Public support for vigilantism: Two hypotheses

3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
:K\KDYHRWKHUZLVHUHVSHFWDEOHFLWL]HQVFKRVHQWRUHMHFWWKHVWDQGDUGUHVSRQVHWRWKH
YLJLODQWHWKDWWKHSXQLVKPHQWRI ZURQJGRHUVLVWREHOHIWWRWKHLQVWLWXWLRQVRI WKHVWDWH
DQGWKDWWKHRUGLQDU\FLWL]HQPXVWQRWWDNHWKHODZLQWRKLVRZQKDQGV"'RWKH\IDLO
WRDSSUHFLDWHWKDWWKHUHLVPXFKWREHORVWE\RXUFLYLOL]DWLRQLI ZHIDOODZD\IURPWKH
UXOHRI ODZ"1R*RHW]VXSSRUWHUVOLNHP\VHOIKDYHDGHHSDQGUHDODIIHFWLRQIRUWKH
FLYLOL]HGOLIHDIIRUGHGE\WKHUXOHRI ODZ:KHQKRZHYHUWKHVWDWHDEGLFDWHVLWVSURSHU
UROHDQGGRHVQRWSURYLGHDQDGHTXDWHV\VWHPRI FULPLQDOMXVWLFHWKHSROLWLFDODQGPRUDO
REOLJDWLRQVWRGHIHUWKHVWDWHDUHQRORQJHURSHUDWLYH&RKHQS
&KDSWHU
,QWURGXFWLRQ
,Q WKH OLWHUDWXUH WKHUH H[LVW WZR PDLQ K\SRWKHVHV RQ ZK\ FLWL]HQV PLJKW VXSSRUW
YLJLODQWLVP7KHÀUVWK\SRWKHVLVIRFXVHVRQSHRSOH·VSHUVSHFWLYHRI WKHFULPLQDOMXVWLFH
V\VWHPZKLOHWKHVHFRQGRQHHPSKDVL]HVWKHUROHRI VLWXDWLRQDOFKDUDFWHULVWLFV7KH\HDFK
RIIHUDGLIIHUHQWYLHZRQVXSSRUWIRUYLJLODQWLVP\HWDUHQRWQHFHVVDULO\LQFRPSDWLEOH:H
ZLOOGHVFULEHERWKSHUVSHFWLYHVLQGHWDLODQGVXEVHTXHQWO\H[DPLQHWRZKDWH[WHQWWKH\
DUHVXEVWDQWLDWHGE\WKHHPSLULFDOOLWHUDWXUH:HÀUVWSUHVHQWDQXPEHURI VLQJOHDQG
PXOWLSOHLWHPVXUYH\VWXGLHVIROORZHGE\TXDVLH[SHULPHQWDOUHVHDUFK,WZLOOEHFRPH
FOHDUWKDWFXUUHQWÀQGLQJVDUHOLPLWHGDQGGRQRWSURYLGHDVWUDLJKWIRUZDUGSLFWXUHRI ZK\SHRSOHVXSSRUWYLJLODQWLVP7KHGHVFULEHGVWXGLHVGRQHYHUWKHOHVVSURYLGHXVZLWK
XVHIXOLQVLJKWVUHJDUGLQJWKHRSHUDWLRQDOL]DWLRQRI VXSSRUWIRUYLJLODQWLVP:HFRQFOXGH
E\RXWOLQLQJWKHVWHSVWKDWZLOOEHWDNHQLQWKHQH[WWZRFKDSWHUVWRSUHSDUHIRURXURZQ
HPSLULFDOUHVHDUFKRQVXSSRUWIRUYLJLODQWLVP
7ZRULYDOK\SRWKHVHV
,Q WKH OLWHUDWXUH UHDVRQV IRU VXSSRUWLQJ YLJLODQWLVP DUH RIWHQ WKRXJKW WR EH VLPLODU WR
UHDVRQVIRUFRQVRUWLQJWRYLJLODQWLVP,QRWKHUZRUGVDQXQGHUVWDQGLQJRI ZK\SHRSOH
PLJKWFKRRVHWRWDNHWKHODZLQWRWKHLURZQKDQGVLVDVVXPHGWRDOVRSURYLGHLQVLJKWV
LQWRZK\VXFKEHKDYLRUPLJKWEHHQGRUVHGE\WKHSXEOLF$VYLJLODQWLVPLVFRPPRQO\
VHHQDVEHLQJWKHUHVXOWRI DODFNRI FRQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHP$EUDKDPV
*ROGVWHLQ VXSSRUW IRU YLJLODQWLVP LV DOVR RIWHQ WDNHQ WR PHDQ WKDW WKH
OHJLWLPDF\ RI WKH FULPLQDO MXVWLFH V\VWHP LV DW VWDNH 7KLV WKHRUHWLFDO SHUVSHFWLYH ZLOO
IURPQRZRQEHUHIHUUHGWRDVWKH¶FRQÀGHQFHK\SRWKHVLV·
6HFRQGO\ ZH ZLOO SUHVHQW D YLHZ RQ VXSSRUW IRU YLJLODQWLVP ZKLFK LV QRW UHODWHG
WR JHQHUDO SHUFHSWLRQV RI ODZ HQIRUFHPHQW ,QVWHDG WKLV DSSURDFK HPSKDVL]HV WKH
LPSRUWDQFH RI VLWXDWLRQDO FKDUDFWHULVWLFV LQ VKDSLQJ UHDFWLRQV WR YLJLODQWLVP DQG ZLOO
WKXV EH ODEHOHG WKH ¶VLWXDWLRQ K\SRWKHVLV· 6RFLDO MXVWLFH UHVHDUFK VKRZV WKDW SHRSOH·V
MXGJPHQWVRQLVVXHVVXFKDVIDLUQHVVMXVWLFHDQGGHVHUYLQJQHVVDWOHDVWSDUWLDOO\GHSHQG
RQFRQWH[WXDOIDFWRUV7\OHU6PLWK3XEOLFUHDFWLRQVWRYLJLODQWLVPPD\WKXV
DOVREHLQÁXHQFHGE\WKHVHWWLQJLQZKLFKDQDFWRFFXUV3DUWRI WKHHPSLULFDOOLWHUDWXUH
LVWKHUHIRUHDLPHGDWVWXG\LQJWKHHIIHFWVRI VLWXDWLRQDOFKDUDFWHULVWLFVRQVXSSRUWIRU
YLJLODQWLVP
7KHFRQÀGHQFHK\SRWKHVLV
$FFRUGLQJWRWKHFRQÀGHQFHK\SRWKHVLVVXSSRUWIRUYLJLODQWLVPLVFDXVHGE\DODFNRU
ORZ OHYHO RI FRQÀGHQFH LQ WKH FULPLQDO MXVWLFH V\VWHP /LQNLQJ PRWLYHV RI VXSSRUW
IRUYLJLODQWLVPWRSHUFHSWLRQVRI IRUPDOODZHQIRUFHPHQWPDNHVLQWXLWLYHVHQVHDVWKH
H[LVWHQFHRI DVWDWHLVFUXFLDOWRWKHZKROHFRQFHSWRI YLJLODQWLVP,QIDFWYLJLODQWLVP
KDV EHHQ VDLG WR EH LPSRVVLEOH ZKHQ ´WKHUH LV QR UHFRJQL]HG ¶HVWDEOLVKPHQW· ZKHUH
FRQGLWLRQVRI LQWHUQDOZDUH[LVWRUZKHUHWKHUHDUHQRUXOHVJRYHUQLQJWKHDSSOLFDWLRQ
RI FRHUFLRQµ5RVHQEDXP6HGHUEHUJS6WDWHGGLIIHUHQWO\ZKHQWKHUHLV
3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
QRODZWRWXUQWRRQHFDQQRW¶WDNHWKHODZLQWRRQH·VRZQKDQGV·6RHYHQWKRXJKPDQ\
VFKRODUVPDLQWDLQWKDWWKHSUHYHQWLRQRI YLJLODQWLVPIRUPVDQLPSRUWDQWMXVWLÀFDWLRQ
IRU WKH H[LVWHQFH RI D FULPLQDO MXVWLFH V\VWHP HJ &RUVWHQV *DUGQHU 9DQ.RSSHQWKHHVWDEOLVKPHQWRI VXFKDIRUPDOV\VWHPSDUDGR[LFDOO\FUHDWHV
RSSRUWXQLWLHVIRUYLJLODQWLVPE\SURYLGLQJSHRSOHZLWKERWKOHJLWLPDWHDQGLOOHJLWLPDWH
DOWHUQDWLYHVWRGHDOZLWKFULPH
&LWL]HQVDUHRIWHQDVVXPHGWRFRQVRUWWRYLJLODQWLVPZKHQWKH\DUHGLVVDWLVÀHGDERXW
KRZWKHODZLVHQIRUFHGHJ*UD\VRQ9LJLODQWLVPLVVDLGWRLOOXVWUDWHZKDWFDQ
KDSSHQZKHQFLWL]HQVIURPZKRPDXWKRULWLHVDUHVXSSRVHGWRGHULYHWKHLUOHJLWLPDF\
EHOLHYH WKDW WKH V\VWHP LV LQDGHTXDWH 5RELQVRQ 'DUOH\ 0RUH VSHFLÀFDOO\
YLJLODQWLVPLVDVVXPHGWRHPHUJHZKHQWKHFULPLQDOMXVWLFHV\VWHPLVSHUFHLYHGWRIDLOLQ
