!++
+2-1(
&
2'''1&
$
!
421&+

$
!
","(
$
!
(5
$

"!'$
$
!"&"'
&5&&5



















"2'
$
!"&"'
&5&&5




  
































 LL





 

, KHUHE\ GHFODUH WKDW , KDYH FKHFNHG WKLV SURMHFW DQG LQ P\ RSLQLRQ WKLV SURMHFW LV
DGHTXDWH LQ WHUPV RI VFRSH DQG TXDOLW\ IRU WKH DZDUG RI WKH GHJUHH RI %DFKHORU RI
0HFKDQLFDO(QJLQHHULQJ




6LJQDWXUH
1DPHRI6XSHUYLVRU:$1$=0,%,1:$1+$0=$+
3RVLWLRQ/(&785(5
'DWHWK'(&(0%(5










 LLL




 


, KHUHE\ GHFODUH WKDW WKH ZRUN LQ WKLV SURMHFW LV P\ RZQ H[FHSW IRU TXRWDWLRQV DQG
VXPPDULHVZKLFKKDYHEHHQGXO\DFNQRZOHGJHG7KHSURMHFWKDVQRWEHHQDFFHSWHGIRU
DQ\GHJUHHDQGLVQRWFRQFXUUHQWO\VXEPLWWHGIRUDZDUGRIRWKHUGHJUHH




 

6LJQDWXUH
1DPH02+'7$8)),'%,17$:$1*
,'1XPEHU0$
'DWHWK'(&(0%(5


















 Y


$* +,


, DP JUDWHIXO DQG ZRXOG OLNH WR H[SUHVV P\ VLQFHUH JUDWLWXGH WR P\ VXSHUYLVRU
0U :DQ $]PL ELQ :DQ +DP]DK IRU KLV JHUPLQDO LGHDV LQYDOXDEOH JXLGDQFH
FRQWLQXRXV HQFRXUDJHPHQW DQG FRQVWDQW VXSSRUW LQ PDNLQJ WKLV UHVHDUFK SRVVLEOH +H
KDV DOZD\V LPSUHVVHG PH ZLWK KLV RXWVWDQGLQJ SURIHVVLRQDO FRQGXFW KLV VWURQJ
FRQYLFWLRQ IRU VFLHQFH DQG KLVEHOLHI WKDW DEDFKHORUSURJUDP LV RQO\ D VWDUW RI D OLIH
ORQJOHDUQLQJH[SHULHQFH,DSSUHFLDWHKLVFRQVLVWHQWVXSSRUWIURPWKHILUVWGD\,DSSOLHG
WR JUDGXDWH SURJUDP WR WKHVH FRQFOXGLQJ PRPHQWV , DP WUXO\ JUDWHIXO IRU KLV
SURJUHVVLYHYLVLRQDERXWP\WUDLQLQJLQVFLHQFHKLVWROHUDQFHRIP\QDLYHPLVWDNHVDQG
KLVFRPPLWPHQWWRP\IXWXUHFDUHHU,DOVRZRXOGOLNHWRH[SUHVVYHU\VSHFLDOWKDQNVWR
P\FRVXSHUYLVRU0U0RKG$]UXO+LVKDPELQ0RKG$GLEIRUKLVVXJJHVWLRQVDQGFR
RSHUDWLRQWKURXJKRXWWKHVWXG\ ,DOVRVLQFHUHO\WKDQNVIRUWKHWLPHVSHQWSURRIUHDGLQJ
DQGFRUUHFWLQJP\PDQ\PLVWDNHV

0\ VLQFHUH WKDQNV JR WR DOO P\ FRXUVH PDWHV DQG PHPEHUV RI WKH VWDII RI WKH
0HFKDQLFDO (QJLQHHULQJ 'HSDUWPHQW 803 ZKR KHOSHG PH LQ PDQ\ ZD\V DQG PDGH
P\VWD\DW803SOHDVDQWDQGXQIRUJHWWDEOH0DQ\VSHFLDOWKDQNVJRWRP\FODVVPDWHV
DQG GHDU KRXVHPDWHV IRU WKHLU H[FHOOHQW XQGHUVWDQGLQJ FRRSHUDWLRQ LQVSLUDWLRQV DQG
VXSSRUWVGXULQJWKLVVWXG\

, DFNQRZOHGJH P\ VLQFHUH LQGHEWHGQHVV DQG JUDWLWXGH WR P\ SDUHQWV IRU WKHLU
ORYH GUHDP DQG VDFULILFH WKURXJKRXW P\ OLIH , DP DOVR JUDWHIXO WR P\ VSHFLDO RQH
-XZDLQLELQWL-XVRKIRUKHUVXSSRUWORYHDQGXQGHUVWDQGLQJWKDWZHUHLQHYLWDEOHWRPDNH
WKLVZRUNSRVVLEOH,FDQQRWILQGWKHDSSURSULDWHZRUGVWKDWFRXOGSURSHUO\GHVFULEHP\
DSSUHFLDWLRQ IRU WKHLU GHYRWLRQ VXSSRUW DQG IDLWK LQ P\ DELOLW\ WR DWWDLQ P\ JRDOV
6SHFLDOWKDQNVVKRXOGEHJLYHQWRP\FRPPLWWHHPHPEHUV,ZRXOGOLNHWRDFNQRZOHGJH
WKHLUFRPPHQWVDQGVXJJHVWLRQVZKLFKZDVFUXFLDOIRUWKHVXFFHVVIXOFRPSOHWLRQRIWKLV
VWXG\

