E\
-RVp3=DJDO
LY
&RS\ULJKW%\
-RVp3=DJDO
(7&3UHVV
,6%1
/LEUDU\RI&RQJUHVV&RQWURO1XPEHU
7KLVZRUNLVOLFHQVHGXQGHUD
&UHDWLYH&RPPRQV$WWULEXWLRQ1RQ&RPPHUFLDO6KDUH$OLNH/LFHQVH
KWWSFUHDWLYHFRPPRQVRUJOLFHQVHVE\QFVD
KWWSHWFFPXHGXHWFSUHVV
'HVLJQFRPSRVLWLRQE\-RKQ-'HVVOHU
Y
7R*UDQQ\0RPDQG$PSDUR
YL
YLL
$&.12:/('*(0(176
,ZRXOGOLNHWRWKDQNP\ZLIH$PSDUR0LQD\DIRUHPEDUNLQJZLWK
PHRQWKLVDGYHQWXUH+HUSDWLHQFHDQGXQGHUVWDQGLQJFDQQRWEHGHVFULEHG
LQZRUGV
,ZRXOGDOVROLNHWRWKDQNP\SDUHQWV7LOO\5REHUWVDQG-RVp=DJDO
IRUDOOWKHLUVXSSRUWRIERWKP\VHOIDVZHOODVP\IDPLO\GXULQJRXUVWD\
LQ$WODQWD
7KLV UHVHDUFK DOVR RZHV D ORW WR WKH JXLGDQFH RI P\ DGYLVRU$P\
%UXFNPDQ:LWKRXWKHU VXSSRUW,ZRXOG QRWKDYHEHHQ DEOHWRWDNH WKH
OLWWOH³GHWRXUV´WKDWOHGPHWR¿QGRXWZKDW,¶PPRVWSDVVLRQDWHDERXW
, ZRXOG DOVR OLNH WR WKDQN WKH PHPEHUV RI P\ WKHVLV FRPPLWWHH
0DUN *X]GLDO-DQHW .RORGQHU -HVSHU -XXODQG 0LFKDHO 0DWHDV7KHLU
FRPPHQWVTXHVWLRQVDQGLQVLJKWKDYHLQVSLUHGPHDQGKHOSHGPHJURZ
SHUVRQDOO\DQGSURIHVVLRQDOO\
7KDQNV DOVR WR WKH *98 JUDGXDWH VWXGHQWV PHPEHUV RI WKH /67
FRPPXQLW\ DQG FXUUHQW DQG IRUPHU PHPEHUV RI WKH (/& /DE 7KHLU
VXSSRUWIHHGEDFNLGHDVDQGIULHQGVKLSKDYHEHHQLQYDOXDEOH
,ZRXOGDOVROLNHWRWKDQNWKHVWDIIRIWKH&ROOHJHRI&RPSXWLQJDQG
*98IRUWKHLUKHOSZLWKDOOWKRVH³OLWWOH´GHWDLOVDORQJWKHZD\)LQDOO\,
ZRXOGDOVROLNHWRWKDQNDOORIWKHVWXGHQWVDQGWHDFKHUVZKRSDUWLFLSDWHG
LQP\UHVHDUFKVWXGLHV1RQHRIWKLVZRXOGKDYHKDSSHQHGZLWKRXWWKHP
YLLL
L[
$&.12:/('*(0(176 9,,
35()$&( ;,
&+$37(5,1752'8&7,21
0RWLYDWLQJ4XHVWLRQV
2YHUYLHZ
&+$37(57+(67$7(2)7+($57,1*$0(678',(6
'H¿QLWLRQVRI3OD\DQG*DPHV
0XOWLDQG,QWHU'LVFLSOLQDULW\LQWKH6WXG\RI*DPHV
6WDWHRIWKH)LHOG
&+$37(5*$0(6/,7(5$&<$1'/($51,1*
*DPHV/LWHUDF\
8QGHUVWDQGLQJ9LGHRJDPHV
/HDUQLQJ7KHRU\DQG6XSSRUWLQJ*DPHV/LWHUDF\
&RPPXQLWLHVRI3UDFWLFH
.QRZOHGJH%XLOGLQJ
0RYLQJ)RUZDUG
&+$37(5129,&(6·81'(567$1',1*2)*$0(6
0HWKRGVDQG'DWD$QDO\VLV
)LQGLQJV
&KDUDFWHUL]LQJD1DwYH8QGHUVWDQGLQJRI9LGHRJDPHV
'LVFXVVLRQ
&+$37(56833257,1*81'(567$1',1*7+528*+%/2**,1*
%ORJJLQJIRU/HDUQLQJ
*DPH/RJ
6WXG\
6WXGHQW,PSUHVVLRQV
/RJ(QWU\$QDO\VLV
'LVFXVVLRQ
&+$37(581'(567$1',1**$0(6:+,/(&2175,%87,1*
72*$0(678',(6
$XWKHQWLFLW\IRU/HDUQLQJDQG3DUWLFLSDWLRQDV/HDUQLQJ
*DPH2QWRORJ\3URMHFW
$IIRUGDQFHVIRU$XWKHQWLF/HDUQLQJDQG/HJLWLPDWH3DUWLFLSDWLRQ
6WXG\
5HVXOWV
'LVFXVVLRQ
&+$37(5',6&866,21$1'&21&/86,216
$QVZHUVWR4XHVWLRQV
2WKHU,VVXHVDQG)LQGLQJV
&RQFOXVLRQV
)XWXUH:RUN
5()(5(1&(6
9,7$
7$%/(2)&217(176
[
7DEOH([DPSOHVRIZD\VRIVLWXDWLQJJDPHVDVFXOWXUDODUWLIDFWV
7DEOH6DPSOHLQÀXHQWLDOJDPHPHFKDQLFVIURPSDSHUDQGSHQFLO53*V
7DEOH&DWHJRULHVDQGFULWHULDIRUSDUWLFLSDQWVHOHFWLRQ
7DEOH3DUWLFLSDQWSVHXGRQ\PVDQGFODVVGHWDLOV
7DEOH*DPH/RJH[FHUSW/HJHQGRI=HOGD7KH:LQG:DNHU
7DEOH*DPH/RJHQWU\VW\OHV
7DEOH'LVWULEXWLRQRIIUHTXHQF\RIVW\OHVXVHGE\SDUWLFLSDQWV
7DEOH([DPSOH2QWRORJ\HQWU\³7R2ZQ´
7DEOH8VHUVXEPLWWHGH[DPSOHODFNLQJHQRXJKGHWDLO
7DEOH8VHUVXEPLWWHGH[DPSOHZLWKH[WUDQHRXVLQIRUPDWLRQ
7DEOH([SHUWHYDOXDWLRQRIVWXGHQWFRQWULEXWLRQV
7DEOH0RWLYDWLQJ4XHVWLRQV
/,672)7$%/(6
[L
35()$&(
2Q WKH VXUIDFH LW VHHPV OLNH WHDFKLQJ DERXW JDPHV VKRXOG EH HDV\$IWHU
DOOVWXGHQWVDUHKLJKO\PRWLYDWHGHQMR\HQJDJLQJZLWKFRXUVHFRQWHQWDQGKDYH
H[WHQVLYHSHUVRQDOH[SHULHQFHZLWKYLGHRJDPHV+RZHYHUJDPHVHGXFDWLRQFDQ
EHVXUSULVLQJO\FRPSOH[,QWKLVERRN,H[SORUHWKHTXHVWLRQRIZKDWLWPHDQVWR
XQGHUVWDQGJDPHVE\ORRNLQJDWWKHFKDOOHQJHVDQGSUREOHPVIDFHGE\VWXGHQWV
ZKR DUH WDNLQJ JDPHVUHODWHG FODVVHV 0\ UHVXOWV VXJJHVW WKDW OHDUQLQJ DERXW
JDPHVFDQEHFKDOOHQJLQJIRUPXOWLSOHUHDVRQV6RPHRIWKHPRUHUHOHYDQW¿QGLQJV
,ZLOOGLVFXVVLQFOXGHUHDOL]LQJWKDWH[WHQVLYHSULRUYLGHRJDPHH[SHULHQFHRIWHQ
LQWHUIHUHVZLWKVWXGHQWV¶DELOLWLHVWRUHDVRQFULWLFDOO\DQGDQDO\WLFDOO\DERXWJDPHV
DQGWKDWVWXGHQWVKDYHGLI¿FXOWLHVDUWLFXODWLQJWKHLUH[SHULHQFHVDQGREVHUYDWLRQV
DERXWJDPHV,QUHVSRQVHWRWKHVHFKDOOHQJHV,ZLOOH[SORUHKRZZHFDQXVHRQOLQH
OHDUQLQJHQYLURQPHQWVWRVXSSRUWOHDUQLQJDERXWJDPHVE\KHOSLQJVWXGHQWV
JHWPRUHIURPWKHLUH[SHULHQFHVZLWKJDPHVDQGKHOSLQJVWXGHQWVXVHZKDW
WKH\NQRZWRHVWDEOLVKGHHSHUXQGHUVWDQGLQJ
,H[SORUHHDFKRIWKHVHVWUDWHJLHVWKURXJKWKHGHVLJQDQGXVHRIWZRRQOLQH
OHDUQLQJ HQYLURQPHQWV *DPH/RJ DQG WKH *DPH 2QWRORJ\ :LNL *DPH/RJ LV
DQRQOLQHEORJJLQJHQYLURQPHQWGHVLJQHGWRKHOSVWXGHQWVUHÀHFWRQWKHLUJDPH
SOD\LQJ H[SHULHQFHV *DPH/RJ GLIIHUV IURP WUDGLWLRQDO EORJJLQJ HQYLURQPHQWV
EHFDXVH HDFK XVHU PDLQWDLQV PXOWLSOH SDUDOOHO EORJV ZLWK HDFK EORJ GHYRWHG
WR D VLQJOHJDPH7KH *DPH2QWRORJ\ ZLNL SURYLGHVD FRQWH[W IRUVWXGHQWV WR
FRQWULEXWHDQGSDUWLFLSDWHOHJLWLPDWHO\ DQG DXWKHQWLFDOO\LQWKH*DPH2QWRORJ\
3URMHFW7KH*DPH2QWRORJ\3URMHFWLVDJDPHVVWXGLHVUHVHDUFKSURMHFWWKDWLV
FUHDWLQJDIUDPHZRUNIRUGHVFULELQJDQDO\]LQJDQGVWXG\LQJJDPHVE\GH¿QLQJ
D KLHUDUFK\ RI FRQFHSWV DEVWUDFWHG IURP DQ DQDO\VLV RI PDQ\ VSHFL¿F JDPHV
*DPH/RJ DQG WKH *DPH 2QWRORJ\ :LNL ZHUH XVHG LQ WKUHH XQLYHUVLW\ OHYHO
JDPHVUHODWHG FODVVHV E\ PRUH WKDQ VWXGHQWV 5HVXOWV VKRZ WKDW VWXGHQWV
IRXQG WKDW SDUWLFLSDWLQJ LQ WKHVH RQOLQH OHDUQLQJ HQYLURQPHQWV ZDV D SRVLWLYH
OHDUQLQJH[SHULHQFH,QDGGLWLRQWRLPSURYLQJWKHLUUHODWLRQVKLSVWRYLGHRJDPHV