WKHSURYLVLRQRI DVDWLVIDFWRU\OHYHORI VHFXULW\WRLWVFLWL]HQV$EUDKDPV%HQHVK
+RZHOO*ROGVWHLQ9LJLODQWLVPLQRWKHUZRUGVFDQEHVHHQDVDGLUHFW
UHVXOWRI
WKHLQHIIHFWLYHQHVVSHUFHLYHGRUDFWXDORI RXUFULPLQDOMXVWLFHDJHQFLHV9LJLODQWHV
H[LVWIRUWKH\EHOLHYHWKDWMXVWLFHLVIDUEHWWHUVHUYHGE\WKHLUPHWKRGVDVRSSRVHG
WRWKHIRUPDOSURFHVVHVRI JRYHUQPHQW«$VDUHVXOWWKH\VHQVHDPRUDOREOLJDWLRQ
¶WRWDNHWKHODZLQWKHLURZQKDQGV·WKXVFLUFXPYHQWLQJDOORI WKHHVWDEOLVKHGOHJDO
ERGLHV:DUGDVFLWHGLQ&RKHQS
9LJLODQWLVP FDQ WKXV RFFXU ZKHQ FLWL]HQV KDYH ORZ RU QR FRQÀGHQFH LQ WKH IRUPDO
DXWKRULWLHVDQGWKHUHIRUHZDQWWRGHDOZLWKDFULPHWKHPVHOYHV+RZHYHUSHRSOHFDQ
DOVRWDNHWKHODZLQWRWKHLURZQKDQGVZKHQWKHOHJDODXWKRULWLHVKDYHEHHQLQYROYHG
DWÀUVWEXWQRWWRWKHVDWLVIDFWLRQRI WKHDIIHFWHGSDUW\7KXVHYHQWKRXJKWKHMXVWLFH
V\VWHPLVPHDQWWRFXUEHPRWLRQDOH[FHVVHVLWFDQVRPHWLPHVDFWXDOO\EHWKHFDXVHIRU
HPRWLRQDOUHDFWLRQVLQFOXGLQJYLJLODQWLVP([DPSOHVLQFOXGHYLFWLPVRUWKHLUUHODWLYHV
ZKRSK\VLFDOO\DWWDFNGHIHQGDQWVXSRQÀQGLQJRXWWKDWWKH\DUHDFTXLWWHGE\DMXGJHRU
JLYHQ¶WRROHQLHQW·DVHQWHQFH:HEHU6LPLODUO\LQ6RXWK$IULFDWKHUHDUHUHSRUWV
RI FLWL]HQVZKRGXHWRGLVVDWLVIDFWLRQZLWKWKHIRUPDOUHVSRQVHWRFULPHFROOHFWLYHO\
SD\EDLORI MDLOHGFRQYLFWVDQGVXEVHTXHQWO\NLOOWKHP0LQQDDU
$ODFNRI FRQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPLVWKXVRIWHQVHHQDVDUHDVRQWR
FRQVRUWWRYLJLODQWLVPDQGDOVRWRVXSSRUWLW,QRWKHUZRUGVZKHQSHRSOHGRQRWKDYH
PXFKFRQÀGHQFHLQODZHQIRUFHPHQWLQJHQHUDOWKH\DUHH[SHFWHGWREHPRUHOLNHO\WR
VXSSRUWDQDFWRI YLJLODQWLVP+RZHYHUWKLVK\SRWKHVLVGRHVQRWSHUWDLQWRVLWXDWLRQ
VSHFLÀFSHUFHSWLRQVRI WKHFULPLQDOMXVWLFHV\VWHP,QRWKHUZRUGVLWGRHVQRWLQFOXGH
WKH LQÁXHQFH RI D FULPLQDO MXVWLFH DJHQF\·V UHVSRQVH LQ D VSHFLÀF YLJLODQWLVP VLWXDWLRQ
RQVXSSRUWIRUYLJLODQWLVP,QVWHDGVXFKVLWXDWLRQDODVSHFWVDUHSDUWRI WKHVLWXDWLRQ
K\SRWKHVLVWKHLGHDWKDWVXSSRUWIRUYLJLODQWLVPLVDIIHFWHGE\DVSHFWVRI WKHYLJLODQWLVP
VLWXDWLRQLWVHOI7KHPDLQLGHDVEHKLQGWKLVK\SRWKHVLVDUHGLVFXVVHGQH[W
&KDSWHU
7KHVLWXDWLRQK\SRWKHVLV
7KH VLWXDWLRQ K\SRWKHVLV PDLQWDLQV WKDW VXSSRUW IRU YLJLODQWLVP LV VKDSHG E\ DVSHFWV
RI WKHYLJLODQWLVPVLWXDWLRQLWVHOI$VZHPHQWLRQHGLQWKHLQWURGXFWLRQWKLVGRHVQRW
LPSO\ WKDW FRQÀGHQFH GRHV QRW SOD\ D UROH 5DWKHU WKLV K\SRWKHVLV VLPSO\ SRLQWV WR
DQRWKHU GHWHUPLQDQW RI VXSSRUW IRU YLJLODQWLVP )URP WKH OLWHUDWXUH ZH NQRZ WKDW
VLWXDWLRQDO FKDUDFWHULVWLFV FDQ KDYH D VWURQJ LQÁXHQFH RQ MXGJPHQWV RI FULPH DQG
SXQLVKPHQW:DUUIRULQVWDQFHGHPRQVWUDWHGWKDWWKHSHUFHLYHGVHULRXVQHVVRI FULPHLVDIIHFWHGE\DVSHFWVVXFKDVZKHWKHUWKHRIIHQGHUDQGYLFWLPNQHZHDFKRWKHU
EHIRUHKDQG/LNHZLVHDVWXG\RQSXEOLFYLHZVRQSXQLVKPHQWSUHIHUHQFHVUHYHDOVDQ
LPSRUWDQWUROHRI FKDUDFWHULVWLFVUHODWHGWRWKHRIIHQGHUVDQGYLFWLPVDVZHOODVFULPH
FRQVHTXHQFHV5RVVL6LPSVRQ0LOOHU
,I SXEOLF RSLQLRQ DERXW FULPH DQG SXQLVKPHQW LV LQGHHG DIIHFWHG E\ VLWXDWLRQDO
FKDUDFWHULVWLFVLWPDNHVVHQVHWRWDNHWKLVLQWRDFFRXQWZKHQH[DPLQLQJSXEOLFVXSSRUW
IRU YLJLODQWLVP $IWHU DOO VXFK VXSSRUW FDQ LQFOXGH MXGJPHQWV RI FULPH VHULRXVQHVV
DQGSXQLVKPHQW,VWKHDFWRI YLJLODQWLVPMXGJHGDVDVHYHUHFULPH",VWKHYLFWLPRI YLJLODQWLVPSHUFHLYHGDVGHVHUYLQJKLV¶SXQLVKPHQW·DVFDUULHGRXWE\WKHYLJLODQWH",V
WKHYLJLODQWHGHHPHGWRGHVHUYHSXQLVKPHQWIRUKLVFULPLQDOEHKDYLRU":HH[SHFWWKDW
WKHUHVSRQVHVWRWKHVHDQGRWKHUVXSSRUWUHODWHGTXHVWLRQVZLOOLQGHHGEHLQÁXHQFHGE\
DVSHFWVRI WKHYLJLODQWLVPVLWXDWLRQLWVHOI
,QVXPPDU\ZHSURSRVHWKDWLI FRQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPGRHVSOD\D
UROHLQVKDSLQJVXSSRUWIRUYLJLODQWLVPLWLVQRWWKHRQO\GHWHUPLQDQW0RUHVSHFLÀFDOO\
ZHH[SHFWWKDWVLWXDWLRQDOIDFWRUVRI DYLJLODQWLVPFDVHDOVRKDYHDQLPSDFWRQKRZWKH
SXEOLFYLHZVYLJLODQWLVP,I WKLVLVWUXHLWZRXOGLPSO\WKDWFLWL]HQVZKRDSSURYHRI DQ
DFWRI YLJLODQWLVPKDYHQRWQHFHVVDULO\ORVWWKHLUIDLWKLQWKHFULPLQDOMXVWLFHV\VWHP,Q
OLQHZLWKWKLVWKHFDVHRI 0DULDQQH%DFKPHLHUWKDWZDVSUHVHQWHGLQ&KDSWHUDOVR
VXJJHVWVWKDWSXEOLFRSLQLRQDERXWDYLJLODQWHFDQVKLIWLQUHVSRQVHWRQHZLQIRUPDWLRQ
DERXWWKHFRQWH[WLQZKLFKWKHDFWKDVWDNHQSODFH
(PSLULFDOÀQGLQJVRQVXSSRUWIRUYLJLODQWLVP
$ERYHZHLQWURGXFHGWZRPDLQH[SODQDWLRQVIRUZK\FLWL]HQVPD\VXSSRUWWKRVHZKR
WDNHWKHODZLQWRWKHLURZQKDQGV7KHFRQÀGHQFHK\SRWKHVLVIRFXVHVRQSHUFHSWLRQV
RI ODZHQIRUFHPHQWWKH VLWXDWLRQ K\SRWKHVLVHPSKDVL]HV FRQWH[WXDO DVSHFWV :H ZLOO
QRZH[DPLQHWKHHPSLULFDOOLWHUDWXUHRQVXSSRUWIRUYLJLODQWLVPWRVHHZKDWHYLGHQFHLW
SURYLGHVIRUWKHVHWZRK\SRWKHVHV,PSRUWDQWO\WKLVUHVHDUFKRYHUYLHZLVQRWLQWHQGHG
