%DQGZLGWK(IILFLHQF\,PSURYHPHQWRI2QOLQH*DPHV
E\WKHXVHRI7XQQHOLQJ&RPSUHVVLQJDQG
0XOWLSOH[LQJ7HFKQLTXHV
-RVH6DOGDQD-HQLIHU0XULOOR-XOLiQ)HUQiQGH]1DYDMDV-RVp5XL]0DV-RVp,$]QDU(GXDUGR9LUXHWH1DYDUUR
&RPPXQLFDWLRQ7HFKQRORJLHV*URXS*7&±$UDJRQ,QVWRI(QJLQHHULQJ5HVHDUFK,$'SW,(&$GD%\URQ%XLOGLQJ&368QLY=DUDJR]D =DUDJR]D6SDLQ
^MVDOGDQDMHQLIHUPXULOORQDYDMDVMUXL]MLD]QDUHYLUXHWH`#XQL]DUHV
$EVWUDFW²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¶VH[SHULHQFH
.H\ZRUGVJDPLQJ GHOD\ PXOWLSOH[LQJ FRPSUHVVLQJ PHDVXUHPHQWQHWZRUNJDPHV4XDOLW\RI([SHULHQFH)LUVW3HUVRQ 6KRRWHU
, ,1752'8&7,21
2QOLQHJDPLQJYLD,QWHUQHWLVDVHUYLFHWKDWJURZVTXLFNO\ ZRUOGZLGH7KHUHDUHVRPHWLWOHVZKLFKKDYHPLOOLRQVRIXVHUV VR WKH HQWHUSULVHV WKDW GHYHORS WKH JDPHV KDYH WR IDFH D GLIILFXOW SUREOHP ZKHQHYHU D QHZ WLWOH LV UHOHDVHG WKH\ QHHG KDUGZDUH DQG EDQGZLGWK UHVRXUFHV LQ RUGHU WR DYRLG WKH VDWXUDWLRQRIWKHLULQIUDVWUXFWXUH$VWKHVXFFHVVRIDQHZWLWOHLV QRW YHU\ SUHGLFWDEOH WKH\ PD\ KDYH WR RYHUSURYLVLRQ WKHVH UHVRXUFHVEHFDXVHWKHXVHUVWKDWEX\WKHJDPHKDYHWRUHFHLYH DJRRGVHUYLFH,Q>@DVWXG\RIWKHEHKDYLRURIWKHJDPHUVZDV SUHVHQWHGDQGWKHDXWKRUVFRQFOXGHGWKDWWKH\DUHYHU\GLIILFXOW WRVDWLVI\LIWKH\KDYHFRQQHFWLRQSUREOHPVWKH\XVXDOO\OHDYH DQGQHYHUUHWXUQDQGWKH\GRQRWWHQGWREHOR\DOWRDVHUYHU
7ZR RI WKH PRVW SRSXODU JHQUHV RI RQOLQH JDPHV DUH 00253*V 0DVVLYH 0XOWLSOD\HU 2QOLQH 5ROH 3OD\LQJ *DPHVDQG)36)LUVW3HUVRQ6KRRWHUV5HIHUHQFH>@VWXGLHG WKH WUDIILF RI 00253*V FRQFOXGLQJ WKDW WKH\ KDYH VRPH
FKDUDFWHULVWLFV OLNH SHULRGLFLW\ ORFDOLW\ DQG VHOIVLPLODULW\ $QRWKHUFRQFOXVLRQLVWKDWWKH\KDYHOHVVEDQGZLGWKDQGUHDO WLPHUHTXLUHPHQWVWKDQ)36
,Q)36WKHDFWLRQVRIWKHSOD\HUVKDYHWREHSURSDJDWHGWR WKHVHUYHUDQGWRWKHUHVWRIWKHSOD\HUVLQDYHU\VKRUWWLPHVR QHWZRUNGHOD\VDUHYHU\FULWLFDO7KHVHJDPHVSURGXFH DKLJK UDWHRIVPDOO8'3SDFNHWVW\SLFDOO\VRPHWHQVRIE\WHVIURP WKH FOLHQW WR WKH VHUYHU VR WKH RYHUKHDG FDXVHG E\ ,38'3 KHDGHUV LV VLJQLILFDQW 6HUYHU WR FOLHQW SDFNHWV DUH W\SLFDOO\ ELJJHU
7KHUHDUHVRPHVFHQDULRVZKHUHPDQ\SOD\HUVRIWKHVDPH JDPH VKDUH WKH SDWK IURP WKH DFFHVV QHWZRUN WR WKH JDPH VHUYHU HJ ,QWHUQHW &DIpV ZKLFK DUH YHU\ SRSXODU LQ PDQ\ FRXQWULHVIUHTXHQWO\KDYHFRPSXWHUVDEOHWRUXQRQOLQHJDPHV DQGJDPHUVXVXDOO\JRWKHUHWRSOD\LQJURXSV)LJDDQGE 7KH WUDIILF EHWZHHQ VHUYHUV RI WKH VDPH JDPH LV DQRWKHU VFHQDULR ZKHUH WKH SDFNHWV RI PDQ\ SOD\HUV VKDUH WKH VDPH SDWK)LJF
7KHWUDIILFRIWKHVHJURXSVRISOD\HUVFRXOGEHFRPSUHVVHG DQG PXOWLSOH[HG LQ RUGHU WR VDYH EDQGZLGWK WDNLQJ LQWR DFFRXQWWKDWWKHDFFHVVQHWZRUNLVXVXDOO\WKHERWWOHQHFN$QG LQ FDVHRI '6/ WKH XSOLQN KDV QRUPDOO\ OHVV EDQGZLGWK WKDQ WKH GRZQOLQN %\ WKH DGGLWLRQ RI D ORFDO DJHQW ZKLFK TXHXHV SDFNHWVFRPSUHVVHVKHDGHUVDQGVHQGVPXOWLSOHSDFNHWVLQWRD ELJJHU RQH VRPHEDQGZLGWKVDYLQJ FRXOGEH DFKLHYHG DWWKH FRVWRIDGGLQJQHZGHOD\VPDLQO\FDXVHGE\WKHUHWHQWLRQWLPH DWWKHTXHXH
,QRUGHUWRDYRLGZRUNORDGWRWKHFHQWUDOJDPHVHUYHUVRPH SURSRVDOV>@>@LQFOXGHGQHWZRUNHOHPHQWVSUR[LHVQH[WWR WKHDFFHVVQHWZRUN,QFRQWUDVWWKHORFDODJHQWSURSRVHGLQWKH FXUUHQWZRUNFRXOGEHGLVWULEXWHGZLWKWKHJDPHDSSOLFDWLRQLQ WKHVDPHZD\DVORFDOVHUYHUVDUHGLVWULEXWHGZLWKFHUWDLQWLWOHV 7KHWXQQHOIURPWKHFOLHQWVWRWKHVHUYHUFRXOGHLWKHUEHFUHDWHG E\ D GHGLFDWHG PDFKLQH )LJ D RU E\ WKH FRPSXWHU RI D SOD\HU)LJEWKXVDYRLGLQJWKHFRVWRIDQHZPDFKLQH
