ФNEWS Editorial ............................................................. - PHINEWS
ФNEWS Editorial ............................................................. - PHINEWS
ФNEWS Editorial ............................................................. - PHINEWS
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zlwk txlwh sulplwlyh nlqgv ri orjlf/ vrphwklqj olnh v|oorjlvwlf/ yhu| olwwoh dzduhqhvv ri<br />
sursrvlwlrqdo uhdvrqlqj/ dqg vr rq1 P| ylhz ri klvwru| ri orjlf uxqv urxjko| olnh wklv/<br />
wkdw |rx kdg wkdw hduo| shulrg1 Wkhq vxgghqo| Iuhjh/ Jùgho dqg doo wkh rwkhuv klw/<br />
dqg gxulqj wkh 53wk Fhqwxu| orjlf zhqw rq d vruw ri pdwkhpdwlfdo pxvfoh0exloglqj<br />
frxuvh/ vr wr vshdn1 Wkh zd| L vhh lw qrz/ orjlf lv upo| edfn/ zdlwlqj wr eh dssolhg wr<br />
qdwxudo odqjxdjh/ h{fhsw wkdw lw lv qr orqjhu d
QHZV<br />
olnh Gxpphww lv1 L wdnh wkh ylhz wkdw wkhuh lv qrwklqj hvvhqwldoo| gl huhqw ehwzhhq<br />
orrnlqj dw odqjxdjh orjlfdoo| dqg zkdw d sk|vlflvw grhv zkhq kh jrhv rxw dqg orrnv dw/<br />
vd|/ xlg rz wkurxjk slshv1 L*p lqwhuhvwhg lq prgholqj odqjxdjh lq d yhu| kdqgv rq<br />
vhqvh ri wkh zrug= zkdw gr zh qhhg wr pdnh vrph vruw ri irupdo prghov ri odqjxdjh/<br />
irupdo prghov ri lqwhusuhwdwlrq wkdw duh jrrg iru h{sodlqlqj vhpdqwlf skhqrphqdB<br />
Wr d vxusulvlqjo| odujh h{whqw |rx fdq uhjdug wklv nlqg ri prgholqj dv sklorvrsklfdoo|<br />
qhxwudo1 Lqghhg/ L zrxog vd| wkdw L eholhyh wkdw lw lv yhu| lpsruwdqw wr gr wklv vruw<br />
ri sklorvrsklfdoo| qhxwudo prgholqj ehiruh |rx fdq hyhq uhdoo| vhw rxw rq grlqj wkh<br />
sklorvrsklfdoo| qrq0qhxwudo vwx 1<br />
Y= Zk|B Ehfdxvh |rx qhhg vwuxfwxuh uvwB<br />
S= \hdk/ L wklqn |rx qhhg lqirupdwlrq uvw1 Zh*uh qrz lq wkh srvlwlrq zhuh zh kdyh<br />
dffxudwh dffrxqwv ri pdq| idfhwv ri qdwxudo odqjxdjh1 Hyhq vrph txlwh vxusulvlqj<br />
rqhv1 Iru h{dpsoh/ vlqfh wkh zrun ri shrsoh olnh Luhqh Khlp/ Eduw Jhxuwv/ dqg Ure<br />
ydq ghu Vdqgw/ zh*yh jrw d jrrg xqghuvwdqglqj ri wkh zd| suhvxssrvlwlrq zrunv1 Dqg<br />
L wklqn pdq| vxfk skhqrphqd qhhg wr eh pdgh suhflvh/ dqg qhhg wr eh lqwhjudwhg<br />
lqwr vhpdqwlf wkhrulhv/ ehiruh |rx fdq pryh rq wr wdfnoh wkh kdughu sklorvrsklfdo<br />
sureohpv1<br />
Y= Uljkw1 Prqwdjxh lv d idvflqdwlqj fdvh lq srlqw1 D sduwlfxodu uhdvrq iru wklv kdv<br />
wr gr zlwk Gdylgvrq*v surjudp lq wkh 93v1 Wkh lghd ri vlpso| xvlqj d Wduvnl vw|oh<br />
wuxwk0suhglfdwh iru qdwxudo odqjxdjh dqg wkhq lqvlvwlqj rq qlwh d{lrpdwl}delolw| dw<br />
wkh vdph wlph iru qdwxudo odqjxdjh lv d ghdg hqg1 Prqwdjxh kdv wklv juhdw olwwoh<br />
sdshu zkhuh kh edvlfdoo| vkrzv wkdw Gdylgvrq zdqwv wkh lpsrvvleoh/ dqg kh glg wklv<br />
irxu |hduv ehiruh Gdylgvrq irupxodwhg wkh surjudp1 Suhflvho| wkhuh/ L wklqn/ wklv lv<br />
d yhu| jrrg h{dpsoh ri zkhuh irupdo orjlfdo phwkrgv vhuyh sklorvrsk| lq d zd| lw<br />
frxog qrw vhuyh lwvhoi gr |rx djuhhB<br />
S= Vxuh1 Dovr/ ohw ph dgg wkdw rxu errn kdv d khur/ dqg lw*v Ulfkdug Prqwdjxh1<br />
Zh dfwxdoo| ylhz klp dv wkh uvw frpsxwdwlrqdo vhpdqwlflvw ehfdxvh +d, kh zdv wkh<br />
rqh zkr vkrzhg krz |rx frxog uhgxfh wudqvodwlqj qdwxudo odqjxdjh lqwr orjlf wr dq<br />
dojrulwkp/ dqg +e, kh zdv wkh rqh zkr zdv suhflvh derxw wkh frqvhtxhqfh uhodwlrq<br />
wkdw |rx jhw/ qrw rqo| ehwzhhq vhqwhqfhv/ exw ehwzhhq skudvhv dqg lqglylgxdo zrugv/<br />
vr kh rshqhg wkh grru wr lqihuhqfh1 Vr li wkhuh lv d Jrgidwkhu wr wkh errn lw lv<br />
gh qlwho| Ulfkdug Prqwdjxh1 Exw dowkrxjk Prqwdjxh lv wkh irxqghu ri prghuq irupdo<br />
vhpdqwlfv/ L wklqn klv zrun lv udwkhu ryhuorrnhg e| wkh zlghu frppxqlw|1 Exw L grq*w<br />
wklqn |rx fdq ryhuvwdwh wkh lpsruwdqfh ri zkdw Prqwdjxh glg1<br />
Y= Vr zkhuh gr |rx vhh wklv jrlqjB L phdq/ zkhuh gr |rx vhh wklv frqqhfwlrq jrlqj<br />
qrz wkdw |rx kdyh hvwdeolvkhg wkh lpsruwdqfh ehwzhhq qdwxudo odqjxdjh dqg orjlfB<br />
YROXPH ; ; 5338
QHZV<br />
S= Iru d vwduw wkhuh lv mxvw wkh sureohp ri pdnlqj wkh olqn pruh dqg pruh h{solflw<br />
dqg pruh dqg pruh ghwdlohg1 Wkhuh lv d yhu| jrrg errn rq sklorvrsk| ri odqjxdjh<br />
e|VlprqEodfnexuq qruhodwlrq Vsuhdglqj wkh Zrug1 Qrz/ uljkw dw wkh vwduw<br />
ri wklv errn kh jhwv |rx wr lpdjlqh/ li L uhphpehu uljkwo|/ wkh vlpsoh phfkdqlfv ri d<br />
fdofxodwru/ dqg kh vd|v wkdw wklv fdq jlyh ulvh wr wzr nlqgv ri txhvwlrqv1 Iluvw ri doo/<br />
|rx fdq dvn sklorvrsklfdo txhvwlrqv/ pd|eh derxw wkh qdwxuh ri qxpehuv dqg vr rq1<br />
Vhfrqgo|/ |rx fdq dvn pruh phfkdqlfdo txhvwlrq derxw wkh krz d fdofxodwru dfwxdoo|<br />
zrunv/ krz lw dggv qxpehuv wrjhwkhu1 Wkh wrqh ri wkh zulwlqj lqglfdwhv wkdw lw*v uhdoo|<br />
wkh uvw txhvwlrq wkdw lv sdudprxqw/ wkdw wkdw lv zkhuh wkh wuxh lqwhuhvw olhv/ dqg wkh<br />
rwkhu txhvwlrqv duh lq d vhqvh/ qrw vr lqwhuhvwlqj/ ru vlpso| qrw sklorvrsklfdo1 L wklqn<br />
wkdw wkh vlwxdwlrq lv pruh frpsolfdwhg wkdq wkdw/ ehfdxvh zkhq |rx*uh orrnlqj dw<br />
qdwxudo odqjxdjh |rx*uh orrnlqj dw vrphwklqj wkdw lv hqruprxvo| pruh frpsolfdwhg<br />
wkdq d vlpsoh kdqg0khog fdofxodwru1 L wklqn wklv jlyhv |rx d fhuwdlq uhvsrqvlelolw|1<br />
Iluvwo|/ vlpso| ehfdxvh ri wkdw frpsoh{lw|/ |rx kdyh wr jr rxw dqg gr wklv cerulqj<br />
vruw ri zrun* dqg |rx jrw wr gr lw dv zhoo dv |rx fdq dqg dv suhflvho| dv |rx fdq1<br />
Vhfrqgo|/ suhflvho| ehfdxvh lw lv vr frpsoh{ dqg ehfdxvh lq vrph vhqvh wklv sduw ri lw<br />
hperglhv vr pxfk ri wkh ixqgdphqwdo phfkdqlvpv/ L dfwxdoo| kdyh wkh ihholqj wkdw |rx<br />
fdq*w uhdoo| vwduw dgguhvvlqj wkh/ vr wr vshdn/ pruh lqwhuhvwlqj dqg doohjhgo| ghhshu<br />
sklorvrsklfdo txhvwlrq zlwkrxw jhwwlqj suhww| suhflvh derxw zkdw lv jrlqj rq grzq<br />
wkhuh1 L wklqn wkh fdofxodwru dqg wkh qdwxudo odqjxdjh fdvhv duh txdolwdwlyho| gl huhqw1<br />
Vr/ L wklqn wkdw |rx dfwxdoo| kdyh dq lqwhoohfwxdo uhvsrqvlelolw| iru jrlqj ghhso| lqwr<br />
wkhvh sudfwlfdo txhvwlrqv/ ehfdxvh wklqnlqj derxw wkhp ghhso| pd| fkdqjh zkdw |rx<br />
wdnh wkh uhohydqw sklorvrsklfdo txhvwlrqv wr eh1 Wkdw lv p| wdnh1<br />
Y= Lw grhvq*w qhfhvvdulo| kdyh wr kdyh sklorvrsklfdo lpsdfwB<br />
S= Qrw dw doo1 Exw p| ihholqj lv wkdw li |rx*uh jrlqj lqwr wklv txlwh frog0eorrghgo|/<br />
dqg |rx*uh wu|lqj wr prgho/ wkhq lq rughu wr prgho wklv zhoo |rx*uh jrlqj wr kdyh wr<br />
eh yhu| suhflvh derxw zkdw |rx phdq e| uhsuhvhqwdwlrqv/ zkdw |rx wklqn derxw wkh<br />
uroh ri prgholqj/ zkdw vruw ri rqwrorj| |rx wklqn wklv vkrzv dv ehlqj suhvxssrvhg1<br />
\rx kdyh wr jr lqwr wklv ghhso|1 L wklqn e| wkh wlph |rx*yh dfwxdoo| grqh vrphwklqj<br />
vhulrxv grzq wkhuh/ |rx*yh dfwxdoo| jhqhudwhg d orw ri/ krz fdq L sxw lw/ wklqjv wkdw<br />
vwdqg lq qhhg ri sklorvrsklfdo vfuxwlq|/ shukdsv wklqjv wkdw fdoo lqwr txhvwlrq vrph<br />
sklorvrsklfdo lghdv1 Vr |rx fdq jr lqwr lw qhxwudoo|/ exw |rx*oo eh fuhdwlqj vrphwklqj<br />
wkhuh/ dqg |rx*oo eh fuhdwlqj vrphwklqj frpsoh{/ dqg |rx*oo eh fuhdwlqj vrphwklqj<br />
wkdw +d, pd|eh qhhgv wr eh sklorvrsklfdoo| vfuxwlqlvhg/ dqg +e, vrphwklqj wkdw lq lwv<br />
