gasparov-some descriptive problems in musical semantics

Upload: jorge-gonzalez-fernandez

Post on 02-Mar-2016

8 views

Category:

Documents


0 download

TRANSCRIPT

  • &HQWHUIRU/DWLQ$PHULFDQDQG&DULEEHDQ6WXGLHV8QLYHUVLW\RI0LFKLJDQ$QQ$UERU

    620('(6&5,37,9(352%/(062)086,&$/6(0$17,&6$XWKRUV%RULV*DVSDURY6RXUFH'LVSRVLWLR$R1R629,(76(0,27,&62)&8/785(2WRRSS3XEOLVKHGE\&HQWHUIRU/DWLQ$PHULFDQDQG&DULEEHDQ6WXGLHV8QLYHUVLW\RI0LFKLJDQ$QQ$UERU6WDEOH85/http://www.jstor.org/stable/41491087 .$FFHVVHG

    Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp

    .JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].

    .

    Center for Latin American and Caribbean Studies, University of Michigan, Ann Arbor is collaborating withJSTOR to digitize, preserve and extend access to Dispositio.

    http://www.jstor.org

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

  • 'LVSRVLWLR9RO1Rk'HSDUWPHQWRI5RPDQFH/DQJXDJHV8QLYHUVLW\RI0LFKLJDQ

    620('(6&5,37,9(352%/(062)086,&$/6(0$17,&6

    %RULV*DVSDURY

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

    6RLWLVSRVVLEOHWRVXSSRVHWKDWWKHPDLQGLIILFXOWLHVLQFRQVWUXFWLQJDPXVLFDOVHPDQWLFVPD\+HLQDODFNRIWKHV\VWPDWLVDWLRQDQGFRQVLVWHQFHLQVROYLQJWKHSUREOHPUDWKHUWKDQLQWKHYDJXHQHVVRIWKHREMHFW

    )LUVWRIDOOFRQVWUXFWLQJDPXVLFDOVHPDQWLFVSUHVXSSRVHVWZRTXLWHGLIIHUHQWWDVNVD 6SOLWWLQJXSPXVLFDOWH[WVLQWRPDWHULDOXQLWVWKHEHDUHUVRIPHDQLQJLHWKH

    3XEOLVKHGZLWKWKHSHUPLVVLRQRI&HQWURGL,QL]LDWLYD&XOWXUDOH3HVDUR,WDOLD

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez!!!!!!!!!

    Jorge Gonzlez Fernndez

  • %25,6*$63$529

    VLJQLILDQWVRIDPXVLFDOODQJXDJHDQGV\VWHPDWLFDOO\GHVFULELQJWKHZD\VRIYDU\LQJWKHXQLWVWKHLUSDUDGLJPDWLFVWKHLUFRPELQDWLRQV\QWDJPDWLFVDQGGHULYDWLRQE)RUPXODWLQJLQWHUSUHWDWLYHUXOHVRIPXVLFDOVLJQV7KLVWDVNGRHVEHFRPHSRVVLEOHRQO\DIWHUFOHDUO\DQVZHULQJWKHTXHVWLRQ:KDWLVDPXVLFDOVLJQDQGV\VWHPDWLFDOO\GHVFULELQJWKHVWUXFWXUHRIWKHIRUPDOSODQHRIVXFKVLJQV

    7XUQLQJWRWKHILUVWSUREOHPLWLVQHFHVVDU\ILUVWRIDOOWRSRLQWRXWWKDWLWLVWZRVLGHG7KHUHDUHJHQHUDOUHJXODULWLHVLQWKHIRUPDWLRQDQGGLVWULEXWLRQRIPXVLFDOVLJQVEXWLQHDFKODQJXDJHLHDV\VWHPUHSUHVHQWHGE\VRPHFRUSXVRIKRPRJHQHRXVWH[WVWKHFRQFUHWHGHYLFHVRIIRUPDWLRQDQGUHSUHVHQWDWLRQRILWVPHDQLQJIXOHOHPHQWVDQGWKHLUVHPDQWLFLQWHUSUHWDWLRQPXVWEHGHULYHGLPPHGLDWHO\IURPREVHUYDWLRQVRIWKHWH[WV

    ,WVHHPVWREHWKHFRPPRQFDVHWKDWWKHSULPDU\HOHPHQWVRIDPXVLFDOODQJXDJHWRQHVKDUPRQLFFRPELQDWLRQVWLPEUHVHWFDVVXFKDUHQRWVLJQV

    1DWXUDOO\WRQHSLWFKKDUPRQLFDOFRPELQDWLRQG\QDPLFVWLPEUHPXVWKDYHVRPHIRUFHRIH[SUHVVLRQ%XWWKH\KDYHWRGRZLWKWKHQDWXUDOHPRWLRQVRIWKHKHDUHUDQGDUHQRWJRYHUQHGE\VHPDQWLFUXOHV7KHLUYDOHXUPD\EHFRPSDUHGZLWKWKHSKRQDHVWKHWLFYDOHXURIVRXQGVLQDYHUEDOODQJXDJH

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

    +RZHYHUWKHUHDUHIL[HGHOHPHQWVHTXHQFHVLQDPXVLFDOWH[WWKDWGHWHUPLQHWKHGHYHORSPHQWRIWKHWH[WWKURXJKWKHLUUHFXUUHQFHDQGPRGLILFDWLRQ/HWXVFDOOWKHPPRWLYHVVHHWKHGHILQLWLRQLQGHWDLOEHORZ2EYLRXVO\WKHFRPELQDWLRQRIPRWLYHVLQDWH[WLVGHWHUPLQHGERWKE\WKHUXOHVRIFRQVWUXFWLQJPXVLFDOIRUPDQGE\LWVVHPDQWLFFKDUDFWHULVWLFV7KHVRQDWDIRUPLVDJRRGLOOXVWUDWLRQRIWKHELODWHUDOLW\RIWKHGULYLQJIRUFHVRIPRWLYHFRPELQDWLRQZLWKWKHV\QWDFWLFDOVLGHSUHGRPL