WREHH[KDXVWLYH5DWKHUZHGHVFULEHDVHOHFWLRQRI VWXGLHVZLWKWKHDLPRI SUHVHQWLQJ
ZKDWH[SODQDWLRQVWKHOLWHUDWXUHKDVWRRIIHUÀQGLQJRXWKRZVXSSRUWIRUYLJLODQWLVP
KDVEHHQFRQFHSWXDOL]HGDQGLOOXVWUDWLQJVRPHRI WKHH[LVWLQJDSSURDFKHVIRUVWXG\LQJ
SXEOLFVXSSRUWIRUYLJLODQWLVP7KHRYHUYLHZLVVWUXFWXUHGE\WKHW\SHRI PHWKRGRORJ\
WKDWLVXVHGLQWKHVWXGLHVEXWUHIHUHQFHZLOOEHPDGHWRWKHWZRPDLQK\SRWKHVHVZKHUH
UHOHYDQW
3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
6LQJOHLWHPPHDVXUHV
,Q SXEOLF RSLQLRQ SROOV VXSSRUW IRU YLJLODQWLVP LV RIWHQ DVVHVVHG XVLQJ VLQJOHLWHP
PHDVXUHV7DEOH$LQ$SSHQGL[SUHVHQWVWHQVXFKLWHPVZKLFKPRVWO\RULJLQDWHIURP
VXUYH\V WKDW ZHUH FRQGXFWHG LQ WKH 8QLWHG 6WDWHV ,PSRUWDQWO\ VLQJOHLWHP PHDVXUHV
FDQEHXVHIXOIRUEHKDYLRUDORUREVHUYDEOHDWWULEXWHVVXFKDVDJHDQGJHQGHUEXWDUH
XVXDOO\ QRW DSSURSULDWH IRU DVVHVVLQJ PRUH FRPSOH[ FRQVWUXFWV /RR 7KH\
DUHQRWVXLWDEOHHLWKHUIRUH[DPLQLQJWKHVLWXDWLRQDQGFRQÀGHQFHK\SRWKHVHVDVWKH
PHWKRGRORJ\GRHVQRWDOORZIRUWHVWVRI FDXVDOLW\+RZHYHUDVWKHVHLWHPVGRSURYLGH
XVZLWKLQVLJKWVRQKRZVXSSRUWIRUYLJLODQWLVPFDQEHFRQFHSWXDOL]HGZHZLOOEULHÁ\
GLVFXVVWKHPQRQHWKHOHVV
$ÀUVWREVHUYDWLRQUHJDUGLQJWKHLWHPVLQ7DEOH$LVWKDWWKHFRQFHSWXDOL]DWLRQRI
VXSSRUWIRUYLJLODQWLVPGLIIHUVJUHDWO\EHWZHHQWKHVWXGLHV,QVRPHVXUYH\VVXSSRUWLV
PHDVXUHG E\ SUHVHQWLQJ DQ LWHP DERXW WKH SHUFHLYHG KHOSIXOQHVV RI YLJLODQWHV ZKLOH
RWKHUVDVNUHVSRQGHQWVWRMXGJHWKHMXVWLÀDELOLW\RI FHUWDLQDFWVRUWRLQGLFDWHZKHWKHU
WKH\ ZRXOG OLNH WR KDYH D VSHFLÀF JURXS RI YLJLODQWHV LQ WKHLU QHLJKERUKRRG 7KH
FRQFHSWXDOL]DWLRQRIYLJLODQWLVPLVVLPLODUO\DPELJXRXV6RPHLWHPVSURYLGHDGHÀQLWLRQ
RI YLJLODQWLVPZKLOHRWKHUVVLPSO\UHIHUWR¶YLJLODQWHV·RUGRQRWPHQWLRQYLJLODQWLVP
DWDOO1HHGOHVVWRVD\WKHVHYDULDWLRQVLQWKHFRQFHSWRI ERWKYLJLODQWLVPDQGVXSSRUW
PDNHJHQHUDOL]DWLRQVFKDOOHQJLQJDVZHOODVFRPSDULVRQVEHWZHHQVXUYH\V
,WHPVSHFLÀFLW\LVDQRWKHUFRQFHUQUHJDUGLQJWKHPDMRULW\RI LWHPVLQ7DEOH$0DQ\
RI WKHLWHPVDSSHDUHGLQUHVSRQVHWRDFWXDOFDVHVRI YLJLODQWLVPDQGLQWHQGWRPHDVXUH
SHRSOH·VRSLQLRQDERXWWKRVHVSHFLÀFFDVHVRUJURXSV,WHPVDQGIRULQVWDQFHDVN
DERXWZHOONQRZQYLJLODQWHJURXSVWKDWZHUHSUHVHQWLQWKH8QLWHG6WDWHVDWWKHWLPH
ZKLOH RWKHU LWHPV UHODWH WR WKH IDPRXV VXEZD\ YLJLODQWH DQG WKH *XDUGLDQ $QJHOV
$OWKRXJK VXFK VXUYH\ LWHPV PD\ EH LQWHUHVWLQJ IURP D ORFDO RU KLVWRULF SHUVSHFWLYH
WKHÀQGLQJVDUHOHVVDSSURSULDWHIRUGUDZLQJFRQFOXVLRQVDERXWPRUHJHQHUDOVXSSRUW
IRUYLJLODQWLVP7KHWDEOHGRHVLQFOXGHDQXPEHURI LWHPVWKDWKDYHEHHQIRUPXODWHG
LQ EURDGHU WHUPV 7HU 9RHUW IRU LQVWDQFH XVHG WKH IROORZLQJ LWHP WR PHDVXUH
VXSSRUWIRUYLJLODQWLVP´,I FULPHFRQWUROE\WKHJRYHUQPHQWLVLQDGHTXDWHFLWL]HQVDUH
MXVWLÀHGWRWDNHWKHODZLQWRWKHLURZQKDQGVµ1HYHUWKHOHVVWKHUHDOVROLHVDGDQJHU
LQXVLQJPRUHDPELJXRXVZRUGLQJDVLWOHDYHVURRPIRUDYDULHW\RI LQWHUSUHWDWLRQV
,QWKLVLWHPLWLVIRULQVWDQFHQRWVSHFLÀHGZKDW´LQDGHTXDWHµFULPHFRQWUROPHDQVRU
ZKDWW\SHRI EHKDYLRUZRXOGTXDOLI\DV´WDNLQJWKHODZLQWRWKHLURZQKDQGVµ,WWKXV
DSSHDUVFKDOOHQJLQJWRÀQGDQDSSURSULDWHOHYHORI LWHPVSHFLÀFLW\ZKLFKLVHVSHFLDOO\
SUREOHPDWLFZKHQRQO\RQHLWHPLVXVHGWRPHDVXUHVXSSRUWIRUYLJLODQWLVP
([SODLQLQJVXSSRUWIRUYLJLODQWLVP
2Q WKH ZKROH ZH GR QRW FRQVLGHU WKH SUHVHQWHG VLQJOHLWHP PHDVXUHV VXLWDEOH IRU
GUDZLQJ UHOLDEOH FRQFOXVLRQV DERXW OHYHOV RI VXSSRUW IRU YLJLODQWLVP QRU DERXW LWV
GHWHUPLQDQWV,QRWKHUZRUGVWKH\FDQQRWSURYLGHXVZLWKUHOLDEOHLQIRUPDWLRQDERXW
WKHFRQÀGHQFHDQGVLWXDWLRQK\SRWKHVHV'HVSLWHWKLVWZRRI WKHVHLWHPVKDYHEHHQ
XVHGLQWKHOLWHUDWXUHLQDQDWWHPSWWRH[SODLQVXSSRUWIRUYLJLODQWLVP*UD\VRQ
&KDSWHU
XVHGLWHPVDQG7DEOH$WRHYDOXDWHWKHFRQÀGHQFHK\SRWKHVLV0RUHVSHFLÀFDOO\
KH VWXGLHG WKH HIIHFW RI FRQÀGHQFH LQ WKH FULPLQDO MXVWLFH V\VWHP RQ VXSSRUW IRU
YLJLODQWLVP LQ WKH 8QLWHG 6WDWHV DQG &DQDGD *UD\VRQ EDVHG KLV DQDO\VLV RQ WZR
FRPSDUDEOHYLJLODQWLVPFDVHV*RHW]DQG.HVOHUDQGFRPSDUHGUHVSRQVH
UDWHVWRWKHFRUUHVSRQGLQJ*DOOXS3ROOTXHVWLRQ´'R\RXIHHOWKDWLQFLGHQWVOLNHWKHVH
²WDNLQJWKHODZLQWRRQH·VRZQKDQGV²RIWHQFDOOHGYLJLODQWLVPDUHVRPHWLPHVMXVWLÀHG
EHFDXVHRI WKHFLUFXPVWDQFHVRUDUHQHYHUMXVWLÀHG"µ,WZDVK\SRWKHVL]HGWKDWVXSSRUW
IRUYLJLODQWLVPZRXOGEHORZHVWLQ&DQDGDGXHWRORZHUFULPHUDWHVDQGDUHODWLYHO\KLJK
OHYHORI FRQÀGHQFHLQSROLFH'HVSLWHWKLVÀQGLQJVVKRZHG$PHULFDQVDQG&DQDGLDQV
WREHHTXDOO\VXSSRUWLYHRI WKHSUHVHQWHGFDVHRI YLJLODQWLVP,PSRUWDQWO\WKLVVXJJHVWV
WKDWIDFWRUVRWKHUWKDQFRQÀGHQFHLQWKHFULPLQDOMXVWLFHV\VWHPPD\DIIHFWVXSSRUWIRU
