THE
HANDBOOK OF PUBLIC ADMINISTRATION
7 7PMM 1
(GLWRUV
3URI'U%HNLU3$5/$.
$VVRF3URI'U.DGLU&DQHU'2ö$1
/\RQ
(GLWRUV3URI'U%HNLU3$5/$.2UFLG
$VVRF3URI'U.DGLU&DQHU'2ö$12UFLG
&RYHU'HVLJQ0RWLRQ*UDSKLFV
%RRN/D\RXW0LUDMXO.D\DO
)LUVW3XEOLVKHG2FWREHU/\RQ ,6%1
FRS\ULJKWE\/LYUHGH/\RQ
$OO ULJKWV UHVHUYHG 1R SDUW RI WKLV SXEOLFDWLRQ PD\ EH UHSURGXFHG VWRUHG
LQ D UHWULHYDO V\VWHP RU WUDQVPLWWHG LQ DQ\ IRUP RU E\ DQ PHDQV HOHFWURQLF
PHFKDQLFDO SKRWRFRS\LQJ UHFRUGLQJ RU RWKHUZLVH ZLWKRXW SULRU ZULWWHQ
SHUPLVVLRQIURPWKH3XEOLVKHU
3XEOLVKHU/LYUHGH/\RQ
$GGUHVVUXHPDULHWWRQ /\RQ)UDQFH ZHEVLWHKWWS ZZZOLYUHGHO\RQFRP
HPDLOOLYUHGHO\RQ#JPDLOFRP
I
35()$&(
3XEOLFDGPLQLVWUDWLRQDVDQLQGLVFLSOLQDU\¿HOGLVEDVHGRQDZHDOWKRIWKHRU\
$VDPDWWHURIIDFWDGHWDLOHGDQDO\VLVRISXEOLFDGPLQLVWUDWLRQZLWKGLIIHUHQW
FRQFHSWV DSSURDFKHV DQG WKHRULHV ZLOO FRQ¿UP WKLV GHWHUPLQDWLRQ :LWK WKLV
ERRNZKLFKFRQWULEXWHVWRSXEOLFDGPLQLVWUDWLRQIURPTXLWHGLIIHUHQW¿HOGVDVD
KDQGERRNSXEOLFDGPLQLVWUDWLRQKDVEHHQVXEMHFWHGWRDGHWDLOHGH[DPLQDWLRQ
,QWKLVERRNSXEOLFDGPLQLVWUDWLRQLVH[SODLQHGDWWKHFRQFHSWWKHRU\SUDFWLFH
OHYHOZLWKDUWLFOHVIURPGLIIHUHQWGLVFLSOLQHV,QWKLVERRNSXEOLFDGPLQLVWUDWLRQ
LVDKDQGERRNSUHSDUHGE\DFDGHPLFVZRUNLQJDWPDQ\GLIIHUHQWXQLYHUVLWLHVLQ
7XUNH\$OPRVWDOOLPSRUWDQWLVVXHVUHODWHGWRSXEOLFDGPLQLVWUDWLRQDUHFRYHUHG
LQWKHERRN
,Q RXU DJH SXEOLF DGPLQLVWUDWLRQ KDV HPHUJHG ZLWK YHU\ GLIIHUHQW
GLPHQVLRQVZLWKSDUDGLJPVKLIWVJUHDWWUDQVIRUPDWLRQDQGFKDQJH,QWKLVUHJDUG
FRQFHSWVDQGDSSURDFKHVVXFKDVSRVWPRGHUQLVPQHZSXEOLFPDQDJHPHQWDQG
JRYHUQDQFHDUHSDUWLFXODUO\LPSRUWDQW
,QWKLVUHVSHFWWKHGLVFLSOLQHRISXEOLFDGPLQLVWUDWLRQKDVEHHQGHDOWZLWK
LQGLIIHUHQWDUWLFOHVLQWKLVZRUNDWWKHWKHRUHWLFDODQGSUDFWLFDOOHYHO2QWKH
RWKHUKDQGDQDO\]LQJWKLVJUHDWWUDQVIRUPDWLRQZLWKDKDQGERRNZLOOPDNHD
JUHDWFRQWULEXWLRQWRWKHGLVFLSOLQHDQGSUDFWLFHRISXEOLFDGPLQLVWUDWLRQ7KLV
ERRNKDVHPHUJHGDVDYHU\FRPSUHKHQVLYHZRUNRILQWHUHVWWRXQGHUJUDGXDWH
JUDGXDWHDQGRWKHUUHVHDUFKHUV:LWKWKLVKDQGERRNZKLFKLQFOXGHVVWUXFWXUDO
DQGIXQFWLRQDODQDO\]HVRIWKHSROLWLFDOVRFLDOHFRQRPLFDQGFXOWXUDODQDO\]HV
RI SXEOLF DGPLQLVWUDWLRQ LW LV DLPHG WR FRQWULEXWH WR WKH ¿HOG RI SXEOLF
DGPLQLVWUDWLRQLQWKHZRUOGHVSHFLDOO\LQ7XUNLVKSXEOLFDGPLQLVWUDWLRQ$VD
PDWWHURIIDFWLQWKLVVWXG\WKHRUHWLFDODQGSUDFWLFDOVHFWLRQVDUHLQFOXGHG
:HZRXOGOLNHWRH[SUHVVRXUGHHSHVWJUDWLWXGHWRERWKWKHHVWHHPHGDXWKRUV
DQGWKHUHSUHVHQWDWLYHVRIWKHSXEOLVKLQJKRXVHVIRUWKHSUHSDUDWLRQRIWKLVZRUN
)LQDOO\ZHKRSHWKDWWKLVERRNZLOOEHRIJUHDWXVHWRDOOUHDGHUV
3URI'U%HNLU3DUODN $VVRF3URI'U.DGLU&DQHU'R÷DQ
(GLWRUV
:KRVH*RYHUQDQFH"
7KH*RYHUQDQFHRI*RYHUQPHQWDO2UJDQL]DWLRQVDQG6WDNHKROGHUV
7KH*RYHUQDQFHRI&LYLO6RFLHW\2UJDQL]DWLRQVDQG6WDNHKROGHUV
7KH*RYHUQDQFHRI3ULYDWH6HFWRU2UJDQL]DWLRQVDQG6WDNHKROGHUV
+RZWR3UDFWLFH*RYHUQDQFHDVDSXEOLFSROLF\SURFHVV"7KH&RQWULEXWLRQVRIWKH
*RYHUQDQFHWRWKH3XEOLF3ROLF\3URFHVV
7KH3RZHUWR8QGHUVWDQGDQG$QWLFLSDWH
7KH3RZHUWR:RUN7RJHWKHU
7KH3RZHUWR0RQLWRUDQG(YDOXDWH 0RQLWRULQJ(YDOXDWLRQ
$FFRXQWDELOLW\$QG/HDUQLQJ 0($/
&RQFOXVLRQ
5HIHUHQFHV
&KDSWHU E-GOVERNANCEAND E-STATE RELATIONALITYAND FUNCTIONALITY 223 +DQGDQ%2<$/,
,QWURGXFWLRQ
*RYHUQDQFH
&RQFHSWRI(*RYHUQDQFHDVWKH'LJLWDO'LPHQVLRQRI*RYHUQDQFH
(6WDWHDVWKH6LWHRIWKHSUDFWLFHRI*RYHUQDQFH
5HODWLRQVKLS%HWZHHQ(*RYHUQDQFHDQG(6WDWH
&RQFOXVLRQ
5HIHUHQFHV
&KDSWHU THE NEW PUBLIC GOVERNANCE: ISITA PARADIGMATIC WAYTO
OVERCOMETHE WICKED PROBLEMS? 243
dD÷UÕdRODN
,QWURGXFWLRQ
7KH13*DVDSRVW1300RGHO
,VWKH13*D1HZ3DUDGLJP"
&DQWKH13*2YHUFRPHWKH:LFNHG3UREOHPV"
&RQFOXVLRQ
5HIHUHQFHV
&KDSWHU THE INTERACTIONOF “NEW PUBLIC SERVICE” AND “NEW PUBLIC
MANAGEMENT” APPROACHES 265
0ÕVUD&L÷HUR÷OXg]WHSH 6HYLQo6R\RFDNg]DOS
,QWURGXFWLRQ
7UDQVLWLRQIURP7UDGLWLRQDO3XEOLF$GPLQLVWUDWLRQ 73$ WR1HZ3XEOLF
0DQDJHPHQW 130
7+(1(:38%/,&*29(51$1&(
,6,7$3$5$',*0$7,&:$<
7229(5&20(7+(:,&.('
352%/(06"
dD÷UÕd2/$.
1 $VVLVWDQW3URIHVVRU 7UDE]RQ8QLYHUVLW\
HPDLO FDJULFRODN#WUDE]RQHGXWU 2UFLG
,QWURGXFWLRQ
&
RPPXQLWLHVH[SHFWSXEOLFDGPLQLVWUDWLRQVWREHPRUHHIIHFWLYHDQGWREHDFDWDO\VWWKDWLQWHJUDWHVDOOVWDNHKROGHUVLQWRWKHV\VWHPLQWDFNOLQJ
WKHZLFNHGSUREOHPVIDFHGLQWKHVWFHQWXU\ZKLFKGLIIHUVLQPDQ\
UHVSHFWVIURPLWVSUHGHFHVVRUV,QGHHGWKHUHDUHPDQ\ZLFNHGSUREOHPVVXFKDV
JOREDOFOLPDWHFKDQJHLQWHUQDWLRQDOPLJUDWLRQVRFLDOFDUHSRYHUW\GUXJDEXVH
HWF8QIRUWXQDWHO\WKHVHDUHQRWEDVHGRQVLPSOHVROXWLRQV)RUWKLVUHDVRQWKH
QHHGIRUDPRGHOWKDWZLOOIRFXVRQWKHVHSUREOHPVDQGVHHNVROXWLRQVLQWKH¿HOG
RISXEOLFDGPLQLVWUDWLRQKDVHPHUJHG
7ZR PDLQ SDUDGLJPV KDYH GRPLQDWHG WKH ¿HOG RI SXEOLF DGPLQLVWUDWLRQ
XQWLO WRGD\ 7KH &ODVVLFDO 3XEOLF$GPLQLVWUDWLRQ &3$ DQG WKH 1HZ 3XEOLF
0DQDJHPHQW 130 7KH &3$ ZKRVH WKHRUHWLFDO IRXQGDWLRQV ZHUH FUHDWHG
E\ :RRGURZ :LOVRQ WKH SROLWLFVDGPLQLVWUDWLRQ GLFKRWRP\ )UHGHULFN :
7D\ORU WKH VFLHQWL¿F PDQDJHPHQW SULQFLSOHV DQG 0D[ :HEHU WKH WKHRU\ RI
EXUHDXFUDF\ H[LVWHGDVDYDOLGSDUDGLJPXQWLOWKH VZLWKLWVDVVXPSWLRQVVXFK
DVVWULFWUXOHVKLHUDUFK\HPSKDVLVWHFKQRFUDWLFSURIHVVLRQDOLVPDQGLVRODWLRQRI
WKHSULYDWHVHFWRU+RZHYHULPSRUWDQWFKDQJHVLQWKHSXEOLFDGPLQLVWUDWLRQDVLQ
7KLVFKDSWHULVGHULYHGIURPWKLVDXWKRU¶VGRFWRUDOGLVVHUWDWLRQ>dRODNdD÷UÕ
³.DPX<|QHWLPLQGHhoQF%LU3DUDGLJPDøGGLDVÕ <HQL.DPX<|QHWLúLPL7HRULVLYH
8\JXODPDODUÕ´ <D\ÕQODQPDPÕú 'RNWRUD 7H]L .DUDGHQL] 7HNQLN hQLYHUVLWHVL 6RV\DO
%LOLPOHU(QVWLWV7UDE]RQ@
HYHU\¿HOGKDGRFFXUUHGLQ VZKHQPDQ\FULVHVEURNHRXWERWKHFRQRPLFDOO\
DQGVRFLDOO\,QWKLVFRQWH[WPDQ\SXEOLFDGPLQLVWUDWLRQWKHRULVWVDUJXHGWKDWWKH
&3$ZKLFKLVEDVHGRQSROLWLFDOVFLHQFHFDQQRORQJHUVROYHFHUWDLQSUREOHPV
DQGWKH\FDQEHVROYHGZLWKDPDQDJHULDOSHUVSHFWLYHLQWKHOLJKWRIWKHHFRQRP\¶V
DVVXPSWLRQV +RRG 5KRGHV 2VERUQH *DHEOHU &DUUROOHW
DO 7KHUHIRUHPDQ\JRYHUQPHQWVIRFXVHGRQWKHQHROLEHUDOSROLFLHVVXFK
DVOLEHUDOL]DWLRQIUHHPDUNHWFRPSHWLWLRQDQGSULYDWL]DWLRQRISXEOLFVHUYLFHV
HWF7KHVHSROLFLHVVRRQPHGLDWHGWKHHPHUJHQFHRIDVHFRQGSDUDGLJPFDOOHG
WKH³130´+RZHYHUDIWHUWZHQW\\HDUVRIVXFFHVVIXOH[SHULHQFHWKH130DQG
WKHQHROLEHUDOSROLFLHVZHUHIRXQGWREHLQDGHTXDWHLQWKHVWFHQWXU\7KHPDLQ
SURRILVWKHLQDELOLW\WRPHHWQHHGVRIWKHFRPSOH[VRFLHW\DQGWREHVXFFHVVIXO
LQWHUPVRIHI¿FLHQF\ 'UHFKVOHU dRODN D 7KHGHWHUPLQDWLRQVRI
+RRGZKRPDGHWKHJUHDWHVWFRQWULEXWLRQWRWKHWKHRUHWLFDOGHYHORSPHQWRIWKH
PRGHODUHWKHPRVWREYLRXVSURRIRIWKHVLWXDWLRQ+RRG 'L[RQ VWDWHGWKDWWKHYROXPHRISXEOLFVHUYLFHVKDVEHHQUHGXFHGE\DERXWRQHWKLUG
RYHUDWKLUW\\HDUSHULRGEXWWKHFRVWLQFUHDVHKDVQRWEHHQSUHYHQWHG
,QWKLVFKDSWHUWKH1HZ3XEOLF*RYHUQDQFH 13* PRGHOZKLFKFODLPV
DWKLUGSDUDGLJPLQWKH¿HOGRIWKHSXEOLFDGPLQLVWUDWLRQLVGLVFXVVHGLQWHUPV