 YL


-



7KH WKHVLV GHDOV ZLWK WKH QXPHULFDO VLPXODWLRQ RI QDQRIOXLG IRUFHG FRQYHFWLRQ KHDW
WUDQVIHUXQGHUWKHWXUEXOHQWIORZZLWKGLIIHUHQWYROXPHFRQFHQWUDWLRQV7KHREMHFWLYHRI
WKLV WKHVLV LV WR VWXG\ WKH KHDW WUDQVIHU FRHIILFLHQW RI QDQRIOXLG DW YDULRXV YROXPH
FRQFHQWUDWLRQV DQG 5H\QROGV QXPEHU XVLQJ &RPSXWDWLRQDO )OXLG '\QDPLF &)'
VRIWZDUH7KLVWKHVLVGHVFULEHVWKH&)'DQDO\VLVWHFKQLTXHVWRSUHGLFWWKHKHDWWUDQVIHU
FRHIILFLHQWXVLQJ)/8(17VRIWZDUH$OXPLQXP2[LGH$O2:DWHUZLWK
DQG  RI YROXPH FRQFHQWUDWLRQ ZHUH VWXGLHG LQ WKLV WKHVLV ZKLFK FRPPRQO\
DYDLODEOHQDQRIOXLGLQPDUNHW7KHVWUXFWXUDOWKUHHGLPHQVLRQDOVROLGPRGHOOLQJRISODLQ
SLSHWXEHZDVGHYHORSHGXVLQJWKHFRPSXWHUDLGHGGUDZLQJVRIWZDUH6ROLG:RUNV7KH
VWUDWHJ\RIYDOLGDWLRQRI&)'PRGHOZDVGHYHORSHGE\FRPSDULQJWKHUHVXOWIURPZDWHU
VLPXODWLRQ ZLWK WKH DYDLODEOH HTXDWLRQ LQ WKH VWXG\ RI IRUFHG FRQYHFWLRQ KHDW WUDQVIHU
7KH &)' DQDO\VLV ZDV WKHQ SHUIRUPHG XVLQJ )/8(17 ZLWK QDQRIOXLG DV WKH ZRUNLQJ
IOXLG7KH&)'PRGHORIFRPSRQHQWVZDVDQDO\]HGXVLQJWKHSUHVVXUHEDVHGVROYHUDQG
NHSVLORQ YLVFRXV PRGHO )LQDOO\ WKH EXON WHPSHUDWXUH DQG ZDOO WHPSHUDWXUH RI WKH
ZRUNLQJ IOXLG REWDLQHG IURP WKH VLPXODWLRQ DUH XVHG WR FDOFXODWH WKH KHDW WUDQVIHU
FRHIILFLHQWRIWKHIOXLG)URPWKHUHVXOWLWLVREVHUYHGWKDWWKHKHDWWUDQVIHUFRHIILFLHQW
RI EDVH IOXLG ZDWHU LV LQFUHDVHG DERXW  LQ WKH SUHVHQFH RI QDQRSDUWLFOHV ZKHQ
5H\QROGVQXPEHUDQGYROXPHFRQFHQWUDWLRQDUHLQFUHDVH%XWLQFUHDVHLQKHDWWUDQVIHU
FRHIILFLHQW E\ LQFUHDVLQJ YROXPH FRQFHQWUDWLRQ RI QDQRIOXLG LV YDOLG ZKHQ 5H\QROGV
QXPEHUEHORZ5HVXOWVREWDLQHGIURPVLPXODWLRQZHUHWKHQ FRPSDUHGZLWKWKH
H[SHULPHQWDQGLWLVREVHUYHGWKDWDFORVHDJUHHPHQWEHWZHHQVLPXODWLRQDQGH[SHULPHQW
LV DFKLHYHG %RWK VLPXODWLRQ DQG H[SHULPHQW UHVXOWV FRQFOXGHG WKDW WKH KHDW WUDQVIHU
FRHQIILFLHQW LQFUHDVH ZKHQ QDQRIOXLG LV XVHG DV WKH ZRUNLQJ IOXLG 7KHVH UHVXOWV DUH
VLJQLILFDQW WR LPSURYH WRGD\ FRROLQJ IOXLG LQ WKH ZD\ RI LQFUHDVLQJ WKH KHDW WUDQVIHU
FRHIILFLHQW












 YLL


-
$


7HVLV LQL EHUXUXVDQ GHQJDQ VLPXODVL QXPHULN NRQYHNVL SDNVD SHUSLQGDKDQ SDQDV
EHQGDOLUQDQR GL EDZDK DOLUDQ JHUORUD GHQJDQ NHSHNDWDQ LVLSDGX \DQJ EHUEH]D 7XMXDQ
WHVLVLQLDGDODKXQWXNPHPSHODMDULSHNDOLSHUSLQGDKDQSDQDVEHQGDOLUQDQRSDGDSHOEDJDL
NHSHNDWDQ LVLSDGX GDQ ELODQJDQ 5H\QROGV GHQJDQ PHQJJXQDNDQ SHULVLDQ %HQGDOLU
'LQDPLN %HUNRPSXWHU %'% 7HVLV LQL PHPELQFDQJNDQ WHNQLNWHNQLN DQDOLVLV %'%
XQWXN PHQJDJDN SHNDOL SHPLQGDKDQ SDQDV PHQJJXQDNDQ SHULVLDQ )/8(17
$OXPLQLXP2NVLGD$O2:DWHUGHQJDQNHSHNDWDQLVLSDGXGDQWHOD
GLSHODMDUL GDODP WHVLV \DQJ PHUXSDNDQ EHQGDOLUQDQR \DQJ ELDVD WHUGDSDW GL SDVDUDQ
3HPRGHODQ SDGDW VWUXNWXU WLJDGLPHQVL XQWXN WDEXQJ SDLS SRORV GLEDQJXQNDQ GHQJDQ
PHQJJXQDNDQ NRPSXWHU SHULVLDQ GLEDQWXUHNDEHQWXN 6ROLG:RUNV 6WUDWHJL XQWXN
PHQJHVDKNDQ PRGHO %'% \DQJ GLEDQJXQNDQ DGDODK GHQJDQ PHPEDQGLQJNDQ GHQJDQ
KDVLOGDULVLPXODVLDLUGDQGHQJDQSHUVDPDDQ\DQJWHUGDSDWGDODPNDMLDQNRQYHNVLSDNVD
SHUSLQGDKDQSDQDV$QDOLVLV%'0NHPXGLDQGLODNXNDQGHQJDQPHQJJXQDNDQ)/8(17
GHQJDQ QDQRIOXLG VHEDJDL EHQGDOLU NHUMD 0RGHO NRPSRQHQ %'% GLDQDOLVLV
PHQJJXQDNDQ SHQ\HOHVDL EHUVDVNDQ WHNDQDQ GDQ PRGHO NHOLNDWDQ NHSVLORQ $NKLUQ\D
VXKX PDVVD EHQGDOLU NHUMD GDQ VXKX GLQGLQJ SDLS \DQJ GLSHUROHKL GDULSDGD VLPXODVL
GLJXQDNDQ XQWXN PHQJLUD SHNDOL SHUSLQGDKDQ SDQDV GDUL EHQGDOLU 'DUL KDVLO WHUVHEXW
GLOLKDW EDKDZD SHNDOL SHUSLQGDKDQ SDQDV EHQGDOLU DVDV DLU PHQLQJNDW VHEDQ\DN 
GHQJDQ NHKDGLUDQ SDUWLNHO QDQR DSDELOD ELODQJDQ 5H\QROGV GDQ NHSHNDWDQ LVLSDGX
PHQLQJNDW1DPXQEHJLWXSHQLQJNDWDQSHNDOLSHUSLQGDKDQSDQDVGHQJDQPHQLQJNDWNDQ
NHSHNDWDQLVLSDGXEHQGDOLUQDQRNHWLNDELODQJDQ5H\QROGVGLEDZDK.HSXWXVDQ
\DQJ GLSHUROHKL GDULSDGD VLPXODVL NHPXGLDQ GLEDQGLQJNDQ GHQJDQ HNVSHULPHQ GDQ
GLDPDWL EDKDZD WHUGDSDW SHUVHWXMXDQ \DQJ HUDW DQWDUD VLPXODVL GDQ HNVSHULPHQ
'DULSDGD KDVLO VLPXODVL GDQ HNVSHULPHQ GDSDWODK GLVLPSXONDQ EDKDZD SHNDOL
SHPLQGDKDQSDQDVPHQLQJNDWGLVDDWQDQRIOXLGGLJXQDNDQVHEDJDLEHQGDOLUNHUMD+DVLO
GDULSDGD NHSXWXVDQ LQL GDSDWODK GLJXQDNDQ XQWXN PHQLQJNDWNDQ FDLUDQ SHQGLQJLQ KDUL
LQLGHQJDQFDUDPHQLQJNDWNDQSHNDOLSHUSLQGDKDQSDQDV
 YLLL


