&HQWUHIRU,VODPLF6WXGLHVDW62$6

0RQLVPDQG0RQRWKHLVPLQDO*KD]O
V0LVKNWDODQZU

$XWKRUV$OH[DQGHU7UHLJHUDQG
6RXUFH-RXUQDORI4XU
DQLF6WXGLHV9RO1RSS 
3XEOLVKHGE\(GLQEXUJK8QLYHUVLW\3UHVVRQEHKDOIRIWKH&HQWUHIRU,VODPLF6WXGLHVDW62$6
6WDEOH85/KWWSZZZMVWRURUJVWDEOH
$FFHVVHG87&
5()(5(1&(6
/LQNHGUHIHUHQFHVDUHDYDLODEOHRQ-6725IRUWKLVDUWLFOH
KWWSZZZMVWRURUJVWDEOH"VHT  FLG SGIUHIHUHQFHUHIHUHQFHVBWDEBFRQWHQWV
<RXPD\QHHGWRORJLQWR-6725WRDFFHVVWKHOLQNHGUHIHUHQFHV

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 of content
in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship.
For more information about JSTOR, please contact support@jstor.org.

(GLQEXUJK8QLYHUVLW\3UHVVDQG&HQWUHIRU,VODPLF6WXGLHVDW62$6 are collaborating with JSTOR to digitize, preserve and

extend access to -RXUQDORI4XU
DQLF6WXGLHV

http://www.jstor.org

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOL
V
0LVKNGWDODQZDU
$OH[DQGHU7UHLJHU

<DOH8QLYHUVLW\

,WLVDSSURSULDWHWREHJLQDVWXG\RQWKHSUREOHPRI0RQLVPYHUVXV0RQRWKHLVPLQ
$EX+DPLGDO*KD]DOIVGWKRXJKWE\MX[WDSRVLQJWZRSDVVDJHVIURPKLV

IDPRXVWUHDWLVH0LVKNGWDODQZDU7KH1LFKHRI/LJKWV
ZKLFKLVGHYRWHGWRDQ
LQWHUSUHWDWLRQRIWKH/LJKW9HUVH4DQGRIWKH9HLOV+DGLWKWREHGLVFXVVHG
EHORZ$V,ZLOOWU\WRVKRZWKHWZRSDVVDJHVUHSUHVHQWPRQLVWLFDQGPRQRWKHLVWLF
SHUVSHFWLYHVUHVSHFWLYHO\
)RUWKHSXUSRVHVRIWKHSUHVHQWVWXG\WKHWHUP
PRQLVP
UHIHUVWRWKHWKHRU\SXW

IRUZDUGE\DO*KD]DOLLQDQXPEHURIFRQWH[WVWKDW*RGLVWKHRQO\H[LVWHQWLQ
H[LVWHQFHDQGWKHZRUOGFRQVLGHUHGLQLWVHOILV
VKHHUQRQH[LVWHQFH
FDGDPPDKG
ZKLOH
PRQRWKHLVP
UHIHUVWRWKHYLHZWKDW*RGLVWKHRQHRIWKHWRWDOLW\RIH[LVWHQWV
ZKLFKLVWKHVRXUFHRIH[LVWHQFHIRUWKHUHVWRIH[LVWHQWV7KHIXQGDPHQWDOGLIIHUHQFH

EHWZHHQWKHWZRYLHZVOLHVLQWKHLUUHVSHFWLYHDVVHVVPHQWVRI*RG
VJUDQWLQJ
H[LVWHQFHWRZKDWLVRWKHUWKDQ+HWKHPRQLVWLFSDUDGLJPYLHZVWKHJUDQWLQJRI
H[LVWHQFHDVHVVHQWLDOO\YLUWXDOVRWKDWLQWKHODVWDQDO\VLV*RGDORQHH[LVWVZKHUHDV
WKHPRQRWKHLVWLFSDUDGLJPVHHVWKHJUDQWLQJRIH[LVWHQFHDVUHDO
/HWXVQRZWXUQWRWKHSDVVDJHVLQTXHVWLRQ

3DVVDJH$0LVKNGW3DUW""
>"@7KHHQWLUHZRUOGLVSHUPHDWHGE\H[WHUQDOYLVXDODQGLQWHUQDO

LQWHOOHFWXDOOLJKWV/RZHU>OLJKWV@HPDQDWHIURPRQHDQRWKHUWKH

ZD\OLJKWHPDQDWHVIURPDODPS>VLUDMFI4@>6LPLODUO\@

KLJKHU>OLJKWV@DUHNLQGOHGIURPRQHDQRWKHUDQGDUUDQJHGLQD
KLHUDUFK\RIVWDJHVWDUWOEPDTDPDW7KHHQWLUH>KLHUDUFK\@DVFHQGV
WRWKH
/LJKWRIOLJKWV
WKH>RWKHUOLJKWV
@ILUVWVRXUFHDQGRULJLQ

7KLV>RULJLQ@LV*RGWKH([DOWHGDORQHZLWKRXWDSDUWQHU2WKHU
OLJKWVE\FRQWUDVWDUHERUURZHGPXVWDFDUDWKHRQO\UHDOOLJKW
EHLQJ+LVOLJKW>,QGHHG@HYHU\WKLQJLV+LVOLJKW0RUHRYHU+HLV

HYHU\WKLQJ0RUHRYHUQRWKLQJVDYH+HKDVD
KHQHVV
H[FHSW
PHWDSKRULFDOO\^ODKXZL\\DOLJKD\ULKLLOLDE9OPDMD]
>"@7KHUHIRUHWKHUHLVQROLJKWEXW+LVOLJKWZKHUHDVRWKHUOLJKWV

DUHOLJKWVQRWLQWKHPVHOYHVEXWRQO\ZLWKUHVSHFWWR^WKHIDFH`


This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
DGMDFHQWWR+LP,QGHHGWKHIDFHRIHYHU\WKLQJWKDWKDVDIDFHLV
^GLUHFWHG`DW+LPDQGWXUQVLQ+LVGLUHFWLRQ:KHUHYHU\RXWXUQ
WKHUHLVWKH)DFHRI*RGIDD\QDPGWXZDOOXIDWKDPPDZDMKX
OOGK
>4@+HQFHWKHUHLVQRJRGEXW+HIRUWKHWHUP
JRG
GHQRWHV
WKDWWRZDUGZKLFKIDFH^V`WXUQZLWKZRUVKLSDQGJRGOLQHVVWDDOOXK
0RUHRYHUMXVWDVWKHUHLVQRJRGEXW+HWKHUHLVQRKHEXW+HOD
KXZDLOLDKXZDIRUWKHWHUP
KH
GHQRWHVWKDWWRZKLFKDQ\NLQGRID
UHIHUHQFHLVPDGHDQGWKHUHFDQEHQRUHIHUHQFHEXWWR+LPODLVKDUD

LOLDLOD\KL
>"@7KHUHFDQEHQRUHIHUHQFHWRWKHOLJKWRIWKHVXQEXWRQO\WRWKH

VXQ1RZHYHU\WKLQJLQH[LVWHQFHUHODWHVWR>*RG@DVOLJKWUHODWHVWR
WKHVXQLQWKHSODLQWHUPVRIWKLVLPDJHIL]GKLUDOPLWKGO7KLVLV

ZK\
7KHUHLVQRJRGEXW*RG
LVWKHWDZKLGRIWKHFRPPRQHUV
ZKHUHDV
7KHUHLVQRJRGEXW+H
LVWKHWDZKLGRIWKHHOHFWVLQFHWKLV

LVPRUHSHUIHFWVSHFLDOFRPSUHKHQVLYHFRUUHFWDQGSUHFLVH,WLV
PRUHFRQGXFLYHWRWKHKROGHU>RIWKLVGRFWULQH@HQWHULQJLQWRSXUH
VLQJXODULW\DQGVKHHUXQLW\

3DVVDJH%0LVKNGW3DUW""

>"@6LQFHWKHZRUOGRI>GLYLQH@NLQJGRPFGODPDOPDODNXW
FRQWDLQVORIW\QREOHOXPLQRXVVXEVWDQFHVFDOOHGDQJHOVIURPZKLFK

OLJKWVHPDQDWHXSRQKXPDQVSLULWVZKLFKLVZK\WKH\DUH>DOVR@

FDOOHGORUGV*RGEHLQJWKH/RUGRIORUGVDQGVLQFH>WKHVH
VXEVWDQFHV@KDYHGLYHUVHGHJUHHVPDUGWLELQOXPLQRVLW\LWLV

DSSURSULDWHWKDWWKHLULPDJH>V@PLWKDOXKGLQWKHZRUOGRI

PDQLIHVWDWLRQFGODPDOVKDKGGDEHWKHVXQWKHPRRQDQGWKHVWDUV

>"@7KHWUDYHOOHUVDOLNRQWKHSDWKILUVWHQFRXQWHUVWKH>DQJHO@

ZKRVHUDQNLVWKHUDQNRIWKHVWDUVPDGDUDMDWXKXGDUDMDWDO
NDZGNLE+HSHUFHLYHVWKHHIIOXHQFHRI>WKLVDQJHO
V@OLJKWDQG
UHDOLVHVWKDWWKHHQWLUHORZHUZRUOGLVXQGHULWVFRQWURODQGWKH
HIIOXHQFHRILWVOLJKW+HQFHKHVD\V
7KLVLVP\/RUG
>4@
>"@7KHQZKHQKHFOHDUO\SHUFHLYHVZKDWLVDERYHLWLHWKH>DQJHO@
ZKRVHUDQNLVWKHUDQNRIWKHPRRQKHUHDOLVHVWKDWWKHILUVW>DQJHO@

LQFRPSDULVRQWRZKDWLVDERYHLWHQWHUVWKHVHWWLQJSODFHRI
GLVDSSHDUDQFH>OLW
IDOOLQJ
KXZL\@+HQFHKHVD\VGRQRWOLNH
WKRVHWKDWVHWDOGIGLQ
>4@

>"@+HDVFHQGVLQWKHVDPHPDQQHUWLOOKHUHDFKHVWKH>DQJHO@
ZKRVHLPDJHPLWKGOLVWKHVXQ+HVHHVWKDWLWLVJUHDWHUDQGKLJKHU
>WKDQWKHSUHYLRXVDQJHO@\HWKHVHHVWKDWLW>WRR@DGPLWVRIKDYLQJDQ

LPDJHWKURXJKSRVVHVVLQJDNLQGRIDQDORJRXVFRUUHVSRQGHQFHZLWKLW

TGELOOLOPLWKDOELQDZFPXQDVDEDODKXPDFDKX+RZHYHU
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
DQDORJRXVFRUUHVSRQGHQFHZLWKVRPHWKLQJLPSHUIHFWLVDOVRDQ
LPSHUIHFWLRQDQGD
VHWWLQJ
>XIXOFI4@7KLVLVZK\KHVD\V
WXUQP\IDFHDVDWUXHEHOLHYHUWR+LPZKRFUHDWHGWKHKHDYHQVDQG

WKHHDUWK^LQQLZDMMDKWXZDMKL\D:OODGKLIDWDUD
OVDPDZGWLZD
ODUGD

KDQLIDQ>4@
1RZWKHPHDQLQJRI
+HZKR
^DOODGKOLVDQXQVSHFLILFUHIHUHQFH
^LVKDUDPXEKDPD>ZKRVHUHIHUHQW@KDVQRDQDORJRXVFRUUHVSRQGHQFH

^ODPXQDVDEDODKD,QGHHGLIVRPHRQHZHUHWRDVN
ZKDWLVWKH
LPDJH^PLWKDORIWKHUHIHUHQW^PDIKXPRI
+HZKRWKLVTXHVWLRQ
ZRXOGKDYHQRFRQFHLYDEOHDQVZHU7KLVLVZK\WKDWZKLFKWUDQVFHQGV
DQ\DQDORJRXVFRUUHVSRQGHQFHLVWKH)LUVWWKH5HDOID
OPXWDQD]]LK

FDQNXOOPXQDVDEDKXZDDODZZDODOKDTT
>"@7KLVLVZK\ZKHQ3KDUDRKDVNHG0RVHV
:KDWLVWKH/RUGRI
WKHZRUOGV"
^PGUDEEXOFDODPLQ>4@OLNHVRPHRQHZKRDVNV
DERXW+LVZKDWQHVV>RU
TXLGGLW\
PGKL\\D@>0RVHV@UHVSRQGHGWR
KLPRQO\WKURXJKDUHIHUHQFHWR>*RG
V@DFWVIRUDFWVZHUHPRUH
PDQLIHVWWRWKHTXHVWLRQHU7KXV>0RVHV@VDLG>LQUHVSRQVH@/RUGRI

WKHKHDYHQVDQGWKHHDUWK
>4@3KDUDRKVDLGWRWKRVHDURXQG

KLP
'R\RXQRWKHDU>WKLV@"
>4@OLNHVRPHRQHZKRLV
DFFXVLQJ>0RVHV@RIKDYLQJEHJJHGWKHTXHVWLRQDERXWZKDWQHVV

>)LQDOO\ZKHQ@0RVHVVDLG
<RXU/RUGDQGWKH/RUGRI\RXU
IRUHIDWKHUV
>4@3KDUDRKFDOOHGKLPLQVDQH^QDVDEDKXLOG
O
MXQLLQIRUKHZDVDVNLQJDERXWLPDJHDQGZKDWQHVV^DOPLWKGOZD
O

PGKL\\DZKLOH>0RVHV@ZDVUHVSRQGLQJDERXWDFWV7KXV>3KDUDRK@
VDLG
,QGHHG\RXUPHVVHQJHUZKRKDVEHHQVHQWWR\RXLVLQVDQH

>4@
,DPQRWDZDUHRIDQ\VWXG\WKDWSXWVWKHVHSDVVDJHVWRJHWKHU<HWWKH\DUHVRFORVHO\
UHODWHGWKDWWKH\FDQQRWEHUHDGLQLVRODWLRQIURPRQHDQRWKHU

%RWKSDVVDJHVSUHVHQWDKLHUDUFK\RIVSLULWXDOOLJKWVDVFHQGLQJWRWKH)LUVW
6RXUFH*RGFDOOHGLQWKHILUVWSDVVDJH
WKH/LJKWRIOLJKWV
^QXUDODQZDU

DQGLQWKHVHFRQG
WKH/RUGRIORUGV
^UDEEDODUEDEQRWHWKHVLPLODU
VWUXFWXUHRIERWKH[SUHVVLRQV7KLVWHUPLQRORJ\UHIOHFWVWKHUHVSHFWLYH
4XU
DQLFVXEVWUDWDRIWKHVHSDVVDJHVWKH/LJKW9HUVHLQWKHILUVWFDVHDQGD
QXPEHURID\DVIURP6XUDWDO$QFGP4GHVFULELQJ$EUDKDP
VDVFHQW
WREHOLHILQ*RGWKURXJKDVHTXHQFHRILQWHUPHGLDU\
ORUGV
LQWKHVHFRQG

,QERWKFDVHVD4XU
DQLFD\DDERXW
WXUQLQJ
RU
WXUQLQJWKHIDFH
LVTXRWHG,Q
WKHILUVWSDVVDJHWKLVLV4:KHUHYHU\RXWXUQWKHUHLVWKH)DFHRI*RG

IDD\QDPGWXZDOOXIDWKDPPDZDMKXOOGKLQWKHVHFRQGSDVVDJHWKLVLV
$EUDKDP
VILQDOFRQIHVVLRQ4WXUQP\IDFHDVDWUXHEHOLHYHUWR+LP
ZKRFUHDWHGWKHKHDYHQVDQGWKHHDUWK^LQQLZDMMDKWXZDMKL\DOL
OODGKLIDWDUD
VDPGZGWLZD\ODUGDKDQLIDQ
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV

)XUWKHUPRUHDQGWKLVLVHVSHFLDOO\VWULNLQJLQERWKSDVVDJHV*RGLV
GHVLJQDWHGE\DSURQRXQWKHPDVFXOLQHVLQJXODUSHUVRQDOSURQRXQKXZDLQWKH
ILUVWSDVVDJHDQGWKHPDVFXOLQHVLQJXODUGHPRQVWUDWLYHSURQRXQDOODGKLLQWKH

VHFRQG

,QERWKFDVHVLPSRUWDQWFRQFOXVLRQVDUHGUDZQIURPWKLVGHVLJQDWLRQERWK
XVLQJWKHWHUP
UHIHUHQFH
LVKGUD,QWKHILUVWFDVH*RGLVVDLGWREHWKHRQO\

KH
LQH[LVWHQFHLHWKHRQO\UHDOH[LVWHQWZLWKWKHLPSOLFDWLRQWKDWWKHUHFDQ

EHQRUHIHUHQFHVDYHWR+LPODLVKGUDLOLDLOD\KL,QWKHVHFRQGFDVH*RGLV

VDLGWREHWKH
+HZKR
DOODGKLDQXQVSHFLILFUHIHUHQFHLVKGUDPXEKDPD

ZLWKWKHLPSOLFDWLRQWKDW*RGFDQKDYHQRDQDORJRXVFRUUHVSRQGHQFH

PXQGVDED"
)LQDOO\DQGPRVWVLJQLILFDQWO\WKHUHDUHLPSRUWDQWSKLORVRSKLFDOWHUPV

KLGGHQ
LQHDFKRIWKHSDVVDJHV,Q3DVVDJH$WKLVLVWKHWHUPKXZL\\D
WUDQVODWHGDERYHDV
KHQHVV
EXWDOVRPHDQLQJ
H[LVWHQFH
,Q3DVVDJH%WKLV

LVWKHWHUPPDKL\\D
ZKDWQHVV
RUTXLGGLW\DURXQGZKLFKDO*KD]DOIV
LQWHUSUHWDWLRQRIWKH4XU
DQLFGLDORJXHEHWZHHQ0RVHVDQG3KDUDRKUHYROYHV

4
:KDW,ZLVKWRVXJJHVWDWWKLVSRLQWLVWKDWWKHWZRSDVVDJHVUHIOHFWWZRGLVWLQFW

WKHPHVRUSHUVSHFWLYHVSUHVHQWLQWKH0LVKNGWDQGLQDO*KD]DOIVWKHRORJ\LQ

JHQHUDO7KHILUVWSHUVSHFWLYHFDQEHGHVFULEHGDVPRQLVWLFWKHVHFRQGDV
PRQRWKHLVWLF,QGHHGDFFRUGLQJWRWKHILUVWSDVVDJH*RGLVWKHRQO\WUXHH[LVWHQWWKH

RWKHUH[LVWHQWVSRVVHVVLQJRQO\ERUURZHGDQGPHWDSKRULFDOH[LVWHQFHKHQFH
PRQLVP$FFRUGLQJWRWKHVHFRQGSDVVDJHE\FRQWUDVW*RGLVWKH/RUGDQG&UHDWRU
WXUQP\IDFHDVDWUXHEHOLHYHUWR+LPZKRFUHDWHGWKHKHDYHQVDQGWKHHDUWKDQG

ZKLOHWKHGLYLQLW\RIWKHLQWHUPHGLDU\
ORUGV
LVUHMHFWHGWKHLUH[LVWHQFHLVQHYHU
GHQLHGKHQFHPRQRWKHLVP
:KDW,SURSRVHWRGRLQWKHIROORZLQJGLVFXVVLRQLVWRFRQVLGHUWKHWZRSHUVSHFWLYHV
VHSDUDWHO\XVLQJHVSHFLDOO\WKH0LVKNGWEXWDOVRRWKHUZRUNVRIDO*KD]DOLLQ$UDELF
DQG3HUVLDQDQGWRH[DPLQHKRZWKHVHSHUVSHFWLYHVXQIROGDQGLQWHUUHODWH

0RQRWKHLVP&RPPHQWDU\RQ3DVVDJH$
/HWXVVWDUWZLWK3DVVDJH$DQGZLWKWKHPRQLVWLFSHUVSHFWLYH$VVWDWHGDERYHWKH
WHUPPRQLVPUHIHUVWRWKHYLHZSXWIRUZDUGE\DO*KD]DOLLQDQXPEHURIFRQWH[WV