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • 086,&$/6(0$17,&6

    QDWLQJLQWKHH[SRVLWLRQDQGVHPDQWLFVLGHLQWKHGHYHORSPHQW,WIROORZVWKDWWKHPRWLYHVFDQEHWUHDWHGDVVLJQVORUGV

    RIDPXVLFDOODQJXDJH

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

    7KXVDPXVLFDOODQJXDJHMXVWDVDYHUEDOODQJXDJHKDVGRXEOHDUWLFXODWLRQWKHWHUPRI$0DUWLQHWLHLWFRQVLVWVRIQRQVLJQLILFDQWHOHPHQWVILUVWDUWLFXODWLRQDQGVLJQLILFDQWHOHPHQWVVHFRQGDUWLFXODWLRQFRQVWUXFWHGIURPWKHIRUPHU

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

    1RZZHKDYHWRFRPHWRDPRUHGHWDLOHGGLVFXVVLRQ

    6SHDNLQJDERXWWKHJURXSRQHPXVWUHPHPEHUWKDWLQVRPHFDVHVDSULPDU\HOHPHQWPD\IXQFWLRQDVDPRWLYHEXWRQO\ZKHQLWLVDFFRPSDQLHGE\DSDXVHVLQJOLQJLWRXWIURPWKHVWULQJRIRWKHUHOHPHQWVRIILUVWDUWLFXODWLRQ,QWKDWFDVHZHDUHIDFHGZLWKWKHWUDQVSRVLWLRQLHWKHXVHRIDQHOHPHQWRIDORZHUOHYHODVDPDQLIHVWDWRURIDKLJKHUOHYHOFIPRQRSKRQHPLFDOZRUGVLQYHUEDOODQJXDJH

    5HFXUUHQFHLVWKHFKLHIFKDUDFWHULVWLFIHDWXUHRIWKHPRWLYH,QSULQFLSOHDQ\JURXSRIHOHPHQWVRIFRUUHFWV\QWDFWLFDOVWUXFWXUHPD\IRUPDPRWLYHLILWVDWLVILHVWKHFRQGLWLRQPHQWLRQHGDERYH6WLOOQRVHTXHQFHFDQEHTXDOLILHGDSULRULDVDPRWLYHEHIRUHLWVRFFXUHQFHLQWKHWH[WKDVEHHQDQDO\]HGHJWKHVHTXHQFHXVHGIRUWXQLQJWKHYLROLQJGDHDSSHDUVWREHDPRWLYHLQWKH9LROLQFRQFHUWRE\$OEDQ%HUJDVLWNHHSVUHSHDWLQJLWLQWKHWH[W([DPSOH

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • %25,6*$63$529

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

    +RZHYHUWKHPRWLYHPXVWQRWRQO\UHRFFXULQWKHWH[WEXWUHRFFXULQYDULRXVSRVLWLRQVLQFRPELQDWLRQVZLWKYDULRXVRWKHUXQLWV,QRWKHUZRUGVLWVRFFXUHQFHLQWKHWH[WFDQQRWEHDWOHDVWLQVRPHFDVHVSUHGLFWHGE\GLVWULEXWLRQDOFRQGLWLRQV

    7KXVH[WUHPHSDUWVRIVFKHU]RRUH[SRVLWLRQWKHUHSULVHRIVRQDWDREVHUYHGDVDZKROHJLYHDUHSURGXFWLYHHIIHFWVWUDLJKWRUPRGLILHG%XWWKRVHUHRFFXUHQFHVDUHVWULFWO\GHWHUPLQHGE\WKHLUSRVLWLRQVLHWKHLUSODFHLQDPXVLFDOFRPSRVLWLRQDQGWKHLUDSSHDUDQFHLVSUHGLFWDEOH$WWKHVDPHWLPHFHUWDLQLQWHULRUVHJPHQWVRIWKHFRQVWUXFWLRQVPHQWLRQHGDERYHUHRFFXUPRUHIUHHO\DQGWKHLUUHRFFXUHQFHFDQQRWDOZD\VEHSUHGLFWHGFIWKHLUEHKDYLRULQWKHPLGGOHSDUWRIWKHWH[W+HQFHWKHFRQVWUXFWLRQVPHQWLRQHGDERYHDUHQRWPRWLYHVEXWWKHIL[HGFRPELQDWLRQVRIPRWLYHVWKH\GLVLQWHJUDWHLQWRVPDOOHUVHJPHQWVFRPSO\LQJZLWKWKHGHILQLWLRQRIPRWLYH

    :HFDQWDNHDVDIXUWKHUH[DPSOHWKHEHJLQQLQJRIWKH)PDMRU6RQDWDE\0R]DUWH[DPSOH7KHVHTXHQFHGLVLQWHJUDWHVHDVLO\LQWRWKUHHSDUWVZKLFKSDUWO\UHVHPEOHRQHDQRWKHU&RQVHTXHQWO\DQLQWHUSUHWDWLRQRIWKHHYHQWVDVYDULDQWVRIWKHPRWLYHZRXOGEHSRVVLEOH%XWKHUHZHKDYHRQO\RQHXQLWQRWWKHVHTXHQFHRIYDULDQWVEHFDXVHWKHSDUWVVLQJOHGRXWDERYHDUHQHYHUXVHGVHSDUDWHO\LQWKHWH[WLHWKH\KDYHDFORVHGGLVWULEXWLRQ

