Acta Didactica 4/2004

Camilla Schreiner
Svein Sjøberg

SOWING THE SEEDS OF ROSE

Background, rationale, questionnaire development and
data collection for ROSE (The Relevance of Science Education)
– a comparative study of students’ views of
science and science education

DEPARTMENT OF TEACHER EDUCATION AND SCHOOL DEVELOPMENT

UNIVERSITY OF OSLO
 Camilla Schreiner
Svein Sjøberg

SOWING THE SEEDS OF ROSE

Background, rationale, questionnaire development and

data collection for ROSE (The Relevance of Science Education)
– a comparative study of students' views of
science and science education

Oslo 2004
© ILS og forfatterne, Oslo, 2004
ISSN: 1502-2013
ISBN: 82-90904-79-7
Utgiver: Unipub AS
Trykk og innbinding: AiT e-dit AS, Oslo 2004

Rapportserien distribueres av Unipub AS

Henvendelser om denne boka kan rettes til Unipub AS:
Telefon: 22 85 33 00
Telefaks: 22 85 30 39
E-post: [email protected]

Det må ikke kopieres fra denne boka i strid med

åndsverkloven eller avtaler om kopiering inngått
med Kopinor, interesseorgan for rettighetshavere til
åndsverk.

Unipub AS er et heleid datterselskap av Akademika AS,

som eies av Studentsamskipnaden i Oslo.
)25(:25'
526(7KH5HOHYDQFHRI6FLHQFH(GXFDWLRQLVDQLQWHUQDWLRQDOFRPSDUDWLYHUHVHDUFKSURMHFW
PHDQWWRVKHGOLJKWRQIDFWRUVRILPSRUWDQFHWRWKHOHDUQLQJRIVFLHQFHDQGWHFKQRORJ\6 7
DVSHUFHLYHGE\WKHOHDUQHUV7KLVSXEOLFDWLRQJLYHVDGHVFULSWLRQRIWKHXQGHUO\LQJUDWLRQDOH
EHKLQGWKHSURMHFWDQGKRZWKHLGHDVKDYHEHHQXVHGWRGHYHORSDUHVHDUFKLQVWUXPHQWFDOOHG
WKH 526( TXHVWLRQQDLUH :H DOVR JLYH VRPH GHWDLOV RQ WKH JXLGHOLQHV IRU GDWD FROOHFWLRQ
SRSXODWLRQ VDPSOLQJ ORJLVWLFV GDWD FRGLQJ HWF WKDW KDV EHHQ GHYHORSHG IRU WKH
LQWHUQDWLRQDOSDUWQHUVZKRZDQWWKHLUGDWDWREHSDUWRIFRPSDUDWLYHVWXGLHV
7KLV PHDQV WKDW WKLV SXEOLFDWLRQ RQO\ JLYHV DQ DFFRXQW RI KRZ WKH VHHGV RI 526(
ZHUHVRZQLHWKHGHYHORSPHQWRIWKHVWXG\XSWRDQGLQFOXGLQJWKHGDWDFROOHFWLRQ7KH
526(KDUYHVWDQGERXTXHWVLHWKHFRPSDUDWLYHDQDO\VLVDQGWKHUHVXOWVZLOOEHGHVFULEHGLQ
ODWHUSXEOLFDWLRQV
0DQ\DFWRUVKDYHEHHQLQYROYHGLQWKHSURFHVVRIGHYHORSLQJWKH526(LQVWUXPHQWV
DQG LWV GDWD FROOHFWLRQ JXLGHOLQHV :H KDYH DQ LQWHUQDWLRQDO DGYLVRU\ WHDP RI VFLHQFH
HGXFDWRUVIURPDOOFRQWLQHQWV2WKHULQWHUQDWLRQDOSDUWQHUVKDYHSDUWLFLSDWHGLQWKHSURFHVV
E\ FRUUHVSRQGHQFH DQG E\ SLORWLQJ DQG UHDFWLQJ WR GUDIW YHUVLRQV RI WKH 526( LQVWUXPHQW
:H ZDQW WR WKDQN DOO WKHVH SHRSOH IRU WLPH HIIRUW DQG SURIHVVLRQDO DGYLFH :H ZLOO DOVR
WKDQN WKH 1RUZHJLDQ 7,066 DQG 3,6$ WHDPV IRU DGYLFH UHODWLQJ WR UHVHDUFK PHWKRGRORJ\
DQGDOORWKHUFROOHDJXHVLQRXUGHSDUWPHQWIRULQYROYHPHQWDQGLQVSLUDWLRQ
526( GDWD DUH FXUUHQWO\ EHLQJ FROOHFWHG LQ VRPH  FRXQWULHV PRVW RI WKHVH KDYH
DOUHDG\FRPSOHWHGWKLVZRUN$ERXW3K'VWXGHQWVLQPDQ\FRXQWULHVZLOOXVHQDWLRQDODQG
LQWHUQDWLRQDO GDWD IURP 526( DV D EDVLV IRU WKHLU WKHVLV :H DOVR KRSH WKDW RWKHU 6 7
HGXFDWRUV ZLOO ILQG WKH 526( LQVWUXPHQW XVHIXO IRU WKHLU RZQ ORFDO RU QDWLRQDO SXUSRVHV
7KH\PD\DOVRZDQWWRXVH526(DVEDVLVIRUMRLQWUHVHDUFKZLWKSDUWQHUVLQRWKHUFRXQWULHV
:H ZDQW WR WKDQN 7KH 5HVHDUFK &RXQFLO RI 1RUZD\ WKH 1RUZHJLDQ 0LQLVWU\ RI
(GXFDWLRQ WKH 8QLYHUVLW\ RI 2VOR DQG WKH QHZO\ HVWDEOLVKHG 1DWLRQDO &HQWUH IRU 6FLHQFH
(GXFDWLRQIRUILQDQFLDOVXSSRUW


526(KRPHSDJHKWWSZZZLOVXLRQRIRUVNQLQJURVH
526(KRPHSDJHKWWSZZZLOVXLRQRIRUVNQLQJURVH
KWWSZZZLOVXLRQRIRUVNQLQJURVH



2VOR6HSWHPEHU

&DPLOOD6FKUHLQHU
SULQFLSDOUHVHDUFKHU

6YHLQ6M¡EHUJ
SURMHFWRUJDQL]HU



81,9(56,7<2)26/2)$&8/7<2)('8&$7,21
'(3$570(172)7($&+(5('8&$7,21$1'6&+22/'(9(/230(17

 
 &217(176
 ,1752'8&7,21 

 
 .H\IRUPXODWLRQVIURPWKHUHVHDUFKJUDQWFRQWUDFW  
 7KHFKURQRORJ\DQGHPHUJHQFHRI526(
7KHFKURQRORJ\DQGHPHUJHQFHRI526( 
 
 %$&.*5281'5$7,21$/($1'&+$//(1*(6
5$7,21$/($1'&+$//(1*(6 
 
 6 7DVDNH\HOHPHQWLQSUHVHQWVRFLHWLHV 
 
 $QLQWHUQDWLRQDOFRQFHUQ 
 5HVXOWVIURPUHVHDUFKQHJDWLYHDVZHOODVSRVLWLYH  
 ,QWHUQDOL]DWLRQDQGJOREDOL]DWLRQWKHSRVLWLYHVLGH  
 *OREDOVWDQGDUGVYHUVXVORFDODGDSWDWLRQ  
 ,QWHUQDWLRQDODQGFURVVFXOWXUDOFRPSDULVRQV  
 6FLHQFH8QLYHUVDOREMHFWLYHDQGFXOWXUHIUHH" 
 7KHSULPDF\RIWKHDIIHFWLYH  
 526(7KH5HOHYDQFHRI6FLHQFH(GXFDWLRQ 
 
 5HOHYDQFHDVDNH\ZRUG  
 3UHYLRXVUHVHDUFKRQ6 7UHODWHGDWWLWXGHVDQGLQWHUHVW 
 %XLOGLQJRQWKH6$6VWXG\ 
 0RGHUQLW\
0RGHUQLW\VRPHWKHRUHWLFDOSHUVSHFWLYHV
VRPHWKHRUHWLFDOSHUVSHFWLYHV 
 
 /DWHPRGHUQLW\  
 &RPSOH[LW\DQGKHWHURJHQHLW\  
 5LVNVRFLHW\  
 5HIOH[LYHPRGHUQLW\ 
 'HWUDGLWLRQDOL]DWLRQDQGORVVRIJUDQGQDUUDWLYHV 
 &XOWXUDOOLEHUDWLRQ  
 ,QGLYLGXDOL]DWLRQDQGLGHQWLW\GHYHORSPHQW  
 &UHDWLQJWKH\RXQJERG\ 
 1DUFLVVLVPYVFLWL]HQVKLS 
 48(67,211$,5('(9(/230(17
8(67,211$,5('(9(/230(17

 
 0HWKRGRORJLFDOFRQVLGHUDWLRQV
0HWKRGRORJLFDOFRQVLGHUDWLRQV
 
 7KHH[SORUDWLYHQDWXUHRI526( 
 ,VVXHVWREHFRQVLGHUHG  
 7KHFKRLFH&ORVHGTXHVWLRQV 
 ,WHPGHVLJQ6LPSOLFLW\DQGQRWPXFKUHSHWLWLRQ  
 5HVSRQVHVFDOH/LNHUWW\SHZLWKIRXUFDWHJRULHV  
 7KUHHPDMRUFKDOOHQJHV  
 7UDQVODWLRQ/DQJXDJHDQGPHDQLQJV  
 'HYHORSLQJWKHTXHVWLRQQDLUH 
 
 :RUNVKRSZLWK526($GYLVRU\*URXS 
 3UHOLPLQDU\VWXGLHVLQ1RUZD\ 
 )LUVWLQWHUQDWLRQDOWULDO 
 3LORWLQJ 
 *5$660$7(PHHWLQJ  
 6HFRQGLQWHUQDWLRQDOWULDO  
 ,QWHUYLHZV  
 7KLUGDQGODVWLQWHUQDWLRQDOWULDO  

 
  7+(526(,167580(175$7,21$/($1'81'(5/<,1*$668037,216
$7,21$/($1'81'(5/<,1*$668037,216  
 6WXGHQWEDFNJURXQGTXHVWLRQVFRYHUVKHHWDQG- 

:KDW,ZDQWWROHDUQDERXW$&(
 :KDW,ZDQWWROHDUQDERXW$&( 
 
 
 ,QWHUHVWVDQGSXUSRVHVRIVFLHQFHHGXFDWLRQ  
 &RQWHQWVYVWHDFKLQJPHWKRGVDQGSHGDJRJ\  
 3UHYLRXVUHVHDUFKRQLQWHUHVW 
 7KHLWHPVLQTXHVWLRQ$&(  
 5HVHDUFKTXHVWLRQV 
 0\IXWXUHMRE%
0\IXWXUHMRE% 



 <RXWKDQGMRESULRULWLHV  
 7KHLWHPVLQTXHVWLRQ% 
 5HVHDUFKTXHVWLRQV 
 0HDQGWKHHQYLURQPHQWDOFKDOOHQJHV'
0HDQGWKHHQYLURQPHQWDOFKDOOHQJHV' 


 6FLHQFHHGXFDWLRQIRUHQYLURQPHQWDOHPSRZHUPHQW  
 3UHYLRXVUHVHDUFKRQ
HPSRZHUPHQW
 
 7KHLWHPVLQTXHVWLRQ'  
 5HVHDUFKTXHVWLRQV 
 0\VFLHQFHFODVVHV)
0\VFLHQFHFODVVHV) 



 0\RSLQLRQVDERXWVFLHQFHDQGWHFKQRORJ\*
0\RSLQLRQVDERXWVFLHQFHDQGWHFKQRORJ\*
VDERXWVFLHQFHDQGWHFKQRORJ\* 

 0\RXW
0\RXWRI
RIVFKRROH[SHULHQFHV+ 


 0\VHOIDVDVFLHQWLVW, 



 ,16758&7,216723$57,&,3$176
16758&7,216723$57,&,3$176 



 'DWDFROOHFWLRQDQGFRGLQJ 



 &RGHERRNV  
 'DWDFOHDQLQJ 
 'DWDFROOHFWLRQUHSRUWV
'DWDFROOHFWLRQUHSRUWV 



 (OHFWURQLFFROODERUDWLRQ
(OHFWURQLFFROODERUDWLRQ
FROODERUDWLRQ 



 ,668(62)'$7$$1'48(67,211$,5(48$/,7<
668(62)'$7$$1'48(67,211$,5(48$/,7< 


 9DOLGLW\ 



5HOLDELOLW\
 5HOLDELOLW\ 
 
 
 

 &UHGLELOLW\WUXVWZRUWKLQHVV  

 &21&/86,2167$786$1')8785(3/$16
67$786$1')8785(3/$16 


$33(1',;$ 7+(526(48(67,211$,5( 


$33(1',;% '$7$&2//(&7,21,16758&7,216723$57,&,3$176
16758&7,216723$57,&,3$176 

$33(1',;& &2'(%22.48(67,21$+

 
$33(1',;' &2'(%22.48(67,21, 


 
$33(1',;( '$7$&2//(&7,215(3257
$7$&2//(&7,215(3257 

 
$33(1',;) 526(3$57,&,3$176 


 
5()(5(1&(6 



 

 
 


 
 ,1752'8&7,21
526( LV EDVHG RQ D FRQYLFWLRQ WKDW VFLHQFH DQG WHFKQRORJ\6 7 DUH LPSRUWDQW DVSHFWVRI
OLIHLQDOOFRXQWULHVUHJDUGOHVVRIFXOWXUHDQGOHYHORIPDWHULDOGHYHORSPHQW:HEHOLHYHWKDW
WKH6 7FXUULFXOXPVKRXOGEHDGDSWHGWRWKHQHHGVRIWKHOHDUQHUVZKLFKPD\YDU\EHWZHHQ
FRXQWULHV DQG EHWZHHQ JURXSV RI OHDUQHUV LQ HDFK FRXQWU\ 7KLV PHDQV WKDW ZH GR QRW
HPEUDFH WKH YLVLRQV RI D XQLYHUVDOO\ YDOLG DQG FXOWXUHIUHH RU FXOWXUHQHXWUDO 6 7
FXUULFXOXP DV ORQJ DV ZH DUH WDONLQJ RI 6 7 LQ D VFKRRO WKDW LV PHDQW IRU WKH ZKROH DJH
FRKRUWDQGQRWRQO\IRUWKHIXWXUH6 7VSHFLDOLVW:HDUHDOVRFRQYLQFHGWKDWRQHVKRXOGSXW
PRUHZHLJKWRQWKHYRLFHDQGWKHYLHZVRIWKHOHDUQHUVZKHQFXUULFXODDUHPDGHDQGZKHQ
SHGDJRJ\ LV LPSOHPHQWHG 6XFK EHOLHIV XQGHUSLQ WKH 526( SURMHFW DQG ZLOO EH IXUWKHU
HODERUDWHGLQWKLVSXEOLFDWLRQ
,QWKLVSXEOLFDWLRQZHDUJXHIRUWKHYDOXHRILQWHUQDWLRQDOFRPSDUDWLYHVWXGLHV:H
DOVRPHQWLRQWKHODUJHVFDOHFRPSDUDWLYHVWXGLHV7,066DQG3,6$ DVWKH\SOD\NH\UROHVLQ
WKH DUHD RI FRPSDUDWLYH UHVHDUFK LQ VFLHQFH HGXFDWLRQ 7KH IRFXV RQ WKHVH VWXGLHV LV WR
PHDVXUHVWXGHQWV
PDVWHU\RIVFLHQFHFRQWHQWV,QFRQWUDVWWKH526(LQVWUXPHQWLVQRWDWHVW
IRU FRQFHSWXDO XQGHUVWDQGLQJ RI VFLHQFH FRQWHQWV ,W LV PHDQW WR JDWKHU LQIRUPDWLRQ RI
HPRWLRQDO DQG DWWLWXGLQDO QDWXUH KHOG E\ WKH VWXGHQWV :H IRFXV RQ DVSHFWV WKDW PD\ EH RI
LPSRUWDQFHIRUKRZVWXGHQWVHQJDJHZLWKDQGUHODWHWR6 7LQVFKRROVDQGLQOLIHLQJHQHUDO
0RUH H[SOLFLWO\ WKH 526( LQVWUXPHQW WULHV WR GHVFULEH WKH 6 7UHODWHG H[SHULHQFHV WKDW
VWXGHQWVKDYHWKHNLQGVRI LQWHUHVWVWKH\KDYHIRU6 7UHODWHGFRQWHQWVDQGZKDW YLHZVDQG
DWWLWXGHVWKH\KDYHWRZDUGV6 7LQVRFLHW\:HDOVRZDQWWRGHVFULEHZKDWWKH\IHHODERXW
WKH6 7WKH\KDYHH[SHULHQFHGLQWKHLUVFKRROLQJDQGWRGHVFULEHWKH SODQVDQG DPELWLRQV
WKH\ KROG IRU WKHLU IXWXUH OLIH 6SHFLDO HPSKDVLV LV SXW RQ WKH VWXGHQWV
 DWWLWXGHV WR DQG
SHUFHSWLRQVRIHQYLURQPHQWDOFKDOOHQJHV
:HILQGLWLPSRUWDQWWRVWUHVVWKDWDIIHFWLYHDVSHFWVOLNHLQWHUHVWDWWLWXGHVFRQFHUQ
IRUWKHHQYLURQPHQWDSSUHFLDWLRQIRU6 7PRWLYDWLRQDQGHQJDJHPHQWDUHQRWRQO\ PHDQV
WR UHFUXLW PRUH SHRSOH LQWR WKHVH GRPDLQV 7KHVH GLPHQVLRQV DUH LPSRUWDQW IDFWRUV DQG
RXWFRPHV E\ WKHPVHOYHV  EXW WKH\ DUH RIWHQ QRW PHDVXUHG RU
FRXQWHG
 WKURXJK H[DPV RU
ODUJHVFDOH FRPSDUDWLYH VWXGLHV 7KH DWWLWXGLQDO RXWFRPHV RI WKH HQFRXQWHU ZLWK D VFKRRO
VXEMHFWLVSUREDEO\DOVRPRUHODVWLQJLQWKHPLQGRIWKHOHDUQHUWKDQWKHDFWXDO6 7FRQWHQW
WKDWLVPDVWHUHG
7KH SXUSRVH RI WKH 526( VWXG\ LV WR SURYLGH HPSLULFDO HYLGHQFH DQG WR VWLPXODWH
WKHRUHWLFDO GLVFXVVLRQV DERXW SULRULWLHV DQG DOWHUQDWLYHV LQ 6 7 HGXFDWLRQ 7KH KRSH LV WKDW
VXFK GDWD VHHQ IURP WKH SHUVSHFWLYH RI WKH OHDUQHUV PD\ SURYLGH LPSRUWDQW LQSXW WR DQ
LQIRUPHG GHEDWH RQ KRZ WR LPSURYH WKH UHOHYDQFH DWWUDFWLYHQHVV DQG WKH TXDOLW\ RI 6 7
HGXFDWLRQVRWKDWLWFDQPHHWWKHKRSHVDQGDVSLUDWLRQVRIWKHOHDUQHUVLQDGLYHUVHZRUOG
7KLVSXEOLFDWLRQJLYHVVRPHGHWDLOVRQWKHWKHRUHWLFDODQGLGHRORJLFDOFRQVLGHUDWLRQV
XQGHUO\LQJ WKH SURMHFW GHYHORSPHQW ,W DOVR GLVFXVVHV DVSHFWV RI PHWKRGRORJLFDO QDWXUH
FRQQHFWHG WR WKH FRQVWUXFWLRQ RI D UHVHDUFK LQVWUXPHQW WKDW LV LQWHQGHG WR PHDVXUH
FRPSOLFDWHGHPRWLRQDOGLPHQVLRQV7KLVGLIILFXOWWDVNLVIXUWKHUFRPSOLFDWHGE\RXULQWHQWLRQ
WRFRQVWUXFWDQLQVWUXPHQWWKDWFDQEHXVHGLQYHU\GLIIHUHQWFXOWXUDODQGPDWHULDOFRQWH[WV
:HWU\WRJLYHDGHVFULSWLRQRIKRZWKHSURFHVVKDVEHHQDQGWRH[SODLQDQGMXVWLI\WKHPDQ\

 
FRPSURPLVHVZHKDYHPDGH:HDOVRGHVFULEHDQGGLVFXVVLVVXHVRIGHILQLWLRQVRISRSXODWLRQ
DQGVDPSOLQJDQGVRPHSUDFWLFDOLWLHVRIGDWDFROOHFWLRQV
526( LV D IXUWKHU GHYHORSPHQW RI WKH SURMHFW 6$6 6FLHQFH $QG 6FLHQWLVWV
GHVFULEHGODWHULQWKLVSXEOLFDWLRQDQGLQHJ6M¡EHUJ%DVHGRQ6$6DQDSSOLFDWLRQIRU
IXQGLQJIRUDPRUHV\VWHPDWLFVWXG\ZDVVXEPLWWHGWRWKH5HVHDUFK&RXQFLORI1RUZD\$IWHU
DQLQWHUQDWLRQDOUHIHUHHSURFHVVWKH526(SURMHFWJRWIXQGHG$3K'VWXGHQWFDQGVFLHQW
&DPLOOD6FKUHLQHUZDVDSSRLQWHGDQGWKHSURMHFWGHYHORSPHQWVWDUWHGDXWXPQ
,Q WKLV SXEOLFDWLRQ ZH ZLOO JLYH VRPH GHWDLOV RQ WKH GHYHORSPHQW RI WKH 526(
SURMHFW WKH XQGHUO\LQJ UDWLRQDOH VRXUFHV RI LQVSLUDWLRQ DQG KRZ WKLV KDV UHVXOWHG LQ WKH
526(LQVWUXPHQW$QDO\VLVRIGDWDDQGSUHVHQWDWLRQRIUHVXOWVZLOOFRPHLQODWHUSXEOLFDWLRQV

 .H\IRUPXODWLRQVIURPWKHUHVHDUFKJUDQWFRQWUDFW
7KH FRQWUDFW IRU WKH UHVHDUFK JUDQW ZLWK WKH 5HVHDUFK &RXQFLO RI 1RUZD\ PD\ VHUYH DV DQ
LQWURGXFWLRQWRWKH526(SURMHFW7KHIROORZLQJWH[WLVGLUHFWTXRWHIURPWKHFRQWUDFW
7KHODFNRIUHOHYDQFHRIWKH6 7FXUULFXOXPLVSUREDEO\RQHRIWKHJUHDWHVWEDUULHUV
IRUJRRGOHDUQLQJDVZHOODVIRULQWHUHVWLQWKHVXEMHFW7KH526(SURMHFWKDVWKHDPELWLRQWR
SURYLGHWKHRUHWLFDOLQVLJKWLQWRIDFWRUVWKDWUHODWHWRWKHUHOHYDQFHRIWKHFRQWHQWVDVZHOODV
WKH FRQWH[WV RI 6 7 FXUULFXOD 7KH ILQDO RXWFRPH RI WKH SURMHFW ZLOO EH SHUVSHFWLYHV DQG
HPSLULFDO ILQGLQJV WKDW FDQ SURYLGH D EDVH IRU LQIRUPHG GLVFXVVLRQV RQ KRZ WR LPSURYH
FXUULFXODDQGHQKDQFHWKHLQWHUHVWLQ6 7LQDZD\WKDW

• UHVSHFWVFXOWXUDOGLYHUVLW\DQGJHQGHUHTXLW\
• SURPRWHVSHUVRQDODQGVRFLDOUHOHYDQFH
• HPSRZHUVWKHOHDUQHUIRUGHPRFUDWLFSDUWLFLSDWLRQDQGFLWL]HQVKLS
ROSE objectives

 'HYHORS WKHRUHWLFDO SHUVSHFWLYHV VHQVLWLYH WRWKHGLYHUVLW\RIEDFNJURXQGVFXOWXUDO

VRFLDOJHQGHUHWFRISXSLOVIRUGLVFXVVLRQRISULRULWLHVUHODWLQJWR6 7HGXFDWLRQ
 'HYHORSDQLQVWUXPHQWWRFROOHFWGDWDRQVWXGHQWV
DJHH[SHULHQFHVLQWHUHVWV
SULRULWLHVLPDJHVDQGSHUFHSWLRQVWKDWDUHRIUHOHYDQFHIRUWKHLUOHDUQLQJRI6 7DQG
WKHLUDWWLWXGHVWRZDUGVWKHVXEMHFWV
 &ROOHFW DQDO\VH DQG GLVFXVV GDWD IURP D ZLGH UDQJH RI FRXQWULHV DQG FXOWXUDO
FRQWH[WVXVLQJWKHLQVWUXPHQWVUHIHUUHGWRDERYH
 'HYHORS SROLF\ UHFRPPHQGDWLRQV IRU WKH LPSURYHPHQW RI FXUULFXOD WH[WERRNV DQG
FODVVURRPDFWLYLWLHVEDVHGRQWKHILQGLQJVDERYH
 5DLVHLVVXHVUHODWLQJWRWKHUHOHYDQFHDQGLPSRUWDQFHRIVFLHQFHLQSXEOLFGHEDWHDQG
LQVFLHQWLILFDQGHGXFDWLRQDOIRUD

7KH526(JURXSKDVDVHWRIcommon commitments7KHVHFRUHFRPPLWPHQWVFDQEULHIO\EH
GHVFULEHGOLNHWKLV

 %DVLFOLWHUDF\LQ6 7LVFUXFLDOIRUWKHLQGLYLGXDO
VDXWRQRP\DQGTXDOLW\RIOLIHIRU
QDWLRQDOGHYHORSPHQWDVZHOODVIRUPHDQLQJIXOGHPRFUDWLFSDUWLFLSDWLRQFLWL]HQVKLS
LQDOOVRFLHWLHV

 
  7KH WHDFKLQJ DQG OHDUQLQJ RI 6 7 WDNHV SODFH LQ SDUWLFXODU VRFLDO FRQWH[WV 7KLV
FRQWH[WFXOWXUDOSROLWLFDOUHOLJLRXVOLQJXLVWLFFRQWH[WGRPLQDWLQJZRUOGYLHZHWF
ZLOOULJKWIXOO\LQIOXHQFHZKDWWKHVRFLHW\YDOXHVDVLPSRUWDQWNQRZOHGJHDQGVNLOOV
7KLVZLGHUFRQWH[WKDVWREHWDNHQLQWRDFFRXQWZKHQFXUULFXODDUHPDGH
 &KLOGUHQFRPHWRVFKRROZLWKGLIIHUHQWOLIHH[SHULHQFHVWKH\KDYHGLIIHUHQWLQWHUHVWV
DQGSODQVIRUWKHLUOLIHDQGWKH\KDYHGLIIHUHQWYDOXHVDQGSULRULWLHV7KHVHGLIIHUHQW
EDFNJURXQGVDUHLPSRUWDQWGHWHUPLQDQWVIRUWKHLUOHDUQLQJ%HVLGHVWKH\KDYHWREH
UHVSHFWHG LQ WKHLU RZQ ULJKW 2QO\ E\ GRLQJ VR FDQ 6 7 HGXFDWLRQ EHFRPH
PHDQLQJIXODQGUHOHYDQWWRWKHPDVLQGLYLGXDOV
 &KLOGUHQDOVRKDYHPRUHRUOHVVZHOOIRXQGHGLPDJHVDERXWWKHQDWXUHDQGSXUSRVH
RI 6 7 DQG WKH\ KDYH GLIIHUHQW SHUFHSWLRQV RI KRZ SHRSOH LQ WKHVH DUHDV DUH DV
SHUVRQV6XFKSHUFHSWLRQVDERXWWKH
ERG\ODQJXDJH
RI6 7DUHOLNHO\WRFRORXUWKHLU
DWWLWXGHVWRWKHVXEMHFWVDQGWKHLUZLOOLQJQHVVWRHQWHU6 7DUHDVRIVWXG\DQGZRUN

 7KHFKURQRORJ\DQGHPHUJHQFHRI526(
$VLQGLFDWHGWKH526(SURMHFWJUHZRXWRIWKH6$6VWXG\HJ6M¡EHUJZKLFKPD\EH
VHHQDVDSLORWVWXG\RI526(%DVHGRQWKHUHVXOWVDQGWKHH[SHULHQFHVJDLQHGZLWK6$6WKH
SURMHFW RUJDQL]HU GHYHORSHG D SURMHFW GHVFULSWLRQ WKDW ZDV VHQW WR WKH 5HVHDUFK &RXQFLO RI
1RUZD\ LQ  $V SDUW RI WKH SUHSDUDWLRQ KH DOVR FRQWDFWHG D ZLGH UDQJH RI SRWHQWLDO
UHVHDUFKSDUWQHUVIRUWKHSODQQHGSURMHFW7KHVHZHUHFROOHDJXHVIURPSUHYLRXVFRRSHUDWLRQ
DQG 6 7 HGXFDWRUV LQ DVVRFLDWLRQV OLNH ,267( ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6FLHQFH DQG
7HFKQRORJ\(GXFDWLRQ(6(5$(XURSHDQ6FLHQFH(GXFDWLRQ5HVHDUFK$VVRFLDWLRQ*$6$7
*HQGHU $QG 6FLHQFH $QG 7HFKQRORJ\ DQG 1$567 1DWLRQDO $VVRFLDWLRQ IRU 5HVHDUFK LQ
6FLHQFH 7HDFKLQJ 7KH QHDUO\ XQDQLPRXV UHVSRQVH WR WKH SODQV DQG GUDIWV ZDV SRVLWLYH
/HWWHUVRIVXSSRUWZHUHDWWDFKHGWRWKHDSSOLFDWLRQIRUIXQGLQJ
7KHUHVHDUFKSURSRVDOZDVVHQWIRULQWHUQDWLRQDOUHYLHZZKLFKUHVXOWHGLQSRVLWLYH
UHVSRQVH WR IXQG WKH SURMHFW DV D
IUHH SURMHFW
 ,Q WKLV FDWHJRU\ OHVV WKDQ  RI WKH
DSSOLFDWLRQVJHWIXQGLQJ
7KHIXQGLQJZDVKRZHYHUPXFKOHVVWKDQDSSOLHGIRUDQGSODQVKDGWREHDGMXVWHG
*UDQWV IRU D IXOO WLPH 3K' UHVHDUFKHU ZDV WKH PDLQ SDUW RI WKH JUDQW 7KLV SRVLWLRQ ZDV
DGYHUWLVHG DQG DPRQJ WKH  DSSOLFDQWV RQH ZDV VHOHFWHG 7KLV ZDV &DPLOOD 6FKUHLQHU
HGXFDWHG DV D GDWD HQJLQHHU ODWHU DV FDQGVFLHQW LQ JHRSK\VLFV DQG ZLWK H[SHULHQFH IURP
VFLHQFHWHDFKLQJ6KHVWDUWHGZRUNLQJLQ6HSWHPEHUZKLFKDOVRPDUNVWKHEHJLQQLQJRI
WKHSURMHFW
'XULQJ WKH ODVW SDUW RI  LQYLWDWLRQV IRU SDUWLFLSDWLRQ ZHUH FLUFXODWHG WKURXJK
SHUVRQDOFRQWDFWVDVZHOODVRQWKHPDLOLQJOLVWVRI,267((6(5$DQG1$5677KHSURMHFW
ZDV DOVR GHVFULEHG LQ 81(6&2
V &RQQHFW ,QWHUHVWHG SDUWQHUV LQVWLWXWLRQV DV ZHOO DV
LQGLYLGXDO UHVHDUFKHUV FRQWDFWHG WKH 526( WHDP DQG FRQGLWLRQV IRU SDUWLFLSDWLRQ ZHUH
FODULILHG7KHEDVLVIRUSDUWLFLSDWLRQZDVWKHUHYLVHGSURMHFWGHVFULSWLRQDQGD+DQGERRNIRU
SDUWLFLSDWLRQ7KLVPHDQVWKDWSDUWLFLSDQWVWRDFHUWDLQGHJUHHKDYHDFRPPRQXQGHUVWDQGLQJ
RIDLPVUDWLRQDOHDQGSXUSRVHRI526(
,WEHFDPHHYLGHQWHDUO\LQWKHSURMHFWWKDWDGGLWLRQDOIXQGLQJZDVUHTXLUHGDOVRWR
VXSSRUWSDUWLFLSDWLRQIURPGHYHORSLQJFRXQWULHVDUUDQJLQJZRUNLQJVHPLQDUVUHOHDVLQJWLPH

 
DYDLODEOH IRU WKH UHVHDUFK FRRUGLQDWRU HWF 7KLV VLWXDWLRQ GHYHORSHG SRVLWLYHO\ DQG 526(
QRZKDVIXQGLQJIURPWKHIROORZLQJVRXUFHVXQWLOWKHHQGRI

• 7KH5HVHDUFK&RXQFLORI1RUZD\
• 7KH1RUZHJLDQ0LQLVWU\RI(GXFDWLRQ
• 7KH1RUZHJLDQ%RDUGRI(GXFDWLRQ
• 7KH8QLYHUVLW\RI2VOR
• 7KH1RUZHJLDQ&HQWUHIRU6FLHQFH(GXFDWLRQ

7KLV IXQGLQJ HQDEOHG XV WR KLUH .ULVWMiQ .HWLOO 6WHIiQVVRQ RQ SDUWWLPH IURP 0DUFK 
.ULVWMiQFRPHVIURP,FHODQGKHZURWHKLV%DFKHORUV
GLVVHUWDWLRQEDVHGRQ526(DQGKHZLOO
EDVH KLV 0DVWHU WKHVLV RQ WKH LQWHUQDWLRQDO GDWD IURP526(+HKDQGOHVWKHLQFRPLQJGDWD
ILOHV FKHFNLQJ FRGLQJ TXDOLW\ HWF UHSRUWV DUWLFOHV HWF +H LV DOVR UHVSRQVLEOH IRU WKH
PDLQWHQDQFHRIWKH526(KRPHSDJH
7KH 526( FRRUGLQDWRU KDV VLQFH  KDG H[WHQVLYH FRUUHVSRQGHQFH ZLWK DERXW
 UHVHDUFKHUV IURP PRUH WKDQ  FRXQWULHV $ERXW  FRXQWULHV KDYH UHFHLYHG ILQDQFLDO
VXSSRUW IRU WKHLU GDWD FROOHFWLRQ $W WKH WLPH RI ZULWLQJ DERXW  FRXQWULHV KDYH FROOHFWHG
DQGFRGHGGDWDDERXWPRUHDUHH[SHFWHGWRILQLVKE\WKHHQGRI$QRYHUYLHZRIWKH
526( SDUWLFLSDQWV LV JLYHQ LQ $SSHQGL[ ) 6RPH DUH OLNHO\ WR VXEPLW ILOHV ODWHU 7KHVH
FRXQWULHV ZLOO QRW EH SDUW RI WKH LQLWLDOLQWHUQDWLRQDO DQDO\VLV EXW PD\ EH LQFOXGHGLQODWHU
DUWLFOHVDQGWKH\ZLOOWDNHSDUWMRLQWUHVHDUFK


 
 %$&.*5281'5$7,21$/($1'&+$//(1*(6
,QWKLVFKDSWHUZHVWDUWE\SRLQWLQJWRWKHJURZLQJLPSRUWDQFHRI6 7LQPRGHUQVRFLHWLHV
:HGHVFULEHWKHSDUDGR[WKDWLQVSLWHRIWKHSULPDF\RI6 7PDQ\\RXQJSHRSOHORVHWKHLU
LQWHUHVWIRU6 7LQVFKRROVDQGIXUWKHUVWXGLHV:KHUHDVPRVWUHVHDUFKLQ6 7HGXFDWLRQLV
FRQFHUQHGZLWKWKHFRJQLWLYHVLGHVRIWHDFKLQJDQGOHDUQLQJZHDUJXHIRUWKHLPSRUWDQFHRI
ORRNLQJLQWRWKHPRWLYDWLRQDODQGDWWLWXGLQDODVSHFWVRIWKHLVVXH
:HVWUHVVWKHLPSRUWDQFHRIFURVVFXOWXUDOFRPSDULVRQV7KHHPHUJLQJJOREDOL]DWLRQ
DQGLQWHUQDWLRQDOL]DWLRQLPSOLHVKRZHYHUWZRUDWKHURSSRVLWHWHQGHQFLHV2QWKHRQHKDQG
DSUHVVXUHWRXQLYHUVDOL]HKDUPRQL]HDQGWREHFRPHDOLNH2QWKHRWKHUKDQGZHDOVRVHHD
JURZLQJFRQFHUQIRUORFDODQGQDWLRQDOLGHQWLW\/HDUQLQJWKHRULVWVDOVRVWUHVVWKHLPSRUWDQFH
RIFRQWH[WXDOLVLQJ
VLWXDWLQJ
DQGORFDOL]LQJFXUULFXODDQGOHDUQLQJ
&RPSDUDWLYH VWXGLHV LQ HGXFDWLRQ IXQFWLRQ LQ VXFK D FRQWH[W /DUJHVFDOH
FRPSDUDWLYHVWXGLHVOLNH7,066DQG3,6$SURYLGHJRYHUQPHQWVDQGPLQLVWULHVZLWKWRROVWR
FRSH ZLWK LVVXHV RI SHUIRUPDQFH DQG DFKLHYHPHQW %XW WKHVH VWXGLHV PD\ DOVR SURYLGH D
SUHVVXUHWRVWDQGDUGL]HFXUULFXODDQGOHDUQLQJRXWFRPHV2XULQWHQWLRQZLWK526(LVFORVHU
WRWKHVHFRQGSRLQWDERYH:HZDQWWRRSHQXSIRUYDULDWLRQDQGGLIIHUHQFHEDVHGRQDEHOLHI
WKDW 6 7 HGXFDWLRQ IRU DOO VKRXOG SULPDULO\ SUHSDUH WKH \RXQJ SHRSOH WR PHHW WKH
FKDOOHQJHVLQWKHLURZQOLIHDQGHQYLURQPHQW:HZRXOGDOVRDGGWKDWDGROHVFHQFHLVQRWMXVW
D SUHSDUDWLRQ IRU ODWHU OLIH EXW LV DQ LPSRUWDQW SDUW RI OLIH LWVHOI 6WXGHQWV DW VFKRRO VKRXOG
WKHUHIRUHH[SHULHQFHWKLVSHULRGDVLQWHUHVWLQJMR\IXODQGVWLPXODWLQJLQLWVHOI
%\IRFXVVLQJRQDWWLWXGLQDOIDFWRUVDQGRQFXOWXUDOGLIIHUHQFHDQGYDULDWLRQZHKRSH
WKDW WKH 526( VWXG\ FDQSURYLGH LQIRUPDWLRQ WKDW FRPSOLPHQWV WKHVWDQGDUGV EHQFKPDUNV
DQG LQGLFDWRUV WKDW RIWHQ DUH WKH UHVXOW RI WKH RWKHU VWXGLHV 7KH IROORZLQJ ZLOO HQODUJH RQ
VRPHRIWKHVHDVSHFWV

 6 7DVDNH\HOHPHQWLQSUHVHQWVRFLHWLHV
6FLHQFHDQGWHFKQRORJ\DUHFXUUHQWO\SOD\LQJHQLQFUHDVLQJUROHLQDOOUHDOPVRIOLIHLQWKH
SULYDWH VSKHUH DV FLWL]HQV DV FRQVXPHUV DQG LQ ZRUN VLWXDWLRQV 6 7LVVXHV DUH RIWHQ
LQYROYHG LQ GHFLVLRQV DW WKH SHUVRQDO DV ZHOO DV WKH ZLGHU VRFLDO DQG SROLWLFDO OHYHO $V
LQKDELWDQWV LQ GHPRFUDWLF VRFLHWLHV ZH DUH FRQWLQXRXVO\ EHLQJ DVNHG WR WDNH D VWDQFH RQ
VRFLRVFLHQWLILF LVVXHV 6RXQG GHPRFUDWLF MXGJPHQW UHTXLUHV UDWLRQDOLW\ DQG NQRZOHGJH DV
ZHOODVDEDFNJURXQGRIYDOXHVDQGLGHDOV
,QDVLWXDWLRQOLNHWKLVWKHSXEOLFNQRZOHGJHDERXWDQGSHUFHSWLRQVRIWKHGLIIHUHQW
DVSHFWVRI6 7EHFRPHVDQLPSRUWDQWFRQFHUQIRUDQ\GHPRFUDWLFVRFLHW\,WPD\EHVHHQDVD
SDUDGR[ WKDW LQ VSLWH RI WKH LQFUHDVLQJ LPSRUWDQFH RI 6 7 VFKRROV LQ PDQ\ FRXQWULHV DUH
IDFLQJSUREOHPVOLNHODFNRIVWXGHQWV
LQWHUHVW,WLVDSDUDGR[WKDWVXEMHFWVWKDWDUHVXSSRVHG
WRGHVFULEHWKHUHDODQGFRQFUHWHZRUOGDUHFRQVLGHUHGWREHDEVWUDFWDQGLUUHOHYDQW,WLVDOVR
SUREOHPDWLF WKDW ZKLOH 6 7 KDV SURIRXQG FRQVHTXHQFHV IRU WKHLU IXWXUH OLYHV PDQ\ \RXQJ
SHRSOHVHHPWRGHYHORSKRVWLOHRUDPELYDOHQWDWWLWXGHVWRDQGSHUFHSWLRQVRI6 7
:HDUHFRQYLQFHGWKDW6 7LQVFKRROVKDYHWKH SRWHQWLDOWRDSSHDOWRWKHPLQGVRI
\RXQJSHRSOHDQGWRJLYHWKHPNQRZOHGJHDQGVNLOOVWKDWDUHPHDQLQJIXOIRUWKHLUOLYHVDQG

 
WKHLU DELOLW\ WR VKDSH DQG LQIOXHQFH WKHLU IXWXUH %XW UHIRUPV LQ 6 7 FRQWHQWV DV ZHOO
WHDFKLQJDQGOHDUQLQJPHWKRGVPD\EHUHTXLUHG

 $QLQWHUQDWLRQDOFRQFHUQ

,Q PRVW FRXQWULHV HGXFDWLRQ LQ VFLHQFH DQG WR D YDU\LQJ GHJUHH WHFKQRORJ\ DUH NH\
HOHPHQWRIVFKRROLQJDQGLVWRDQLQFUHDVLQJGHJUHHWDXJKWIURPWKHHDUO\\HDUVRIVFKRROLQJ
+LJK TXDOLW\ 6 7 HGXFDWLRQ LV VHHQ DV LPSRUWDQW WUDLQLQJ IRU FLWL]HQVKLS DV ZHOO IRU
SUHSDUDWLRQ IRU ZRUN LQ D ZRUOG GRPLQDWHG E\ JOREDOLVDWLRQ QHZ WHFKQRORJLHV DQG
FRPSHWLWLYH NQRZOHGJHEDVHG LQGXVWULHV +HQFH 6FLHQFH IRU DOO 6FLHQWLILF DQG
WHFKQRORJLFDO OLWHUDF\ DQG 3XEOLF 8QGHUVWDQGLQJ RI 6FLHQFH KDYH EHFRPH VORJDQV LQ WKH
SXEOLFDQGHGXFDWLRQDOGHEDWH
(GXFDWLRQDO UHVHDUFK RSLQLRQ SROOV SXEOLF VXUYH\V DV ZHOO DV HGXFDWLRQDO VWDWLVWLFV
IRUFKRLFHVDQGUHFUXLWPHQWKRZHYHULQGLFDWHWKDW6 7LQPDQ\FRXQWULHVDUHIDFLQJVHULRXV
SUREOHPV/DFNRILQWHUHVWLQ6 7DWOHDVWDVVFKRROVXEMHFWVDQGWHUWLDU\VWXGLHVDQGDPHDJUH
XQGHUVWDQGLQJRIWKHFRQWHQWVDQGPHWKRGVRI6 7DVZHOODVWKHLUUROHLQVRFLHW\DQGFXOWXUH
DUHDPRQJWKHSUREOHPV
0DQ\ SURMHFWV DUH ODXQFKHG QDWLRQDOO\ DV ZHOO DV LQWHUQDWLRQDOO\ WR PHHW WKH
FKDOOHQJHV 7KHVH LQLWLDWLYHV WU\ WR FRXQWHUDFW WKH REVHUYHG WUHQGV DQG PHHW WKH HPHUJLQJ
SUREOHPV,QGXVWULDORUJDQLVDWLRQVOLNH&(),&IRUWKHFKHPLFDOLQGXVWU\LQ(XURSHDVZHOO
DVPDMRUSURIHVVLRQDOVFLHQWLILFLQWHUHVWVOLNH1$6$&(51DQG(6$DOVRHQJDJHDFWLYHO\LQ
WKH SURPRWLRQ RI VFLHQFH OLWHUDF\ DQG WKH LPSURYHPHQW RI LQWHUHVWV LQ DQG UHFUXLWPHQW WR
6 75HVHDUFKFRXQFLOVDWQDWLRQDODVZHOODVLQWHUQDWLRQDOOHYHODOORFDWHIXQGVWRVXSSRUWWKH
LPSURYHPHQWRILQWHUHVWVLQ6 7ZLWKWKHXQGHUO\LQJREMHFWLYHWRLQFUHDVHWKHUHFUXLWPHQW
DQGWRLPSURYHWKHSXEOLFLPDJH
7KH (XURSHDQ 8QLRQ (8 KDV SXW WKH LVVXH RI 6 7 HGXFDWLRQ DV D NH\ FRQFHUQ LQ
WKHLU6FLHQFHDQG6RFLHW\$FWLRQ3ODQZKLFKLVSDUWRIWKHDPELWLRXVWK)UDPH3URJUDPPH
IRU UHVHDUFK DQG GHYHORSPHQW )3 $ VSHFLDO +LJK /HYHO *URXS WR ORRN LQWR WKH LVVXH RI
,QFUHDVLQJ+XPDQ5HVRXUFHVIRU6FLHQFHDQG7HFKQRORJ\ZDVDSSRLQWHGLQE\WKH(8
FRPPLVVLRQHU IRU UHVHDUFK 3KLOLSSH %XVTXLQ DQG KHDGHG E\ 3URIHVVRU -RVH 0DULDQR *DJR
WKH IRUPHU PLQLVWHU RI VFLHQFH DQG WHFKQRORJ\ LQ 3RUWXJDO %DVHG RQ D EURDG FRQVXOWDWLRQ
SURFHVV ZLWK LQGXVWU\ UHVHDUFK DQG SURIHVVLRQDO RUJDQL]DWLRQVDVZHOODVZLWK0LQLVWULHVRI
HGXFDWLRQ D UHSRUW KDV EHHQ SURGXFHG DQG GLVFXVVHG DPRQJ VWDNHKROGHUV IURP WKH VDPH
JURXSV7KLVUHSRUW(8ZLOOEHWKHEDVLVWRODXQFKIXUWKHULQLWLDWLYHVWRSURPRWHWKH
LQWHUHVWLQ6 7VWXGLHVDQGFDUHHUVLQ(XURSH

,QWKHIROORZLQJQRFOHDUGLVWLQFWLRQLVPDGHEHWZHHQVFLHQFHDQGWHFKQRORJ\7KHVFKRROVXEMHFWLV
XVXDOO\ ODEHOOHG
VFLHQFH
 RU LV VXEGLYLGHG LQ WKH VHSDUDWH VFLHQFH GLVFLSOLQHV EXW WKH QDPHV YDU\
EHWZHHQFRXQWULHVDQGEHWZHHQOHYHOVLQWKHVFKRROV,Q1RUZD\WKHVXEMHFWLVFDOOHG
VFLHQFHDQGWKH
HQYLURQPHQW
 1DWXU RJ PLOM¡IDJ LQ 'HQPDUN DQG 6ZHGHQ
VFLHQFH DQG WHFKQRORJ\
 'HQPDUN

1DWXURJWHNQLN
6ZHGHQ
1DWXURULHQWHULQJRFKWHNQLN
,QVRPHFRXQWULHVWHFKQRORJ\LVDVHSDUDWH
VXEMHFW LQ RWKHU FRXQWULHV LW LV LQWHJUDWHG ZLWK VFLHQFH ,Q VRPH FRQWH[WV WKLV GLVWLQFWLRQ LV
LPSRUWDQW$OWKRXJKWKH7GRHVQRWDSSHDULQWKH526(DFURQ\PZHDOVRKDYHWHFKQRORJ\LQPLQG
DVZLOOEHFRPHFOHDUIURPWKH526(TXHVWLRQQDLUHDQGWKHIROORZLQJWH[W
 'RFXPHQWV FDOOV LQLWLDWLYHV HWF UHODWLQJ WR WKH 6FLHQFH DQG 6RFLHW\ $FWLRQ 3ODQ DUH DYDLODEOH DW
KWWSHXURSDHXLQWFRPPUHVHDUFKVFLHQFHVRFLHW\

 
 6LPLODUO\ WKH 2(&' 2UJDQL]DWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW
KDV EHFRPH LQFUHDVLQJO\ FRQFHUQHG DERXW WKH LPSRUWDQFH RI 6 7 LQ VFKRROV KLJKHU
HGXFDWLRQDQGLQWKHSXEOLFVSKHUH7KH2(&'3,6$VWXG\ZLOOEH EULHIO\GHVFULEHGLQWKH
IROORZLQJ WH[W EXW WKH 2(&' LQWHUHVW LQ WKH LVVXH DOVR KDV D ZLGHU SHUVSHFWLYH WKDQ WKH
PRQLWRULQJ RI FRQFHSWXDO XQGHUVWDQGLQJ DW VFKRRO OHYHO 2WKHU 2(&' LQLWLDWLYHV DUH
FRQFHUQHG ZLWK WKH ODFN RI LQWHUHVW LV 6 7 VWXGLHV ZKLFK WKH\ FRQVLGHU DV D KLJK SULRULW\
LVVXH$PDMRULQLWLDWLYHE\2(&'WRVKHGOLJKWRQWKHVHLVVXHVLVSODQQHGIRU
7KH KLJKOHYHO SROLWLFDO LQWHUHVW LQ WKHVH LVVXHV LV ZHOO VSHOOHG RXW LQ WKH UHFHQW
UHSRUWIURPWKH1DWLRQDO6FLHQFH)RXQGDWLRQWRWKH863UHVLGHQW

,IWKHWUHQGVLGHQWLILHGLQ,QGLFDWRUVFRQWLQXHXQGHWHUUHGWKUHHWKLQJVZLOO
KDSSHQ7KHQXPEHURIMREVLQWKH86HFRQRP\WKDWUHTXLUHVFLHQFHDQG
HQJLQHHULQJWUDLQLQJZLOOJURZWKHQXPEHURI86FLWL]HQVSUHSDUHGIRUWKRVH
MREVZLOODWEHVWEHOHYHODQGWKHDYDLODELOLW\RISHRSOHIURPRWKHUFRXQWULHVZKR
KDYHVFLHQFHDQGHQJLQHHULQJWUDLQLQJZLOOGHFOLQHHLWKHUEHFDXVHRIOLPLWVWR
HQWU\LPSRVHGE\86QDWLRQDOVHFXULW\UHVWULFWLRQVRUEHFDXVHRILQWHQVHJOREDO
FRPSHWLWLRQIRUSHRSOHZLWKWKHVHVNLOOV7KH8QLWHG6WDWHVKDVDOZD\VGHSHQGHG
RQWKHLQYHQWLYHQHVVRILWVSHRSOHLQRUGHUWRFRPSHWHLQWKHZRUOGPDUNHWSODFH
1RZSUHSDUDWLRQRIWKH6 (ZRUNIRUFHLVDYLWDODUHQDIRUQDWLRQDO
FRPSHWLWLYHQHVV16%D
6WDWHPHQWVOLNHWKLVOHDYHQRGRXEWWKDWWKHUHFUXLWPHQWWRWKH6 7VHFWRULVDNH\IDFWRULQ
WKHJOREDOFRPSHWLWLYHQHVVDQGIRUZKDWLVFDOOHG
QDWLRQDOVHFXULW\

*LYHQ WKLV LPSRUWDQFH RI 6 7 LW LV HDV\ WR XQGHUVWDQG ZK\ WKHUH DUH PDQ\
LQLWLDWLYHV WR LPSURYH WKH VLWXDWLRQ 7RR RIWHQ KRZHYHU H[SHQVLYH LQLWLDWLYHV DUH ODXQFKHG
ZLWKRXW D ZHOOGHYHORSHG DQDO\VLV RI WKH SUREOHPV DQG ZLWKRXW DQ XQGHUO\LQJ SKLORVRSK\
WKDQ FDQ VXSSRUW JLYH GLUHFWLRQ DQG SURILOH WR WKH LQLWLDWLYHV $FWLRQ RIWHQ GRPLQDWHV RYHU
UHIOHFWLRQDQGFDUHIXODQDO\VLV
7KH RYHUDOO SXUSRVH RI WKH 526( SURMHFW LV WR FRQWULEXWH WR LQIRUPHG DQG FULWLFDO
UHIOHFWLRQ DERXW WKH FXUUHQW FKDOOHQJHV DV ZHOODV WR FROOHFW DQG DQDO\VH HPSLULFDO HYLGHQFH
WKDW VKHG OLJKW RQ WKH LVVXHV :H KRSH WR VWLPXODWH DQ LQIRUPHG GLVFXVVLRQ DQG SRVVLEO\ WR
VXJJHVWSROLF\PHDVXUHVDQGIHDVLEOHFKDQJHVDQGLPSURYHPHQWVLQ6 7WHDFKLQJPDLQO\LQ
VFKRROV EXW DOVR LQ WKH LQIRUPDO VHFWRU 7KH SURMHFW WKHUHIRUH KDV WKHRUHWLFDO DV ZHOO DV
SUDFWLFDO FRQFHUQV ,W VKRXOG DOVR EH QRWHG WKDW 526( LV QRW FRQILQHG WR (XURSH RU 2(&'
FRXQWULHVEXWKDVDPDMRUHPSKDVLVRQGHYHORSLQJFRXQWULHVDVZHOO

 5HVXOWVIURPUHVHDUFKQHJDWLYHDVZHOODVSRVLWLYH

,QVSLWHRIWKHQRZZHOONQRZQLVVXHVRIXQVDWLVIDFWRU\UHFUXLWPHQWWRVFLHQWLILFVWXGLHVDQG
FDUHHUV DQG ORZ LQWHUHVW LQ VFKRRO VFLHQFH LQ PDQ\ LQGXVWULDOL]HG FRXQWULHV ZH ILQG QR
XQDPELJXRXV WUHQG LQ IDOOLQJ LQWHUHVWV LQ VFLHQFH LQ JHQHUDO ,Q PRVW FRXQWULHV SRSXODU
VFLHQFHPDJD]LQHVDQG79SURJUDPVDERXWQHZPHGLFDOGHYHORSPHQWVHQYLURQPHQWDOLVVXHV
QHZ LQYHQWLRQV DQG WHFKQRORJLHV DQG QHZ VFLHQWLILF GLVFRYHULHV KDYH LQFUHDVLQJ SXEOLF
DSSHDO 6DOHV UDWHV RQ ERRNV LQ VFLHQFH DQG WHFKQRORJ\ KDYH QRW GHFUHDVHG VFLHQFH FHQWUHV


 'HWDLOVZLOODSSHDUXQGHU2(&'V*OREDO6FLHQFH)RUXPDWKWWSZZZRHFGRUJGHSDUWPHQW

 
DQGPXVHXPVDWWUDFWODUJHQXPEHUVRIYLVLWRUVHWF1HLWKHUGRWKH(XUREDURPHWHUVXUYH\V
PRQLWRULQJWKHSXEOLFRSLQLRQLQ(XURSHDQFRXQWULHVRQGLYHUVHLVVXHVUHSRUWDQ\IDOOLQWKH
SXEOLFLQWHUHVWVRUFRQILGHQFHLQVFLHQFH

General trends: (XURSHDQVKDYHKLJKH[SHFWDWLRQVDERXWVFLHQFHDQGWHFKQRORJ\

7KHRYHUDOOYLHZRIVFLHQFHLHWKHEDODQFHEHWZHHQLWVSRVLWLYHLPSDFWDQG
KDUPIXOFRQVHTXHQFHVDOVRUHPDLQVSRVLWLYH(8
2WKHU LQWHUQDWLRQDO VWXGLHV SURYLGH VLPLODU UHVXOWV ,Q VXPPDU\ WKHUH LV OLWWOH HYLGHQFH RI
IDOOLQJ SXEOLF LQWHUHVW LQ 6 7 LQ WKH SRSXODWLRQ DW ODUJH LQ PRVW FRXQWULHV EXW WKDW PDQ\
PDLQO\ KLJKO\ LQGXVWULDOL]HG 2(&'FRXQWULHV H[SHULHQFH D IDOO LQ WKH UHFUXLWPHQW WR 6 7
VXEMHFWVVWXGLHVDQGRFFXSDWLRQ7KHSUREOHPVHHPVWREHWKHLQWHUHVWLQVFKRRO6 7QRWLQ
6 7DVVXFK0DQ\\RXQJSHRSOHZDQWWREHLQIRUPHGDERXW6 7EXWWKH\DYRLGWKHVHDUHDV
DWVFKRRODQGDVVWXGLHV
7KLVUHSKUDVLQJRIWKHWHUPIDOOLQJLQWHUHVWLQ6 7LVLPSRUWDQW:HDUHEDVLFDOO\
WDONLQJ DERXW DQ LVVXH RI UHFUXLWPHQW WR WKH 6 7 VHFWRUV 7KHUH DUH KRZHYHU ZLGHVSUHDG
FRQFHUQVDERXWPDQ\DVSHFWVRISHRSOH
VUHODWLRQVKLSWR6 7OLNHWKHUROHRIVFLHQWLVWVWKH
UDSLGSDFHRIGHYHORSPHQWWKHSRVVLEOHODFNRIHWKLFDOFRQFHUQLQVFLHQFHDQGLQGXVWU\HWF
2WKHULVVXHVDUHPHQWLRQHGLQWKHILUVWSRLQWLQWKH+LJKOLJKWVRIWKH6FLHQFH (QJLQHHULQJ
,QGLFDWRUV

$OWKRXJK$PHULFDQVH[SUHVVVWURQJVXSSRUWIRUVFLHQFHDQGWHFKQRORJ\6 7
WKH\DUHQRWYHU\ZHOOLQIRUPHGDERXWWKHVHVXEMHFWV 0DQ\LQWKHVFLHQWLILF
FRPPXQLW\DUHFRQFHUQHGWKDWODFNRINQRZOHGJHDERXW6 7PD\DGYHUVHO\DIIHFW
WKHOHYHORIJRYHUQPHQWVXSSRUWIRUUHVHDUFKWKHQXPEHURI\RXQJSHRSOH
FKRRVLQJ6 7FDUHHUVDQGWKHSXEOLF
VUHVLVWDQFHWRPLUDFOHFXUHVJHWULFKTXLFN
VFKHPHVDQGRWKHUVFDPV16%E
%HORZDUHVRPHH[DPSOHVEDVHGRQ(XUREDURPHWHU(87KHQXPEHUVDUHDJJUHJDWHV
RIUHVXOWVIURPWKHWKHQPHPEHUVWDWHVLQWKH(8DQGWKHUHDUHODUJHYDULDWLRQVEHWZHHQ
FRXQWULHVDQGEHWZHHQZRPHQDQGPHQ


6LQFHWKH(XURSHDQ&RPPLVVLRQKDVEHHQPRQLWRULQJWKHHYROXWLRQRISXEOLFRSLQLRQLQWKH

0HPEHU6WDWHVWKXVKHOSLQJWKHSUHSDUDWLRQRIWH[WVGHFLVLRQPDNLQJDQGWKHHYDOXDWLRQRILWVZRUN
6XUYH\V DQG VWXGLHV DGGUHVV PDMRU WRSLFV FRQFHUQLQJ (XURSHDQ FLWL]HQVKLS HQODUJHPHQW VRFLDO
VLWXDWLRQ KHDOWK FXOWXUH LQIRUPDWLRQ WHFKQRORJ\ HQYLURQPHQW WKH (XUR GHIHQFH HWF 6HYHUDO
VWXGLHV UHODWH WR SXEOLF SHUFHSWLRQV RI 6 7 KWWSHXURSDHXLQWFRPPSXEOLFBRSLQLRQLQGH[BHQKWP
$QHZVWXG\LVSODQQHGIRUDOVRZLWK86-DSDQDQGRWKHUVDUHSDUWLFLSDQWV
 $ NH\ LQVWLWXWLRQ IRU VXFK VWXGLHV LV WKH ,QWHUQDWLRQDO &HQWHU IRU WKH $GYDQFHPHQW RI 6FLHQWLILF
/LWHUDF\ ,&$6/ LQ 86$ KRPH SDJH KWWSZZZLFDVORUJ  6XSSRUWHG E\ 16) 7KH 1DWLRQDO
6FLHQFH)RXQGDWLRQWKH\SXEOLVKVXUYH\VWKDWFRPSDUHWKHDGXOWSRSXODWLRQLQIRULQVWDQFHWKH86
-DSDQDQG(XURSHRQDUDQJHRIGLIIHUHQWTXHVWLRQV&RPSUHKHQVLYHUHYLHZVRIWKLVDQGRWKHUUHVHDUFK
LQ WKH ILHOG DUH JLYHQ LQ UHJXODU UHSRUWV OLNH WKH 6FLHQFH DQG (QJLQHHULQJ ,QGLFDWRUV VHH HJ 16%


 
 • 6FLHQFHLVFKDQJLQJRXUZD\VRIOLIHWRRTXLFNO\
$JUHH
• 6FLHQWLVWV
NQRZOHGJHJLYHVWKHPDSRZHUZKLFKPDNHVWKHPGDQJHURXV
$JUHH
• 7KHDXWKRULWLHVRXJKWWRIRUPDOO\REOLJHVFLHQWLVWVWRREVHUYHHWKLFDOUXOHV
$JUHH
• 6FLHQWLVWVRXJKWWRNHHSXVEHWWHULQIRUPHGDERXWWKHSRVVLEOHKD]DUGVRIFHUWDLQ
VFLHQWLILFRUWHFKQRORJLFDODGYDQFHV
$JUHH
• 6FLHQWLVWVRXJKWWRFRPPXQLFDWHWKHLUVFLHQWLILFNQRZOHGJHEHWWHU
$JUHH
• ,QGXVWU\RXJKWWREHEHWWHUUHJXODWHG
$JUHH

 ,QWHUQDOL]DWLRQDQGJOREDOL]DWLRQWKHSRVLWLYHVLGH

:HOLYHLQDQHUDFKDUDFWHUL]HGE\LQFUHDVLQJFRQWDFWEHWZHHQFXOWXUHVE\LQWHQVHWUDYHOOLQJ
LQIRUPDWLRQ IORZ WKURXJK PDVV PHGLD DQG HOHFWURQLF PHGLD OLNH WKH LQWHUQHW HWF :H DOVR
H[SHULHQFHPLJUDWLRQDQGPRELOLW\RIWKHZRUNIRUFHDWDQLQFUHDVLQJO\KLJKHUVSHHG0DQ\RI
WKRVH ZKR PRYH DUH KLJKO\ VNLOOHG SHRSOH ZKR KDYH HGXFDWLRQ DQG FRPSHWHQFLHV WKDW DUH
HDVLO\ WUDQVIHUDEOH DQGKLJKO\ YDOXHG RQ D JOREDOPDUNHW6FLHQWLVWVHQJLQHHUVGRFWRUVHWF
KDYHWKHSRVVLELOLW\WRPRYHUDWKHUIUHHO\WRSODFHVZKHUHWKH\DUHLQGHPDQG
,WDOVREHFRPHVDWWUDFWLYHWRVWXG\DEURDG,QWKH86WKHPDMRULW\RI3K'VWXGHQWVLQ
PDQ\6 7UHODWHGILHOGVFRPHIURPRXWVLGHWKH8616%RIWHQZLWKWKHVXSSRUWIURP
86 JUDQWV 7KLV EHQHILWV WKH KRVW FRXQWU\ EXW PD\ DOVR FRQVWLWXWH D
EUDLQ GUDLQ
 IURP WKH
FRXQWU\ZKHUHVWXGHQWVFRPHIURP,WPD\EHFODLPHGKRZHYHUWKDWLWLVDOVRDWOHDVWLQWKH
ORQJUXQSRVLWLYHIRUWKH
GRQRU
FRXQWU\
7KH PRELOLW\ RI VWXGHQWV DQG DQ HGXFDWHG ZRUNIRUFH LV FRQVLGHUHG SRVLWLYH IURP D
ZKROH UDQJH RI SHUVSHFWLYHV ,W PD\ OHDG WR FURVVFXOWXUDO WROHUDQFH DQG XQGHUVWDQGLQJ
2UJDQL]DWLRQVOLNHWKH(XURSHDQ8QLRQKDVPDQ\VXSSRUWVFKHPHVWRHQFRXUDJHWKLVVRUWRI
PRELOLW\ PDLQO\ EHWZHHQ PHPEHU FRXQWULHV EXW DOVR IURP WKH RXWVLGH $OVR WKH XQVNLOOHG
ODERXUIRUFHPRYHVDQGPLJUDWHVRIWHQRXWRISXUHPDWHULDOQHFHVVLW\7KH\PRYHWRSODFHV
ZKHUHWKH\FDQILQGZRUNDQGWKH\RIWHQWDNHXSMREVWKDWWKHQDWLRQDOVLQWKDWFRXQWU\GR
QRWZDQWEHFDXVHRIORZZDJHVDQGKDUGZRUNLQJFRQGLWLRQV
,Q D JOREDOL]HG DQG FRPSHWLWLYH HFRQRP\ LW EHFRPHV LPSRUWDQW WKDW SHRSOH
V
NQRZOHGJH VNLOOV DQG FRPSHWHQFLHV DUH HDVLO\ FRPSDUDEOH DQG WUDQVIHUDEOH ,W EHFRPHV
HVVHQWLDOWKDWH[DPVFHUWLILFDWHVDQGGLSORPDVDUHXQGHUVWRRGDQGUHFRJQL]HGDFURVVERUGHUV
,W LV DOVR LPSRUWDQW IRU QDWLRQDO HGXFDWLRQ V\VWHPV WR PDWFK LQWHUQDWLRQDO VWDQGDUGV RI
TXDOLW\DQGWRILQGZD\VWRPRQLWRUWKLVTXDOLW\7KHVRFDOOHG %RORJQDSURFHVVLQ(XURSHLV
RQHRIPDQ\H[DPSOHVRIWKHVHPRYHVWRZDUGVFRPPRQVWDQGDUGVLQKLJKHUHGXFDWLRQ7KH
PRYH WRZDUGV D FRPPRQ V\VWHP RI TXDQWLI\LQJ WHDFKLQJOHDUQLQJ XQLWV (&76 (XURSHDQ