RI LWV SRWHQWLDO WR ¿QG VROXWLRQV WR WKH ZLFNHG SUREOHPV ,Q WKLV IUDPHZRUN
¿UVWO\WKH13*LVH[SODLQHGDVDSRVW130PRGHO7KHQLQWKHVHFRQGSDUWLW
LVH[DPLQHGZKHWKHUWKH13*LVDQHZSDUDGLJPRUQRW)LQDOO\EDVHGRQWKH
H[SHFWDWLRQVDQGWKHLPSOHPHQWDWLRQLVVXHVWKHHYDOXDWLRQVKDYHEHHQPDGHRQ
WKHSRWHQWLDORIWKH13*WRVROYHWKHZLFNHGSUREOHPV
7KH13*DVDSRVW1300RGHO
6LQFHWKHPLG VWKHLQFUHDVLQJZDYHVRIFULWLFLVPDJDLQVWWKH130KDYH
WXUQHGLQWRDOWHUQDWLYHSDUDGLJPVHDUFKHVDIWHUWKHPLOOHQQLXP7KHVHPRGHOV
ZKLFKKDYHPDQ\FRPPRQIHDWXUHVDQGGLIIHUIURPHDFKRWKHURQO\LQWHUPV
RIWKHLUEDVLFHPSKDVLVDUHFDOOHGD³SRVW130´PRGHOV /RGJH *LOO
&KULVWHQVHQ &KULVWHQVHQ / JUHLG 7KH IDFW WKDW WKH 130
DJHQGDDQGWUHQGVGRQRWDGGUHVVWKHSXEOLFDGPLQLVWUDWLRQDQGVHUYLFHRIWKH
VIRUPVWKHEDVLVRIWKHVHPRGHOV,QWKLVUHVSHFWLWLVXVHIXOWRPHQWLRQ
WKDWPDLQWUHQGVLQWKHSXEOLFDGPLQLVWUDWLRQDJHQGDUHFHQWO\*UHYH VXPPDUL]HVWKHVHWUHQGVDVIROORZV
)URPHFRQRPLFH৽FLHQF\FKDOOHQJHVWRDFRQFHUQZLWKEURDGHUVRFLHWDO
FKDOOHQJHV LQFOXGLQJ LVVXHV RI VXVWDLQDELOLW\ WKDW QRRQH RUJDQL]DWLRQ
FDQVROYHE\LWVHOI
)URP PDQDJHULDOLVP DQG QDUURZ UHVXOWV WR D IRFXV RQ SXEOLF YDOXH
PDQDJHPHQWWKDWLQFOXGHDIRFXVRQORQJWHUPRXWFRPHV
)URPPDUNHWEDVHGJRYHUQDQFHWRDIRFXVRQQHWZRUNVLQWKHQHZSXEOLF
JRYHUQDQFH
)URPFLWL]HQVDVFRQVXPHUVWRFLWL]HQVDVFRSURGXFHUVFRLQQRYDWRUVDQG
FRFUHDWRUV
)URP,7VXSSRUWLQJH৽FLHQF\WR,7DVSDUWRIDGLJLWDOHUDJRYHUQDQFH
SUR¿OHLQFOXGLQJZHEVRFLDOPHGLD
)URPDFFRXQWDELOLW\IRUUHVXOWV RXWSXWV WRDEURDGHUXQGHUVWDQGLQJRI
WUDQVSDUHQF\DQGDFFRXQWDELOLW\LQQHWZRUNVDQGDIRFXVRQORQJHUWHUP
UHVXOWV RXWFRPHV
7KHSRVW130PRGHOVDUHVW\OHVRIDFWLRQWKDWWULHVWRUHLQWHJUDWHIUDJPHQWHG
VWDWHE\IRFXVLQJRQWKHDGPLQLVWUDWLRQDVDZKROHDQGFRPELQLQJSDUWVWKURXJK
KRUL]RQWDODQGYHUWLFDOFRRUGLQDWLRQLQWKHSRVW130SHULRG +DOOLJDQ
,Q WKLV FRQWH[W WKH PRGHOV LQ TXHVWLRQ DUH GXH WR LQFUHDVH LQ QHJDWLYH
IHHGEDFN RQ WKH 130 DQG WKH ZHDNHQLQJ RI SROLWLFDO FRQWURO (YHQ LQ WKH
FRXQWULHV WKH8QLWHG.LQJGRPWKH$XVWUDOLDDQGWKH1HZ=HDODQG WKDWFDQ
EHFRQVLGHUHGDVWKHKRPHODQGRIWKH130WKHFRQ¿GHQFHLQWKHPDQDJHPHQW
DSSURDFK KDV EHHQ VKDNHQ 3HUUL LQWHUSUHWV GHFUHDVH LQ WUXVW LQ
QHROLEHUDOLVPDVDVLJQWKDWDSHULRGDIWHUWKH130KDVHQWHUHG
7KHGHYHORSPHQWRIWHFKQRORJ\DQGSDUDOOHOFKDQJHVLQWKHVUHTXLUHG
WKHSXEOLFDGPLQLVWUDWLRQWREHKDQGOHGZLWKDQHZDSSURDFK7KHLQDGHTXDF\
RIWKH130LQWHUPVRIWUDQVIRUPDWLRQLQWKHVWDWHDQGWKHVRFLHW\LVPDLQIDFWRU
LQWKHHPHUJHQFHRIWKHVLWXDWLRQ$OWKRXJKWKH130ZDVVHHQDVDEHQH¿FLDO
DSSURDFKIRUGHYHORSHGDQGGHYHORSLQJFRXQWULHVDIWHU WKHGHYHORSPHQWV
WKDWHPHUJHGDIWHUWKHPLOOHQQLXPOHGWRWKHHURVLRQRIWKH130¶VGRPLQDQW
SRVLWLRQ LQ WKH SXEOLF VHFWRU 8QGRXEWHGO\ WKH PRVW SURPLQHQW RI WKHVH
GHYHORSPHQWVLVWKH*OREDO(FRQRPLF&ULVLV7KH¿QDQFLDOFULVLVZKRVH
LPSDFW KDV EHHQ IHOW ZRUOGZLGH KDV OHG WR WKH TXHVWLRQLQJ RI WKH 130 DQG
LWVQHROLEHUDOKHJHPRQ\7KXVWKH130ZKLFKSULRULWL]HVPDUNHWYDOXHVDQG
PHFKDQLVPVKDVORVWLWVVXVWDLQDELOLW\
7KH13*HPHUJHGSUHFLVHO\LQWKLVSHULRGDVDQHZDSSURDFKIRUWKHYHUVDWLOH
DQGFRPSOH[VWUXFWXUDODUUDQJHPHQWQHHGVWKDWDULVHLQWKH¿HOGRIWKHSXEOLF
DGPLQLVWUDWLRQ 6WHSKHQ 3 2VERUQH LV FRQVLGHUHG DV SLRQHHU RI WKH DSSURDFK
ZLWKKLVDUWLFOH³1HZ3XEOLF*RYHUQDQFH´SXEOLVKHGLQWKH3XEOLF0DQDJHPHQW
5HYLHZLQ,QWKLVDUWLFOH2VERUQH HPSKDVL]HGQHHGIRUDPRUH
FRPSUHKHQVLYHDQGKROLVWLFSXEOLFPDQDJHPHQWWKHRU\EH\RQGWKHGLVWLQFWLRQ
EHWZHHQDGPLQLVWUDWLRQDQGPDQDJHPHQW,QWKLVFRQWH[WKHDUJXHGWKDWWKHUH
DUHWZRPDLQSDUDGLJPVLQWKHKLVWRU\RIWKHSXEOLFDGPLQLVWUDWLRQDQGWRGD\¶V
SDUDGLJPLVWKH13*
8QOLNH WKH SUHYLRXV WZR SDUDGLJPV WKH 13* LV DQ XQGHUVWDQGLQJ WKDW
SODFHVJRYHUQDQFHDQGFLWL]HQVDWWKHFHQWHURILWVIRFXV 5RELQVRQ
(YHQWKHDSSURDFK³WKHPDLQIRFXVLVQRWJRYHUQPHQW´LVHQRXJKWRGLVWLQJXLVK
LW IURP RWKHU SDUDGLJPV7KH 13* HPSKDVL]HV QHLWKHU EXUHDXFUDF\ OLNH WKH
&3$ QRU SULYDWHVHFWRU FRQWUDFW PHFKDQLVPV VXFK DV WKH 130 6R LW LV
QHLWKHU VWDWLVW QRU PDUNHWEDVHG ,W FOHDUO\ GLIIHUV IURP SUHYLRXV SDUDGLJPV
LQWKHFRQWH[WRIVXJJHVWLQJDQDFWLYHFLWL]HQPRGHODQGHPSKDVL]LQJDQDFWRU
QHWZRUN WKDW HPEUDFHV DOO VHJPHQWV RI WKH VRFLHW\ DQG YDULRXV SDUWLFLSDWLRQ
PHFKDQLVPV,QJHQHUDOWKH13*LVGH¿QHGDV³DFRXQWHUDFWLRQDJDLQVWWKH
QHJDWLYH HIIHFWV RI WKH LPSOHPHQWDWLRQ RI EXVLQHVV DQG WKH SULYDWH VHFWRU
VWUDWHJLHVDQGWRROVLQWKHSXEOLFVHFWRU´ 6REDFÕ .|VHR÷OX ,W
LVDQDSSURDFKWKDWHPHUJHVDVDUHVXOWRISUHYLRXVWZRSDUDGLJPV¶IDLOXUHWR
RYHUFRPHWKHFRPSOH[LWLHVRIWKHJOREDOVRFLHW\DQGKLJKOLJKWVWKHQHWZRUNHG
FROODERUDWLRQDQGFRRUGLQDWLRQVWUXFWXUHVLQWKH¿JKWDJDLQVWWKHVHFRPSOH[LWLHV
.RSSHQMDQ .ROLED
2VERUQH VRUWHGWKHPDLQIDFWRUVWKDWPDNHWKH13*GLIIHUHQW
IURPWKH&3$DQGWKH130$FFRUGLQJWRKLPLQWHUPVRIWKHRUHWLFDOURRWVWKH
&3$LVEDVHGRQSROLWLFDOVFLHQFHDQGSXEOLFSROLF\DQGWKH130RQSXEOLFFKRLFH
WKHRU\ +RZHYHU LQ WKH WKHRUHWLFDO RULJLQ RI WKH 13* XQOLNH ERWK QHWZRUN
WKHRU\LVLQFOXGHG6HFRQGO\WKHVWDWHXQGHUVWDQGLQJVRIWKHVHSDUDGLJPVDUH
GLIIHUHQW 7KH SROLF\ PDNLQJ DQG LPSOHPHQWDWLRQ LQ WKH &3$ DUH LQWHJUDWHG
YHUWLFDOO\DQGDXQLWDU\V\VWHPLVDGRSWHGLQWKLVUHJDUG,QWKH130PRGHO
WKH SROLF\ PDNLQJ DQG LPSOHPHQWDWLRQ DUH VHSDUDWHG DOVR D VHJUHJDWHG DQG
IUDJPHQWHGVWUXFWXUHFRPHVWRWKHIRUH,QFRQWUDVWWKH13*SRLQWVWRDSOXUDOLVW
VWDWH LQ ZKLFK LQWHUGHSHQGHQW DFWRUV DUH LQYROYHG LQ WKH SURYLVLRQ RI SXEOLF
VHUYLFHV7KHWKLUGGLIIHUHQFHLVWKDWDOWKRXJKWKH&3$DQGWKH130IRFXVRQWKH
SROLF\V\VWHPDQGWKHLQWUDRUJDQL]DWLRQDOPDQDJHPHQWUHVSHFWLYHO\IRFXVRI
WKH13*LVWKHLQWHURUJDQL]DWLRQDOJRYHUQDQFHWKDWLVWKHLQWHURUJDQL]DWLRQDO
UHODWLRQV DQG WKH SURFHVVHV 7KH IRXUWK LV WKDW WKH 130 HPSKDVL]HV VHUYLFH
SURFHVVHVDQGRXWFRPHVXQOLNHRWKHUV7KH¿IWKGLIIHUHQWHOHPHQWEHWZHHQWKH
WKUHHSDUDGLJPVLVWKHDFWRUVWKDWVWDQGRXWLQWKHUHODWLRQVKLSZLWKWKHH[WHUQDO
SDUWQHUV3ROLWLFLDQVDQGDGPLQLVWUDWRUVLQWKH&3$SDUDGLJPDQGLQGHSHQGHQW
HQWUHSUHQHXUV FRPSHWLQJ LQ WKH 130 SDUDGLJP PDQDJH WKHLU UHODWLRQV ZLWK
H[WHUQDOSDUWQHUV+RZHYHULWLVEHOLHYHGLQWKHSDUDGLJPRIWKH13*WKDWWKH
UHODWLRQVKLSPXVWEHPDQDJHGE\LQWHUGHSHQGHQWDFWRUVLQDSOXUDOJRYHUQDQFH
PHFKDQLVPWKDWLVQRWRQO\FRPSRVHGRISROLWLFDORUHFRQRPLFDFWRUV$QRWKHU
LPSRUWDQWIDFWRUWKDWGLVWLQJXLVKHVLWIURPRWKHUSDUDGLJPVLVWKHJRYHUQDQFH
PHFKDQLVP7KHPHFKDQLVPLQWKH&3$LVKLHUDUFK\DQGWKH130¶VLVPDUNHW
FRQGLWLRQV $V IRU WKH 13* PRGHO LW LV WKH LQWHURUJDQL]DWLRQDO QHWZRUNV
)LQDOO\ WKH YDOXH EDVH RI DOO WKUHH SDUDGLJPV LV VLJQL¿FDQWO\ GLIIHUHQW IURP
HDFKRWKHU:KHUHDVWKHYDOXHEDVHRIWKH&3$LVGHSHQGHGRQWKHSXEOLFVHFWRU
HWKRVFRPSHWLWLYHPDUNHWYDOXHVUHO\LQJEXVLQHVVDQGHFRQRP\FRPHVWRWKH
IRUHLQWKH1308QOLNHERWKWKHYDOXHEDVHLQWKH13*LVGHSHQGHGRQDQHR
FRUSRUDWLVWWKHRU\
7KH 13* LV EDVHG RQ WKH DVVXPSWLRQ WKDW WKH SOXUDOLVWLF JRYHUQDQFH
