZHOOWUDQVIRUPDWLRQV
HOHPHQWV,IWKHQRQVWDQGDUGXQLYHUVXPLV RI0LQNRZVNLVSDFHLQWR+LOEHUWVSDFHDQG
EXLOWRQ+LOEHUWVSDFHLQVWHDGRIRQUHDO YLFHYHUVD0DWKVSHDNLQJ0LQNRZVNL
FRQWLQXXPWKHQ&RQQHVGHILQHGLQILQLWH RSHUDWRULVFRPSDFWLIDQGRQO\LILWLV
VLPDOV RQWKH&DUWHVLDQSURGXFWRI+LOEHUW FRPSDFW+LOEHUW RSHUDWRU<RXPLJKWNLQGO\
VSDFHV6RWKDWLWUHTXLUHVWKHD[LRPRI UHPHPEHUWKDWWUDQVIRUPDWLRQVEHWZHHQWKRVH
FKRLFH IRUWKHH[LVWHQFHRI&DUWHVLDQSURGXFW VSDFHVZDVP\LQLWLDOPRWLYDWLRQ

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
0LQNRZVNL RSHUDWRULVFRPSDFWLIDQGRQO\ %HIRUHDVNHWFKRISURRILWVVHQVHDQG
LILWLVFRPSDFW+LOEHUW RSHUDWRU%HIRUHD PRWLYDWLRQ2XUVWUDWHJLFSXUSRVHLVWREH
VNHWFKRISURRILWVVHQVHDQGPRWLYDWLRQ,I EXLOWDXQLWHGFRPPRQODQJXDJHIRUXVWREH
ZHGHVFULEHWKHWUDQVIRUPDWLRQVRI0LQNRZ DEOHWRVSHDNERWKRIWKHDSSDUDWXVDQGRI
VNLVSDFHLQWR+LOEHUWVSDFHDQGYLFHYHUVD WKHPLFURREMHFWDVZHOODQGWKHPRVWLPSRU
ZHZLOOEHDEOHWRVSHDNRIWKHWUDQVLWLRQ WDQWRIWKH WUDQVLWLRQDQGLWVFRQYHUVHEHW
EHWZHHQWKHDSSDUDWXVDQGWKHPLFURREMHFW ZHHQ WKHP7KHFUHDWLQJRIVXFKDODQJXDJH
DQGYLFHYHUVDDVZHOORIWKHWUDQVLWLRQ EHW UHTXLUHVDGLIIHUHQWVHWWKHRU\IRXQGDWLRQ
ZHHQ WKHFRKHUHQWDQGFROODSVHGVWDWHRIWKH LQFOXGLQJ 7KHD[LRPRIFKRLFH 7KH
ZDYHIXQFWLRQΨ DQGLWVLQYHUVHWUDQVLWLRQ IRXQGDWLRQD[LRPQHJDWLRQ 7KH
LHRIWKHFROODSVHDQGGHFROODSVHRIΨ JHQHUDOL]HGFRQWLQXXPK\SRWKHVLVQHJDWLRQ

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
%HIRUHDVNHWFKRISURRILWVVHQVHDQG %HIRUHDVNHWFKRISURRILWVVHQVHDQG
PRWLYDWLRQ7KHD[LRPRIIRXQGDWLRQLV PRWLYDWLRQ,IWKDWoVWKHFDVHWKHD[LRPRI
DYDLODEOHLQTXDQWXPPHFKDQLFVE\WKH IRXQGDWLRQ$) LVDYDLODEOHMXVWDVWKH
FROODSVHRIZDYHIXQFWLRQ/HWXVUHSUHVHQW UHTXLUHPHQWIRUWKHZDYHIXQFWLRQWR
WKHFRKHUHQWVWDWHDVLQILQLW\VLQFHLIWKH FROODSVHIURPWKHLQILQLW\DVDQDYDODQFKH
+LOEHUWVSDFHLVVHSDUDEOHWKHQDQ\LWVSRLQW VLQFH$) IRUELGVDVPRRWKFRQWLQXRXV
LVDFRKHUHQWVXSHUSRVLWLRQRIDFRXQWDEOHVHW LQILQLWHORZHULQJVLQNLQJ,WZRXOGEHDQ
RIFRPSRQHQWV7KHpFROODSVHqUHSUHVHQWVDV HTXLYDOHQWRIWKH$) QHJDWLRQ$VPRRWK
LIDGHVFHQGLQJDYDODQFKHIURPWKHLQILQLW\ FRQWLQXRXVLQILQLWHSURFHVVRIORZHULQJ
WRVRPHILQLWHYDOXHREVHUYHGZLWKYDULRXV DGPLWVDQGHYHQVXJJHVWVWKHSRVVLELOLW\RI
SUREDELOLW\ LWVUHYHUVLELOLW\