)RUGHWDLOVVHHKWWSZZZFRHLQW7(&XOWXUDOB&R
RSHUDWLRQHGXFDWLRQ+LJKHUBHGXFDWLRQ$FWLYLWLHV%RORJQDB3URFHVV

 
&UHGLW 7UDQVIHU 6\VWHP D FRPPRQ V\VWHP RIGHJUHHVDQGGLSORPDVDQGDFRPPRQV\VWHP
IRUWKHXVHRIJUDGHVDUHNH\HOHPHQWVLQWKLVSURFHVV
6HHQLQWKLVZD\ JOREDOL]DWLRQLPSOLHVDSUHVVXUHWRXQLYHUVDOL]HDQGKDUPRQL]HWKH
FRQWHQWVRIHGXFDWLRQDWOHDVWRQWKHWHUWLDU\OHYHO&RXQWULHVDQGLQWHUQDWLRQDOLQVWLWXWLRQV
EHFRPHFRQFHUQHGZLWKGHYHORSLQJFRPPRQWRROVDQGLQGLFDWRUVIRUFRPSDULVRQVLQFOXGLQJ
HGXFDWLRQDORXWFRPHV.H\ZRUGVDUH EHQFKPDUNVDQG LQGLFDWRUV7KH2(&'(8DQGRWKHU
LQWHUQDWLRQDO DJHQWV VSHQG ODUJH VXPV WR IDFLOLWDWH WKHVH FRPSDULVRQV $OVR 81(6&2 LV
LQYROYHG LQ GHILQLQJ WKH XQGHUO\LQJ FRQFHSWXDO IUDPHZRUN IRU YDOLG FRPSDULVRQV OLNH WKH
,6&('FRGHV
2QH FDQ KDUGO\ REMHFW WR WKH LGHD RI ILQGLQJ FRPPRQ PHDVXUHV WR GHVFULEH
HGXFDWLRQDORXWFRPHV7KHGDWDSURYLGHGLQVXFKDZD\SURYLGHLPSRUWDQWLQSXWIRUQDWLRQDO
JRYHUQPHQWVWRMXGJHWKHTXDOLW\RIWKHLURZQV\VWHPDQGWRGHYHORSWKHLUHGXFDWLRQV\VWHPV
LQ DQ LQIRUPHG ZD\ 7KH\ DOVR IDFLOLWDWH PRELOLW\ IRU VWXGHQWV DQG SHRSOH ZLWK KLJKHU
HGXFDWLRQ
%XWWKHSRVVLEO\QHJDWLYHVLGHVRIWKHSUHVVXUHIRUJOREDOL]DWLRQDUHDOVRDSSDUHQW

 *OREDOVWDQGDUGVYHUVXVORFDODGDSWDWLRQ

$VQRWHGJOREDOL]DWLRQLQHGXFDWLRQRIWHQLQYROYHVDSUHVVXUHWRXQLYHUVDOL]HDQGKDUPRQL]H
DQG WR VWULYH WRZDUGV FRPPRQ FRQWHQWV FXUULFXOD WHVWLQJ PHWKRGV LQGLFDWRUV DQG
EHQFKPDUNV
%XWFXUUHQWHGXFDWLRQDOWKHRU\DQGUHVHDUFKDOVRFDUULHVWKHRSSRVLWHPHVVDJH7KHUH
LVDVWUHVVRQSXWWLQJ6 7LQPHDQLQJIXODQGUHOHYDQWFRQWH[WV0DQ\FXUULFXOXPLQLWLDWLYHV
KDYHWKLVDVWKHPDLQLGHD$VH[DPSOHVRQHFDQPHQWLRQWKHPDQ\6DOWHUV
VFLHQFHSURMHFWV
LQ WKH 8. DQG WKH 3/21 SURMHFW LQ WKH 1HWKHUODQGV 6RPH FRXQWULHV OLNH /HVRWKR
6ZD]LODQGDQGRWKHUVXVHWKHZRUGWR
ORFDOL]H
WKHFXUULFXOXP,QIDFWRQHPD\DUJXHWKDWD
NH\ FRQFHUQ RI WKH 676PRYHPHQW 6FLHQFH 7HFKQRORJ\ DQG 6RFLHW\ LV WR SXW 6 7 LQ
PHDQLQJIXOVRFLDOFRQWH[WVZKLFKRIWHQDUHRIDORFDOQDWXUH
7KHGULYLQJIRUFHEHKLQGWKLVGHYHORSPHQWLVLQSDUWUHODWHGWR DIIHFWLYHDUJXPHQWV
WKDW VWUHVV WKH QHHG IRU OHDUQLQJ WR EH
VLWXDWHG
 DQG WKDW PHDQLQJIXO FRQWH[WV EHFRPH
SDUDPRXQW 2WKHU DUJXPHQWV VWUHVV WKH LPSRUWDQFH RI OHDUQLQJ DV SUHSDUDWLRQ IRU UHDO OLIH
VLWXDWLRQV$IWHUDOOPRVW\RXQJSHRSOHZLOO QRWEHFRPHVFLHQWLVWVRUHQJLQHHUVDQGZLOO QRW
ZRUNRQDQLQWHUQDWLRQDOODERXUPDUNHW0RVW\RXQJSHRSOHLQPRVWSDUWVRIWKHZRUOGZLOO
OLYHDQG ZRUN FORVH WR WKHLU KRPH RU DW OHDVWLQ WKHLUKRPHFRXQWU\)RUWKHPDMRULW\WKH
SULPHFRQFHUQZLOOEHWRGHYHORSNQRZOHGJHDQGFRPSHWHQFLHVWKDWHQDEOHWKHPWRPHHWWKH
FKDOOHQJHVLQWKHLURZQVXUURXQGLQJV
,Q WKH FRORQLDO WLPHV PDQ\ GHYHORSLQJ FRXQWULHV KDG WR XVH VFKRRO V\VWHPV
FXUULFXOD DQG WH[WERRNV GHULYHG IURP WKH FRORQLDO SRZHU 7R WKH H[WHQW WKDW WKH FXUULFXOD
KDGDFRQWH[WLWZDVRIWHQWKDWRIWKHFRORQLDOQRUWK&KLOGUHQLQ$IULFDZHUHWDXJKWDERXW
DQLPDOV DQG IORZHUV WR EH IRXQG LQ (QJODQG $OWKRXJK FRORQLDOLVP LQWKLV IRUP EHORQJV WR
WKHSDVWPDQ\$IULFDQFRXQWULHVVWLOOFRQWLQXHWKHVHWUDGLWLRQV7KH\DOVRLPSRUWFXUULFXOD
WH[WERRNVDQGH[DPSDSHUVSURGXFHGLQWKHSUHYLRXVFRORQLDOSRZHU7KH\RIWHQVHQGWKHLU

7KH,QWHUQDWLRQDO6WDQGDUG&ODVVLILFDWLRQRI(GXFDWLRQ,6&('ZDVGHVLJQHGE\81(6&2LQWKH
HDUO\
VWRVHUYHDVDQLQVWUXPHQWVXLWDEOHIRUDVVHPEOLQJFRPSLOLQJDQGSUHVHQWLQJVWDWLVWLFVRI
HGXFDWLRQERWKZLWKLQLQGLYLGXDOFRXQWULHVDQGLQWHUQDWLRQDOO\

 
H[DP SDSHUV WR EH PDUNHG RYHUVHDV ,Q PDQ\ FRXQWULHV HGXFDWLRQDO DXWKRULWLHV HTXDWH

TXDOLW\
ZLWKWKHFRQWHQWVDQGUHTXLUHPHQWVIRXQGLQWKLVWUDGLWLRQ7KH\GRQRWZDQWZKDW
WKH\FRQVLGHUWREH
ZDWHUHGGRZQ
6 7LVWKHLUVFKRROV
:H KRSH WKDW GDWD DQG SHUVSHFWLYHV IURP 526( PD\ SURYLGH D GLIIHUHQW NLQG RI
YRLFHLQWKLVRQJRLQJGHEDWHRYHUSULRULWLHV

 ,QWHUQDWLRQDODQGFURVVFXOWXUDOFRPSDULVRQV

,QWHUQDWLRQDOFRPSDULVRQVLQHGXFDWLRQPDNHLWSRVVLEOHWRVHHRQH
VRZQQDWLRQDOSULRULWLHV
DQGFKRLFHVZLWKQHZH\HV7KH\PD\OHDGWRDEHWWHUXQGHUVWDQGLQJRIRQH
VRZQQDWLRQDO
SHFXOLDULWLHVDQGWKH\PD\RSHQXSIRUDQDZDUHQHVVRIDOWHUQDWLYHV
7KHUH DUH DOUHDG\ PDQ\ LQWHUQDWLRQDO FRPSDUDWLYH VWXGLHV UHODWLQJ WR 6 7 VXEMHFWV
DQG RWKHU DUHDV RI WKH FXUULFXOXP DQG WKHUH LV D EURDG VSHFWUXP RI SRVVLEOH DSSURDFKHV WR
VXFKLVVXHV
$W RQH HQG RI WKLV VSHFWUXP WKHUH DUH PDQ\ VPDOOVFDOH VWXGLHV RI FRPSDUDWLYH
QDWXUH WKDW LQYROYH SKLORVRSKLFDOO\ DQG SROLWLFDOO\ RULHQWHG GLVFXVVLRQV DERXW FXUULFXOD
7KHVHGLVFXVVLRQVRIWHQUDLVHIXQGDPHQWDOTXHVWLRQVDERXWWKHQDWXUHRIVFLHQFHWKHQDWXUH
DQG SXUSRVH RI VFLHQFH HGXFDWLRQ WKH UROH RI WKH ODQJXDJH RI LQVWUXFWLRQ HWF 7KHVH
GLVFXVVLRQVRIWHQDGGUHVVLVVXHVOLNHWKHDERYHPHQWLRQHGDVVHUWHGXQLYHUVDOLW\DQGFXOWXUH
LQGHSHQGHQFH RI VFLHQFH 7KH\ RIWHQ DGGUHVV WKH SROLWLFDO HFRQRPLFDO DQG FXOWXUDO
GRPLQDWLRQ RI ZHVWHUQ FXOWXUHV RYHU RWKHU FXOWXUHV 6HYHUDO FULWLFDO SHUVSHFWLYHV FDQ EH
IRXQG DPRQJ WKHVH D FXOWXUDO FULWLTXH IHPLQLVWV
 FULWLTXHV DQG D SROLWLFDO RU LGHRORJLFDO
FULWLTXHUHODWLQJWRWKHSXUSRVHRIHGXFDWLRQLQVFLHQFH7KHVHGHEDWHVDUHRIDIXQGDPHQWDO
QDWXUH EXW DUH RIWHQ RI UDWKHU SKLORVRSKLFDO QDWXUH DQG ZLWK OLWWOH UHIHUHQFH WR HPSLULFDO
HYLGHQFH IURP WKH OHDUQHUV 7KH GHEDWHV DUH RIWHQ RI D VFKRODUO\ DQG LQWHOOHFWXDO FKDUDFWHU
FRQILQHGWRDFDGHPLFMRXUQDOV7KHFRQFUHWHLPSDFWRIVXFKVWXGLHVRQHGXFDWLRQDOSROLF\DQG
SUDFWLFHLVLQPRVWFRXQWULHVRIWHQQHJOLJLEOH
2Q WKH RWKHU HQG RI WKH VSHFWUXP DUH ODUJHVFDOH HPSLULFDO LQYHVWLJDWLRQV RI
VWXGHQWV
 VFKRODVWLF DFKLHYHPHQWV 7KHVH ZHOO IXQGHG VWXGLHV DUH RIWHQ SURIHVVLRQDO IURP D
PHWKRGRORJLFDODQGSV\FKRPHWULFSRLQWRIYLHZ7KH\DUHVWURQJRQWKHWKHRUHWLFDODVZHOODV
WKHHPSLULFDOVLGHEXWKDYHRWKHUFRQFHUQVDQGUHVHDUFKDJHQGDVWKDQWKRVHLQGLFDWHGDERYH
6RPHRIWKHVHVWXGLHVDUHUXQE\ODUJHLQWHUQDWLRQDODVVRFLDWLRQVVHWXSIRUWKDWSXUSRVHWKH
PRVW UHQRZQHG EHLQJ ,($ ,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH (YDOXDWLRQ RI (GXFDWLRQDO
$FKLHYHPHQW)URPWKHHDUO\V,($KDVDGPLQLVWHUHGVHYHUDOODUJHVFDOHLQWHUQDWLRQDO
VWXGLHV DGGUHVVLQJ VFLHQFH ),66 WKH )LUVW ,QWHUQDWLRQDO 6FLHQFH 6WXG\ 6,66 WKH 6HFRQG
,QWHUQDWLRQDO6FLHQFH6WXG\DQGUHFHQWO\7,066WKH7KLUG,QWHUQDWLRQDO0DWKHPDWLFVDQG
6FLHQFH6WXG\7,066FROOHFWHGGDWDLQDQG7,066UHSHDWLQ7,066FRQWLQXHV
XQGHUWKHVDPHDFURQ\PZLWK7PHDQLQJ7UHQGV$QHZURXQGRIGDWDFROOHFWLRQWRRNSODFH
LQDQGWKHUHVXOWVDUHH[SHFWHGWREHSXEOLVKHGLQ'HFHPEHU
5HVXOWV IURP WKH PDQ\ ,($ VWXGLHV KDYH EHHQ XVHG H[WHQVLYHO\ E\ QDWLRQDO
JRYHUQPHQWVDVZHOODVLQWHUQDWLRQDOERGLHVOLNHWKH2(&',QHDUO\V2(&'GHFLGHGWR
LQLWLDWHWKHLURZQVWXG\DQGWRUXQWKLVWKURXJKWKHJRYHUQPHQWVRIWKHPHPEHUFRXQWULHV
7KLV VWXG\ ZDV FDOOHG 3,6$ 3URJUDPPH IRU ,QWHUQDWLRQDO 6WXGHQW $VVHVVPHQW 7KH WDUJHW

5HSRUWVIURPDOO,($VWXGLHVDUHDYDLODEOHDW,($
VKRPHSDJHDWKWWSZZZLHDQO7,0665HSRUWV
DQGQDWLRQDOOLQNVDUHIRXQGRQ7,066ZHESDJHDWKWWSWLPVVEFHGX

 
SRSXODWLRQ LV  \HDU ROG VWXGHQWV DQG WKH WHVWLQJ FRQVLVWV RI WKUHH FRPSRQHQWV FRYHULQJ
PRWKHU WRQJXH UHDGLQJ OLWHUDF\ PDWKHPDWLFV OLWHUDF\ DQG VFLHQWLILF OLWHUDF\ 7KH WHVWLQJ LV
FRQGXFWHGHYHU\WKLUG\HDUZLWKWKHIRFXVDOWHUQDWLQJEHWZHHQWKHWKUHHFRPSRQHQWV7KH
ILUVWURXQGRIGDWDFROOHFWLRQWRRNSODFHLQZLWKUHDGLQJOLWHUDF\DVIRFXV7KHVHFRQG
URXQG LQ  KDG WKH IRFXV RQ PDWKHPDWLFV DQG UHVXOWV ZLOO EH UHOHDVHG ODWH LQ  ,Q
 WKH IRFXV ZLOO EH RQ VFLHQFH 3,6$ KDV SURGXFHG D VHULHV RI EDFNJURXQG GRFXPHQWV
LQWHUQDWLRQDODVZHOODVQDWLRQDOUHSRUWV
7,066 DQG 3,6$ DUH HODERUDWH DQG ULJRURXV LQ WKHLU UHVHDUFK GHVLJQ VDPSOLQJ
UHTXLUHPHQWV VWDWLVWLFDO DQG RWKHU SURFHGXUHV $OWKRXJK WKH\ PDLQO\ DGGUHVV WKH OHDUQLQJ
RXWFRPHV WKH\ DOVR GHVFULEH D ZKROH UDQJH RI RWKHU LVVXHV UHODWHG WR VFKRROV ,QIRUPDWLRQ
IURP WKHVH VWXGLHV LV RI SULPH LPSRUWDQFH IRU WKH SROLF\ PDNHUV DW WKH QDWLRQDO DV ZHOO DV
LQWHUQDWLRQDOOHYHO
7KH XQGHUO\LQJ UDWLRQDOH DQG K\SRWKHVHV PDLQO\ HPHUJH IURP WKH QHHGV RI
LQGXVWULDOL]HG FRXQWULHV DV VHHQ E\ QDWLRQDO JRYHUQPHQWV DQG SROLF\PDNHUV +HQFH
SDUWLFLSDWLRQLVODUJHO\OLPLWHGWRFRXQWULHVZLWKZHOOGHYHORSHGHFRQRPLHVDOWKRXJKWKHUH
DUH H[FHSWLRQV 2(&' LV E\ LWV PHPEHUVKLS FRQILQHG WR UDWKHU ZHDOWK\ QDWLRQV 7KH
QXPEHURIQRQZHVWHUQSDUWLFLSDQWVLVLQFUHDVLQJLQ7,066DVZHOODV3,6$SDUWO\
WKURXJKH[WHUQDOIXQGLQJ
7KHVH VWXGLHV SURYLGH WKH JRYHUQPHQWV ZLWK YDOXDEOH LQIRUPDWLRQ DERXW WKH
SHUIRUPDQFH RI WKHLU QDWLRQDO HGXFDWLRQ V\VWHP PHDVXUHG DJDLQVW MRLQWO\ GHILQHG VWDQGDUGV
7,066DQG3,6$UHVXOWVUHFHLYHKXJHSXEOLFDWWHQWLRQLQDOOFRXQWULHVDQGWKH\DUHSUHVHQWHG
ZLWKODUJHKHDGOLQHVLQPDQ\OHDGLQJQHZVSDSHUV5HVXOWVDUHRIWHQSUHVHQWHGZLWK
ZLQQHUV

DQG
ORVHUV
DQGGHWDLOHGUDQNLQJOLVWV5HVXOWVEHFRPHNH\FRQFHUQVLQSROLWLFDOHOHFWLRQVOLNH
LQ*HUPDQ\LQ7KHFROOHFWLRQRISUHVVFRYHUDJHRI3,6$GHEDWHLQ*HUPDQ\LVDYDLODEOH
DW KWWSZZZLSQXQLNLHOGHSURMHNWHSLVD ,W KDV PRUH WKDQ  HQWULHV IURP WKH PDLQ
*HUPDQQHZVSDSHUVDQGMRXUQDOVIRUWKHWZRPRQWKVDIWHUWKHUHOHDVHRI3,6$UHVXOWV0DQ\
JRYHUQPHQWV OHJLWLPL]H HGXFDWLRQDO UHIRUPV DQG LQLWLDWLYHV E\ UHIHUHQFH WR WKH UHVXOWV ,W
VHHPV UHDVRQDEOH WR H[SHFW WKDW HGXFDWLRQDO SROLF\ ZLOO EH
3,6$GULYHQ
 LQ WKH \HDUV WR
FRPH7KHLQWHQGHGDVZHOODVWKHXQLQWHQGHGFRQVHTXHQFHVRIWKHVHVWXGLHVDUHHQRUPRXV
DQGWKH\DUHRIFRXUVHERWKORYHGDQGKDWHGE\HYHU\RQHFRQFHUQHGZLWKHGXFDWLRQ
,QWHUQDWLRQDOFRPSDULVRQVRISXSLOV
6 7DFKLHYHPHQWPD\LQFUHDVHWKHSUHVVXUHWR
FRQIRUP WR SHUFHLYHG
LQWHUQDWLRQDO
 VWDQGDUGV WKDW DUH LQ IDFW GHYHORSHG RQO\ LQ FHUWDLQ
FRXQWULHV
$OWKRXJK WKH DSSURDFKHV DQG RSHUDWLRQDO GHILQLWLRQV DUH GLIIHUHQW IRU WKH GLIIHUHQW
FRPSDUDWLYHSURMHFWVWKHIRFXVLVRQXQGHUVWDQGLQJWKHFRQWHQWVRIVFLHQFHPDLQO\FRQFHSWV
ODZVPRGHOVDQGWKHRULHV7,066WULHVWRDVVHVVDFKLHYHPHQWUHODWLYHWRWKHFXUULFXODLQHDFK
SDUWLFLSDWLQJFRXQWU\3,6$LQFRQWUDVWKDVWKHDPELWLRQWRGHILQHDQGDVVHVVPRUHJHQHUDO
FRPSHWHQFLHVWKDWDUHFRQVLGHUHGWREHLPSRUWDQWLQWKHSUHVHQWDQGIXWXUHVRFLHW\7RDQ
LQFUHDVLQJ GHJUHH VXFK VWXGLHV DOVR WU\ WR PHDVXUH WKH XQGHUVWDQGLQJ RI WKH SURFHVVHV DQG
ZD\V RI WKLQNLQJ WKDW FKDUDFWHUL]H VFLHQFH 7KH\ GR KRZHYHU RQO\ WR D OLPLWHG GHJUHH
PHDVXUHDWWLWXGLQDODVSHFWRIVWXGHQWV
UHODWLRQVKLSWR6 7


 3,6$GHWDLOVDQGUHSRUWVDUHDYDLODEOHIURPWKH3,6$VLWHDWKWWSZZZSLVDRHFGRUJ

 
 7KH PDQ\ FRPSDUDWLYH VWXGLHV RI 3XEOLF 8QGHUVWDQGLQJ RI 6 7 OLNH WKH
(XUREDURPHWHUHJ(8DQGVLPLODUVWXGLHVLQRWKHUSDUWVRIWKHZRUOGPD\KDYHWKH
VDPHQRUPDOL]LQJHIIHFW7KHWDUJHWSRSXODWLRQIRUWKHVHVWXGLHVLVWKHHQWLUHDGXOWSRSXODWLRQ
LQ WKH SDUWLFLSDWLQJ FRXQWULHV ,QGLUHFWO\ VXFK VWXGLHV VSHOO RXW ZKDW LV
RIILFLDOO\
 VHHQ WR
FRQVWLWXWH YDOXDEOH NQRZOHGJH 7KHVH SXEOLF VXUYH\V RIWHQ LQFOXGH UDWKHU VLPSOH TXHVWLRQV
VXSSRVHGWRPHDVXUH
VFLHQWLILFOLWHUDF\
,QSUDFWLFHWKLVLVGRQHWKURXJKD\HVRUQRDQVZHU
WR VLPSOH IDFWXDO VWDWHPHQWV 7KH LQWHULRU RI WKH HDUWK LV YHU\ KRW $OO UDGLRDFWLYLW\ LV
FUHDWHGE\KXPDQVHWF7KHVHVXUYH\VDOVRWU\WRPHDVXUHWRZKDWGHJUHHVRPHDVSHFWVRI
WKHSURFHVVHVRIVFLHQFHDUHZHOOXQGHUVWRRGOLNHWKHFRQFHSWRI
DIDLUWHVW
DQG
FRQWURORI
YDULDEOHV

7KHUHDUHQRH[SOLFLWLQWHQWLRQVRIVXFKLQLWLDWLYHVWRVWDQGDUGL]HFXUULFXODDQGZKDW
FRXQWV DV YDOXDEOH SXEOLF NQRZOHGJH EXW WKH\ PD\ KDYH VXFK HIIHFWV ,QGLUHFWO\ WKH\
SURYLGHQRUPVDQGLGHDOVIRURWKHUFRXQWULHV
7KH DERYH GHVFULSWLRQ LQGLFDWHV WZR H[WUHPH DSSURDFKHV WR FRPSDUDWLYH VWXGLHV
7KHVHH[WUHPHVKDYHGLIIHUHQWUHVHDUFKDJHQGDVSXUSRVHVDQGSHUVSHFWLYHV2QWKHRQHKDQG
VWXGLHV PRWLYDWHG E\ D FRQFHUQ DERXW QDWLRQDO TXDOLW\ LQ LQWHUQDWLRQDO SHUVSHFWLYHV DQG
IDFWRUV WKDW FDQ H[SODLQ WKH REVHUYHG GLIIHUHQFHV 2Q WKH RWKHU KDQG ZH KDYH WKH FURVV
FXOWXUDOLGHRORJLFDODQGSROLWLFDOFULWLTXHRIVFLHQFHHGXFDWLRQDQGFXUULFXODUSULRULWLHV+HUH
WKHFRQFHUQLVDERXWWKHUROHIXQFWLRQDQGUHOHYDQFHRIVFKRROLQJDQGWKHSRVVLEOHELDVHVRI
FXUULFXODDQGWHDFKLQJ
%RWK FRQFHUQV DUH HTXDOO\ LPSRUWDQW EXW WKH ODWWHU LV RIWHQ QRW WKH LPPHGLDWH
FRQFHUQ RI PLQLVWULHV RI HGXFDWLRQ 3XEOLFDWLRQV LQ WKLV ODWWHU FDWHJRU\ DUH RIWHQ RI D
SKLORVRSKLFDODQGLGHRORJLFDOQDWXUHZKLOHWKHHPSLULFDOXQGHUSLQQLQJRIDUJXPHQWVLVRIWHQ
ZHDN
$Q LQWHQWLRQ RI WKH 526(VWXG\ LV WR EULGJH WKLV JDS EHWZHHQ WKH WZR VRUWV RI
FRPSDUDWLYH VWXGLHV :H ZDQW WR FRQWULEXWH WR WKH GHEDWH DERXW FXUULFXOXP SULRULWLHV E\
SURYLGLQJ HPSLULFDO HYLGHQFH RQ GLPHQVLRQV GLIIHUHQW IURP WKRVH PHDVXUHG E\ 7,066 DQG
3,6$ 7KH LQWHQWLRQ LV QRW WR FRPSHWH ZLWK WKH VWXGLHV EXW WR SURYLGH DQ DGGLWLRQDO DQG
GLIIHUHQWYRLFH7KH526(SURMHFWJURXSFRQVLVWVRISHRSOHZLWKH[SHULHQFHDQGVFKRODUVKLS
LQWKHWZRWUDGLWLRQVPHQWLRQHGDERYHWKHSV\FKRPHWULFDVZHOODVLQWKHFULWLFDOVRFLRORJLFDO
DQG SKLORVRSKLFDO WUDGLWLRQ :H DOVR EHQHILW IURP FRRSHUDWLRQ DQG GLVFXVVLRQV ZLWK WKH
1RUZHJLDQ7,066DQG3,6$WHDPVZKRDUHLQWKHVDPHXQLYHUVLW\GHSDUWPHQW

 6FLHQFH8QLYHUVDOREMHFWLYHDQGFXOWXUHIUHH"

8QGHUO\LQJ PDQ\ GHEDWHV RQ WKH 6 7 FXUULFXOXP DUH TXHVWLRQV OLNH ,V VFLHQFH XQLYHUVDO
REMHFWLYHDQGFXOWXUHIUHH",IQRWKRZGHHSDQGLQZKDWZD\VLVVFLHQFHLPSUHJQDWHGE\RU
LPEHGGHG LQ WKH FXOWXUDO FRQWH[W EH LW LQ WHUPV RI ODQJXDJH DQG FXOWXUH UHOLJLRXV EHOLHIV
JHQGHU VRFLDO FODVV HFRQRPLFDO V\VWHP HWF" 6LPLODU TXHVWLRQV PD\ EH UDLVHG DERXW WKH
QDWXUHDQGFKDUDFWHURIWHFKQRORJ\
6XFK TXHVWLRQV KDYH VHYHUDO GLPHQVLRQV DQG WKH\ GUDZ RQ PDQ\ DFDGHPLF
GLVFLSOLQHV 7KH\ DUH RI JUHDW FRQFHUQ IRU SKLORVRSKHUV DQG VRFLRORJLVWV RI VFLHQFH IRU
HGXFDWRUVDQGSROLWLFLDQVDQGRIFRXUVHIRUWHDFKHUVDQGOHDUQHUVRIVFLHQFH,WLVIDUEH\RQG
WKHVFRSHIRUWKLVSXEOLFDWLRQDQGLQGHHGIRU526(DVDSURMHFWWRJRLQDQ\GHWDLORQVXFK

 )RUDFRPSUHKHQVLYHRYHUYLHZRIVXFKVWXGLHVVHH16%E

 
LVVXHV ZKHUH WKHUH DUH WKRXVDQGV RI ERRNV DQG VFKRODUV DQG D ZLGH UDQJH RI SRVLWLRQV:H
ZLOODOVRDUJXHWKDWZHGRQRWQHHGWRWDNHDFRPPRQDQGILUPVWDQFHRQWKHVHSKLORVRSKLFDO
LVVXHV:HGRKRZHYHUUHMHFWWKHSRVLWLRQRIVFLHQFHDVFXOWXUHIUHHREMHFWLYHDQGQHXWUDO
7KLVYHUVLRQRISRVLWLYLVPLVKRZHYHUDVWDQFHWKDWPRVWVFKRODUVLQWKHILHOGWRGD\UHMHFWVR
LW LV KDUGO\ D FRQWURYHUVLDO 6XFK D VWDQFH GRHV KRZHYHU VXUYLYH LQ PDQ\ WH[WERRNV DQG
FXUULFXOD
:KDW DUH WKH SRVVLEOH HGXFDWLRQDO LPSOLFDWLRQV RI WKHVH IXQGDPHQWDO TXHVWLRQV IRU
WKH WHDFKLQJ RI 6 7 LQ VFKRROV" 2QH PD\ HQYLVDJH D VSHFWUXP RI HGXFDWLRQDO SRVLWLRQV RQ
WKHVHLVVXHV$WRQHH[WUHPHLVWKHSRVLWLRQWKDWFRQVLGHUV6 7DVXQSUREOHPDWLFDQGWDNHQ
IRU JUDQWHG DQG KHQFH WR WHDFK DFFRUGLQJ WR ZKDW LV SHUFHLYHG WR EH FRPPRQ XQLYHUVDO
WUXWKVDQGODZV7KLVVROXWLRQLVWRVRPHH[WHQWQRWYHU\GLIIHUHQWWRWKHSUHYDLOLQJVLWXDWLRQ
LQ PDQ\ FRXQWULHV 6FLHQFH FXUULFXOD DQG WH[WERRNV IURP GLIIHUHQW FRXQWULHV KDYH VWULNLQJ
VLPLODULWLHV&RQWHQWVVWUXFWXUHH[DPSOHVLOOXVWUDWLRQVHWFJLYHWKHLPSUHVVLRQVWKDWVFLHQFH
DVZHOODVLWVDSSOLFDWLRQVLVXQLYHUVDODQGLQGHSHQGHQWRIFXOWXUHRUVRFLDOFRQWH[W6RPHVHH
WKLVVLPLODULW\RIVFLHQFHFXUULFXODDVHYLGHQFHRIWKHXQLYHUVDOLW\DQGFXOWXUHLQGHSHQGHQFH
RIVFLHQFHRWKHUVLQWHUSUHWWKLVVLWXDWLRQDVDQH[DPSOHRIXQMXVWH[SRUWRIWKHFXOWXUHYDOXHV
DQGSULRULWLHVRIFHUWDLQVRFLHWLHVDWWKHH[SHQVHRIRWKHUV&ULWLFVFRQVLGHUWKHKRPRJHQHLW\
RI WKH 6 7 FXUULFXOXP DV HYLGHQFH WKDW D SDUWLFXODU DQG GRPLQDWLQJ ZRUOGYLHZ LV EHLQJ
LPSRVHGRQRWKHUFRXQWULHV
7KH RWKHU H[WUHPH SRVLWLRQ LV D UHMHFWLRQ RI FRPPRQ LQWHUQDWLRQDO VWDQGDUGV LQ
IDYRXURIGHILQLQJQDWLRQDOORFDORUHYHQSHUVRQDOJRDOVDQGFRQWHQWVEDVHGRQLQGLJHQRXV
NQRZOHGJH V\VWHPV $OWKRXJK RQO\ IHZ VXFK H[DPSOHV RI FXUULFXOD DUH DFWXDOO\ GHYHORSHG
DQGLPSOHPHQWHGWKLVSRVLWLRQLVRIWHQLQDVRPHZKDWZHDNHUIRUPDUJXHGE\VRPHVFLHQFH
HGXFDWRUV
7KH WZR DERYH SRVLWLRQV DUH PHDQW WR EH DQDO\WLFDO H[WUHPHV RQ D VSHFWUXP RI
SRVVLELOLWLHV DQG VHYHUDO PLGGOH SRVLWLRQV DUH SRVVLEOH 2QH PD\ WR D YDU\LQJ GHJUHH WDNH
LQWR DFFRXQWORFDO NQRZOHGJH DQG EHOLHIVLQ D SDUWLFXODU6 7FXUULFXOXPEXWVWLOOGHIHQGD
PRUH RU OHVV REMHFWLYLVW DQG SKLORVRSKLFDOO\ UHDOLVW VWDQFH UHJDUGLQJ WKH QDWXUH RI VFLHQWLILF
NQRZOHGJH
7KH 526( SURMHFW EULQJV WRJHWKHU SHRSOH ZKR KROG GLIIHUHQW SRVLWLRQV RQ WKHVH
LVVXHV 7KH SURMHFW FDQ FHUWDLQO\ QRW H[SHFW WR UHDFK FRQVHQVXV RQ VXFK LVVXHV 7KH SURMHFW
PD\KRZHYHUHQDEOHXVWRVSHOORXWPRUHFOHDUO\VRPHDUJXPHQWVIRUGLIIHUHQWSRVLWLRQV,W
PD\DOVRPDNHXVDEOHWRVXJJHVWZKDWNLQGRIHPSLULFDOGDWDRQHZRXOGQHHGWRIXUWKHUWKH
GLVFXVVLRQVDQGWRDUJXHIRUGLIIHUHQWHGXFDWLRQDOFRQVHTXHQFHV

 7KHSULPDF\RIWKHDIIHFWLYH

0XFKRIWKHDFWXDOFRQWHQWVRI6 7LQVFKRROVDUHVRRQIRUJRWWHQE\WKHVWXGHQWV%XWLWLV
OLNHO\ WKDW WKH DWWLWXGLQDO RXWFRPHV KDYH D PRUH ODVWLQJ HIIHFW 6WXGHQWV ZKR GHYHORS DQ
LQWHUHVWIRUVFLHQFHDWVFKRRODUHOLNHO\WRSXUVXHVXFKLQWHUHVWVODWHULQOLIH$QGSXSLOVZKR
OHDUQWRKDWHVFLHQFHDQGPDWKHPDWLFVDWVFKRRODUHOLNHO\WRDYRLGPDWKHPDWLFVDQGVFLHQFH
DQGWRUHWDLQWKLVIHHOLQJDOOWKURXJKWKHLUOLIH
$IIHFWLYH IDFWRUV PHDQ D ORW IRU KRZ VWXGHQWV FKRRVH WKHLU IXWXUH $WWLWXGHV DQG
LQWHUHVWVDUHLPSRUWDQWGHWHUPLQDQWVIRUWKHFKRLFHRIVFKRROVXEMHFWVDQGIRUWKHUHFUXLWPHQW
WR 6 7 VWXGLHV DQG FDUHHUV %XW ZH ILQG LW HYHQ PRUH LPSRUWDQW WR VWUHVV QRW RQO\ WKLV

 

LQVWUXPHQWDO
VLGHRIWKHLVVXH7KHDIIHFWLYHGLPHQVLRQRIVFKRROLQJOHDUQLQJDQGJURZLQJ
XSLVQRWMXVWDPHDQVWRDQHQGLWLVDQLPSRUWDQWDLPLQLWVHOI
7KHPDQ\VWXGHQWVDQGWHDFKHUVZKRVSHQGDFRQVLGHUDEOHSDUWRIWKHLUHYHU\GD\
OLIHDWVFKRROVZRXOGQDWXUDOO\DUJXHWKDWVFKRRO LVOLIHDQGQRWPHUHO\DSUHSDUDWLRQIRULW
6FKRROVDWLVIDFWLRQLVWKHUHE\FORVHO\FRQQHFWHGWRTXDOLW\RIOLIHDQGHYHU\GD\SOHDVXUHDQG
MR\LVLQLWVHOIRQHSXUSRVHRIVFKRROLQJ7HDFKHUV
MREVDWLVIDFWLRQLVVWURQJO\LQIOXHQFHGE\
KRZSRVLWLYHUHVSRQVHWKHVWXGHQWVJLYHWRWKHLUZRUNDQGWHDFKHUVHYDOXDWHWKHLUVXFFHVVRI
WKHLUWHDFKLQJSDUWO\LQWHUPVRIZKHWKHUWKH\ZHUHDEOHWRHQJDJHWKHVWXGHQWV5DPVGHQ
$FFRUGLQJWR5DPVGHQLELGPDQ\WHDFKHUVFRQVLGHUVWXGHQWV
DWWLWXGHVDQGLQWHUHVWV
DQG KRZ WR PDNH WKH VWXGHQWV IHHO PRUH SRVLWLYH DERXW WKHLU VFLHQFH OHVVRQV DV WKH PRVW
SUHVVLQJDUHDRIUHVHDUFKLQVFLHQFHHGXFDWLRQ7HDFKHUVFDQZKHQSODQQLQJWKHLUWHDFKLQJLQ
ZD\V WKDW PRWLYDWH WKH VWXGHQWV PDNH GLUHFW XVH RI NQRZOHGJH DERXW WKHLU LQWHUHVWV DQG
FRQFHUQV
,I ZH ORRN DW WKH DLPV DQG REMHFWLYHV DV WKH\ DUH IRUPXODWHG LQ FXUULFXOD LQ PRVW
FRXQWULHV ZH RIWHQ ILQG WKDW WKH\ VWUHVV DWWLWXGLQDO DVSHFWV LQ WKH JHQHUDO DV ZHOO DV LQ WKH
6 7 SDUW ,W LV DQ DLP RI VFKRROLQJ WR VWLPXODWH WKH LQWHUHVW LQ VXEMHFWPDWWHU WR LQVWDOO D
ODVWLQJHDJHUDQGFXULRVLW\WROHDUQPRUH/LIHORQJOHDUQLQJLVRQO\SRVVLEOHLIVFKRROVKDYH
PDQDJHG WR VWLPXODWH ODVWLQJ LQWHUHVWV DQG SRVLWLYH DWWLWXGHV WR OHDUQLQJ ,QYHVWLQJ LQ
DWWLWXGHVLVLQYHVWLQJLQWKHIXWXUH
$WWLWXGHV WR 6 7 DUH DOVR RIWHQ VWDWHG DV OHDUQLQJ RXWFRPHV LQ WKHPVHOYHV 7KLV
DVSHFW LV RIWHQ WULYLDOL]HG WR PHDQ
SRVLWLYH
 DWWLWXGHV ZKLFK RIWHQ LV WDNHQ WR PHDQ

DFFHSWLQJ
DWWLWXGHV:HGRQRWWKLQNWKDWWKHDLPRI6 7HGXFDWLRQLVWRGHYHORS
SRVLWLYH

DWWLWXGHVLQWKLVQDUURZPHDQLQJ:HUDWKHUWKLQNWKDWVWXGHQWVVKRXOGGHYHORSDQDWWLWXGH
RIFULWLFDOUHIOHFWLRQDJDLQVW6 7LVVXHV7KLVPD\PHDQWKDWWKH\HPEUDFHDQGVXSSRUWVRPH
VRUWV RI VFLHQFH DQG VRPH VRUWV RI WHFKQRORJ\ DQG RSSRVH DQG GLVFRXUDJH RWKHU +HQFH LW
PD\EHLPSRVVLEOHWRXVHDWHUPRUDFRQVWUXFWOLNHSRVLWLYHDWWLWXGHWR6 7LQJHQHUDO
6FLHQWLILF DWWLWXGHV DUH DOVR FRQVLGHUHG LPSRUWDQW RXWFRPHV IURP 6 7 LQ VFKRROV
7KLVLVKRZHYHU QRWWKHVDPHDVDWWLWXGHVWRVFLHQFH6FLHQWLILFDWWLWXGHVLPSO\FHUWDLQZD\V
RI WKLQNLQJ DQG FHUWDLQ ZD\V DSSURDFKLQJ SUREOHPV 7KHUH LV D ORQJ GHEDWH DERXW ZKDW
FRQVWLWXWHVVFLHQWLILFPHWKRGVRUZLGHU7KH1DWXUHRI6FLHQFHEXWNH\HOHPHQWVZRXOGDW
OHDVWEHUHVSHFWIRUHYLGHQFHIRUYDOLGUHDVRQLQJHWF,WDOVRLPSOLHVDQDWWLWXGHRIZDQWLQJWR
ILQG H[SODQDWLRQV WKDW DUH VHFXODU DQG GR QRW UHIHU WR DXWKRULW\ ,W VKRXOG DOVR LQFOXGH DQ
HOHPHQW RI KXPLOLW\ DQG RSHQQHVV WR DFFHSW WKDW RQH PD\ EH ZURQJ DQG WKDW FXUUHQW
H[SODQDWLRQVPD\QHHGWREHUHYLVHG6XFKDWWLWXGHVRUKDELWVRIPLQGDUHFHQWUDOZKHQVRPH
SHRSOHDQGSURMHFWVXVHWKHWHUP
VFLHQWLILFFXOWXUH

$QRWKHULPSRUWDQWDIIHFWLYHGLPHQVLRQLVDQ DSSUHFLDWLRQRI1DWXUHLQLWVHOIDQGRI
6 7 DV KXPDQ FRQVWUXFWV RU DFKLHYHPHQWV (YHQ SHUVRQV ZKR FKRRVH QRW WR EHFRPH
VFLHQWLVWV RU HQJLQHHUV VKRXOG EH JLYHQ WKH SRVVLELOLW\ WR YDOXH 1DWXUH DQG WKH NQRZOHGJH
DERXWLWDQGWRDSSUHFLDWHKRZKXPDQVKDYHFRQVWUXFWHGWKHLUNQRZOHGJHDERXWLWVZRUNLQJ
 DQG KRZ WKH\ KDYH PDQDJHG WR FRSH ZLWK WKHLU FKDOOHQJHV WR FUHDWH EHWWHU OLYLQJ
FRQGLWLRQV7KHIXWXUHQRQVFLHQFHYRWHUVVKRXOGEHJLYHQDQHPRWLRQDODVZHOODVFRJQLWLYH
H[SHULHQFH WKDW HQDEOHV WKHP WR SXW YDOXH RQ 6 7 IRU LWV FXOWXUDO DV ZHOO DV PDWHULDO
LPSRUWDQFH7KLVLVLPSRUWDQWIRUSHRSOHDQGLWLVDJRRG
LQYHVWPHQW
IRUVFLHQFH
$QRWKHUDIIHFWLYHGLPHQVLRQLVUHODWHGWRDIHHOLQJRI HPSRZHUPHQW,WLVLPSRUWDQW
WKDW 6 7 HGXFDWLRQ DQG VFKRROLQJ LQ JHQHUDO KHOSV WR GHYHORS D IHHOLQJ WKDW RQH PD\
LQIOXHQFH WKH GHYHORSPHQW RQ WKH SHUVRQDO DV ZHOO DV RQ D ZLGHU ORFDO QDWLRQDO DQG HYHQ

 
JOREDOOHYHO2QO\E\KDYLQJVXFKDWWLWXGHVFDQSHRSOHFKDQJHWKHLURZQOLIHDQGWKHOLIHRI
RWKHUV$QGRQO\LIWKH\EHOLHYHWKDWWKH\LQGLYLGXDOO\DQGDVJURXSVFDQPDNHDGLIIHUHQFH
ZLOOWKH\EHFRPHDFWLYHSDUWLFLSDQWVLQVRFLHW\DQGFKDQJHWKHZRUOGWRWKHEHWWHU
7KHVH DIIHFWLYH DVSHFWV GR SOD\ DQ LPSRUWDQW UROH DV DLPV LQ PDQ\ 6 7 FXUULFXOD
ZRUOGZLGH%XWLWVHHPVWREHUDWKHUXQLYHUVDOWKDWWKLVLVIRUJRWWHQZKHQLWFRPHVWRH[DPV
DVVHVVPHQWDQGJUDGLQJ0RVWH[DPVLQ6 7DQGRWKHUVFKRROVXEMHFWVSXWWKHHPSKDVLVRQ
WHVWLQJWKHJUDVSRIWKHIDFWXDORUFRJQLWLYHFRQWHQWVWKHFRQFHSWVODZVDQGWKHRULHV7KLVLV
DOVR WKH FDVH ZLWK WKH ODUJHVFDOH FRPSDUDWLYH VWXGLHV 7,066 DQG 3,6$ 2XU SRLQW LV WKDW
DWWLWXGHV VKRXOG EH PRUH LQ IRFXV IRU RXU FRQFHUQ DERXW WKH GLIIHUHQW VFKRRO VXEMHFWV 
LQFOXGLQJ 6 7 7KH\ DUH KRZHYHU PRUH GLIILFXOW WR GHILQH RSHUDWLRQDOL]H DQG PHDVXUH
7KH\DUHHYHQPRUHGLIILFXOWWRUDQNDQGJUDGHLQ
TXDOLW\
ZKLFKRIWHQLVWKHPDLQSXUSRVH
RIDQH[DP
:HKRSHWKDW526(FDQDVVLVWLQGHVFULELQJDIHZRIWKHPDQ\DIIHFWLYHGLPHQVLRQV
LQ6 7LQDZD\WKDWFDQVWLPXODWHGHEDWHDQGUHIOHFWLRQ

 526(7KH5HOHYDQFHRI6FLHQFH(GXFDWLRQ
,QWKHDERYHSDUWRIWKLVFKDSWHUZHKDYHHODERUDWHGRQVRPHRIRXUDQGRWKHUV
LGHRORJLFDO
DQGSROLWLFDOWKLQNLQJDERXWVFLHQFHVRFLHW\VFKRROLQJDQGUHVHDUFKLQVFLHQFHHGXFDWLRQ$OO
WKHVH PDWWHUV FDQ REYLRXVO\ QRW EH GLUHFWO\ PHDVXUHG LQ D TXHVWLRQQDLUH DQG FDQ
FRQVHTXHQWO\ QRW H[SODLQ ZKDW WKH 526( TXHVWLRQQDLUH LV DLPLQJ DW DGGUHVVLQJ :H KDYH
UDWKHU RXWOLQHG VRPH RI RXU LQLWLDO WKLQNLQJ DQG FRQFHUQV SULRU WR WKH IRXQGDWLRQ RI WKH
SURMHFW,QWKHIROORZLQJZHZLOOWU\WRDSSURDFKPRUHFRQFUHWHO\WKHXQGHUO\LQJLGHDVRIWKH
SURMHFWDQGWKHTXHVWLRQQDLUH

 5HOHYDQFHDVDNH\ZRUG

7KHZRUG UHOHYDQFHLVFKRVHQLQWKHSURMHFWWLWOHRI526(7KHREYLRXVIROORZXSTXHVWLRQV
DUHWKHQ 5HOHYDQWIRUZKRP"5HOHYDQWIRUZKDW"5HOHYDQWIRUVWXGHQWVZKRDUHDLPLQJIRU
6 7 VWXGLHV DQG FDUHHUV" 5HOHYDQW IRU VWXGHQW FDUHHUV LQ JHQHUDO" 5HOHYDQW IRU SURPRWLQJ
HFRQRPLFDO JURZWK" 5HOHYDQW IRU TXDOLILHG FLWL]HQVKLS" 5HOHYDQW IRU KLJK 7,0663,6$ WHVW
VFRUHV" 5HOHYDQW IRU PRUH HQMR\DEOH VFLHQFH OHVVRQV DQG HYHU\GD\ OLIH LQ VFKRROV" 5HOHYDQW
IRU VXVWDLQDEOH GHYHORSPHQW" 5HOHYDQW IRU KDQGOLQJ HYHU\GD\ WDVNV" 5HOHYDQW IRU FUHDWLQJ
FRQFHUQHGHPSRZHUHGDQGDXWRQRPRXVLQGLYLGXDOV"
:HDUHIXOO\DZDUHWKDWRXUXVHRIWKHWHUPUHOHYDQFHVLPSO\EHJVIRUDGHILQLWLRQRU
DW OHDVW VRPH VRUW RI FODULILFDWLRQ 2XU PDLQ SHUVSHFWLYH LV UHOHYDQW IURP WKH DQJOH RI WKH
OHDUQHUVZKDWWKH\RXQJSHRSOHWKHPVHOYHVH[SUHVVDVWKHLUFRQFHUQV6WXGHQWVRIWHQEODPH
VFKRRO VFLHQFH WR SOD\ D VPDOO UROH LQ WKHLU HYHU\GD\ OLYHV $V ZH DOO NQRZ \RXWK DUH QRW
PLQLDWXUHVFLHQWLVWVZLWKDQXUJHDQGGHVLUHIRUUHYHDOLQJWKHKLGGHQODZVRI1DWXUH7KHLU
GHVLUHV DUH QDWXUDOO\ GLUHFWHG WRZDUGV WKHPVHOYHV  WKHLU RZQ LQWHUHVWV WKHLU ZRUULHV DQG
WKHLUOLYHVDVZHOODVVRPHIDFHWVRIWKHVRFLHW\DQGWKHHQYLURQPHQWVXUURXQGLQJWKHP:H
DUHDLPLQJDWDFKLHYLQJDEHWWHUXQGHUVWDQGLQJRIDVHULHVRIDVSHFWVWKDWDUHUHODWHGWR\RXQJ
SHRSOH
V UHODWLRQVKLS ZLWK DQG HPRWLRQV WRZDUGV 6 7 WKHLU LQWHUHVWV SHUFHSWLRQV
H[SHULHQFHVDWWLWXGHVSODQVDQGSULRULWLHV
:H DUJXH WKDW WKH RQO\ ZD\ WR VXFFHVVIXO VFLHQFH WHDFKLQJ JRHV WKURXJK NQRZLQJ
VRPHWKLQJDERXWWKHYLHZVDQGSHUFHSWLRQVRIWKHOHDUQHUV2QO\E\WDNLQJGHSDUWXUHLQWKHLU

 
YLHZ FDQ VFLHQFH HGXFDWLRQ UHFUXLW PRUH VFLHQWLVWV IRVWHU TXDOLILHG FLWL]HQVKLS RU SURPRWH
VXVWDLQDEOH GHYHORSPHQW 2QO\ E\ PHHWLQJ WKH OHDUQHUV DW WKHLU SUHPLVHV FDQ VFLHQFH
WHDFKLQJ FRQWULEXWH LQ GHYHORSLQJ \RXQJ SHRSOH LQWR FRQFHUQHG HPSRZHUHG DQG
DXWRQRPRXVLQGLYLGXDOV
2XU XVH RI WKH WHUP
UHOHYDQFH
 LV DFWXDOO\ PRUH DQ XPEUHOOD WHUP IRU D ZLGH
VSHFWUXP RI IDFWRUV WKDW EURDGO\ VSHDNLQJ EHORQJ WR WKH DIIHFWLYH GRPDLQ ,Q PRVW KLJKO\
GHYHORSHG FRXQWULHV \RXQJ SHRSOH DUH OHVV WKDQ EHIRUH ZLOOLQJ WR HQJDJH LQ OHDUQLQJ WKDW
WKH\GRQRWIHHOLVPRWLYDWLQJPHDQLQJIXODQGUHOHYDQW,QDVLWXDWLRQOLNHWKLVLWEHFRPHV
LPSRUWDQWWRJHWWRNQRZWKHSHUVSHFWLYHVRIWKHOHDUQHUV:KDWGRWKH\OLNHZKDWGRWKH\
GLVOLNH" :KDW DUH WKHLU KRSHV DQG YDOXHV DQG ZKDW DUH WKHLU IHDUV" :KDW NLQG RI IXWXUH
ZRXOGWKH\OLNHWRVWULYHIRU"
6XFK TXHVWLRQV IDOO RXWVLGH WKH XVXDO GRPDLQ RI UHVHDUFK LQ 6 7 HGXFDWLRQ ZKLFK
PDLQO\LVFRQFHUQHGZLWKFRQFHSWXDOXQGHUVWDQGLQJRIWKHVXEMHFWPDWWHU7KHHPRWLRQDORU
DIIHFWLYH GLPHQVLRQ RI 6 7 HGXFDWLRQ LV PXFK OHVV IRFXVHG LQ 6 7 HGXFDWLRQ UHVHDUFK 
DOWKRXJKLWFHUWDLQO\GRHVH[LVWDQGZHZLOOGUDZRQWKLVLQWKH526(SURMHFW:HFDQDOVR
JHWLQVSLUDWLRQDQGLQVLJKWLQWRWKHVHDVSHFWVIURPFXUUHQWUHVHDUFKLQDUHDVRIVRFLRORJ\DQG
\RXWK UHVHDUFK :H ZLOO UHWXUQ WR WKLV LVVXH DQG HODERUDWH D OLWWOH RQ LW ODWHU LQ WKLV
SXEOLFDWLRQ
%\JHWWLQJWRNQRZPRUHDERXWZKDWVWXGHQWVWKLQNDQGIHHODERXW6 7ZHPD\EH
LQ D EHWWHU SRVLWLRQ WR WKLQN FULWLFDOO\ DQG FRQVWUXFWLYHO\ DERXW DOWHUQDWLYHV DQG
LPSURYHPHQWV 7KH WHUP UHOHYDQFH LV FKRVHQ WR LQGLFDWH WKHVH GLPHQVLRQV :H FRXOG KDYH
FKRVHQ RWKHU ZRUGV OLNH PHDQLQJIXO PRWLYDWLQJ LQWHUHVWLQJ HQJDJLQJ LPSRUWDQW HWF
5HOHYDQFHVKRXOGWKHUHIRUHQRWEHLQWHUSUHWHGLQDQDUURZRUSUHFLVHVHQVHDQGZHZLOOQRW
WU\ WR SURYLGH DQ\ RSHUDWLRQDO GHILQLWLRQ RI WKH WHUP ,W VKRXOG UDWKHU EH XQGHUVWRRG DV DQ
LQGLFDWLRQ RI DQ LPSRUWDQW GLPHQVLRQ WKDW XQGHUOLHV WKH SURMHFW %HVLGHV ZH IRXQG WKDW
526( ZDV D QLFH DQG VXLWDEOH DFURQ\P DQG WKDW LW RSHQV IRU PHWDSKRUV DQDORJLHV DQG
PHQWDOLPDJHV:HGLGQRWILQGDSODFHIRU7IRU7HFKQRORJ\LQWKHDFURQ\PEXWZHGRQRW
OLPLWRXUVHOYHVWRDQDUURZGHILQLWLRQRIVFLHQFH

 3UHYLRXVUHVHDUFKRQ6 7UHODWHGDWWLWXGHVDQGLQWHUHVW

$FFRUGLQJWR*DEOHDQG:ROIDUH LQWHUHVWVUHIOHFWLQJSUHIHUHQFHVIRUSDUWLFXODUZRUN

DFWLYLWLHVZKLOH DWWLWXGHVDUHIHHOLQJVWRZDUGVVRPHREMHFW$OWKRXJKSV\FKRORJLVWVKDYHSXW
PXFK HIIRUW LQ LGHQWLI\LQJ DQG GHILQLQJ WKHVH WZR LQWHUUHODWHG FRQVWUXFWV WKH ERXQGDU\
EHWZHHQ WKH FRQFHSWV LV VWLOO EOXUU\ DV QHLWKHU RI WKH WZR FRQVWUXFWV DUH XQLGLPHQVLRQDO
*DUGQHU  5DPVGHQ  ,Q WKH IROORZLQJ ZH ZLOO QRW PDNH D FOHDU GLVWLQFWLRQ
EHWZHHQLQWHUHVWVDQGDWWLWXGHV&ODULI\LQJWKHPHDQLQJRIWKHQXPHURXVWHUPVLQWKHZKROH
FRPSOH[ DQG LQWHUFRQQHFWHG ILHOG RI FXULRVLW\ LQWHUHVWV LQWULQVLFH[WULQVLF PRWLYDWLRQ
DWWLWXGHVYLHZVHWFLVDOVRVHHQEH\RQGWKHVFRSHRIWKLVSXEOLFDWLRQ
$OWKRXJK WKH PDLQ IRFXV RI UHVHDUFK LQ 6 7 HGXFDWLRQ KDV EHHQ RQ FRQFHSWXDO
XQGHUVWDQGLQJ WKHUH KDV DOZD\V EHHQ UHVHDUFK LQWR WKH DWWLWXGLQDO IDFWRUV UHODWLQJ WR 6 7
5HYLHZV RI WKH UHVHDUFK LQ WKLV ILHOG KDYH EHHQ SXEOLVKHG *DUGQHU  2UPHURG 
'XFNZRUWK2VERUQH6LPRQ &ROOLQV6FKLEHFL6LPSVRQ.REDOOD2OLYHU
 &UDZOH\  7KH *HUPDQ ,QVWLWXWH IRU 6FLHQFH (GXFDWLRQ ,31 DUUDQJHG DQ
LQWHUQDWLRQDO FRQIHUHQFH RQ ,QWHUHVW LQ 6FLHQFH DQG 7HFKQRORJ\ (GXFDWLRQ LQ  7KH
SURFHHGLQJV FRQWDLQ D UHYLHZ RI VWXGLHV RQ HPSLULFDO DV ZHOO DV WKHRUHWLFDO DQG

 
PHWKRGRORJLFDOLVVXHVUHODWHGWRWKHPHDVXUHPHQWRIDWWLWXGLQDOIDFWRUV/HKUNH+RIIPDQQ 
*DUGQHU7KLVFRQIHUHQFHRQLQWHUHVWLQVFLHQFHZDVIROORZHGE\DVHFRQGZKHUHWKH
IRFXV ZDV RQ JHQGHU LVVXHV +RIIPDQQ .UDSS 5HQQLQJHU  %DXPHUW  ,Q SDUDOOHO WR
WKHVH LQWHUQDWLRQDO HYHQWV ,31 KDV DOVR KDG D VHULHV RI UHVHDUFK SURMHFWV RQ WKH LQWHUHVW LQ
YDULRXVDVSHFWVRIWKHGLIIHUHQWVFLHQFHVXQGHUWKHXPEUHOODRI,31±,QWHUHVVHVWXGLHQ7KHVH
VWXGLHVDUHFRQILQHGWR*HUPDQVWXGHQWVDQGPRVWRIWKHUHSRUWVDUHSXEOLVKHGLQ*HUPDQ
'XLW  0D\HU  6LHYHUV  ,31 KDV VSHFLDOLVWV LQ WKH QDWXUDO VFLHQFHV LQ
SV\FKRORJ\ DV ZHOO DV LQ SV\FKRPHWULFV DQG WKH DERYHPHQWLRQHGVWXGLHVGHYHORSDOOWKHVH
VLGHVRIWKHLVVXHDWVRPHGHWDLO
7R DQ LQFUHDVLQJ GHJUHH SXEOLF VXUYH\V DOVR LQFOXGH DWWLWXGHV DQG YDOXHV UHODWHG WR
VFLHQFHDQGWHFKQRORJ\,WLVVHHQWRLPSRUWDQWWRXQGHUVWDQGWKHDWWLWXGHVWKDWSHRSOHKDYH
WR FHUWDLQ DVSHFWV RI 6 7 WR ZKDW GHJUHH WKH\ DUH SRVLWLYH WR SXEOLF VSHQGLQJ RQ 6 7
ZKHWKHU RU QRW WKH\ WKLQN 6 7 VKRXOG EH EHWWHU UHJXODWHG ZKHWKHU WKH\ WUXVW VFLHQWLVWV
ZKDWDWWLWXGHVWKH\KDYHWRPRGHUQELRWHFKQRORJ\HWF
6WXGHQWV
 GLVVDWLVIDFWLRQ ZLWK VFLHQFH LV QRW D QHZ RFFXUUHQFH 5DPVGHQ 
VXPPDUL]HGVRPHPDMRUUHYLHZSDSHUVFRYHULQJUHVHDUFKILQGLQJVIURPODWHVDQGXSWR
HDUO\VDQGFRQFOXGHGWKDWWKHUHLVOLWWOHGRXEWWKDW\RXQJSHRSOHV
DWWLWXGHVWRVFLHQFH
KDYH LQ JHQHUDO EHHQ XQIDYRXUDEOH WKURXJK VHYHUDO GHFDGHV 7KH UHFHQW ZRUN RI 2VERUQH
6LPRQ DQG &ROOLQV  FRQILUPV WKDW WKLV GLVHQFKDQWPHQW KDV HQGXUHG DOVR WKURXJK WKH
ODVW WZR GHFDGHV 3DUDJUDSK  JLYHV D IXUWKHU UHYLHZ RI WKH OLWHUDWXUH RQ LQWHUHVW LQ
VFLHQFHDQGWHFKQRORJ\

 %XLOGLQJRQWKH6$6VWXG\

7KH526(SURMHFWLVDIXUWKHUGHYHORSPHQWRIWKHSURMHFW6$66FLHQFHDQG6FLHQWLVWV7KH
6$6VWXG\LQYROYHGUHVHDUFKHUVIURPFRXQWULHV6RPHVWXGHQWVDWWKHDJHRI
DQVZHUHG D TXHVWLRQQDLUH GHYHORSHG E\ 6YHLQ 6M¡EHUJ LQ FRRSHUDWLRQ ZLWK -DQH 0XOHPZD
IURP8JDQGDDQG-D\VKUHH0HKWDIURP,QGLD7KH6$6WHDPHODERUDWHGRQUHVHDUFKWKDWKDG
EHHQGRQHEHIRUHVHHHJ6M¡EHUJDQG,PVHQ
7KH6$6VWXG\VWDUWHGZLWKDFXULRVLW\DERXWFKLOGUHQ
VLQWHUHVWVLQVFLHQFHDQGWKHLU
DWWLWXGHVWRVFLHQFHDQGVFLHQWLVWV7KHSURMHFWZDVPHWZLWKJUHDWLQWHUHVWIURPUHVHDUFKHUV
DOORYHUWKHZRUOGDQGSURYLGHGDZHDOWKRILQWHUHVWLQJLQIRUPDWLRQ)LQGLQJVEDVHGRQWKH
6$6VWXG\ KDYH EHHQ SUHVHQWHG LQ WKH SURMHFW UHSRUW 6M¡EHUJ   LQ VHYHUDO
LQWHUQDWLRQDO PHHWLQJV FRQIHUHQFHV DQG FRQIHUHQFH SURFHHGLQJV DV D FKDSWHU LQ D ERRN
0LOODU /HDFK  2VERUQH  LQ WKUHH 1RUZHJLDQ PDVWHU WKHVHV +HQDQJHU 
0\UODQG  6LQQHV  LQ DGGLWLRQ WR QDWLRQDO VWXGLHV LQ SDUWLFLSDWLQJ FRXQWULHV ,Q
VSLWHRIPDQ\LQWHUHVWLQJUHVXOWVWKH6$6VWXG\KDGVHYHUDOZHDNQHVVHV0DQ\RIWKHVHVWHP
IURPWKHIDFWWKDWWKHVWXG\ZDVLQWHQGHGWREHRQO\DPRGHVWH[SORUDWRU\VWXG\ZLWKDVPDOO
QXPEHURISDUWLFLSDQWV7KHXQGHUO\LQJK\SRWKHVHVZHUHQRWFOHDUHQRXJKWKHORJLVWLFVIRU
GDWDFROOHFWLRQZDVQRWFOHDUO\GHYHORSHGWKHIXQGLQJZDVPHDJUHHWF
7KH6$6VWXG\PD\EHFRQVLGHUHGWREHSLORWVWXG\IRUWKH526(SURMHFW:HEXLOG
RQWKHH[SHULHQFHVUHVXOWVDVZHOODVRQWKHZLGHQHWZRUNRISDUWQHUVWKDWZHUHLQYROYHGLQ
6$6 7KH WDUJHW SRSXODWLRQ LQ 526( LV \HDUROGV 7KH VKLIW RI DJH FRKRUW IURP  WR 
GRHVQRWLPSO\DORQJLWXGLQDOGHVLJQ,WLVUDWKHUEDVHGRQWKHUHFRJQLWLRQWKDWDWWKHDJHRI