PHFKDQLVP FRQVLVWLQJ RI JRYHUQPHQW WKH SULYDWH VHFWRU WKH QRQSUR¿W
RUJDQL]DWLRQV 132V DQG VRFLDO JURXSV ZLOO \LHOG PRUH VXFFHVVIXO UHVXOWV LQ
VROYLQJWKHFRPSOH[SXEOLFSUREOHPVRIWKHVWFHQWXU\,WLVREVHUYHGWKDWE\
WKH VW FHQWXU\ LQ WKH SXEOLF DGPLQLVWUDWLRQ WKH SKHQRPHQRQ RI VHJUHJDWLRQ
DQG FRPSHWLWLRQ EHWZHHQ WKH VHFWRUV EHJDQ WR GHFUHDVH DQG WKH FROODERUDWLRQ
EHWZHHQWKHSXEOLFSULYDWHDQGWKLUGVHFWRUVVWDUWHGWRLQFUHDVH &XUWLQHWDO
:LWKLQWKHIUDPHZRUNRIWKLVFROODERUDWLRQUHVRXUFHVKDULQJDQG
SROLF\ GHFLVLRQV DUH SURYLGHG DV D UHVXOW RI QHJRWLDWLRQ SURFHVVHV EHWZHHQ
LQWHUGHSHQGHQWDFWRUVVKDULQJYDOXHVDQGUHODWLRQVKLSV /LGGOH ,Q
RWKHU ZRUGV WKH SUHGLFWLRQ WKDW WKH SXEOLF VHUYLFH FDQ EH GHYHORSHG WKURXJK
FROODERUDWLRQQHJRWLDWLRQDQGDFWLYHSDUWLFLSDWLRQRIWKHUHOHYDQWVWDNHKROGHUV
LVDWWKHFHQWHURIWKH13*SDUDGLJP 6REDFÕ .|VHR÷OX 7KHFRUH
YDOXHVRIWKH13*DUHDVIROORZVUHVSHFWLYHO\LQVRFLDOSROLWLFDOPDQDJHULDO
DQGHFRQRPLFDOWHUPV dRODN E ³&RSURGXFWLRQDQGSDUWLFLSDWLRQ´
³SOXUDOLVW VWDWH DQG LQWHUGHSHQGHQFH´ ³LQWHURUJDQL]DWLRQDO QHWZRUNV´ DQG
³FROODERUDWLRQDQGSDUWQHUVKLSV´
&RSURGXFWLRQDQGSDUWLFLSDWLRQZKLFKLVWKHVRFLDOYDOXHRIWKH13*
H[SUHVVHV DQ XQGHUVWDQGLQJ WKDW VHUYLFH SURYLGHUV DQG XVHUV FRQWULEXWH WR
WKH SXEOLF VHUYLFH SURFHVV WRJHWKHU %RYDLUG ,Q WKLV SURFHVV
JRYHUQPHQW SULYDWH VHFWRU YROXQWDU\ RUJDQL]DWLRQV DQG FLWL]HQV DUH LQ
QHJRWLDWLRQVRQZKLFKVWUDWHJLHVWRDFKLHYHWKHPD[LPXPSXEOLFYDOXH$VD
UHVXOWRIWKHQHJRWLDWLRQSXEOLFVHUYLFHWDNHVSODFHWKURXJKDQHWZRUNRISXEOLF
SULYDWHDQGWKLUGVHFWRURUJDQL]DWLRQVLQDQHQYLURQPHQWZKHUHSXEOLFSROLF\
LVSURGXFHGWRJHWKHU)URPWKLVSRLQWRIYLHZLWLVVHHQWKDWWKHFRSURGXFWLRQ
DQG SDUWLFLSDWLRQ DSSURDFK HPSKDVL]HV WKH WKLUG VHFWRU SDUWLFLSDWLRQ LQ WKH
SXEOLFVHUYLFHGHOLYHU\DVWKHVRFLDOYDOXHRIWKH13*2QWKHRWKHUKDQGWKLV
PHGLDWHVWKHSURPRWLRQRIWKHJUHDWHUFLWL]HQSDUWLFLSDWLRQ 3HVWRII
7KXVFLWL]HQVJREH\RQGEHLQJQRWRQO\WKHFRQVXPHUVRIWKHSXEOLFVHUYLFHEXW
DOVREHFRPHWKHSURGXFHUV,QWKLVZD\WKHSDVVLYHFLWL]HQPRGHOLQWKHSXEOLF
SROLF\ SURFHVV LV UHSODFHG E\ D PRUH DFWLYH DQG SDUWLFLSDWRU\ FLWL]HQ PRGHO
,QDGGLWLRQJRYHUQPHQWV¶DWWLWXGHVDOVRSOD\DQLPSRUWDQWUROHLQSURPRWLQJ
FRSURGXFWLRQDQGSDUWLFLSDWLRQ,QWKLVFRQWH[WWKHGHYHORSPHQWRILQIRUPDWLRQ
WHFKQRORJLHV E\ WKH VW FHQWXU\ PDNHV LW FRPSXOVRU\ IRU JRYHUQPHQWV WR
UHHYDOXDWH WKH QHHGV RSSRUWXQLWLHV DQG IRUPV RI WKH FRSURGXFWLRQ 7KH
VRFLDOPHGLDLVDYHU\HIIHFWLYHWRROLQIXO¿OOLQJREOLJDWLRQEHFDXVHLWFDQSOD\
LPSRUWDQWIXQFWLRQVLQHVWDEOLVKLQJQHZFRQQHFWLRQVEHWZHHQJRYHUQPHQWDQG
FLWL]HQV7KHUHIRUH JRYHUQPHQWV VKRXOG EH ZLOOLQJ WR GHVLJQ WKH QHZ IRUPV
RIWKHFRSURGXFWLRQWKDWDGGUHVVFLWL]HQV¶JRDOVWKURXJKWKHVRFLDOPHGLDWR
LQFUHDVHFLWL]HQSDUWLFLSDWLRQ 0HLMHU
7KHSROLWLFDOYDOXHRIWKHSXEOLFDGPLQLVWUDWLRQSDUDGLJPLQWKHVWFHQWXU\
LVSOXUDOLVWVWDWHDQGLQWHUGHSHQGHQFH7KHVLWXDWLRQDULVHVIURPWKHLQFUHDVHLQ
WKHYDULHW\RIDFWRUVLQYROYHGLQWKHSROLF\SURFHVV 3HVWRII %UDQGVHQ
7KHUHSUHVHQWDWLRQRILQGLYLGXDOVZLWKJURXSPHPEHUVKLSVDQGWKXVDFFHVV
WRWKHSROLF\SURFHVVFRQVWLWXWHVWKHEDFNJURXQGRISOXUDOLVWWKLQNLQJLQWKHSXEOLF
DGPLQLVWUDWLRQ 6R LQ RUGHU WR WDON DERXW D SOXUDOLVWLF VWUXFWXUH LQ WKH SXEOLF
DGPLQLVWUDWLRQJRYHUQPHQWVVKRXOG¿UVWHQFRXUDJHWKHHPHUJHQFHDQGDFWLYLWLHV
RIFHUWDLQRUJDQL]DWLRQVZLWKLQWKHVFRSHRIWKHFLYLOVRFLHW\ *ULJVE\
7KHPDLQIXQFWLRQRIWKHSOXUDOLVWVWDWHPDQLIHVWVLWVHOILQWKHSUHVHQFHRIWKLV
HQFRXUDJHPHQW$VDPDWWHURIWKHIDFW&DUOLVOH DUJXHVWKDWLQD
FRPSOH[DQGPRGHUQVRFLHW\ZKHUHLQGLYLGXDOSDUWLFLSDWLRQLQWKHGHFLVLRQPDNLQJ
SURFHVVLVLPSRVVLEOHWKHVWDWHXQGHUVWDQGLQJWKDWWKHEHVWVHUYHVWKHGHPRFUDWLF
LGHDOLVWKHSOXUDOLVWVWDWH:LWKLQWKHIUDPHZRUNRIWKHXQGHUVWDQGLQJJRYHUQPHQW
GRHVQRWPDNHVDYLQJVDORQHDERXWUHVRXUFHVUHTXLUHGIRUSXEOLFSROLF\DQGDFWV
LQSDUWQHUVKLSZLWKSOXUDODQGLQWHUGHSHQGHQWLQVWLWXWLRQV 1HZPDQ
0RUHRYHULQWKHSOXUDOLVWVWDWHWKHFRPSHWLWLRQLVUHSODFHGE\LQWHUGHSHQGHQFH
,QWKLVUHVSHFWWKHLQWHUGHSHQGHQFHLQGLFDWHVWKDWWKHDFWRUVLQWKHQHWZRUNKDYH
WRDFWWRJHWKHULQWHUPVRIUHVRXUFHVNQRZOHGJHDQGHTXLSPHQW RWKHUZLVHWKH
SROLF\SURFHVVFDQQRWEHFRPSOHWHGHIIHFWLYHO\7DNLQJLQWRDFFRXQWDOORIWKHVH
WKH 13* DWWULEXWHV DQ LPSRUWDQW UROH WR WKH SROLWLFDOO\ SOXUDOLVW VWDWH DQG WKH
H[LVWHQFH RI LQWHUGHSHQGHQFLHV DPRQJ QHWZRUN DFWRUV LQ WKH WUDQVIRUPDWLRQ RI
WKHH[LVWLQJSXEOLFDGPLQLVWUDWLRQDSSURDFK 2VERUQHD
:KLFKDFWRUVZLOOEHLQYROYHGLQWKHSROLF\SURFHVVHVKDVDQLPSRUWDQW
UROHLQWKHWUDQVIRUPDWLRQRIWKHSXEOLFDGPLQLVWUDWLRQDSSURDFK"$VORQJDVWKH
DFWRUVRIWKHSROLF\SURFHVVHVDUHQRWGLYHUVL¿HGWKHDSSOLFDELOLW\RISULQFLSOHV
VXFK DV FRSURGXFWLRQ SDUWLFLSDWLRQ SOXUDOLVW VWDWH DQG LQWHUGHSHQGHQFH
EHFRPHLPSRVVLEOH7RSXWLWPRUHH[SOLFLWO\WKHIXQFWLRQLQJRIWKHVHYDOXHV
GHSHQGVRQWKHSUHVHQFHRIDUDQJHRIDFWRUVLQWHURUJDQL]DWLRQDOQHWZRUNV
FRYHULQJDOOVHJPHQWVDQGVHFWRUVRIVRFLHW\LQWKHSROLF\SURFHVV$VDPDWWHU
RI WKH IDFW WKH 13* DV DQ DSSURDFK DLPLQJ WR UHVWUXFWXUH WKH UROH RI WKH
SXEOLF VHFWRU FKDOOHQJHV WUDGLWLRQDO YLHZV WKDW FRQVLGHU JRYHUQPHQW DORQH
RU DV D OHDGLQJ DFWRU DQG GUDZV DWWHQWLRQ WR LQFUHDVH RI WKH SRZHUV RI WKH
RWKHUVHFWRUVLQVHUYLFHGHOLYHU\DQGGHFLVLRQPDNLQJ,QWKLVFRQWH[WLQWHU
RUJDQL]DWLRQDOQHWZRUNVZKLFKDUHWKHPDQDJHULDOYDOXHRIWKH13*QRWRQO\
DIIHFWJRYHUQPHQWSROLFLHVEXWDOVRXQGHUWDNHJRYHUQPHQWDFWLYLWLHVLQPDQ\
UHVSHFWV 6WRNHU ,QFRQQHFWLRQZLWKWKLVWKHLQFUHDVHRIMRLQHGXS
JRYHUQPHQW LQLWLDWLYHV DQG WKH GHYHORSPHQW RI QHZ IRUPV RI FROODERUDWLRQ
DQGFRRUGLQDWLRQEHWZHHQYDULRXVVHFWRUVVKRZWKDWWKHSRVLWLRQVRIWKHVW FHQWXU\JRYHUQPHQWVKDYHEHHQXSGDWHGDV³FRRUGLQDWRURIWKHSROLF\SURFHVV´
.OLMQ .RSSHQMDQ ,QVXPPDU\LQWHURUJDQL]DWLRQDOQHWZRUNV
DLPLQJDWDFKLHYLQJWKHJRDOVWKDWWKHSXEOLFRUSULYDWHVHFWRUFDQQRWRYHUFRPH
DORQHDUHDWWKHFHQWHURIWKHSXEOLFVHUYLFHXQGHUVWDQGLQJRIWKH13*7KH\
DUHÀH[LEOHHI¿FLHQWDQGLQQRYDWLYHK\EULGVWKDWHQDEOHWKHFROOHFWLYHVROXWLRQ
RI SUREOHPV WKDW QHWZRUN DFWRUV FDQQRW RYHUFRPH LQGLYLGXDOO\ :HEHU .KDGHPLDQ
,QOLQHZLWKVRFLDOSROLWLFDODQGPDQDJHULDOYDOXHVWKHHFRQRPLFYDOXHRI
WKH13*LVFROODERUDWLRQDQGSDUWQHUVKLSV%\WKHVWFHQWXU\WKHWUDQVIRUPDWLRQ
LQWKHQHHGVRIVRFLHWLHVPDGHLWFRPSXOVRU\WRPHHWWKHVHQHHGVE\HVWDEOLVKLQJ
YDULRXVIRUPVRIFROODERUDWLRQDQGSDUWQHUVKLSEHWZHHQWKHSXEOLFVHFWRUSULYDWH
VHFWRU QRQJRYHUQPHQWDO RUJDQL]DWLRQV 1*2V YROXQWDU\ RUJDQL]DWLRQV DQG
FRPPXQLW\EDVHGRUJDQL]DWLRQV7KLVLVEHFDXVHWKHSULYDWHVHFWRUFHQWHUHGDQG
FRPSHWLWLYHRULHQWHGSURFHVVDQGWKHSULYDWL]DWLRQRIWKHSXEOLFVHUYLFHVZKLFK
PDUNHGWKH<.,SHULRGZHUHLQVXI¿FLHQWWRPHHWQHHGVDQGH[SHFWDWLRQVRIWKH
VRFLHW\LQWKHQHZFHQWXU\0F4XDLG VWDWHVWKDWLIWKHFRPSHWLQJ