15
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$QRWH/HWXVDFFHSWQRZWKH$) QHJDWLRQ $0LQNRZVNLRSHUDWRULVFRPSDFWLIDQG

DQGFRQVHTXHQWO\DVPRRWKUHYHUVLELOLW\ RQO\LILWLVDFRPSDFW+LOEHUWRSHUDWRU$

 l 
EHWZHHQFRKHUHQWDQGpFROODSVHGqVWDWH VNHWFKRISURRI

 ⊗ 
7KHQ3 3V s3UZKHUH3V LVWKH :DYHIXQFWLRQΨ5 5 5 5
SUREDELOLW\IURPWKHFRKHUHQWVXSHUSRVLWLRQ +LOEHUWVSDFH^5 5` ^5 5`

  l  ⊗ 
WRDJLYHQYDOXHDQG3U LVWKHSUREDELOLW\RI
+LOEHUWRSHUDWRUV
UHYHUVLEOHSURFHVV6RWKDWWKHTXDQWXP ^5 5`⊗ ^5 5` ^5 5` ^5 5`
PHFKDQLFDOSUREDELOLW\DWWDFKHGWRDQ\
8VLQJWKHLVRPRUSKLVPRI Möbius DQG
REVHUYDEOHVWDWHFRXOGEHLQWHUSUHWHGDVD
/RUHQW] JURXSDVIROORZV
ILQLWHUHODWLRQEHWZHHQWZRLQILQLWLHV

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
^5  ⊗  l  ⊗ 
5` ^5 5` ^5 5` ^5 5`
$OLWWOHFRPPHQWRQWKHWKHRUHP
$0LQNRZVNLRSHUDWRULVFRPSDFWLIDQG
” WKHLVRPRUSKLVP
 ⊗  l  ⊗ 
RQO\LILWLVDFRPSDFW+LOEHUWRSHUDWRU
^5 5 5` 5 ^5 5 5` 5 'HILQLQJQRQVWDQGDUGLQILQLWHVLPDOVDV
LH0LQNRZVNLVSDFHRSHUDWRUV FRPSDFW+LOEHUWRSHUDWRUVZHDUH
7KHVHQVHRILQWURGXFLQJRIQRQVWDQGDUG LQWURGXFLQJLQILQLWHVLPDOVEHLQJDEOHWRVHUYH
LQILQLWHVLPDOVE\FRPSDFW+LOEHUWRSHUDWRUV ERWKVXFKRQHVRIWKHWUDQVLWLRQEHWZHHQ
LVIRUWKHPWREHLQYDULDQWWRZDUGV VWUDLJKW 0LQNRZVNLDQG+LOEHUWVSDFH WKH
DQGLQYHUVH WUDQVIRUPDWLRQVEHWZHHQ DSSDUDWXVDQGWKH PLFURREMHFW DQGVXFK
+LOEHUWVSDFHDQG0LQNRZVNLVSDFH RQHVRIERWKVSDFHV