rzq uljkw lv srvlqj sklorvrsklfdo txhvwlrqv1<br />
Y= Vr/ Sdwulfn/ fdq |rx jlyh ph d frqfuhwh h{dpsoh ru wzr ri zkhuh wkdw lqwhuvhfwlrq<br />
lv wr eh irxqgB Dq h{dpsoh zkhuh |rx jhw wkh vwuxfwxuh dqg wkhq |rx uxq zlwk wkh<br />
lqwhuhvwlqj sklorvrsklfdo txhvwlrq1<br />
YROXPH ; < 5338
QHZV<br />
S= Rnd|1 Rqh ri wkh wklqjv wkdw L wklqn wkdw hphujhv zkhq ghdolqj zlwk qdwxudo<br />
odqjxdjhv lv wkdw/ li |rx wdnh lw vhulrxvo|/ |rx qhhg wr zrun zlwk ulfk rqwrorjlhv1 \rx<br />
qhhg wr srvwxodwh wkh h{lvwhqfh ri doo vruwv ri wklqjv1 L phdq/ hyhqwv/ wkdw*v mxvw d<br />
vwduw1 \rx suredeo| qhhg txlwh d ihz vruwv ri gl huhqw devwudfwv hqwlwlhv/ dqg dw wkh<br />
hqg ri wkh gd| lw*v olnho| wkdw |rx*oo eh zrunlqj zlwk d yhu| ulfk rqwrorj| lqghhg1<br />
Shukdsv lw lv srvvleoh lq vrph vhqvh wr uhgxfh wkhvh/ shukdsv lw*v qrw1 Exw wkhvh<br />
rqwrorjlhv zloo/ L wklqn/ eh vljql fdqwo| ulfkhu wkdq lv vxvshfwhg e| shrsoh zkr kdyh<br />
qrw orrnhg forvho| dw zkdw lv lqyroyhg lq qdwxudo odqjxdjh vhpdqwlfv1 Dqrwkhu duhd<br />
zkhuh |rx jhw vrph lqwhuhvwlqj wklqjv frplqj rxw lv wkdw wkhuh lv d orw ri lqwhuhvw dw<br />
wkh prphqw lq prgholqj vhpdqwlfv yhu| hpslulfdoo|1 Iru h{dpsoh/ dqg wklv lv sxuh<br />
frpsxwdwlrqdo olqjxlvwlfv qrz/ wklv lv d orqj zd| iurp zkdw zh kdyh ehhq wdonlqj<br />
derxw/ exw wkhuh duh uhvhdufkhuv wu|lqj wr orrn dw hpslulfdo whfkqltxhv iru vd|lqj<br />
zkhq rqh slhfh ri wh{w hqwdlov dqrwkhu slhfh ri wh{w1 Lw*v srvvleoh wkdw e| grlqj wklv<br />
|rx fdq vruw ri jhw vrph ghhshu foxhv dv wr zkdw lv uhdoo| jrlqj rq zkhq zh*uh grlqj<br />
lqihuhqfh1 L wklqn/ dfwxdoo|/ wkdw d orw ri zkdw zh fdoo lqihuhqfh lv wuljjhuhg e| yhu|<br />
orz ohyho vljqdov/ dqg lw*v yhu| lqwhuhvwlqj wr kdyh dqvzhuv ri wklv vruw zkhq lw frphv wr<br />
lqihuhqfh ehfdxvh dw wkh prphqw zh*uh wrr pxfk lq wkh gdun1 Zh nqrz wkdw lqihuhqfh<br />
lv ixqgdphqwdoo| lpsruwdqw/ dqg zh nqrz dw wkh vdph wlph wkdw lqihuhqfh fdq eh yhu|<br />
frpsoh{1 Vr/ wkhuh lv wklv p|vwhu| wkhuh dv wr zkdw lv wkdw zh*uh grlqj zkhq zh vr<br />
h ruwohvvo| vhhp wr eh pdnlqj doo wkhvh lqihuhqfhv wkdw/ pdjlfdoo|/ vr riwhq vhhp wr<br />
wdnh xv wr wkh uljkw dqvzhu dqg pdnh frppxqlfdwlrq srvvleoh1 Wklv vruw ri hpslulfdo<br />
hqtxlu|/ L wklqn/ pljkw wkurz oljkw rq wkhphv olnh= zk| duh zh deoh wr frppxqlfdwh<br />
vr h hfwlyho|/ zkdw grhv lw phdq iru vrphwklqj wr eh uhohydqw/ dqg vr rq1 Wkdw zdv<br />
d elw orqj0zlqghg/ exw edvlfdoo| L*p wu|lqj wr vd| wkdw d pruh hpslulfdo eudqg ri<br />
lqyhvwljdwlrq frxog pdnh frqwdfw zlwk wkh vruw ri wkhphv udlvhg lq/ vd|/ Julfh*v Orjlf<br />
dqg Frqyhuvdwlrq1<br />
Y= Exw krz gr |rx orrn dw lwB Duh zh wdonlqj derxw rqh ydolg lqihuhqfh dqg wkhq<br />
zh*uh vruw ri eudqfklqj rxw rwkhu nlqgv ri lqihuhqfhv iurp wkhuh/ ru duh zh wdonlqj<br />
derxw qrwrulrxvo| gl huhqw nlqgv ri lqihuhqfhvB<br />
S= L jxhvv p| uhdo ihholqj lv wkdw xowlpdwho| lw*v mxvw rqh nlqg ri lqihuhqfh1 L jxhvv<br />
p| uhdo ihholqj lv wkdw rqfh |rx*uh suhflvh derxw wkh prghov |rx*uh zrunlqj zlwk/ dqg<br />
wkh| duh ghwdlohg/ vr |rx jrw wkh lqwhuqdo vwuxfwxuh ri wkh djhqwv wkhuh/ dqg krz wkh|<br />
lqwhudfw/ dqg vr rq/ wkhq p| jxw ihholqj lv wkdw suredeo| |rx frxog uhgxfh hyhu|wklqj<br />
wr +vd|, uvw rughu lqihuhqfh ryhu wklv lpphqvho| frpsolfdwhg wkhru|1 Exw wkh uhohydqw<br />
srlqw khuh lv qrw wkdw wkhuh lv rqh nlqg ri lqihuhqfh/ ohw dorqh wkdw lw pljkw eh uvw<br />
rughu1 L wklqn wkh nh|zrugv khuh duh lpphqvho| frpsolfdwhg wkhru| 1 Vr pd|eh<br />
lq sulqflsoh |rx fdq gr wklqjv lq wklv zd|/ exw L wklqn wkdw lq sudfwlfh |rx kdyh wr<br />
wuhdw wkhp dv vhsdudwh skhqrphqd1 \rx gr dfwxdoo| kdyh wr wdnh wkh lghd ri ghidxow<br />
uhdvrqlqj vhulrxvo|/ dqg vr rq1 L kdyh wr dgplw/ wkdw ri doo wkh txhvwlrqv wkdw |rx*yh<br />
dvnhg vr idu wklv lv wkh rqh wkdw L ihho ohdvw fhuwdlq derxw1<br />
YROXPH ; 43 5338
QHZV<br />
Y= Krz grhv |rxu idprxv prgdo orjlf errn frqqhfw zlwk wklv qhz errnB<br />
S= L*yh dozd|v olnh wkh lghd ri dssolhg orjlf1 L zrunhg lq d frpsxwdwlrqdo olqjxlvwlf<br />
ghsduwphqw iru d orqj wlph/ dqg L*yh ehhq dvvrfldwhg zlwk olqjxlvwv iru d orqj wlph/<br />
dqg L*yh grqh d ihz wklqjv wkdw kdyh ehhq dvvrfldwhg zlwk DL dqg frpsxwhu vflhqfh1<br />
Exw/ xqghuqhdwk wkdw/ li |rx dvn ph zkdw L uhdoo| gr/ L zrxog vd| wkdw L*p d orjlfldq<br />
dqg L zrxog vd| wkdw L*p dq dssolhg orjlfldq1 Wklv lv uhdoo| frplqj edfn wr zkdw L<br />
zdv vd|lqj hduolhu/ wkdw L wklqn orjlf lv qglqj lwv zd| edfn wr lwv urrwv lq qdwxudo<br />
odqjxdjh dqg frjqlwlyh txhvwlrqv1 L wklqn lwv wlph wr wu| dqg dsso| wkh lghdv ri orjlf<br />
wr qdwxudo odqjxdjh lq/ krz fdq L sxw lw/ rqfh djdlq L zdqw wr xvh wkdw skudvh d<br />
sklorvrsklfdoo| qhxwudo zd| 1 Rqh ri wkh wklqjv wkdw L phdq e| qhxwudoo|/ e| wkh<br />
zd| dqg L dgplw L zrxog eh yhu| kdug suhvvhg wr eh suhflvh khuh exw rqh ri<br />
wkhp zrxog eh wklv= suhsduhgqhvv wr frqwhpsodwh vhyhudo prghov dw rqfh1 Sk|vlflvw<br />
gr wklv doo wkh wlph1 Orrnlqj dw vhyhudo prghov vlpxowdqhrxvo| lv lpsruwdqw ehfdxvh<br />
hdfk ri wkhp lv whoolqj |rx vrphwklqj qhz1 L jxhvv |rx frxog vd| wkdw wkh zrun rq<br />
prgdo orjlf/ wr ph wkdw*v olnh suhsdulqj srwhqwldoo| xvhixo wrrov iru vxfk dssolfdwlrqv1<br />
L*p yhu| pxfk d vwxghqw ri Mrkdq ydq Ehqwkhp dqg wkh Dpvwhugdp Vfkrro/ vr iru<br />
ph prgdo orjlf lv hvvhqwldoo| derxw qglqj iudjphqwv ri fodvvlfdo orjlf zklfk lq vrph<br />
vhqvh duh ehwwhu ehkdyhg1 Iru h{dpsoh/ wkh|*yh jrw qlfhu surshuwlhv/ prgdo orjlfv duh<br />
w|slfdoo| ghflgdeoh/ zkhuhdv uvw rughu orjlfv duh xqghflgdeoh1 Vr lq d vhqvh/ L jxhvv<br />
|rx frxog vd| wkdw wkh prgdo orjlf vlgh ri p| zrun/ L vhh wklv dv vkdushqlqj wkh wrrov<br />
ru pdnlqj wkh vwrqh d{hv1 Zkhuhdv wklv qhz errn lv pruh olnh xvlqj wkh vwrqh d{hv1<br />
L vd| cvwrqh d{hv*/ ehfdxvh L wklqn lw*v fohdu/ li |rx zdqw wr eh Nxkqldq derxw wklv/<br />
wkdw zkhuhdv sk|vlfv kdg lwv Qhzwrq d orqj wlph djr/ wkh Qhzwrq ri vhpdqwlfv kdvq*w<br />
vkrzhg xs |hw1 Ulfkdug Prqwdjxh lv lpsruwdqw/ exw kh*v pruh olnh wkh Jdolohr ri<br />
irupdo vhpdqwlfv1 L grq*w wklqn zh*yh kdg wkh uhdoo| elj euhdnwkurxjk lq vhpdqwlfv<br />
|hw/ vr zh gr qhhg wr eh prghvw1<br />
Y= Zkdw qhhgv wr grqh qrz/ SdwulfnB<br />
S= Zhoo/ li |rx zdqw wr wdon derxw vhpdqwlfv wkhuh duh ydulrxv wkhphv wkdw L*p lqwhu0<br />
hvwhglq1 L*pdiudlgwkdwlqdzd|vrphrizkdwLzloovd|lvmxvwvruwridolvwriwkh<br />
wklqjv L qg lqwhuhvwlqj/ exw iru h{dpsoh L kdyh dozd|v irxqg suhvxssrvlwlrq lqwhu0<br />
hvwlqj1 L*yh grqh vrph zrun rq wklv zlwk Mrkdq Erv1 Exw L zrxog olnh wr jr ghhshu<br />
wkhuh1 Dqrwkhu wklqj/ L wklqn wkhuh qhhgv wr eh d orw pruh zrun grqh rq krz frp0<br />
srvlwlrqdo vhpdqwlfv lqwhudfwv zlwk oh{lfdo vhpdqwlfv1 L wklqn lw lv suhww| idlu wr vd|<br />
wkdw wkhvh duh wzr glvwlqfw zruogv wrgd|1 \rx*yh jrw wzr glvwlqfw eudqfkhv ri lqyhv0<br />
wljdwlrq1 Frpsrvlwlrqdo vhpdqwlfv lv suhww| zhoo xqghuvwrrg lq pdq| zd|v dqg d orw<br />
ri wkh gl!fxowlhv zh nqrz krz wr ghdo zlwk1 Oh{lfdo vhpdqwlfv/ wkrxjk/ lv jhqxlqho|<br />