7$%/(2)&217(176

3DJH
683(59,625¶6'(&/$5$7,21 LL
678'(17¶6'(&/$5$7,21 LLL
'(',&$7,21 LY
$&.12:/('*(0(176 Y
$%675$&7 YL
$%675$. YLL
7$%/(2)&217(176 YLLL
/,672)7$%/(6 [L
/,672)),*85(6 [LL
/,672)6<0%2/6 [YL
/,672)$%%5(9,$7,216 [YLLL

&+$37(5 ,1752'8&7,21 

 ,QWURGXFWLRQ 
 3UREOHP6WDWHPHQW 
 6LJQLILFDQWRI6WXG\ 
 3URMHFW2EMHFWLYHV 
 6FRSHRI3URMHFW 

&+$37(5 /,7(5$785(5(9,(: 

 ,QWURGXFWLRQ 
 +LVWRU\RI+HDW7UDQVIHU 
 7KHRU\RI+HDW7UDQVIHU 
 &RQYHFWLRQ0HFKDQLVP 
 )RUFHG&RQYHFWLRQ 
 ,QWHUQDO)RUFHG&RQYHFWLRQ 
 $YHUDJH9HORFLW\DQG7HPSHUDWXUH 
 )ORZVLQ7XEHV 
 7XUEXOHQW)ORZLQ7XEH 
 7KH(QWUDQFH5HJLRQ 
 (QWU\/HQJWKV 
 3UHVVXUH'URS 
 L[


 (QJLQHHULQJ3DUDPHWHUVIRU+HDW7UDQVIHU 
 +HDW7UDQVIHU&RHIILFLHQW 
 1DQRIOXLGV 
 %DVLF&RQFHSWRI1DQRIOXLGV 
 1DQRIOXLG6WUXFWXUH 
 0DWHULDOVIRU1DQRSDUWLFOHVDQG%DVH)OXLGV 
 7HFKQRORJ\IRU3URGXFWLRQRI1DQRSDULFOHVDQG 
1DQRIOXLGV
 7HFKQLTXHV8VHGLQ3URGXFWLRQRI1DQRIOXLGV 
 3RWHQWLDO%HQHILWVRI1DQRIOXLGV 
 3UHYLRXV([SHULPHQW6WXG\RI1DQRIOXLG 
 ([SHULPHQWDO6WXG\RI1DQRIOXLG7KHUPDO 
&RQGXFWLYLW\
 ([SHULPHQWDO6WXGXRI1DQRIOXLG+HDW 
7UDQVIHU
 ([SHULPHQW6WXG\RQ+HDW7UDQVIHU 
3HUIRUPDQFHDQG3UHVVXUH'URSRI1DQRIOXLGV
 3UHYLRXV1XPHULFDO6WXG\RI1DQRIOXLGV 
 1XPHULFDO6WXG\RI+HDW7UDQVIHU'LR[LGH 
7L2
 1XPHULFDO6WXG\RI7XUEXOHQW)ORZDQG+HDW 
7UDQVIHURQ1DQRIOXLG&KDUDFWHULVWLFV
 1XPHULFDO6WXG\RI7XUEXOHQW)RUFHG 
&RQYHFWLRQRID1DQRIOXLGLQD7XEHZLWK
XQLIRUP+HDW)OX[XVLQJD7ZR3KDVH
$SSURDFK
 &RQFOXVLRQ 

&+$37(5 0(7+2'2/2*< 

 ,QWURGXFWLRQ 
 0HWKRG 
 6RIWZDUH 
 6ROLG:RUNV6RIWZDUH 
 *$0%,76RIWZDUH 
 )/8(176RIWZDUH 
 7HUPV8VHGLQ6RIWZDUH 
 1XPHULFDO$QDO\VLV 
 'HVLJQLQJ7XEHLQ6ROLG:RUNV 
6HWWLQJXS0HVKDQG%RXQGDU\/D\HUIRU7XEH 
LQ*$0%,7
 [


 6HWWLQJXS3DUDPHWHUV,QYROYHGLQ)/8(17 
 &RQFOXVLRQ 

&+$37(5 5(68/76$1'',6&866,21 

 ,QWURGXFWLRQ 
 1XPHULFDO6LPXODWLRQ0RGHOLQJ 
 7KHUPRSK\VLFDO3URSHUWLHV 
 &DOLEUDWLRQ7HVW 
 1DQRIOXLG6LPXODWLRQ 
 'DWD&RQWULEXWLRQ6LPXODWLRQ5HVXOWIRU 
$O2:DWHUZLWKĭ 
 'DWD&RQWULEXWLRQ6LPXODWLRQ5HVXOWIRU 
$O2:DWHUZLWKĭ
 'DWD&RQWULEXWLRQ6LPXODWLRQ5HVXOWIRU 
$O2:DWHUZLWKĭ 
 'DWD&RPSDULVRQ 
 :DOO7HPSHUDWXUH(IIHFW 
 5HVXOW9DOLGDWLRQ 

&+$37(5 &21&/86,21$1'5(&200(1'$7,216 

 ,QWURGXFWLRQ 
 &RQFOXVLRQ 
 5HFRPPHQGDWLRQ 

5()(5(1&(6 
$33(1',&(6  
$ *DQWW&KDUW)<3 
% *DQWW&KDUW)<3 
& /LVWRI(TXDWLRQV 
' /LVWRI(TXDWLRQV 
( ,QSXW3DUDPHWHUVDW,QOHW 



