Professional Documents
Culture Documents
$%#%
7KLV SDSHU SUHVHQWV QHZ WXQLQJ UXOHV IRU 3, FRQWURO RI SURFHVVHV ZLWK HVVHQWLDOO\ PRQRWRQH VWHS UHVSRQVH WKDW DUH W\SLFDOO\ HQFRXQWHUHG LQ SURFHVV FRQWURO 7KH UXOHV DUH EDVHG RQ FKDUDFWHUL]DWLRQ RI SURFHVV G\QDPLFV E\ WKUHH SDUDPHWHUV WKDW FDQ EH REWDLQHG IURP D VWHS UHVSRQVH H[SHULPHQW 7KH UXOHV DUH REWDLQHG E\ PD[LPL]LQJ LQWHJUDO JDLQ VXEMHFW WR D FRQVWUDLQW RQ WKH PD[LPXP VHQVLWLYLW\ 7KH\ DUH DOPRVW DV VLPSOH DV WKH =LHJOHU 1LFKROV WXQLQJ UXOHV EXW WKH\ JLYH VXEVWDQWLDOO\ EHWWHU SHUIRUPDQFH
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
FDWLRQ RI =LHJOHU DQG 1LFKROV PHWKRGV LQ $Q LP SRUWDQW LPSURYHPHQW ZDV PDGH E\ >@ ZKR FKDUDFWHUL]HG
0DQXVFULSW UHFHLYHG 6HSWHPEHU DFFHSWHG 'HFHPEHU 7KH DXWKRUV DUH ZLWK 'HSDUWPHQW RI $XWRPDWLF &RQWURO /XQG ,QVWLWXWH RI 7HFKQRORJ\ %R[ 6( /XQG 6ZH GHQ
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
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
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
)LJ 6WHS UHVSRQVHV IRU W\SLFDO SURFHVVHV ZKLFK HVVHQWLDOO\ PRQR WRQH VWHS UHVSRQVHV
WKH LPSXOVH UHVSRQVH RI D VWDEOH SURFHVV 7KH SDUDPHWHU
P B
J W GW J W GW
LV FDOOHG WKH LQGH[ RI PRQRWRQLFLW\ 7KH LQGH[ LV EHWZHHQ DQG DQG LW LV LI WKH VWHS UHVSRQVH LV PRQRWRQH $ SURFHVV LV HVVHQWLDOO\ PRQRWRQH LI WKH LQGH[ LV ODUJHU WKDQ D VSHFLILHG YDOXH VD\
WKH GHILQLWLRQ IRU SURFHVVHV ZLWK LQWHJUDWLRQ 7KH LQGH[ ZLOO DOZD\V EH IRU VXFK SURFHVVHV 6LQFH RQO\ WKH LQLWLDO SDUW RI WKH VWHS UHVSRQVH LV UHOHYDQW IRU FRQWURO GHVLJQ ZH FDQ KDYH D ZRUNLQJ GHILQLWLRQ E\ RQO\ LQWH JUDWLQJ WR D IL[HG WLPH IRU H[DPSOH WLPH GHOD\ GHILQHG LQ (TXDWLRQ
/
ZKHUH
LV WKH
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
,QWHJUDO *DLQ 2SWLPL]DWLRQ 7KH PHWKRG GLVFXVVHG LQ >@ DOVR SHUPLWV FRQVWUDLQWV RQ WKH FRPSOHPHQWDU\ VHQVLWLYLW\
)LJ 0RQRWRQLFLW\ LQGH[ DV D IXQFWLRQ RI ] IRU D SURFHVV ZLWK WKH WUDQVIHU IXQFWLRQ *V V ]V
* V
H
V7
H
VWHS UHVSRQVH )RU VPDOO YDOXHV RI , WKH VWHS UHVSRQVH LV KRZHYHU HVVHQWLDOO\ PRQRWRQH 5HTXLULQJ WKDW WKH PRQR WRQLFLW\ LQGH[ LV JUHDWHU WKDQ ZH ILQG WKDW , PXVW
EH OHVV WKDQ 7KH SURFHVV
*
LV D VLPSOH RVFLOODWRU\
SURFHVV ,Q )LJ ZH VKRZ WKH PRQRWRQLFLW\ LQGH[ DV D IXQFWLRQ RI UHODWLYH GDPSLQJ 5HTXLULQJ WKDW WKH PRQR
V7
WRQLFLW\ LQGH[ LV JUHDWHU WKDQ ZH ILQG WKDW WKH UHODWLYH GDPSLQJ PXVW EH JUHDWHU WKDQ $OO SURFHVVHV DUH QRUPDOL]HG WR KDYH XQLW VWHDG\ VWDWH JDLQ 7KH PRGHOV KDYH D SDUDPHWHU WKDW FDQ EH FKDQJHG WR LQIOXHQFH WKH UHVSRQVH RI WKH SURFHVV 7KH SDUDPHWHU UDQJHV KDYH EHHQ FKRVHQ WR JLYH D ZLGH UDQJH RI UHVSRQVHV )RU WKH SURFHVV ODUJH YDOXHV RI
7 V V7 7
* V
*
KDYH RQO\ XVHG YDOXHV RI WKH GDPSLQJ WKDW JLYHV D PRG HUDWH RVFLOODWLRQ 2XU QHZ WXQLQJ UXOHV FDSWXUH PRGHOV
* V V 3
Q
ZLWK ORZHU GDPSLQJ UHTXLUH RWKHU WXQLQJ UXOHV RU RWKHU FRQWUROOHU VWUXFWXUHV 1RWLFH WKDW WKH ILUVW PRGHO LV XQLTXHO\ FKDUDFWHU L]HG E\ WKH WUDQVIHU IXQFWLRQ
V DV D V D V D V V V ]V
* V
* S V
.S
V7
. 5
8/
7KLV WUDQVIHU IXQFWLRQ LV XQLTXHO\ GHWHUPLQHG E\ WKUHH SDUDPHWHUV JDLQ WLPH GHOD\
7
./7
PRGHO