    7KXVWKHPRWLYHVDUHSXWLQWRWKHWH[WLQYDULRXVQRWSUHGLFWDEOHSRVLWLRQV,WIROORZVWKDWWKHFKDUDFWHURIPRWLYHPRGLILFDWLRQPD\EHHLWKHULQGHSHQGHQWRISRVLWLRQRUEHGHWHUPLQHGE\WKDWIDFWRU,WLVSRVVLEOHWRGLVWLQJXLVKFRUUHVSRQGLQJO\IUHHYDULDQWVDQGSRVLWLRQDOYDULDQWVLQDVHWRIPDQLIHVWDWLRQVRIDPRWLYHHJWUDQVSRVLWLRQRIDWKHPHWRDILIWKLVSRVLWLRQDOO\GHWHUPLQHGLQDIXJXHE\-6%DFKWKDWLVDSRVLWLRQDOYDULDQW%XWFRQYHUVLRQRIDWKHPHLVDIUHHYDULDQWIRUWKHVDPHODQJXDJH

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • 086,&$/6(0$17,&6

    $FFRUGLQJWRWKHLUUHODWLYHSULQFLSOHRIGHVFULSWLRQWKHVDPHFRUUHODWLRQZKLFKLVDIUHHPRGLILFDWLRQLQRQHODQJXDJHFDQSURYHWREHDSRVLWLRQDOPRGLILFDWLRQLQDQRWKHUDQGFRQYHUVHO\)RUH[DPSOHLQ0R]DUWVODQJXDJHWKHXVHRIDFROODWHUDOWKHPHLQWKHPDMRUNH\LQWKHH[SRVLWLRQDQGLQWKHPLQRUNH\LQWKHUHSULVHLQWKHPLQRUEUDQFKRIWKHVRQDWD$OOHJURLVGHWHUPLQHGSRVLWLRQDOO\

    ,QURPDQWLFPXVLFRIWKHVHFRQGKDOIRI;,;FHQWXU\WKDWUXOHKDVEHHQHOLPLQDWHGDQGVXFKFRUUHODWLRQWDNHVSODFHRQO\DVDIUHHPRGLILFDWLRQ

    7KHPHDQLQJRIFRQGLWLRQLLLFRQVLVWVLQWKHORFDOL]DWLRQRIVWDQGDUGLQWRQDWLRQDODQGKDUPRQLFDOFRPELQDWLRQVZKLFKDUHUHSHDWHGLQDWH[WMXVWEHFDXVHRIWKHLUIUHTXHQF\EXWDUHQRWPRWLYHVIRUH[DPSOHKDUPRQLFDOJURXSRI'GRPLQDQW7WRQLF,IVXFKDJURXSGRHVQRWIXQFWLRQDVDPRWLYHLWDOZD\VRFFXUVDVSDUWRIDPRWLYHLHLWGRHVQRWFRPSO\ZLWKRXUFRQGLWLRQ

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

    2XUODVWFRQGLWLRQLVQRWREOLJDWRU\KRZHYHUDPRWLYHLVXVXDOO\H[SRVLWHGDWOHDVWRQFHPRVWRIWHQLQWKHILUVWDSSHDUDQFHZLWKVWULFWGLYLVLRQIURPWKHIROORZLQJPDWHULDO7KHGLYLVLRQPD\EHUHDFKHGVLPSO\E\WKHSDXVHRUE\WKHUHSHWLWLRQRIWKHPRWLYHLWVHOIFIWKHEHJLQQLQJRI6RQDWDRS,IWKHSRVLWLRQGHVFULEHGKHUHLVSUHVHQWLQDWH[WLWPD\EHFRQVLGHUHGDVWKHEDVLFSRVLWLRQIRUWKHPRWLYHDQGWKHYDULDQWSUHVHQWHGLQWKLVSRVLWLRQPD\EHTXDOLILHGDVWKHEDVLFYDULDQW

    2XUVHFRQGWDVNWKDWRIFRQVWUXFWLQJWKHVFKHPHIRUVHPDQWLFLQWHUSUHWDWLRQPD\LQWXUQEHGLYLGHGLQWRWZRSDUWVGHVFULELQJDVHPDQWLFLQWHUSUHWDWLRQIRUPXVLFKDYLQJDYHUEDOWH[WDQGIRUQRQYHUEDOSXUHPXVLF/HWXVVWDUWZLWKWKHILUVW

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • %25,6*$63$529FDVHDVWKHVLPSOHURQHDWWKHSULPDU\VWDJHDOWKRXJKPRUHFRPSOLFDWHGRQWKHZKROH

    ,WLVREYLRXVWKDWLQSULQFLSOHWKHYHUEDOWH[WSURYLGHVDVHPDQWLFLQWHUSUHWDWLRQRIWKHPXVLFDORQH%XWWKDWFRPPRQWKHVLVLVQRWHIILFLHQWIRUFRQVWUXFWLQJDVHPDQWLFVDVVRPHSDUWRIOLQJXLVWLFVWUXFWXUHDVHWRIUHJXODULW\XQOHVVZHVLQJOHRXWRIWKHWH[WXQLWVEHDULQJVHPDQWLFGLVWLQFWLYHIHDWXUHVDQGIRUPXODWHWKHUXOHVRIWKHLUUHSUHVHQWDWLRQDQGFRPELQDWLRQ:LWKRXWVXFKGHVFULSWLYHZRUNWKHDERYHWKHVLVZRXOGEHMXVWDVLQHIILFLHQWDVWKHJOREDOWKHVLVWKDWUHDOLW\SURYLGHVDFRQWHQWIRUQDWXUDOODQJXDJH