IDFWRUVLQWKH130FRRSHUDWHLQWKHQHZSHULRGDQGWKHVWUDWHJLHVWRHQFRXUDJH
SDUWQHUVKLSV EHWZHHQ WKHP DUH SXUVXHG PRUH HI¿FLHQW UHVXOWV ZLOO HPHUJH DW
QDWLRQDODQGVXSUDQDWLRQDOOHYHOV$OUHDG\LQWKHVWFHQWXU\LWKDVZLWQHVVHG
SDUWQHUVKLSVLQWKHPDQ\SXEOLFVHUYLFHVLQWKHFRQWH[WRIHQHUJ\WUDQVSRUWDWLRQ
KHDOWKHQYLURQPHQWDJULFXOWXUHWRXULVPDQGWHFKQRORJ\LQPDQ\GHYHORSLQJ
FRXQWULHV ,Q IDFW LW LV VHHQ WKDW SULYDWL]DWLRQV ZKLFK DUH HFRQRPLF YDOXH RI
WKH 130 KDYH EHHQ UHSODFHG E\ SXEOLFSULYDWH SDUWQHUVKLSV 333V ZLWK WKH
WUDQVLWLRQ WR WKH 13* 7KH 333V PHGLDWH SXEOLF VSHQGLQJ UHGXFWLRQ SULYDWH
VHFWRUSUR¿WVDQGDEHWWHUVWDQGDUGRIOLYLQJIRUFLWL]HQV .RYHQ 6WURWKHU
,QWKLVUHVSHFWWKH\DUHIRUPXODWHGDVDQHZPHWKRGE\PHGLDWLQJPRUH
DGYDQFHG DQG VRSKLVWLFDWHG XVH RI SULYDWH VHFWRU H[SHUWLVH *UHYH +RGJH
7KXVWKHSXEOLFVHFWRUQRWRQO\VKDUHVULVNVZLWKWKHSULYDWHVHFWRU
LQVWLWXWLRQVDWWKHFRVWRIQHZVHUYLFHVWKDWZLOOPHHWWKHQHHGVRIWKHVRFLHW\
EXWDOVRFDQREWDLQ¿QDQFLDOJDLQVWKDWLWFDQQRWSURYLGHWKURXJKSULYDWL]DWLRQE\
UHVRUWLQJWRSULYDWHVHFWRULQIRUPDWLRQ
,VWKH13*D1HZ3DUDGLJP"
7KH13*PDNHVDQLPSRUWDQWFRQWULEXWLRQWRWKHSXEOLFSROLF\LPSOHPHQWDWLRQ
DQGWKHSXEOLFVHUYLFHSURYLVLRQ7KHTXHVWLRQRIZKHWKHULWFDQEHFRQVLGHUHG
DVDQHZSDUDGLJPKDVDSODFHLQWKHSXEOLFDGPLQLVWUDWLRQOLWHUDWXUH2VERUQH
D E\WKHVWFHQWXU\HYDOXDWHVWKHFKDQJHLQWKHLPSOHPHQWDWLRQRI
WKHSXEOLFSROLF\DQGWKHSXEOLFVHUYLFHGHOLYHU\DVDVHSDUDWHUHJLPHLQWKH
¿HOGRIWKHSXEOLFDGPLQLVWUDWLRQQRWDVDQHOHPHQWZLWKLQWKH&3$DQGWKH
130UHJLPHV,QRWKHUZRUGVWKH13*VWDQGVRXWDVDQDOWHUQDWLYHGLVFRXUVH
RQLWVRZQQRWDVDSURGXFWRIDKROLVWLFDSSURDFKWKDWKDVDFRPSOHPHQWDU\
UHODWLRQVKLS ZLWK WKH &3$ DQG WKH 130 8QGRXEWHGO\ WKH EDVLV RI LW LV WR
FRPSDUH WKH 13* ZLWK SUHYLRXV SDUDGLJPV DQG WR UHYHDO NH\ GLIIHUHQFHV
EHWZHHQWKHP
7KHFRPSDULVRQVKRZWKDWWKH13*GLIIHUVIURPWKH&3$DQGWKH130
SDUDGLJPVLQPDQ\ZD\V,QWKLVUHVSHFWLWV\PEROL]HVDEUHDNIURPWKHSUHYLRXV
SDUDGLJPV +RZHYHU LW LV GHEDWDEOH E\ PDQ\ WKHRULVWV ZKHWKHU WKLV EUHDN LV
VXI¿FLHQWWRGH¿QHLWDVDQHZSDUDGLJP)RUH[DPSOH 6¡UHQVHQ 7RU¿QJ
VWDWHWKDWWKH13*ZLOOQRWUHSODFHWKHEXUHDXFUDWLFIRUPVRIJRYHUQPHQW
DQG ZLOO FRH[LVW ZLWK WKH UHPDLQV RI WKH SUHYLRXV SXEOLF DGPLQLVWUDWLRQ
SDUDGLJPV7KLVOHDGVWRWKHIRUPDWLRQRIK\EULGIRUPVRIPDQDJHPHQWZKLFK
KDYHXQSUHGLFWDEOHDQGDPELJXRXVHIIHFWVRQLQQRYDWLYHFDSDFLW\RIWKHSXEOLF
VHFWRU0RUHVSHFL¿FDOO\WKH13*SRLQWVWRDQHZUHIRUPDJHQGDLQZKLFKWKH
SULQFLSOHVDQGYDOXHVRIWKH130DQGWKHDQWL130DUHEOHQGHG2QWKHRWKHU
KDQG.RSSHQMDQ .ROLED FODLPWKDWLWLVQRWFOHDUZKDWWKH13*
WUDQVIRUPDWLRQPHDQVLQWHUPVRILPSOHPHQWDWLRQDQGGHVFULEHVLWDVDQXPEUHOOD
FRQFHSWWKDWH[SUHVVHVYDULRXVPDQDJHPHQWLQQRYDWLRQVZLWKOLWWOHLQFRPPRQ
7KH\DUHDOVRXQGHFLGHGRQHPHUJLQJIRUPVRIPDQDJHPHQWZLOOUHSODFHH[LVWLQJ
UHJXODWLRQV,QVWHDGWKH\EHOLHYHWKDWK\EULGPDQDJHPHQWVW\OHVZLOOHPHUJHD
PL[WXUHRIWKH&3$DQGWKH130UHJXODWLRQV7RU¿QJ 7ULDQWD¿OORX
LQDVLPLODUPDQQHUGH¿QHWKH13*DV³WKHQHZNLGRQWKHEORFN´7KHUHDVRQ
IRUWKLVGH¿QLWLRQLVWKHSRVVLELOLW\WKDWH[LVWLQJSDUDGLJPVFRQWLQXHWRSOD\DQ
LPSRUWDQWUROHLQWKHSXEOLFVHFWRU$VDPDWWHURIIDFWWKHSUHYLRXVSDUDGLJPV
LQVRPHFDVHVFRQWDLQHOHPHQWVWKDWFDQKHOSFRPSHQVDWHVRPHRIWKHLQWHUQDO
SUREOHPVLQWKH13*UHODWHGJRYHUQDQFHSUDFWLFHV7KHUHIRUHLWLVDQWLFLSDWHG
WKDWWKHUHZLOOQRWEHDWRWDOWUDQVLWLRQWRWKH13*EXWRQWKHFRQWUDU\WKH&3$
DQGWKH130ZLOOFRQWLQXHWRGRPLQDWHLQVRPHDUHDV,QWKLVUHVSHFWWKH13*
LVVHHQDVDQHZSDUDGLJPDWLFPDQDJHPHQWOD\HUWKDWLVDGGHGWRWKHH[LVWLQJ
VLWXDWLRQV 7RU¿QJ 7ULDQWD¿OORX
7KHRSLQLRQDERXWWKHIDFWWKDWWKH13*KDVQRW\HWHVWDEOLVKHGDFRQVLVWHQW
DQG GLIIHUHQW SDUDGLJP LV QRW OLPLWHG WR WKHVH 5RELQVRQ VWDWHV WKH
IDFWWKDWWKH13*KDVGLIIHUHQWUHIHUHQFHIUDPHZRUNVGRHVQRW\HWPHDQWKDW
LWFRQVWLWXWHVDFRQVLVWHQWSDUDGLJP,QIDFWWKHPDQ\VWUHQJWKVLQKHUHQWLQWKH
13* PRGHO LQ WHUPV RI H[DPLQLQJ DQG LPSOHPHQWLQJ SXEOLF DGPLQLVWUDWLRQ
GHULYHLWVUHVRXUFHVIURPWKH&3$DQGWKH130,QDGGLWLRQ/LGGOH VWDWHVWKDWWKHUHLVQRUHDOHYLGHQFHWKDWWKH13*LVDFRPSUHKHQVLYHSDUDGLJP
EHFDXVHWKHUHLVOLPLWHGHYLGHQFHWRVKRZWKDWLWFDQEHFOHDUO\DSSOLHGLQWKH
(XURSHDQ FRXQWULHV RQ D ORFDO RU QDWLRQDO VFDOH $OWKRXJK WKHUH DUH UHIRUP
PRYHVWKDWFDQEHDWWULEXWHGWRWKH13*DPRQJGLIIHUHQWDGPLQLVWUDWLYHFXOWXUHV
OHJDO V\VWHPV DQG WUDGLWLRQV LQ WKH (XURSH WKH ZKROHVDOH DGRSWLRQ RI DQ\ RI
WKHVHUHIRUPPRGHOVKDVSURYHGWREHSUREOHPDWLF(DFK(XURSHDQFRXQWU\KDV
DGRSWHGGLIIHUHQWJRYHUQDQFHPRGHOVDQGVWUDWHJLHVWRFKDQJHVWDWHVWUXFWXUHV
DQGSURFHVVHV2VERUQH E DJUHHVZLWKLWVWDWLQJWKDWWKH13*LVQRW
DQDSSURDFKIRUPXODWHGDV³WKHEHVWZD\´IRUSXEOLFSROLF\LPSOHPHQWDWLRQDQG
SXEOLFVHUYLFHGHOLYHU\2VERUQH D FODLPVWKHIROORZLQJUHJDUGLQJWKH
13*LQWKHLQWURGXFWLRQSDUWRIKLVERRNZKLFKLVFRQVLGHUHGDFRUQHUVWRQHLQ
WKHOLWHUDWXUH
,WPXVWEHHPSKDVL]HGWKDWWKLVERRNLVQRWPHDQWWRSURSRVH³WKH13*´
DVDQHZSDUDGLJPRISXEOLFVHUYLFHVGHOLYHU\,WLVQHLWKHUWKDWQRUPDWLYH
QRU WKDW SUHVFULSWLYH 7KH TXHVWLRQ PDUN LQ WKH WLWOH LV GHOLEHUDWH 5DWKHU
WKLVERRNLVDFULWLFDOH[DPLQDWLRQRIWKHFRQFHSWRI³SXEOLFJRYHUQDQFH´
2ৼHULQJDUDQJHRISHUVSHFWLYHVWKHERRNTXHVWLRQVZKHWKHURUQRWSXEOLF
JRYHUQDQFH LV D QHZ SDUDGLJP IRU WKH GHOLYHU\ RI SXEOLF VHUYLFHV LQ WKH
WZHQW\¿UVWFHQWXU\DQGRৼHUVDUDQJHRIFULWLFDOSHUVSHFWLYHVXSRQLW±ERWK
LQWKHRU\DQGLQSUDFWLFH
,QWKHFRQFOXVLRQSDUWRIWKHERRN2VERUQH E SRVHGVHYHQTXHVWLRQV
WKDWPXVWEHDQVZHUHGLQRUGHUWRXQGHUVWDQGDQGHYDOXDWHWKHHIIHFWVRIWKH13*
LQWHUPVRISXEOLFSROLF\LPSOHPHQWDWLRQDQGSXEOLFVHUYLFHGHOLYHU\
:KDW VKRXOG EH RXU EDVLF XQLW RI DQDO\VLV LQ H[SORULQJ SXEOLF SROLF\
LPSOHPHQWDWLRQDQGSXEOLFVHUYLFHVGHOLYHU\DQGZKDWDUHWKHLPSOLFDWLRQV
RIWKLVIRUWKHRU\DQGSUDFWLFH" WKHIXQGDPHQWDOVTXHVWLRQ
:KDW RUJDQL]DWLRQDO DUFKLWHFWXUH LV EHVWVXLWHG WR GHOLYHULQJ SXEOLF
VHUYLFHVLQWKHSOXUDOVWDWH" WKHDUFKLWHFWXUDOTXHVWLRQ
+RZ GR ZH HQVXUH VXVWDLQDEOH SXEOLF VHUYLFH V\VWHPV ± DQG ZKDW GRHV
VXVWDLQDELOLW\PHDQ" WKHVXVWDLQDELOLW\TXHVWLRQ
:KDWYDOXHVXQGHUSLQSXEOLFSROLF\LPSOHPHQWDWLRQDQGVHUYLFHVGHOLYHU\
LQVXFKV\VWHPV" WKHYDOXHVTXHVWLRQ
:KDW NH\VNLOOVDUH UHTXLUHG IRU UHODWLRQDOSHUIRUPDQFH" WKHUHODWLRQDO
VNLOOVTXHVWLRQ
:KDW LV WKH QDWXUH RI DFFRXQWDELOLW\ LQ IUDJPHQWHG SOXUDO DQG SOXUDOLVW
V\VWHPV" WKHDFFRXQWDELOLW\TXHVWLRQ
+RZ GR \RX HYDOXDWH VXVWDLQDELOLW\ DFFRXQWDELOLW\ DQG UHODWLRQDO
SHUIRUPDQFH ZLWKLQ RSHQ QDWXUDO SXEOLF VHUYLFH GHOLYHU\ V\VWHPV" WKH
HYDOXDWLRQTXHVWLRQ
7KH13*GHYHORSVEDVHGRQWKHDQVZHUVWRWKHVHQHZDQGGLI¿FXOWTXHVWLRQV
+RZHYHUXQOLNHWKHSUHYLRXVSDUDGLJPVWKHVHDQVZHUVDUHQRWH[KDXVWLYHRU
SUHFLVH7KHUHDVRQLVWKDWWKH13*E\GUDZLQJOHVVRQVIURPWKH130GRHV
QRWVKRZLWVHOIDV³WKHEHVWPHWKRGRUDFWLRQWKDWFDQEHDSSOLHGDQ\ZKHUH´