$OO SURFHVVHV LQ WKH WHVW EDWFK ZLOO EH DSSUR[LPDWHG E\ WKLV PRGHO LQ WKH GHULYDWLRQ RI WKH QHZ WXQLQJ UXOHV 7KH WUDQVIHU IXQFWLRQV DUH DOO VWDEOH ,QWHJUDWLQJ SURFHVVHV DUH REWDLQHG VLPSO\ E\ DGGLQJ DQ LQWHJUDWRU WR DOO WKH WUDQVIHU IXQFWLRQV JLYHQ LQ 7KHVH SURFHVVHV ZLOO EH FKDUDFWHUL]HG E\ WZR SDUDPHWHUV WKH WLPH GHOD\ DQG WKH YHORFLW\ JDLQ IXQFWLRQ
.:
* S V
.: V
V/
.:
WHUL]DWLRQV 1RWLFH
.: DQG / EXW IRU WKH RWKHU PRGHOV / DUH RQO\ DSSUR[LPDWH FKDUDF WKDW WKH SDUDPHWHU .: LV WKH PD[LPXP
DQG
VORSH RI WKH VWHS UHVSRQVH 7KH PRGHO LV DQ DSSUR[L PDWLRQ RI IRU ODUJH YDOXHV RI WKLV FDVH
7 /
DQG
.:
. 57
LQ
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
UDWLR
LQ WKH UDQJH RI WR 7KH FRQWUROODELOLW\ UDWLR ZDV RIWHQ PHQWLRQHG LQ WKH HDUO\ SURFHVV FRQWURO OLWHUDWXUH VHH >@ 3URFHVV ZLWK VPDOO UDWLRV ZHUH FRQVLGHUHG HDV\ WR FRQWURO DQG SURFHVVHV ZLWK ODUJH UDWLRV GLIILFXOW WR FRQWURO 7KHUH DUH PDQ\ ZD\V WR UHSUHVHQW WKH UHVXOWV :H KDYH FKRVHQ WR VKRZ QRUPDOL]HG FRQWUROOHU SDUDPHWHUV DV IXQFWLRQV RI WKH UHODWLYH WLPH GHOD\
)LJ 8QLW VWHS UHVSRQVH RI D SURFHVV DQG SURFHGXUH XVHG WR GHWHU PLQH WKH SURFHVV SDUDPHWHUV .5 / 7 DQG .:
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
,,, 5(68/76
6WDEOH SURFHVVHV
)LJXUH VKRZV WKH FRQWUROOHU SDUDPHWHUV REWDLQHG ZKHQ WKH 0,*2 GHVLJQ SURFHGXUH LV DSSOLHG WR DOO SURF HVVHV LQ WKH WHVW EDWFK 7KH ILJXUH VKRZV WKDW WKHUH DSSHDUV WR EH D JRRG FRUUHODWLRQ EHWZHHQ WKH QRUPDOL]HG FRQWUROOHU SDUDPHWHUV DQG QRUPDOL]HG WLPH GHOD\ 7KLV LQGLFDWHV WKDW LW LV SRVVLEOH WR GHYHORS JRRG WXQLQJ UXOHV EDVHG RQ WKH WLPH GHOD\
9
GHSHQG RQ 9 )LJXUH VKRZV WKDW SDUDPHWHUV ..5 D. 7 7 DQG 7 / YDU\ ZLWK DQG RUGHUV RI PDJ
L L
QLWXGH UHVSHFWLYHO\ DV
VKRZV WKDW LW LV QRW SRVVLEOH WR ILQG WXQLQJ UXOHV IRU WKH WHVW EDWFK WKDW GR QRW GHSHQG RQ
9
,QWHJUDWLQJ SURFHVVHV
0DQ\ FODVVLFDO WXQLQJ UXOHV WUHDW VWDEOH SURFHVVHV DQG SURFHVVHV ZLWK LQWHJUDWLRQ VHSDUDWHO\ 6LQFH D SURF HVV ZLWK LQWHJUDWLRQ FDQ EH UHJDUGHG DV WKH OLPLWLQJ FDVH RI D SURFHVV ZLWK D YHU\ ODUJH ODJ LW VHHPV DWWUDFWLYH WR WU\ WR XQLI\ WKH WXQLQJ UXOHV IRU VWDEOH SURFHVVHV DQG SURFHVVHV ZLWK LQWHJUDWLRQ 7KH VWHS UHVSRQVH RI D SURF HVV ZLWK LQWHJUDWLRQ LV FKDUDFWHUL]HG E\ WZR SDUDPHWHUV WKH DSSDUHQW WLPH GHOD\
7R GHYHORS WKH QHZ WXQLQJ UXOHV WKH 0,*2 GHVLJQ PHWKRG ZLWK 0V ZDV DSSOLHG WR DOO SURFHVVHV LQ WKH WHVW EDWFK 7KLV JDYH WKH SDUDPHWHUV . DQG 7L RI 3, FRQ WUROOHUV 7KH SURFHVV SDUDPHWHUV .S / DQG 7 .: DQG / IRU SURFHVVHV ZLWK LQWHJUDWLRQ ZHUH DOVR FRPSXWHG IURP WKH VWHS UHVSRQVHV :H ZLOO QRZ LQYHVWLJDWH LI LW LV SRVVLEOH WR ILQG VRPH UHODWLRQV EHWZHHQ SURFHVV DQG FRQWUROOHU SDUDPHWHUV
. :
VHH )LJ )URP D SUDFWLFDO SRLQW RI YLHZ LW LV QRW UHDOLV WLF WR REWDLQ PRUH LQIRUPDWLRQ IURP D VLPSOH VWHS UH VSRQVH H[SHULPHQW SHUIRUPHG RQ LQWHJUDWLQJ SURFHVVHV 7KH SDUDPHWHU WHUV
1RUPDOL]DWLRQ
,W LV FRQYHQLHQW WR QRUPDOL]H WKH SDUDPHWHUV DQG LQWURGXFH GLPHQVLRQIUHH YDULDEOHV 7KH FRQWUROOHU JDLQ LV QRUPDOL]HG E\ PXOWLSO\LQJ LW HLWKHU ZLWK WKH VWDWLF SURFHVV JDLQ
VKRZV WKH UHPDUNDEOH UHVXOW WKDW WKH QRUPDOL]HG SDUDPH WHUV DUH SUDFWLFDOO\ FRQVWDQW 7KH ER[ LQ WKH ILJXUH UHSUH VHQWV V\VWHPV ZKHUH WKH SDUDPHWHUV GHYLDWH ZLWK IURP WKH YDOXHV DQG
D.