DVDPHGLXPLWDOVRKHOSHGVWXGHQWVEURDGHQDQGGHHSHQWKHLUXQGHUVWDQGLQJRI
YLGHRJDPHV 6WXGHQWV DOVRIHOW LW SURYLGHGWKHP ZLWK DYHKLFOH IRU H[SUHVVLRQ
FRPPXQLFDWLRQ DQG FROODERUDWLRQ 6WXGHQWV IRXQG WKDW E\ UHÀHFWLQJ RQ WKHLU
H[SHULHQFHVSOD\LQJJDPHVWKH\EHJDQWRXQGHUVWDQGKRZJDPHGHVLJQHOHPHQWV
KHOSHG VKDSH WKDW H[SHULHQFH 0RVW LPSRUWDQWO\ WKH\ VWHSSHG EDFN IURP WKHLU
WUDGLWLRQDO UROH RI ³JDPHUV´ RU ³IDQV´DQG HQJDJHG LQ UHDVRQLQJ FULWLFDOO\ DQG
DQDO\WLFDOO\DERXWWKHJDPHVWKH\ZHUHVWXG\LQJ,QWKHFDVHRI*DPH/RJ,VKRZ
KRZ EORJJLQJ LQSDUWLFXODU EORJJLQJ DERXWH[SHULHQFHV RI JDPHSOD\ FDQEH D
XVHIXODFWLYLW\IRUVXSSRUWLQJOHDUQLQJ DQG XQGHUVWDQGLQJ DERXW JDPHV)RUWKH
*DPH2QWRORJ\:LNL,VKRZKRZLWLVSRVVLEOHWRGHVLJQOHDUQLQJHQYLURQPHQWV
WKDWDUHDSSURDFKDEOHWROHDUQHUVDOORZWKHPWRFRQWULEXWHOHJLWLPDWHO\WRH[WHUQDO
FRPPXQLWLHVRISUDFWLFH DQG VXSSRUWYLVLELOLW\DQGDFFHVVWRWKH SUDFWLFHVRID
EURDGHUFRPPXQLW\
&+$37(5,1752'8&7,21
9LGHRJDPHVDUHLQFUHDVLQJO\EHFRPLQJDQLPSRUWDQWSDUWRISHRSOH¶V
OLYHV 3UDWFKHWW &UDJJ HW DO %\URQ $PRQJ VRPH
JURXSV VXFK DV FROOHJH VWXGHQWV YLGHRJDPH SOD\LQJ LV YLUWXDOO\ D
FRPPRQSODFH -RQHV $FFRUGLQJ WR WKH (QWHUWDLQPHQW 6RIWZDUH
$VVRFLDWLRQ(6$RIKHDGVRIKRXVHKROGVLQWKH86SOD\YLGHRJDPHV
DQG WKH DYHUDJH JDPH SOD\HU QRW EX\HU LV \HDUV ROG (6$
7KHVH VWDWLVWLFV DUH VWULNLQJO\ VLPLODU LQ RWKHU FRXQWULHV VXFK DV *UHDW
%ULWDLQZKHUHRIWKHSRSXODWLRQEHWZHHQ\HDUVRIDJHDUHJDPHUV
3UDWFKHWW)RUPDQ\FRPSXWHUJDPHVDUHDOUHDG\DSKHQRPHQRQ
RI JUHDWHU FXOWXUDO LPSRUWDQFH WKDQVD\ PRYLHV RU SHUKDSV HYHQ VSRUWV
$DUVHWK9LGHRJDPHVDUHXQGHQLDEO\DIIHFWLQJRXUFXOWXUHWKHZD\
ZHVRFLDOL]HDQGFRPPXQLFDWHDQGKRZZHWKLQNDERXWWKHZRUOG
7KHVL]HDQGLPSRUWDQFHRIWKHYLGHRJDPHLQGXVWU\LVLQFRQWUDVWZLWK
RXU XQGHUVWDQGLQJRI WKH PHGLXPRI YLGHRJDPHV$V UHFHQWO\ QRWHGE\
WKH SUHVLGHQWRI WKH 'LJLWDO *DPHV 5HVHDUFK$VVRFLDWLRQ'L*5$ WKH
¿HOG RI JDPH VWXGLHV LV VWLOO LQ WKH SURFHVV RI HVWDEOLVKLQJ LWV LGHQWLW\
0l\UlDQGZLWKLWDXQL¿HGODQJXDJHDQGYRFDEXODU\QHHGHGIRU
GHVFULELQJJDPHV&RVWLN\DQ.UHLPHLHU*DPHVWXGLHVLVDQ
HPHUJHQW¿HOGWKDWLVZUHVWOLQJZLWKZKDWLWVIXQGDPHQWDOFRQFHSWVLGHDV
DQGWKHRUHWLFDOPRGHOVVKRXOGEH
7KH FKDOOHQJHV IDFHG E\ WKLV QHZ ¿HOG FRLQFLGH ZLWK DQ LQFUHDVHG
GHPDQGIRUNQRZOHGJHVNLOOVDQGWUDLQLQJIRUSHRSOHZKRKDYHDQLQWHUHVW
LQOHDUQLQJDERXWDQGVWXG\LQJJDPHV7KHODVWWHQ\HDUVKDYHZLWQHVVHGDQ
H[SORVLRQLQWKHQXPEHURIXQLYHUVLWLHVDQGFROOHJHVWKDWDUHWHDFKLQJ³JDPH
FRXUVHV´DQGRIIHULQJJDPHUHODWHGGHJUHHV&ROOHJHVDQGXQLYHUVLWLHVDUH
QRWRQO\WHDFKLQJFODVVHVLQJDPHDQDO\VLVGHVLJQDQGGHYHORSPHQWEXW
WKH\DUHDOVRZUHVWOLQJZLWKWKHLVVXHRIKRZEHVWWRGRLWZKDWDUHWKH
FKDOOHQJHV LQYROYHG DQGZKDW WKH\VKRXOGH[SHFW VWXGHQWVWR OHDUQ)RU
LQVWDQFHWKH HGXFDWLRQVSHFLDOLQWHUHVW JURXSRI WKH,QWHUQDWLRQDO*DPH
'HYHORSHUV$VVRFLDWLRQ,*'$KDVVSHQWRYHUHLJKW\HDUVZRUNLQJRQD
FRQFHSWXDOJXLGHIRUJDPHUHODWHGHGXFDWLRQDOSURJUDPV,*'$
0RWLYDWLQJ4XHVWLRQV
:KDW GRHV LW PHDQ WR ³XQGHUVWDQG´ JDPHV" :KDW GRHV LW PHDQ WR
KDYHDFULWLFDOGLVFXVVLRQDERXWWKHP":KDWGRHVLWPHDQWREHOLWHUDWH
RUHYHQÀXHQWLQ JDPHV"7KHVHTXHVWLRQVDUHWKH GULYLQJPRWLYDWRUVRI
WKLVERRN$V,ZLOOVKRZWKHUHLVQ¶WUHDOO\DFRQVHQVXVRIZKDWLWPHDQV
WRXQGHUVWDQGJDPHV:KHQZHDVNSHRSOHLQYROYHGLQWKHLUGHVLJQDQG
SURGXFWLRQRUVFKRODUVIURPWKHQDVFHQW¿HOGRIJDPHVWXGLHVZHOHDUQWKDW
WKH\DUHDOVRZRUNLQJRQZD\VWR¿JXUHLWRXW7KH\SRLQWRXWWKHQHHGIRU
DXQL¿HGODQJXDJHDQGYRFDEXODU\IRUGHVFULELQJJDPHV&RVWLN\DQ
.UHLPHLHU DV ZHOODV DQHHG IRU FUHDWLQJ VSDFHVIRU FRQWULEXWLQJ
GHHS FULWLFDO NQRZOHGJH DERXW WKHP 0l\Ul 7KH ,QWHUQDWLRQDO
*DPH-RXUQDOLVWV$VVRFLDWLRQKDVDOVRUHVSRQGHGWRWKLVQHHGZLWKDJXLGH
WKDWSURSRVHVDFRQVLVWHQWYRFDEXODU\IRUZULWLQJDERXWJDPHV7KRPDV
2WKHUVWKURXJKDPRYHPHQWFDOOHG³QHZJDPHVMRXUQDOLVP´DUH
ORRNLQJ IRU DOWHUQDWLYH ZD\V WR H[SORUH JDPH GHVLJQ SOD\ DQG FXOWXUH
*LOOHQ7KHUHLVQHHGIRUDVSDFHZKHUHLGHDVDERXWJDPHVFDQEH
FUHDWHGSURSRVHGEXLOWXSRQDQGOLQNHG WRH[LVWLQJNQRZOHGJHWKDWKDV
EHHQGHYHORSHG7KXVP\PRWLYDWLRQLVWRPDNHVHQVHRIZKDWLWPHDQVWR
XQGHUVWDQGJDPHV
0RWLYDWLQJ4XHVWLRQ
:KDWGRHVLWPHDQWR³XQGHUVWDQG´JDPHVDQGKRZFDQZHVXSSRUW
OHDUQHUVLQGHYHORSLQJWKDWXQGHUVWDQGLQJ"
7KLVLVDEURDGTXHVWLRQZLWKPDQ\LPSOLFLWDVVXPSWLRQVDQG,ZLOO
EHJLQWRH[SORUHLWE\ÀHVKLQJRXWVRPHRIWKRVHDVVXPSWLRQV%HIRUH,GR
WKDWKRZHYHU,ZLOOEULHÀ\WRXFKXSRQZKDW³XQGHUVWDQGLQJJDPHV´PHDQV
LQWKHFRQWH[WRIOHDUQHUVZKRDUHGHYHORSLQJWKLVXQGHUVWDQGLQJ7KHVH
DUHLVVXHV WKDW,ZLOO GLVFXVVLQJUHDWHU GHSWKLQ WKHIROORZLQJ FKDSWHUV
,Q SDUWLFXODU, ZLOO XVHP\GLVFXVVLRQ RIWKH HVVHQWLDOLVVXHV TXHVWLRQV
DQGDSSURDFKHVWKDWKDYHEHHQWDNHQWRWKHVWXG\RIJDPHV&KDSWHUWR
SURYLGHDGH¿QLWLRQIRUZKDWLWPHDQVWRXQGHUVWDQGJDPHV&KDSWHU
7KLVGH¿QLWLRQZLOOEHSKUDVHGLQWHUPVRIZKDWDSHUVRQZKRXQGHUVWDQGV
JDPHVVKRXOGEHDEOHWRGR)RUQRZZKHQ,ZULWHDERXWVRPHRQHZKR
XQGHUVWDQGVJDPHVDVVXPHWKH\VKRXOGJHQHUDOO\EHDEOHWR
DQDO\]HJDPHVLQDPHDQLQJIXOZD\
NQRZKRZDQG ZK\ JDPHVKHOS FUHDWHFHUWDLQH[SHULHQFHV DQG
HYRNHFHUWDLQHPRWLRQVDQGIHHOLQJVLQLWVSOD\HUV
NQRZ KRZ JDPHV DUH XVHG DQG FDQ EH XVHG DV DQ H[SUHVVLYH
PHGLXPDQG
KDYHDQLQIRUPHGGLVFXVVLRQRQWKHPHULWVRUODFNWKHUHRIRID
SDUWLFXODUZRUN