 6HHPRUHSXEOLFDWLRQVDWKWWSZZZLSQXQLNLHOGHDNWXHOOSXEOLNDWLRQHQKWPO

 
DERXW  VWXGHQWV DUH PRUH PDWXUH DQG KHQFH PRUH OLNHO\ WR KDYH GRQH PRUH FRQVFLRXV
UHIOHFWLRQV RQ WKHLU LQWHUHVWV SULRULWLHV DQG DWWLWXGHV WR DQG FRPSUHKHQVLRQV RI VFLHQFH
UHODWHGLVVXHVDQGVFKRROLQJ\HDUROGVDUHOLNHO\WRJLYHPRUHFRQVLVWHQWUHVSRQVHVWRWKH
TXHVWLRQVDQGWKHUHE\HQKDQFHWKHUHOLDELOLW\RIWKHGDWD7KLVLVDOVRWKHDJHZKHQVWXGHQWV
LQ PRVW FRXQWULHV DUH DW WKH HQG RI WKH FRPSXOVRU\ VFKRRO DQG PDQ\ VWXGHQWV KDYH
GHYHORSHGVRPHLGHDVDERXWWKHLUSODQVDQGSULRULWLHVIRUWKHLUIXWXUH,WLVDOVRWKHDJHZKHQ
PDQ\HGXFDWLRQDODQGFXUULFXODUFKRLFHVDUHWDNHQ
$OWKRXJKZHKDYHGUDZQRQRXUH[SHULHQFHVIURP6$6DQGVLPLODUVWXGLHVZHEDVH
WKH GHYHORSPHQW RI WKH 526( LQVWUXPHQW RQ WKH OLWHUDWXUH UHYLHZ RI FRPSDUDEOH UHVHDUFK
IURP 6 7 HGXFDWLRQ LQSXWV IURP RXU UHVHDUFK SDUWQHUV DV ZHOO DV IURP WKH PDQ\ SXEOLF
VXUYH\VDOUHDG\PHQWLRQHG

 0RGHUQLW\VRPHWKHRUHWLFDOSHUVSHFWLYHV
,QWKLVFKDSWHUZHKDYHPDLQO\SRLQWHGRXWFKDOOHQJHVIDFLQJVFLHQFHHGXFDWLRQLQ :HVWHUQ
RU PDWHULDOO\ KLJKO\ GHYHORSHG VRFLHWLHV 7KH FLUFXPVWDQFHV DQG WKH REVWDFOHV LQ RWKHU
FXOWXUHV PD\ QDWXUDOO\ EH YHU\ GLIIHUHQW IURP WKH RQHV GHVFULEHG KHUH %XW DV PDQ\ RI WKH
DERYH GHVFULEHG FKDOOHQJHV IDFLQJ 6 7 HGXFDWLRQ DUH FRQILQHG WR :HVWHUQ ODWH PRGHUQ
VRFLHWLHVZHDUHOHDGWRDVN&DQWKHVHFKDQJHVEHFRQQHFWHGWRPRGHUQL]DWLRQRIVRFLHWLHV"
&DQ VRFLRORJLFDO SHUVSHFWLYHV RQ PRGHUQL]DWLRQ RI VRFLHWLHV EH VXLWDEOH IRU GHHSHQLQJ RXU
XQGHUVWDQGLQJ RI WKH FXUUHQW VLWXDWLRQ DV ZHOO DV RI WKH UHVXOWV IURP WKH IRUWKFRPLQJ GDWD
DQDO\VLV"
:H DUH QRW EDVLQJ WKLV VWXG\ RQ RQH VSHFLILF WKHRUHWLFDO IUDPHZRUN :H GR QRW
WKLQNWKDWWKHUHLVRQHVHWRIWKHRULHVWKDWLVDEOHWRH[SODLQQHLWKHUWKHFRPSOH[FRQGLWLRQVRI
VFLHQFHHGXFDWLRQLQ:HVWHUQVRFLHWLHVQRUWKHUHVXOWVRIRXUGDWDFRPSDULVRQVDFURVVGLYHUVH
FXOWXUHV,QWKLVFKDSWHUZHZLOOGUDZRQOLWHUDWXUHIURPVRFLRORJ\DQG\RXWKUHVHDUFKWKDW
RXWOLQHV DVSHFWV RI ODWH PRGHUQ VRFLHWLHV DQG WKH ODWH PRGHUQ \RXWK PHQWDOLW\ 7KH
EDFNJURXQGIRULQFOXGLQJVXFKSHUVSHFWLYHLQWKLVSXEOLFDWLRQLVWKDWZHZLVKWRWU\RXWWKH
LGHDWKDWVRPHRIWKHFKDOOHQJHVIDFLQJVFLHQFHHGXFDWLRQLQ:HVWHUQVRFLHWLHVDUHUDLVHGE\
ODWHPRGHUQLW\
1R VRFLDO SKLORVRSKLFDO LQWHUSUHWDWLRQ RI WKH SUHVHQW LV WRWDO GLIIHUHQW WKLQNHUV
HPSKDVL]H GLIIHUHQW DVSHFWV RI VRFLHW\ DQG VRFLDO OLIH 2WKHU YLHZV WKHRULHV RU H[SODQDWLRQV
PD\ LOOXPLQDWH RWKHU DVSHFWV RU WKH VDPH DVSHFWVIURPDQRWKHUDQJOH6HYHUDOWKHRULVWVDQG
UHVHDUFKHUV KDYH FRQWULEXWHG WR RXU RZQ XQGHUVWDQGLQJ 2XU PDLQ VRXUFHV DUH DXWKRUV RI
UHSRUWVIURP\RXWKUHVHDUFKDVZHOODVFRQWHPSRUDU\VRFLDOSKLORVRSKHUVDQGUHVHDUFKHUVDV
*LGGHQV%HFN=LHKH,QJOHKDUW)XUORQJDQG&DUWPHODQGVRPH1RUGLFZULWHUVHJ,OOHULV
8OULNVHQ DQG )U¡QHV 7KHVH DUH ZLGHO\ UHIHUUHG WR DQG DSSOLHG LQ OLWHUDWXUH RQ ODWH
PRGHUQLW\ :H GR QRW DLP WR PDNH D FRPSUHKHQVLYH UHYLHZ RI WKHLU ZULWLQJV 5DWKHU ZH
ZLVK WR RXWOLQH VRPH SHUVSHFWLYHV FRQFHUQLQJ PRWLYDWLRQDO WHQGHQFLHV DQG SHUVRQDO YDOXH
RULHQWDWLRQVRIODWHPRGHUQ\RXWKWKDWZHFRQVLGHUDVUHOHYDQWIRURXUFRQFHUQDERXWYLHZV
RIVFLHQFHDQGVFLHQFHHGXFDWLRQ
:HZLOOLQIROORZLQJWU\WRWDSLQWRWKH
VSLULWRIWKHDJH
DPRQJ\RXQJSHRSOHLQODWH
PRGHUQ VRFLHWLHVE\ SLFNLQJ VRPH SHUVSHFWLYHVWKDWZHILQGSURGXFWLYHDQG IUXLWIXO IRU RXU
SXUSRVH 2XU IRFXVLVPDLQO\RQ WKHVRFLDO OLIH DQGPHQWDOLW\DQGQRWVRPXFKRQSROLWLFV
HFRQRP\ DQG FXOWXUH 0RVW VFKRROV RI WKRXJKWV KRZHYHU VHH DOO WKHVH IDFHWV RI VRFLHW\ DV
FORVHO\ LQWHUUHODWHG 7KLV PHDQV WKDW SHRSOH
V ZD\V RI WKLQNLQJ DQG XQGHUVWDQGLQJ LV

 
GHSHQGHQW RQ WKH FXOWXUDO SROLWLFDO DQG HFRQRPLF FKDUDFWHULVWLFV RI WKH VRFLHW\ )URP WKLV
IROORZV WKDW RQH FDQQRW XQGHUVWDQG WKH GHYHORSPHQW LQ SHRSOH
V PHQWDOLW\ ZLWKRXW WDNLQJ
LQWR DFFRXQW WKH GHYHORSPHQW LQ WKHVH RWKHU LVVXHV %XW VLQFH ZH DLP WR GHVFULEH WKH ODWH
PRGHUQPHQWDOLW\UDWKHUWKDQWR XQGHUVWDQG WKHVRFLHWDOGHYHORSPHQWZHDUJXHWKDWWKHVH
GHOLPLWHGSRUWUD\DOVRIODWHPRGHUQVRFLHWLHVPD\EHDSSURSULDWH
6LQFHZHKDYHRXUEDFNJURXQGLQWKHILHOGVRIVFLHQFHDQGVFLHQFHHGXFDWLRQZHDUH
QRWTXDOLILHGIRUJRLQJLQWRHODERUDWHGGLVFXVVLRQVRQGLIIHUHQWWUDGLWLRQVDQGEHOLHIVZLWKLQ
WKH ILHOG RI VRFLRORJ\ 3RVVLEOH WHQVLRQV DQG FRQIOLFWV EHWZHHQ WKH YDULRXV WKLQNHUV DQG
GLIIHUHQW QXDQFHV LQ WKH PHDQLQJV WKH\ SXW LQ YDULRXV WHUPV DQG FRQFHSWV ZLOO QRW EH
FRQVLGHUHG KHUH 1HLWKHU ZLOO ZH JR IDU LQWR GHVFULSWLRQV RI WKH SDVW DOWKRXJK ZH
DFNQRZOHGJHWKDWPDQ\RIWKHIROORZLQJDVSHFWVDUHLQWHUHVWLQJDQGUHOHYDQWSULPDULO\ZKHQ
VHHQLQ FRQWUDVWWRWKHSDVW0D\EHVRPHSHUVSHFWLYHVRIWKHSDVWFDQEHVHHQIURPEHWZHHQ
RXUOLQHV

 /DWHPRGHUQLW\

7RGD\
VPRGHUQVRFLHWLHVKDYHGHYHORSHGWKURXJKYDULRXVFKDUDFWHULVWLFHUDVIURPKXQWLQJ
DQGJDWKHULQJVRFLHW\WRDJUDULDQVRFLHW\WKHQIURPDJUDULDQVRFLHW\WRLQGXVWULDOVRFLHW\DQG
ODWHUIURPLQGXVWULDOVRFLHW\WRWKHFXUUHQW*LGGHQV7KHSHULRGVDUHFKDUDFWHUL]HGE\
SDUWLFXODUVRFLDOFXOWXUDODQGVRFLHWDOWUHQGV6RFLDOFKDQJHLVQRWRQO\DFKDQJHRIHFRQRPLF
EDVLV SULQFLSDO LQGXVWULHV DQG SUHYDLOLQJ ZRUNV DQG WUDGHV EXW DOVR D PDWWHU RI FXOWXUDO
SHUFHSWLRQV VRFLDO SDWWHUQV DQG ZD\V RI WKLQNLQJ DQG XQGHUVWDQGLQJ )U¡QHV  %UXVGDO

0RGHUQLW\ DQG PRGHUQL]DWLRQ DUH WHUPV FRQQHFWHG WR FXOWXUDO HFRQRPLF DQG
SROLWLFDO GHYHORSPHQW LQ :HVWHUQ VRFLHWLHV WKURXJK DW OHDVW WKH ODVW WZR KXQGUHG \HDUV
)RUQlV0RGHUQLW\LVDVWDWHRUW\SHRIVRFLHW\EXWLWLVDOVRVHHQDVDVWDJHRIVRFLHWDO
GHYHORSPHQW 2XU IRFXV ZLOO EH RQ WKHODWH SRVWZDUSHULRGZKLFKZHZLOOUHIHUWRDV ODWH
PRGHUQLW\:KHQ ZHLQ WKH IROORZLQJ UHIHU WR
ODWH PRGHUQ VRFLHWLHV
 ZH UHIHU WR VRFLHWLHV
DIIHFWHGE\WKHYDULRXVSURFHVVHVDVVRFLDWHGZLWKPRGHUQL]DWLRQWRVRFLHWLHVLQWKHVWDWHRU
FRQGLWLRQRIPRGHUQLW\7KHWHUPVKRXOGQRWEHFRQIXVHGZLWKPRUHYDOXHODGHQPHDQLQJV
RIWKH WHUP OLNH
XSWRGDWH

OHDGLQJ HGJH

DYDQWJDUGH

LQQRYDWLYH
 HWF $V DQWRQ\PV WR
PRGHUQ ZH XVH WUDGLWLRQDO QRQPRGHUQ RU SUHPRGHUQ 7KLV VKRXOG QRW EH FRQIXVHG ZLWK
HYHU\GD\PHDQLQJVDV
RXWGDWHG
RU
ROGIDVKLRQHG
7KHH[SUHVVLRQVDUHVLPSO\VRFLRORJLFDO
WHUPVRQVRFLHWDOGHYHORSPHQW
0RGHUQL]DWLRQLVGLYLGHGLQWRVXESKDVHVDVODWHPRGHUQDQGSRVWPRGHUQDQGLQWR
KLJK PRGHUQLW\ VHFRQG PRGHUQLW\ UHIOH[LYH PRGHUQLW\ HWF 3RVWPRGHUQLVP LV DVVRFLDWHG
ZLWK FKDRV SOXUDOLVP DQG VFHSWLFLVP WRZDUGV WUDGLWLRQDO YDOXHV 3RVWPRGHUQLVP GLVPLVV
XQLYHUVDO SULQFLSOHV SUHGLFWDELOLW\ DQG REMHFWLYH DQG HPSLULFDO LGHDV DQG GZHOO RQ
DOWHUQDWLYH ZD\V RI WKLQNLQJ 7KLV LGHD LV GHEDWHG 6RPH DUJXH WKDW ZH DUH OLYLQJ LQ SRVW
PRGHUQ VRFLHWLHV DIWHU WKH PRGHUQ HUD 2WKHUV FRXQWHU WKDW ZH DUH QRW \HW EH\RQG WKH
PRGHUQ EXW UDWKHULQ D ODWH RU KLJK SKDVH RIPRGHUQLW\DSRVWLQGXVWULDOLQIRUPDWLRQDJH

 6SHFLI\LQJ DQG FRQFUHWL]LQJ SHULRGL]DWLRQ RI PRGHUQLW\ LV QRW HDV\ 'LIIHUHQW VRFLDO SKLORVRSKHUV


JLYH PRGHUQLW\ GLIIHUHQW VWDUWLQJ SRLQWV WKH QDWXUDO VFLHQWLILF UHYROXWLRQ WKWK FHQWXU\ WKH
HQOLJKWHQPHQW WK FHQWXU\ WKH LQGXVWULDO UHYROXWLRQ ODWH WK DQG HDUO\ WK FHQWXU\ WKH
PRGHUQFRUSRUDWLRQZLWKVHSDUDWH5 'GHSDUWPHQWVHDUO\WKFHQWXU\DQGVRRQ0M¡VHW

 
:HZLOOQRWJRLQWRWKLVGLVFXVVLRQEXWVLPSO\VWDWHWKDWZHZLOOUHJDUGLQGLYLGXDOSRVLWLRQV
ZLWKLQVWUXFWXUHVDVQDWLRQDOLW\DQGJHQGHUDVIUXLWIXOYDULDEOHVIRUH[SODLQLQJGLIIHUHQWYLHZV
RI VFLHQFH DQG VFLHQFH HGXFDWLRQ %\ WKLV ZH KDYH GHILQHG RXUVHOYHV RXW RI WKH SRVW
PRGHUQLVWRSLQLRQV
7KH %ULWLVK VRFLRORJLVW $QWKRQ\ *LGGHQV FKDUDFWHUL]HV SUHPRGHUQ VRFLHWLHV DV D
GLVDSSHDULQJ ZRUOG  0RGHUQL]DWLRQ LV VHHQ DV D SURFHVV WDNLQJ LWV GHSDUWXUH LQ
:HVWHUQ VRFLHWLHV EXW JOREDOL]LQJ WHQGHQFLHV DQG ZRUOGZLGH HIIHFWV LV LQ WKH QDWXUH RI WKH
SURFHVV *LGGHQV  ,QGXVWULDOL]DWLRQ RI VRFLHWLHV LV VHHQ DV WKH GULYLQJ IRUFH RI
PRGHUQL]DWLRQ:LWKLQGXVWULDOL]DWLRQIROORZVRFFXSDWLRQDOVSHFLDOL]DWLRQEXUHDXFUDWL]DWLRQ
FHQWUDOL]DWLRQ ULVLQJ HGXFDWLRQDO OHYHOV DQG EHOLHIV DQG YDOXHV WKDW VXSSRUW KLJK UDWHV RI
HFRQRPLF JURZWK ,QJHOKDUW  )RUPDWLRQ RI QDWLRQVWDWHV FDSLWDOLVW GHYHORSPHQW
XUEDQL]DWLRQ GHPRFUDWL]DWLRQ DQG VHFXODUL]DWLRQ DUH DOVR SURFHVVHV DVVRFLDWHG ZLWK
PRGHUQL]DWLRQ RI VRFLHWLHV 2WKHU SURFHVVHV DUH WHFKQRORJL]DWLRQ LQFUHDVLQJ UROH RI 6 7
ODUJHU SURSRUWLRQ HPSOR\HG LQ LQGXVWU\ DQG VHUYLFH YV DJULFXOWXUH FRPPHUFLDOL]DWLRQ
PDUNHW RULHQWDWLRQ ULVH RI PDVV PHGLD GHWUDGLWLRQDOL]DWLRQ IDOO RI
JUDQG QDUUDWLYHV

LQGLYLGXDOL]DWLRQ DQG ODVW EXW QRW OHDVW JOREDOL]DWLRQ $FFRUGLQJ WR ,QJOHKDUW DOVR RWKHU
FKDQJHV LQ DGYDQFHG LQGXVWULDOL]HG VRFLHWLHV HPHUJH OHVV IRFXV RQ HFRQRPLF JURZWK DQG
PRUHHPSKDVLVRQWKHTXDOLW\RIOLIHDQGGHPRFUDWLFSROLWLFDOLQVWLWXWLRQV

 &RPSOH[LW\DQGKHWHURJHQHLW\

,Q WKLV FKDSWHU ZH VKDOO VHH WKDW GHVFULSWLRQV RI WKH ODWH PRGHUQ PHQWDOLW\ EULQJ VRPH
QRWLRQVRIFKDRV,QGLYLGXDOL]DWLRQPDNHVHYHU\RQHREOLJHGWRGHVLJQWKHLURZQELRJUDSK\
DQG OLYH RQH
V RZQ OLIH %HFN  LQ D UXQDZD\ ZRUOG *LGGHQV  $QG WKH
SHUVRQDO FKRLFHV PXVW EH PDGH ZLWKRXW JXLGHOLQHV DXWKRULWLHV RU DQ\ RWKHU WUXVWZRUWK\
GHOLYHUHUVRIWKH
WUXWK
=LHKH 6WXEHQUDXFK
3RUWUD\DOVRIWKHFXUUHQWWUDQVLHQWSHULRGEHWZHHQWKHPRGHUQDQGWKHSRVWPRGHUQ
PD\ EH UHFRJQL]HG E\ GHFRPSRVLWLRQ GLVUXSWLRQ KHWHURJHQHLW\ DPELYDOHQFH SOXUDOLVP
IUDJPHQWDWLRQ  DQG FKDRV ,QWHUSUHWLQJ WKH SUHVHQW LQ WKLV ZD\ LV D GHOLFDWH EDODQFH 7KH
SUHVHQWRUDQ\SUHVHQWDOZD\VDSSHDUVWREHFKDRWLF&RPSDUHGWRHDUOLHUSHULRGVZKLFKZH
IHHOZHFDQXQGHUVWDQGWKHFXUUHQWSHULRGZLOODOZD\VEHH[SHULHQFHGDVRYHUFRPSOH[DQG
GLIILFXOWWRXQGHUVWDQG
6RPHRIWKHIROORZLQJSHUVSHFWLYHVDUHQRWGHYHORSHGIURPVSHFLILFHPSLULFDOFDVHV
EXW EDVHG RQ PRUH SKLORVRSKLFDO DQG WKHRUHWLFDO UHDVRQLQJ RQ ODWH PRGHUQLW\ $VSHFWV RI
WKHVH GHVFULSWLRQV RI \RXWK PXVW WKHUHIRUH EHH VHHQ PRUH DV UKHWRULF RI WKH ODWH PRGHUQ
VRFLHW\ WKDQ DV GHVFULSWLRQ RI UHDOLW\ ,W LV D SDUDGR[ WKDW PRVW VWDWLVWLFV VKRZ WKDW \RXQJ
SHRSOHVWLOOWHQGWRIROORZWKHIRRWSULQWVRIWKHLUDQFHVWRUVDQGWKDWWKHLUSRVLWLRQLQJLQOLIHLV
VWURQJO\DIIHFWHGE\WKHVRFLDODQGFXOWXUDOFDSLWDORIWKHLUSDUHQWV%RXUGLHX)XUORQJ
&DUWPHO$OVRWKHLUWDOHQWVDQGDELOLWLHVDUHGHFLVLYHIRUZKLFKZD\WKH\FDQFKRRVH
DKHDG ,Q UHDOLW\ WKH\ FDQ FKRRVH QHLWKHU WKHLU ELRJUDSK\ QRU WKHLU LGHQWLW\ DV IUHHO\ DV LW
PD\ VHHP OLNH KHUH EHFDXVH VRPH ZD\V IRUZDUG PD\ EH FORVHG GXH WR FRQGLWLRQV LQ WKH
EDFNJURXQGRIWKHLQGLYLGXDO
1HYHUWKHOHVV ZH ILQG WKHVH GHVFULSWLRQV DV IUXLWIXO DQG UHOHYDQW IRU GHVFULELQJ WKH
ODWHPRGHUQPHQWDOLW\DQGKRZ\RXQJSHRSOHSHUFHLYHWKHLUSRVVLELOLWLHVDQGZD\VDKHDG2U
LQWKHZRUGVRI)XUORQJDQG&DUWPHO&ODVVVWLOOKDVDQLPSDFWRQSHRSOH
VOLIHFKDQFHVEXW

 
 SURFHVVHVRIGLYHUVLILFDWLRQZLWKLQWKHVFKRRODQGWKHODERXUPDUNHWPD\REVFXUH
XQGHUO\LQJFODVVUHODWLRQVKLSVDQGPD\SURYLGHWKHimpressionRIJUHDWHUHTXDOLW\
DQGLQGLYLGXDOL]DWLRQZLWKRXWDFWXDOO\SURYLGLQJDQ\WKLQJRIVXEVWDQFHD
SURFHVVZKLFKZHUHIHUWRDVWKHHSLVWHPRORJLFDOIDOODF\RIODWHPRGHUQLW\
EROGIDFHDGGHG
$QGIXUWKHUPRUH

\RXQJSHRSOHPD\GHYHORSWKHimpression WKDWWKHLURZQURXWHLVXQLTXHDQGWKDW
WKHULVNVWKH\IDFHDUHWREHRYHUFRPHDVLQGLYLGXDOVUDWKHUWKDQDVPHPEHUVRID
FROOHFWLYLW\EROGIDFHDGGHG

 5LVNVRFLHW\

+XPDQVKDYHDOZD\VIDFHGULVNVRIRQHNLQGRUDQRWKHUEXWWKHULVNVIDFLQJWRGD\
VFLWL]HQV
DUH TXDOLWDWLYHO\ GLIIHUHQW IURP WKRVH WKUHDWHQLQJ SUHYLRXV JHQHUDWLRQV 7KH *HUPDQ
VRFLRORJLVW 8OULFK %HFN LQWURGXFHG WKH WHUP ULVN VRFLHW\ %HFN  5LVNV DUH WKH
XQLQWHQGHG DQG XQSOHDVDQW FRQVHTXHQFHV RI PRGHUQL]DWLRQ %HFN VHHV ULVNV DV RQH RI WKH
PDLQ RXWFRPHV RI JOREDOL]DWLRQ DQG WHFKQRORJLFDO DQG HFRQRPLFDO GHYHORSPHQW 5LVNV DUH
QRW WKH VDPH DV GHVWUXFWLRQV EXW WKH\ WKUHDWHQ ZLWK GHVWUXFWLRQV  ULVNV DUH WKUHDWV RI D
SRWHQWLDO UHDOLW\ 5LVNV DUH PDGH RXW RI WKH FRPELQDWLRQ RI WKH VLGHHIIHFWV RI WKH
WHFKQRORJLFDODQGVRFLHWDOGHYHORSPHQWDQGRXUODFNRINQRZOHGJHRIWKHFRQVHTXHQFHV7KLV
JOREDO ULVN VRFLHW\ LV DQ HSRFK LQ PRGHUQLW\ +H ZRXOG FKDUDFWHUL]H LW DV D NQRZOHGJH
LQIRUPDWLRQDQGPHGLDVRFLHW\VXFFHHGLQJWKHLQGXVWULDOVRFLHW\
7KLVSRVWLQGXVWULDOVRFLHW\LVIDFLQJQHZULVNVRIDQHZQDWXUH8QWLODIHZGHFDGHV
DJR SHRSOH DQG VRFLHWLHV ZHUH WKUHDWHQHG E\ ULVNV VXFK DV GURXJKW HDUWKTXDNHV IDPLQH
GLVHDVHV SODJXHV HWF %XW QR PDWWHU KRZ ODUJH DQG GHYDVWDWLQJ VXFK ULVNV ZHUH WKH\ ZHUH
SHUFHLYHG WR EH XQUHODWHG WR KXPDQ DFWLYLW\ 3HRSOH WRGD\ DUH WR D ODUJH H[WHQWH[SRVHG WR
PDQPDGHULVNVDV%6(PDGFRZGLVHDVHHFRORJLFDOKD]DUGVGHSOHWLRQRIWKHR]RQHOD\HU
JOREDO ZDUPLQJ SRWHQWLDO GDQJHUV IURP QXFOHDU FKHPLFDO DQG JHQHWLF WHFKQRORJ\ VRFLDO
LQHTXLW\ RYHUSRSXODWLRQ HWF 7KHVH DUH RIWHQ GLIIXVH LQ RULJLQ DQG WKHLU FRQVHTXHQFHV DUH
XQIRUHVHHDEOH%HFNGHVFULEHVWKHPDVVXSHUQDWLRQDODQGFODVVXQVSHFLILFLQWHUPVRIFDXVLQJ
WKUHDWV WKDW FDQQRW EH GHOLPLWHG LQ WLPH RU DUHD WKH\ FURVV QDWLRQDO ERUGHUV DQG WKH\ KLW
UHJDUGOHVV RI DJH JHQGHU DQG VRFLDO VWDWXV $V WKH SUREOHPV RULJLQDWH IURP WKH OLIHVW\OH RI
HQWLUHSRSXODWLRQVZHFDQKDUGO\ILQGSHUVRQVWREODPHDQGLWLVXQFOHDUZKRLVUHVSRQVLEOH
IRU WDNLQJ DFWLRQ DJDLQVW WKH SUREOHP 3RVVLEOH GLVDVWHUV DUH FRQVHTXHQWO\ GHWDFKHG IURP
LQGLYLGXDOUHVSRQVLELOLW\%XWVWLOOWKHUHLVDZLGHVSUHDGSXEOLFDZDUHQHVVWKDWWKHULVNVDUH
GHSHQGHQWRQKXPDQGHFLVLRQVSULRULWLHVDQGDFWLRQV%HFN
3HRSOHLQODWHPRGHUQLW\RU VHFRQGUHIOH[LYHPRGHUQLW\DUHIDFLQJULVNVQRWRQO\DW
WKHVRFLHWDOQDWLRQDORUJOREDOOHYHOEXWDVZHOODWWKHOHYHORIWKHLQGLYLGXDOOLIH'HFLVLRQV
UHJDUGLQJSHUVRQDOPDWWHUVUHSUHVHQWULVNVDVDFFLGHQWVLOOQHVVHVGHDWKGLYRUFHHGXFDWLRQDO
IDLOXUH XQHPSOR\PHQW DQG SRYHUW\ 7KH\ DUH DOO VHHQ DV FRQVHTXHQFHV RI ZURQJ FKRLFHV
%HFN VHHV WKH SHUFHSWLRQ RI ULVNV DV NH\ WKH GHWHUPLQDQW IRU WKH LQGLYLGXDOV
 WKRXJKWV DQG
DFWLRQV%HFN

 
 5HIOH[LYHPRGHUQLW\

1HZ LQIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJLHV JLYH SHRSOH LQ ODWH PRGHUQ VRFLHWLHV
DFFHVVWRODUJHDPRXQWVRILQIRUPDWLRQDQGKDYHWKHUHE\H[SHULHQFHGWKHXQWUXVWZRUWKLQHVV
RI VFLHQWLILF GLVFRYHULHV DQG WKHRULHV 7HFKQRFUDF\ KDV EHHQ XQGHUPLQHG  ZH QRWLFH KRZ
VFLHQWLILF H[SHUWV DUH GLVDJUHHLQJ LQ SXEOLF RQ LPSRUWDQW PDWWHUV UHODWLQJ WR HQYLURQPHQWDO
SUREOHPV RU RWKHU VFLHQWLILF LVVXHV &RQVHTXHQWO\ \HVWHUGD\
V DXWKRULWLHV KDYH ORVW VRPH RI
WKHLUFUHGLELOLW\DQGVFLHQWLVWVKDYHDZHDNHQHGIXQFWLRQLQJXLGLQJSHRSOHLQWKHLUDFWLRQV
DQGWKHLUFKRLFHV
3HRSOH NQRZ WKDW NQRZOHGJH PD\ EH WHPSRUDU\ DQG VKRUWOLYHG ,W RIWHQ EHFRPHV
RXWGDWHG7KLVPDNHVSHRSOHOHVVFRQYLQFHGDERXWSUHYDLOLQJ
WUXWKV
DQG
IDFWV
DQGFUHDWHVD
VRFLHW\WKDWKDYHEHFRPHPRUHDQGPRUHVHOIFULWLFDODQGLQGLYLGXDOVWKDWKDYHEHFRPHPRUH
DQGPRUHVHOIFRQIURQWDWLRQDO
7KLVLVZKDW%HFNDQG*LGGHQVFDOO UHIOH[LYH PRGHUQLW\$FFRUGLQJWR
2[IRUG(QJOLVK'LFWLRQDU\2QOLQHLVLQFOLQHGWRRUFKDUDFWHUL]HGE\UHIOHFWLRQRUVHULRXV
WKRXJKW UHIOHFWLYH RQH PHDQLQJ RI WKH DGMHFWLYH UHIOH[LYH 5HIOH[LYH PRGHUQL]DWLRQ LV
FRQQHFWHG WR WKH GHYHORSPHQW RI NQRZOHGJH 0RGHUQ VRFLHWLHV DUH NQRZOHGJH VRFLHWLHV LQ
WHUPVRIPRUHLQIRUPDWLRQEHLQJFUHDWHGDQGDYDLODEOHDQGSHRSOHKDYLQJPRUHNQRZOHGJH
7KLV EULQJV NQRZOHGJHEDVHG GHFLVLRQV DQG DFWLRQV &RQWLQXRXV GHYHORSPHQW RI QHZ
NQRZOHGJH PHDQV WKDW GHFLVLRQV DQG DFWLRQV DUH UHFRQVLGHUHG DQG UHGHILQHG DFFRUGLQJ WR
QHZDZDUHQHVV6RFLHW\EHFRPHVPRUHVHOIFULWLFDODQGUHIOHFWLYH%HFNDUJXHVWKDWUHIOH[OLHV
LQ WKH FRQFHSW UHIOH[LYH PRGHUQLW\ DV ZHOO 5LVN VRFLHW\ LV D UHIOH[ GHYHORSPHQW RI WKH
LQGXVWULDO VRFLHW\ LQ WKH VHQVH WKDW WKH WUDQVLWLRQ IURP LQGXVWULDO WR ULVN VRFLHW\ RFFXUV
XQUHIOHFWLQJO\DQGDXWRPDWLFDOO\EHFDXVHRIWKHXQLQWHQGHGFRQVHTXHQFHVRIPRGHUQL]DWLRQ
%HFN
3HRSOHLQUHIOH[LYHVRFLHW\DUHFRQVWDQWO\UHVSRQGLQJDQGDGMXVWLQJWRWKHFKDQJLQJ
HQYLURQPHQW /DWH PRGHUQ EHOLHIV DQG DFWLRQV KDYH EHFRPH PRUH UHIOH[LYH LQ WHUPV RI
FRQWLQXRXVO\ EHLQJ VXEMHFWHG WR GLVFXVVLRQ H[SODQDWLRQ P\VWLILFDWLRQ DQG FRQIXVLRQ
,QGLYLGXDO FKRLFHV DUH FRQWLQXRXVO\ EHLQJ HOXFLGDWHG LQ UHODWLRQ WR FRQVHTXHQFHV DQG
DOWHUQDWLYHSRVVLELOLWLHV$VZHJHWQHZLQIRUPDWLRQDQGREWDLQQHZNQRZOHGJHZHFRQVLGHU
DQGUHFRQVLGHUDQGFKRRVHDQGUHFKRRVHRXUEHOLHIVDQGRXUDFWLRQV

 'HWUDGLWLRQDOL]DWLRQDQGORVVRIJUDQGQDUUDWLYHV

&RPPRQ YDOXHV LQWHUSUHWDWLRQV RI PHDQLQJ DQG VRFLDO DQG FXOWXUDO VWUXFWXUHV KDYH EHHQ
SDVVHGGRZQIURPJHQHUDWLRQWRJHQHUDWLRQWKURXJKHVWDEOLVKHGWUDGLWLRQVDQGQRUPV6XFK
ZLGHO\ VKDUHG EHOLHYHV RU
JUDQG QDUUDWLYHV
 KDYH IXQFWLRQHG DV XQVKDNHDEOH WUXWKV DQG
JXLGHOLQHV
2QHRIWKHJUDQGQDUUDWLYHVRIWKHSDVWVWHPIURPWKH$JHRI(QOLJKWHQPHQW3HRSOH
ZHUH FRQYLQFHG WKDW WKH VWHSE\VWHS SURJUHVV RI VFLHQFH ZRXOG HYHQWXDOO\ H[SODLQ HYHU\
SKHQRPHQRQLQVFLHQFHVRFLHW\DQGWKHKXPDQPLQG7KHFRPLQJWLPHZRXOGEHWKHDJHRI
SURJUHVV  HQOLJKWHQHG E\ KXPDQ UHDVRQ 6FLHQFH HYLGHQFH NQRZOHGJH DQG UHDVRQ ZRXOG
ZLSHRXWLQMXVWLFHDQGKXPDQLUUDWLRQDOLW\IRUWKHEHQHILWRINQRZOHGJHWHFKQRORJ\WUXWK
IUHHGRPDQGZHOIDUHIRUHYHU\RQH6HFXODUL]DWLRQDQGGHFOLQHRIWKHDXWKRULW\RIWKH&KXUFK


 2[IRUG8QLYHUVLW\3UHVVKWWSGLFWLRQDU\RHGFRP

 
IROORZHGIURPWKHVFLHQWLILFGLVFRYHULHVRIHJ&RSHUQLFXV*DOLOHRDQG1HZWRQDQGIURPWKH
IRFXVRQKDSSLQHVVDQGSURJUHVVUDWKHUWKDQUHOLJLRXVVDOYDWLRQ
7KHVWURQJDQGRIWHQXQFULWLFDOEHOLHILQVFLHQFHUDWLRQDOLW\WHFKQRORJ\DQGHWHUQDO
SURJUHVV RIWHQ WRRN IRUPV FKDUDFWHUL]HG DV
VFLHQWLVP
 DQG RIWHQ LPSOLHG D VWURQJ EHOLHI LQ
WHFKQRFUDF\ DQG WUXVW LQ H[SHUWV %XW LQ WKH SRVW :RUOG :DU 7ZR SHULRG WKLV WUHQG KDV
JUDGXDOO\ EHHQ ZHDNHQHG LQ PDQ\ VRFLHWLHV :DUV HQYLURQPHQWDO GHYDVWDWLRQV SRSXODWLRQ
JURZWK HWF EHDU ZLWQHVV WKDW HQOLJKWHQPHQW ZLOO QRW SUHYHQW LUUDWLRQDOLW\ 3HRSOH ZLWK
DFFHVV WR LQIRUPDWLRQ DQG KLJKOHYHO RI NQRZOHGJHDQGDZDUHQHVVGRQRWQHFHVVDULO\PDNH
FKRLFHVWKDWHQVXUHDVDIHDQGJRRGIXWXUH)RUH[DPSOHDOWKRXJKZHNQRZWKHFDXVHVDQG
FDQVHQVHWKHSUREOHPDWLFFRQVHTXHQFHVRIDQWKURSRJHQLFHPLVVLRQVRIJUHHQKRXVHJDVHVZH
GRQRWFKDQJHRXUDFWLRQVQRWLFHDEO\DQGZHDUHQRWFORVHWRDQ\VROXWLRQIRURYHUFRPLQJ
WKH JOREDO ZDUPLQJ SUREOHP 7KH JUDQG QDUUDWLYH RI IXWXUH SURJUHVV DQG JURZWK *LGGHQV
ZLWK PRUHDQG EHWWHURIWKH VDPH )U¡QHV %UXVGDOLVQRORQJHUYDOLG3HRSOH
KDYH UHDOL]HG WKDW OLIH ZLOO QRW EHFRPH VRXQGHU RU EHWWHU 3HRSOH H[SHFW SUREOHPDWLF
FRQVHTXHQFHVLQWKHZDNHRIDOO
SURJUHVV
7RGD\
V\RXQJSHRSOHPD\EHWKHILUVWJHQHUDWLRQ
IRUPDQ\ FHQWXULHV ZKR GR QRW EHOLHYH WKDW WKH\ FDQ DWWDLQ D EHWWHU OLIH WKDQ WKHLU SDUHQWV
+HLOEURQHU‘LD
1RW RQO\ KDV WKH EHOLHI LQ VFLHQFH DQG NQRZOHGJHGULYHQ SURJUHVV IDOOHQ EXW DOVR
WKHGRJPDVRIDXWKRULW\DQGWUDGLWLRQ3HRSOHH[SHULHQFHWKDWWKHH[SHUWVFDQQRWH[SODLQWKH
VRFLDO DQG WKH QDWXUDO ZRUOG 3HRSOH H[SHULHQFH NQRZOHGJH DV DPELJXRXV DQG WHPSRUDU\
3HRSOHJHWWKHLGHDWKDWVFLHQWLILFNQRZOHGJHDIWHUDWLPHZLOOEHLQYDOLGDQGZRUWKOHVV7KLV
OHDGVWRIDOOLQJFUHGLELOLW\RIDXWKRULWLHVDQGFRPHVWRJHWKHUZLWKUHODWLYLVPDQGSOXUDOLVPRI
PHDQLQJ3UHYLRXVDXWKRULWLHVKDYHORVWWUXVWZRUWKLQHVV*RGVFLHQWLVWVSROLWLFLDQVWHDFKHUV
DQGSDUHQWVKDYHDZHDNHQHGIXQFWLRQLQJXLGLQJ\RXQJSHRSOHLQWKHLUDFWLRQVDQGLQWKHLU
FKRLFHV9DULRXVV\VWHPVRIYDOXHVFXOWXUHVDQGQRUPVPD\FRH[LVWZLWKRXWEHLQJSXWDJDLQVW
HDFKRWKHU(YHU\
WUXWK
PXVWEHHQFORVHGE\LQYHUWHGFRPPDVEHFDXVHWUXWKLVSHUFHLYHGWR
EHDUHODWLYHFRQVWUXFWHYHU\SHUVRQPD\KDYHKHUKLVRZQWUXWKDQGQRWUXWKLVWUXHUWKDQ
DQRWKHU 6NnUGHUXG  *LGGHQV VHHV WKLV DV UHIOH[LYLW\ RI PRGHUQLW\ XQGHUPLQLQJ WKH
FHUWDLQW\RINQRZOHGJHHYHQWKHFRUHGRPDLQVRIQDWXUDOVFLHQFHDUHTXHVWLRQHG*LGGHQV

7KH*HUPDQVRFLRORJLVWDQGHGXFDWRU7KRPDV=LHKHVHHVWKHZHDNHQLQJRIUHOLJLRQ
V
LPSDFW RQ OLIH FKDQJLQJ VH[XDO PRUDOLW\ DQG PDQQHUV HURVLRQ RI WUDGLWLRQDO JHQHUDWLRQ
SDWWHUQVUROHFRQIXVLRQEHWZHHQVH[HVGHFUHDVLQJUHVSHFWIRUDXWKRULWLHVHWFDVFRQWULEXWLQJ
WRWHDULQJGRZQWKHPHDQLQJRIWUDGLWLRQV=LHKH 6WXEHQUDXFK

 &XOWXUDOOLEHUDWLRQ

$VGHVFULEHG DERYH WKH ROG WUDGLWLRQV DQG DXWKRULWLHV KDYH IXQFWLRQHGDV DJUHHG JXLGHOLQHV
IRU \RXQJ SHRSOH
V FKRLFHV 7KH GLVWXUELQJ FRQVHTXHQFHV RI ZHDNHQHG DXWKRULWLHV DQG
WUDGLWLRQV DUH GLYHUVLW\ DQG FXOWXUDO OLEHUDWLRQ 7KH VNHSWLFLVP WRZDUGV WUDGLWLRQDO YDOXHV
OLEHUDWHVSHRSOHWRGHVLJQWKHLURZQELRJUDSKLHV=LHKHVHHV\RXQJSHRSOHDVOLEHUDWHGIURP
WKHFRQVWUDLQWVRIJHRJUDSKLFDOORFDOLW\VRFLDOFODVVUHODWLYHVUHOLJLRQHWF7KH\FDQFKRRVH
WKHLURZQOLIHZRUOGWKH\DUHIUHHIURPFRQYHQWLRQVDQGXQUHVWULFWHGRIWUDGLWLRQDOYDOXHV
DQGQRUPV7RGD\
V\RXQJSHRSOHDUHIDFLQJFKRLFHVLQDOOIDFHWVRIOLIHWKH\KDYHLQILQLWH
GHJUHHVRIIUHHGRPDQGFDQPDNHWKHLUFKRLFHVZLWKRXWLQWHUIHULQJWUDGLWLRQVDQGDXWKRULWLHV
=LHKH 6WXEHQUDXFK:KRWKH\DUHZKDWWKH\EHOLHYHLQULJKWDQGZURQJIXWXUH

 
RFFXSDWLRQVRFLDOFODVVIULHQGVDQGHYHQWKHLURZQERG\DUHDOOPDWWHUVRIWKHLURZQFKRLFHV
$WOHDVWWKLVLVWKHLUQRWLRQRIWKHFXOWXUDOOLEHUDWLRQ)XUORQJ &DUWPHO
)XUWKHUPRUH LW LV QHYHU WRR ODWH WR FKDQJH WKH GHFLVLRQ 7KH\ FDQ UHHGXFDWH
WKHPVHOYHVWRDQRWKHUSURIHVVLRQUHFKRRVHDORYHUUHVHWWOHLQDQRWKHUJHRJUDSKLFDODUHDRU
LQ DQRWKHU VRFLDO VHWWLQJ UHFRQVLGHU WKHLU UHOLJLRXV EHOLHI UHVKDSH WKHLU ERG\ UHGHYHORS
WKHLU LGHQWLW\ HWF 7KLV FDQ EH VHHQ DV DQ H[WHQVLRQ DQG ZLGHQLQJ RI WKH UHIOH[LYH
PRGHUQL]DWLRQ IHZ GHFLVLRQV DUH SHUFHLYHG DV ILQDO 7KH\ FDQ EH UHFRQVLGHUHG DQG UH
GHFLGHGLQOLJKWRIQHZDFKLHYHPHQWVLQNQRZOHGJHDQGLQVLJKW*LGGHQV
:LWK WKLV IUHHGRP IROORZV DGYDQWDJHV 7RGD\
V \RXWK FDQ EHQHILW IURP KDYLQJ WKH
FKDQFH WR IRUP WKHLU RZQ OLYHV LQ FRUUHVSRQGHQFH WKHLU LQWHUHVWV DQG ZLVKHV %XW WKHLU
GHFLVLRQV UHJDUGLQJ SHUVRQDO PDWWHUV UHSUHVHQW ULVNV :LWK WKH QHZ IUHHGRP IROORZV QHZ
FKDOOHQJHV DQG SUREOHPV 7KH LGHRORJLHV WUDGLWLRQV YDOXHV DQGQRUPVKDYH WR VRPH H[WHQW
IXQFWLRQHG DV D VDIH DQG VXSSRUWLQJ IUDPHZRUN 7KH QHZ IUHHGRP LPSOLHV SRVVLELOLWLHV WR
FKRRVH EXW DOVR REOLJDWLRQV WR FKRRVH DQG WKH\ PXVW PDNH WKHVH FKRLFHV ZLWKRXW
WUXVWZRUWK\ DXWKRULWLHV $QG IXUWKHUPRUH ZKHQ WKH\ KDYH PDGH WKHLU FKRLFHV WKH\ DUH
WKHPVHOYHV UHVSRQVLEOH IRU WKH RXWFRPH 7KHUH LV QRERG\ WKHUH WR VKDUH WKH UHVSRQVLELOLW\
DQG WKHUH LV RQO\ WKHPVHOYHV WR EODPH DQG WR KDQGOH WKH FRQVHTXHQFHV LI VRPHWKLQJ JRHV
ZURQJ)XUORQJ &DUWPHO
<RXQJSHRSOH
VHGXFDWLRQDOFKRLFHVUHSUHVHQWULVNVDQGIRUVRPHUHDVRQVPD\WKHLU
FKRLFHQRWOHDGWRVXFFHVVIXODFKLHYHPHQWV)RUH[DPSOHWKHHGXFDWLRQPD\QRWIXOILOWKHLU
H[SHFWDWLRQV RU LW PD\ EH WRR GHPDQGLQJ DQG KDUG WR JR WKURXJK ZKLFK IXUWKHUPRUH PD\
OHDGWRGURSRXWRUIDLOXUH,QDGGLWLRQPD\VRFLHWDOGHYHORSPHQWVOHDGWRODFNRIGHPDQGIRU
ODERXUDWWKHPRPHQWWKH\KDYHILQLVKHGWKHLUVWXGLHVOHDGLQJWRDQ[LHW\DERXWILQGLQJZRUN

 ,QGLYLGXDOL]DWLRQDQGLGHQWLW\GHYHORSPHQW

,GHQWLW\ EXLOGLQJ LV D FHQWUDO FRQFHUQ IRU \RXWK LQ JHQHUDO DQG IRU \RXWK LQ ODWH PRGHUQ
VRFLHWLHVLQSDUWLFXODU$FFRUGLQJWR&ROHPDQDQG+HQGU\DQG,OOHULVHWDOKDYH
WKH *HUPDQ$PHULFDQ SV\FKRDQDO\VW (ULN + (ULNVRQ DQG KLV ERRN ,GHQWLW\ \RXWK DQG
FULVLVIURPEHHQLQIOXHQWLDORQRXUWKLQNLQJRILGHQWLW\GHYHORSPHQW+HVDZKXPDQ
GHYHORSPHQW DV JRLQJ WKURXJK D VHULHV RI VWDJHV ZKHUH WKH DGROHVFHQFH VWDJH PDLQO\ LV
DIIHFWHG E\ WKH WDVN RI HVWDEOLVKLQJ D FRKHUHQW LGHQWLW\ ,GHQWLW\ LV WKH H[SHULHQFH RU
GHILQLWLRQ E\ DQ LQGLYLGXDO RI RQH VHOI ,GHQWLW\ LV FRQQHFWHG WR D VHULHV RI DVSHFWV DQG
IHDWXUHVOLNHDJHVH[VRFLDOFODVVQDWLRQDOLW\UDFHIDVKLRQERG\OLIHVW\OHRFFXSDWLRQHWF
7KHLGHQWLW\FRQFHSWLPSOLHVWKDWWKHUHLVVRPHGHJUHHRIFRQVLVWHQF\RUFRQQHFWLRQEHWZHHQ
DSHUVRQ
VEHKDYLRXUDSSHDUDQFHSULRULWLHVDWWLWXGHVDFWLYLWLHVHWF
$ PDLQ LVVXH LQ WKH DQDO\VLV RI ODWH PRGHUQ LQGLYLGXDOL]DWLRQ LV WKDW WKH KXPDQ
LGHQWLW\ LV QR ORQJHU VHHQ DV LQKHULWHG JLYHQ DQG HVWDEOLVKHG $FFRUGLQJ WR *LGGHQV KDV
LGHQWLW\RU VHOILGHQWLW\EHFRPHDQLQHVFDSDEOHLVVXHLQODWHPRGHUQVRFLHWLHV7KHPRGHUQ
LGHQWLW\LVQRWVHWWOHGIURPWKHPRPHQWRIELUWKE\VRFLDOFODVVIDPLO\EDFNJURXQGDQGVH[
:HDUHQRWZKDWZHDUHERUQLQWRRUZKDWQDWXUHKDVJLYHQXVEXWUDWKHUZKDWZHPDNHRI
RXUVHOYHV*LGGHQV,GHQWLW\GHYHORSPHQWLVDWDVNDQGDSURMHFWLPSRVHGRQHYHU\RQH
E\ODWHPRGHUQLW\
7KH LGHQWLW\ PD\ EH DOWHUHG WKURXJK WLPH DQG LW FKDQJHV DV D SHUVRQ HQWHUV QHZ
UROHVLQKHUKLVHYHU\GD\OLIH7KHUHPD\EHOLWWOHFRQVLVWHQF\EHWZHHQWKHYDULRXVLGHQWLWLHV
RIDSHUVRQHQWHULQJUROHVDVDVWXGHQWGDXJKWHUVRQIULHQGSDWLHQWVSRUWVSHUVRQFRQVXPHU

 
HWF %HFN  ,GHQWLW\ FDQQRW EH SHUFHLYHG DV D IL[HG XQGHUVWDQGLQJ RI D SHUVRQ EXW
UDWKHU DV D IHDWXUH EHLQJ VXEMHFWHG WR FRQWLQXRXV GHYHORSPHQW ,GHQWLW\ GHYHORSPHQW LV D
UHIOH[LYH SURMHFW  FRQVWUXFWHG WKURXJK UHIOH[LYH FKRLFHV DQG FRQWLQXRXVO\ UHFRQVLGHUHG
UHFRQVWUXFWHG DQG UHGHYHORSHG LQ OLJKW RI QHZ NQRZOHGJH DQG QHZ H[SHULHQFHV *LGGHQV
 3HRSOH KDYH WR ZRUN RXW WKH UROHV WKHPVHOYHV LQ WHUPV RI PDNLQJ GHFLVLRQV LQ
HYHU\GD\ PDWWHUV DV FORWKLQJ DSSHDUDQFH OHLVXUH DFWLYLWLHV IULHQGV EHOLHIV DQG HGXFDWLRQDO
FKRLFHV2USXWWLQJLWLQWKHZRUGVRI*LGGHQV

:KDWWRGR"+RZWRDFW":KRWREH"7KHVHDUHIRFDOTXHVWLRQVIRUHYHU\RQH
OLYLQJLQFLUFXPVWDQFHVRIODWHPRGHUQLW\DQGRQHVZKLFKRQVRPHOHYHORU
DQRWKHUDOORIXVDQVZHUHLWKHUGLVFXUVLYHO\RUWKURXJKGD\WRGD\VRFLDO
EHKDYLRXU*LGGHQV
0DQ\ VHH WKH IDOO RI RSWLPLVP IURP WKH $JH RI (QOLJKWHQPHQW DV WKH PDLQ LQLWLDWRU RI
PRGHUQ LQGLYLGXDOL]DWLRQ )DOO RI WUDGLWLRQV DXWKRULWLHV DQG
WUXWKV
 OHDG WR WKH QRWLRQ RI
LQGLYLGXDO DXWRQRP\ DQG UHVSRQVLELOLW\ LQ GHFLVLRQPDNLQJ DV WKHUH ZHUH QR VRFLDOO\
JHQHUDOO\DFFHSWHGJXLGLQJFRQYLFWLRQV7KHODWHPRGHUQVRFLHW\KDVGHYHORSHGLQWRDVRFLHW\
DFFHQWXDWLQJLQGLYLGXDOLW\DQGWKHLGHDWKDWHDFKSHUVRQKDVDXQLTXHFKDUDFWHUDQGVSHFLDO
SRWHQWLDOV WKDW PD\  RU PD\ QRW  EH IXOILOOHG )U¡QHV  %UXVGDO  7KH ODWH PRGHUQ
SURMHFW RI \RXQJ SHRSOH LV WR GHYHORS DQ LGHQWLW\ DQG WR IXOILOO WKHPVHOYHV  DQG WKH RQO\
VRPHWKLQJ LV WR EH XQLTXH 7KH ZRUVW WKLQJ LQ OLIH LV WR EH RUGLQDU\ %HLQJ FRPPRQ DQG
RUGLQDU\LVOLNHEHLQJQRERG\QRWKLQJDQGQRQH[LVWHQW6NnUGHUXG

 &UHDWLQJWKH\RXQJERG\

7KH PDVVLYH IRFXV RQ ERG\ LQ QHZVSDSHUV PDJD]LQHV PRYLHV WHOHYLVLRQ DQG FRPPHUFLDOV
UHIOHFWVWKHLQFUHDVLQJLQWHUHVWLQERG\DQGKRZWRPDNHWKHERG\ORRN\RXQJKHDOWK\DQG
EHDXWLIXO0RUHDWWHQWLRQKDVEHHQSDLGWRWKHDWWUDFWLYHQHVVRIJLUOVDQGZRPHQWKDQWRER\V
DQG PHQ EXW WKLV SDWWHUQ PD\ QRZ EH FKDQJLQJ 3URGXFWV IRU FRVPHWLFV DUH DPRQJ WKH
ODUJHVWDQGIDVWHVWJURZLQJLQPDQ\FRXQWULHVDQGWKHSRWHQWLDOPDUNHWLVQRORQJHUFRQILQHG
WR JLUOV DQG ZRPHQ 7KH PRGHUQ ERG\ LV DFFRUGLQJ WR *LGGHQV  OHVV H[WULQVLFDOO\
JLYHQ5DWKHUWKDQIDWHIRUWXQHDQGQDWXUHLVERG\DSSHDUDQFHVKDSHDQGKHDOWKEHFRPLQJD
UHIOH[LYHSURMHFWVRPHWKLQJZHFKRRVHDQGFRQVWUXFWRXUVHOYHV
7KH%ULWLVKVRFLRORJLVW&KULV6KLOOLQJGHVFULEHVWKH LQGLYLGXDOL]DWLRQRIWKHERG\DQG
WKHQRWLRQRI ERG\DVDSURMHFW 6KLOOLQJ  7KHODWHPRGHUQULVNVRFLHW\WKUHDWHQVRXU
ERG\ ZLWK ULVNV FRQQHFWHG WR KHDOWK DV ZHOO DV WR DSSHDUDQFH DQG VKDSH +HDUW GHFHDVH
FDQFHU RYHUZHLJKW DQG ZULQNOHV DUH LQFUHDVLQJO\ SHUFHLYHG DV FRQVHTXHQFHV RI RXU DFWLRQV
DQG RXU OLIHVW\OH FKRLFHV 7KLV PHDQV WKDW ZH DUH LQFUHDVLQJO\ SHUFHLYHG DV SHUVRQDOO\
UHVSRQVLEOH IRU RXU KHDOWK DQG RXU DSSHDUDQFH 7KLV QRWLRQ RI WKH VHOIGHWHUPLQHG ERG\ LV
DFFHQWXDWHGE\QHZSRVVLELOLWLHVLQKHDOWKFOXEVSODVWLFVXUJHU\JHQHWHFKQRORJ\HWF
7KH LGHQWLW\ LV WR DQ LQFUHDVLQJ GHJUHH WLHG WR WKH VXUIDFH DQG ERG\ LV D FHQWUDO
H[SUHVVLRQRILGHQWLW\DQGDFUXFLDOLQVWUXPHQWIRUEXLOGLQJDVHOI)ROORZLQJWKHGHFOLQHLQ
JUDQGQDUUDWLYHVDQGUHOLJLRXVDQGSROLWLFDODXWKRULWLHVWKHUHLVDOVRDZHDNHQLQJLQWKHVWDWXV
RI PDWXULW\ DGXOWKRRG DQG DJH &RQVXPHU FXOWXUH LGROL]HV WKH \RXQJ VFXOSWXUHG DQG
VH[XDOL]HGERG\DQGVXJJHVWVWKDWLWLVDYDLODEOHWRHYHU\RQH6KLOOLQJ7KHODWHPRGHUQ

 DVWKH\RXQJJLUO$QJHODUHSHDWVLQWKHPRYLH$PHULFDQ%HDXW\

 
LGHDOLV\RXWKIXOQHVVVPRRWKVNLQDQGDILWERG\$\RXQJDQGVOLPERG\FDUULHVDV\PERORI
VHOIFRQWURODQGVXFFHVV6NnUGHUXG
$ 1RUZHJLDQ VWXG\ UHSRUWV WKDW WKH RQO\ DUHD ZKHUH WRGD\
V \RXWK VKRZ PRUH
WURXEOHVRPHWUDLWVWKDQ\RXWKRIVRPHGHFDGHVDJRLVZKHQLWFRPHVWRERG\<RXQJSHRSOH
WRGD\ DUH VLJQLILFDQWO\ PRUH ZRUULHG DERXW WKHLU DSSHDUDQFH DQG WKHLU KHDOWK WKDQ EHIRUH
%¡*LGGHQVVXJJHVWWKDWLQD
UXQDZD\ZRUOG
UDSLGO\FKDQJLQJDQGLQFUHDVLQJO\RXW
RIFRQWURO7KHLQFUHDVLQJQXPEHURI\RXQJJLUOVZLWKHDWLQJGLVRUGHUVOLNHDQRUH[LDQHUYRVD
PLUURU \RXWK
V VWULYLQJ IRU VHFXULW\ LQ D ZRUOG RI SOXUDO EXW DPELJXRXV RSWLRQV 7KH
1RUZHJLDQ SV\FKLDWULVW )LQQ 6NnUGHUXG  VHHV DQRUH[LD DV DQ H[SUHVVLRQ IRU WDNLQJ
FRQWURORYHURQHV
OLIH

 1DUFLVVLVPYVFLWL]HQVKLS

7KH%ULWLVKVRFLRORJLVW=\JPXQW%DXPDQVHHVFRUURVLRQRIFLWL]HQVKLSDVWKHRWKHUVLGHRI
LQGLYLGXDOL]DWLRQ%DXPDQ

LILQGLYLGXDOL]DWLRQVSHOOVWURXEOHIRUFLWL]HQVKLSDQGFLWL]HQVKLSEDVHGSROLWLFVLW
LVEHFDXVHWKHFRQFHUQVDQGSUHRFFXSDWLRQVRILQGLYLGXDOVTXDLQGLYLGXDOVILOOWKH
SXEOLFVSDFHFODLPLQJWREHLWVRQO\OHJLWLPDWHRFFXSDQWVDQGHOERZRXW
HYHU\WKLQJHOVHIURPSXEOLFGLVFRXUVH7KH
SXEOLF
LVFRORQL]HGWRWKH
SULYDWH


SXEOLFLQWHUHVW
LVUHGXFHGWRFXULRVLW\DERXWWKHSULYDWHOLYHVRISXEOLFILJXUHV
%DXPDQ
&DQZHVD\WKDWWKHKLJKOHYHORIPDWHULDOZHOIDUHLQODWHPRGHUQVRFLHWLHVOLEHUDWHVSHRSOH
IURP PDWHULDO ZRUULHV DQG OHDGV WR PRUH IRFXV QRQPDWHULDO LGHDOLVWLF YDOXHV DV VRFLHWDO
SDUWLFLSDWLRQ DQG FLWL]HQVKLS" 2U GRHV WKH DERYH GHVFULEHG VWUXJJOH IRU GHYHORSLQJ DQ
LGHQWLW\IXOILORQHVHOIDQGILQGRQHVRZQZD\DKHDGOHDGWRDSURMHFWRIVHOIDFWXDOL]DWLRQVR
GHPDQGLQJ WKDW ODWH PRGHUQ \RXWK VKRZ PRUH WUDLWVRIQDUFLVVLVPLHVHOIFHQWUHGQHVV,V
QDUFLVVLVPDUDWLRQDOUHVSRQVHZKHQRQHVHHVIXWXUHDVDWKUHDW" ,IWKHLUPDMRUFRQFHUQDQG
ZRUULHVDUHFRQQHFWHGWRWKHLURZQLGHQWLW\DQGWKHLURZQZD\DKHDGDUHVRFLHWDODQGJOREDO
GHYHORSPHQWVSHUFHLYHGRIOLWWOHFRQVHTXHQFH"
7KRPDV=LHKHVHHVODWHPRGHUQLW\DVLPSRVLQJDGLVUXSWLRQEHWZHHQWKHLQGLYLGXDOV
DQG WKH SDVW DQG EHWZHHQ WKH LQGLYLGXDO DQG KHUKLV RZQ FXOWXUH =LHKH  6WXEHQUDXFK
/DWHPRGHUQ\RXWKDUHFXOWXUDOO\DQGVRFLDOO\OLEHUDWHGDQGIUHHGIURPWUDGLWLRQVDQG
QRUPV DQG WKH\ KDYH DFFHVV WR VRFLDO JRRGV VXFK DV HGXFDWLRQ DQG JHRJUDSKLFDO PRELOLW\
UHJDUGOHVVRIVRFLDOEDFNJURXQG7KH\PD\KDYHWKHLPSUHVVLRQWKDWWKHUHDUHLQILQLWHRSWLRQV
DQGGHJUHHVRIIUHHGRP%XW\RXWKGRQRWRQO\KDYHWKHIUHHGRPWRFKRRVHWKH\DUHIRUFHG
WR FKRRVH DQG WKH\ RQWKHLU RZQ DUH UHVSRQVLEOH IRU WKH RXWFRPH 2QH PD\ LQWHUSUHW WKDW
WKLVJLYHVQDUFLVVLVWLF\RXWKZLWKIRFXVRQWKHSURFHVVRIVKDSLQJWKHLULGHQWLW\DQGWKHLUOLIH
GLVFRQQHFWHGIURPVRFLHWDOPDWWHUV
2QWKHRWKHUKDQG$EUDKDP0DVORZ
VSV\FKRORJLFDO KLHUDUFK\RIQHHGVDQG
WKH VRFLRORJLFDO SRVWPDWHULDOLVW WKHRU\ RI 5RQDOG ,QJOHKDUW  SRLQW WRZDUGV
FRQWHPSRUDU\ \RXWK KROGLQJ D ZRUOGYLHZ ZLWK OHVV PDWHULDOLVWLF YDOXHV WKDQ SUHYLRXV
JHQHUDWLRQV0DVORZGUHZDS\UDPLGZLWKGLIIHUHQWOHYHOVRIKXPDQQHHGV7KHEDVLFQHHGV
DUHRISK\VLRORJLFDOFKDUDFWHUWREUHDWKHGULQNHDWVOHHSHWFZKLOHWKHILIWKQHHGDWWKH
WRSRIWKHS\UDPLGLVVHOIDFWXDOL]DWLRQZKLFKPHDQVDGHVLUHWROLYHRQH
VOLIHWRWKHIXOOHVW
,QJOHKDUW
VHPSLULFDOVWXG\DQGILQGLQJVDUHSHUFHLYHGDVFRQVLVWHQWZLWK0DVORZ
VS\UDPLG