LQVHYHUDOZRUNVWKDW
7KHUHLVQRWKLQJLQH[LVWHQFHVDYH*RG
OD\VDIL
OZXMXG

LOODOOGKDQGWKDWWKHZRUOGLV
VKHHUQRQH[LVWHQFH
FDGDPPDKG
7KHWKHPHRI*RGDVWKHRQO\WUXHH[LVWHQWLVFHQWUDOWRDO*KD]DOIVPHWDSK\VLFV,W

RFFXUVPRVWIDPRXVO\DVWKHKLJKHVWVWDJHRISURIHVVLQJ*RG
VRQHQHVVWDZKLG,Q
WKH0LVKNGWLWVHOIDVZHKDYHVHHQWRZDUGWKHHQGRI3DVVDJH$DO*KD]DOLGUDZVD
GLVWLQFWLRQEHWZHHQWZRW\SHVRIWDZKLGFKDUDFWHULVWLFRIWKHFRPPRQHUVDQGWKH
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
HOHFWUHVSHFWLYHO\7KHFRPPRQHUVEHOLHYHLQWKHSODLQPHDQLQJRIWKHVKDKGGD

7KHUHLVQRJRGEXW*RG
7KHHOHFWE\FRQWUDVWKDYHDPRUHHVRWHULFYHUVLRQ
ZKLFKUHDGV
7KHUHLVQRJRGEXW+H
$QHYHQPRUHHVRWHULFYHUVLRQ
7KHUHLVQR

KHEXW+H
ODKXZDLOLDKXZDLVPHQWLRQHGHDUOLHULQWKHVDPHSDVVDJHZLWKRXW
DWWULEXWLRQ7KHLPSOLFDWLRQLVWKDWWKLVLVWKHWDZKLGRIWKHHOHFWDPRQJWKHHOHFW
NKDZDVVDONKDZGVVDJURXSPHQWLRQHGHOVHZKHUHLQWKH0LVKNGW`
,QVHYHUDORIKLVZRUNVDO*KD]DOLGLVFXVVHVWDZKLGDQGGLYLGHVLWLQWRDQXPEHURI

OHYHOVRUVWDJHVPDUGWLE7KHEHVWNQRZQIRXUIROGFODVVLILFDWLRQLVIRXQGLQ

%RRNRIWKH,K\G.LWGEDO7DZKLGZD
OWDZDNNXOLQWKHFRUUHVSRQGLQJVHFWLRQV

RI.LWDEDO$UEDFLQDQGWKH3HUVLDQ.LPL\G\HVDFGGDWDQGLQ.LWGEDO,POGIL
LVKNGOGWDO,K\GDZRUNVXSSOHPHQWDU\WRWKH,K\GDQGZULWWHQWRUHEXWFULWLFLVPV

GLUHFWHGDWWKHODWWHU$VOLJKWO\GLIIHUHQWFODVVLILFDWLRQLVSUHVHQWHGLQRQHRIDO
*KD]DOIV3HUVLDQOHWWHUV7KHUHWDZKLGLVGLYLGHGLQWRVL[OHYHOV,QWKHIROORZLQJ
GLVFXVVLRQ,VKDOOWDNHWKHIRXUIROGFODVVLILFDWLRQRIWKH,K\GDVDEDVLVSURYLGLQJ
UHIHUHQFHVWRRWKHUFODVVLILFDWLRQVLQHQGQRWHVZKHUHDSSURSULDWH

,Q%RRNRIWKH,K\GDO*KD]DOLGLYLGHVWDZKLGLQWRIRXUOHYHOVDQGFRPSDUHV
WKHPUHVSHFWLYHO\WRDQXW
VKXVNRIWKHKXVNKXVNNHUQHODQGNHUQHORIWKHNHUQHO
SURJUHVVLQJIURPWKHPRVWRXWZDUGGLPHQVLRQWRWKHLQQHUPRVW

7KHILUVWOHYHOLVSXUHO\VXSHUILFLDO%\LWDO*KD]DOLPHDQVHQXQFLDWLQJWKH
VKDKGGDQRWE\WKHKHDUWEXWE\WKHWRQJXHDORQHWKLVLVWKHWDZKLGRIWKH

K\SRFULWHVWDZKLGDOPXQGILTLQ`
7KHVHFRQGOHYHODIILUPVWKHPHDQLQJRIWKHVKDKGGDPDFQGDOODI]E\WKH
KHDUWDVUHFRJQLVHGE\WKHFRPPRQDOLW\RI0XVOLPV7KLVLVWKHYLHZRIWKH

FRPPRQHUVLFWLTGGDOFDZGPP,WLVFRPSDUHGWRDNQRWFXTGDXSRQD

SHUVRQ
VKHDUWUHOLJLRXVLQQRYDWLRQELGFDVWULYHVWRORRVHQDQGXQWLHWKLV
NQRWZKHUHDVNDODPSURWHFWVLWDO*KD]DOLUHIHUVLQWKLVFRQWH[WWRKLVNDODP
WUHDWLVHDO,TWLVGGIL
OLFWLTGG

7KHWKLUGOHYHOLPSOLHVHQYLVLRQLQJWKHVKDKGGDE\ZD\RIGLVFORVXUHELWDULT

DONDVKIE\PHDQVRI
H[SDQVLRQRIWKHFKHVW
LQVKLUGKDOVDGUDQG
LOOXPLQDWLRQE\WKHOLJKWRIWUXWKRU*RGQXUDOKDTT7KLVLVWKHVWDWLRQRI

WKRVH
GUDZQQHDU>WR*RG@
PDTGPDOPXTDUUDELQ7KH\VHHDOOWKLQJV
GHVSLWHWKHLUSOXUDOLW\DVRULJLQDWLQJIURPDVLQJOHVRXUFH*RG,QWKLVVWDJHRI

WDZKLG*RGLVWKHRQO\DJHQWIGFLOWRZKLFKDOORWKHUH[LVWHQWVDUHVXEMXJDWHG

PXVDNKNKDUXQ
WKLVLVZK\LWLVFDOOHGWDZKLGDOILFORUWDZKLGIL
OILF,
LWLV
WKLVVWDJHRIWDZKLGWKDWLVWKHIRXQGDWLRQRIWDZDNNXO

)LQDOO\WKHIRXUWKOHYHOLPSOLHVHQYLVLRQLQJ*RGDVWKHRQO\H[LVWHQW7KLVLV
WKHKLJKHVWSXUSRVHRIWDZKLGFDOOHG
WKHFRQWHPSODWLRQRIWKHULJKWHRXV

PXVKGKDGDWDOVLGGLTLQRULQ6XILSDUODQFH
REOLWHUDWLRQLQWDZKLG
DOIDQG

IL
OWDZKLGLQDVPXFKDVRQHZKRVHHVLQH[LVWHQFHQRWKLQJEXW*RGFHDVHVWR
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
VHHKLPVHOI,QWKLVVWDJHRQHVHHVWKHXQLYHUVHDONXOOQRWLQVRIDUDVLWLV
PDQ\EXWLQVRIDUDVLWLVRQHPLQKD\WKXLQQDKXZGKLG 7KLVFRQWHPSODWLRQ

LVVRPHWLPHVODVWLQJEXWPRUHRIWHQFRPHVDVDIODVKRIOLJKWQLQJ
,WLVLPSRUWDQWWRQRWHWKDWLQUHIHUULQJWRWKHIRXUWKOHYHORIWDZKLGDO*KD]DOLLVQRW

VSHDNLQJRIDSXUHO\VXEMHFWLYHVWDWHRIWKHP\VWLFZKREHLQJWRWDOO\GHYRWHGWRDQG

IRFXVHGRQ*RGVHHVQRWKLQJHOVHQRWHYHQKLPVHOILQH[LVWHQFHZKRVHYLVLRQ

KRZHYHUGRHVQRWFRUUHVSRQGWRWKHDFWXDOVWDWHRIDIIDLUVZKHUHERWK*RGDQG
FUHDWLRQH[LVW6XFKSXUHO\VXEMHFWLYLVWLFLQWHUSUHWDWLRQLJQRUHVWKHIDFWWKDWWKH
IRXUWKOHYHORIWDZKLGKDVIRUDO*KD]DOLDQLPSRUWDQWFRJQLWLYHFRQWHQWZKLFKKH

VHHNVWRDQDO\VHDQGH[SODLQLQUDWLRQDOWHUPVRUWKURXJKLPDJHVDVZHVKDOOVHH


EHORZ,WLVZLWKWKLVFRJQLWLYHFRQWHQWDQGWKHRQWRORJ\UHYHDOHGWKHUHLQQRW
PHUHO\ZLWKWKHSV\FKRORJLFDOVWDWHWKDWOHDGVWRLWVUHDOLVDWLRQWKDWKHLVSULPDULO\
FRQFHUQHG7KLVLVZK\KHLVQRWFRQWHQWZLWKWKH6XILGHVLJQDWLRQRIWKLVVWDWHDV


REOLWHUDWLRQ
IDQGZKLFKRYHUHPSKDVLVHVWKHVXEMHFWLYHDQGH[SHULHQWLDOVLGH
DQGLQVLVWVRQFDOOLQJLWWDZKLGHPSKDVLVLQJLWVRQWRORJLFDODVSHFW
,WLVIRUWKLVUHDVRQWRRWKDWDO*KD]DOLLVFDUHIXOWRUHMHFWDOWHUQDWLYHRQWRORJLFDO

LQWHUSUHWDWLRQVRIWKLVVWDWHKHZDQWVWRHQVXUHWKDWWKHRQWRORJ\LWUHYHDOVLV

DGHTXDWHO\LQWHUSUHWHGDQGXQGHUVWRRG7KLVLVWKHSXUSRVHRIWKHIROORZLQJ
FRPPHQWPDGHE\DO*KD]DOLLQWKH3HUVLDQOHWWHUPHQWLRQHGDERYHLQZKLFKKH

FULWLFLVHVWKH
HFVWDWLF
6XILVDO+DOODMGDQG$EX<D]LGDO%LVWDPLG
RUZKRLQKLVYLHZIDLOHGDGHTXDWHO\WRLQWHUSUHWWKHLU


H[SHULHQFH

7KRVHZKRKDYHUHDFKHGWKLVVWDJHDUHRYHUFRPHLQLWE\DVWDWH
VLPLODUWRLQWR[LFDWLRQVRNULDQGLQWKLVLQWR[LFDWLRQDUHSURQHWRHUU

LQWZRZD\V)LUVWWKH\PD\WKLQNWKDWWKHUHKDVRFFXUUHGD
FRQMXQFWLRQHWWHVGOL>ZLWK*RG@DQGH[SUHVVLWLQWHUPVRI>*RG
V@
LQGZHOOLQJKROXO>ZLWKLQWKHP@6HFRQGWKH\PD\WKLQNWKDWWKHUH

KDVRFFXUUHGDXQLRQHWWHKGGL>ZLWK*RG@WKH\KDYHEHFRPH>*RG@

+LPVHOIDQGWKHWZRKDYHEHFRPHRQH>OLNHWKRVHZKRVD\@7DP

WKH5HDO>LH*RG@
DQG
*ORU\EHWR0H
>LHDO+DOODMDQGDO
%LVWDPLUHVSHFWLYHO\@:KHQWKLVLQWR[LFDWLRQJLYHVZD\WRVREULHW\
WKH\XQGHUVWDQGWKDWWKH\KDYHEHHQLQHUURU>$O*KD]DOLWKHQJRHV
RQWRUHIXWHWKHVHLQWHUSUHWDWLRQVRQSKLORVRSKLFDOJURXQGV@

7KHQRWLRQWKDWLWLVQRWRQO\LQDP\VWLF
VVXEMHFWLYHH[SHULHQFHEXWDOVRLQDFWXDOLW\
WKDWLQWKHODVWDQDO\VLVWKHUHLVQRWKLQJLQH[LVWHQFHVDYH*RGLVDVWULNLQJRQHDQG

DO*KD]DOLLVYHU\PXFKDZDUHWKDWLWZLOOUDLVHVRPHH\HEURZV+HWKHUHIRUH
DWWHPSWVWRIRUHVWDOOFULWLFLVPE\RIIHULQJDYDULHW\RISDUWLDOEXWFRPSOHPHQWDU\

H[SODQDWLRQV7KHPRVWUHYHDOLQJRIWKHVHLVWREHIRXQGLQWKHILUVWSDUWRIWKH
0LVKNGWDQGLQWKH3HUVLDQOHWWHUPHQWLRQHGDERYH7KHVHWH[WVDUHFLWHGEHORZVLGH
E\VLGHWKHIRUPHULQSDUDSKUDVHWKHODWWHULQWUDQVODWLRQ

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DK
V0LVKNDWDODQZDU
0LVKNGW3DUWL""

3HUVLDQ/HWWHU

>"@$O*KD]DOLGHVFULEHVDKLHUDUFK\ >4XHVWLRQ@6N\HDUWKDQJHOVVWDUVGHPRQV
WDUWOERIOLJKWV7KLVKLHUDUFK\LVQRW

DOOH[LVW6RZKDWLVWKHPHDQLQJRI>WKH

PDQEDFDZZDOWKH/LJKWLQDQGRILWVHOI

*RG"

LQILQLWHEXWDVFHQGVWRD)LUVW6RXUFH
DOQXUOLGKGWLKLZDELGKDWLKLDERYH
ZKLFKWKHUHDUHQROLJKWVDQGIURPZKLFKWKH

HQWLUHKLHUDUFK\VKLQHVIRUWK7KLV/LJKW

VWDWHPHQW@WKDWWKHUHLVQRRWKHUH[LVWHQWVDYH

>$QVZHU@,IDNLQJRQWKHGD\RIDIHVWLYDO
ZHUHWRJRZLWKKLVVHUYDQWVWRWKHGHVHUWDQG

GHVHUYHVWKHQDPHRIOLJKWPRUHWKDQ JLYHHDFKRIWKHPDKRUVHDQGDQRXWILW
VHFRQGDU\OLJKWV

VLPLODUWRKLVRZQDQGLIVRPHRQHZHUHWR

VHHDOOWKLVDQGVD\
2KDOORIWKHPDUH

>"@0RUHRYHUWKHQDPH7LJKW
DVDSSOLHG HTXDOO\ZHDOWK\
RU
DOORIWKHPDUHULFK

WRRWKHUOLJKWVLVDSXUHPHWDSKRUPDMD] WKLVVWDWHPHQWZRXOGEHDQGDSSHDUFRUUHFW
PDKGVLQFHWKHLUOXPLQRVLW\LVERUURZHG >EXWRQO\@ZLWKUHJDUGWRVRPHRQHZKRGRHV

PXVWDFDUDIRULIFRQVLGHUHGLQWKHLU QRWNQRZZKDWLVEHKLQGWKHPDWWHU

HVVHQFHGKGWWKH\KDYHQROLJKW >+RZHYHU@VRPHRQHZKRNQRZVZKDWLV

ZKDWVRHYHUDQGWKHUHODWLRQRIWKHWKLQJ EHKLQGWKHPDWWHU>QDPHO\@WKDWWKLV

ERUURZHGWRWKHERUURZHULVDSXUHPHWDSKRU

SRVVHVVLRQDQGWKLVIDYRUKDYHEHHQJUDQWHG

QLVEDWDOPXVWDFDULOG
OPXVWDFOUPDMD] WR>WKHVHUYDQWV@DVDORDQFDUL\\DDQGWKDW
PDKG
>WKHNLQJ@KDYLQJSHUIRUPHGWKHKROLGD\
>"@1RQH[LVWHQFHLVXWPRVWGDUNQHVV
H[LVWHQFHLVXWPRVWOLJKW

SUD\HUZLOOWDNHWKHPDZD\DJDLQKHZRXOG

VD\
1RQHLVULFKVDYHWKHNLQJ
DQGKLV

VWDWHPHQWZRXOGEHFRUUHFWLQWKHUHDOVHQVH
7KLVLVEHFDXVHWKHUHODWLRQRIWKHORDQWRWKH

>"@([LVWHQFHLVGLYLGHGLQWRWZRNLQGV
H[LVWHQFHSURSHUWRDWKLQJDQGH[LVWHQFH ERUURZHULVPHWDSKRULFDOPDMD]LVRLQ
ERUURZHGIURPHOVHZKHUHPG,9OVKD\PLQ UHDOLW\KHUHPDLQVDVSRRUDVKHKDGEHHQ

>EHIRUHWKHORDQ@ZKLOHWKHOHQGHUUHPDLQVLQ
GKGWLKLZDPGODKXPLQJKD\ULKL7KDW
ZKLFKH[LVWVE\YLUWXHRIERUURZHGH[LVWHQFH FRQWURORIKLVZHDOWKGHVSLWHWKHPRQH\OHQW

LVSXUHQRQH[LVWHQFHFDGDPPDKGLI

FRQVLGHUHGLQLWVHVVHQFH*RGDORQHLVWKH

5HDO([LVWHQWDOPDZMXGDOKDTTDQGWKH

5HDO/LJKW

RXW

.QRZWKDWWKHH[LVWHQFHRIDOOWKLQJVLVD

ORDQFGUL\\DDQGFRPHVQRWIURPWKH

HVVHQFHRI>WKHVH@WKLQJVD]GKDWHFKL]KD
EXWIURP*RGZKLOHWKHH[LVWHQFHRI*RGLV
>"@7KHUHLVQRWKLQJLQH[LVWHQFHVDYH
*RG(YHU\WKLQJLVSHULVKLQJVDYH+LV)DFH HVVHQWLDOGKGW7DQGGRHVQRWRULJLQDWHIURP
>4@QRWSHULVKLQJDWDFHUWDLQ DQ\WKLQJHOVH5DWKHU+HLVWKH5HDO%HLQJ
PRPHQW>LQWKHIXWXUH@EXWIURPHWHUQLW\WR KDVWHEHKDTLTDWZKLOHDOORWKHUWKLQJV
DUH>RQO\@VHHPLQJEHLQJVKDVWHQRPD\
HWHUQLW\D]DODQZDDEDGDQ
ZLWKUHJDUGWRVRPHRQHZKRGRHVQRWNQRZ
>"@(DFKWKLQJKDVWZRIDFHVRQHWRZDUG WKDW>WKHLUH[LVWHQFH@LVDORDQ+RZHYHUKH
LWVHOIDQRWKHUWRZDUGLWV/RUG:LWKUHJDUG ZKRKDVXQGHUVWRRGWKHUHDOQDWXUHRIWKLQJV

WRWKHIRUPHULWLVQRQH[LVWHQFHZLWK

VHHVZLWKKLVRZQH\HVWKDW(YHU\WKLQJLV

7KHUHIRUHWKHUHLVQRH[LVWHQWVDYH*RGDQG

>SHULVKLQJ@IURPHWHUQLW\WRHWHUQLW\D]DODQ
YDDEDGDQQRW>PHUHO\@DWVRPHSDUWLFXODU
WLPH>LQWKHIXWXUH@,QGHHGDOOWKLQJVDWDOO
WLPHVDUHQRQH[LVWHQWPDFGXPDVIDUDV
WKHLUHVVHQFHLVFRQFHUQHGD]DQMDNHGKDWH
YH\DVWVLQFHQRQH[LVWHQFHDQGH[LVWHQFH
FRPHWRWKHPQRWIURPWKHLUHVVHQFHEXW

UHJDUGWRWKH)DFHRI*RGLWH[LVWV SHULVKLQJVDYH+LV)DFH>4@

+LV)DFH7KHUHIRUHHYHU\WKLQJLVSHULVKLQJ

VDYH+LV)DFH>4@IURPHWHUQLW\WR
HWHUQLW\

IURPWKHHVVHQFHRI*RG7KHUHIRUHWKLV
H[LVWHQFHLVPHWDSKRULFDOPDMD]LQRWUHDO
KDTLTL+HQFHWKHVWDWHPHQWWKDWWKHUHLV
QRRWKHUH[LVWHQWVDYH>*RG@LVFRUUHFW