7KURXJKRXWWKLVERRN,ZLOOEHH[SORULQJZKDWLWPHDQVWRXQGHUVWDQG
JDPHV$WWKHHQG,ZLOOUHWXUQWRP\ELJTXHVWLRQ³:KDWGRHVLWPHDQWR
³XQGHUVWDQG´JDPHVDQGKRZFDQZHVXSSRUWOHDUQHUVLQGHYHORSLQJWKDW
XQGHUVWDQGLQJ"´DQGRIIHUFRQFOXVLRQVDERXWXQGHUVWDQGLQJDQGOHDUQLQJ
DERXWJDPHV
4XHVWLRQ1R
:KDWDUHWKHFKDOOHQJHVRIOHDUQLQJDERXWJDPHV"
5HVHDUFKHUVKDYHDUJXHGWKDWFHUWDLQTXDOLWLHVSUHVHQWLQWKHPHGLXP
RI YLGHRJDPHV SURYLGH YDOXDEOH RSSRUWXQLWLHV IRU OHDUQLQJ *HH
6KDIIHU )RU H[DPSOH *HH DUJXHV WKDW YLGHRJDPHV FDQ XQGHU
WKH ULJKW FLUFXPVWDQFHV FUHDWH DQ HPERGLHG HPSDWK\ IRU FRPSOH[
V\VWHPV WKXV DOORZLQJ IRU GHHSHU XQGHUVWDQGLQJ RI VLPXODWLRQV *HH
*DPHVFDQDOVREHDFWLRQDQGJRDOGLUHFWHGSUHSDUDWLRQVIRUDQG
VLPXODWLRQVRIHPERGLHGH[SHULHQFH,QWKLVZD\WKH\DOORZIRUPHDQLQJ
DERXWZKDWLVEHLQJH[SHULHQFHGWREHVLWXDWHG*HH,VLWSRVVLEOH
WKDWWKHDIIRUGDQFHVJDPHVKDYHIRUOHDUQLQJPDNHOHDUQLQJDERXWJDPHV
UHODWLYHO\ VWUDLJKWIRUZDUG" 7KLV LV DQ XQH[SORUHG TXHVWLRQ 2Q WKH RQH
KDQG RQH PLJKW DVVXPH WKDW OHDUQLQJ DERXW JDPHV LVQ¶W SDUWLFXODUO\
FKDOOHQJLQJ+RZHYHUJDPHVDUHQ¶WQHFHVVDULO\HDV\ WRSOD\RU HDV\WR
OHDUQ WR SOD\ *HH 6TXLUH 3HUKDSV WKHVH FKDOOHQJHV DOVR
DSSO\WROHDUQLQJDERXWJDPHV"$GGLWLRQDOO\LIZHFRQVLGHUWKDWJHQHUDOO\
VSHDNLQJDFKLHYLQJGHHSXQGHUVWDQGLQJRIDGRPDLQRUVXEMHFWPDWWHULV
KDUG%UDQVIRUGHWDOWKHUHLVUHDVRQWRDVVXPHWKDWOHDUQLQJDERXW
JDPHVFDQEHFKDOOHQJLQJHYHQIRUWKRVHZKRSOD\WKHPUHJXODUO\,IZH
ZDQWJDLQLQVLJKWLQWRKRZWRVXSSRUWOHDUQLQJDERXWJDPHVLWLVLPSRUWDQW
WRLGHQWLI\XQGHUVWDQGDQGDGGUHVVWKRVHFKDOOHQJHV7KXVWKHDQVZHUVWR
4VKRXOGSURYLGHWZRWKLQJV
7KHPHDQVWRRXWOLQHWKHLQLWLDOXQGHUVWDQGLQJVDQGPLVFRQFHSWLRQV
WKDWOHDUQHUVPD\KDYHDERXWJDPHV
6XJJHVWLGHDVDQGSRVVLEOHDYHQXHVIRUDGGUHVVLQJWKHFKDOOHQJHV
LGHQWL¿HG
7KHVH WZR SRLQWV VXJJHVW IXUWKHU LGHDV DQG TXHVWLRQV WR H[SORUH ,
ZLOOUHSKUDVHWKH¿UVWSRLQWVRWKDWLWEHFRPHV4XHVWLRQ4GHVFULEHG
EHORZ/DWHU,ZLOOXVHWKHVHFRQGSRLQWWRFRQVWUXFWDQGGH¿QH4XHVWLRQ
4
4XHVWLRQ1R
+RZFDQZHFKDUDFWHUL]HDQDwYHXQGHUVWDQGLQJRIJDPHV"
,I ZH H[SHFW SHRSOH WR OHDUQ LW LV QHFHVVDU\ WR HQJDJH WKHLU LQLWLDO
XQGHUVWDQGLQJVDQGPLVFRQFHSWLRQV'RQRYDQHWDO$QLPSRUWDQW
LVVXH IRUSURPRWLQJXQGHUVWDQGLQJ RIJDPHV WKHQLV WRNQRZ ZKDW DUH
VWXGHQWV¶LQLWLDOXQGHUVWDQGLQJVDQGPLVFRQFHSWLRQVDERXWJDPHV/HDUQLQJ
WKLVZLOODOORZXV WRIRFXVRQ VWUDWHJLHVDQGDSSURDFKHV WKDWPD\SURYH
SURGXFWLYHIRUVXSSRUWLQJDGHHSHUXQGHUVWDQGLQJRIJDPHV
7KHVHVWUDWHJLHVDQGDSSURDFKHVPXVWDOVRWDNHLQWRFRQVLGHUDWLRQWKH
UHDOLW\RIKRZJDPHVDUHFXUUHQWO\EHLQJWDXJKWZKRWKHVWXGHQWVFXUUHQWO\
OHDUQLQJ DERXW JDPHV DUH DQG ZKDW SULRU H[SHULHQFH WKH\ KDYH ZLWK
YLGHRJDPHV7KHSRVVLEOHUROHWKDWVWXGHQWV¶SULRUH[SHULHQFHFDQSOD\LQ
VXSSRUWLQJDGHHSHUXQGHUVWDQGLQJRIJDPHVOHDGVWRP\QH[WTXHVWLRQ
4XHVWLRQ1R
+RZFDQQRYLFHVOHYHUDJHNQRZOHGJHIURPWKHLUSHUVRQDOH[SHULHQFHV
ZLWK YLGHRJDPHV WR FUHDWH DEVWUDFW DQG GHHSHU NQRZOHGJH DERXW WKH
PHGLXPRIYLGHRJDPHVDQGZKDWPD\ZHJHQHUDOL]HIURPWKLV"
3ULRU H[SHULHQFH SOD\V DQ LPSRUWDQW DQG YDOXDEOH UROH LQ OHDUQLQJ
/DYHDQG:HQJHU6FKDQNHWDO%UDQVIRUGHWDO7KLV
LVSDUWLFXODUO\VRZKHQWKHOHDUQHUKDVSHUVRQDOO\PHDQLQJIXOFRQQHFWLRQV
ZLWKZKDWLVWREHOHDUQHGDVWKHOHDUQHUZLOOWKHQHQJDJHPRUHDWWHQWLYHO\
3DSHUW7KXVVWXGHQWV¶H[WHQVLYHSHUVRQDOKLVWRULHVZLWKYLGHRJDPHV
FDQEHDQDVVHWLQOHDUQLQJDERXWJDPHV%XWLWLVQRWVWUDLJKWIRUZDUGWR
KHOSOHDUQHUVOHYHUDJHWKHLUH[SHULHQFHVDQGSHUVRQDOJDPLQJKLVWRULHVWR
DFKLHYHDGHHSHUXQGHUVWDQGLQJRIJDPHV7KHOLWHUDWXUHVXJJHVWVVWUDWHJLHV
IRUOHYHUDJLQJH[SHULHQFHVVXFKDVHQFRXUDJLQJUHÀHFWLRQDQGSURYLGLQJ
QHZ FRQWH[WV ZKHUH NQRZOHGJH IURP H[SHULHQFH FDQ EH DSSOLHG IRU D
UHYLHZVHH%UDQVIRUGHWDO,WKHUHIRUHH[SORUHWKLVTXHVWLRQWKURXJK
WKHGHVLJQDQGXVHRIWZRRQOLQHOHDUQLQJHQYLURQPHQWV7KH¿UVWFDOOHG
*DPH/RJ LVD ZHEEDVHG WRROIRU PDLQWDLQLQJ MRXUQDOV RU *DPH/RJV
RI JDPH SOD\LQJ DFWLYLW\ 7KH LGHD EHKLQG *DPH/RJ LV H[SORULQJ KRZ
ZHFDQSURPRWHSURGXFWLYHUHÀHFWLRQRQH[SHULHQFHVZLWKJDPHV7KRVH
OHDUQLQJDERXWJDPHVDUHXVXDOO\JDPHSOD\HUVDQGOHDUQLQJIURPJDPH
SOD\LQJRXJKWWREHDSDUWRIDQ\JDPHVFXUULFXOXP,GHVLJQHG*DPH/RJ
WRVXSSRUWSURGXFWLYHUHÀHFWLRQE\SURYLGLQJOHDUQHUVZLWKRSSRUWXQLWLHV
WR DUWLFXODWH DQG GHVFULEH WKHLU H[SHULHQFHV ZLWK JDPHV FRPSDUH WKHLU
H[SHULHQFHVZLWKWKRVHRIRWKHUSHRSOHDQGDOORZWKHPWRFRPSDUHWKHLU
RZQH[SHULHQFHVDFURVVWLPHDQGDFURVVPXOWLSOHYLGHRJDPHV
7KHVHFRQGRQOLQHOHDUQLQJHQYLURQPHQWLVWKH*DPH2QWRORJ\:LNL
7KH*DPH2QWRORJ\LVDQRUJDQLFDQG HYROYLQJKLHUDUFKLFDOIUDPHZRUN
RIFRQFHSWVUHODWLRQVKLSVDQGGHVLJQHOHPHQWVGHULYHGIURPREVHUYDWLRQV
DQGDQDO\VHVRIYLGHRJDPHV=DJDO0DWHDVHWDO7KHLGHDEHKLQG
WKH*DPH2QWRORJ\3URMHFWLVWRH[SORUHKRZZHFDQVXSSRUWVWXGHQWVLQ
JHWWLQJ PRUHRXW RI WKHNQRZOHGJH DQG H[SHULHQFH RI JDPHV WKH\ KDYH
DOUHDG\KDG,QRWKHUZRUGVFDQWKHLUNQRZOHGJHRIJDPHVEHWXUQHGLQWR
D UHVRXUFH WKDW PD\ EHQH¿W RWKHUV DV ZHOO DV WKHPVHOYHV" 0\ SXUSRVH
LQ JHWWLQJ OHDUQHUV LQYROYHG LQ XVLQJ WKLV HYROYLQJ UHVRXUFH LV WR KHOS
OHDUQHUVUHODWHWKHLUSHUVRQDOH[SHULHQFHZLWKVSHFL¿FJDPHVWRWKHPRUH
DEVWUDFWFRQFHSWVDQGWHUPLQRORJ\LQWKHRQWRORJ\,DOVRZDQWWRSURYLGH
DOHJLWLPDWHPHDQVIRUFRQWULEXWLRQDQGSHULSKHUDOSDUWLFLSDWLRQLQDODUJHU