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$OLWWOHPRUHFRPPHQWRQWKHWKHRUHP $OLWWOHPRUHFRPPHQWRQWKHWKHRUHP
/HWXVLPDJLQHWKRVHLQILQLWHVLPDOVEHLQJ +DPLOWRQLDQ GHVFULEHVDV\VWHPE\WZR
RSHUDWRUVDVVHOOVRISKDVHVSDFHWKH\DUH LQGHSHQGHQWOLQHDUV\VWHPVRIHTXDOLWLHV>DV
VPRRWKO\GHFUHDVLQJIURPWKHPLQLPDOFHOO LIWRZDUGVWKHUHIHUHQFHIUDPHERWKRIWKH
RIWKHDSSDUDWXVSKDVHVSDFHYLDDQG DSSDUDWXV LQILQLW\ DQGRIPLFURREMHFW
EH\RQGWKHD[LRPRIIRXQGDWLRQWR]HUR ILQLWHQHVV @
ZKDWLVWKHSKDVHVSDFHVHOORIWKH /DJUDQJLDQ GRHVWKHVDPHE\DQRQOLQHDU
PLFURREMHFW7KDWGHFUHDVLQJLVWREH V\VWHPRIHTXDOLWLHV>WKHFXUUHQWFXUYDWXUHLV
GHVFULEHGUDWKHUE\-DFRELDQWKDQ UHODWLRQEHWZHHQWKHWZRUHIHUHQFHIUDPHV
+DPLOWRQLDQRU/DJUDQJLDQ DERYH@

16
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$OLWWOHPRUHFRPPHQWRQWKHWKHRUHP $IHZVOLGHVDUHGHYRWHGWRDOWHUQDWLYH
-DFRELDQGHVFULEHVWKHELIXUFDWLRQWZR ZD\VIRUQRQVWDQGDUGLQILQLWHVLPDOVWR
IRUNHGGLUHFWLRQ V IURPDQRQOLQHDUV\VWHP EHLQWURGXFHG
WRWZROLQHDUV\VWHPVZKHQWKHRQHXQLWHG
 VPRRWKLQILQLWHVLPDODQDO\VLV
FRPPRQ GHVFULSWLRQLVDOUHDG\LPSRVVLEOH
 VXUUHDOQXPEHUV
DQGLWLVGLVLQWHJUDWLQJWRWZRLQGHSHQGHQW
HDFKRIRWKHUGHVFULSWLRQV
%RWKWKHFDVHVDUHLQDSSURSULDWHWRRXU
-DFRELDQGHVFULEHVDVZHOOHQWDQJOHPHQWDV SXUSRVHRUFDQEHLQWHUSUHWHGWRRFORVH
ELIXUFDWLRQVDQGVXFKSURFHVV O\ RUHYHQLGHQWLFDOWRWKHQRQVWDQGDUG
LQILQLWHVLPDORI$5RELQVRQ

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
p,QWXLWLYHO\VPRRWKLQILQLWHVLPDODQDO\VLV
p:HFDQLPDJLQHWKHLQWHUPHGLDWHYDOXH
FDQEHLQWHUSUHWHGDVGHVFULELQJDZRUOGLQ
ZKLFKOLQHVDUHPDGHRXWRILQILQLWHVLPDOO\
WKHRUHP
VIDLOXUHDVUHVXOWLQJIURPWKH
VPDOOVHJPHQWVQRWRXWRISRLQWV7KHVHVHJ DELOLW\RIDQLQILQLWHVLPDOVHJPHQWWR
PHQWV FDQEHWKRXJKWRIDVEHLQJORQJ VWUDGGOHDOLQH6LPLODUO\WKH %DQDFK
HQRXJKWRKDYHDGHILQLWHGLUHFWLRQEXWQRW 7DUVNL SDUDGR[IDLOVEHFDXVHDYROXPH
ORQJHQRXJKWREHFXUYHG7KHFRQVWUXFWLRQ FDQQRWEHWDNHQDSDUWLQWRSRLQWVq
RIGLVFRQWLQXRXVIXQFWLRQVIDLOVEHFDXVHD :LNLSHGLDp6PRRWKLQILQLWHVLPDO
IXQFWLRQLVLGHQWLILHGZLWKDFXUYHDQGWKH DQDO\VLVq p &RQVHTXHQWO\WKHD[LRP
FXUYHFDQQRWEHFRQVWUXFWHGSRLQWZLVHq
RIFKRLFHIDLOVWRR
:LNLSHGLDp6PRRWKeq