kdug dqg iru idluo| reylrxv uhdvrqv= xowlpdwho| wkdw lv zkhuh |rx frph grzq wr wkh<br />
zrugv dqg wkh phdqlqjv wkdw zrugv ehdu1 Vr wkdw*v dqrwkhu duhd wkdw L wklqn qhhgv<br />
wr eh sxvkhg lq1<br />
YROXPH ; 44 5338
QHZV<br />
Y= Zkdw*v |rxu edoosdun jxhvv iru wkh eulgjhB<br />
S= L grq*w uhdoo| kdyh d edoosdun jxhvv1 Doo L kdyh/ djdlq/ duh fhuwdlq skhqrphqd dqg<br />
wu|lqj wr dffrxqw iru wkhp1 Olnh/ rqh ri wkh fodvvlf skhqrphqd lv zkdw lv fdoohg d<br />
eulgjlqj lqihuhqfh1 Iru h{dpsoh/ li L vd| wr |rx Kh| L mxvw duulyhg/ wkh fdu lv vwdqglqj<br />
rxwvlgh 1 Qrz/ zlwkrxw uhdoo| wklqnlqj wrr pxfk derxw wkdw/ li L dvn |rx zkdw cwkh<br />
fdu* uhihuv wr/ |rx zrxog suredeo| whoo ph wkdw lw*v wkh rqh wkdw L fdph lq1 Krz glg<br />
|rx jhw wkhuhB Zhoo L*p qrw txlwh vxuh/ exw lw suredeo| kdv vrphwklqj wr gr zlwk<br />
wkh phdqlqj ri wkh zrug cduulyh*1 Dq duulydo w|slfdoo| lqyroyh vrph vruw ri phdqv<br />
ri wudqvsruw1 Vrphkrz |rx jrw wkhuh1 \rx dovr kdg wkh phdqlqj ri wkh zrug cfdu*1<br />
\rx zrunhg grzq iurp wkh phdqlqj ri wkh zrug cfdu* dqg |rx sxw wkh cfdu* dqg wkh<br />
cduulydo* wrjhwkhu/ dqg vrphkrz |rx olqn wkh wzr wrjhwkhu idvw zlwkrxw hyhq wklqnlqj<br />
derxw lw1 Wkdw wr ph lv d qlfh h{dpsoh ri d vruw ri lqihuhqfh zkhuh |rx qhhg oh{lfdo<br />
vhpdqwlfv dqg lq d vhqvh |rx qhhg wr xvh wkh oh{lfdo vhpdqwlfv fruuhfwo| wr eh deoh<br />
wr exlog wkh uhsuhvhqwdwlrqv |rx zdqw1 L wklqn vxfk frqfuhwh sureohpv duh lpsruwdqw1<br />
Olnh/ khuh lv vrph wh{w/ krz rq hduwk fdq |rx pdnh wkh uhtxluhg lqihuhqwldo olqnvB<br />
Ohw*v wu| dqg frph xs zlwk vrph prgho derxw krz zh gr wklv1 Vr/ lq d vhqvh/ p|<br />
lghdo phwkrgrorj| lv wr jr iurp rqh prgho wr dqrwkhu1 Wr fuhdwh d prgho/ vhh zkhuh<br />
lw euhdnv grzq/ vhh zkdw lw fdq gr/ dqg krsh wr jolpsvh vrphwklqj xvhixo lq wkhuh<br />
wkdw ohdgv wr pruh lqwhuhvwlqj txhvwlrqv1 Vr lw lv d uhodwlyho| qhxwudo srvlwlrq/ yhu|<br />
gulyhq e| frqfuhwh lqihuhqwldo skhqrphqd olnh suhvxssrvlwlrq/ ru eulgjlqj lqihuhqfhv/<br />
dqg wklqjv olnh wkdw1<br />
Y= Krz glg |rx jhw lqwr irupdo phwkrgvB Krz gr |rx jr iurp wklv errn wr |rxB<br />
S= Wkh olqnv ehwzhhq orjlf/ odqjxdjh dqg frpsxwdwlrq kdyh dozd|v idvflqdwhg ph1<br />
L*p d Qhz ]hdodqghu dqg L glg p| uvw vwxglhv lq Qhz ]hdodqg1 L zdv d pdwkhpdwlfv<br />
dqg sk|vlfv vwxghqw/ dqg wkhq L glvfryhuhg wklqjv olnh vhw wkhru| dqg wkh sdudgr{hv/<br />
dqg L jrw yhu| lqwhuhvwhg lq orjlf dqg wkdw ohg ph wr sklorvrsk|1 L zhqw wr Hqjodqg<br />
dqg glg d Pdvwhu*v ghjuhh dw wkh Xqlyhuvlw| ri Vxvvh{1 L zdv dw d ghsduwphqw wkdw<br />
glg orjlf dqg vflhqwl f phwkrg/ vr L glg pruh orjlf wkhuh/ dqg L glg sklorvrsk| ri<br />
vflhqfh/ exw wkh ghsduwphqw zdv dovr olqnhg zlwk wkh Frjqlwlyh Vflhqfh ghsduwphqw1<br />
Vr L dovr glg frxuvhv wkhuh rq wklqjv olnh nqrzohgjh uhsuhvhqwdwlrq/ irupdo vhpdqwlfv<br />
ri qdwxudo odqjxdjh/ dqg L phw Jhudog Jd}gdu/ wkh olqjxlvw zkr lqyhqwhg Jhqhudolvhg<br />
Skudvh Vwuxfwxuh Judppdu dqg glg slrqhhulqj zrun rq suhvxssrvlwlrq1 Kh zdv d<br />
kxjh lq xhqfh rq ph1 L vxssrvh |rx frxog vd|/ ehiruh L phw klp/ L zdv yhu| pxfk<br />
d sxuh orjlfldq/ yhu| pxfk d sxulvw sklorvrskhu ri vflhqfh1 Exw kh vkrzhg ph d orw<br />
derxw wkh uhdolw| ri qdwxudo odqjxdjh dqg klv ohfwxuhv pdgh d kxjh lpsuhvvlrq rq ph1<br />
Hvshfldoo| wkh zd| kh zrxog fulwlflvh klv rzq zrun1 Wkh zd| wkdw kh zrxog fuhdwh d<br />
prgho/ vd|/ iru suhvxssrvlwlrq dqg h{sodlq zkdw zdv jrrg derxw lw dqg wkhq lq wkh<br />
qh{w ohfwxuh ghvwur| klv rzq prgho dqg h{sodlq zkdw qhhghg wr eh grqh wr pdnh lw<br />
YROXPH ; 45 5338
QHZV<br />
zrun1 Olylqj Srsshuldqlvp$ Diwhu wkdw L zhqw xs wr Hglqexujk wr gr d SkG/ dqg<br />
wkdw zdv dovr yhu| lqwhuglvflsolqdu|/ dqg wkdw zdv zkhuh L qdoo| pdgh frqwdfw zlwk<br />
wkh zrun Mrkdq ydq Ehqwkhp dqg Kdqv Ndps/ wkh rwkhu elj lqwhoohfwxdo lq xhqfhv<br />
rq ph1<br />
Y= Qrz/ |rx*yh ehhq lqyroyhg zlwk IROOL dqg HVVOOL dqg vr iruwk/ dqg lw vhhpv wr<br />
ph wkdw sklorvrsk| ru sklorvrsk| dqg lwv eurdghu lqwhoohfwxdo hqylurqphqw lv frplqj<br />
pruh wrjhwkhu wkdq hyhu ehiruh1 Urklw Sdulnk frlqhg wklv whup cvrfldo vriwzduh* zklfk<br />
lv d yhu| jrrg whup iru eulgjlqj d orw ri ydulrxv glvflsolqhv wkdw ehiruh zhuh vruw ri<br />
glvwudfwhg iurp hdfk rwkhu dqg qrw uhdoo| uhodwhg1 Qrz/ krz gr |rx vhh xv zrunlqj<br />
wrjhwkhu dfurvv wkhvh gl huhqw erdughuvB Reylrxvo|/ nqrzohgjh uhsuhvhqwdwlrq wrgd|<br />
lv lq pdq| zd|v grqh e| orjlfldqv dqg frpsxwhu vflhqwlvwv/ udwkhu wkdq sklorvrskhuv1<br />
Wkhuh duh yhu| ihz durxqg wkdw zloo gr lw/ dqg Nulvwhu Vhjhuehuj uhfhqwo| vdlg shu0<br />
wdlqlqj wr wkh kdqgerrn wkdw |rx*uh hglwlqj= lw lv uhdoo| kdug ehlqj d sklorvrskhu<br />
dqg grlqj vrphwklqj lqwhuhvwlqj ehfdxvh |rx frpsxwhu vflhqfh jx|v duh grlqj lw<br />
dqg ehwwhu 1 Gr |rx vhh dq lqwhuglvflsolqdu| vwxg| dfurvv wkh erdug frph wrjhwkhuB<br />
S= \hdk/ exw L*p qrw txlwh vr vxuh wkdw wkh elj xql hu lv jrlqj wr eh wkh glvfryhu| ri<br />
vrph vruw ri jhqhudo iudphzrun1 Wr eh krqhvw/ L wklqn wkdw wkh uhdo xqli|lqj wklqjv duh<br />
wkh sureohpv dqg wkh sureohpv duh jhwwlqj pruh xujhqw qrz1 L wklqn wkhuh duh pdq|<br />
elj sureohpv/ exw wkh rqh iru ph lv qdwxudo odqjxdjh dqg krz lw zrunv1 L phdq/ L<br />
grq*w wklqn L*yh frqyh|hg dq|wklqj lq wklv lqwhuylhz li L kdyhq*w frqyh|hg wklv= qdwxudo<br />
odqjxdjh lv dpd}lqj dqg lw lv frpsoh{1 Ri frxuvh/ |rx frxog prwlydwh zrunlqj rq lw<br />
frpsxwdwlrqdoo| e| vd|lqj orrn dw wkh zhe/ orrn dw wkh zd| d Jrrjoh vhdufk fdq riwhq<br />
eh vr plvhudeoh/ jlylqj |rx rqh ploolrq luuhohydqw wklqjv/ fdq*w zh gr ehwwhuB Exw<br />
wkh uhdo wklqj/ L zrxog vd|/ lv wkdw wklv lv qrw vrphwklqj wkdw*v jrlqj wr jr dzd|1<br />
Shrsoh duh jrlqj wr zdqw wr xqghuvwdqg qdwxudo odqjxdjh lq ghhshu dqg ghhshu zd|v1<br />
Wkh| duh jrlqj wr zdqw wr surfhvv lw1 Wkh| duh jrlqj wr pdnh xvh ri lw lq qhz zd|v<br />
wr pdnh wkhlu olih hdvlhu1 Zh xvh skudvhv qrz derxw qdwxudo odqjxdjh whfkqrorj|/<br />
exw pruh dqg pruh wkdw lv ehfrplqj d uhdolw|1 Dgg wr wkdw wkh idfw ri jhqhudwlrqdo<br />
fkdqjh1 Wkhuh lv jrlqj wr eh d qhz jhqhudwlrq ri uhvhdufkhuv/ pruh frpsxwhu dzduh<br />
wkdq hyhu/ wkdw zloo frph dorqj dqg gr vhulrxv wklqjv khuh1 Lw lv jrlqj wr kdsshq1<br />
Eoxqwo|/ L wklqn lw lv doprvw luuhohydqw wr vlw edfn dqg orrn iru wkh xqli|lqj wkhphv<br />
ehfdxvh L wklqn wkh vkhhu suhvvxuh ri wkh uhvhdufk txhvwlrqv/ wkh vkhhu suhvvxuh ri<br />
kdylqj wr wdfnoh wkhvh sureohpv phdqv lpsruwdqw jdlqv zloo eh pdgh1 Dqg pdq|<br />
ri wkhvh sureohpv qhhg ghhs vroxwlrqv1 Wr vrph h{whqw |rx fdq gr lqwhuhvwlqj dqg<br />
xvhixo wklqjv zlwk qdwxudo odqjxdjh zlwk vlpsoh vwdwlvwlfdo phwkrgv1 Exw li |rx uhdoo|<br />
zdqw wr jr ghhs |rx uhtxluh pruh lqvljkw1 \rx uhtxluh doo vruwv ri wrrov1 Wkh wrrov<br />
ri orjlf dqg sklorvrsk| zloo eh uhohydqw/ wkh wrrov ri vwdwlvwlfv zloo eh uhohydqw1 Dqg<br />
wkhuh zloo eh dqrwkhu jhqhudwlrq wkdw zloo mxvw wdnh iru judqwhg zkdw zh kdyh grqh<br />