    +RZHYHUIURPZKDWKDVEHHQHVWDEOLVKHGLWDSSHDUVWREHSRVVLEOHWRVSHDNPRUHFRQFUHWHO\DERXWUHODWLRQVEHWZHHQPXVLFDOVLJQVDQGWKHYHUEDOWH[WDVWKHLUGHQRWDWXPDQGDERXWWKRVHHIIHFWVRIVWUXFWXUDOL]LQJWKHPHDQLQJLQWKHIUDPHZRUNRIPXVLFDVDVLJQV\VWHP

    /HWXVUHSUHVHQWWKHVFKHPHRIPXVLFDOVLJQLILFDWLRQLQJHQHUDO7KHPXVLFDOPRWLYH0LVJLYHQDQGLWVDSSHDUDQFHLVDFFRPSDQLHGE\WKHYHUEDOWH[W$7KXVWKHUHODWLRQ00LVHVWDEOLVKHG

    7KHUHLVVWLOOQRVLJQLILFDWLRQRQWKLVSULPDU\VWDJHWKHPRWLYHUHODWHVWRLWVGHQRWDWXP+RZHYHUWKHVSHFLILFLW\RIDPRWLYHLVLWVUHSURGXFWLYHQHVV/HWXVFRQVLGHUWKHYDULRXVSRVVLELOLWLHVWKDWHQVXHWKHUHIURP

    0LVUHSHDWHGEXWZLWKRXWYHUEDODFFRPSDQLPHQW,QWKDWFDVHDQHIIHFWRIPHQWLRQLQJ$DULVHV$LVDEVHQWEXW0DSSHDUVWREHWKHVLJQRI$7KHUHLVDOUHDG\DVLJQLILFDWLRQVLQFHWKHPHDQLQJRI0LWVVLJQLILGRHVQRWFRLQFLGHZLWKWKHGHQRWDWXPLWLQYROYHVDGGLWLRQDOLQIRUPDWLRQDGHLFWLRQDQRWHWR$7KXVZHFDQGHVLJQDWHWKHPHDQLQJRI0DVA ,QWKDWFDVH2QYROYHVGHQRWDWXP$GHLFWLFHIIHFW

    $I!0 0U!$

    0LVUHSHDWHGDFFRPSDQLHGZLWKDQRWKHUYHUEDOWH[W%$QHZFRQQHFWLRQ02%LVHVWDEOLVKHGDQGLWLVDSSUHKHQGHGRQWKHEDFNJURXQGRIWKHSUHYLRXVFRQQHFWLRQ0I!$1RZWKHLQIRUPDWLRQREWDLQHGLVQRWUHVWULFWHGE\DVLPSOHDSSHDOWRWKHGHQRWDWXP%EXWLWLQYROYHVDQRWHWR$DQGDVDUHVXOWDQLQGLFDWLRQRIWKHFRQQHFWLRQEHWZHHQ$DQG%,QWKDWFDVHVLJQLILLQYROYHVDQLQIRUPDWLRQDERXWGHQRWDWXP%WKHLGHDRIFRQQHFWLRQEHWZHHQ$DQG%

    8 0Y

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

  • 086,&$/6(0$17,&6 /HWXVFRQVLGHUDQH[DPSOHIURP7ULVWDQXQG,VROGH7KHUHLVLQWKHVHFRQG

    DFWWKHPRWLYHRIWKHWRUFKWKDWWRUFK,VROGHSXWVRXWWRPDNHKHUUHQGH]YRX]ZLWK7ULVWDQSRVVLEOH,QWKHWKLUGDFWLQ7ULVWDQVPRQRORJXHWKHVDPHPRWLYHDSSHDUVWRWKHZRUGVDERXWWKHOLJKWRIOLIHZKLFKPXVWEHSXWRXWIRU7ULVWDQVPHHWLQJZLWK,VROGH7KXVDPXVLFDOPHWDSKRUDULVHVLWLVFRQILUPHGLQWKHYHUEDOWH[WLQWKHZRUGVRI,VROGH'LH/HXFKWHXQGZDUVPHLQHV/HEHQVOLFKWODFKHQGVLH]XOVFKHQVDJLFKQLFKW

    ,QWKHILUVWDFW7ULVWDQVD\VWKDWKHFDQQRWOHDYHKLVSODFHE\WKHUXGGHUEHFDXVHKHPXVWVSHHGWRWKHFRXQWU\RI.LQJ0DUN$WWKHHQGRIWKHVHFRQGDFWKHVSHDNVDERXWKLVORQJLQJIRUWKHFRXQWU\RI1LJKW,QERWKFDVHVWKHVDPHPRWLYHLVSOD\HGH[DPSOH7KXVWKHDVVRFLDWLRQKHOSVWRH[SUHVVDVXEFRQVFLRXVVWUDWXPLQWKHEHKDYLRURIWKHSHUVRQQDJH7KHPRWLYDLSORWJLYHVWKHYHUEDOWH[WQHZFRQQHFWLRQVDGGVDQHZLQWHUSUHWDWLRQZKLFKLVQRWLQYROYHGLQWKHWH[WDVVXFK

    &RUUHVSRQGLQJO\WKHVFKHPHRIGHL[LVEHFRPHVPRUHFRPSOLFDWHGEHFDXVHLQWKDWVLWXDWLRQWKHKHDUHUFKRRVHVDQLQWHUSUHWDWLRQRIWKHPRWLYHZLWKRXWYHUEDODFFRPSDQLPHQWMXVWDVLQDQDWXUDOODQJXDJHDKHDUHUFKRRVHVIURPWKHVHWRIPHDQLQJVRIWKHZRUGWKHRQHPRVWFRPSDWLEOHWRWKHJLYHQVLWXDWLRQ