6R LW LV QRW D XQLYHUVDO UHFLSH WR VROYH HYHU\ SUREOHP 6REDFÕ .|VHR÷OX
,QWKLVFRQWH[WWKH130LVPRYLQJDZD\IURPROGTXHVWLRQVWKDWGR
QRWUHÀHFWWKHUHDOLW\RISXEOLFVHUYLFHVLQWKHVWFHQWXU\7KHQHZTXHVWLRQV
DERYHGRQRWFRPSOHWHO\UHMHFWWKHQHHGWRFRQWLQXHUHVHDUFKLQJVRPHRIWKHROG
TXHVWLRQVEXWDOVROD\WKHJURXQGZRUNIRUDGGUHVVLQJWKHSXEOLFDGPLQLVWUDWLRQ
LQDQHZFRQWH[W7KHQHZFRQWH[WLQTXHVWLRQOHDGVWRDVWURQJHUYLHZWKDWLWLV
DQHZSDUDGLJP/LNHZLVHLQDGGLWLRQWRWKHLPSURYHPHQWRIWKHSXEOLFVHUYLFH
SURYLVLRQWKH13*LVVWULYLQJWRUHYHDOWKHSXEOLFDGPLQLVWUDWLRQFKDOOHQJHVLQ
DSOXUDODQGFRPSOH[ZRUOGZKLFKLVDFULWLFDOHOHPHQWQRWIRXQGLQSUHYLRXV
SDUDGLJPV$VDPDWWHURIIDFW2VERUQH E VXJJHVWVWKHIROORZLQJ
FODLPV LQ WKH FRQFOXVLRQ SDUW RI WKH VDPH ERRN ZKLFK ZLOO FRQWUDVW ZLWK WKH
VHQWHQFHVLQWKHLQWURGXFWLRQSDUW
,WLVDUJXHGKHUHWKDWWKHVHFKDSWHUVKDYHGHPRQVWUDWHGWKDWSXEOLFJRYHUQDQFH
LVLQGHHGDVLJQL¿FDQWSDUDGLJPIRUFRQWHPSRUDU\SXEOLFVHUYLFHVGHOLYHU\
HPEUDFLQJSROLF\PDNLQJDQGDUDQJHRILQWHURUJDQL]DWLRQDODQGQHWZRUN
EDVHGPRGHVIRUSXEOLFVHUYLFHVGHOLYHU\,WLVDOVRDUJXHGKHUHWKDWWKH13*
E\LWVYHU\QDWXUHUHTXLUHVDEURDGHUHQJDJHPHQWZLWKWKHHQYLURQPHQWRI
SXEOLFSROLF\DQGSXEOLFVHUYLFHVWKDQKDVSHUKDSVEHHQWKHFDVHLQWKHSDVW
7KLVLQWXUQUHTXLUHVJUHDWHUDWWHQWLRQWRWKHLVVXHVRIVXVWDLQDELOLW\±QRW
RQO\ LQ WHUPV RI SXEOLF SROLFLHV SXEOLF VHUYLFH RUJDQL]DWLRQV DQG SXEOLF
VHUYLFHVWKHPVHOYHVEXWDOVRLQWHUPVRIWKHLPSDFWRIWKHVHHOHPHQWVXSRQ
EURDGHULVVXHVRIVRFLHWDODQGHQYLURQPHQWDOVXVWDLQDELOLW\
$V D UHVXOW WKH SXEOLF DGPLQLVWUDWLRQ KDV XQGHUJRQH D GUDPDWLF FKDQJH
ZRUOGZLGH LQ WKH VW FHQWXU\ *OREDOL]DWLRQ DQG SOXUDO VHUYLFH GHOLYHU\ DUH
WKH PDLQ GULYLQJ IRUFHV EHKLQG WKHVH FKDQJHV 7KH SROLF\ SUREOHPV DUH QRZ
PRUH FRPSOH[ ZLFNHG DQG JOREDO UDWKHU WKDQ VLPSOH OLQHDU DQG QDWLRQDO
+RZHYHU WKH SUHYLRXV SDUDGLJPV DUH UHODWLYHO\ VWDWLF DQG GR QRW IXOO\ FRYHU
WKHLPSRUWDQFHRIEURDGHUFKDQJHV7KHSXEOLFVHFWRUUHIRUPVLQWKHGHYHORSLQJ
FRXQWULHVDUHLQÀXHQFHGE\SROLF\H[SHULHQFHVDQGRUJDQL]DWLRQDOSUDFWLFHVIURP
WKHFRXQWULHVRIWKH2UJDQL]DWLRQIRU(FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW
2(&' 7KHVHUHIRUPVDOVRUHÀHFWWKHDGDSWDWLRQRIWKHSUHYLRXVSDUDGLJPVWR
WKHSUHVHQW /LGGOHD 7KLVDGDSWDWLRQLVDVLJQWKDWWKH13*PRGHOLV
QRWVKRZQDVDQRUPDWLYHSROLF\DOWHUQDWLYHWRWKH&3$DQGWKH130RU³WKHEHVW
ZD\WRJRYHUQWKHSXEOLF´LQWKHSXEOLFSROLF\DQGWKHSXEOLFVHUYLFHGHOLYHU\,W
PHGLDWHVSUHVHQWLQJWKH13*DVDFRQFHSWXDOPRGHOUDWKHUWKDQDQHZSDUDGLJP
+RZHYHULWGLIIHUVPDUNHGO\IURPWKHSUHYLRXVSDUDGLJPVLQWKHFRQWH[WRILWV
VWURQJ HPSKDVLV RQ WKH FRPPRQ LQÀXHQFH EHWZHHQ JRYHUQPHQWV EXVLQHVVHV
JURXSVDQGLQGLYLGXDOV,WDOVRHYDOXDWHVWKHSRWHQWLDORIDOOPDQDJHULDODFWRUV
DV ZHOO DV WKH JRYHUQPHQW DQG KLJKOLJKWV JURXSV IXUWKHU LQ WKH V\VWHPDWLF
FROODERUDWLRQPHFKDQLVPZLWKLQWKHQHWZRUNFRPPXQLW\7KXVLWFKDQJHVWKH
WKHRUHWLFDO SULQFLSOHV GLYHUVLW\ PHWKRGV YLHZV FRQWHQW DQG PHFKDQLVP RI
WKHSDUDGLJPV)URPWKLVSRLQWRIYLHZLWLVEHFRPLQJDQHZSDUDGLJPWKDWLV
JHWWLQJVWURQJHUDQGVWURQJHU
&DQWKH13*2YHUFRPHWKH:LFNHG3UREOHPV"
,QWKH&3$SHULRGZKLFKLVDFFHSWHGDVWKH¿UVWSDUDGLJPLQWKH¿HOGRIWKH
SXEOLFDGPLQLVWUDWLRQWKHSXEOLFLQVWLWXWLRQVVHHPWREHODZRULHQWHG,QWKLV
IUDPHZRUNWKHLUSULPDU\GXW\LVWRHQVXUHWKDWFLWL]HQVFRPSO\ZLWKWKHUXOHV
RIODZ%\WKHWUDQVLWLRQWRWKH130WKHODZRULHQWHGVWDWLVWDSSURDFKKDVEHHQ
UHSODFHG E\ VHUYLFHRULHQWHG PDUNHW YDOXHV7KLV WUDQVIRUPDWLRQ XQGRXEWHGO\
DIIHFWHG GXWLHV RI SXEOLF LQVWLWXWLRQV 7KXV SURYLGLQJ HIIHFWLYHQHVV DQG
HI¿FLHQF\ LQ WKH SXEOLF VHUYLFHV KDV EHFRPH SULPDU\ IXQFWLRQ RI WKH SXEOLF
LQVWLWXWLRQV1HYHUWKHOHVVE\WKHVWFHQWXU\DZDUHQHVVKDVHPHUJHGWKDWPDQ\
FRQWHPSRUDU\SXEOLFSROLF\LVVXHVDUHFRPSOH[DQGLQH[RUDEOH*RYHUQPHQWV
IDFHYDULRXVSUREOHPVLQWKHVWFHQWXU\DVLQHYHU\SHULRG$VDPDWWHURIIDFW
WKHSDUDGLJPVKLIWLQWKHSXEOLFDGPLQLVWUDWLRQDULVHVIURPLQDGHTXDF\RIWKH
H[LVWLQJSDUDGLJPLQWKHIDFHRIWKHSUREOHPV1RZWKHFRQQHFWLRQVEHWZHHQ
WKHSUREOHPVDUHLQFUHDVLQJDQGGHHSHQLQJ7KDWLVWKHUHODWLRQVKLSVH[SDQG
DQGEHFRPHPRUHFRPSOH[ZLWKWKHHPHUJHQFHRIPRUHFRQQHFWLRQV,QIDFWWKH
FRPSOH[LW\LVQRWVHHQDVDQDEQRUPDOSKHQRPHQRQLQWHUPVRIWKHSUREOHPV
RIWKHVWFHQWXU\6RSXEOLFLQVWLWXWLRQVQHHGVRPHXSGDWHVLQWHUPVRIWKHRU\
DQGSUDFWLFHLQWKHIDFHRIQRUPDOL]HGSKHQRPHQRQ,QRWKHUZRUGVLQWRGD\¶V
FKDQJLQJ VRFLDO HQYLURQPHQW LW EHFRPHV LPSHUDWLYH WR VXFFHVVIXOO\ GHVLJQ
SXEOLFSROLFLHVVWUDWHJLHVPHFKDQLVPVOHJDO¿QDQFLDODQGLQIRUPDWLRQEDVHG
LQVWLWXWLRQVDQGRWKHUUHVRXUFHVWRDGGUHVVWKHFRPSOH[LW\RIPRGHUQGLPHQVLRQV
5RSUHWHWDO ,IWKLVLVLJQRUHGWKHSUREOHPVFDQEHDGGUHVVHGE\
LQDSSURSULDWH DQDO\VLV PHWKRGV WRROV DQG VWUDWHJLHV +RZHYHU WKH FKDQJLQJ
QDWXUHRIWKHSUREOHPVUHTXLUHVWKHDEDQGRQPHQWRIUHGXFWLRQLVWWHFKQRFUDWLF
OLQHDUSDUDGLJPV 0DJLVHWDO 7KHSUREOHPVHQFRXQWHUHGLQWKH
VWFHQWXU\VKRZWKDWVROXWLRQVWKDWZRUNLQRQHVLWXDWLRQFDQQRWEHDJXDUDQWHH
VROXWLRQ WR WKH VDPH SUREOHP LQ WKH IXWXUH 7KHUHE\ WKH SUREOHPV IDFHG E\
WKHJRYHUQPHQWVDUHFDOOHG³WKHZLFNHGSUREOHPV´%URZQHWDO WKH
GH¿QLWLRQ RI ZLFNHG SUREOHPV LV DV IROORZV ³FRPSOH[ SUREOHPV WKDW FDQQRW
EHFOHDUO\GH¿QHGEHFDXVHHYHU\GHFLVLRQFDXVHRWKHUSUREOHP´%HVLGHVWKH\
VWDWHG WKDW WKH\ WULHG WR EH ³WKH EHVW PHWKRG WR IROORZ´ UDWKHU WKDQ ³ULJKW RU
ZURQJ´RU³JRRGRUEDG´LQWKHVROXWLRQVRIWKHVHSUREOHPV,WLVDOVRLPSRVVLEOH
WRIRUPXODWHWKHEHVWDSSURDFKWRWDFNOHVXFKSUREOHPVZKHUHWKHUHLVQRURRW
FDXVHRIGLI¿FXOW\2QWKHRWKHUKDQGLILWLVFODLPHGWKDWWKHPDLQFDXVHRIWKH
ZLFNHGSUREOHPVLVDODFNRIVFLHQWL¿FNQRZOHGJHWKLVFODLPLVDVROXWLRQE\
LWVHOI6RWKHVROXWLRQLVWRGRPRUHVFLHQWL¿FUHVHDUFKWRUHGXFHXQFHUWDLQW\
DQGFRQYLQFHWKHVNHSWLFDO,IWKHPDLQFDXVHVRIWKHSUREOHPFDQQRWEHUHDFKHG
DVDUHVXOWRIWKHVHSURFHVVHVLWLVQHFHVVDU\WRFUHDWHLQFOXVLYHSDUWLFLSDWLRQ
SURFHVVHV WKDW FDQ OHDG WR D YLDEOH FRQVHQVXV $OIRUG +HDG
)URPWKLVSRLQWRIYLHZLWLVVHHQWKDWSDUWLFLSDWLRQZKLFKLVRQHRIWKHOHDGLQJ
YDOXHVRIWKH13*LVDQLPSRUWDQWWRROLQWKHFRQWH[WRIRYHUFRPLQJWKHZLFNHG
SUREOHPV
7KH ZLFNHG SUREOHPV LQYROYH FRPSOH[ LQFRPSUHKHQVLEOH RSHQHQGHG
XQSUHGLFWDEOHDQGHYHULQFUHDVLQJDSURFHVV,QDGGLWLRQWRZHOONQRZQFKDOOHQJHV
VXFKDVJOREDOFOLPDWHFKDQJH *&& LQWHUQDWLRQDOPLJUDWLRQGUXJXVHFKLOG
SURWHFWLRQQDWXUDOGLVDVWHUDQWLSRYHUW\DQGWKHVDIHW\RIQDQRWHFKQRORJ\WKH
JRYHUQPHQWVKDYHWRGHDOZLWKWKHLUFRPSOH[VLGHHIIHFWV $OIRUG +HDG
8]XQ )RUH[DPSOH WKH*&&KDVDVRFLDOGLPHQVLRQDVZHOODV
HQYLURQPHQWDO,WFRYHUVPXOWLSOHGLVFLSOLQHVNQRZOHGJHEDVHDQGYDOXHV\VWHP
WKDWDUHKLJKO\LQWHUFRQQHFWHG,QRWKHUZRUGVWKH*&&GLUHFWO\DIIHFWVDUDQJH
RIJRYHUQPHQWIXQFWLRQVIURP]RQLQJUHJXODWLRQVWRQDWXUDOGLVDVWHUGHIHQVHV
IURP DJULFXOWXUDO SROLF\ WR SXEOLF KHDOWK IURP ERUGHU FRQWUROV WR HPHUJHQF\