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV

+HUHLQWKH0LVKNGWDQGWKH3HUVLDQOHWWHUDO*KD]DOLSURYLGHVWKHRUHWLFDO
MXVWLILFDWLRQIRUKLVUDGLFDOFODLPWKDW7KHUHLVQRWKLQJLQH[LVWHQFHVDYH*RG
WKH


ERUURZHG
DQGKHQFH
PHWDSKRULFDO
QDWXUHRIWKHH[LVWHQFHRIFUHDWHGWKLQJV
:KDWLVWKHRULJLQRIWKLVLGHD",QRUGHUWRDQVZHUWKLVTXHVWLRQOHWXVQRWLFHWKDW
ZKLOHFRQVRQDQWZLWKLPSRUWDQWGHYHORSPHQWVZLWKLQWKH6XILWUDGLWLRQDO*KD]DOL
V

PRQLVWLFRQWRORJ\LVFULWLFDORIVRPHDVSHFWVRIWKDWWUDGLWLRQWKHHFVWDWLF
SURQRXQFHPHQWVRIDO+DOODMDQGDO%LVWDPLDVZHOODV6XILWHUPLQRORJ\DQGRQWKH
RWKHUKDQGFDQEHVKRZQWRVWDQGRQDILUPSKLORVRSKLFDOIRXQGDWLRQ6SHFLILFDOO\LW
EHDUVDVWULNLQJVWUXFWXUDOUHVHPEODQFHWRDQGLQWHJUDWHVLPSRUWDQWHOHPHQWVRI

$YLFHQQD
VPHWDSK\VLFVHVSHFLDOO\$YLFHQQD
VTXLGGLW\H[LVWHQFHGLVWLQFWLRQDQG
WKHSURRIIRUWKHH[LVWHQFHRI*RG

$FFRUGLQJWR$YLFHQQDLWLVQRWWRWKHLUTXLGGLWLHV
ZKDWQHVVHV
PGKL\\GWWKDW
PRVWH[LVWHQWVRZHWKHLUH[LVWHQFHIRULIWKH\GLGWKH\ZRXOGH[LVWQHFHVVDULO\LQ
YLUWXHRIZKDWWKH\DUHDQGFRXOGQRWQRWH[LVW6LQFHKRZHYHUWKLVLVSDWHQWO\QRW
WKHFDVHWKHLUH[LVWHQFHPXVWEHGXHWRDQH[WHUQDOHIILFLHQWFDXVHLWLV
ERUURZHG

LQDO*KD]DOL
VWHUPLQRORJ\$V$YLFHQQDGHPRQVWUDWHVWKHFKDLQRIHIILFLHQWFDXVHV
FDQQRWEHLQILQLWHDQGPXVWKDYHDEHJLQQLQJWKHILUVWHIILFLHQWFDXVHLH*RGZKR

DORQHLV
QHFHVVDU\RIH[LVWHQFH
ZGMLEDOZXMXGWKDWLVQHFHVVDULO\H[LVWHQWLQ
YLUWXHRIZKDW+HLVOLGKGWLKLDQGQRWPHUHO\
SRVVLEOHRIH[LVWHQFH
PXPNLQDO
ZXMXGWKDWLVFDSDEOHRIERWKH[LVWHQFHDQGQRQH[LVWHQFHDVWKHUHVWRIH[LVWHQWV

,WFDQEHVHHQWKDWLQWKHSDVVDJHVFLWHGDERYHDO*KD]DOL
VGLVFXVVLRQIROORZVWKH
VWUXFWXUHDQGFRQFHSWXDOIUDPHZRUNRI$YLFHQQD
VDUJXPHQWTXLWHFORVHO\ZLWKRQO\
RFFDVLRQDOPRGLILFDWLRQVDQG
UHQDPLQJ
RIVRPHRIWKHFRQFHSWV

$O*KD]DOL
V
OLJKW
LQWKH0LVKNGWSDVVDJHLVDQRWKHUWHUPIRUH[LVWHQFHDV
DO*KD]DOLKLPVHOIPDNHVFOHDULQ0LVKNGW3DUW"

7KHKLHUDUFK\RIOLJKWVHPDQDWLQJOLJKWXSRQRQHDQRWKHUFRUUHVSRQGVWR
$YLFHQQD
VFKDLQRIHIILFLHQWFDXVHVEHVWRZLQJH[LVWHQFHXSRQRQHDQRWKHU
7KH)LUVW6RXUFHRIWKHVHOLJKWVFRUUHVSRQGVWR$YLFHQQD
VILUVWHIILFLHQWFDXVH

7KH
ERUURZHG
QDWXUHRIH[LVWHQFHFRUUHVSRQGVWRWKHIDFWWKDWLQ$YLFHQQD
V
V\VWHPH[LVWHQFHLVEHVWRZHGXSRQDTXLGGLW\E\DQH[WHUQDOHIILFLHQWFDXVH
DQGXOWLPDWHO\E\WKH)LUVW&DXVH

7KHSHUSHWXDO
SHULVKLQJ
RIDOOH[LVWHQWVFRUUHVSRQGVWRWKHLU
SRVVLEOH
QDWXUH

LPNGQLQ$YLFHQQD
VV\VWHP7KLVH[SODLQVZK\DFFRUGLQJWRDO*KD]DOL
WKHLUSHULVKLQJLV
IURPHWHUQLW\WRHWHUQLW\
D]DODQZDDEDGDQDOWKRXJKLQ
FRQWUDGLVWLQFWLRQWR$YLFHQQDDO*KD]DOLVHHVWKHZRUOGDVFUHDWHGLQWLPHWKH
ZRUOG
VSRVVLEOHQDWXUHWKDWLVLWVEHLQJFDSDEOHRIH[LVWHQFHRUQRQH[LVWHQFH
LVQHYHUWKHOHVVHWHUQDO

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
)LQDOO\WKHWZR
IDFHV
RIH[LVWHQWVGLUHFWHGDWWKHPVHOYHVDQGDW*RG
FRUUHVSRQGWRWKHLUTXLGGLW\DQGH[LVWHQFHUHVSHFWLYHO\7KH
)DFHRI*RG
LV

WKHIORZRIH[LVWHQFHLQFUHDWHGWKLQJV
)XUWKHUPRUHRQVHYHUDORFFDVLRQV$YLFHQQDFODLPVWKDWFRQWLQJHQWH[LVWHQWVWDNHQ

LQWKHPVHOYHVDUH
YRLG
EDWLODDQG
GHVHUYHQRQH[LVWHQFH
WDVWDKLTTXFDGDP
,QWKHIROORZLQJUHPDUNDEOHSDVVDJHIURP,OGKL\\GW%RRN&KDSWHUKHHYHQXVHV

WKHFRQFHSWRI
IDFH
DQGTXRWHVWKHVDPH4XU
DQLFD\D4WRVXEVWDQWLDWH
WKLVFODLP

>7KH1HFHVVDU\RI([LVWHQFH@LVVRPHWLPHVDOVRFDOOHG5HDOKDTT
VLQFHWKHEHOLHILQ,WVH[LVWHQFHLVUHDO0RUHRYHUWKHUHLVQRWKLQJ

PRUHGHVHUYLQJWKLVUHDOLW\DKDTTELKGGKLKL
OKDTLTDWKDQ7KDW
WKHEHOLHILQZKRVHH[LVWHQFHLVUHDODQGQRWRQO\UHDOEXWHWHUQDODQG
QRWRQO\HWHUQDOEXWLVDOVRGXHWR,WVHOIQRWWRDQRWKHU7KHTXLGGLWLHV

RIRWKHUWKLQJVKRZHYHUGRQRWGHVHUYHH[LVWHQFHODWDVWDKLTTX

ZXMXG?UDWKHUWDNHQLQWKHPVHOYHVZKHQWKHLUUHODWLRQWRWKH

1HFHVVDU\RI([LVWHQFHLVVHYHUHGWKH\GHVHUYHQRQH[LVWHQFH
WDVWDKLTTX
,FDGDP7KLVLVZK\WKH\DUHDOOYRLGEDWLODLQ
WKHPVHOYHVDQGUHDOKDTTDE\,WEHFRPLQJDFWXDOLVHGZLWKUHVSHFW
WRWKHIDFHWKDWLVDGMDFHQWWR,WZDEL
OTL\GVLOD
OZDMKDOODGKL\DOLKL
KDVLOD7KLVLVZK\HYHU\WKLQJLVSHULVKLQJVDYH+LV)DFH>4@

DQGWKXV+HLVPRUHGHVHUYLQJ>WKDQDQ\WKLQJHOVH@WREH>WKH@5HDO

DKDTTELDQ\DNXQDKDTTDQ
$O*KD]DOIVXVHRIWKHFRQFHSWRI
IDFH
LQWKH0LVKNGWDQGRIWKH4XU
DQLFSKUDVH

HYHU\WKLQJLVSHULVKLQJVDYH+LV)DFHXQGRXEWHGO\JRHVEDFNWRWKLVDQGVLPLODU
$YLFHQQLDQSDVVDJHV,WLVDOVRZRUWKQRWLQJWKDWZKHQDO*KD]DOLVSHDNVRIWKH

IRXUWKGHJUHHRIWDZKLGKHXVXDOO\FDOOV*RG
WKH2QHWKH5HDO
DOZGKLGDO
KDTTSURYLGLQJDGLUHFWOLQNWRWKLVSDVVDJHE\$YLFHQQDLQZKLFK*RG
VQDPH


WKH5HDO
LVDQDO\VHG0RUHRYHULQKLVFRPPHQWDU\RQWKH'LYLQH1DPHVDO
0DTVDGDODVQGILVKDUKPDFGQLDVPD$OODKDOKXVQGDZRUNZULWWHQDIWHUWKH
,K\DEXWSULRUWRWKH0LVKNGWDO*KD]DOLH[SODLQVWKDWWKHQDPHDOKDTTUHIHUVWR
WKHHVVHQFHGKGWRI*RGLQVRIDUDVLWLVQHFHVVDU\RIH[LVWHQFHZDMLEDWDOZXMXG

DJDLQDOOXGLQJWR$YLFHQQD$OOWKLVOHDYHVDO*KD]DOIVGHEWWR$YLFHQQDEH\RQG
UHDVRQDEOHGRXEW
7KHIRXUWKGHJUHHRIWDZKLGUHSUHVHQWVWKHUHIRUHDQLQWHUSUHWDWLRQDUDGLFDO
LQWHUSUHWDWLRQRQHPD\DGGRI$YLFHQQD
VPHWDSK\VLFV7KLVLQWHUSUHWDWLRQLVD

PRQLVWLFRQH
7KHUHLVQRWKLQJLQH[LVWHQFHVDYH*RG
(YHQWKRXJKWKLV
LQWHUSUHWDWLRQGRHVQRWGRMXVWLFHWR$YLFHQQD
VV\VWHPDVDZKROHZHGRILQGLQ
$YLFHQQDSDVVDJHVVXFKDVWKHRQHMXVWTXRWHGWKDWFDQEHWDNHQWRVXSSRUWWKLV

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
YLHZ,WLVSULPDULO\RQVXFKSDVVDJHVWKDWDO*KD]DOL
VPRQLVWLFLQWHUSUHWDWLRQRI
WDZKLGLVEDVHG

0RQRWKHLVP&RPPHQWDU\RQ3DVVDJH%
/HWXVQRZWXUQWR3DVVDJH%DQGWKHPRQRWKHLVWLFSHUVSHFWLYH+HUPDQQ/DQGROWLQ
KLVLPSRUWDQWVWXG\RQWKH0LVKNGW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIW?SXEOLVKHG

LQSRLQWHGRXWWKDWWKLVSDVVDJHLVFORVHO\UHODWHGWRWKHWKLUGSDUWWKHVR
FDOOHG
9HLO6HFWLRQ
RIWKH0LVKNGW7KLVVHFWLRQLVGHYRWHGWRDQLQWHUSUHWDWLRQ

RIWKH9HLOV+DGLWK
*RGKDV>LQVRPHYHUVLRQV@YHLOVRIOLJKWDQG
GDUNQHVVZHUH+HWROLIWWKHPWKHJORULHVRI+LV)DFHZRXOGEXUQXSHYHU\RQH

ZKRVHVLJKWSHUFHLYHG+LP
)ROORZLQJWKLVKDGLWKDO*KD]DOLSUHVHQWVD
FODVVLILFDWLRQRIKXPDQEHLQJVLQWRIRXUFDWHJRULHVWKRVHYHLOHGIURP*RGE\
SXUHGDUNQHVVWKRVHYHLOHGE\GDUNQHVVPL[HGZLWKOLJKWWKRVHYHLOHGE\SXUH
OLJKWDQGILQDOO\WKHDWWDLQHUVDOZGVLOXQ,WLVHVVHQWLDOIRURXUSXUSRVHVWRGHDO

ZLWKWKHODVWWZRFDWHJRULHVLQGHWDLO
7KHWKLUGFDWHJRU\LVGLYLGHGLQWRWKUHHJURXSVILUVWWKRVHJURXSZKRNQRZWKH

WUXHPHDQLQJRIWKHGLYLQHDWWULEXWHVVXFKDVVSHHFKZLOOSRZHUDQGNQRZOHGJH
DQGUHDOLVHWKDWWKHUHLVQRFRQQHFWLRQEHWZHHQWKHDSSOLFDWLRQRIWKHVHWHUPVWR*RG

DQGWRRWKHUH[LVWHQWVLQFOXGLQJKXPDQV+HQFHWKH\DYRLGQDPLQJ*RGE\WKHVH
DWWULEXWHVDQGUHIHUWR+LPPHUHO\WKURXJKWKHUHODWLRQLGGID+HKDVWRFUHDWHG
EHLQJVDVGLG0RVHVLQKLVUHVSRQVHWR3KDUDRK
VTXHVWLRQ
:KDWLVWKH/RUGRIWKH
ZRUOGV"
47KLVJURXSEHOLHYHVWKDWWKH/RUGWUDQVFHQGVWKHPHDQLQJVRI
WKHDWWULEXWHVDQGLVWKHPRYHUDQGFDUHWDNHURIWKHKHDYHQVPXKDUULNDOVDPGZGW

ZDPXGDEELUXKG
7KHVHFRQGJURXSUHDOLVHVWKDWWKHUHLVSOXUDOLW\LQWKHKHDYHQVDQGWKDWHDFK
VSKHUHLVPRYHGE\DVHSDUDWHDQJHOWKHDQJHOVEHLQJPXOWLSOHDQGDQDORJRXVWRVWDUV

QLVEDWXKXPLOG>UHDGIW"@DODQZDUDOLODKL\\DQLVEDWDONDZGNLE+HQFHWKH\
FRQFOXGHWKDWWKH/RUGLVWKHPRYHURIWKHRXWHUPRVWFHOHVWLDOERG\HQFRPSDVVLQJDOO

WKHVSKHUHVDOMLUPDODTVGDOPXQWDZOFDOG
ODIOGNNXOOLKGZKRLVXQWRXFKHGE\

SOXUDOLW\
7KHWKLUGJURXSUHDOLVHVWKDWWKHPRYHURIWKHRXWHUPRVWFHOHVWLDOERG\FDXVHV
WKHPRWLRQRIWKHKHDYHQVGLUHFWO\^ELWDULTDOPXEGVKDUD6LQFHLWLVQRWILWWLQJIRU

WKH/RUGWREHWKHGLUHFWFDXVHRIPRWLRQWKHPRYHURIWKHRXWHUPRVWFHOHVWLDOERG\
FDQQRWEHWKH/RUGEXWDQDQJHOVWDQGLQJDWWKH/RUG
VVHUYLFHDQGDQDORJRXVWRWKH
BB

PRRQQLVEDWXKXLOG>UHDGII@DODQZDUDOLODKL\\DDOPDKGDQLVEDWDOTDPDU
7KH\EHOLHYHWKDWWKH/RUGLVWKH%HLQJWKDWLVREH\HGE\WKLVPRYHUDOPXWGFPLQ

MLKDWKGGKG
OPXKDUULNDQGPRYHVWKHXQLYHUVHQRWGLUHFWO\EXWE\ZD\RI
FRPPDQGELWDULTDODPU

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
6RIDUWKHWKUHHIROGGLYLVLRQRIWKHWKLUGFDWHJRU\)LQDOO\WKHIRXUWKFDWHJRU\JURXS

WKHDWWDLQHUVDUHWKRVHZKRUHDOLVHWKDWHYHQWKLVREH\HGRQHDOPXWGFKDVD

TXDOLW\WKDWLVDWRGGVZLWKSXUHVLQJXODULW\
RQDFFRXQWRIDVHFUHWWKDWFDQQRWEH

GLVFORVHGLQWKLVERRN
DQGWKDWWKHREH\HGRQHLVDQDORJRXVWRWKHVXQDPRQJ
>VHQVLEOH@OLJKWVQLVEDWKDGKD
OPXWGFQLVEDWDOVKDPVIL
ODQZDU7KLVLVZK\

WKH\WXUQWKHLUIDFHVDZD\IURPWKHPRYHUVRIWKHKHDYHQVWKHPRYHURIWKH
RXWHUPRVWFHOHVWLDOERG\DQGWKHREH\HGRQHE\ZKRVHFRPPDQGLWLVPRYHG
WRZDUG+LPZKRFUHDWHGIDWDUDWKHPDOO

$VQRWHGE\/DQGROWERWK3DVVDJH%DQGWKH9HLO6HFWLRQDUHSDUDOOHOWRDQGEDVHG

RQ$EUDKDP
VJUDGXDODVFHQWWREHOLHILQ*RGLQ4$FFRUGLQJWRWKH
4XU
DQLFSDVVDJH$EUDKDPVDZDVWDUDQGGHFODUHG
7KLVLVP\/RUG^KDGKDUDEEL

4\HWZKHQWKHVWDUGLVDSSHDUHGEHQHDWKWKHKRUL]RQ$EUDKDPVDLGGR

QRWOLNHWKRVHWKDWVHWDODIGLQ
47KHQWKHPRRQURVHDQG$EUDKDP
GHFODUHGDJDLQ
7KLVLVP\/RUG
4EXWWKHPRRQVHWWRR1H[WWKHVXQ
DSSHDUHGDQG$EUDKDPH[FODLPHG
7KLVLVP\/RUG>IRU@WKLVLVJUHDWHU
4
)LQDOO\DIWHUWKHVXQGLVDSSHDUHGDVZHOO$EUDKDPUHQRXQFHGDOOIRUPVRILGRODWU\
DQGSURFODLPHGWXUQP\IDFHDVDWUXHEHOLHYHUWR+LPZKRFUHDWHGWKHKHDYHQV

DQGWKHHDUWK
4

,QWKHFDVHRI3DVVDJH%WKH4XU
DQLFVXEVWUDWXPLVHYLGHQWVLQFHWKLVSDVVDJH
DOOXGHVWR$EUDKDP
VDVFHQWWREHOLHILQ*RGE\TXRWLQJWKHUHOHYDQWD\DV,QWKH
FDVHRIWKH9HLO6HFWLRQWRRWKHWKUHHIROGGLYLVLRQRIWKRVHYHLOHGE\SXUHOLJKWLV

EDVHGRQWKH4XU
DQLFDFFRXQWRI$EUDKDP
VDVFHQW7KHWKUHHJURXSVDQG
DUHGLIIHUHQWLDWHGDFFRUGLQJWRZKLFKDPRQJWKH/RUG
VDQJHOVWKH\PLVWDNHQO\
EHOLHYHWREHWKH/RUGZKHWKHUWKHPRYHUVRIWKHKHDYHQVDQDORJRXVWRWKHVWDUV

JURXSRUWKHPRYHURIWKHRXWHUPRVWFHOHVWLDOERG\DQDORJRXVWRWKHPRRQ
JURXSRUWKHREH\HGRQHDQDORJRXVWRWKHVXQJURXS)LQDOO\WKHIRXUWK
FDWHJRU\WKHDWWDLQHUVJREH\RQGDOOWKHVHDQGWXUQWKHLUIDFHVWRZDUG+LPZKR
FUHDWHGWKHPDOODV$EUDKDPGLG