KHDGHUVVRPHWHQVRIE\WHVDVZHZLOOVHH>@7KLVZLOOQRW LPSO\ D VFDODELOLW\ SUREOHP DV WKH VHUYHU DOUHDG\ VWRUHV WKH VWDWH RI WKH JDPH IRU HDFK SOD\HU 2Q WKH RWKHU KDQG WKH VDYLQJVLQWHUPVRIEDQGZLGWKDQGSDFNHWVSHUVHFRQGPD\DOVR EHEHQHILFLDOIRUWKHVHUYHU
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¶WUDIILFLQZKLFKVLJQLILFDQWJDLQV FDQDOVREHREWDLQHGZLWKRXWORVLQJTXDOLW\
*DPH6HUYHU
3OD\HUV
$FFHVV
QHWZRUN ,QWHUQHW
D /RFDO DJHQW
*DPH6HUYHU
3OD\HUV
$FFHVV
QHWZRUN ,QWHUQHW
E 3OD\HUDQG
ORFDODJHQW
&HQWUDO*DPH 6HUYHU
3OD\HUV
*DPH 3UR[\
*DPH 3UR[\
*DPH 3UR[\
F
)LJXUH6FHQDULRVZKHUHPDQ\SOD\HUVVKDUHWKHVDPHSDWKDSOD\HUV VKDULQJDQDFFHVVQHWZRUNXVLQJDORFDODJHQWESOD\HUVXVLQJWKHFRPSXWHU RIDQRWKHURQHLQRUGHUWRFUHDWHWKHWXQQHOF7UDIILFEHWZHHQSUR[\VHUYHUVRI
WKHVDPHJDPH7KLFNOLQHVUHSUHVHQWWKHWUDIILFRIDQXPEHURISOD\HUV
:HZLOOPDLQO\VWXG\WKHVFHQDULRVSUHVHQWHGLQ)LJDDQG EEXWPRVWRIWKHFRQFOXVLRQVFDQDOVREHDSSOLHGWRWKHWKLUG RQH)LJF2QO\FOLHQWWRVHUYHUWUDIILFLVVWXGLHGDVELJJHU VDYLQJVFDQEHREWDLQHGDQGLQPDQ\VFHQDULRVHJ'6/LWLV WUDQVPLWWHG YLDWKH PRVW UHVWULFWLYH OLQN:H KDYH WR PHDVXUH WKH LPSDLUPHQWV RQ WKH SDUDPHWHUV WKDW GHWHUPLQH WKH TXDOLW\ H[SHULHQFHGE\XVHUVLQRUGHUWRSURSHUO\WXQHWKHSDUDPHWHUV WKDWGHILQHWKHWUDGHRIIEHWZHHQEDQGZLGWKVDYLQJDQGTXDOLW\
$OWKRXJK WKLV WHFKQLTXH FRXOG EH DSSOLHG WR RWKHU JDPH JHQUHV ZH ZLOO XVH )36 WUDIILF LQ WKLV ZRUN DV WKHVH JDPHV KDYH YHU\ VWULQJHQW UHDOWLPH UHTXLUHPHQWV 7KH VXEMHFWLYH TXDOLW\ PDLQO\ GHSHQGV RQ GHOD\ DQG SDFNHW ORVV >@ 7KH 6\VWHP 5HVSRQVH 7LPH 657 WKH WLPH WKH V\VWHP QHHGV WR GHWHFWDXVHUHYHQWWRSURFHVVLWDQGWRVHQGWKHXSGDWHGJDPH VWDWHWRWKHORFDORXWSXWGHYLFHKDVWREHPDLQWDLQHGXQGHUD FHUWDLQYDOXH
7KHUHVWRIWKHZRUNLVRUJDQL]HGDVIROORZV1H[WVHFWLRQ SUHVHQWV WKH UHODWHG ZRUNV 6HFWLRQ ,,, H[SODLQV WKH SURSRVHG WXQQHOLQJ FRPSUHVVLQJ DQG PXOWLSOH[LQJ PHWKRG 6HFWLRQ ,9 GHWDLOVWKHUHVXOWV7KHSDSHUHQGVZLWKWKHFRQFOXVLRQV
,, 5(/$7(':25.6
$ 2QOLQH*DPLQJ7UDIILF
7KHUHLVDVLJQLILFDQWDPRXQWRIOLWHUDWXUHUHJDUGLQJWRWKH WUDIILFRIRQOLQHJDPHV:HZLOORQO\FRQVLGHUDFWLYHWUDIILFLH WKH RQH JHQHUDWHG RQFH WKH JDPH KDV VWDUWHG 7KLV WUDIILF SUHVHQWVWZRGLIIHUHQWEHKDYLRUVILUVWWKHFOLHQWDSSOLFDWLRQLV LQ FKDUJH RI FRPPXQLFDWLQJ WKH DFWLRQV RI WKH SOD\HUV WR WKH VHUYHU XVLQJ VPDOO SDFNHWV ZLWK D VPDOO SHULRG 6HFRQG WKH VHUYHUFDOFXODWHVWKHQHZVWDWHRIWKHJDPHDQGEURDGFDVWVLWWR DOOWKHSOD\HUVXVLQJELJJHUSDFNHWVZKRVHVL]HGHSHQGVRQWKH QXPEHURISOD\HUV5HI>@SUHVHQWHGDPHWKRGWRH[WUDSRODWH VHUYHUWRFOLHQWWUDIILFREWDLQHGIURPHPSLULFDOPHDVXUHPHQWV 7KH\ REWDLQHG VL]H GLVWULEXWLRQV IRU DQ 1SOD\HU JDPH IURP PHDVXUHGWUDIILFRIDQGSOD\HUV,QWKDWZRUNLWLVDOVRVDLG WKDWWKHFOLHQWWRVHUYHUVL]HGLVWULEXWLRQLVLQGHSHQGHQWRIWKH QXPEHURISOD\HUV
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
,Q>@LWLVDOVRVDLGWKDWWKHPDLQERWWOHQHFNLVIUHTXHQWO\ WKHQXPEHURISDFNHWVSHUVHFRQGWKDWDURXWHUFDQPDQDJHDQG QRW WKH EDQGZLGWK RI WKH DFFHVV OLQH 5RXWHUV DUH XVXDOO\ GHVLJQHG IRU ELJ SDFNHWV DQG FDQ H[SHULHQFH SUREOHPV ZKHQ PDQDJLQJEXUVWVRIVPDOOSDFNHWV
% ,QIUDVWUXFWXUHIRU6XSSRUWLQJ2QOLQH*DPHV
