Vaughan & Michael (1982) Automatic Reinforcement- An Important but Ignored Concept
-
Upload
evanschneiderman -
Category
Documents
-
view
23 -
download
1
Transcript of Vaughan & Michael (1982) Automatic Reinforcement- An Important but Ignored Concept
$XWRPDWLF�5HLQIRUFHPHQW��$Q�,PSRUWDQW�EXW�,JQRUHG�&RQFHSW$XWKRU�V���0DUJDUHW�(��9DXJKDQ�DQG�-DFN�/��0LFKDHO6RXUFH��%HKDYLRULVP��9RO������1R�����)DOO���������SS���������3XEOLVKHG�E\��&DPEULGJH�&HQWHU�IRU�%HKDYLRUDO�6WXGLHV��&&%6�6WDEOH�85/��http://www.jstor.org/stable/27759007 .$FFHVVHG������������������
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp
.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].
.
Cambridge Center for Behavioral Studies (CCBS) is collaborating with JSTOR to digitize, preserve and extendaccess to Behaviorism.
http://www.jstor.org
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
$XWRPDWLF� 5HLQIRUFHPHQW��
$Q� ,PSRUWDQW� EXW� ,JQRUHG� &RQFHSW�
0DUJDUHW� (�� 9DXJKDQ����:HVWHUQ� 0LFKLJDQ� 8QYLHUVLW\�
DQG�
-DFN� /��0LFKDHO�
:HVWHUQ� 0LFKLJDQ� 8QLYHUVLW\�
,�� ,QWURGXFWLRQ�� 1DWXUH� RI� WKH� 3UREOHP� DQG� D� 3RWHQWLDO� 6ROXWLRQ�
7KH� FRQVHTXHQFHV� RI�DQ\�EHKDYLRUDO� SKHQRPHQRQ� PXVW� KDYH� D�SODFH� LQ�D� FRPSOHWH�
GHVFULSWLRQ� RI� WKH�HYHQW�� ,QGHHG�� PDQ\� OHDUQLQJ� WKHRULVWV� FRQWHQG� WKDW�FRQVHTXHQFHV�DUH� HVVHQWLDO� IRU� HVWDEOLVKLQJ� DQG� PDLQWDLQLQJ� DOO� OHDUQHG� EHKDYLRU� �UHVSRQGHQW� RU�
FODVVLFDOO\� FRQGLWLRQHG� EHKDYLRU� EHLQJ� D�JHQHUDO� H[FHSWLRQ��� 2WKHU� WKHRULVWV�� KRZHYHU��
DUJXH� WKDW�WKHUH�DUH� D�QXPEHU� RI�RFFDVLRQV� ZKHQ� EHKDYLRU� FKDQJHV� LQ�VWUHQJWK�RU�IRUP�
LQ� WKH� DEVHQFH� RI� DQ\� REYLRXV� FRQVHTXHQFH�� 7KH� ILHOGV� RI� SV\FKROLQJXLVWLFV� DQG�
FRJQLWLYH� SV\FKRORJ\�� IRU�H[DPSOH�� DUH� UHSOHWH�ZLWK� VWXGLHV� VDLG� WR�GHPRQVWUDWH� WKDW�
UHLQIRUFHPHQW� WKHRU\� LV�LQFRPSOHWH� LI�QRW� LQDFFXUDWH� �%DQGXUD�� ������&KRPVN\�� ������GH�9LOOLHUV�� GH�9LOOLHUV��������3LDJHW���������
6WXGLHV� RQ� ODQJXDJH� DFTXLVLWLRQ� LOOXVWUDWH� WKLV�SRLQW� �H�J���%URZQ� � +DQORQ�� �������,Q�D� W\SLFDO� VWXG\��SDUHQWV� LQWHUDFWLRQV� ZLWK� WKHLU�FKLOGUHQ� DUH� UHFRUGHG� IRU�H[WHQGHG�
SHULRGV� RI� WLPH�� ,W� LV�IRXQG� WKDW��RYHU� WLPH��FKLOGUHQ� JUDGXDOO\� EHJLQ� WR�XWWHU� FRUUHFWO\�FRQVWUXFWHG� VHQWHQFHV� DGMHFWLYHV� EHIRUH� QRXQV�� IRU�H[DPSOH� GHVSLWH� WKH� ODFN� RI�
DQ\� REYLRXV� H[WHUQDO� UHLQIRUFHPHQW� IRU� FRUUHFW� ZRUG� RUGHU�� 7KXV�� DFFRUGLQJ� WR�
SV\FKROLQJXLVWV� DQG� FRJQLWLYH� SV\FKRORJLVWV�� WKH�DFTXLVLWLRQ� RI�JUDPPDWLFDO� EHKDYLRU�
FDQQRW� EH� GXH� WR� UHLQIRUFHPHQW�� EXW� UDWKHU� WR� D� VWUXFWXUH� ZLWKLQ� WKH� RUJDQLVP�
��$Q� HDUOLHU� YHUVLRQ� RI� WKLV�SDSHU� ZDV� VXEPLWWHG� LQ�SDUWLDO� IXOILOOPHQW� RI� WKH� UHTXLUHPHQWV� IRU� WKH�3K��'��
GHJUHH� LQ�3V\FKRORJ\�� :HVWHUQ� 0LFKLJDQ� 8QLYHUVLW\�� .DODPD]RR�� 0LFKLJDQ� ������� DQG� ZDV� WKH�EDVLV� RI�D�
WDON� JLYHQ� DW� WKH�ILIWK�DQQXDO� FRQYHQWLRQ� RI� WKH�$VVRFLDWLRQ� IRU�%HKDYLRU� $QDO\VLV�� 'HDUERUQ�� 0LFKLJDQ��-XQH�� ������
�,� WKDQN� 3URIHVVRU� %�)�� 6NLQQHU� IRU� KLV� WLPH� LQ�GLVFXVVLQJ� ZLWK� PH� WKH� FRQFHSW� RI� DXWRPDWLF�
UHLQIRUFHPHQW� DQG� IRU�KLV� YDOXDEOH� ZULWWHQ� FRPPHQWV� RQ� WKLV�SDSHU�� $� VSHFLDO� WKDQN� \RX� JRHV� WR�3URIHVVRU�
*HUDOG� =XULII� IRU� KLV� FULWLFDO� UHDGLQJ� RI� ERWK� WKLV� SDSHU� DQG� DQ� HDUOLHU� GUDIW�� +LV� PDQ\� LQVLJKWIXO�FRPPHQWV� KHOSHG� PH� �GLVFRYHU� ZKDW� ,�KDG� WR� VD\��� DQG� IURP� WKDW��ZKDW� ,�VKRXOGQW��
�5HTXHVWV� IRU� UHSULQWV� VKRXOG� EH� DGGUHVVHG� WR�0DUJDUHW� (�� 9DXJKDQ�� 'HSDUWPHQW� RI�3V\FKRORJ\� DQG�
6RFLDO� 5HODWLRQV�� +DUYDUG� 8QLYHUVLW\�� &DPEULGJH�� 0DVVDFKXVHWWV� �������
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
0DUJDUHW� (�� 9DXJKDQ� DQG� -DFN� /��0LFKDHO�
SK\ORJHQHWLFDOO\� VHOHFWHG� IRU�MXVW� VXFK�D�SXUSRVH�� 6LPLODUO\�� WKH�EHKDYLRU� RI�FKLOGUHQ� LV�
QRW�� LQ�DQ\� REYLRXV� VHQVH�� UHLQIRUFHG� LQ�DQ\� V\VWHPDWLF� IDVKLRQ� EHFDXVH� LW�FRQIRUPV� WR�D� UHJLRQDO� GLDOHFW�� \HW�WKH\�XVXDOO\� DFTXLUH� GLDOHFWV� VLPLODU� WR�WKRVH�RI�WKH�DGXOWV� LQ�WKHLU�
HQYLURQPHQW�� ,I�UHLQIRUFHPHQW� LV�QRW� DW�ZRUN�� ZKDW� LV"�(YHQ� PRUH� SUREOHPDWLF� LV�WKH�
DQDO\VLV� RI� WKLQNLQJ� DQG� SUREOHP� VROYLQJ�� +RZ� LV�WKLV�NLQG� RI�EHKDYLRU� UHLQIRUFHG"�
7KH� ODFN�RI�DQ\� LPPHGLDWH� H[WHUQDO� FRQVHTXHQFH� KDV� DJDLQ� OHG�SHRSOH� WR�WKH�UHLILFDWLRQ�
RI� FRJQLWLYH� VWUXFWXUHV� RU� KLJKHU� PHQWDO� SURFHVVHV� LQ�H[SODLQLQJ� FRPSOH[� KXPDQ�
EHKDYLRU��%DQGXUD��������1HLVVHU��������3LDJHW���������&DQ� EHKDYLRU� DQDO\VWV� GR� DQ\� EHWWHU"�$UH� ZH� FRPSHOOHG� WR�DFFHSW� K\SRWKHWLFDO�
FRQVWUXFWV� DV� H[SODQDWLRQV�� RU� FDQ� ZH� ILQG� D�PRUH� SDUVLPRQLRXV� H[SODQDWLRQ� LQ�
H[LVWLQJ� ODZV� RI� EHKDYLRU"� 3HUKDSV� ZH� FDQQRW� ZKROO\� DYRLG� PHWDSKRU�� EXW� D� OHVV�
H[WHQGHG� PHWDSKRU� VHHPV� SUHIHUDEOH� WR�PDQ\� FXUUHQW� WKHRUHWLFDO� DQDO\VHV��7KH� FRQFHSW� RI��DXWRPDWLF� UHLQIRUFHPHQW�� PD\� SURYLGH� MXVW� VXFK� DQ� DOWHUQDWLYH��
%�)�� 6NLQQHU� PDNHV� PXFK� XVH� RI� LW�LQ�KLV� YDULRXV� ZULWLQJV�� SDUWLFXODUO\� WKRVH� FRQ�
FHUQHG�ZLWK� YHUEDO� EHKDYLRU� DQG�ZLWK� LQWHOOHFWXDO� VHOI�PDQDJHPHQW�� 7KH� WHUP�DSSHDUV�FORVH� WR� ����WLPHV� LQ�6FLHQFH� DQG�+XPDQ� %HKDYLRU�� 9HUEDO� %HKDYLRU�� 7KH�$QDO\VLV� RI�%HKDYLRU� �ZLWK� -�*�� +ROODQG��� &RQWLQJHQFLHV� RI� 5HLQIRUFHPHQW�� 7HFKQRORJ\� RI�
7HDFKLQJ�� DQG� $ERXW� %HKDYLRULVP� � �$XWRPDWLF�� GRHV� QRW� DSSHDU� WR�IXQFWLRQ� DV� D�
WHFKQLFDO� PRGLILHU�� OLNH��FRQGLWLRQHG��� �XQFRQGLWLRQHG��� RU��LQWHUPLWWHQW���� �,W� LV�QRW�
LQGH[HG� LQ�DQ\� RI�KLV�ZULWLQJV�� DQG� LQ�WKH�SURJUDPPHG� WH[W��7KH�$QDO\VLV� RI�%HKDYLRU��LW�DSSHDUV� LQ�IUDPHV� EXW�QHYHU� DV� DQ� DQVZHU� IRU�DQ\� IUDPH����$SSDUHQWO\� LW�LV�XVHG� LQ�WKH�
RUGLQDU\� VHQVH� RI�QRW� UHTXLULQJ� PHGLDWLRQ� E\� DQRWKHU� SHUVRQ�� ,W� LV�XVHG� PHUHO\� WR�
HPSKDVL]H� WKH�UHOHYDQFH� RI�UHLQIRUFHPHQW� LQ�FDVHV�ZKHUH� LW�PLJKW� EH� HDVLO\� RYHUORRNHG��
7KDW� LV��LW�FRXQWHUDFWV� DQ\� WHQGHQF\� WR�UHVWULFW� WKH�FRQFHSW� RI�UHLQIRUFHPHQW� WR�WKRVH�
RFFDVLRQV� XSRQ� ZKLFK� LW�KDV� EHHQ� GHOLEHUDWHO\� DUUDQJHG� E\�DQRWKHU� SHUVRQ� RU�JURXS��6NLQQHUV� XVDJH� FOHDUO\� DYRLGV� WKH�LPSOLFDWLRQ� RI�D� WHFKQLFDO� WHUP��QHYHUWKHOHVV�� WKH�
FRQFHSW� SOD\V� D� FULWLFDO� UROH� LQ�KLV�DQDO\VLV� RI�KXPDQ� EHKDYLRU�� YHUEDO� DQG� QRQYHUEDO��
<HW�� VXUSULVLQJO\�� IHZ�RWKHU�ZULWHUV� LQ�WKH�EHKDYLRUDO� DUHD�PDNH� DQ\� XVH� RI� WKH�WHUP��
3RVVLEO\� RWKHU� EHKDYLRULVWV� DUH� XQDZDUH� RI� WKLV�W\SH�RI� UHLQIRUFHPHQW�� RU� WDNH� LW�IRU�
JUDQWHG� LQ�HYHQ� WKH�PRVW� FRPSOH[� FDVHV�� 7KH\�PD\� DOVR� GHOLEHUDWHO\� DYRLG� LW�EHFDXVH� LW�
LV�SRVVLEO\� FLUFXODU� RU� LQIHUHQWLDO�� $�PRUH� OLNHO\�SRVVLELOLW\� LV�WKDW�RWKHU� EHKDYLRUDO�
ZULWHUV� KDYH� QRW� VKRZQ� 6NLQQHUV� ZLOOLQJQHVV� WR�VSHFXODWH� DERXW� WKH�W\SHV�RI�FRPSOH[�KXPDQ� EHKDYLRU� WKDW�RIWHQ� VHHP� WR�UHTXLUH� WKH�FRQFHSW��
,Q�DQ\� FDVH�� 6NLQQHUV� H[WHQVLYH� XVH� RI��DXWRPDWLF� UHLQIRUFHPHQW�� MXVWLILHV� D� FORVHU�
ORRN��:KDW� DUH� WKH�FRQGLWLRQV� XQGHU� ZKLFK� LW�RFFXUV"� &DQ� WKH\�EH� FODVVLILHG� LQ�DQ\�XVHIXO�ZD\"� 6HFWLRQ� ,,�RI�WKLV�SDSHU� DWWHPSWV� WR�DQVZHU� WKHVH�TXHVWLRQV�� ,Q�6HFWLRQ� ,,,��FULWLFLVPV� RI� 6NLQQHUV� XVDJH� DUH� FRQVLGHUHG�� DQG� ILQDOO\�� 6HFWLRQ� ,9� VXUYH\V� WKH�KHXULVWLF� YDOXH� RI�DXWRPDWLF� UHLQIRUFHPHQW�� ,Q� VXPPDU\�� WKH�SDSHU� DV� D�ZKROH� LV�DQ�
DWWHPSW� WR�GHVFULEH� DQG� FODULI\� WKH� UROH� RI� DXWRPDWLF� UHLQIRUFHPHQW� LQ�6NLQQHUV�
ZULWLQJV� LQ�RUGHU� WR�GHWHUPLQH� LWV�LPSRUWDQFH� LQ�IXUWKHULQJ� WKH�DQDO\VLV� RI� FRPSOH[�KXPDQ� EHKDYLRU��
LQWHUHVWHG� UHDGHUV� DUH� HQFRXUDJHG� WR�ZULWH� WR� WKH� ILUVW�DXWKRU� IRU� D� FRPSOHWH� FLWDWLRQ� OLVW��
�$�SRLQW� WKDW�ZDV� ILUVW� UDLVHG� E\� 3DXO� :KLWOH\���$� SRLQW� WKDW�ZDV� EURXJKW� WR�RXU� DWWHQWLRQ� E\�1RUPDQ� 3HWHUVHQ��
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
$XWRPDWLF� 5HLQIRUFHPHQW�
,,��7KH� &LUFXPVWDQFHV� RI�$XWRPDWLF� 5HLQIRUFHPHQW�
,Q� WKH�PRVW� JHQHUDO� VHQVH�� DXWRPDWLF� UHLQIRUFHPHQW� LV�UHLQIRUFHPHQW� WKDW� LV�QRW�
PHGLDWHG� E\� WKH�GHOLEHUDWH� DFWLRQ� RI�DQRWKHU� SHUVRQ� �GHOLEHUDWH�� LQ�WKH� VHQVH� RI�
DFWLRQ� WDNHQ� EHFDXVH� RI� WKH�FRQVHTXHQFHV� IRU�WKH�RWKHU� SHUVRQ�� ,W�LV�D� �QDWXUDO�� UHVXOW�
RI�EHKDYLRU� ZKHQ� LW�RSHUDWHV� XSRQ� WKH�EHKDYHUV� RZQ� ERG\� RU� WKH�VXUURXQGLQJ� ZRUOG���
,Q� JHQHUDO�� WKH� UHLQIRUFHPHQW� PD\� EH� FRQGLWLRQHG� RU� XQFRQGLWLRQHG�� SRVLWLYH� RU�
QHJDWLYH�� 0RUHRYHU�� WKH� EHKDYLRU� UHLQIRUFHG� DXWRPDWLFDOO\� PD\� EH� YHUEDO� RU�
QRQYHUEDO��
7R� LOOXVWUDWH� WKH�XELTXLWRXV� QDWXUH� RI�DXWRPDWLF� UHLQIRUFHPHQW� LQ�6NLQQHUV� ZULW�
LQJ��ZH� KDYH� IRXQG� LW� LQVWUXFWLYH� WR� FODVVLI\� WKH� H[DPSOHV� DV� FRQVLVWLQJ� RI� HLWKHU�
SHUFHLYLQJ�� SURGXFLQJ�� RU�SUREOHP�VROYLQJ� EHKDYLRU�� ,Q�DGGLWLRQ�� ZH� KDYH� VXEGLYLGHG�
WKLV�FODVVLILFDWLRQ� DFFRUGLQJ� WR�ZKHWKHU� VXFK�EHKDYLRU� RSHUDWHV� RQ� WKH�EHKDYHU� GLUHFWO\�QRW� UHTXLULQJ� HQYLURQPHQWDO� VXSSRUW� RU� RSHUDWLQJ� RQ� WKH� EHKDYHU� YLD� WKH�
H[WHUQDO� HQYLURQPHQW�� $OWKRXJK� WKHVH� GLYLVLRQV� DUH� E\� QR�PHDQV� SXUH�� WKH\�KDYH�
SURYLGHG� XV�ZLWK� D�PHDQV� RI�RUGHULQJ� D�P\ULDG� RI�H[DPSOHV��:H� ZLOO� ILUVW�FRQVLGHU� H[DPSOHV� RI� SHUFHLYLQJ�� SURGXFLQJ� DQG� SUREOHP�VROYLQJ�
EHKDYLRU� ZKLFK� LQYROYH� RQO\� DXWRPDWLF�SRVLWLYH� UHLQIRUFHPHQW�� ([DPSOHV� LQYROYLQJ�
�DXWRPDWLF�QHJDWLYH� UHLQIRUFHPHQW� DQG� �DXWRPDWLF�� SXQLVKPHQW� ZLOO� EH� WUHDWHG�
VHSDUDWHO\� WR�DYRLG� XQQHFHVVDU\� FRQIXVLRQ��
$�� 7KH� EHKDYLRU� RI�SHUFHLYLQJ�
7KH� IHZHVW� H[DPSOHV� RI�DXWRPDWLF� UHLQIRUFHPHQW� WDNHQ� IURP� 6NLQQHUV� ZULWLQJV�IDOO� XQGHU� WKH�KHDGLQJ� RI�SHUFHSWXDO� EHKDYLRU� RSHUDWLQJ� RQ� WKH� HQYLURQPHQW�� )RU�
H[DPSOH�� �7KH� GRJ� ORYHU� LV�DXWRPDWLFDOO\� UHLQIRUFHG� ZKHQ� KH� VHHV�GRJV�� ������ S��������7KH� UHLQIRUFHPHQW� LV�DXWRPDWLF� �VHHLQJ�� LV�WKH�QDWXUDO� UHVXOW� RI��ORRNLQJ� DW���
3HUFHSWXDO� EHKDYLRU� PD\� DOVR� RSHUDWH� RQ� WKH� EHKDYHU� GLUHFWO\� DQG� GHULYH�
DXWRPDWLF� UHLQIRUFHPHQW�� �>:H� FDQ� DVVXPH@� WKDW�ZKHQ� D�YLVXDO� REMHFW� LV�DXWRPDWLFDOO\�
UHLQIRUFLQJ�� WKH� EHKDYLRU� RI� VHHLQJ� LW�PD\� EHFRPH� VR� VWURQJ� WKDW� LW�RFFXUV� LQ� WKH�
DEVHQFH� RI�WKH�REMHFW�� ������� S�� ������$W� D� ODWHU�GDWH�� 6NLQQHU� VWDWHV�� �7KH� ZKROH� ZRUOG�
RI� IDQWDV\� LV�SHUFHSWXDO� EHKDYLRU� ZKLFK� LV�DXWRPDWLFDOO\� UHLQIRUFLQJ� ����� �������
S�� ������ ,Q�ERWK� FDVHV�� UHLQIRUFHPHQW� GRHV� QRW� GHSHQG� RQ� WKH�PHGLDWLRQ� E\� DQRWKHU�
SHUVRQ�� KHQFH�� LW�LV�DXWRPDWLF��
%�� 7KH� EHKDYLRU� RI�SURGXFLQJ��
,Q� WKH� FDVH� RI� SHUFHSWXDO� EHKDYLRU� �H�J��� OLVWHQLQJ� WR�� ORRNLQJ� DW�� IHHOLQJ� RI�� WKH�
EHKDYHU� HQJDJHV� LQ�PLQLPDO� DFWLRQ�� 7KHUH� DUH� RWKHU� FDVHV�� KRZHYHU�� ZKHUH� WKH�EHKDYHU�
PXVW� HQJDJH� LQ�VRPH� DFWLYLW\� SULRU� WR� �SHUFHLYLQJ�� WKH� UHLQIRUFLQJ� VWLPXOXV�� 6XFK�
H[DPSOHV� LQYROYH�ZKDW� ZH� WHUP��WKH�EHKDYLRU� RI�SURGXFLQJ��� ,W�PD\� EH�XVHIXO� WR�YLHZ�
WKH�GLVWLQFWLRQ� EHWZHHQ� WKHVH� WZR� FODVVHV� RI�EHKDYLRU� SHUFHLYLQJ� DQG� SURGXFLQJ�DV� WKH�GLIIHUHQFH� EHWZHHQ� WKH�IHHOLQJ� RI� VRPHWKLQJ� DQG� WKH�DFW� RI�GRLQJ� VRPHWKLQJ� WR�
�0DF&RUTXRGDOH� ������� PDNHV� WKH� IROORZLQJ� SRLQW� LQ�GHVFULELQJ� WKH�FRQFHSW�� �,W�ZRXOG� EH� D�PLVWDNH�WR�SDUDSKUDVH� DXWRPDWLF� VHOI�UHLQIRUFHPHQW� E\� VD\LQJ� WKDW� VXFK� EHKDYLRU� UHLQIRUFHV� LWVHOI�� ,W�JHQHUDWHV�VWLPXOXV� FRQVHTXHQFHV� WKDW�ZRXOG� EH� UHLQIRUFLQJ� LI�WKH\� RULJLQDWHG� IURP� DQRWKHU� VRXUFH�� DQG� GRHV� QRW�
UHLQIRUFH� LWVHOI�DQ\�PRUH� WKDQ� DQ\� RWKHU� EHKDYLRU� GRHV��� �S�� �����
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
0DUJDUHW� (�� 9DXJKDQ� DQG� -DFN� /��0LFKDHO�
IHHO� LW��DQG� WKH�GLIIHUHQFH� EHWZHHQ� OLVWHQLQJ� WR�DQG� WKH�DFW� RI�GRLQJ� VRPHWKLQJ� WR�KHDU��DQG� VR�RQ��
$XWRPDWLF� UHLQIRUFHPHQW� GHULYHG� IURP� WKH�EHKDYLRU� RI�SURGXFLQJ� PDNHV� XS� WKH�
PDMRULW\� RI� H[DPSOHV� IRXQG� LQ�6NLQQHUV� ZRUN�� �7KH� VWXGHQW�PD\� EH� DXWRPDWLFDOO\�UHLQIRUFHG� DV� KH�SLFNV� RXW� D� IDPLOLDU� WXQH�RQ� WKH�SLDQR� HYHQ� WKRXJK� KH�KDV� QRW� UHFHQWO\�KHDUG� LW��������� S�������� $QG� LQ�&RQWLQJHQFLHV� RI�5HLQIRUFHPHQW�� 6NLQQHU� VWDWHV���� �� ��
ZKHQ� D� FUDIWVPDQ� VSHQGV� D�ZHHN� LQ�FRPSOHWLQJ� D� JLYHQ� REMHFW�� HDFK� RI� WKH�SDUWV�
SURGXFHG� GXULQJ� WKH�ZHHN� LV�OLNHO\�WR�EH�DXWRPDWLFDOO\� UHLQIRUFLQJ� EHFDXVH� RI� LWV�SODFH�LQ�WKH�FRPSOHWHG� REMHFW�� ������� S�� �����7KH� UHLQIRUFHPHQW� LQ�ERWK� RI�WKHVH� H[DPSOHV� LV�
DXWRPDWLF� LW�LV�D�GLUHFW� UHVXOW�RI�RQHV� RZQ� EHKDYLRU�� DQG� GRHV� QRW� LQYROYH� DQRWKHU�
SHUVRQ��
$GGLWLRQDO� H[DPSOHV� RFFXU� LQ�DQDO\]LQJ� WKH�HGXFDWLRQDO� SURFHVV�� �7KH� EHWWHU� WKH�
FKLOG� FDQ� GLVFULPLQDWH� OLNH� SDWWHUQV�� WKH�PRUH� SUHFLVH� WKH� DXWRPDWLF� GLIIHUHQWLDO�
UHLQIRUFHPHQW� RI�KLV�GUDZLQJ� EHKDYLRU�� ������� 6HW� ���� IUDPH� �����$OVR�� LQ�OHDUQLQJ�KRZ�
WR�ZULWH� �WKH� LPSRUWDQW� UHLQIRUFHUV� DUH� ODUJHO\�DXWRPDWLF�� D� VHQWHQFH� FRPHV� RXW� ULJKW��LW�
VD\V� VRPHWKLQJ� LQWHUHVWLQJ�� LW�ILWV�DQRWKHU� VHQWHQFH�� ,I�WKHVH�DXWRPDWLF� UHLQIRUFHUV� DUH�
SRZHUIXO� HQRXJK�� WKH� VWXGHQW�PD\� FRQWLQXH� WR�ZULWH� DQG� LPSURYH� KLV�ZULWLQJ� HYHQ�
WKRXJK� KH� UHFHLYHV� IHZ� LI�DQ\� FRPPHQWV�� �S�� ������ �0RQH\�� JUDGHV�� DQG� KRQRUV� PXVW�
EH� KXVEDQGHG� FDUHIXOO\�� EXW� WKH�DXWRPDWLF� UHLQIRUFHPHQW� RI�EHLQJ� ULJKW�DQG�PRYLQJ�IRUZDUG� DUH� LQH[KDXVWLEOH�� ������� S�� ������
,Q�DOO� RI�WKHVH� FDVHV� WKH�SURGXFLQJ� UHVSRQVH� RSHUDWHV� RQ� WKH�VXUURXQGLQJ� ZRUOG� DQG�
LV�VWUHQJWKHQHG� WKURXJK� DXWRPDWLF� UHLQIRUFHPHQW�� 7KH� ODUJHVW� VXE�JURXS�� KRZHYHU��FRQVLVWV� RI�SURGXFLQJ� UHVSRQVHV� ZKLFK� RSHUDWH� RQ� WKH�EHKDYHU� GLUHFWO\�� ,W�PD\� DOVR� EH�
WKH�PRVW� LQWHUHVWLQJ�EHFDXVH� LW�LQFOXGHV� EHKDYLRU� RIWHQ� WKRXJKW� RI�DV� LQYROYLQJ� �KLJKHU�PHQWDO� SURFHVVHV��� �7KHUH� DUH�PDQ\� DXWRPDWLF� UHLQIRUFHPHQWV� IURP� WKH�HIIHFW�RI� WKH�
EHKDYLRU� XSRQ� WKH�VSHDNHU� KLPVHOI�� ������� S�� �����$QG� DW�D� ODWHU�SRLQW� 6NLQQHU� VWDWHV��
�,QVRIDU� DV� KH� DXWRPDWLFDOO\� UHLQIRUFHV� KLPVHOI�� KH�PXVW� EH� UHJDUGHG� DV� DQ� DXGLHQFH�
DIIHFWLQJ� WKH� VWUHQJWK� RI� UHOHYDQW� SDUWV� RI�KLV� EHKDYLRU�� �S�� ������ ,Q�IDFW�� LQ�9HUEDO�
%HKDYLRU� KH� VWDWHV������ WKLQNLQJ� LV�EHKDYLQJ� ZKLFK� DXWRPDWLFDOO\� DIIHFWV� WKH�EHKDYHU�
DQG� LV�UHLQIRUFLQJ� EHFDXVH� LW�GRHV� VR�� �S��������� �0RUHRYHU�� DXWRPDWLF� UHLQIRUFHPHQW�
PD\� SOD\� D� UROH� LQ�WKH�SURFHVV� RI� HGLWLQJ�� ������� S�� ������ DQG� �NQRZLQJ� WKDW�\RX�NQRZ�� ������� S�� ������
&�� 7KH� EHKDYLRU� RI�SUREOHP� VROYLQJ��
,Q�6NLQQHUV� V\VWHP�� WKH�EHKDYLRU� RI�SHUFHLYLQJ� DQG�RU� SURGXFLQJ� D� UHLQIRUFLQJ�VWLPXOXV� LV�DXWRPDWLFDOO\� UHLQIRUFHG� E\� WKH�SUHVHQFH� RI� WKH�UHLQIRUFLQJ� VWLPXOXV�� ,Q�
DGGLWLRQ�� D� GLVFULPLQDWLYH� VWLPXOXV�� ZKLFK� LV�D� FRPSRQHQW� RI�DQ� DOUHDG\� HVWDEOLVKHG�
FRQWLQJHQF\�� PD\� IXQFWLRQ� DV� DXWRPDWLF� UHLQIRUFHPHQW�� 7KDW� LV��SURGXFLQJ� D�FKDQJH� LQ�
WKH�HQYLURQPHQW� VR� WKDW�D�SUHYLRXVO\� VXFFHVVIXO� UHVSRQVH� FDQ� RFFXU�PD\� EH�DXWRPDWL�
FDOO\� UHLQIRUFLQJ��� ,Q�&RQWLQJHQFLHV� RI�5HLQIRUFHPHQW�� 6NLQQHU� VWDWHV�� �7KH� EHKDYLRU�
�,W� VKRXOG� EH� QRWHG� WKDW� 6NLQQHU� UHMHFWV� WKLV�GHILQLWLRQ� RI� �WKLQNLQJ�� ODWHU� LQ� WKH� VDPH� FKDSWHU� QRW�
EHFDXVH� LW� LV� LQDFFXUDWH�� EXW� EHFDXVH� LW�LV�WRR� QDUURZ��
�7KH� GLVWLQFWLRQ� ZH� DUH� PDNLQJ� EHWZHHQ� WKH� EHKDYLRU� RI� SURGXFLQJ� DQG� WKH� EHKDYLRU� RI� SUREOHP�VROYLQJ� LV�SHUKDSV� D� WHQXRXV� RQH�� +RZHYHU�� IRU� WKH�SXUSRVHV� RI� WKLV�SDSHU� LW�VHHPV� XVHIXO� WR�DFNQRZOHGJH�QRW� RQO\� WKH� UROH� RI�DXWRPDWLF� UHLQIRUFHPHQW� DV� DQ� �HQG� LQ�LWVHOI��� EXW� DOVR� LWV�UROH� DV� D� �PHDQV� WR�DQ� HQG���
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
$XWRPDWLF� 5HLQIRUFHPHQW�
REVHUYHG� ZKHQ� D�PDQ� VROYHV� D� SUREOHP� LV�GLVWLQJXLVKHG� E\� WKH�IDFW� WKDW� LW�FKDQJHV�DQRWKHU� SDUW� RI�KLV� EHKDYLRU� DQG� LV�UHLQIRUFHG� DQG� VWUHQJWKHQHG� ZKHQ� LW�GRHV� VR���
3UHVXPDEO\� KH� LV�UHIHUULQJ� WR�DXWRPDWLF� UHLQIRUFHPHQW�� IRU�DW�DQ� HDUO\� GDWH� KH� VWDWHV��
�$QRWKHU� VRXUFH� RI�DXWRPDWLF� UHLQIRUFHPHQW� LV�VHHQ� LQ� SUREOHP� VROYLQJ�� ZKHQ� WKH�
VSHDNHU� JHQHUDWHV� VWLPXOL� WR� VXSSOHPHQW� RWKHU� EHKDYLRU� DOUHDG\� LQ�KLV� UHSHUWRLUH��
������� S�������� ,Q� WKLV�VDPH� SDVVDJH� KH�SURFHHGV� WR�JLYH� VHYHUDO� H[DPSOHV� RI�EHKDYLRU�
PDLQWDLQHG� E\�DXWRPDWLF� UHLQIRUFHPHQW�� �+H� SURPSWV� DQG� SUREHV� KLV� RZQ� EHKDYLRU��DV� LQ�UHFDOOLQJ� D�KDOI�IRUJRWWHQ� QDPH� �� �� ���� �6FLHQWLILF� EHKDYLRU� SD\V�RII� HYHQ�ZKHQ�
WKH� VFLHQWLVW� LV� WDONLQJ� WR� KLPVHOI��� �FDOFXODWLQJ� WKH� RGGV� DW� SRNHU� �� �� ��FRXQWLQJ� D�
QXPEHU� RI�REMHFWV� �� �� ��XVLQJ� D�ZDWFK� �� �� ��DQG� XVLQJ� VSHFLDO� PQHPRQLFV� RU�DOJRULWKPV�LQ�WKH�FRQVWUXFWLRQ� RI�QHZ� YHUEDO� EHKDYLRU��� ,Q�DOO� RI�WKHVH� FDVHV� WKH�SUREOHP� VROYHU� LV�
RSHUDWLQJ� HLWKHU� RQ� WKH� ERG\� GLUHFWO\� RU� RQ� WKH� VXUURXQGLQJ� ZRUOG� DQG� GHULYLQJ�UHLQIRUFHPHQW� DV� D� UHVXOW��
7KXV� IDU��RQO\� H[DPSOHV� RI�DZLRPDL[F�SRVLWLYH� UHLQIRUFHPHQW� KDYH� EHHQ� FRQVLG�
HUHG�� EXW� 6NLQQHU� DOVR� UHOLHV� RQ� DXWRPDWLF���HJ���Y� UHLQIRUFHPHQW� LQ�FODULI\LQJ� KLV�
DQDO\VLV� RI�SXQLVKPHQW�� :H� PXVW� WKHUHIRUH� FRQVLGHU�
'�� 7KH� VSHFLDO� UROH� RI� DXWRPDWLF� UHLQIRUFHPHQW� LQ� XQGHUVWDQGLQJ� WKH� HIIHFW� RI�
SXQLVKPHQW��
,Q�6FLHQFH� DQG�+XPDQ� %HKDYLRU� �������� SXQLVKPHQW� LV�QRW�GHILQHG� E\� LWV�HIIHFW�RQ�
EHKDYLRU�� EXW� UDWKHU� LQ�WHUPV�RI�WKH�RSHUDWLRQV� LQYROYHG�� %\�GHILQLQJ� UHLQIRUFHPHQW� LQ�
WHUPV� RI� WKH�SUHVHQWDWLRQ� RI� D� SRVLWLYH� RU� WKH�ZLWKGUDZDO� RI� D� QHJDWLYH� UHLQIRUFHU��6NLQQHU� WKHQ�DVNV�� �:KDW� LV�WKH�HIIHFW�RI�ZLWKGUDZLQJ� D�SRVLWLYH� UHLQIRUFHU� RU�SUHVHQW�
LQJ�D� QHJDWLYH"�� �S�� ������+H� WKHQ�SURFHHGV� WR�DQDO\]H� LQ�VRPH� GHWDLO� WKUHH� HIIHFWV�RI�
SXQLVKPHQW�� ���� WKH� LPPHGLDWH� HIIHFW� �DQG� QRW� QHFHVVDULO\� IROORZHG� E\�DQ\� FKDQJH�LQ�EHKDYLRU� XSRQ� ODWHU�RFFDVLRQV�� LV�WKH�HOLFLWDWLRQ� RI�UHVSRQVHV� WKDW�DUH� LQFRPSDWL�EOH�ZLWK� WKH�SXQLVKHG� UHVSRQVH�� ���� XQGHU� VLPLODU� FLUFXPVWDQFHV� LQ�WKH�IXWXUH�� RQHV�
RZQ� EHKDYLRU� �PD\� VXSSO\� FRQGLWLRQHG� >DYHUVLYH@� VWLPXOL�ZKLFK� �� �� ��HYRNH� RSSRVHG�HPRWLRQDO� UHVSRQVHV�� �S�� ���������� DQG� ����PRVW� LPSRUWDQW�� DQG�PRVW� UHOHYDQW� WR�WKLV�
SDSHU�� WKH� DYHUVLYH� VWLPXODWLRQ� JHQHUDWHG� LQ� ���� DQG� ����PD\� VHUYH� DV� D� QHJDWLYH�UHLQIRUFHU� DQG� �DQ\� EHKDYLRU� ZKLFK� UHGXFHV� WKLV�FRQGLWLRQHG� DYHUVLYH� VWLPXODWLRQ� ZLOO�
EH� UHLQIRUFHG�� �S�� ������$OWKRXJK� WKH�WHUP�DXWRPDWLF� UHLQIRUFHPHQW� LV�QRW� XVHG� KHUH��WKH�XQGHUO\LQJ� SURFHVV� LV�QHYHUWKHOHVV� SUHVHQW�� IRU� LQ�9HUEDO� %HKDYLRU� KH� SURYLGHV�
PDQ\� H[DPSOHV� RI� WKLV� WKLUG� HIIHFW� RI� SXQLVKPHQW� ZLWK� IUHTXHQW� UHIHUHQFH� WR� WKH�
DXWRPDWLFDOO\� UHLQIRUFLQJ� HIIHFW�RI�UHGXFLQJ� FRQGLWLRQHG�DYHUVLYH� VWLPXODWLRQ�� :KHQ�
FRQVLGHULQJ� WKH�SURGXFWLRQ� RI�YHUEDO� EHKDYLRU� DQG�� VSHFLILFDOO\�� ZK\� YHUEDO� EHKDYLRU�
PD\� EH� UHMHFWHG�� 6NLQQHU� DFNQRZOHGJHV� WKH� UROH� RI�SXQLVKPHQW� E\� HPSKDVL]LQJ� WKH�
UROH� RI�DXWRPDWLF�QHJDWLYH� UHLQIRUFHPHQW��
�� �� ��SXQLVKPHQW� GRHV� QRW� GLUHFWO\�ZHDNHQ� EHKDYLRU�� LW�PHUHO\� VWUHQJWKHQV�
LQFRPSDWLEOH� IRUPV��$� FKLOG� DFTXLUHV� DQ� REVFHQH� >YHUEDO@� UHVSRQVH� DW� VFKRRO��HPLWV� LW�LQ�KLV�KRPH�� DQG� LV�SXQLVKHG�� 7KH� HIIHFW� LV�QRW� WR�UHGXFH� WKH�SUREDELOLW\�RI� WKDW�UHVSRQVH�� EXW� WR�PDNH� LW��DV�ZHOO� DV� WKH�FLUFXPVWDQFHV� XQGHU� ZKLFK� LW�LV�
OLNHO\� WR�EH� HPLWWHG�� D� FRQGLWLRQHG� DYHUVLYH� VWLPXOXV�� :KHQ� WKH� UHVSRQVH� LV�
DJDLQ� VWUHQJWKHQHG� WR�WKH�SRLQW� RI�HPLVVLRQ�� LW�JHQHUDWHV� DYHUVLYH� VWLPXODWLRQ��
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
0DUJDUHW� (�� 9DXJKDQ� DQG� -DFN� /��0LFKDHO�
�� �� ��7KLV� VSHFLDO� FRQVHTXHQFH� DOWHUV� WKH� DSSDUHQW� VWUHQJWK� RI� WKH� YHUEDO�
RSHUDQW�� EXW� LW�KDV� DQRWKHU� GLVWLQJXLVKDEOH� HIIHFW� LQ�JHQHUDWLQJ� D� NLQG� RI�
EHKDYLRU� FRQYHQLHQWO\� FDOOHG� UHMHFWLRQ�� 5HMHFWLQJ� D� UHVSRQVH� UHGXFHV� WKH�FRQ�
GLWLRQHG� DYHUVLYH� VWLPXODWLRQ� JHQHUDWHG� E\� LW�DQG� LV�UHLQIRUFHG� EHFDXVH� LW�GRHV�
VR���������S�������)RU� H[DPSOH�� �,I�� DV� WKH� UHVXOW� RI� KLV� RZQ� 1R��� WKH� FKLOG� FHDVHV� WR�EHKDYH� LQ� WKH�
VSHFLILHG� ZD\�� KH�PD\� EH� DXWRPDWLFDOO\� UHLQIRUFHG� E\� WKH� UHGXFWLRQ� RI� FRQGLWLRQHG�
DYHUVLYH� VWLPXODWLRQ�� ������� SS�� ����������7KHVH� H[DPSOHV� QRW� RQO\� FODULI\� 6NLQQHUV� LQWHUSUHWDWLRQ� RI�SXQLVKPHQW� EXW� RI�
DXWRPDWLF�QHJDWLYH� UHLQIRUFHPHQW� DV�ZHOO�� ,W�LV�QRZ� SRVVLEOH� WR�FRQVLGHU� RQH� ILQDO�XVH�
RI� WKH� WHUP��DXWRPDWLF���
��$XWRPDWLF� SXQLVKPHQW�
*LYHQ� WKH�DERYH� GLVFXVVLRQ�� LW�LV�HDV\� WR�DSSUHFLDWH� WKH�UROH�RI�DXWRPDWLF� SXQLVK�PHQW�� +HUH� 6NLQQHU� LV�UHIHUULQJ� WR� WKH�ILUVW�WZR� HIIHFWV�RI�SXQLVKPHQW�� LQ�ZKLFK� WKH�
DYHUVLYH� VWLPXODWLRQ� LV�JHQHUDWHG� E\�D�SXQLVKLQJ� VWLPXOXV� RU�E\�WKH�YHU\�EHKDYLRU� LWVHOI��ZLWK� ERWK� KDYLQJ� DQ� LPPHGLDWH� VXSSUHVVVLYH� HIIHFW��
9HUEDO� EHKDYLRU� PD\� EH� DXWRPDWLFDOO\� VHOI�SXQLVKLQJ�� 7KH� QDPHV� RI�GLV�
OLNHG� SHUVRQV� DQG� UHVSRQVHV� DSSURSULDWH� WR� HPEDUUDVVLQJ�� GDQJHURXV�� RU�
JUXHVRPH� HSLVRGHV� JHQHUDWH� SXQLVKLQJ� FRQVHTXHQFHV� LQ�WKH�SURFHVV� RI�EHLQJ�HPLWWHG���������S�������
$QG� DW� DQRWKHU� SRLQW� 6NLQQHU� VWDWHV��
7KH� LQGLYLGXDO� LV�VWURQJO\�GLVSRVHG� WR�HQJDJH� LQ�EHKDYLRU� ZKLFK� DFKLHYHV�
VXFK� UHLQIRUFHPHQWV� DV� VH[XDO� FRQWDFW� RU� WKH� LQIOLFWLRQ�RI�GDPDJH� XSRQ� RWKHUV��
7KHVH� NLQGV� RI� EHKDYLRU�� KRZHYHU�� DUH� SUHFLVHO\� WKH� VRUW�PRVW� OLNHO\� WR�EH�
SXQLVKHG�� $V� D� UHVXOW� WKH� LQGLYLGXDO� QRW� RQO\� GRHV� QRW� RYHUWO\� HQJDJH� LQ�VXFK�
EHKDYLRU�� KH� FDQQRW� HQJDJH� LQ�LW�FRYHUWO\� RU� VHH�KLPVHOI� HQJDJLQJ� LQ�LW�FRYHUWO\�ZLWKRXW� DXWRPDWLF� DYHUVLYH� VHOI�VWLPXODWLRQ�� ������� SS�� ���������
,,,�� 7KHRUHWLFDO� ,VVXHV� DQG� &ULWLFLVPV� 5DLVHG� E\�WKH� &RQFHSW�
,W�LV�FOHDU� WKDW�DXWRPDWLF� UHLQIRUFHPHQW��� SOD\V� D�PDMRU� UROH� LQ�6NLQQHUV� DQDO\VLV� RI�
FRPSOH[� KXPDQ� EHKDYLRU�� 7KH� QRWLRQ� RI� UHLQIRUFHPHQW� DULVLQJ� IURP� RQHV� RZQ�
EHKDYLRU� HQDEOHG� 6NLQQHU� WR�H[WHQG� DQ� RSHUDQW� DQDO\VLV� WR�EHKDYLRU� WKDW�DSSHDUHG� WR�
ODFN� FRQVSLFXRXV� UHLQIRUFHPHQW� QRW� KRZHYHU�� ZLWKRXW� FULWLFLVP� �&KRPVN\�� ������
+D\HV�� ������ RU� FRQIXVLRQ� �6NLQQHU�� ���������
,�)RU� SXUSRVHV� RI� FODULW\� DQG� HDVH� LQ�ZULWLQJ�� ZH� DJDLQ� PHQWLRQ� RQO\� DXWRPDWLF� UHLQIRUFHPHQW�� EXW� WKH�VDPH� SRLQWV� DUH� UHOHYDQW� WR�DXWRPDWLF� SXQLVKPHQW�� 7KLV� ZLOO� DOVR� EH� WKH� FDVH� LQ�WKH�QH[W� 6HFWLRQ��
���6NLQQHU� VRPHWLPHV� XVHV� WKH� H[SUHVVLRQ� �VHOI�UHLQIRUFHPHQW�� LQ�ZULWLQJ� DERXW� DXWRPDWLF� UHLQIRUFH�PHQW� �H�J��� 9HUEDO� %HKDYLRU�� S�� ������0RUH� UHFHQWO\�� WKH� WHUP� �VHOI�UHLQIRUFHPHQW�� KDV� FRPH� WR� UHIHU� WR�D�
VHOI�PDQDJHPHQW� JRDO�� IRU� H[DPSOH�� �JLYLQJ�� RQHVHOI� D� QHZ� LWHP� RI� FORWKLQJ� ZKHQ� RQH� ILQLVKHV� ZULWLQJ� D�WHUP� SDSHU�� 6NLQQHU� QHYHU� LQWHQGV� WKLV�XVDJH� LQ�DQ\� RI�KLV� UHIHUHQFHV� WR�DXWRPDWLF� UHLQIRUFHPHQW�� ,Q�IDFW��KH�LV�TXLWH�VNHSWLFDO�RI�WKH��UHLQIRUFLQJ��HIIHFW�RI�VXFK�D�SUDFWLFH�DQG�GLVFXVVHG�WKH�GLIILFXOW\�RI�WKLV�W\SH�RI�VHOI�FRQWURO� LQ�6FLHQFH� DQG� +XPDQ� %HKDYLRU� �SS�� ���������� 7KXV�� FULWLFLVPV� RI� WKLV� �QRQ�6NLQQHULDQ��IRUP� RI� �VHOI�UHLQIRUFHPHQW�� DUH� QRW� GHDOW� ZLWK� LQ�WKLV� SDSHU��
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
$XWRPDWLF� 5HLQIRUFHPHQW�
$�� 7KH� SUREOHP� RI� LQWHUSUHWDWLRQ��
([SODQDWLRQV� RI�EHKDYLRU� LQ�WHUPV� RI�DXWRPDWLF� UHLQIRUFHPHQW� KDYH� EHHQ� TXHV�WLRQHG�� ,W� LV�DUJXHG� WKDW��JLYHQ� D� VWURQJ� EHOLHI� WKDW�PRVW� EHKDYLRU� LV�JHQHUDWHG� DQG�PDLQWDLQHG� E\�UHLQIRUFHPHQW�� RQH� LV�OHG�WR��LQYHQW�� D� VRXUFH� RI�UHLQIRUFHPHQW� ZKHQ� LW�
LV�QRW� REYLRXV�� 7KH� LVVXH� GRHV� QRW� DULVH� LQ�H[SHULPHQWDWLRQ�� ZKHUH� VWLPXOL� FDQ� EH�GHVFULEHG� LQ�SK\VLFDO� WHUPV� DQG� WKHLU� HIIHFW�RQ� EHKDYLRU� UHOLDEO\� GHWHUPLQHG� �0DF�
&RUTXRGDOH�� ������� +RZHYHU�� LQ�LQWHUSUHWLYH� DQDO\VHV� WKH�SUHVXPHG� FRQWUROOLQJ� YDUL�DEOHV� KDYH� QRW� EHHQ� RU� FDQQRW� EH�PDQLSXODWHG��
7R� PRYH� EH\RQG� LQWHUSUHWDWLRQ�� DQG� GHPRQVWUDWH� D� WUXH� IXQFWLRQDO� UHODWLRQ��FHUWDLQ�PHWKRGRORJLFDO� FULWHULD�PXVW� EH�PHW�� 6FKQDLWWHU� ������� OLVWV�VL[�� ���VSHFLILFDWLRQ�RI�D� UHVSRQVH� LQ�VXFK� D�ZD\� WKDW� LQVWDQFHV� RI� LW�FDQ� EH� UHOLDEO\� LGHQWLILHG�� ��� VSHFLILFD�WLRQ� RI� D� VWLPXOXV� LQ� VXFK� D�ZD\� WKDW� LWV�RFFXUUHQFH� FDQ� EH� UHOLDEO\� GHWHUPLQHG��
��� PHDVXUHPHQW� RI� D� EDVHOLQH� UHVSRQVH� UDWH��PHHWLQJ� VRPH� VSHFLILHG� FULWHULRQ��
��� DUUDQJHPHQW� RI�D� FRQWLQJHQF\� EHWZHHQ� ����DQG� ����ZLWK� UDWH�RI� UHVSRQVH� PHHWLQJ� D�
VHFRQG� FULWHULRQ� RI�VWDELOLW\�� ���DEROLVKPHQW� RI�WKH�FRQWLQJHQF\� DQG� LWV�UHHVWDEOLVKPHQW�LQ�VXFK� D�ZD\� DV� WR�GHPRQVWUDWH� WKDW� WKH�FKDQJH� LQ�UHVSRQVH� UDWH� LV�D� IXQFWLRQ� RI� WKH�
FKDQJLQJ� FRQWLQJHQF\�� DQG� ILQDOO\����� WKH�UDWH�FRQWUROOLQJ� SURSHUWLHV� RI� WKH�FRQWLQJHQW�
UHVSRQVH�VWLPXOXV� UHODWLRQ� DUH� GHWHUPLQHG� E\�DQ� DGGLWLRQDO� WKLUG�YDULDEOH� �H�J��� IRRG�
GHSULYDWLRQ��� +H� FRQFOXGHV� E\� VWDWLQJ��
7KHVH� FRPPLWPHQWV� DUH� LGHDOV� WKDW�� RQ� EDODQFH�� RSWLPL]H� SUHGLFWLRQ� DQG�
FRQWURO�� EXW� WKH\�DUH� RIWHQ� FRPSURPLVHG� LQ�YDULRXV� ZD\V� LQ�WKH�SXUVXLW� RI�
SDUWLFXODU� EHKDYLRUDO� DQDO\VHV�� :KHQ� VXFK� FRPSURPLVHV� DUH�PDGH�� KRZHYHU��WKH�DQDO\VLV� PD\� ODWHU�EH� TXHVWLRQHG�� �S�� ���
,V�WKH�XVH� RI�DXWRPDWLF� UHLQIRUFHPHQW�� WKHQ��D� FRPSURPLVH"� 7R� DQVZHU� WKLV�TXHVWLRQ��WKH�YDULDEOHV� LQ�TXHVWLRQ� PXVW� EH�PDQLSXODWHG� LQ�VXFK� D�ZD\� DV� WR�VKRZ� D� IXQFWLRQDO�
UHODWLRQ� EHWZHHQ� WKH�EHKDYLRU� DQG� LWV�SURGXFW��7KH� IDFW� WKDW� OLWWOH�V\VWHPDWLF� UHVHDUFK� KDV� EHHQ� FRQGXFWHG� WR� WHVW� WKH�QRWLRQ� RI�
DXWRPDWLF� UHLQIRUFHPHQW� GRHV� QRW� LPSO\� WKDW� LW�LV�LPSRVVLEOH� �1RWH� ����&RQVLGHU� WKH�
H[DPSOH�� �7KH� GRJ� ORYHU� LV�DXWRPDWLFDOO\� UHLQIRUFHG� ZKHQ� VHHLQJ� GRJV�� �6NLQQHU��������S�������� )LUVW�� WKH�UHVSRQVH� �ORRNLQJ� DW�GRJV�� FRXOG� EH� LGHQWLILHG� DV� WXUQLQJ�SDJHV�LQ�D� ERRN� RQ� GRJV�� ZLWK� WKH�UHLQIRUFLQJ� VWLPXOXV�� D� SLFWXUH� RI��GRJV��� DSSHDULQJ� RQ�
HDFK� SDJH�� $IWHU� REWDLQLQJ� D�EDVHOLQH� RQ� UDWH�RI� UHVSRQVHV� �H�J��� WKH�QXPEHU� RI�SDJHV�WXUQHG� LQ�6FLHQFH��� D� FRQWLQJHQF\� FRXOG� WKHQ�EH�DUUDQJHG� EHWZHHQ� WKH�DERYH� VSHFLILHG�VWLPXOXV� DQG� UHVSRQVH�� 7KH� FRQWLQJHQF\� FRXOG� WKHQ�EH� EURNHQ� VR� WKDW� WXUQLQJ� SDJHV�GLG� QRW� UHVXOW� LQ��VHHLQJ� GRJV��� ZLWK� WKH�FRQWLQJHQF\� UHHVWDEOLVKHG� DW� VRPH� ODWHU� WLPH��
)LQDOO\�� WKH��GHSULYDWLRQ� VWDWH�� FRXOG� EH�PDQLSXODWHG� VR� WKDW��IRU�H[DPSOH�� WKH�VXEMHFW�ZDV� NHSW� IURP� VHHLQJ� GRJV� IRU� VHYHUDO� GD\V� SULRU� WR� WKH�H[SHULPHQW�� RU� UHTXLUHG� WR�
VSHQG� ILYH�GD\V� LQ�D� NHQQHO� SULRU� WR� WKH�H[SHULPHQW�� WR� WHVW� WKH� UHLQIRUFLQJ� YDOXH� RI�
�VHHLQJ� GRJV���7KXV�� FHUWDLQ� H[DPSOHV� LQ�6NLQQHUV� ZULWLQJV� GR� VHHP� OHJLWLPDWH� DFFRUGLQJ� WR� WKH�
FULWHULD� OLVWHG�E\�6FKQDLWWHU� QDPHO\�� WKRVH� FDVHV� ZKHUH� WKH�EHKDYHU� RSHUDWHV� RQ� WKH�
VXUURXQGLQJ� ZRUOG�� +RZHYHU�� RWKHU� H[DPSOHV� GR� QRW� OHQG� WKHPVHOYHV� WR� WKH� VDPH�
H[SHULPHQWDWLRQ� QDPHO\�� WKRVH� FDVHV� ZKHUH� WKH�EHKDYHU� DFWV� GLUHFWO\� RQ� WKH�ERG\��
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
0DUJDUHW� (�� 9DXJKDQ� DQG� -DFN� /��0LFKDHO�
8QGHU� WKHVH�FRQGLWLRQV� LW�LV�YLUWXDOO\� LPSRVVLEOH� WR�VHYHU� WKH�EHKDYLRU� IURP� LWV�SURGXFW��DQG� WKXV� LPSRVVLEOH� WR�PDQLSXODWH� WKH�YDULDEOH� RI�ZKLFK� WKH�EHKDYLRU� LV�FRQVLGHUHG� D�
IXQFWLRQ�� 7KLV� PHWKRGRORJLFDO� LPSDVV� KDV� OHDG� FULWLFV� WR�DUJXH� WKDW� WKH�FRQFHSW� RI�
DXWRPDWLF� UHLQIRUFHPHQW� LV�XVHOHVV� EHFDXVH� LW�LV�FLUFXODU� DQG� XQREVHUYDEOH�� %RWK� RI�
WKHVH� UHODWHG� LVVXHV� GHVHUYH� DWWHQWLRQ��
$� FLUFXODU� VWDWHPHQW� LV�RQH� LQ�ZKLFK� WKH�FDXVH� JLYHQ� IRU�VRPH� HYHQW� LV�LQIHUUHG�IURP�
WKH�YHU\�HYHQW� WKDW� LW�LV�VDLG� WR�H[SODLQ�� ,Q�WKLV�FRQWH[W�� WKH�UHVSRQVH� SURGXFW� VHUYLQJ�DV�
DXWRPDWLF� UHLQIRUFHPHQW� PXVW� EH� LQIHUUHG� IURP� LWV�HIIHFW�RQ� EHKDYLRU� UDWKHU� WKDQ�
GHILQHG� E\�D�XQLYHUVDO� SURSHUW\� LQGHSHQGHQW� RI� LWV�HIIHFW�� ,W�LV�GRXEOH�MHRSDUG\� ZKHQ�
ZH� VSHFXODWH� DERXW� XQREVHUYHG� UHLQIRUFHPHQW� IRU�XQREVHUYHG� EHKDYLRU� �H�J��� WKLQN�
LQJ���%XW� WR�KHVLWDWH� LQ�H[WHQGLQJ� WR�D� OHYHO� WKDW� LV�XQREVHUYDEOH� WKH�SURFHVV� E\�ZKLFK�
VRPH� VWLPXOXV�FKDQJH� WDNHV� RQ� FRQGLWLRQHG� UHLQIRUFLQJ� YDOXH� ZRXOG� OHDYH� ODUJH�JDSV�LQ�DQ� DFFRXQW� RI�KXPDQ� EHKDYLRU�� 1R� RQH� TXHVWLRQV� VWXGLHV� VKRZLQJ� KRZ� REVHUYDEOH�
VWLPXOXV�FKDQJHV�� RQFH� QHXWUDO�� WDNH�RQ� UHLQIRUFLQJ� YDOXH� EHFDXVH� RI�WKHLU�DVVRFLDWLRQ�
ZLWK� RWKHU� UHLQIRUFHPHQW�� 7KH� LVVXH� LV�ZKHWKHU� ZH� FDQ� VSHFXODWH� DERXW� D� VLPLODU�
SURFHVV� DW�D� OHYHO�EDUULQJ� LQWHU�REVHUYHU� UHOLDELOLW\�� 6NLQQHUV� SRVLWLRQ� RQ� WKLV�PDWWHU��
JLYHQ� DOPRVW� IRXU�GHFDGHV� DJR�� VHHPV� WR�EH� WKH�PRVW� FRJHQW��
7KH� XOWLPDWH� FULWHULRQ� IRU�WKH�JRRGQHVV� RI�D�FRQFHSW� LV�QRW�ZKHWKHU� WZR�SHRSOH�DUH�EURXJKW� LQWR�DJUHHPHQW� EXW�ZKHWKHU� WKH�VFLHQWLVW�ZKR� XVHV� WKH�FRQFHSW� FDQ�
RSHUDWH� VXFFHVVIXOO\� XSRQ� KLV�PDWHULDO� DOO� E\� KLPVHOI� LI�QHHG� EH��:KDW�
PDWWHUV� WR�5RELQVRQ� &UXVRH� LV�QRW�ZKHWKHU� KH� LV�DJUHHLQJ� ZLWK� KLPVHOI� EXW�
ZKHWKHU� KH� LV�JHWWLQJ� DQ\ZKHUH� ZLWK� KLV�FRQWURO� RYHU� QDWXUH�� $JUHHPHQW� LV�QRW�
WKH�NH\� WR�ZRUNDELOLW\�� 2Q� WKH� FRQWUDU\�� LW�LV�WKH�RWKHU�ZD\� DURXQG�� ������
S�������
7KXV�� LI�WKH�IXQFWLRQ� RI� LQWHUSUHWDWLRQ� LV�WR�HQFRXUDJH� IXUWKHU�H[WHQVLRQV� RI�EHKDYLRUDO�
DQDO\VLV� E\� SURYLGLQJ� D� SODXVLEOH� DFFRXQW� ZLWKLQ� WKH�EHKDYLRUDO� IUDPHZRUN�� DQG�
KHQFH�� WR�JHQHUDWH� IXUWKHU�H[SHULPHQWDO�� WHFKQLFDO�� DQG� WKHRUHWLFDO� GHYHORSPHQWV�� WKHQ�
WKH�QRWLRQ� RI� �DXWRPDWLF�� UHLQIRUFHPHQW� ZRXOG� VHHP� WR�EH� YDOXDEOH��
$V� LQ�RWKHU� VFLHQFHV�� ZH� RIWHQ� ODFN� WKH� LQIRUPDWLRQ� QHFHVVDU\� IRU�SUHGLFWLRQ�DQG� FRQWURO� DQG�PXVW� EH� VDWLVILHG�ZLWK� LQWHUSUHWDWLRQ�� EXW� RXU� LQWHUSUHWDWLRQV�ZLOO� KDYH� WKH�VXSSRUW� RI� WKH�SUHGLFWLRQ� DQG� FRQWURO� ZKLFK� KDYH� EHHQ� SRVVLEOH�XQGHU� RWKHU� FRQGLWLRQV�� �6NLQQHU�� ������S�� �����
%�� ,V�6NLQQHU� 6HOI�&RQWUDGLFWRU\"���
6NLQQHUV� SRVLWLRQ� RQ� UHVSRQVH� SURGXFWV� ZKLFK� VHUYH� DV� UHLQIRUFLQJ� VWLPXOL� KDV�
EHHQ�� WR� VRPH� SHRSOH�� LQFRQVLVWHQW�� 7KH� FRQIXVLRQ� DULVHV� DV� D� UHVXOW� RI� 6NLQQHUV�
UHVSRQVH� WR�+HUUQVWHLQV� ������� DUWLFOH�� �7KH� (YROXWLRQ� RI�%HKDYLRULVP��� +HUUQVWHLQ�
DUJXHG� WKDW�EHKDYLRU� PD\� EH� IROORZHG� E\�FRQVXPDEOH� REMHFWV� H[WHUQDO� WR�WKH�RUJDQLVP�
�H�J��� IRRG�� RU� UHLQIRUFLQJ� VWLPXOL� DULVLQJ� IURP�WKH�EHKDYLRU� LWVHOI��H�J��� VH[���7KH� ODWWHU��KH�FRQWHQGV�� KDYH� EHHQ� RYHUORRNHG� E\�PRVW� EHKDYLRULVWV�� 7KDW� LV��6NLQQHULDQV� DVVXPH�
EHKDYLRU� LV��KHGRQLFDOO\� QHXWUDO��� +H� SURYLGHV� D�QXPEHU� RI�H[DPSOHV� WR� LOOXVWUDWH� WKH�
UROH� RI��EHKDYLRUV� LQWULQVLF�SRZHU� WR�UHLQIRUFH�� �S�� ������
��:H� WKDQN� 5RJHU� 6FKQDLWWHU� IRU� VXJJHVWLQJ� WKLV� VXE�KHDGLQJ� WLWOH��
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
$XWRPDWLF� 5HLQIRUFHPHQW�
:KHQ� D� UHVSRQVH� LV�WR�DQ\�GHJUHH� VHOI�UHLQIRUFLQJ�� WR�WKDW�GHJUHH� LW�FHDVHV� WR�EH�
DUELWUDU\�� ,WV�IRUP� LV�WKHQ�GLFWDWHG� E\�EXLOW�LQ� FRQWLQJHQFLHV� RI�UHLQIRUFHPHQW��QRW� HDVLO\� VKDSHG� E\�D� EHKDYLRUDO� HQJLQHHU�� �S�� �����:KHQ� D� SUHGDWRU� VWDONV� LWV�SUH\�� WKH�UHLQIRUFHU� VHHPV� WR� LQYROYH� VWDONLQJ� DQG�
FDSWXULQJ�� 7KH�PRXVH� DV� IRRG� UHLQIRUFHU� SUHFLSLWDWHV� RXW� DW� VRPH� ODWHU�SRLQW� LQ�
LWV�HQFRXQWHU� ZLWK� D� FDW�� 3ULRU� WR� WKDW�� WKH�PRXVH� SUREDEO\� SURYLGHV� WKH�
RFFDVLRQ� IRU�UHLQIRUFHUV� HPERGLHG� LQ�WKH�FDWV� RZQ� EHKDYLRU�� �S�� �����
,Q�KLV� UHSO\��6NLQQHU� ������� WRRN� LVVXH�ZLWK� VXFK� DQ� DQDO\VLV�� +H� DUJXHG� WKDW�RQH� QHHG�QRW� H[SODLQ� EHKDYLRU� LQ�WHUPV� RI� VHOI�UHLQIRUFHPHQW� ZKHQ� LW�LV��FOHDUO\� WUDFHDEOH� WR�
QDWXUDO� VHOHFWLRQ�� �S�� �������
7KH� VWDONLQJ� EHKDYLRU� RI� D� FDW� DSSHDUV� WR�EH� ODUJHO\� LQKHULWHG�� WKRXJK� WKH�
WRSRJUDSK\� QR� GRXEW� FKDQJHV� XQGHU� UHLQIRUFHPHQW� DV� D�PRXVH� LV�VWDONHG��
+HUUQVWHLQ� ZDQWV� WR�H[SODLQ� DOO� WKH�EHKDYLRU� DV� GXH� WR� VHOI�UHLQIRUFHPHQW�
UHLQIRUFHPHQW� QRW� E\� WKH� UHDFWLRQV� RI� WKH�PRXVH� EXW� E\� WKH�YHU\� EHKDYLRU�
LWVHOI���S�� ������
6NLQQHU��������FRQWHQGV�WKDW��
3DUWV� RI�WKH�EHKDYLRU� RI�DQ� RUJDQLVP� FRQFHUQHG� ZLWK� WKH� LQWHUQDO� HFRQRP\�� DV�
LQ�UHVSLUDWLRQ� RU� GLJHVWLRQ�� KDYH� DOZD\V� EHHQ� DFFHSWHG� DV� �LQKHULWHG��� DQG�
WKHUH� LV�QR� UHDVRQ� ZK\� VRPH� UHVSRQVHV� WR�WKH�H[WHUQDO� HQYLURQPHQW� VKRXOG� QRW�
DOVR� FRPH� UHDG\�PDGH� LQ�WKH� VDPH� VHQVH�� �S�� ������
+H� DGGV� WKDW�ZH� QRZ� NQRZ� D�JUHDW� GHDO� DERXW� VKDSLQJ� EHKDYLRU� DQG� FDQ� EH� IDLUO\�VXUH�
WKDW�FHUWDLQ� EHKDYLRU�� QDPHO\� EHKDYLRU� WUDFHDEOH� WR�SK\ORJHQLF� FRQWLQJHQFLHV�� RFFXUV�
WRR� IDVW�DQG� LV�WRR� FRPSOH[� WR�EH� JHQHUDWHG� E\� FRQWLQJHQFLHV� RI� UHLQIRUFHPHQW��
7KXV�� 6NLQQHU� LV�QRW� DUJXLQJ� DJDLQVW� WKH�QRWLRQ� WKDW�EHKDYLRU� FDQ� EH� OHDUQHG� DQG�
PDLQWDLQHG� WKURXJK� DXWRPDWLF� UHLQIRUFHPHQW�� ,Q�WKH�H[DPSOH� DERYH� 6NLQQHU� VXJJHVWV�WKDW� WKH�PRXVH� SOD\V� D� FULWLFDO� UROH� LQ�GHWHUPLQLQJ� WKH�VSHFLILF� WRSRJUDSK\� RI� WKH�FDWV�
EHKDYLRU� �H�J���ZKHWKHU� LW�WXUQV� ULJKW�RU� OHIW��PRYHV� IRUZDUG� RU�EDFNZDUG�� DQG� VR�RQ���*LYHQ� WKH�PRXVH�� WKHUH� LV�QR� QHHG� WR� VXSSRVH� WKDW� WKH� FDW� LV�SURYLGLQJ� LWV�RZQ�
UHLQIRUFHPHQW�� WKH�PRXVH� LV�SURYLGLQJ� SOHQW\�� %XW� WKLV�GRHV� QRW�ZHDNHQ� WKH� UROH� RI�
LQQDWH� EHKDYLRU�� WKH�FRQWLQJHQFLHV� RI� UHLQIRUFHPHQW� PHUHO\� VXSSOHPHQW� VXFK� EHKDY�
LRU��%RWK� SK\ORJHQLF� DQG� RQWRJHQLF� FRQWLQJHQFLHV� PD\� DQG� RIWHQ�GR� LQWHUDFW�� ,Q�FDVHV�
ZKHUH� EHKDYLRU� LV�QRW�� KRZHYHU�� WUDFHDEOH� WR�SK\ORJHQLF� FRQWLQJHQFLHV�� DQG� WKHUH�DUH�
QR� HQYLURQPHQWDO� FKDQJHV� RFFXUULQJ� DV� D� IXQFWLRQ� RI�WKH�EHKDYLRU�� LW�LV�QRW�XQUHDVRQ�
DEOH� WR� ORRN� WR�WKH�VWLPXOL� DULVLQJ� IURP� WKH�EHKDYLRU� IRU�WKH�UHLQIRUFLQJ� FRQVHTXHQFHV��,W�LV�XQGHU� WKHVH�FRQGLWLRQV� WKDW�6NLQQHU� PDNHV� UHIHUHQFH� WR�DXWRPDWLF� UHLQIRUFHPHQW��
,9��7KH� +HXULVWLF� 9DOXH� RI�$XWRPDWLF� 5HLQIRUFHPHQW�
$� GLFWLRQDU\� RI�PRGHUQ� WKRXJKW� SXEOLVKHG� LQ�(QJODQG� GHILQHV� �RSHUDQW� FRQGLWLRQ�
LQJ��DV�� �$� IRUP�RI�FRQGLWLRQLQJ� LQ�ZKLFK� EHKDYLRU� LV�FRQWUROOHG� WKURXJK� V\VWHPDWLF�
PDQLSXODWLRQ� RI�WKH�FRQVHTXHQFHV� RI�SUHYLRXV� EHKDYLRU����� :K\� �V\VWHPDWLF� PDQLSX�
��:H� WKDQN� %�)�� 6NLQQHU� IRU�EULQJLQJ� WKLV�GHILQLWLRQ� WR�RXU� DWWHQWLRQ��
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
0DUJDUHW� (�� 9DXJKDQ� DQG� -DFN� /��0LFKDHO�
ODWLRQ�"� ,V� WKLV�QRW� D� OLWWOH� OLNH�GHILQLQJ� �UHVSLUDWLRQ�� DV� D� �SURFHGXUH� LQ�ZKLFK� WKH�
R[\JHQ� FRQFHQWUDWLRQ� RI�D�SHUVRQV� ERG\� LV�FRQWUROOHG� WKURXJK� WKH�V\VWHPDWLF�PDQLSX�ODWLRQ� RI� WKH�TXDQWLW\� RI�DLU� HQWHULQJ� WKH� OXQJV�"� 2SHUDQW� FRQGLWLRQLQJ�� OLNH�UHVSLUD�
WLRQ��JRHV� RQ� FRQWLQXRXVO\� DV� ORQJ�DV� WKH�RUJDQLVP� LV�LQ�FRQWDFW� ZLWK� WKH�HQYLURQPHQW��
3DUW� RI� WKDW�HQYLURQPHQW� LV�FRPSRVHG� RI�RWKHU� SHRSOH� ZKR� DUH�QHFHVVDULO\� PRGLI\�
LQJ�WKH�EHKDYLRU� RI�RWKHUV�� %XW� EHKDYLRU� RFFXUV� DQG� LV�PRGLILHG� LQ�WKH�DEVHQFH� RI�RWKHU�
SHRSOH� DV�ZHOO�� 7KH� PRGLILFDWLRQ� RI�QRQ�YHUEDO� EHKDYLRU� FDXVHV� QR� GLIILFXOW\�EHFDXVH�
WKH�UHLQIRUFHPHQW� LV�WKH�UHVXOW� RI��DQG� LV�LQ�D�GLUHFW� UHODWLRQ� WR��WKH�DFWLRQ� WDNHQ�� 7KH�
UHLQIRUFHPHQW� LV�XVXDOO\� QRW�PHGLDWHG�� %XW� YHUEDO� EHKDYLRU� KDV� QR� QDWXUDO�� PHFKDQL�
FDO� VWUHQJWKHQLQJ� HIIHFW��9HUEDO� EHKDYLRU�� E\� LWV�YHU\� GHILQLWLRQ�� UHTXLUHV� PHGLDWHG�
UHLQIRUFHPHQW�� DQ� DXGLHQFH� LV�D� QHFHVVDU\� FRQGLWLRQ�� :KHQ� WKH� UHLQIRUFHPHQW� LV�
PHGLDWHG� E\� VRPHRQH� HOVH�� LW�LV�RIWHQ� FRQWULYHG� �FI��WKH�HGXFDWLRQDO� V\VWHP��� %XW�ZKHQ��DV� D� IXQFWLRQ� RI� OHDUQLQJ� KRZ� WR� VSHDN� DV�ZHOO� DV� OLVWHQ��ZH� EHJLQ� WR�WDON� WR�RXUVHOYHV�
DQG� UHDFW� WR� WKLV�YHUEDO� EHKDYLRU�� WKH�FRQVHTXHQFHV� DUH� QHFHVVDULO\� DXWRPDWLF��
7KH� LPSOLFDWLRQV� RI� VXFK� D� VHOI�FRQWDLQHG� V\VWHP� DUH� H[WUDRUGLQDU\�� 2Q� WKH�RQH�
KDQG�� IRU�H[DPSOH�� SHRSOH� FRXOG� GHULYH� DXWRPDWLF� UHLQIRUFHPHQW� IURP�VHOI�GHFHSWLRQ��XQUHDOLVWLF� IDQWDVLHV�� RU�DXWLVWLF� EHKDYLRU�� 2Q� WKH�RWKHU�� SHRSOH� FRXOG� GHULYH� DXWRPDWLF�
UHLQIRUFHPHQW� IRU�NHHQ� WKLQNLQJ�� FRPSOLFDWHG� SUREOHP� VROYLQJ�� DQG� VR� RQ�� 6XFK� D�
V\VWHP�RI�UHLQIRUFHPHQW� WDNHV� DGYDQWDJH� RI�WKH�IDFW�WKDW�HDFK� SHUVRQ� LV�WKHLU�RZQ� EHVW�
DXGLHQFH��
7KLV� SDSHU� EHJDQ� E\� DVNLQJ�� &DQ� EHKDYLRULVWV� GR� DQ\� EHWWHU� WKDQ� FRJQLWLYH�
SV\FKRORJLVWV� LQ�DQDO\]LQJ� FRPSOH[� KXPDQ� EHKDYLRU"� $IWHU� UHYLHZLQJ� WKH�H[DPSOHV� RI�
DXWRPDWLF� UHLQIRUFHPHQW� SURYLGHG� E\� 6NLQQHU� LQ�KLV�PDQ\� ZULWLQJV�� ZH� EHOLHYH� WKH�
DQVZHU� LV��\HV��� %\� LQFRUSRUDWLQJ� WKH�FRQFHSW� RI�DXWRPDWLF� UHLQIRUFHPHQW�� FRPSOH[�KXPDQ� EHKDYLRU� QRW� JHQHUDWLQJ� FRQVSLFXRXV� HQYLURQPHQWDO� FKDQJHV� FDQ� QRZ� EH�
DQDO\]HG�� ,QGHHG�� LW�PD\� EH� WKH�PDLQ� W\SH� RI� UHLQIRUFHPHQW� XVHG� LQ� LQWHUSUHWLQJ�
�KLJKHU� PHQWDO� SURFHVVHV��� 0RUHRYHU�� LW�HQFRXUDJHV� ORRNLQJ� IRU� VXEWOH� IRUPV� RI�
QRQ�FRQWULYHG� UHLQIRUFHPHQW�� ZH� QR� ORQJHU� QHHG� WR� DVN� ZKR� LV� DUUDQJLQJ� WKH�
UHLQIRUFHPHQW��
,I�FRPSOH[� YHUEDO� EHKDYLRU� LV�LQLWLDOO\� D� IXQFWLRQ� RI�FRQWULYHG� UHLQIRUFHPHQW� DQG�
RQO\� WKURXJK� D� ULFK� FRQGLWLRQLQJ� KLVWRU\� FRPHV� XQGHU� WKH� FRQWURO� RI� DXWRPDWLF�
UHLQIRUFHPHQW�� WKHQ�6NLQQHU� KDV� SURYLGHG� D�SUDJPDWLF� IUDPHZRUN� WR�EHJLQ� WR�VWXG\��
DQDO\]H�� DQG� WHDFK� WKH�EHKDYLRU� PRVW� GLIILFXOW� LQ�XQGHUVWDQGLQJ� DQG� GHYHORSLQJ�� 7KH�
DQDO\VLV� PD\� EH� VSHFXODWLYH�� EXW� LW� LV�QHYHUWKHOHVV� DLPHG� DW� WKH� ULJKW� WDUJHW�� DQG�
DXWRPDWLF� FRQVHTXHQFHV� PD\� EH� DQ� HVVHQWLDO� DVSHFW� RI� WKH� LQWHUSUHWDWLRQ��
5()(5(1&(� 127(6�0�� 6XQGEHUJ�� 8QSXEOLVKHG� PDQXVFULSW�� 'HSDUWPHQW� RI� 3V\FKRORJ\�� :HVWHUQ� 0LFKLJDQ� 8QLYHUVLW\��
������
5()(5(1&(6�%DQGXUD�� $�� 3V\FKRORJLFDO� PRGHOLQJ�� &KLFDJR�� $OGLQH�� ������
%URZQ�� 5��&�� +DQORQ�� 'HULYDWLRQDO� FRPSOH[LW\� DQG� RUGHU� RI�DFTXLVLWLRQ� LQ�FKLOG� VSHHFK�� ,Q�-�5�� +D\HV�
�HG���� &RJQLWLRQ� DQG� WKH�GHYHORSPHQW� RI� ODQJXDJH�� 1HZ� <RUN�� :LOH\�� ������
&KRPVN\�� 1�� 5HYLHZ� RI� 9HUEDO� EHKDYLRU� E\� %�)�� 6NLQQHU�� /DQJXDJH�� ������ ���� �������
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions
$XWRPDWLF� 5HLQIRUFHPHQW�
GH�9LOOLHUV�� -��� 3�� GH� 9LOOLHUV�� /DQJXDJH� DFTXLVLWLRQ�� &DPEULGJH�� 0DVV��� +DUYDUG� 8QLYHUVLW\� 3UHVV�� ������
)RQWDQD� GLFWLRQDU\� RI�PRGHUQ� WKRXJKW�� /RQGRQ�� )RQWDQD� %RRNV�� ������
+D\HV�� -��&RJQLWLYH� SV\FKRORJ\�� 7KLQNLQJ� DQG� FUHDWLQJ�� +RPHZRRG�� ������'RUVH\� 3UHVV�� ������
+HUUQVWHLQ�� 5�-�� 7KH� HYROXWLRQ� RI� EHKDYLRULVP�� $PHULFDQ� SV\FKRORJLVW�� ������ ���� ���������
+ROODQG�� -�*�� � %�)�� 6NLQQHU�� 77LH� DQDO\VLV� RI� EHKDYLRU�� 1HZ� <RUN�� 0F*UDZ�+LOO�� ������
0DF&RUTXRGDOH�� .�� %�)�� 6NLQQHUV� 9HUEDO� EHKDYLRU�� $� UHWURVSHFWLYH� DSSUHFLDWLRQ�� -RXUQDO� RI� WKH�
H[SHULPHQWDO� DQDO\VLV� RI� EHKDYLRU�� ������ ���� ���������
0DF&RUTXRGDOH�� .�� 2Q� &KRPVN\V� UHYLHZ� RI� 6NLQQHUV� 9HUEDO� EHKDYLRU�� -RXUQDO� RI� WKH� H[SHULPHQWDO�
DQDO\VLV� RI� EHKDYLRU�� ������ ���� �������
1HLVVHU�� 8�� &RJQLWLRQ� DQG� UHDOLW\�� 6DQ� )UDQFLVFR�� )UHHPDQ�� ������
3LDJHW�� -��3OD\�� GUHDPV� DQG� LPLWDWLRQ� LQ�FKLOGKRRG�� 1HZ� <RUN�� 1RUWRQ�� ������
6FKQDLWWHU�� 5�� 3ULYDWH� FDXVHV�� %HKDYLRULVP�� �������� ������
6NLQQHU�� %�)�� 7KH� RSHUDWLRQDO� DQDO\VLV� RI� SV\FKRORJLFDO� WHUPV�� 3V\FKRORJLFDO� UHYLHZ�� ������ ���� ��������
���������
6NLQQHU�� %�)�� 6FLHQFH� DQG� KXPDQ� EHKDYLRU�� 1HZ� <RUN�� 7KH� )UHH� 3UHVV�� ������
6NLQQHU�� %�)�� 9HUEDO� EHKDYLRU�� 1HZ� <RUN�� $SSOHWRQ�&HQWXU\�&URIWV�� ������
6NLQQHU�� %�)�� 7KH� SK\ORJHQ\� DQG� RQWRJHQ\� RI� EHKDYLRU�� 6FLHQFH�� ������ ����� �����������
6NLQQHU�� %�)�� 7KH� WHFKQRORJ\� RI� WHDFKLQJ�� (QJOHZRRG� &OLIIV�� 1�-��� 3UHQWLFH�+DOO�� ������
6NLQQHU�� %�)�� &RQWLQJHQFLHV� RI� UHLQIRUFHPHQW�� $� WKHRUHWLFDO� DQDO\VLV�� (QJOHZRRG� &OLIIV�� 1�-��� 3UHQWLFH�
+DOO�� ������
6NLQQHU�� %�)�� $ERXW� EHKDYLRULVP�� 1HZ� <RUN�� $OIUHG� $�� .QRSI�� ������
6NLQQHU�� %�)�� +HUUQVWHLQ� DQG� WKH�HYROXWLRQ� RI�EHKDYLRULVP�� $PHULFDQ� SV\FKRORJLVW�� ��������� �����������
����
This content downloaded from 128.228.173.22 on Tue, 30 Sep 2014 15:49:56 PMAll use subject to JSTOR Terms and Conditions