:KDWPDNHVWKHFRQQHFWLRQEHWZHHQ3DVVDJH%DQGWKH9HLO6HFWLRQHYHQFORVHULV
WKDWLQ3DVVDJH%DO*KD]DOLLVQRWVSHDNLQJRISK\VLFDOOLJKWVWKHVWDUVWKHPRRQ
DQGWKHVXQEXWRIDVSLULWXDODQGDQJHOLFKLHUDUFK\WKDWUXQVSDUDOOHOWRWKHSK\VLFDO

RQH7KH
VWDU
WKH
PRRQ
DQGWKH
VXQ
WKDWWKH
WUDYHOOHU
HQFRXQWHUVRQKLVZD\

DUHQRWWKHSK\VLFDOVWDUPRRQDQGVXQEXWWKHVSLULWXDOVXEVWDQFHVDQJHOV
FRUUHVSRQGLQJWRWKHVH7KH
WUDYHOOHU
LQIDFWHQFRXQWHUVLQVXFFHVVLRQWKHYHU\
VDPHWKUHHDQJHOVWKDWWKHWKUHHJURXSVDQGPLVWDNHQO\YLHZDVWKH/RUG

:K\GRHVWKHWUDYHOOHUWXUQDZD\IURPWKH
VXQ
LHIURPWKH
VXQDQJHO
 WKH

REH\HGRQHRIWKHWKLUGSDUWRIWKH0LVKNGW"$FFRUGLQJWR/DQGROWKHGRHVVR
EHFDXVHWKH
VXQ>DQJHO@
LV
JUHDWHUDQGKLJKHUWKDQWKHPRRQ>DQJHO@
DQGEHLQJ

UHODWHGWRVRPHWKLQJOHVVSHUIHFW
WKDQLWVHOILVLWVHOILPSHUIHFW7KLVKRZHYHULV

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV

QRWSUHFLVHO\ZKDWDO*KD]DOLVD\V$O*KD]DOL
VWH[WUHDGVWRTXRWH3DVVDJH%

DJDLQ
+HDVFHQGVLQWKHVDPHPDQQHUWLOOKHUHDFKHVWKH>DQJHO@ZKRVH
LPDJHPLWKGOLVWKHVXQ+HVHHVWKDWLWLVJUHDWHUDQGKLJKHU>WKDQ
WKHSUHYLRXVDQJHO@\HWKHVHHVWKDWLW>WRR@DGPLWVRIKDYLQJDQLPDJH

WKURXJKSRVVHVVLQJDNLQGRIDQDORJRXVFRUUHVSRQGHQFHPXQDVDED
ZLWKLW%XWDQDORJRXVFRUUHVSRQGHQFHZLWKVRPHWKLQJLPSHUIHFWLV
DOVRDQLPSHUIHFWLRQDQGD
VHWWLQJ
>XIXOFI4@7KLVLVZK\KH

VD\V
WXUQP\IDFHDVDWUXHEHOLHYHUWR+LPZKRFUHDWHGWKH
KHDYHQVDQGWKHHDUWK
>4@
,WLVFOHDUWKDWWKHLPSHUIHFWLRQRIWKHVXQDQJHOGHULYHVQRWIURPWKHIDFWWKDWLWLV

JUHDWHUDQGKLJKHUWKDQWKHPRRQDQJHODV/DQGROWLQWHUSUHWVLWEXWIURPWKHIDFW
WKDWWKLVDQJHOKDVDSK\VLFDOLPDJHPLWKGOWKHVXQZLWKZKLFKLWKDVDQDORJRXV
FRUUHVSRQGHQFHPXQDVDED7KLVLQP\YLHZKHOSVVROYHRQHRIWKHSX]]OHVRIWKH
9HLO6HFWLRQQDPHO\ZK\DO*KD]DOLUHIUDLQVIURPLGHQWLI\LQJWKHREH\HGRQHZLWK
WKH/RUGWKHREH\HGRQHIDOOVVKRUWRIWKHXOWLPDWHSHUIHFWLRQSUHFLVHO\EHFDXVHLW

VWLOOKDVDQLPDJHLQWKHVHQVLEOHZRUOGWKHVXQ7KLVPD\EHWKHPHDQLQJRIDO
*KD]DOL
VVWDWHPHQWTXRWHGHDUOLHUWKDW
WKHREH\HGRQHKDVDTXDOLW\WKDWLVDWRGGV
ZLWKSXUHVLQJXODULW\DQGXWPRVWSHUIHFWLRQRQDFFRXQWRIDVHFUHWWKDWFDQQRWEH

GLVFORVHGLQWKLVERRN


$FFRUGLQJWR3DVVDJH%RQO\*RG+LPVHOIWUDQVFHQGVDQ\DQDORJRXV
FRUUHVSRQGHQFH*RGLVWKH
+HZKR
DOODGKORIWKH4XU
DQLFD\DWKDWGHVFULEHV
WKHODVWVWDJHRI$EUDKDP
VDVFHQWKDYHWXUQHGP\IDFHDVDWUXHEHOLHYHUWR+LP

ZKR,9OODGKOFUHDWHGWKHKHDYHQVDQGWKHHDUWK

4DQG
+HZKR
LVDQ
XQVSHFLILFUHIHUHQFHLVKGUDPXEKDPDZKRVHUHIHUHQWFDQKDYHQRDQDORJRXV
FRUUHVSRQGHQFH,QGHHGDO*KD]DOLH[SODLQVLIVRPHRQHZHUHWRDVN
ZKDWLVWKH
LPDJHPLWKGORIWKHUHIHUHQWPDIKXPRI+HZKR"
WKLVTXHVWLRQZRXOGKDYHQR

FRQFHLYDEOHDQVZHU
$VDO*KD]DOLIXUWKHUH[SODLQVWKHWHUPV
KHDYHQV
DQG
HDUWK
VWDQGIRUWKHWZR
ZRUOGVWKHVSLULWXDOLQWHOOLJLEOH
ZRUOGRIFRQFHDOPHQWDQGWKH>GLYLQH@NLQJGRP

FGODPDOJKD\EZD
OPDODNXWDQGWKHERGLO\VHQVLEOH
ZRUOGRISRVVHVVLRQDQG

PDQLIHVWDWLRQ
FGODPDOPXONZD
OVKDKGGD7KXVDO*KD]DOL
VH[HJHVLVRI

4LPSOLHVWKDWDOWKRXJKWKHUHLVDQDORJRXVFRUUHVSRQGHQFHPXQDVDED
EHWZHHQWKHZRUOGVWKHVHQVLEOHZRUOGFRQVLVWLQJRILPDJHVDPWKLODRIWKH
LQWHOOLJLEOHRQH+HZKRFUHDWHGWKHVHZRUOGVDOODGKOIDWDUD
OVDPGZGWLZD
ODUG
KDVQRLPDJHDQGWUDQVFHQGVPXWDQD]]LKDQ\DQDORJRXVFRUUHVSRQGHQFH

,WPLJKWEHXVHIXODWWKLVSRLQWWRPDNHDQH[FXUVXVRQDO*KD]DOL
VWKHRU\RI
DQDORJRXVFRUUHVSRQGHQFHPXQDVDEDRUSDUDOOHOLVPPXZG]DQDEHWZHHQWKHWZR

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
ZRUOGVWRZKLFKKHUHVRUWVLQWKLVSDVVDJH,QWKHVHFRQGSDUWRIWKH0LVKNDWWKH
IROORZLQJH[SODQDWLRQLVSURYLGHG
'LYLQHPHUF\DOUDKPDDOLOGKL\\DPDGHWKHZRUOGRIPDQLIHVWDWLRQ

SDUDOOHOWRFDOGPXZD]DQDWKHZRUOGRI>GLYLQH@NLQJGRPVRWKDW

WKHUHLVQRWKLQJLQWKLVZRUOGWKDWLVQRWDQLPDJHPLWKDORI

VRPHWKLQJLQWKHZRUOGRINLQJGRP6RPHWLPHVRQHDQGWKHVDPH
WKLQJ>LQWKHZRUOGRIPDQLIHVWDWLRQ@LVDQLPDJHRIVHYHUDOWKLQJVLQ
WKHZRUOGRI>GLYLQH@NLQJGRPDQGVRPHWLPHVRQHDQGWKHVDPHWKLQJ

LQWKHZRUOGRI>GLYLQH@NLQJGRPKDVPDQ\LPDJHVLQWKHZRUOGRI
PDQLIHVWDWLRQ,QRUGHUWREHDQLPDJHDWKLQJKDVWREHDUVRPHNLQG
RIOLNHQHVVWRPXPGWKDODDQGPDWFKPXWGEDTD>WKDWZKRVHLPDJH
LWLV@
2QWKHHSLVWHPRORJLFDOOHYHOWKHDQDORJRXVFRUUHVSRQGHQFHEHWZHHQWKHWZRZRUOGV
LVKLJKO\VLJQLILFDQWIRULILWGLGQRWH[LVWRQHZRXOGEHXQDEOHWRDVFHQGWRWKHZRUOG

RI>GLYLQH@NLQJGRPDWDOO7KLVLVZK\DO*KD]DOLUHJDUGVWKLVDQDORJRXV
FRUUHVSRQGHQFHDVDVLJQRIGLYLQHPHUF\2QWKHRQWRORJLFDOOHYHOWKHDQDORJRXV

FRUUHVSRQGHQFHEHWZHHQWKHWZRZRUOGVUHVXOWVIURPWKHIDFWWKDWWKHZRUOGRI
PDQLIHVWDWLRQLVFDXVHGE\WKHZRUOGRINLQJGRPDQGDVDO*KD]DOLVD\V
WKHFDXVHG
LVDOZD\VSDUDOOHOWRPXZG]GLWKHFDXVHDQGLPLWDWHVPXKGNGWLWLQVRPHZD\EH

LWSUR[LPDWHRUUHPRWH
,QRWKHUZRUGVWKHLPDJHFRUUHVSRQGVWRWKDWZKRVHLPDJH
LWLVSUHFLVHO\EHFDXVHLWLVFDXVHGE\LWDQGKHQFHUHFHLYHVLWVLPSULQW

$WWKLVSRLQWZHQHHGWRDVNRXUVHOYHVKRZLQDO*KD]DOIVYLHZDQLPDJH
FRUUHVSRQGVWRWKDWZKRVHLPDJHLWLV":KDWNLQGRIDQDORJRXVFRUUHVSRQGHQFHGRHV
WKHREH\HGRQHIRULQVWDQFHKDYHWRWKHSK\VLFDOVXQ"7KHDQVZHUWRWKLVTXHVWLRQ
FDQEHIRXQGLQDO*KD]DOIVGLVFXVVLRQRIWKHXVHRILPDJHVLQDGLIIHUHQW\HWUHODWHG

ILHOGWKDWRIGUHDPVDQGGUHDPLQWHUSUHWDWLRQ6LJQLILFDQWO\WKLVGLVFXVVLRQWRR
RFFXUVLQWKHVHFRQGSDUWRIWKH0LVKNDWLPPHGLDWHO\DIWHUWKHGLVFXVVLRQRIWKH

WUDYHOOHU
VHQFRXQWHUZLWKWKHWKUHHDQJHOV
7KHVFLHQFHRIGUHDPLQWHUSUHWDWLRQILOPDOWDFELUZLOOWHDFK\RX
KRZLPDJHVDUHFRLQHGPLQKDMGDUEDOPLWKDOIRUGUHDPUX"\GLVD

SDUWRISURSKHF\'R\RXQRWVHHWKDWLQDGUHDPWKHVXQLVWREH
LQWHUSUHWHGDVDVXOWDQEHFDXVHWKH\VKDUHDQGDUHVLPLODULQDO

PXVKDUDNDZDOPXPGWKDODDVSLULWXDOPHDQLQJPDFQDUXKGQL

QDPHO\EHLQJDERYHDOODOLVWLFOG"FDOG-ONGIIDDQGKDYLQJWKHLU

HIIHFWVHPDQDWLQJRQDOO>WKHUHVW@>6LPLODUO\@WKHPRRQLVWREH
LQWHUSUHWHGDVDPLQLVWHUIRUZKLOHWKHVXQLVDEVHQWLWHPDQDWHVLWV
OLJKWXSRQWKHZRUOGWKURXJKWKHPHGLDWLRQRIWKHPRRQMXVWDVWKH

VXOWDQHPDQDWHVKLVOLJKWVXSRQWKRVHZKRDUHDEVHQWIURPKLV
SUHVHQFHWKURXJKWKHPHGLDWLRQRIWKHPLQLVWHU

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
)URPWKLVSDVVDJHZHOHDUQWKDWDO*KD]DOIV
LPDJH
PLWKGOGRHVQRWUHVHPEOHWKDW

ZKRVHLPDJHLWLVLQDQ\GLUHFWVHQVHEXWWKURXJKVKDULQJWKHVDPH
VSLULWXDO
PHDQLQJ
RULQPRGHUQWHUPVDQDEVWUDFWTXDOLW\)XUWKHUPRUHDQGWKLVLV
LPSRUWDQWWKLVTXDOLW\LVUHODWLRQDODQGUHIHUVWRWKHUROHWKHWZRDQDORJXHVSOD\LQ
WKHLUUHVSHFWLYHV\VWHPV7KHRQO\VHQVHLQZKLFKWKHVXOWDQIRULQVWDQFHLVVLPLODU
WRWKHVXQLVWKDWWKH\VKDUHDQDEVWUDFWTXDOLW\
EHLQJDERYHDOO
DQGSHUIRUPWKH
VDPHIXQFWLRQLQDQGUHODWHLQWKHVDPHZD\WRRWKHUPHPEHUVRIWKHLUUHVSHFWLYH
V\VWHPVWKHVXOWDQWRWKHPLQLVWHUDQGWKHVXEMHFWVDQGWKHVXQWRWKHPRRQDQGWKH

VXEOXQDUZRUOG$O*KD]DOIVDQDORJRXVFRUUHVSRQGHQFHPXQDVDEDLVWKHUHIRUH

V\VWHPLFWKHWZRV\VWHPVLQWKLVFDVHWKHV\VWHPRIDFRXQWU\
VDGPLQLVWUDWLRQDQG
WKHV\VWHPRIFHOHVWLDOOXPLQDULHVFRUUHVSRQGWRHDFKRWKHUDVDZKROH

7KLVKROGVWUXHDOVRIRUFRVPRORJLFDOV\PEROLVPWKHVLPLODULW\RIWKHREH\HGRQHWR
WKHVXQLVQRWGLUHFW5DWKHUWKH\VKDUHWKHVDPHDEVWUDFWTXDOLW\
EHLQJDERYHDOO

DJDLQDQGWKHVDPHIXQFWLRQHPDQDWLQJOLJKWVXSRQWKHDQJHORUWKHOXPLQDU\
LPPHGLDWHO\EHQHDWKWKHP+HUHWRRWKHDQDORJRXVFRUUHVSRQGHQFHLVV\VWHPLFWKH
WZRV\VWHPVWKDWRIVSLULWXDOOLJKWVDQGWKDWRIFHOHVWLDOOXPLQDULHVFRUUHVSRQGWR
HDFKRWKHUDVDZKROH

,WLVLQWKLVVHQVHWKDW*RGLVVDLGWRKDYHQRLPDJHDQGWUDQVFHQGDQ\DQDORJRXV

FRUUHVSRQGHQFHQRDEVWUDFWTXDOLW\SHUWDLQLQJWRFUHDWHGEHLQJVQRWHYHQWKH
REH\HGRQH
VTXDOLW\RI
EHLQJDERYHDOO
FDQEHOHJLWLPDWHO\SUHGLFDWHGRI*RG
ZKRVHIXQFWLRQLQWKHXQLYHUVHDVLWV&UHDWRUKDVQRFRXQWHUSDUWZLWKLQWKHFUHDWHG
XQLYHUVHLWVHOI

0RQLVPDQG0RQRWKHLVP7KH5HODWLRQVKLS%HWZHHQWKH7ZR3HUVSHFWLYHV
,KRSHWRKDYHVKRZQWKDWERWKWKHPRQLVWLFDQGWKHPRQRWKHLVWLFSHUVSHFWLYHDUH
SUHVHQWLQDO*KD]DOIV0LVKNGWDODQZDU,WPLJKWEHXVHIXODWWKLVSRLQWWRGLVFXVV
KRZWKHWZRDUHUHODWHG,WKHUHIRUHVXJJHVWORRNLQJDWWKHWZRSDVVDJHVDQDO\VHGLQ
WKHFRXUVHRIWKLVVWXG\IURPWKHSRLQWRIYLHZRI$YLFHQQD
VTXLGGLW\H[LVWHQFH
GLVWLQFWLRQDOUHDG\LQYRNHGLQWKHILUVWVHFWLRQRIWKLVVWXG\7KHWHUPVKXZL\\DDQG

PGKL\\D
HQFRGHG
DVZHKDYHQRWLFHGDERYHLQ3DVVDJHV$DQG%UHVSHFWLYHO\
SURYLGHDIRUPDOMXVWLILFDWLRQIRUWKLVDSSURDFK

2QFHZHGRVRLWEHFRPHVFOHDUWKDW3DVVDJH$ZKLFK,KDYHFDOOHGPRQLVWLF
DQDO\VHVWKHUHODWLRQEHWZHHQ*RGDQGWKHZRUOGIURPWKHSHUVSHFWLYHRIH[LVWHQFH

)URPWKLVSHUVSHFWLYHFRQWLQJHQWTXLGGLWLHVFRQVLGHUHGLQWKHPVHOYHVDUHVKHHU
QRQH[LVWHQFHFDGDPPDKG7KH\ERUURZH[LVWHQFHIURP*RG*RGE\FRQWUDVWLV

SXUHH[LVWHQFHZKLFKOHQGVLWVHOIRXWWRQRQH[LVWHQWTXLGGLWLHVWRUHQGHUWKHP

TXDVLH[LVWHQW
,QWKHODVWDQDO\VLVKRZHYHURQO\*RGH[LVWVLQWKHUHDOVHQVHRQO\

+HKDVD
KHQHVV
RU
H[LVWHQFH
KXZL\\DDQGRQO\+HFDQEHUHIHUUHGWROD
LVKGUDLOLDLOD\KL7KHWDZKLGRIWKHHOHFWDPRQJWKHHOHFW
7KHUHLVQRKHEXW+H

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOL
V0LVKNDWDODQZDU
ODKXZDLOLDKXZDPHDQVVLPSO\WKDWWKHUHEHLQJQRWKLQJEXW*RGDQ\UHIHUHQFH
LVDUHIHUHQFHWR+LP

3DVVDJH%E\FRQWUDVWIRFXVHVRQTXLGGLWLHV)URPWKLVSHUVSHFWLYH*RGLVQRW
VLPLODUWRDQ\RWKHUEHLQJHLWKHUEHFDXVH*RGKDVQRTXLGGLW\DWDOORWKHUWKDQ+LV
H[LVWHQFHDV$YLFHQQDWDXJKWRUEHFDXVH+LVTXLGGLW\LVLQVRPHRWKHUZD\WRWDOO\
XQOLNHWKRVHRIRWKHUH[LVWHQWV2QWKHOHYHORITXLGGLW\RI
ZKDWWKH\DUH
*RG

DQGFUHDWXUHVDUHLQFRPSDUDEOH,WLVIRUWKLVUHDVRQWKDW3DVVDJH%DQGWKH9HLO

6HFWLRQUHODWHGWRLWVWUHVVWKDW*RGKDVQRLPDJHPLWKGODQGWUDQVFHQGVDQ\

DQDORJRXVFRUUHVSRQGHQFHPXQGVDEDWRFUHDWHGEHLQJV
,WLVDOVRSRVVLEOHWRORRNDWWKHWZRSDVVDJHVIURPWKHSRLQWRIYLHZRIWKHVWDQGDUG

RSSRVLWLRQEHWZHHQDQGFRPSOHPHQWDULW\RIWDVKELKDQGWDQ]LKRU*RG
V
LPPDQHQFHDQGWUDQVFHQGHQFH6HHQIURPWKLVSHUVSHFWLYH3DVVDJH$UHSUHVHQWV
WDVKELKFDUULHGWRLWVORJLFDOFRQFOXVLRQWRWKHGHJUHHWKDWDFRQWLQJHQWH[LVWHQW
H[LVWVLWLVLGHQWLFDOZLWK*RGRU*RG
V)DFHDQGFRQYHUVHO\WRWKHGHJUHHWKDWLWLV