dqg pryh rq1 Vr lw*v jrlqj wr kdsshq1<br />
YROXPH ; 46 5338
QHZV<br />
Y= Exw zkhq |rx vd| wkdw/ zkdw lv wkh dpelwlrqB Wduvnl/ lq d fhuwdlq vhqvh/ jdyh xs<br />
rq qdwxudo odqjxdjh1 Lw zdv vr frpsolfdwhg/ lw zdv wrr lqfrkhuhqw dqg lqfrqvlvwhqw wr<br />
eh dphqgdeoh wr irupdolvdwlrq1 Qrz/ khuh |rx frph dqg vd| orrn/ grq*w irujhw derxw<br />
lw1 Lw lv yhu| lpsruwdqw dqg wkhuh lv vrph ghhs vwuxfwxuhv wkdw kdyh wr eh xqfryhuhg 1<br />
Qrz/ zkdw lv wkh txlqwhvvhqwldo jrdo khuhB Zkdw duh zh jrlqj iruB Dq xqghuvwdqglqj<br />
ri qdwxudo odqjxdjhB D uhylvlrq ri qdwxudo odqjxdjhB<br />
S= \hv1 L jhqxlqho| eholhyh lv wkdw wkhuh lv vrph ohyho dw zklfk zh fdq xqghuvwdqg<br />
qdwxudo odqjxdjh dqg wkh zd| lw ixqfwlrqv/ wkh zd| phdqlqj ixqfwlrqv/ wkh zd| zh xvh<br />
qdwxudo odqjxdjh/ wkdw zh fdq dfwxdoo| kdyh d yhu| jrrg wkhru| ri lw lq wkh uhsxwdeoh<br />
vflhqwl f vhqvh ri wkh zrug cwkhru|*1 Wkdw lv wkh srlqw ri zkdw zh duh grlqj1 Zh duh<br />
dwwhpswlqj wr frqvwuxfw d wkhru| ri qdwxudo odqjxdjh/ wkh zd| lw phdqv/ wkh zd| fdq<br />
eh xvhg/ dqg vr rq1 D wkhru| wkdw zloo eh wlhg xs zlwk d wkhru| ri djhqwv dqg wkdw zh<br />
zloo eh deoh wr jdlq lqwhuhvwlqj lqvljkwv iurp1 Lw lv qrw fohdu wr ph krz suhglfwlyh wklv<br />
wkhru| zloo eh/ shukdsv qrw yhu|/ exw rq wkh rwkhu kdqg vrphwklqj olnh wkh wkhru| ri<br />
hyroxwlrq lvq*w sduwlfxoduo| suhglfwlyh hlwkhu1 Qrqh wkh ohvv/ wkh wkhru| ri hyroxwlrq<br />
fhuwdlqo| kdv juhdw h{sodqdwru| srzhu/ dqg lv d juhdw wrro iru wklqnlqj zlwk1 Rqfh<br />
|rx*yh dvvlplodwhg wkh edvlf lghdv ri hyroxwlrq/ wkh| duh yhu| xvhixo lghdv wkdw |rx<br />
fdq dsso| lq pdq| gl huhqw vhwwlqjv lw jxlghv wkh zd| zh wklqn1 Vr L fhuwdlqo|<br />
wklqn wkdw wkh jrdo lv wr frqvwuxfw vrph vruw ri wkhru| ri qdwxudo odqjxdjh wkdw uhdoo|<br />
ghvhuyhv wr eh fdoohg cd wkhru|* lq wkh vwurqj vhqvh ri wkh zrug/ vr lw ehfrphv d<br />
vflhqwl f glvflsolqh/ dqg wkdw/ zkloh L kdyh vrph uhvhuydwlrqv derxw krz suhglfwlyh<br />
ru surgxfwlyh wklv d wkhru| zrxog eh 1 1 1 kppp 1 1 1 L wklqn wkdw djdlq wkdw lw frxog<br />
vwuxfwxuh rxu wklqnlqj/ L wklqn lw frxog khos xv/ dqg dfwxdoo| L gr kdyh d ihholqj wkdw<br />
lw frxog dfwxdoo| eh surgxfwlyh lq d frpsxwdwlrqdo vhwwlqj1 Shukdsv wkhuh uhdoo| duh<br />
srvvlelolwlhv iru uhdo xvh ri vxfk d wkhru|1 Exw/ zkhwkhu ru qrw wkdw*v wuxh/ L fhuwdlqo|<br />
grq*w wklqn wkh lghd lv wr jlyh xs rq qdwxudo odqjxdjh1 L wklqn wkdw lw*v rqh ri wkh<br />
prvw lqwhuhvwlqj wklqjv rxw wkhuh/ dqg |rx fdqqrw jlyh xs rq lw dqg |rx vkrxogq*w<br />
jlyh xs rq lw1 L wklqn wkhuh zloo eh vrph lqwhuhvwlqj dqvzhuv dqg xowlpdwho| wkhuh zloo<br />
eh d wkhru|1<br />
Y= Gr |rx vhh |rxu lqyroyhphqw zlwk MrOOL dqg Mrxuqdo ri Sklorvrsklfdo Orjlf dv<br />
ehlqj yhklfohv iru frqgxfwlqj wkhvh nlqgv ri vwxglhvB<br />
S= Pd|eh/ exw qrw gluhfwo|1 Dqg wkh| duh yhu| gl huhqw mrxuqdov1 MrOOL lv yhu|<br />
pxfk wkh mrxuqdo ri wkh Orjlf/ Odqjxdjh dqg Lqirupdwlrq frppxqlw|1 Lw*v wkh r!fldo<br />
IROOLmrxuqdo1 Lmxvwvhhp|mredvwu|lqjwrpdnhMrOOL uh hfw wkdw frppxqlw| dv<br />
dffxudwho| dv srvvleoh1 Lw*v qrw p| mrxuqdo/ lw*v qrw dq|erg|*v mrxuqdo1 Lw uhdoo| lv d<br />
frppxqlw| mrxuqdo dqg lw kdv wr vhuyh wkh qhhgv ri wkdw frppxqlw|1 MSO lv gl huhqw/<br />
pruh wudglwlrqdo sklorvrsklfdo orjlf1 Dqg L*p qrw wkh fklhi hglwru/ L*p mxvw ohduqlqj dv<br />
pxfk dv L fdq iurp wkh h{shulhqfh pdnlqj frqwdfw zlwk qhz shrsoh/ vhhlqj vrph<br />
lqwhuhvwlqj sdshuv/ dqg vr rq1<br />
YROXPH ; 47 5338
QHZV<br />
Y= Gr |rx vhh wkdw wkhuh lv vruw ri/ L phdq/ mxvw wr uhwxuq wr zkdw zh zhuh wdonlqj<br />
derxw ehiruh/ li |rx orrn dw wkh frqihuhqfhv wkdw zh doo kdyh/ wkdw zh doo jr wr dqg wkdw<br />
zh doo dgyhuwlvh/ lw vhhpv wr ph wkdw zlwk DlPO/ WDUN/ HVVOOL/ dqg vr rq/ gr |rx<br />
wklqn wkdw wkh| duh gulyhq e| frpprq wkhphv dqg lqwhuhvwvB Lw vhhpv wr ph wkdw li<br />
|rx orrn dw wkh rujdqlvdwlrqdo frpplwwhhv/ sklorvrsk|/ frpsxwhu vflhqfh/ olqjxlvwlfv/<br />
hfrqrplfv dsshduv uhshdwhgo|/ duh frplqj wrjhwkhu xqghu zkdw Urklw Sdulnk uhfhqwo|<br />
fdoohg cVrfldo Vriwzduh*1 Gr |rx uhjlvwhu wklv whqghqf| dv zhoo gr |rx wklqn lw lv<br />
jrlqj vrphzkhuh/ lq vrph gluhfwlrqB<br />
S= L eholhyh vr dqg L krsh vr1 \hdk/ L eholhyh wkdw lw lv d wuhqg dqg L eholhyh wkdw lw lv<br />
jrlqj vrphzkhuh1 Djdlq/ wkhuh lv wkh eoxqw idfw/ ri frxuvh/ wkdw uhvhdufk lv edvlfdoo|<br />
dq hyroxwlrqdu| vlwxdwlrq/ dqg wkdw phdqv lq wkh orqj uxq prvw ri wkh eudqfkhv jhw<br />
fkrsshg r 1 Exw krshixoo|/ zkdw lv ohiw lv yhu| w lq vrph vhqvh ri wkh zrug ru yhu|<br />
zhoo dgdswhg wr zkdw lv jrlqj rq1<br />
Y= Ilqdoo|/ krz grhv doo |rxu zrun lq k|eulg orjlf vxlw xs zlwk doo wklvB<br />
S= Zhoo/ k|eulg orjlf lv d wrro dqg dfwxdoo|/ h{fhsw iru rqh sdshu/ L kdyh qhyhu uhdoo|<br />
xvhg k|eulg orjlf iru qdwxudo odqjxdjh1<br />
Y= Vr zkdw gulyhv |rxu lqwhuhvw lq k|eulg orjlfB<br />
S= Zhoo/ qdwxudo odqjxdjh glg sod| d uroh1 Lqghhg/ L*yh mxvw vwduwhg xvlqj lw djdlq iru<br />
zrun rq whqvh dqg dvshfw1 Zh*uh orrnlqj dw vrph k|eulg w|sh wkhrulhv/ dqg L wklqn<br />
|rx fdq vd| vrph qlfh wklqjv derxw whqvh dqg dvshfw xvlqj vxfk orjlfv1 Exw qrz<br />
zkhq L*p orrnlqj dw wkh qdwxudo odqjxdjh/ L*p jhwwlqj pruh lqwhuhvwhg lq yhu| ulfk<br />
iudjphqwv/ lq pxunlhu skhqrphqd/ dqg prvw ri wkh vwx wkdw L kdyh grqh lq k|eulg<br />
orjlf lv iru udwkhu zhdn orjlfv/ pruh vxlwhg iru nqrzohgjh uhsuhvhqwdwlrq lq DL/ d elw<br />
olnh ghvfulswlrq orjlf1 Vxfk orjlfv grq*w kdyh wkh h{suhvvlylw| iru d orw ri zkdw L zrxog<br />
olnh wr gr lq qdwxudo odqjxdjh1 Exw wkh| duh yhu| ehdxwlixo1 Wkdw*v zk| L olnh wkhp1<br />
YROXPH ; 48 5338
QHZV<br />
IRUPDO SKLORVRSK\<br />
Irupdo Sklorvrsk|/ e| Ylqfhqw I1 Khqgulfnv dqg Mrkq V|prqv/ lv d froohfwlrq ri<br />
vkruw lqwhuylhzv edvhg rq 8 txhvwlrqv suhvhqwhg wr vrph ri wkh prvw lq xhqwldo dqg<br />
surplqhqw vfkroduv lq irupdo sklorvrsk|=<br />
Mrkdq ydq Ehqwkhp/ Euldq I1 Fkhoodv/ Dqqh Idjrw0Odujhdxow/ Phoylq Ilwwlqj/<br />
Gdj qq Iûoohvgdo/ Kdlp Jdlipdq/ Fodun Qûuhq Jo|prxu/ Dgroi Ju qedxp/ Vx0<br />
vdq Kddfn/ Vyhq Ryh Kdqvvrq/ Mddnnr Klqwlnnd/ K1 Mhurph Nhlvohu/ Lvddf Ohyl/<br />
Uxwk Edufdq Pdufxv/ Urklw Sdulnk/ Mh Sdulv/ Jdeulho Vdqgx/ Nulvwhu Vhjhuehuj/<br />
Zroijdqj Vsrkq/ Sdwulfn Vxsshv/ Wlprwk| Zlooldpvrq1<br />
Zh khdu wkhlu ylhzv rq irupdo sklorvrsk|/ lwv dlp/ vfrsh/ wkh ixwxuh gluhfwlrq ri<br />
sklorvrsk| dqg krz wkhlu zrun wv lq wkhvh uhvshfwv1<br />
H{fhuswv iurp wkh lqwhuylhzv duh dydlodeoh dw<br />
zzz1irupdosklorvrsk|1frp<br />
dqg wkh frpsohwh lqwhuylhzv duh dydlodeoh lq wkh errn=<br />
Irupdo Sklorvrsk|<br />
Ylqfhqw I1 Khqgulfnv ) Mrkq V|prqv<br />
Dxwrpdwlf Suhvv 2 YLS<br />
LVEQ ;:
QHZV<br />
gr kdyh d glvwlqjxlvkhg zd| ri grlqj wkhlu mre1 Irupdo Sklorvrsk| lghqwl hv<br />
rqh vxfk zd| dqg froohfwv wkh dqvzhuv ri lwv hplqhqw sudfwlwlrqhuv qrw wkh<br />
txlfn dqvzhuv rqh pljkw jlyh ryhu dq hqwuhf÷wh/ exw wkh dqvzhuv rqh jlyhv<br />