 [L


/,672)7$%/(6

7DEOH1R 7LWOH 3DJH
  
 ,QGHSHQGHQWSDUDPHWHUV 
  
 'HSHQGHQWSDUDPHWHUV 
  
 'LPHQVLRQOHVVSDUDPHWHUVRIJHQHUDOFRQYHFWLRQ)UHHDQG 
IRUFHG
  
 'LPHQVLRQOHVVSDUDPHWHUVRIIUHHFRQYHFWLRQ 
  
 'LPHQVLRQOHVVSDUDPHWHUVRIIRUFHGFRQYHFWLRQRQO\ 
  
 7\SLFDOYDOXHVRIFRQYHFWLRQKHDWWUDQVIHUFRHIILFLHQW 
  
 3DUDPHWHUVXVHGLQWKHVLPXODWLRQ 
  
 /LVWRIWHUPVXVHGLQWKHVRIWZDUH 
  
 7KHERXQGDU\W\SHVLQSXW 
  
 7KHWKHUPRSK\VLFDOSURSHUWLHVRIQDQRIOXLGVDWR& 
  
 7KHUPRSK\VLFDOSURSHUWLHVRIPDWHULDOVXVHGLQWKHVLPXODWLRQ 
  
 'DWDGLVWULEXWLRQIURPVLPXODWLRQRIZDWHU 
  
 'DWDFRQWULEXWLRQVLPXODWLRQUHVXOWIRU$O2:DWHUZLWK 
ĭ 
  
 'DWDFRQWULEXWLRQVLPXODWLRQUHVXOWIRU$O2:DWHUZLWK 
ĭ 
  
 'DWDFRQWULEXWLRQVLPXODWLRQUHVXOWIRU$O2:DWHUZLWK 
ĭ 
  
  