QRWLGHQWLFDOZLWK*RGLWGRHVQRWH[LVWLV
VKHHUQRQH[LVWHQFH
3DVVDJH%E\
FRQWUDVWUHSUHVHQWVWKHWDQ]LKSHUVSHFWLYHKLJKOLJKWLQJWKHDEVROXWHLQFRPSDUDELOLW\
EHWZHHQ*RGDQGFUHDWXUHV

3DVVDJHV$DQG%FDQDOVREHUHJDUGHGDVUHSUHVHQWLQJWZRGLIIHUHQWZD\VWRUHDFK
WKHVWDJHRIIDFLQJ*RG7KHILUVWZD\LVFRQFHSWXDOLWFRQVLVWVLQUHMHFWLQJWKHYHU\

FRQFHSWRIFRQWLQJHQWTXLGGLW\DVEHLQJXOWLPDWHO\XQUHDODQGQRQH[LVWHQW7KLV
OHDYHVRQHLPPHGLDWHO\IDFLQJ*RGDORQHDVWKHRQO\UHDOH[LVWHQW7KHVHFRQGZD\
LVH[SHULHQWLDOLWOHDGVWRWKHVDPHFRQFOXVLRQWKURXJKWKHRIWHQJUDGXDOOHDYLQJ

EHKLQGRIDOOWKHFRQWLQJHQWH[LVWHQWVDVEHLQJQRW*RGDQGKHQFHDVXOWLPDWHO\
LUUHOHYDQW2QHIDFHV*RGRQO\DWWKHYHU\HQGRIWKLVSURFHVVDIWHUDOOWKHYHLOV
KDYHEHHQUHPRYHGDQGDOOFRQWLQJHQWH[LVWHQWVLQWKHZRUOGRIPDQLIHVWDWLRQDQG
WKHZRUOGRI>GLYLQH@NLQJGRPDOLNHKDYHEHHQUHMHFWHG
7KHIROORZLQJSDVVDJHDWWKHYHU\HQGRIWKH9HLO6HFWLRQGHVFULEHVWKHDWWDLQPHQWRI

WKLVVWDJHE\IROORZHUVRIWKHVHFRQGZD\

>7KHDWWDLQHUV@DUULYHDWDQ([LVWHQWZKRWUDQVFHQGVPXQD]]DK
HYHU\WKLQJWKDW>RQH
V@VLJKWKDVSHUFHLYHGEHIRUHWKHP7KHJORULHV
RI+LV)DFHWKH)LUVWWKH6XSUHPHKDYHEXUQWXSHYHU\WKLQJWKDWWKH

REVHUYHUV
VLJKWDQGLQVLJKWEDVDUDOQG]LULQZDEDVLUDWXKXPKDYH

DSSUHKHQGHG7KH\ILQG+LPWUDQVFHQGLQJDQGLQFRPSDWLEOHZLWK
PXTDGGDVDQPXQD]]DKDQHYHU\WKLQJWKDWZHGHVFULEHGSUHYLRXVO\
1H[WWKH\DUHGLYLGHG>LQWRWZRJURXSV@
:LWKUHJDUGWRVRPH>@HYHU\WKLQJWKDWWKHLUVLJKWKDVSHUFHLYHGLV
EXUQWXSHIIDFHGDQGDQQLKLODWHG\HWWKH\UHPDLQFRQWHPSODWLQJWKH

>GLYLQH@EHDXW\MDPGODQGKROLQHVVDVZHOODVFRQWHPSODWLQJ

WKHPVHOYHVLQYHVWHGZLWKEHDXW\WKURXJKWKHDUULYDODWWKHGLYLQH
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
SUHVHQFHDOKDGUDDOLODKL\\D7KXVZLWKUHJDUGWRWKHPRQO\WKH
REMHFWVRIVLJKWDOPXEVDUGWKDYHEHHQHIIDFHGEXWQRWWKHVHHUDO

PXEVLU
$QRWKHUJURXS>@JRHVEH\RQGWKHVH7KH\DUHWKHHOHFWDPRQJWKH

HOHFWNKDZGVVDONKDZGVV7KHJORULHVRI+LV)DFHKDYHEXUQWWKHP

XSDQGWKHSRZHURIWKH>GLYLQH@VXEOLPLW\MDOGORYHUZKHOPHG

WKHP7KH\DUHHIIDFHGDQGDQQLKLODWHGLQWKHPVHOYHVILGKGWLKLP

QRORQJHUREVHUYLQJWKHPVHOYHVIRUWKH\DUHREOLWHUDWHGIURP
WKHPVHOYHVOLIDQD'LKLPFDQDQIXVLKLP2QO\WKH2QHWKH5HDO
UHPDLQV7KHPHDQLQJRI+LVD\DHYHU\WKLQJLVSHULVKLQJVDYH+LV

)DFHEHFRPHVWKHLUH[SHULHQFHDQGVWDWHGKDZTDQZDKGODQ:H

KDYHUHIHUUHGWRWKLVLQWKHILUVWSDUW>RIWKH0LVKNGW@PHQWLRQLQJKRZ

WKH\XVHDQGFRQVWUXHWKHWHUP
XQLRQ
LWWLKGG7KLVLVWKHXWPRVW
OLPLWRIWKHDWWDLQHUVQLKG\DWDOZGVLOLQ

,WLVFOHDUWKDWWKHH[SHULHQWLDOZD\DVSUDFWLFHGE\WKH6XILVRIWHQODFNVWKH
FRQFHSWXDOFODULW\UHTXLUHGWRH[SODLQZKDWLWLVWKDWRQHKDVH[SHULHQFHG$O*KD]DOL

UHPLQGVXVRIWKLVE\UHIHUULQJEDFNWRWKHILUVWSDUWRIWKH0LVKNGWZKHUHKH
FULWLFLVHGWKHHFVWDWLFXWWHUDQFHVRIDO+DOODMDQGDO%LVWDPLZKLFKLQKLVYLHZUHIOHFW

HUURQHRXVLQWHUSUHWDWLRQVRIWKLVH[SHULHQFHDV
XQLRQ
DQG
LQGZHOOLQJ
VHHDERYH
7KLVLVZK\DO*KD]DOIVDGYLFHWRWKRVHZKRKDYHDWWDLQHGWKLVH[SHULHQFHEXWDUH
QRWTXDOLILHGWRLQWHUSUHWLWLVWRUHIUDLQIURPPHQWLRQLQJPRUHWKDQWKHSRHW
V

OLQH
7KHUHZDVZKDWWKHUHZDVZKLFK,GRQRWUHFDOOVRWKLQN>RIPH@
ZHOODQGGRQRWDVNIRUD>GHWDLOHG@DFFRXQWNKDEDU
2QWKHRWKHUKDQGQHLWKHULVWKHFRQFHSWXDOZD\WKHZD\RIWKHRUHWLFDONQRZOHGJH
DORQHVXIILFLHQWLQLWVHOIIRUNQRZOHGJHFLOPLVLQIHULRUWRH[SHULHQWLDOUHDOLVDWLRQ

RU
WDVWLQJ
GKDZT,WLVRQO\WKURXJKDWKRURXJKSKLORVRSKLFDOWUDLQLQJDQG
H[SHULHQFHLQWKLVRUGHUWKDWRQHFDQKRSHWRIDFH*RGDVDO+DOODMDQGDO%LVWDPL
GLGDWWKHVDPHWLPHDYRLGLQJWKHLUHUURUVLQLQWHUSUHWLQJWKLVH[SHULHQFH

$O*KD]DOL%HWZHHQ3KLORVRSK\DQG6XILVP
,WLVWKLVXQLRQEHWZHHQFRQFHSWXDOULJRUDQGDQH[SHULHQWLDOSDWKDQGPRUHEURDGO\

EHWZHHQSKLORVRSK\DQG6XILVPLQWKLVRUGHUWKDWFRQVWLWXWHGDO*KD]DOIV

WKHRORJLFDODJHQGD+HGLGQRWDVLVRIWHQEHOLHYHGUHQRXQFHSKLORVRSK\WRDGRSWD

NLQGRIXQRUHYHQDQWLSKLORVRSKLFDOP\VWLFDOZRUOGYLHZ7RWKHFRQWUDU\KH
FULWLFLVHGSUHFLVHO\WKRVHWHQHWVRI6XILVPWKHHFVWDWLFSURQRXQFHPHQWVRIDO+DOODM

DQGDO%LVWDPLWKDWKHFRQVLGHUHGSKLORVRSKLFDOO\XQWHQDEOHZKLOHKLV6XILVP


UHPDLQHGSKLORVRSKLFDOWKURXJKDQGWKURXJK+LVXVHRI$YLFHQQD
VLGHDVDVZH
KDYHVHHQHVSHFLDOO\LQWKHILUVWSDUWRIWKLVVWXG\UHSUHVHQWVDQLPSRUWDQWPLOHVWRQH

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
LQWKHKLVWRU\RIWKHSURJUHVVLYHLQWHJUDWLRQRISKLORVRSKLFDOFRQFHSWVWHUPLQRORJ\

DQGHYHQPHWKRGVERWK$ULVWRWHOLDQDQGVXEVHTXHQWO\$YLFHQQLDQDQG

1HRSODWRQLFE\WKH6XILWUDGLWLRQ
/HVWWKHLGHDRID
SKLORVRSKLFDO6XILVP
VRXQGOLNHDQR[\PRURQOHWXVWDNHDEULHI
ORRNDWDSDVVDJHIURP$EX5D\KDQDO%OULLQIVGDIWHUIDPRXVERRNRQ
,QGLD$O%LUXQ,PRUHWKDQKDOIDFHQWXU\EHIRUHDO*KD]DOIVWLPHUHJDUGVWKH
6XILWUDGLWLRQDVKDYLQJFORVHDIILQLW\ZLWKSKLORVRSK\VRPXFKVRWKDWKHGHULYHV


WKHWHUP
6WLIIIURPWKH*UHHNVRSKLD
ZLVGRP
(YHQPRUHVLJQLILFDQWO\WKH
SDVVDJHLQZKLFKWKLVHW\PRORJ\RFFXUVGHDOVZLWKPRQLVWLFGRFWULQHVRIWKH$QFLHQW
*UHHNVLQFRPSDULVRQWRWKRVHRIWKH,QGLDQVDQGWKH6XILV,WGHVHUYHVWREHTXRWHG
LQIXOO

%HIRUHWKHHPHUJHQFHRIZLVGRP>LH
SKLORVRSK\
KLNPD@WKURXJK
WKH6HYHQ>6DJHV@FDOOHGWKH3LOODUVRI:LVGRPDVGWLQDOKLNPD
DQGWKH>IXUWKHU@UHILQHPHQWRISKLORVRSK\IDOVDIDDWWKHKDQGVRI
WKHLUIROORZHUV$QFLHQW*UHHNVTXGDPGDO\XQGQL\\LQIROORZHGD

GRFWULQHVLPLODUWRWKDWRIWKH,QGLDQVPDTGODWDO+LQG6RPHRI

WKHPPDLQWDLQHGWKDWDOOWKLQJVDUHRQHRWKHUVDVFULEHGUHDO
H[LVWHQFHWRWKH)LUVW&DXVHDORQH^NDQD\DUGDOZXMXGDOKDTLTLOL
FLOODDOXOGIDTDWIRU>WKH)LUVW&DXVH@LVVHOIVXIILFLHQWLQ>H[LVWHQFH@
OLLVWLJKQGLKDELGKGWLKGILKLZKHUHDVRWKHU>H[LVWHQWV@DUHLQQHHG

RI,W>LQRUGHUWRH[LVW@DQGWKHH[LVWHQFHRIWKDWZKLFKLVLQQHHGRI

DQRWKHULQRUGHUWRH[LVWLVOLNHLPDJLQDWLRQDQGLVQRWUHDOND
O
NKD\GOJKD\UKDTTVRWKHRQO\UHDO>H[LVWHQFH@LVWKH2QHWKH)LUVW

7KLVLVWKHRSLQLRQRIWKHVRSKRL>DO6XIL\\DZLWKDVLQO@LHZLVH

PHQKXNDPGIRULQ*UHHNVRSK>LD@PHDQVZLVGRPDQGWKH

SKLORVRSKHULVFDOOHGSLOGVXSG LHORYHURIZLVGRPPXKLEEDO
KLNPD:KHQVRPHSHRSOHDPRQJWKH0XVOLPVIL
O,VODPTDZP
EHJDQIROORZLQJDGRFWULQHVLPLODUWRWKHLUVWKH\ZHUHFDOOHGE\WKH

VDPHQDPHEXWVLQFHWKLVWHUPZDVQRWZLGHO\XQGHUVWRRGLWZDV
UHLQWHUSUHWHGRQDFFRXQWRI>WKHLU@UHOLDQFH>RQ*RG@,9OWDZDNNXO
WRUHIHUWRWKH
SRUFK
DOVXIIDDQGWKH\>ZHUHFRQVLGHUHG@WREHWKH


SHRSOHRIWKHSRUFK
DWWKHWLPHRIWKH3URSKHW$IWHUZDUGVWKH
WHUPZDVFRUUXSWHG>IXUWKHU@DQGFDPHWREHGHULYHGIURP>WKHZRUG

IRU@JRDWZRROVXIDOWX\LLV0
:KHWKHURUQRWWKHUHLVDJUDLQRIWUXWKLQDO%LUXQIVHW\PRORJ\DQGKLVDFFRXQWRI

WKHKLVWRU\RI6XILVPLWLVHYLGHQWWKDWWKH6XILVPKHKDGLQPLQGZDVRID
SKLORVRSKLFDOEHQWZLWKDSURQRXQFHGPRQLVWLFWHQGHQF\,WLVWKLVWUHQGRI6XILVP

WKDWDO*KD]DOLIROORZHGUHLQIRUFLQJLWIXUWKHUE\LQWHJUDWLQJLQKLVPRQLVWLF
RQWRORJ\LPSRUWDQWHOHPHQWVRI$YLFHQQD
VPHWDSK\VLFV

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV

127(6
$QHDUOLHUYHUVLRQRIWKLVSDSHUZDVSUHVHQWHGDWWKHFRQIHUHQFH
7KH4XU
DQ7H[W
,QWHUSUHWDWLRQDQG7UDQVODWLRQ
6FKRRORI2ULHQWDODQG$IULFDQ6WXGLHV/RQGRQ
1RYHPEHUZLVKWRWKDQNWKHRUJDQLVHUVRIWKHFRQIHUHQFHIRULQYLWLQJPHWR62$6DQG
WKHSDUWLFLSDQWVIRULPSRUWDQWIHHGEDFN$QHDUOLHUYHUVLRQRIWKHILUVWSDUWRIWKLVSDSHUZDV
DOVRSUHVHQWHGDWWKHDQQXDOPHHWLQJRIWKH$PHULFDQ2ULHQWDO6RFLHW\LQ6HDWWOH0DUFK
RZHDVLPLODUGHEWRIJUDWLWXGHWRWKHRUJDQLVHUVDQGSDUWLFLSDQWVRIWKH$26PHHWLQJ

)LQDOO\P\WKDQNVJRWRWKHWZRUHYLHZHUVDWWKH-46IRUWKHLUKHOSIXOVXJJHVWLRQVDQG
HQFRXUDJHPHQW
5HIHUHQFHVWRWKH0LVKNGWLQFOXGLQJSDUDJUDSKQXPEHUVIROORZWKH$UDELFWH[WSULQWHGLQDO
*KD]DOL7KH1LFKHRI/LJKWVWU'%XFKPDQ3URYR8WDK%ULJKDP<RXQJ8QLYHUVLW\3UHVV
2WKHUHGLWLRQVRIWKH0LVKNGWZHUHFRQVXOWHGDVZHOOHG$KPDGF,]]DWDQG)DUDM

$OODK=DNLDO.XUGL&DLUR0DWEDFDWDO6LGTHG$EX7F$ODF$ILIL

&DLURDO'DUDO4DZPL\\DOL77LEDFDZD71DVKUHGDO6D\UDZDQ%HLUXW"$ODP

DO.XWXE$O6D\UDZDQ
VHGLWLRQLVEDVHGRQRQHRIWKHHDUOLHVWNQRZQ
PDQXVFULSWVRIWKH0LVKNGW%HLUXW06$8%FRSLHGLQ2WKHUZRUNVE\DO
*KD]DOLDUHDEEUHYLDWHGDVIROORZV$UKDFLQ .LWDEDODUEDFOQILXVXODOGOQHG&$&$
F8UZDQ,DQG0%DO6KDTDID'DPDVFXV'DUDO4DODP)DGD
LK )DGD
LKDO
EDWLQL\\DHG&$%DGDZO&DLURDO'DUDO4DZPL\\D+77LEDFDZD71DVKU

)D\VDO)D\VDODOWDIULTDED\QDO,VOGPZD
O]DQGDTDHG0%7MX'DPDVFXVQS
,K\G ,K\GFXOXPDOGLQYROV&DLURDO0DNWDEDDO7DZILTL\\DQG,POG
 DO,PODILLVKNDODWDO,K\DDSSHQGHGWRWKHHGLWLRQRIWKH,K\GYROSS
,TWLVGG DO,TWLVDGIL
OLFWLTGGHG/$-XEXNFXDQG+$WD\$QNDUD1XU0DWEDDVL
-DZGKLU -DZGKLUDO4XUGQ%HLUXW'DUDO$IDTDO-DGLGD.OPL\G .LPL\G
\HVDFGGDWHG+RVH\Q.KDGOY-DPYROV7HKUDQ6KHUNDWH(QWHVKDUDWHF(OPLYD
)DUKDQJO6K0DNDWOE 0DNGWOEHIDUVL\H*KD]]GOLEHQGPH)DGGLODODQDP

PLQUDVDLOKXMMDWDO,VOGPHGF$EEDV(TEDO7HKUDQ.HWDEIRUXVKL\H(EQH6LQD
6K0DTDVLG 0DTGVLGDOIDOGVLIDHG06DO.XUGL&DLURDO0DWEDFDDO
0DKPXGL\\DDO7LMDUL\\DEL7$]KDU0DTVDGDO0DTVDGDODVQGIWVKDUN
PDFDQODVPG$OODKDOKXVQGHG)$6KHKDGL%HLUXW'DUDO0DVKULT0XQTLGK DO
0XQTLGKPLQDOGDOGOHG-6DOLEDDQG.F$\\DG%HLUXW'DUDO$QGDOXVWKH
SDUDJUDSKQXPEHUVIROORZ5-0F&DUWK\
VWUDQVODWLRQRIWKHWH[WLQKLV)UHHGRPDQG
)XOILOOPHQW$Q$QQRWDWHG7UDQVODWLRQRIDO*KD]GO9VDO0XQTLGKPLQDOGDOGODQG2WKHU
5HOHYDQW:RUNVRIDO*KD]DOL%RVWRQ7ZD\QH3XEOLVKHUV7DKGIXW 7DKDIXWDO
IDOGVLIDHG0%RX\JHV%HLUXW,PSULPHULHFDWKROLTXH5HIHUHQFHVWRFKDSWHUVDQG
VXEGLYLVLRQVRIHDFKZRUNDUHJLYHQZKHUHSRVVLEOH$OOWUDQVODWLRQVLQWKLVVWXG\DUHP\RZQ

7KHTXHVWLRQVRIFUHDWLRQLQWLPHYHUVXVSHUSHWXDOFUHDWLRQDQGFUHDWLRQH[QLKLORYHUVXV
FUHDWLRQIURPSUHH[LVWHQWPDWWHUQHHGQRWFRQFHUQXVKHUH:KDWLVLPSRUWDQWIRURXUSXUSRVHV