WKHXVHU5HI>@SUHVHQWHGDQDOJRULWKPWRDOORZWKHFOLHQWWR DGDSWLYHO\VHOHFWWKHEHVWVHUYHUIRUDFHUWDLQRQOLQHJDPH7KLV FRXOGDOORZDJURXSRIXVHUVWRSOD\LQWKHVDPHVHUYHUDQGXVH PXOWLSOH[LQJWHFKQLTXHV
)URP WKH SRLQW RI YLHZ RI WKH VHUYHU WKHUH DUH WZR DUFKLWHFWXUHV WR VXSSRUW WKLV VHUYLFH FHQWUDOL]HG DQG GLVWULEXWHG,QWKHILUVWRQHWKHUHLVDVHUYHUWKDWPDLQWDLQVWKH VWDWHRIWKHJDPHDQGGLVWULEXWHVLWWRWKHSOD\HUV7KHSUREOHP LV WKDW WKH VHUYHU UHSUHVHQWV D ERWWOHQHFN ,Q GLVWULEXWHG DUFKLWHFWXUHV>@WKHUHLVQRQHHGIRUDFHQWUDOVHUYHUDVWKH SOD\HUV H[FKDQJH WKH LQIRUPDWLRQ %XW WKLV DUFKLWHFWXUH LV JHQHUDOO\QRWXVHGLQFRPPHUFLDOJDPHV
7KHSUREOHPRIWKHVFDODELOLW\RIWKHUHTXLUHGLQIUDVWUXFWXUH IRUWKHVHJDPHVZDVDOVRVWXGLHGE\0DXYHHWDO>@DQGWKH\ SURSRVHG WKH XVH RI SUR[LHV LQ RUGHU WR SURYLGH FRQJHVWLRQ FRQWURO UREXVWQHVV UHGXFH GHOD\V DQG DYRLG FKHDWLQJ 6RPH SUR[LHVFRXOGEHGLVWULEXWHGQH[WWRWKHSOD\HUVDYRLGLQJVRPH ZRUNORDGWRWKHFHQWUDOVHUYHU5HI>@DOVRSURSRVHGWKHXVHRI
ERRVWHUER[HV ZKLFK ZRXOG EH QH[W WR WKH URXWHU DQG FRXOG NQRZ WKH VWDWH RI WKH QHWZRUN EHLQJ DEOH WR JLYH QHWZRUN VXSSRUW WR WKH DSSOLFDWLRQV $V VDLG LQ WKH LQWURGXFWLRQ WKH VROXWLRQ SURSRVHG LQ WKH FXUUHQW ZRUN FRXOG HYHQ UXQ LQ WKH PDFKLQHRIDSOD\HU
& &RPSUHVVLQJ$OJRULWKPV
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
7KHVH DOJRULWKPV FRPSUHVV KHDGHUV LQ D KRSE\KRS ZD\ XVLQJWKHKLJKUHGXQGDQF\RI,37&3DQG8'3KHDGHUILHOGVLQ RUGHU WR DYRLG VHQGLQJ VRPH RI WKHP $FRQWH[W LV GHILQHG ZKLFKLVILUVWWUDQVPLWWHGIURPWKHVHQGHUWRGHGHVWLQDWLRQZLWK WKHILUVWKHDGHUV7KHGLIIHUHQWKHDGHUILHOGVDUHFODVVLILHGLQWR
QRQFKDQJHUDQGRPGHOWDDQGLQIHUUHG7KHILUVWRQHVDUHRQO\ VHQW LQ IXOO KHDGHUV 5DQGRP KHDGHUV DUH VHQW ZLWKRXW FRPSUHVVLRQ ZKLOHGHOWD RQHV DUH FRGLILHG XVLQJ OHVV E\WHV WKDQWKHRULJLQDOVL]HRIWKHILHOG)LQDOO\LQIHUUHGKHDGHUVFDQ EHREWDLQHGIURPWKHILHOGVRIRWKHUOD\HUVHJWKHOHQJWKRIWKH SDFNHWFDQEHREWDLQHGIURPWKHOHYHOFRUUHVSRQGLQJILHOG
52+&Y>@LVDPRUHUHFHQWVWDQGDUGZKLFKLVDOVRDEOH WRFRPSUHVV,38'3573KHDGHUVDQG,38'3RQHV,WUHGXFHV WKH LPSDFW RI FRQWH[W GHV\QFKURQL]DWLRQ E\ SURYLGLQJ D IHHGEDFNPHFKDQLVPIURPWKHGHFRPSUHVVRUWRWKHFRPSUHVVRU ,WXVHVWKUHHGLIIHUHQWFRPSUHVVLRQOHYHOVZKLFKFRUUHVSRQGWR RSHUDWLRQ PRGHV,QLWLDOL]DWLRQ DQG 5HIUHVK )LUVW 2UGHU DQG
6HFRQG2UGHU,QWKHODVWOHYHOWKHKHDGHUFDQEHFRPSUHVVHG WR MXVW RQH E\WH >@ 7KH XVH RI WKHVH DGYDQFHG WHFKQLTXHV
PDNHV WKH LPSOHPHQWDWLRQ PRUH GLIILFXOW >@ DQG PD\ DGG ELJJHUSURFHVVLQJGHOD\V
,,, &2035(66,1*$1'08/7,3/(;,1*0(7+2' ,Q WKLV VHFWLRQ ZH ZLOO H[SODLQ WKH SURSRVHG FRPSUHVVLQJ DQGPXOWLSOH[LQJPHWKRG$VWXG\RIWKHEDQGZLGWKHIILFLHQF\ ZKLFKFDQEHDFKLHYHGLVDOVRSUHVHQWHG
$ 7XQQHOLQJ&RPSUHVVLQJDQG0XOWLSOH[LQJ$OJRULWKP
,Q5)&>@WKH,(7)DSSURYHG7XQQHOHG&RPSUHVVHG 5737&573LQRUGHUWRFRPSUHVVDQGPXOWLSOH[573IORZV )LUVW (&573 FRPSUHVVLQJ LV DSSOLHG DQG PDQ\ SDFNHWV DUH LQFOXGHG LQWR WKH VDPH RQH XVLQJ 3330X[ )LQDOO\ D /73 WXQQHO LV XVHG LQ RUGHU WR VHQG WKH ZKROH PXOWLSOH[HG SDFNHW HQGWRHQG
:HKDYHXVHGDVLPLODUVFKHPHEXWLQRXUFDVHWKHWUDIILFLV QRW 573 VR ZH FDQ RQO\ FRPSUHVV ,38'3 KHDGHUV XVLQJ ,3+&RU52+&Y:HZLOOFDOOWKLVPHWKRG7XQQHO&RPSUHVV 0XOWLSOH[ IURP QRZ 7&0 )LJ VKRZV WKH SURWRFRO VWDFN DQGWKHVWUXFWXUHRID7&0SDFNHW,WFDQEHGLYLGHGLQWRWKH QH[WSDUWV
x Common Header (CH):&RUUHVSRQGVWRWKH,3/73