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHLQILQLWHVLPDOV[ LQVPRRWK 7KHVPRRWKLQILQLWHVLPDODQDO\VLVGRHV
LQILQLWHVLPDODQDO\VLVDUHQLOSRWHQW QRWVDWLVI\RXUUHTXLUHPHQWVHYHQRQO\
QLOVTXDUH [  GRHVQoWPHDQDQG EHFDXVHRIGHQ\LQJWKHD[LRPRIFKRLFH
UHTXLUHWKDW[ LVQHFHVVDULO\]HUR7KH RUWKH%DQDFK  7DUVNL SDUDGR[%XW,
ODZRIWKHH[FOXGHGPLGGOHLVGHQLHG WKLQNWKDWDQRWKHUYHUVLRQRIQLOSRWHQW
WKHLQILQLWHVLPDOVDUHVXFKDPLGGOH LQILQLWHVLPDOVLVSRVVLEOHZKHQWKH\DUH
ZKLFKLVEHWZHHQ]HURDQGQRQ]HUR,I DQRUWKRJRQDOEDVLVRI+LOEHUWVSDFH
WKDWoVWKHFDVHDOOWKHIXQFWLRQVDUH DQGWKHODWWHULVEHLQJWUDQVIRUPHGE\
FRQWLQXRXVDQGGLIIHUHQWLDEOHLQILQLWHO\ FRPSDFWRSHUDWRU,IWKDWoVWKHFDVHLW
LVWRRVLPLODUWR$ODLQ&RQQHVo RQHV

17
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
%\LQWURGXFLQJDV]HURGLYLVRUVWKH 7KHLQILQLWHVLPDOVLQWURGXFHGDVVXUUHDO
LQILQLWHVLPDOVDUHLQWHUHVWHGEHFDXVHRI QXPEHUV XQOLNHK\SHUUHDOQXPEHUV
SRVVLELOLW\IRUWKHSKDVHVSDFHVHOOWREH HTXDOWR5RELQVRQoVLQILQLWHVLPDOV 
]HURVWLOOVDWLVI\LQJXQFHUWDLQW\,W
PHDQVWKDWWKHELIXUFDWLRQRIWKHLQLWLDO 'HILQLWLRQp,I/ DQG5 DUHWZRVHWVRI
QRQOLQHDUUHIHUHQFHIUDPHWRWZROLQHDU VXUUHDOQXPEHUVDQGQRPHPEHURI5 LV
IUDPHVFRUUHVSRQGLQJO\RIWKHDSSDUDWXV OHVVWKDQRUHTXDOWRDQ\PHPEHURI/
DQGRIWKHREMHFWLVEHLQJUHSUHVHQWHG WKHQ^/ _5 `LVDVXUUHDOQXPEHUq
E\DQDQJOHGHFUHDVLQJIURPπ π WR :LNLSHGLD p6XUUHDOQXPEHUV 

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
6LQFHWKHFRPSDULVRQUXOHLVUHFXUVLYHLW
$ERXWWKHVXUUHDOQXPEHUV7KH\DUHD
UHTXLUHVILQLWHRUWUDQVILQLWHLQGXFWLRQ
SURSHUFODVV LHDUHQRWDVHW DQWWKH
/HWXVQRZFRQVLGHUWKHIROORZLQJ
ELJJHVWRUGHUHGILHOG LHLQFOXGHDQ\
VXEVHW1 RIVXUUHDOQXPEHUV$OOWKH
RWKHUILHOG &RPSDULVRQUXOHp)RUD VXUUHDOQXPEHUV6 b !1 KDVWR
VXUUHDOQXPEHU[ ^;/ _;5 `DQG\
FRQWDLQDOOWKHZHOORUGHUHGIDOOLQJ
^</ _<5 `LWKROGVWKDW[ ” \ LIDQG VHTXHQFHVIURP WKHERWWRPRI!7KH
RQO\LI\ LVOHVVWKDQRUHTXDOWRQR
QXPEHUVRI 1 IURPWKHNLQG
PHPEHURI;/DQGQRPHPEHURI<5 ^1!  1` DUHHVSHFLDOO\LPSRUWDQW
LVOHVVWKDQRUHTXDOWR[q :LNLSHGLD 
IRURXUSXUSRVH