 [LL


/,672)),*85(6

)LJXUH1R 7LWOH 3DJH
  
 $YHUDJHYHORFLW\9DYJ IRUIXOO\GHYHORSHGODPLQDUSLSHIORZ 
LVKDOIRIPD[LPXPYHORFLW\
  
 7KHGHYHORSPHQWRIWKHYHORFLW\ERXQGDU\OD\HULQDWXEH 
  
 7KHGHYHORSPHQWRIWKHWKHUPDOERXQGDU\OD\HULQDWXEH 
  
 %ULJKWILHOGWUDQVPLVVLRQHOHFWURQPLFURJUDSKRIFRSSHU 
QDQRSDUWLFOHV
  
 6FKHPDWLFFURVVVHFWLRQRIQDQRIOXLGVWUXFWXUH 
  
 1XPHULFDOGRPDLQWHVWVHFWLRQRIWKHKRUL]RQWDOSLSH 
  
 &RPSDULVRQEHWZHHQWKHVLPXODWLRQUHVXOWVSUHGLFWLRQVE\ 
WKHHPSLULFDO6KDKHTXDWLRQDQGWKHH[SHULPHQWDOGDWDIRU
SXUHZDWHUIORZ
  
 $[LDOSURILOHVRIWKHFRQYHFWLYHKHDWWUDQVIHUFRHIILHFLHQWIRU 
DFRQVWDQWZDOOKHDWIOX[RI:P
  
 5DGLDOSURILOHVRIORFDOD[LDOYHORFLW\RIQDQRIOXLGIRU 
QDQRSDUWLFOHYROXPHFRQFHQWUDWLRQRIDQGKHDWIOX[RI
:P
  
 *ULGOD\RXWXVHGLQWKHDQDO\VLVD[LV\PPHWULFDERXW;D[LV 
  
 9DULDWLRQRI3UDQGWDOQXPEHUZLWK5H\QROGVQXPEHULQWKH 
VLPXODWLRQVIRUYDULRXVQDQRIOXLG
  
 &RPSDULVRQRI1XVVHOWQXPEHUYHUVXV5H\QROGVQXPEHUIRU 
WKUHHGLIIHUHQWQDQRIOXLGVDQGWKHEDVHIOXLG
  
 (IIHFWRIQDQRSDUWLFOHYROXPHFRQFHQWUDWLRQRQWKHZDOOVKHDU 
VWUHVVIRU&X2QDQRIOXLGVLQWKHIXOO\GHYHORSHGUHJLRQ
  
 &RPSDULVRQRIKHDWWUDQVIHUFRHIILFLHQWRIGLIIHUHQW 
QDQRIOXLGVRYHUWKHEDVHIOXLG(*ZDWHU
  
 $[LDOHYROXWLRQRIWKHFHQWHUOLQHWXUEXOHQWNLQHWLFHQHUJ\IRU 
SXUHZDWHUDQGQDQRIOXLG
  
 1XVVHOWDORQJQXPEHUDORQJWKHWXEHD[LV 

 [LLL


)LJXUH1R 7LWOH 3DJH

  
 7KHIORZGLDJUDPRIWKHSURMHFW 
  
 7KHIORZGLDJUDPRIWKHDQDO\VLV 
  
 7KH6ROLG:RUNV*UDSKLFDO8VHU,QWHUIDFH*8, 
  
 7KH*$0%,7*UDSKLFDO8VHU,QWHUIDFH*8, 
  
 )/8(17*UDSKLFDO8VHU,QWHUIDFH*8, 
  
 'LDPHWHURIWKHFLUFOH 
  
 &LUFOHZLWKDOLQHLQWKHPLGGOH 
  
 &LUFOHDIWHUWULPPLQJSURFHVV 
  
 +DOI'F\OLQGHUGHVLJQ 
  
 *DPELW6WDUWXSZLQGRZ 
  
 ,PSRUW,*(6)LOHZLQGRZ 
  
 0HVK9ROXPHVVXESDG 
  
 9ROXPH/LVW0XOWLSOHVXESDG 
  
 7KHF\OLQGHUDIWHUPHVKLQJSURFHVV 
  
 ,QSXWIRUF\OLQGHUERXQGDU\W\SHV 
  
 ,QSXWIRUF\OLQGHUFRQWLQXXPW\SHV 
  
 7KH)OXHQW9HUVLRQVSDQHO 
  
 7KHGDWDIURPVDYHGILOH 
  
 7KHJULGVL]HRIWKHF\OLQGHU 
  
 7KH6ROYHUSDQHO 
  
 7KH9LVFRXV0RGHOSDQHO 
  
 7KH0DWHULDOVSDQHO 
  
 7KH)OXHQW'DWDEDVH0DWHULDOVSDQHO 


 [LY


)LJXUH1R 7LWOH 3DJH

  
 7KH2SHQ'DWDEDVHER[ 
  
 7KH0DWHULDOV3URSHUWLHVSDQHO 
  
 (GLW3URSHUW\0HWKRGV 
  
 7KH8VHU'HILQHG0DWHULDOVSDQHO 
  
 7KH%RXQGDU\FRQGLWLRQVSDQHO 
  
 7KH9HORFLW\,QOHWSDQHOLQSXWGDWD 
  
 7KH:DOOSDQHOLQSXWGDWD 
  
 7KH6ROXWLRQ&RQWUROVSDQHO 
  
 7KH6ROXWLRQ,QLWLDOL]DWLRQSDQHO 
  
 7KH,WHUDWHSDQHO 
  
 7KHGHVLJQRILQQHUSLSHWXEHLQ6ROLG:RUNV 
  
 7KHLQQHUSLSHWXEHGHVLJQDIWHUWKHPHVKLQJSURFHVV 
  
 *UDSKFRPSDULVRQEHWZHHQVLPXODWLRQH[SHULPHQWDQG 
FDOFXODWLRQ
  
 7KHWHPSHUDWXUHGLVWULEXWLRQDWORZHVW5H\QROGVQXPEHUIRU 
ZDWHU
  
 7KHWHPSHUDWXUHGLVWULEXWLRQDWKLJKHVW5H\QROGVQXPEHUIRU 
ZDWHU
  
 7KHFRQWRXURIWHPSHUDWXUHGLVWULEXWLRQIRU$OXPLQXP2[LGH 
$O2:DWHUZLWKFRQFHQWUDWLRQDWORZHVW5H\QROGV
QXPEHU5H 
  
 7KHFRQWRXURIWHPSHUDWXUHGLVWULEXWLRQIRU$OXPLQXP2[LGH 
$O2:DWHUZLWKFRQFHQWUDWLRQDWKLJKHVW5H\QROGV
QXPEHU5H 
  
 7KHFRQWRXURIWHPSHUDWXUHGLVWULEXWLRQIRU$OXPLQXP2[LGH 
$O2:DWHUZLWKFRQFHQWUDWLRQDWORZHVW5H\QROGV
QXPEHU5H 
  

  
 [Y


)LJXUH1R 7LWOH 3DJH

  
 7KHFRQWRXURIWHPSHUDWXUHGLVWULEXWLRQIRU$OXPLQXP2[LGH 
$O2:DWHUZLWKFRQFHQWUDWLRQDWKLJKHVW5H\QROGV
QXPEHU5H 
  
 7KHFRQWRXURIWHPSHUDWXUHGLVWULEXWLRQIRU$OXPLQXP2[LGH 
$O2:DWHUZLWKFRQFHQWUDWLRQDWORZHVW5H\QROGV
QXPEHU5H 
  
 7KHFRQWRXURIWHPSHUDWXUHGLVWULEXWLRQIRU$OXPLQXP2[LGH 
$O2:DWHUZLWKFRQFHQWUDWLRQDWKLJKHVW5H\QROGV
QXPEHU5H 
  
 &RPSDULVRQRI1XVVHOWQXPEHUDQG5H\QROGVQXPEHUIURP 
VLPXODWLRQ
  
 &RPSDULVRQRI1XVVHOWQXPEHUDQG5H\QROGVQXPEHUIURP 
H[SHULPHQW
  
 &RPSDULVRQRIKHDWWUDQVIHUFRHIILFLHQWDQG5H\QROGVQXPEHU 
IRUVLPXODWLRQ
  
 &RPSDULVRQRIKHDWWUDQVIHUFRHIILFLHQWDQG5H\QROGVQXPEHU 
IRUH[SHULPHQW
  
 7KHZDOOWHPSHUDWXUHRIQDQRIOXLGDQGSXUHZDWHUYHUVXV 
5H\QROGVQXPEHUIURPVLPXODWLRQGDWD














 [YL


/,672)6<0%2/6

ȡ 'HQVLW\
 
5H 5H\QROGV1XPEHU
 

ĭ 9ROXPHFRQFHQWUDWLRQ
 
/ /HQJWK
 
3U 3UDQGWO1XPEHU
 
1X 1XVVHOW1XPEHU
 
7E %XON7HPSHUDWXUH
 
7Z :DOO7HPSHUDWXUH
 
7’ )OXLG7HPSHUDWXUH
 
+2 :DWHU
 
7V 6XUIDFH7HPSHUDWXUH
 
&X &RSSHU
 
Pሶ  0DVV)ORZ5DWH
 
$  &URVV6HFWLRQDO$UHD
 
I )ULFWLRQ)DFWRU
 
$O2 $OXPLQXP2[LGH
 
&3  6SHFLILF+HDW
 
9 9HORFLW\
 
N '\QDPLF9LVFRVLW\
 
K +HDW7UDQVIHU&RHIILFLHQW
 
$V +HDW7UDQVIHU6XUIDFH$UHD
 
ሶ …‘˜  +HDW7UDQVIHUIRU&RQYHFWLRQ
 
XU 9HORFLW\3URILOH
 
 [YLL


GS 'LDPHWHU3DUWLFOH
 
GPD[ 'LDPHWHU0D[LPXP
 
NQI 7KHUPDO&RQGXFWLYLW\RI1DQRIOXLG
 
ȝQI '\QDPLF9LVFRVLW\RI1DQRIOXLG
 
&3QI  6SHFLILF+HDWRI1DQRIOXLG
 
NZ 7KHUPDO&RQGXFWLYLW\RI:DWHU
 
ȝZ '\QDPLF9LVFRVLW\RI:DWHU
 
&3Z  6SHFLILF+HDWRI:DWHU
 
J *UDYLW\























 [YLLL


/,672)$%%5(9,$7,216

)<3 )LQDO<HDU3URMHFW
 
&)' &RPSXWDWLRQDO)OXLG'\QDPLF
 
*8, *UDSKLFDO8VHU,QWHUIDFH
 
&$' &RPSXWHU$LGHG'HVLJQ
 
00*6 0LOLPHWHUJUDPDQGVHFRQG
 
7, 7XUEXOHQW,QWHQVLW\




 





&+$37(5


,1752'8&7,21


 ,1752'8&7,21

,QWRGD\¶V JOREDOL]HGDQGPRGHUQZRUOGWKHUHDUHPDQ\SURGXFWVDYDLODEOHIRU
FRQVXPHUV WR EH XVHG LQ DOO UDQJHV IURP IRRG WR FORWKLQJ HOHFWULFDO DSSOLDQFHV WR
WUDQVSRUWDWLRQ%XWGRZHNQRZORWVRIWKHVHSURGXFWVVXFKDVHOHFWURQLFGHYLFHVHJ
ODSWRSVFRPSXWHUVDQGJDPHFRQVROHVKHDWH[FKDQJHUVHJUHIULJHUDWRUKHDWHUDQG
DLUFRQGLWLRQHUDQGWUDQVSRUWDWLRQYHKLFOHVQHHGWRKDYHDOLTXLGFRRODQWWRSUHYHQWWKH
RYHUKHDWLQJRUWRLPSURYHWKHUDWHRIKHDWWUDQVIHU+RZHYHUWKHOLTXLGFRRODQWVRUKHDW
WUDQVIHU IOXLGV WKDW ZH KDYH WRGD\ VXFK DV ZDWHU HQJLQH RLO DQG HWK\OHQH JO\FRO
JHQHUDOO\ KDV SRRU WKHUPDO SURSHUWLHV )RU PRUH WKDQ  \HDUV PDQ\ VFLHQWLVWV DQG
HQJLQHHUVKDYHPDGHJUHDWHIIRUWVWRLPSURYHWKHLQKHUHQWO\SRRUWKHUPDOFRQGXFWLYLWLHV
RIWKHVHWUDGLWLRQDOKHDWWUDQVIHUIOXLGV-&0D[ZHOO