LVWKDWWKHPRQRWKHLVWLFSDUDGLJPDFNQRZOHGJHVFUHDWLRQLQDQ\VHQVHRIWKHWHUPDVDUHDO

DQGIXQGDPHQWDOIDFW

$O*KD]DOL0LVKNGWSDUW""ASOLQHV
7KHWH[WXDOFRUUHFWLRQVDUHEDVHGRQDQRWKHUHGLWLRQRIWKH0LVKNGWHGDO6D\UDZDQS

FI+/DQGROW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIW6RPH1RWHVRQWKH0LVKNGWDO
$QZGU?(WXGHV$VLDWLTXHVSSDWS

$GGLQJPXZDMMLKDVVXJJHVWHGE\/DQGROW
*KD]DOLDQG5HOLJLRQVZLVVHQVFKDIW
SQ
ZKHUHPXZDMMLKLLQLVDOPRVWFHUWDLQO\DPLVWDNHDQGVKRXOGSUREDEO\UHDGPXZDMMLKXQ

$O*KD]DOL0LVKNGWSDUW""SOLQHWRSOLQH
7KHSHUIHFWRIWHQKDVWKHSHUIRUPDWLYHPHDQLQJRI
>D@QDFWZKLFKLVMXVWFRPSOHWHGDWWKH
PRPHQWDQGE\WKHYHU\DFWRIVSHDNLQJ
::ULJKW$*UDPPDURIWKH$UDELF/DQJXDJH
YROV&DPEULGJH8QLYHUVLW\3UHVVDQGUHSULQWVYROSE"OG

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
7KLVLVDSURYLVLRQDOWUDQVODWLRQRIWKHFRPSOH[WHUPKDQLIRQZKLFKVHHPRVWUHFHQWO\)

GH%ORLV
1DVUDQL1D]RUDLRVDQGKDQLIHWKQLNRV6WXGLHVRQWKH5HOLJLRXV9RFDEXODU\RI
&KULVWLDQLW\DQGRI,VODP
%XOOHWLQRIWKH6RFLHW\RI2ULHQWDODQG$IULFDQ6WXGLHV
SSDWSSIIZLWKUHOHYDQWELEOLRJUDSK\

7KLVWHUPZLOOEHFODULILHGLQZKDWIROORZV

2QWKLVWHUPVHHPRVWUHFHQWO\3$GDPVRQ
%HIRUH(VVHQFHDQG([LVWHQFHDO.LQGL
V
&RQFHSWLRQRI%HLQJ
-RXUQDORIWKH+LVWRU\RI3KLORVRSK\SSSDVVLP
HVSSSIRUUHIHUHQFHVWRHDUOLHUOLWHUDWXUH

)RUDFRPSDUDEOHWUHDWPHQWRIWKHGLDORJXHEHWZHHQ0RVHVDQG3KDUDRKVHHWKHSDVVDJH
IURPWKH(SLVWOHVRIWKH%UHWKUHQRI3XULW\(SLVWOHQR>@UHIHUUHGWRE\/DQGROW

*KD]DOODQG5HOLJLRQVZLVVHQVFKDIIS
7KLVIRUPXODRFFXUVLQDO*KD]DOL,K\DENED\GQYROSOLQH0DTVDG

SOLQH0LVKNDWSDUW"SDVQRWHGE\/DQGROW
*KD]DOODQG
5HOLJLRQVZLVVHQVFKDIISWKLVLVWKHRQO\VHFWLRQLQWKHHQWLUHZRUNHQWLWOHGKDTLTDWDO
KDTD"LTDQGLQRQHRIDO*KD]DOIV3HUVLDQOHWWHUV0DNGWLESOLQHFI*HUPDQWULQ'

.UDZXOVN\%ULHIHXQG5HGHQGHV$EX+DPLG0XKDPPDGDO*D]]DOL)UHLEXUJLP%UHLVJDX

.6FKZDU]S,Q0LVKNGWSDUW"SOLQHDQG+LV)DFH
LVDGGHG
VHHSDUDSKUDVHEHORZ6HHDOVRDO*KD]DO7.OPL\GFRQYGQIDVOYROSDQGWKH
LPSRUWDQWSDVVDJHLQDO*KD]DOL0DTVDGSOLQHVIITXRWHGLQ%$EUDKDPRY
DO
*KD]DOIV6XSUHPH:D\WR.QRZ*RG
6WXGLD,VODPLFDSSDWSSI
$FFRUGLQJWR/DQGROW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIISQWKHSKUDVH
WKHUHLV

QRWKLQJLQH[LVWHQFHVDYH*RG
LVD
IDPRXVGLFWXPVXPPDULVLQJRQWRORJLFDOWDZKLG
DWWULEXWHGE\F$\QDO4XGDWWR0DFUXIDO.DUNKO7DPKLGGW>HGF2VH\UDQ0RVDQQDIGWH
F(\QROTRGDWH+DPDGDQL7HKUDQ'DQHVKJDKH7HKUDQS@
+HJRHVRQWRVD\
WKDWRWKHUVOLNH1DMPH5D]LDQG6HPQDQLDWWULEXWHLWWR-XQD\GFLWLQJ'HU,VODP

S6HHDOVR:&&KLWWLFN
5XPLDQGZDKGDWDOZXMXG
LQ$%DQDQLHWDOHGV3RHWU\
DQG0\VWLFLVPLQ,VODP7KH+HULWDJHRI5XPL&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
SSDWSSQZLWKIXUWKHUUHIHUHQFHV,DPLQGHEWHGWR.D]X\R
0XUDWDIRUEULQJLQJ3URI&KLWWLFN
VDUWLFOHWRP\DWWHQWLRQ7KHKLVWRULFLW\RIWKHDWWULEXWLRQRI

WKLVSKUDVHWRVXFKHDUO\DXWKRULWLHVDV0D"UXIDO.DUNKORU-XQD\GLVKRZHYHUVRPHZKDW
VXVSHFW-XQD\G
VGLVFXVVLRQRIWDZKLG$+$EGHO.DGHU7KH/LIH3HUVRQDOLW\DQG:ULWLQJV

RIDO-XQD\G/RQGRQ/X]DFSSDQG$UDELFSDUWSSDOWKRXJK

IDVFLQDWLQJLQLWVRZQULJKWPDNHVQRUHIHUHQFHWRWKLVSKUDVHRULGHD,DPJUDWHIXOWR3URI
*HUKDUG%RZHULQJIRUGLVFXVVLQJWKLVSRLQWZLWKPHDQGSURYLGLQJLPSRUWDQWUHIHUHQFHVRQWKH
KLVWRU\RIWKLVLGHDLQWKH6XILWUDGLWLRQ

,WVKRXOGDOVREHPHQWLRQHGWKDWLQOHVVHVRWHULFFRQWH[WVDO*KD]DOLXVHVWKHIXOOHUIRUPXOD

7KHUHLVQRWKLQJLQH[LVWHQFHVDYH*RGDQG+LVDFWV
OD\VDIL
OZXMXGLOOD
OODKZDDIDOXKX
VSHDNLQJDVLWZHUHIURPWKHSRLQWRIYLHZRIWKHWKLUGGHJUHHRIWDZKLGHJDO*KD]DO7

-DZDKLUSDUWFKSOLQHV0DTVDGSOLQHV0XVWDVIDPXTDGGLPD
GDFDPD?IDQQLPWLKDQYROSOLQHVFI,K\DENYROSOLQHV

7KHUHLVQRQHLQH[LVWHQFHVDYH*RGKLVDWWULEXWHVDQGKLVDFWV
,K\DENYROS
SHQXOWLPDWHOLQH*RG
VHVVHQFHDQGDFWVDUHWKHRQO\H[LVWHQWV<HWWKHSUREOHPRIKRZWKH
VKRUWHUIRUPXODH[SUHVVLQJWKHIRXUWKGHJUHHRIWDZKLGLVWREHLQWHUSUHWHGVWLOOUHPDLQV2Q
WKHIRXUGHJUHHVRIWDZKLGVHHEHORZ

$O*KD]DOL0LVKNDWSDUW"SOLQH7KHHQWLUHSDVVDJHLVJLYHQLQDSDUDSKUDVH

EHORZ

2QDO*KD]DOIVYLHZRIWDZKLGVHHDOVR00DO0LVEDKL
DO*KD]DOLED\QDZDKGDWDO
WDZKLGZDZDKGDWDODKDGL\\D
LQ00DO0LVEDKL'DODODWZDLVKNGOGWGLUDVDWIL
OIDOVDID
DOF$UDEL\\DDO,VODPL\\D&DVDEODQFD0DQVKXUDWF8ND]SSHVSSSII
01RRU1DELDO*KD]DO9V&RQFHSWLRQRIWDZKLG$Q$QDO\WLFDO$SSURDFK$OLJDUKQS

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
7KHODWWHUUHIHUHQFHLVVXSSOLHGE\+'DLEHU%LEOLRJUDSK\RI,VODPLF3KLORVRSK\
/HLGHQ(-%ULOOYROSQR,KDYHQRWVHHQWKLVZRUN

$O*KD]DOL0LVKNGWSDUW"TXRWHGLQWKH6HFWLRQ
0RQLVPDQG0RQRWKHLVP7KH
5HODWLRQVKLS%HWZHHQWKH7ZR3HUVSHFWLYHV
EHORZZKHUH4LVPHQWLRQHGDVWKHLU

H[SHULHQFHDQGVWDWH
GKDZTDQZDKDODQ
$O*KD]DOL,K\GENED\DQYROS.OPL\DENFK+DTLTDWHWRZKLG
NHEHQG\HWDYDNNROEDUYH\DVWYROSSII$UEDFOQENFKSSI,PODSS
IIFIDOVR,K\GENFKED\DQYROSSIZKHUHDO*KD]DOLGHDOVZLWKWKH
PHDQLQJVRIWKHWHUPWDZKLGSUHVHQWLQJDWKUHHIROGGLYLVLRQ2QWKHKLVWRULFDOFRQWH[WDQG
DJHQGDRIWKH,PODVHHQRZ.*DUGHQDO*KD]DO9V&RQWHVWHG5HYLYDO
,K\GFXOXPDOGLQ

DQGLWV&ULWLFVLQ.KRUDVDQDQGWKH0DJKULE3K''LVVHUWDWLRQ8QLYHUVLW\RI&KLFDJR

HVSSS,II
$O*KD]DOL0DNGWLESSII.UDZXOVN\WU%ULHIHXQG5HGHQSSII,QWKLVOHWWHU
DO*KD]DOLUHVSRQGVWRVHYHUDOTXHULHVSHUWDLQLQJWRWRSLFVUDLVHGLQKLV0LVKNGWDODQZDUDQG

.LPL\G\HVDFDGDWLQFOXGLQJWKHFODVVLILFDWLRQRIWDZKLGLQWKH0LVKNGW6HH*DUGHQDO
*KD]DO9V&RQWHVWHG5HYLYDOSSIIIRUDGLVFXVVLRQRIWKLVOHWWHUDQGLWVKLVWRULFDOFRQWH[W

&IDO*KD]DOL0LVKNGWSDUW"LMDPDFD\DTXOXQDELOLVGQLKLPODLOGKLOOG
OOGK

7KLVFRUUHVSRQGHQFHLVQRWHGE\/DQGROW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIISS
$O/DI]KHUHUHIHUVWRODI]DOWDZKOGLHWKHVKDKGGD
FIDO*KD]DOL,K\GENED\DQ
YROSOLQHOLQH7KHH[SUHVVLRQPDFQDDOODI]LVQRWWREHXQGHUVWRRGLQWKH
VHQVHRI
OLWHUDOPHDQLQJ

7KLVSXQPDNHVFUHDWLYHXVHRIWKHIDFWWKDWWKH$UDELFZRUGIRUNQRWFXTGDFRPHVIURP
WKHVDPHURRWDVWKHZRUGIRUYLHZRURSLQLRQLFWLTGG

$O*KD]DOL,K\GENED\DQYROSOLQH7KLVLVQRWWKHSODFHWRGLVFXVV
DO*KD]DOL
VDWWLWXGHWRNDODP6HHWKHQXDQFHGDQGGHWDLOHGGLVFXVVLRQVLQ,K\GENEDK
ED\DQYROSOLQHV,II,K\GENFKYROSSRQWKHOHJDOVWDWXVRI
NDODP&IDO*KD]DOL0XQTLGK""IISSIIHVS"S

$O*KD]DOL,K\GENED\DQYROSOLQHV([SDQVLRQRIWKHFKHVWZDV
LPSRVVLEOHLQWKHVHFRQGVWDJHRIWDZKLGGXHWRWKHNQRWRQWKHKHDUWWKDWSUHYHQWHGLWIURP
H[SDQGLQJ
1RWHWKDWWKHWKLUGOHYHORIWDZKLGLVFRQQHFWHGWR
NQRZOHGJH
FLOPLQWKHWULDG,PDQRU

LFWLTDGFLOPGKDZTFIDO*KD]DOL0XVWDVIGPXTDGGLPDGDFDPD?IDQQLPWLKGQYRO
SOLQHVZKHUHFLOPLVFRQQHFWHGWRNDVKIZDLQVKLUDK
ZDDPPGDOFLOPID

LQQDKXNDVKIZDLQVKLUDKZD
OaLFWLTDGFXTGDFD:OTDOEZDOFLOPFLEDUDFDQLQKLODODO
FXTDG
2QWKHOLJKWFDVWE\*RGLQWRDO*KD]DOL
VFKHVWDQGWKHVXEVHTXHQWVKDUKDOVDGUVHH
0XQTLGK""ISSIZKHUHWKLVOLJKWLVGHVFULEHGDV
WKHNH\WRPRVWNQRZOHGJH
6HH
GLVFXVVLRQRIWKLVPRWLYHLQ+/D]DUXV<DIHK6WXGLHVLQDO*KD]]DOL-HUXVDOHP0DJQHV

3UHVVSS
$O*KD]DOL,K\GENED\DQYROSOLQHV-DLQQDKXDOIDFLOFD:O
LQILUGGGXQDJKD\ULKLZDPGVLZDKXPXVDNKNKDUXQDODLVWLTODOODKXPELWDKUONGKDUUDPLQ

PDODNXWDOVDPDZGWZD
ODUG
6HHDOVRDO*KD]DOL0XQTLGK"SSIZKHUH*RG
V
EHLQJWKHRQO\WUXHDJHQWWKHUHVWRIWKHXQLYHUVHEHLQJVXEMXJDWHGPXVDNKNKDUDWR+LPLV

WKHRQO\FRUUHFWLRQRIIHUHGE\DO*KD]DOLWRWKHSKLORVRSKHUV
WHDFKLQJVLQWKHGRPDLQRI
SK\VLFV
$O*KD]DOLOK\D"ENED\DQYROSOLQHSOLQHSOLQH
$O*KD]DOL,K\GENED\DQYROSOLQHV

:DWXVDPPLK9O6XIL\\DDOIDQG"IL
OWDZKLGOLDQQDKXPLQKD\WKXOD\DUGLOLDZGKLGDQ
IDOD\DUGQDIVDKXD\GDQZDLGKGODP\DUDQDIVDKXOLNDZQLKLPXVWDJKULTDQE9OWDZKOGNDQD
IDQL\DQFDQQDIVLKLILWDZKLGLKLELPDFQGDQQDKXIDQL\DFDQUX"\DWQDIVLKLZD
ONKDOT?1RWH

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
WKDW6XILWHUPLQRORJ\LVLQWURGXFHGZLWKVRPHUHVHUYDWLRQDQGH[SODLQHGLQWHUPVRIDO
*KD]DOIVRZQWKHRU\0RUHRYHUWKHHQGLQJ
REOLWHUDWLRQLQWDZKLG
ZDVSUREDEO\DGGHGE\
DO*KD]DOLKLPVHOIWRPDNHWKH6XILWHUPFORVHUWRKLVRZQ&IDO*KD]DOL0LVKNDWSDUW
"SSDUDSKUDVHGLQQRWHEHORZ0DNDWLESOLQHV.UDZXOVN\WU%ULHIH
XQG5HGHQSWKH6XILVDUHFDOOHGDKOHEDVLUDW

,QWKH0LVKNDWDO*KD]DOLFDOOVWKLV
SXUHVLQJXODULW\
DOIDUGDQL\\DDOPDKGD
&LVWDJKUDTXEL
OIDUGGQL\\DDOPDKGD
SDUW"SOLQHV
DOPXVWDJKULTEL
O
IDUGGQL\\D
SDUW"SOLQHFISDUW"SOLQH+HFODULILHVWKDWWKH
UHDOPRIVLQJXODULW\PDPODNDWDOIDUGDQL\\DLVWKHHQGRIWKHFUHDWXUHV
DVFHQWPXQWDKG
PLFUGMDONKD:LT0LVKNDWSDUW"SOLQH"SOLQHVLQFHDQ\DVFHQW
SUHVXSSRVHVSOXUDOLW\DQGLQWKHUHDOPRIVLQJXODULW\DOOSOXUDOLW\LVDEROLVKHG0LVKNDWSDUW

"

$O*KD]DOL,K\DENYROSOLQHV2QWKHXVHRIWKHLPDJHRID
IODVKRI

OLJKWQLQJ
LQWKLVFRQWH[WFIUHIHUHQFHVJLYHQLQ%$EUDKDPRY'LYLQH/RYHLQ,VODPLF

0\VWLFLVP7KH7HDFKLQJVRIDO*KD]DOLDQGDO'DEEDJK/RQGRQDQG1HZ<RUN
5RXWOHGJH&XU]RQSSSQSQDO*KD]DOL,K\DEN
ED\GQYROSOLQHVYROSOLQHV

7KHVXEMHFWLYLVWLFLQWHUSUHWDWLRQLVIDYRUHGE\:0:DWW
$)RUJHU\LQDO*KD]DOIV
0LVKNGW7-RXUQDORIWKH5R\DO$VLDWLF6RFLHW\SSDWSDQG$EX
OF$OD"
F$ILILLQWKHLQWURGXFWLRQWRKLVHGLWLRQRIWKH0LVKNDWSSDPRQJRWKHUVF$ILILFODLPV
WKDWWKLVLVRQO\KRZP\VWLFVVHHWKLQJVLWLVZDKGDWDOVKXKXGQRWZDKGDWDOZXMXG)RUWKH

REMHFWLYLVWLQWHUSUHWDWLRQSURSRVHGKHUHVHHHJ)6KHKDGL*KD]DOL
V8QLTXH8QNQRZDEOH
*RG$3KLORVRSKLFDO&ULWLFDO$QDO\VLVRI6RPHRIWKH3UREOHPV5DLVHGE\*KD]DOL
V9LHZRI
*RGDV8WWHUO\8QLTXHDQG8QNQRZDEOH/HLGHQ(-%ULOOSQ

6HHQRWHDERYH
$O*KD]DOL0DNDWLESOLQHV.UDZXOVN\WU%ULHIVXQG5HGHQSS,Q

WKHILUVWSDUWRIWKH0LVKNDWDO*KD]DOLDUJXHVDORQJVLPLODUOLQHV
7KHHFVWDWLF
SURQRXQFHPHQWVRIDO+DOODMDO%LVWDPLDQGWKHLUOLNHVDUHGXHWRLQWR[LFDWLRQVXNUDQG
SDVVLRQDWHORYHFLVKTWKHVHSHRSOHGRQRWUHDFKUHDOXQLRQKDTLTDWDOLWWLKDGZKLFKLV
LPSRVVLEOHEXWZKDWUHVHPEOHVXQLRQVKLEKDOLWWLKDG
0LVKNDWSDUW"7KHFRUUHFW
WHUPWRGHVFULEHWKLVVWDWHLVLQUHODWLRQWRWKHSHUVRQZKRDWWDLQVLW
REOLWHUDWLRQ
IDQG"RU