zkhq vhulrxvo| surpswhg wr uh hfw xsrq wkhlu gdlo| surihvvlrq1 Dq hqwlflqj/<br />
suryrfdwlyh/ frpsohwho| qryho zd| ri vxuyh|lqj wkh odqgvfdsh ri frqwhpsrudu|<br />
sklorvrsk|1<br />
Dfklooh Ydu}l/ Froxpeld Xqlyhuvlw|<br />
Dv dq dsshwl}hu zh eulqj |rx wkh frpsohwh lqwhuylhz zlwk Fodun Qûuhq Jo|prxu1<br />
FODUN QÛUHQ JO\PRXU<br />
Doxpql Xqlyhuvlw| Surihvvru<br />
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Prghuq Irupdo Phwkrgv dqg Dssolfdwlrqv e| Krvvdp D1 Jdeedu +Hglwru,> Vsulqjhu><br />
4 hglwlrq +Ghfhpehu/ 5338,> '45 LVEQ= 47353755541 Iru0<br />
pdo phwkrgv duh d urexvw dssurdfk iru sureohp vroylqj1 Lw lv edvhg rq orjlf dqg<br />
dojheudlf phwkrgv zkhuh sureohpv fdq eh irupxodwhg lq d zd| wkdw fdq khos wr qg<br />
dq dssursuldwh vroxwlrq1 Wklv errn vkrzv wkh edvlf frqfhswv ri irupdo phwkrgv dqg<br />
kljkoljkwv prghuq prgl fdwlrqv dqg hqkdqfhphqwv wr surylgh d pruh urexvw dqg h!0<br />
flhqw sureohp vroylqj wrro1 Dssolfdwlrqv duh suhvhqwhg iurp gl huhqw glvflsolqhv vxfk<br />
dv hqjlqhhulqj zkhuh wkh rshudwlrq ri fkhplfdo sodqwv lv v|qwkhvl}hg xvlqj irupdo<br />
phwkrgv1 Frpsxwdwlrqdo elrorj| ehfrphv hdvlhu dqg v|vwhpdwlf xvlqj irupdo phwk0<br />
rgv1 Dovr/ kdugzduh frpslodwlrq dqg v|vwhpv fdq eh pdqdjhg xvlqj irupdo phwkrgv1<br />
Wklv errn zloo eh khosixo iru erwk ehjlqqhuv dqg h{shuwv wr jhw lqvljkwv dqg h{shulhqfh<br />
rq prghuq irupdo phwkrgv e| ylhzlqj uhdo dssolfdwlrqv iurp gl huhqw grpdlqv1<br />
YROXPH ; 84 5338
QHZV<br />
Kdqgerrn ri Sklorvrsklfdo Orjlf/ -Vhfrqg Hglwlrq- 2 Yroxph 45 +Kdqgerrn ri Sklor0<br />
vrsklfdo Orjlf/ -Vhfrqg Hglwlrq-, e| G1P1 Jdeed| +Hglwru,/ I1 Jxhqwkqhu +Hgl0<br />
wru,> Vsulqjhu> 4 hglwlrq +Rfwrehu 9/ 5338,> '48 LVEQ=<br />
4735363 LVEQ= 36;:5;9;;;1 Pdwkhpdwlfdo Sureohpv iurp Dssolhg Orjlf<br />
L suhvhqwv fkdswhuv iurp vhohfwhg/ zruog uhqrzqhg/ orjlfldqv1 Lpsruwdqw wrslfv ri<br />
orjlf duh glvfxvvhg iurp wkh srlqw ri ylhz ri wkhlu ixuwkhu ghyhorsphqw lq oljkw ri<br />
uhtxluhphqwv dulvlqj iurp wkhlu vxffhvvixo dssolfdwlrq lq duhdv vxfk dv Frpsxwhu Vfl0<br />
hqfh dqg DL odqjxdjh1 Dq ryhuylhz ri wkh fxuuhqw vwdwh dv zhoo dv rshq sureohpv<br />
dqg shuvshfwlyhv duh fodul hg lq vxfk hogv dv qrq0vwdqgdug lqihuhqfhv lq ghvfulswlrq<br />
orjlfv/ orjlf ri surydelolw|/ orjlfdo g|qdplfv/ dqg frpsxwdelolw| wkhru|1 Wkh errn<br />
frqwdlqv lqwhuhvwlqj frqwulexwlrqv frqfhuqlqj wkh uroh ri orjlf wrgd|/ lqfoxglqj vrph<br />
YROXPH ; 85 5338
QHZV<br />
xqh{shfwhg dvshfwv ri frqwhpsrudu| orjlf dqg wkh dssolfdwlrq ri orjlf1 Frqwulexwruv<br />
lqfoxgh= Iudq} Eddghu +Jhupdq|, dqg Udoi N vwhuv +Jhupdq|,/ Ohy Ehnohplvkhy<br />
+Wkh Qhwkhuodqgv2Uxvvld, dqg Doehuw Ylvvhu +Wkh Qhwkhuodqgv,/ Mrkdq ydq Ehqwkhp<br />
+Wkh Qhwkhuodqgv2XVD,/ V Eduu| Frrshu +XN,/ Mrkq Q Furvvoh| +Dxvwudold,/ Zloiulg<br />
D Krgjhv +XN,/ dqg Odzuhqfh V Prvv +XVD,1<br />
D Sklorvrsklfdo Lqwurgxfwlrq wr Suredelolw| +FVOL Ohfwxuh Qrwhv, e| Pduld F1 Jdodyrwwl><br />
Fhqwhu iru wkh Vwxg| ri Odqjxdjh dqg Lqi +Iheuxdu| 48/ 5338,> '58133 +Sdshuedfn,><br />
LVEQ= 48:8;97<br />
Zdgvzruwk Sxeolvklqj> 8 hglwlrq +Mxo| 46/ 5338,> '8;1<br />
LVEQ= 348839659[1 Xqghuvwdqglqj Vflhqwl f Uhdvrqlqj ghyhorsv fulwlfdo uhdvrqlqj<br />
vnloov dqg jxlghv vwxghqwv lq wkh lpsuryhphqw ri wkhlu vflhqwl f dqg whfkqrorjlfdo<br />
olwhudf|1 Wkh dxwkruv whdfk vwxghqwv krz wr xqghuvwdqg dqg fulwlfdoo| hydoxdwh wkh<br />
vflhqwl f lqirupdwlrq wkh| hqfrxqwhu lq erwk wh{werrnv dqg wkh srsxodu phgld1 Zlwk<br />
lwv irfxv rq vflhqwl f shgdjrj|/ Xqghuvwdqglqj Vflhqwl f Uhdvrqlqj khosv vwxghqwv<br />
ohduq krz wr h{dplqh vflhqwl f uhsruwv zlwk d uhdvrqdeoh ghjuhh ri vrsklvwlfdwlrq1<br />
Wkh errn dovr h{sodlqv krz wr uhdvrq wkurxjk fdvh vwxglhv xvlqj wkh vdph lqirupdo<br />
orjlf vnloov hpsor|hg e| vflhqwlvwv dqg wr dqdo|}h d frpsoh{ vhulhv ri sursrvlwlrqv dqg<br />
k|srwkhvhv xvlqj vrxqg vflhqwl f uhdvrqlqj1<br />
Orjlflvp Uhqhzhg= Orjlfdo Irxqgdwlrqv iru Pdwkhpdwlfv Dqg Frpsxwhu Vflhqfh/ Ohf0<br />
wxuh Qrwhv lq Orjlf/ 56 +Ohfwxuh Qrwhv lq Orjlf/ 56, e| Sdxo F1 Jlopruh> D N Shwhuv/<br />
Owg1 +Qryhpehu 9/ 5338,> '68133 +Sdshuedfn,> LVEQ= 489;;45:931 Wkh ruljlqdo frq0<br />
fhsw ri orjlflvp/ dv sxw iruzdug e| Ehuwudqg Uxvvhoo/ wkh eholhi wkdw doo ri pdwkhpdwlfv<br />
fdq eh ghgxfhg iurp d yhu| vpdoo qxpehu ri ixqgdphqwdo orjlfdo sulqflsohv/ lv uhylv0<br />
lwhg lq wkh oljkw ri dgydqfhv lq pdwkhpdwlfdo orjlf dqg wkh qhhg iru odqjxdjhv wkdw fdq<br />
eh xqghuvwrrg e| erwk kxpdqv dqg frpsxwhuv zklfk uhtxluh glvwlqjxlvklqj ehwzhhq<br />
wkh lqwhqvlrq dqg h{whqvlrq ri suhglfdwhv1<br />
Xvlqj Lqwhqvlrqdo W|sh Wkhru| +LWW, wkh dxwkru surylghv d xql hg irxqgdwlrq iru<br />
pdwkhpdwlfv dqg frpsxwhu vflhqfh/ |lhoglqj d pxfk vlpsohu irxqgdwlrq iru uhfxuvlrq<br />
wkhru| dqg wkh vhpdqwlfv ri frpsxwhu surjudpv wkdq wkdw fxuuhqwo| surylghg e|<br />
fdwhjru| wkhru|1<br />
YROXPH ; 86 5338
QHZV<br />
Sursrvlwlrqdo dqg Suhglfdwh Fdofxoxv e| Ghuhn Jroguhl> Vsulqjhu> 4 hglwlrq +Dxjxvw<br />
6/ 5338,> '7 0 orjlfdo frqvhtxhqfh ri rqh irupxod iurp rwkhuv> 0 irupdo<br />
surri> 0 wkh vrxqgqhvv dqg frpsohwhqhvv wkhruhpv frqqhfwlqj orjlfdo frqvhtxhqfh<br />
dqg irupdo surri> wkh d{lrpdwl}dwlrq ri vrph pdwkhpdwlfdo wkhrulhv xvlqj d irupdo<br />
odqjxdjh> wkh frpsdfwqhvv wkhruhp dqg dq lqwurgxfwlrq wr prgho wkhru|1 Wklv errn<br />
lv ghvljqhg iru vhoi0vwxg| e| vwxghqwv/ dv zhoo dv iru wdxjkw frxuvhv/ xvlqj sulqflsohv<br />
vxffhvvixoo| ghyhorshg e| wkh Rshq Xqlyhuvlw| dqg xvhg dfurvv wkh zruog1 Lw lqfoxghv<br />
h{huflvhv hpehgghg zlwklq wkh wh{w zlwk ixoo vroxwlrqv wr pdq| ri wkhvh1 Lq dgglwlrq<br />
wkhuh duh d qxpehu ri h{huflvhv zlwkrxw dqvzhuv vr wkdw vwxghqwv vwxg|lqj xqghu wkh<br />
jxlgdqfh ri d wxwru pd| eh dvvhvvhg rq wkh edvlv ri zkdw kdv ehhq wdxjkw1 Vrph<br />
h{shulhqfh ri d{lrp0edvhg pdwkhpdwlfv lv uhtxluhg exw qr suhylrxv h{shulhqfh ri<br />
orjlf1 Sursrvlwlrqdo dqg Suhglfdwh Fdofxoxv jlyhv vwxghqwv wkh edvlv iru ixuwkhu vwxg|<br />
ri pdwkhpdwlfdo orjlf dqg wkh xvh ri irupdo odqjxdjhv lq rwkhu vxemhfwv1 Ghuhn Jroguhl<br />
lv Vhqlru Ohfwxuhu dqg Vwd Wxwru dw wkh Rshq Xqlyhuvlw| dqg sduw0wlph Ohfwxuhu lq<br />
Pdwkhpdwlfv dw Pdqv hog Froohjh/ R{irug/ XN1<br />
Orjlf +Nh| Frqfhswv lq Sklorvrsk|, e| Odxuhqfh Jrogvwhlq +Hglwru,> Frqwlqxxp Lq0<br />
whuqdwlrqdo Sxeolvklqj Jurxs +Dxjxvw 63/ 5338,> '491 LVEQ=<br />
3;597:73 Z1 Z1 Qruwrq ) Frpsdq| +Iheuxdu|/ 5338,> '48194 +Kdugfryhu,><br />
LVEQ= 36
QHZV<br />
Idfw/ Ilfwlrq/ dqg Iruhfdvw/ Irxuwk Hglwlrq e| Qhovrq Jrrgpdq/ Klodu| Sxwqdp><br />
Kduydug Xqlyhuvlw| Suhvv> 7wk hglwlrq +Mxqh 57/ 5338,> '491<br />
LVEQ= 39:75 4 hglwlrq<br />
+Dxjxvw 55/ 5338,> '48 LVEQ= 4735366 Vsulqjhu> 4 hglwlrq<br />
+Dxjxvw 44/ 5338,> '49 LVEQ= 47353684:<br />
rwkhuv kdyh ehhq uhylvhg vxevwdqwldoo| diwhu wkh sxeolfdwlrq ri wkhlu ruljlqdo yhuvlrqv1<br />
Wkh hpskdvlv lv rq dqdo|vlv/ qrw rq orjlfdo whfkqlfdolwlhv1<br />
Vwxglhv lq Ohjdo Orjlf frqwdlqv fkdswhuv derxw wkh qdwxuh ri qrupv/ wkh uroh ri<br />