    $ %

    W0 0 0

    AO m

    A

    0LVUHSHDWHGDFFRPSDQLHGZLWKDWH[W1ZKLFKLVLQFRPSDWLEOHZLWKWKHSUHYLRXVLQWHUSUHWDWLRQWKURXJK$$QHJDWLYHLQWHUSUHWDWLRQRIWKHPRWLYHWDNHVSODFH7KHPRWLYHLVLQWHUSUHWHGLQVSLWHRIWKHWH[WQRW1EXW$VRWKDWWH[W1UHFHLYHVDUHSXGLDWLQJIXQFWLRQ

    0 0

    $A ;%

    $WWKHHQGRIWKHVHFRQGDFW7ULVWDQDQVZHUVWKHNLQJVUHTXHVWIRUDQH[SODQDWLRQ2.QLJGDVNDQQLFKGLUQLFKWVDJHQXQGZDVGXIUDJVWGDVNDQQVWGXQLHHUIDKUHQ%XWDWWKHVDPHWLPHWKHPDLQPRWLYHRIWKHRSHUDLVSOD\HGE\WKHRUFKHVWUDDQGH[SODLQVWKHVHFUHWLQVSLWHRIWKHZRUGVH[DPSOH

    ,WLVLQWHUHVWLQJWKDWFRPSDWLELOLW\YVLQFRPSDWLELOLW\RIGHQRWDWDRIWKHVDPHPRWLYHDQGFRUUHVSRQGLQJO\DQLQWHUSUHWDWLRQRIWKHVLJQLILFDWLYHSURFHVVDVHLWKHUPHWDSKRULVDWLRQRUUHSXGLDWLRQLVQRWDOZD\VJLYHQLWGHPDQGVDQHYDOXDWLRQ

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

  • %25,6*$63$529DQGFKRLFHIURPWKHKHDUHU7KHGHVFULSWLRQRIVXFKVHPDQWLFHYDOXDWRUZKLFKGHILQHVZKDWVHPDQWLFFRPELQDWLRQVDUHSHUIHFWO\FRPSDWLEOHVWDQGDUGIRUWKHPXVLFDOODQJXDJHZKDWLVDYLRODWLRQIRUWKDWODQJXDJHEXWZLWKWKHSRVVLELOLW\RIVHFRQGDU\PHWDSKRULFDOLQWHUSUHWDWLRQDQGZKDWFRPELQDWLRQVDUHFRPSOHWHO\LQFRPSDWLEOHVXJJHVWDVHSDUDWHSUREOHPDQDORJLFDOWRQDWXUDOODQJXDJHFIWKHLGHDRIWKHVHPDQWLFHYDOXDWRUE\8:HLQUHLFK

    )LQDOO\WKHFDVHLVSRVVLEOHZKHUHDOOWKHUHSHWLWLRQVRIDPRWLYH0DUHFRQQHFWHGZLWKWKHVDPHWH[W$LQDUHSULVHIRUH[DPSOH7KDWPRVWHOHPHQWDU\FDVHLVWKHPRVWGLIILFXOWIRULQWHUSUHWDWLRQEHFDXVHDVLJQLILFDWLYHHIIHFWLVOHVVFOHDUKHUH,WPXVWEHQRWHGKRZHYHUWKDWWKHPRWLYHRFFXUVLQYDULRXVSRVLWLRQV7KDWFDXVHVDQHZDFWXDOLVDWLRQRIWKHPRWLYHE\HDFKRILWVRFFXUHQFHV7KHUHIRUHWKHPRWLYHVQHYHUIXOO\FRLQFLGHZLWKWKHFKDQJHRIWKHYHUEDOWH[W7KXVDWWKHVWDQGDUGVRQJIRUPWKHPRYLQJRIYHUEDOWH[WPD\EHUHSUHVHQWHGDV%$&$'$DQGVRRQWKHPRYLQJRIWKHPXVLFDOWH[WDV/0/0/0DQGVRRQ7KDWGLIIHUHQWLDWLRQVXJJHVWVWKHSRVVLELOLW\RIPXVLFDODFWXDOLVDWLRQDVVXFKGLIIHULQJIURPYHUEDODFWXDOLVDWLRQDQGIRUPVWKHVLJQLILFDWLRQ

    $ $

    L L0 0

    , LDFW ! DFW

    7KXVGHL[LVPHWDSKRULVDWLRQUHSXGLDWLRQDQGDFWXDOLVDWLRQDUHWKHPDLQSDUWVRIWKHVLJQLILFDWLYHSURFHVV7KHUHE\DPXVLFDOVLJQUHFHLYHVDVWUXFWXUDOPHDQLQJDVVXFKGLIIHULQJIURPVLPSOHLQIRUPDWLRQDERXWWKHGHQRWDWXP+RZHYHUWKHVHPLRVLVLVQRWH[KDXVWHGE\WKDWEHFDXVHLWSUHVXSSRVHVQRWRQO\WKHH[LVWHQFHRIDVLQJOHVLJQEXWDFRPELQDWLRQRIVLJQV