FRPPXQLW\RISUDFWLFH%\DOORZLQJOHDUQHUVWROHJLWLPDWHO\FRQWULEXWHWR
WKLVUHVRXUFHZHPD\DOVRVXSSRUWWKHHPHUJHQW¿HOGRIJDPHVWXGLHV
,Q FUHDWLQJ HQYLURQPHQWV IRUVXSSRUWLQJ OHDUQLQJ LW LV LPSRUWDQW WR
LPSOHPHQW WZR PDMRU GHVLJQ SULQFLSOHV IRU VXSSRUWLQJ OHDUQLQJ GHVLJQ
WRSURPRWHHSLVWHPRORJLFDOFRQQHFWLRQVDQGGHVLJQWRSURPRWHSHUVRQDO
FRQQHFWLRQV5HVQLFNHWDO
6XSSRUWLQJ SHUVRQDO FRQQHFWLRQV PHDQV WKDW WKH DFWLYLWLHV RI WKHVH
HQYLURQPHQWV VKRXOG FRQQHFW WR OHDUQHU¶V LQWHUHVWV SDVVLRQV DQG
H[SHULHQFHV7KHLGHDLVWKDWZKHQDFWLYLWLHVLQYROYHREMHFWVDQGDFWLRQVWKDW
DUHIDPLOLDUOHDUQHUVFDQOHYHUDJHWKHLUSUHYLRXVNQRZOHGJHDQGFRQQHFW
QHZLGHDVWRWKHSUHH[LVWLQJLQWXLWLRQV5HVQLFNHWDO7KLVQRWLRQ
VXJJHVWVWKHLPSRUWDQFHRIKHOSLQJOHDUQHUV XVHWKHLUSDVVLRQIRUJDPHV
DQG WKHLUJDPHSOD\LQJ SUDFWLFHV DVD YDOXDEOHUHVRXUFH ,Q *DPH/RJ,
DLPIRUVWXGHQWVWREHJLQWRUHDOL]HKRZWKH\FDQJHWPRUHDERXWRIWKHLU
UHJXODUJDPHSOD\H[SHULHQFHVE\UHÀHFWLQJDQGZULWLQJDERXWWKHP,QWKH
*DPH2QWRORJ\:LNL,DLPIRUVWXGHQWVWREHJLQWRFRQQHFWWKHNQRZOHGJH
WKH\KDYHRIJDPHVWKH\KDYHDOUHDG\SOD\HGWRPRUHDEVWUDFWDQGGHHSHU
FRQFHSWVDQGLGHDVDERXWJDPHV
6XSSRUWLQJHSLVWHPRORJLFDOFRQQHFWLRQVPHDQVWKDWDFWLYLWLHVVKRXOG
FRQQHFWWRLPSRUWDQWGRPDLQVRINQRZOHGJHDQGHQFRXUDJHQHZZD\VRI
WKLQNLQJ,QWKHFDVHRI*DPH/RJ,KRSHWKDWE\SURPRWLQJUHÀHFWLRQRQ
WKHLUJDPHSOD\LQJH[SHULHQFHVVWXGHQWVZLOOEHJLQWRWKLQNPRUHGHHSO\
DERXWWKHLUSOD\DQGEHJLQWRDSSURDFKLWLQQHZZD\V(VVHQWLDOO\,KRSH
WKDWXVLQJ*DPH/RJZLOOKHOSWKHPWKLQNDERXWJDPHVDVJDPHGHVLJQHUV
RUJDPHVFKRODUVUDWKHUWKDQVLPSO\DVSOD\HUVRUIDQV,QWKHFDVHRIWKH
*DPH2QWRORJ\:LNL,KRSHWKDWVWXGHQWSDUWLFLSDWLRQZLOODOORZWKHPWR
KDYHLQVLJKWDQGDFFHVVWRWKHSURFHVVHVDQGGLVFXVVLRQVXUURXQGLQJWKH
NQRZOHGJH EXLOGLQJ DFWLYLW\WKDW LV SDUWRI WKH*DPH 2QWRORJ\3URMHFW
3DUWLFLSDWLRQ VKRXOG SURPRWH FRQQHFWLQJ ZKDW WKH\ DOUHDG\ NQRZ WR
NQRZOHGJHLQWKHHPHUJHQWGLVFLSOLQHRIJDPHVWXGLHV
7KH LPSRUWDQFH RI SHUVRQDO DQG HSLVWHPRORJLFDO FRQQHFWLRQV WR
OHDUQLQJ IURPH[SHULHQFH KDV EHHQFLWHG RYHU DQGRYHU LQ WKHOLWHUDWXUH
RQSURPRWLQJOHDUQLQJHJLQUHVHDUFKRQUHÀHFWLRQLQSUDFWLFH6FKRQ
FRJQLWLYH DSSUHQWLFHVKLS &ROOLQV HW DO DQG OHDUQLQJ E\
GHVLJQ .RORGQHU HW DO (DFK SURSRVHV GLIIHUHQW GHYLFHV IRU
SURPRWLQJVXFKFRQQHFWLRQV7KHGHYLFHVVXJJHVWHGE\WKHVHDSSURDFKHV
OHDGWRWKHK\SRWKHVLVWKDWQRYLFHVFDQEHJLQWROHYHUDJHNQRZOHGJHIURP
WKHLUSHUVRQDOH[SHULHQFHVZLWKYLGHRJDPHVE\
$UWLFXODWLQJGHVFULELQJDQGUHÀHFWLQJRQWKHVHH[SHULHQFHV
&RPSDULQJWKHLUSHUVRQDOH[SHULHQFHVZLWKWKRVHRIRWKHUSHRSOH
&RPSDULQJ WKHLU SHUVRQDO H[SHULHQFHV DFURVV WLPH DQG DFURVV
PXOWLSOHYLGHRJDPHV
&RQQHFWLQJ WKHLU NQRZOHGJH DQG H[SHULHQFHV ZLWK DEVWUDFW
FRQFHSWVDQGLGHDV
8VLQJ WKHLU NQRZOHGJH DQG H[SHULHQFHV WR FRQWULEXWH WR WKH
FUHDWLRQRIQHZNQRZOHGJH
*DPH/RJ DQG WKH *DPH 2QWRORJ\ :LNL KDYH EHHQ GHVLJQHG WR
SURYLGHVFDIIROGLQJIRUKHOSLQJXVHUVUHÀHFWRQDQGOHYHUDJHWKHLUJDPH
SOD\LQJH[SHULHQFHVLQRUGHUWRHVWDEOLVKOLQNVEHWZHHQWKHLUH[SHULHQFHV
DQG WKH DEVWUDFW FRQFHSWV ODQJXDJH DQG YRFDEXODU\ RI JDPH VWXGLHV LQ
JHQHUDO (VVHQWLDOO\ *DPH/RJ KDV EHHQ GHVLJQHG WR VXSSRUW VWXGHQWV
OHYHUDJLQJ NQRZOHGJH IURP WKHLU SHUVRQDO H[SHULHQFHV ZLWK JDPHV
E\ KHOSLQJ WKHP WR UHÀHFW RQ WKHLU JDPHSOD\ H[SHULHQFHV 7KH *DPH
2QWRORJ\:LNLFRPSOHPHQWVWKLVDSSURDFKE\KHOSLQJOHDUQHUVXVHWKHLU
SHUVRQDOH[SHULHQFHVDQGNQRZOHGJHRIYLGHRJDPHVWRPDNHFRQQHFWLRQV
ZLWK DEVWUDFW FRQFHSWV DQG LGHDV ZKLOH FRQWULEXWLQJ PHDQLQJIXOO\ DQG
OHJLWLPDWHO\WRWKHDFDGHPLFVWXG\RIJDPHV7KLVODVWSRLQWLVLPSRUWDQW
QRW RQO\ IURP WKH HSLVWHPRORJLFDO VHQVH EXW DOVR IURP WKH SHUVSHFWLYH
RI OLWHUDWXUH RQ FRPPXQLWLHV RI SUDFWLFH DQG NQRZOHGJH EXLOGLQJ WKDW
KLJKOLJKWVWKHLPSRUWDQFHWKDWDXWKHQWLFLW\FDQKDYHLQSURPRWLQJOHDUQLQJ
/DYH DQG :HQJHU :HQJHU 6KDIIHU DQG 5HVQLFN
6FDUGDPDOLDDQG%HUHLWHU
7KHUHVHDUFKOLWHUDWXUHRQFRPPXQLWLHVRISUDFWLFHKLJKOLJKWVVRPHRI
WKHPHFKDQLVPVWKDWFDQHQFRXUDJHQRYLFHSDUWLFLSDWLRQWKDWLVFRQGXFLYHWR
OHDUQLQJDQGHQFXOWXUDWLRQ/DYHDQG:HQJHU+RZHYHULQWKHFDVH
RIDPHGLXPVXFKDVDZLNLLWLVDQRSHQTXHVWLRQKRZWKHVHPHFKDQLVPV
FDQEHSXWLQWRSUDFWLFHDQGKRZWKHRQOLQHPHGLXPPD\FKDQJHWKHUROH
WKDWQRYLFHVSOD\LQ WKHVHNLQGVRIFRPPXQLWLHV$GGLWLRQDOO\ OLWHUDWXUH
RQNQRZOHGJHEXLOGLQJ6FDUGDPDOLDDQG%HUHLWHU6FDUGDPDOLDDQG
%HUHLWHUDFROODERUDWLYHHIIRUWRIPXOWLSOHPHPEHUVRIDFRPPXQLW\
ZKRZRUNDWWKHFXWWLQJHGJHWRUHIRUPXODWHDQGGHHSHQWKHLUXQGHUVWDQGLQJ
DOVRIRUHJURXQGVVRPHRIWKHTXHVWLRQVVXUURXQGLQJWKHUROHWKDWQRYLFHV
FDQKDYHLQWKHVHFRPPXQLWLHVDQGZKDWVRUWRIFRQWULEXWLRQVWKH\PLJKW
PDNH6FDUGDPDOLDDQG%HUHLWHU$OORIWKHVHLVVXHVFRQWH[WXDOL]H
WKHQHHGIRUP\IRXUWKTXHVWLRQ
4XHVWLRQ1R
:KDW UROH FDQ QRYLFHV SOD\ LQ D SURIHVVLRQDO NQRZOHGJHEXLOGLQJ
FRPPXQLW\RISUDFWLFH"
$XWKHQWLFSDUWLFLSDWLRQLQWKHFRQWH[WRIOHDUQLQJKDVEHHQGHVFULEHG
DV LPSRUWDQW IRU SURPRWLQJ OHDUQLQJ DQG GHHSHU XQGHUVWDQGLQJ 6KDIIHU
DQG5HVQLFN,QWKHFRQWH[WRIDNQRZOHGJHEXLOGLQJFRPPXQLW\
VXFK DV WKH *DPH 2QWRORJ\ :LNL ZKDW H[DFWO\ FRQVWLWXWHV DXWKHQWLF
SDUWLFLSDWLRQ" )URP /DYH DQG :HQJHU¶V FKDUDFWHUL]DWLRQ RI WKH UROH RI
QRYLFHVLQSURIHVVLRQDOFRPPXQLWLHVRISUDFWLFHZHJHWWKHQRWLRQ