VHUYLFHVIURPHQHUJ\SROLF\WRWUDQVSRUWSROLF\DQGIURPWKHLQVXUDQFHLQGXVWU\
WRLQWHUQDWLRQDOGLSORPDF\ 3ROOLWW 7KHLQDGHTXDF\RIJRYHUQPHQWVLQ
WKLVUHJDUGFDQOHDGWRÀRRGVGURXJKWVWRUPVKHDWZDYHVDQGQHZGLVHDVHVDQG
GLVUXSWLRQVDVVRFLDWHGZLWKDJULFXOWXUDOSURGXFWLRQ2QWKHRWKHUKDQGWKH*&&
DOVRFUHDWHVFRQFHUQLQWHUPVRIZDWHUUHVRXUFHVSODQQLQJDQGPDQDJHPHQWDQG
PDQ\WKHRULVWVFDUU\RXWVWXGLHVRQWKLVFRQFHUQ 6XOHLPDQ .KDNHH
3ROOLWW HPSKDVL]HVWKDWERWKWKHRUHWLFDODQGSUDFWLFDODVSHFWV
RIWKHSXEOLFDGPLQLVWUDWLRQDUHVWURQJO\QHHGHGWRFRPEDWWKH*&&DQGPDQ\
UHODWHGWKHZLFNHGSUREOHPV<HWWKHQXPEHURIXQLWVWKDWLQFOXGHWKHVHWZR
GLPHQVLRQV DQG LQYHVWLJDWHV RWKHU JOREDO PHJD ULVNV DVVRFLDWHG ZLWK FOLPDWH
FKDQJHLVOLPLWHG3ROOLWW OLVWVWKHXQLWVWKDWFDQEHHYDOXDWHGLQWKLV
FRQWH[WDVIROORZV WKH&DERW,QVWLWXWHLQWKH8QLYHUVLW\RI%ULVWROWKH&OLPDWH
&KDQJH DQG 6XVWDLQDEOH )XWXUHV WHDP DW ([HWHU 8QLYHUVLW\ WKH 6WRFNKROP
5HVLOLHQFH &HQWUH DQG WKH :LFNHG 3UREOHPV &RQWHVWHG $GPLQLVWUDWLRQV
:,3&$' UHVHDUFKJURXSDWWKH8QLYHUVLW\RI3RWVGDP,QFUHDVLQJVXFKXQLWV
LVH[WUHPHO\LPSRUWDQWDVWKH\FDQKDYHDSUREOHPRULHQWHGDQGLQWHUGLVFLSOLQDU\
SRWHQWLDO ZKLFK LV HVVHQWLDO IRU FRQWUROOLQJ FOLPDWH FKDQJH ZLWKRXW IXUWKHU
GDPDJHWRGDLO\OLIH
,W QRZ DSSHDUV WKDW LQ WKH ILHOG RI WKH SXEOLF DGPLQLVWUDWLRQ QRW
RQO\ FRQFHSWXDO WKHRUHWLFDO GLIILFXOWLHV EXW DOVR SUDFWLFDO FKDOOHQJHV RI
RYHUFRPLQJWKHZLFNHGSUREOHPVDQGFRPSOH[XQFHUWDLQWLHVDUHDGGUHVVHG
)RUH[DPSOH LQLWVUHSRUWSXEOLVKHGLQWKH$XVWUDOLDQ3XEOLF6HUYLFH
&RPPLVVLRQ $36& FODLPHG WKDW WKH JRYHUQPHQW¶V RYHUDOO JRDO ZDV WR
³DFKLHYHFRQWLQXRXVEHKDYLRUDOFKDQJHWKURXJKFROODERUDWLRQDVDUHVSRQVH
WRVRFLDOFRPSOH[LW\´$OVRLQWKHUHSRUWWKHWHFKQLTXHVWKDWFDQEHXVHG
WR GHDO ZLWK WKH ZLFNHG SUREOHPV DUH RXWOLQHG DV IROORZV $36&
· +ROLVWLF QRW SDUWLDO RU OLQHDU WKLQNLQJ ± WKLQNLQJ WKDW FDSWXUHV WKH ELJ
SLFWXUHDQGWKHLQWHUUHODWLRQVKLSRISROLF\SUREOHPV7KHQHHGIRUWKLVNLQG
RIWKLQNLQJLVDUHVXOWRI³VRFLDOFRPSOH[LW\´ZKHUHE\SUREOHPVDUHVHHQ
IURPPXOWLSOHSHUVSHFWLYHV
· ,QQRYDWLYHDQGÀH[LEOHDSSURDFKHV±WKHQHHGIRUDV\VWHPDWLFDSSURDFKWR
VRFLDOLQQRYDWLRQE\UHSOLFDWLQJWKHNLQGRISUDFWLFHVHPSOR\HGE\SULYDWH
VHFWRUUHVHDUFK)RFXVRQFUHDWLQJD³OHDUQLQJRUJDQL]DWLRQ´
· 7KHDELOLW\WRZRUNDFURVVDJHQF\ERXQGDULHV±DVZLFNHGSUREOHPVGRQRW
FRQIRUPWRWKHFRQVWUDLQWVRIRUJDQL]DWLRQVWKHUHLVDQHHGWRZRUNDFURVV
DJHQF\ERXQGDULHV
· ,QFUHDVLQJXQGHUVWDQGLQJDQGVWLPXODWLQJDGHEDWHRQWKHDSSOLFDWLRQRI
WKH DFFRXQWDELOLW\ IUDPHZRUN ± H[LVWLQJ DFFRXQWDELOLW\ IUDPHZRUNV PD\
FRQVWUDLQDWWHPSWVWRUHVROYHZLFNHGSUREOHPV
· (ৼHFWLYHO\HQJDJLQJVWDNHKROGHUVDQGFLWL]HQVLQXQGHUVWDQGLQJWKHSUREOHP
DQGLQLGHQWLI\LQJSRVVLEOHVROXWLRQV±WKHUHLVDQHHGWRXQGHUVWDQGWKHIXOO
GLPHQVLRQVRIHDFKVLWXDWLRQWKURXJKHQJDJLQJZLWKUHOHYDQWVWDNHKROGHUV
%HKDYLRUDOFKDQJHVWKHUHSRUWVXJJHVWVDUHPRUHOLNHO\LIWKHUHLVDIXOO
XQGHUVWDQGLQJRIWKHLVVXHVE\VWDNHKROGHUV
· $GGLWLRQDO FRUH VNLOOV ± GHYHORS VNLOOV LQ FRPPXQLFDWLRQ ELJ SLFWXUH
WKLQNLQJDQGLQÀXHQFLQJVNLOOVDQGWKHDELOLW\WRZRUNFRRSHUDWLYHO\
· $EHWWHUXQGHUVWDQGLQJRIEHKDYLRUDOFKDQJHE\SROLF\PDNHUV±DOWKRXJKWKH
WUDGLWLRQDOZD\VE\ZKLFKJRYHUQPHQWVFKDQJHFLWL]HQV¶EHKDYLRUZLOOVWLOO
EHLPSRUWDQW HJOHJLVODWLRQUHJXODWLRQSHQDOWLHVWD[HVDQGVXEVLGLHV
VXFKSUDFWLFHVPD\QHHGWREHVXSSOHPHQWHGZLWKRWKHUEHKDYLRUFKDQJLQJ
WRROVWKDWEHWWHUHQJDJHSHRSOHLQFRRSHUDWLYHEHKDYLRUDOFKDQJH
· $FRPSUHKHQVLYHIRFXVDQGRUVWUDWHJ\±DVZLFNHGSUREOHPVKDYHPXOWLSOH
FDXVHV WKH\UHTXLUHVXVWDLQHGHৼRUWDQGUHVRXUFHV
· 7ROHUDWLQJ XQFHUWDLQW\ DQG DFFHSWLQJ WKH QHHG IRU D ORQJWHUP IRFXV ± VROXWLRQVWRZLFNHGSUREOHPVDUHSURYLVLRQDODQGXQFHUWDLQDQGWKLVIDFW
QHHGV WR EH DFFHSWHG E\ SXEOLF PDQDJHUV DQG 0LQLVWHUV 7KHUH DUH QR
TXLFN¿[HVDQGVROXWLRQVPD\QHHGIXUWKHUSROLF\FKDQJHRUDGMXVWPHQW
2YHUFRPLQJ WKH ZLFNHG SUREOHPV LV GLI¿FXOW QRW RQO\ EHFDXVH RI WKHLU RZQ
FRPSOH[LW\ EXW DOVR WKH SXEOLF VHFWRU PDQDJHPHQW PHFKDQLVPV WHQG WR
FRPSOLFDWH HIIRUWV WR DGGUHVV VXFK SUREOHPV 7KLV LV EHFDXVH WKH LQFUHDVLQJ
FRPSOH[LW\RIFRQWHPSRUDU\VRFLHWLHVQRWRQO\FUHDWHVQHZSUREOHPVEXWDOVR
PDNHV JRYHUQDQFH GLI¿FXOW (VSHFLDOO\ HPHUJHQFH RI WKH QHZ WHFKQRORJLHV
DQGWKHVSUHDGWRDZLGHDXGLHQFHLQDVKRUWWLPHFKDQJHWKHFKDOOHQJHVWKDW
JRYHUQPHQWVDQGRWKHUVWDNHKROGHUVKDYHWRFRSHZLWK
7KHSUREOHPDUHDVWKDWDUHIRFXVHGRQLQWKHFDVHVWXGLHVUHODWHGWRWKH
13*LQWKHOLWHUDWXUHDUHJURXSHGLQ7DEOH:KHQDUWLFOHVDQGERRNVSXEOLVKHG
EHWZHHQ DQG ZHUH VFDQQHG E\ WKH V\VWHPDWLF OLWHUDWXUH UHYLHZ
PHWKRG VWXGLHVZHUHUHDFKHGDQGRIWKHPZHUHIRXQGWREHFDVHVWXGLHV
7KHGLVWULEXWLRQLQWKH7DEOHFRQWDLQVUHPDUNDEOHGDWDLQWHUPVRIZKHWKHUWKH
13*LVIRFXVHGRQZLFNHGSUREOHPVRUQRW
7DEOH 7KH'LVWULEXWLRQRIWKH13*3UDFWLFHVLQ
$FDGHPLF6WXGLHV3XEOLVKHGEHWZHHQ
:LFNHG3UREOHPV 7DPH3UREOHPV
6XEMHFW 1XPEHU 5DWH 6XEMHFW 1XPEHU 5DWH
6RFLDOFDUH *HQHUDOSXEOLFVHUYLFHV
+HDOWKFDUH /RFDOVHUYLFHV
3RYHUW\UHGXFWLRQ (GXFDWLRQ
6RFLDOLQWHJUDWLRQ (QYLURQPHQWSROLF\
'UXJDEXVH 2
(PSOR\PHQWSROLF\ 2
727$/ 727$/
,Q WKH 7DEOH WKHUH DUH WHQ LVVXHV RU SUREOHP DUHDV H[DPLQHG LQ WKH 13*
SUDFWLFHV 6L[ RI WKHP VRFLDO FDUH KHDOWK FDUH SRYHUW\ UHGXFWLRQ VRFLDO
LQWHJUDWLRQ GUXJ DEXVH DQG HPSOR\PHQW SROLF\ DUH LQ WKH ZLFNHG SUREOHP
FDWHJRU\DQGIRXURIWKHP JHQHUDOSXEOLFVHUYLFHVORFDOVHUYLFHVHGXFDWLRQ
DQGHQYLURQPHQWSROLF\ DUHLQWKHWDPHSUREOHPFDWHJRU\7KLVFODVVL¿FDWLRQ
LVEDVHGRQWKHVWXGLHVRI+HDG $36& *ULQW
/ JUHLG DQG 5\NNMD DQG 3HWHUV ,URQLFDOO\ LW VHHPV
WKDWWKHIRFXVLVQRWRQLVVXHVVXFKDVJOREDOFOLPDWHFKDQJHDQGLQWHUQDWLRQDO
PLJUDWLRQ+RZHYHUWKHVHDUHWKH¿UVWSUREOHPVWKDWFRPHWRPLQGDVDZLFNHG
7KHVHGDWDDUHWDNHQIURPWKHDXWKRU¶VGRFWRUDOGLVVHUWDWLRQ
SUREOHP(YHQWKH\DUHFRQVLGHUHGWREHVXSHUZLFNHGSUREOHPV 3HWHUV
/HYLQHWDO /D]DUXV
7KHH[SODQDWRU\LQIRUPDWLRQUHJDUGLQJWKHSUREOHPDUHDVLVEHORZ
· 6RFLDO FDUH ,W XVXDOO\ LQFOXGHV WRSLFV UHODWHG WR WKH GD\WRGD\ FDUH RI
WKH HOGHUO\ DQG SUHVFKRRO FKLOGUHQ ,Q DGGLWLRQ WKH VHUYLFHV IRU DGXOWV
LQQHHGRIFDUHWKHDUUDQJHPHQWVIRUWKHGLVDEOHGDQGWKHIRRGVHUYLFHV
IRUSULPDU\VFKRROFKLOGUHQDUHDOVRLQFOXGHGLQWKLVFDWHJRU\7KHVRFLDO
FDUHLVDSUREOHPDUHDFDXVHGE\WKHWUDQVIRUPDWLRQLQWKHGHPRJUDSKLF
VWUXFWXUH$VWKHHOGHUO\SRSXODWLRQLQFUHDVHVDQGWKHSRSXODWLRQJURZWK
UDWHGHFUHDVHVLWEHFRPHVGLI¿FXOWIRUWKHHOGHUO\WRFRQWLQXHWKHLUOLYHVE\
WKHLURZQPHDQV7KHUHIRUHDXQLTXHUDQJHRIVHUYLFHVLVFUHDWHGIRUWKH
JURXSLQTXHVWLRQDQGWKHSULQFLSOHVDQGPHWKRGVRIWKH13*DUHQHHGHG
LQWKHSURYLVLRQRIWKHVHVHUYLFHV
· *HQHUDOSXEOLFVHUYLFHV 0DQ\SXEOLFVHUYLFHVDUHLQFOXGHGLQWKLVFDWHJRU\
IURPLQIUDVWUXFWXUHWRGLVDVWHUSROLFLHVIURPVRFLDOSURFXUHPHQWWRKRXVLQJ
¿QDQFHIURPZDWHUVHUYLFHVWRWUDQVSRUWDWLRQIDFLOLWLHV7KHVWXGLHVRQWKH