YLJLODQWLVP+RZHYHUGXHWRWKHQDWXUHRI WKHVWXG\QRFDXVDOUHODWLRQVFRXOGEHWHVWHG
0RUHRYHU WKH VLQJOHLWHP PHDVXUHV RI VXSSRUW IRU YLJLODQWLVP PDNH JHQHUDOL]DWLRQV
FKDOOHQJLQJ $GGLWLRQDOO\ LW VKRXOG EH WDNHQ LQWR DFFRXQW WKDW WKH LQGLFDWRUV RI WKH
SHUFHLYHGSHUIRUPDQFHRI WKHFULPLQDOMXVWLFHV\VWHPDUHEDVHGRQQDWLRQDODYHUDJHV
1R FRQFOXVLRQV FDQ WKXV EH GUDZQ DERXW WKH DFWXDO OHYHOV RI FRQÀGHQFH RI WKRVH
UHVSRQGHQWV ZKR H[SUHVVHG VXSSRUW IRU YLJLODQWLVP LQ WKH VXUYH\ /DVWO\ WKH WZR
SUHVHQWHGYLJLODQWLVPFDVHVDUHVLPLODUEXWQRWLGHQWLFDOZKLFKPD\KDYHGLVWRUWHGWKH
UHVXOWV,QVSLWHRI WKHVHOLPLWDWLRQVWKHÀQGLQJVDWOHDVWGRVXJJHVWWKDWWKHFRQÀGHQFH
K\SRWKHVLVPD\QRWQHFHVVDULO\WHOOWKHZKROHVWRU\
$QRWKHU SHUVSHFWLYH RQ WKH FRQÀGHQFH DQG VLWXDWLRQ K\SRWKHVLV LV SURYLGHG E\
ÀQGLQJVIURPDVXUYH\E\6FKXOPDQHWDOLQ=LPULQJ6XSSRUWIRUYLJLODQWLVP
ZDV PHDVXUHG E\ DVNLQJ DERXW WKH MXVWLÀDELOLW\ RI D FHUWDLQ DFW LWHP LQ 7DEOH $
7KH SHUFHQW RI WKH VDPSOH ZKR IHOW WKDW YLJLODQWLVP FDQ LQGHHG EH MXVWLÀHG ZDV
VXEVHTXHQWO\SUHVHQWHGZLWKDIROORZXSTXHVWLRQ´:KDWPLJKWMXVWLI\SHRSOHWDNLQJ
WKHODZLQWRWKHLURZQKDQGV"µ0XOWLSOHDQVZHUVSRVVLEOH7KLVRSHQTXHVWLRQUHVXOWHG
LQDWRWDORI GLIIHUHQWDQVZHUFDWHJRULHV7DEOHVKRZVWKHIRXUPRVWPHQWLRQHG
MXVWLÀFDWLRQVRI YLJLODQWLVPDQGWKHFRUUHVSRQGLQJSHUFHQWDJHV=LPULQJS
7DEOH 0RVWSRSXODUYLJLODQWLVPMXVWLÀFDWLRQV1 :KHQWKHFULPLQDOMXVWLFHV\VWHPGRHVQ·WZRUNIDLOVWRJLYHHTXDOMXVWLFH
EXUHDXFUDF\GRHVQ·WZRUNXQVSHFLÀHG
:KHQWKHFULPLQDOJRHVIUHHIUHHRQDWHFKQLFDOLW\JHWVDOHQLHQWVHQWHQFH
%HLQJSUHVHQWDWWKHFULPHVHOIGHIHQVHSURWHFWLRQ
:KHQWKHSROLFHODZHQIRUFHPHQWGRQ·WGRWKHLUMREXQVSHFLÀHG
,QWHUHVWLQJO\ WKUHH RXW RI WKH IRXU PRVW SRSXODU MXVWLÀFDWLRQV UHODWH WR D SHUFHLYHG
ODFN RI SHUIRUPDQFH RI DJHQFLHV RI WKH FULPLQDO MXVWLFH V\VWHP 2I WKHVH WKUHH
WZRUHODWHWRHYDOXDWLRQVRI WKHDXWKRULWLHVLQJHQHUDOWKXVSURYLGLQJHYLGHQFHIRUWKH
FRQÀGHQFHK\SRWKHVLV7KHRWKHURQHKRZHYHUUHIHUVWRVLWXDWLRQVSHFLÀFSHUIRUPDQFH
DFTXLWWDO RU D OHQLHQW VHQWHQFH IRU WKH SHUSHWUDWRU 7KLV MXVWLÀFDWLRQ RI YLJLODQWLVP
WKXV FRUUHVSRQGV ZLWK WKH VLWXDWLRQ K\SRWKHVLV 3HRSOH PD\ KDYH FRQÀGHQFH LQ WKH
3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
FULPLQDOMXVWLFHV\VWHPLQJHQHUDOEXWVWLOOH[SUHVVVXSSRUWIRUYLJLODQWLVPGXHWRWKH
SHUFHLYHGIDLOXUHRI DXWKRULWLHVLQDVSHFLÀFVLWXDWLRQ,QOLQHZLWKWKLVVRPHRI WKHOHDVW
SRSXODU MXVWLÀFDWLRQV RI YLJLODQWLVP FRQFHUQ GHYDVWDWLQJ HYHQWV WKDW DUH XQUHODWHG WR
SHUIRUPDQFHRI WKHFULPLQDOMXVWLFHV\VWHPVXFKDV´:KHQDFKLOGLVPXUGHUHGµDQG
´:KHQDQDGXOWIDPLO\PHPEHULVPXUGHUHGµERWKWKUHHSHUFHQWQRWLQWKHWDEOH7KLV
LPSOLHVWKDWDVHULRXVFULPHLQLWVHOI LVQRWQHFHVVDULO\VHHQDVDVXIÀFLHQWMXVWLÀFDWLRQIRU
WDNLQJWKHODZLQWRRQH·VRZQKDQGVWKHFULPLQDOMXVWLFHUHVSRQVHWRWKHSUHFLSLWDWLQJ
FULPHSOD\VDIXQGDPHQWDOUROH7KLVQRWLRQLVLQOLQHZLWKZKDWZDVVXJJHVWHGE\&RKHQ
DWWKHEHJLQQLQJRI WKHFKDSWHUDQGZLOOEHHPSLULFDOO\WHVWHGLQRXURZQVWXGLHV
RQVXSSRUWIRUYLJLODQWLVP
0XOWLSOHLWHPPHDVXUHV
,QWKLVVHFWLRQZHZLOOSUHVHQWWKUHHPXOWLSOHLWHPPHDVXUHVRI VXSSRUWIRUYLJLODQWLVP
IURPWKHOLWHUDWXUHDQGGLVFXVVWKHÀQGLQJVLQOLJKWRI WKHWZRPDLQK\SRWKHVHV$V
KDV EHHQ LOOXVWUDWHG LQ WKH SUHYLRXV VHFWLRQ ERWK ¶VXSSRUW· DQG ¶YLJLODQWLVP· FDQ EH
FRQFHSWXDOL]HGDQGLQWHUSUHWHGLQDYDULHW\RI ZD\V0XOWLSOHLWHPPHDVXUHVDUHWKHUHIRUH
KLJKO\UHFRPPHQGDEOHIRUWKHFXUUHQWFRQWH[W7KHDGYDQWDJHVRI XVLQJPXOWLSOHLWHPV
LQFOXGHDQLQFUHDVHGUHOLDELOLW\DQGFRQVWUXFWYDOLGLW\DJUHDWHUEUHDGWKRI PHDVXUHPHQW
DQGDQLQFUHDVHGYDULDELOLW\RI VFRUHV-RUGDQ7XUQHU0HWKRGRORJLFDOLVVXHV
UHODWHGWRVLQJOHLWHPVVXFKDVDPELJXLW\LQWHUPLQRORJ\DUHQRWDVSUREOHPDWLFZKHQ
WKHLWHPVDUHFRPELQHGLQWRDPXOWLSOHLWHPPHDVXUH
7KH LWHPV DQG FRUUHVSRQGLQJ ÀQGLQJV DUH SUHVHQWHG LQ 7DEOH $ LQ $SSHQGL[ 7KHÀUVWVWXG\LQWKHWDEOHZDVFDUULHGRXWE\7DQNHEH6XUYH\GDWDZHUHXVHG
WRWHVWWKHFRQÀGHQFHK\SRWKHVLVE\H[DPLQLQJWKHHIIHFWRI SROLFHUHODWHGDWWLWXGHVRQ
SXEOLF VXSSRUW IRU YLJLODQWLVP LQ *KDQD 7KH RSHUDWLRQDOL]DWLRQ RI YLJLODQWLVP LQ WKLV
VWXG\LVEURDGUDQJLQJIURPDWWLWXGHVWRZDUGEHDWLQJXSRUNLOOLQJFULPHVXVSHFWVWR
RQHVDERXWYLJLODQWLVPLQUHVSRQVHWRSHUFHLYHGSROLFHPDOIXQFWLRQLQJ0RUHRYHUWKH
LWHPV DGGUHVV GLIIHUHQW W\SHV RI VXSSRUW UDQJLQJ IURP ÀQGLQJ FHUWDLQ DFWV DFFHSWDEOH
WRZKHWKHUWKHSHUSHWUDWRUVVKRXOGEHEODPHG,QRXUYLHZWKLVDSSURDFKSURYLGHVD
PXFKPRUHLQIRUPDWLYHZD\RI PHDVXULQJVXSSRUWIRUYLJLODQWLVPWKDQWKHVLQJOHLWHP
PHDVXUHVDERYH1HYHUWKHOHVVRQHRI WKHLWHPVVHHPVRXWRI SODFHDVLWDSSHDUVWR