DQG
,W LV DOVR LQWHU
ZLWK WLPH GHOD\ 1RWLFH WKDW WKH FULWHULRQ WKDW ZH KDYH FKRVHQ LQ $0,*2V HPSKDVL]HV JRRG DWWHQXDWLRQ RI ORDG GLVWXU
/ / 7
EDQFHV 7KHUH DUH PDQ\ VLWXDWLRQV ZKHUH SURFHVVHV ZLWK LQWHJUDWLRQ DUH VXUJH WDQNV 7KHVH SURFHVVHV VKRXOG EH WXQHG LQ RWKHU ZD\V
)LJ 1RUPDOL]HG 3, FRQWUROOHU SDUDPHWHUV SORWWHG YHUVXV UHODWLYH WLPH GHOD\ 9 IRU VWDEOH SURFHVVHV
N N
$ YHU\ VLPSOH UXOH IRU ILHOG XVH WKDW XVHV OLWWOH SURFHVV LQIRUPDWLRQ DQG YHU\ VLPSOH FDOFXODWLRQV $ PRUH FRPSOLFDWHG UXOH ZKHUH WKH JDLQV DUH FRPSXWHG E\ VRPH IRUPXOD WKDW FDQ EH XVHG ZLWK D OLWWOH PRUH HIIRUW RU LQ D VLPSOH DXWRWXQHU 0RUH VRSKLVWLFDWHG WXQLQJ UXOHV WKDW FDQ EH DGDSWHG WR D VSHFLILF SURFHVV PRGHO
)LJ 1RUPDOL]HG FRQWUROOHU SDUDPHWHUV IRU LQWHJUDWLQJ SURFHVVHV 7KH GDVKHG UHFWDQJOH VKRZV WKH DUHD ZKHUH WKH FRQWUROOHU SD UDPHWHUV GLIIHU OHVV WKDQ IURP WKH YDOXHV D. DQG 7 /
,Q WKLV SDSHU ZH DGGUHVV WKH ILUVW WZR VLWXDWLRQV 7KH WKLUG FDVH W\SLFDOO\ UHTXLUHV PRUH FRPSXWHU VXSSRUW ERWK IRU PRGHOLQJ DQG FRQWURO GHVLJQ ([DPSOHV RI DOJR ULWKPV DQG VRIWZDUH IRU WKLV FDVH DUH JLYHQ LQ >@ DQG >@ ,W VKRXOG EH UHPHPEHUHG WKDW EHIRUH XVLQJ D PRUH VR SKLVWLFDWHG VFKHPH LW VKRXOG EH MXVWLILHG 7R GR WKLV LW LV XVHIXO WR HVWLPDWH WKH DFKLHYDEOH SHUIRUPDQFH DQG WR PDNH DQ DVVHVVPHQW RI WKH YDULDWLRQV LQ WKH SURFHVV FKDUDFWHULVWLFV RYHU WKH RSHUDWLQJ UDQJH
'LIIHUHQW UHTXLUHPHQWV
7KHUH LV D QHHG IRU D YDULHW\ RI WXQLQJ UXOHV 6RPH H[DPSOHV DUH
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
* ZLWK ]
DQG ] 7KH PRGHO DW W | RXWVLGH WKH OLPLWV LV WKH QRQPLQLPXP SKDVH SURFHVV * ZLWK D 7KH GHVLJQ UXOH DOVR FDSWXUHV LQWHJUDWLQJ SURF HVVHV )RU VXFK SURFHVVHV WKH UHODWLYH WLPH GHOD\ LV W DQG WKH VWDWLF JDLQ .5 LV LQILQLWH 7KHUHIRUH WKH GHVLJQ UXOH JLYHV
.: /
ZKLFK LV D JRRG WXQLQJ UXOH IRU LQWHJUDWLQJ SURFHVVHV DFFRUGLQJ WR )LJ 7R ILQG D WXQLQJ IRUPXOD IRU WKH LQWHJUDWLRQ WLPH 7 ZH ILUVW REVHUYH LQ )LJ WKDW WKH UDWLR 7 7 DSSHDUV WR EH FRQVWDQW LQ WKH PLG UDQJH RI W DQG WKDW WKH UDWLR 7 / LV FRQVWDQW IRU VPDOO W )LJXUH VKRZV 7 / DQG 7 7 LQ RYHUODSSLQJ UHJLRQV RI W 7KH GDWD LQ )LJ FDQ EH ILWWHG E\ WKH IROORZLQJ PRGHO
L L L L L
)LJ 1RUPDOL]HG FRQWUROOHU JDLQ DV D IXQFWLRQ RI QRUPDOL]HG WLPH GHOD\ 9 7KH VROLG OLQH FRUUHVSRQGV WR WKH WXQLQJ UXOH DQG WKH GRWWHG OLQHV LQGLFDWH SDUDPHWHU YDULDWLRQV 7KH FLUFOHV PDUN SDUDPHWHUV REWDLQHG IURP SXUH ./7 SURFHVV *
DSSHDUV WR EH FRQVWDQW IRU PHGLXP YDOXHV RI 9 DQG WKDW WKHUH LV D OLQHDU UHODWLRQ EHWZHHQ ..5 DQG 9 IRU ODUJH 9 7KLV LV VKRZQ PRUH FOHDUO\ LQ )LJ ZKLFK VKRZV D. DQG ..5 LQ RYHUODSSLQJ UHJLRQV RI 9 7KH GDWD LQ )LJ FDQ EH DSSUR[LPDWHO\ GHVFULEHG E\
7KH ILJXUH VKRZV WKDW DOPRVW DOO GDWD IDOOV EHWZHHQ WKH GRWWHG OLQHV 7KH GDWD SRLQWV PDUNHG ZLWK FLUFOHV DOO FRPH IURP WKH SURFHVV * 7KHVH SXUH ./7 PRGHOV DUH GLVFXVVHG IXUWKHU EHORZ 7KH WZR PRGHOV DW 9 | WKDW IDOO RXWVLGH WKH OLPLWV DUH WKH RVFLOODWRU\ SURFHVVHV
7KH FRQWUROOHU JDLQ JLYHQ E\ LV VKRZQ LQ IXOO OLQHV LQ )LJ DQG GHYLDWLRQV DUH LQGLFDWHG E\ GRWWHG OLQHV
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
V FRUUHVSRQGV WR WKH H[WUHPH FDVH W 7KH 0,*2 GHVLJQ IRU WKLV SURFHVV JLYHV ..:/ DQG 7 / ZKLFK LV FORVH WR WKH YDOXHV ..:/ DQG 7 / JLYHQ E\ (TXDWLRQV DQG 6LPLODUO\ WKH SURFHVV *V . H