$Q LQQRYDWLYH ZD\ RI LPSURYLQJ WKH WKHUPDO FRQGXFWLYLWLHV RI KHDW WUDQVIHU
IOXLGVLVWRVXVSHQGVPDOOVROLGSDUWLFOHVLQWKHIOXLGV,QRUGHUWRDFKLHYHWKLVQDQRIOXLGV
KDYHEHHQXVHG1DQRIOXLGVDUHQDQRPHWHUVL]HGSDUWLFOHVQPGLVSHUVHGLQDEDVH
IOXLG VXFK DV ZDWHU HWK\OHQH JO\FRO RU SURS\OHQH JO\FRO $GGLWLRQ RI KLJK WKHUPDO
FRQGXFWLYLW\PHWDOOLFQDQRSDUWLFOHVHJDOXPLQXPFRSSHUVLOLFRQDQGVLOYHULQFUHDVHV
WKHWKHUPDOFRQGXFWLYLW\RIVXFKPL[WXUHVWKXVHQKDQFLQJWKHLURYHUDOOHQHUJ\WUDQVSRUW
FDSDELOLW\7KLVWHUPZDVPDGHXSE\&KRLLQDW$UJRQQH1DWLRQDO/DERUDWRU\RI
86$686&KRL

 


1DQRIOXLGV DUH WKRXJKW WR EH WKH QH[WJHQHUDWLRQ KHDW WUDQVIHU IOXLGV DQG WKH\
RIIHUH[FLWLQJSRVVLELOLWLHVGXHWRWKHLUHQKDQFHGKHDWWUDQVIHUSHUIRUPDQFHFRPSDUHGWR
RUGLQDU\IOXLGV6RPHRIWKHDGYDQWDJHVRIWKHVHQDQRIOXLGVDUH

L %HWWHU VWDELOLW\ DQG KHDW WUDQVIHU DELOLW\ FRPSDUHG WR WKRVH IOXLGV FRQWDLQLQJ
PLFURRUPLOLVL]HGSDUWLFOHV
LL +LJKHUWKHUPDOFRQGXFWLYHFDSDELOLW\WKDQWKHEDVHIOXLGVWKHPVHOYHVEHFDXVH
RIODUJHVXUIDFHVL]HIRUKHDWWUDQVIHUGXHWRVPDOOHUVL]HRISDUWLFOHV

1DQRIOXLGVDUHSURSRVHGIRUYDULRXVXVHVLQLPSRUWDQWILHOGVVXFKDVHOHFWURQLFV
WUDQVSRUWDWLRQPHGLFDODQG+HDWLQJ9HQWLODWLQJDQG$LU&RQGLWLRQLQJ+9$&+HQFH
WKHUHLVDQHHGIRUIXQGDPHQWDOXQGHUVWDQGLQJRIWKHKHDWWUDQVIHUEHKDYLRURIQDQRIOXLGV
LQ RUGHU WR H[SORLW WKHLU SRWHQWLDO EHQHILWV DQG DSSOLFDWLRQV 1DQRIOXLGV ZLWK PHWDOOLF
QDQRSDUWLFOHV DQG R[LGH QDQRSDUWLFOHV KDYH EHHQ LQYHVWLJDWHG E\ VHYHUDO UHVHDUFKHUV
VXFKDV&KRL<X0D[ZHOO'DVHWDO;XDQHWDO(DVWPDQHWDO/HHHWDO+HVWHUHW
DODQGPDQ\RWKHUVFLHQWLVWVDQGUHVHDUFKHUV

 352%/(067$7(0(17

$VZHDOUHDG\NQRZQHQHUJ\FRVWVKDYHHVFDODWHGUDSLGO\LQWKHODVWGHFDGHDQG
WKHUH DUH WUHPHQGRXV QHHGV IRU QHZ NLQGV RI KHDWLQJ RU FRROLQJ IOXLGV ZKLFK ZLOO
LQFUHDVH KHDWLQJ V\VWHP WKHUPDO SHUIRUPDQFH UHGXFH WKH RYHUDOO VL]H DQG HQHUJ\
FRQVXPSWLRQ 7KLV LV EHFDXVH PDQ\ FRQYHQWLRQDO FRRODQW IOXLGV WRGD\ DUH SRRU LQ
WKHUPDOFRQGXFWLYLWLHVZKLFKLVQRWYHU\SUDFWLFDOWREHXVHGLQLQGXVWULDOVHFWRUQRZ

,QRUGHUWRUHGXFHRXUUHO\RQWRGD\¶VFRQYHQWLRQDOFRRODQWIOXLGVZKLFKLVQRW
YHU\ FRVW HIIHFWLYH UHVHDUFK PXVWEH FDUU\ RXW QXPHULFDOO\ DQG H[SHULPHQWDOO\ WR ILQG
WKH DOWHUQDWLYH ZD\ WR VROYH WKLV SUREOHP ZKLFK LV PRUH YDOXDEOH WR SHRSOH VRFLHW\
FRXQWU\DQGZRUOG




 


 6,*1,),&$172)678'<

7KHUHDUHIHZVLJQLILFDQFHVRIWKLVVWXG\ZKHQREMHFWLYHVKDYHEHHQDFKLHYHGDV
IROORZV

L &RPPHUFLDOL]HWKHVHQDQRIOXLGVDVDQHZHUDRIOLTXLGFRRODQWVZKLFKDUHYHU\
SUDFWLFDOWREHXVHGLQLQGXVWULDOVHFWRU
LL 3HRSOH FDQ HQMR\ QHZ OLTXLG FRRODQWV ZKLFK DUH PRUH UHOLDEOH FRPSDUHG WR
FRQYHQWLRQDOOLTXLGFRRODQWVZKLFKDUHSRRULQWKHUPDOSURSHUWLHV
LLL $SSO\ WKH DGYDQWDJHV RI QDQRIOXLGV DV QHZ FRRODQW IOXLGV LQ RXU FRXQWU\ WR
RYHUFRPHWKHRYHUKHDWLQJDQGWRLQFUHDVHWKHUDWHRIKHDWWUDQVIHULQHOHFWULFDO
GHYLFHVWUDQVSRUWDWLRQHQJLQHDQG+9$&

 352-(&72%-(&7,9(6

,QRUGHUWRFRPSOHWHDSURMHFWVXFFHVVIXOO\WKHREMHFWLYHVIRUWKHSURMHFWPXVWEH
GHWHUPLQHGDQGWKHREMHFWLYHVRIWKLVSURMHFWLQFOXGHV

L 7R LQYHVWLJDWH QXPHULFDOO\ WKH EHKDYLRUV RI QDQRIOXLG $OXPLQXP 2[LGH
$O2:DWHU QDQRIOXLG IRU GLIIHUHQW 5H\QROGV QXPEHU DQG YROXPH
FRQFHQWUDWLRQGXULQJWKHIRUFHGFRQYHFWLRQKHDWWUDQVIHUXVLQJ)/8(17
LL 7RFRPSDUHWKHUHVXOWVREWDLQHGIURPWKHQXPHULFDOVLPXODWLRQVRIWZDUHZLWK
WKHH[SHULPHQWDODQGSUHYLRXVVWXG\