PHDVXUH FRQÀGHQFH LQ SROLFH UDWKHU WKDQ VXSSRUW IRU YLJLODQWLVP ´,W LV SRLQWOHVV WR
KDQGRYHUDVXVSHFWHGFULPLQDOWRWKHSROLFHEHFDXVHWKH\ZRQ·WEULQJWKHRIIHQGHUWR
MXVWLFHµ7DQNHEHS
7KH VHSDUDWH UDWLQJV SHU LWHP ZHUH QRW UHSRUWHG LQ WKH DUWLFOH 7KH DXWKRU GLG
FRQVWUXFW DQ LQGH[ RI VXSSRUW IRU YLJLODQWLVP ZKLFK KDV D PHDQ VFRUH RI 6'
DQG D VDWLVIDFWRU\ UHOLDELOLW\ &URQEDFK·V ơ $VVXPLQJ WKDW WKH LWHPV
ZHUHUDWHGRQDSRLQWUHVSRQVHVFDOHWKLVLVQRWH[SOLFLWO\PHQWLRQHGEXWLWLVWKH
VFDOHXVHGIRUDOORWKHULWHPVWKHPHDQVFRUHLQGLFDWHVWKDWUHVSRQGHQWVZHUHQHXWUDO
DERXWYLJLODQWLVPRYHUDOO,QRUGHUWRH[SODLQVXSSRUWIRUYLJLODQWLVPWKHVXSSRUWLQGH[
ZDV XVHG DV WKH GHSHQGHQW YDULDEOH LQ IRXU GLIIHUHQW UHJUHVVLRQ PRGHOV 7KH PRGHO
ZLWKWKHKLJKHVWH[SODLQHGYDULDQFHSHUFHQWZDVWKHRQHWKDWLQFOXGHGWKHYDULDEOH
&KDSWHU
SROLFH WUXVWZRUWKLQHVV 3HUFHLYHG SROLFH WUXVWZRUWKLQHVV ZDV WKH VWURQJHVW SUHGLFWRU RI VXSSRUWƢ SWKRVHZKRVDZWKHSROLFHDVOHVVWUXVWZRUWK\ZHUHPRUH
OLNHO\WRVXSSRUWYLJLODQWLVP7KLVWKXVSURYLGHVHYLGHQFHIRUWKHFRQÀGHQFHK\SRWKHVLV
+RZHYHU WKLV ÀQGLQJ PD\ SDUWLDOO\ EH GXH WR WKH SROLFH LWHP WKDW LV LQFOXGHG LQ WKH
VXSSRUW IRU YLJLODQWLVP PHDVXUH DV PHQWLRQHG DERYH 7KH RQO\ RWKHU VLJQLÀFDQW
GHWHUPLQDQWVRI VXSSRUWLQWKLVPRGHOZHUHDJHƢ SDQGHGXFDWLRQƢ S2OGHUDQGOHVVHGXFDWHGSHRSOHZHUHPRUHOLNHO\WRH[SUHVVVXSSRUWIRU
YLJLODQWLVP3ROLFHHIIHFWLYHQHVVLQGHDOLQJZLWKFULPHDQGUHVSRQGHQWV·H[SHULHQFHRI SROLFHFRUUXSWLRQGLGQRWLQÁXHQFHSXEOLFVXSSRUWIRUYLJLODQWLVP7KHDXWKRUFRQFOXGHV
WKDWVXSSRUWIRUYLJLODQWLVPLVURRWHGLQQRUPDWLYHHYDOXDWLRQVRI SROLFLQJFDQWKH\EH
WUXVWHG"UDWKHUWKDQLQVWUXPHQWDORQHVGRWKH\SHUIRUPZHOO":HZLOOIXUWKHUDGGUHVV
WKLVGLVWLQFWLRQLQ&KDSWHULQRXUFRQFHSWXDOL]DWLRQRI FRQÀGHQFH
7KH VHFRQG VWXG\ LQ 7DEOH $ GRHV QRW VSHFLÀFDOO\ DLP WR WHVW WKH VLWXDWLRQ RU
FRQÀGHQFHK\SRWKHVLVEXWZHLQFOXGHGLWLQRXUUHYLHZEHFDXVHLWGRHVSURYLGHDQXPEHU
RI UHOHYDQWLQVLJKWV)LYHLWHPVDERXWYLJLODQWLVPZHUHSUHVHQWHGWRUHVSRQGHQWV
IURPVHYHQ/DWLQ$PHULFDQFLWLHVUDWLQJVDYHUDJHGLQWKHWDEOHDQG0DGULG%ULFHxR
/pRQ&DPDUGLHO$YLOD)RUFRPSDUDWLYHSXUSRVHVLWLVLPSRUWDQWWRWDNHLQWR
DFFRXQWWKDWQRWDOOLWHPVZHUHUDWHGRQWKHVDPHUHVSRQVHVFDOH7KHÀUVWWZRLWHPV
ZHUHUDWHGRQDÀYHSRLQWDJUHHPHQWVFDOHDQGFRQFHUQWKHSHUFHLYHGULJKWWRNLOO,W
VKRXOGEHQRWHGWKDWNLOOLQJLQGHIHQVHRI RQH·VIDPLO\RUSURSHUW\LVQRWQHFHVVDULO\DQ
DFWRI YLJLODQWLVP,QWKHDUWLFOHWKH¶VWURQJO\GLVDJUHH·DQG¶GLVDJUHH·SHUFHQWDJHV
ZHUHVXPPDWHGDQGUHSRUWHGDVFRPELQHGUHVSRQVHVUDWHV%ULFHxR/pRQHWDO
7KHODWWHUWKUHHLWHPVFRQFHUQNLOOLQJIRURWKHUUHDVRQVDQGDUHPRUHOLNHO\WRFRQVWLWXWH
DQDFWRI YLJLODQWLVP7KHVFDOHIRUWKHVHWKUHHLWHPVFRQVLVWVRI WKUHHDQVZHUFDWHJRULHV
¶DSSURYH·¶GLVDSSURYHEXWXQGHUVWDQG·DQG¶QHLWKHUDSSURYHQRUXQGHUVWDQG·(VSHFLDOO\
WKHPLGGOHFDWHJRU\RI WKLVVFDOHLVDQLQWHUHVWLQJZD\WRPHDVXUHVXSSRUWDVLWVHHPVWR
SHUWDLQWRDIRUPRI XQGHUVWDQGLQJRUHPSDWK\ZLWKWKHYLJLODQWH8VLQJWKHÀQGLQJVLQ
WKHDUWLFOHZHGHGXFHGWKHUHVSRQVHSHUFHQWDJHVIRUWKLVVSHFLÀFFDWHJRU\DQGUHSRUWHG
WKHPLQWKH¶XQGHUVWDQG·FROXPQLQ7DEOH$7KHDXWKRUVGLGQRWFDOFXODWHVXPPDWHG
VFDOHVIRUWKHWZRVHWVRI LWHPVVRUHOLDELOLW\UDWLQJVDUHQRWDYDLODEOH
7KHOHYHORI VXSSRUWIRUYLJLODQWLVPRYHUDOOZDVIRXQGWREHPXFKORZHULQ0DGULG
WKDQLQWKHVXUYH\HG/DWLQ$PHULFDQFLWLHV%ULFHxR/pRQHWDO7KHKLJKHVWOHYHO
RI VXSSRUW ZDV H[SUHVVHG LQ &DUDFDV 9HQH]XHOD ZKHUH SHUFHQW VWURQJO\ DJUHHG
ZLWKWKHULJKWWRNLOOWRGHIHQGRQH·VIDPLO\7KHORZHVWOHYHORI VXSSRUWZDVIRXQGLQ
0DGULGIRUWKHLWHPRQ¶VRFLDOSXUJH·NLOOLQJVZKLFKZDVUHMHFWHG¶QHLWKHUDSSURYHQRU
XQGHUVWDQG·E\SHUFHQWRI WKHVDPSOH$GGLWLRQDOO\OHVVSHRSOHZHUHIRXQGWRDJUHH
ZLWKWKHULJKWWRNLOOWRGHIHQGRQH·VSURSHUW\WKDQWRGHIHQGRQH·VIDPLO\7KLVSRLQWV
WRWKHLPSRUWDQFHRI VLWXDWLRQDOFKDUDFWHULVWLFVLQOLQHZLWKWKHVLWXDWLRQK\SRWKHVLV,Q
0DGULGPRVWXQGHUVWDQGLQJZDVIRXQGIRUDIDWKHUNLOOLQJKLVGDXJKWHU·VUDSLVWLQWKH
/DWLQ$PHULFDQFLWLHVPRUHUHVSRQGHQWVH[SUHVVHGDQXQGHUVWDQGLQJIRUWKHO\QFKLQJRI VRPHRQHZKRWHUURUL]HVWKHFRPPXQLW\
3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
8VLQJ RGGVUDWLRV %ULFHxR/pRQ HW DO DGGLWLRQDOO\ DQDO\]HG WKH UROH RI GHPRJUDSKLFYDULDEOHVDQGIRXQGDFOHDUJHQGHUHIIHFWZLWKPDOHVEHLQJJHQHUDOO\PRUH
VXSSRUWLYHRI YLJLODQWLVP2QHH[FHSWLRQZDVDKLJKOHYHORI DSSURYDOE\ZRPHQLQ6DQ
-RVp&RVWD5LFDRI DIDWKHUNLOOLQJKLVGDXJKWHU·VUDSLVW$QRWKHULPSRUWDQWYDULDEOH
ZDV UHOLJLRQ &DWKROLFV ZHUH PRVW SURQH WR VXSSRUW WKH ULJKW WR NLOO :LWK UHJDUGV
WR HGXFDWLRQ WKH OHDVW HGXFDWHG ZHUH PRVW NHHQ RI YLJLODQWLVP LQ 0DGULG ZKLOH WKH