DQGWKH333KHDGHUV
x PPPMux header (MH):,WLVLQFOXGHGDWWKHEHJLQQLQJ
RIHDFKFRPSUHVVHGSDFNHW
x Reduced header (RH):,WFRUUHVSRQGVWRWKH,38'3
FRPSUHVVHGKHDGHURIHDFKRULJLQDOSDFNHW
x Payload (P): ,W LV WKH 8'3 SD\ORDG RI WKH RULJLQDO
SDFNHWVJHQHUDWHGE\WKHDSSOLFDWLRQ
% 7KHRUHWLFDO$QDO\VLVRIWKH3URSRVHG0HWKRG
:H ZLOO QH[W PDNH DQ DQDO\VLV RI WKH EDQGZLGWK VDYLQJ ZKLFKFDQEHDFKLHYHGE\WKHXVHRIWKLVWHFKQLTXH:HDVVXPH WKDW WKH PXOWLSOH[HG SDFNHW VL]H ZLOO QHYHU EH DERYH E\WHVZKLFKLVFHUWDLQIRUWKHWUDIILFVRIWKLVZRUN
$V VDLG LQ WKH LQWURGXFWLRQ SDFNHW GHOD\ KDV D YHU\ ELJ LPSRUWDQFH IRU WKLV VHUYLFH 6R ZH KDYH XVHG D PXOWLSOH[LQJ SROLF\WKDWPDLQWDLQVSDFNHWGHOD\XQGHUDQXSSHUERXQG,QWKH PXOWLSOH[HULWLVGHILQHGDSHULRGQDPHG7DQGDPXOWLSOH[HG
333 3330X[
&RPSU+HDGHU 3D\ORDG
,3 8'3
&RPSU+HDGHU 3D\ORDG
/73 ,3
,3KHDGHU KHDGHU/73 333KHD
GHU 3D\ORDG &RPSU +HDGHU 333
0X[
&+ 0+ 5+ 3
3D\ORDG &RPSU +HDGHU 333 0X[
0+ 5+ 3
SHULRG
SHULRG SHULRG SHULRG
)LJXUH%HKDYLRURIWKHPXOWLSOH[LQJSROLF\
SDFNHW LV VHQW DW WKH HQG RI HDFK SHULRG LQFOXGLQJ DOO WKH DUULYHGRQHV)LJ7KHUHDUHWZRH[FHSWLRQVLIWKHUHLVQR SDFNHWWRPXOWLSOH[QRWKLQJZLOOEHVHQWDQGLIWKHUHLVRQO\ RQH SDFNHW LW ZLOO EH VHQW LQ LWV QDWLYH IRUP DV WKH XVH RI D WXQQHOZRXOGPDNHLWEHELJJHU
:HZLOOUHIHUWRWKHSDFNHWVJHQHUDWHGE\WKHDSSOLFDWLRQDV
QDWLYHLQFRQWUDVWWRPXOWLSOH[HGPX[RQHV:LWKWKLVSROLF\ WKH DYHUDJH UHWHQWLRQ GHOD\ ZLOO EH7 DQG LWV XSSHU ERXQG ZLOOEH7
$Q LQWHUHVWLQJ SDUDPHWHU LV WKH EDQGZLGWK UHODWLRQVKLS
%:5ZKLFKLVWKHGLYLVLRQRIPX[DQGQDWLYHEDQGZLGWKV:H ZLOOGHQRWHWKHQXPEHURIDUULYHGSDFNHWVLQDSHULRGDVN1+ GHQRWHVWKHVL]HRIDQ,38'3KHDGHU,QRUGHUWRREWDLQ%:5 ZH ZLOO ILUVW FDOFXODWH WKH QXPEHU RI E\WHV VHQW LQ D SHULRG
ZKHQ PXOWLSOH[LQJ LV DSSOLHG VR ZH KDYH WR GLVWLQJXLVK WKH FDVHRIKDYLQJRQHSDFNHW
VL]HPX[ 3UN 1+(>3@
3UN!>&+(>N_N!@0+(>5+@(>3@@
1H[W WKH H[SHFWHG YDOXHRIWKH VL]H RI WKH QDWLYHSDFNHWV DUULYHGLV
VL]HQDWLYH (>N@1+(>3@
$QGGLYLGLQJDQGZHREWDLQ%:5
%:5 VPDOOHU DV WKH QXPEHU RI PXOWLSOH[HG SDFNHWV LQFUHDVHV 7KH WKLUG WHUP GHSHQGV RQ WKH FRPSUHVVLQJ DOJRULWKP DQG LQ WKH DYHUDJHSDFNHWVL]HJHQHUDWHGE\WKHDSSOLFDWLRQ
6RLIZHKDYHDELJQXPEHURIXVHUVRUDELJSHULRGWKH QXPEHURISDFNHWVZLOOEHELJDQGWKHILUVWDQGVHFRQGWHUPV ZLOO EHFRPH QHJOLJLEOH 5HJDUGLQJ WR WKH WKLUG RQH 3UN!
ZLOODOPRVWEHDQGWKHVDPHZLOOKDSSHQWR(>N_N!@(>N@ 6RZHFDQREWDLQWKHH[SUHVVLRQIRUDQDV\PSWRWHIRU%:5
%:5D:HREVHUYHWKDWWKHVPDOOHUWKHYDOXHRI(>3@WKHVPDOOHU WKHYDOXHRIWKHDV\PSWRWH6RWKHSUHVHQWHGWHFKQLTXHVKRXOG KDYHDJRRGEHKDYLRULQDSSOLFDWLRQVWKDWJHQHUDWHDKLJKUDWH RI VPDOO SDFNHWV DV )36 JDPHV GR /RJLFDOO\ LW LV H[SHFWHG WKDWWKHELJJHUWKHQXPEHURISOD\HUVWKHEHWWHUWKHEHKDYLRU DV WKH VDPH QXPEHU RI SDFNHWV FDQ EH PXOWLSOH[HG ZLWK OHVV DGGHGGHOD\V$QGWKHLQFUHDVHRI7ZLOODOVREHEHQHILFLDOIRU
%:5 EXW ZH FDQ QRW LQFUHDVH LW LQGHILQLWHO\ DV SOD\HUV DUH YHU\VHQVLWLYHWRGHOD\
2Q EHKDOI RI FODULW\ ZH ZLOO QRW LQFOXGH KHUH WKH FDOFXODWLRQ RI (>N_N!@ 3UN DQG 3UN! 7KHVH FDOFXODWLRQV DUH LQFOXGHG LQ WKH $SSHQGL[ $V VKRZQ WKHUH WKH\PD\YDU\GHSHQGLQJRQWKHEHKDYLRURIHDFKJDPH
,QRUGHUWRJHWQXPHULFDODQGJUDSKLFDOUHVXOWVZHZLOOQRZ XVH WKH UHDO SDUDPHWHUV RI VRPH FRPPHUFLDO JDPHV DQG WKH RQHVXVHGLQWKHSURSRVHGSURWRFROV