    6\QWDJPDWLFUHODWLRQVRIPRWLYHVLHLQWHUUHODWLRQVLQDWH[WFRQVWLWXWHWKHFOHDUHVWFDVH,WPXVWEHPHQWLRQHGDVDVSHFLILFLW\RIPXVLFDOVSHHFKWKDWWKHV\QWDJPDWLFUHODWLRQVDUHQRWREOLJDWRULO\OLQHDUWKHSRO\SKRQLFFRPELQDWLRQVDUHSRVVLEOHDQGWKH\H[SDQGWKHSRVVLELOLWLHVRIV\QWDJPDWLFVDVFRPSDUHGZLWKQDWXUDOODQJXDJH7KHZHDOWKRIV\QWDJPDWLFUHODWLRQVLQPXVLFFRPSDUHGZLWKDYHUEDOWH[WDQGWKHGLIIHUHQFHVEHWZHHQYHUEDODQGPXVLFDOV\QWDJPDWLFVLQJHQHUDOJHQHUDWHVDQDGGLWLRQDOVLJQLILFDWLRQEHFDXVHLWFRQVWLWXWHVDGGLWLRQDOUHODWLRQVRIGHQRWDWDUHSUHVHQWHGLQDYHUEDOWH[W

    / 0/0

    IG- ^IT/0 0/

    )RUH[DPSOHSRO\SKRQLFFRPELQDWLRQRIWKUHHPRWLYHVLQ7ULVWDQVPRQRORJXHLQWKHWKLUGDFWFXOPLQDWHVLQDVHPDQWLFFRPSOH[ZKLFKZRXOGQRWKDYHEHHQ

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

  • 086,&$/6(0$17,&6

    GHULYHGIURPWKHYHUEDOWH[W&IDQDQDORJLFDOHIIHFWREWDLQHGE\WKHOLQHDUV\QWDJPDWLFVDWWKHHQGRIWKHVHFRQGDFWRI:DONUHWKHFRQVHTXHQWRFFXUHQFHRIWKHWKHPHVRI:RWDQVIDUHZHOO%UXQQKLOGVGUHDPDQG)DWH

    7KHRWKHUW\SHRIPRWLYHLQWHUUHODWLRQLVSDUDGLJPDWLFV7KHGLIIHUHQWPRWLYHVFDQKDYHSDUWLDOUHVHPEODQFHWKRXJKWKH\DUHQRWYDULDQWVRIWKHVDPHPRWLYH7KHPRWLYHDOOLDQFHJHQHUDWHVDQDVVRFLDWLRQRIWKHPHDQLQJVDQGFRQVHTXHQWO\DQDGGLWLRQDOVLJQLILFDWLRQ

    / ! 0W ;

    /F /0

    &IWKHDOOLDQFHRIWKHLQWURGXFWRU\WKHPHSRO\YDOHQWDQGWKHWKHPHRISRLVRQLQ7ULVWDQH[DPSOHVDQGWKHODWWHULVQRQH[DFW.UHEVRIWKHIRUPHU,WLQWURGXFHVDFRPSOH[RIDVVRFLDWLRQV7RGHVWUDQNOLHEHVWUDQN/RYH'HDWKDQGVRRQ

    1RZZHFDQWXUQWRPXVLFZKLFKKDVQRYHUEDOFRUUHODWLRQV,QWKLVFDVHUHODWLRQVRIWKHPXVLFDOVLJQWRH[WUDPXVLFDOUHDOLW\DUHEDVHGRQWKHSULQFLSOHRILFRQ,FDQGLQGH[,QGZHXVHWKHZHOONQRZQWHUPLQRORJ\RI&K3HLUFH&K0RUULVVHHLHWKDWLVUHODWLRQRQWKHEDVLVRIOLNHQHVVDQGFRQWLJXLW\RIWKHVLJQIRUPDQGLWVGHQRWDWXP+RZHYHUWKHUHLVDQLPSRUWDQWVSHFLILFLW\RIWKHPXVLFDOVLJQFRPSDUDWLYHO\WRWKHZHOONQRZQFDVHVRI,FDQG,QGIRUH[DPSOHLQSDLQWLQJVFLQHPDHWF

    ,QWKHODWWHUFDVHGHQRWDWXPLVWKHSULPDU\JLYHQDQGWKHIRUPRIWKHVLJQLVFRQVWUXFWHGRQWKHEDVLVRILWVUHODWLRQWRWKHGHQRWDWXPWKHVLJQLVGHWHUPLQHGLQLWVIRUPDOSURSHUWLHVE\WKHGHQRWDWXP'!6

    ,QWKHIRUPHUFDVHLHLQPXVLFRQWKHFRQWUDU\WKHVLJQIRUPLVSULPDU\,WVPDWHULDODQGUHODWLRQDOFKDUDFWHULVWLFVDUHQRWUHVWULFWHGE\WKHGHQRWDWDWKDQNVWRWKHGRXEOHDUWLFXODWLRQFIDOVRQDWXUDOODQJXDJHLQVRIDUDVWKHVLJQIRUPLVFRQVWUXFWHGRIQRQLQVLJQLILFDQWHOHPHQWVLWLVLQGHSHQGHQWRIWKHH[WHUQDOZRUOG

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

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez!!!