RSSRVLWHSDWWHUQHPHUJHGLQ/DWLQ$PHULFD/DVWO\WKRVHZKRZDWFKHGPRUHYLROHQW
WHOHYLVLRQDSSURYHGPRUHRI YLJLODQWLVPDVGLGKHDY\GULQNHUV,WLVPHQWLRQHGLQWKH
DUWLFOHWKDWWKHTXHVWLRQQDLUHDOVRLQFOXGHGVHFWLRQVDERXWWKHSHUFHLYHGHIÀFDF\RI WKH
SROLFHDQGRWKHUFULPLQDOMXVWLFHLQVWLWXWLRQV)LQGLQJVUHJDUGLQJWKHVHSHUFHSWLRQVDUH
XQIRUWXQDWHO\ QRW UHSRUWHG VR WKH FRQÀGHQFH K\SRWKHVLV FDQQRW EH WHVWHG $QRWKHU
OLPLWDWLRQWRWKHVWXG\LVDPELJXLW\LQWHUPLQRORJ\,I DUHVSRQGHQWIRULQVWDQFHDJUHHV
ZLWKWKHQRWLRQWKDWVRPHRQHKDVDULJKWWRNLOOWRGHIHQGKLVRUKHUSURSHUW\%ULFHxR
/pRQ HW DO LW UHPDLQV XQFOHDU ZKHWKHU WKLV ZRXOG H[WHQG WR DJUHHPHQW ZLWK
NLOOLQJLQGHIHQVHRI DWULYLDOSRVVHVVLRQ
7KHÀQDOVWXG\LQ7DEOH$ZDVFRQGXFWHGE\6FKDGWDQG'H/LVL7KLVVWXG\
DLPV WR H[SODLQ VXSSRUW IRU WKH GHDWK SHQDOW\ WKURXJK DWWLWXGHV WRZDUG YLJLODQWLVP
'HWHUPLQDQWV RI VXSSRUW IRU YLJLODQWLVP DUH QRW H[DPLQHG VR WKH ÀQGLQJV DUH QRW
QHFHVVDULO\ UHOHYDQW IRU WKH FRQÀGHQFH DQG VLWXDWLRQ K\SRWKHVLV +RZHYHU WKH VWXG\
GRHV SURYLGH XV ZLWK XVHIXO LGHDV UHJDUGLQJ WKH RSHUDWLRQDOL]DWLRQ RI VXSSRUW IRU
YLJLODQWLVP7KHVL[LWHPVWKDWZHUHXVHGWRPHDVXUHVXSSRUWIRUYLJLODQWLVPWRJHWKHU
IRUPDUHOLDEOHVFDOH&URQEDFK·Vơ )RXURI WKHLWHPVUHJDUGWKHUHVSRQGHQW·V
SHUFHLYHG WHPSWDWLRQ WR KXUW RU NLOO VRPHRQH ZKR YLFWLPL]HG KLV RU KHU IDPLO\ 7KH
ODWWHU WZR LWHPV FRQFHUQ WKH ZURQJIXOQHVV DQG MXVWLÀDELOLW\ RI UHYHQJH NLOOLQJ 7KH
WDEOH UHYHDOV WKDW WKH OHYHOV RI VXSSRUW IRU YLJLODQWLVP YDU\ FRQVLGHUDEO\ GHSHQGLQJ
RQ WKH LWHP XVHG ZKLFK LV FRQVLVWHQW ZLWK WKH SRLQW PDGH HDUOLHU DERXW WKH ULVN RI GUDZLQJFRQFOXVLRQVEDVHGRQVLQJOHLWHPPHDVXUHPHQWV,WDOVRSRLQWVWRWKHUROHRI FRQWH[WXDOFKDUDFWHULVWLFVLQOLQHZLWKWKHVLWXDWLRQK\SRWKHVLV2QHLPSRUWDQWIDFWRU
IRULQVWDQFHVHHPVWREHZKHWKHUUHVSRQGHQWVDUHDVNHGDERXWKXUWLQJDSHUSHWUDWRUZKR
YLFWLPL]HVWKHLUIDPLO\RUDERXWNLOOLQJKLP,WDOVRPDWWHUVZKHWKHUSHRSOHH[SUHVVEHLQJ
WHPSWHGWRWDNHWKHODZLQWRWKHLURZQKDQGVRUZKHWKHUWKH\VD\WKH\DFWXDOO\ZRXOGGR
VR 7KLV LPSOLHV WKDW HYHQ LI UHVSRQGHQWV ZRXOG IHHO LQFOLQHG WR GR VRPHWKLQJ WKH\
UHDOL]HWKDWWKH\PD\QRWFRQVRUWWRVXFKEHKDYLRULQUHDOLW\GXHWRPRUDO²RURWKHU²
FRQVLGHUDWLRQV:LWKUHJDUGVWRGHPRJUDSKLFYDULDEOHVRQO\DJHQGHUHIIHFWZDVIRXQG
ZLWKPDOHVRQFHDJDLQEHLQJPRUHVXSSRUWLYHRI YLJLODQWLVP
$OLPLWDWLRQWR6FKDGW'H/LVL·VVWXG\LVWKDWIRXURXWRI VL[LWHPVOLPLW
YLJLODQWLVP WR WKH DFW RI NLOOLQJ $V D UHVXOW RI WKLV WKH ÀQGLQJV DUH QRW QHFHVVDULO\
JHQHUDOL]DEOH WR OHVV VHYHUH DFWV RI YLJLODQWLVP $GGLWLRQDOO\ LW LV QRW HQWLUHO\ FOHDU
ZKHWKHUWKHDFWVTXDOLI\DVYLJLODQWLVPDQGQRWDVVHOIGHIHQVH$QRWKHUPHWKRGRORJLFDO
GUDZEDFNDVDFNQRZOHGJHGE\WKHDXWKRUVLVWKDWUHVSRQGHQWVDUHDVNHGWRVD\ZKDW
WKH\WKLQNWKH\ZRXOGGRZKLFKPD\QRWEHDSURSHUUHÁHFWLRQRI ZKDWWKH\DFWXDOO\ZRXOG
GRLQUHDOOLIHVHH'H/LVLEXWDOVR.UDXV7KLVLGHDLVIXUWKHULOOXVWUDWHGE\
&KDSWHU
WKHIDFWWKDWSHUFHQWRI UHVSRQGHQWVVWURQJO\DJUHHWKDWWKH\ZRXOGNLOOVRPHRQH
IRUKXUWLQJWKHLUIDPLO\ZKLFKLVKDUGO\OLNHO\WREHWKHFDVHLQUHDOLW\$QRWKHUOLPLWDWLRQ
WRWKHVWXG\LVWKDWWKHPHDVXUHFRQWDLQVUDWKHULQGHÀQLWHH[SUHVVLRQVVXFKDV´KXUWP\
IDPLO\µZKLFKOHDYHVDORWRI URRPIRULQWHUSUHWDWLRQRQSDUWRI WKHUHVSRQGHQW/DVWO\
GXHWRWKHGHVLJQRI WKHVWXG\QRUHOLDEOHFRQFOXVLRQVFDQEHGUDZQDERXWWKHVLWXDWLRQ
DQGFRQÀGHQFHK\SRWKHVLV
4XDVLH[SHULPHQWDOVWXGLHV
,QWKHSUHYLRXVVHFWLRQVZHSUHVHQWHGERWKVLQJOHDQGPXOWLSOHLWHPPHDVXUHVRI VXSSRUW
IRU YLJLODQWLVP 6WXGLHV WKDW XVH PXOWLSOH LWHPV DSSHDU WR EH PRUH UHOLDEOH DOWKRXJK
VRPH OLPLWDWLRQV VWLOO UHPDLQ &RQFHSWXDOL]DWLRQV RI VXSSRUW DQG RI YLJLODQWLVP YDU\
FRQVLGHUDEO\ EHWZHHQ VXUYH\V ZKLFK PDNHV LW FKDOOHQJLQJ WR GUDZ YDOLG FRQFOXVLRQV
7KHÀQGLQJVQRQHWKHOHVVVXJJHVWWKDWVXSSRUWIRUWDNLQJWKHODZLQWRRQH·VRZQKDQGV
DW OHDVW SDUWLDOO\ GHSHQGV RQ WKH VLWXDWLRQDO FRQWH[W SURYLGHG WR UHVSRQGHQWV LQ OLQH
ZLWK WKH VLWXDWLRQ K\SRWKHVLV /LNHZLVH VXSSRUW ZDV DOVR IRXQG IRU WKH FRQÀGHQFH
K\SRWKHVLV,QRUGHUWRWHVWWKHWZRPRUHK\SRWKHVHVPRUHGLUHFWO\TXDVLH[SHULPHQWDO
GHVLJQVDUHFRPPRQO\XVHG,QWKLVVHFWLRQWZRVWXGLHVZLOOEHGLVFXVVHGLQZKLFKWKLV
PHWKRGRORJ\KDVEHHQDSSOLHG
7KHÀUVWTXDVLH[SHULPHQWDOVWXG\RQUHDFWLRQVWRYLJLODQWLVPWREHGLVFXVVHGZDV
FDUULHG RXW LQ WKH 8QLWHG 6WDWHV E\ 6NLWND DQG +RXVWRQ 9LJQHWWHV RU FDVH
VWXGLHV ZHUH XVHG WR H[DPLQH WKH UHODWLRQ EHWZHHQ SHRSOH·V PRUDO YDOXHV DQG WKHLU
SHUFHSWLRQV RI IDLUQHVV DQG MXVWLFH LQ D YLJLODQWLVP FRQWH[W 7KH DXWKRUV YDULHG WZR