x 1+ E\WHV IRU ,3Y8'3 DQG E\WHV IRU ,3Y8'3
x &+E\WHVIRU,3YFRUUHVSRQGWR,3WR/73
DQGWR333KHDGHU)RU,3Y&+ E\WHV
x 0+E\WHVFRUUHVSRQGLQJWR3330X[
x (>3@7KH YDOXHRI WKH 8'3SD\ORDG GHSHQGVRQWKH DSSOLFDWLRQXVHG
x (>N@7KHQXPEHURISDFNHWVSHUVHFRQGJHQHUDWHGE\ WKH1SOD\HUVRIWKHJDPH
x (>5+@ ,Q WKLV H[DPSOH WR EH LQ WKH ZRUVW FDVH ZH KDYHFRQVLGHUHG,3+&FRPSUHVVLQJ8'3KHDGHUVWR E\WHV E\ XVLQJ RQO\ ELWV IRU WKH &,' ILHOG DQG DYRLGLQJ WKH RSWLRQDO FKHFNVXP ,3Y DQG ,3Y KHDGHUVFDQDOVREHFRPSUHVVHGWRE\WHV6RZHZLOO FRQVLGHU E\WHV DYHUDJH IRU FRPSUHVVHG KHDGHUV DQG RUE\WHVIRUIXOOKHDGHUVZKLFKDUHVHQWHYHU\ VHFRQGV WKH GHIDXOW )B0$;B7,0( SDUDPHWHU RI ,3+&
8VLQJWKHVHYDOXHVZHREWDLQWKHYDOXHVVKRZQLQ7DEOH 7KH\DUHWKHYDOXHVRIWKHDV\PSWRWHLHWKHEHVW%:5WKDWFDQ EH DFKLHYHG LI WKH QXPEHU RI XVHUV DQG WKH SHULRGDUH ELJ
&RXQWHU6WULNH *ROG6UF
+DOR +DOR
HQRXJK 7KH\ DUH REWDLQHG IRU ,3Y DQG ,3Y :H KDYH VHOHFWHG VRPH SRSXODU JDPHV DQG WKH FRQFUHWH YDOXHV KDYH EHHQREWDLQHGIURP>@DQG>@7KHYDOXHVIRU+DORUHIHU WRDFRQVROHZLWKRQO\RQHXVHU>@7KHYDOXHRIOIRU4XDNH LVWKHRQHREWDLQHGZLWKWKHIDVWHVWJUDSKLFFDUGV
7KH REWDLQHG YDOXHV DUH VLJQLILFDQW $OO WKH JDPHV DOORZ EDQGZLGWK VDYLQJV DERYH IRU ,3Y DQG WKLV VDYLQJ FDQ JURZXSWRLI,3YLVXVHGLQVRPHWLWOHV
,QRUGHUWRKDYHDEHWWHULGHDRIWKHV\VWHPEHQHILWVVRPH JUDSKVZLOOQH[WEHSUHVHQWHGWRLOOXVWUDWHWKHEHKDYLRURIWKH
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
:H FDQ PDNH D ILQDO REVHUYDWLRQ DV VDLG LQ SUHYLRXV VHFWLRQV DQRWKHU OLPLWDWLRQ RI FRPPHUFLDO URXWHUV LV WKH QXPEHURISDFNHWVSHUVHFRQGWKH\FDQPDQDJH7KLVPHWKRG DOVRUHGXFHVWKLVQXPEHUE\DIDFWRURI(>N@
& 6\VWHPGHOD\V
,Q WKLV VXEVHFWLRQ ZH VWXG\ WKH LPSDFW RI WKH SURSRVHG PHWKRGLQWKH657,Q)LJZHVKRZDVFKHPHRIWKHV\VWHP ZLWKWKHGHOD\VWKDWDUHDGGHGLQRUGHUWRREWDLQ657
x 7UHWHQWLRQLVWKHWLPHDSDFNHWLVUHWDLQHGDWWKHTXHXHRI WKHPXOWLSOH[HU
x 7SURFHVVUHSUHVHQWVWKHWLPHVSHQWLQERWKWKHPXOWLSOH[HU DQG GHPXOWLSOH[HU ,Q >@ D PXOWLSOH[HU IRU 573 WUDIILFZDVLPSOHPHQWHGDQGWKHSURFHVVLQJWLPHZDV OHVVWKDQPV
x 7TXHXH LV WKH WLPH VSHQW DW WKH TXHXH RI WKH DFFHVV URXWHU 7KH PHWKRG SUHVHQWHG LQ WKLV SDSHU GRHV QRW GLUHFWO\PRGLI\WKLVWLPH
x 7QHWZRUNLVWKHQHWZRUNGHOD\ZKLFKLVQHLWKHUDIIHFWHG
PV PV
PV PVPV
SHULRG
%:5
QXPEHURISOD\HUV
%DQGZLGWK5HODWLRQVKLS%:5
D
%:5
SHULRGPV
%DQGZLGWK5HODWLRQVKLS%:5 SOD\HUV
SOD\HUV SOD\HUV SOD\HUV
E
%:5
QXPEHURISOD\HUV
%DQGZLGWK5HODWLRQVKLS%:5 7PV
7PV 7PV 7PV 7PV
F
)LJXUHD%:5DVDIXQFWLRQRIWKHQXPEHURISOD\HUVDQGWKHSHULRGE %:5DVDIXQFWLRQRIWKHSHULRGF%:5DVDIXQFWLRQRIWKHQXPEHURI
SOD\HUV
,3QHWZRUN
08; '(08;
7SURFHVV 7TXHXH 7QHWZRUN 7SURFHVV 7UHWHQWLRQ
,3 7&0 ,3 *DPH6HUYHU 3OD\HUV
)LJXUH'HOD\VRIWKHV\VWHP
,Q WKLV SDSHU ZH KDYH QRW FRQVLGHUHG WKH SRVVLELOLW\ RI PRGLI\LQJ WKH DSSOLFDWLRQ EXW LI LW FRXOG EH GRQH D ILUVW V\QFKURQL]DWLRQSKDVHFRXOGEHLPSOHPHQWHGLQRUGHUWRPDNH DOOWKHFRPSXWHUVLQWKHVDPHJDPHJHQHUDWHWKHSDFNHWVLQWKH VDPHPRPHQWVRWKLVGHOD\FRXOGEHVLJQLILFDQWO\UHGXFHGIRU WKHJDPHVWKDWXVHDIL[HGLQWHUSDFNHWWLPH
,9 7(676$1'5(68/76
,Q WKLV VHFWLRQ ZH ZLOO VKRZ VRPH VLPXODWLRQ UHVXOWV REWDLQHG ZLWK UHDO JDPH WUDFHV )LUVW ZH ZLOO GHVFULEH WKH PHWKRGXVHGLQRUGHUWRJHQHUDWHWKHWUDIILFIRUWKHWHVWV