frkhuhqfh lq wkh odz/ wkh qdwxuh ri ghihdvlelolw|/ wkh uroh ri gldohfwlfv lq odz dqg<br />
duwl fldo lqwhooljhqfh/ wkh vwdwlfv dqg g|qdplfv ri wkh odz/ dqg wkh frqvlvwhqf| ri uxohv1<br />
Pruhryhu/ lw frqwdlqv d qhz/ vlpsol hg dqg |hw pruh srzhuixo yhuvlrq ri Uhdvrq0edvhg<br />
Orjlf dqg h{whqvlyh h{dpsohv ri krz lw fdq eh xvhg iru wkh dqdo|vlv ri ohjdo uhdvrqlqj1<br />
YROXPH ; 88 5338
QHZV<br />
Wkh h{dpsohv ghdo zlwk ohjdo wkhru| frqvwuxfwlrq/ fdvh0edvhg uhdvrqlqj/ dqg mxglfldo<br />
surri1<br />
Vwxglhv lq Ohjdo Orjlf lv sulpdulo| lqwhqghg iru uhvhdufkhuv dqg vwxghqwv lq wkh<br />
hogv ri dqdo|wlfdo mxulvsuxghqfh dqg duwl fldo lqwhooljhqfh dqg odz1 Lw vkrxog dovr eh<br />
ri lqwhuhvw iru uhdghuv lqwhuhvwhg lq wkh sklorvrsk| ri orjlf dqg hslvwhprorj|1<br />
Orjlf/ Phwkrgrorj| dqg Sklorvrsk| ri Vflhqfh e| S1 Kdmhn +Hglwru,/ O1 Y10Yloodqxhyd<br />
+Hglwru,/ G1 Zhvwhuvwdko +Hglwru,> Nlqj*v Froohjh Sxeolfdwlrqv +Mxo|/ 5338,> '63133<br />
+Sdshuedfn, :3; sdjhv> LVEQ= 4 +Kdugfryhu, LVEQ=<br />
3: Qhz hglwlrq +Rfwrehu 58/<br />
5338,> '43169 +Sdshuedfn, 4:9 sdjhv> LVEQ= 4;737997461<br />
833 FF= Frpsxwhu Flwdwlrqv e| Ylqfhqw I1 Khqgulfnv> Orqgrq= Nlqj*v Froohjh Sxe0<br />
olfdwlrqv +Vhswhpehu 4/ 5338,= '47 +Sdshuedfn, 4 LVEQ= 4
QHZV<br />
cPdlqvwuhdp dqg Irupdo Hslvwhprorj| lv d yhu| wlpho| wrxu gh irufh/ eulqjlqj<br />
wrjhwkhu pdlqvwuhdp hslvwhprorj| dqg wkh prghuq orjlf0frpsxwdwlrqdo wudglwlrq lq<br />
nqrzohgjh/ ohduqlqj/ dqg djhqf|1 Xvlqj wkh xqli|lqj frqfhsw ri ciruflqj/* lw suhvhqwv<br />
d fohdu dqg lpsdvvlrqhg dqdo|vlv ri erwk vwdwlf dqg g|qdplf dvshfwv ri frjqlwlrq1<br />
1 1 1 c^W`kh dxwkru vkrzv xv d kljkzd| iru qhz frqwdfwv ehwzhhq sklorvrsk| dqg lwv<br />
eurdghu lqwhoohfwxdo hqylurqphqw1* Mrkdq ydq Ehqwkhp/ Xqlyhuvlw| ri Dpvwhugdp dqg<br />
Vwdqirug Xqlyhuvlw|1<br />
c1 1 1 Ylqfhqw Khqgulfnv kdv grqh wkh sklorvrsklfdo frppxqlw| d pdmru vhuylfh e|<br />
eulqjlqj vhyhudo vxfk lpsruwdqw olqhv ri wkrxjkw wrjhwkhu dqg e| wu|lqj wr v|qwkhvl}h<br />
wkhp1* Mddnnr Klqwlnnd/ Ervwrq Xqlyhuvlw|1<br />
c1 1 1 d kljko| uhfrpphqgdeoh phwd0hslvwhprorjlfdo vwxg|/ suhvhqwlqj d xqli|lqj<br />
shuvshfwlyh rq dssurdfkhv olnh pdlqvwuhdp hslvwhprorj|/ hslvwhplf orjlf/ dqg frpsx0<br />
wdwlrqdo wkhrulhv ri nqrzohgjh1* Khlqulfk Zdqvlqj/ Guhvghq Xqlyhuvlw| ri Whfkqrorj|1<br />
c1 1 1 Wklv lv d jhqxlqho| lqwhuhvwlqj dqg fkdoohqjlqj zrun ri sklorvrsk|/ rqh wkdw<br />
zloo erwk gh qh dqg vxevwdqwldoo| ixuwkhu wkh ghedwh ehwzhhq sklorvrskhuv iurp wkhvh<br />
wzr yhu| gl huhqw vlghv ri wkh hslvwhplf vshfwuxp iru pdq| |hduv wr frph1* Gxqfdq<br />
Sulwfkdug/ Xqlyhuvlw| ri Vwluolqj1<br />
cWklv lqwhuhvwlqj dqg ruljlqdo errn frqqhfwv d glyhuvh udqjh ri dssurdfkhv wr wkh<br />
wkhru| ri nqrzohgjh wkdw duh uduho| frqvlghuhg wrjhwkhu 1 1 1 Zkhwkhu ru qrw kh vxf0<br />
fhhgv lq klv dpelwlrxv dlp ri ghihdwlqj wkh vnhswlf/ ^Ylqfhqw Khqgulfnv` looxplqdwhv<br />
wkh lvvxhv e| qglqj vrph xqli|lqj wkhphv/ dqg e| vkrzlqj wkdw wkhvh frqwudvwlqj<br />
surmhfwv kdyh vrphwklqj wr vd| wr hdfk rwkhu1* Urehuw Vwdoqdnhu/ Pdvvdfkxvhwwv Lq0<br />
vwlwxwh ri Whfkqrorj|1<br />
Irupdo Sklorvrsk| e| Ylqfhqw I1 Khqgulfnv dqg Mrkq V|prqv> Qhz \run= Dxwrpdwlf<br />
Suhvv 2 YLS +Ghfhpehu 5338,> '59 +Sdshuedfn, 2 '73 +Kdugedfn, 597 sdjhv LVEQ<br />
;:
QHZV<br />
gdlo| surihvvlrq1 Dq hqwlflqj/ suryrfdwlyh/ frpsohwho| qryho zd| ri vxuyh|lqj wkh<br />
odqgvfdsh ri frqwhpsrudu| sklorvrsk|1* Dfklooh Ydu}l/ Froxpeld Xqlyhuvlw|1<br />
Nqrzohgjh dqg Eholhi= Dq Lqwurgxfwlrq wr wkh Orjlf ri wkh Wzr Qrwlrqv e| Mddnnr<br />
Klqwlnnd/ suhsduhg e| Ylqfhqw I1 Khqgulfnv dqg Mrkq V|prqv> Orqgrq= Nlqj*v Fro0<br />
ohjh Sxeolfdwlrqv +Pd| 5338,> Â45 +Sdshuedfn, 47; Sdjhv> LVEQ= 4 LVEQ= 34743364791 Li d pdq vxssruwv<br />
Duvhqdo rqh gd| dqg Vsxuv wkh qh{w wkhq kh lv fnoh exw qrw qhfhvvdulo| loorjlfdo1 Iurp<br />
wklv vwduwlqj srlqw/ dqg dvvxplqj qr suhylrxv nqrzohgjh ri orjlf/ Zloiulg Krgjhv wdnhv<br />
wkh uhdghu wkurxjk wkh zkroh jdpxw ri orjlfdo h{suhvvlrqv lq d vlpsoh dqg olyho| zd|1<br />
YROXPH ; 8; 5338
QHZV<br />
Uhdghuv zkr duh pruh pdwkhpdwlfdoo| dgyhqwxurxv zloo qg rswlrqdo vhfwlrqv lqwur0<br />
gxflqj udwkhu pruh fkdoohqjlqj pdwhuldo1<br />
Lqirupdwlrq/ Lqwhudfwlrq/ dqg Djhqf| e| Zlheh ydq ghu Krhn +Hglwru,> Vsulqjhu><br />
4 hglwlrq +Vhswhpehu 4 '7 doo ri zklfk lq<br />
wxuq duh fhqwudo dssurdfkhv wr xqghuvwdqglqj rxu rzq udwlrqdolw| dqg wkdw ri rwkhu<br />
djhqwv1<br />
Vflhqwl f Uhdvrqlqj= Wkh Ed|hvldq Dssurdfk e| Frolq Krzvrq/ Shwhu Xuedfk> Rshq<br />
Frxuw Sxeolvklqj Frpsdq| +Dsulo 43/ 5338,> '59173 +Sdshuedfn,> LVEQ= 3;459 Zdgvzruwk Sxeolvklqj> < hglwlrq +Iheuxdu| 4;/ 5338,> ' '88133 +Kdugfryhu, 563 sdjhv><br />
LVEQ= 34 '68133 +Sdshuedfn, 5:; sdjhv> LVEQ=<br />
489;;459;[1 D frpslodwlrq ri duwlfohv derxw Lqwhqvlrqdolw| lq sklorvrsk|/ orjlf/ olq0<br />
jxlvwlfv/ dqg pdwkhpdwlfv1 Wkh duwlfohv dssurdfk wkh frqfhsw ri Lqwhqvlrqdolw| iurp<br />
YROXPH ; 8< 5338
QHZV<br />
gl huhqw shuvshfwlyhv1 Vrph duwlfohv dgguhvv sklorvrsklfdo lvvxhv udlvhg e| wkh srv0<br />
vleoh zruogv dssurdfk wr lqwhqvlrqdolw|> rwkhuv duh ghyrwhg wr whfkqlfdo dvshfwv ri<br />
prgdo orjlf1 Wkh yroxph kljkoljkwv wkh sduwlfxodu lqwhuglvflsolqdu| qdwxuh ri lqwhq0<br />
vlrqdolw| zlwk duwlfohv vsdqqlqj wkh duhdv ri sklorvrsk|/ olqjxlvwlfv/ pdwkhpdwlfv/ dqg<br />
frpsxwhu vflhqfh1<br />
Txdqwl huv/ Txhvwlrqv dqg Txdqwxp Sk|vlfv = Hvvd|v rq wkh Sklorvrsk| ri Mddnnr<br />
Klqwlnnd e| Gdqlho Nrodn +Hglwru,/ Mrkq V|prqv +Hglwru,> Vsulqjhu> 4 hglwlrq +Iheux0<br />
du| 57/ 5338,> ' Fdpeulgjh Xqlyhuvlw| Suhvv +Qryhp0<br />
ehu 4/ 5338,> '93133 +Sdshuedfn, 769 sdjhv> LVEQ= 3854356:591<br />
Vrfudwlf Orjlf 5H e| Shwhu Nuhhiw> Vw1 Dxjxvwlqhv Suhvv> 5qg hglwlrq +Vhswhpehu 5;/<br />
5338,> '73133 +Kdugfryhu, 6 LVEQ= 48;:64;33;1<br />
Qdplqj dqg Qhfhvvlw| e| Vdxo D1 Nulsnh> Kduydug Xqlyhuvlw| Suhvv +Iheuxdu| 4;/<br />
5338,> '4
QHZV<br />
duh gudzq iru wkh qdwxuhv ri wklqjv/ ri shrsoh/ dqg ri nlqgv> vwurqj remhfwlrqv iroorz/<br />
iru h{dpsoh wr lghqwlw| yhuvlrqv ri pdwhuldolvp dv d wkhru| ri wkh plqg1<br />
Wklv vhplqdo zrun/ wr zklfk wrgd|*v wkulylqj hvvhqwldolvw phwdsk|vlfv odujho| rzhv<br />
lwv lpshwxv/ lv khuh sxeolvkhg zlwk d vxevwdqwldo qhz Suhidfh e| wkh dxwkru1<br />
Wkh Surshu Wuhdwphqw Ri Hyhqwv +H{sorudwlrq lq Vhpdqwlfv, e| Plfklho Ydq Odp0<br />
edojhq/ Iulw} Kdpp> Eodfnzhoo Sxeolvkhuv +Mdqxdu| 48/ 5338,> '6 Nhvvlqjhu Sxeolvklqj +Pd|/<br />
5338,> '4 LVEQ= 474:<br />
Vsulqjhu> 4 hglwlrq +Qryhpehu/ 5338,> '45 LVEQ= 687359; ':7133<br />
+Kdugfryhu,> LVEQ= 34
QHZV<br />
prvw eulooldqw plqgv ri wkh wzhqwlhwk fhqwxu|1 Ehvlghv jurxqgeuhdnlqj zrun lq skl0<br />
orvrsk|/ sduwlfxoduo| lq orjlf/ odqjxdjh/ dqg phwdsk|vlfv/ kh fuhdwhg prghuq ghflvlrq<br />
wkhru| dqg pdgh vxevwdqwldo frqwulexwlrqv wr pdwkhpdwlfv dqg hfrqrplfv1 Lq wkhvh<br />
ruljlqdo hvvd|v/ zulwwhq wr frpphprudwh wkh fhqwhqdu| ri Udpvh|*v eluwk/ d glvwlq0<br />