WKDW HYHQ ZKHQ QRYLFHV HQJDJH LQ PHQLDO DFWLYLWLHV RI WKH FRPPXQLW\
LIWKRVH DFWLYLWLHV DUH LPSRUWDQWDQGQHFHVVDU\WR WKHFRPPXQLW\DQGWR
DFKLHYLQJ LWVJRDOV WKHQRYLFHV ZLOO IHHOSURGXFWLYH DQGKDYH D FKDQFH
WROHDUQIURPWKHDFWLYLW\JRLQJRQDURXQGWKHP+RZHYHUZKDW¶VPRVW
LPSRUWDQW LVQ¶W QHFHVVDULO\ WKH DFWLYLW\ LWVHOI EXW UDWKHU WKH DFFHVV DQG
YLVLELOLW\WKDWSHUIRUPLQJWKDWDFWLYLW\SURYLGHVWRWKHHVVHQWLDOYDOXHVDQG
SUDFWLFHV RI WKH UHVW RI WKH FRPPXQLW\$GGLWLRQDOO\ DV KLJKOLJKWHG E\
&ROOLQVDQGFROOHDJXHVWKHUHDUHSDUWLFXODUFKDOOHQJHVWRSURPRWLQJ
OHDUQLQJ WKURXJK VXFK DSSUHQWLFHVKLS ZKHQ WKH VNLOOV WR EH OHDUQHG DUH
FRJQLWLYHDQGPHWDFRJQLWLYHDVRSSRVHGWRSK\VLFDO&ROOLQVHWDO
QRWHWKDWLQDGGLWLRQWRWKHLPSRUWDQFHRIOHDUQLQJVNLOOVDQGNQRZOHGJH
LQWKHLUVRFLDODQGIXQFWLRQDOFRQWH[WLWLVQHFHVVDU\WKDWFHUWDLQSURFHVVHV
ZKLFKDUHQRUPDOO\LQWHUQDOEHH[WHUQDOL]HGVRWKDWWKH\FDQEHREVHUYHG
DQG PRGHOHG7KXV WKH HVVHQWLDO TXHVWLRQ, DP ORRNLQJ WRDQVZHU KHUH
LV KRZ ZH FDQ EULQJ QRYLFHV LQWR D SURIHVVLRQDO NQRZOHGJHEXLOGLQJ
FRPPXQLW\RISUDFWLFHLQVXFKDZD\WKDWWKH\FDQFRQWULEXWHPHDQLQJIXOO\
DQGDXWKHQWLFDOO\ZKLOHOHDUQLQJDERXWJDPHVLQDGHHSHUIDVKLRQ
2YHUWKHFRXUVHRIWKLVERRN,ZLOODQVZHUP\PRWLYDWLQJTXHVWLRQ
:KDW GRHV LW PHDQ WR ³XQGHUVWDQG´ JDPHV DQG KRZ FDQ ZH VXSSRUW
OHDUQHUVLQGHYHORSLQJWKDWXQGHUVWDQGLQJ"E\DGGUHVVLQJWKHIRXUVPDOOHU
TXHVWLRQV,KDYHRXWOLQHG
2YHUYLHZ
7KLVERRNH[SORUHVWKHOHDUQLQJLVVXHVVXUURXQGLQJWKHFUHDWLRQRIQHZ
NQRZOHGJHDQGXQGHUVWDQGLQJDERXWJDPHVDQGKRZWRVXSSRUWOHDUQLQJ
LQZKDWFRXOGEHFDOOHGDQHZIRUPRIOLWHUDF\,QRUGHUWRSURSHUO\VLWXDWH
WKHFRQWH[WLQZKLFKOHDUQLQJDERXWJDPHVLVWDNLQJSODFH,ZLOOEULHÀ\
GHVFULEHWKHKLVWRU\RIWKHVWXG\RIJDPHVLQ&KDSWHU0RVWRIWKHHDUO\
ZRUNLQYROYLQJWKHVWXG\RIJDPHVGHDOVZLWKGH¿QLWLRQVRIWKHFRQFHSWV
RISOD\DQGJDPHWRJHWKHUZLWKXQGHUVWDQGLQJWKHUROHWKH\KROGLQVRFLHW\
DWODUJH7KLVFKDSWHUDOVRH[SORUHVVRPHRIWKHGH¿QLWLRQVWKDWKDYHEHHQ
SURSRVHG IRU ³JDPHV´ )LQDOO\ &KDSWHU FRQFOXGHV E\ H[DPLQLQJ WKH
UHFHQWKLVWRU\RIJDPHVWXGLHV(VVHQWLDOO\DVWKHYLGHRJDPHUHYROXWLRQ
WRRNRIILQWKHHDUO\¶VVRGLGDFDGHPLFLQWHUHVWLQJDPHV7RGDWH
YLGHRJDPH UHVHDUFK FDQ EH EURDGO\ FKDUDFWHUL]HG DV WDNLQJ D VRFLDO
VFLHQWL¿FDSSURDFKVWXG\LQJWKHHIIHFWVRIJDPHVRQSHRSOHDKXPDQLWLHV
DSSURDFK VWXG\LQJ WKH PHDQLQJ DQG FRQWH[W RI JDPHV DQG JDPHV DV
FXOWXUDODUWLIDFWVRUDQLQGXVWU\DQGHQJLQHHULQJDSSURDFKFUHDWLQJQHZ
WHFKQRORJLHVXVHGLQJDPHVDQGXQGHUVWDQGLQJWKHGHVLJQDQGGHYHORSPHQW
RIJDPHV7KHUHVHDUFKWKUXVWVDQGFXUUHQWGHEDWHVZLWKLQWKH¿HOGUHÀHFW
WKH ¿HOG¶V QDVFHQW VWDWH ZKHUH DSSURSULDWH PHWKRGV DSSURDFKHV DQG
YRFDEXODU\DUHVWLOOEHLQJGH¿QHGDQGGLVFXVVHG7KHVWDWHRIWKH¿HOGRI
JDPHVWXGLHVVHUYHVDVDQLQWHUHVWLQJEDFNGURSDJDLQVWZKLFKWRH[SORUH
KRZQRYLFHVDQGOHDUQHUVFDQSDUWLFLSDWHLQOHDUQLQJDERXWJDPHVZKLOH
DOVRFRQWULEXWLQJWRJDPHVWXGLHV7KHVHLVVXHVZLOOEHH[SORUHGLQIXUWKHU
GHWDLOLQ&KDSWHU
+DYLQJH[SORUHGWKHKLVWRU\RIWKHVWXG\RIJDPHV,FRQWLQXHLQ&KDSWHU
E\GH¿QLQJZKDW,PHDQE\JDPHVOLWHUDF\DQGIRFXVLQJP\DWWHQWLRQ
RQZKDW XQGHUVWDQGLQJJDPHV PHDQV,Q SDUWLFXODUDVVXJJHVWHG E\WKH
UHVHDUFKWKUXVWVDQGLQWHUHVWVRIWKHJDPHVWXGLHVFRPPXQLW\GHVFULEHGLQ
&KDSWHU,RXWOLQHWKHXQGHUVWDQGLQJRIJDPHVDVWKHDELOLW\WRH[SODLQ
GLVFXVV GHVFULEHIUDPH VLWXDWH LQWHUSUHW DQGRU SRVLWLRQ JDPHV LQ
WKH FRQWH[W RI KXPDQ FXOWXUH JDPHV DV D FXOWXUDO DUWLIDFWV LQ WKH
FRQWH[W RI RWKHU JDPHV FRPSDULQJ JDPHV WR RWKHU JDPHVJHQUHV
LQWKHFRQWH[WRIWKHWHFKQRORJLFDOSODWIRUPRQZKLFKWKH\DUHH[HFXWHG
DQGE\GHFRQVWUXFWLQJWKHPDQGXQGHUVWDQGLQJWKHLUFRPSRQHQWVKRZ
WKH\LQWHUDFWDQGKRZWKH\IDFLOLWDWHFHUWDLQH[SHULHQFHVLQSOD\HUV:KHQ
,GLVFXVVWKHUROHDQGXVHRI*DPH/RJDQGWKH*DPH2QWRORJ\:LNLLQ
FODVV&KDSWHUVDQG,ZLOOUHIHUEDFNWRHDFKRIWKHVHIRXUFRQWH[WV
,Q&KDSWHU,DOVRGHVFULEHFRPPXQLWLHVRISUDFWLFHDQGNQRZOHGJH
EXLOGLQJ DV WZR SHUVSHFWLYHV RQ OHDUQLQJ WKDW , KDYH XVHG WR ERWK WR
JXLGHWKHGHVLJQRIWKHRQOLQHOHDUQLQJHQYLURQPHQWV,GHVLJQHGDVZHOO
DV XQGHUVWDQGLQJ WKHLU XVH LQ &KDSWHUV DQG 7KHVH HGXFDWLRQDO
SHUVSHFWLYHVKLJKOLJKWWKHRQWRORJLFDOLVVXHRIXQGHUVWDQGLQJDVVLWXDWHGLQ
DVRFLRFXOWXUDOFRQWH[W$VVXJJHVWHGE\WKHOLWHUDWXUHLQFRPPXQLWLHVRI
SUDFWLFHJDXJLQJWKHXQGHUVWDQGLQJRIJDPHVZRXOGUHTXLUHVLWXDWLQJWKH
LQGLYLGXDOZLWKUHVSHFWWRWKHEHOLHIVJRDOVDQGSUDFWLFHVRIDSDUWLFXODU
FRPPXQLW\ 8QGHUVWDQGLQJ LQ WKLVFRQWH[W LVOLQNHG WRPHPEHUVKLS DQG
LGHQWLW\.QRZOHGJHEXLOGLQJDSURFHVVE\ZKLFKLGHDVWKDWDUHYDOXDEOH
WR D FRPPXQLW\ DUH FRQWLQXDOO\ SURGXFHG DQG LPSURYHG KLJKOLJKWV WKH
LPSRUWDQFH RI IRFXVLQJ RQ GLVFRXUVH DV D JDXJH RI XQGHUVWDQGLQJ DQG
IRFXVLQJRQKRZGLVFRXUVHFKDQJHVDQGHYROYHV
,Q&KDSWHU,H[SORUHWKHTXHVWLRQRIZKDWLWPHDQVWRXQGHUVWDQG
JDPHVE\ORRNLQJDWWKHFKDOOHQJHVDQGSUREOHPVIDFHGE\VWXGHQWVZKR
DUH WDNLQJ JDPHVUHODWHG FODVVHV (VVHQWLDOO\ WKLV FKDSWHU H[SORUHV P\
¿UVWWZR TXHVWLRQV4 DQG4, H[SORUHWKHVH TXHVWLRQV E\UHSRUWLQJ
RQ WKH UHVXOWV RI D TXDOLWDWLYH UHVHDUFK VWXG\ LQ ZKLFK , FRQGXFWHG LQ
GHSWKLQWHUYLHZVZLWKWZHOYHSURIHVVRUVDQGLQVWUXFWRUVRIJDPHVWXGLHV
FRXUVHV0\UHVXOWVLQGLFDWHWKDWOHDUQLQJDERXWJDPHVFDQEHFKDOOHQJLQJ
IRUPXOWLSOHUHDVRQV6RPHRIWKHPRUHUHOHYDQW¿QGLQJVLQWKHFRQWH[WRI
WKHTXHVWLRQV,H[SORUHLQFOXGHUHDOL]LQJWKDWH[WHQVLYHSULRUYLGHRJDPH