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • %25,6*$63$529RIPXVLFDOVLJQDQGGLIILFXOWLHVLQLWVUHSUHVHQWDWLRQLQIRUPVRIRWKHUVLJQV\VWHPVYHUEDOYLVXDO

    7KHUHIRUHWKHPDLQW\SHRIPXVLFDOVLJQLVDGHWHUPLQLQJVLJQ',U6ZKLFKFUHDWHVLWV'RQWKHEDVLVRIWKHSURSHUWLHVRI6:HFDQVLQJOHRXWWZRVXEW\SHVGHSHQGLQJRQWKHFKDUDFWHURIWKHDVVRFLDWLRQVEHWZHHQ6DQG'

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

    7KXVIRUWKHFDVHGHVFULEHGDERYHZHFDQVD\DERXWWKHLFRQGHWHUPLQLQJVLJQOH' 6WKDW'DSSHDUVWREHDPHWDSKRURI6FRQWUDU\WRWKHFDVH,F'6

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

    7KXVIRUWKHQRQYHUEDOPXVLFWKHSULPDU\FRQIURQWDWLRQRIDPRWLYHDQGLWVGHQRWDWXPLVDOUHDG\DFRPSRQHQWRIVHPLRVLV7KHGHQRWDWXPLVQRWJLYHQSUHYLRXVO\LWVREWDLQLQJLVDSDUWRIWKHVHPLRWLFSURFHVV7KHPHDQLQJRIDPRWLYHLHLWVLFRQLFDODQGLQGH[DLUHODWLRQVIL[HGIRUWKHSHUVRQZKRNQRZVWKHPXVLFDOODQJXDJHIRUPVDGHQRWDWLYHDWWULEXWLRQ

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • 086,&$/6(0$17,&6

    0

    $ILHOG

    I XM

    GM 7KHQH[WVWDJHRIWKHVHPLRWLFSURFHVVDVZHDOUHDG\NQRZLVEDVHGRQWKHUHFXUUHQFHRIDVLJQLQWKHWH[W7KDWVWDJHKDVVSHFLILFLW\WKDQNVWRWKHGHWHUPLQDWLYHFKDUDFWHURIWKHVLJQ)RUPXVLFZLWKZRUGVWKHPDLQVRXUFHRIVLJQLILFDWLRQZDVWKHFKDQJHRIWKHGHQRWDWLYHFRUUHODWLRQVZKHUHDVIRUPXVLFZLWKRXWZRUGVLWLVDPRGLILHGUHFXUUHQFHRIPRWLYH

    7KHPRGLILHGUHFXUUHQFH0LIRUPVDQHZVHWRIVLJQLILFDWLYHUHODWLRQVFKDQJHGFRUUHVSRQGLQJO\4 DQGFRQVHTXHQWO\FDXVHVDQDEHUUDWLRQRIWKHILHOGRIGHQRWDWLYHDWWULEXWLRQ%$WWKHVDPHWLPHWKHFRQQHFWLRQ HPHUJHVEHFDXVH0LDSSHDUVWREHDYDULDQWRI0RQWKHEDVLVRIUXOHVRIWKHODQJXDJHWKHFRUUHODWLRQLVFRPSUHKHQGHGE\WKHKHDUHUZKRNQRZVWKDWPXVLFDOODQJXDJH7KHUHODWLRQVXSHULPSRVHVWKHVLJQLILV DQG\!DQGLWLVDVRXUFHRIDGGLWLRQDOLQIRUPDWLRQZKLFKKDGEHHQDEVHQWDWWKHVWDJHRIWKHSULPDU\VLJQLILFDWLRQ

    A 0$ ! I%1

    ILH,G LMLHMG

    RWI m

    7KHVLPSOHVWH[DPSOHLVDPLQRUUHFXUUHQFHRIDPDMRUPRWLYH,QWKDWFDVHZHREWDLQQRWRQO\LQIRUPDWLRQDERXWWKHVHQVHRIWKHPDMRUDQGPLQRUPRWLYHVDVVXFKRQWKHEDVLVRIHYDOXDWLRQRIPDMRUDQGPLQRUHIIHFWIL[HGLQWKHODQJXDJHEXWDOVRDERXWUHODWLRQDPDMRUPRWLYHKDVEHFRPHDPLQRURQH

    &IDQDORJLFDOVHPDQWLFHIIHFWEDVHGRQWKHJHQUHPRGLILFDWLRQRIDWKHPHFKDQJHRILQGH[DLFRQQHFWLRQV

    (YHQDVLPSOHUHSHWLWLRQRIDPRWLYHZLWKRXWPRGLILFDWLRQKDVDVLJQLILFDWLYHIXQFWLRQWKDQNVWRDQDFWXDOL]DWLRQRIWKHPRWLYHLQDQHZFRQWH[WDJDLQVWWKHEDFNJURXQGRIWKHSUHYLRXVRFFXUHQFHFIWKHVHPDQWLFHIIHFWRIWKHUHWXUQLQDUHSULVH

    A 0 0 VY A W

    DY I$ILHOGU ILROUO ILHOGA-Y Y Y A

    DF ` R2DFW

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • %25,6*$63$5297KHODVWVWDJHRIVLJQLILFDWLRQLVEDVHGRQFRPELQLQJPRWLYHVDQGHVWDEOLVKLQJSDUDGLJPDWLFUHODWLRQV$WWKLVVWDJHWKHSURFHVVGRHVQRWGLIIHULQSULQFLSOHIURPWKHRQHGHVFULEHGLQ

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

    $ A 0 ILHOG -

    $QLQWHUHVWLQJFDVHLVSUHVHQWHGE\WKHLQFRPSDWLELOLW\RIWZRGHQRWDWLYHLQWHUSUHWDWLRQV$VDUHVXOWDUHSXGLDWLRQRIWKHYHUEDOGHQRWDWXPWDNHVSODFHHYHQDWWKHILUVWRFFXUHQFH7KDWLVDQLPSRUWDQWVRXUFHIRUFUHDWLQJDFRPLFHIIHFWLURQ\DQGVRRQLQPXVLF

    &RUUHVSRQGLQJO\DWWKHIROORZLQJVWDJHVWKHVHPLRWLFSURFHVVSUHVXSSRVHVDVRXUFHQRWRQO\RIPRGLILFDWLRQRIYHUEDOWH[WEXWPRGLILFDWLRQRIDPRWLYHDVZHOO7KXVZHFDQQRZLQWHUSUHWWKHSURFHVVH[KDXVWLYHO\DVDQLQWHUUHODWLRQRIPRGLI\LQJLFRQLFDQGLQGH[DLFKDUDFWHULVWLFVRQWKHRQHKDQGDQGFKDQJHGV\PEROLFFKDUDFWHULVWLFVRQWKHRWKHUKDQG