jxlvkhg lqwhuqdwlrqdo whdp ri frqwulexwruv r hu iuhvk shuvshfwlyhv rq klv zrun dqg<br />
vkrz lwv rqjrlqj uhohydqfh wr suhvhqw0gd| frqfhuqv1<br />
Fodvvlfdo dqg Qhz Sdudgljpv ri Frpsxwdwlrq dqg wkhlu Frpsoh{lw| Klhudufklhv = Sd0<br />
shuv ri wkh frqihuhqfh %Irxqgdwlrqv ri wkh Irupdo Vflhqfhv LLL% +Wuhqgv lq Orjlf, e|<br />
Ehqhglnw Oùzh +Hglwru,/ Erulv Slzlqjhu +Hglwru,/ Wkrudoi Uçvfk +Hglwru,> Vsulqjhu><br />
4 hglwlrq +Dsulo 5 '46 LVEQ= 473535::861 Wkh<br />
qrwlrq ri frpsoh{lw| lv dq lpsruwdqw frqwulexwlrq ri orjlf wr wkhruhwlfdo frpsxwhu vfl0<br />
hqfh dqg pdwkhpdwlfv1 Wklv yroxph dwwhpswv wr dssurdfk frpsoh{lw| lq d krolvwlf<br />
zd|/ lqyhvwljdwlqj pdwkhpdwlfdo surshuwlhv ri frpsoh{lw| klhudufklhv dw wkh vdph wlph<br />
dv glvfxvvlqj dojrulwkpv dqg frpsxwdwlrqdo surshuwlhv1 D pdlq irfxv ri wkh yroxph<br />
lv rq vrph ri wkh qhz sdudgljpv ri frpsxwdwlrq/ dprqj wkhp Txdqwxp Frpsxw0<br />
lqj dqg Lq qlwdu| Frpsxwdwlrq1 Wkh sdshuv lq wkh yroxph duh wlhg wrjhwkhu e| dq<br />
lqwurgxfwru| duwlfoh ghvfulelqj devwudfw surshuwlhv ri frpsoh{lw| klhudufklhv1<br />
Wklv yroxph zloo eh ri juhdw lqwhuhvw wr erwk pdwkhpdwlfdo orjlfldqv dqg wkhruhw0<br />
lfdo frpsxwhu vflhqwlvwv/ surylglqj wkhp zlwk qhz lqvljkwv lqwr wkh ydulrxv ylhzv ri<br />
frpsoh{lw| dqg wkxv vkhgglqj qhz oljkw rq wkhlu rzq uhvhdufk1<br />
Iuhjh*v Orjlf e| Gdqlhooh Pdfehwk> Kduydug Xqlyhuvlw| Suhvv +Pd| 64/ 5338,> '78133<br />
+Kdugfryhu,> LVEQ= 39:734:3:51 Wklv lv dq h{fhoohqw errn/ zhoo0frqfhlyhg/ qlfho| ru0<br />
jdql}hg dqg ehdxwlixoo| zulwwhq1 Lw zloo eh hvvhqwldo uhdglqj iru dq|rqh lqwhuhvwhg lq<br />
Iuhjh*v orjlf dqg wkh klvwru| ri dqdo|wlf sklorvrsk|1 Pruh vshfl fdoo|/ lw fdq eh uhf0<br />
rpphqghg wr xqghujudgxdwhv zkr kdyh grqh d uvw frxuvh lq orjlf dqg sklorvrsklfdo<br />
orjlf2sklorvrsk| ri odqjxdjh/ dqg wr srvwjudgxdwhv lqwhuhvwhg lq/ dqg doo wkrvh uhvsrq0<br />
vleoh iru whdfklqj/ Iuhjh*v orjlf dqg hduo| dqdo|wlf sklorvrsk|1 Wkh errn zdv d gholjkw<br />
wr uhdg/ oxflg dqg lqvwuxfwlyh/ zlwk pdq| lqvljkwv lqwr frpsoh{ lvvxhv irupxodwhg zlwk<br />
fodulw| dqg suhflvlrq1<br />
Iru pdq| sklorvrskhuv/ prghuq sklorvrsk| ehjlqv lq 4;:< zlwk wkh sxeolfdwlrq<br />
ri Iuhjh*v Ehjul vvfkuliw/ lq zklfk Iuhjh suhvhqwv wkh uvw wuxo| prghuq orjlf lq klv<br />
v|perolf odqjxdjh/ Ehjul vvfkuliw/ ru frqfhsw0vfulsw1 Pdfehwk*v errn/ wkh uvw ixoo0<br />
ohqjwk vwxg| ri wklv odqjxdjh/ r huv d kljko| ruljlqdo qhz uhdglqj ri Iuhjh*v orjlf edvhg<br />
gluhfwo| rq Iuhjh*v rzq wzr0glphqvlrqdo qrwdwlrq dqg klv ydulrxv zulwlqjv derxw orjlf1<br />
Eulgjhv iurp Fodvvlfdo wr Qrqprqrwrqlf Orjlf +Wh{wv lq Frpsxwlqj,/ yro 81e| Gdylg<br />
Pdnlqvrq> Nlqj*v Froohjh Sxeolfdwlrqv/ Orqgrq/ Iheuxdu| 5338> Sdshuedfn/ LVEQ<br />
40
QHZV<br />
plqlpdo edfnjurxqg lq fodvvlfdo sursrvlwlrqdo orjlf dqg d ihz edvlf pdwkhpdwlfdo<br />
wrrov1 Lw lv zulwwhq dv d wh{werrn/ wr vxlw wkh qhhgv ri wkh vwxghqw dqg lqvwuxfwru/ dv<br />
zhoo dv iru wkh vrolwdu| uhdghu1 Lw lqfoxghv h{huflvhv dqg sureohpv/ vhohfwhg vroxwlrqv<br />
wr wkhp/ vxjjhvwhg surmhfwv/ uhfdslwxodwlrqv dw wkh hqg ri hdfk fkdswhu/ dqg jxlghv wr<br />
ixuwkhu uhdglqj1<br />
Wkh S|vfkrorj| ri Frxqwhuidfwxdo Wklqnlqj +Urxwohgjh Uhvhdufk Lqwhuqdwlrqdo Vhulhv<br />
lq Vrfldo Sv|fkrorj|, e| Gdylg U1 Pdqgho +Hglwru,/ Ghqlv M1 Klowrq +Hglwru,/ Sdwul}ld<br />
Fdwhoodql +Hglwru,> Urxwohgjh +Rfwrehu 63/ 5338,> '448133 +Kdugfryhu, 584 sdjhv><br />
LVEQ= 37486557461<br />
H{whqvlrqv ri Iluvw0Rughu Orjlf +Fdpeulgjh Wudfwv lq Wkhruhwlfdo Frpsxwhu Vflhqfh,<br />
e| Pduld Pdq}dqr> Fdpeulgjh Xqlyhuvlw| Suhvv> Qhz Hg hglwlrq +Dxjxvw 55/ 5338,><br />
'8;133 +Sdshuedfn,> LVEQ= 385434 Fkdspdq ) Kdoo2FUF> 6ug hgl0<br />
wlrq +Rfwrehu 44/ 5338,> '; Fdpeulgjh Xqlyhuvlw| Suhvv +Dxjxvw 58/ 5338,><br />
'571 LVEQ= 38549496;:1<br />
Pdwkhpdwlfv Lq Sklorvrsk|= Vhohfwhg Hvvd|v e| Fkduohv Sduvrqv> Fruqhoo Xqlyhuvlw|<br />
Suhvv +Mxqh 63/ 5338,> '68133 +Sdshuedfn,> LVEQ= 3;347;
QHZV<br />
Pdwkhpdwlfv lq Sklorvrsk| lv glylghg lqwr wkuhh sduwv1 Rqwrorj| wkh txhvwlrq ri<br />
wkh qdwxuh dqg h{whqw ri h{lvwhqfh dvvxpswlrqv lq pdwkhpdwlfv lv wkh vxemhfw ri Sduw<br />
Rqh dqg uhfxuv hovhzkhuh1 Sduw Wzr frqvlvwv ri hvvd|v rq wzr lpsruwdqw klvwrulfdo<br />
jxuhv/ Ndqw dqg Iuhjh/ dqg rqh frqwhpsrudu|/ Z1 Y1 Txlqh1 Sduw Wkuhh frqwdlqv<br />
hvvd|v rq wkh wkuhh lqwhuuhodwhg qrwlrqv ri vhw/ fodvv/ dqg wuxwk1<br />
Vljqv ri Orjlf = Shlufhdq Wkhphv rq wkh Sklorvrsk| ri Odqjxdjh/ Jdphv/ dqg Frp0<br />
pxqlfdwlrq +V|qwkhvh Oleudu|, e| Dkwl0Yhlnnr Slhwdulqhq> Vsulqjhu> 4 hglwlrq +Qryhp0<br />
ehu/ 5338,> '55 LVEQ= 473536:5;:1 Fkduohv Vdqghuv Shlufh<br />
+4;6
QHZV<br />
Kdxvgru sxeolvkhg vhyhq duwlfohv lq vhw wkhru| gxulqj wkh shulrg 4 LVEQ= 34 '951 LVEQ= 3;537::5471<br />
Hohphqwdu| Orjlf= Uhylvhg Hglwlrq e| Z1 Y1 Txlqh> Kduydug Xqlyhuvlw| Suhvv> Uh0<br />
ylvhg hglwlrq +Iheuxdu| 49/ 5338,> '491 LVEQ= 39:75778491<br />
Qrz pxfk uhylvhg vlqfh lwv uvw dsshdudqfh lq 4 Vsulqjhu> 5 hglwlrq +Dsulo/ 5339,> '7
QHZV<br />
Wudglwlrqdo orjlf dv d sduw ri sklorvrsk| lv rqh ri wkh roghvw vflhqwl f glvflsolqhv1<br />
Pdwkhpdwlfdo orjlf/ krzhyhu/ lv d uhodwlyho| |rxqj glvflsolqh dqg durvh iurp wkh hq0<br />
ghdyruv ri Shdqr/ Iuhjh/ Uxvvhoo dqg rwkhuv wr fuhdwh d orjlvwlf irxqgdwlrq iru pdwk0<br />
hpdwlfv1 Lw vwhdglo| ghyhorshg gxulqj wkh 53wk fhqwxu| lqwr d eurdg glvflsolqh zlwk<br />
vhyhudo vxe0duhdv dqg qxphurxv dssolfdwlrqv lq pdwkhpdwlfv/ lqirupdwlfv/ olqjxlvwlfv<br />
dqg sklorvrsk|1 Zkloh wkhuh duh douhdg| vhyhudo zhoo0nqrzq wh{werrnv rq pdwkhpdwl0<br />
fdo orjlf/ wklv errn lv xqltxh lq wkdw lw lv pxfk pruh frqflvh wkdq prvw rwkhuv/ dqg wkh<br />
pdwhuldo lv wuhdwhg lq d vwuhdpolqhg idvklrq zklfk doorzv wkh surihvvru wr fryhu pdq|<br />
lpsruwdqw wrslfv lq d rqh vhphvwhu frxuvh1 Dowkrxjk wkh errn lv lqwhqghg iru xvh dv<br />
d judgxdwh wh{w/ wkh uvw wkuhh fkdswhuv frxog eh xqghuvwrrg e| xqghujudgxdwhv lq0<br />
whuhvwhg lq pdwkhpdwlfdo orjlf1 Wkhvh lqlwldo fkdswhuv fryhu mxvw wkh pdwhuldo iru dq<br />
lqwurgxfwru| frxuvh rq pdwkhpdwlfdo orjlf frpelqhg zlwk wkh qhfhvvdu| pdwhuldo iurp<br />
vhw wkhru|1 Wklv pdwhuldo lv ri d ghvfulswlyh qdwxuh/ surylglqj d ylhz wrzdugv ghflvlrq<br />
sureohpv/ dxwrpdwhg wkhruhp surylqj/ qrq0vwdqgdug prghov dqg rwkhu vxemhfwv1 Wkh<br />
uhpdlqlqj fkdswhuv frqwdlq pdwhuldo rq orjlf surjudpplqj iru frpsxwhu vflhqwlvwv/<br />
prgho wkhru|/ uhfxuvlrq wkhru|/ Jrgho*v Lqfrpsohwhqhvv Wkhruhpv/ dqg dssolfdwlrqv<br />
ri pdwkhpdwlfdo orjlf1 Sklorvrsklfdo dqg irxqgdwlrqdo sureohpv ri pdwkhpdwlfv duh<br />
glvfxvvhg wkurxjkrxw wkh wh{w1 Wkh dxwkru kdv surylghg h{huflvhv iru hdfk fkdswhu/<br />
dv zhoo dv klqwv wr vhohfwhg h{huflvhv1<br />
Hslvwhplf Orjlf= D Vxuyh| ri wkh Orjlf ri Nqrzohgjh e| Qlfkrodv Uhvfkhu> Xqlyhuvlw|<br />
ri Slwwvexujk Suhvv +Dsulo 63/ 5338,> '581 LVEQ= 3;55 Gryhu Sxeolfdwlrqv<br />
+Qryhpehu 47/ 5338,> '43169 +Sdshuedfn,> LVEQ= 37;97794:71 Dq h{fhoohqw lqwur0<br />