H[SHULHQFHRIWHQLQWHUIHUHVZLWKVWXGHQWV¶DELOLWLHVWRUHDVRQFULWLFDOO\DQG
DQDO\WLFDOO\DERXWJDPHV DQGWKDW VWXGHQWVKDYH GLI¿FXOWLHVDUWLFXODWLQJ
WKHLU H[SHULHQFHV DQG REVHUYDWLRQV DERXW JDPHV 7KH IROORZLQJ WZR
FKDSWHUVGHVFULEHKRZVWXGHQWVFDQEHVXSSRUWHGLQOHDUQLQJDERXWJDPHV
E\KHOSLQJVWXGHQWVJHWPRUHIURPWKHLUH[SHULHQFHVZLWKJDPHVDQG
KHOSLQJVWXGHQWVXVHZKDWWKH\NQRZWRHVWDEOLVKGHHSHUXQGHUVWDQGLQJ
$VGHVFULEHGLQGHWDLOLQ&KDSWHUPDQ\FKDUDFWHULVWLFVRIWKHPHGLXP
RI YLGHRJDPHV LQFOXGLQJ WKHLU QRQOLQHDULW\ DQG GXUDWLRQ ZLWK JDPHV
RIWHQUHTXLULQJLQH[FHVVRIKRXUVRIJDPHSOD\FRQVSLUHDJDLQVWWKHLU
VWXG\ 7KHVH LVVXHV RIWKH PHGLXP KLJKOLJKW WKH LPSRUWDQFHRI KHOSLQJ
OHDUQHUVJHWWKHPRVWIURPWKHLUH[SHULHQFHVZLWKJDPHV&KDSWHUH[SORUHV
P\WKLUG TXHVWLRQ4E\ LQWURGXFLQJ*DPH/RJ DVDQRQOLQH EORJJLQJ
HQYLURQPHQW IRU VXSSRUWLQJ UHÀHFWLRQ RQ JDPHSOD\LQJ H[SHULHQFHV
*DPH/RJ GLIIHUV IURP WUDGLWLRQDO EORJJLQJ HQYLURQPHQWV LQ WKDW HDFK
XVHUPDLQWDLQVPXOWLSOHSDUDOOHOEORJVZLWKHDFKEORJGHYRWHGWRDVLQJOH
JDPH=DJDODQG%UXFNPDQ*DPH/RJZDVXVHGLQWZRXQLYHUVLW\
OHYHO JDPHVUHODWHG FODVVHV DQG VWXGHQWV SHUFHLYHG ZULWLQJ *DPH/RJV
DV D SRVLWLYH OHDUQLQJ H[SHULHQFH IRU WKUHH UHDVRQV )LUVW LW LPSURYHG
WKHLUUHODWLRQVKLSZLWKYLGHRJDPHVDVDPHGLXP6HFRQGLWKHOSHGWKHP
EURDGHQDQGGHHSHQWKHLUXQGHUVWDQGLQJRIYLGHRJDPHV7KLUGLWSURYLGHG
D YHKLFOH IRU H[SUHVVLRQ FRPPXQLFDWLRQ DQG FROODERUDWLRQ 6WXGHQWV
IRXQGWKDWE\UHÀHFWLQJRQWKHLUH[SHULHQFHVSOD\LQJJDPHVWKH\EHJDQWR
XQGHUVWDQGKRZJDPHGHVLJQHOHPHQWVKHOSHGVKDSHWKDWH[SHULHQFH0RVW
LPSRUWDQWO\ WKH\ VWHSSHG EDFN IURP WKHLU WUDGLWLRQDO UROH RI ³JDPHUV´
RU³IDQV´DQG HQJDJHGLQ UHDVRQLQJ FULWLFDOO\ DQGDQDO\WLFDOO\ DERXWWKH
JDPHVWKH\ZHUHVWXG\LQJ0\DQDO\VLVRIWKHVWXGHQWV¶*DPH/RJHQWULHV
VXSSRUWVWKHVWXGHQWV¶SHUFHSWLRQV,LGHQWL¿HGVL[FRPPRQVW\OHVRIHQWU\
RYHUYLHZQDUUDWLYHFRPSDUDWLYHDQDO\VLVSODQK\SRWKHVLVLQYHVWLJDWLRQ
DQG LQVLJKWDQDO\VLV 7KHVH VW\OHV DOLJQ ZLWK SUDFWLFHV QHFHVVDU\ IRU
VXSSRUWLQJ OHDUQLQJ DQG XQGHUVWDQGLQJ 7KXV , VKRZ KRZ EORJJLQJ LQ
SDUWLFXODUEORJJLQJDERXWJDPHVFDQEHDXVHIXODFWLYLW\IRUVXSSRUWLQJ
OHDUQLQJDQGXQGHUVWDQGLQJDERXWJDPHV
&KDSWHUH[SORUHV4E\DGGUHVVLQJWKHLVVXHRIKRZWRKHOSVWXGHQWV
JHWPRUHRXWRIWKHH[SHULHQFHVWKH\KDYHZLWKJDPHV&KDSWHUH[SORUHV
WKHVDPHTXHVWLRQEXWIURPDQRWKHUSHUVSHFWLYHKRZWRKHOSVWXGHQWVXVH
ZKDWWKH\NQRZWRHVWDEOLVKGHHSHUXQGHUVWDQGLQJ7KLVFKDSWHULQWURGXFHV
WKH*DPH2QWRORJ\3URMHFW*23DQGLWVXVHDVDWRROIRUKHOSLQJVWXGHQWV
FRQQHFWWKHLUH[SHULHQWLDONQRZOHGJH DQGREVHUYDWLRQVZLWK WKHDEVWUDFW
NQRZOHGJHFUHDWHGE\JDPHVWXGLHVUHVHDUFKHUV6LQFHVWXGHQWVSDUWLFLSDWH
LQ WKH *23 E\ DGGLQJ QHZ FRQWHQW LW DOVR UDLVHV WKH TXHVWLRQ RI ZKDW
UROH WKHVH VWXGHQWV SOD\ 47KH *23 LV D ZLNLHQDEOHG KLHUDUFK\ RI
HOHPHQWVRIJDPHSOD\XVHGE\JDPHVWXGLHVUHVHDUFKHUV$VSDUWRIWKHLU
UHJXODUFRXUVHZRUNVWXGHQWVKDGWRFRPSOHWHDQDVVLJQPHQWWKDWLQYROYHG
WKH*23)RUWKLVDVVLJQPHQWVWXGHQWVKDGWR¿QGHQWULHVLQWKHRQWRORJ\
DQGHGLWWKHPE\DGGLQJH[DPSOHVIURPJDPHVWKH\NQHZZHOO0\UHVXOWV
VKRZ WKDW VWXGHQWV IRXQG WKH 2QWRORJ\ DQG WKHLU H[SHULHQFH XVLQJ LW
XVHIXO IRU OHDUQLQJ +RZHYHU HQFRXUDJLQJ VXVWDLQHG SDUWLFLSDWLRQ ZDV
FKDOOHQJLQJEHFDXVHVWXGHQWVWHQGHGWRYLHZWKH*23DVDVWDWLFVRXUFH
UDWKHUWKDQDSDUWLFLSDWRU\DQGHGLWDEOHUHVRXUFH)LQDOO\,GHVFULEHKRZ
H[SHUWDQDO\VLVRIVWXGHQWV¶FRQWULEXWLRQVWRWKHRQWRORJ\IRXQGWKHPWREH
XVHIXODQGVLJQL¿FDQW
,Q &KDSWHU , GLVFXVV WKH LPSOLFDWLRQV DQG FRQFOXVLRQV RI P\
¿QGLQJVLQWKHFRQWH[WRIWKHTXHVWLRQV, RULJLQDOO\VHWRXWWRH[SORUH,
WKHQVXPPDUL]HVRPHRIWKHOHVVRQVOHDUQHGDQGFRPPHQWRQKRZWKHVH
OHVVRQV PLJKW LQIRUP DQ DJHQGD IRU IXUWKHU UHVHDUFK , FRQFOXGH ZLWK
VRPH¿QDOUHPDUNVDERXWWKHSURFHVVRIGHYHORSLQJDQGHYDOXDWLQJVRFLR
WHFKQLFDOV\VWHPVDQGFRPPHQWRQVRPHXQH[SHFWHGUHVXOWVRIWKHXVHRI
WKHHQYLURQPHQWV,GHVLJQHG
&+$37(57+(67$7(2)7+($57,1*$0(678',(6
7KLV FKDSWHUZLOO LQWURGXFH DQGGHVFULEH WKH QDVFHQW¿HOG RI *DPH
6WXGLHV,ZLOOEHJLQE\RXWOLQLQJVRPHRIWKHGLIIHUHQWGH¿QLWLRQVDVFULEHG
WRJDPHVIROORZHGE\DEULHIKLVWRU\RIWKHDFDGHPLFVWXG\RIJDPHV,ZLOO
SURYLGHDQRYHUYLHZRIVRPHRIWKHGLIIHUHQWDSSURDFKHVWKDWKDYHEHHQ
WDNHQZLWKUHJDUGVWRWKHVWXG\RIJDPHVDQGWKHGLIIHUHQWTXHVWLRQVDQG
SUREOHPVWKDWWKHVHDSSURDFKHVVHHNWRDGGUHVV)LQDOO\,ZLOOFKDUDFWHUL]H
WKH³FXUUHQW´VWDWHRIWKH¿HOG7KLVERRNGHDOVZLWKVXSSRUWLQJOHDUQLQJ
DERXW JDPHV DQG KHOSLQJ SHRSOH OHYHUDJH NQRZOHGJH IURP SHUVRQDO
H[SHULHQFHV ZLWK JDPHV WR EHWWHU XQGHUVWDQG WKH PHGLXP 7KLV FKDSWHU
VHUYHVWRVLWXDWHLWLQWKHFRQWH[WRIWKH¿HOGRIJDPHVWXGLHV
'H¿QLWLRQVRI3OD\DQG*DPHV
³&RQVLGHUIRUH[DPSOHWKHSURFHHGLQJVWKDWZHFDOO³JDPHV´,PHDQ
ERDUGJDPHVFDUGJDPHVEDOOJDPHV2O\PSLFJDPHVDQGVRRQ:KDW
LVFRPPRQWRWKHPDOO"'RQ¶WVD\µ7KHUHPXVWEHVRPHWKLQJFRPPRQ
RU WKH\ ZRXOG QRW EH FDOOHG µJDPHV¶ ´EXW ORRN DQG VHH ZKHWKHU WKHUH
LV DQ\WKLQJ FRPPRQWR DOO )RULI \RX ORRNDW WKHP \RX ZLOOQRW VHH
VRPHWKLQJ WKDW LV FRPPRQ WR DOO EXW VLPLODULWLHV UHODWLRQVKLSV DQG D
ZKROHVHULHVRIWKHPDWWKDW´$SKRULVP:LWWJHQVWHLQ
*DPHVKDYHDORQJDQGFRQWLQXLQJKLVWRU\LQWKHGHYHORSPHQWRIDOPRVW
HYHU\ FXOWXUH DQG VRFLHW\ +XL]LQJD +RZHYHU DV :LWWJHQVWHLQ