,Q RUGHU WR FRPSDUH WKH VLPXODWLRQ UHVXOWV ZLWK WKH WKHRUHWLFDORQHVZHKDYHXVHGWKHVDPHJDPHLQWKLVVHFWLRQ +DOI /LIH &RXQWHU 6WULNH 7KH WUDIILF WUDFHV KDYH EHHQ REWDLQHGIURP&$,$SURMHFWHJWKHWUDFHIRUSOD\HUVLVLQ >@7KHUHDUHDYDLODEOHWUDFHVIURPWRSOD\HUV7KHUHLV DQ RIIVHW RI WKH ILUVW SDFNHWV DQG RQO\ WKH QH[W QXPEHUBRIBSOD\HUVSDFNHWVDUHLQFOXGHGWRHQVXUHWKDW DOOWKHSDFNHWVFRUUHVSRQGWRDFWLYHJDPHWUDIILFZKLFKLVWKH RQHZHDUHVWXG\LQJ
,QRUGHUWRREWDLQWUDFHVIRUPRUHSOD\HUVZHKDYHDGGHG VRPHRIWKHPHJZHKDYHREWDLQHGDWUDFHRISOD\HUVLQ
GHGXVW VFHQDULR E\ WKH DGGLWLRQ RI WKH WUDFHV RI DQG SOD\HUV LQ WKH VDPH VFHQDULR 7KLV FDQ EH GRQH GXH WR D SURSHUW\ RI WKH FOLHQW WR VHUYHU WUDIILF ZKRVH GLVWULEXWLRQ LV LQGHSHQGHQW RI WKH QXPEHU RI SOD\HUV >@ >@ WKH FOLHQW WR VHUYHUWUDIILFRIDSOD\HUJDPHZLOOEHVLPLODUWRWKHDGGLWLRQ RIWKUHHJDPHVRIDQGSOD\HUV/RJLFDOO\ZHKDYHFXWWKH WLPHRIWKHWUDFHVWRWKHVKRUWHVWRQHREWDLQLQJWUDFHVRI VHFRQGV
$VLPXODWLRQKDVEHHQFRQGXFWHGXVLQJ0DWODELQRUGHUWR REWDLQWKHFRPSUHVVHGDQGPXOWLSOH[HGWUDIILFWUDFHVDVVKRZQ LQ)LJ)LUVWWKHWUDFHLVVHSDUDWHGLQWRWKHLQGLYLGXDOWUDFHV RI WKH GLIIHUHQW SOD\HUV DQG WKH VHUYHU WR FOLHQW WUDIILF LV HOLPLQDWHG )RU JHQHUDWLQJ WKH WUDIILF IRU WKHWHVWV ZH H[WUDFW WKHJHQHUDWLRQWLPHWKHXVHUDQGWKHVL]HRIWKHSDFNHWIURPWKH UHDOWUDFHV1H[W,38'3FRPSUHVVLQJLVDSSOLHGWRHDFKIORZ )LQDOO\ XVLQJ WKH SHULRG 7 WKH VL]HV DQG WLPHV RI WKH PXOWLSOH[HGSDFNHWVDUHFDOFXODWHG
7KHVWXGLHGJDPHKDVWKUHHGLIIHUHQWEHKDYLRUVGHSHQGLQJ RQ WKH JUDSKLF UHQGHULQJ PHWKRG >@ >@ ,Q RXU FDVH WKH WUDFHVKDYHEHHQREWDLQHGZLWK2SHQ*/UHQGHULQJZKLFKLVWKH PRVWFRPPRQRQHDQGKDVLQWHUSDFNHWWLPHVRIPVDQG PVZLWKDRISUREDELOLW\HDFK7KLVPDNHVWKHYDOXHRIO EHSDFNHWVSHUVHFRQG7KHDQDO\VLVRIWKHSUREDELOLWLHVIRU WKLVWUDIILFKDVEHHQLQFOXGHGLQWKH$SSHQGL[VXEVHFWLRQ%
)LJFRPSDUHVWKHWKHRUHWLFDOYDOXHVRI%:5DQGWKHRQHV REWDLQHGLQWKHVLPXODWLRQV,WFDQEHREVHUYHGWKDWWKHREWDLQHG YDOXHV DUH VLPLODU WR WKH WKHRUHWLFDO RQHV H[FHSW IRU VPDOO YDOXHVRIWKHSHULRGDQGWKHQXPEHURISOD\HUV7KHFDXVHRI WKLVLVWKDWLQWHUSDFNHWWLPHVDUHQRWH[DFWO\WKHH[SHFWHGRQHV DVWKH\KDYHDVPDOOYDULDWLRQDURXQGDQGPVDVLWFDQEH VHHQLQWKHKLVWRJUDP)LJ
2ULJLQDOWUDFH
3OD\HU
3OD\HU
3OD\HU1 &OLHQWWR VHUYHUWUDIILF
,38'3 KHDGHUV FRPSUHVVHG
3OD\HU
3OD\HU
3OD\HU1
3OD\HUWR1 0XOWLSOH[HG FRPSUHVVHG DQGWXQQHOHG 3OD\HUWR1
SHULRG
6HUYHUWRFOLHQW &OLHQWWRVHUYHU
1RWXVHG
)LJXUH0HWKRGXVHGWREXLOGWKHWUDFHV
%:5
SHULRGPV
%DQGZLGWK5HODWLRQVKLS%:5 SOD\HUVVLPXODWLRQ SOD\HUVWKHRUHWLFDO SOD\HUVVLPXODWLRQ SOD\HUVWKHRUHWLFDO SOD\HUVVLPXODWLRQ SOD\HUVWKHRUHWLFDO SOD\HUVVLPXODWLRQ SOD\HUVWKHRUHWLFDO
)LJXUH&RPSDUDWLYHRIWKHWKHRUHWLFDODQGWKHVLPXODWLRQUHVXOWVRI%:5
QXPEHURISDFNHWV
LQWHUSDFNHWWLPHPV
,QWHUSDFNHWWLPHKLVWRJUDP
QDWLYH
SSV
3HULRGLQPV
3DFNHWVSHUVHFRQG SOD\HUV SOD\HUV SOD\HUV SOD\HUV
)LJXUH3DFNHWVSHUVHFRQGPDQDJHGE\WKHDFFHVVURXWHU
QDWLYH
E\
WHV
3HULRGLQPV
3DFNHWVL]HLQE\WHV SOD\HUVSOD\HUV
SOD\HUV SOD\HUV
)LJXUH6L]HRIPX[SDFNHWV
)LJSUHVHQWVWKHQXPEHURISDFNHWVSHUVHFRQGPDQDJHG E\WKHDFFHVVURXWHU$VH[SODLQHGLQVHFWLRQ,,$DUHGXFWLRQ RIWKLVSDUDPHWHUFDQDOVREHLQWHUHVWLQJ:HREVHUYHWKDWWKH ELJJHU WKH SHULRG WKH VPDOOHU WKH DPRXQW RI SDFNHWV SHU VHFRQGZKLFKWHQGVWREHWKHLQYHUVHRIWKHSHULRGGHVSLWHWKH QXPEHU RI SOD\HUV )LJ SUHVHQWV WKH SDFNHW VL]H ZKLFK JURZVOLQHDUO\ZLWKWKHSHULRG