UDWKHU
REOLWHUDWLRQRIREOLWHUDWLRQ
IDQDDOIDQG"DQGLQUHODWLRQWR7KDWLQZKLFKKHLV
LPPHUVHGDOPXVWDJKUDTELKLWDZKLG0LVKNGWSDUW"%XFKPDQPLVWUDQVODWHV
LQ
UHODWLRQWRWKHRQHLPPHUVHGLQLW
WDNLQJELKLWRUHIHUWRWKHVWDWHKDODZKLFKLVLPSRVVLEOH

JUDPPDWLFDOO\DVZHOODVIURPWKHSRLQWRIYLHZRIWKHFRQWHQWVLQFHDO*KD]DOLLV
GLVWLQJXLVKLQJKHUHEHWZHHQVDKLEDOKGODDQGDOPXVWDJKUDTELKLDQGWKH\FDQQRWERWKUHIHU
WRWKHSHUVRQZKRDWWDLQVWKHVWDWH)RUDVLPLODULQWHUSUHWDWLRQRIDO+DOODMDQGDO%LVWDPLVHH
DOVRDO*KD]DOL0DTVDGSDQGFIDO*KD]DOL)DGG"LKSZKHUHVHYHUDOJURXSVZKR
EHOLHYHGLQKXOXOLQFOXGLQJWKHHFVWDWLF6XILVDUHGLVFXVVHG&IDO*KD]DOL0XQTLGK"S
IRULPSOLFLWFULWLFLVPRIHFVWDWLF6XILV0L]DQFKSOLQHVWDNHQRXWLQWKH
FRUUHVSRQGLQJGLVFXVVLRQLQ,K\DENED\GQ,K\DENED\GQYROSOLQHV

II

7KHWH[WLVQRWFOHDU
ZNKXGJDVKI.UDZXOVN\WUDQVODWHV
GDVVVLHVHOEVWYHUJLQJHQ
,
VXJJHVWDPHQGLQJLWWR
ZNKRGGJDVKI
KHEHFDPH*RG

6HHHJDO*KD]DOL,K\DENED\GQYROSOLQHVIIFI.OPL\GEN
FKYROSSIENED\GQYROSOLQHWRSOLQHDQGFI,TWLVDG
,QWURGXFWLRQSOLQHV,II,UQOGSOLQHV0DTVDGSOLQHWRSOLQH

TXRWHGLQ$EUDKDPRY
6XSUHPH:D\
SSIHVSSQ,QWKH0DTVDGDO
*KD]DOLDUJXHVWKDWHYHU\WKLQJLV*RG
VDFWVEXWLQVRIDUDVWKH\DUH*RG
VDFWVSURGXFHGE\
WKHGLYLQHSRZHUWKH\DUHLQVHSDUDEOHIURP*RGMXVWDVWKHOLJKWRIWKHVXQLVLQVHSDUDEOH
IURPWKHVXQ2QWKHLPDJHRIWKHVXQDQGLWVUD\VVHHQRWHEHORZ

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
$O*KD]DOL0DNGWLESOLQHV.UDZXOVN\WU%ULHIHXQG5HGHQSS
&IDO*KD]DOL0LVKNGWSDUW""IRUDVKRUWHQHGYHUVLRQRIWKLVSDUDEOHRPLWWHGLQ
WKHSDUDSKUDVHFLWHGKHUH

1RWHWKHUKHWRULFDOEDFNJURXQGRIWKHWHUPVPXVWDFGUDQGPDMD]LERWKPHDQLQJ

PHWDSKRULFDO
,DPJUDWHIXOWRRQHRIWKHUHYLHZHUVIRUSRLQWLQJWKLVRXWLQKLVRUKHU
FRPPHQWV
6HHHJ5*UDPOLFK
0\VWLFDO'LPHQVLRQVRI,VODPLF0RQRWKHLVP
LQ$6FKLPPHO
DQG$)DODWXULHGV:H%HOLHYHLQ2QH*RG7KH([SHULHQFHRI*RGLQ&KULVWLDQLW\DQG
,VODP/RQGRQ%XUQVDQG2DWHVSSDQG&KLWWLFN
5XPLDQGZDKGDWDO
ZXMXG?SS
)RUWKHIROORZLQJGLVFXVVLRQRI$YLFHQQD
VTXLGGLW\H[LVWHQFHGLVWLQFWLRQDQGWKHSURRI
IRUWKHH[LVWHQFHRI*RGVHHHJ+$'DYLGVRQ
$YLFHQQD
V3URRIRIWKH([LVWHQFHRI*RG

DVD1HFHVVDULO\([LVWHQW%HLQJ
LQ30RUHZHGJHHG,VODPLF3KLORVRSKLFDO7KHRORJ\
$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVVSS0(0DUPXUD
$YLFHQQD
V
3URRIIURP&RQWLQJHQF\LQWKH0HWDSK\VLFVRI+LVDO6KLIG-?0HGLDHYDO6WXGLHV

SS
&IDO*KD]DOL0DTVDGVHFWLRQRQWKHQDPHDOQLLUSOLQHWRSOLQH+$
'DYLGVRQ$OIDUDEL$YLFHQQDDQG$YHUURHVRQ,QWHOOHFW7KHLU&RVPRORJLHV7KHRULHVRIWKH
$FWLYH,QWHOOHFWDQG7KHRULHVRI+XPDQ,QWHOOHFW1HZ<RUNDQG2[IRUG2[IRUG8QLYHUVLW\
3UHVVSSIS
1RWLFHKRZWKHTXHVWLRQRIFUHDWLRQEHFRPHVLUUHOHYDQWLQWKHPRQLVWLFSDUDGLJP:KDW

PDWWHUVLVWKDWFUHDWHGH[LVWHQWVDUHSHUSHWXDOO\SHULVKLQJERWK
EHIRUH
LIWKLVLVD
PHDQLQJIXOH[SUHVVLRQDQGDIWHUFUHDWLRQLWLVWKHLUHWHUQDO
SRVVLEOH
QDWXUHWKDWFRPHVWR
WKHIRUH

,GLVDJUHHZLWK'DYLGVRQ
VLQWHUSUHWDWLRQ$OIDUDEL$YLFHQQDDQG$YHUURHVRQ,QWHOOHFWS

DFFRUGLQJWRZKLFKWKLVSDVVDJHLPSOLHVSUHHWHUQLW\RIWKHZRUOG,QP\YLHZWKH
SDVVDJHWDNHVQRVWDQFHRQWKHTXHVWLRQRISUHHWHUQLW\UDWKHULWSUHVHQWVLWDVLUUHOHYDQW
6LJQLILFDQWO\LQWKH0DTDVLG0HWDSK\VLFVSDO*KD]DOLUHLQWHUSUHWVWKHWHUPPXKGDWK

RULJLQDWHG
DVPXPNLQDOZXMXGIROORZLQJ$YLFHQQD
ZDTDGGKDNDUQGDQQD
OPXPNLQOD
\DNXQXPDZMXGDQELQDIVLKLEDOELJKD\ULKLZDKDGKGPD"QDNDZQLKLPXKGDWKDQID
OFGODP

LGKDQPXPNLQDOZXMXGIDKXZDLGKDQPXKGDWKZDPDFQDNDZQLKLPXKGDWKDQDQQD
ZXMXGDKXPLQJKD\ULKLZDOD\VDODKXPLQGKDWLKLZXMLLGIDKXZDELLFWLEDUGKGWLKLODZXMXG
ODKXZDELLFWLEGUJKD\ULKLODKXZXMLLGZDPDOL
OVKD\ELGKGWLKLTDEODPDODKXELJKD\ULKL

TDEOL\\DWDQE9OGKGWZD
OFDGDPODKXE9OGKGWZD
OZXMXGEL
OJKD\UIDFDGDPXKXTDEOD
ZXMXGLKLIDKXZDPXKGDWKD]DODQZDDEDGDQOLDQQDKXPDZMXGPLQJKD\ULKLD]DODQZD
DEDGDQ?&I$YLFHQQD'GQHVKQDPH\HFDOD'LHOGKL\\DWHG00RFLQ7HKUDQ$QMRPDQH
$WKDUH0LOOL"SOLQHV
PRPNHQROYRMXGUGYRMXGEHFHOODWERYDGYDEH
NKXGXUGKDVWOQDERYDGYDEHFKL]LGLJDUDVKKDVWOERYDGYDPRKGDWKOLQERYDG?

7KLVKDVDOUHDG\EHHQQRWLFHGE\/DQGROW
*KD]DOLDQG5HOLJLRQVZLVVHQVFKDIIS

$YLFHQQDDO6KLIDDOLOGKL\\DWHG*&$QDZDWLHWDO&DLUR:L]DUDWDO0DFDULI
ENFKSSOLQHV7KHLPSRUWDQFHRIWKLVSDVVDJHIRUDO*KD]DOL
ZDVDOUHDG\QRWLFHGE\50)UDQN&UHDWLRQDQGWKH&RVPLF6\VWHPDO*KD]GOL $YLFHQQD
+HLGHOEHUJ&DUO:LQWHU8QLYHUVLWDWVYHUODJSSQ2WKHUUHOHYDQW
SDVVDJHVLQ$YLFHQQDLQFOXGH,OGKL\\DWENFKSOLQHV"ENFKSOLQHV
&RPPHQWDU\RQ0HWDSK/DPEGDDGELQ&$%DGDZOHG$ULVWDFLQGD\OF$UDE
.XZDLW:DNDODWDO0DWEXFDWSSKHUHSOLQHWRSOLQHDOOXGLQJ
WR4DWSOLQHUHDG
ZDINGVL`DODVK\GDOXNKUDKDTLTDWZXMXGLKG
IROORZLQJ
&DLUR'DUDO.XWXE06+LNPD0IROY,DPJUDWHIXOWR3URI'LPLWUL*XWDVIRUNLQGO\

SURYLGLQJPHZLWKDFRS\RIWKHPDQXVFULSWDQGWR3URI-XOHV-DQVVHQVIRUFRQILUPLQJWKH

UHDGLQJ&RPPHQWDU\RQWKH7KHRORJ\RI$ULVWRWOHLQ%DGDZL$ULVWXFLQGDOF$UDE
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DK
V0LVKNDWDODQZDU
SSDWSOLQHV2QWKH)LUVW&DXVHDVSXUHVHOIVXEVLVWLQJOLJKWVHHDOVR
$YLFHQQD&RPPHQWDU\RQWKH7KHRORJ\RI$ULVWRWOHSSDOUHDG\GLVFXVVHGE\
'DYLGVRQ$OIDUDEL$YLFHQQDDQG$YHUURHVRQ,QWHOOHFWSSI

+HUHDQGEHORZQRWLFH$YLFHQQD
VSXQVRQWKHURRWKTT
$O*KD]DOL,K\DENED\GQYROSOLQHDQGHOVHZKHUHHJENED\GQ
YROSOLQHYROSOLQH0LVKNGWSDUW"SOLQHSDUW"
SOLQHSDUW"SOLQHFISDUW"SOLQHDQGSDUW"S
OLQH
DODZZDODOKDTT
,QWKHFRQWH[WRIWKHWKLUGGHJUHHRIWDZKLG*RGLVXVXDOO\FDOOHG
DOZGKLGDOTDKKGUWKHH[SUHVVLRQRFFXUVHJLQ4TXRWHGLQ0LVKNGWSDUW"S
0DTVDGS6HH,K\DENED\GQYROSOLQHSOLQHFITDKLU
LQ,K\DYROSOLQH

*)+RXUDQL
$5HYLVHG&KURQRORJ\RI*KD]DOL
V:ULWLQJV
-RXUQDORIWKH$PHULFDQ
2ULHQWDO6RFLHW\SSDWSD

$O*KD]DOL0DTVDGSOLQHVFIWKHVHFWLRQRQDOKDTTLQ0DTVDGSS
IIZKLFKLVFOHDUO\PRGHOOHGRQWKHSDVVDJHIURP$YLFHQQD
V,OGKL\\DWENFK
TXRWHGDERYH
)RU$YLFHQQDERWKWKH1HFHVVDU\RI([LVWHQFHDQGWKHFRQWLQJHQWEHLQJVFDQEHVDLGWR
H[LVWLQWKHSURSHUVHQVHWKHH[LVWHQFHRIWKHFRQWLQJHQWEHLQJVLVQRWPHWDSKRULFDO\HWWKH
GHJUHHWRZKLFKWKH\
GHVHUYH
H[LVWHQFHGLIIHUVDQGKHQFHWKHWHUPH[LVWHQFHLVSUHGLFDWHGRI
WKHP
E\JUDGDWLRQ
EL
OWDVKNLN6HHWKHGLVFXVVLRQRI
JUDGHGWHUPV
DVPDPXVKDNNLNDLQ

$YLFHQQD
V0DTXOGWRIWKH6KLIGHG*$QDZDWLHWDO&DLUR:L]DUDWDO0DFDULI
ENFKSOLQHWRSOLQHZKHUH
H[LVWHQFH
LVXVHGDVDQH[DPSOH,
LQWHQGWRGHDOZLWKWKHTXHVWLRQRIWKH
JUDGDWLRQRIH[LVWHQFH
WDVKNONDOZXMXGLQ$YLFHQQD
LQDIRUWKFRPLQJVWXG\

:DWW
VYLHZWKDWWKHWKLUGSDUWLVQRWDXWKHQWLF:DWW
$)RUJHU\LQDO*KD]DOO
V
0LVKNGW7LVWREHUHMHFWHGDPRQJRWKHUUHDVRQVEHFDXVHWKHUHDUHSDUWLDOSDUDOOHOVWRWKLV
VHFWLRQLQRWKHUZRUNVRIDO*KD]DOLVHH/DQGROW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIIS
QIRUUHIHUHQFHVWRZKLFKRQHFDQDGGDO*KD]DOL.LPL\GFRQYDQIDVOYROSII

+RZHYHUDV/DQGROWQRWLFHVS
RQO\DFDUHIXOH[DPLQDWLRQRIWKHZKROHPDQXVFULSW
WUDGLWLRQSOXVH[WHUQDOHYLGHQFH
ZLOOEHDEOHWRVHWWOHWKHTXHVWLRQFRPSOHWHO\

0RVHV
UHVSRQVHLV
/RUGRIWKHKHDYHQVDQGWKHHDUWK
UDEEX
OVDPGZGWLZD
ODUG4
DOVRDJUDPPDWLFDOLGDIDLQ$UDELF%RWK3KDUDRK
VTXHVWLRQDQG0RVHV
UHVSRQVHDUH
TXRWHGDQGGLVFXVVHGLQDO*KD]DOL0LVKNGWSDUW"3DVVDJH%DERYH
,WJRHVEH\RQGWKHVFRSHRIWKLVDUWLFOHWRSURYLGHLGHQWLILFDWLRQVRIWKHVHJURXSV7KLV
VXEMHFWLVLQQHHGRIIXUWKHUVWXG\)RUWHQWDWLYHLGHQWLILFDWLRQVEDVHGRQHDUOLHUVFKRODUVKLS
*DLUGQHUDQG/DQGROWVHH%XFKPDQ
VQRWHVWRKLVWUDQVODWLRQRIWKH0LVKNGWSQQQ



7KHFRQVWUXFWLRQQLVEDWX;QLVEDWX<
;LVDQDORJRXVWR<
LVUHODWHGWRWKHPRUH
FRPPRQFRQVWUXFWLRQPDWKDOX;PDWKDOX<
;LVVLPLODUWR<
7KHUHDGLQJILLQVWHDGRILOD
LVDVIDUDV,NQRZQRWDWWHVWHGLQWKHPDQXVFULSWVRIWKH0LVKNGWKRZHYHULWVHHPVVXSHULRU

IRUDO*KD]DOLLVVSHDNLQJDERXWWKHUDQNRIWKHDQJHOVDPRQJWKHLQWHOOLJLEOHOLJKWVDQDORJRXV

WRWKHUDQNRIWKHVWDUVWKHPRRQDQGWKHVXQDPRQJWKHVHQVLEOHOLJKWVIL
ODQZGUDO
PDKVXVDQRWDERXWWKHLUUHODWLRQWRWKHLQWHOOLJLEOHOLJKWVRIZKLFKWKH\DIWHUDOOIRUPD

SDUW

0LQMLKDVHUYHVVLPSO\WRLQGLFDWHWKHDJHQWRIWKHSDVVLYHSDUWLFLSOHFIPLQTLEDOLQ

0RGHUQ6WDQGDUG$UDELF%RWK%XFKPDQ0LVKNDWSDQG/DQGROW

*KD]DOODQG
5HOLJLRQVZLVVHQVFKDIISVHHPWRPLVWUDQVODWHWKHVHQWHQFH0LQMLKDLQWKLVIXQFWLRQ
RFFXUVLQ0XQTLGK"SOLQH
EDOKL\DPXVWDFPDODPLQMLKDWIGWLULKD
DVZHOODVLQ
HJ3V$PPRQLXVVHH8OULFK5XGROSK'LH'R[RJUDSKLHGHV3VHXGR$PPRQLRV(LQ

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
%HLWUDJ]XUQHXSODWRQLVFKHQ8EHUOLHIHUXQJLP,VODP6WXWWJDUW)6WHLQHU";;OS

QLLUFDTOLOD\XGUDNXPLQMLKDWFXTXOLQGFIWUS

'DYLGVRQ$OIDUDEL$YLFHQQDDQG$YHUURHVRQ,QWHOOHFWSSISDUJXHVWKDWWKH
DQJHOVWKDWPRYHWKHLUFHOHVWLDOVSKHUHVGLUHFWO\DQGE\ZD\RIFRPPDQGDUHUHVSHFWLYHO\WKH
VRXOVRIWKHVSKHUHVDQGWKHLQFRUSRUHDOLQWHOOLJHQFHV,IWKLVLVFRUUHFWWKHPRRQDQJHODQGWKH

VXQDQJHO WKHREH\HGRQHDUHUHVSHFWLYHO\WKHVRXODQGWKHLQWHOOHFWRIWKHRXWHUPRVW

FHOHVWLDOERG\1RWLFHWKDWLQ0DTDVLG0HWDSK\VLFVSOLQHV$DO*KD]DOLGUDZVD
GLVWLQFWLRQEHWZHHQWKHVRXOVRIWKHVSKHUHVZKRVHWWKHVSKHUHVLQPRWLRQ
ELWDIOTDO
PXEGVKDUDZDOILF9DQGWKHVHSDUDWHLQWHOOLJHQFHVZKRGRWKDWLQGLUHFWO\
ELWDULTDOFLVKT

^WKDWLVWKURXJKWKHVSKHUHV
ORYHWRWKHP7KLVUHIHUHQFHQRWVXSSOLHGE\'DYLGVRQ
VXSSRUWVKLVSRVLWLRQ


7DMDOODODKXPD\GDQDQQDKDGKDOPXWDFPDZVXIELVLIDWXQDMM
OZDKGDQL\\DDOPDKGD
ZDONDPGODOEGOLJKOLVLUUOD\DKWDPLOXKDGKDONLWDENDVKIDKX
DO*KD]DOL0LVKNDWSDUW

"S
$V)UDQN*ULIIHONLQGO\LQIRUPHGPHWKHLGLRV\QFUDWLFUHDGLQJRIWKHROG&DLURHGLWLRQ
&DLUR0DWEDFDWDO6LGTSOLQHV
QLVEDWKGGKD
OPXWGFLOD
OZXMXG

DOKDTTQLVEDWDOVKDPVLOG
OQXUDOPDKGDZQLVEDWDOMDPULODMDZKDUDOQDUDOVLUI
XQGHUO\LQJ*DLUGQHU
VWUDQVODWLRQRIWKHSDVVDJHLVQRWDWWHVWHGLQWKHPDQXVFULSWVWKDWKH
FRQVXOWHG0\JUDWLWXGHJRHVWRKLPIRUJHQHURXVO\VKDULQJZLWKPHDGUDIWRIKLVFULWLFDO
HGLWLRQRIWKHSDVVDJH