 6&23(62)7+(352-(&7

7KHVFRSHVRIWKLVSURMHFWDUHOLPLWHGWR

L 6LPXODWH WKH QDQRIOXLG IRUFHG FRQYHFWLRQ KHDW WUDQVIHU XQGHU WXUEXOHQW IORZ
FRQGLWLRQXVLQJQXPHULFDOPHWKRG
LL 6LPXODWH IRUFHG FRQYHFWLYH KHDW WUDQVIHU RI $O2ZDWHU EDVHG QDQRIOXLG IRU
GLIIHUHQW5H\QROGVQXPEHUDQGYROXPHFRQFHQWUDWLRQV
 


LLL 6WXG\ WKH RSWLPXP ZRUNLQJ FRQGLWLRQ RI QDQRIOXLG E\ FRQVLGHULQJ VRPH
VSHFLDO UHTXLUHPHQWV VXFK DV HYHQ VXVSHQVLRQ VWDEOH VXVSHQVLRQ GXUDEOH
VXVSHQVLRQ ORZ DJJORPHUDWLRQ RI SDUWLFOHV DQG QR FKHPLFDO FKDQJH RI WKH
QDQRIOXLG
LY $QDO\]HQDQRIOXLGQXPHULFDOO\XVLQJWKUHHGLIIHUHQWDSSURDFKHVZKLFKDUH

x 7KH ILUVW DSSURDFK DVVXPHV WKDW WKH FRQWLQXXP DVVXPSWLRQ LV VWLOO YDOLG
IRUIOXLGVZLWKVXVSHQGHGQDQRVL]HSDUWLFOHV
x 7KH VHFRQG DSSURDFK LV WR FRQVLGHU RQHSKDVH PRGHO IRU GHVFULSWLRQ RI
ERWKWKHIOXLGDQGWKHVROLGSKDVHV
x 7KHWKLUGDSSURDFKLVWRDGRSWWKH%ROW]PDQQWKHRU\
 





&+$37(5


/,7(5$785(5(9,(:


 ,1752'8&7,21

+HDWLVWKHIRUPRIHQHUJ\WKDWFDQEHWUDQVIHUUHGIURPRQHV\VWHPWRDQRWKHUDV
DUHVXOWRIWHPSHUDWXUHGLIIHUHQFH7KHVFLHQFHWKDWGHDOVZLWKWKHGHWHUPLQDWLRQRIWKH
UDWHVRIVXFKHQHUJ\WUDQVIHULVFDOOHGKHDWWUDQVIHU

,QRWKHUZRUGKHDWWUDQVIHULVWKHWUDQVLWLRQRIWKHUPDOHQHUJ\IURPDKRWWHUPDVV
WRDFRROHUPDVV:KHQDQREMHFWLVDWDGLIIHUHQWWHPSHUDWXUHWKDQLWVVXUURXQGLQJVRU
DQRWKHU REMHFW WUDQVIHU RI WKHUPDO HQHUJ\ DOVR NQRZQ DV KHDW WUDQVIHU RU KHDW
H[FKDQJH RFFXUV LQ VXFK D ZD\ WKDW WKH ERG\ DQG WKH VXUURXQGLQJV UHDFK WKHUPDO
HTXLOLEULXP WKLV PHDQV WKDW WKH\ DUH DW WKH VDPH WHPSHUDWXUH +HDW WUDQVIHU DOZD\V
RFFXUVIURPDKLJKHUWHPSHUDWXUHREMHFWWRDFRROHUWHPSHUDWXUHRQHDVGHVFULEHGE\WKH
VHFRQGODZRIWKHUPRG\QDPLFVRUWKH&ODXVLXVVWDWHPHQW:KHUHWKHUHLVDWHPSHUDWXUH
GLIIHUHQFH EHWZHHQ REMHFWV LQ SUR[LPLW\ KHDW WUDQVIHU EHWZHHQ WKHP FDQ QHYHU EH
VWRSSHGLWFDQRQO\EHVORZHG

,Q WKH VLPSOHVW RI WHUPV WKH GLVFLSOLQH RI KHDW WUDQVIHU LV FRQFHUQHG ZLWK RQO\
WZR WKLQJV WHPSHUDWXUH DQG WKH IORZ RI KHDW 7HPSHUDWXUH UHSUHVHQWV WKH DPRXQW RI
WKHUPDOHQHUJ\DYDLODEOHZKHUHDVKHDWIORZUHSUHVHQWVWKHPRYHPHQWRIWKHUPDOHQHUJ\
IURPSODFHWRSODFH

2Q D PLFURVFRSLF VFDOH WKHUPDO HQHUJ\ LV UHODWHG WR WKH NLQHWLF HQHUJ\ RI
PROHFXOHV7KHJUHDWHUDPDWHULDO
VWHPSHUDWXUHWKHQWKHJUHDWHUWKHWKHUPDODJLWDWLRQRI
LWVFRQVWLWXHQWPROHFXOHVPDQLIHVWHGERWKLQOLQHDUPRWLRQDQGYLEUDWLRQ PRGHV ,WLV
 


QDWXUDO IRU UHJLRQV FRQWDLQLQJ JUHDWHU PROHFXODU NLQHWLF HQHUJ\ WR SDVV WKLV HQHUJ\ WR
UHJLRQVZLWKOHVVNLQHWLFHQHUJ\

6HYHUDO PDWHULDOSURSHUWLHV VHUYH WR PRGXODWH WKH KHDW WUDQVIHUUHGEHWZHHQ WZR
UHJLRQV DW GLIIHULQJ WHPSHUDWXUHV ([DPSOHV LQFOXGH WKHUPDO FRQGXFWLYLWLHV VSHFLILF
KHDWVPDWHULDOGHQVLWLHVIOXLGYHORFLWLHVIOXLGYLVFRVLWLHVVXUIDFHHPLVVLYLW\DQGPRUH
7DNHQ WRJHWKHU WKHVH SURSHUWLHV VHUYH WR PDNH WKH VROXWLRQ RI PDQ\ KHDW WUDQVIHU
SUREOHPVDQLQYROYHGSURFHVV