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
)RUH[DPSOHZHFDQHDVLO\WRGHILQH 7KDWVSHFLDOD[LRP VHWLQFOXGHVWKH
RXULQLWLDOSUREOHPLQWKHLUWHUPV D[LRPRIFKRLFHDQGDQHJDWLRQRIWKH
/HW) DQG/ EH JHQHUDOL]HGFRQWLQXXPK\SRWKHVLV
) ^TT‰ ^1_!`` *&+ 6LQFHWKHD[LRPRIFKRLFHLVD
/ ^ZZ‰ ^_!  1`` FRUROODU\IURP=)*&+LWLPSOLHVD
2XUSUREOHPLVZKHWKHU) DQG/ FR QHJDWLRQRI=)QDPHO\DQHJDWLRQRI
LQFLGH RUQRW",IQRWZKDWLVSRZHURI WKHD[LRPRIIRXQGDWLRQ$) LQ=),I
) ‚ /"2XUK\SRWKHVLVLVWKHDQV =)*&+ LVWKHFDVHRXUSUREOHP
ZHU RIWKHIRUPHUTXHVWLRQLVDQ LQGH GRHVQRWDULVHVLQFHWKHLQILQLWHGHJUHV
SHQGHQWD[LRPLQDVSHFLDOD[LRP VHW VLYHVHTXHQFHV/ DUHIRUELGGHQE\$)

18
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
+RZHYHUDSHUPLVVLRQDQGLQWURGXFLQJ &RPSDULVRQEHWZHHQpVWDQGDUGq DQG
RIWKHLQILQLWHGHJUHVVLYH VHTXHQFHV/ QRQVWDQGDUGLQILQLWHVLPDOV
DQGFRQVHTXHQWO\D$) QHJDWLRQ LV 7KHpVWDQGDUGq LQILQLWHVLPDOVH[LVWRQO\
UHTXLUHGE\TXDQWXPLQIRUPDWLRQRU LQERXQGDU\WUDQVLWLRQ7KHLUVHQVH
PRUHSDUWLFXODUO\E\DGLVFXVVLQJ UHSUHVHQWVYHORFLW\IRUDSRLQWIRFXVHG
ZKHWKHU+LOEHUWDQG0LQNRZVNLVSDFH VHTXHQFHWRFRQYHUJHWRWKDWSRLQW7KDW
DUHHTXLYDOHQWRUQRWRUPRUHJHQHUDOO\ YHORFLW\LVWKHUDWLREHWZHHQ WKHWZR
E\DFRQVLGHULQJZKHWKHUDQ\FRPPRQ QHLJKERULQWHUYDOVEHWZHHQWKUHHGLVFUHWH
ODQJXDJHDERXWWKHDSSDUDWXV WKH VXFFHVVLYHSRLQWVRIWKHVHTXHQFHLQ
PLFURREMHFW LVSRVVLEOH TXHVWLRQ

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
0RUHDERXWWKHVHQVHRIpVWDQGDUGq $OWKRXJKWKHpQHLJKERUq SRLQWVRIDQDUELW
LQILQLWHVLPDOV%\YLUWXHRIWKHD[LRPRI UDU\ VHWDUHQRWGLVFUHWHDQGFRQVHTXHQWO\
FKRLFHDQ\VHWFDQEHZHOORUGHUHGDVD WKHLQWHUYDOVEHWZHHQWKHPDUH]HURZHFDQ
VHTXHQFHDQGWKHUHE\WKHUDWLREHWZHHQ WKH UHFRYHUDVLIpLQWHUYDOVq EHWZHHQWKH
WZRQHLJKERULQWHUYDOVEHWZHHQWKUHHGLVFUHWH ZHOORUGHUHGDVLIpGLVFUHWHq QHLJKERU
VXFFHVVLYHSRLQWVRIWKHVHTXHQFHLQTXHVWLRQ
SRLQWVE\PHDQVRIQRQVWDQGDUGLQILQL
LVWRH[LVWMXVWDVEHIRUHLQWKHSURSHUFDVH
WHVLPDOV7KHQRQVWDQGDUGLQILQLWHVLPDOV
RIVHULHV+RZHYHUQRZWKHpQHLJKERUq
SRLQWVRIDQDUELWUDU\VHWDUHQRWGLVFUHWH
DUHVXFKLQWHUYDOV 7KHUHSUHVHQWDWLRQRI
YHORFLW\IRUDVHTXHQFHWRFRQYHUJHUHPDLQV
DQGFRQVHTXHQWO\WKHLQWHUYDOVEHWZHHQWKHP
DUH]HUR LQIRUFHE\WKHQRQVWDQGDUGLQILQLWHVLPDOV