9 &21&/86,216
7KLV ZRUN KDV SUHVHQWHG D WXQQHOLQJ FRPSUHVVLQJ DQG PXOWLSOH[LQJPHWKRGZKLFKFDQEHXVHGWRDFKLHYHEDQGZLGWK VDYLQJV E\ FRPSUHVVLQJ KHDGHUV DQG JURXSLQJ SDFNHWV LQWR ELJJHURQHV,WFDQEHXVHIXOLQRUGHUWRUHGXFHWKHRYHUKHDGRI RQOLQHJDPLQJWUDIILFDVWKHVHDSSOLFDWLRQVXVXDOO\JHQHUDWHD KLJK UDWH RI VPDOO SDFNHWV 7KH PHWKRG XVHV DQ ,38'3 FRPSUHVVLQJSURWRFROPXOWLSOH[LQJZLWK3330X[DQGD/73 WXQQHOLQRUGHUWRZRUNHQGWRHQG
7KH HQWHUSULVHV ZKLFK GHYHORS JDPHV FRXOG EH LQWHUHVWHG RQUHGXFLQJWKHEDQGZLGWKDQGDOVRWKHQXPEHURISDFNHWVSHU VHFRQGWKH\KDYHWRPDQDJH7KHEDQGZLGWKVDYLQJVFDQDOVR EH LQWHUHVWLQJ LQ RUGHU WR REWDLQ D EHWWHU EHKDYLRU LQ DFFHVV QHWZRUNVZLWKOLPLWHGEDQGZLGWK
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
$33(1',;
+HUH ZH SUHVHQW WKH FDOFXODWLRQV QHFHVVDU\ WR REWDLQ DQ DQDO\WLFDO H[SUHVVLRQ RI(>N_N!@ ZKLFK LV UHTXLUHG WR EXLOG WKH JUDSKV RI%:5 SUHVHQWHG LQ VHFWLRQ ,,, )LUVW ZH REWDLQ
(>N@DV
(>N@ 3UN (>N_N @3UN (>N_N @
3UN!(>N_N!@
$QGWDNLQJLQWRDFFRXQWWKDW(>N_N @ DQG(>N_N @
ZHREWDLQ
(>N_N!@
3U
3U @ >
!
N N N
(
6RZHQHHGWRREWDLQWKHH[SUHVVLRQVIRU3UN 3UN DQG3UN!,QWKHSUHYLRXVDQDO\VLVZHKDYHGHILQHGNDVWKH WRWDOQXPEHURISDFNHWVDUULYHGWRWKHPXOWLSOH[HULHWKHVXP RI WKH SDFNHWV IURP HDFK SOD\HU 1RZ ZH GHILQHO DV WKH QXPEHURISDFNHWVRIDVLQJOHSOD\HU:HFRQVLGHUWKDWWKH1 GLIIHUHQW SOD\HUV¶ SDFNHW DUULYDOV DUH LQGHSHQGHQW VR(>N@ 1 (>O@ 1O7
$ &RQVWDQWSDFNHWUDWH
7KH GLIIHUHQW SUREDELOLWLHV GHSHQG RQ WKH VWDWLVWLFDO GLVWULEXWLRQRIWKHLQWHUSDFNHWGHOD\RIWKHVWXGLHGJDPH:H ZLOOFRQVLGHUDFRQVWDQWSDFNHWUDWHDVLWRFFXUVLQPDQ\JDPHV >@/HWWEHWKHLQWHUSDFNHWWLPH:HZLOOFRQVLGHU7WLQ RUGHUWRDYRLGELJDGGHGGHOD\VVRWKHPD[LPXPYDOXHRIOLV DQGFRQVHTXHQWO\
(>O@ O7 3UO 3UO
,IZHKDYH7WWKHQ3UO VRXVLQJ
3UO (>O@ O7
3UO 3UO O7
$QGLIZHKDYH7!WWKHQ3UO VRNQRZLQJWKDWWKH VXPRIWKHSUREDELOLWLHVLVDQGXVLQJZHREWDLQ
3UO 3UO (>N@± O7
$QGQRZZHFDQILQG3UN
3UN >3UO @1
%XW3UN LVQXOOLIWKHUHLVPRUHWKDQRQHSOD\HUDQG7!W DV HYHU\ SOD\HU ZLOO KDYH VHQW DW OHDVW RQH SDFNHW GXULQJ WKH SHULRG6RWKHH[SUHVVLRQIRU3UN IRU7WLV
3UN _7W ¸¸
% 7ZRSRVVLEOHLQWHUSDFNHWWLPHV
,Q WKLV VXEVHFWLRQ ZH FRQVLGHU WKH FDVH RI D JDPH WKDW JHQHUDWHVSDFNHWVXVLQJWZRGLIIHUHQWLQWHUSDFNHWWLPHV/HWW
EH WKH VPDOOHVW RQH DQGWWKH ELJJHVW RQH DQGSDQGS WKH
UHVSHFWLYHSUREDELOLWLHVRIKDYLQJWDQGW:HZLOOFRQVLGHUDV
KDSSHQVLQWKHJDPHFRQVLGHUHGLQWKLVZRUNWKDW7WDQG
WW,QWKLVFDVHZHKDYHWKHQH[WYDOXHIRUO
O
:HZLOOQRZGLVWLQJXLVKWZRFDVHV)LUVWLIZHKDYH7W
WKHQZHKDYHWKHVDPHFDVHDVLQDQGDV3UO ,Q WKH FDVHW 7 W ZH KDYH WR ILQG 3UO LH WKH
SUREDELOLW\RIKDYLQJQRSDFNHWVLQDSHULRG7ZKLFKZLOOEH WKH SUREDELOLW\ RI WKHSHULRG EHJLQQLQJ GXULQJ WKH ILUVWW7
VHFRQGVRIDQLQWHUSDFNHWWLPHRIGXUDWLRQWVRFRQVLGHULQJ
WKDWWKHFRQVHFXWLYHLQWHUSDFNHWWLPHVDUHLQGHSHQGHQW
$QG QRZ XVLQJ DQG NQRZLQJ WKDW WKH VXP RI WKH SUREDELOLWLHVKDVWREHZHZLOOEHDEOHWRREWDLQ
3UO O>7S7W@
3UO SO7W
)LQDOO\ DQG FDQ EH XVHG LQ RUGHU WR REWDLQ WKH SUREDELOLWLHVRIWKHGLIIHUHQWYDOXHVRIN
5()(5(1&(6
>@ & &KDPEHUV : )HQJ 6 6DKX ' 6DKD 0HDVXUHPHQWEDVHG &KDUDFWHUL]DWLRQRID&ROOHFWLRQRI2QOLQH*DPHV,Q3URFHHGLQJVRIWKH WK $&0 6,*&20 FRQIHUHQFH RQ ,QWHUQHW 0HDVXUHPHQW ,0&¶