FRUUHVSRQGV WR WKH RWKHU H[WUHPH FDVH W 7KH 0,*2 GHVLJQ IRU WKLV SURFHVV JLYHV .. DQG 7 / ZKHUHDV WKH QHZ GHVLJQ UXOH VXJJHVWV .. DQG 7 /
L V/ L L V/ S S L S L
)LJ 1RUPDOL]HG LQWHJUDO WLPH DV D IXQFWLRQ RI QRUPDOL]HG WLPH GHOD\ 9 7KH VROLG OLQH FRUUHVSRQGV WR WKH WXQLQJ UXOH DQG WKH GRWWHG OLQHV LQGL FDWH SDUDPHWHU YDULDWLRQV 7KH FLUFOHV PDUN SDUDPHWHUV REWDLQHG IURP PRGHO *
)LJ 1RUPDOL]HG 3, FRQWUROOHU SDUDPHWHUV SORWWHG YHUVXV UHODWLYH WLPH GHOD\ 9 IRU VWDEOH SURFHVVHV 7KH VROLG OLQHV FRUUHVSRQG WR WKH GHVLJQ UXOH DQG WKH GRWWHG OLQHV LQGLFDWH SDUDPHWHU YDULDWLRQV
D OLWWOH IURP WKH RWKHU V\VWHPV )LJXUH VKRZV WKHVH SRLQWV RQO\ ,W LV SRVVLEOH WR REWDLQ VSHFLDO WXQLQJ UXOHV IRU VSHFLDO FODVVHV RI SURFHVVHV )RU WKH SXUH ./7 SURFHVV ZH KDYH REWDLQHG WKH IROORZLQJ DOWHUQDWLYH VLPSOHU WXQLQJ UXOH
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
)LJ 1RUPDOL]HG 3, FRQWUROOHU SDUDPHWHUV SORWWHG YHUVXV UHODWLYH WLPH GHOD\ 9 IRU D V\VWHP ZLWK WKH WUDQVIHU IXQFWLRQ *V VROLG OLQHV FRUUHVSRQG WR WKH GHVLJQ UXOH DQG WKH GRWWHG OLQHV LQGLFDWH SDUDPHWHU YDULDWLRQV
. 5H
V/
V7 7KH
.. 5 7
L
7
/
/7 / 7
X W . E\VS W \ W
W \ S 9 \ 9 G9 7L
8
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
L L L L
7KH GHVLJQ PHWKRG JLYHQ LQ >@ JLYHV VXLWDEOH YDO XHV RI - )LJXUH VKRZV WKH YDOXHV RI WKH -SDUDPHWHU IRU WKH WHVW EDWFK )RU WKH LQWHJUDWLQJ SURFHVVHV DO PRVW DOO YDOXHV RI - DUH LQ WKH UDQJH - )LJXUH VKRZV WKDW WKH FRUUHODWLRQ ZLWK SDUDPHWHU 9 LV QRW DV JRRG DV IRU WKH IHHGEDFN SDUDPHWHUV DQG WKDW WKHUH LV D ODUJHU GLIIHUHQFH EHWZHHQ WKH SXUH ./7 PRGHO DQG WKH RWKHU SURFHVVHV )RU SURFHVVHV ZLWK G\QDPLFV GLIIHUHQW
)LJ 6HW SRLQW ZHLJKWLQJ DV D IXQFWLRQ RI 9 IRU WKH WHVW EDWFK 7KH HQFLUFOHG SRLQWV FRUUHVSRQG WR WKH SXUH ./7 SURFHVV *
IURP WKH SXUH ./7 PRGHO WKH VHWSRLQW ZHLJKW VKRXOG EH
)LJ 1RUPDOL]HG UHVSRQVH VSHHG 7FO/ IRU WKH FORVHG ORRS V\VWHP DV D IXQFWLRQ RI 9 7KH HQFLUFOHG SRLQWV FRUUHVSRQG WR WKH SXUH
./7 SURFHVV
*
HVVHV
ZKHUH WKH VHQVLWLYLW\ IXQFWLRQ KDV LWV PD[LPXP YDOXH 7KLV IUHTXHQF\ FDQ EH XVHG WR HVWLPDWH WKH FORVHGORRS UHVSRQVH VSHHG 8VLQJ WKH UHODWLRQ EHWZHHQ EDQGZLGWK DQG ULVH WLPH Z%7U | DQG DSSUR[LPDWLQJ WKH EDQGZLGWK ZLWK ZPV ZH FDQ REWDLQ WKH ULVH WLPH 7KH FORVHG ORRS UHVSRQVH WLPH 7FO LH WKH WLPH ZKHQ WKH SURFHVV RXWSXW KDV UHDFKHG RI LWV ILQDO YDOXH DIWHU D VHWSRLQW FKDQJH LV WKHQ DSSUR[LPDWHO\ JLYHQ E\
7FO | / 7U | /
ZPV
KDYH EHHQ FKRVHQ ,W LV LQWHUHVWLQJ WR VHH KRZ D GLI IHUHQW FKRLFH RI GHVLJQ SDUDPHWHU ZRXOG KDYH LQIOXHQFHG WKH WXQLQJ UXOHV )LJXUH VKRZV WKH FRQWUROOHU SDUDPH WHUV REWDLQHG IRU 8 7KH ILJXUH VKRZV WKDW WKH LQ WHJUDWLRQ WLPHV DUH HVVHQWLDOO\ WKH VDPH IRU 9 ! )RU ODJGRPLQDWHG SURFHVVHV 9 WKH LQWHJUDO WLPH LV VKRUWHU 7KH FRQWUROOHU JDLQV KDYH VLPLODU GHSHQGHQFLHV RQ 9 EXW WKH JDLQ REWDLQHG IRU 8 LV DERXW WZLFH DV KLJK DV WKH JDLQ REWDLQHG IRU 8 7KLV PHDQV WKDW WR REWDLQ PRUH DJJUHVVLYH FRQWURO DW WKH FRVW RI ORZHU UR EXVWQHVV FDQ EH DFKLHYHG VLPSO\ E\ LQFUHDVLQJ WKH JDLQ 7KH VLWXDWLRQ LV VLPLODU ZKHQ 8 LV GHFUHDVHG WR JLYH DQ HYHQ PRUH UREXVW V\VWHP 7KH LQWHJUDO WLPH UHPDLQV WKH VDPH H[FHSW IRU VPDOO YDOXHV RI 9 DQG WKH JDLQ LV GH FUHDVHG