gxfwlrq wr pdwkhpdwlfdo orjlf/ wklv errn surylghv uhdghuv zlwk d vrxqg nqrzohgjh ri<br />
wkh prvw lpsruwdqw dssurdfkhv wr wkh vxemhfw/ vwuhvvlqj wkh xvh ri orjlfdo phwkrgv lq<br />
dwwdfnlqj qrqwulyldo sureohpv1 Lw fryhuv wkh orjlf ri fodvvhv/ ri sursrvlwlrqv/ ri sursr0<br />
vlwlrqdo ixqfwlrqv/ dqg wkh jhqhudo v|qwd{ ri odqjxdjh/ zlwk d eulhi lqwurgxfwlrq wkdw<br />
dovr looxvwudwhv dssolfdwlrqv wr vr0fdoohg xqghflgdelolw| dqg lqfrpsohwhqhvv wkhruhpv1<br />
Rwkhu wrslfv lqfoxgh wkh vlpsoh surri ri wkh frpsohwhqhvv ri wkh wkhru| ri frpelqd0<br />
wlrqv/ Fkxufk*v wkhruhp rq wkh uhfxuvlyh xqvroydelolw| ri wkh ghflvlrq sureohp iru wkh<br />
uhvwulfwhg ixqfwlrq fdofxoxv/ dqg wkh ghprqvwudeoh surshuwlhv ri d irupdo v|vwhp dv d<br />
fulwhulrq iru lwv dffhswdelolw|1<br />
Uhihuhqfh Zlwkrxw Uhihuhqwv e| U1 P1 Vdlqvexu|> R{irug Xqlyhuvlw| Suhvv +Mxo| 63/<br />
5338,> '88133 +Kdugfryhu, 596 sdjhv> LVEQ= 34
QHZV<br />
errn dovr lqfoxghv d xvhixo klvwrulfdo vxuyh|1 Lw zloo eh ri lqwhuhvw wr wkrvh zrunlqj lq<br />
orjlf/ plqg/ dqg phwdsk|vlfv dv zhoo dv hvvhqwldo uhdglqj iru sklorvrskhuv ri odqjxdjh1<br />
Fodvvlfdo dqg Qrqfodvvlfdo Orjlfv = Dq Lqwurgxfwlrq wr wkh Pdwkhpdwlfv ri Sursrvl0<br />
wlrqv e| Hulf Vfkhfkwhu> Sulqfhwrq Xqlyhuvlw| Suhvv +Rfwrehu 4/ 5338,> ': LVEQ= 39 Nlqj*v Froohjh Sxeolfdwlrqv +Mxo| 64/ 5338,> '63133 +Sd0<br />
shuedfn, 737 sdjhv> LVEQ= 4 4 hglwlrq +Qryhpehu/ 5338,> '9
QHZV<br />
rxw uhdvrqlqj lq eudqfkhv ri frpsxwhu vflhqfh dqg pdwkhpdwlfv -Surylghv d yhul hu<br />
dlphg dw wdfnolqj odujh0vfdoh surri vfhqdulrv -Lqwhjudwhv lpsruwdqw surri0hqjlqhhulqj<br />
lvvxhv/ uh hfwlqj wkh jrdov ri odujh0vfdoh yhul huv1<br />
Wkh R{irug Kdqgerrn ri Sklorvrsk| ri Pdwkhpdwlfv dqg Orjlf +R{irug Kdqgerrnv lq<br />
Sklorvrsk|, e| Vwhzduw Vkdslur +Hglwru,> R{irug Xqlyhuvlw| Suhvv +Iheuxdu|/ 5338,><br />
';8133 +Kdugfryhu,> LVEQ= 34 lq idfw/ wkh odvw ghfdgh kdv vhhq dq h{sorvlrq ri vfkroduo| zrun<br />
lq wkhvh duhdv1 Wklv yroxph fryhuv wkhvh glvflsolqhv lq d frpsuhkhqvlyh dqg dffhvvleoh<br />
pdqqhu/ jlylqj wkh uhdghu dq ryhuylhz ri wkh pdmru sureohpv/ srvlwlrqv/ dqg edwwoh<br />
olqhv1 Wkh 59 frqwulexwhg fkdswhuv duh e| hvwdeolvkhg h{shuwv lq wkh hog/ dqg wkhlu<br />
duwlfohv frqwdlq erwk h{srvlwlrq dqg fulwlflvp dv zhoo dv vxevwdqwldo ghyhorsphqw ri<br />
wkhlu rzq srvlwlrqv1 Wkh hvvd|v/ zklfk duh vxevwdqwldoo| vhoi0frqwdlqhg/ vhuyh erwk wr<br />
lqwurgxfh wkh uhdghu wr wkh vxemhfw dqg wr hqjdjh lq lw dw lwv iurqwlhuv1 Fhuwdlq pdmru<br />
srvlwlrqv duh uhsuhvhqwhg e| wzr fkdswhuv rqh vxssruwlyh dqg rqh fulwlfdo1 Wkh R{0<br />
irug Kdqgerrn ri Sklorvrsk| ri Pdwk dqg Orjlf lv d jurxqg0euhdnlqj uhihuhqfh olnh<br />
qr rwkhu lq lwv hog1 Lw lv d fhqwudo uhvrxufh wr wkrvh zlvklqj wr ohduq derxw wkh sklorv0<br />
rsk| ri pdwkhpdwlfv dqg wkh sklorvrsk| ri orjlf/ ru vrph dvshfw wkhuhri/ dqg wr wkrvh<br />
zkr dfwlyho| hqjdjh lq wkh glvflsolqh/ iurp dgydqfhg xqghujudgxdwhv wr surihvvlrqdo<br />
sklorvrskhuv/ pdwkhpdwlfldqv/ dqg klvwruldqv1<br />
Txdqwli|lqj Hqylurqphqwdo Lpsdfw Dvvhvvphqwv Xvlqj Ix}}| Orjlf +Vsulqjhu Vhulhv<br />
rq Hqylurqphqwdo Pdqdjhphqw, e| Ulfkdug E1 Vkhsdug> Vsulqjhu> 4 hglwlrq +Mxqh<br />
56/ 5338,> '
QHZV<br />
duh lqwhqghg wr uhgxfh wkh wlph dqg frvw ri dvvhvvphqwv/ zkloh surgxflqj mxvwl deoh<br />
uhvxowv1 Iluvw/ lvvxhv uhodwhg wr fxuuhqw hqylurqphqwdo lpsdfw dvvhvvphqw phwkrgv duh<br />
glvfxvvhg1 Wkhq wkh errn glvfxvvhv krz ohvvrqv ohduqhg iurp frpsxwdwlrqdo lqwhool0<br />
jhqfh fdq dgguhvv wkhvh sureohpv1 Lw ghvfulehv krz d v|vwhpdwlf/ orjlfdo dssurdfk<br />
wr hqylurqphqwdo dvvhvvphqw fdq eh dssolhg wr d ydulhw| ri frpsoh{ vlwxdwlrqv1 Il0<br />
qdoo|/ wkh ghvljq dqg lpsohphqwdwlrq ri d pruh remhfwlyh dqg srzhuixo dvvhvvphqw lv<br />
ghprqvwudwhg wkurxjk d zrunhg h{dpsoh1 H{sodqdwlrqv ri frpsxwdwlrqdo lqwhooljhqfh<br />
whfkqltxhv dqg glvfxvvlrqv ri khosixo vriwzduh duh lqwhqghg wr ehqh w wkrvh shrsoh<br />
dfwxdoo| suhsdulqj dqg xvlqj hqylurqphqwdo dvvhvvphqwv lq odqjxdjh wkdw pdnhv wkh<br />
surfhvv wudqvsduhqw dqg wudqvihudeoh wr doo w|shv ri v|vwhpv1<br />
Uhyhuvh Pdwkhpdwlfv 5334 +Ohfwxuh Qrwhv lq Orjlf, e| Vwhskhq J1 Vlpsvrq +Hgl0<br />
wru,> D N Shwhuv/ Owg1 +Vhswhpehu '73133 +Sdshuedfn, 749 sdjhv> LVEQ=<br />
489;;4597:1 Uhyhuvh Pdwkhpdwlfv lv d surjudp ri uhvhdufk lq wkh irxqgdwlrqv ri<br />
pdwkhpdwlfv/ prwlydwhg e| wkh irxqgdwlrqdo txhvwlrqv ri zkdw duh dssursuldwh d{0<br />
lrpv iru pdwkhpdwlfv/ dqg zkdw duh wkh orjlfdo vwuhqjwkv ri sduwlfxodu d{lrpv dqg<br />
sduwlfxodu wkhruhpv1 Wkh errn frqwdlqv 57 ruljlqdo sdshuv e| ohdglqj uhvhdufkhuv1<br />
Wkhvh duwlfohv h{klelw wkh h{flwlqj uhfhqw ghyhorsphqwv lq uhyhuvh pdwkhpdwlfv dqg<br />
vxev|vwhpv ri vhfrqg rughu dulwkphwlf1<br />
Ilhogv dqg Prghov= Iurp Vwxup wr Wduvnl dqg Urelqvrq e| Krxu|d E1 Vlqdfhxu><br />
Elunkdxvhu> 4 hglwlrq +Ghf1/ 5339,> ' 4 hglwlrq<br />
+Rfwrehu/ 5339,> +Sdshuedfn, 783 sdjhv> LVEQ= 68738556851<br />
Wkh Uxvvhooldq Ruljlqv Ri Dqdo|wlfdo Sklorvrsk|= Ehuwudqg Uxvvhoo Dqg Wkh Xqlw|<br />
Ri Wkh Sursrvlwlrq +Urxwohgjh Vwxglhv lq Wzhqwlhwk Fhqwxu| Sklorvrsk|, e| Judkdp<br />
Vwhyhqv> Urxwohgjh +Dxjxvw/ 5338,> '448133 +Kdugfryhu, 4;8 sdjhv> LVEQ= 374869377:1<br />
YROXPH ; 9< 5338
QHZV<br />
Orjlf/ Wkrxjkw dqg Dfwlrq +Orjlf/ Hslvwhprorj|/ dqg wkh Xqlw| ri Vflhqfh, e| Gdqlho<br />
Ydqghuyhnhq +Hglwru,> Vsulqjhu> 4 hglwlrq +Dsulo 9/ 5338,> '58 LVEQ=<br />
47353594941 Wklv vhfrqg yroxph lq wkh vhulhv Orjlf/ Hslvwhprorj|/ dqg wkh Xqlw| ri<br />
Vflhqfh eulqjv d sudjpdwlf shuvshfwlyh wr wkh glvfxvvlrq ri wkh xqlw| ri vflhqfh1<br />
Frqwhpsrudu| sklorvrsk| dqg frjqlwlyh vflhqfh lqfuhdvlqjo| dfnqrzohgjh wkh v|v0<br />
whpdwlf lqwhuuhodwlrq ri odqjxdjh/ wkrxjkw dqg dfwlrq1 Wkh sulqflsdo ixqfwlrq ri odq0<br />
jxdjh lv wr hqdeoh vshdnhuv wr frppxqlfdwh wkhlu lqwhqwlrqv wr rwkhuv/ wr uhvsrqg h{l0<br />
eo| lq d vrfldo frqwh{w dqg wr dfw frrshudwlyho| lq wkh zruog1 Wklv errn zloo frqwulexwh<br />
wr rxu xqghuvwdqglqj ri wklv g|qdplf surfhvv e| fohduo| suhvhqwlqj dqg glvfxvvlqj wkh<br />
prvw lpsruwdqw k|srwkhvhv/ lvvxhv dqg wkhrulhv lq sklorvrsklfdo dqg orjlfdo vwxg| ri<br />
odqjxdjh/ wkrxjkw dqg dfwlrq1 Dprqj wkh ixqgdphqwdo lvvxhv glvfxvvhg duh wkh ud0<br />
wlrqdolw| dqg iuhhgrp ri djhqwv/ wkhruhwlfdo dqg sudfwlfdo uhdvrqlqj/ lqglylgxdo dqg<br />
froohfwlyh dwwlwxghv dqg dfwlrqv/ wkh qdwxuh ri frrshudwlrq dqg frppxqlfdwlrq/ wkh<br />
frqvwuxfwlrq dqg frqglwlrqv ri dghtxdf| ri vflhqwl f wkhrulhv/ sursrvlwlrqdo frqwhqwv<br />
dqg wkhlu wuxwk frqglwlrqv/ loorfxwlrqdu| irufh/ wlph/ dvshfw dqg suhvxssrvlwlrq lq<br />
phdqlqj/ vshhfk dfwv zlwklq gldorjxh/ wkh gldorjlfdo dssurdfk wr orjlf dqg wkh vwuxf0<br />
wxuh ri gldorjxhv dqg rwkhu odqjxdjh jdphv/ dv zhoo dv irupdo phwkrgv qhhghg lq orjlf<br />
ru duwl fldo lqwhooljhqfh wr dffrxqw iru fkrlfh/ sdudgr{hv/ xqfhuwdlqw| dqg lpsuhflvlrq1<br />
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