86(1,;$VVRFLDWLRQ%HUNHOH\
>@ . &KHQ 3 +XDQJ & /HL *DPH WUDIILF DQDO\VLV $Q 00253* SHUVSHFWLYH ,Q 3URFHHGLQJV RI WKH LQWHUQDWLRQDO ZRUNVKRS RQ 1HWZRUN
DQG RSHUDWLQJ V\VWHPV VXSSRUW IRU GLJLWDO DXGLR DQG YLGHR 1266'$9¶SS$&01HZ<RUN
>@ 0 0DXYH 6 )LVFKHU - :LGPHU $ *HQHULF 3UR[\ 6\VWHP IRU 1HWZRUNHG &RPSXWHU *DPHV ,Q 3URFHHGLQJV RI WKH VWZRUNVKRS RQ
1HWZRUN DQG V\VWHP VXSSRUW IRU JDPHV 1HW*DPHV¶ SS $&01HZ<RUN
>@ '%DXHU65RRQH\36FRWWRQ1HWZRUN,QIUDVWUXFWXUHIRU0DVVLYHO\ 'LVWULEXWHG*DPHV,Q3URFHHGLQJVRIWKHVWZRUNVKRSRQ1HWZRUNDQG
V\VWHPVXSSRUWIRUJDPHV1HW*DPHV¶SS$&01HZ<RUN
>@ 0 'HJHUPDUN % 1RUGJUHQ ' 3LQN 5)& ,3 +HDGHU &RPSUHVVLRQ
>@ % 7KRPSVRQ 7 .RUHQ ' :LQJ 5)& 7XQQHOLQJ 0XOWLSOH[HG &RPSUHVVHG5737&5731RYHPEHU
>@ 6=DQGHU*$UPLWDJH(PSLULFDOO\0HDVXULQJWKH4R66HQVLWLYLW\RI ,QWHUDFWLYH 2QOLQH *DPH 3OD\HUV $XVWUDOLDQ 7HOHFRPPXQLFDWLRQV 1HWZRUNV $SSOLFDWLRQV &RQIHUHQFH $71$& 6\GQH\ $XVWUDOLD'HFHPEHU
>@ 3%UDQFK*$UPLWDJH([WUDSRODWLQJ6HUYHU7R&OLHQW,3WUDIILF)URP (PSLULFDO0HDVXUHPHQWVRI)LUVW3HUVRQ6KRRWHUJDPHV,Q3URFHHGLQJV RIWK$&06,*&200ZRUNVKRSRQ1HWZRUNDQGV\VWHPVXSSRUWIRU JDPHV1HW*DPHV$&01<86$
>@ :)HQJ)&KDQJ:)HQJ-:DOSROH3URYLVLRQLQJ2QOLQH*DPHV $ 7UDIILF $QDO\VLV RI D %XV\ &RXQWHU6WULNH 6HUYHU 6,*&200 &RPSXW&RPPXQ5HYS
>@:)HQJ)&KDQJ:)HQJ-:DOSROH$7UDIILF&KDUDFWHUL]DWLRQRI 3RSXODU2Q/LQH*DPHV,((($&07UDQV1HWZSS >@65DWWL%+DULUL66KLUPRKDPPDGL$6XUYH\RI)LUVW3HUVRQ6KRRWHU
*DPLQJ 7UDIILF RQ WKH ,QWHUQHW ,((( ,QWHUQHW &RPSXWLQJ SS 6HSWHPEHU2FWREHU
>@. /HH % .R 6 &DOR $GDSWLYH 6HUYHU 6HOHFWLRQ IRU /DUJH 6FDOH ,QWHUDFWLYH 2QOLQH *DPHV ,Q 3URF WK ,QWHUQDWLRQDO :RUNVKRS RQ
1HWZRUN DQG RSHUDWLQJ V\VWHPV VXSSRUW IRU GLJLWDO DXGLR DQG YLGHR 1266'$9¶SS$&01HZ<RUN
>@/*DXWLHU&'LRW'HVLJQDQG(YDOXDWLRQRI0L0D]HD0XOWLSOD\HU *DPH RQ WKH ,QWHUQHW ,Q 3URFHHGLQJV RI WKH ,((( ,QWHUQDWLRQDO &RQIHUHQFH RQ 0XOWLPHGLD &RPSXWLQJ DQG 6\VWHPV ,&06¶ ,((( &RPSXWHU6RFLHW\SS:DVKLQJWRQ
>@9-DFREVRQ5)&&RPSUHVVLQJ7&3,3+HDGHUVIRU/RZ6SHHG 6HULDO/LQNV
>@0 0DXYH 9 +LOW & .XKPQFK : (IIHOVEHUJ 573,7RZDUG D &RPPRQ$SSOLFDWLRQ/HYHO3URWRFROIRU'LVWULEXWHG,QWHUDFWLYH0HGLD ,Q3URFHHGLQJVRI,(((7UDQVDFWLRQVRQ0XOWLPHGLDSS >@* 3HOOHWLHU . 6DQGOXQG 5)& 52EXVW +HDGHU &RPSUHVVLRQ
9HUVLRQ52+&Y
>@$ &RXYUHXU / 0 /H1\ $ 0LQDEXUR * 5XELQR % 6HULFROD / 7RXWDLQ 3HUIRUPDQFH DQDO\VLV RI D KHDGHU FRPSUHVVLRQ SURWRFRO 7KH 52+&XQLGLUHFWLRQDOPRGH7HOHFRPPXQLFDWLRQ6\VWHPVYROQR SS±
>@( (UWHNLQ & &KULVWRX ,QWHUQHW SURWRFRO KHDGHU FRPSUHVVLRQ UREXVW KHDGHU FRPSUHVVLRQ DQG WKHLU DSSOLFDELOLW\ LQ WKH JOREDO LQIRUPDWLRQ JULG,(((&RPPXQLFDWLRQV0DJD]LQHYROSS >@6=DQGHU*$UPLWDJH$WUDIILFPRGHOIRUWKH;ER[JDPH+DOR,Q
3URF,QWHUQDWLRQDO:RUNVKRSRQ1HWZRUNDQGRSHUDWLQJV\VWHPVVXSSRUW IRU GLJLWDO DXGLR DQG YLGHR 1266'$9 $&0 1HZ <RUN 1< 86$SS
>@7/DQJ*$UPLWDJH3%UDQFK+&KRR$6\QWKHWLF7UDIILF0RGHO IRU +DOI/LIH ,Q $XVWUDOLDQ 7HOHFRP 1HWZRUNV DQG $SSOLFDWLRQV &RQIHUHQFH$71$&0HOERXUQH
>@+ 6]H & /LHZ - /HH ' <LS $ 0XOWLSOH[LQJ 6FKHPH IRU + 9RLFH2YHU,3 $SSOLFDWLRQV ,((( - 6HOHFW $UHDV &RPPXQ 9RO SS
>@/ 6WHZDUW 3 %UDQFK +/&6 0DS GHGXVW SOD\HUV -DQ &HQWUH IRU $GYDQFHG ,QWHUQHW $UFKLWHFWXUHV 621* 'DWDEDVH KWWSFDLDVZLQHGXDXVLWFUFKOFVBBBGHGXVWBBIUDJPHQWWDUJ]