Z PV
9DOLGDWLRQ
+DYLQJ REWDLQHG WKH WXQLQJ UXOHV LW LV XVHIXO WR WHVW WKHP RQ VRPH SURFHVVHV WKDW DUH QRW SDUW RI WKH WHVW EDWFK EXW ZKLFK KDYH VLPLODU FKDUDFWHULVWLFV :H LOOXVWUDWH WKLV ZLWK WZR H[DPSOHV
UHVSRQVH WLPHV LQ WKH UDQJH 7FO/ VR WKHVH SURFHVVHV DOVR ILW WKH SDWWHUQ LQ )LJ 6LQFH WKH WLPH GHOD\ JLYHV WKH IXQGDPHQWDO SHUIRUPDQFH OLPLWDWLRQ )LJ LQGLFDWHV WKDW WKHUH DUH SRWHQWLDO SHUIRUPDQFH LP SURYHPHQWV E\ XVLQJ D PRUH VRSKLVWLFDWHG FRQWUROOHU IRU VPDOO YDOXHV RI W
W 7KH ILJXUH VKRZV WKDW IRU PHGLXP DQG ODUJH YDOXHV RI W WKHUH LV D JRRG FRUUHODWLRQ EHWZHHQ WKH UHVSRQVH VSHHG DQG W $OPRVW DOO LQWHJUDWLQJ SURFHVVHV KDYH FORVHGORRS
FRVK
V
ZKLFK UHSUHVHQWV KHDW FRQGXFWLRQ LQ D URG 7KH WUDQVIHU IXQFWLRQ KDV SROHV DW V
5 5 5} )LJ
XUH VKRZV WKH VWHS DQG LPSXOVH UHVSRQVH RI WKH SURF HVV )RU WKLV SURFHVV ZH ILQG DQG
.5
.:
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
)LJ 1RUPDOL]HG 3, FRQWUROOHU SDUDPHWHUV SORWWHG YHUVXV UHODWLYH WLPH GHOD\ 9 IRU VWDEOH SURFHVVHV 3DUDPHWHUV PDUNHG ZLWK K FRUUHVSRQG WR WKH GHVLJQ SDUDPHWHU 08 DQG SDUDPHWHUV PDUNHG ZLWK G FRUUHVSRQG WR 08
)LJ 6WHS DQG LPSXOVH UHVSRQVHV RI D V\VWHP ZLWK WKH WUDQVIHU IXQF WLRQ *V FRVK
V
)LJ 3KDVH RI WKH WUDQVIHU IXQFWLRQ IRU ,/ DQG GDVKHG`
*V
JUDWRU ZLWK D WLPH GHOD\ 7KH WXQLQJ IRUPXOD DQG JLYHV WKH FRQWUROOHU SDUDPHWHUV . DQG 7 ZKLFK FDQ EH FRPSDUHG ZLWK WKH YDOXHV . DQG 7 REWDLQHG E\ DSSO\LQJ WKH 0,*2 GHVLJQ SURFHGXUH WR WKH WUXH WUDQVIHU IXQFWLRQ 7KH QH[W H[DPSOH LV D PRUH GLIILFXOW SUREOHP QDPHO\ DQ XQVWDEOH SURFHVV
L L
V
,
8/
ZKLFK UHSUHVHQWV DQ XQVWDEOH SURFHVV ZLWK D GHOD\ ZKLFK LV QRW LQFOXGHG LQ WKH WHVW EDWFK :H ZLOO ILUVW REVHUYH WKDW WKH SURFHVV FDQQRW EH FRQWUROOHG XQOHVV WKH SURGXFW ,/ LV VXIILFLHQWO\ VPDOO ,Q >@ LW LV VKRZQ WKDW WKH SURGXFW ,/ VKRXOG EH OHVV WKDQ LQ RUGHU WR REWDLQ 08 DQG 0 OHVV WKDQ ZLWK DQ\ FRQWUROOHU 7KH IXQGDPHQWDO OLPLWDWLRQV DUH DOVR LOOXV WUDWHG LQ )LJ ZKLFK VKRZV WKH SKDVH RI WKH WUDQVIHU IXQFWLRQ IRU GLIIHUHQW YDOXHV RI ,/ $ V\VWHP ZLWK 0
9 8
KDV D SKDVH PDUJLQ RI DW OHDVW q ,W IROORZV IURP WKH ILJXUH WKDW WKLV FDQQRW EH DFKLHYHG E\ SURSRUWLRQDO FRQ WURO IRU ,/ DQG WKDW LW FDQ EDUHO\ EH GRQH IRU ,/ 7R KDYH HIIHFWLYH LQWHJUDO DFWLRQ WKHUH PXVW EH URRP IRU VRPH H[WUD SKDVH ODJ 7KLV LQGLFDWHV WKDW UHD VRQDEOH LQWHJUDO DFWLRQ UHTXLUHV WKDW WKH SDUDPHWHU ,/ LV OHVV WKDQ )RU VPDOO YDOXHV RI SDUDPHWHU ,/ WKH VWHS UHVSRQVH LV VLPLODU WR WKH UHVSRQVH RI DQ LQWHJUDWRU ZLWK WLPH GHOD\ DQG LW LV WKHUHIRUH WHPSWLQJ WR PRGHO WKH SURFHVV LQ WKLV ZD\ 7KH VWHS UHVSRQVH RI WKH SURFHVV LV KRZHYHU PRQRWRQH ZLWK FRQWLQXRXVO\ LQFUHDVLQJ VORSH 7R XVH WKH WXQLQJ IRUPXOD ZH PXVW ILUVW GHDO ZLWK WKH SUREOHP WKDW WKH VORSH RI WKH VWHS UHVSRQVH LQFUHDVHV PRQRWRQLFDOO\ $ UHDVRQDEOH ZD\ WR GHILQH WKH HIIHFWLYH WLPH GHOD\ LV WR XVH WKH VORSH DW HJ WLPH W / 7KLV JLYHV WKH IROORZLQJ YDOXHV RI WKH HIIHFWLYH WLPH GHOD\ DQG WKH VORSH
7DEOH
0HWKRG ,/ . 7 / ,/ . 7 / ,/ . 7 / $0,*2V 0,*2 SURFHVVHV DQG / IRU SURFHVVHV ZLWK SXUH WLPH GHOD\ )RU WKH SXUH ./7 SURFHVV WKH IROORZLQJ UXOH JLYHV DQ HYHQ EHWWHU DSSUR[LPDWLRQ RI WKH XQGHUO\LQJ GHVLJQ PHWKRG 7 .