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
%XWWKHUDWLRRIWKHQHLJKERULQWHUYDOV  DERXWDSRLQWQRWEHORQJLQJWRWKH
FDQEHDOVRFRQVLGHUHGDVSUREDELOLW\ VHTXHQFHDVPXFKWKHYHORFLW\RI
WKHUHE\WKHYHORFLW\LWVHOIFDQEHLQWHU FRQYHUJHQFHLVKLJKHUDVWKHSUREDELOLW\
SUHWHG DVVXFKSUREDELOLW\DVDERYH RIDSRLQWRXWRIWKHVHULHVLQTXHVWLRQ
7ZRRSSRVLWHVHQVHVRIDVLPLODULQWHU WREHWKHUHLVOHVVLHWKHVHTXHQFH
SUHWDWLRQ DUHSRVVLEOH DERXWDSRLQW WKRXJKWDVDSURFHVVLVVWHHSHUDQGWKH
EHORQJLQJWRWKHVHTXHQFHDVPXFKWKH SURFHVVLVPRUHQRQHTXLOLEULXP RII
YHORFLW\RIFRQYHUJHQFHLVKLJKHUDV EDODQFHGLVVLSDWLYHZKLOHDEDODQFH
WKHSUREDELOLW\RIDSRLQWRIWKHVHULHV HTXLOLEULXPQRQGLVVLSDWLYHVWDWHLV
LQTXHVWLRQWREHWKHUHLVELJJHU PXFKPRUHOLNHO\LQWLPH

19
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHVDPHDERXWDFHOORISKDVHVSDFH 2XUTXHVWLRQLVKRZWKHSUREDELOLW\LQ
7KHVDPHFDQEHVDLGRIDFHOORISKDVH TXDQWXPPHFKDQLFVVKRXOGEHLQWHUSUH
VSDFHDVPXFKDSURFHVVLVVWHHSHUDQG WHG" $SRVVLEOHK\SRWKHVLVLV WKHSUR
WKHSURFHVVLVPRUHQRQHTXLOLEULXP RII EDELOLWLHV RIQRQFRPPXWDWLYHFRPSOH
EDODQFHGLVVLSDWLYHDVWKHSUREDELOLW\RI PHQWDU\TXDQWLWLHVDUHERWKWKHNLQGV
DFHOOEHORQJLQJWRLWLVKLJKHU FRUUHVSRQGLQJO\ DQGLQWHUFKDQJHDEO\
ZKLOHDEDODQFHHTXLOLEULXPQRQ )RUH[DPSOHWKHFRRUGLQDWHSUREDELOLW\
GLVVLSDWLYHVWDWHRXWRIWKDWFHOOLVPXFK FRUUHVSRQGVWRVWDWHDQGWKHPRPHQWXP
PRUHOLNHO\LQWLPH SUREDELOLW\WRSURFHVV%XWWKDWLVUDWKHU
DQDQDORJ\