 
%HOO  ,QJOHKDUW  IRXQG WKDW \RXQJHU ELUWK FRKRUWV ZHUH PXFK OLNHOLHU WR
HPSKDVL]H YDOXHV VXFK DV EHORQJLQJ VHOIH[SUHVVLRQ DQG TXDOLW\ RI OLIH WKDQ WKHLU
FRXQWHUSDUWV VRPH GHFDGHV HDUOLHU (FRQRPLF DQG SK\VLFDO VHFXULW\ FRQWLQXHV WR EH YDOXHG
SRVLWLYHO\EXWWKHLUUHODWLYHSULRULW\LVVPDOOHULQ\RXQJHUWKDQLQROGHUDJHJURXSV<RXQJHU
SHRSOH DOVR VKRZ PRUH LQWHUHVW DQG XQGHUVWDQGLQJ LQ VRFLHWDO QRQPDWHULDOLVWLF YDOXHV 
EH\RQGWKHHFRQRPLFDODQGPDWHULDOSURILWVOLNHGHPRFUDF\VRFLDODQGHWKLFDOYDOXHVFDUH
IRU RWKHUV VRFLHWDO SDUWLFLSDWLRQ QDWLRQDO DQG LQWHUQDWLRQDO SROLWLFV HQYLURQPHQWDO
SURWHFWLRQHWF,QJOHKDUWVXJJHVWVWKDWWKHPDLQFDXVHRIWKLVVKLIWLQYDOXHRULHQWDWLRQLVWKH
HPDQFLSDWLQJ FDSDFLW\ RI WKH KLJK HFRQRPLF ZHOIDUH LQ :HVWHUQ VRFLHWLHV +H VHHV D
WUDQVIRUPDWLRQIURPDPDWHULDOLVWWRSRVWPDWHULDOLVWVRFLHW\
7KH TXHVWLRQV DERYH DQG RWKHU UHODWHG LVVXHV RXWOLQH D UXQQLQJ GHEDWH DERXW YDOXH
RULHQWDWLRQVDPRQJODWHPRGHUQSHRSOH$V \RXQJSHRSOHDUHLQDSKDVHRIOLIHDFFHQWXDWLQJ
LGHQWLW\GHYHORSPHQWDQGFULWLFDOFKRLFHVDERXWIXWXUHGLUHFWLRQVVSHFLDODWWHQWLRQLVSDLGWR
WKLV FRKRUW ,Q SV\FKRDQDO\VLV WKH WHUP QDUFLVVLVP LV XVHG DV DQ LQGLYLGXDO QHUYRXV
SHUVRQDOLW\GLVRUGHUZKLOHLQRXUFRQWH[WLWVKRXOGEHXQGHUVWRRGPRUHDVDWUDLWRIDFXOWXUH
RU D JHQHUDO PHQWDOLW\ 1DUFLVVLVP VKRXOG EH VHHQ DV D FRQFHUQ O\LQJ PXFK GHHSHU WKDQ
LQGLYLGXDOVHOIDGPLUDWLRQDQGVHOIFHQWHUHGQHVV1DUFLVVLVPLVDERXWZRUU\DQGFRQFHUQIRU
YDOXHV HPSKDVL]HG E\ LQGLYLGXDOL]DWLRQ GHYHORSLQJ D XQLTXH LGHQWLW\ FRQVWUXFWLQJ D ERG\
IXOILOOLQJ DQG GHYHORSLQJ RQH
V SRWHQWLDOV DYRLGLQJ GDQJHUV DQG ULVNV  DQG HQVXULQJ IXWXUH
KDSSLQHVV 1DUFLVVLVP FDQ FRQVHTXHQWO\ EH SHUFHLYHG DV QHFHVVDU\ DWWHQWLRQ DQG ORYH IRU
RQHVHOIDQGDVDFUHGLEOHDQGDFFHSWDEOHFRQVHTXHQFHRIODWHPRGHUQLQGLYLGXDOL]DWLRQ
)XUWKHUPRUH ZH ZDQW WR HPSKDVL]H WKDW WKHUH LV QRW QHFHVVDULO\ D WHQVLRQ RU D
FRQIOLFW EHWZHHQ QDUFLVVLVP RQ WKH RQH KDQG DQG FLWL]HQVKLS RQ WKH RWKHU )RU H[DPSOH D
SHUVRQ PD\
EXUQ IRU
 HQYLURQPHQWDO SURWHFWLRQ (QYLURQPHQWDO HQJDJHPHQW ZLOO WKHQ
FRQVWLWXWHDVLJQLILFDQWHOHPHQWRIWKHSHUVRQ
VLGHQWLW\DQGVRFLHWDOSDUWLFLSDWLRQDQGJUHHQ
OLIHVW\OHPD\EHDFRQVHTXHQFH

 
 48(67,211$,5('(9(/230(17

 0HWKRGRORJLFDOFRQVLGHUDWLRQV
5HVHDUFK LQVWUXPHQWV OLNH TXHVWLRQQDLUHV RU WHVWV DOZD\V QHHG D SXUSRVH DQG D PHDQLQJ
4XHVWLRQQDLUH GHYHORSPHQW PXVW EH EDVHG RQ VRPH NLQG RI IUDPHZRUN WKDW SURYLGHV DQ
DFFRXQWIRU ZKDWWKHTXHVWLRQQDLUHDLPVDWPHDVXULQJDQG KRZLWVKDOOEHGRQH6XFKLGHDV
DQG IUDPHZRUNV DUH RI FRXUVH FORVHO\ UHODWHG WR WKH UHVHDUFK DLPV DQG TXHVWLRQV RI WKH
UHVHDUFK SURMHFW LWVHOI 6WDQGDUG WH[WERRNV LQ UHVHDUFK PHWKRGV $U\ -DFREV  5D]DYLHK
&RKHQ0DQLRQ 0RUULVRQ5REVRQGHVFULEHWKHZKROHUDQJHRIGLIIHUHQW
UHVHDUFKGHVLJQVDQGWKHLUVWUHQJWKVDQGZHDNQHVVHV
6RPH UHVHDUFK UHTXLUHV SUHFLVH K\SRWKHVHV DQG RSHUDWLRQDO GHILQLWLRQV RI WKH
FRQFHSWV WKDW VKDOO EH PHDVXUHG )RU H[DPSOH UHVHDUFK DLPLQJ DW XQGHUVWDQGLQJ WKH
FRPELQHG HIIHFWV RI DQ[LHW\ DQG DELOLW\ RQ JLUOV
 PDWKHPDWLFDO SHUIRUPDQFH FDOO IRU FOHDU
GHILQLWLRQVRIWKHFRQFHSWVDQ[LHW\DQGDELOLW\ DVZHOODVWKHWHUP PDWKHPDWLFDOSHUIRUPDQFH
+DJWYHW  7KH UHVHDUFK LV EDVHG RQ WKH DVVXPSWLRQ WKDW WKHUH LV DQ LQWHUDFWLRQ RI
DQ[LHW\ DQG DELOLW\ ZKLFK KDYH DQ HIIHFW RQ SHUIRUPDQFH7KHPRUHH[DFWDQGGHWDLOHGWKH
K\SRWKHVLV DQG UHVHDUFK TXHVWLRQV DUH WKH PRUH SUHFLVH PXVW WKH FRQFHSWV EH GHILQHG
RSHUDWLRQDOL]HG DQG PHDVXUHG 3URMHFWV OLNH 7,066 DQG 3,6$ DUH DOVR H[DPSOHV RI VWXGLHV
ZLWKDVHWRIGHILQLWLRQVDQGRSHUDWLRQDOL]DWLRQVRIGLVWLQFWFRQFHSWVWKDWWKHSURMHFWVDLPWR
PHDVXUHVHHHJ2(&'D
2WKHUVWXGLHVIROORZDGLIIHUHQWUDWLRQDOHDQGKDYHDGLIIHUHQWGHVLJQ0DQ\VWXGLHV
DUH PRUH TXDOLWDWLYHO\ RULHQWHG IOH[LEOH LQ GHVLJQ DQG RSHQ IRU VXUSULVHV DQG QHZ LGHDV
7KH\GRKRZHYHUQRWOHQGWKHPVHOYHVHDVLO\WRFRPSDULVRQVDQGWRJHQHUDOL]DWLRQV
526(PD\EHVDLGWRIDOOLQWKHPLGGOHEHWZHHQWKHVHWZRUHVHDUFKGHVLJQV

 7KHH[SORUDWLYHQDWXUHRI526(

526(LVTXDQWLWDWLYHO\DQGVWDWLVWLFDOO\RULHQWHGEXWWULHVWRFRPELQHWKLVZLWKWKHRSHQQHVV
PHQWLRQHG DERYH 5DWKHU WKDQ FRQILUPLQJ RU IDOVLI\LQJ FHUWDLQ SUHFLVHO\ SUHGHILQHG
K\SRWKHVLV WKH 526( SURMHFW KDV DQ H[SORUDWRU\ QDWXUH E\ DLPLQJ DW RSHQLQJ XS IRU WKH
XQH[SHFWHG 7KH JHQHUDO XQGHUO\LQJ DVVXPSWLRQ RI WKH 526( SURMHFW LV WKDW WKHUH DUH
LQWHUHVWLQJFXOWXUDOGLIIHUHQFHVDQGVLPLODULWLHVLQVWXGHQWV
LQWHUHVWVSULRULWLHVIXWXUHZLVKHV
H[SHULHQFHVHWFZKLFKDUHRIUHOHYDQFHIRUWHDFKLQJDQGOHDUQLQJRIVFLHQFHDWVFKRRO526(
LVQRWDLPLQJDWDVVHVVLQJ DOOVXFKUHOHYDQWFRQFHSWV1HLWKHUDUHZHWU\LQJWRPHDVXUH HYHU\
SRVVLEOHIDFHWVRIHDFKFRQFHSW$VGHVFULEHGDERYHWKHDLPRIWKH526(SURMHFWLVWRH[SORUH
VRPHDIIHFWLYHTXDOLWLHVRIVFLHQFHWHDFKLQJDQGOHDUQLQJLQRUGHUWRSURYRNHVRPHWKRXJKWV
DQG VWLPXODWH VRPH GLVFXVVLRQV DERXW VFLHQFH FXUULFXOD LQ YDULRXV FXOWXUDO DQG VRFLHWDO
FRQWH[WV
$V WKH VWXG\ DLPV DW H[SORULQJ DQG EULQJLQJ QHZ SHUVSHFWLYHV DQG WKHRULHV WR D
FURVVFXOWXUDOFRQWH[WRIVFLHQFHHGXFDWLRQLWDLPVWRJHQHUDWHQHZLGHDVDQGYLHZVUDWKHU
WKDQ YHULI\LQJ RU IDOVLI\LQJ D VHW RI H[SOLFLWO\ SUHGHILQHG K\SRWKHVLV RU WKHRULHV 526( LV
EDVHG RQ D VHW RI VKDUHG YLHZV SHUVSHFWLYHV DQG YDOXH SRVLWLRQV 7KHVH ZHUH PRUH RU OHVV
FODULILHGDVDVHWRIFRUHFRPPLWPHQWVIURPWKHEHJLQQLQJDQGKDYHEHHQIXUWKHUGHYHORSHG
WKURXJKWKHSURFHVV%XWWKHUHLVQRWDYHU\VSHFLILFFRQFHSWXDORUWKHRUHWLFDOIUDPHZRUNRQ

 
ZKLFK WKLV VWXG\LVEDVHG WKHUH LV QR IL[HG VHW RI SUHFLVHO\GHILQHGUHVHDUFKTXHVWLRQVDQG
WKHSDUWQHUVLQWKHSURMHFWGRQRWLQGHWDLOKDYHWKHVDPHDSSURDFKRUWKHRUHWLFDOSHUVSHFWLYH
RQWKHVWXG\3DUWQHUVLQWKH526(VWXG\PD\EULQJDYDULHW\RIWKHRUHWLFDODSSURDFKHVOLNH
FURVVFXOWXUDO SHUVSHFWLYHV VRFLRORJ\ \RXWK UHVHDUFK GHYHORSPHQW WKHRULHV FRPSDUDWLYH
HGXFDWLRQ FXUULFXOXP WKHRU\ SROLWLFDO VFLHQFH LQ HGXFDWLRQ OHDUQLQJ SV\FKRORJ\ IHPLQLVW
WKHRU\HWF%\SURYLGLQJGDWDWKDWFDQEHDQDO\]HGIURPVHYHUDOGLIIHUHQWSHUVSHFWLYHVZLWK
VHYHUDO GLIIHUHQW SXUSRVHV WKH SURMHFW LV GHVLJQHG IRU ZHOFRPLQJ GLYHUVH WKHRUHWLFDO
SHUVSHFWLYHVDQGIRUDFRUUHVSRQGLQJGLYHUVLW\LQUHVHDUFKTXHVWLRQV
526( DLPV DW JHQHUDWLQJ QHZ K\SRWKHVLV DQG GHYHORSLQJ QHZ WKHRUHWLFDO
SHUVSHFWLYHVRQFXOWXUDOEDFNJURXQGDQGVWXGHQWV
SHUFHSWLRQRIVFLHQFHHGXFDWLRQ3ULPDU\
GDWDGDWDFROOHFWHGIURPGLIIHUHQWFXOWXUHVIRUDFRPSDUDWLYHSXUSRVHDUHKDUGDQGH[SHQVLYH
WRFROOHFW(PEHU (PEHU7KHUHIRUHWKHUHDUHQRWPDQ\SUHYLRXVUHVHDUFKUHVXOWVRU
WKHRULHVDSSOLFDEOHIRUWKHFURVVFXOWXUDOSHUVSHFWLYHRI526(DQGQRWPDQ\WKHRULHVWRWHVW
DQG UHILQH 3ORXJKLQJ QHZ ILHOGV FDOOV IRU DQ H[SORUDWRU\ VWXG\ RSHQLQJ XS IRU WKH
XQH[SHFWHG
$VPHQWLRQHGRXUUHYLHZRIWKHOLWHUDWXUHLQGLFDWHVWKDWWKHUHGRHVQRWVHHPWRH[LVW
DQ\UHVHDUFKLQVWUXPHQWWKDWSHUWDLQVWRPHDVXUHWKHVRUWRIDWWLWXGLQDODVSHFWVRIVWXGHQWV

UHODWLRQVKLSWRVFLHQFHWKDWWKH526(SURMHFWZDQWVWRDVVHVV7KLVPHDQVWKDWZHQHHGHGWR
GHYHORSWKLVLQVWUXPHQWRXUVHOYHVDVDQLPSRUWDQWHOHPHQWRIWKHSURMHFW,QWKHIROORZLQJ
ZHZLOOJRLQVRPHGHWDLORQWKLVSURFHVV

 ,VVXHVWREHFRQVLGHUHG

3UREOHPV DVVRFLDWHG ZLWK PHDVXULQJ DIIHFWLYH FKDUDFWHULVWLFV DV LQWHUHVWV DWWLWXGHV HWF DUH
ZLGHO\NQRZQDQGGRFXPHQWHGERWKRXWVLGHDQGZLWKLQWKHFRPPXQLW\RIVFLHQFHHGXFDWLRQ
UHVHDUFKHUV HJ %HQQHWW  *DEOH  :ROI  *DUGQHU    0XHOOHU
 2SSHQKHLP  6RPH SUREOHPV FDQ RQO\ EH GHDOW ZLWK LQ GHWDLO DIWHU WKH GDWD
FROOHFWLRQ OLNH GDWD DQDO\VLV DQG LQWHUSUHWDWLRQV 6RPH DVSHFWV RI WKH YDOLGLW\ RI WKH
LQVWUXPHQW DQG WKH UHOLDELOLW\ RI WKHGDWD FDQ DOVR RQO\ EH IXOO\ GHDOWZLWK DIWHU WKH GDWDLV
FROOHFWHG7KHUHDUHKRZHYHUVHYHUDOFUXFLDOPDWWHUVFRQFHUQLQJWKHPHWKRGRORJ\WKDWZH
KDYHFRQVLGHUHGSULRUWRDQGGXULQJWKHGHYHORSPHQWRIWKHTXHVWLRQQDLUH7KHVHLQFOXGH

• FODULI\LQJWKHUDWLRQDOHDQGWKHDLPVRIWKHVWXG\DQGDJUHHLQJRQDVHWRIFRPPRQ
EHOLHIVRUDVVXPSWLRQV
• H[FKDQJLQJLGHDVZLWKWKHSHUVRQVRIFRQFHUQVWXGHQWVWHDFKHUVDQGUHVHDUFKHUV
• UHYLHZLQJUHOHYDQWOLWHUDWXUH
• VSHFLI\LQJWKHXQGHUO\LQJLGHDVDQGK\SRWKHVLV
• GHILQLQJWKHLVVXHVDQGVXEMHFWVWREHDGGUHVVHG
• GHVLJQLQJDQGGHYHORSLQJWKHLQVWUXPHQWUHSURGXFHGLQ$SSHQGL[$
• VSHFLI\LQJWKHWDUJHWSRSXODWLRQDQGVDPSOLQJSURFHGXUHV
• SODQQLQJDQGSUHSDULQJWKHGDWDFROOHFWLRQDQGFRGLQJ
• SLORWLQJWKHTXHVWLRQQDLUH
• DGGUHVVLQJYDOLGLW\DQGUHOLDELOLW\LVVXHV

 
7KH DERYH SRLQWV GR QRW IROORZ HDFK RWKHU LQ D OLQHDU RU VHTXHQWLDO RUGHU EXW KDYH WR EH
GLVFXVVHGDQGUHILQHGDVWKHUHVHDUFKGHYHORSVDQGPDWXUHV6RPHRIWKHLQLWLDOSRLQWVKDYH
DOUHDG\EHHQGLVFXVVHG,QWKHUHPDLQLQJSDUWRIWKLVSXEOLFDWLRQZHZLOOHODERUDWHRQVRPH
RIWKHRWKHUDVSHFWVWKDWKDYHSUHFHGHGWKHGDWDFROOHFWLRQDQGDQDO\VLV6RPHRIWKHSRLQWV
FDQRQO\EHILQDOO\GLVFXVVHGGXULQJWKHDQDO\VLVZKHQGDWDDUHFROOHFWHG

 7KHFKRLFH&ORVHGTXHVWLRQV

7KH526(LQVWUXPHQWLVDTXHVWLRQQDLUHPRVWO\FRQVLVWLQJRIFORVHGSUHVWUXFWXUHGTXHVWLRQV
WKDWE\WKHLUIRUPDWRIIHUWKHUHVSRQGHQWVIL[HGDOWHUQDWLYHUHVSRQVHV7KHUHVSRQGHQWVJLYH
WKHLUDQVZHUVE\FKRRVLQJWKHDOWHUQDWLYHDSSURSULDWHWRWKHLUYLHZ
'DWDFROOHFWHGE\RSHQTXHVWLRQVLQZKLFKWKHYRLFHRIWKHVWXGHQWVDUHDOORZHGWR
FRPHWKURXJKHJLQWHUYLHZVHVVD\ZULWLQJVRSHQHQGHGTXHVWLRQVHWFZRXOGKDYHEHHQ
PRUH VHQVLWLYH WR WKH ULFKQHVV LQ WKH SHUVSHFWLYHV RI WKH VWXGHQWV %XW WKH DPRXQW RI WLPH
IXQGLQJDQGULJRXUUHTXLUHGIRUFROOHFWLQJDQGFRGLQJIUHHUHVSRQVHGDWDIURPDZLGHUDQJH
RI ODQJXDJHV DQG FXOWXUHV ZRXOG KDYH EHHQ EH\RQG WKH OLPLWV RI WKH SURMHFW 2SHQHQGHG
TXHVWLRQV DUH DOVR GHPDQGLQJ WR DQVZHU DV WKH\ UHTXLUH IDU PRUH WLPH DQG WKRXJKW WKDQ
FORVHG TXHVWLRQV 7KH\ DOVR UHTXLUH D FHUWDLQ OHYHO RI ZULWLQJ VNLOOV $ TXHVWLRQQDLUH ZLWK
PDQ\ RSHQHQGHG TXHVWLRQV PD\ UHFHLYH ORZ UHVSRQVH UDWHV DQG ZHDN UHOLDELOLW\ RI WKH
FRGLQJ 2QO\ RQH TXHVWLRQ LQ WKH 526( TXHVWLRQQDLUH LV RSHQHQGHG TXHVWLRQ , VHH
SDUDJUDSKDQG$SSHQGL[$RIIHULQJWKHVWXGHQWVDQXPEHURIOLQHVZKHUHWKH\FDQJLYH
WKHLULGHDVLQWKHLURZQZRUGV
:HVHHKRZHYHUWKHQHHGIRUIROORZXSVWXGLHVZLWKRWKHUPHWKRGVWKDQWKH526(
LQVWUXPHQW,QRUGHUWRERWKYDOLGDWHWKHTXHVWLRQQDLUHDQGGHHSHQLQJRXUXQGHUVWDQGLQJRI
VRPHLVVXHVZHZLVKWRSXUVXHVRPHRIWKHTXHVWLRQQDLUHWRSLFVIRUH[DPSOHE\FRQGXFWLQJ
LQWHUYLHZV DQGRU IRFXV JURXS GLVFXVVLRQV 526( SDUWQHUV LQ PDQ\ FRXQWULHV DUH FROOHFWLQJ
GDWDRQLVVXHVUDLVHGLQ526(E\RWKHUPRUHTXDOLWDWLYHO\RULHQWHGPHWKRGV
$GYDQWDJHV ZLWK FORVHG TXHVWLRQV DUH WKDW WKH\ UHTXLUH UHODWLYHO\ ORZ FRVWV DV WKH
GDWDDUHUDSLGO\FROOHFWHGDQGFRGHG%HVLGHVWKHFRGLQJUHTXLUHVDPLQLPXPRILQIHUHQFHRQ
FRGHUV7KH\DOVRJLYHWLG\GDWDZKLFKDUHHDV\WRFRPSDUH%HFDXVHWKH\GRQRWUHTXLUHDQ\
H[WHQGHG ZULWLQJ WKH\DUH DOVR TXLFNO\ DQG HDVLO\ DQVZHUHG 2SSHQKHLP  7KHUH DUH
VHYHUDO GUDZEDFNV ZLWK FORVHG TXHVWLRQV ORVV RI VSRQWDQHLW\ DQG H[SUHVVLYHQHVV ZH JHW QR
NQRZOHGJHDERXWWKHUHVSRQGHQWV
WKRXJKWVRIWKHLURZQDFFRUGZHPD\LQWURGXFHDELDVE\

IRUFLQJ
 WKH UHVSRQGHQWV WR FKRRVH EHWZHHQ DOWHUQDWLYHV RU E\ PDNLQJ WKHP IRFXV RQ
DOWHUQDWLYHV WKDW PLJKWQRW KDYH RFFXUUHG WR WKHP 2QH PD\ DOVR SRVVLEO\ ORVH UHVSRQVHVLI
WKHUHVSRQGHQWVEHFRPHLUULWDWHGEHFDXVHWKH\GRQ
WIHHOWKDWWKHTXHVWLRQVH[SUHVVWKHLURZQ
LGHDVLELG
&ORVHGTXHVWLRQVDUHDVPHQWLRQHGHDV\WRDGPLQLVWHUFRGHDQGDQDO\]H&ROOHFWLRQ
RIODUJHDPRXQWVRIGDWDLVVLPSOHDQGUHODWLYHO\FKHDS%XWWKHTXDOLW\RIWKHGDWDRQHJHWVLV
RIFRXUVHOLPLWHGE\WKHTXDOLW\RIWKHLQVWUXPHQW<RXRQO\JHWDQVZHUVWRWKHTXHVWLRQV\RX
DVN7KHUHIRUHDFORVHGDQGUHDG\PDGHTXHVWLRQQDLUHUHTXLUHVDORWRIWLPHDQGHIIRUWVSHQW
RQLQVWUXPHQWGHYHORSPHQW:HZLOOLQWKHIROORZLQJVKDUHVRPHRIRXUFRQFHUQVIURPWKLV
SURFHVV

 
 ,WHPGHVLJQ6LPSOLFLW\DQGQRWPXFKUHSHWLWLRQ

:H KDYH WULHG WR IROORZ ZHOO DFFHSWHG UXOHV IURP WKH UHVHDUFK PHWKRGRORJ\ OLWHUDWXUH RQ
GHVLJQLQJDJRRGTXHVWLRQQDLUHDVNLQJVKRUWTXHVWLRQVXVLQJVLPSOHZRUGLQJQRWDVVXPLQJ
WRRPXFKNQRZOHGJHDYRLGLQJGRXEOHQHJDWLYHVDYRLGLQJOHDGLQJTXHVWLRQVDYRLGLQJORDGHG
RU HPRWLRQDO WHUPV DYRLGLQJ
VRFLDOO\ FRUUHFW
 DQVZHUV VHQVLWLYH WRSLFV SURYHUEV GRXEOH
EDUUHOOHG TXHVWLRQV FRQWDLQLQJ VHYHUDO TXHVWLRQV EXW DOORZLQJ RQO\ RQH DQVZHU HWF
2SSHQKHLP
6RPH RI WKHVH LVVXHV DUH SDUWLFXODUO\ LPSRUWDQW LQ WKH FDVH RI 526( VLQFH WKLV
LQVWUXPHQWZLOOEHXVHGLQYHU\GLIIHUHQWFXOWXUHVWUDQVODWHGWRRWKHUODQJXDJHVDQGXVHGE\
VWXGHQWVZKRPD\DQVZHULQDQRWKHUODQJXDJHWKDQWKHLUPRWKHUWRQJXH
:HKDYHDOVRWULHGWRDYRLGWHGLRXVUHSHWLWLRQVRIQHDUO\VLPLODUTXHVWLRQVDOWKRXJK
PRUH LWHPV PLJKW KDYH LQFUHDVHG WKH VWDWLVWLFDO UHOLDELOLW\ RI WKH FRPSRVLWH YDULDEOHV RU
FRQVWUXFWVVHHFKDSWHU7KLV VWDWLVWLFDOLPSHUDWLYHKDGWREHEDODQFHGDJDLQVWWKHSRVVLEOH
SHUVRQDO IUXVWUDWLRQ DQG LUULWDWLRQ E\ WKH UHVSRQGHQW RYHU KDYLQJ WR DQVZHU WKH VDPH
TXHVWLRQDJDLQDQGDJDLQ'XSOLFDWLRQRIWKHTXHVWLRQVPD\HYHQPDNHWKHUHVSRQGHQWVIHHO
WKDWVRPHERG\LVWU\LQJWROXUHWKHPLQWRDWUDSRIFRQWUDGLFWLQJWKHPVHOYHV

 5HVSRQVHVFDOH/LNHUWW\SHZLWKIRXUFDWHJRULHV

$OOLWHPVIROORZWKHVDPHEDVLFVWUXFWXUHRUORJLF$VWDWHPHQWLVSUHVHQWHGDQGWKHVWXGHQWV
DUHDVNHGWRJLYHWKHLUUHVSRQVHE\WLFNLQJWKHDSSURSULDWHER[LQDIL[HGVFDOH:HXVH/LNHUW
VFDOHV ZLWK IRXU FDWHJRULHV IRU DOO LWHPV 7KH UHVSRQVHV JR IURP
VPDOO
 WR
ODUJH
 'LVDJUHH±
$JUHH1RWLQWHUHVWHG±9HU\LQWHUHVWHG1RWLPSRUWDQW±9HU\LPSRUWDQWDQG1HYHU±2IWHQ
:H KDYH FKRVHQ /LNHUW VFDOHV LQ IDYRXU RI RWKHU DWWLWXGH VFDOHV DV HJ 7KXUVWRQH
VFDOHV6HPDQWLF'LIIHUHQWLDOVFDOHVHWF&RPSDUHGWR7KXUVWRQHVFDOHV/LNHUWVFDOHVDUHHDV\
WRFRQVWUXFWDQGHDV\WRJLYHUHVSRQVHDQGVFRUHVWR$VWKHLQVWUXPHQWPXVWEHWUDQVODWHGWR
PDQ\GLIIHUHQWODQJXDJHVDVLPSOH/LNHUWVFDOHKDVREYLRXVDGYDQWDJHV/LNHUWVFDOHVDUHDOVR
RIWHQIRXQGWRSURYLGHGDWDZLWKUHODWLYHO\KLJKUHOLDELOLW\*DEOH :ROI2SSHQKHLP

7KHLVVXHRIWKHSUHIHUUHGQXPEHURIUHVSRQVHVRQD/LNHUWVFDOHLVGLVFXVVHGLQPDQ\
VWDQGDUG WH[WERRNV RQ UHVHDUFK PHWKRGRORJ\ DQG WKH UHFRPPHQGDWLRQV YDU\ ,Q D ILYH
FDWHJRUL]HG RU RWKHU XQHYHQ QXPEHUV /LNHUW VFDOH WKHUH LV D PLGGOH ER[ UHSUHVHQWLQJ D
QHXWUDO FDWHJRU\ +RZHYHU WKH PHDQLQJ RI WKH PLGGOH FDWHJRU\ KDV WXUQHG RXW WR EH
FRPSOLFDWHG WR LQWHUSUHW 2SSHQKHLP  5HVSRQGHQWV GR QRW QHFHVVDULO\ UHJDUG WKH
PLGGOH FDWHJRU\ DV WKH QHXWUDO PLGSRLQW EHWZHHQ WKH WZR H[WUHPHV 7KH\ DUH OLNHO\ WR
FKRRVHWKHPLGGOHER[IRUYDULRXVUHDVRQVIRUH[DPSOHIRULQGLFDWLQJODFNRINQRZOHGJHODFN
RI XQGHUVWDQGLQJ LQGLIIHUHQFH ODFN RI PRWLYDWLRQ IRU WDNLQJ D VWDQFH WRZDUGV WKH WRSLF RU
UHIXVLQJ WR DQVZHU *DEOH  :ROI  0DQ\ VWXGLHV ILQG WKDW SHRSOH WHQG GR WLFN WKH
PLGGOH QHXWUDO ER[ PD\EH EHFDXVH WKH PRVW FRQYHQLHQW RSWLRQ LV QRW WR WDNH DQ\ VWDQFH
7KLVKLJKQXPEHURIWLFNVLQWKHQHXWUDOER[LVOHDGLQJWRZKDWLVFDOOHGRUGLQDOELDVZLWK
WRR
KLJK
VFRUHVLQWKHPLGGOHER[2SSHQKHLP7KLVPD\FDXVHFRPSOH[LWLHVLQWKHGDWD
DQDO\VLV DV WKH QHXWUDO PLGGOH SRLQW RIWHQ GLIIHUV PDUNHGO\ IURP WKH UHJUHVVLRQ OLQH LQ
FRUUHODWLRQDQDO\VLV,QIDFWZHGRQRWNQRZH[DFWO\ZKHUHWKHDWWLWXGHVWXUQIURPVOLJKWO\
SRVLWLYH WR VOLJKWO\ QHJDWLYH LQ /LNHUW VFDOHV LQ FRQWUDVW WR 7KXUVWRQH VFDOHV ZLWK D WUXH
QHXWUDOSRLQW$U\ DO

 
 $IWHUOHQJWK\GLVFXVVLRQVDQGUHYLHZRIOLWHUDWXUHZHKDYHFKRVHQWROHDYHRXWWKH
QHXWUDOPLGGOHSRLQWDVZHOODVWKH'RQRWNQRZFDWHJRU\:LWKRXWWKHVHFDWHJRULHVWKH
UHVSRQGHQWVDUHLQDZD\
IRUFHG
WRWDNHDVWDQFH7KLVFDQRIFRXUVHEHGHEDWHGDQGRQHFDQ
DUJXH WKDW SHRSOH VKRXOG KDYH WKH ULJKW WR UHPDLQ QHXWUDO WR DQ LVVXH +RZHYHU LQ WKH
LQWURGXFWLRQRIHDFKTXHVWLRQZHUHPLQGHGWKHVWXGHQWVWKDWWKH\PLJKWUHIUDLQIURPWLFNLQJ
DQ\ER[HVLIWKH\GLGQRWZDQWWRRUNQRZZKDWWRDQVZHU
7KHUH LV VRPH HYLGHQFH WKDW WKH UHOLDELOLW\ RI WKH VFDOH LQFUHDVHV ZLWK LQFUHDVLQJ
QXPEHU RI UHVSRQVH FDWHJRULHV ,Q DGGLWLRQ IHZ VWHSV RQ D VFDOH ZLOO IDLO WR GLVFULPLQDWH
EHWZHHQUHVSRQGHQWV2QWKHRWKHUKDQGWKHPRUHFDWHJRULHVWKHPRUHHIIRUWLVUHTXLUHGWR
FKRRVH DQ DQVZHU 7RR PDQ\ FDWHJRULHV FDQ OHDG WR FRQIXVLRQ DQG IUXVWUDWLRQ DPRQJ WKH
UHVSRQGHQWV *DEOH  :ROI  :H FRQVLGHU LW LPSRUWDQW WR PDNH WKH TXHVWLRQV
VWUDLJKWIRUZDUG DQG XQGHPDQGLQJ WR DQVZHU$V D UHVXOW RI WKHVH DQG RWKHU FRQVLGHUDWLRQV
ZH GHFLGHG WR XVH IRXU FDWHJRULHV RQ WKH /LNHUW VFDOHV DQG WR VWLFN WR WKLV WKURXJKRXW WKH
ZKROHLQVWUXPHQW
,W LV FRPPRQ SUDFWLFH WR VFRUH WKH VFDOH E\ DVVLJQLQJ QXPHULFDO YDOXHV WR WKH
UHVSRQVH FDWHJRULHV IRU H[DPSOH ± IURP OHIW WR ULJKW DQG WR UHJDUG WKH /LNHUW VFDOHV DV D
TXDVLLQWHUYDO VFDOH ,Q DQ LQWHUYDO VFDOH WKH RULJLQ LV DUELWUDU\ EXW WKH GLVWDQFHV EHWZHHQ
HDFKRIWKHFDWHJRULHVDUHVXSSRVHGWREHHTXDOVL]HGLQWHUYDOV'DWDLQDQLQWHUYDOVFDOHPD\
EH PDQLSXODWHG E\ DGGLWLRQ DQG VXEWUDFWLRQ DQG DQDO\]HG ZLWK D ZKROH UDQJH RI VWDQGDUG
VWDWLVWLFDO PHWKRGV $U\  DO  +RZHYHU ZKHQ KDQGOLQJ WKH VFRUHV DV GDWD LQ DQ
LQWHUYDOVFDOHZHSUHVXSSRVHWKDWWKHGLVWDQFHIURPFDWHJRU\WRFDWHJRU\LVLGHQWLFDOWR
WKHGLVWDQFHIURPFDWHJRU\WRFDWHJRU\HWF,VVXHVOLNHWKHVHDUHGHEDWHGLQWKHUHVHDUFK
PHWKRGRORJ\ OLWHUDWXUH EXW LV VHHPV WR EH D ZLGH DFFHSWDQFH WR XVH /LNHUW VFDOHV DV ZH DUH
LQGLFDWLQJKHUH
:H GHFLGHG WR KDYH KHDGLQJV DERYH RQO\WKHH[WUHPHVLQWKH/LNHUWVFDOHV,QWKLV
ZD\ ZH DYRLGHG WKH WDVN RI PDNLQJ JRRG DQG EDODQFHG WLWOHV ,V DOVR VLPSOLILHG WKH
WUDQVODWLRQV RI WKH WLWOHV WR RWKHU ODQJXDJHV DQG DYRLGHG DPELJXLW\ LQ PHDQLQJV ,Q
GLVFXVVLRQVDQGLQWHUYLHZVZLWKVRPHUHVSRQGHQWVVHHSDUDJUDSKWKH\GLGQRWSRLQW
RXW WKH ODFN RI VXFK KHDGLQJV DV SUREOHPDWLF :H DUH PRUH LQFOLQHG WR EHOLHYH WKDW WKH
UHVSRQGHQWVLPDJLQHGWKHVSDFHEHWZHHQWKHH[WUHPHER[HVDVDFRQWLQXRXVVFDOHZLWKWKH
XQWLWOHGER[HVGLYLGLQJWKHVFDOHLQWRWKUHHHTXDOVL]HGLQWHUYDOV

 7KUHHPDMRUFKDOOHQJHV

(YHU\ TXHVWLRQQDLUH GHYHORSHU LV IDFLQJ VHYHUDO FKDOOHQJHV 1XPHURXV GHFLVLRQV KDYH WR EH
PDGH SULRULWLHV KDYH WR EH EDODQFHG DQG FRPSURPLVHV EHWZHHQ FRPSHWLQJ FRQFHUQV DUH
IUHTXHQW%HORZLQSDUDJUDSKZHZLOOJLYHVRPHGHWDLOVRQKRZWKHTXHVWLRQQDLUHZDV
GHYHORSHG LQWR LWV ILQDO IRUP %XW EHIRUH ZH JHW WR WKLV ZH ZLOO PHQWLRQ WKUHH PDMRU


 ,Q FKRRVLQJ D SRLQW /LNHUW VFDOH ZH XVH WKH VDPH IRUPDW DV TXHVWLRQV RI VLPLODU QDWXUH LQ WKH


3,6$ 6WXGHQW 4XHVWLRQQDLUH VHH HJ KWWSZZZSLVDRHFGRUJGRFVFRQWH[WBTXHVWBKWP $OVR

RXUFRGLQJV\VWHPLVVLPLODUWRWKDWXVHGE\3,6$

:HDOVRQRWHWKDWDSRSXODUZD\RIMXGJLQJWKH
TXDOLW\
RIPRYLHVHWFLQPDVVPHGLDRIWHQLVE\


VKRZLQJDGLFHZLWKWRUDQJLQJIURPWKHZRUVWWRWKHEHVW7KHH[DFWPHDQLQJRIWKHQXPEHURQ
WKHGLFHLVQHYHU
H[SODLQHG
WRWKHUHDGHUDVLWDSSHDUVWREHVHOIHYLGHQW

 
FKDOOHQJHVZKLFKKDGPDMRULQIOXHQFHRQWKHHYROXWLRQRIWKHTXHVWLRQQDLUHDQGJUHDWLPSDFW
RQWKHILQDOSURGXFW526(LVEXUGHQHGZLWKWKUHHFHQWUDOIHDWXUHVZKLFKLQWKHPVHOYHVPD\
EHSHUFHLYHGDVVHOIFRQWUDGLFWLRQV

 ([SORULQJZKLOHZHDULQJEOLQNHUV
2QWKHRQHKDQG526(DLPVWRH[SORUHDQGFDSWXUHGLYHUVLW\EXWRQWKHRWKHU
KDQGWKHLQVWUXPHQWIRUGDWDFROOHFWLRQLVDIL[HGFKRLFHTXHVWLRQQDLUH
 &RPSDULQJWKHLQFRPSDUDEOH
2QWKHRQHKDQG526(ZLOOFRPSDUHVFLHQFHUHODWHGLVVXHVLQGLIIHUHQWFXOWXUHV
EXWRQWKHRWKHUKDQGGLIIHUHQWWHUPVFRQFHSWVDQGFRQQRWDWLRQVFRQYH\GLIIHUHQW
PHDQLQJVLQGLIIHUHQWFXOWXUHVDQGFDQQRWWKHUHIRUHHDVLO\EHFRPSDUHG
 &RRSHUDWLRQZLWKRXWDFRPPRQDLP
7KHTXHVWLRQQDLUHLVGHYHORSHGLQDFURVVFXOWXUDOFROODERUDWLYHSURFHVVLQYROYLQJ
DFWRUVZKRPLJKWEULQJLQWKHLURZQWKHRUHWLFDOEDFNJURXQGUHVHDUFKDJHQGDV
SROLWLFDODLPVHWF

:HUHJDUGWKHIROORZLQJGHVFULSWLRQRIWKHFKDOOHQJHVDVLPSRUWDQWIRUVHWWLQJWKHVFHQHIRU
WKHSURFHVVRIGHYHORSLQJWKHTXHVWLRQQDLUH,WLVQRWPHDQWDVDMXVWLILFDWLRQRUGHIHQFHIRU
VRPHWKLQJ EXW UDWKHU DV DQ DFKLHYHPHQW LQ FRXUDJH RSHQ GLVFXVVLRQV DQG FROODERUDWLYH
ZRUN

1. Exploring while wearing blinkers

7KLVFKDOOHQJHLVUHODWHGWRWKHFRQIOLFWEHWZHHQRXUDPELWLRQWREHRSHQDQGWR H[SORUHWKH
XQNQRZQEXWE\FROOHFWLQJGDWDZLWKDUHDG\PDGHFORVHGTXHVWLRQQDLUH:HDULQJEOLQNHUV
UHGXFH \RXU VLJKW DQG KRUL]RQ DQG WKH TXHVWLRQQDLUH LV E\ GHILQLWLRQ UHVWULFWLQJ ZKDW \RX
FDQSRVVLEO\VHH7KHREYLRXVZHDNQHVVRIFORVHGTXHVWLRQQDLUHVLVWKDW\RXRQO\JHWDQVZHUV
WRTXHVWLRQV\RXDFWXDOO\KDYHDVNHG,WJRHVZLWKRXWVD\LQJWKDWWKHHOHPHQWRIGLVFRYHU\LV
VPDOOZKHQDOOTXHVWLRQVDQGSRVVLEOHDQVZHUVDUHIL[HGLQDGYDQFH$V526(DLPVWRRSHQXS
IRUGLYHUVLW\DQGFDSWXUHWKHUDQJHRIYDULDWLRQVLQVWXGHQWV
LQWHUHVWVSULRULWLHVH[SHULHQFHV
HWFRQHPLJKWWKLQNWKDWWKHLGHDOPHWKRGIRUGDWDFROOHFWLRQZRXOGDOORZWKHVWXGHQWVWR
H[SUHVVWKHLURZQLGHDVZLWKWKHLURZQZRUGV
7KH 526( TXHVWLRQQDLUH LQFOXGHV RQO\ RQH RSHQHQGHG TXHVWLRQ TXHVWLRQ , VHH
SDUDJUDSK7KLVLVRQHPHDQVIRUH[SORULQJWKHFRQFHUQVKHOGE\WKHVWXGHQWV%XWDSDUW
IURP WKLV TXHVWLRQ WKH VWXG\ LV FRQVWUDLQHG E\ WKH GLVDGYDQWDJHV FRQQHFWHG WR IL[HG
TXHVWLRQQDLUHV
:HKDYHWULHGWRPHHWWKHVHLQHYLWDEOHOLPLWDWLRQVWKURXJKWKHSURFHVVRIGHYHORSLQJ
WKH TXHVWLRQQDLUH :H KDYH KDGH DQ HIIRUW WR PD[LPL]H WKH VSDQ FDSWXUHG E\ WKH
TXHVWLRQQDLUHLWHPV)RUH[DPSOHLQTXHVWLRQ$&DQG(ZHUHTXHVWWKHVWXGHQWVWRLQGLFDWH
KRZ LQWHUHVWHG WKH\ ZHUH LQ OHDUQLQJ DERXW D YDULHW\ RI WRSLFV ,Q WKLV SDUW RI WKH
TXHVWLRQQDLUHWKHUHDUHVHYHUDOWRSLFVWKDWPDQ\VFLHQFHHGXFDWRUVZRXOGFRQVLGHUWREHIDU
RXWVLGH WKH ERXQGV RI DSSURSULDWH 6 7 FXUULFXOD :H DUH DZDUH WKDW WKH LQFOXVLRQ RI VXFK
LWHPVPD\VHHPVWUDQJHEXWZHKDYHLQFOXGHGVXFKLWHPVLQRUGHUWREHDVRSHQDVSRVVLEOH
WRWKHYLHZRIWKHVWXGHQWV
7KH DFWLYH SDUWLFLSDWLRQ RI VFKRODUV IURP D ZLGH UDQJH RI FXOWXUHV WKURXJK WKH
SURFHVV RI LQVWUXPHQW GHYHORSPHQW KDV KRSHIXOO\ DOVR HQDEOHG XV WR PD[LPL]H WKH YDULHW\
WKDW ZH ZLVK WR FDSWXUH DQG GHVFULEH 7KH YDULRXV VWDJHV DQG DSSURDFKHV WKURXJKRXW WKH

 
TXHVWLRQQDLUHGHYHORSPHQWLQWHUYLHZLQJVWXGHQWVSLORWLQJHWFVHHSDUDJUDSKKDVDOVR
KHOSHGXVWREHRSHQIRUWKHYDULHW\WKDWZHDUHDLPLQJDW

2. Comparing the incomparable

7KH VHFRQG FKDOOHQJH FRQFHUQV WKH FRPSOH[LW\ RI FRPSDULQJ DFURVV YHU\ GLIIHUHQW FXOWXUDO
DQGPDWHULDOVHWWLQJV4XHVWLRQVWKDWDUHPHDQLQJIXOLQRQHFXOWXUHPD\VHHPVWUDQJHRUHYHQ
LQFRPSUHKHQVLEOH LQ RWKHU FXOWXUHV :H KDYH WULHG WR DYRLG WKH PRVW REYLRXV RI VXFK
H[DPSOHV7KLVSUREOHPUDLVHVLVVXHVRIYDOLGLW\RIWKHTXHVWLRQV$QRWKHUFKDOOHQJHLVUHODWHG
WRWKHUHOLDELOLW\RILWHPVFRUHVDQGHYHQPRUHVRWRFRPSRVLWHYDULDEOHVDQGFRQVWUXFWV
'LYHUVLW\LQHWKQLFLW\UHOLJLRQFXOWXUHDQGWUDGLWLRQDVZHOODVSROLWLFDOHFRQRPLFDO
DQGVRFLDOFRQGLWLRQVFRQYH\GLIIHUHQWYDOXHVZRUOGYLHZVEHOLHIVIDQWDVLHVWDERRVHWFDQG
GLIIHUHQW PRUDO HWKLFDO DQG DHVWKHWLFDO TXDOLWLHV ,W LV D GHPDQGLQJ WDVN WR FRQVWUXFW D
TXHVWLRQQDLUHWKDWFDQWUDYHODFURVVVRPDQ\ERXQGDULHV4XHVWLRQQDLUHLWHPVUHODWHGWRIRU
H[DPSOHKRPRVH[XDOLW\ZRXOGEHVWUDLJKWIRUZDUGWRDVNLQVRPHFRXQWULHVFRQWURYHUVLDOLQ
RWKHUV DQG VLPSO\ LPSRVVLEOH RU XQWKLQNDEOH LQ VRPH FRXQWULHV $QG HYHQ ZKHQ JHWWLQJ
DQVZHUV WKH DQVZHUV ZRXOG EH GLIILFXOW WR FRPSDUH DQG LQWHUSUHW EHFDXVH WKH\ PD\ FDUU\
GLIIHUHQWPHDQLQJVLQGLIIHUHQWFXOWXUHV/LNHZLVHTXHVWLRQVUHJDUGLQJVXQWDQORWLRQVKHDOWK
DQG QXWULWLRQ EHDXW\ DQG VOLPPLQJ HWF ZRXOG FDUU\ GLIIHUHQW FRQQRWDWLRQV LQ GLIIHUHQW
VRFLHWLHV 7KLV FDOOV IRU KXPLOLW\ DV ZHOO DV ORFDO NQRZOHGJH LQ WKH LQWHUSUHWDWLRQV RI WKH
UHVXOWV
2QDPRUHWHFKQLFDOOHYHOWKHZD\GLIIHUHQWLWHPVFOXVWHULVOLNHO\WREHGLIIHUHQWLQ
GLIIHUHQW FXOWXUHV 7KLV PHDQV WKDW FDUH VKRXOG EH WDNHQ ZKHQ ZH JURXS LWHPV WR IRUP D
FRPSRVLWH YDULDEOH DQG JLYH WKH YDULDEOH D ODEHO 2QH VKRXOG EHDU LQ PLQG WKDW KLJK
UHOLDELOLW\RIDFRQVWUXFWRUVFRUHLVQRWDSURSHUW\RIWKHWHVWLQVWUXPHQWLWVHOIEXWRIWKHGDWD
WKDWDUHJDWKHUHG'DWDFROOHFWHGZLWKWKHVDPHLQVWUXPHQWPD\UHVXOWLQGLIIHUHQWLQGLFHVLQ
GLIIHUHQWFXOWXUHV
+LJKYDOLGLW\VKRXOGEHWKHSULPHFRQFHUQRIDOOUHVHDUFK+LJKYDOLGLW\RIDQLWHP
JURXS RI LWHPV RU D ZKROH LQVWUXPHQW VLPSO\ PHDQV WKDW ZH PHDVXUH ZKDW ZH LQWHQG WR
PHDVXUH,IRQHDQGWKHVDPHTXHVWLRQPHDVXUHVGLIIHUHQWWKHRUHWLFDOFRQVWUXFWVLQGLIIHUHQW
FXOWXUHV RQH PXVW EH FDXWLRXV ZLWK FRPSDULQJ WKH VFRUHV DQG ZKHQ FRPPHQWLQJ RQ
REVHUYHG GLIIHUHQFHV 7KLV GRHV QRW PHDQ WKDW WKH VFRUHV FDQQRW EH FRPSDUHG EXW WKH
GLIIHUHQFHV VKRXOG EH WUHDWHG ZLWK FDXWLRQ DQG LQWHUSUHWDWLRQV RI WKH UHVXOWV VKRXOG EH
FDUHIXOO\GRQHE\GUDZLQJRQWKHFRQWH[WRIWKHFXOWXUHV
:HKDYHWULHGWRDJUHHRQTXHVWLRQQDLUHLWHPVZKLFKDUHDSSURSULDWHWRPRVWNLQGV
RI VRFLHWLHV DQG FXOWXUHV ,W LV KRZHYHU YLUWXDOO\ LPSRVVLEOH WR PDNH LWHPV ZLWK LGHQWLFDO
PHDQLQJDQGYDOXHLQDOOSDUWLFLSDWLQJFRXQWULHV9DU\LQJVRFLDOHFRQRPLFSROLWLFDOFXOWXUDO
DQGSK\VLFDOFRQGLWLRQVZLOOOHDGGRGLIIHUHQWPHDQLQJFRQQRWDWLRQVDQGUHOHYDQFHEHWZHHQ
WKHFRXQWULHV
7KH 1RUZHJLDQ 526( WHDP LV RI FRXUVH PRVW OLNHO\ WR VHH VFLHQFH \RXWK DQG
VFKRROLQJWKURXJK1RUZHJLDQJODVVHV:HKDYHWKHUHIRUHEHHQUHOLDQWRQFROODERUDWLRQZLWK
UHVHDUFKHUVIURPRWKHUFRXQWULHVERWKZLWKUHVSHFWWRWKHVHOHFWLRQDQGWKHZRUGLQJRIHDFK
LWHP &URVVFXOWXUDO FROODERUDWLRQ KDV FRQVHTXHQWO\ EHHQ D SUHUHTXLVLWH IRU GHYHORSLQJ WKH
TXHVWLRQQDLUHDQGWKHHVWDEOLVKHGLQWHUQDWLRQDOQHWZRUNKDVEHHQFUXFLDOIRUSURPRWLQJWKH
UHTXLUHG FXOWXUDO EDODQFH :H DOVR VWUHVV WKH QHHG RI QDWLRQDO DQDO\VLV DQG LQWHUSUHWDWLRQV

 
:HZLOOWU\WRIDFLOLWDWHWKLVWKURXJKMRLQWZRUNVKRSVVHPLQDUVDQGH[FKDQJHRIILQGLQJVDQG
YLHZVGXULQJWKHDQDO\VLV

3. Cooperation without a common aim

7KH526(SURMHFWLQYLWHGSDUWQHUVIRUSDUWLFLSDWLRQLQDSURMHFWWKDWKDGVRPHSUHVSHFLILHG
DLPV D UDWLRQDOH DQG VRPH FRUH FRPPLWPHQWV 7KLV KDV JLYHQ WKH SURMHFW WKH QHFHVVDU\
GLUHFWLRQ DQG EDVLF LGHDV IURP WKH RXWVHW 1HYHUWKHOHVV WKH UHVHDUFK SDUWQHUV FRPH IURP D
YDULHW\ RI EDFNJURXQGV DQG WKH\ FDUU\ ZLWK WKHP WKHLU RZQ SHUVSHFWLYHV WKHRUHWLFDO
DSSURDFKHVDQGUHVHDUFKLQWHUHVWVRIWHQHPHUJLQJIURPQDWLRQDORUORFDOHGXFDWLRQDOVHWWLQJV
DQG FKDOOHQJHV 7KLV SRVHV VRPH SUREOHPV EXW LW LV DOVR WKH VWUHQJWK RI WKH SURMHFW 7KH
GLYHUVLW\HQDEOHVSDUWQHUVWROHDUQIURPHDFKRWKHU7KLVZLGHUDQJHRIUHOHYDQWEDFNJURXQGV
DSSURDFKHVDQGSHUVSHFWLYHVKDVEHHQDFKDOOHQJHLQWKHGHYHORSPHQWRIWKHTXHVWLRQQDLUH
$ FRPSOHWH FRQVHQVXV DPRQJ D JURXS RI 6 7 HGXFDWRUV IURP DOO FRQWLQHQWV RQ DOO
LVVXHVUHODWLQJWRWKHTXHVWLRQQDLUHVWUXFWXUHOHQJWKDQGFRQWHQWLVYLUWXDOO\LPSRVVLEOH:H
KDYHDSSUHFLDWHGDQGFRQVLGHUHGHYHU\VLQJOHLQSXWIURPRXUSDUWQHUVEXWLQWKHHQGLWZDV
WKH1RUZHJLDQ 526( WHDP WKDW WRRN WKH ILQDO GHFLVLRQV:HVWLOOZDQWWRVWUHVVWKDWLWLV D
SURGXFWRILQWHUQDWLRQDOFRRSHUDWLRQDQGZHNQRZWKDWWKHUHVHDUFKSDUWQHUVKDYHDNLQGRI
RZQHUVKLSRIWKHILQDOSURGXFW

 7UDQVODWLRQ/DQJXDJHDQGPHDQLQJV

7KH 526( LQVWUXPHQW LV DQG ZLOO EH WUDQVODWHG LQWR PDQ\ RWKHU ODQJXDJHV DQG XVHG LQ
PDQ\GLIIHUHQWFRXQWULHVDQGFXOWXUHV7KHPDVWHUYHUVLRQLVGHYHORSHGLQ(QJOLVKDQGWKH
ZRUNLQJODQJXDJHLQWKHLQWHUQDWLRQDODGYLVRU\JURXSZDV(QJOLVK$VRUJDQL]HUVRIWKHVWXG\
ZH GLG KRZHYHU ZRUN RXW WKH 1RUZHJLDQ DQG (QJOLVK YHUVLRQV LQ D NLQG RI V\PELRVLV
&KDQJHVLQZRUGLQJLQRQHYHUVLRQZDVGLVFXVVHGLQWKHFRQWH[WRIWKHRWKHUODQJXDJH7KHVH
WZRODQJXDJHVDUHQRWWRRGLIIHUHQWDOWKRXJK1RUZHJLDQLVFORVHUWR*HUPDQWKDQWR(QJOLVK
1HYHUWKHOHVVZHEHFDPHDZDUHRIVHYHUDOGLIILFXOWLHVHYHQLQWKLVUHODWLYHO\VLPSOHSURFHVVRI
WUDQVODWLRQ7KHWUDQVODWLRQZLOORIFRXUVHEHPXFKPRUHGLIILFXOWZKHQWUDQVODWLQJLQWRPRUH
IRUHLJQODQJXDJHV
7KLVUHSRUWLVQRWWKHSODFHWRJRLQGHWDLOVRQJHQHUDOSUREOHPVRIWUDQVODWLRQVIURP
RQHODQJXDJHWRDQRWKHU1HLWKHUDUHZHFRPSHWHQWWRJRGHHSO\LQWRVXFKGLVFXVVLRQV%XW
OHWXV WDNH RQH H[DPSOH RQ KRZ WKH PHDQLQJRI DZRUGFDQEHSUREOHPDWLFE\FRQVLGHULQJ
WKHNH\ZRUG
VFLHQFH

,Q (QJOLVK WKH WHUP
VFLHQFH
 LV PRUH RU OHVV V\QRQ\PRXV WR
QDWXUDO VFLHQFH
 $OO
HQF\FORSDHGLDVFRQILUPWKLVDVVRFLDWLRQDOVRDVWKHRIILFLDOEDVLFPHDQLQJ,QGDLO\XVHWKHUH
LVQRQHHGWRDGG
QDWXUDO
,I\RXWKLQNRIVRPHWKLQJHOVH\RXKDYHWREHH[SOLFLWOLNHVD\LQJ

VRFLDOVFLHQFH

SROLWLFDOVFLHQFH
HWF,WLVDOVRW\SLFDOWKDWWKHQDPHRIWKHVFKRROVXEMHFWLV
WKH VDPH ZRUG VLPSO\
VFLHQFH
 ZKHQ QRW GLYLGHG LQWR LWV VXEGLVFLSOLQHV OLNH ELRORJ\
FKHPLVWU\SK\VLFVHWF
,Q *HUPDQ QDWXUDO VFLHQFH PXVW EH WUDQVODWHG WR
1DWXUZLVVHQVFKDIW
 ZKLOH

:LVVHQVFKDIW
DORQHLVWKHJHQHUDOWHUPIRUV\VWHPDWLFDOO\RUJDQL]HGNQRZOHGJH7KHVDPHLV
WKHFDVHIRURWKHU(XURSHDQODQJXDJHVOLNHIRULQVWDQFHDOO1RUGLFODQJXDJHV7KH1RUZHJLDQ
WHUP IRU
VFLHQFH
 DV DQ DFDGHPLF GLVFLSOLQH LV
QDWXUYLWHQVNDS
 ZKLOH WKH WHUP IRU WKH
FRUUHVSRQGLQJ VFKRROVXEMHFWLV
QDWXUIDJ
7KHVDPHLVWKHFDVHLQHJ*HUPDQDQG'DQLVK
0RUHRYHU WKH 1RUZHJLDQ ZRUG
QDWXUIDJ
 KDV HPEHGGHG D VWURQJ FRQQRWDWLRQ WR
QDWXU


 
QDWXUHDQGLVRIWHQHYHQE\PDQ\WHDFKHUVPDLQO\XQGHUVWRRGDV
QDWXUHVWXG\
LQUHDOLW\
DNLQGRIELRORJ\
7KHUHIRUH ZKHQ VWXGHQWV DUH DVNHG TXHVWLRQV DERXW DWWLWXGHV WR
VFLHQFH
 WKH
PHDQLQJRIWKLVTXHVWLRQPD\LQGHHGEHGLIIHUHQWLQGLIIHUHQWODQJXDJHV
7KHVH GLIIHUHQW PHDQLQJV RI VFLHQFH DQG VFLHQWLVWV FDQ FDXVH VHYHUH
PLVXQGHUVWDQGLQJV IRU LQVWDQFH ZKHQ WKH (XURSHDQ 8QLRQ ZDQWV WR KDYH
PRUH VFLHQWLVWV

DQGZKHQWKH\ODXQFKLQLWLDWLYHVWR,PSURYHWKH5HFUXLWPHQWWR6FLHQFHDQG7HFKQRORJ\
$UH WKH\ PDLQO\ WKLQNLQJ RI QDWXUDO VFLHQFH RU GR WKH\ LQFOXGH HJ KXPDQ DQG VRFLDO
VFLHQFHV"(YHQRIILFLDOGRFXPHQWVDUHZHDNRULPSUHFLVHRQVXFKLVVXHV
:KHQ
VFLHQFH
DQG
VFLHQWLVWV
DUHWUDQVODWHGWRRWKHUPRUH
UHPRWH
ODQJXDJHVWKH
SUREOHPVEHFRPHHYHQPRUHDFFHQWXDWHG)RUH[DPSOH
VFLHQFH

VFKRROVFLHQFH
DQG
QDWXUH

FDQ EH WUDQVODWHG WR -DSDQHVH LQ VHYHUDO ZD\V DQGQRQHRIWKHVHFRUUHVSRQGGLUHFWO\WRWKH
(QJOLVKFRQFHSWV.DZDVDNL2JDZD2JDZDFODULILHVWKHLVVXHOLNHWKLV

,QVKRUWWKHZHVWHUQFRQFHSWV1DWXUH6FLHQFHDQG6FKRRO6FLHQFHDUHWUDQVODWHG
LQWR-DSDQHVHDV6KL]HQ.DJDNXDQG5LNDUHVSHFWLYHO\+RZHYHUZKHQ
WUDQVODWLRQKDSSHQVDGLIIHUHQWFRQQRWDWLRQUHODWHGWRRULJLQDO-DSDQHVHZRUGLV
LQHYLWDEO\SHUPHDWHGLQWRWKHZHVWHUQRULJLQDOFRQFHSWDQGWKHUHVXOWDQWFRQFHSW
EHFRPHWREHTXLWHGLIIHUHQWRQHIURPWKHRULJLQDO$QGLPSRUWDQWSRLQWLVWKDW
PRVWRI-DSDQHVHSHRSOHLQFOXGLQJVFLHQFHHGXFDWRUVKDYHQHYHUEHHQDZDUHRI
WKLV$QGWKH\EHOLHYHWKDWIRUH[DPSOH1DWXUHLVHTXLYDOHQWWR6KL]HQRU6FKRRO
6FLHQFHLQZHVWHUQFRXQWULHVLVHTXLYDOHQWWR-DSDQHVH5LNDSURJUDPVZKLFKWKH\
DUHQRW2JDZDSHUVRQDOFRPPXQLFDWLRQ$XJXVW
6XFKWKLQJVWUDQVODWLRQLVVXHVDUHOLNHO\WRKDSSHQLQDOPRVWDOORIWKHUHJLRQV
:HKDYHFKRVHQRQHH[DPSOHWRLOOXVWUDWHWKHSRLQWWKDWWUDQVODWLRQVPD\EHGLIILFXOW
DQG SRVVLEO\ PLVOHDGLQJ :H FRXOG KDYH FKRVHQ RWKHU ZRUGV DV H[DPSOHV 7KH PDWWHU JHWV
HYHQPRUHFRPSOLFDWHGZKHQ\RXPRYHIURPVLQJOHZRUGVRUFRQFHSWWRIXOOVWDWHPHQWV,Q
SDUWLFXODUZKHQZHDVNTXHVWLRQVDERXWDWWLWXGHVSHUFHSWLRQVHPRWLRQVWKHUHLVUHDVRQWR
EHOLHYH WKDW WKH GLIILFXOWLHV DUH HYHQ JUHDWHU 0RUHRYHU LQ VRPH FRXQWULHV LW PD\ QRW EH
FRQVLGHUHGDVDSSURSULDWHRUFRUUHFWWRDVNTXHVWLRQVRIVXFKDSHUVRQDOQDWXUH
7KHVH SUREOHPV DUH QRW DW DOO XQLTXH WR RXU UHVHDUFK (DFK LWHP LQ WKH 526(
TXHVWLRQQDLUH LV LQWHQGHG WR EH YHU\ VLPSOH DQG UDWKHU VKRUW :H KDYH DYRLGHG PXOWLSOH
FODXVHV DQG GRXEOH QHJDWLYH VWDWHPHQWV HWF 7KH SUREOHPV DUH PRUH GLIILFXOW WR KDQGOH LQ
VWXGLHV ZKHUH WKH VWXGHQWV DUH DVNHG TXHVWLRQV FRQQHFWHG WR D OHQJWK\ WH[WV RU QDUUDWLYH



1DWXUIDJ
LQ1RUZHJLDQVFKRROVLVDQLQWHJUDWHGVFLHQFHFRXUVHZKLFKDFFRUGLQJWRWKHQDWLRQDO
FXUULFXOXPLQFOXGHVELRORJ\FKHPLVWU\DQGSK\VLFV1HYHUWKHOHVVDWHDFKHUZURWH,WHDFK
QDWXUIDJ

LHVFLHQFHEXW,GRQRWWHDFKSK\VLFV

 
7,066 DQG 3,6$ KDYH PDGH VWULFW SURFHGXUHV IRU HQVXULQJ WUDQVODWLRQ HTXLYDOHQFH 7KH\
DOVRDFNQRZOHGJHWKDW

WUDQVODWLRQHUURUVDUHNQRZQWREHDPDMRUFDXVHIRULWHPVWRIXQFWLRQSRRUO\LQ
LQWHUQDWLRQDOWHVWV7KH\DUHPXFKPRUHIUHTXHQWWKDQRWKHUSUREOHPVVXFKDV
FOHDUO\LGHQWLILHGGLVFUHSDQFLHVGXHWRFXOWXUDOELDVHVRUFXUULFXODUGLIIHUHQFHV
2(&'E
7KH 526( UHVHDUFKHUV DUH UHTXHVWHG WR UHSRUW RQ SUREOHPV UHODWHG WR WUDQVODWLRQV DQG WKH
VWXGHQW
VXQGHUVWDQGLQJRIWKHTXHVWLRQVLQWKH'DWDFROOHFWLRQUHSRUWVHHSDUDJUDSKDQG
$SSHQGL[ ( :H KDYH DOVR DVNHG WKH WUDQVODWRUV WR VWULYH WR FRQYH\ WKH PHDQLQJ RI WKH
VWDWHPHQWVDQGLIQHFHVVDU\WRUHZULWHWKHVWDWHPHQWLQRUGHUWRDFKLHYHWKLVDLP7KHUHLVQR
ZD\RIDYRLGLQJDOOVXFKREVWDFOHV,WLVWKHUHIRUHLPSRUWDQWWRLQWHUSUHWFRPSDUDWLYHILQGLQJV
E\PDNLQJXVHRIWKRURXJKNQRZOHGJHRIFXOWXUHVDQGODQJXDJHV