L L L
&RQWUROOHU SDUDPHWHUV REWDLQHG ZLWK 0,*2 DQG $0,*2V IRU DQ XQVWDEOH SURFHVV ZLWK WKH WUDQVIHU IXQFWLRQ *V H
V
, ZLWK GLIIHUHQW YDOXHV RI SDUDPHWHU ,/
V/
.5
/. 5
/H .:
/
H
,/
| / ,/
H ,/
8VLQJ WKHVH YDOXHV ZH REWDLQ WKH YDOXHV RI WKH FRQWUROOHU SDUDPHWHUV JLYHQ LQ 7DEOH )RU FRPSDULVRQ ZH DOVR JLYH WKH YDOXHV REWDLQHG E\ DSSO\LQJ 0,*2 7KH QHZ GHVLJQ PHWKRG WKXV ZRUNV DOVR IRU XQVWDEOH SURFHVVHV SURYLGHG WKDW WKH SDUDPHWHU ,/ LV QRW WRR ODUJH 1RWLFH WKH ODUJH GLIIHUHQFH LQ LQWHJUDWLRQ WLPH IRU ,/ )RU ,/ WKH GHVLJQ PHWKRG 0,*2 JLYHV SUDFWLFDOO\ SXUH SURSRUWLRQDO FRQWURO . 7 /
L
6XPPDU\
:H KDYH GHULYHG QHZ VLPSOH WXQLQJ UXOHV IRU 3, FRQWUROOHUV IURP WKH 0,*2 GHVLJQ PHWKRG 7KLV DS SUR[LPDWH 0,*2 PHWKRG LV GHQRWHG $0,*2V ,W LV JLYHQ E\ WKH IROORZLQJ UXOHV
.: / . S 7 .S/ 7 .S .S/ / 7 / 7
7L
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
,9 &203$5,6216 :,7+ 27+(5 0(7+2'6
7KHVH UXOHV DOVR DSSO\ IRU LQWHJUDWLQJ SURFHVVHV DQG JLYH . .:/ DQG 7 / 7KH FORVHGORRS UHVSRQVH WLPH 7FO LV DSSUR[LPDWHO\ / IRU LQWHJUDWLQJ
L
7KHUH DUH PDQ\ PHWKRGV IRU WXQLQJ 3, FRQWUROOHUV ,Q WKLV VHFWLRQ WKH $0,*2V PHWKRG LV FRPSDUHG ZLWK WKH =LHJOHU1LFKROV VWHS UHVSRQVH PHWKRG WKH &RKHQ &RRQ PHWKRG DQG /DPEGD WXQLQJ
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
LQ WKH $0,*2V UXOH DFFRUGLQJ WR )LJ &RPSDULVRQ ZLWK WKH &RKHQ DQG &RRQ PHWKRG
7KH ZRUN E\ =LHJOHU DQG 1LFKROV LQLWLDWHG PDQ\ LQYHVWLJDWLRQV 7KH SDSHU >@ SURSRVHG WXQLQJ UXOHV EDVHG RQ WKUHH SDUDPHWHUV WKH VDPH DV ZH KDYH XVHG LQ WKLV SDSHU 7KH IROORZLQJ UXOH ZDV SURSRVHG E\ &RKHQ DQG &RRQ
)RU ODJGRPLQDWHG SURFHVVHV WKH JDLQ EHFRPHV . | 7.5/ ZKLFK LV WKH VDPH DV LQ WKH =LHJOHU1LFKROV UXOH DQG 7 | / ZKLFK LV ORQJHU WKDQ LQ =LHJOHU1LFKROV UXOH )RU GHOD\GRPLQDWHG SURFHVVHV WKH JDLQ EHFRPHV . | . DQG 7 | / 7KLV JLYHV N . / ZKLFK LV FORVH WR ZKDW LV REWDLQHG ZLWK WKH $0,*2V PHWKRG
L S L L S
)LJXUH FRPSDUHV WKH &RKHQ&RRQ UXOH ZLWK WKH $0,*2V UXOH SURSRVHG LQ WKLV SDSHU 7KH ILJXUH VKRZV WKDW WKH HTXDWLRQ IRU WKH JDLQ KDV WKH ULJKW VKDSH EXW WKH JDLQ LV PXFK WRR ODUJH H[FHSW IRU YHU\ ODUJH YDOXHV RI 9 6LPLODUO\ WKH LQWHJUDWLRQ WLPH LV WRR VPDOO ERWK IRU ODUJH DQG VPDOO UHODWLYH GHOD\V
)LJ 1RUPDOL]HG 3, FRQWUROOHU SDUDPHWHUV SORWWHG YHUVXV UHODWLYH WLPH GHOD\ 9 IRU VWDEOH SURFHVVHV 7KH VROLG OLQHV FRUUHVSRQG WR WKH $0,*2V UXOH DQG WKH GDVKHG OLQHV FRUUHVSRQG WR WKH =LHJOHU1LFKROV WXQLQJ UXOH
7
7 /
. 5/
.: /
D
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
/
7KH SDUDPHWHU O LV D WXQLQJ SDUDPHWHU ZKLFK KDV LQWHUSUHWDWLRQ DV WKH WLPH FRQVWDQW RI WKH FORVHG ORRS
)LJ 1RUPDOL]HG 3, SDUDPHWHUV DV D IXQFWLRQ RI UHODWLYH WLPH GHOD\ IRU &RKHQ &RRQV PHWKRG GDVKHG DQG WKH $0,*2V UXOHV VROLG
1RWLFH WKDW WKLV GLIIHUV IURP 'DKOLQV ZRUN ZKHUH O KDG GLPHQVLRQ IUHTXHQF\ &RPPRQ UHFRPPHQGDWLRQV DUH WR FKRRVH O LQ WKH LQWHUYDO % @ O @ % )LJXUH JLYHV D FRPSDULVRQ EHWZHHQ ODPEGD WXQLQJ DQG WKH $0,*2V UXOHV 7KH /DPEGD WXQLQJ UXOHV DUH VKRZQ DV GDVKHG OLQHV LQ )LJXUH IRU WZR YDOXHV RI WKH GHVLJQ SD UDPHWHU O QDPHO\ O % DQG O % 7KH JDLQ JLYHQ E\
)LJ 1RUPDOL]HG 3, FRQWUROOHU SDUDPHWHUV SORWWHG YHUVXV UHODWLYH WLPH GHOD\ 9 IRU VWDEOH SURFHVVHV 7KH VROLG OLQHV FRUUHVSRQG WR WKH $0,*2V UXOH DQG WKH GDVKHG OLQHV FRUUHVSRQG WR WKH /DPEGD WXQLQJ UXOH 7KH XSSHU GDVKHG OLQH LQ WKH XSSHU JUDSK FRUUHVSRQGV WR O % DQG WKH ORZHU OLQH WR O %
.