VLWXDWLRQDOFKDUDFWHULVWLFVWKHUHE\WHVWLQJWKHVLWXDWLRQK\SRWKHVLV6L[GLIIHUHQWYHUVLRQV
RI DÀFWLFLRXVQHZVSDSHUGHVFULSWLRQZHUHXVHGGHWDLOLQJWKHPXUGHURI D\RXQJFRXSOH
GXULQJDEXUJODU\7KHPXUGHUVXVSHFW´6PLWKµLVVXEVHTXHQWO\NLOOHGHLWKHUWKURXJK
FDSLWDO SXQLVKPHQW RU E\ D YLJLODQWH WKH IDWKHU RI WKH PDOH PXUGHU YLFWLP RQ WKH
ZD\ WR WULDO 7KH RWKHU H[SHULPHQWDO IDFWRU ZDV WKH PXUGHU VXVSHFW·V DSSDUHQW JXLOW
JXLOW\ LQQRFHQW RU DPELJXRXV 3DUWLFLSDQWV ZHUH DVNHG WR UDWH WKHLU SHUFHSWLRQ RI ERWK SURFHGXUDO DQG RXWFRPH IDLUQHVV RQ D VFDOH IURP VWURQJO\ GLVDJUHH WR VWURQJO\ DJUHH 3URFHGXUDO IDLUQHVV ZDV DVVHVVHG XVLQJ WZR LWHPV &URQEDFK·V ơ LQFOXGLQJ´-XVWLFHZDV VHUYHG EHFDXVHWKH SURFHVV E\ ZKLFK 6PLWK ZDV MXGJHG
ZDV IDLUµ 2XWFRPH IDLUQHVV ZDV PHDVXUHG XVLQJ WKUHH LWHPV &URQEDFK·V ơ LQFOXGLQJ´6PLWKGHVHUYHGZKDWKDSSHQHGWRKLPµ7KHODWWHUVFDOHWKXVSHUWDLQVWRD
VHQVHRI GHVHUYLQJQHVVWKHYLFWLPRI YLJLODQWLVP¶JRWZKDWKHGHVHUYHG·
)LQGLQJVVKRZWKDWSXWWLQJDJXLOW\PXUGHUVXVSHFWWRGHDWKZDVVHHQDVIDLUDQG
WKDWRI DQLQQRFHQWPXUGHUVXVSHFWDVXQIDLUUHJDUGOHVVRI ZKHWKHULWZDVWKHUHVXOWRI DIRUPDOWULDORURI YLJLODQWLVP:KHQVXEMHFWVZHUHFRQÀGHQWDERXW6PLWK·VJXLOWRU
LQQRFHQFHWKHSHUFHLYHGIDLUQHVVRI WKHRXWFRPHGHSHQGHGRQO\RQZKHWKHULWPDWFKHG
SDUWLFLSDQWV·PRUDOYDOXHVWKDWWKHJXLOW\VKRXOGEHSXQLVKHGDQGWKHLQQRFHQWVKRXOG
EHVHWIUHH,QRWKHUZRUGVZKDWPDWWHUHGLQWKHFDVHRI DJXLOW\PXUGHUHUZDVZKHWKHU
KHJRWSXQLVKHGKHZDVNLOOHGQRWE\ZKRPNLOOHGE\OHJDODXWKRULWLHVRUE\DYLJLODQWH
+RZWKHPXUGHUVXVSHFWZDVNLOOHGRQO\PDGHDGLIIHUHQFHLI KLVJXLOWZDVDPELJXRXVLQ
3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
ZKLFKFDVHWKHOHJDOSXQLVKPHQWZDVSHUFHLYHGDVDPRUHIDLURXWFRPHWKDQYLJLODQWLVP
7KLVVXJJHVWVWKDWSHRSOHÀQGDQDFWRI YLJLODQWLVPIDLULI WKH\EHOLHYHWKHSUHFLSLWDWLQJ
RIIHQGHUGHVHUYHVWREHSXQLVKHGZLWKRXWFDULQJDERXWWKHOHJDOLW\RI WKHH[HFXWLRQRI WKLV SXQLVKPHQW 7KHVH ÀQGLQJV VXJJHVW WKDW VLWXDWLRQDO FKDUDFWHULVWLFV LQGHHG DIIHFW
KRZSHRSOHYLHZDVSHFLÀFFDVHRI YLJLODQWLVP8QIRUWXQDWHO\FRQÀGHQFHLQWKHFULPLQDO
MXVWLFHV\VWHPZDVQRWDVVHVVHGVRWKHWZRK\SRWKHVHVFRXOGQRWEHFRQWUDVWHGZLWKRQH
DQRWKHU7KHVWXG\QLFHO\LOOXVWUDWHVWKHDGGHGYDOXHRI XVLQJYLJQHWWHVDVLWDOORZVIRUD
V\VWHPDWLFDQDO\VLVRI YDULRXVGHWHUPLQDQWVRI VXSSRUWIRUYLJLODQWLVP
$QRWKHU TXDVLH[SHULPHQWDO VWXG\ RQ VXSSRUW IRU YLJLODQWLVP ZDV FRQGXFWHG E\
&RRN7KHHIIHFWRI WZRH[SHULPHQWDOIDFWRUVVHULRXVQHVVRI WKHSUHFLSLWDWLQJ
HYHQWDQGFRQÀGHQFHLQWKHOHJDOV\VWHPZDVVWXGLHGLQD[EHWZHHQVXEMHFWVGHVLJQ
ZLWKYLJQHWWHV7KLVVWXG\WKXVDLPVWRWHVWERWKWKHVLWXDWLRQDQGFRQÀGHQFHK\SRWKHVLV
EXWWUHDWVFRQÀGHQFHDVDQH[SHULPHQWDOIDFWRUUDWKHUWKDQDVDVWDEOHSHUVRQDODWWLWXGH
&RQÀGHQFHZDVPDQLSXODWHGE\SURYLGLQJVXEMHFWVZLWKDÀFWLWLRXVSRVLWLYHRUQHJDWLYH
DUWLFOH DERXW WKH 86 MXVWLFH V\VWHP 7KLV PDQLSXODWLRQ ZDV VXFFHVVIXO SHRSOH LQ WKH
QHJDWLYHDUWLFOHFRQGLWLRQH[SUHVVHGOHVVFRQÀGHQFHLQWKHMXVWLFHV\VWHPDQGYLFHYHUVD
7KHIRXUYHUVLRQVRI WKHYLJQHWWHZHUHIRUPDWWHGWRORRNOLNHDSROLFHUHSRUWDQG
ZHUHSUHVHQWHGLQDEHWZHHQVXEMHFWVGHVLJQ7KHYLJLODQWLVPDFWFRQVLVWHGRI DIDWKHU
´6PLWKµDYHQJLQJWKHGHDWKRI KLVGDXJKWHUE\IROORZLQJWKHVXVSHFW´&ROOLQVµKRPH
RQHQLJKWDQGNLOOLQJKLP6HULRXVQHVVRI WKHSUHFLSLWDWLQJHYHQWZDVPDQLSXODWHGE\
KDYLQJWKHIDWKHUNLOODPDQZKRUDSHGDQGPXUGHUHGKLVGDXJKWHUKLJKVHULRXVQHVVRUD
PDQZKRFDXVHGKHUDFFLGHQWDOGHDWKE\UHFNOHVVGULYLQJ¶ORZ·VHULRXVQHVV6XSSRUWIRU
YLJLODQWLVPZDVDVVHVVHGXVLQJWKHLWHPVWKDWDUHSUHVHQWHGLQ7DEOHZKLFKWRJHWKHU
IRUPDUHOLDEOHVFDOH&URQEDFK·Vơ $VWKHWDEOHVKRZVWKHVXSSRUWPHDVXUH
LVFRPSRVHGRI YDULRXVGLPHQVLRQVLQFOXGLQJV\PSDWK\ZLWKERWKSDUWLHVDVZHOODV
RXWUDJHDWWKHSUHFLSLWDWLQJFULPHDQGDWWKHVXEVHTXHQWDFWRI YLJLODQWLVP,QWHUHVWLQJO\
WKHPHDVXUHDOVRLQFOXGHVLWHPVDERXWWKHSHUFHLYHGUHFLGLYLVPULVNRI WKHYLJLODQWHDQG
WKHGDQJHUKHSRVHVWRVRFLHW\
7DEOH ,WHPVWRPHDVXUHVXSSRUWIRUYLJLODQWLVP
+RZPXFKGR\RXV\PSDWKL]HZLWKWKHYLFWLP.HYLQ&ROOLQV"
+RZPXFKGR\RXV\PSDWKL]HZLWKWKHGHIHQGDQW-DFN6PLWK"
+RZVHULRXVLVWKHFULPHZLWKZKLFK-DFN6PLWKLVDFFXVHG"
+RZRXWUDJHGDUH\RXE\.HYLQ&ROOLQ·VPXUGHU"
+RZUHVSRQVLEOHIRUWKLVPXUGHULV-DFN6PLWK"
,V-DFN6PLWKDGDQJHUWRVRFLHW\"
:KDWLVWKHOLNHOLKRRGRI -DFN6PLWKUHSHDWLQJWKLVFULPH"
$ PDLQ HIIHFW ZDV IRXQG IRU WKH VHULRXVQHVV RI WKH SUHFLSLWDWLQJ HYHQW VXSSRUW
IRU YLJLODQWLVP ZDV KLJKHU ZKHQ LW ZDV LQ UHVSRQVH WR UDSH DQG PXUGHU UDWKHU WKDQ
LQUHVSRQVHWRDQDFFLGHQWDOGHDWK,PSRUWDQWO\WKLVSURYLGHVPRUHHYLGHQFHIRUWKH