UHODWLRQVRISXEOLFLQVWLWXWLRQVZKLFKDUHSLRQHHUVLQSURYLVLRQRISXEOLF
VHUYLFHVZLWKRWKHUVWDNHKROGHUVDUHDOVRLQFOXGHGLQWKDWJURXS
· /RFDOVHUYLFHV ,QWKLVFDWHJRU\WKHUHDUHUHVHDUFKHVLQYHVWLJDWLQJORFDO
VHFXULW\ ORFDO GHYHORSPHQW ¿UH DQG UHVFXH VHUYLFHV LQFUHDVLQJ VRFLDO
ZHOIDUHVWUHQJWKHQLQJVRFLDOFDSLWDOGHYHORSLQJSURGXFWLRQODERUDWRULHV
IRU ORFDO GHYHORSPHQW VPDUW FLW\ DSSOLFDWLRQV DQG ¿QDQFLQJ PRGHOV RI
ORFDOVHUYLFHV
· +HDOWKFDUH 8QGRXEWHGO\SXEOLFKHDOWKKDVDOZD\VEHHQRQHRIWKHPDLQ
DUHDV RI UHVSRQVLELOLW\ RI WKH SXEOLF DGPLQLVWUDWLRQ +RZHYHU ZLWK WKH
VWFHQWXU\VWUDWHJLHVIRUHQVXULQJSXEOLFKHDOWKKDYHEHFRPHLQDGHTXDWH
DQGUHODWHGSUREOHPVKDYHEHFRPHZLFNHG1RZLQRUGHUWRVROYHWKHVH
SUREOHPV LW LV QHFHVVDU\ WR HVWDEOLVK VRPH LQGXVWU\ SDUWQHUVKLSV EDVHG
RQ FRSURGXFWLRQ DQG WR GHYHORS SDWLHQWFHQWHUHG VWUDWHJLHV XQOLNH WKH
SUHYLRXVRQHVLQRUGHUWRLPSURYHKHDOWKVHUYLFHGHOLYHU\DQGWHFKQRORJ\
$V D PDWWHU RI IDFW WKHVH LQQRYDWLRQV FRLQFLGH ZLWK WKH SULQFLSOHV DQG
PHWKRGVRIWKH13*
· 3RYHUW\UHGXFWLRQ ,WLVDFDWHJRU\WKDWLVWKHZLFNHGSUREOHPLWVHOI,QWKH
VWXGLHVWKDWGHDOZLWKWKHVWUXJJOHDJDLQVWSRYHUW\LQWKHFRQWH[WRIWKH13*
LVVXHVUHODWHGWRFUHDWLRQRIDOWHUQDWLYHH[FKDQJHV\VWHPVWRWKHPDUNHW
HQVXULQJFLWL]HQSDUWLFLSDWLRQDQGWKHUROHVWKDWUHOLJLRXVFRPPXQLWLHVFDQ
WDNHLQDGGLWLRQWRWKHSXEOLFRUSULYDWHVHFWRUKDYHEHHQDGGUHVVHG
· 6RFLDOLQWHJUDWLRQ -XVWOLNHSRYHUW\FRPPXQLW\LQWHJUDWLRQLVWKHZLFNHG
SUREOHP $OWKRXJK LW LV URRWHG LQ LPPLJUDWLRQ LW DOVR PHGLDWHV PDQ\
RWKHUSUREOHPV,QVWXGLHVWKHQHZPHFKDQLVPVDUHJHQHUDOO\GLVFXVVHG
WR SUHYHQW WKH SDUWLFLSDWLRQ SUREOHPV RI PLQRULWLHV UHGXFH FULPH UDWHV
HQVXUHVHFXULW\LQWHJUDWHLPPLJUDQWVLQWRVRFLHW\UHGXFHVRFLDOH[FOXVLRQ
DQGLQFUHDVHOLYDELOLW\
· (GXFDWLRQ ,Q WKLV FDWHJRU\ WKHUH DUH UHVHDUFKHV RQ WKH SUREOHP DUHDV
RI WKH FRPSOH[ V\VWHPV RI KLJKHU HGXFDWLRQ LQVWLWXWLRQV HVSHFLDOO\ RQ
WKH FRQVLGHUDWLRQ RI VFKRODUVKLS SURJUDPV ZLWKLQ WKH IUDPHZRUN RI
FRSURGXFWLRQ PHQWDOLW\ $OWKRXJK WKHVH KDYH ZLFNHG DVSHFWV WKH\ DUH
DPRQJWKHRQJRLQJVLPSOHSUREOHPDUHDVRIWKHSXEOLFDGPLQLVWUDWLRQ
· (QYLURQPHQWSROLF\ ,QIDFWDOWKRXJKHQYLURQPHQWDOSROLF\LVUHODWHGWRWKH
ZLFNHGSUREOHPVLQPDQ\ZD\VLWLVVHHQWKDWWKHVHDUHQRWH[DPLQHGLQWKH
UHOHYDQWVWXGLHVEXWUDWKHUWKHEDVLFYDOXHV FROODERUDWLRQDQGSDUWQHUVKLS WKDWVKRXOGEHGRPLQDQWLQWKHPDQDJHPHQWRIHFRORJLFDODUHDV$VVXFK
LWFDQEHVWDWHGWKDWWKHFDWHJRU\LQTXHVWLRQGRHVQRWUHÀHFWWKHZLFNHG
SUREOHPV
· 'UXJDEXVH ,QVWXGLHVZKLFKLVWKHZLFNHGSUREOHPLQLWVHOILWLVJHQHUDOO\
GLVFXVVHG WKDW DQWL130 PHFKDQLVPV VKRXOG EH XVHG ,Q WKH VWXGLHV
UHDFKHGLQWKLVFRQWH[WDFWLYDWLQJWKRVHZLWKDKLVWRU\RIDGGLFWLRQLQWKH
VWUXJJOHSURFHVVHVWDEOLVKLQJHPSDWK\DQGWUXVWDQGPRYLQJDZD\IURP
EXVLQHVVYDOXHVDVDYDOXHRULHQWHGLVVXHKDYHFRPHWRWKHIRUH
· (PSOR\PHQWSROLF\ 8QHPSOR\PHQWKDVEHHQDSUREOHPIRUPDQ\\HDUV
:LWKWKHVWFHQWXU\ZLFNHGDVSHFWVKDYHEHHQDGGHGWRWKLVSUREOHP,Q
WKHVWXGLHVUHDFKHGLWLVHPSKDVL]HGWKDWHPSOR\PHQWLVFUHDWHGEHFDXVH
RIFRPLQJWRJHWKHURIYDULRXVVHFWRUV
&RQFOXVLRQ
7KHUHVSRQVLELOLW\RIJRYHUQPHQWVLVWRPHGLDWHWKHGHYHORSPHQWRILQGLYLGXDOV
DQGFRPPXQLWLHVERWKVRFLDOO\DQGHFRQRPLFDOO\+RZHYHUWKHPDMRUHFRQRPLF
FRQVWUDLQWVWKDWKDYHH[LVWHGVLQFHPDNHWKLVGLI¿FXOW,WLQHYLWDEO\IRUFHV
JRYHUQPHQWVWRORRNIRUQHZPRGHOV,QRWKHUZRUGVWKHFRPELQDWLRQRIWKH
VW FHQWXU\¶V ZLFNHG SUREOHPV ZLWK WKH *OREDO (FRQRPLF &ULVLV OHDGV
WRWKHQHZSDUDGLJPLQWKHSXEOLFDGPLQLVWUDWLRQWRLQFOXGHDPRGHOEDVHGRQ
FRSURGXFWLRQ SDUWLFLSDWLRQ SOXUDOLVP LQWHUGHSHQGHQFH FROODERUDWLRQ DQG
SDUWQHUVKLS
,QVKRUWWKHZD\VWRGHDOZLWKWKHZLFNHGSUREOHPVDUHLQOLQHZLWKWKHFRUH
YDOXHVRIWKH13*SDUDGLJP6RWKHSULQFLSOHVDQGPHWKRGVRIWKH13*DUHD
WUXVWHGV\OODEXVWRRYHUFRPHWKHZLFNHGSUREOHPV,QWKLVUHVSHFWH[SHFWDWLRQV
UHJDUGLQJWKH13*SUDFWLFHVLQFOXGHVROXWLRQVIRUQRWRQO\WKHGDLO\SUREOHPVRI
WKHSXEOLFDGPLQLVWUDWLRQEXWDOVRJOREDODQGFRPSOH[ZLFNHGSUREOHPVLQWKH
ZRUOGXQOLNHWKH130
7KH GDWD REWDLQHG DV D UHVXOW RI WKH V\VWHPDWLF OLWHUDWXUH UHYLHZ VKRZV
WKDWWKHUHVHDUFKHUVRIWKHSXEOLFDGPLQLVWUDWLRQDUHVWLOOIRFXVHGRQWKHWDPH
SUREOHPVUDWKHUWKDQWKHZLFNHGSUREOHPV,QWKLVFRQWH[WWKHUDWHRILV
DVXEVWDQWLDOOHYHO,QDGGLWLRQLWLVWKRXJKWSURYRNLQJWKDWDPRQJWKHVHVWXGLHV
WKHUH LV QR VWXG\ RQ VXSHUZLFNHG LVVXHV VXFK DV WKH *&& RU LQWHUQDWLRQDO
PLJUDWLRQ :KHUHDV QRZ LV WKH WLPH WR WXUQ WR WKH UHVHDUFKHV ZKHUH FXUUHQW
ZLFNHGLVVXHVVXFKDVWKH*&&DQGWKHLQWHUQDWLRQDOPLJUDWLRQDUHDGGUHVVHG
ZLWKLQWKHIUDPHZRUNRIWKH13*
5HIHUHQFHV
$OIRUG- +HDG%: :LFNHGDQG/HVV:LFNHG3UREOHPV $7\SRORJ\
DQGD&RQWLQJHQF\)UDPHZRUN3ROLF\DQG6RFLHW\
$36& 7DFNOLQJ :LFNHG 3UREOHPV $ 3XEOLF 3ROLF\ 3HUVSHFWLYH
&DQEHUUD $XVWUDOLDQ3XEOLF6HUYLFH&RPPLVVLRQ
%RYDLUG7 %H\RQG(QJDJHPHQWDQG3DUWLFLSDWLRQ 8VHUDQG&RPPXQLW\
&RSURGXFWLRQ RI 3XEOLF 6HUYLFHV 3XEOLF $GPLQLVWUDWLRQ 5HYLHZ
%URZQ9$ 'HDQH30 +DUULV-$ 5XVVHOO-< 7RZDUGVD
-XVWDQG6XVWDLQDEOH)XWXUH,Q9$%URZQ -$+DUULV -<5XVVHOO
7DFNOLQJ:LFNHG3UREOHPV 7KURXJKWKH7UDQVGLVFLSOLQDU\,PDJLQDWLRQ S
1HZ<RUN 5RXWOHGJH
&DUOLVOH 5 3 (QF\FORSHGLD RI 3ROLWLFV 7KH /HIW DQG WKH 5LJKW
&DOLIRUQLD 6DJH
&DUUROO - ' )ULWVFKOHU $ / 6PLWK % / 5 6XSSO\6LGH
0DQDJHPHQWLQWKH5HDJDQ$GPLQLVWUDWLRQ3XEOLF$GPLQLVWUDWLRQ5HYLHZ
&KULVWHQVHQ 7 3RVW130 DQG &KDQJLQJ 3XEOLF *RYHUQDQFH 0HLML
-RXUQDORI3ROLWLFDO6FLHQFHDQG(FRQRPLFV1
&KULVWHQVHQ7 / JUHLG3 'HPRFUDF\DQG$GPLQLVWUDWLYH3ROLF\
&RQWUDVWLQJ(OHPHQWVRI1HZ3XEOLF0DQDJHPHQW 130 DQG3RVW130
(XURSHDQ3ROLWLFDO6FLHQFH5HYLHZ
dRODNd D :K\WKH1HZ3XEOLF0DQDJHPHQWLV2EVROHWH $Q$QDO\VLV
LQ WKH &RQWH[W RI 3RVW1HZ 3XEOLF 0DQDJHPHQW 7UHQGV &URDWLDQ DQG
&RPSDUDWLYH3XEOLF$GPLQLVWUDWLRQ
dRODN d E ;, .DONÕQPD 3ODQÕQGD <HQL .DPX <|QHWLúLPL
3DUDGLJPDVÕQGDQø]OHU$NDGHPLN2PEXGVPDQ
&XUWLQ' 0DLU3 3DSDGRSRXORV< 3RVLWLRQLQJ$FFRXQWDELOLW\
LQ(XURSHDQ*RYHUQDQFH $Q,QWURGXFWLRQ:HVW(XURSHDQ3ROLWLFV
'UHFKVOHU: 7KH5LVHDQG'HPLVHRIWKH1HZ3XEOLF0DQDJHPHQW
/HVVRQVDQG2SSRUWXQLWLHVIRU6RXWK(DVW(XURSH8SUDYD
*UHYH& :KDWHYHU+DSSHQHGWR1HZ3XEOLF0DQDJHPHQW"5HFHLYHG
IURP KWWS RSHQDUFKLYHFEVGNELWVWUHDPKDQGOH &DUVWHQB
*UHYHB.RQI3DSBSGI"VHTXHQFH
*UHYH & +RGJH * 3XEOLF3ULYDWH 3DUWQHUVKLSV DQG 3XEOLF
*RYHUQDQFH&KDOOHQJHV,Q632VERUQH7KH1HZ3XEOLF*RYHUQDQFH"
(PHUJLQJ3HUVSHFWLYHVRQWKH7KHRU\DQG3UDFWLFHRI3XEOLF*RYHUQDQFH
S /RQGRQ 5RXWOHGJH
*ULJVE\ ( $QDO\]LQJ 3ROLWLFV $Q ,QWURGXFWLRQ WR 3ROLWLFDO 6FLHQFH
/RQGRQ :DGVZRUWK
*ULQW. :LFNHG3UREOHPVDQG&OXPV\6ROXWLRQV 7KH5ROHRI/HDGHUVKLS
5HFHLYHG IURP KWWSV ZZZUHVHDUFKJDWHQHWSXEOLFDWLRQ B :LFNHGBSUREOHPVBDQGBFOXPV\BVROXWLRQVB7KHBUROHBRIBOHDGHUVKLS
+DOOLJDQ - 3RVW130 5HVSRQVHV WR 'LVDJJUHJDWLRQ WKURXJK