 'HYHORSLQJWKHTXHVWLRQQDLUH
,Q RUGHU WR HQVXUH WKDW WKH TXHVWLRQQDLUH ZRXOG GR WKH MRE LW ZDV LQWHQGHG WR GR WKH
LQVWUXPHQWZDVGHYHORSHGWKURXJKDOHQJWK\SURFHVVRIGLVFXVVLRQWKLQNLQJZULWLQJWU\LQJ
RXWLPSURYLQJDQGWU\LQJRXWDJDLQ
7KH GHYHORSPHQW DQG YDOLGDWLRQ RI WKH TXHVWLRQQDLUH VWDUWHG LQ WKH DXWXPQ 
DQGWRRNSODFHLQVHYHUDOVWHSVWKURXJKPRUHWKDQRQH\HDU7KURXJKWKHZKROHSURFHVVZH
KDG IUHTXHQW GLVFXVVLRQV ZLWK VWXGHQWV WHDFKHUV 526( SDUWQHUV DQG VFKRODUV IURP YDULRXV
DFDGHPLFILHOGV,WZRXOGEHWRROHQJWK\WRJRLQWRGHWDLORQHYHU\VWHSRIWKHSURFHVVDQGRQ
HYHU\FRQVLGHUDWLRQGLVFXVVLRQDQGGHFLVLRQZHPDGH7KHIROORZLQJLVDURXJKUHYLHZRIWKH
PDLQVWHSVWRZDUGVWKHILQDOYHUVLRQRIWKHTXHVWLRQQDLUH
7KH LPSRUWDQW LVVXHV RI YDOLGLW\ DQG UHOLDELOLW\ ZLOO EH DGGUHVVHG LQ D VHSDUDWH
FKDSWHU QR  DOWKRXJK WKH\ ZHUH RI FRXUVH GLVFXVVHG DOO WKH ZD\ WKURXJK WKH SURFHVV RI
LQVWUXPHQWGHYHORSPHQW

 :RUNVKRSZLWK526($GYLVRU\*URXS

$VGHVFULEHGDERYHWKH526(SURMHFWLVLQPDQ\ZD\VDFRQWLQXDWLRQRIWKH6$6SURMHFWDQG
WKH526(TXHVWLRQQDLUHLVDIXUWKHUGHYHORSPHQWRIWKHLQVWUXPHQWDSSOLHGLQ6$6


3,6$7HFKQLFDO5HSRUWGHVFULEHVGLIIHUHQWWUDQVODWLRQSURFHGXUHV

'RXEOHWUDQVODWLRQSURFHGXUHLHWZRLQGHSHQGHQWWUDQVODWLRQVIURPWKHVRXUFHODQJXDJHDQG
UHFRQFLOLDWLRQE\DWKLUGSHUVRQ
%DFNWUDQVODWLRQSURFHGXUHPRVWIUHTXHQWO\XVHGWUDQVODWLQJWKHVRXUFHYHUVLRQRIWKHWHVW
JHQHUDOO\(QJOLVKODQJXDJHLQWRWKHQDWLRQDOODQJXDJHVWKHQWUDQVODWLQJWKHPEDFNWRDQG
FRPSDULQJWKHPZLWKWKHVRXUFHODQJXDJHWRLGHQWLI\SRVVLEOHGLVFUHSDQFLHV
3,6$XVHGGRXEOHWUDQVODWLRQIURPWZRGLIIHUHQWODQJXDJHVSURFHGXUHWZRSDUDOOHOVRXUFH
YHUVLRQVLQ(QJOLVKDQG)UHQFKDQGUHFRPPHQGLQJWKDWHDFKFRXQWU\GHYHORSWZRLQGHSHQGHQW
YHUVLRQVLQWKHLULQVWUXFWLRQODQJXDJHRQHIURPHDFKVRXUFHODQJXDJHWKHQUHFRQFLOHWKHPLQWRRQH
QDWLRQDOYHUVLRQTXRWHVIURP2(&'E

 
 ,Q2FWREHUZHKRVWHGDIRXUGD\VZRUNLQJVHPLQDUQHDU2VORLQ1RUZD\7KH
JRDOV IRU WKH VHPLQDU ZHUH WR LQLWLDWH WKH SURFHVV RI WKH TXHVWLRQQDLUH GHYHORSPHQW DQG WR
HODERUDWH RQ SURFHGXUHV IRU ORJLVWLFV DQG GDWD FROOHFWLRQ :H DOVR GLVFXVVHG UHOHYDQW
HPSLULFDO UHVHDUFK DQG WKHRUHWLFDO SHUVSHFWLYHV DQG KRZ LGHDV DQG REMHFWLYHV RI WKH 526(
VWXG\FDQEXLOGRQWKHVH
%\RSHQDQGVSHFLDOLQYLWDWLRQVWKH526($GYLVRU\*URXSZDVHVWDEOLVKHGWRVHUYH
DVPDLQSDUWQHUVLQWKHGHYHORSPHQWRIWKH526(LQVWUXPHQW7KHSHUVRQDOFRPSRVLWLRQRI
WKHJURXSVKRXOGSUHIHUDEO\EDODQFHUHJLRQDOFRYHUDJHZLWKWKHOLPLWHGILQDQFLDOUHVRXUFHVRI
WKH SURMHFW 7KH JURXS ZDV FRQVWLWXWHG RI 'LU 9LYLHQ 0 7DOLVD\RQ 7KH 3KLOLSSLQHV 'U
-DQH 0XOHPZD 8JDQGD 'U 'HEELH &RUULJDQ $XVWUDOLD 'LU -D\VKUHH 0HKWD ,QGLD
3URIHVVRU (GJDU -HQNLQV (QJODQG 'LU 9DVLOLV .RXODLGLV *UHHFH 'U 9HG *RHO 7KH
&RPPRQZHDOWK 3,6$ SURMHFW OHDGHU 0DULW .M UQVOL 1RUZD\ 3URIHVVRU DQG 7,066
FRRUGLQDWRU 6YHLQ /LH 1RUZD\ 'U 0DULDQQH ‘GHJDDUG 1RUZD\ DQG &DQGVFLHQW $VWULG
6LQQHV1RUZD\3URIHVVRU*OHQ$LNHQKHDG&DQDGDDQG3URIHVVRU0DVDNDWD2JDZD-DSDQ
DSSURYHGWRMRLQWKH$GYLVRU\JURXSDVZHOOEXWWKH\ZHUHXQDEOHWRDWWHQGWKHZRUNVKRS
7KLV PHDQV WKDW VFKRODUV IURP DOO FRQWLQHQWV ZHUH JDWKHUHG LQ WKH ZRUNVKRS
7KURXJKMRLQWVHVVLRQVDQGJURXSZRUNZHHODERUDWHGRQWKHTXHVWLRQQDLUHDQGWKHWKLQNLQJ
EHKLQGLW7KHSURGXFWRIWKHZRUNVKRSZDVDGUDIWTXHVWLRQQDLUHZLWKVRPH6$6TXHVWLRQV
PDLQWDLQHG DQG VRPH GHOHWHG DQG ZLWK VXJJHVWLRQV RI LQWURGXFLQJ QHZ LGHDV RI TXHVWLRQV
7KHVHPLQDUZDVIROORZHGXSE\FRRSHUDWLRQE\HPDLO

 3UHOLPLQDU\VWXGLHVLQ1RUZD\

:HVWHUQDQG1RUZHJLDQ\RXWKFXOWXUHLVZLGHO\GHVFULEHGLQOLWHUDWXUHDQG\RXWKUHVHDUFK

UHSRUWV EXW VLQFH OLWWOH LV GRQH RQ WKH FRQQHFWLRQ EHWZHHQ \RXWK FXOWXUH DQG VFLHQFH
HGXFDWLRQZHIRXQGLWLPSRUWDQWWRKHDUWKHYRLFHRIWKHSHRSOHZLWKWKHLUHYHU\GD\OLIHLQ
VFKRROV ,Q -DQXDU\ DQG )HEUXDU\  ZH FRQGXFWHG VRPH SUHOLPLQDU\ VWXGLHV ZLWK
1RUZHJLDQVWXGHQWVDQGWHDFKHUV7KHSXUSRVHRIWKHVWXGLHVZDVWREUDLQVWRUPWRRSHQRXU
PLQGV DQG WR FRPH XS ZLWK LGHDV IRU FRQFHSWV LQ FRQWHPSRUDU\ :HVWHUQ \RXWK FXOWXUH
ZKLFKFRXOGEHRIUHOHYDQFHWR526(
)RUSUDFWLFDODQGILQDQFLDO SXUSRVHV WKHVH VWXGLHV KDG WR EH FRQGXFWHG LQ 1RUZD\
DOWKRXJK IURP D FURVVFXOWXUDO SRLQW RI YLHZ LW LV QRW IDLU WR FDUU\ RXW VXFK VWXGLHV LQ RQH
FRXQWU\ +RSHIXOO\ ODWHU GDWD DQDO\VLV ZLOO VKRZ WKDW VRPH LGHDV LQWURGXFHG WR WKH
TXHVWLRQQDLUH WKURXJK WKHVH VWXGLHV RI :HVWHUQ \RXWK ZLOO LPSURYH RXU XQGHUVWDQGLQJ RI
\RXWKLQ1RQ:HVWHUQFRXQWULHVDVZHOO
7KHSUHOLPLQDU\VWXGLHVLQYROYHGIRXUPHDQVIRUWULJJHULQJIUHHDVVRFLDWLRQV

Test survey
:HFRQGXFWHGDPLQLVXUYH\E\GHYHORSLQJDVKRUWTXHVWLRQQDLUHDQGKDGLWDQVZHUHGE\D
VDPSOH RI   \HDUV ROG VWXGHQWV DW JUDGH  7KH VWXGHQWV ZHUH QRW SUREDELOLVWLFDOO\
VDPSOHGKHQFHWKHVDPSOHZDVQRWUHSUHVHQWDWLYHIRUWKH1RUZHJLDQSRSXODWLRQ
$ URXJK UHSRUW RI VRPH ILQGLQJV RQ ZKDW WKH VWXGHQWV ZHUH LQWHUHVWHG LQ OHDUQLQJ
DERXW FDQ EH WKDW WKH ER\V JDYH KLJK VFRUHV WR DWRP ERPEV G\QDPLWH ELRORJLFDO ZDUIDUH
SHWUROHQJLQHVFRPSXWHUVDQGVSDFHUHODWHGWRSLFV7KHJLUOVRQWKHRWKHUKDQGZHUHPRVWO\
LQWHUHVWHG LQ PHGLFDO YDFFLQDWLRQ VRODULXP OLIH RQ RWKHU SODQHWV DVWURORJ\ DQG KHDOLQJ DV
ZHOO DV VSDFHUHODWHG WRSLFV 1HLWKHU JLUOV QRU ER\V ZHUH LQWHUHVWHG LQ WRSLFV RI HYHU\GD\

 
UHOHYDQFHOLNHIRUH[DPSOH ZKHUHWKHZDWHULQP\WDSFRPHVIURP:KHQDVNHGDERXWWKHLU
LQWHUHVWLQYDULRXVSURIHVVLRQVWKHKLJKHVWVFRUHVZHUHJLYHQWRILOPSURGXFWLRQZHEGHVLJQ
DUFKLWHFWXUHDQGMRXUQDOLVPZKLOHDJURQRP\DQGVFLHQFHWHDFKLQJZHUHDWWKHERWWRP

Discussion groups with students

:H DUUDQJHG GLVFXVVLRQV ZLWKLQ WZR GLIIHUHQW JURXSV RI VWXGHQWV ZKLFK NQHZ HDFK RWKHU
IURPEHIRUH7KHUHZHUHILYHVWXGHQWVLQHDFKJURXS7KHVWXGHQWVGLVFXVVHGVFLHQWLILFWRSLFV
WKDW WKH\ HQMR\HG DQG ZHUH HQWKXVLDVWLF DERXW ZKLOH ZH LQWURGXFHG QHZ WRSLFV WR WKHLU
GLVFXVVLRQDQGGLUHFWHGWKHLUWDONWRZDUGVWKHLULQWHUHVWV
,WZDVVWULNLQJKRZWKHRQHJURXSFRQVLVWLQJRIILYHJLUOVNHSWRQFRPLQJEDFNWR
WRSLFVZLWKFRPSRQHQWVRIZRQGHUDQGP\VWLTXHDQGWKHZD\RUGLQDU\WH[WERRNWRSLFVZHUH
WXUQHGDURXQGWRWKHPDJLFDQJOH)RUH[DPSOHRQHJLUOVDLG

<HVOHDUQLQJDERXWWKHDWRPVZDVIXQEHFDXVHafterwardsZHWDONHGDERXWZKDW
ZDVRUZDVQRWLQWKHemptyspaces,PHDQLQWKHVSDFHVbetweenWKHQXFOHL
DQGHDFKHOHFWURQ
7KH\DOVRGLVFXVVHGWRSLFVOLNHJKRVWVDQGRWKHUVXSHUQDWXUDOSKHQRPHQDWZLQUHVHDUFKRQ
WKHLQIOXHQFHIURPLQKHULWDQFHYVHQYLURQPHQWRQSHUVRQDOLW\GHYHORSPHQWHWF,WSURYRNHG
RXUWKRXJKWVWKDWDOWKRXJKWKHVHILYHJLUOVFODLPHGWKDWWKH\GLGQRWOLNHVFLHQFHDWVFKRRO
YLUWXDOO\DOOWKHWRSLFVZHLQWURGXFHGWRWKHLUGLVFXVVLRQZHUHFRQYHUWHGLQWRDFRQWH[WWKH\
ZHUHHQWKXVLDVWLFDERXW
7KH RWKHU JURXS FRQVLVWLQJ RI WKUHH JLUOV DQG WZR ER\V UDLVHG TXHVWLRQV OLNH KRZ
HYHU\WKLQJJRHVLQFLUFXODWLRQZK\WKHGLQRVDXUVGLHGRXWZKDWKDSSHQVLIRQHMXPSVRXWRI
D VSDFHVKLS IDLU\WDOHV DERXW WKH VWDU FRQVWHOODWLRQV HWF %XW WKH\ DOVR DSSUHFLDWHG WKH IDFW
VXSSO\WKH\KDGIURPVFLHQFHDWVFKRROEHFDXVHDVLWXDWLRQPD\RFFXUZKHQLWLV
XVHIXOWR
NQRZ
 IRU H[DPSOH LQ D TXL] RU LQ D GLVFXVVLRQ 7KH VDPH GD\ WKH\ KDG OHDUQHG DERXW
HQ]\PHVLQVDOLYDZKLFKZDVRIXVHEHFDXVH
QRZ,NQRZ


Written lists of topics

7KURXJKFRRSHUDWLRQZLWKVFLHQFHWHDFKHUVDWJUDGHVWXGHQWVLQIRXUVFKRROFODVVHVZHUH
UHTXHVWHG WR ZULWH D OLVW RI VFLHQFHUHODWHG WRSLFV WKH\ IRXQG LQWHUHVWLQJ 0RVW RI WKH
VXJJHVWHGWRSLFVZHUHLQFOXGHGLQWKHILUVWGUDIWYHUVLRQRIWKHTXHVWLRQQDLUH

Conversations with science teachers

:HWDONHGZLWKVL[VFLHQFHWHDFKHUVDERXWERUHGRPDQGHQWKXVLDVPDPRQJWKHVWXGHQWVDQG
DERXW WKHLU HQFRXUDJLQJ DQG GLVFRXUDJLQJ H[SHULHQFHV ZLWK WHDFKLQJ VFLHQFH LQ XSSHU
VHFRQGDU\ VFKRRO :H DOVR DVNHG WKHP LQ ZKDW ZD\ WKH\ ZLVKHG WKHLU VFLHQFH WHDFKLQJ WR
SUHSDUH DQG HTXLS \RXQJ SHRSOH IRU WKHLU \RXQJ DQG DGXOW OLYHV :H ZLOO OHDYH WKLV PDWWHU
KHUHDVVXFKLVVXHVZLOOEULQJXVLQWRGLVFXVVLRQVIDUEH\RQGWKHVFRSHRIWKLVSDSHU

 )LUVWLQWHUQDWLRQDOWULDO

,Q$SULOZHKDGLPSOHPHQWHGWKHUHVSRQVHVDQGLGHDVIURPWKHSUHOLPLQDU\VWXGLHVLQWR
WKHTXHVWLRQQDLUH YHUVLRQ IURP WKH ZRUNVKRS 7KH VL]H RI WKLV ILUVW GUDIW TXHVWLRQQDLUH ZDV
PRUHWKDQWKHGRXEOHRIZKDWLWVKRXOGEHEXWLWZDVQHYHUWKHOHVVGLVWULEXWHGWRWKH526(

 
$GYLVRU\ *URXS DQG WR DOO UHVHDUFKHUV WKDW KDG H[SUHVVHG LQWHUHVW IRU SDUWLFLSDWLQJ LQ WKH
526(SURMHFW
$OWKRXJK WKH SDUWQHUV ZHUH DVNHG WR LQGLFDWH ZKLFK LWHPV WKH\ VXJJHVWHG WR EH
GHOHWHG WKH PRVW LPSRUWDQW SXUSRVH RI WKH WULDO ZDV WR HQVXUH WKDW WKH TXHVWLRQQDLUH ZDV
EURDG HQRXJK WR FDSWXUH FXOWXUDO GLYHUVLW\ :H VSHFLILFDOO\ DVNHG IRU VXJJHVWLRQV IRU LWHPV
WKDW FRXOG UHIOHFW SDUWLFXODU FLUFXPVWDQFHV RI WKHLU FXOWXUH 7KH\ ZHUH DOVR LQYLWHG LI WLPH
DQG UHVRXUFHV FRXOG DOORZ LW WR FRQGXFW VRPH NLQG RI SUHOLPLQDU\ VWXGLHV ZLWK VWXGHQWV
DQGRUWHDFKHUVLQWKHLURZQFRXQWU\
:HUHFHLYHGDFRQVLGHUDEOHQXPEHURIUHVSRQVHVIURPDZLGHUDQJHRIFRXQWULHVDQG
VRPH FRXQWULHV KDG HYHQ SLORWHG WKH TXHVWLRQQDLUH 0DQ\ LWHPV ZHUH QRW VXUSULVLQJO\
FHQVRUHG VLQFH WKH\ LQ VRPH FXOWXUHV ZHUH WRR SHFXOLDU FRQWURYHUVLDO DQGRU SURYRFDWLYH
2WKHU DUJXPHQWV IRU H[FOXGLQJ LWHPV ZHUH WKDW WKH WRSLF ZDV XQNQRZQ IRU \RXWK LQ WKH
FRXQWU\ WKDW WKH LWHP ZDV XQFOHDU RU KDG GRXEOH PHDQLQJ WKDW WKH WRSLF ZDV FRYHUHG E\
RWKHULWHPVHWF
7KHYDULHW\RIWKHUHFRPPHQGDWLRQVDQGVXJJHVWLRQVZDVKXJHDQGVRPHGUHZXVLQ
YHU\ GLIIHUHQW GLUHFWLRQV $JDLQ ZH ZHUH FRQIURQWHG ZLWK WKH FKDOOHQJH RI DLPLQJ DW
FRPSDULQJ \RXWK IURP GLIIHUHQW FXOWXUHV )RU H[DPSOH WR WKH TXHVWLRQ DERXW WKH VWXGHQWV

IXWXUHMRETXHVWLRQ%RQHSDUWQHUFRPPHQWHGWKDW

)RU\RXQJSHRSOHLQP\FRXQWU\LWLVDQLPSRVVLEOHGUHDPWRKDYHWKHFKDQFHWR
FKRRVHWKHMREWKH\ZDQW7KH\ZLOOQRWXQGHUVWDQGWKHTXHVWLRQDQGWKHLU
DQVZHUVZLOOEHUDQGRPO\WLFNHG
:H DOVR PHW RSSRVLWLRQ WR WKH ZLGH UDQJH RI WKH VXEMHFWV RI TXHVWLRQQDLUH DQG WR LWHPV
DGGUHVVLQJWRSLFVWKDWWUDGLWLRQDOO\DUHQRWLQFOXGHGLQVFLHQFHFXUULFXOD

7KLVLVQRWGLUHFWO\FRQQHFWHGZLWKVFLHQFHDQGWKHGDWDFDQEHGLIILFXOWWRUHODWH
WRVFLHQFHFXUULFXOXP

 3LORWLQJ

$W WKH VDPH WLPH DV WKH ILUVW GUDIW TXHVWLRQQDLUH ZDV RQ WKH LQWHUQDWLRQDO FKHFN WKH
TXHVWLRQQDLUH ZDV WUDQVODWHG LQWR 1RUZHJLDQ DQG SLORWHG LQ ILYH 1RUZHJLDQ VFKRRO FODVVHV
7KHSXUSRVHRIWKHSLORWWHVWZDVWKUHHIROG)LUVWO\LWZDVWRJDLQH[SHULHQFHVRQSURFHGXUDO
PDWWHUV DQG SUDFWLFDOLWLHV RQ RUJDQL]LQJ WKH VXUYH\ OLNH HVWDEOLVKLQJ FRQWDFW ZLWK
FRRUGLQDWRUVDWVFKRROVLQVWUXFWLQJWKHPLQFDUU\LQJRXWWKHVXUYH\WKHGXUDWLRQRIWKHWHVW
UXQFROOHFWLQJWKHTXHVWLRQQDLUHVFRGLQJGDWDLQWKHFRGHERRNHWF6HFRQGO\ZHZDQWHGWR
FDWFK VRPH VSRQWDQHRXV DQG XQUHVWUDLQHG UHDFWLRQV IURP VWXGHQWV DQG WHDFKHUV WR WKH
TXHVWLRQVDQGWRXQGHUVWDQGZKDWPHDQLQJDQGXQGHUVWDQGLQJWKH\SXWLQWKHYDULRXVLWHPV
7KLUGO\ZHZHUHLQWHUHVWHGLQGRLQJVRPHDQDO\VLVRIWKHGDWDDQGHYDOXDWHVRPHVWDWLVWLFDO
IHDWXUHVLQWKHPDWHULDO
6RPHVWXGHQWVDQVZHUHGWKHTXHVWLRQQDLUH:HUHTXHVWHGWKHPWRLQGLFDWHWKH
LWHPVWKDWWKH\GLGQRWXQGHUVWDQGDQGWRJLYHSUDLVHDQGPRUHLPSRUWDQWEODPHZKHUHYHU
WKH\ IHOW OLNH LW )XUWKHUPRUH ZH DUUDQJHG D GLVFXVVLRQ LQ D JURXS RI HLJKW VWXGHQWV DERXW
WKHLUDWWLWXGHVWRDQGXQGHUVWDQGLQJVRIWKHTXHVWLRQV6RPHFULWLTXHRIWKHTXHVWLRQQDLUHZDV
YHU\H[SOLFLWO\SURQRXQFHGERWKLQWKHIHHGEDFNIURPWKHVWXGHQWVDQGIURPWKHWHDFKHUV,W

 
ZDVOHQJWK\DQGWKHVWXGHQWVZHUHDQQR\HGZKHQWKH\JRWWKHIHHOLQJWKDWWKH\ZHUHDVNHG
WKHVDPHTXHVWLRQVRYHUDQGRYHUDJDLQ
:H FRGHG WKH GDWD LQ 6366 DQG FDUULHG RXW VRPH VWDWLVWLFDO DQDO\VLV ,VVXHV OLNH
GHVLJQPHDVXUHPHQWDQDO\VLVDVZHOODVVRPHUHVXOWVIURPWKHDQDO\VLVZHUHGLVFXVVHGZLWK
VFKRODUVLQSV\FKRPHWULFVDWRXUIDFXOW\
$OWRJHWKHU WKLV SLORW WHVW JDYH LPSRUWDQW LQSXW WR WKH QH[W UHYLVLQJ RI WKH
TXHVWLRQQDLUH

 *5$660$7(PHHWLQJ

,Q-XQHZHKDGWKHRSSRUWXQLW\WRPHHWWKHVXSHUYLVRUVLQWKH*5$660$7(JURXSLQ
%HUJHQ LQ 1RUZD\ *5$660$7( *UDGXDWH 3URJUDP LQ 6FLHQFH 0DWKHPDWLFV DQG
7HFKQRORJ\ HGXFDWLRQ LV D 1RUZHJLDQ±6XE6DKDUDQ SURMHFW DLPLQJ DW GHYHORSLQJ UHVHDUFK
FRPSHWHQFH LQ $IULFD 7KH VXSHUYLVRUV RI WKH DSSUR[LPDWHO\  3K'VWXGHQWV RQ WKH
*5$660$7( SURJUDPPH ZHUH VFKRODUV LQ VFLHQFH HGXFDWLRQ IURP 1RUZD\ DQG VHYHUDO
$IULFDQFRXQWULHV
:H MRLQWO\ HODERUDWHG RQ WKH TXHVWLRQQDLUH LWHPV DQG UHFHLYHG VRPH XVHIXO
FRPPHQWV 3DUWLFXODUO\ HPSKDVLV ZDV SXW RQ GLVFXVVLQJ WKH FXOWXUDO EDODQFH DQG GLIIHUHQW
YDOXHVDQGZRUOGYLHZVLQGLIIHUHQWFXOWXUHV

 6HFRQGLQWHUQDWLRQDOWULDO

,Q$XJXVWDIWHUWDNLQJLQWRDFFRXQWWKHLQSXWIURPWKHILUVWWULDOWKHSLORWWHVWDQGWKH
*5$660$7( PHHWLQJ D VHFRQG GUDIW YHUVLRQ RI WKH TXHVWLRQQDLUH ZDV GLVWULEXWHG WR WKH
526( $GYLVRU\ *URXS DQG RWKHU SURMHFW SDUWQHUV :H DVNHG IRU IHHGEDFN RQ FXOWXUDO DQG
JHQGHUEDODQFHDGYLFHVRQZKHUHWKHTXHVWLRQQDLUHFRXOGEHVKRUWHQHGDQGVXJJHVWLRQVIRU
VLPSOHU DQG FOHDUHU (QJOLVK ODQJXDJH DQG ZRUGLQJ :H UHFHLYHG UHVSRQVHV IURP 5XVVLD
)LQODQG 8JDQGD 'HQPDUN 6ZHGHQ 1RUZD\ 7KH 3KLOLSSLQHV .RUHD 86$ 8QLWHG
.LQJGRP&DQDGD*UHHFH6RXWK$IULFDDQG*KDQD
$JDLQ ZH H[SHULHQFHG GLYHUVH UHVSRQVHV DQG WKDW FRPPHQWV IURP VRPH QDWLRQV
FRXOG FRQWUDGLFW FRPPHQWV IURP RWKHUV )RU H[DPSOH ZH KDG D OHQJWK\ GLVFXVVLRQ DERXW
ZKHWKHU RU QRW WR LQFOXGH FODVVLILFDWLRQTXHVWLRQV RQ WKH VRFLRHFRQRPLF EDFNJURXQG RI WKH
VWXGHQWV 6LQFH WKH QXPEHU RI ERRNV LQ WKH KRPH KDV VKRZQ WR EHDJRRGSUR[\IRUVRFLR
HFRQRPLF FDSLWDO VHH SDUDJUDSK  ZH HPSOR\HG WKLV TXHVWLRQ IRU WDSSLQJ WKH
VRFLRHFRQRPLFVWDWXVRIWKHVWXGHQWV
SDUHQWV

+RZPDQ\ERRNVDUHWKHUHLQ\RXUKRPH"7KHUHDUHXVXDOO\ERRNVSHUPHWUH
RIVKHOYLQJ
6RPH FRXQWULHV UHTXHVWHG PRUH TXHVWLRQV DERXW WKH VRFLRHFRQRPLF VWDWXV 6(6 RI WKH
VWXGHQWV
 SDUHQWV DQG UHIHUUHG WR WKH 7,066 DQG 3,6$ VWXGLHV ZKLFK LQFOXGH VHYHUDO
TXHVWLRQVIRUPHDVXULQJ6(6IRUH[DPSOHSDUHQWDOHGXFDWLRQDQGSURIHVVLRQKRZRIWHQWKH
IDPLO\ HDWV WKH PDLQ PHDO WRJHWKHU QXPEHU RI FDUVEDWKURRPVHWFLQWKHKRPHZKHWKHU
WKH\KDYHZRUNVRIDUWVLQWKHKRXVHHWF$WWKHVDPHWLPHDVVRPHQDWLRQVVXJJHVWHGPRUH
FODVVLILFDWLRQ TXHVWLRQV RI WKLV NLQG DQRWKHU FRXQWU\ JDYH WKH IROORZLQJ FRPPHQW WR WKH
TXHVWLRQDERXWWKHQXPEHURIERRNV

 
 <RXPD\QRWILQGERRNVKHOYHVHYHQZKHUH\RXPD\ILQGERRNVLQGHYHORSLQJ
FRXQWULHVWKHERRNVPD\EHNHSWLQER[HVRUFXSERDUGVLQVWHDG
7KLV H[DPSOH LOOXVWUDWHV VRPH RI WKH FRPSOH[LW\ RI FURVVFXOWXUDO FRPSDULVRQV DQG WKH
FKDOOHQJHRIDLPLQJDWFXOWXUDOEDODQFHLQDTXHVWLRQQDLUHWKDWLVLQWHQGHGIRUXVHRQDJOREDO
VFDOH)XUWKHUPRUHPRVWRIWKHSDUWQHUVLQGLFDWHGWKDWWKHTXHVWLRQQDLUHZDVWRRORQJEXW
RQ WKH RWKHU KDQG WKHUH ZHUH ORWV RI VXJJHVWLRQV IRU QHZ LWHPV IRU WKH UHYLVHG YHUVLRQ
(TXDOO\ LQWHUHVWLQJ ZDV LW WR QRWH WKDW VRPH SDUWQHUV FKDUDFWHUL]HG WKH TXHVWLRQQDLUH E\
KDYLQJ
DZHVWHUQDQGPLGGOHFODVVRULHQWDWLRQ
ZKLOHRWKHUVLQGLFDWHGWKDWLWKDGD

ELDVIDYRULQJGHYHORSLQJFRXQWULHV
DVZHOODVDQ

LGHRORJLFDORULHQWDWLRQWRZDUGV
DOWHUQDWLYHV
DWWKHH[SHQVHRI
SURSHUVFLHQFH


 ,QWHUYLHZV

:KLOH WKH TXHVWLRQQDLUH ZDV RQ LWV VHFRQG WUDLO ZH XQGHUWRRN LQGLYLGXDO LQWHUYLHZV ZLWK
WZR 1RUZHJLDQ VWXGHQWV DIWHU WKH\ KDG DQVZHUHG WKH TXHVWLRQQDLUH 7KH SXUSRVH RI WKH
LQWHUYLHZVZDVWRGHWHFWGLIILFXOWVHQWHQFHVFRQFHSWVDQGZRUGLQJVDQGWRYDOLGDWHWKHLWHPV
E\ FRQVLGHULQJ ZKHWKHU WKHLU XQGHUVWDQGLQJV RI WKH LWHPV PDWFKHG RXU LQWHQWLRQ EHKLQG
WKHP
7KHRXWFRPHVRIWKHLQWHUYLHZVOHDGWRVRPHPLQRULWHPPRGLILFDWLRQV

 7KLUGDQGODVWLQWHUQDWLRQDOWULDO

,Q 6HSWHPEHU  WKH ODVW GUDIW ZDV GLVWULEXWHG WR WKH 526( $GYLVRU\ *URXS DQG WR DOO
LQWHUQDWLRQDO 526( SDUWQHUV 7KLV WLPH ZH RQO\ DVNHG IRU VPDOOHU VXJJHVWLRQV IRU LWHP
DGMXVWPHQWV DQG IRU FRPPHQWV RQ WKH WZR QHZ RSHQHQGHG TXHVWLRQV DW WKH HQG RI WKH
TXHVWLRQQDLUH$JDLQZHJRWYDOXDEOHLQSXWIURPPDQ\LQWHUQDWLRQDOVFKRODUV
$ ODVW GLVFXVVLRQ WRRN SODFH LQ PLG2FWREHU ZKHQ 3URIHVVRU (GJDU -HQNLQV SDLG D
YLVLWWR1RUZD\7KH526(TXHVWLRQQDLUHZDVILQDOL]HGLQWKHEHJLQQLQJRI1RYHPEHU
7KURXJK WKH ZKROH SURFHVV RI GHYHORSLQJ WKH TXHVWLRQQDLUH ZH KDYH DLPHG DW
HQVXULQJ WKDW QRWKLQJ ZDV XQMXVWLILDEO\ HPSKDVL]HG DW WKH H[SHQVH RI VRPHWKLQJ HOVH :H
DFNQRZOHGJH WKDW ZH FDQ LPSRVVLEO\ KDYH IXOO\ VXFFHHGHG LQ GHYHORSLQJ D TXHVWLRQQDLUH
ZKLFK WUDYHOV HTXDOO\ ZHOO LQ DOO FXOWXUHV 7KH IRUWKFRPLQJ H[SHULHQFHV IHHGEDFN DQDO\VLV
DQG UHVXOWV ZLOO LQHYLWDEOH UHYHDO ZHDNQHVVHV LQ WKH TXHVWLRQQDLUH %XW ZH KDYH WULHG WR
SURGXFH D VDWLVIDFWRU\ ZKROH E\ WDNLQJ DOO WKH LQSXWV LQWR FRQVLGHUDWLRQ DQG E\ WU\LQJ WR
EDODQFHWKHP:HKDYHPDGHVHYHUDOFRPSURPLVHVSULPDULO\GLUHFWHGE\WKHDLPVDQGWKH
REMHFWLYHVRIWKHSURMHFW

 
 7+(526(,167580(17
5$7,21$/($1'81'(5/<,1*$668037,216
([FHSW IRU SXEOLF VXUYH\V OLNH WKH (XUREDURPHWHU (8  DQG 16% E WKHUH KDV
QRWEHHQUHSRUWHGGHYHORSPHQWRIUHVHDUFKLQVWUXPHQWVWKDWPD\LQDFURVVFXOWXUDOFRQWH[W
7R RXU NQRZOHGJH 526( DQG LWV SUHGHFHVVRU 6$6 DUH WKH ILUVW DWWHPSWV WR GHYHORS
LQVWUXPHQWVWKDWPD\EHXVHGDFURVVFRXQWULHVDQGFXOWXUHVLQWKLVGRPDLQ
,Q WKH IROORZLQJ ZH ZLOO DGGUHVV LVVXHV RI ZK\ ZH DUH DVNLQJ WKH TXHVWLRQV ZH GR
DQGKRZZHLQWHQGWRXVHWKHUHVSRQVHV3DUWVRIWKLVWH[WDUHEDVHGRQWKHWH[WLQWKH526(
+DQGERRNWKDWZDVPDGHDYDLODEOHWRDOOSDUWLFLSDQWVDVSDUWRIWKHLUSUHSDUDWLRQVDQGWKHLU
GHFLVLRQ WR WDNH SDUW LQ WKH VWXG\ 7KH 526( TXHVWLRQQDLUH LV UHSURGXFHG LQ $SSHQGL[ $
/HWWHUV LQ EUDFNHWV LQGLFDWH WKH TXHVWLRQ DQG LWHP RI LQWHUHVW DV WKH\ DSSHDU LQ WKH 526(
TXHVWLRQQDLUH

 6WXGHQWEDFNJURXQGTXHVWLRQVFRYHUVKHHWDQG-

7KHUH DUH PDQ\ H[WUDFXUULFXOD DQG RXWRIVFKRRO IDFWRUV WKDW LQIOXHQFH VWXGHQWV

UHODWLRQVKLSWRVFLHQFHDQGVFLHQFHHGXFDWLRQ$PRQJVXFKIDFWRUVDUHVH[DJHQDWLRQDOLW\
KRPH ODQJXDJH YV ODQJXDJH RI LQVWUXFWLRQ SDUHQWV
 HGXFDWLRQ DQG RFFXSDWLRQ XUEDQUXUDO
HQYLURQPHQWSHHUFXOWXUHHWF
7KH FRYHU VKHHW RI WKH 526( TXHVWLRQQDLUH FRQWDLQV WKUHH FODVVLILFDWLRQ TXHVWLRQV
VH[DJHDQGQDWLRQDOLW\7KHVHDUHWKHRQO\EDFNJURXQGYDULDEOHVWKDWZLOOEHDSSOLHGLQWKH
UHSRUW RI WKH LQWHUQDWLRQDO FRPSDULVRQV :H VXJJHVWHG IRU WKH LQWHUQDWLRQDO SDUWQHUV WKDW
WKH\ LI DSSOLFDEOH IRU FRQWUDVWLQJ JURXSV LQ WKHLU QDWLRQDO DQDO\VLV FRXOG DGG VRPH
FRPSOHPHQWDU\TXHVWLRQVHJDERXWUHJLRQW\SHRIVFKRROPRWKHUWRQJXHHWF
3UHYLRXV UHVHDUFK KDV LGHQWLILHG D QRWLFHDEOH UHODWLRQVKLS EHWZHHQ HGXFDWLRQDO
DFKLHYHPHQW DQG WKH HFRQRPLF VRFLDO DQG FXOWXUDO FDSLWDO RI WKH VWXGHQWV
 SDUHQWV 7KHVH
UHVXOWV DUH H[SODLQHG ZLWK WKH QRWLRQ WKDW SDUHQWV RIKLJKHUVRFLRHFRQRPLFVWDWXV6(6DUH
PRUH LQYROYHG LQ WKH HGXFDWLRQ RI WKHLU FKLOGUHQ WKDQ SDUHQWV ZLWK ORZ 6(6 DQG WKHUHE\
VWLPXODWLQJ PRUH SRVLWLYH DWWLWXGHV DQG PRWLYDWLRQ WR OHDUQ EHWWHU KRPHZRUN FRQGLWLRQV
KLJKHUDFKLHYHPHQWHWF+R6XL&KX :LOOLDPV2(&'D7XUPR
7KHVRFLRHFRQRPLFEDFNJURXQGRIWKHVWXGHQWVPD\EHLQWHUHVWLQJDQGUHOHYDQWDOVR
LQ 526( DOWKRXJK ZH DUH QRW SULPDULO\ LQWHUHVWHG LQ VWXGHQWV
 DFKLHYHPHQW 7KHUHIRUH DW
WKHHQGRIWKHTXHVWLRQQDLUHZHLQFOXGHGRQHTXHVWLRQDERXWKRZPDQ\ERRNVWKHUHDUHLQ
WKHKRPHRIWKHVWXGHQWV

+RZPDQ\ERRNVDUHWKHUHLQ\RXUKRPH"7KHUHDUHXVXDOO\ERRNVSHUPHWUH
RIVKHOYLQJ'RQRWLQFOXGHPDJD]LQHV


 0RVWRI WKH 3XEOLF VXUYH\V RQ 3XEOLFXQGHUVWDQGLQJ RI VFLHQFH DQG DOVR DWWLWXGHV WR VFLHQFH DUH


EDVHGRQTXHVWLRQQDLUHVGHYHORSHGUDWKHUORQJWLPHDJRLQWKH86HJ0LOOHU$WSUHVHQW

WKHUHDUHSODQVIRUDUHYLVHG(XUREDURPHWHUVXUYH\WREHXVHGDOVRLQPDQ\QRQ(XURSHDQFRXQWULHV
'DWDFROOHFWLRQZLOOWDNHSDFHLQ

 
7KLVTXHVWLRQKDVVHYHQUHVSRQVHFDWHJRULHV 1RQH±ERRNV±ERRNV±ERRNV
± ERRNV ± ERRNV DQG 0RUH WKDQ  ERRNV 7KH UHDVRQ IRU SODFLQJ WKH
TXHVWLRQ DW WKH HQG RI WKH TXHVWLRQQDLUH ZDV WKDW VRPH VWXGHQWV PLJKW IHHO XQFRPIRUWDEOH
ZLWKEHLQJDVNHGDERXWSULYDWHKRPHFRQGLWLRQV%\SODFLQJWKLVTXHVWLRQWRZDUGVWKHHQG
ZHKRSHGWKDWWKHVWXGHQWDIWHUDQVZHULQJRWKHUTXHVWLRQVZRXOGIHHOPRUHFRPIRUWDEOHDQG
WKDWZHWKHUHE\KDGDEHWWHUFKDQFHRIJHWWLQJUHVSRQVHVWRWKHTXHVWLRQ
7KLV TXHVWLRQ LV D WUXH FRS\ RI WKH FRUUHVSRQGLQJ TXHVWLRQ LQ WKH 3,6$ 
TXHVWLRQQDLUH3,6$GRHVLQDGGLWLRQDVNDQXPEHURITXHVWLRQVDERXWSDUHQWDOHGXFDWLRQDQG
RFFXSDWLRQ KRPH SRVVHVVLRQV HWF )RU REYLRXV UHDVRQV VHH IRU H[DPSOH WKH GLVFXVVLRQ LQ
VXFKTXHVWLRQVZRXOGEHLPSRVVLEOHWRLQWHUSUHWZKHQZHFRPSDUHDFURVVWKHGLIIHUHQW
FXOWXUHV UHSUHVHQWHG LQ 526( :H UHJDUG LW DV YLUWXDOO\ LPSRVVLEOH WR DVN TXHVWLRQV DERXW
KRPH DQG IDPLO\ EDFNJURXQG WKDW FDQ SURYLGH PHDQLQJIXO FRPSDULVRQV DFURVV DOO FXOWXUHV
0RUHRYHU LQ VHYHUDO FRXQWULHV WKHUH DUH FRQVLGHUDEOH OHJDO DQG IRUPDO UXOHV DJDLQVW DVNLQJ
VXFK TXHVWLRQV 1HYHUWKHOHVV EHFDXVH RI WKH FRQWHPSRUDU\ UHVHDUFK LQWHUHVW LQ 6(6 ZH
GHFLGHGWRLQFOXGH RQHTXHVWLRQDGGUHVVLQJWKLVLVVXH$VWKHQXPEHURIERRNVLQWKHKRPH
KDV WXUQHG RXW WR EH D JRRG SUR[\ IRU WKH 6(6 RI WKH VWXGHQWV
 SDUHQWV /LH .M UQVOL 
%UHNNH  WKH FKRLFH RI WKH TXHVWLRQ IHOO RQ WKLV $OO SDUWLFLSDWLQJ FRXQWULHV ZHUH
QHYHUWKHOHVV IUHH WR DGG PRUH 6(6 TXHVWLRQV DW WKH HQG RI WKH TXHVWLRQQDLUH IRU QDWLRQDO
FODVVLILFDWLRQV RI UHVSRQGHQWV DQG IRU RSHQLQJ WKH SRVVLELOLW\ WR OLQN 526( GDWD WR IRU
H[DPSOH7,066RU3,6$6RPHSDUWLFLSDWLQJFRXQWULHVKDYHDGGHGVXFKYDULDEOHV'HWDLOVDUH
JLYHQLQHDFKQDWLRQDOGDWDFROOHFWLRQUHSRUWZKLFKFDQEHIRXQGRQWKH526(ZHEVLWH

 :KDW,ZDQWWROHDUQDERXW$&(

$V LQGLFDWHG LQ SDUDJUDSK  WKH PDQ\ LQWHUQDWLRQDO VXUYH\V DV ZHOO DV RWKHU LQGLFDWRUV
OLNH SUHVV FRYHUDJH PDJD]LQH FLUFXODWLRQ YLVLWRUV WR VFLHQFH FHQWUHV HWF GR QRW LQGLFDWH
DQ\ JHQHUDOGHFUHDVH RI LQWHUHVWLQ 6 7 DPRQJWKH SRSXODWLRQLQ PRVW FRXQWULHV 7KH WHUP

IDOOLQJLQWHUHVWLQ6 7
VKRXOGUDWKHUEHUHSKUDVHGWREH
IDOOLQJLQWHUHVWIRU6 7VXEMHFWVDW
VFKRRO DQG DV VWXGLHV
 ,Q WKLV JURXS RI LWHPV ZH ZDQW WR H[SORUH SRVVLEOH QHZ ZD\V RI
WKLQNLQJ DERXW WKH 6 7 FRQWHQWV PDLQO\ LQ D VFKRRO VHWWLQJ  EXW DOVR ZLWK ZLGHU
UDPLILFDWLRQVIRUWKHLQIRUPDOVHFWRU
2QH XQGHUO\LQJ K\SRWKHVLV LQ WKLV TXHVWLRQ LV WKDW PDQ\ \RXQJ SHRSOH DOWKRXJK
WKH\GRQRWSODQWRKDYHDVFLHQWLILFFDUHHUILQGYDULRXVDVSHFWVRIVFLHQFHLQWHUHVWLQJ7KLV


 6RPH H[DPSOHV RI 3,6$ 6(6 TXHVWLRQV KRZ RIWHQ WKH SDUHQWV GLVFXVV ERRNV ILOPV RU 79


SURJUDPPHVZLWKWKHVWXGHQWKRZRIWHQWKHSDUHQWVOLVWHQWRFODVVLFDOPXVLFZLWKWKHVWXGHQWVKRZ
RIWHQWKHVWXGHQWKDVSDUWLFLSDWHGLQDQRSHUDEDOOHWRUFODVVLFDOV\PSKRQ\FRQFHUWKRZPDQ\ERRNV
RI SRHWU\ VKH KDV LQ WKH KRPH ZKHWKHU VKH KDV D TXLHW SODFH WR VWXG\ D GLVKZDVKHU D URRP IRU
KHUKLP VHOI KRZ PDQ\ FDOFXODWRUV WHOHYLVLRQV FHOOXODU SKRQHV FDUV EDWKURRPV HWF VKH KDV DW
KRPHHWF

 
$&( TXHVWLRQ ZLOO JLYH HPSLULFDO HYLGHQFH RQ ZKDW WRSLFV YDULRXV JURXSV RI VWXGHQWV DUH
LQWHUHVWHGLQOHDUQLQJDERXW7KLVLQVLJKWFDQLQIRUPRXUGLVFXVVLRQVRQKRZ6 7FXUULFXOD
FDQEHFRQVWUXFWHGLQRUGHUWRPHHWWKHLQWHUHVWVRIGLIIHUHQWJURXSVRIOHDUQHUV:HZDQWWR
HPSKDVL]HWKDWRXUSULPHFRQFHUQEHKLQGWKLV$&(TXHVWLRQLVWKDWZHWKLQNVFLHQFHOHVVRQV
VKRXOG HQJDJHWKHVWXGHQWV$VNLQJWKHVWXGHQWVKRZLQWHUHVWHGWKH\DUHLQYDULRXVWRSLFVLV
RQH DSSURDFK IRU JHWWLQJ LQ WRXFK ZLWK VFLHQFH OHVVRQV
 SRWHQWLDO IRU HQJDJHPHQW %XW
HQJDJHPHQWGRHVQRWUHIHUVLPSO\WRHQWKXVLDVPHQWHUWDLQPHQWDQGIXQ,WLVDOVRLPSRUWDQW
WRWULJJHUFRQFHUQSURYRNHFUHDWLYHWKLQNLQJDQGVWLPXODWHLQGLYLGXDOJURZWK
$V UHVHDUFK LQ VFLHQFH HGXFDWLRQ UHSRUW JURZLQJ XQIDYRXUDEOH DWWLWXGHV WRZDUGV
VFLHQFHDWVFKRROZHDUJXHWKDWWKHUHDUHVHYHUDOVHQVLEOHUHDVRQVWRMXVWLI\IXUWKHUUHVHDUFK
RQVWXGHQWV
LQWHUHVWVLQVFLHQFH$ERYHZHKDYHGHVFULEHGWKHUDWLRQDOHDQGVRPHXQGHUO\LQJ
WKRXJKWVIRUWDSSLQJLQWRVRPHDIIHFWLYHGLPHQVLRQVRIVFLHQFHHGXFDWLRQ+HUHZHZLOOWRXFK
LQWRVRPHGLIIHUHQWSXUSRVHVRIDVNLQJDERXWLQWHUHVWVLQSDUWLFXODU

 ,QWHUHVWVDQGSXUSRVHVRIVFLHQFHHGXFDWLRQ

$LNHQKHDGUHIHUVWR

3HUVRQDOFXULRVLW\VFLHQFH
DVZKHQVWXGHQWV
KHDUWVDQGPLQGV
DUH FDSWXUHG DQG WKH VWXGHQWV WKHPVHOYHV GHFLGH VFKRRO VFLHQFH WRSLFV IURP WKHLU
LGLRV\QFUDWLF LQWHUHVWV DQG GHVLUHV :H GR QRW DUJXH WKDW VFLHQFH FXUULFXOD VKRXOG EH
GHWHUPLQHG PHUHO\ IURP VWXGHQW
RSLQLRQ SROOV
 RQ ZKDW WKH\ ILQG LQWHUHVWLQJ %XW RQ WKH
RWKHUKDQGZHVHHVHYHUDODUJXPHQWVWDNLQJWKHLUYRLFHLQWRDFFRXQWIRUH[DPSOH
7KH ZHOIDUH RI ODWH PRGHUQ VRFLHWLHV LV LQ D ODUJH H[WHQW EDVHG RQ VFLHQWLILF DQG
WHFKQRORJLFDOGHYHORSPHQWDQGRXUIXWXUH ZHOIDUHLVVHHQDVUHOLDQWRQEULJKWDQGFUHDWLYH
VFLHQWLVWV DQG HQJLQHHUV WKDW FDQ SURPRWH IXWXUH SURGXFWLYLW\ DQG LQQRYDWLRQ 3HUVRQDO
LQWHUHVW LV D NH\ IDFWRU EHKLQG PRGHUQ \RXWK
V HGXFDWLRQDO FKRLFHV 2QH PHDQV IRU KLJKHU
HQUROPHQWLQ6 7HGXFDWLRQLVWRHQKDQFHWKHDELOLW\RIVFKRROVFLHQFHWRHQOLYHQHQULFKDQG
LQVSLUHWKHVWXGHQWV
6FLHQFH HGXFDWLRQ LV DOVR VHHQ DV D FUXFLDO PHDQV IRU SUHYHQWLQJ DOLHQDWLRQ DQG IRU
HPSRZHULQJ LQGLYLGXDOV IRU TXDOLILHG SDUWLFLSDWLRQ LQ GHPRFUDF\ 6FLHQWLILF DQG
WHFKQRORJLFDOGHYHORSPHQWVKDYHVKDSHGRXUVRFLHWLHVDQGSOD\NH\UROHVLQRXUFXOWXUHDQG
RXU ZRUOGYLHZ %HVLGHV VFLHQFH DQG WHFKQRORJ\ DUH FORVHO\ OLQNHG WR PDQ\ FRQWURYHUVLDO
VRFLHWDOLVVXHVUDLVLQJSXEOLFGHEDWHDQGFRQFHUQ$PRUHLQWHUHVWLQJVFKRROVFLHQFHFDQOHDG
WRPRUHPRWLYDWLRQHQJDJHPHQWDQGSDUWLFLSDWLRQ
$QRWKHU DUJXPHQW IRU SURPRWLQJ LQWHUHVWLQJ VFLHQFH OHVVRQV LV IRU IDFLOLWDWLQJ
SHUVRQDO JURZWK 6FKRROLQJ FDQ FRQWULEXWH WR GHYHORSLQJ WKH VSLULWXDO PRUDO HPRWLRQDO
SKLORVRSKLFDO HWF GLPHQVLRQV RI WKH VWXGHQWV ,Q WKLV IRUPDWLRQ RI WKH ZKROH SHUVRQ DUH
LQGLYLGXDOHPRWLRQDOVDWLVIDFWLRQSHUVRQDOZHOOEHLQJDXWRQRP\VHOIFRQFHSWVHFXULW\DQG


:KHQZHLQWKHIROORZLQJXVHWKHWHUP
JURXSRIUHVSRQGHQWV

JURXSRIVWXGHQWV
HWFZHDOOXGHWR
YDULRXVZD\VRIFODVVLI\LQJWKHVWXGHQWVLQWRFDWHJRULHV7KHPRVWREYLRXVYDULDEOHVIRUVWUDWLI\LQJWKH
VDPSOHVDUHE\WKHFODVVLILFDWLRQTXHVWLRQVVH[JHQGHUQDWLRQDOLW\RUQXPEHURIERRNVLQWKHKRPH
%XWLQIDFWWKHUHDUHFRXQWOHVVZD\VRIJURXSLQJWKHUHVSRQGHQWVDVWKH\PD\EHGLYLGHGZLWKUHVSHFW
WRDQ\TXHVWLRQZKDWHYHUIRUH[DPSOHE\KLJKRUORZLQWHUHVWLQDWRSLF$&(E\KRZRIWHQWKH\
KDYH GRQH VRPHWKLQJ RXW RI VFKRRO + E\ KRZ FRQFHUQHG WKH\ DUH DERXW WKH HQYLURQPHQWDO
SUREOHPV'RUE\LVVXHVWKH\ZRXOGOLNHWRGRUHVHDUFKRQ,

 
VHOIFRQILGHQFH ZRUGV RI KRQRXU ,QWHUHVWV DQG HQJDJHPHQW DUH SUHUHTXLVLWHV IRU SHUVRQDO
LQYROYHPHQWDQGGHYHORSPHQW
$QGDODVWH[DPSOH6WXGHQWVZRXOGYDOXHWRIHHOWKDWWKHLUHYHU\GD\OLIHDWVFKRROLV
LQWHUHVWLQJ6FKRROLVOLIHDQGQRWD SUHSDUDWLRQIRULW6FKRROVDWLVIDFWLRQDVMREVDWLVIDFWLRQ
LVWKHUHE\FORVHO\FRQQHFWHGWRTXDOLW\RIOLIHDQGLQWHUHVWLQJOHVVRQVLVLQLWVHOIDSXUSRVHRI
VFKRROLQJ

 &RQWHQWVYVWHDFKLQJPHWKRGVDQGSHGDJRJ\

7KHUH DUH VHYHUDO IDFWRUV LQIOXHQFLQJ WKH SRWHQWLDO RI VFLHQFH HGXFDWLRQ WR PRWLYDWH DQG
LQVSLUHWKHVWXGHQWV7ZRNH\LVVXHVDUHZKDWLVWDXJKWWKHFRQWHQWDQGKRZLWLVWDXJKWWKH
WHDFKLQJPHWKRGRUSHGDJRJ\%\DVNLQJDERXW\RXQJSHRSOHV
LQWHUHVWVLQYDULRXVWRSLFVZH
RQO\ DGGUHVV WKH ZKDWTXHVWLRQ 7KH YDOXH RI WKLV TXHVWLRQ ZLOO EH LQ LGHQWLI\LQJ VXEMHFW
PDWWHUWKDWDSSHDOVWRGLIIHUHQWJURXSVRIVWXGHQWV:KDWVRUWRIWRSLFVDUHWKH\LQWHUHVWHG
LQ OHDUQLQJ DERXW" 'R ZH ILQG XQLYHUVDO SDWWHUQV"+RZGRHVFXOWXUHDQGJHQGHUFRPHLQWR
SOD\" :KDW VHHPV SDUWLFXODU IRU VWXGHQWV ZLWKVLPLODU FXOWXUDO EDFNJURXQGV" +RZ GRHV WKH
LQWHUHVWLQRQHSDUWLFXODUWRSLFYDU\ZKHQLWLVH[HPSOLILHGWKURXJKGLIIHUHQWFRQWH[WV"'RHV
LWPDNHVHQVHWRWDONDERXWGLIIHUHQWLQWHUHVWSURILOHVIRUGLIIHUHQWJURXSVRIVWXGHQWVHJIRU
VWXGHQWV ZLWK SRVLWLYHQHJDWLYH DWWLWXGHV WR VFLHQFH DW VFKRRO ZLWK RSWLPLVWLFSHVVLPLVWLF
LPDJHVRIWKHIXWXUHRIWKHHQYLURQPHQWDQGWKHZRUOGZLWKYDULRXVZLVKHVIRUWKHLUIXWXUH
MREHWF"
7KHUH LV JUHDW YDULHW\ RI WHDFKLQJ PHWKRGV RU OHDUQLQJ DFWLYLWLHV UDQJLQJ IURP
WUDGLWLRQDO
FKDON DQG WDON
 WR SURMHFW ZRUN LQWHUQHW VHDUFK H[FXUVLRQV H[SHULPHQWVJURXS
ZRUN GLVFXVVLRQV UROH SOD\ GUDPD VWRU\OLQH HWF 7KHVH GLIIHUHQW PHWKRGV VHUYH YDULRXV
HGXFDWLRQDO SXUSRVHV DQG KDYH GLIIHUHQW FDSDFLWLHV RI PRWLYDWLQJ VWXGHQWV DQG RI DWWUDFWLQJ
WKHLULQWHUHVWV$VDOOWHDFKHUVNQRZWKHWHDFKLQJPHWKRGRUWKHSHGDJRJ\GRHVLQGHHGPDNH
D GLIIHUHQFH HJ &HULQL 0XUUD\  5HLVV  ‘GHJDDUG  2VERUQH  &ROOLQV 
5HLVV
7KLV LQGLFDWHV WKH OLPLWDWLRQV RI WKLV $&( TXHVWLRQ :H RQO\ DGGUHVV WKH LVVXH RI
ZKDW WR WHDFK QRW KRZ WR WHDFK 7KH DERYH OLPLWDWLRQ VKRXOG EH NHSW LQ PLQG DOVR ZKHQ
LQWHUSUHWLQJ WKH UHVXOWV )XUWKHUPRUH ZH PXVW EH DZDUH WKDW WKLV TXHVWLRQ VRPHKRZ WDSV
LQWRWRZKDWH[WHQWYDULRXVWRSLFVKROG LPPHGLDWHDWWUDFWLRQ IRUWKHVWXGHQWVEXWZHFDQQRW
LQWHUSUHW ZKHWKHU D WHDFKHU DFWXDOO\ ZLOO VXFFHHG RU IDLO ZLWK WHDFKLQJ WKH WRSLF 7HDFKLQJ

LQWHUHVWLQJ
WRSLFVJLYHVQRJXDUDQWHHWKDWWKHWHDFKLQJZLOOEHVXFFHVVIXOEXWLWLVFHUWDLQO\
EHWWHUWKDQFKRRVLQJLVVXHVGHHPHGE\WKHVWXGHQWVWREHERULQJDWWKHRXWVHW

 3UHYLRXVUHVHDUFKRQLQWHUHVW

5HVHDUFK OLWHUDWXUH RQ LQWHUHVWV GHVSLWH WKH ZLGH PHWKRGRORJLFDO GLYHUVLW\ SURYLGHV VRPH
FOHDUILQGLQJVZKLFKVHHPWREHYDOLGDFURVVDQXPEHURIHGXFDWLRQDOV\VWHPVDQGFXOWXUHV,Q
VSLWH RI YDULRXV DWWHPSWV WR H[SODLQ GLIIHUHQFHV LQ DWWLWXGHV WRZDUGV VFLHQFH LQ WHUPV RI
YDULRXV FDWHJRUL]LQJ YDULDEOHV LW KDV LQYDULDEO\ EHHQ IRXQG WKDW VH[ LV WKH PRVW SRZHUIXO
YDULDEOHIRUH[SODLQLQJLW$JHLVDOVRDVLJQLILFDQWYDULDEOHDVVWXGHQWVWHQGWRORRVHLQWHUHVW
RYHU WLPH %XW VLQFH 526( RQO\ FROOHFWV GDWD IURP RQH DJHFRKRUW LW LV QRW D UHOHYDQW
YDULDEOHIRUWKLVVWXG\

 
Topics of interest
0DQ\ VWXGHQWV ILQG VFKRRO VFLHQFH ERULQJ DQG LUUHOHYDQW IRU WKHLU OLYHV :KHQ VFLHQFH LV
DGGUHVVHGDVDVLQJOHVXEMHFWER\VDUHPRUHSRVLWLYHWRVFLHQFHWKDQJLUOVEXWZKHQGLYLGHG
LQWRVXEGLVFLSOLQHVWKHSDWWHUQLVDOWHUHG*LUOVDUHEODPLQJSK\VLFVIRUEHLQJLPSHUVRQDODQG
ERULQJ EXW WKH\ UHVSRQG PRUH SRVLWLYHO\ WKDQ ER\V WR ELRORJ\ ,Q FKHPLVWU\ WKH JHQGHU
GLIIHUHQFHVDUHOHVVSURQRXQFHGEXWWKHUHLVDSDWWHUQLQGLFDWLQJWKDWER\VDUHPRUHOLNHO\WR
UHSRUWLQWHUHVWVLQWKHVXEMHFW$PRQJWKRVHZKRILQGVFKRROVFLHQFHLQWHUHVWLQJLWVHHPVOLNH
WKHLU PRWLYDWLRQ RIWHQ LV H[WULQVLF RU LQVWUXPHQWDO HJ IRU SDVVLQJ DQ H[DPLQDWLRQ RU IRU
WKHLUIXUWKHUFDUHHUHGXFDWLRQ
7KH UHFHQW (QJOLVK VWXG\ 6WXGHQW 5HYLHZRI WKH 6FLHQFH &XUULFXOXP &HULQL  DO
 ZDV D ZHEEDVHG VXUYH\ FROOHFWLQJ GDWD IURP FD   \HDUV ROG VWXGHQWV DW
(QJOLVKVFKRROV2QHFRQFOXVLRQRIWKHVWXG\ZDVWKDWWKHVWXGHQWVZRXOGKDYHSUHIHUUHGD
VFLHQFHFXUULFXOXPLQFOXGLQJPRUHFRQWHPSRUDU\VRFLRVFLHQWLILFFRQWURYHUVLDOLVVXHVDVZHOO
DVPRUH SKLORVRSKLFDO DQG HWKLFDO PDWWHUV ,Q JHQHUDOWKHVWXGHQWVVKRZHGKLJKLQWHUHVWLQ
WRSLFV VXLWDEOH IRU GLVFXVVLRQ DQG GHOLEHUDWLRQV ZKLOH IDFWRULHQWHG WRSLFV KDG OHVV DSSHDO
:KHQWKHVWXGHQWVZHUHDVNHGH[SOLFLWO\DERXWWHDFKLQJPHWKRGVWKH\IRXQGPRVWHQMR\DEOH
+DYLQJDGLVFXVVLRQGHEDWHLQFODVVUHFHLYHGKLJKVFRUHV
7KHVHILQGLQJVRI\RXQJSHRSOH
VLQWHUHVWVLQVRFLRVFLHQWLILFLVVXHVLVVXSSRUWHGE\
DPRQJRWKHUVWKHIRFXVJURXSVWXG\RI2VERUQHDQG&ROOLQVDQGE\DVWXG\RI
-DUPDQ DQG 0F&OXQH  2VERUQH DQG &ROOLQV IRXQG WKDW DV (QJOLVK VWXGHQWV ZHUH
DFTXDLQWHG ZLWK WKH PDQ\ SROLWLFDO DQG HWKLFDO FRQWURYHUVLHV FRQQHFWHG WR VFLHQFH DQG
VRFLHW\PDWWHUVRIHQYLURQPHQWJHQHWHFKQRORJ\SRSXODWLRQJURZWKHWFWKH\TXHVWLRQHG
WKHHPSKDVLVVFKRROVFLHQFHSXWRQIDFWVDQGFRQVHQVXDONQRZOHGJH6RPHVWXGHQWVIRXQGLW
VWUDQJH WKDW VFKRRO VFLHQFH PDLQWDLQV D KHUPHWLF VHDO EHWZHHQ LWVHOI DQG FRQWHPSRUDU\
VRFLHW\2VERUQH &ROOLQV,QWKHODWWHUVWXG\-DUPDQDQG0F&OXQHH[SORUHGKRZ
WHDFKHUV XVHG QHZVSDSHUV LQ WKH 1RUWKHUQ ,ULVK VHFRQGDU\ VFLHQFH FODVVURRPV 2QH ILQGLQJ
ZDV WKH YHU\ SRVLWLYH UHVSRQVHV WKH VWXGHQWV JDYH WRZDUGV XVLQJ QHZVSDSHUV DQG WR
FRQWHPSRUDU\ XSFRPLQJ VFLHQWLILF GHYHORSPHQWV 2VERUQH DQG &ROOLQV
 VWXGHQWV EODPHG
VFLHQFH IRU QRW JLYLQJ VSDFH IRU FUHDWLYLW\ LPDJLQDWLRQ GLVFXVVLRQ DQG VHOIH[SUHVVLRQ DQG
WKHDXWKRUV LQWHUSUHWHG WKDW JUDQG SKLORVRSKLFDO TXHVWLRQVDERXWZKRZKDWDQGZKHUH ZH
DUHKDYHDSSHDODVWKH\KHOSWKHVWXGHQWVWRILQGRXWDERXWVHOILGHQWLW\DQGWKHLUUROHLQWKH
XQLYHUVH
,QJHQHUDOLWVHHPVOLNHWRSLFVZLWKLQKXPDQELRORJ\DUHIRXQGLQWHUHVWLQJ2VERUQH
DQG &ROOLQV UHSRUW WKDW WKH VWXGHQWV DWWDFKHG SDUWLFXODU LQWHUHVW WR KXPDQ ELRORJ\ KRZ WR
PDLQWDLQDKHDOWK\ERG\WKURXJKGLHWDQGH[HUFLVHHIIHFWVRIGUXJVFXUHVIRUGLVHDVHVHWF
7KH VWXGHQWV LQ D ORQJLWXGLQDO VWXG\ RI 5HLVV  H[SUHVVHG WKDW WKH\ GLG QRW ILQG WKH
VFLHQFH UHOHYDQW IRU WKHLU OLYHV EXW DPRQJ WKH
PRVW XVHIXO
 WRSLFV WKH\ UHFNRQHG WKH\ KDG
OHDUQHGLQVFLHQFHDWVFKRROZHUHVH[HGXFDWLRQGUXJXVHDQGGLIIHUHQFHVLQER\V
DQGJLUOV