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHSK\VLFDOLQWHUSUHWDWLRQRIWKHYHOR 7KHFRHIILFLHQWVαβ IURP WKH
FLW\IRUDVHULHVWRFRQYHUJHLVMXVWDV GHILQLWLRQRITXELWFDQEHLQWHUSUHWHGDV
YHORFLW\RIVRPHSK\VLFDOSURFHVV,I JHQHUDOL]HGFRPSOH[SRVVLELOLWLHVRIWKH
WKHFDVHLVVSDWLDOPRWLRQWKHQWKHFRQ FRHIILFLHQWVαβ IURPUHODWLYLW\
QHFWLRQ EHWZHHQYHORFLW\DQGSUREDELOLW\
LVIL[HGE\WKHIXQGDPHQWDOFRQVWDQWF Qubit: Relativity:
α2+β β2=1 β)1/2
α = (1-β
α|0〉〉+β
β|1〉〉 = q β=v/c
:KHUHY LVYHORFLW\S LVSUREDELOLW\

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
7KHLQWHUSUHWDWLRQRIWKHUDWLREHWZHHQ %XWZHQHHGVRPHLQWHUSUHWDWLRQRI
QRQVWDQGDUGLQILQLWHVLPDOVERWKDV FRPSOH[SUREDELOLWLHVRUZKLFKLVHTXL
YHORFLW\DQGDVSUREDELOLW\7KHUDWLR YDOHQWRIFRPSOH[QRQVWDQGDUGQHLJK
EHWZHHQpVWDQDGDUGq LQILQLWHVLPDOV ERUKRRGV,IZHUHMHFW $)WKHQZHFDQ
ZKLFKH[LVWRQO\LQERXQGDU\WUDQVLW LQWURGXFHWKHIDOOLQJGHVFHQGLQJIURP
WKHLQILQLW\EXWDOVRLQILQLWHVHULHVDV
SXUHO\SURSHUO\LPDJLQDU\QRQVWDQGDUG
QHLJKERUKRRGV7KHUHDOFRPSRQHQWVJR
XSWRLQILQLW\7KHLPDJLQDU\RQHVJR
GRZQWRILQLWHQHVV

20
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$IWHUWKDWDOOWKHFRPSOH[SUREDELOLWLHV &RQVHTXHQWO\WKHUHH[LVWVRQHPRUH
DUHXVKHUHGLQYDU\LQJWKHWLHVpK\VWH EULGJHRILQWHUSUHWDWLRQFRQQHFWLQJ
UHVHVq pXSq RUpGRZQq EHWZHHQWZR +LOEHUWDQG'RU0LQNRZVNLVSDFH
ZHOORUGHUHGQHLJKERUVWDQGDUGSRLQWV :KDWGRWKHFRQVWDQWVF DQGK LQWHU
:DYHIXQFWLRQEHLQJRUQRWLQVHSDUDEOH
SUHW IURPWKHUHODWLRQVDQGUDWLRVEHW
+LOEHUWVSDFH LHZLWKFRXQWDEOHRU
ZHHQ WZRQHLJKERUQRQVWDQGDUGLQWHU
QRQFRXQWDEOHSRZHURILWVFRPSRQHQWV 
LVZHOOLQWHUSUHWHGDVQRQVWDQGDUG YDOV",WWXUQVRXWWKDWF UHVWULFWVWKHUD
VWUDLJKWOLQH RULWVUDWLRQDOVXEVHW  WLR EHWZHHQWZRQHLJKERUQRQVWDQGDUG
2SHUDWRUVWUDQVIRUPVXFKOLQHV LQWHUYDOVERWKHLWKHUpXSq RUpGRZQq

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
$QGZKDWDERXWWKHFRQVWDQWK",W $QGZKDWDERXWWKHFRQVWDQWK",WJXD
JXDUDQWHHVRQH[LVWLQJRIERWKWKH UDQWHHV RQH[LVWLQJRIERWKWKHVHTXHQ
VHTXHQFHVERWKWKHQRQVWDQGDUG FHVERWKWKHQRQVWDQGDUGQHLJKERU
QHLJKERUKRRGVpXSq DQGpGRZQq,WLV KRRGVpXSq DQGpGRZQq,WLVWKHXQLW
WKHXQLWRIWKHFHQWUDOV\PPHWU\ RIWKHFHQWUDOV\PPHWU\WUDQVIRUPLQJ
WUDQVIRUPLQJEHWZHHQWKHQRQVWDQGDUG EHWZHHQWKHQRQVWDQGDUGQHLJKERUKRRGV
QHLJKERUKRRGVpXSq DQGpGRZQq RI pXSq DQGpGRZQq RIDQ\VWDQGDUG
DQ\VWDQGDUGSRLQW KdZlh iehs gZ SRLQW+RZHYHUDQRWKHULQWHUSUHWDWLRQLV
obkl_j_abkZ gZ^hem b gZ]hj_ SRVVLEOHDERXWWKHFRQVWDQWK e