7 . 5/
L
ZKLFK LV WKH VDPH DV IRU $0,*2V 7KH LQWHJUDO WLPH 7 LV VWLOO KLJKHU WKDQ IRU $0,*2V
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
L
([DPSOHV
:H ZLOO JLYH D IHZ H[DPSOHV WKDW LOOXVWUDWH WKH GLI IHUHQFHV EHWZHHQ WKH GHVLJQ PHWKRGV )RU VLPSOLFLW\ ZH ZLOO GHQRWH WKH =LHJOHU 1LFKROV VWHS UHVSRQVH PHWKRG E\ =1 WKH &RKHQ&RRQ PHWKRG E\ && DQG /DPEGD WXQLQJ E\ / :H ZLOO ILUVW FRQVLGHU D SURFHVV ZKHUH WKH G\QDP LFV LV ODJ GRPLQDWHG
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
7DEOH &RQWUROOHU SDUDPHWHUV REWDLQHG ZLWK WKH GH VLJQ PHWKRGV $0,*2V =1 && DQG / IRU D SURFHVV ZLWK WKH WUDQVIHU IXQFWLRQ *V V V 7KH G\ QDPLFV RI WKH SURFHVV LV ODJ GRPLQDWHG ZLWK /7 DQG 9 )RU FRPSDULVRQ WKH SDUDPHWHUV REWDLQHG ZKHQ WKH FRPSOHWH WUDQVIHU IXQFWLRQ LV NQRZQ DUH DOVR JLYHQ 7KHVH YDOXHV DUH ODEHOHG 0,*2
,$(
*V
V V
WUROOHUV GHVLJQHG E\ $0,*2V IXOO OLQH =1 GDVKHG && GRWWHG DQG / GDVKHG GRWWHG IRU D SURFHVV ZLWK WKH WUDQVIHU IXQFWLRQ *V V V 7KH G\QDPLFV RI WKH V\V WHP LV ODJ GRPLQDWHG ZLWK /7 DQG 9
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
*V
WDLQHG ZKHQ WKH FRPSOHWH WUDQVIHU IXQFWLRQ LV NQRZQ DUH DOVR JLYHQ 7KHVH YDOXHV DUH OD EHOHG 0,*2
HWKRG
7L
NL
08
,$(
V
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
HWKRG
VLJQ PHWKRGV $0,*2V =1 && DQG / IRU D SURFHVV ZLWK WKH WUDQVIHU IXQFWLRQ *V H
V 7KH G\QDPLFV RI WKH V\VWHP LV ODJ GRPLQDWHG ZLWK /7 DQG O )RU FRPSDULVRQ WKH SDUDPHWHUV REWDLQHG ZKHQ WKH FRPSOHWH WUDQVIHU IXQFWLRQ LV NQRZQ DUH DOVR JLYHQ 7KHVH YDOXHV DUH OD EHOHG 0,*2
. 7L
NL
08
,$(
)LJ 5HVSRQVHV WR VWHS FKDQJHV LQ VHW SRLQW DQG ORDG IRU 3, FRQ WUROOHUV GHVLJQHG E\ $0,*2V IXOO OLQH =1 GDVKHG && GRWWHG DQG / GDVKHG GRWWHG IRU D V\VWHP ZLWK WKH WUDQVIHU IXQFWLRQ *V V 7KH G\QDPLFV RI WKH SURFHVV LV FKDUDFWHUL]HG E\ /7 DQG 9
)LQDOO\ ZH ZLOO FRQVLGHU DQ H[DPSOH ZKHUH WKH G\ QDPLFV LV GRPLQDWHG E\ WKH WLPH GHOD\
8 H V
)LJ 5HVSRQVHV WR VWHS FKDQJHV LQ VHW SRLQW DQG ORDG IRU 3, FRQ WUROOHUV GHVLJQHG E\ $0,*2V IXOO OLQH =1 GDVKHG && GRWWHG DQG / GDVKHG GRWWHG IRU D SURFHVV ZLWK WKH WUDQVIHU IXQFWLRQ *V H
8V 7KH G\QDPLFV RI WKH V\VWHP LV GHOD\ GRPLQDWHG ZLWK /7 DQG 9
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
L L
7KH UHVSRQVHV IURP WKH && PHWKRG KDYH RYHUVKRRWV EXW DUH DOVR UHDVRQDEOH 7KH UHVSRQVHV REWDLQHG ZLWK =1 DUH H[WUHPHO\ VOXJJLVK EHFDXVH ERWK SURSRUWLRQDO DQG LQWHJUDO JDLQV DUH YHU\ ORZ /DPEGD WXQLQJ JLYHV EHWWHU UHVSRQVHV WKDQ =1 EXW VLJQLILFDQWO\ SRRUHU WKDQ $0,*2V
6XPPDUL]LQJ WKH UHVXOWV RI WKH H[DPSOH ZH FDQ PDNH WKH IROORZLQJ FRQFOXVLRQV 7KH SURSRVHG PHWKRG $0,*2V JLYHV WKH EHVW UHVXOWV IRU DOO FDVHV 7KH GLIIHUHQFHV LQ SHU IRUPDQFH DUH VLJQLILFDQW N =LHJOHU1LFKROV WXQLQJ JLYHV KLJKO\ RVFLOODWRU\ UHVSRQVHV IRU ODJ GRPLQDWHG SURFHVVHV DQG SURFHVVHV ZLWK EDODQFHG ODJ DQG GHOD\ DQG YHU\ VOXJJLVK UHVSRQVHV IRU GHOD\ GRPLQDWHG SURF HVVHV
N
7 +lJJOXQG DQG .- cVWU|P 5HYLVLWLQJ WKH =LHJOHU1LFKROV 7XQLQJ 5XOHV IRU 3, &RQWURO
N
7KH &RKHQ&RRQ WXQLQJ JLYHV KLJKO\ RVFLOODWRU\ UHVSRQVHV IRU ODJ GRPLQDWHG SURFHVVHV DQG SUR FHVVHV ZLWK EDODQFHG ODJ DQG GHOD\ EXW UHDVRQ DEOH UHVSRQVHV IRU GHOD\GRPLQDWHG SURFHVVHV 7KH SHUIRUPDQFH REWDLQHG ZLWK /DPEGD WXQLQJ LV YHU\ VOXJJLVK IRU GHOD\ GRPLQDWHG SURFHVVHV ,W LV FRPSDUDEOH ZLWK $0,*2V IRU EDODQFHG ODJ DQG GHOD\ DQG DFFHSWDEOH EXW QRW DV JRRG IRU GHOD\ GRPLQDWHG SURFHVVHV )RU VXFK SURFHVVHV ODPEGD WXQLQJ JLYHV SUDFWLFDOO\ DQ LQWHJUDWLQJ FRQWUROOHU
GRPLQDWHG ,QWHJUDO DFWLRQ LV WKH PDMRU FRQWULEXWRU WR FRQWURO RI VXFK SURFHVVHV 7KH SURFHVVHV FDQ EH FRQ WUROOHG ZHOO E\ 3, FRQWUROOHUV DQG RQO\ VPDOO LPSURYH PHQWV FDQ EH REWDLQHG E\ XVLQJ PRUH FRPSOLFDWHG FRQ WUROOHUV ,Q WKH H[WUHPH FDVH ZKHQ /7 WKH UXOHV EHFRPH
of
.5
7
/
9 &21&/86,216
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