EHKDYLRXU 7RSLFV RI LQWHUHVWV LQ FKHPLVWU\ PD\ EH
PL[LQJ FKHPLFDOV

VPHOOV DQG FRORXUV

DQG
HOHPHQWVRIGDQJHU
2VERUQH &ROOLQVZKLOHSK\VLFVFDQRIIHUDSSHDOLQJLVVXHV
DERXWVSDFHDQGDVSHFWVRIWKHXQH[SORUHGDQGXQNQRZQLELG2VERUQHDQG&ROOLQVIRXQG

 0XFK WKH VDPH SLFWXUH LV SUHVHQWHG E\ )OXWWHU DQG 5XGGXFN  UHIHUULQJ WR WKH HQWLUH


HQWHUSULVH RI VFKRROLQJ 6WXGHQWV H[SHULHQFH WKDW VFKRRO LQ JHQHUDO LV D
ZRUOG DSDUW
  ODFNLQJ
UHOHYDQFHIRUWKHLUOLYHVRXWVLGHVFKRRO

 
WKDW JLUOV GLG QRW VKDUH WKH ER\V
 LQWHUHVW LQ WKH SK\VLFV UHODWHG WR FDUV DQG IOLJKW EXW WKDW
WKH\H[SUHVVHGVRPHLQWHUHVWLQOLJKWDQGHOHFWULFLW\%RWKVH[HVIRXQGWKDWLQJHQHUDOWRSLFV
OLNH WKH SHULRGLF WDEOH DQG RWKHU LQWDQJLEOH DQGPLFURVFRSLFHQWLWLHVZHUHSRLQWOHVVDQGIDU
DZD\ IURP WKHLU FRQFHUQV ,Q 5HLVV
 VWXG\ WKH PDQ\ QHJDWLYH FRPPHQWV FRQFHUQLQJ
FKHPLVWU\ OHDG WKH DXWKRU WR FRQFOXGH WKDW DOWKRXJK VRPH VWXGHQWV PD\ ILQG VRPH
LQWHOOHFWXDOVDWLVIDFWLRQLQOHDUQLQJDERXWIRUH[DPSOHPROHFXODUPDVVHVWKHVWXGHQWVLQKLV
VWXG\IRXQGLWQHLWKHULQWHOOLJLEOHQRUUHOHYDQWIRUWKHLUOLYHV

Matter of context
$ ILQGLQJ LQ WKH 6$6 VWXG\ 6M¡EHUJ   LV KRZ WKH VXEMHFW PDWWHU DWWUDFWLRQ YDU\
ZLWKYDU\LQJFRQWH[WV)RUH[DPSOH6M¡EHUJIRXQGWKDW
PXVLF
DWWUDFWHGPXFKPRUHLQWHUHVWV
WKDQ
DFRXVWLFVDQGVRXQGV
DQGFRUUHVSRQGLQJO\ZDV
WKHUDLQERZDQGVXQVHWV
PXFKPRUH
LQWHUHVWLQJ WKDQ
OLJKW DQG RSWLFV
 7KLV FDQ DOVR EH LOOXVWUDWHG ZLWK DQ IRUPXODWLRQ IURP D
VWXGHQWLQWKHDERYHPHQWLRQHG6WXGHQW5HYLHZRIWKH6FLHQFH&XUULFXOXP

OHDUQLQJKRZFKHPLFDOVDUHXVHGLQLQGXVWU\LVYHU\ERULQJFKHPLFDOVLQWKH
ERG\DQGXVHGLQGUXJVDUHPRUHLQWHUHVWLQJDQGUHOHYDQW&HULQL DO
$VWXG\RI+lXVVOHU +RIIPDQQVKRZHGWKDWWKHFRQWH[WZDVVXSHULRUWRWKHFRQWHQW
LQ WHUPV RI EHLQJ WKH GHFLVLYH IDFWRU IRU WKH VWXGHQWV
 LQWHUHVWV LQ SK\VLFV 7KH\ GHVLJQHG
TXHVWLRQQDLUHLWHPVZKHUHWKHRQHDQGWKHVDPHVXEMHFWPDWWHUHJDFRXVWLFVRSWLFVHQHUJ\
HWF ZDV UHSHDWHG WKURXJK ILYH GLIIHUHQW FRQWH[WV 7KHVH ILYH FRQWHQWV ZHUH SUHGHILQHG DV

SUDFWLFDO
 SURPRWH SUDFWLFDO FRPSHWHQFH IRU HYHU\GD\ XVH
VRFLRHFRQRPLF
 SK\VLFV LQ
VRFLHW\
HPRWLRQDO
 WULJJHULQJ DIIHFWLYH GLPHQVLRQV OLNH DVWRQLVKPHQW EHDXW\ HWF

LQWHOOHFWXDO
 SK\VLFV DV D FKDOOHQJLQJ VFLHQWLILF HQWHUSULVH EXW ZLWK OLWWOH YDOXH IRU
DSSOLFDWLRQ DQG XVH LQ OLIH DQG
TXDOLI\LQJ
 SUHSDUDWLRQ IRU FDUHHUV LQ SK\VLFV 'DWD ZDV
FROOHFWHGLQIURPDVDPSOHRIFD*HUPDQVWXGHQWV7KHVWXG\IRXQGWKDWLQWKH

SUDFWLFDO
FRQWH[WDQ\WKLQJWKDWKDGWRGRZLWKWKHKXPDQERG\ZDVDWWUDFWLQJLQWHUHVWVDQG
WKDWKDQGOLQJHYHU\GD\HTXLSPHQWZDVIDYRXUHGDPRQJWKH\RXQJHUVWXGHQWV2OGHUVWXGHQWV
ZHUHSRVLWLYHWRWKHWRSLFVLQWKH
VRFLRHFRQRPLF
FRQWH[W,QWKH
HPRWLRQDO
FRQWH[WJLUOV
DQG ER\V JDYH GLIIHUHQW UHVSRQVHV GHSHQGLQJ RQ ZKDW
HPRWLRQ
 WKH LWHPV HYRNHG 7KH
LQWHUHVW GURSSHG VKDUSO\ ZKHQ WKH VXEMHFW PDWWHUV ZHUH SUHVHQWHG LQ WKH
LQWHOOHFWXDO

FRQWH[W ZKLOH LQ WKH
TXDOLI\LQJ
 FRQWH[W WKHUH ZDV VRPH LQWHUHVW LQ WRSLFV UHODWHG WR
PHGLFLQH

International comparisons

:KHQLWFRPHVWRLQWHUQDWLRQDOUHVHDUFKRQVWXGHQWVLQWHUHVWVLQVFLHQFHZHKDYHQRWIRXQG
PDQ\ UHSRUWV WR GUDZ RQ 7KH 6$6 VWXG\ 6M¡EHUJ   UHYHDOHG D FRQVLGHUDEOH
GLYHUJHQFH DPRQJ WKH VWXGHQWV IURP GLIIHUHQW FRXQWULHV LQ ZKDW WKH\ ZHUH LQWHUHVWHG LQ
OHDUQLQJDERXW6M¡EHUJIRXQGUHPDUNDEO\ORZRYHUDOOLQWHUHVWVLQ-DSDQDQGWKDWLQJHQHUDO
VWXGHQWVIURPGHYHORSLQJFRXQWULHVVHHPHGWREHIDUPRUHLQWHUHVWHGWKDQVWXGHQWVIURPWKH
PRUH HFRQRPLFDOO\ GHYHORSHG FRXQWULHV 7KH 6$6VWXG\ DOVR IRXQG D VWURQJO\ JHQGHUHG
SDWWHUQRILQWHUHVWLQSDUWLFXODULQWKHULFKHUFRXQWULHV)RUH[DPSOHGLGOHDUQLQJDERXW7KH
FDUDQGKRZLWZRUNVDWWUDFWWKHLQWHUHVWRIER\VZKLOH:KDWWRHDWWREHKHDOWK\UHFHLYHG
KLJKVFRUHVIURPWKHJLUOV,QVRPHFRXQWULHVWKHJHQGHUGLIIHUHQFHVZHUHTXLWHUHPDUNDEOH
7KHJHQGHUGLIIHUHQFHVLQGHYHORSLQJFRXQWULHVZHUHOHVVSURQRXQFHG

 
 7,066 DQG 3,6$ DUH PDLQO\ PHDVXULQJ VWXGHQWV
 SHUIRUPDQFH DQG NQRZOHGJH
1HLWKHU RI WKH VWXGLHV KDYH DQ\ TXHVWLRQV DERXW LQWHUHVWV RU ZKDW WKH\ ZRXOG OLNH WR OHDUQ
DERXW EXW LQ RUGHU WR H[DPLQH UHODWLRQVKLSV EHWZHHQ DFKLHYHPHQW DQG DWWLWXGHV TXHVWLRQV
DUH LQFOXGHG IRU PHDVXULQJ WKH VWXGHQWV
 DWWLWXGHV WRZDUGV VFLHQFH DV D VFKRRO VXEMHFW 7KH
ILQGLQJVRI7,0660DUWLQ DOFDQEHSHUFHLYHGDVFRQVLVWHQWZLWKWKHFURVVQDWLRQDO
SURILOH IRXQG LQ 6$6 ZLWK PRVW SRVLWLYH DWWLWXGHV LQ 0DOD\VLD 7KH 3KLOLSSLQHV 7XQLVLD
-RUGDQDQG6RXWK$IULFDDQGZLWKWKHOHDVWSRVLWLYHDWWLWXGHVLQ-DSDQDQG.RUHD1H[WDIWHU
WKHVH WZR ODWWHU FRXQWULHV WKH OHDVW SRVLWLYH DWWLWXGHV ZHUH IRXQG LQ &DQDGD ,WDO\ 1HZ
=HDODQG$XVWUDOLD&KLQHVH7DLSHLDQG+RQJ.RQJ

 7KHLWHPVLQTXHVWLRQ$&(

%HORZWKHKHDGLQJ$:KDW,ZDQWWROHDUQDERXWWKHIROORZLQJLQVWUXFWLRQVDUHJLYHQ
How interested are you in learning about the following?
*LYH\RXUDQVZHUZLWKDWLFNRQHDFKOLQH,I\RXGRQRWXQGHUVWDQGOHDYHWKH
OLQHEODQN
7KH TXHVWLRQ LV DQ LQYHQWRU\ RI SRVVLEOH WRSLFV WR OHDUQ DERXW HDFK ZLWK D SRLQW /LNHUW
VFDOHIURP
'LVDJUHH
WR
$JUHH
7KHH[WUHPHFDWHJRULHVLQWKH/LNHUWVFDOHDUHODEHOOHG
1RW
LQWHUHVWHG DQG
9HU\ LQWHUHVWHG
 ,W LV D UDWKHU OHQJWK\ TXHVWLRQ ZLWK WRWDOO\  LWHPV 7R
DYRLGIDWLJXHIURPWKHVWXGHQWVWKHLWHPVZHUHJURXSHGLQWRWKUHHTXHVWLRQVTXHVWLRQ$&
DQG(
7KH XQGHUO\LQJ VWUXFWXUH LQ WKLV SRRO RI LWHPV LV VRPHKRZ VLPLODU WR WKH
TXHVWLRQQDLUH DSSOLHG LQ WKH DERYH GHVFULEHG VWXG\ RI +lXVVOHU  +RIIPDQQ  7KH
VWUXFWXUHLVDWZRGLPHQVLRQDOV\VWHPLQZKLFKPRVWRIWKHLWHPVFDQEHFODVVLILHGE\FRQWHQW
VXEMHFWPDWWHUDUHDVDQGFRQWH[W
7KHOLVWEHORZFRQWDLQVWKHPDLQVXEMHFWPDWWHUDUHDVIURPZKLFKZHKDYHFKRVHQ
WKHLWHPV7KHVXEMHFWVDUHQRWPXWXDOO\H[FOXVLYHEXWKHUHWKH\RFFXUDVWKH\RIWHQGRLQ
VFLHQFH FXUULFXOD DQG WH[WERRNV 7KLV LV E\ QR PHDQV D FRPSUHKHQVLYH OLVW RI DOO SRVVLEOH
VXEMHFWV IURP WKH QDWXUDO VFLHQFHV QHLWKHU DUH WKH\ RQ WKH VDPH OHYHO RI GHWDLO DQG
VSHFLILFDWLRQ

• $VWURSK\VLFVXQLYHUVH8
• (DUWKJHRVFLHQFH*
• +XPDQELRORJ\+
• =RRORJ\DQLPDOV$
• %RWDQ\SODQWV3
• &KHPLFDOV&
• /LJKWFRORUVUDGLDWLRQ/
• 6RXQGV6
• (QHUJ\DQGHOHFWULFLW\(
• 7HFKQRORJ\7

 
0RVWRIWKHVXEMHFWVZHUHLQFRUSRUDWHGLQLWHPVWKDWZHUHVXSSRVHGPRUHRUOHVVH[SOLFLWO\
WRFDUU\DFRQQRWDWLRQRIWKHIROORZLQJFRQWH[WVDJDLQWKHOLVWLVQRWDOOLQFOXVLYHRISRVVLEOH
FRQWH[WVQHLWKHUDUHWKHFRQWH[WVPXWXDOO\H[FOXVLYH

• (QYLURQPHQWDOSURWHFWLRQ:
• 3UDFWLFDOXVHHYHU\GD\UHOHYDQFH5
• +XOODEDORRVSHFWDFXODUSKHQRPHQDKRUURU=
• +XPDQELRORJ\+
o +HDOWK4
o )LWQHVV)
o ,VVXHVRISDUWLFXODUUHOHYDQFHIRU\RXWK<
• 0\VWHU\SKLORVRSK\ZRQGHUTXDVLVFLHQFHEHOLHIRULHQWHG0
• %HDXW\DHVWKHWLFDODVSHFWV%
• 6FLHQFH7HFKQRORJ\DQG6RFLHW\1DWXUHRI6FLHQFHHWF;
RIWHQXQGHILQHGLQWHUPVRIVXEMHFW

7KHFKDUDFWHUVLQEUDFNHWVDUHDEEUHYLDWLRQVIRUWKHYDULRXVHQWULHV7KH\FRUUHVSRQGWRWKH
FRGHVIRUHDFKLWHPLQ7DEOH
6RPHRIWKHVHFRQWH[WVKDYHEHHQGHULYHGIURPRXUUHDGLQJRIVRFLRORJLFDOWKHRULHV
DERXW ODWH PRGHUQLW\ LGHQWLW\ \RXWK FXOWXUH HWF RWKHUV IURP RXU UHYLHZ RI UHVHDUFK LQ
VFLHQFH HGXFDWLRQ DQG RWKHUV DJDLQ KDYH DULVHQ IURP WKH SUHOLPLQDU\ VWXGLHV ZLWK
1RUZHJLDQVWXGHQWVDQGWHDFKHUVGHVFULEHGLQSDUDJUDSK
7KHFODVVLILFDWLRQE\FRQWHQWDQGFRQWH[WVFRXOGKDYHEHHQGRQHLQPDQ\ZD\VDQG
WKH DERYH OLVWV DUH RQO\ RXU DWWHPSW WR PDNH D VWUXFWXUH $V QHLWKHU WKH FRQWH[WV QRU WKH
VXEMHFW PDWWHU DUHDV DUH PXWXDOO\ H[FOXVLYHWKH LWHPV PD\ EH FRQQHFWHG WR PRUH WKDQ RQH
VXEMHFW DV ZHOO DV WR PRUH WKDQ RQH FRQWH[W )XUWKHUPRUH WKH GLVWLQFWLRQ EHWZHHQFRQWH[W
DQGFRQWHQWPD\EHXQFOHDURUQRQH[LVWHQWDVVRPHPDWWHUVFDQEHUHJDUGHGDVDVXEMHFWDQG
DV D FRQWH[W 7KHUH LV QR GRXEW WKDW UHVXOWV IURP H[SORUDWRU\ IDFWRU DQDO\VLV DQG RWKHU
IRUWKFRPLQJGDWDDQDO\VLVZLOOQRWJLYHVXSSRUWIRUH[DFWO\WKLVVWUXFWXUHEXWUDWKHUVXJJHVW
RWKHU ZD\V RI JURXSLQJ WKH LWHPV $QG IXUWKHUPRUH ZH ZLOO ILQG WKDW LWHPV FOXVWHULQJ
WRJHWKHU LQ RQH FXOWXUH PD\ FOXVWHU YHU\ GLIIHUHQWO\ LQ DQRWKHU 7KH FODVVLILFDWLRQ VFKHPH
VXJJHVWHG KHUH FDQQRW EH DQG ZDV QRW GXULQJ WKH TXHVWLRQQDLUH GHYHORSPHQW DSSOLHG
VWULFWO\EXWLWFDQUDWKHUIXQFWLRQDVDNLQGRIJXLGLQJSULQFLSOHDQGDGHYLFHIRUDVVLVWLQJRXU
WKLQNLQJ
$WRQHVWDJHLQWKHSURFHVVRIGHYHORSLQJWKHTXHVWLRQQDLUHWKLV$&(TXHVWLRQKDG
FDLWHPVXJJHVWLRQVDQGYLUWXDOO\DOOVXEMHFWPDWWHUVZHUHFRYHUHGLQDOOFRQWH[WV,WJRHV
ZLWKRXWVD\LQJWKDWDQDWWHPSWWRFRQVWUXFWLWHPVIRUDOOVXEMHFWVLQDOOFRQWH[WVOHDGVWRVRPH
UDWKHU FRQWULYHG DQG IDUIHWFKHG LWHPV $W WKH HQG RI WKH SURFHVV RI TXHVWLRQQDLUH
GHYHORSPHQW GHVFULEHG LQ SDUDJUDSK  ZH ZHUH OHIW ZLWK  LWHPV 7KLV QXPEHU
LQFOXGHGVRPHQHZLWHPVXJJHVWLRQVIURP526(SDUWQHUVVRPHRIWKHVHGLGQRWILWLQWRRXU
WZR GLPHQVLRQV 3DUWV RI WKH WZRGLPHQVLRQDO VWUXFWXUH EHKLQG WKH LWHPV ZHUH LQHYLWDEO\
ORVWWKURXJKWKLVSURFHVVEXWKRSHIXOO\ZHJDLQHGVRPHZHOOIRXQGHGLWHPVWKDWZLOOEHYDOLG
LQPDQ\FXOWXUHV
6RPH RI WKH LWHPV PD\ VHHP FRQWURYHUVLDO DQG XQXVXDO LQ DQ 6 7 HGXFDWLRQDO
FRQWH[WHJLWHPVUHJDUGLQJJKRVWVKRURVFRSHVPLQGUHDGLQJFODVKHVEHWZHHQVFLHQFHDQG

 
UHOLJLRQ HWF 7KHVH LWHPV PD\ EH DGGUHVVLQJ WRSLFV IDU RXWVLGH WKH WUDGLWLRQDO VFLHQFH
FXUULFXOD:HGRQRWDUJXHWKDWVXFKLWHPVVKRXOGEHOHJLWLPDWHSDUWVRIWKH6 7FXUULFXOXP
7KHVHTXHVWLRQVDUHGHYHORSHGLQRUGHUWRFDSWXUHVSDQDQGGLYHUVLW\LQUHVSRQVHVDQGVRPH
RI WKHP LQWHQG WR UHVSRQG WR VRPH WUDLWV RI ODWH PRGHUQ \RXWK :H ZLVK WR SRVWSRQH
GLVFXVVLRQVDERXWVXEMHFWLQFOXVLRQVLQFXUULFXODWRVXEVHTXHQWWKHGDWDDQDO\VLV
7DEOHLVDQRXWOLQHRIKRZZHDWWKHRXWVHWFODVVLILHGWKHLWHPV

A1: 8 A2: & A3: * A4: * A5: * A6: 
A7: + A8: + A9: +< A10: +< A11: + A12: $
A13: $ A14: $= A15: 3 A16:  A17: & A18: /+4
A19: /0 A20: /$ A21: 6 A22: 8= A23: 8= A24: *=
A25: *= A26: +4= A27: $= A28: 3= A29: &+= A30: &=
A31: &= A32: &+= A33: (+= A34: 80 A35: 80 A36: /+
A37: +) A38: +) A39: &+) A40: +) A41: +) A42: /+)
A43: 6+ A44: 87 A45: 87 A46: /+4 A47: &7 A48: &7
C1: &5 C2: /7 C3: /7 C4: 67 C5: 7 C6: 7
C7: 7 C8: 80 C9: 80+ C10: 80 C11: +0 C12: +40
C13: +0 C14: 0 C15: +0 C16: /8% C17: /*% C18: *%
E1: 3% E2: /*% E3: *: E4: *: E5: *: E6: 7:
E7: +4 E8: +4 E9: +4< E10: +4 E11: +4 E12: +<
E13: +< E14: +< E15: +< E16: $: E17: 35 E18: 3+4
E19: 3: E20: (: E21: (: E22: &5 E23: +< E24: $5
E25: 35 E26: &5 E27: (5 E28: 75 E29: 8; E30: (;
E31: +<; E32: +4 E33: :; E34: 0; E35: 5+; E36: ;
E37: ; E38: ;= E39: 0; E40: ; E41: ; E42: ;

7DEOH ,WHP QXPEHUV EROG DQG LQWHQGHG FRQQHFWLRQV WR FRQWHQWV DQG FRQWH[WV LWDOLFV
$EEUHYLDWLRQV 88QLYHUVH **HR VFLHQFH $$QLPDOV 33ODQWV &&KHPLFDOV //LJKW HWF
66RXQGV ((QHUJ\ 77HFKQRORJ\ =+XOODEDORR ++XPDQ ELRORJ\ 4+HDOWK ))LWQHVV
<<RXQJERG\00\VWHU\%%HDXW\:(QYLURQPHQWDOSURWHFWLRQ5(YHU\GD\UHOHYDQFH;676
126 HWF $ IHZ LWHPV DUH RQO\ JLYHQ D GDVK DV WKH\ ZHUH QRW FDWHJRUL]HG LQ WKHVH FRQWHQWV DQG
FRQWH[WV

 5HVHDUFKTXHVWLRQV

'DWDIURPWKHVHLWHPVPD\LOOXPLQDWHTXHVWLRQVOLNH

• +RZGRHVWKHFRQWH[WYHUVXVWKHFRQWHQWLQIOXHQFHWKHLQWHUHVWVRIWKHVWXGHQW"
• :KDW NLQG RI LQWHUHVWV VHHP WR EH VKDUHG RU XQLYHUVDO DQG ZKDW VHHPV WR EH
LQIOXHQFHGE\WKHLUFXOWXUDOEDFNJURXQG"
• :KHQ GLYLGLQJ WKH LWHPV LQWR FDWHJRULHV RI HJ QDUFLVVLVWLF DQG SRVWPDWHULDOLVWLF
YDOXHV FDQ WKH GHEDWH RXWOLQHG DERYH VHH SDUDJUDSK  GHHSHQ RXU
XQGHUVWDQGLQJRIWKHVFRUHV"
• +RZ GR JLUOV
 VFRUHV LQ FRQWH[WV DQG FRQWHQWV GLIIHU IURP ER\V
 DQG KRZ FDQ ZH
FKDUDFWHUL]HGLIIHUHQWLQWHUHVWSURILOHVIRUGLIIHUHQWJURXSVRIVWXGHQWV"

 
 • :KLFKFRQWHQWVDQGFRQWH[WVPD\FRQVHTXHQWO\EHWKHPRVWHIIHFWLYHIRUHQJDJLQJ
SDUWLFXODUJURXSVRIVWXGHQWV"

7KHUHDUHRIFRXUVHFRXQWOHVVSRVVLELOLWLHVIRUVHHLQJWKHVFRUHVLQWKLVTXHVWLRQLQFRQQHFWLRQ
ZLWKVFRUHVLQRWKHUSDUWVRIWKHTXHVWLRQQDLUHDQGRQHH[DPSOHPD\EHDQDO\VLQJTXHVWLRQ
$&(WRJHWKHUZLWKTXHVWLRQ'

• +RZ GR WKH LQWHUHVWV RI VWXGHQWV HPSRZHUHG IRU HQYLURQPHQWDO SURWHFWLRQ VHH
SDUDJUDSK  GLIIHU IURP LQWHUHVWV DPRQJ VWXGHQWV ODFNLQJ FRQFHUQ IRU WKH
HQYLURQPHQWDOSUREOHPV"

 0\IXWXUHMRE%
7KLV TXHVWLRQ SURYLGHV LQIRUPDWLRQ DERXW WKH IXWXUH SULRULWLHV DQG PRWLYDWLRQV RI WKH
VWXGHQWV7KLVLVLQLWVHOILQWHUHVWLQJLQIRUPDWLRQDQGDOORZVIRUFRPSDULVRQVDFURVVFXOWXUHV
DQG EHWZHHQ YDULRXV JURXSV RI VWXGHQWV 5HVXOWV IURP WKH 6$6 VWXG\ LQGLFDWHG WKDW
LQWHUHVWLQJSDWWHUQVHPHUJHGWKURXJKIDFWRUDQDO\VLV

 <RXWKDQGMRESULRULWLHV

(GXFDWLRQDOFKRLFHVLQODWHPRGHUQVRFLHWLHVDUHQRWRQO\EDVHGRQUDWLRQDODUJXPHQWVDERXW
LQFRPHDQGSRVVLELOLWLHVLQWKHODERXUPDUNHW'HFLVLRQVDERXWHGXFDWLRQDQGSURIHVVLRQDUH
FHQWUDOHOHPHQWVLQLGHQWLW\GHYHORSPHQW(GXFDWLRQLVVHHQDVDPHDQVRIVHOIDFWXDOL]DWLRQ
DQGIRUIXOILOOLQJDQGGHYHORSLQJSHUVRQDOWDOHQWVDQGDELOLWLHV
$FFRUGLQJ WR ,OOHULV DQG 8OULNVHQ LV SHUVRQDO LQWHUHVW WKH PDLQ YHKLFOH EHKLQG
\RXWK
V HGXFDWLRQDO DQG RFFXSDWLRQDO FKRLFHV <RXQJ SHRSOHLQ PRGHUQ VRFLHWLHV UHTXLUH WR
EH RFFXSLHG ZLWK VRPHWKLQJ WKH\
GLH IRU
 GRLQJ )HHOLQJV RI XUJH GHVLUH HQMR\PHQW DQG
SOHDVXUHDUHHVWHHPHGTXDOLWLHVRIHGXFDWLRQ0RQRWRQ\DQGWHGLRXVQHVVFKHDWVWKHLULGHQWLW\
DQGLVFRQVHTXHQWO\VRPHWKLQJWREHDYRLGHG ,QGHSHQGHQFH IOH[LELOLW\ FRPPXQLFDWLRQDQG
FUHDWLYLW\DUHNH\ZRUGVIRUWKHLUIXWXUHMREH[SHFWDWLRQV,OOHULV DO8OULNVHQ
/HLVXUHDQG IULHQGVLVWKHPRVWLPSRUWDQWDQGPHDQLQJIXOSDUWVRIWKHLUOLYHVZKLOHVWXGLHV
VKRZWKDWROGHUFRKRUWVDSSUHFLDWHWKHQXFOHDUIDPLO\DQGZRUN6M|GLQ7KLVPHDQV
WKDWWKH\DUHWRDOLPLWHGGHJUHHZLOOLQJWRVDFULILFHWKHLUH[WUDFXUULFXODUDFWLYLWLHVLQIDYRXU
RIVFKRRODQGKRPHZRUN
$ 'DQLVK VWXG\ RI \RXWK
V HGXFDWLRQDO FKRLFHV IRXQG WKUHH GLIIHUHQW PRWLYDWLRQDO
WHQGHQFLHV EHKLQG WKHLU FKRLFHV ZKLFK ZHUH ODEHOOHG VWUDWHJLHV RI
FRQTXHU

UHVFXH
 DQG

LPPHUVH
7KH
FRQTXHU
VWUDWHJ\LVPRWLYDWHGE\JOREDOL]DWLRQWKHVWXGHQWVZLVKWRMRLQWKH
JOREDO ODERXU PDUNHW 6RFLDO DQG HQYLURQPHQWDO SUREOHPV DURXVH D PRUH LGHDOLVWLF
UHVFXH

VWUDWHJ\ ZKLOH WKH VWUDWHJ\ RI
LPPHUVH
 KDG IRFXV RQ SHUVRQDO GHYHORSPHQW WKURXJK OLIH
=HXQHU  /LQGH  7KH UHVSRQGHQWV LQ WKH VXUYH\ ZHUH VWXGHQWV DW WKDW KDG FKRVHQ
PDWKHPDWLFDO VFLHQWLILF DQG WHFKQRORJLFDO VXEMHFWV LQ XSSHU VHFRQGDU\ VFKRRO 7KH VWXG\
IRXQGWKDWDERXWKDOIRIWKHVWXGHQWVZHUHFORVHVWWRWKH
LPPHUVH
VWUDWHJ\ZKHQWKH\PDNH
WKHLU HGXFDWLRQDO FKRLFHV ZKLOH WKH RWKHU VWXGHQWV ZHUH HTXDOO\ GLYLGHG LQ WKH WZR RWKHU
VWUDWHJLHV ,QVSLUHG E\ &3 6QRZ
V 7ZR&XOWXUHV WKH\ ODEHO WKH KXPDQLVWLF DQG VRFLDO
VFLHQFHVDSSURDFKIRUSHUVRQDOGHYHORSPHQWZKLOHWKHQDWXUDOVFLHQFHVDUHFDOOHGDSSURDFK
IRUH[DFWNQRZOHGJH7KHVWXG\IRXQGWKDWPRVWRIWKHVWXGHQWVZHUHFORVHVWWRWKHSHUVRQDO
GHYHORSPHQWDSSURDFK

 
 6HFWLRQ  DERYH GHVFULEHG KRZ \RXQJ SHRSOH ZKLVK WR GHYHORS WKHLU DELOLWLHV WR
IXOILOO WKHPVHOYHV DQG WR OLYH WKHLU OLYHV WR WKH IXOOHVW 7KH\ DUH FRQFHUQHG DERXW WKHLU ZD\
DKHDGDQGWKHFKRLFHVWKDWPXVWEHPDGH2QHPD\LQWHUSUHWWKDWWKLVPHQWDOLW\RIPRGHUQ
\RXWK LV UHIOHFWHG LQ WKH HGXFDWLRQDO FKRLFHV RI \RXQJ SHRSOH LQ WKH VWXG\ GHVFULEHG KHUH
7KHVHVWXGHQWVZHUHHQUROOHGLQXSSHUVHFRQGDU\ZLWKZHLJKWRQPDWKHPDWLFVVFLHQFHDQG
WHFKQRORJ\ 7KH\ ZLVKHG WR
LPPHUVH
 WKHPVHOYHV LQ WKH VWXG\ DQG WKDW WKH DFKLHYHG
NQRZOHGJHVKRXOGJLYHURRPIRU
SHUVRQDOGHYHORSPHQW


 7KHLWHPVLQTXHVWLRQ%

%HORZWKHKHDGLQJ%0\IXWXUHMREWKHIROORZLQJLQVWUXFWLRQVDUHJLYHQ
How important are the following issues for your potential future occupation or
job?
*LYH\RXUDQVZHUZLWKDWLFNRQHDFKOLQH,I\RXGRQRWXQGHUVWDQGOHDYHWKH
OLQHEODQN
7KLVLVIROORZHGE\VWDWHPHQWVHDFKZLWKDSRLQW/LNHUWVFDOHIURP
1RWLPSRUWDQW
WR

9HU\LPSRUWDQW

7KLV TXHVWLRQ FRQWDLQV LWHPV PHDQW WR GHVFULEH WKHLU SULRULWLHV LQ WKH IROORZLQJ
GLPHQVLRQVRIWKHLUIXWXUHZRUN

• 6HOIDFWXDOL]DWLRQ%%%%%
• :RUNFUHDWLYHO\%%%
• /HLVXUHSULRULWLHV%%%
• &DUHIRUVXUURXQGLQJV%%
• 3RZHUDQGJORU\%%%%
• '\QDPLVPDQGH[FLWHPHQW%QHJDWLYHO\ZRUGHG%%%
• )L[XVHKDQGVDQGWRROV%%

 5HVHDUFKTXHVWLRQV

5HIHUULQJWRWKHFKDSWHUDERYHDERXWODWHPRGHUQLW\QDUFLVVLVPDQGFLWL]HQVKLSVHFWLRQ
RQHFOHDUVXEMHFWWKDWFDQEHLOOXPLQDWHGWKURXJKWKLVTXHVWLRQLV

• ,VWKHUHD
PRGHUQSURILOH
LQWKLVTXHVWLRQ"&DQVFRUHVLQVRPHRIWKHVHLWHPVUHYHDO
PRUH FRQFHUQ DERXW VHOIDFWXDOL]DWLRQ DPRQJ \RXWK IURP PRGHUQ VRFLHWLHV WKDQ
DPRQJ\RXWKIURPQRQPRGHUQVRFLHWLHV"

,I WKLV LV WKH FDVH LI ZH ILQG D PRGHUQ SDWWHUQ LQ WKHLU DQVZHUV DQ LQWHUHVWLQJ IROORZ XS
TXHVWLRQ ZRXOG EH +RZ DUH WKHVH LWHPV FRUUHODWHG ZLWK LWHPV LQ RWKHU SDUWV RI WKH
TXHVWLRQQDLUH")RUH[DPSOH

• :KDW LWHPV LQ $&( :KDW , ZDQW WR OHDUQ DERXW VHHP FORVHU FRQQHFWHG WR WKH
LWHPVIRUVHOIDFWXDOL]DWLRQWKDQRWKHUV"
• :KDWLVWKHUHODWLRQVKLSEHWZHHQWKHLWHPVIRU
VHOIDFWXDOL]DWLRQ
LQ%DQGWKHLWHPV
IRU
HPSRZHUPHQW
LQ'VHHSDUDJUDSK"

 
 • +RZDUHVFRUHVRQLWHPVIRU
VHOIDFWXDOL]DWLRQ
UHODWHGWRVFRUHVIRUDWWLWXGHVVFLHQFH
FODVVHVDQGWR6 7LQJHQHUDOTXHVWLRQ)DQG*"
• &DQ ZH ILQG D SDWWHUQ EHWZHHQ VFRUHV RQ
VHOIDFWXDOL]DWLRQ
 DQG WKH FDWHJRULHV IRU
ZK\WKH\ZDQWWRGRWKHUHVHDUFKRQSDUWLFXODUVXEMHFWVLQTXHVWLRQ,"

 0HDQGWKHHQYLURQPHQWDOFKDOOHQJHV'

(PSRZHULQJ VWXGHQWV WR GHDO UHVSRQVLEO\ ZLWK WKH HQYLURQPHQWDO LVVXH VKRXOG EH DQ
LPSRUWDQW JRDO RI HGXFDWLRQ $V VFLHQFH HGXFDWRUV ZH QHHG WR GHYHORS NQRZOHGJH DQG
DZDUHQHVVRIZKDWFKDOOHQJHVZHDUHIDFLQJLQRXUHIIRUWVWRPDNHVWXGHQWVHTXLSSHGWRPHHW
WKH HQYLURQPHQWDO SUREOHPV 5HVHDUFK LQ VFLHQFH HGXFDWLRQ KDYH WDXJKW XV D ORW DERXW
VWXGHQWV
 FRQFHSWXDO XQGHUVWDQGLQJV DQG
PLVFRQFHSWLRQV
 RU
DOWHUQDWLYH FRQFHSWLRQV
 RI
VFLHQFH FRQWHQWV EXW OHVV DERXW WKHLU DWWLWXGHV SULRULWLHV DQG GHFLVLRQPDNLQJ UHJDUGLQJ
HQYLURQPHQWDO PDWWHUV 7KLV SDUW RI WKH TXHVWLRQQDLUH ZLOO GHHSHQ RXU XQGHUVWDQGLQJ KRZ
\RXWK UHODWH WR VRPH HQYLURQPHQWDO LVVXHV DQG ZH ZLOO LQWHUSUHW WKH UHVXOWV DJDLQVW
SHUVSHFWLYHVIURPVRFLRORJ\DQG\RXWKUHVHDUFK

 6FLHQFHHGXFDWLRQIRUHQYLURQPHQWDOHPSRZHUPHQW

:KDWH[DFWO\GRHVHPSRZHUPHQWPHDQLQFRQQHFWLRQZLWKHQYLURQPHQWDOHGXFDWLRQ",QRXU
XVH RI WKH SKUDVH HPSRZHUPHQW LV D SUHUHTXLVLWH IRU DFWLRQ DQG LQFOXGHV FRQWHQWVSHFLILF
NQRZOHGJH DQG FRJQLWLYH VNLOOV PRWLYDWLRQDO SDWWHUQV DQG SHUVRQDO YDOXH RULHQWDWLRQV $Q
HPSRZHUHGSHUVRQIHHOVFDSDEOHWRWDNHDSSURSULDWHDFWLRQWRDFKLHYHZKDWVKHDLPVIRUDQG
FRPELQHV KLVKHU FRJQLWLYH UHFRXUVHV NQRZOHGJH DQG VNLOOV ZLWK DIIHFWLYH UHFRXUVHV
PRWLYDWLRQ DWWLWXGHVKRSH DQG YLVLRQV .H\UHVRXUFHVIRUHPSRZHUPHQW DUH VHOIHIILFDF\
DVVHUWLYHQHVV DQG DELOLW\ WR HYDOXDWH DOWHUQDWLYHV DQG PDNH DSSURSULDWH FKRLFHV
(QYLURQPHQWDOO\HPSRZHUHGSHUVRQVIHHOWKDWWKH\FDQPDNHDGLIIHUHQFHLQWKHZRUOGERWK
E\ GDLO\ SHUVRQDO FKRLFHV UHODWHG WR OLIHVW\OH DQG E\ LQIOXHQFLQJ GHPRFUDWLF GHFLVLRQ
SURFHVVHV
:HDVVXPHWKDWLQRUGHUWREHHPSRZHUHGWRPHHWWKHHQYLURQPHQWDOSUREOHPVD
SHUVRQPXVW

• EHPRWLYDWHGIRUDFWLRQWRZDUGVWKHSUREOHPV
• KDYHKRSHDQGYLVLRQVIRUWKHIXWXUH
• KDYHDJHQHUDOIHHOLQJWKDWVKHFDQLQIOXHQFHWKHIXWXUHGHYHORSPHQW
• EHLQWHUHVWHGDQGHQJDJHGLQWKHHQYLURQPHQWDOLVVXH
• WKLQNWKDWHQYLURQPHQWDOSURWHFWLRQLVLPSRUWDQWIRUVRFLHW\

6KH PXVW DOVR KDYH VXIILFLHQW NQRZOHGJH DERXW WKH VFLHQFH RI WKH HQYLURQPHQW DERXW
SRVVLEOH DGHTXDWH DFWLRQV LQ WHUPV RI SHUVRQDO OLIHVW\OH WHFKQLFDO VROXWLRQV DQG SROLWLFDO
PHDVXUHVDQGDERXWSRVVLEOHFKDQQHOVRILQIOXHQFHWKURXJKSROLWLFVRUJDQL]DWLRQVHWF%XWDV


7KLVWH[WLVPDLQO\EDVHGRQDMRXUQDODUWLFOHVXEPLWWHGWR6WXGLHVLQ6FLHQFH(GXFDWLRQIRUSULQWLQ


WKHLVVXH7KHDXWKRUVDUH&DPLOOD6FKUHLQHU(OOHQ.+HQULNVHQDQG3nO-.LUNHE\+DQVHQ

 
526(GRHVQRWDVVHVVWKLVNQRZOHGJHFRPSRQHQWRIHPSRZHUPHQWZHZLOOQRWSXUVXHWKLV
DQ\IXUWKHU
9DULRXVDUJXPHQWVIRUHPSRZHULQJVWXGHQWVIRUHQYLURQPHQWDOSURWHFWLRQZLOORIWHQ
DQG QDWXUDOO\ EH FRQQHFWHG WR DFWLRQV IRU SUHVHUYLQJ WKH QDWXUDO ZRUOG 0RWLYDWLRQ IRU
HQYLURQPHQWDOSURWHFWLRQPD\EHEDVHGRQDQDQWKURSRFHQWULFZRUOGYLHZWKDWZHPXVWWDNH
FDUH RI RXU JOREH LQ RUGHU WR HQVXUH VDIH FRQGLWLRQV IRU KXPDQLW\ RU D PRUH HFRFHQWULF
ZRUOGYLHZ WKDW QDWXUH SHU VH KDV D YDOXH WKDW ZH DUH REOLJDWHG WR SURWHFW $QRWKHU
DUJXPHQWWRXFKHVLQWRDVSHFWVRISHUVRQDOZHOOEHLQJ5HPRYLQJWKHFRPEDWIURPWKHOHYHO
RI WKH LQGLYLGXDOV ZLOO PDNH WKHP SXW D GLVWDQFH EHWZHHQ WKHPVHOYHV DQG WKH SUREOHP
'HSULYLQJDSHUVRQRIWKHFKDQFHWRILJKWWKHVHULRXVSUREOHPVVKHUHDOL]HVDUHFRPLQJPD\
OHDGWRIHHOLQJVRIDOLHQDWLRQSRZHUOHVVQHVVDQGPHDQLQJOHVVQHVV
,Q WKH IROORZLQJ ZH ZLOO RXWOLQH VRPH SHUVSHFWLYHV IURP VRFLRORJ\ WKDW GHVFULEH
VRPH DVSHFWV RI ODWH PRGHUQ VRFLHWLHV :H ZLOO DOVR LQFOXGH VRPH ILQGLQJV IURP \RXWK
UHVHDUFKRQ\RXQJSHRSOH
VLPDJHVRIWKHIXWXUHDQGWKHLUIHHOLQJRIHPSRZHUPHQWRUODFNRI
VXFKIRULQIOXHQFLQJWKHHQYLURQPHQWDOGHYHORSPHQW

 3UHYLRXVUHVHDUFKRQ
HPSRZHUPHQW


Environmental protection and risks

'LYHUVLW\ LQ KXPDQV

 LQGLJHQRXV WUDGLWLRQV UHOLJLRXV DQG VSLULWXDO DSSURDFKHV DQG YDULRXV
SKLORVRSKLFDOGLUHFWLRQVPD\OHDGWRDYDULHW\RIYLHZVRIQDWXUHDQGWKHHQYLURQPHQWDQG
FRQVHTXHQWO\ WR GLYHUVH PRWLYDWLRQV DQG DWWLWXGHV IRU HQYLURQPHQWDO SURWHFWLRQ &RRSHU 
3DOPHU

)RUVRPHWKHHQYLURQPHQWLVSULPDULO\VRPHWKLQJWREHDSSUHFLDWHGDQG
SUHVHUYHG)RURWKHUVLWLVDUHVRXUFHWREHPDQDJHGDQGGHYHORSHGDSUREOHPWR
EHDYRLGHGRURYHUFRPHRUVLPSO\VRPHZKHUHWROLYHLQDQGJHWWRNQRZ
-HQNLQV
3HRSOH LQ :HVWHUQ VRFLHWLHV PD\ KDYH GLIIHUHQW DSSURDFKHV WR QDWXUH HJ TXDVLUHOLJLRXV
HFRFHQWULF DQG DQWKURSRFHQWULF DSSURDFKHV +RZHYHU WKH SUHGRPLQDQW IDFWRU PRWLYDWLQJ
IRUHQYLURQPHQWDO SURWHFWLRQLQ:HVWHUQVRFLHWLHVLVWKHSHUFHSWLRQRI ULVNV7KHH[SHULHQFH
RI ULVN LV DQ LPSRUWDQW IDFWRU H[SODLQLQJ SHRSOH
V HQJDJHPHQW LQ HQYLURQPHQWDO SURWHFWLRQ
DQGWRDVPDOOHUH[WHQWWKHYDOXHRIQDWXUHSHUVH6NMnN %¡\XP

Images of the future

%HOLHIVDERXWZKDWWKHIXWXUHEULQJVZLOOFRQWULEXWHWRWKHPHDQLQJVRQHJLYHVWRWKHSUHVHQW
%HOO  %\ NQRZLQJ WKH LPDJHV DQG YLVLRQV \RXQJ SHRSOH KROG RI WKH IXWXUH ZH FDQ
EHWWHU XQGHUVWDQG WKHLU PRWLYDWLRQ FKRLFHV DQG DFWLRQV ,PDJHV RI WKH IXWXUH DUH
FRQVHTXHQWO\ RI LQWHUHVW WR VFLHQFH DQG HQYLURQPHQWDO HGXFDWRUV +LFNV D 3DOPHU

2QH DUHD RI IXWXUHV UHVHDUFK LV SUHGLFWLRQV RI KRZ WKH SROLWLFDO LQGLYLGXDO
HQYLURQPHQWDOHWFIDFHWVRIVRFLHWLHVDUHOLNHO\WRGHYHORS2XUIRFXVLVUDWKHURQWKHLPDJHV
\RXQJ SHRSOH KROG RI WKH IXWXUH DQG KRZLQGLYLGXDOV
LGHDVDERXWWKHIXWXUHLQIOXHQFHWKH
ZD\WKH\DFWLQWKHSUHVHQW

 
 )XWXUH YLHZV YDU\ ZLWK WKH DQJOH RQH WDNHV ,PDJHV RI RQH
V SHUVRQDO IXWXUH DUH
GLIIHUHQW IURP LPDJHV RI WKH IXWXUH RI WKH QDWLRQ RU WKH JOREH DQG VKRUWWHUP LPDJHV DUH
GLIIHUHQW IURP ORQJ VSDQ IXWXUH SHUVSHFWLYHV 7KH LPDJHV ZLOO DOVR YDU\ EHWZHHQ YLVLRQV RI
RQH
V SUHIHUUHG IXWXUH ZKDW RQH UHJDUGV DV WKHPRVW SUREDEOHIXWXUH DQGZKDWIXWXUHVRQH
FRQFHLYHVDVSRVVLEOH+LFNV +ROGHQ7KHIRFXVRIWKLVRYHUYLHZZLOOEHRQVWXGLHVRI
\RXWK
V ORQJ WHUP JOREDO IXWXUH LPDJHV LH LPDJHV \RXQJ SHRSOH KROG RI WKH IXWXUH RI WKH
JOREHIRUWKHFRPLQJ\HDUV
,IDSHUVRQ
VDOWHUQDWLYHVIRU SUHIHUUHGIXWXUHVDUHQRWFRQWDLQHGLQKHUKLVLPDJHVRI
WKH SRVVLEOHIXWXUHVWKHFRQVHTXHQFHPD\EHGLVHPSRZHUPHQWKRSHOHVVQHVVDQGWKHIHHOLQJ
WKDWRQHLVZLWKRXWSRZHUWRLQIOXHQFHWKHGHYHORSPHQWLQWKHSUHIHUUHGGLUHFWLRQ7KHPRVW
QHJDWLYH FRPELQDWLRQ RI IXWXUH LPDJHV LV FRQVHTXHQWO\ ZKHQ VXFK LQIOXHQFH SHVVLPLVP
RFFXUVWRJHWKHUZLWKSHVVLPLVWLFLPDJHVRIWKHSUREDEOHIXWXUH3RODN
9LHZV RI WKH IXWXUH DUH LQHYLWDEO\ LQIOXHQFHG ERWK E\ WKH SHUVRQDO EDFNJURXQG RI
WKHLQGLYLGXDODQGE\FRQWHPSRUDU\VRFLHWDOHYHQWVDQGGHYHORSPHQWV$SHUVRQ
VDWWLWXGHV
YDOXHV DQG SULRULWLHV DV ZHOO DV KLVKHU NQRZOHGJH DQG H[SHULHQFHV FRQWULEXWH WR VKDSLQJ
KHUKLV LPDJHV RI WKH IXWXUH %XW IXWXUH LPDJHV DOVR PLUURU VRFLDO HFRQRPLF SROLWLFDO
HQYLURQPHQWDO DQG RWKHU FKDOOHQJHV IDFLQJ VRFLHW\ 7KLV PHDQV WKDW IXWXUH LPDJHV ZLOO
FKDQJHIURPRQHHSRFKWRDQRWKHUDQGWKDWSHRSOHLQGLIIHUHQWVRFLHWLHVZLOOKROGGLIIHUHQW
DQGRIWHQFKDUDFWHULVWLFW\SHVRILPDJHV
)UHG 3RODN  ZDV FRQFHUQHG ZLWK LPDJHV RI WKH IXWXUH RI WKH JOREH KHOG E\
FLWL]HQV LQ :HVWHUQ VRFLHWLHV +LV VWXG\ GLVFORVHG KRZ IXWXUH LPDJHV VKRZ WUDLWV RI VHOI
IXOILOOLQJSURSKHFLHVLQWKHVHQVHWKDWLPDJHVRIWKHIXWXUHVHHPWRSUHFHGHRUDFFRPSDQ\WKH
ULVH DQG IDOO RI FXOWXUHV 7KLV UHODWLRQVKLS EHWZHHQ VRFLHWDO GHYHORSPHQW DQG IXWXUH LPDJHV
KHOGE\WKHFLWL]HQVFDQEHFRQQHFWHGWRLQGLYLGXDODFWLRQV$SHUVRQ
VDFWLRQVLQWKHSUHVHQW
DUH DIIHFWHG E\ KHUKLV LPDJHV RI WKH IXWXUH VLQFH RQH DFWV LQ DFFRUGDQFH ZLWK ZKDW RQH
EHOLHYHVZLOOFRPH3HRSOHHLWKHUWU\WRDGDSWWRZKDWWKH\VHHFRPLQJRUWU\WRDFWLQDZD\
WKDW SURPRWHV WKH IXWXUH WKH\ SUHIHU %HOO  $V .HQQHWK %RXOGLQJ YRLFHV LQ WKH
IRUHZRUGRI3RODN
VZRUN7KHLPDJHRIWKHIXWXUHLVWKHNH\WRDOOFKRLFHRULHQWHG
EHKDYLRU7KHLQGLYLGXDO
VLPDJHRIWKHIXWXUHLVOLNHZLVHWKHPRVWVLJQLILFDQWGHWHUPLQDQW
RIKLVSHUVRQDOEHKDYLRU
)URPWKLVDQJOHIXWXUHLPDJHVFDQEHVHHQDVDNH\GULYLQJIRUFHLQWKHHYROXWLRQRI
VRFLHWLHV 7KH DFWLRQV RI FLWL]HQV LQ WKH SUHVHQW DUH RIWHQ GLUHFWHG WRZDUGV WKH IXWXUH WKH\
ZLVKIRUXQOHVVWKLVSUHIHUUHGIXWXUHLVLQFRPSDWLEOHZLWKWKHIXWXUHWKH\VHHDVSRVVLEOH,Q
WKHODWWHUFDVHLIRQHIHDUVWKHIXWXUHDQGGRHVQRWKDYHWKHIHHOLQJWKDWRQHFDQFKDQJHLWWR
WKH EHWWHU RQH PD\ FKRRVH D KHUHDQGQRZ DWWLWXGH +LFNV  +ROGHQ  DQG OLYH IRU
WRGD\DWWKHH[SHQVHRIWRPRUURZ3RODN
7KURXJK UHFHQW FHQWXULHV :HVWHUQ IXWXUH LPDJHV KDYH EHHQ FKDUDFWHUL]HG E\
XWRSLDQRSWLPLVPZKLOHSHVVLPLVPDQGKHOSOHVVQHVVGRPLQDWHWKHIXWXUHVLPDJHVLQWKHODVW
GHFDGHV +HLOEURQHU  IRXQG WKDW IURP URXJKO\  \HDUV DJR XQWLO WKH VHFRQG KDOI RI
WKH WZHQWLHWK FHQWXU\ SHRSOH LQ WKH :HVW WKRXJKW WKH IXWXUH ZRXOG EH VXSHULRU WR WKH
SUHVHQW7KHVSLULWRIWKHWLPHZDVQRWRQHRIGRXEWDQGWKHIXWXUHZRXOGEULQJ

XQLPDJLQDEOHSRVVLELOLWLHVIRULPSURYLQJWKHKXPDQFRQGLWLRQDWDOOOHYHOVDQ
HUDLQZKLFKZHORRNWRWKHIXWXUHZLWKFRQILGHQFHEHFDXVHPHQDQGZRPHQ
EHOLHYHWKDWIRUFHVZLOOEHZRUNLQJWKHUHIRUWKHLUEHWWHUPHQWERWKDVLQGLYLGXDOV
DQGDVDFROOHFWLYLW\+HLOEURQHU

 
%XWDVKHDSSURDFKHVRXUFXUUHQWSHULRGKHILQGVWKDWLQDGYDQFHGLQGXVWULDODQGFDSLWDOLVWLF
QDWLRQV WKH YLVLRQV RI WKH IXWXUH KDYH EHHQ QRWLFHDEO\ DOWHUHG WRZDUGV GDUNHU DQG PRUH
SHVVLPLVWLFLPDJHV
$OYLQ7RIIOHUGLVFORVHGDGLVFUHSDQF\EHWZHHQSHUVRQDODQGJOREDOLPDJHVRI
WKH IXWXUH KHOG E\ 86 \RXWK 6LQFH WKHQ QXPHURXV VWXGLHV RI \RXWK LQ :HVWHUQ VRFLHWLHV
KDYH FRQILUPHG KLV ILQGLQJ RI SHUVRQDO RSWLPLVP DQG JOREDO SHVVLPLVP  WKH IXUWKHU WKH
LPDJHVDUHIURPWKHSHUVRQDOOHYHOWKHGDUNHUDQGPRUHKRSHOHVVWKH\JHW
<RXQJSHRSOH
VLPDJHVRIWKHLUSHUVRQDOIXWXUHVDUHRSWLPLVWLFDQGIXOORIKRSH:LWK
IRFXVRQHGXFDWLRQQXFOHDUIDPLO\RFFXSDWLRQDQGOHLVXUHWKH\IHHODEOHWRGHVLJQDQGFUHDWH
WKHLURZQJRRGDQGKDSS\SHUVRQDOIXWXUH7KHLUJRDOVDUHDJRRGHGXFDWLRQDQGMREDVDIH
SHUVRQDOHFRQRP\DORYLQJQXFOHDUIDPLO\DJRRGKRPHDQGOHLVXUHIRUIULHQGVDQGWUDYHOLQJ
:KHQ LW FRPHV WR WKH IXWXUH RI WKH QDWLRQ ZLWK QDWLRQDO SUREOHPV OLNH GUXJ DEXVH FULPH
XQHPSOR\PHQW VH[LVP UDFLVP DQG ORFDO SROOXWLRQ WKH\ VKRZ D ODUJH GHJUHH RI SHVVLPLVP
EXWWKH\DOVRH[SHFWVRPHLPSURYHPHQWV%XWZKHQWKH\YLHZWKHIXWXUHRIWKHJOREHWKH\
VHHP WR KDYH VRPHZKDW DSRFDO\SWLF H[SHFWDWLRQV :DU HFRORJLFDO FDWDVWURSKHV
RYHUSRSXODWLRQ DQG IDPLQH DUH WKHLU PDLQ JOREDO IHDUV DQG WKH\ H[SHFW FRQWLQXDWLRQ RU
ZRUVHQLQJ RI WKH JOREDO SUREOHPV LQ WKH IXWXUH %UXQVWDG  (FNHUVOH\  *LGOH\ 
,QD\DWXOODKHGV+HDG+LFNV +ROGHQ5XELQ
6HYHUDO VWXGLHV ILQG LQFUHDVLQJ SHVVLPLVP ZLWK LQFUHDVLQJ DJH DQG WKDW JLUOV LQ
JHQHUDOKROGPRUHSHVVLPLVWLFIXWXUHLPDJHVWKDQER\V(FNHUVOH\+LFNVE
7KHVRFLRHFRQRPLFVWDWXVRIWKHSDUHQWVDQGZKHWKHUWKHVFKRROLVORFDWHGLQDQXUEDQRUD
UXUDODUHDGRQRWVHHPWRLQIOXHQFH\RXQJSHRSOH
VIXWXUHLPDJHVVLJQLILFDQWO\
6RPH \HDUV DJR JOREDO IXWXUH SHVVLPLVP ZDV RIWHQ GLUHFWHG WRZDUGV D WKLUG ZRUOG
ZDU DQG WKH QXFOHDU DUPV UDFH EHWZHHQ WKH 8QLWHG 6WDWHV DQG WKH 6RYLHW 8QLRQ EXW PRUH
UHFHQWVWXGLHVILQGDULVLQJHQYLURQPHQWDOFRQFHUQ+LFNVE+LFNV +ROGHQ,W
VKRXOG EH PHQWLRQHG KHUH WKDW WKLV VKLIW LV DOVR SURGXFHG E\ WKH UHVHDUFKHUV VLQFH HDUO\
VWXGLHV ZHUH QRW GHVLJQHG WR FDSWXUH HQYLURQPHQWDO LVVXHV )RU H[DPSOH WKH TXHVWLRQQDLUH
DSSOLHG LQ WKH VWXG\ RI 2UQDXHU  DO  ZDV GHYHORSHG DURXQG  DQG DW WKDW WLPH
WKH\ GLG QRW ILQG LW UHOHYDQW WR LQFOXGH TXHVWLRQV IRU WDSSLQJ WKH SXEOLF FRQFHUQ IRU WKH
HQYLURQPHQW $PRQJ WKH YDULRXV HQYLURQPHQWDO SUREOHPV LQFOXGLQJ OLWWHU DFLG UDLQ
SROOXWHG DLU DQG GULQNLQJ ZDWHU HWF LW LV JOREDO LVVXHV OLNH R]RQH GHSOHWLRQ GHIRUHVWDWLRQ
DQGJOREDOZDUPLQJWKDWPRVWO\ZRUU\+HQOH\&HQWUH
,W VHHPV WKDW WKHUH LV D FORVH UHODWLRQVKLS EHWZHHQ IXWXUH LPDJHV DQG DWWLWXGHV
WRZDUGV VFLHQFH DQG WHFKQRORJ\ (FNHUVOH\  IRXQG WKDW WKRVH ZKR ZHUH RSWLPLVWLF
DERXWWKHIXWXUHDOVRWHQGHGWREHSRVLWLYHWRWKHUROHRIVFLHQFHDQGWHFKQRORJ\LQVRFLHW\
2WKHU VWXGLHV KDYH IRXQG D FRUUHVSRQGLQJ FRQQHFWLRQ EHWZHHQ IXWXUH LPDJHV DQG SHRSOH
V
DWWLWXGHWRVFLHQWLILFDQGWHFKQRORJLFDOGHYHORSPHQW+LFNV +ROGHQ

Can S&T solve the environmental problems?