&RRUGLQDWLQJ+RUL]RQWDOO\DQG,QWHJUDWLQJ*RYHUQDQFH,Q3/ JUHLG .9HUKRHVW *RYHUQDQFH RI 3XEOLF 6HFWRU 2UJDQL]DWLRQV 3UROLIHUDWLRQ
$XWRQRP\DQG3HUIRUPDQFH S /RQGRQ 3DOJUDYH0DFPLOODQ
+HDG % : :LFNHG 3UREOHPV LQ 3XEOLF 3ROLF\ 3XEOLF 3ROLF\
+RRG& $3XEOLF0DQDJHPHQWIRU$OO6HDVRQV3XEOLF$GPLQLVWUDWLRQ
+RRG& 'L[RQ5 :KDW:H+DYHWR6KRZIRU<HDUVRI1HZ
3XEOLF 0DQDJHPHQW +LJKHU &RVWV 0RUH &RPSODLQWV *RYHUQDQFH $Q
,QWHUQDWLRQDO -RXUQDO RI 3ROLF\ $GPLQLVWUDWLRQ DQG ,QVWLWXWLRQV
.OLMQ(+ .RSSHQMDQ-)0 *RYHUQDQFH1HWZRUN7KHRU\ 3DVW
3UHVHQWDQG)XWXUH3ROLF\DQG3ROLWLFV
.RSSHQMDQ-)0 .ROLED& 7UDQVIRUPDWLRQVWRZDUGV1HZ3XEOLF
*RYHUQDQFH &DQ WKH 1HZ 3DUDGLJP +DQGOH &RPSOH[LW\" ,QWHUQDWLRQDO
5HYLHZRI3XEOLF$GPLQLVWUDWLRQ
.RYHQ6* 6WURWKHU6& 3XEOLF3ULYDWH3DUWQHUVKLSVLQ'HYHORSLQJ
&RXQWULHV,Q-5DELQ(QF\FORSHGLDRI3XEOLF$GPLQLVWUDWLRQDQG3XEOLF
3ROLF\ S %RFD5DWRQ 7D\ORU )UDQFLV
/D]DUXV5- 6XSHU:LFNHG3UREOHPVDQG&OLPDWH&KDQJH 5HVWUDLQLQJ
WKH3UHVHQWWR/LEHUDWHWKH)XWXUH&RUQHOO/DZ5HYLHZ
/HYLQ. &DVKRUH% %HUQVWHLQ6 $XOG* 2YHUFRPLQJWKH
7UDJHG\ RI 6XSHU:LFNHG 3UREOHPV &RQVWUDLQLQJ 2XU )XWXUH 6HOYHV WR
$PHOLRUDWH*OREDO&OLPDWH&KDQJH3ROLF\6FLHQFHV
/ JUHLG 3 5\NNMD / + 2UJDQL]LQJ IRU ³:LFNHG 3UREOHPV´
$QDO\]LQJ &RRUGLQDWLRQ $UUDQJHPHQWV LQ 7ZR 3ROLF\ $UHDV ,QWHUQDO
6HFXULW\DQGWKH:HOIDUH$GPLQLVWUDWLRQ,QWHUQDWLRQDO-RXUQDORI3XEOLF
6HFWRU0DQDJHPHQW
/LGGOH - 3XEOLF 9DOXH 0DQDJHPHQW DQG 1HZ 3XEOLF *RYHUQDQFH
.H\7UDLWV,VVXHVDQG'HYHORSPHQWV,Q(2QJDUR 69DQ7KLHO7KH
3DOJUDYH+DQGERRNRI3XEOLF$GPLQLVWUDWLRQDQG0DQDJHPHQWLQ(XURSH
S /RQGRQ 3DOJUDYH0DFPLOODQ
/RGJH 0 *LOO ' 7RZDUG D 1HZ (UD RI$GPLQLVWUDWLYH 5HIRUP"
7KH0\WKRI3RVW130LQ1HZ=HDODQG*RYHUQDQFH $Q,QWHUQDWLRQDO
-RXUQDORI3ROLF\$GPLQLVWUDWLRQDQG,QVWLWXWLRQV
0DJLV. ,QJOH0 'XF1+ 3XEOLF/HDGHUVKLSIRU6XVWDLQDEOH
'HYHORSPHQW,Q')0RUJDQ %-&RRN1HZ3XEOLF*RYHUQDQFH $
5HJLPH&HQWHUHG3HUVSHFWLYH S 1HZ<RUN 5RXWOHGJH
0F4XDLG 5 : 7KHRU\ RI 2UJDQL]DWLRQDO 3DUWQHUVKLSV 3DUWQHUVKLS
$GYDQWDJHV 'LVDGYDQWDJHV DQG 6XFFHVV )DFWRUV ,Q 6 3 2VERUQH 7KH
1HZ 3XEOLF *RYHUQDQFH" (PHUJLQJ 3HUVSHFWLYHV RQ WKH 7KHRU\ DQG
3UDFWLFHRI3XEOLF*RYHUQDQFH S /RQGRQ 5RXWOHGJH
0HLMHU$ &R3URGXFWLRQ LQ DQ ,QIRUPDWLRQ$JH ,Q 9 3HVWRII 7
%UDQGVHQ %9HUVFKXHUH1HZ3XEOLF*RYHUQDQFHWKH7KLUG6HFWRUDQG
&R3URGXFWLRQ S 1HZ<RUN 5RXWOHGJH
1HZPDQ - 0RGHUQL]LQJ WKH 6WDWH $ 1HZ 6W\OH RI *RYHUQDQFH" ,Q
-/HZLV 56XUHQGHU:HOIDUH6WDWH&KDQJH 7RZDUGVD7KLUG:D\ S
2[IRUG 2[IRUG8QLYHUVLW\3UHVV
2VERUQH ' *DHEOHU 7 5HLQYHQWLQJ *RYHUQPHQW +RZ WKH
(QWUHSUHQHXULDO6SLULWLV7UDQVIRUPLQJWKH3XEOLF6HFWRU0DVVDFKXVHWWHV
$GGLVRQ:HVOH\
2VERUQH 6 3 (GLWRULDO 7KH 1HZ 3XEOLF *RYHUQDQFH 3XEOLF
0DQDJHPHQW5HYLHZ
2VERUQH63 D ,QWURGXFWLRQ 7KH 1HZ 3XEOLF*RYHUQDQFH $6XLWDEOH
&DVH IRU 7UHDWPHQW ,Q 6 3 2VERUQH 7KH 1HZ 3XEOLF *RYHUQDQFH"
(PHUJLQJ3HUVSHFWLYHVRQWKH7KHRU\DQG3UDFWLFHRI3XEOLF*RYHUQDQFH
S /RQGRQ 5RXWOHGJH
2VERUQH 6 3 E 3XEOLF *RYHUQDQFH DQG 3XEOLF 6HUYLFHV 'HOLYHU\
$ 5HVHDUFK $JHQGD IRU WKH )XWXUH ,Q 6 3 2VERUQH 7KH 1HZ 3XEOLF
*RYHUQDQFH"(PHUJLQJ3HUVSHFWLYHVRQWKH7KHRU\DQG3UDFWLFHRI3XEOLF
*RYHUQDQFH S /RQGRQ 5RXWOHGJH
3HUUL6 -RLQHGXS*RYHUQPHQWLQWKH:HVWEH\RQG%ULWDLQ $3URYLVLRQDO
$VVHVVPHQW,Q9%RJGDQRU-RLQHGXS*RYHUQPHQW S 2[IRUG
2[IRUG8QLYHUVLW\3UHVV
3HVWRII9 1HZ 3XEOLF *RYHUQDQFH &R3URGXFWLRQ DQG7KLUG 6HFWRU
6RFLDO6HUYLFHVLQ(XURSH &URZGLQJLQDQG&URZGHGRXW,Q93HVWRII 7%UDQGVHQ %9HUVFKXHUH1HZ3XEOLF*RYHUQDQFHWKH7KLUG6HFWRU
DQG&R3URGXFWLRQ S 1HZ<RUN 5RXWOHGJH
3HVWRII 9 %UDQGVHQ 7 3XEOLF *RYHUQDQFH DQG WKH 7KLUG 6HFWRU
2SSRUWXQLWLHV IRU &R3URGXFWLRQ DQG ,QQRYDWLRQ" ,Q 6 3 2VERUQH 7KH
1HZ 3XEOLF *RYHUQDQFH" (PHUJLQJ 3HUVSHFWLYHV RQ WKH 7KHRU\ DQG
3UDFWLFHRI3XEOLF*RYHUQDQFH S /RQGRQ 5RXWOHGJH
3HWHUV % * :KDW LV VR :LFNHG DERXW :LFNHG 3UREOHPV" $
&RQFHSWXDO $QDO\VLV DQG D 5HVHDUFK 3URJUDP 3ROLF\ DQG 6RFLHW\
3ROOLWW & :LFNHGQHVV ZLOO QRW :DLW &OLPDWH &KDQJH DQG 3XEOLF
0DQDJHPHQW5HVHDUFK3XEOLF0RQH\ 0DQDJHPHQW
3ROOLWW& 'HEDWH &OLPDWH&KDQJHWKH8OWLPDWH:LFNHG,VVXH3XEOLF
0RQH\ 0DQDJHPHQW
5KRGHV5$: ,QWURGXFWLRQ3XEOLF$GPLQLVWUDWLRQ
5RELQVRQ 0 )URP 2OG 3XEOLF $GPLQLVWUDWLRQ WR WKH 1HZ 3XEOLF
6HUYLFH ,PSOLFDWLRQVIRU3XEOLF6HFWRU5HIRUPLQ'HYHORSLQJ&RXQWULHV
6LQJDSRUH 81'3
5RSUHW 0 $ULVWRYQLN$ .RYDþ 3 $ &RQWHQW$QDO\VLV RI WKH
5XOHRI/DZZLWKLQ3XEOLF*RYHUQDQFH0RGHOV 2OGYV1HZ(80HPEHU
6WDWHV7KH1,63$FHH-RXUQDORI3XEOLF$GPLQLVWUDWLRQDQG3ROLF\11
6REDFÕ0= .|VHR÷OXg <HQL.DPX<|QHWLúLPL %LUOLNWHhUHWPHQLQ
YHøúELUOL÷LQLQ7HRULNdHUoHYHVL,Qg.|VHR÷OX 0=6REDFÕ.DPX
<|QHWLPLQGH3DUDGLJPD$UD\ÕúODUÕ <HQL.DPXøúOHWPHFLOL÷LYHgWHVL S
%XUVD 'RUD
6¡UHQVHQ ( 7RU¿QJ - (QKDQFLQJ 3XEOLF ,QQRYDWLRQ WKURXJK
&ROODERUDWLRQ/HDGHUVKLSDQG1HZ3XEOLF*RYHUQDQFH,Q$1LFKROOV -6LPRQ 0*DEULHO1HZ)URQWLHUVLQ6RFLDO,QQRYDWLRQ5HVHDUFK S
+DPSVKLUH 3DOJUDYH0DFPLOODQ
6WRNHU * *RYHUQDQFH DV 7KHRU\ )LYH 3URSRVLWLRQV ,QWHUQDWLRQDO
6RFLDO6FLHQFH-RXUQDO
6XOHLPDQ / .KDNHH $ 5HWKLQNLQJ :DWHU 5HIRUP 3ROLFLHV DV D
µ:LFNHG3UREOHP¶WKH&DVHRI8UEDQ:DWHU6XSSO\LQ*KDQD,QWHUQDWLRQDO
3ODQQLQJ6WXGLHV
7RU¿QJ - 7ULDQWD¿OORX 3 (QKDQFLQJ 3XEOLF ,QQRYDWLRQ E\
7UDQVIRUPLQJ 3XEOLF *RYHUQDQFH" ,Q - 7RU¿QJ 3 7ULDQWD¿OORX
(QKDQFLQJ 3XEOLF ,QQRYDWLRQ E\ 7UDQVIRUPLQJ 3XEOLF *RYHUQDQFH S
1HZ<RUN &DPEULGJH8QLYHUVLW\3UHVV
8]XQ $ %LU $UDúWÕUPD 1HVQHVL 2ODUDN +DELV 6RUXQODU YH .DPX
<|QHWLPL 'LVLSOLQL (VNLúHKLU 2VPDQJD]L hQLYHUVLWHVL øNWLVDGL YH øGDUL
%LOLPOHU'HUJLVL
:HEHU ( 3 .KDGHPLDQ $ 0 :LFNHG 3UREOHPV .QRZOHGJH
&KDOOHQJHV DQG &ROODERUDWLYH &DSDFLW\ %XLOGHUV LQ 1HWZRUN 6HWWLQJV
3XEOLF$GPLQLVWUDWLRQ5HYLHZ
Website: www.livredelyon.com
To whom it may concern
Livre de Lyon is an international publishing house. Founded in 2008. Publishing books in the fields of Education Sciences, Natural Sciences, Fine Arts, Health Sciences, Social Sciences and Sports Sciences. Our principal field of activity is the publication of academic books and theses. Our goal is make your precious work available to readers. Livre de Lyon publishes books not only in French and English to support publications in other languages as well. Our publishing house has its central offices in Lyon, France. We send the books we publish here to the world's prestigious universities and national libraries, either directly or via distributors..
Please find attached the list of books cataloged in universities library which are published by Livre de Lyon
Best regards Oliver Denis
Regional Manager of Livre de Lyon