3URFHVVHV ZLWK / 7 DUH FDOOHG EDODQFHG 7KH\ FDQ EH ZHOO FRQWUROOHG E\ 3, FRQWURO EXW WKHUH DUH SRWHQWLDO LPSURYHPHQWV E\ XVLQJ GHULYDWLYH DFWLRQ
##$
=LHJOHU -* DQG 1% 1LFKROV 2SWLPXP 6HWWLQJV IRU $XWRPDWLF &RQWUROOHUV 7UDQV $60( 9RO SS &RKHQ *+ DQG *$ &RRQ 7KHRUHWLFDO &RQVLG HUDWLRQ RI 5HWDUGHG &RQWURO 7UDQV $60( 9RO SS .DUO -RKDQ cVWU|P DQG 7RUH +lJJOXQG 3,' &RQ
WUROOHUV 7KHRU\ 'HVLJQ DQG 7XQLQJ
,QVWUXPHQW 6RFLHW\ RI $PHULFD 5HVHDUFK 7ULDQJOH 3DUN 1RUWK &DUROLQD .DUO -RKDQ cVWU|P +pOqQH 3DQDJRSRXORV DQG 7RUH +lJJOXQG 'HVLJQ RI 3, &RQWUROOHUV %DVHG 9 RO RQ
1RQ&RQYH[
2SWLPL]DWLRQ
$XWRPDWLFD
1R SS 3DQDJRSRXORV + .- cVWU|P DQG 7 +lJJOXQG
'HVLJQ RI 3,' &RQWUROOHUV %DVHG RQ &RQWUDLQHG 2S WLPL]DWLRQ ,Q 3URF $PHU &RQWU &RQI 6DQ 'LHJR &DOLIRUQLD SS ,QYLWHG 3DSHU .DUO -RKDQ cVWU|P DQG 7RUH +lJJOXQG 1HZ
. 7 7 7 . S/
L
DQG FDQ HDVLO\ EH NHSW LQ PLQG 7KH GHYHORSPHQW RI WKH UXOHV KDYH DOVR JLYHQ VXE VWDQWLDO LQVLJKW 7KH UDWLR /7 JLYHV DQ LPSRUWDQW FKDUDF WHUL]DWLRQ RI WKH SURFHVVHV )RU VPDOO YDOXHV RI /7 WKH SURFHVVHV DUH FDOOHG ODJ GRPLQDWHG 3URSRUWLRQDO DFWLRQ LV WKH PDMRU FRQWULEXWRU WR WKH FRQWURO IRU VXFK SURFHVVHV 7KH SURFHVVHV DOVR SHUPLWV KLJK FRQWURO JDLQ DQG KLJK EDQGZLGWK 7KHUH PD\ DOVR EH VXEVWDQWLDO EHQHILWV E\ XVLQJ PRUH FRPSOLFDWHG FRQWUROOHU IRU VXFK SURFHVVHV ,Q WKH H[WUHPH FDVH ZKHQ /7 o WKH UXOHV EHFRPH
PXOD ,(( 3URF 3W ' 9 RO 1R SS +pOqQH 3DQDJRSRXORV 3,'&RQWURO 'HVLJQ ([
WHQVLRQ $SSOLFDWLRQ 3K' 7KHVLV 'HSDUWPHQW RI $XWRPDWLF &RQWURO /XQG ,QVWLWXWH RI 7HFKQRORJ\
&RQWURO 3K' 7KHVLV 'HSDUWPHQW RI $XWRPDWLF &RQWURO /XQG ,QVWLWXWH RI 7HFKQRORJ\ /XQG 6ZH GHQ .DUO -RKDQ cVWU|P /LPLWDWLRQV RQ &RQWURO 6\VWHP 3HUIRUPDQFH (XU - &RQWU 9 RO 1R SS 'DKOLQ (% 'HVLJQLQJ DQG 7XQLQJ 'LJLWDO &RQ
. 7L / .: /
,QWHJUDWLQJ SURFHVVHV EHORQJ WR WKLV FDWHJRU\ 3URFHVVHV ZLWK ODUJH YDOXHV RI /7 DUH FDOOHG GHOD\
+LJKDP -' 6LQJOH7HUP &RQWURO RI )LUVW DQG 6HFRQG2UGHU 3URFHVVHV ZLWK 'HDG 7LPH &RQWURO SS 5LYHUD '( 0 0RUDUL DQG 6 6NRJHVWDG ,QWHUQDO 0RGHO &RQWURO 3,' &RQWUROOHU 'HVLJQ ,QG (QJ &KHP 3URF 'HV 'HY 9RO SS 0DQIUHG 0RUDUL DQG (YDQJKHORV =DILULRX 5REXVW 3URFHVV &RQWURO 3UHQWLFH+DOO (QJOHZRRG &OLIIV 1HZ -HUVH\ %LDONRZVNL :/ 'UHDP YV 5HDOLW\ $ 9LHZ IURP %RWK 6LGHV RI WKH *DS 3XOS 3DSHU &DQDGD 9RO SS 1DQF\ - 6HOO 3URFHVV &RQWURO )XQGDPHQWDOV IRU WKH
. - cVWU|P DQG
UHQW UHVHDUFK LQWHUHVWV DUH LQ WKH DUHDV RI SURFHVV FRQWURO WXQLQJ DQG DGDSWDWLRQ DQG VXSHUYLVLRQ DQG GHWHFWLRQ
7RUH +lJJOXQG
GHJUHH LQ PDWLF &RQWURO
(QJLQHHULQJ
/XQG ,QVWLWXWH RI 7HFKQRORJ\ /XQG 6ZHGHQ ZKHUH KH FXUUHQWO\ LV SUR IHVVRU %HWZHHQ DQG KH ZRUNHG IRU $OID /DYDO $XWRPDWLRQ QRZ $%% ZLWK GHYHORSPHQW RI LQGXVWULDO DGDSWLYH
FRDXWKRU
7KH 5R\DO ,QVWLWXWH RI 7HFKQRORJ\ LQ 6WRFNKROP $IWHU ZRUNLQJ ILYH \HDUV IRU ,%0 5HVHDUFK KH ZDV DS SRLQWHG 3URIHVVRU RI WKH &KDLU RI $XWRPDWLF &RQWURO DW /XQG 8QLYHU VLW\ LQ )URP KH LV 3UR IHVVRU (PHULWXV 6LQFH -DQ KH LV 3URIHVVRU LQ 0HFKDQLFDO DQG (QYLURQPHQWDO (QJL QHHULQJ DW 8&6% cVWU|P KDV EURDG LQWHUHVWV LQ DXWR PDWLF FRQWURO LQFOXGLQJ VWRFKDVWLF FRQWURO V\VWHP LGHQ WLILFDWLRQ DGDSWLYH FRQWURO FRPSXWHU FRQWURO DQG FRP SXWHUDLGHG FRQWURO HQJLQHHULQJ +H KDV VXSHUYLVHG 3K' VWXGHQWV ZULWWHQ VL[ ERRNV DQG PRUH WKDQ SD SHUV LQ DUFKLYDO MRXUQDOV +H KDV WKUHH SDWHQWV RQH KDV OHG WR VXEVWDQWLDO SURGXFWLRQ LQ 6ZHGHQ cVWU|P LV D PHPEHU RI WKH 5R\DO 6ZHGLVK $FDGHP\ RI (QJLQHHULQJ 6FLHQFHV ,9$ DQG WKH 5R\DO 6ZHGLVK $FDGHP\ RI 6FL HQFHV .9$ DQG D IRUHLJQ PHPEHU RI WKH 86 1DWLRQDO $FDGHP\ RI (QJLQHHULQJ WKH 5XVVLDQ $FDGHP\ RI 6FL HQFHV DQG WKH +XQJDULDQ $FDGHP\ RI VFLHQFHV cVWU|P KDV UHFHLYHG PDQ\ KRQRUV LQFOXGLQJ IRXU KRQRUDU\ GRF WRUDWHV WKH 4XD]]D 0HGDO IURP ,)$& WKH 5XIXV 2OGHQ EXUJHU 0HGDO IURP $60( WKH ,((( &RQWURO 6\VWHPV 6FLHQFH $ZDUG DQG WKH ,((( 0HGDO RI +RQRU