7KH OHYHO RI WHFKQRORJLFDO GHYHORSPHQW LQ D FRXQWU\ LV D FUXFLDO IDFWRU IRU H[SODLQLQJ WKH
H[SHFWDWLRQVSHRSOHKDYHRIIXUWKHUGHYHORSPHQWLQVFLHQFHDQGWHFKQRORJ\6LFLQVNL
IRXQG WKDW SHRSOH LQ GHYHORSHG FRXQWULHV DUH OHVV FRQILGHQW ZLWK IXWXUH DFKLHYHPHQWV RI
VFLHQFH WKDQ SHRSOH LQ OHVV GHYHORSHG FRXQWULHV 7KH 6$6 VWXG\ LQYHVWLJDWHG  \HDUROG
VWXGHQWV
DWWLWXGHVWRDQGYLHZVRIVFLHQFHDQGWHFKQRORJ\6M¡EHUJDQGIRXQG

 
WKDW VWXGHQWV LQ GHYHORSLQJ FRXQWULHV KDYH IDU PRUH SRVLWLYH LPDJHV RI VFLHQWLVWV DQG WKHLU
SRWHQWLDOIRUKHOSLQJSHRSOHWKDQVWXGHQWVLQGHYHORSHGFRXQWULHV
6HYHUDOVWXGLHVILQGWKDWPDQ\\RXQJSHRSOHLQ:HVWHUQVRFLHWLHVUHJDUGWKHEHQHILWV
RIVFLHQFHDQGWHFKQRORJ\WREHPRUHLPSRUWDQWWKDQWKHGUDZEDFNV(FNHUVOH\+LFNV
+ROGHQEXWWKHUHLVVRPHWKLQJLQWKHQDWXUHRIWKHGUDZEDFNVWKDWVHHPVWRZRUU\
SHRSOH:KLOHEHQHILWVDUHVSHFLILFDQGHYLGHQWWKHFRVWVDUHGLIIXVHDQGLQYLVLEOHDQGOHDGWR
OXUNLQJ IHDUV RI VRPH VQHDNLQJ FRQVHTXHQFHV (FNHUVOH\  6FLHQFH DQG WHFKQRORJ\
VHHPWRKDYHDOLIHRIWKHLURZQZKLFKWKHRUGLQDU\FLWL]HQIHHOVVKHFDQQHLWKHUXQGHUVWDQG
QRUFRQWURO+LFNV +ROGHQ
:KHQLWFRPHVWRWKHFDSDFLW\RIVFLHQFHDQGWHFKQRORJ\WRVROYHWKHHQYLURQPHQWDO
SUREOHPVLQSDUWLFXODUDQXPEHURIVWXGLHVILQGWKDW\RXQJSHRSOHGRQRWEHOLHYHPXFKLQ
WKH SRZHU RI VFLHQFH DQG WHFKQRORJ\ +HQOH\ &HQWUH  +LFNV  +ROGHQ  %R\V
KDYH PRUH IDLWK WKDQ JLUOV LQ VFLHQFH DQG WHFKQRORJ\ DV SUREOHPVROYHUV (FNHUVOH\ 
6FKUHLQHU 6M¡EHUJ

Interests, concern and engagement

2QH PHDQV RI SHUVRQDOO\ LQIOXHQFLQJ VRFLHWDO GHYHORSPHQW LV SDUWLFLSDWLRQ LQ RUJDQLVDWLRQV
DQGSXEOLFHOHFWLRQV7KURXJKWKHODVWGHFDGHV\RXQJSHRSOHLQPRVW:HVWHUQFRXQWULHVDUH
VKRZLQJ ORZ LQWHUHVW LQ MRLQLQJ SROLWLFDO DQG HQYLURQPHQWDO RUJDQLVDWLRQV DQG PDQ\
:HVWHUQFRXQWULHVQRWLFHDWUHQGRIGHFUHDVLQJYRWLQJSDUWLFLSDWLRQHVSHFLDOO\DPRQJ\RXQJ
SHRSOH‘LDLQWHUSUHWVWKDWSRVVHVVLQJDEHOLHILQIXWXUHSURJUHVVLVDQLPSRUWDQWIDFWRU
IRU PRWLYDWLRQ IRU SROLWLFDO HQJDJHPHQW DQG DFWLRQV GLUHFWHG WRZDUGV VRFLHWDO SUREOHPV $V
ORQJDV\RXQJSHRSOHGRQRWEHOLHYHLQIXWXUHSURJUHVVWKH\ILQGQRXVHLQWDNLQJDQ\NLQGRI
DFWLRQ LQFOXGLQJ SROLWLFDO DFWLRQ DJDLQVW WKH SUREOHPV 7KH
VWDWXV
 RU
LPDJH
 RI \RXQJ
SHUVRQVDFWLYHLQHQYLURQPHQWDOSURWHFWLRQVKRXOGQRWKLQGHUSDUWLFLSDWLRQLQRUJDQL]DWLRQV
<RXQJSHRSOHZKRDUHFRQFHUQHGDERXWWKHHQYLURQPHQWDUHQRWSHUFHLYHGE\WKHLUSHHUVDV
KDYLQJ D SDUWLFXODUO\ UDGLFDO SROLWLFDO RU FRQWURYHUVLDO DWWLWXGH 2Q WKH FRQWUDU\ LW LV
UHJDUGHGDVVLPSO\DFRPPRQVHQVHUHDFWLRQWRWKHSUHVHQWVLWXDWLRQ+HQOH\&HQWUH
‘LDIRXQGWKDWDFWLYH
JUHHQ
\RXWKDQG\RXWKZRUNLQJIRURWKHUJOREDOFRQFHUQVHJ
$PQHVW\,QWHUQDWLRQDODFKLHYHGKLJKSRSXODULW\DQGUHVSHFWIURPWKHLUFRQWHPSRUDULHV
2Q WKH RQH KDQG PDQ\ VWXGLHV ILQG WKDW HQYLURQPHQW LV D NH\ FRQFHUQ IRU PRVW
\RXQJ SHRSOH DQG WKDW WKH\ EHOLHYH WKDW ZLWKLQ WKHLU RZQ OLIHWLPH WKH FOLPDWH LQ WKHLU
VRFLHW\ ZLOO FKDQJH GXH WR JOREDO ZDUPLQJ +DQVHQ  +HQOH\ &HQWUH  %XW
DOWKRXJK WKH\ VHH HQYLURQPHQWDO SURWHFWLRQ DV DQ LPSRUWDQW JRDO IRU VRFLHW\ 6FKUHLQHU 
6M¡EHUJ  VRPH ORQJLWXGLQDO VWXGLHV ILQG IDOOLQJ FRQFHUQ GXULQJ WKH ODVW RQH RU WZR
GHFDGHV+HOOHYLNDQG+¡LHIRXQGWKDWGXULQJWKHVWKH1RUZHJLDQSXEOLFEHFDPH
OHVVFRQFHUQHGDERXWHQYLURQPHQWDOSUREOHPVDQGOHVVZLOOLQJWRJLYHXSVRPHJRRGVIRUWKH
VDNH RI WKH HQYLURQPHQW ,Q    FODLPHG WKDW ZH DUH DSSURDFKLQJ DQ HFRORJLFDO
FDWDVWURSKHDQGWKDWLWLVWRRODWHWRVWRSLWZKHUHDVRQO\JDYHWKHVDPHDQVZHULQ
7KH\IRXQGDGHFOLQHLQFRQFHUQIRUDOOWKHHQYLURQPHQWDOFKDOOHQJHVOLVWHGLQWKHVXUYH\
IRUJOREDOSUREOHPVJOREDOZDUPLQJDQGGHSOHWLRQRIWKHR]RQHOD\HUDVZHOODVIRUORFDODLU
SROOXWLRQ DFLG UDLQ JURZLQJ ZDVWH GLVSRVDOV HWF 6LPLODU GHFUHDVH LQ FRQFHUQ LV IRXQG LQ
(QJLQHHULQJ ,QGLFDWRUV  16%  7KH VWXG\ UHSRUWV WKDW WKH SHUFHQWDJH RI SHRSOH
DJUHHLQJ WKDW SURWHFWLRQ RI WKH HQYLURQPHQW VKRXOG EH JLYHQ SULRULW\ HYHQ DW WKH ULVN RI

 
FXUELQJHFRQRPLFJURZWKKDVGHFOLQHGIURPSHUFHQWLQWRSHUFHQWLQWKH
ORZHVWSHUFHQWDJHUHFRUGHGVLQFHWKLVTXHVWLRQZDVILUVWDVNHGLQ
7KH UHDVRQ IRU WKLV GHFUHDVLQJ FRQFHUQ LV XQFOHDU 7KHUH KDV EHHQ FRQFUHWH DQG
REYLRXVSURJUHVVWRZDUGVVROYLQJRULPSURYLQJDOOWKHDERYHOLVWHGHQYLURQPHQWDOSUREOHPV
H[FHSWIRUWKHSUREOHPRIJOREDOZDUPLQJ&RQVHTXHQWO\DSXEOLFQRWLFHRIEHWWHUPHQWFDQ
H[SODLQ VRPH RI WKH IDOO LQ ZRUU\ EXW WKH IDOO LQ SXEOLF FRQFHUQ DERXW WKH PDQPDGH
JUHHQKRXVHHIIHFWFDQKDUGO\EHH[SODLQHGE\DJHQHUDOSXEOLFSHUFHSWLRQWKDWWKHSUREOHPLV
VROYHG
$OVR VRPH SUHOLPLQDU\ UHVXOWV IURP RXU DQDO\VHV RI WKH 1RUZHJLDQ 526( GDWD
6FKUHLQHU 6M¡EHUJFRQILUPWKDWWKHVWXGHQWVDUHFRQFHUQHGDERXWWKHHQYLURQPHQW
EXW ZKHQ LW FRPHV WR OHDUQLQJ DERXW HQYLURQPHQWDO SURWHFWLRQ DW VFKRRO WKH\ VKRZ UDWKHU
ORZLQWHUHVW)RUH[DPSOHWKH\WDNHPXFKPRUHLQWHUHVWLQKHDOWKLVVXHVSUHGRPLQDQWO\WKH
JLUOVDQGWHFKQRORJ\ER\V,QWKH6$6VWXG\RI6M¡EHUJRQZKDW\HDUROGV
ZRXOGOLNHWROHDUQDERXWLQVFKRROVFLHQFHOHVVRQVHQYLURQPHQWDOWRSLFVOLNHWKHSROOXWLRQ
DQG GDQJHUV RI WUDIILF DQG KRZ ZH FDQ SURWHFW DLU ZDWHU DQG WKH HQYLURQPHQW VFRUHG
EHORZ DYHUDJH LQWHUHVW DPRQJ VWXGHQWV LQ PRVW :HVWHUQ FRXQWULHV +RZHYHU PRGHUDWH RU
ORZLQWHUHVWLQOHDUQLQJDERXWYDULRXVZD\VRISURWHFWLQJWKHHQYLURQPHQWDWVFKRROGRHVQRW
QHFHVVDULO\LPSO\ODFNRIJHQHUDOFRQFHUQ
7RGD\
V \RXQJ SHRSOH GR QRW EODPH SUHYLRXV JHQHUDWLRQV IRU FDXVLQJ WKH
HQYLURQPHQWDO SUREOHPV EHFDXVH WKH\ UHDOL]H WKDW WKH\ GLG QRW NQRZ WKH FRQVHTXHQFHV RI
WKHLUDFWLRQV%XWWKH\WKHPVHOYHVGRQRWKDYHWKLVH[FXVHDQGZLVKWRWDNHDFWLRQVDJDLQVW
WKH SUREOHPV +HQOH\ &HQWUH  +RZHYHU PDQ\ VWXGLHV FRQFOXGH PD\EH QRW
VXUSULVLQJO\WKDW\RXQJSHRSOHGRWKLQNWKH\SHUVRQDOO\FDQKDYHDQHIIHFWRQWKHIXWXUHRQ
WKHLURZQOLIHDQGWRVRPHH[WHQWDOVRRQWKHQDWLRQDOGHYHORSPHQWEXWWKDWJOREDOSUREOHPV
DUH RXWVLGH WKHLU LQIOXHQFH %UXQVWDG  +HDG  +HQOH\ &HQWUH  +LFNV 
+ROGHQ5XELQ)RUH[DPSOH+HDGIRXQGWKDWRQO\WZRRIWHQDPRQJKHU
\HDUROG $XVWUDOLDQ UHVSRQGHQWV VDLG WKDW LW ZRXOG KDYH DQ\ HIIHFW LI WKH\ WULHG WR
LQIOXHQFH WKH JOREDO HQYLURQPHQWDO GHYHORSPHQW ZKLOH KDOI RI WKH VWXGHQWV EHOLHYHG WKDW
WKH\WKHPVHOYHVSHUVRQDOO\FRXOGLQIOXHQFHWKHORFDOHQYLURQPHQW2QHWKLUGRIWKHVWXGHQWV
WKRXJKWWKDWWKHUHZDVOLWWOHRUQRWKLQJWKH\FRXOGGRLQRUGHUWRSUHYHQWWKHLUJOREDOIHDUV
IURPKDSSHQLQJ

Narcissism vs. environmental protection

:KLOHROGHUJHQHUDWLRQVPLJKWFRQFHLYHWKHHQYLURQPHQWDOSUREOHPVDV
QHZ
WRGD\
V\RXQJ
SHRSOHGRQRWNQRZDFKLOGKRRGIUHHIURPHQYLURQPHQWDOULVNVWKHHQYLURQPHQWDOULVNVDUH
FRQYHUVHO\ D NLQG RI LQERUQ RU QDWXUDO SDUW RI WKHLU HYHU\GD\ OLIH ‘LD  7KH
HQYLURQPHQWDO FKDOOHQJHV DUH DQ DFFHSWHG VWDWH RI WKH ZRUOG $FFRUGLQJ WR WKH OLWHUDWXUH
UHYLHZHG DERYH WRGD\
V \RXWK GR QRW EHOLHYH WKDW WKH JOREDO SUREOHPV FDQ EH VROYHG DQG
WKH\FDQQRWVHHKRZWKHLULQGLYLGXDOFRQWULEXWLRQFDQPDNHDQ\GLIIHUHQFH%XWDVIDUDVZH
FDQVHHWKLVGRHVQRWLPSO\WKDWWKH\DUHXQFRQFHUQHGDQGXQHQJDJHGLQWKHHQYLURQPHQWDO
PDWWHUV<RXQJSHRSOHWDNHWKHSUREOHPVVHULRXVO\EXWWKHHQYLURQPHQWDOLVVXHLVFRPSOH[
DQGWKH\GRQRWIHHOHPSRZHUHGIRUFRSLQJZLWKLW
(QYLURQPHQWDOGHYDVWDWLRQSOD\VWKHUROHDVRQHRIWKHPDLQSHUFHLYHGJOREDOIXWXUH
WKUHDWVDQGPDQ\\RXQJSHRSOHGRQRWEHOLHYHWKDWWKH\FDQLQIOXHQFHLWWRZDUGVWKHEHWWHU
6RPHUHVHDUFKHUVLQWHUSUHWWKHVHUHVXOWVLQWHUPVRIFKDUDFWHULVWLFVRIWKHVRFDOOHG
KHUHDQG

 
QRZ
 JHQHUDWLRQ RU WKH
PH
JHQHUDWLRQ  D JHQHUDWLRQ PDLQO\ DLPLQJ DW UHDOL]LQJ DQG
IXOILOOLQJWKHPVHOYHV:KHQWKH\GRQRWH[SHULHQFHWKDWWKH\FDQLQIOXHQFHRUFRSHZLWKWKH
IXWXUHRIDGRRPHGZRUOGWKH\WU\WRDFKLHYHDOHVVFRPSOLFDWHGOLIHWKURXJKUHJUHVVLRQLQWR
DVKRUWVLJKWHGGD\WRGD\SHUVSHFWLYHRQWKHLURZQOLYHV%UXQVWDG+LFNV +ROGHQ
6HHRXUSDUDJUDSKDERYHDERXWQDUFLVVLVPYVFLWL]HQVKLS
)XWXUH KRSHV DUH OLQNHG WR TXDOLWLHV FUXFLDO WR SHUVRQDO ZHOOEHLQJ HVSHFLDOO\
PHDQLQJ DQG SXUSRVH RI OLIH (FNHUVOH\  %UXQVWDG  VHHV D FRQQHFWLRQ EHWZHHQ
JOREDOWKUHDWVDQGSHUVRQDOZHOOEHLQJ+LVVWXG\VKRZVHFRORJLFDOFDWDVWURSKHVZDUIDPLQH
DQG RYHUSRSXODWLRQ WR EH WKH PDLQ JOREDO IXWXUH IHDUV KHOG E\ \RXQJ SHRSOH ([FHSW IURP
VRPHYDJXHVXJJHVWLRQVRIDOWHUHGFRQVXPLQJKLV1RUZHJLDQLQIRUPDQWVKDGQRLGHDVRIKRZ
WRFRXQWHUDFWWKHVHIHDUV
7KH\RXQJJLUOVVKRZPRUHSHVVLPLVWLFLPDJHVWKDQWKHER\VDQGDUHPRUHLQFOLQHG
WRJLYHXSVRPHPDWHULDOJRRGVIRUWKHVDNHRIWKHHQYLURQPHQW7KH\RXQJER\VVKRZPRUH
DOHWJRDWWLWXGH*LUOVDUHFORVHUWRDQHFRFHQWULFZRUOGYLHZIRUH[DPSOHE\PHDQLQJWKDW
DQLPDOV KDYH WKH VDPH YDOXH DV KXPDQV 7KH ER\
V ZRUOGYLHZ LV PRUH DQWKURSRFHQWULF
6NRJHQ

 7KHLWHPVLQTXHVWLRQ'

%HORZWKHKHDGLQJ'0HDQGWKHHQYLURQPHQWDOFKDOOHQJHVWKHIROORZLQJLQVWUXFWLRQVDUH
JLYHQ
To what extent do you agree with the following statements about problems with the
environment (pollution of air and water, overuse of resources, global changes of
the climate, etc.)?
*LYH\RXUDQVZHUZLWKDWLFNRQHDFKOLQH,I\RXGRQRWXQGHUVWDQGOHDYHWKH
OLQHEODQN
7KLVLVIROORZHGE\VWDWHPHQWVHDFKZLWKDSRLQW/LNHUWVFDOHIURP
'LVDJUHH
WR
$JUHH

:HKDYHFKRVHQWKHFKDOOHQJHVRIWKHHQYLURQPHQWVLQFHWKLVLVD JOREDOFKDOOHQJH
:HDUHZHOODZDUHWKDWRWKHULVVXHVPD\EHPRUHXUJHQWLQVRPHSDUWVRIWKHZRUOGOLNHHJ
$,'6+,9%XWVLQFHWKHLPSRUWDQFHRIWKLVLVVXHDQGPRVWRWKHUVYDULHVVRVWURQJO\IURP
RQH FRXQWU\ WR DQRWKHU ZH GHFLGHG WR FRQFHQWUDWH RQ SUREOHPV RI WKH HQYLURQPHQW 7KH
LVVXHRIHQYLURQPHQWDOSURWHFWLRQLVFORVHO\FRQQHFWHGWRWKHUHDOPRI6 7FRQVHTXHQWO\WKH
GDWD DQDO\VLV DQG WKH GLVFXVVLRQ RI WKH UHVXOWV FDQ EH UHODWHG WR LPSOLFDWLRQV IRU VFLHQFH
FXUULFXOXP
7KLVTXHVWLRQVHHNVWRH[SORUHWRZKDWH[WHQWWKHVWXGHQWVIHHOHPSRZHUHGWRFRSH
ZLWKWKHHQYLURQPHQWDOSUREOHPVVHHRXUGHILQLWLRQRIWKLVFRQFHSWLQVHFWLRQ:HDUH
DVNLQJTXHVWLRQVQHJDWLYHO\RUSRVLWLYHO\VWDWHGDERXWZKHWKHUWKH\

• KDYHKRSHDQGYLVLRQVIRUWKHIXWXUH'''
• DUHPRWLYDWHGIRUDFWLRQ''RUGRWKH\WKLQNWKDWVRPHERG\HOVHVKRXOGVROYH
WKH SUREOHPV ' ' '" ' PD\ DOVRWDS LQWR WKH SRVWPDWHULDOLVW WKHRU\ RI
,QJOHKDUWGHVFULEHGDERYH
• KDYHDJHQHUDOIHHOLQJWKDWWKH\FDQLQIOXHQFHWKHGHYHORSPHQW''
• WKLQNWKDWLWLVLPSRUWDQWIRUVRFLHW\''''

 
%\PDNLQJXVHRIDJURXSRILWHPVLQWKH$&(TXHVWLRQ(((((((ZH
PD\DVZHOOGUDZLQIHUHQFHVDERXWWKHLULQWHUHVWVLQOHDUQLQJDERXWWKHLVVXH
7KHGHYHORSPHQWRIPRVWRIWKHLWHPV''LVLQVSLUHGE\OLWHUDWXUHRQDOLHQDWLRQ
SRZHUOHVVQHVV PHDQLQJOHVVQHVV DQG QRUPOHVVQHVV HJ 6HHPDQ  DQG PHDVXUHPHQW
VFDOHV UHYLHZHG LQ 0HDVXUHV RI 6RFLDO 3V\FKRORJLFDO $WWLWXGHV 5RELQVRQ 6KDYHU 
:ULJKWVPDQ
7KHODVWIRXULWHPVLQWKLVTXHVWLRQ''DUHGHYHORSHGIRUPDNLQJLQIHUHQFHV
DERXW VWXGHQWV
 TXDVL UHOLJLRXV YLHZ RQ QDWXUH DQG SURWHFWLRQ RI QDWXUH DV D JRDO LQ LWVHOI
'''DQGRIQDWXUHDVVDFUHG'7KHVHLWHPVDUHDGDSWHGIURPDQLQWHUQDWLRQDO
VXUYH\ RQ YDOXHV DQG HQYLURQPHQW 6NMnN  %¡\XP  7KH VXUYH\ ZDV FRQGXFWHG LQ
LQFRXQWULHV

 5HVHDUFKTXHVWLRQV

5HVSRQVHV LQ WKLV LWHP EDWWHU\ ZLOO JLYH LQIRUPDWLRQ DERXW VRPH FXOWXUDO YDOXHV RI WKH
VWXGHQWVDVZHOODVDERXWWKHLUHPSRZHUPHQWIRUHQYLURQPHQWDODFWLRQ7KLVPD\EHYDOXDEOH
IRU GHWHFWLQJ VRPH EDVLF VWUXFWXUHV EHKLQG WKHLU DWWLWXGHV WRZDUGV HQYLURQPHQWDO LVVXHV DV
ZHOO DV IRU GHHSHQLQJ RXU XQGHUVWDQGLQJ RI UHVSRQVHV JLYHQ LQ RWKHU SDUWV RI WKH
TXHVWLRQQDLUH
6RPHH[DPSOHVRILVVXHVWREHLOOXPLQDWHGE\GDWDIURPWKLVTXHVWLRQDUH

• +RZFDQZHFKDUDFWHUL]HGLIIHUHQFHVLQYLHZVRQHQYLURQPHQWDOSURWHFWLRQEHWZHHQ
GLIIHUHQWJURXSVRIOHDUQHUV"
• $UH VFRUHV RQ
HPSRZHUPHQW
 LQ ODWH PRGHUQ VRFLHWLHVGLIIHULQJ IURP WKH VFRUHV LQ
QRQPRGHUQVRFLHWLHV",QZKDWZD\"
• +RZ DUH VFRUHV RQ
HPSRZHUPHQW
 UHODWHG WR VFRUHV LQ RWKHU SDUWV RI WKH
TXHVWLRQQDLUH"
o 'R HPSRZHUHG \RXWK VHHP PRUH FRQFHUQHG DERXW VRFLHWDO PDWWHUV WKDQ \RXWK
ODFNLQJFRQFHUQIRUWKHHQYLURQPHQWDOLVVXHV"
o 'RVWXGHQWVZLWKORZVFRUHVRQ
HPSRZHUPHQW
VKRZPRUHQDUFLVVLVWLFWUDLWVWKDQ
VWXGHQWVZLWKKLJKHUVFRUHV"+RZDUHIRUH[DPSOHHPSRZHUPHQWVFRUHVUHODWHGWR
LWHPV RQ
VHOIDFWXDOL]DWLRQ
 LQ $&( :KDW , ZDQW WR OHDUQ DERXW DQG % 0\
IXWXUHMRE"

 0\VFLHQFHFODVVHV)
8QGHUWKLVKHDGLQJWKHIROORZLQJLQVWUXFWLRQVDUHJLYHQ
To what extent do you agree with the following statements about the science that
you may have had at school?
*LYH\RXUDQVZHUZLWKDWLFNRQHDFKOLQH,I\RXGRQRWXQGHUVWDQGOHDYHWKH
OLQHEODQN
7KLV LV IROORZHG E\  VWDWHPHQWV HDFK ZLWK D SRLQW /LNHUW VFDOH IURP
'LVDJUHH WR
$JUHH7KHIROORZLQJUDWLRQDOHIRUWKHLWHPVLVH[WUDFWVIURPWKH526(+DQGERRN
7KLV TXHVWLRQ SURYLGHV LQIRUPDWLRQ DERXW GLIIHUHQW DVSHFWV RI WKH VWXGHQWV

SHUFHSWLRQ RI WKHLU VFLHQFH FODVVHV OLNH WKHLU PRWLYDWLRQ IRU VFLHQFH DW VFKRRO WKHLU VHOI

 
FRQILGHQFHLQWKHLURZQDELOLWLHVLQVFLHQFHDWVFKRROZKDWWKH\JHWRXWRIVFLHQFHDWVFKRRO
WKHLUSHUFHSWLRQVRIWKHQHFHVVLW\RIVFLHQFHHGXFDWLRQHWF:HNQRZWKDWDVSHFWVOLNHVHOI
FRQILGHQFH DWWLWXGHV LQWHUHVW DQG PRWLYDWLRQ DUH NH\ IDFWRUV DVVRFLDWHG ZLWK OHDUQLQJ 7KH
UHVSRQVHVZLOOPDNHLWSRVVLEOHWRGHVFULEHZKDWVWXGHQWVLQGLIIHUHQWFRXQWULHVDFWXDOO\WKLQN
WKH\KDYHOHDUQHGIURPWKHLUVFLHQFHFODVVHV
7KH WHUPV VFKRRO VFLHQFH DQG VFLHQFH DW VFKRRO LQ WKLV TXHVWLRQ UHIHU WR WKH
HGXFDWLRQLQVFLHQFHELRORJ\SK\VLFVFKHPLVWU\JHRORJ\JHRSK\VLFVDVWURQRP\HWFDQG
WHFKQRORJ\WKDWWKHVWXGHQWVJHWDWVFKRRO(DFKQDWLRQZDVUHTXHVWHGWRVXEVWLWXWHWKLVWHUP
ZLWK WKH SURSHU QDPH RI WKH FRUUHVSRQGLQJ VFKRRO VXEMHFW LQ WKHLU FRXQWU\ DQG QRW WR
VFLHQFHLQDPRUHJHQHUDOVHQVH

 0\RSLQLRQVDERXWVFLHQFHDQGWHFKQRORJ\*
8QGHUWKLVKHDGLQJWKHIROORZLQJLQVWUXFWLRQVDUHJLYHQ
To what extent do you agree with the following statements?
*LYH\RXUDQVZHUZLWKDWLFNRQHDFKURZ,I\RXGRQRWXQGHUVWDQGOHDYHWKH
OLQHEODQN
7KLVLVIROORZHGE\VWDWHPHQWVHDFKZLWKDSRLQW/LNHUWVFDOHIURP
'LVDJUHH
WR
$JUHH

7KHSXEOLFVXUYH\VRI(8DQG16%EKDYHSURYLGHGDXVHIXOEDFNJURXQGIRUWKH
GHYHORSPHQWRI WKLVTXHVWLRQ 7KH IROORZLQJWH[WLVTXRWHVIURPWKH526(+DQGERRNZLWK
XQGHUO\LQJLGHDVIRUWKHLWHPV
7KLV TXHVWLRQ SUREHV GLIIHUHQW DVSHFWV RI KRZ WKH VWXGHQWV SHUFHLYH WKH UROH DQG
IXQFWLRQ RI VFLHQFH DQG WHFKQRORJ\ LQ VRFLHW\ :H H[SORUH WKHLU SRVVLEOH WUXVW RU GLVWUXVW
WKHLULQWHUHVWVDQGVXSSRUWHWF0DQ\RIWKHTXHVWLRQVDUHFRSLHVRITXHVWLRQVXVHGLQODUJH
VFDOHSXEOLFVXUYH\VOLNHWKH(XUREDURPHWHUDQGVLPLODUVXUYH\VLQRWKHUSDUWVRIWKHZRUOG
7KH UHVSRQVHV DUH LQWHUHVWLQJ LQ WKHPVHOYHV DQG PD\ DOVR EH FRPSDUHG ZLWK WKH
FRUUHVSRQGLQJUHSOLHVE\WKHDGXOWSRSXODWLRQLQPDQ\FRXQWULHV:HPD\DOVRH[SORUHKRZ
WKHUHVSRQVHVRQWKHVHLWHPVDUHUHODWHGWRUHVSRQVHVRQPDQ\RWKHUTXHVWLRQVLQWKH526(
TXHVWLRQQDLUH

 0\RXWRIVFKRROH[SHULHQFHV+
8QGHUWKLVKHDGLQJWKHIROORZLQJLQVWUXFWLRQVDUHJLYHQ
How often have you done this outside school?
*LYH\RXUDQVZHUZLWKDWLFNRQHDFKOLQH,I\RXGRQRWXQGHUVWDQGOHDYHWKH
OLQHEODQN
7KLVLVIROORZHGE\DFWLYLWLHVRUH[SHULHQFHVHDFKZLWKDSRLQW/LNHUWVFDOHIURP
1HYHU

WR
2IWHQ
7KHLGHDVEHKLQGWKHVHLWHPVDUHDVGHVFULEHGLQWKH526(+DQGERRN
7KLV TXHVWLRQ SURYLGHV LQIRUPDWLRQ DERXW VWXGHQWV
 H[SHULHQFHV RXWRIVFKRRO
DFWLYLWLHV WKDW PD\ KDYH EHDULQJ RQ WKHLU LQWHUHVWV LQ 6 7 DQG WKDW PD\ SURYLGH LPSRUWDQW
H[SHULHQFHV IRU WKH OHDUQLQJ RI VFLHQFH DW VFKRRO 5HVSRQVHV WR WKLV TXHVWLRQ ZLOO JLYH


 6HHHJKWWSHXURSDHXLQWFRPPSXEOLFBRSLQLRQ

 
WHDFKHUVFXUULFXOXPPDNHUVDQGWH[WERRNZULWHUVDGHVFULSWLRQRIZKDWNLQGRI6 7UHODWHG
H[SHULHQFHV\RXWKEULQJWRVFKRRODQGKRZWKHVHYDU\EHWZHHQJLUOVDQGER\VDQGEHWZHHQ
GLYHUVHFXOWXUHV
0HDQLQJIXOWHDFKLQJVKRXOGEXLOGRQWKHOHDUQHUV
H[SHULHQFHVDQGWKLVTXHVWLRQFDQ
SURYLGH VXFK LQVLJKWV ,W PD\ IRU LQVWDQFH VKHG OLJKW RQ ZKHWKHU WKH GRPLQDWLQJ IRUP RI
VFLHQFH WHDFKLQJ RU WH[WERRNV IDYRXUV FHUWDLQ JURXSV RI VWXGHQWV DW WKH H[SHQVH RI RWKHUV
5HVSRQVHVWRWKLVTXHVWLRQFDQDOVREHDQDO\VHGDQGVHHQLQUHODWLRQVKLSWRDQVZHUVWRRWKHU
TXHVWLRQVIRULQVWDQFH$&(:KDW,ZDQWWROHDUQDERXW

 0\VHOIDVDVFLHQWLVW,
8QGHUWKLVKHDGLQJWKHIROORZLQJLQVWUXFWLRQVDUHJLYHQ

$VVXPHWKDW\RXDUHJURZQXSDQGZRUNDVDVFLHQWLVW<RXDUHIUHHWRGRUHVHDUFK
WKDW\RXILQGLPSRUWDQWDQGLQWHUHVWLQJ:ULWHVRPHVHQWHQFHVDERXWZKDW\RX
ZRXOGOLNHWRGRDVDUHVHDUFKHUDQGZK\
7KLVLVIROORZHGE\WKHWH[W

,ZRXOGOLNHWR>WKUHHHPSW\OLQHVDYDLODEOHIRUZULWLQJ@
%HFDXVH>ILYHHPSW\OLQHV@
7KLVLVWKHRQO\RSHQHQGHGTXHVWLRQDQGWKHVWXGHQWVDUHLQYLWHGWRH[SUHVVRSLQLRQVZLWK
WKHLURZQZRUGV7KHTXHVWLRQKDVWZRSDUWV 7KHILUVWDVNVDERXW ZKDWWKH\ZRXOGOLNHWR
ZRUNRQWKHRWKHUDVNVIRU UHDVRQVIRUWKLVSDUWLFXODUFKRLFH7KHILUVWSDUWPD\EHDQDO\VHG
LQ WHUPV RI D FODVVLILFDWLRQ E\ SUREOHP DUHD RU VXEMHFWPDWWHU HJ PHGLFLQH VSDFH
H[SORUDWLRQFRPSXWHUWHFKQRORJ\HWFZKLOHWKHVHFRQGSDUWPD\EHDQDO\VHGLQWHUPVRI
SHUVRQDO PRWLYDWLRQ DQG YDOXHV HJ KHOSLQJ RWKHUV SHUVRQDO LQWHUHVW RU FXULRVLW\ VHHNLQJ
PRQH\DQGVXFFHVVHWF
6RPHRIWKHDGYDQWDJHVFRQQHFWHGWRGDWDFROOHFWLRQE\HVVD\ZULWLQJFDQEHIRXQG
LQRSHQHQGHGTXHVWLRQVLQTXHVWLRQQDLUHV+HUHWKHUHVSRQGHQWVDUHWRDODUJHUH[WHQWIUHHG
IURP WKH FRQVWUDLQWV RI WKH FORVHG VFDOH LWHPV 5DWKHU WKDQ UHVSRQGLQJ WR D SUHVWUXFWXUHG
TXHVWLRQQDLUHLWHPWKH\FDQDUJXHDQGH[SUHVVWKHLURZQLGHDVDQGSHUVSHFWLYHVDQGWKHUHE\
JLYHWKHGDWDVRPHQHZGLPHQVLRQV
%XWDQDO\]LQJRSHQHQGHGTXHVWLRQVLVWLPHFRQVXPLQJDQGLWUHTXLUHVLQWHUQDWLRQDO
FRRSHUDWLRQ WR PDNH WKH FDWHJRULHV 2SHQHQGHG TXHVWLRQV DOVR UHTXLUH WKDW SHUVRQV LQ DOO
SDUWLFLSDWLQJ FRXQWULHV HYDOXDWH DQG FRGH WKH ZULWWHQ WH[WV $ FRGHU LQ HDFK FRXQW\ PXVW
FODVVLI\ WKH UHVSRQVHV LQWR WKH YDULRXV FDWHJRULHV JLYHQLQDFRGHVFKHPHIRUWKLVSDUWLFXODU
TXHVWLRQ7KHFDWHJRUL]LQJDQGFRGLQJRIZULWLQJVDUHQHFHVVDULO\DVVRFLDWHGZLWKLQGLYLGXDO
LQWHUSUHWDWLRQV GRQH E\ HDFK FRGHU DV WKH\ LQHYLWDEO\ LQWHUSUHW IURP WKH SRLQW RI YLHZ RI
WKHLURZQFXOWXUHJHQGHUDQGSHUVRQDOLW\7KLVHQWDLOVIDOOLEOHKXPDQMXGJPHQWVDQGOHDGVWR
VRPH LQWHUFRGHU LQFRQVLVWHQF\ 7KLV YDULDQFH LQ FDWHJRUL]LQJ RSHQHQGHG TXHVWLRQV ZLOO
ZHDNHQERWKWKHUHOLDELOLW\RIWKHFRGHGGDWDDQGWKHYDOLGLW\RIWKHTXHVWLRQ
6RPHRIWKHULFKQHVVLQWKHUHVSRQVHVLVRIFRXUVHORVWZKHQWKH\DUHFRGHG:HZLOO
WKHUHIRUHXVHWKHUHVSRQVHVWRWKLVTXHVWLRQLQWZRZD\V

 
 • $VIXOOTXRWHVWRLOOXVWUDWHZKDWZHILQGWREHW\SLFDOUHVSRQVHV
• &RGHGUHVXOWVIRUTXDQWLWDWLYHFRPSDULVRQVDOVRDFURVVFRXQWULHV
)RUWKLVSXUSRVHZHQHHGDV\VWHPRIFRGLQJWKDWFDQEHXVHGLQDOOFRXQWULHV

)RU WKH FRGLQJ ZH GHYHORSHG WZR FRGLQJ VFKHPHV DQG WKH FDWHJRULHV DUH UHSURGXFHG LQ
$SSHQGL[&DQG'
7KH FRGLQJ FRQVLVWV RI WKH VWXGHQW LGHQWLILFDWLRQ QXPEHU IRU ODWHU PHUJLQJ RI WKH
GDWDILOHVDQGDFRXQWRIWKHWRWDOQXPEHURIZRUGVLQWKHWZRSDUWVRIWKHUHVSRQVH7KHWZR
SDUWV RI WKH TXHVWLRQ DUH WKHQ FRGHG VHSDUDWHO\ 1RQH RI WKH FDWHJRULHV DUH PXWXDOO\
H[FOXVLYH,QFDVHVZKHUHVWXGHQWVJDYHPXOWLSOHWRSLFVWKDWWKH\ZDQWHGWRGRUHVHDUFKRQ
DQG PRUH WKDQ RQH UHDVRQ IRU WKHLU FKRLFH DOO WKH PHQWLRQHG DVSHFWV ZHUH FRGHG $OO
PHQWLRQHG FDWHJRULHV ZHUH FRGHG  ZKLOH WKH FDWHJRULHV WKDW GLG QRW RFFXU UHPDLQHG
HPSW\
+HUHDUHWKHGHWDLOVRIWKHFRGLQJ

,ZRXOGOLNHWRLVDTXHVWLRQDERXWWKHDUHDRIFRQFHUQRIWKHILHOGRUVXEMHFWPDWWHU7KH
FDWHJRULHVDUH

%LRORJ\KXPDQERG\
%LRORJ\GHFHDVHVPHGLFLQHFXUH
%LRORJ\PLFURELRORJ\JHQHWHFKQRORJ\
%LRORJ\DQLPDOVSODQWVQDWXUH
%LRORJ\RWKHU
7HFKQRORJ\FRPSXWHUVHOHFWURQLFQHZWHFKHWF
7HFKQRORJ\PRWRUVEXLOGLQJVURDGVFDUWUDQVSRUWHWF
7HFKQRORJ\ZHDSRQ
7HFKQRORJ\RWKHURULQJHQHUDO
(QYLURQPHQW
(DUWKZHDWKHUFOLPDWH
&KHPLVWU\DWRPVUHDFWLRQVHWF
3K\VLFVHOHFWULFLW\KHDWHWF
6SDFHVWDUVDQGSODQHWVEODFNKROHVVSDFHWUDYHOHWF
3V\FKRORJ\KXPDQEHKDYLRXU
,QYHQWWKLQJV
'RH[SHULPHQWVZRUNRQODERUDWRU\
3DUDQRUPDOSKLORVRSKLFDOP\VWHULRXVZRQGHUHWF
6RFLDODQGHFRQRPLFVFLHQFHV
'RQRWZDQWWRGRUHVHDUFK
2WKHU
%HFDXVH LVDTXHVWLRQDERXWXQGHUO\LQJUHDVRQVRUPRWLYDWLRQIRUWKHFKRLFH7KHFRGLQJ
FDWHJRULHVDUHWKHIROORZLQJ

 
 &XULRVLW\LQWHUHVWVVHHPVIXQZDQWWRH[FLWLQJ
5HODWHGWRWKHSURIHVVLRQ,ZDQW
,PSRUWDQWLQJHQHUDORUIRUVRFLHW\KXPDQLW\
+HOSSHRSOHDQLPDOVHWF
*HWULFKSRSXODUIDPRXV
2WKHU
$ILQDOVWULQJYDULDEOHZDVDGGHGIRUFRPPHQWVLIQHFHVVDU\
7KLVFRGLQJVFKHPHPD\RIFRXUVHEHTXHVWLRQHG:HXVHG1RUZHJLDQDQG(QJOLVK
GDWD DV WKH EDVLV IRU WKH GHYHORSPHQW RI WKH DERYH VFKHPH :H VWDUWHG RII ZLWK PRUH
FDWHJRULHV EXW VLPSOLILHG DQG UHGXFHG WKHP EDVHG RQ DQ DQDO\VLV RI D KLJK QXPEHU RI
UHVSRQVHV:HFKHFNHGWKHUHOLDELOLW\RIWKHFRGLQJE\OHWWLQJWZRLQGHSHQGHQWPDUNHUVFRGH
D VHULHV RI FRPPRQ UHVSRQVH VFKHPHV :H IRXQG WKDW WKH DERYH VFKHPH IXQFWLRQHG
VDWLVIDFWRU\DQGKDGWKHVLPSOLFLW\WKDWZHIRXQGQHFHVVDU\WRFRPPXQLFDWHWRUHVHDUFKHVLQ
RWKHUFRXQWULHV
7KHUHVSRQVHVWRWKLVTXHVWLRQPD\EHDQDO\VHGLQWHUPVRIGLIIHUHQFHVEHWZHHQJLUOV
DQG ER\V EHWZHHQ GLIIHUHQW FXOWXUHV HWF 7KH UHVXOWV PD\ DOVR EH H[SORUHG IRU SRVVLEOH
UHODWLRQVKLS ZLWK RWKHU TXHVWLRQV HJ 0\ IXWXUH MRE 0\ RSLQLRQV DERXW VFLHQFH DQG
WHFKQRORJ\ :KDW , ZDQW WR OHDUQ DERXW HWF 0D\EH FDQ VRFLRORJLFDO WKHRULHV DERXW
PRGHUQ \RXWK PHQWDOLW\ GHVFULEHG LQ VHFWLRQ  GHHSHQ RXU XQGHUVWDQGLQJ RI VFRUHV LQ
FDWHJRULHVIRUVHOIDFWXDOLVDWLRQRUQDUFLVVLVPYVVRFLHWDOHQJDJHPHQWDQGFRQFHUQ


 
 ,16758&7,216723$57,&,3$176
,QDFRPSDUDWLYHUHVHDUFKSURMHFWOLNH526(LWLVRIFRXUVHRISDUDPRXQWLPSRUWDQFHWRKDYH
FOHDUSURFHGXUHVRQGHWDLOVRIGDWDFROOHFWLRQ7KH OHYHORIGHWDLODQGULJRXUPD\RIFRXUVHEH
GLVFXVVHG 3URMHFWV OLNH 7,066 DQG 3,6$ KDYH ZHOO GHYHORSHG SURFHGXUHV DQG V\VWHPV IRU
HQVXULQJH[FHOOHQWTXDOLW\RIWKHGDWD7KLVZD\RIRUJDQL]LQJWKHGDWDFROOHFWLRQPD\EHVHHQ
DV D QDWXUDO FRQVHTXHQFH RI WKH DLPV DQG DPELWLRQV RI WKH VWXGLHV %HVLGHV WKH\ KDYH WKH
IXQGVQHHGHGIRUVXFKWKRURXJKQHVV
526( LV RSHUDWLQJ RQ DQRWKHU VFDOH ,W LV D ORZ FRVW XQGHUWDNLQJ EDVHG RQ
FRRSHUDWLRQ EHWZHHQ LQWHUHVWHG UHVHDUFKHUV LQ GLYHUVH FXOWXUHV 7KH UHVHDUFKHUV DUH QRW
UHFHLYLQJ DQ\ SD\PHQWV IRU WKHLU ZRUN VR WKHLU LQYROYHPHQW PXVW HQWHU LQWR WKHLU SUHVHQW
HPSOR\PHQW %HVLGHV WKH RXWFRPHV RI WKH SURMHFW ZLOO QRW EH DQ\ NLQG RI ILQHWXQHG

UDQNLQJ
DFFRUGLQJWRJLYHQFULWHULDIRUTXDOLW\2XUDLPLVWRH[SORUHFXOWXUDOGLIIHUHQFHVDQG
VLPLODULWLHVDQGWRVWLPXODWHGLVFXVVLRQVRQLPSRUWDQWLVVXHV*LYHQWKHVHFRQVLGHUDWLRQVDQG
FRQVWUDLQWVZHDUHQHYHUWKHOHVVLQWHUHVWHGLQFROOHFWLQJKLJKTXDOLW\GDWDIURPUHSUHVHQWDWLYH
VDPSOHV

 'DWDFROOHFWLRQDQGFRGLQJ
:H GHYHORSHG LQ FRRSHUDWLRQ ZLWK UHVHDUFK SDUWQHUV D 526( +DQGERRN WKDW ZDV PDGH
DYDLODEOH WR DOO SDUWQHUV IURP WKH ZHEVLWH 7KH GRFXPHQW ZDV PHDQW DV D KDQGERRN IRU
UHVHDUFKHUVZKRZDQWWRSDUWLFLSDWHLQWKH526(VWXG\,WGHVFULEHGVRPHXQGHUO\LQJLGHDV
EHKLQGWKH526(SURMHFWWKH
ORJLVWLFV
DQGWKHSUDFWLFDOGHWDLOVRIWDNLQJSDUWLQWKHVWXG\
WKH UDWLRQDOH EHKLQG WKH 526( LQVWUXPHQW DQG WKH SURFHVV RI WKH TXHVWLRQQDLUH
GHYHORSPHQW
6HH$SSHQGL[%DERXWLVVXHVOLNHWUDQVODWLRQRIWKHTXHVWLRQQDLUHGHILQLWLRQRIWDUJHW
SRSXODWLRQ VDPSOLQJ LQVWUXFWLRQV FRGLQJ DQG FOHDQLQJRI WKH GDWD HWF 7KH DSSHQGL[ LV DQ
H[WUDFWIURPWKHSDUWRIWKH526(+DQGERRNGHVFULELQJLQVWUXFWLRQVDQGJXLGHOLQHVIRUKRZ
WRRUJDQL]HDQGFDUU\RXWWKHVXUYH\

 &RGHERRNV

:HGHYHORSHGDQHPSW\GDWDILOHIRUWKHFRGLQJRIWKHUHVSRQVHVLQWKHFORVHGTXHVWLRQV$+
5HVSRQVHVLQWKHRSHQTXHVWLRQ,QHHGHGLQWHUSUHWDWLRQVEHIRUHFRGLQJ)RUSUDFWLFDOUHDVRQV
WKLV TXHVWLRQ ZDV FRGHG VHSDUDWHO\ LQ DQRWKHU HPSW\ GDWD ILOH FRQWDLQLQJ WKH SUHGHILQHG
FDWHJRULHV VHH $SSHQGL[ ' %RWK GDWD ILOHV ZHUH PDGH DYDLODEOH LQ WZR IRUPDWV 6366
6WDWLVWLFDO3URJUDPPHIRUWKH6RFLDO6FLHQFHVDQG0LFURVRIW([FHO
:LWKWKHVHWZRILOHVIROORZHGFRUUHVSRQGLQJFRGHERRNVZLWKQHFHVVDU\GHWDLOVDQG
H[SODQDWLRQVDERXWWKHGDWDHQWU\7KHVHDUHUHSURGXFHGLQ$SSHQGL[&DQG'

 'DWDFOHDQLQJ

6LQFH RQO\ WKH FRGHG ILOHV DQG QRW WKH TXHVWLRQQDLUHV ZHUH UHWXUQHG WR WKH 526(
RUJDQL]HUV WKH SDUWQHUV ZHUH HQFRXUDJHG WR HQVXUH WKDW WKH GDWD ZDV SURSHUO\ FOHDQHG IRU
PLVWDNHV ,Q WKH LQVWUXFWLRQV WR WKH SDUWLFLSDQWV ZH KDG SURYLGHG VRPH DGYLFH RQ KRZ WR

 
FKHFN WKH TXDOLW\ RI WKH GDWD EHIRUH VXEPLWWLQJ WKH ILOH WR WKH 526( RUJDQL]HUV $V ZH
UHFHLYHGGDWDILOHVLQ1RUZD\ZHGLGRXURZQTXDOLW\FKHFNDQGFOHDQLQJRIWKHILOHVEHIRUH
WKH\ ZHUH PHUJHG LQWRWKH FRPPRQLQWHUQDWLRQDOGDWD ILOH 7KH GHWDLOV DUH DV IROORZV 7KLV
SURFHGXUHZDVGHYHORSHGDQGSHUIRUPHGE\.ULVWMiQ.HWLOO6WHIiQVVRQ
$VWDQGDUG6366V\QWD[ILOHUHFRGHGDQGVWDQGDUGL]HGWKHQDWLRQDOGDWD7KLVV\QWD[
ILOH ZDV IXUWKHU GHYHORSHG IRU KDQGOLQJ SDUWLFXODU DGMXVWPHQWV DQGRU PLVWDNHV IRU HDFK
QDWLRQ7KHQDWLRQDOV\QWD[ILOHVZLOODOVRIXQFWLRQDVORJVZLWKUHFRUGVRIDOOFRUUHFWLRQVDQG
FKDQJHVLQHDFKQDWLRQDOGDWDILOH
7KH QDWLRQDO VWXGHQW EDFNJURXQG TXHVWLRQV ZHUH GHOHWHG DV ZHOO DV WKH SDJH EUHDN
YDULDEOHV)XUWKHUPRUHWKHGDWDZHUHFKHFNHGIRUFRGLQJHUURUVDQGLOOHJDOYDOXHV$OOLOOHJDO
YDOXHV ZHUH UHFRGHG WR WKH PLVVLQJ YDOXH FRGH  )RU XQFRYHULQJ SDWWHUQV LQ WKH GDWD WKDW
PRVWOLNHO\ZHUHFDXVHGE\PLVWDNHVZHFRQGXFWHGIUHTXHQF\DQGFURVVWDEWHVWV6RPHRIWKH
ILOHVUHTXLUHGVSHFLDODWWHQWLRQHJE\ODFNLQJRUKDYLQJH[WUDYDULDEOHVFRQWDLQLQJYDULDEOHV
ZLWKGLIIHUHQWGDWDIRUPDWHWF
,QDGGLWLRQZKHQDQHZILOHZDVDGGHGZHSHUIRUPHGVRPHFKHFNVRQWKHWRWDOILOH
WR VHH KRZ ZHOO WKH QHZ FRXQWU\ ILOH
EHKDYHG
 RQ D VHOHFWLRQ RI YDULDEOHV FRPSDUHG ZLWK
RWKHU FRXQWULHV 6RPH HPHUJLQJ SUREOHPV ZHUH UHVROYHG E\ FRUUHVSRQGHQFH ZLWK WKH
QDWLRQDORUJDQL]HU,QVRPHFDVHVZHGLVFRYHUHGSUREOHPVWKDWOHGWRDSRVWSRQHPHQWRIWKH
LQFOXVLRQRIWKHILOHXQWLODSURSHUH[SODQDWLRQZDVDYDLODEOH
'HWDLOVRQVRPHRIWKHVHLVVXHVZLOOEHSUHVHQWHGLQDODWHUUHSRUWRQUHVXOWV)RUHDFK
QDWLRQ WKH RULJLQDO GDWD ILOH DQG WKH QDWLRQDO V\QWD[ ILOH DUH VDYHG DQG DYDLODEOH IRU ODWHU
YLHZLQJ

 'DWDFROOHFWLRQUHSRUWV
$OOSDUWQHUVZHUHUHTXHVWHGWRZULWHDUHSRUWGHVFULELQJLQGHWDLOWKHSURFHVVRIQDWLRQDOGDWD
FROOHFWLRQ )RU WKLV LQIRUPDWLRQ WR EH FRPSOHWH DQG FRPSDUDEOH ZH GHYHORSHG D
WHPSODWH

ZLWKKHDGLQJVDQGTXHVWLRQVWREHDGGUHVVHG7KH1RUZHJLDQUHSRUWLVJLYHQLQ$SSHQGL['
DV DQ H[DPSOH :KHQ ZH UHFHLYHG WKH UHVSRQVHV WKHVH ZHUH XSORDGHG RQ WKH 526( ZHE
VLWH
7KHGDWDFROOHFWLRQUHSRUWKDVWKHIROORZLQJKHDGLQJV

ROSE team
• QDPHRIFRQWDFWSHUVRQ
• QDPHRIFRZRUNHUV
• RFFXSDWLRQ
• QDPHRILQVWLWXWLRQ

School system and science teaching

• QXPEHURI\HDUVZLWKFRPSXOVRU\VFKRRO
• VFKRROV ZLWK JURXSLQJ RI VWXGHQWV DFFRUGLQJ WR DELOLW\ JHQGHU ODQJXDJH UHJLRQ
VSHFLDOQHHGVHWF
• KRZVFLHQFHWHDFKLQJLVDUUDQJHGDWYDULRXVJUDGHVHJRQHFRPPRQVFLHQFHVXEMHFW
RUGLIIHUHQWVXEMHFWVOLNHSK\VLFVFKHPLVWU\ELRORJ\HWF

 
Translation
• GHVFULSWLRQRIWKHSURFHVV
• DWZKDWWLPHWKHWUDQVODWLRQZDVGRQH
• DQ\SDUWLFXODUGLIILFXOWLHV"

National questions
• DGGLWLRQDOTXHVWLRQVIRUEDFNJURXQGRIWKHKRPHSDUHQWVHGXFDWLRQRURFFXSDWLRQ
HWF
• DGGLWLRQDOVXUYH\TXHVWLRQV

Piloting
• SLORWWHVWLQJRIWKHTXHVWLRQQDLUHLIDQ\
• H[SHULHQFHVIHHGEDFNDQGUHVXOWV

Official permission
• SHUPLVVLRQQHHGHGIURPDXWKRULWLHV
• UHVWULFWLRQVDQGGLIILFXOWLHVLIDQ\

Population
• GHPDUFDWLRQRIWKHWDUJHWSRSXODWLRQWKHSRSXODWLRQWREHUHSUHVHQWHG
• DFFHVVLEOHSRSXODWLRQ

Sample and participation

• KRZWKHVDPSOHZDVGUDZQUDQGRPVDPSOLQJ"
• UHVSRQVHUDWHSHUFHQWDJHRISRVLWLYHUHVSRQVHV
• KRZJRRGGRHVWKHVDPSOHUHSUHVHQWWKHWDUJHWSRSXODWLRQ"
• SRVVLEOHZHDNQHVVHVFRQQHFWHGWRWKHVDPSOH

Data collection in schools

• KRZWKHFRQWDFWZLWKVFKRROVZDVHVWDEOLVKHG
• KRZWKHTXHVWLRQQDLUHZDVGXSOLFDWHG
• KRZWKHTXHVWLRQQDLUHZDVGLVWULEXWHG
• SHUVRQVLQYROYHGLQFRQGXFWLQJWKHVXUYH\DWVFKRROV
• ZKDWLQVWUXFWLRQVWKHSHUVRQVJRW
• SUDFWLFDOSUREOHPVLIDQ\
• DWZKDWWLPHWKHGDWDZDVFROOHFWHG

Feedback and experiences

• UHDFWLRQVIURPWKHVWXGHQWVLIDQ\
• UHDFWLRQVIURPWKHSHUVRQVZKRFROOHFWHGWKHGDWD
• 526(WHDP
VJHQHUDOIHHOLQJRIKRZZHOOWKHVXUYH\ZDVFRQGXFWHG

Coding (also of the open-ended I question)

• KRZWKHFRGLQJZDVGRQH
• ZKRFRGHGWKHTXHVWLRQQDLUH

 
 • SUREOHPVZLWKWKHFRGLQJLIDQ\
• KRZIOLSSDQWRULQFRPSOHWHUHVSRQVHVZHUHKDQGOHG
• SURRIUHDGLQJDQGFKHFNLQJRIWKHFRGLQJLIDQ\
• DWZKDWWLPHWKHFRGHGILOHZDVILQDOL]HG

 (OHFWURQLFFROODERUDWLRQ
$VGHVFULEHGHDUOLHUZHDUUDQJHGLQWKHEHJLQQLQJRIWKHSURMHFWSHULRGVRPHLQWHUQDWLRQDO
LQ SHUVRQ JDWKHULQJV 6XFK ZRUNVKRSV DQG VHPLQDUV ZLOO DOVR EH DUUDQJHG WKURXJK WKH
IRUWKFRPLQJ SHULRG ZLWK GDWD DQDO\VLV DQG LQWHUSUHWDWLRQV RI WKH ILQGLQJV +RZHYHU WKH
PDLQ FKDQQHO IRU FRPPXQLFDWLRQ DQG FROODERUDWLRQ KDV EHHQ HOHFWURQLF WKURXJK HPDLOLQJ
DQGDFFHVVWRZHESDJHV
7KH SDUWLFLSDQWV KDYH VKDUHG LGHDV DQG UHIOHFWHG RQ WKHLU RZQ DQG RWKHUV ZRUN
WKURXJK GLVFXVVLRQV RQ HPDLO :KHQ QHZ GRFXPHQWV WKH TXHVWLRQQDLUH KDQG ERRN FRGH
ERRNV HWF ZHUH ILQDOL]HG ZH XSORDGHG WKHP WR WKH 526( ZHE VLWH DQG DV WKH SURMHFW
SURFHHGHG DQG UHDFKHG QHZ VWDJHV ZH LQIRUPHG WKH JURXS E\ HPDLO DERXW FRPSOHWLRQV
VWDWXV DQG QHZV 7KH 526( SDUWQHUV KDYH UHWXUQHG WKHLU ILOHV GDWD ILOHV UHSRUWV RQ
RUJDQL]LQJ WKH VXUYH\ SDSHUV SUHVHQWDWLRQV HWF DV DWWDFKPHQWV LQ HPDLOV )LOHV PD\ RI
FRXUVHDOVREHVHQWE\VQDLOPDLORQGLVNHWWHVEXWVRIDUZHKDYHRQO\UHFHLYHGHPDLOV
7KHXSORDGLQJRIWKHQDWLRQDOILOHVWRWKH526(ZHEVLWHKDVEHHQGRQHE\.ULVWMiQ
.HWLOO6WHIiQVVRQ


 
 ,668(62)'$7$$1'48(67,211$,5(48$/,7<
$NH\FRQFHUQFRQQHFWHGWRDQ\UHVHDUFKDQGUHVHDUFKLQVWUXPHQWLVDERXWWKHTXDOLW\RIWKH
GDWD WKH UHVXOWV DQG WKH LQWHUSUHWDWLRQV ,Q WKH SUHYLRXVWH[W ZH KDYH WRXFKHG XSRQ WKHVH
LVVXHV VHYHUDO WLPHV EXW KHUH ZH ZLOO EH PRUH SUHFLVH.H\DQGLQWHUUHODWHGLVVXHVLQWKLV
FKDSWHUDUH

• 9DOLGLW\'RZHDFWXDOO\DGGUHVVRUPHDVXUHWKHLVVXHVWKDWZHZDQWWRDQGFODLP

WKDWZHDUHDGGUHVVLQJ"
• 5HOLDELOLW\'RZHPHDVXUHLQDFRQVLVWHQWUHOLDEOHDQGDFFXUDWHZD\"
• &UHGLELOLW\RUWUXVWZRUWKLQHVV'RHVWKHVWXG\PDNHVHQVHZLOOSHRSOHEHOLHYHDQG
KDYHWUXVWLQWKHUHVXOWV"

,W LV LPSRUWDQW WR NHHS LQ PLQG WKDW WKH DERYH FRQFHSWV DUH QRW REMHFWLYH FRQFHSWV WKH\
LQYROYH SHUVRQDO MXGJHPHQW DQG WKH\ FDQ RQO\ EH GLVFXVVHG LQ FRQFUHWH FDVHV ZKHUH DQ
LQVWUXPHQW KDV EHHQ XVHG LQ D SDUWLFXODU VHWWLQJZLWKDSDUWLFXODUSRSXODWLRQ%HVLGHVKLJK
YDOLGLW\UHOLDELOLW\DQGFUHGLELOLW\DUHQRWLQKHUHQWSURSHUWLHVRIWKH LQVWUXPHQWEXWRIWKH
LQIRUPDWLRQWKDWWKH\SURGXFH7KLVLVSDUWLFXODUO\LPSRUWDQWLQWKHFDVHRI526(VLQFHWKH
LQVWUXPHQW LV GHVLJQHG EH XVHG LQ ZLGHO\ GLIIHUHQW FXOWXUHV $ GHWDLOHG GLVFXVVLRQ RI WKHVH
LVVXHVPXVWWKHUHIRUHLQSULQFLSOHEHGRQHE\WKRVHZKRFROOHFWDQDO\]HDQGLQWHUSUHWGDWDLQ
WKHLURZQSDUWLFXODUVHWWLQJ
1HYHUWKHOHVVRQHPD\VWLOOVD\VRPHWKLQJDERXWWKH526(LQVWUXPHQWLQWKHOLJKWRI
WKHVHFRQFHUQV$ERYHDOOLWLVLPSRUWDQWWRNHHSLQPLQGVRPHRWKHUFKDUDFWHULVWLFVRIWKH
526(TXHVWLRQQDLUH
7KH526(LQVWUXPHQWLVQRWD WHVW1HLWKHUKDYHZHGHYHORSHGPHDVXUHPHQWVFDOHV
IRU VRPH SDUWLFXODU WKHRUHWLFDO FRQVWUXFWV 7KH 526( LQVWUXPHQW LV UDWKHU LQYHQWRULHV RI
DVSHFWV WKDW ZH FRQVLGHU LPSRUWDQW IRU RXU SXUSRVH 526( LV DLPLQJ DW FDSWXULQJ VSDQ DQG
GLYHUVLW\ $V GHVFULEHG HDUOLHU WKLV KDG VRPH LPSOLFDWLRQV IRU WKH GHYHORSPHQW RI WKH
LQVWUXPHQW 6RPH SULQFLSOHV DQG WHFKQLTXHV ZLWKLQ WKH ILHOG RI SV\FKRPHWULFV DQG WHVW
WKHRU\KDYHWKHUHIRUHQRWEHHQDSSOLFDEOHIRURXUTXHVWLRQQDLUHDQGLWHPGHYHORSPHQW
$V526(LVQRWDWHVWWKHUHDUHQRFRUUHFWDQVZHUV7KLVPHDQVWKDWWKHUHLVQRWKLQJ
OLNH
FKHDWLQJ
 LQ IDFW VRPH KHOS ZLWK ODQJXDJH DQG XQGHUVWDQGLQJ LV FRQVLGHUHG WR EH
SRVLWLYH ,W DOVRLPSOLHVWKDW WKHUH LV QR QHHG WRSXW WLPH FRQVWUDLQWV RQ WKH VWXGHQWV ZKHQ
WKH\DQVZHU

 9DOLGLW\
$FFRUGLQJWR6KDGLVK&RRN &DPSEHOOUHIHUVYDOLGLW\WRWKHWUXWKRIWKHLQIHUHQFHV
GUDZQ IURP WKH UHVXOWV LH WR ZKDW H[WHQW WKH HPSLULFDO HYLGHQFH VXSSRUWV WKH LQIHUHQFHV
)URP WKLV IROORZV WKDW WKH YDOLGLW\ RI WKH PHDVXUHPHQW GHSHQGV RQ WKH FRQFOXVLRQV RQH
GUDZVIURPLW2SSHQKHLP9DOLGLW\LVDNH\FRQFHUQLQDQ\UHVHDUFK5HVHDUFKWKDWLV
LQYDOLGLVE\GHILQLWLRQRIQRYDOXH
,Q WKH FDVH RI 526( ZH KDYH WULHG WR GHYHORS DQ LQVWUXPHQW WKDW FDQ EH XVHG LQ
GLIIHUHQW FXOWXUDO FRQWH[WV ,I LW ZDV PHDQW WR EH XVHG LQ RQH FRXQWU\ RU FXOWXUH RQO\ WKH
LQVWUXPHQWZRXOGKDYHEHHQGLIIHUHQW7KHYDOLGLW\RIWKHVWXG\PXVWEHFRQVLGHUHGLQWKH

 
OLJKWRILWVUDWLRQDOHDQGSXUSRVHDQGRIFRXUVHRQWKHDFFRXQWVWKDWHPHUJHIURPDUWLFOHVDQG
SXEOLFDWLRQV
9DOLGLW\KDVPDQ\DVSHFWVDQGLVQRWDVLPSOHWHUP7KHUHDUHPDQ\SRVVLEOHZD\VWR
FRQVLGHU YDOLGLW\ &RKHQ HW DO  OLVWV  GLIIHUHQW NLQGV RI YDOLGLW\ 9DOLGLW\ LV QRW D
WHFKQLFDO WHUP WKDW FDQ EH REMHFWLYHO\ FDOFXODWHG DV LW LV DOZD\V D PDWWHU RI GHJUHH DQG LW
LPSOLHVDOZD\VVRPHHOHPHQWRISHUVRQDOMXGJHPHQW$PRQJWKHNLQGVRIYDOLGLW\ZHVHH
WKH FRQFHSWV RI IDFH YDOLGLW\ WKH VXSHUILFLDO DSSHDUDQFH RI WKH TXHVWLRQ DQG FXOWXUDO
YDOLGLW\ZKHWKHUWKHFXOWXUDOEDFNJURXQGRIWKHVWXGHQWVLQIOXHQFHVWKHLUXQGHUVWDQGLQJRI
WKHTXHVWLRQDVWKHPRVWDSSOLFDEOH:HKDYHWULHGWRDGGUHVVWKHVHVRUWVRIYDOLGLW\WKURXJK
WKH SURFHVV RI LQVWUXPHQW GHYHORSPHQW GHVFULEHG LQ FKDSWHU  :H KDYH DVNHG RXUVHOYHV
DQG RXU SDUWQHUV KRZ XVHIXO DQG PHDQLQJIXO WKH YDULRXV TXHVWLRQV DQG LWHPV DUH DQG ZH
KDYH WULHG WR IRUPXODWH LWHPV ZKLFK DUH FOHDU LQ PHDQLQJ DQG VLPSOH DQG XQDPELJXRXVO\
ZRUGHG7KURXJKWKHZKROHSURFHVVRITXHVWLRQQDLUHGHYHORSPHQWZHKDYHGUDZQRQLQSXW
IURPVWXGHQWVWHDFKHUVDQGUHVHDUFKHUVZLWKDYDULHW\RIFXOWXUDOEDFNJURXQGVDQGWKHUHE\
VWULYHGIRUFRPPRQVHQVHIDFHYDOLGLW\DQGFXOWXUDO
$VUHFRPPHQGHGE\2SSHQKHLPZHKDYHDVNHGRXUVHOYHVDQGRXUSDUWQHUV
'RWKHLWHPVDFWXDOO\PHDVXUHZKDWWKH\LQWHQGWRPHDVXUH":K\DUHWKHVHLWHPVVHOHFWHG"
+RZZHOOEDODQFHGDUHWKHVHLWHPVLQWHUPVRIFRQWHQW"+RZSXUHDQGRQHGLPHQVLRQDODUH
WKHLWHPV":KDWDUHSUHVXSSRVHGTXDOLILFDWLRQVRIWKHUHVSRQGHQWV"
7KHUHSRUWLQJDQGWKHDQDO\VLVFDQRIFRXUVHWDNHSODFHLQVHYHUDOIRUPV6LQFHHDFK
TXHVWLRQE\LWVHOILVPHDQWWREHLQWHUHVWLQJUHSRUWLQJRQVLQJOHLWHPOHYHOPD\EHRILQWHUHVW
:H PD\ IRU H[DPSOH FRPSDUH VFRUH IUHTXHQFLHV RU PHDQ YDOXHV RI GLIIHUHQW JURXSV RI
VWXGHQWVJLUOVYVER\VFRXQWU\E\FRXQWU\HWF7KLVLVWKHZD\WKHGDWDRIWHQDUHUHSRUWHG
IRUH[DPSOHLQWKH(XUREDURPHWHUVXUYH\VVHHHJ(8DQGLQWKHPDMRULW\RIVXUYH\V
UHYLHZHGE\WKH861DWLRQDO6FLHQFH%RDUG16%E
%XWERWKIRURYHUFRPLQJWKHDPRXQWRIGDWDDQGIRUEHLQJDEOHWROLIWWKHGLVFXVVLRQ
XS IURP WKH LWHPV WR D PRUH JHQHUDO OHYHO WKH TXHVWLRQQDLUH LWHPV FDQ EH JURXSHG LQWR
FOXVWHUV HDFK FOXVWHU FRQVWLWXWLQJ RQH FRPSRVLWH YDULDEOH :KHQ FRPSRVLWH YDULDEOHV DUH
FRQVWUXFWHGWKH\VKDOOEHJLYHQDSSURSULDWHQDPHV7KHQDPHUHSUHVHQWVWKHFRPPRQIDFWRU
RIWKHLWHPVPDNLQJXSWKHYDULDEOH%XWEHFDXVHRIWKHDERYHGHVFULEHGGDWDGULYHQPHWKRG
IRU FRQVWUXFWLQJ WKH FRPSRVLWH YDULDEOHV WKH LWHPV PDNLQJ XS WKH YDULDEOHV PD\ QRW
UHSUHVHQWDOOIDFHWVRIWKHFRUUHVSRQGLQJFRQVWUXFW2ULQRWKHUZRUGV7KHLWHPVIRUPLQJRQH
FRPSRVLWH YDULDEOH PD\ QRW EH WKH EHVW SRVVLEOH VHOHFWLRQ RI LQGLFDWRUV LWHPV IURP WKH
XQLYHUVH RI LQGLFDWRUV UHOHYDQW WR WKH QDPH RI WKH YDULDEOH ,W ZRXOG FRQVHTXHQWO\ EH D
IDOODF\ WR FRQVLGHU D FRPSRVLWH YDULDEOH DV D FRQVWUXFW 7KH\ VKDOO UDWKHU EH UHFNRQHG DV D
SXUSRVHIXOJURXSLQJRIWKHLWHPV
$GHTXDWH DQG DFFXUDWH QDPLQJ RI WKH FRPSRVLWH YDULDEOHV ZLOO EH FUXFLDO IRU YDOLG
LQWHUSUHWDWLRQVRIWKHILQGLQJV7KLVGLVFXVVLRQDERYHDGGUHVVHVWKHYDOLGLW\RIWKHFRPSRVLWH
YDULDEOHV 7KH YDULDEOHV RXJKW WR EH HPSOR\HG ZLWK WKRXJKWIXO FDXWLRQ DQG WKH
LQWHUSUHWDWLRQVRIDQGWKHLQIHUHQFHVIURPWKHILQGLQJVPXVWDOZD\VEULQJWKLVYDOLGLW\LVVXH
LQWRFRQVLGHUDWLRQ
+RSHIXOO\ WKH IRUWKFRPLQJ GDWD DQDO\VLV ZLOO VKRZ WKDW WKH UDWKHU WKRURXJK DQG
OHQJWK\SURFHVVRIGHYHORSLQJWKHTXHVWLRQQDLUHGHVFULEHGLQFKDSWHUKDVHQVXUHGVXIILFLHQW
YDOLGLW\ LQ PRVW RI WKH GLPHQVLRQV WKDW WKH TXHVWLRQQDLUH LQWHQGV WR DVVHVV 7KH VWXG\ FDQ
WKHUHE\SURYLGHHPSLULFDOHYLGHQFHIRUYDOLGLQIHUHQFHVDGGUHVVLQJWKHDLPVRI526(