    7KXVSURJUDPPXVLFLQYROYHVDVLWVFRPSRQHQWWKHVHPLRWLFSURFHVVHVRISXUHPXVLF%XWFRQWUDU\LQIOXHQFHVWDNHSODFHDVZHOOVLQFHWKHIL[HGLQWHUUHODWLRQVRIV\PEROLFDQGLFRQLFLQGH[DLGHQRWDWDDUHHVWDEOLVKLQJLQWKHPLQGRIKHDUHUVDVWKHUXOHVRIWKHODQJXDJH7KRVHUXOHVGHWHUPLQHLQWXUQGHQRWDWLYHUHDFWLRQVIRUQRQYHUEDOPXVLFLQWKHIUDPHZRUNRIWKHODQJXJH&IIRUH[DPSOHWKHFRPLFIXQFWLRQRIVRXQGUHSHWLWLRQLQEXIIRVSDUWREYLRXVO\LWKDVQRWRQO\DQDWXUDOEDVLVEXWDOVRDVWUXFWXUDORQHIRUPHGWKURXJKWKHIUHTXHQWUHFXUUHQFHRIWKHHYHQWLQWKHIL[HGRSHUDOLQH

    $G\QDPLFEDODQFHRIWZRW\SHVRIPXVLFLVSUREDEO\EDVHGRQWKHLUSHUPDQHQWLQWHUIHUHQFH$QH[SDQVLRQRISURJUDPPXVLFFDXVHVGHYHORSPHQWDQGDXWRPDWLVDWLRQRIGHQRWDWLYHUHDFWLRQVDQGFUHDWHVSUHFRQGLWLRQVIRUIXUWKHUGHYHORSPHQWRIWKHUHDFWLRQVLQWKHIUDPHZRUNRIQRQYHUEDOPXVLF7KLVLQWXUQEHFRPHVPRUHDQGPRUHFRPSOLFDWHGLQLWVGHYHORSPHQWDQGUHDFKHVDWODVWVXFKDVWDJHWKDWDQHZVRXQGPDWHULDOUHTXLUHVDVSHFLILFDWLRQDQGWXQLQJWKURXJKDYHUEDOWH[W

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez

  • 086,&$/6(0$17,&6

    7KXVDPXVLFDOODQJXDJHLVDPHFKDQLVPZRUNLQJRQWKHEDVLVRIIL[HGUXOHV7KHPHFKDQLVPVXSHULPSRVHVWKHZRUOGRIGHQRWDWDUHDOLW\DQGFDXVHVVWUXFWXUDOL]DWLRQFRUUHVSRQGLQJWRWKHVWUXFWXUHRIWKHODQJXDJHLHFUHDWHVDV\VWHPRIVHJPHQWDWLRQUHODWLRQVDQGPRGLILFDWLRQVRIWKHGHQRWDWD$VDUHVXOWWKHKHDUHUREWDLQVDVWUXFWXUDOL]DWLRQRIUHDOLW\DFHUWDLQYDULDQWRI:HOWDQVFKDXXQJ7KDWPRGHOOLQJZRUNFRQVWLWXWHVWKHVWDWXVRIPXVLFDVDVHPLRWLFV\VWHP

    ([DPSOH

    !

    B

    " WU WU IL

    ([DPSOH}

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

    Jorge Gonzlez Fernndez

    Jorge Gonzlez Fernndez!!!!!!!!!

  • %25,6*$63$529

    ([DPSOH} A

    ,+ L LO

    G/ NUO ) U2

    ([DPSOH8D

    AK A

    >MA B

    ([DPSOHm}

    A 7 .QLJ 'DV

    NDQQLFKGLU QLFKWVDJHQA

    XQGZDV

    ,

    AAS IA(A B

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

  • 086,&$/6(0$17,&6

    L

    _ L

    SUJVWGDD

    NAQQA

    8QH HUIDKUHQ

    ,

    ([DPSOHm D

    7 :LHAOHQN

    LmK BBAGHLL .LHO ]XAAa^"

    A A MI I

    L U!

    'HQA/DQGGDV 7ULVWDQPHLQWGHU /RQQHA/LFKWQLHKWAVFKHLQW

    A

    ([DPSOH}

    This content downloaded from 134.68.57.119 on Mon, 10 Mar 2014 15:51:44 PMAll use subject to JSTOR Terms and Conditions

  • %25,6*$63$529

    5()(5(1&(6

    $FWDOLQJXLVWLFD,,,,,,9$QWDO,&RQWHQW0HDQLQJDQG8QGHUVWDQGLQJ7KH+DJXH&KRPVN\1$VSHFWVRIWKH7KHRU\RI6\QWD[&DPEULGJH0DVV&KRPVN\1'HHS6WUXFWXUH6XUIDFH6WUXFWXUHDQG6HPDQWLF,QWHUSUHWDWLRQLQ

    ''6WHLQEHUJ/$-DFRERYLWVHGV6HPDQWLFV$Q,QWHUGLVFLSOLQDU\5HDGHULQ3KLORVRSK\/LQJXLVWLFVDQG3V\FKRORJ\&DPEULGJH

    &KRPVN\16\QWDFWLF6WUXFWXUHV*UDYHQKDJH&KXUFK$,QWURGXFWLRQWR0DWKHPDWLFDO/RJLF1HZ