QRWHGWKRXJKHYHU\RQH FDQDJUHH RQZKHWKHUVRPHWKLQJ LVRU LVQRW D
JDPHZHFDQQRWDJUHHRQDGH¿QLWLRQWKDWHQFRPSDVVHVHYHU\WKLQJWKDWLV
FRPPRQO\XQGHUVWRRGWREHDJDPH:LWWJHQVWHLQ
:KDWLVDJDPH"7KLVDSSDUHQWO\LQQRFXRXVTXHVWLRQKDVEHHQWDFNOHG
E\SUDFWLFDOO\HYHU\RQHZKRKDVVWXGLHGJDPHV-XXOGHVFULEHVKRZ³LWLV
JHQHUDOO\FXVWRPDU\IRUZULWHUVRQSOD\DQGJDPHVWR¿UVWGHVFULEHWKHLU
HOXVLYH FKDUDFWHU GLVFXVV WKH LPSRVVLELOLW\ RI GH¿QLQJ WKH WHUPV RQO\
WRWKHQXVHWKHPIUHHO\DQGVXJJHVWLYHO\LQGLFDWLQJWKDWWKHUHLVDIWHUDOO
VRPHPHDQLQJDWWDFKHG WRWKHZRUGV´ -XXO3DUW RIWKHSUREOHP
OLHV LQ WKH JHQHUDOO\ HOXVLYH DQG DEVWUDFW TXDOLWLHV RI WKH H[SHULHQFH RI
SOD\ 7KH DFWLYLW\ RI SOD\LQJ JDPHV FRPPRQO\ EULQJV IRUWK D VHQVH RI
PDNHEHOLHYH&DLOORLVDQGDVHQVHWKDWSOD\LVVRPHKRZVLWXDWHG
RXWVLGHRIµRUGLQDU\¶OLIHHYHQLILWPD\DEVRUELWVSDUWLFLSDQWVXWWHUO\DQG
LQWHQVHO\+XL]LQJD
7KHGH¿QLWLRQVRIJDPHVVKDUHPXFKLQFRPPRQ)RUH[DPSOHLQJDPHV
WKHUHLVQRWLRQWKDWWKHUHDUHJRDOVDQGUXOHVWRUHJXODWHWKHDFKLHYHPHQW
RI WKRVH JRDOV 3DUOHWW 7KH JDPH¶V SDUWLFLSDQWV PDNH GHFLVLRQV
DQGPDQDJHUHVRXUFHV&RVWLN\DQZKLOHHQJDJHGLQVRPHVRUWRI
FRQÀLFWRURSSRVLWLRQ$YHGRQDQG6XWWRQ6PLWK7KHRXWFRPHRI
WKHJDPHLVDOVRTXDQWL¿HGLQVRPHZD\6DOHQDQG=LPPHUPDQ
-XXODQDO\]HGVRPHRIWKHPRVWLQÀXHQWLDOGH¿QLWLRQVRIJDPHVDQGRIIHUHG
KLVRZQDVDVRUWRIH[WHQVLRQDQGGLVWLOODWLRQRISULRUHIIRUWV
³$JDPHLVDUXOHEDVHGIRUPDOV\VWHPZLWKDYDULDEOH
DQG TXDQWL¿DEOH RXWFRPH ZKHUH GLIIHUHQW RXWFRPHV DUH
DVVLJQHG GLIIHUHQW YDOXHV WKH SOD\HU H[HUWV HIIRUW LQ RUGHU
WR LQÀXHQFH WKH RXWFRPH WKH SOD\HU IHHOV DWWDFKHG WR WKH
RXWFRPH DQG WKH FRQVHTXHQFHV RI WKH DFWLYLW\ DUH RSWLRQDO
DQGQHJRWLDEOH´-XXO
-XXO¶VGH¿QLWLRQFRQVLGHUVVL[IHDWXUHVZKLFKGHSHQGLQJRQWKHJDPH
ZLOOEHSUHVHQWLQGLIIHUHQWZD\V:KHQIHDWXUHVDUHDEVHQWVRPHWKLQJPD\
EH FRQVLGHUHG D JDPH QRW D JDPH RU D ERUGHUOLQH FDVH )RU H[DPSOH
-XXO FRQVLGHUV WKDW JDPHV RI SXUH FKDQFH DUH ERUGHUOLQH FDVHV EHFDXVH
IHDWXUHSOD\HUH[HUWVHIIRUWLQRUGHUWRLQÀXHQFHRXWFRPHLVQRWSUHVHQW
:DWFKLQJ&RQZD\¶VJDPHRIOLIHXQIROGRUZDWFKLQJD¿UHSODFHTXDOL¿HV
DVDZDWFKLQJDV\VWHPZLWKUXOHVDQGYDULDEOHRXWFRPHDQGEXWQR
YDOXHVDUHDVVLJQHGWRWKHVSHFL¿FRXWFRPHVWKHSOD\HULVQRWDWWDFKHG
WRWKHRXWFRPHDQGQRSOD\HUHIIRUWLVUHTXLUHG7KXVWKHVHZRXOG
QRWEHFRQVLGHUHGJDPHV-XXO
-XXO¶VGH¿QLWLRQDQGDFFRPSDQ\LQJDQDO\VHVDUHLQWHUHVWLQJEHFDXVH
KHDOORZVIRUDGHJUHHRIÀH[LELOLW\ZLWKUHJDUGVWRZKDWDJDPHLV:KLOH
KHLQVRPHVHQVHUHWXUQVWR:LWWJHQVWHLQ¶VRULJLQDOFODLPWKHUHLVDFOHDU
SXVKWRZDUGVH[SORULQJWKHERUGHUVEHWZHHQZKDWJDPHVDUHDQGDUHQRW
DVZHOODVH[DPLQLQJWKHUHODWLRQVKLSEHWZHHQWKHP:KLOH-XXO¶VDQDO\VLV
LV DPELJXRXV ZKHQ LW FRPHV WR GHWHUPLQLQJ H[DFWO\ ZKDW FRPELQDWLRQ
RIIHDWXUHVRUODFNWKHUHRIUHVXOWLQVRPHWKLQJEHLQJFRQVLGHUHGDJDPH
RUQRWDJDPHLWGRHVSURYLGHDÀH[LELOLW\WKDWDOORZVIRUGLVWLQJXLVKLQJ
GLIIHUHQWJDPHVIURPHDFKRWKHURUDQWLFLSDWLQJQHZW\SHVRIJDPHVWKDW
DUHMXVWHPHUJLQJ
$VZLOOEHGLVFXVVHGODWHUGH¿QLWLRQVDQGWKHFRQWURYHUVLHVVXUURXQGLQJ
WKHP KDYH EHHQ DQ LPSRUWDQW SDUW RI JDPH VWXGLHV +RZHYHU LW LV QRW
WKHLQWHQWLRQRIWKLVUHVHDUFKWRDFWLYHO\SDUWLFLSDWHLQWKDWGHEDWH-XXO¶V
GH¿QLWLRQ ZLOO EH XVHG ZKHQ QHFHVVDU\ EHFDXVH LW VHHPV WR EH WKH RQH
WKDW SURYLGHV WKH JUHDWHVW ÀH[LELOLW\ IRU XQGHUVWDQGLQJ ZKDW JDPHV DUH
ZLWKRXW EHLQJ UHVWULFWHG WRD FHUWDLQ PHGLXP RU VSHFL¿F VHWRI WRROV RU
REMHFWV7KLVLVLPSRUWDQWEHFDXVHWKLVWKHVLVGHDOVSUHFLVHO\ZLWKORRNLQJ
DWKRZVWXGHQWVPDNHVHQVHRIJDPHVDQGWKHLUH[SHULHQFHVZLWKWKHP,Q
DFHUWDLQVHQVH,DPLPSOLFLWO\GHDOLQJZLWKGH¿QLWLRQVRIJDPHVDQGZKDW
VWXGHQWVXQGHUVWDQGWKHPWREHZKLOHSURYLGLQJWKHPZLWKWRROVWRVXSSRUW
WKHPDVWKH\SRVLWLRQWKHLUXQGHUVWDQGLQJZLWKLQWKHH[LVWLQJGLVFRXUVHRI
JDPHVWXGLHV
0XOWLDQG,QWHU'LVFLSOLQDULW\LQWKH6WXG\RI*DPHV
3ULRUWRWKHODWHWKFHQWXU\WKHDFDGHPLFVWXG\RIJDPHVZDVUDUH
DQG OLPLWHG WR¿HOGV VXFKDV KLVWRU\ DQGDQWKURSRORJ\)RU H[DPSOHLQ
WKHHDUO\¶V6WHZDUW&XOLQZURWHDFRPSUHKHQVLYHFDWDORJRIJDPLQJ
LPSOHPHQWV DQG JDPHV IURP 1DWLYH $PHULFDQ WULEHV QRUWK RI 0H[LFR
&XOLQ ZKLOH-RKDQ+XL]LQJD H[SORUHGWKHLPSRUWDQFH RIJDPHV
DQG SOD\DV D EDVLF KXPDQDFWLYLW\ WKDW KHOSVGH¿QH FXOWXUH +XL]LQJD
$VWKHYLGHRJDPHUHYROXWLRQWRRNRIILQWKHHDUO\¶VVRGLG
DFDGHPLF LQWHUHVW LQ JDPHV 7R GDWH WKH ¿HOG RI JDPH VWXGLHV FDQ EH
FKDUDFWHUL]HGQRWRQO\DVPXOWLGLVFLSOLQDU\EXWDOVRDVLQWHUGLVFLSOLQDU\
2YHU WKH \HDUV GLIIHUHQW ¿HOGV DQG GLVFLSOLQHV KDYH GHPRQVWUDWHG DQ
LQWHUHVWLQYLGHRJDPHVDQGWKHLUVWXG\7KHDSSURDFKHVWDNHQWKXVIDUFDQ
EHEURDGO\FKDUDFWHUL]HGLQWKUHHZD\V
6RFLDO6FLHQWL¿F$SSURDFK
6WXG\LQJWKHHIIHFWVRIJDPHVRQSHRSOH
±:KDWGRJDPHVGRWRSHRSOH"
([/HDUQLQJ(IIHFWVRIYLROHQFHLQJDPHV
±+RZGRSHRSOHFUHDWHDQGQHJRWLDWHDJDPH"
+XPDQLWLHV$SSURDFK
6WXG\LQJWKHPHDQLQJDQGFRQWH[WRIJDPHV
±:KDWPHDQLQJVDUHPDGHWKURXJKJDPHXVH"
6WXG\LQJJDPHVDVDUWLIDFWVLQDQGRIWKHPVHOYHV
±([$IIRUGDQFHVRIWKHPHGLXPFULWLFDODQDO\VLVUKHWRULF
,QGXVWU\DQG(QJLQHHULQJ$SSURDFK
8QGHUVWDQGLQJWKHGHVLJQDQGGHYHORSPHQWRIJDPHV
±([+RZWRPDNHEHWWHUJDPHV
*DPHVDVGULYHUVRIWHFKQRORJLFDOLQQRYDWLRQV
±([*UDSKLFV$,QHWZRUNLQJHWF
,QDGGLWLRQWRDVNLQJGLIIHUHQWNLQGVRITXHVWLRQVHDFKDSSURDFKWHQGV
WRXVHGLIIHUHQWPHWKRGVDQGWRROVWRFDUU\RXWWKHLULQYHVWLJDWLRQV$ODUJH