VLWXDWLRQK\SRWKHVLV1RPDLQHIIHFWZDVIRXQGIRUFRQÀGHQFHLQWKHMXVWLFHV\VWHP
&KDSWHU
ZKLFK OHG WKH DXWKRU WR FRQFOXGH WKDW WKH FRQÀGHQFH PDQLSXODWLRQ ZDV QRW VWURQJ
HQRXJKWRDIIHFWVXEVHTXHQWMXGJPHQWVRI YLJLODQWLVP&RQÀGHQFHGLGDIIHFWVXSSRUW
LQLQWHUDFWLRQZLWKSHUVRQDODWWLWXGHVVXFKDVULJKWZLQJDXWKRULWDULDQLVPDQGEHOLHI LQD
MXVWZRUOG+RZHYHUDVFRQÀGHQFHZDVQRWWUHDWHGDVDQDWWLWXGHLQWKLVVWXG\WKHWZR
K\SRWKHVHVFRXOGQRWEHFRQWUDVWHGZLWKRQHDQRWKHU
7ZRULYDOK\SRWKHVHV&RQFOXVLRQV
,QWKLVFKDSWHUZHSUHVHQWHGWZRPDLQK\SRWKHVHVRQZK\SHRSOHVXSSRUWYLJLODQWLVP
7KHFRQÀGHQFHK\SRWKHVLVSRVLWVWKDWVXSSRUWIRUYLJLODQWLVPLVFDXVHGE\DODFNRI FRQÀGHQFH
LQ WKH FULPLQDO MXVWLFH V\VWHP $OWHUQDWLYHO\ WKH VLWXDWLRQ K\SRWKHVLV SURSRVHV WKDW
FKDUDFWHULVWLFVRI WKHYLJLODQWLVPVLWXDWLRQDIIHFWKRZSHRSOHYLHZDFDVHRI YLJLODQWLVP
%\UHYLHZLQJDVHOHFWLRQRI VWXGLHVRQSXEOLFVXSSRUWIRUYLJLODQWLVPZHH[DPLQHGWR
ZKDWH[WHQWWKHHPSLULFDOOLWHUDWXUHVXSSRUWVHLWKHURUERWKRI WKHVHWZRK\SRWKHVHV
$GGLWLRQDOO\ZHH[DPLQHGKRZVXSSRUWIRUYLJLODQWLVPKDVEHHQRSHUDWLRQDOL]HGLQWKH
HPSLULFDOOLWHUDWXUH
:HVWDUWHGRXWE\GHVFULELQJDQXPEHURI VLQJOHLWHPPHDVXUHVZKLFKKDYHEHHQ
XVHGLQSROOUHVHDUFKWRDVVHVVVXSSRUWIRUYLJLODQWLVP$OWKRXJKWKHVHPHDVXUHVZHUH
OLPLWHG LQ WKHLU UHOLDELOLW\ WKH\ GLG SURYLGH D QXPEHU RI XVHIXO FRQFHSWV WKDW FDQ EH
XVHGLQRXURZQRSHUDWLRQDOL]DWLRQRI VXSSRUW1RWDEO\QRQHRI WKHGHVFULEHGVWXGLHV
PHDVXUHGVXSSRUWZLWKDVWUDLJKWIRUZDUG\HVRUQRTXHVWLRQVXFKDV¶'R\RXVXSSRUW
YLJLODQWLVP"· ,QVWHDG LWHPV SHUWDLQ WR WKH MXVWLÀDELOLW\ DQG DSSURYDO RI YLJLODQWLVP
YLFWLP GHVHUYLQJQHVV SHUFHLYHG VHULRXVQHVV RI WKH YLJLODQWLVP DFW V\PSDWK\ DQG
XQGHUVWDQGLQJIRUWKHYLJLODQWHEODPHZRUWKLQHVVRI WKHYLJLODQWHDQGVRRQ6XSSRUW
IRU YLJLODQWLVP DSSHDUV WR EH D PXOWLIDFHWHG FRQVWUXFW ZKLFK PDNHV PXOWLSOHLWHP
PHDVXUHVPXFKPRUHDSSURSULDWHWKDQWKHVLQJOHLWHPRQHVWKDWDUHFRPPRQO\XVHG
,QRXURZQHPSLULFDOUHVHDUFKZHZLOOFRPELQHDQXPEHURI WKHVHFRQFHSWVLQRUGHUWR
FRQVWUXFWDQHODERUDWHPXOWLSOHLWHPPHDVXUHRI VXSSRUWIRUYLJLODQWLVP
:LWKUHJDUGVWRWKHWZRK\SRWKHVHVVXSSRUWZDVIRXQGIRUERWKLQWKHHPSLULFDO
OLWHUDWXUH+RZHYHUWKLVHYLGHQFHLVPRVWO\EDVHGRQVWUDLJKWIRUZDUGVXUYH\VWXGLHV
LQ ZKLFK FDXVDOLW\ FDQQRW EH DVVHVVHG ,Q RUGHU WR IXUWKHU GLVHQWDQJOH WKH HIIHFWV RI VLWXDWLRQDOFKDUDFWHULVWLFVDQGFRQÀGHQFHRQVXSSRUWZHEHOLHYHWKDWTXDVLH[SHULPHQWDO
UHVHDUFKZLWKYLJQHWWHVFDQSURYHWREHYHU\YDOXDEOH6XFKPHWKRGRORJ\DOORZVIRUD
V\VWHPDWLFVWXG\RI WKHLQÁXHQFHRI PXOWLSOHGHWHUPLQDQWVRI VXSSRUWIRUYLJLODQWLVP
$OWKRXJKZHLQFOXGHGWZRTXDVLH[SHULPHQWDOVWXGLHVRQVXSSRUWLQWKHFXUUHQWUHYLHZ
QHLWKHU RI WKHVH PHDVXUHG WKH LPSDFW RI VLWXDWLRQDO FKDUDFWHULVWLFV DQG FRQÀGHQFH
VLPXOWDQHRXVO\,QRWKHUZRUGVZHVWLOOGRQRWNQRZDQ\WKLQJDERXWWKHUHODWLYHLPSDFW
RI WKHVHIDFWRUVRQVXSSRUWIRUYLJLODQWLVP'RHVFRQÀGHQFHIRULQVWDQFHVWLOOSOD\DUROH
ZKHQVLWXDWLRQDOFKDUDFWHULVWLFVDUHDFFRXQWHGIRURUYLFHYHUVD"
7KHDXWKRUGLGFRQVWUXFWDQLPSURYLVHGSHUVRQDOFRQÀGHQFHPHDVXUHXVLQJUHVSRQVHVWRWKHTXHVWLRQVDERXWWKH
ÀFWLWLRXV86MXVWLFHDUWLFOH8VLQJWKLVPHDVXUHFRQÀGHQFHDJDLQZDVQRWIRXQGWRDIIHFWVXSSRUW
)RUPRUHLQIRUPDWLRQDERXWEHOLHI LQDMXVWZRUOG%-:SOHDVHUHIHUWR&KDSWHU
&RRNGLGPHDVXUHERWKEXWWUHDWHGFRQÀGHQFHDVDQH[SHULPHQWDOIDFWRUUDWKHUWKDQDVDQDWWLWXGH
3XEOLFVXSSRUWIRUYLJLODQWLVP7ZRK\SRWKHVHV
$QRWKHU LPSRUWDQW FRQFOXVLRQ WR EH GUDZQ IURP WKH OLWHUDWXUH UHYLHZ LV WKDW
FRQFHSWXDOL]DWLRQV RI YLJLODQWLVP YDU\ FRQVLGHUDEO\ EHWZHHQ WKH VXUYH\V 5HODWHG
FRQFHSWVVXFKDVVHOIGHIHQVHDUHIRULQVWDQFHDWWLPHVPLVWDNHQIRUYLJLODQWLVP,QRUGHU
WRFRQGXFWDPHDQLQJIXOVWXG\RQVXSSRUWIRUYLJLODQWLVPLWLVWKHUHIRUHFUXFLDOWRÀUVW
EHFOHDURQZKDWYLJLODQWLVPDFWXDOO\HQWDLOV,QWKHQH[WFKDSWHUZHZLOOWKHUHIRUHUHYLHZ
WKHOLWHUDWXUHRQWKHFRQFHSWRI YLJLODQWLVPSURYLGHDZRUNLQJGHÀQLWLRQRI YLJLODQWLVP
DQGLGHQWLI\LWVVLWXDWLRQDOGLPHQVLRQVLQDW\SRORJ\7KLVFRQFHSWXDODQDO\VLVZLOODOORZ
IRU D V\VWHPDWLF LQYHVWLJDWLRQ RI WKH HIIHFWV RI VLWXDWLRQDO FKDUDFWHULVWLFV RQ VXSSRUW
IRU YLJLODQWLVP VR WKDW WKH VLWXDWLRQ K\SRWKHVLV FDQ EH WHVWHG ,Q RUGHU WR WHVW WKH
FRQÀGHQFHK\SRWKHVLVZHZLOOGHYRWHWKHVXEVHTXHQWFKDSWHUWRWKHFRQFHSWXDOL]DWLRQ
RI FRQÀGHQFH :H ZLOO GLVFXVV WKH OLWHUDWXUH RQ FRQÀGHQFH LQ WKH FULPLQDO MXVWLFH
V\VWHPDQGXVHLWWRFRQVWUXFWDUHOLDEOHLQVWUXPHQWWRPHDVXUHFRQÀGHQFH7KHQH[W
WZRFKDSWHUVLQFRPELQDWLRQZLWKWKHFXUUHQWRQHZLOOWKXVSURYLGHXVZLWKWKHWRROV
QHFHVVDU\ WR WHVW WKH WZR PDLQ K\SRWKHVHV LQ DQ HPSLULFDO LQYHVWLJDWLRQ RI SXEOLF
VXSSRUWIRUYLJLODQWLVP