$O*KD]DOLLVYHU\FOHDURQWKLVSRLQW0LVKNDWYRO"&\DQWDKLLODPDGDUDMDWXKX
GDUDMDWDONDZDNLE
"
PDIDZTDKXPLPPGUXWEDWXKXUXWEDWDOTDPDU
"
\DQWDKL
LODPDPLWKGOXKX
,VKDPV
,QWKH,K\DENED\GQYROSOLQHIIDO*KD]DOL
PDNHVLWFOHDUWKDWQHLWKHUZDV$EUDKDPPLVOHGE\WKHSK\VLFDOVWDUVPRRQDQGVXQEXWE\
WKHVSLULWXDOOLJKWVDQDORJRXVWRWKHVH

/DQGROW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIW
SS"
>$WWKHKLJKHVWVWDJHRIKLV
DVFHQW@$EUDKDPSRLQWVWR+HZKRDOODGKL7KDWPHDQV*KD]DOOH[SODLQVWKDWWKH
P\VWLFVDOLNDWWKHILQDOVWDJHRIKLVDVFHQWUHDFKHVDSRLQWZKHUHKHWXUQVKLVIDFHIURP
WKHVXQEHFDXVHWKHVXQEHLQJJUHDWHUDQGKLJKHUWKDQWKHPRRQLVHRLSVRUHODWHG
WRVRPHWKLQJOHVVSHUIHFWZKHUHDVWKHDFWRIWXUQLQJKLVIDFHWR+H>VLFO@ZKRRULJLQDOO\
FUHDWHGLVE\LWVHOIXQGHWHUPLQHG^LVKGUDPXEKDPDJLYHQWKDWWKHFRQFHSWRI+HZKR

PDIKXPDOODGKLLVDVVXFKEH\RQGDQ\FRQFHLYDEOHUHIHUHQWDQGZKDWLVEH\RQGDQ\
UHODWLRQLVWKH7UXH)LUVWDODZZDODOKDTT

$O*KD]DOL0LVKNGWSDUW"SOLQHV

$O*KD]DOL0LVKNDWSDUW"S/DQGROWDJDLQDVVXPHVWKDWWKHLPSHUIHFWLRQ
GHULYHVIURPWKHIDFWWKDWWKHREH\HGRQHKDVDUHODWLRQWRWKHPRRQDQJHOLQVRIDUDVLWLV

REH\HGE\LW
*KD]DOODQG5HOLJLRQVZLVVHQVFKDIIS7KLVLVGLIIHUHQWIURPP\
VXJJHVWLRQSXWIRUZDUGKHUHWKDWWKHLPSHUIHFWLRQKDVLWVRULJLQLQWKHREH\HGRQHKDYLQJD
VHQVLEOHLPDJHLHWKHVXQ

2QHRIWKHUHYLHZHUVRIWKLVDUWLFOHKDVSRLQWHGRXWWRPHWKDWP\
LQWHUSUHWDWLRQWKDWWKH

2EH\HG2QHIDOOVVKRUWRISHUIHFWLRQEHFDXVHVXVFHSWLEOHRIV\PEROLVDWLRQRGGO\GRHVQRW
H[SODLQZK\*KD]DOLVD\VWKHVHFUHWRIWKLVIDOOVRXWVLGHWKHUHPLWRIWKHERRN
7KLVLV
FHUWDLQO\WUXHDQGSRVVLEO\DO*KD]DOL
VVWDWHPHQWWKDWWKLVVHFUHWFDQQRWEHGLVFORVHGLQWKLV
ERRNVKRXOGQRWEHWDNHQRQLWVIDFHYDOXH3HUKDSVLWDOOXGHVVRPHZKDWPRUHJHQHUDOO\WRDO
*KD]DOL
VHVRWHULFZULWLQJWHFKQLTXHHPSOR\HGPRVWSURPLQHQWO\LQWKH0LVKNDWDWHFKQLTXH
WKDWUHTXLUHVWKDWDZRUNEH
GHFRGHG
WKURXJKFRQVWDQWUHIOHFWLRQRQDQGMX[WDSRVLWLRQDQG
FDUHIXODQDO\VLVRIFHUWDLQSDVVDJHV7KLVWHFKQLTXHLVHPSOR\HGE\RWKHUDXWKRUVDVZHOO
QRWDEO\E\0DLPRQLGHVLQWKH*XLGHRIWKH3HUSOH[HG

$O*KD]DOL0LVKNGWSDUW"SOLQHID
OPXWDQD]]LKFDQNXOOPXQDVDED
KXZDDZZDODOKDTT


This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNGWDODQZDU
$O*KD]DOL0LVKNGWSDUW"S0\SDUDSKUDVHKHUHFOHDUVVRPHLQDFFXUDFLHVRI
/DQGROW
VSDUDSKUDVHTXRWHGLQQRWHDERYH)LUVWDO*KD]DOLVWULFWO\VSHDNLQJLVQRWVD\LQJ

WKDWWKHDFWRIWXUQLQJWKHIDFHLV
XQGHWHUPLQHG
EXWUDWKHUWKDW
+HZKR
LVDQXQVSHFLILF
UHIHUHQFH6HFRQGKHLVQRWVD\LQJWKDW
WKHFRQFHSWRI+HZKRPDIKXPDOODGKOLVDVVXFK
EH\RQGDQ\FRQFHLYDEOHUHIHUHQW
EXWWKDWWKHUHIHUHQWRIWKLVFRQFHSWKDVQRLPDJHPLWKGO
DQGGRHVQRWKDYHDQDORJRXVFRUUHVSRQGHQFHPXQDVDEDZLWKDQ\WKLQJHOVH

$O*KD]DOL0LVKNGWSDUW"S

2QWKLVVXEMHFWVHHDOVRWKHH[FHOOHQWVWXGLHVE\/D]DUXV<DIHK6WXGLHV$SSHQGL[&

6RPH1RWHVRQ$O*KD]]DOL
V&RVPRORJ\
SS.1DNDPXUD
,PDP*KD]DOO
V
&RVPRORJ\5HFRQVLGHUHGZLWK6SHFLDO5HIHUHQFHWRWKH&RQFHSWRIMDEDUXI6WXGLD,VODPLFD

SS

$O*KD]DOL0LVKNGWSDUW""S
$O*KD]DOL0LVKNGWSDUW"S
$O*KD]DOL0LVKNGWSDUW"S
$O*KD]DOL0LVKNGWSDUW"S$GPLWWHGO\WKHWHUPPXQDVDEDLVQRWXVHGLQWKLV

SDVVDJHEXWWKHFRQWH[WH[SODLQLQJKRZLPDJHVDUHFRLQHGVXJJHVWVWKDWWKLVGLVFXVVLRQ
DSSOLHVWRFRVPRORJLFDOLPDJHVDVZHOO7KHWHUPPXQDVDEDGRHVRFFXULQDSDUDOOHOEXWPRUH
H[WHQGHGGLVFXVVLRQRIGUHDPLQWHUSUHWDWLRQLQDO*KD]DOL,K\GENFKYROS

OLQH

7KLVLVDQDOOXVLRQWRWKHKDGLWK
WKHYHULGLFDOGUHDPLVRQHIRUW\VL[WKSDUWRISURSKHF\


2QWKHFRUUHVSRQGHQFHLQPDFQGUXKGQOVHHDO*KD]DOL)D\VDOFKLQWKHGLVFXVVLRQRI
WKHILYHOHYHOVRIH[LVWHQFHRQWKHLQWHOOHFWXDOH[LVWHQFHRIWKH
+DQG
RI*RG
ZDPDQTGPD

FLQGDKXDOEXUKDQFDODLVWLKDODW\DGOL
OOGKWDFDOGKL\DMDULKDPDKVXVDDZPXWDNKD\\DODID
LQQDKX\XWKELWXOL
OOGKVXEKGQDKX\DGDQUXKDQL\\DFDTOL\\DDFQLDQQDKX\XWKELWXPDFQDDO
\DGZDKDTOTDWDKGZDUXKDKGGXQDVXUDWLKGLQQDUXKDO\DGZDPDFQDKGPGELKL\DEWLVKX
ZD\DIDOXZD\XFWLZD\DPQDFXZDOODKWDFDOG\XFWOZD\DPQDFXELZGVLWDWPDODLNDWLKL
S
1RWLFHDOVRWKHVWULNLQJSKUDVH
7KHUHFDQEHQRUHIHUHQFHWRWKHOLJKWRIWKHVXQEXWRQO\

WRWKHVXQ1RZHYHU\WKLQJLQH[LVWHQFHUHODWHVWR>*RG@DVOLJKWUHODWHVWRWKHVXQ
DO
*KD]DOL0LVKNGWSDUW"SOLQHVDWWKHHQGRI3DVVDJH$7KHLPDJHRIWKH
VXQDQGLWVUD\VLVXVHGE\DO*KD]DOLLQVHYHUDOZRUNVVHHHJWKHUHIHUHQFHWRWKH0DTVDG
LQQRWHDERYHXVXDOO\LQLPSOLFLWSDUDOOHOWR*RGDQG+LV)DFHMXVWDVWKHVXQFDQQRWEH

VDLGWREHJUHDWHUWKDQLWVOLJKWVRDOVR*RGFDQQRWEHVDLGWREHJUHDWHUWKDQ+LV)DFH
&RPSDUHHJWKHIROORZLQJSDVVDJHVRQWKHPHDQLQJRI
*RGLVJUHDWHU
$OODKXDNEDU
7KHPHDQLQJRI$OODKXDNEDULVQRWWKDW+HLVJUHDWHUWKDQRWKHUWKLQJVVLQFHWKHUHLVQRWKLQJ
HOVHEHVLGH+LPEGYH\IRU+LPWREHJUHDWHUWKDQLWIRUDOOH[LVWHQWVFRPHIURPWKHOLJKWRI
+LVH[LVWHQFH>MXVWDV@WKHOLJKWRIWKHVXQLVQRWKLQJEXWWKHVXQDQGLWLVLPSRVVLEOHWRVD\WKDW
WKHVXQLVJUHDWHUWKDQLWVOLJKW5DWKHUWKHPHDQLQJRI$OODKXDNEDULVWKDW+HLVWRRJUHDWWR
EHNQRZQE\KXPDQVWKURXJKUDWLRQDOLQIHUHQFHTH\DVHFDTL\.LPL\DFRQYGQIDVWYRO

SOLQHV
>7KHNQRZHUV@GRQRWXQGHUVWDQGWKHPHDQLQJRI$OODKXDNEDUDV
LPSO\LQJWKDW+HLVJUHDWHUWKDQVRPHWKLQJHOVH*RGIRUELGVLQFHWKHUHLVQRWKLQJHOVHEHVLGH
+LPPDFDKLLIRU+LPWREHJUHDWHUWKDQLW$Q\WKLQJRWKHUWKDQ+HGRHVQRWKDYHWKHUDQNRI

ZLWKQHVVPDFL\\DEXWWKHUDQNRIIROORZLQJWDEDFL\\D0RUHRYHUDQ\WKLQJRWKHUWKDQ+H

H[LVWVRQO\ZLWKUHVSHFWWRWKH)DFHDGMDFHQWWR+LP7KHUHIRUHRQO\+LV)DFHH[LVWV,WLV
LPSRVVLEOHWRVD\WKDW+HLVJUHDWHUWKDQ+LV)DFH5DWKHUWKHPHDQLQJRI>$OODKXDNEDU@LV

WKDW+HLVWRRJUHDWWREHFDOOHGJUHDWHULQWKHVHQVHRIUHODWLRQRUFRUUHVSRQGHQFHEL
PDFQD
OLGDIDZD
OPXTG\DVDDQGWRRJUHDWIRUDQRWKHUWRJUDVSWKHXWPRVWOLPLWRI+LV
PDJQLILFHQFHHYHQEHKHDSURSKHWRUDQDQJHO
0LVKNGWSDUW"SOLQHVFI
DOVR$UEDFLQENFKSS"

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

-RXUQDORI4XU
DQLF6WXGLHV
7KHSRVVLELOLW\WKDWDO*KD]DOLIROORZHG$YLFHQQDLQEHOLHYLQJWKDW*RGKDVQRTXLGGLW\
RWKHUWKDQH[LVWHQFHKDVWREHWDNHQVHULRXVO\,QWKH0DTDVLGIRULQVWDQFHDO*KD]DOLVD\V
WKDWLWLVEHFDXVH*RGKDVQRPDKL\\DWKDW+HFDQQRWEHNQRZQWKURXJKUDWLRQDOLQIHUHQFH
TL\GV0DTDVLGSOLQHII$GPLWWHGO\0DTDVLGLVDQ$YLFHQQLDQZRUNODUJHO\EDVHG

RQ$YLFHQQD
V'GQHVKQGPHVHH--DQVVHQV
/H'GQHVK1GPHKG
OEQ6LQD8QWH[WHD
UHYRLU"
%XOOHWLQGHSKLORVRSKLHPHGLHYDOHSSKRZHYHUWKLVSDVVDJH
GRHVQRWVHHPWRKDYHDFRUUHVSRQGHQFHLQWKH'GQHVKQGPHDQGLVLQDOOOLNHOLKRRGDO
*KD]DOIVRZQDGGLWLRQ7KLVVXEMHFWUHTXLUHVIXUWKHUVWXG\

$O*KD]DOLKLPVHOIGUDZVDGLVWLQFWLRQEHWZHHQWKHVHWZRZD\V,QWKHILUVWSDUWRIWKH
0LVKNGWSDUW"DO*KD]DOLVWDWHVWKDWWKHUHDUHWZRZD\VWRZDUGWKHUHDOLVDWLRQWKDW


7KHUHLVQRWKLQJLQH[LVWHQFHVDYH*RG
6RPHRIWKRVHZKRVHHRQO\*RGLQH[LVWHQFH
DUULYHGDWWKLVUHDOLVDWLRQWKURXJKDVFLHQWLILFFRJQLWLRQ+UIDQDQ+OPL\\DQRWKHUVWKURXJK

DQH[SHULHQWLDOVWDWHOLW
VWDWHRIWDVWLQJ
KDODQGKDZTL\\DQFI0LVKNGWSDUW"TXRWHG
EHORZ,SUHIHUQRWWRWUDQVODWH+UIGQDV
JQRVLV
VLQFHWKLVPD\EHPLVOHDGLQJ)RUWKLVWHUP

VHH0LVKNGWSDUW"SOLQHZKHUHLWREYLRXVO\PHDQV
FRJQLWLRQ
DQGKDVQR
P\VWLFDOFRQQRWDWLRQV

$O*KD]DOL0LVKNGWSDUW""SOLQHWRSOLQH6RPHRIWKHHOHFW
DPRQJWKHHOHFWDO*KD]DOLFRQWLQXHVUHDFKWKLVUHDOLVDWLRQJUDGXDOO\OLNH$EUDKDP
RWKHUVLQVWDQWDQHRXVO\GXIDWDQOLNH0XKDPPDG
1RWLFHWKHFRQWUDVWEHWZHHQWKHH[SHULHQFHRIMDODOKHUHDQGWKHH[SHULHQFHRIMDPGOE\
WKHSUHYLRXVJURXS

$O*KD]DOL0XQTLGK"SOLQH
ZDNDQDPDNDQDPLPPDODVWXDGKNXUXKX
ID]XQQDNKD\UDQZDODWDV"DOFDQ9ONKDEDU97KHYHUVHLVE\,EQ0XFWD]]PHWUHDOEDVLW

2QFLOPDQGGKDZTVHHHJ$EUDKDPRY
6XSUHPH:D\
SSI0(0DUPXUD

*KD]DOLDQG$VKFDULVP5HYLVLWHG
$UDELF6FLHQFHVDQG3KLORVRSK\SSDW

SSII50)UDQN
$O*KD]DOLRQ7DTOLG6FKRODUV7KHRORJLDQVDQG3KLORVRSKHUV

=HLWVFKULIWILLU*HVFKLFKWHGHUDUDELVFKLVODPLVFKHQ:LVVHQVFKDIWHQSSDW

SSII

7KLVVXEMHFWZLOOEHWUHDWHGLQJUHDWHUGHWDLOLQP\IRUWKFRPLQJ3K'GLVVHUWDWLRQRQDO
*KD]DOL
VPHWDSK\VLFVGLUHFWHGE\3URI'LPLWUL*XWDV

7RWKHEHVWRIP\NQRZOHGJHWKLVSURFHVVKDVQRWEHHQVXIILFLHQWO\GRFXPHQWHGDQG
DQDO\VHG$FDUHIXOVWXG\RILWZRXOGEHDQLPSRUWDQWFRQWULEXWLRQWRWKHKLVWRU\RI6XILVPDQG

,VODPLFWKRXJKWDVDZKROH

$O%LUXQL
V,QGLDZDVFRPSOHWHGLQVKRUWO\DIWHUWKHGHDWKRIKLVSDWURQ
0DKPXGRI*KD]QD6HH&(GPXQG%RVZRUWKHWDODUW
%LUXQL
LQ(QF\FORSDHGLD,UDQLFD
YROSSDWSE

$O%LUXQL$OEHUXQL
V,QGLD$Q$FFRXQWRIWKH5HOLJLRQ3KLORVRSK\/LWHUDWXUH
&KURQRORJ\$VWURQRP\&XVWRPV/DZVDQG$VWURORJ\RI,QGLDDERXW$'HG(GZDUG

6DFKDX/RQGRQ7ULLEQHUFKS,RZHWKLVUHIHUHQFHWR:LOOLDP&KLWWLFN

V
DUWLFOH
5XPLDQGZDKGDWDOZXMXG?SSIQZKHUHWKLVSDVVDJHLVSDUWLDOO\WUDQVODWHG

DQGEULHIO\GLVFXVVHG2QFRPSDUDEOHGRFWULQHVRQWKH,QGLDQVLGHVHHDO%LUXQL
VGLVFXVVLRQ
LQKLV,QGLDFK2QHWKLQNVHVSHFLDOO\RIWKH$GYDLWD9HGDQWDQRWKRZHYHUPHQWLRQHGE\
DO%LUXQL$YHU\EULHIDQGLQVXIILFLHQWDQDO\VLVRIDO%LUXQL
VSUHVHQWDWLRQRI,QGLDQPRQLVP

LQFRPSDULVRQWR$GYDLWD9HGDQWDLVRIIHUHGE\++HUDV
7KH$GYDLWD'RFWULQHLQ$OEHUXQL

LQ$O%LUXQL&RPPHPRUDWLRQ9ROXPH$+$+&DOFXWWD,UDQ6RFLHW\SS



7KHIRUPRIWKLVWHUPDVJLYHQE\DO%LUXQLLVLQIDFW6\ULDFQRW*UHHN

7KH
SRUFK
ZDVSDUWRIWKHPRVTXHLQ0HGLQDZKHUHWKHSLRXV
SHRSOHRIWKHSRUFK

UHSRUWHGO\OLYHGDWWKHWLPHRIWKHSURSKHW)RUWKHWUDQVODWLRQ
SRUFK
DVRSSRVHGWRWKHPRUH

FRPPRQEXWLQFRUUHFW
EHQFK
VHH/DQH
VHQWU\LQKLV$UDELF(QJOLVK/H[LFRQ%HLUXW
This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions

0RQLVPDQG0RQRWKHLVPLQDO*KD]DOIV0LVKNDWDODQZDU
/LEUDLULHGX/LEDQENSS
$QDSSHUWHQDQFHRIDKRXVHRURIDEXLOGLQJ
OLNHDZLGHEDKZ>DNLQGRIYHVWLEXOHRUSRUWLFRIRUVKDGHDQGVKHOWHURSHQLQIURQW@ZLWK

DORQJURRIRUFHLOLQJ
WKHVXIIDRIWKHPRVTXHRIWKH3URSKHWZDV
DFRYHUHGSODFHDQ
DSSHUWHQDQFHRIWKHPRVTXHURRIHGRYHUZLWKSDOPVWLFNV
6HHDOVR:0:DWWDUW
$KO
DOVXIID
LQ(QF\FORSDHGLDRI,VODPQGHGQ
2QWKLVWUHQGLQHDUO\6XILVPVHHWKHUHIHUHQFHVFLWHGLQQRWHDERYH

This content downloaded from 128.135.12.127 on Tue, 22 Mar 2016 20:05:40 UTC
All use subject to JSTOR Terms and Conditions