1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
2QHPRUHLQWHUSUHWDWLRQRIKDVWKH 2QHPRUHLQWHUSUHWDWLRQRIK7KHVHQVH
RIγγ LVLQWXLWLYHO\YHU\FOHDU$VPRUH
VTXDUHRIWKHK\VWHUHVLVEHWZHHQWKH
SRLQWVpXSq DQGpGRZQq DUHFRPPRQ
pXSq DQGWKHpGRZQq QHLJKERUKRRG
DVERWKWKHK\VWHUHVLV EUDQFKHVDUH
EHWZHHQWZRVWDQGDUGSRLQWV8QOLNH
FORVHU6RWKHVWDQGDUGFRQWLQXLW\WXUQV
VWDQGDUGFRQWLQXLW\DSDUDPHWULFVHWRI
RXWDQH[WUHPHSHFXOLDUFDVHRIQRQVWDQ
QRQVWDQGDUGFRQWLQXLWLHVLVDYDLODEOH
GDUG FRQWLQXLW\QDPHO\DOOWKHSRLQWV
7KHSDUDPHWHUγγ ∆ ∆S∆∆[ ∆ ∆P∆∆W
pXSq DQGpGRZQq DUHFRPPRQDQG
 ∆
∆( F K GLVSOD\VWKHK\VWHUHVLV
 

ERWKWKHK\VWHUHVLV EUDQFKHVFRLQFLGH
pUHFWDQJXODULW\q GHJUHH
7KHK\VWHUHVLVLVFDQFHOHG

21
1RQVWDQGDUGXQLYHUVXP 1RQVWDQGDUGXQLYHUVXP
%\PHDQVRIWKHODWWHULQWHUSUHWDWLRQZH :KDWGRWKHFRQVWDQWVF DQGK
FDQLQWHUSUHWDOVRSKDVHVSDFHDVQRQ LQWHUSUHWDVOLPLWVRIDSKDVHVSDFHFHOO
VWDQGDUG'VSDFH$Q\FHOORISKDVH GHIRUPDWLRQ"
VSDFHUHSUHVHQWVWKHK\VWHUHVLVEHWZHHQ
'SRLQWVZHOORUGHUHGLQHDFKRIWKH
WKUHHGLPHQVLRQV7KHFRQQHFWLRQEHW
FG[ p G\ p KG[
ZHHQ SKDVHVSDFHDQG+LOEHUWVSDFHDV
GLIIHUHQWLQWHUSUHWDWLRQRIDEDVLFVSDFH +HUH  LVWKHXQLWRIFXUYLQJ>GLVWDQFH
QRQVWDQGDUG'VSDFHLVREYLRXV [ PDVV@

)RUWKFRPLQJLQQG SDUW &217,18,7<$1'&217,1880


 0RWLYDWLRQ ,112167$1'$5'81,9(5680
,QILQLW\DQGWKHD[LRPRIFKRLFH
 1RQVWDQGDUG XQLYHUVXP
Vasil Penchev
Institute for Philosophical Research
 &RQWLQXLW\DQGFRQWLQXXP Bulgarian Academy of Science
 1RQVWDQGDUGFRQWLQXLW\EHWZHHQ E-mail: vasildinev@gmail.com
WZRLQILQLWHO\FORVHVWDQGDUGSRLQWV Professional blog:
http://www.esnips.com/web/vasilpenchevsnews
 $ QHZD[LRPRIFKDQFH
 7ZRNLQGVLQWHUSUHWDWLRQRI 7KDWZDVDOORIVW SDUW
TXDQWXPPHFKDQLFV 7KDQN\RXIRU\RXUDWWHQWLRQ

22

You might also like