)RU WKLV FKDSWHU D OLWWOHELW RI KLVWRULFDOEDFNJURXQG DQG DEULHI H[SODQDWLRQ RI
WKHEDVLFWKHRU\RIKHDWWUDQVIHUZLOOEHGLVFXVVHG7KHQVRPHGLVFXVVLRQRQFRQFHSWVRI
QDQRIOXLGV WHFKQRORJ\ IRU SURGXFWLRQ RI QDQRIOXLGV DQG WKH EHQHILWV RI QDQRIOXLGV LQ
LQGXVWU\ZLOOEHH[SODLQHG%HVLGHVVRPHGLVFXVVLRQRQWKHPDWHULDOVXVHGIRUPDNLQJ
WKHQDQRIOXLGVDQGWRJHWKHUZLWKWKHSUHYLRXVVWXG\LQERWKH[SHULPHQWDODQGQXPHULFDO
DERXW QDQRIOXLGV ZLOO EH GLVFXVVHG 7KHQ LW LV IROORZHG E\ VRPH RI WKH UHVXOW IURP
SUHYLRXVVWXG\E\UHVHDUFKHUVKDYHEHHQLQFOXGHGDVDUHIHUHQFHVWRWKLVVWXG\)LQDOO\
WKLVFKDSWHULVHQGVE\DOLWWOHELWFRQFOXVLRQVIURPRYHUDOORIWKLVVWXG\

 +,6725<2)+($775$16)(5

)LUVWPRGHUQFKHPLVWWRVWXG\KHDWZDV-RVHSK%ODFN%ODFNWULHG
WRH[SODLQKHDWLQWHUPVRIDIOXLG+HH[SODLQHGKRZDNHWWOHRIZDWHUSODFHGRYHUDILUH
LQFUHDVHGLQWHPSHUDWXUHEXWDNHWWOHILOOHGZLWKZDWHUDQGLFHSODFHGRYHUDILUHGLGQRW
FKDQJHLQWHPSHUDWXUHWLOODOOWKHLFHZDVPHOWHG+HVDLGWKDWXQWLOWKHLFHZDVVDWXUDWHG
ZLWKWKHKHDWIOXLG DQGWKXVEHFDPHPHOWHGFRXOGLWVWHPSHUDWXUHULVH )UHQFK FKHPLVW
$QWRLQH/DYRLVLHUDFFHSWHGWKLVWKHRU\DQGSURSRVHGDWKHRU\EDVHGIURP
WKLVSKHQRPHQRQFDOOHGDV³FDORULFWKHRU\´7KHFDORULFWKHRU\VWDWHVWKDWKHDWLVDIOXLG
OLNH VXEVWDQFH FDOOHG ³FDORULF´ /DWLQ ZRUG IRU KHDW WKDW LV D PDVV OHVV FRORUOHVV
RGRUOHVVDQGWDVWHOHVVVXEVWDQFHWKDWFDQEHSRXUHGIURPRQHERG\LQWRDQRWKHU:KHQ
FDORULFZDVDGGHGWRDERG\LWVWHPSHUDWXUHLQFUHDVHGDQGZKHQFDORULFZDVUHPRYHG
IURPERG\LWVWHPSHUDWXUHGHFUHDVHG

 


$QRWKHU LGHD FRPSHWHG ZLWK WKH FDORULF WKHRU\ 6FLHQWLVW NQHZ WKDW NLQHWLF
HQHUJ\ RI PRWLRQ SOXV WKH VWRUHG HQHUJ\ FDOOHG SRWHQWLDO HQHUJ\ ZDV JLYHQ WKH QDPH
PHFKDQLFDO HQHUJ\ DQG WKDW IULFWLRQ ZDV D SDUW RI WKH FRQVHUYDWLRQ RI WKHVH HQHUJLHV
7KH\NQHZIULFWLRQFRXOGZDUPXSDQREMHFWVRPD\EHWKHLQYLVLEOHPRWLRQRILQYLVLEOH
SDUWLFOHVZDVZKDWZHFDOOKHDW6XPPHGXSIULFWLRQZDVFRQYHUWLQJPHFKDQLFDOHQHUJ\
LQWRKHDW7KHSUREOHPZDVWKLVLGHDRIUHDOO\VPDOOSDUWLFOHVRIPDWWHULHDWRPVDQG
PROHFXOHV

$Q(QJOLVKSK\VLFLVW-DPHV3UHVFRWW-RXOHZDVDWWHPSWLQJWRILQG
WKHPHFKDQLFDOHTXLYDOHQWRIKHDW,QWKHHQGKHIRXQGWKDWDJLYHQDPRXQWRIHQHUJ\RI
ZKDWHYHU IRUP DOZD\V \LHOGHG WKDW VDPH DPRXQW RI KHDW DW  MRXOHV SHU FDORULH
7KH UHODWLRQVKLS RI WKH PRWLRQ RI DWRPV WR WHPSHUDWXUH DQG KHDW ZDV SODFHG RQ ILUP
WKHRUHWLFDOEDVLVDERXWE\WKH6FRWWLVKSK\VLFLVW-DPHV&OHUN0D[ZHOODQGWKXVSXW
WKHFDORULFWKHRU\WRWKHUHVW

 7+(25<2)+($775$16)(5

)URP WKH LQWURGXFWLRQ KHDW LV GHILQHG DV WKH IRUP RI HQHUJ\ WKDW FDQ EH
WUDQVIHUUHG IURP RQH V\VWHP WR DQRWKHU DV D UHVXOW RI WHPSHUDWXUH GLIIHUHQFH 7KH
WUDQVIHU RI HQHUJ\ DV KHDW LV DOZD\V IURP WKH KLJKHU WHPSHUDWXUH PHGLXP WR WKHORZHU
RQH7KLVWUDQVIHUSURFHVVVWRSVZKHQERWKPHGLXPUHDFKWKHVDPHWHPSHUDWXUH

+HDWFDQEHWUDQVIHUUHGLQWKHWKUHHGLIIHUHQWPHFKDQLVPVZKLFKDUHFRQGXFWLRQ
FRQYHFWLRQDQGUDGLDWLRQ7KHVHWKUHHPHFKDQLVPVRIKHDWWUDQVIHUUHTXLUHWKHH[LVWHQFH
RI D WHPSHUDWXUH GLIIHUHQFH DQG EHJLQ IURP WKH KLJK WHPSHUDWXUH PHGLXP WR D ORZHU
WHPSHUDWXUHPHGLXP%HORZLVWKHEULHIGHVFULSWLRQRIHDFKPHFKDQLVPRIKHDWWUDQVIHU

L &RQGXFWLRQ
5HJLRQV ZLWK JUHDWHU PROHFXODU NLQHWLF HQHUJ\ ZLOOSDVV WKHLU WKHUPDO HQHUJ\
WR UHJLRQV ZLWK OHVV PROHFXODU HQHUJ\ WKURXJK GLUHFW PROHFXODU FROOLVLRQV D
SURFHVV NQRZQ DV FRQGXFWLRQ ,Q PHWDOV D VLJQLILFDQW SRUWLRQ RI WKH
WUDQVSRUWHGWKHUPDOHQHUJ\LVDOVRFDUULHGE\FRQGXFWLRQEDQGHOHFWURQV