ERG\RIVRFLDOVFLHQWLVWVXVHTXDQWLWDWLYHWRROVDQGPHWKRGVZKLOHDVPDOOHU
JURXSPDNHVXVHRITXDOLWDWLYHRQHV$FDGHPLFVIURPWKHKXPDQLWLHVWHQG
WRSUHIHUWRROVDQGPHWKRGVWKDWDUHTXDOLWDWLYH7KHLQGXVWU\DSSURDFKLV
SUDFWLFHGULYHQDQGXVXDOO\OHVVFRQFHUQHGZLWKWKHRU\WKDQWKHRWKHUWZR
2IFRXUVHWKHVHDSSURDFKHVDUHQRWPXWXDOO\H[FOXVLYHDQGDVLJQL¿FDQW
SDUWRIJDPHVWXGLHVUHVHDUFKEOHQGVWKHPWRJHWKHU,QWHUHVWHGUHDGHUVFDQ
UHIHU WR )XOOHUWRQ DQG ,WR¶V ZRUN DV H[DPSOHVRI LQWHUGLVFLSOLQDU\ ZRUN
EHLQJGRQHLQJDPHVWXGLHV)XOOHUWRQ,WR
7KHQHZQHVVRI WKH¿HOG RIJDPHVWXGLHV LVDOVR DQRWKHUUHDVRQ IRU
EOXUUHG ERXQGDULHV EHWZHHQ DSSURDFKHV :LOOLDPV LQ D FDOO IRU JUHDWHU
LQWHUGLVFLSOLQDU\ ZRUN LQ FRPPXQLFDWLRQVRULHQWHG JDPHV VFKRODUVKLS
QRWHGKRZWKH³VWXG\RIYLGHRJDPHVLVSRLVHGWRUHSHDWWKHPLVWDNHVRI
SDVWDFDGHPLFLQTXLU\´:LOOLDPV+HDUJXHVWKDWWKHQHZQHVVRI
WKH¿HOGPHDQVWKDWLWLVQRWERXQGWRIROORZWKHWUDGLWLRQDOGLYLVLRQVRI
VFKRODUO\ZRUNDQGWKDWWKHUHLVDQRSSRUWXQLW\WRUHGLVFRYHUWKHVWUHQJWKV
DQGFRQWULEXWLRQVWKDWGLIIHUHQWVFKRODUO\WUDGLWLRQVFDQRIIHU
,Q WKH IROORZLQJ VXEVHFWLRQV , SUHVHQW D EULHI RYHUYLHZ RI VRPH
RI WKHUHVHDUFK DQGZRUN EHLQJ GRQHLQ JDPHVWXGLHV IURP HDFKRI WKH
DSSURDFKHV
6RFLDO6FLHQFHVDQG*DPH6WXGLHV
%URDGO\ VSHDNLQJ WKH VRFLDO VFLHQWL¿F DSSURDFK KDV FRQFHUQHG
LWVHOI ZLWK WKHTXHVWLRQ RI³:KDW GRJDPHV GRWR SHRSOH"´ 8VLQJWRROV
DQG PHWKRGV VXFK DV VXUYH\V DQG FRQWUROOHG ODERUDWRU\ H[SHULPHQWV
UHVHDUFKHUVKDYHLQYHVWLJDWHGERWKWKHSRVLWLYHDQGQHJDWLYHLPSDFWWKDW
SOD\LQJJDPHVFRXOGKDYHRQSHRSOH
$PRQJWKH SRVVLEOHQHJDWLYHHIIHFWVRI JDPHSOD\SHUKDSVWKH RQH
PRVWFRPPRQO\UDLVHGE\PHGLDDQG WKHJHQHUDOSXEOLFKDVWR GR ZLWK
YLROHQFHLQJDPHV:KDWDUHWKHSRVVLEOHHIIHFWVWKDWSOD\LQJYLGHRJDPHV
LQ SDUWLFXODU WKRVH WKDW IHDWXUH DJJUHVVLYH RU YLROHQW HOHPHQWV PLJKW
KDYHRQFKLOGUHQDQG\RXWK"6RFLDOOHDUQLQJWKHRU\HJ%DQGXUD
VXJJHVWVWKDWSOD\LQJDJJUHVVLYHYLGHRJDPHVZRXOGVWLPXODWHDJJUHVVLYH
EHKDYLRULQSOD\HUVSDUWLFXODUO\EHFDXVHWKHSOD\HULVDQDFWLYHSDUWLFLSDQW
DVRSSRVHGWRDSDVVLYHREVHUYHUDVLQZDWFKLQJDJJUHVVLRQLQ¿OPDQG
WHOHYLVLRQ2QWKHRWKHUKDQGFDWKDUVLVWKHRU\HJ)HVKEDFKDQG6LQJHU
LPSOLHVWKDWSOD\LQJDJJUHVVLYHYLGHRJDPHVZRXOGKDYHWKHRSSRVLWH
HIIHFW E\ FKDQQHOLQJ ODWHQW DJJUHVVLRQ UHVXOWLQJ LQ D SRVLWLYH HIIHFW RQ
SOD\HUV1XPHURXVUHYLHZVRI H[LVWLQJOLWHUDWXUHKDYH EHHQZULWWHQDQG
WKHUH LVQ¶W D FOHDU SLFWXUH RI WKH HIIHFWV RI SOD\LQJ YLROHQW YLGHRJDPHV
PLJKWKDYH*ULI¿WKV6KHUU\
)URPWKHSRVLWLYHHIIHFWVVLGHHGXFDWRUVDQGOHDUQLQJVFLHQWLVWVKDYH
DOVRGHEDWHGKRZWROHYHUDJHWKHPRWLYDWLRQVWXGHQWVKDYHIRUSOD\LQJDPHV
DQGH[SORULQJWKHPHGLXPRIYLGHRJDPHVIRUHGXFDWLRQDODQGSHGDJRJLFDO
SXUSRVHV0DORQHKDVH[SORUHGWKHLQWULQVLFDOO\PRWLYDWLQJTXDOLWLHVWKDW
JDPHVKDYHDQGKRZWKH\PLJKWEHXVHIXOLQGHVLJQLQJHGXFDWLRQDOJDPHV
0DORQH 0DORQH ZKLOH .DIDL KDV XWLOL]HG WKH GHVLJQ RI
JDPHVE\VFKRROFKLOGUHQDVDFRQWH[WIRUOHDUQLQJFRPSXWHUSURJUDPPLQJ
FRQFHSWVDQGPDWKHPDWLFV .DIDL .DIDL 6LPLODUO\6TXLUH
KDV H[SORUHG WKH XVH RI FRPPHUFLDO JDPHV DV D PHDQV IRU HQJDJLQJ
GLVHQIUDQFKLVHG VWXGHQWV LQ VFKRRO 6TXLUH ,Q DGGLWLRQ WR WKHLU
PRWLYDWLRQDOIDFWRUV *HHDQG 6KDIIHUKDYH DUJXHGWKDW FHUWDLQTXDOLWLHV
SUHVHQWLQWKHPHGLXPRIYLGHRJDPHVSURYLGHYDOXDEOHRSSRUWXQLWLHVIRU
OHDUQLQJ*HH6KDIIHU
,QKHUERRN/LIH RQWKH6FUHHQ6KHUU\7XUNOHH[SORUHGKRZ SHRSOH
ZKRSDUWLFLSDWHGLQRQOLQHPXOWLSOD\HUJDPHVVXFKDV08'V
XVHGWKHLU
H[SHULHQFHVZLWKWKHJDPHWRH[SORUHSHUVRQDOLVVXHVRILGHQWLW\7XUNOH
,Q KHU ERRN 3OD\ %HWZHHQ :RUOGV 7 / 7D\ORU UHFRXQWV KHU
H[SHULHQFHSOD\LQJWKHPDVVLYHO\PXOWLSOD\HURQOLQHJDPH(YHUTXHVW6KH
VRXJKWWRXQGHUVWDQG³WKHQXDQFHGERUGHUUHODWLRQVKLSWKDWH[LVWVEHWZHHQ
002*SOD\HUVDQGWKHJDPHZRUOGVWKH\LQKDELW´7D\ORU
)LQDOO\ HFRQRPLVWV KDYH DOVR EHJXQ VWXG\LQJ JDPHV LQ SDUWLFXODU
PDVVLYHO\ PXOWLSOD\HU RQOLQH JDPHV 002* WR EHWWHU XQGHUVWDQG
KXPDQEHKDYLRU7KHHFRQRPLFDFWLYLW\LQWKHVHJDPHVLVEHLQJVWXGLHG
DVRQHZRXOGVWXG\WKHHFRQRP\RIDQDWLRQVXFKDV5XVVLDRU%XOJDULD
&DVWURQRYD'LIIHUHQWWKHRULHVVXFKDVFRRUGLQDWLRQJDPHWKHRU\
FDQ EH SXW WR WKH WHVW EHFDXVH JDPHV FDQ SURGXFH FRQWH[WV IRU QDWXUDO
H[SHULPHQWV ZLWK D ODUJH QXPEHU RI SDUWLFLSDQWV DQG WLJKWO\ FRQWUROOHG
H[SHULPHQWDOFRQGLWLRQV&DVWURQRYD)URPWKLVSHUVSHFWLYHJDPHV
SURYLGH DXQLTXH FRQWH[WLQ ZKLFKKXPDQ DFWLYLW\FDQ EHH[SORUHG DQG
EHWWHUXQGHUVWRRG
+XPDQLWLHVDQG*DPH6WXGLHV
,Q JHQHUDO WHUPV WKH KXPDQLWLHV DSSURDFK WR JDPH VWXGLHV KDV
FRQFHUQHGLWVHOIZLWKWKHTXHVWLRQRI³:KDWPHDQLQJVDUHPDGHWKURXJK
JDPHV"´8VLQJWRROVDQGPHWKRGVVXFKDVLQWHUYLHZVHWKQRJUDSKLHVDQG
SDUWLFLSDQW REVHUYDWLRQ UHVHDUFKHUV KDYH LQYHVWLJDWHG WKH YDULRXV UROHV
WKDWYLGHRJDPHVSOD\LQSHRSOH¶VOLYHVDQGDFWLYLWLHVDQGWKHPHDQLQJWKH\
DVVLJQWRWKHLUH[SHULHQFHV)RUH[DPSOH&RQVDOYRH[SORUHVKRZSOD\HUV
FKRRVHWR SOD\WKH JDPHVWKH\EX\HVSHFLDOO\ KRZWKH\QHJRWLDWH KRZ
ZKHQDQGIRUZKDWUHDVRQVWRVXEYHUWDJDPH¶VUXOHV&RQVDOYR,W
WXUQVRXWWKDW³FKHDWLQJ´LVDYHU\FRPSOH[SKHQRPHQRQZKRVHPHDQLQJLV
FRQWLQXDOO\QHJRWLDWHGE\SOD\HUVWKHJDPHLQGXVWU\DQGYDULRXVJDPLQJ
VXEFXOWXUHVWKDWUHYROYHDURXQGVSHFL¿FJDPHV
08' RULJLQDOO\ VWDQGV IRU PXOWLXVHU GXQJHRQ 08'6 DUH LQ PDQ\ ZD\V WKH SUHFXUVRUV RI
002*V