 
 5HOLDELOLW\
7KHUHDUHVRPHZHDNQHVVHVLQWKHGDWDWKDWPD\UDLVHTXHVWLRQVDERXWWKHUHOLDELOLW\RIWKH
GDWD)RUH[DPSOHWKHUHDUHFRXQWULHVWKDWGLGQRWGUDZUHSUHVHQWDWLYHVDPSOHVIRUDGHILQHG
WDUJHW SRSXODWLRQ RQO\ HDVLO\ DFFHVVLEOH VFKRROV SDUWLFLSDWHG VRPH FRXQWULHV FRXOG QRW
VSHQGWKHDPRXQWRIVKHHWVUHTXLUHGE\DTXHVWLRQQDLUHRQSDJHVDQGDUUDQJHGWKHUHIRUH
WKH TXHVWLRQQDLUH GLIIHUHQWO\ LQ VRPH FRXQWULHV WKH VXUYH\ ODQJXDJH GLIIHUHG IURP WKH
PRWKHUWRQJXHRIWKHVWXGHQWVYHU\ORZUHVSRQVHUDWHVZDVDSUREOHPLQVRPHFRXQWULHVHWF
6XFKPDWWHUVZHUHGXHWRORZILQDQFLDOUHFRXUVHVRURWKHUSUDFWLFDOREVWDFOHV
,Q SV\FKRPHWULFV WKHUH DUH D VHW RI RIWHQ UDWKHU SUHFLVH DQG WHFKQLFDO ZD\V RI
PHDVXULQJUHOLDELOLW\7KLVDVVXPHVWKDWRQHVHWVRXWWRPHDVXUHPRUHRUOHVVFOHDUO\GHILQHG
WKHRUHWLFDO FRQVWUXFWV$ FRQVWUXFW LV VRPHWKLQJ WKDW KDV EHHQ V\VWHPDWLFDOO\ SXW WRJHWKHU
XVXDOO\ LQ WKH PLQG HVSHFLDOO\ D FRPSOH[ WKHRU\ RU FRQFHSW  RU ZLWK 3HGKD]XU
V DQG
6FKPHONLQ
VZRUGV&RQVWUXFWVDUHWKHRUHWLFDOFRQVWUXFWLRQVDEVWUDFWLRQVDLPHGDW
RUJDQL]LQJDQGPDNLQJVHQVHRIRXUHQYLURQPHQW
2QHFDQGLUHFWO\PHDVXUHKRZODWHDVWXGHQWLVIRUWKHVFLHQFHOHVVRQRUKRZPDQ\
NLORVRIVKHHWVVKHKDVPDGHXVHRIGXULQJWKHVFLHQFHFODVVHV,QFRQWUDVWWRWKHVHREVHUYDEOH
TXDQWLWLHV FRQVWUXFWV DV DWWLWXGHV XQGHUVWDQGLQJ PRWLYDWLRQ DFKLHYHPHQW EHKDYLRXU
LQWHOOLJHQFHHWFFDQQRWEHGLUHFWO\PHDVXUHG6XFKDEVWUDFWSURSHUWLHVRUODWHQWYDULDEOHV
PXVW EH LQIHUUHG IURP REVHUYDEOH LQGLFDWRUV 7KH ODWHQW YDULDEOH LV FRQVHTXHQWO\
RSHUDWLRQDOL]HG JLYHQ DQ RSHUDWLRQDO GHILQLWLRQ DQG D YDULHW\ RI REVHUYDEOH LQGLFDWRUV DUH
GHYHORSHG7KHTXHVWLRQQDLUHLWHPVUHSUHVHQWWKHLQGLFDWRUV,QWKHXQLYHUVHRISRVVLEOHLWHPV
UHOHYDQWIRUWKHFRQVWUXFWWKHLWHPVDUHFKRVHQDQGFUHDWHGLQVXFKDZD\WKDWWKH\MRLQWO\
PDNH D JRRG UHSUHVHQWDWLRQ RI WKH FRQVWUXFW :KHQ FRPELQHG LQWR D FRPPRQ VFDOH WKHVH
LWHPVSURGXFHDPHDVXUHIRUWKLVFRQVWUXFW
7KH VWDWLVWLFDO SURSHUWLHV RI WKLV VFDOH FDQ EH VFUXWLQL]HG WKURXJK GLIIHUHQW ZHOO
DFFHSWHG SURFHGXUHV ,W LV LPSRUWDQW WKDW WKH VFDOH
KDQJV WRJHWKHU
  WKDW WKH GDWD IRU WKH
LWHPV VKRZ LQWHUQDO FRQVLVWHQF\ VR RQH FDQ LQWHUSUHW WKDW WKH LWHPV PHDVXUH WKH VDPH
XQGHUO\LQJWUDLW2QHFDQDVVHVVWKHLQWHUQDOFRQVLVWHQF\RIWKHLWHPVE\H[DPLQLQJKRZZHOO
WKH\ FRUUHODWH ZLWK HDFK RWKHU DQG ZLWK WKH WRWDO VFRUH $ XVXDO PHDVXUH IRU WKLV LQWHUQDO
FRQVLVWHQF\ RU UHOLDELOLW\ LV &URQEDFK
V DOSKD ZKLFK LV FDOFXODWHG RQ WKH EDVLV RI WKH
FRUUHODWLRQFRHIILFLHQWVEHWZHHQLWHPVLQWKHVFDOHDQGWKHWRWDOQXPEHURILWHPVDOSKDJHWV
KLJKHUWKHKLJKHUQXPEHURILWHPVRQHLQFOXGHVLQWKHVFDOH
,W LV LPSRUWDQW WR QRWH WKDW 526( LV QRW DLPLQJ DW PHDVXULQJ WKHRUHWLFDOO\ SUH
GHILQHGFRQVWUXFWVLQDVWULFWSV\FKRPHWULFVHQVH&RQWUDU\WRWKHDERYHGHVFULEHGSURFHGXUH
IRUPHDVXULQJDFRQVWUXFWLWHPFOXVWHUVLQWKLVVWXG\PD\HPHUJHIURPWKHGDWDDQDO\VHVDQG
QRW IURP D FOHDU H[SOLFDWLRQ RI WKH FRQVWUXFW%XW DV PHQWLRQHG DERYH PD\ DOVR WKH 526(
LWHPVEHPHUJHGLQWRFRPSRVLWHYDULDEOHVLQRUGHUWROLIWWKHGLVFXVVLRQXSIURPWKHLWHPVWR
DPRUHJHQHUDOOHYHODQGWRDFKLHYHDEHWWHUXQGHUVWDQGLQJRIWKHUHVSRQVHV&RPELQDWLRQVRI
WKHRUHWLFDOSHUVSHFWLYHVRXULQLWLDOLGHDVGXULQJWKHTXHVWLRQQDLUHGHYHORSPHQWH[SORUDWRU\
IDFWRUDQDO\VLVDQGUHOLDELOLW\DQDO\VLVPD\OHDGWRDVWUXFWXUHRIYDULRXVLWHPFOXVWHUV$VRQH


 0LFURVRIWŠ(QFDUWDŠ3UHPLXP6XLWH‹0LFURVRIW&RUSRUDWLRQ

 
LWHPPD\KDYHGLIIHUHQWFRQQRWDWLRQVLQGLIIHUHQWFXOWXUHVWKHLWHPVPD\FOXVWHUGLIIHUHQWO\
LQWKHGLIIHUHQWFRXQWULHV
$IWHU WKH DSSHDUDQFH RI DQ LWHP FOXVWHU WKHFRUUHVSRQGLQJFRPSRVLWHYDULDEOHZLOO
EHJLYHQ DQ DSSURSULDWH QDPH UHSUHVHQWLQJ WKH FRPPRQIDFWRURIWKHLWHPVPDNLQJXSWKH
YDULDEOH %XW ZH FDQQRW DXWRPDWLFDOO\ WXUQ RXU XQGHUVWDQGLQJ RI WKH QDPH WKH RWKHU ZD\
DURXQGVD\LQJWKDWWKHQDPHLVDFRQVWUXFWZKLFKLVEHVWSRVVLEO\UHSUHVHQWHGE\WKHLWHPV
LQ WKH FOXVWHU %HFDXVH RI WKH DERYHGHVFULEHG GDWDGULYHQ PHWKRG IRU EXLOGLQJ FRPSRVLWH
YDULDEOHVWKHLWHPVPDNLQJXSWKHYDULDEOHVPD\QRWUHSUHVHQWDOOIDFHWVRIWKHFRUUHVSRQGLQJ
FRQVWUXFW7KHLWHPVIRUPLQJWKHFRPSRVLWHYDULDEOHPD\QRWEHWKHEHVWSRVVLEOHVHOHFWLRQRI
LQGLFDWRUV IURP WKH XQLYHUVH RI LQGLFDWRUV UHOHYDQW WR WKH QDPH RI WKH YDULDEOH ,W ZRXOG
FRQVHTXHQWO\EHDIDOODF\WRFRQVLGHUDFRPSRVLWHYDULDEOHDVDFRQVWUXFW7KH\VKRXOGUDWKHU
EH UHFNRQHG DV D SXUSRVHIXO JURXSLQJ RI WKH TXHVWLRQQDLUH LWHPV $GHTXDWH DQG DFFXUDWH
QDPLQJ RI WKH YDULDEOHV LV FUXFLDO IRU YDOLG LQWHUSUHWDWLRQV IRU WKH ILQGLQJV DQG WKXV D
GHFLVLYHVWHSLQWKHGDWDDQDO\VHV

 &UHGLELOLW\WUXVWZRUWKLQHVV
7KH ILQDO NH\ WHUP IRU WKH TXDOLW\ RI UHVHDUFK LV LWV FUHGLELOLW\ RU WUXVWZRUWKLQHVV 7KHVH
WHUPVDUHRIFRXUVHFORVHO\UHODWHGWRWKHWHUPVYDOLGLW\DQGUHOLDELOLW\6RPHDXWKRUVFODLP
WKDWRQHVKRXOGJREH\RQGWKHWUDGLWLRQDOFRQFHUQIRUUHOLDELOLW\DQGYDOLGLW\DQGUDWKHUDVN
WKHTXHVWLRQ

,VWKHUHVXIILFLHQWGHWDLORQWKHZD\WKHHYLGHQFHLVSURGXFHGIRUWKHFUHGLELOLW\WR
EHDVVHVVHG"5REVRQ
'RHVWKHVWXG\PDNHVHQVH":LOOSHRSOHEHOLHYHWKHUHVXOWVDQGKDYHWUXVWLQWKHP":LOOWKH\
EHOLHYH\RXWUXVW\RXDQGKDYHFRQILGHQFHLQ\RXUGDWDDVZHOODVLQ\RXUILQGLQJVDQG\RXU
FRQFOXVLRQV" 7KLV FRQFHSW LV REYLRXVO\
UHODWLYH
 DQG FDUULHV D VWURQJ HOHPHQW RI LQGLYLGXDO
DQG VXEMHFWLYH MXGJHPHQW %XW WUXVW FDQ GHILQLWHO\ QRW EH FRQYH\HG PHUHO\ WKURXJK KLJK
YDOXHV RI FDOFXODWHG VWDWLVWLFDO PHDVXUHV SHRSOH ZLOO QRW EH FRQYLQFHG E\ VWDWLVWLFDO
SDUDPHWHUVLIWKH\GRQRWJUDVSWKHPHDQLQJRIWKHFRQFHSWVRULIWKH\FDQQRWVHHKRZ\RX
DUULYHGDW\RXUILQGLQJV
$SUHUHTXLVLWHIRUKLJKFUHGLELOLW\LVWKDW\RXDUHYHU\FOHDULQH[SODLQLQJZKDW\RX
KDYH GRQH DQG KRZ LW ZDV GRQH 2QH KDV WR EH DV H[DFW DV SRVVLEOH LQ GHVFULELQJ WKH
QHFHVVDU\ GHWDLOV ,Q H[SHULPHQWV LQ QDWXUDO VFLHQFH WKLV LV D EDVLF UHTXLUHPHQW HYHU\ERG\
VKDOOLQSULQFLSOHEHDEOHWRUHSOLFDWHWKHDQGFKHFNWKHGHWDLOVRIWKHH[SHULPHQW,QVRFLDO
VFLHQFHWKLVLVQRWWRWKHVDPHGHJUHHEXWDWOHDVWDVDQLGHDORQHVKRXOGEHDEOHWRUHSHDWWKH
UHVHDUFKLQRUGHUWRFKHFNDQGYHULI\UHVXOWV
7KHDQDO\VLVPXVWDOZD\VDGGUHVVLVVXHVRIYDOLGLW\UHOLDELOLW\DQGFUHGLELOLW\,QWKLV
SXEOLFDWLRQ ZH KDYH DPRQJ RWKHU LVVXHV GHVFULEHG WKH H[SORUDWRU\ QDWXUH RI 526( RXU
DSSUHFLDWLRQRIFURVVFXOWXUDOGLYHUVLW\DQGVRPHZHDNQHVVHVLQWKHGDWDPDWHULDO)URPWKLV
IROORZVWKDWZHKDYHWRORRNIRUUREXVWILQGLQJVIRUDYRLGLQJGUDZLQJFRQFOXVLRQVRQVFDQW\
HYLGHQFH 526( LV FROOHFWLQJ GDWD IURP PXOWLSOH VRXUFHV 2QH PD\ YDOLGDWH WKH GDWD IRU
H[DPSOHE\LQYHVWLJDWLQJZKHWKHUQRQUHSUHVHQWDWLYHGDWDIURPQDWLRQVZLWKVLPLODUFXOWXUH
HJFRXQWULHVLQ6FDQGLQDYLDRULQ*UHDW%ULWDLQVKRZWKHVDPHSURILOH)XUWKHUPRUHRQH
PD\UHDVRQWKDWWKHGDWDIURPWKHYDULRXVQDWLRQV FRQILUP HDFKRWKHU7KLVPHWKRGFDQEH
VHHQDVRQHDPRQJRWKHUPHDQVIRUVWUHQJWKHQWKHFUHGLELOLW\RIWKHGDWD

 
 &21&/86,2167$786$1')8785(3/$16
,Q WKLV UHSRUW ZH KDYH WULHG WR JR LQ VRPH GHWDLO RQ RXU EDVLF UDWLRQDOH DQG WKH GHWDLOV RI
LQVWUXPHQWGHYHORSPHQW7KLVDFFRXQWDQGWKHUHSRUWVWKDWZHZLOOSXEOLVKVKRXOGSURYLGH
WKHEDVLVRIDPRUHGHWDLOHGMXGJHPHQWRIWKHRYHUDOOTXDOLW\RIWKHVWXG\7RVXPPDUL]HZH
KDYH GRQH WKH IROORZLQJ LQ WU\LQJ WR DFKLHYH UHDVRQDEO\ KLJK UHOLDELOLW\ YDOLGLW\ DQG
KRSHIXOO\FUHGLELOLW\

• :HKDYHWULHGWRLQFOXGHDVSHFWVWKDWVKHGOLJKWRQWKHEDVLFLGHDVRI526(
• :HKDYHWULHGWRLQYROYHH[SHUWVIURPDZLGHYDULHW\RIFXOWXUHVIURPDOOFRQWLQHQWV
WKURXJKZRUNVKRSVDQGODWHUFRUUHVSRQGHQFH
• :HKDYHXVHGWULDOVDQGSLORWVWXGLHVSHUIRUPHGLQPDQ\FRXQWULHV
• :HKDYHXVHGTXDOLWDWLYHDQGRSHQPHWKRGVWRJDWKHULGHDVDQGLQSXWIURPVWXGHQWV
DVZHOODVWHDFKHUV
• :HKDYHUHFHLYHGLGHDVDQGLQSXWVIURPUHVHDUFKSDUWQHUVLQPDQ\FRXQWULHV
• :HKDYHUHYLVHGDQGUHILQHGWKHLQVWUXPHQWVHYHUDOWLPHVEDVHGRQDOOWKHLQSXWZH
KDYHUHFHLYHGEXWKDYHRIFRXUVHPDGHVHYHUDOGHFLVLRQVDQGFRPSURPLVHV

$VPHQWLRQHGVHYHUDOWLPHVZHDUHQRWFODLPLQJWRPHDVXUHWKHRUHWLFDOO\GHILQHGFRQVWUXFWV
DOWKRXJK ZH LQWHQG WR ORRN DW HPHUJLQJ VLPLODULWLHV GLIIHUHQFHV DQG UHODWLRQVKLSV 7KH
RYHUDOOSXUSRVHRIWKHVWXG\LVWRDGGUHVVDVHULHVRIDVSHFWVWKDWZHFRQVLGHUWREHLPSRUWDQW
IRUKRZVWXGHQWVWKLQNDQGIHHODERXW6 7DWVFKRRODQGLQDZLGHUVRFLDOVHWWLQJ%DVHGRQ
WKLVDPELWLRQVSHOOHGRXWLQWKHDLPVDQGSXUSRVHVRIWKHSURMHFWZHKDYHPDGHDVHOHFWLRQ
RIZKDWZHFRQVLGHUDVNH\DVSHFWVWRVWXG\7KHVHDUHJURXSHGXQGHUWKHKHDGLQJV$,LQ
WKH526(TXHVWLRQQDLUH8QGHUHDFKRIWKHVHZHKDYHKDGVHYHUDOGLPHQVLRQVRUFDWHJRULHV
LQPLQG7KHVHZHUHLQLWLDOO\JURXSHGFRQFHSWXDOO\E\XVDVSDUWRIRXUXQGHUO\LQJLGHDVDV
WKH\DUHGHVFULEHGLQFKDSWHU:KHWKHURUQRWWKHVHJURXSLQJVWXUQRXWWRKDYHVDWLVIDFWRU\
VWDWLVWLFDO SURSHUWLHV RU QRW LV PDWWHU WKDW FDQ RQO\ EH GLVFXVVHG EDVHG RQ WKH GDWD WKDW DUH
FROOHFWHG7KHUHOLDELOLW\RIHPHUJLQJFRPSRVLWHYDULDEOHVLVDSURSHUW\RIWKHGDWDDQGQRWRI
WKHLQVWUXPHQWLWVHOI
:H KDYH WULHG WR NHHS WKH FURVVFXOWXUDO DVSHFW DV D NH\ FRQFHUQ WKURXJK WKH
SURFHVV ,W PD\ KRZHYHU EH WKDW WKH 526( LQVWUXPHQW LV GHHPHG E\ RWKHUV WR EH YDOLG LQ
VRPH FXOWXUHV DQG QRW LQ RWKHUV ,W LV FHUWDLQO\ WKH FDVH WKDW LW LV HDVLHU WR GHYHORS D YDOLG
LQVWUXPHQW IRU XVH LQ RQH FXOWXUH RQO\ %XW WKH SXUSRVH RI 526( ZDV WR PDNH D FURVV
FXOWXUDOO\VXLWDEOHLQVWUXPHQWDQGLVVXHVRIYDOLGLW\DQGFUHGLELOLW\PXVWEHVHHQLQWKLVOLJKW
$WWKHWLPHRIZULWLQJWKLVUHSRUWVHYHUDOSDSHUVEDVHGRQ526(KDYHDOUHDG\EHHQ
SUHVHQWHGDWLQWHUQDWLRQDOFRQIHUHQFHV6XFKSDSHUVDUHFRQWLQXRXVO\SXWRQWKH526(KRPH
SDJH 0RVW RI WKH SDSHUV ZULWWHQ VR IDU KDYH EHHQQDWLRQDOVWXGLHVEXWDV526(RUJDQL]HUV
ZH KDYH DOVR SUHVHQWHG VRPH LQWHUQDWLRQDO FRPSDULVRQV :H SODQ WR SURGXFH D PRUH
FRPSUHKHQVLYH LQWHUQDWLRQDO UHSRUW HDUO\ LQ  7KLV UHSRUW ZLOO PDLQO\ HPERG\ UDWKHU
VLPSOH FRPSDULVRQV DQG KDV WR EH IROORZHG XS E\ PRUH GHWDLOHG DQDO\VLV $V RQH PD\
XQGHUVWDQGWKHSRVVLELOLWLHVIRU
DVNLQJTXHVWLRQV
WRWKH526(GDWDDUHHQRUPRXV:HDOVR
NQRZ WKDW VHYHUDO UHVHDUFK SDUWQHUV DUH ZRUNLQJ RQ UHSRUWV VRPH DOVR ZLWK LQWHUQDWLRQDO
FRPSDULVRQV$VPHQWLRQHGWKHUHDUHDERXWUHVHDUFKHUVLQGLIIHUHQWFRXQWULHVZKRZDQW

 
WREDVHWKHLUWKHVLVRQ526(GDWDDQGZHGRORRNIRUZDUGWRVXSSRUWDQGWRVHHWKHSURJUHVV
RIWKLVUHVHDUFK
,Q1RYHPEHUZHZLOOKRVWD526(ZRUNVKRSLQ2VORDQGZHDOVRKDYHRWKHU
SODQVWRRUJDQL]HMRLQWZRUN7KHGHWDLOVZLOOGHSHQGRQWKHILQDQFLDOSRVVLELOLWLHV&XUUHQWO\
ZHRQO\KDYHIXQGLQJIURP1RUZHJLDQVRXUFHVIRUVXFKFRRSHUDWLRQEXWZHDUHORRNLQJIRU
LQWHUQDWLRQDOIXQGLQJ
3DUW RI WKH PRWLYDWLRQ EHKLQG 526( LV WR VXSSRUW FDSDFLW\EXLOGLQJ DQG WR
HQFRXUDJHLQWHUQDWLRQDOFRRSHUDWLRQDQGMRLQWUHVHDUFK3DUWLFLSDQWVLQ526(DUHHQFRXUDJHG
WRJHWHQJDJHGLQVKDUHGUHVHDUFKZLWKRQHRUPRUHSDUWQHUVLQRWKHUFRXQWULHV7KURXJKRXU
QHWZRUNWKH\PD\JHWDFFHVVWRGDWDILOHVIURPRWKHUFRXQWULHVIRUVXFKFRRSHUDWLRQ

A final word on the more personal side:

7KH ODVW WKUHH \HDUV RU VR KDYH EURXJKW XV LQ FRQWDFW ZLWK DERXW WZR KXQGUHG UHVHDUFKHUV
IURP DURXQG  FRXQWULHV 6HYHUDO WKRXVDQG PDLOV KDYH EHHQ UHFHLYHG DQG VHQW 7KLV
FRUUHVSRQGHQFH KDV RI FRXUVH EHHQ WLPH FRQVXPLQJ EXW LW KDV DOVR EHHQ UHZDUGLQJ
DFDGHPLFDOO\ DV ZHOO DV RQ D PRUH SHUVRQDO OHYHO :H KDYH DOVR KDG WKH FKDQFH WR PHHW
VHYHUDORIRXUFROOHDJXHVIURPDOOSDUWVRIWKHZRUOGDWFRQIHUHQFHVDQGZRUNVKRSV7KHIDFW
WKDWZHZRUNRQVLPLODULVVXHVDQGWKDWZHQRZKDYHFROOHFWHGFRPSDUDEOHGDWDSURYLGHVXV
ZLWKDIDQWDVWLFEDVHIRUGLVFXVVLQJLPSRUWDQWLVVXHVDQGIRUDMRLQWHIIRUWWRWU\WRLQWHUSUHW
DQG XQGHUVWDQG WKH PDQ\ FKDOOHQJHV WKDW ZH DUH IDFLQJ 7KLV UHVHDUFK LV RIWHQ UDWKHU KDUG
ZRUN  EXW LW DOVR JLYHV XV SOHDVXUH DQG SHUVRQDO UHZDUGV 6XFK RXWFRPHV RI UHVHDUFK
FRRSHUDWLRQDUHQRWHDV\WRFRQYH\WKURXJKVWDWLVWLFDODQDO\VLVDQGUHJXODUUHVHDUFKUHSRUWV
%XWPD\EHWKLVLVZKDWPDNHVXVWLFN"

 
$33(1',;$ 7+(526(48(67,211$,5(
$W WKH QH[W SDJHV IROORZV WKH RULJLQDO 526( TXHVWLRQQDLUH LQ (QJOLVK YHUVLRQ RQ $ SDSHU
VL]H7KHTXHVWLRQQDLUHLVDYDLODEOHLQVHYHUDORWKHUODQJXDJHVDWWKH526(ZHEVLWH
7KH526(TXHVWLRQQDLUHLVFRS\ULJKWHGEXWPD\EHXVHGZKHQSHUPLVVLRQIURPWKH
SURMHFWRUJDQL]HUVLVSURYLGHG



 
This booklet has questions about you, and about your experiences and interests related to science in
school and outside school.

There are no correct or incorrect answers, only answers that are right for you.
Please think carefully and give answers that reflect your own thinking.

This questionnaire is being given to students in many different countries. That is why some questions
may seem strange to you. If there is a question you do not understand, just leave it blank. If you are in
doubt, you may ask the teacher, since this is not a test!

For most questions, you simply put a tick in the appropriate box.

The purpose of this questionnaire is to find out what students in different parts of the world think about
science at school as well as in their everyday life. This information may help us to make schools better.

Your answers are anonymous, so please, do not write your name on this questionnaire.

THANK YOU!
Your answers will be a big help.

START HERE:

I am a Ƒ girl Ƒ boy
I am _____ years old

I live in __________________ (write the name of your country)

Contact and ©: Professor Svein Sjøberg, ILS, University of Oslo,

PO Box 1099 Blindern, 0317 Oslo, Norway
tel: +47 22 85 41 55, fax: +47 22 85 44 09, e-mail: [email protected]
A. What I want to learn about
How interested are you in learning about the following?
(Give your answer with a tick on each line. If you do not understand, leave the line blank.)

Not Very
interes- interes-
ted ted

1. Stars, planets and the universe ................................................... Ƒ Ƒ Ƒ Ƒ

2. Chemicals, their properties and how they react .......................... Ƒ Ƒ Ƒ Ƒ
3. The inside of the earth ................................................................. Ƒ Ƒ Ƒ Ƒ
4. How mountains, rivers and oceans develop and change ........... Ƒ Ƒ Ƒ Ƒ
5. Clouds, rain and the weather ...................................................... Ƒ Ƒ Ƒ Ƒ
6. The origin and evolution of life on earth ...................................... Ƒ Ƒ Ƒ Ƒ
7. How the human body is built and functions ................................. Ƒ Ƒ Ƒ Ƒ
8. Heredity, and how genes influence how we develop .................. Ƒ Ƒ Ƒ Ƒ
9. Sex and reproduction .................................................................. Ƒ Ƒ Ƒ Ƒ
10. Birth control and contraception ................................................... Ƒ Ƒ Ƒ Ƒ
11. How babies grow and mature ..................................................... Ƒ Ƒ Ƒ Ƒ
12. Cloning of animals ....................................................................... Ƒ Ƒ Ƒ Ƒ
13. Animals in other parts of the world .............................................. Ƒ Ƒ Ƒ Ƒ
14. Dinosaurs, how they lived and why they died out ....................... Ƒ Ƒ Ƒ Ƒ
15. How plants grow and reproduce .................................................. Ƒ Ƒ Ƒ Ƒ
16. How people, animals, plants and the environment

depend on each other ................................................................. Ƒ Ƒ Ƒ Ƒ

17. Atoms and molecules .................................................................. Ƒ Ƒ Ƒ Ƒ
18. How radioactivity affects the human body.................................... Ƒ Ƒ Ƒ Ƒ
19. Light around us that we cannot see (infrared, ultraviolet) ............ Ƒ Ƒ Ƒ Ƒ
20. How animals use colours to hide, attract or scare ...................... Ƒ Ƒ Ƒ Ƒ
21. How different musical instruments produce different sounds ...... Ƒ Ƒ Ƒ Ƒ
22. Black holes, supernovas and other spectacular

objects in outer space ................................................................. Ƒ Ƒ Ƒ Ƒ

23. How meteors, comets or asteroids may cause disasters

on earth ....................................................................................... Ƒ Ƒ Ƒ Ƒ

 
 Not Very
interes- interes-
ted ted

24. Earthquakes and volcanoes ........................................................ Ƒ Ƒ Ƒ Ƒ

25. Tornados, hurricanes and cyclones ............................................ Ƒ Ƒ Ƒ Ƒ
26. Epidemics and diseases causing large losses of life .................. Ƒ Ƒ Ƒ Ƒ
27. Brutal, dangerous and threatening animals ................................ Ƒ Ƒ Ƒ Ƒ
28. Poisonous plants in my area ....................................................... Ƒ Ƒ Ƒ Ƒ
29. Deadly poisons and what they do to the human body ................ Ƒ Ƒ Ƒ Ƒ
30. How the atom bomb functions ..................................................... Ƒ Ƒ Ƒ Ƒ
31. Explosive chemicals .................................................................... Ƒ Ƒ Ƒ Ƒ
32. Biological and chemical weapons and what they

do to the human body .................................................................. Ƒ Ƒ Ƒ Ƒ

33. The effect of strong electric shocks and lightning on

the human body ........................................................................... Ƒ Ƒ Ƒ Ƒ

34. How it feels to be weightless in space ......................................... Ƒ Ƒ Ƒ Ƒ
35. How to find my way and navigate by the stars ............................ Ƒ Ƒ Ƒ Ƒ
36. How the eye can see light and colours ........................................ Ƒ Ƒ Ƒ Ƒ
37. What to eat to keep healthy and fit .............................................. Ƒ Ƒ Ƒ Ƒ
38. Eating disorders like anorexia or bulimia ..................................... Ƒ Ƒ Ƒ Ƒ
39. The ability of lotions and creams to keep the skin young ............ Ƒ Ƒ Ƒ Ƒ
40. How to exercise to keep the body fit and strong ......................... Ƒ Ƒ Ƒ Ƒ
41. Plastic surgery and cosmetic surgery .......................................... Ƒ Ƒ Ƒ Ƒ
42. How radiation from solariums and the sun might

affect the skin .............................................................................. Ƒ Ƒ Ƒ Ƒ

43. How the ear can hear different sounds ........................................ Ƒ Ƒ Ƒ Ƒ
44. Rockets, satellites and space travel ............................................ Ƒ Ƒ Ƒ Ƒ
45. The use of satellites for communication and other purposes ...... Ƒ Ƒ Ƒ Ƒ
46. How X-rays, ultrasound, etc. are used in medicine ..................... Ƒ Ƒ Ƒ Ƒ
47. How petrol and diesel engines work ............................................ Ƒ Ƒ Ƒ Ƒ
48. How a nuclear power plant functions .......................................... Ƒ Ƒ Ƒ Ƒ

 
B. My future job
How important are the following issues for your potential future occupation or job?
(Give your answer with a tick on each line. If you do not understand, leave the line blank.)

Not Very
impor- impor-
tant tant

1. Working with people rather than things ....................................... Ƒ Ƒ Ƒ Ƒ

2. Helping other people ................................................................... Ƒ Ƒ Ƒ Ƒ
3. Working with animals .................................................................. Ƒ Ƒ Ƒ Ƒ
4. Working in the area of environmental protection ........................ Ƒ Ƒ Ƒ Ƒ
5. Working with something easy and simple ................................... Ƒ Ƒ Ƒ Ƒ
6. Building or repairing objects using my hands ............................. Ƒ Ƒ Ƒ Ƒ
7. Working with machines or tools .................................................. Ƒ Ƒ Ƒ Ƒ
8. Working artistically and creatively in art ...................................... Ƒ Ƒ Ƒ Ƒ
9. Using my talents and abilities ...................................................... Ƒ Ƒ Ƒ Ƒ
10. Making, designing or inventing something .................................. Ƒ Ƒ Ƒ Ƒ
11. Coming up with new ideas .......................................................... Ƒ Ƒ Ƒ Ƒ
12. Having lots of time for my friends ................................................ Ƒ Ƒ Ƒ Ƒ
13. Making my own decisions ........................................................... Ƒ Ƒ Ƒ Ƒ
14. Working independently of other people ....................................... Ƒ Ƒ Ƒ Ƒ
15. Working with something I find important and meaningful ........... Ƒ Ƒ Ƒ Ƒ
16. Working with something that fits my attitudes and values .......... Ƒ Ƒ Ƒ Ƒ
17. Having lots of time for my family ................................................. Ƒ Ƒ Ƒ Ƒ
18. Working with something that involves a lot of travelling .............. Ƒ Ƒ Ƒ Ƒ
19. Working at a place where something new and exciting

happens frequently ...................................................................... Ƒ Ƒ Ƒ Ƒ

20. Earning lots of money .................................................................. Ƒ Ƒ Ƒ Ƒ
21. Controlling other people .............................................................. Ƒ Ƒ Ƒ Ƒ
22. Becoming famous ........................................................................ Ƒ Ƒ Ƒ Ƒ
23. Having lots of time for my interests, hobbies and activities ........ Ƒ Ƒ Ƒ Ƒ
24. Becoming 'the boss' at my job ..................................................... Ƒ Ƒ Ƒ Ƒ
25. Developing or improving my knowledge and abilities ................. Ƒ Ƒ Ƒ Ƒ
26. Working as part of a team with many people around me ............ Ƒ Ƒ Ƒ Ƒ

 
C. What I want to learn about
How interested are you in learning about the following?
(Give your answer with a tick on each line. If you do not understand, leave the line blank.)

Not Very
interes- interes-
ted ted
1. How crude oil is converted to other materials, like

plastics and textiles ..................................................................... Ƒ Ƒ Ƒ Ƒ

2. Optical instruments and how they work

(telescope, camera, microscope, etc.) ........................................ Ƒ Ƒ Ƒ Ƒ

3. The use of lasers for technical purposes

(CD-players, bar-code readers, etc.) ........................................... Ƒ Ƒ Ƒ Ƒ

4. How cassette tapes, CDs and DVDs store and play

sound and music ......................................................................... Ƒ Ƒ Ƒ Ƒ

5. How things like radios and televisions work ................................ Ƒ Ƒ Ƒ Ƒ
6. How mobile phones can send and receive messages ................ Ƒ Ƒ Ƒ Ƒ
7. How computers work ................................................................... Ƒ Ƒ Ƒ Ƒ
8. The possibility of life outside earth .............................................. Ƒ Ƒ Ƒ Ƒ
9. Astrology and horoscopes, and whether the planets

can influence human beings ........................................................ Ƒ Ƒ Ƒ Ƒ

10. Unsolved mysteries in outer space ............................................. Ƒ Ƒ Ƒ Ƒ
11. Life and death and the human soul ............................................. Ƒ Ƒ Ƒ Ƒ
12. Alternative therapies (acupuncture, homeopathy, yoga,

healing, etc.) and how effective they are ..................................... Ƒ Ƒ Ƒ Ƒ

13. Why we dream while we are sleeping, and what

the dreams may mean ................................................................. Ƒ Ƒ Ƒ Ƒ

14. Ghosts and witches, and whether they may exist ....................... Ƒ Ƒ Ƒ Ƒ
15. Thought transference, mind-reading, sixth sense, intuition, etc. . Ƒ Ƒ Ƒ Ƒ
16. Why the stars twinkle and the sky is blue .................................... Ƒ Ƒ Ƒ Ƒ
17. Why we can see the rainbow ...................................................... Ƒ Ƒ Ƒ Ƒ
18. Properties of gems and crystals and how these are

used for beauty ............................................................................ Ƒ Ƒ Ƒ Ƒ

 
D. Me and the environmental challenges
To what extent do you agree with the following statements about problems with the environment
(pollution of air and water, overuse of resources, global changes of the climate etc.)? (Give your
answer with a tick on each line. If you do not understand, leave the line blank.)

Disagree Agree

1. Threats to the environment are not my business ........................ Ƒ Ƒ Ƒ Ƒ

2. Environmental problems make the future of the world look

bleak and hopeless ..................................................................... Ƒ Ƒ Ƒ Ƒ

3. Environmental problems are exaggerated .................................. Ƒ Ƒ Ƒ Ƒ
4. Science and technology can solve all environmental problems... Ƒ Ƒ Ƒ Ƒ
5. I am willing to have environmental problems solved even if

this means sacrificing many goods ............................................. Ƒ Ƒ Ƒ Ƒ

6. I can personally influence what happens with the environment .. Ƒ Ƒ Ƒ Ƒ
7. We can still find solutions to our environmental problems .......... Ƒ Ƒ Ƒ Ƒ
8. People worry too much about environmental problems .............. Ƒ Ƒ Ƒ Ƒ
9. Environmental problems can be solved without

big changes in our way of living .................................................. Ƒ Ƒ Ƒ Ƒ

10. People should care more about protection of the environment ... Ƒ Ƒ Ƒ Ƒ
11. It is the responsibility of the rich countries to solve

the environmental problems of the world .................................... Ƒ Ƒ Ƒ Ƒ

12. I think each of us can make a significant contribution to

environmental protection .............................................................. Ƒ Ƒ Ƒ Ƒ

13. Environmental problems should be left to the experts ................ Ƒ Ƒ Ƒ Ƒ
14. I am optimistic about the future ................................................... Ƒ Ƒ Ƒ Ƒ
15. Animals should have the same right to life as people ................. Ƒ Ƒ Ƒ Ƒ
16. It is right to use animals in medical experiments if this

can save human lives .................................................................. Ƒ Ƒ Ƒ Ƒ

17. Nearly all human activity is damaging for the environment ......... Ƒ Ƒ Ƒ Ƒ
18. The natural world is sacred and should be left in peace.............. Ƒ Ƒ Ƒ Ƒ

 
E. What I want to learn about
How interested are you in learning about the following?
(Give your answer with a tick on each line. If you do not understand, leave the line blank.)

Not Very
interes- interes-
ted ted

1. Symmetries and patterns in leaves and flowers .......................... Ƒ Ƒ Ƒ Ƒ

2. How the sunset colours the sky ................................................... Ƒ Ƒ Ƒ Ƒ
3. The ozone layer and how it may be affected by humans ............ Ƒ Ƒ Ƒ Ƒ
4. The greenhouse effect and how it may be changed by humans Ƒ Ƒ Ƒ Ƒ
5. What can be done to ensure clean air and safe drinking water .. Ƒ Ƒ Ƒ Ƒ
6. How technology helps us to handle waste,

garbage and sewage ................................................................... Ƒ Ƒ Ƒ Ƒ

7. How to control epidemics and diseases ...................................... Ƒ Ƒ Ƒ Ƒ
8. Cancer, what we know and how we can treat it .......................... Ƒ Ƒ Ƒ Ƒ
9. Sexually transmitted diseases and how to be

protected against them ................................................................ Ƒ Ƒ Ƒ Ƒ

10. How to perform first-aid and use basic medical equipment ......... Ƒ Ƒ Ƒ Ƒ
11. What we know about HIV/AIDS and how to control it ................. Ƒ Ƒ Ƒ Ƒ
12. How alcohol and tobacco might affect the body .......................... Ƒ Ƒ Ƒ Ƒ
13. How different narcotics might affect the body ............................. Ƒ Ƒ Ƒ Ƒ
14. The possible radiation dangers of mobile phones and computers Ƒ Ƒ Ƒ Ƒ
15. How loud sound and noise may damage my hearing ................. Ƒ Ƒ Ƒ Ƒ
16. How to protect endangered species of animals .......................... Ƒ Ƒ Ƒ Ƒ
17. How to improve the harvest in gardens and farms ...................... Ƒ Ƒ Ƒ Ƒ
18. Medicinal use of plants ................................................................ Ƒ Ƒ Ƒ Ƒ
19. Organic and ecological farming without use of pesticides and

artificial fertilizers ......................................................................... Ƒ Ƒ Ƒ Ƒ

20. How energy can be saved or used in a more effective way ........ Ƒ Ƒ Ƒ Ƒ
21. New sources of energy from the sun, wind, tides, waves, etc. ... Ƒ Ƒ Ƒ Ƒ
22. How different sorts of food are produced, conserved and stored Ƒ Ƒ Ƒ Ƒ
23. How my body grows and matures ............................................... Ƒ Ƒ Ƒ Ƒ

 
 Not Very
interes- interes-
ted ted

24. Animals in my area ...................................................................... Ƒ Ƒ Ƒ Ƒ

25. Plants in my area ......................................................................... Ƒ Ƒ Ƒ Ƒ
26. Detergents, soaps and how they work ........................................ Ƒ Ƒ Ƒ Ƒ
27. Electricity, how it is produced and used in the home .................. Ƒ Ƒ Ƒ Ƒ
28. How to use and repair everyday electrical and

mechanical equipment ................................................................ Ƒ Ƒ Ƒ Ƒ

29. The first landing on the moon and the history of

space exploration ........................................................................ Ƒ Ƒ Ƒ Ƒ

30. How electricity has affected the development of our society ...... Ƒ Ƒ Ƒ Ƒ
31. Biological and human aspects of abortion .................................. Ƒ Ƒ Ƒ Ƒ
32. How gene technology can prevent diseases ............................... Ƒ Ƒ Ƒ Ƒ
33. Benefits and possible hazards of modern methods of farming ... Ƒ Ƒ Ƒ Ƒ
34. Why religion and science sometimes are in conflict ................... Ƒ Ƒ Ƒ Ƒ
35. Risks and benefits of food additives ............................................ Ƒ Ƒ Ƒ Ƒ
36. Why scientists sometimes disagree ............................................ Ƒ Ƒ Ƒ Ƒ
37. Famous scientists and their lives ................................................ Ƒ Ƒ Ƒ Ƒ
38. Big blunders and mistakes in research and inventions ............... Ƒ Ƒ Ƒ Ƒ
39. How scientific ideas sometimes challenge religion,

authority and tradition .................................................................. Ƒ Ƒ Ƒ Ƒ

40. Inventions and discoveries that have changed the world ........... Ƒ Ƒ Ƒ Ƒ
41. Very recent inventions and discoveries in science and technology Ƒ Ƒ Ƒ Ƒ
42. Phenomena that scientists still cannot explain ........................... Ƒ Ƒ Ƒ Ƒ

 
F. My science classes
To what extent do you agree with the following statements about the science that you may have
had at school?
(Give your answer with a tick on each line. If you do not understand, leave the line blank.)

Disagree Agree

1. School science is a difficult subject ............................................. Ƒ Ƒ Ƒ Ƒ

2. School science is interesting ....................................................... Ƒ Ƒ Ƒ Ƒ
3. School science is rather easy for me to learn ............................. Ƒ Ƒ Ƒ Ƒ
4. School science has opened my eyes to

new and exciting jobs .................................................................. Ƒ Ƒ Ƒ Ƒ

5. I like school science better than most other subjects .................. Ƒ Ƒ Ƒ Ƒ
6. I think everybody should learn science at school ........................ Ƒ Ƒ Ƒ Ƒ
7. The things that I learn in science at school will be helpful

in my everyday life ....................................................................... Ƒ Ƒ Ƒ Ƒ

8. I think that the science I learn at school will

improve my career chances ........................................................ Ƒ Ƒ Ƒ Ƒ

9. School science has made me more critical and sceptical............ Ƒ Ƒ Ƒ Ƒ
10. School science has increased my curiosity about things

we cannot yet explain ................................................................... Ƒ Ƒ Ƒ Ƒ

11. School science has increased my appreciation of nature ............ Ƒ Ƒ Ƒ Ƒ
12. School science has shown me the importance of

science for our way of living ......................................................... Ƒ Ƒ Ƒ Ƒ

13. School science has taught me how to take better care

of my health .................................................................................. Ƒ Ƒ Ƒ Ƒ
14. I would like to become a scientist ................................................ Ƒ Ƒ Ƒ Ƒ
15. I would like to have as much science as possible at school ....... Ƒ Ƒ Ƒ Ƒ
16. I would like to get a job in technology........................................... Ƒ Ƒ Ƒ Ƒ

 
G. My opinions about science and technology
To what extent do you agree with the following statements?
(Give your answer with a tick on each row. If you do not understand, leave the line blank.)

Disagree Agree

1. Science and technology are important for society ...................... Ƒ Ƒ Ƒ Ƒ

2. Science and technology will find cures to diseases such

as HIV/AIDS, cancer, etc. ............................................................ Ƒ Ƒ Ƒ Ƒ

3. Thanks to science and technology, there will be greater

opportunities for future generations ............................................ Ƒ Ƒ Ƒ Ƒ

4. Science and technology make our lives healthier, easier and

more comfortable ........................................................................ Ƒ Ƒ Ƒ Ƒ

5. New technologies will make work more interesting .................... Ƒ Ƒ Ƒ Ƒ
6. The benefits of science are greater than the harmful

effects it could have ..................................................................... Ƒ Ƒ Ƒ Ƒ

7. Science and technology will help to eradicate poverty and

famine in the world ...................................................................... Ƒ Ƒ Ƒ Ƒ

8. Science and technology can solve nearly all problems .............. Ƒ Ƒ Ƒ Ƒ
9. Science and technology are helping the poor ............................. Ƒ Ƒ Ƒ Ƒ
10. Science and technology are the cause of the

environmental problems .............................................................. Ƒ Ƒ Ƒ Ƒ

11. A country needs science and technology to become developed Ƒ Ƒ Ƒ Ƒ
12. Science and technology benefit mainly

the developed countries .............................................................. Ƒ Ƒ Ƒ Ƒ

13. Scientists follow the scientific method that always leads them to

correct answers ........................................................................... Ƒ Ƒ Ƒ Ƒ

14. We should always trust what scientists have to say ................... Ƒ Ƒ Ƒ Ƒ
15. Scientists are neutral and objective ............................................ Ƒ Ƒ Ƒ Ƒ
16. Scientific theories develop and change all the time .................... Ƒ Ƒ Ƒ Ƒ

 
H. My out-of-school experiences
How often have you done this outside school?
(Give your answer with a tick on each line. If you do not understand, leave the line blank.)
I have ...
Never Often

1. tried to find the star constellations in the sky ............................... Ƒ Ƒ Ƒ Ƒ

2. read my horoscope (telling future from the stars) ....................... Ƒ Ƒ Ƒ Ƒ
3. read a map to find my way .......................................................... Ƒ Ƒ Ƒ Ƒ
4. used a compass to find direction ................................................. Ƒ Ƒ Ƒ Ƒ
5. collected different stones or shells .............................................. Ƒ Ƒ Ƒ Ƒ
6. watched (not on TV) an animal being born ................................. Ƒ Ƒ Ƒ Ƒ
7. cared for animals on a farm ......................................................... Ƒ Ƒ Ƒ Ƒ
8. visited a zoo ................................................................................. Ƒ Ƒ Ƒ Ƒ
9. visited a science centre or science museum ............................... Ƒ Ƒ Ƒ Ƒ
10. milked animals like cows, sheep or goats ................................... Ƒ Ƒ Ƒ Ƒ
11. made dairy products like yoghurt, butter, cheese or ghee .......... Ƒ Ƒ Ƒ Ƒ
12. read about nature or science in books or magazines .................. Ƒ Ƒ Ƒ Ƒ
13. watched nature programmes on TV or in a cinema .................... Ƒ Ƒ Ƒ Ƒ
14. collected edible berries, fruits, mushrooms or plants .................. Ƒ Ƒ Ƒ Ƒ
15. participated in hunting ................................................................. Ƒ Ƒ Ƒ Ƒ
16. participated in fishing ................................................................... Ƒ Ƒ Ƒ Ƒ
17. planted seeds and watched them grow ....................................... Ƒ Ƒ Ƒ Ƒ
18. made compost of grass, leaves or garbage ................................ Ƒ Ƒ Ƒ Ƒ
19. made an instrument (like a flute or drum) from natural materials Ƒ Ƒ Ƒ Ƒ
20. knitted, weaved, etc ..................................................................... Ƒ Ƒ Ƒ Ƒ
21. put up a tent or shelter ................................................................. Ƒ Ƒ Ƒ Ƒ
22. made a fire from charcoal or wood .............................................. Ƒ Ƒ Ƒ Ƒ
23. prepared food over a campfire, open fire or stove burner............ Ƒ Ƒ Ƒ Ƒ
24. sorted garbage for recycling or for appropriate disposal ............. Ƒ Ƒ Ƒ Ƒ
25. cleaned and bandaged a wound ................................................. Ƒ Ƒ Ƒ Ƒ
26. seen an X-ray of a part of my body ............................................. Ƒ Ƒ Ƒ Ƒ

 
 Never Often

27. taken medicines to prevent or cure illness or infection ............... Ƒ Ƒ Ƒ Ƒ

28. taken herbal medicines or had alternative treatments

(acupuncture, homeopathy, yoga, healing, etc.) ......................... Ƒ Ƒ Ƒ Ƒ

29. been to a hospital as a patient .................................................... Ƒ Ƒ Ƒ Ƒ
30. used binoculars ........................................................................... Ƒ Ƒ Ƒ Ƒ
31. used a camera ............................................................................. Ƒ Ƒ Ƒ Ƒ
32. made a bow and arrow, slingshot, catapult or boomerang ......... Ƒ Ƒ Ƒ Ƒ
33. used an air gun or rifle ................................................................. Ƒ Ƒ Ƒ Ƒ
34. used a water pump or siphon ...................................................... Ƒ Ƒ Ƒ Ƒ
35. made a model such as toy plane or boat etc .............................. Ƒ Ƒ Ƒ Ƒ
36. used a science kit (like for chemistry, optics or electricity) ......... Ƒ Ƒ Ƒ Ƒ
37. used a windmill, watermill, waterwheel, etc ................................ Ƒ Ƒ Ƒ Ƒ
38. recorded on video, DVD or tape recorder ................................... Ƒ Ƒ Ƒ Ƒ
39. changed or fixed electric bulbs or fuses ...................................... Ƒ Ƒ Ƒ Ƒ
40. connected an electric lead to a plug etc. ..................................... Ƒ Ƒ Ƒ Ƒ
41. used a stopwatch ........................................................................ Ƒ Ƒ Ƒ Ƒ
42. measured the temperature with a thermometer .......................... Ƒ Ƒ Ƒ Ƒ
43. used a measuring ruler, tape or stick .......................................... Ƒ Ƒ Ƒ Ƒ
44. used a mobile phone .................................................................... Ƒ Ƒ Ƒ Ƒ
45. sent or received an SMS (text message on mobile phone) ........ Ƒ Ƒ Ƒ Ƒ
46. searched the internet for information .......................................... Ƒ Ƒ Ƒ Ƒ
47. played computer games .............................................................. Ƒ Ƒ Ƒ Ƒ
48. used a dictionary, encyclopaedia, etc. on a computer ................ Ƒ Ƒ Ƒ Ƒ
49. downloaded music from the internet ........................................... Ƒ Ƒ Ƒ Ƒ
50. sent or received e-mail ................................................................ Ƒ Ƒ Ƒ Ƒ
51. used a word processor on the computer ..................................... Ƒ Ƒ Ƒ Ƒ
52. opened a device (radio, watch, computer, telephone, etc.) to

find out how it works .................................................................... Ƒ Ƒ Ƒ Ƒ

 
 Never Often

53. baked bread, pastry, cake, etc .................................................... Ƒ Ƒ Ƒ Ƒ

54. cooked a meal ............................................................................. Ƒ Ƒ Ƒ Ƒ
55. walked while balancing an object on my head ............................ Ƒ Ƒ Ƒ Ƒ
56. used a wheelbarrow .................................................................... Ƒ Ƒ Ƒ Ƒ
57. used a crowbar (jemmy) .............................................................. Ƒ Ƒ Ƒ Ƒ
58. used a rope and pulley for lifting heavy things ............................ Ƒ Ƒ Ƒ Ƒ
59. mended a bicycle tube ................................................................. Ƒ Ƒ Ƒ Ƒ
60. used tools like a saw, screwdriver or hammer ............................ Ƒ Ƒ Ƒ Ƒ
61. charged a car battery ................................................................... Ƒ Ƒ Ƒ Ƒ
I. Myself as a scientist
Assume that you are grown up and work as a scientist. You are free to do research that you find
important and interesting. Write some sentences about what you would like to do as a researcher and
why.

I would like to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

..................................................................................

..................................................................................

Because . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

..................................................................................

..................................................................................

..................................................................................

..................................................................................

J. How many books are there in your home?

There are usually about 40 books per metre of shelving. Do not include magazines.
(Please tick only one box.)

Ƒ
None ...............................

1-10 books ...................... Ƒ

11-50 books .................... Ƒ

51-100 books .................. Ƒ

101-250 books ................ Ƒ

251-500 books ................ Ƒ

More than 500 books ...... Ƒ



 
$33(1',;% 
'$7$&2//(&7,21,16758&7,216723$57,&,3$176
6OLJKWO\UHYLVHGH[WUDFWIURPWKH526(+DQGERRN7KLVSDUWRIWKHKDQGERRNJDYHWKH526(
SDUWQHUV JXLGHOLQHV RQ SUDFWLFDOLWLHV FRQQHFWHG WR RUJDQL]LQJ DQG FDUU\LQJ WKURXJK WKH
VXUYH\


ROSE Guidelines and practicalities
This part of the document describes details for ROSE participants on practical matters as well
as 'rights' and 'duties' related to the ROSE study. We need to ensure a minimum quality of the
data. If data files are to be part of the international analysis, certain requirements need to be
met. (Data not meeting requirement may still be used as 'stand-alone' in your national studies
and for (careful) comparisons with the international data.)

Translations of the ROSE questionnaire

The 'original' ROSE questionnaire is in English and is provided to participating researchers as
formatted rtf-document and/or as a word-file in A4 paper size.
For data collection, use the questionnaire in the language of instruction. When there is a
need for translation, please keep exactly to the given format (layout, page breaks etc), and
just replace the original English text with your own.
If the text in your language needs more space than the English original, you may need to
adjust the margins to avoid changes in page shifts.
The font in the questionnaire is Arial, and the squares for students' responses are also in
Arial. If your word processor does not support this font, you may find that the squares are
'translated' to other symbols. Try to avoid this!
If you need to translate the questionnaire to another language, you may contact the ROSE
organizers to avoid duplicate translations to the same language. Please aim at making the
meaning in your language identical to the English items.

National items and questions

We have tried to make an instrument that can be used in a large variety of cultures. (In fact, to
give an account of this variety is a key idea behind the project as such!) It may nevertheless be
desirable for some nations to include additional national items or even new questions. The need
for local adaptation has been balanced against the need to keep data collection and coding as
simple as possible. On the first page of the ROSE questionnaire, you may add some questions
(max 4) to allow you to ask for background data like region, school district, school type, etc.
At the end of the instrument you may also add your own national items, for instance to
give a more local flavour to some of the questions in the questionnaire (like experiences,
interests, future plans, etc.) At the end of the questionnaire you may also add more questions to
serve as about background variables (about home and family background, urban vs. rural, etc.)

Target population(s)
In principle, the ROSE target population is the cohort of all 15 year old students in the nation, or
more precise: the grade level where most 15-year old students are likely to go. This is, in many
countries, the last year students attend lower secondary school, and it often coincides with the
end of compulsory schooling. In many countries, this is the last year before streaming according
to educational choices or other forms of selection takes place. (These considerations are not
equally valid for all countries and educational systems.)
ROSE tries to shed light on the range and the variety of students' experiences, interests,
perceptions, etc. in issues related to S&T. The vast variation in types of countries and cultures
has implications for the definition of the target population:

 
 Some countries are rather homogeneous and 'mono-cultural'. Here it makes sense to talk
about national averages, etc. Other participating countries have large variations due to
geography, differences in culture or ethnicity, level of economic development, etc. In such cases
it may not make sense to calculate national averages. (In fact, one may loose sight of the
educationally interesting variety by calculating national means!) In such countries, one may
consider to define the target population as a more homogeneous subgroup, for instance a 'state'
or a particular administrative or otherwise clearly identifiable unit. As a consequence, in such
countries one may prefer to define more than one target population, or one may define
identifiable strata in the national population.
Furthermore, the national researcher's economic and human resources differ between the
participating countries. Based on the local national circumstances, one may define an
accessible population that is smaller than the whole national student cohort, for example as a
cultural or geographic defined group as indicated above.
Whatever choice one makes, care should be taken to be explicit in the definition of the
target population. This is important in order to avoid later confusion or unwarranted conclusions
to be drawn. If there are questions about how to define a suitable population please discuss
them with the organizers.

Sampling
The sample should be drawn so that it represents the target population as defined above. For
practical reasons the sampling unit is likely to be the school class (and not the single individual).
This implies that whole classes are expected to take part in the study. Using whole classes
does, however, reduce the variability, and hence the 'effective sample size'. One should
therefore as a rule use only one school class from each school to avoid further reduction of the
effective sample size.
The sample should be drawn from the class level with the highest proportion of 15-year
old students. Within the defined target population, one should identify the existing schools,
preferably from available statistical school administration data. In some countries educational or
statistical authorities may assist in providing such lists as well as providing a representative
sample. From the list of schools, one should draw at random a specified number of schools for
participation. If school size varies considerably, one may use proportional sampling in order to
get a representative sample. This means that before drawing, the school should be given a
weight that is proportional to the number of students at the actual class level.
At each school, only one class should take part. Take care to make a representative
selection of type of school, if these exist (girls' and boys' schools, boarding schools, etc.) The
type of school may be one of your nationally defined background variables as indicated above.
One should aim at a minimum of 25 participating schools - preferable more. With 'normal'
class sizes of about 25, the 25 schools should give a minimum of 625 respondents. (If you
plan for 25 schools, be sure to sample a considerably higher number, since you are not likely to
get a 100 % response rate!)
If you want to compare sub-groups within your national population, you should go for
larger samples than indicated above to ensure that you contrast groups which are sufficiently
large.

Preparations take time!

Please be aware that the preparations for the actual data collection may be time-consuming!
Data collection should take at the earliest convenience. The international data analysis will start
in the beginning of 2003. We have, however, not yet decided on any definite time limit for data
collection. The data analysis for the first international report will start in August 2004. Partners
who cannot meet this deadline, are welcome to collect and analyze their own data and to take
part in later joint analysis.
In most countries you may need official permission to gain access to the schools and
students to collect data. In some places you may even need such permissions on a regional
level. And you certainly need to get permission at each school, possibly at the 'top' level, but
certainly at the classroom teacher level. Some countries even require permission from the
students' parents.

 
 These practical and legal constraints vary from country to country, and the best way
forward must be determined by each researcher (or group). Do not underestimate the time that
this may require. In this planning process, many 'local' decisions are likely to be taken. Please
take care to describe these as clearly as possible when data are submitted.
If a letter of recommendations from the ROSE organizers will help you in getting the
necessary permission, we will provide this. It is a good idea to start preparing for data collection
at the earliest opportunity.

Administration of questionnaire
The ROSE study is not a test, and there are no correct answers that can be used for ranking by
some pre-determined measure of quality. Hence, there is no need to be extremely strict in the
guidelines for administration and data collection. The important thing is that we get reliable and
honest data, and that the students understand the questions. They should also be given enough
time to complete the questionnaire. Pilot testing in has indicated that one normal lesson (about
40 min) is sufficient time, but this may not be enough when there are problems with the
language, etc. Please ensure that the students get time to answer all questions. The
administrator may even explain questions where they are not fully understood. One may even
consider the possibility of completing the questionnaire as homework.
The questionnaire should be presented by the normal class teacher, but the researcher
may assist and supervise. After the completion and collection of the questionnaire, the
researcher or teacher may fill in the necessary school code or other information on the front
page for later identification. At a later stage (during data entry), all questionnaires from each
country should be given a unique identification number for easy retrieval in case of corrections,
etc. The open-ended question will be coded separately, so the identification number is essential
for merging the two data files.

Coding of data
Each participating researcher (or group) must follow precisely the common guidelines for data
entry. We will use SPSS (Statistical Programme for the Social Sciences) as the instrument for
analysis, but Excel may be used for data entry if SPSS is not available. Empty data files in
SPSS and Excel format will be provided. The corresponding code book with the necessary
information for data entry will also be made available.
The first page in the questionnaire contains a few background data about the respondent.
Additional information might be added by the researcher (or the teacher administrating the
questionnaire). Each national researcher has to decide what background information one needs
The ROSE instrument and data file has, as mentioned, set aside 4 extra variables for this
purpose to be included at the first page. These may be the name of school, type of school,
region, etc.
The coding will be made as easy as possible. Details will be apparent from the code book
and will also appear as 'legal' values in the empty data file that is provided. As a general rule,
the actual position of the respondents' tick will be the value to be entered (a tick in the first box
will be entered as '1', a tick in the second box will be coded as '2', etc. and no response will be
coded as '9') Each page shift in the questionnaire will be coded with the letter 'x', This will
ensure that a possible mistake (e.g. a shift in position) can be easily detected. Details will be
given in the code book.
The open question ("Myself as a scientist") at the end needs interpretation before coding,
and details will be provided. These data will for practical reasons be coded separately. It is
therefore important that each questionnaire is identified by the running number as indicated
above.

Cleaning of data
Since only the coded files (and not the questionnaires) are returned to the ROSE organizers, it
is essential that the data are properly cleaned to avoid mistakes, since these cannot be traced
and corrected by the organizers! In any case, we ask you to keep the original questionnaires to
be able to trace possible mistakes at a later stage.
There are many ways of cleaning data to ensure quality. If you use SPSS for data entry,
you may for instance run frequency tables for all variables to search for values outside the 'legal'

 
range. Some details and suggestions for data cleaning and proof-reading will be provided in the
code book.

Return of data files

When you return data, please provide as detailed information as possible about the definition of
population and the selection of the sample. Describe the underlying considerations, whether
these are of a practical nature or based on educational or other concerns. You may send us the
data file as an attachment to e-mail, or as a diskette. The format may be either SPSS
(preferably) or Excel.

"Rights and duties"

ROSE is intended to be a collaborative work, where all researchers contribute and benefit.
Participating researchers may conduct their own research on their national material, given the
following guidelines:

• All national reporting should pay proper credit to the project with suitable references to
the ROSE project and its organizers.
• International ROSE reporting by the organizers should also pay credit to the ROSE
project and the participating researchers who have contributed to the international data
file.
• National reporting should take place only when the whole international data collection is
finalized. (Exceptions may be given to this, for instance when students collect data as
part of their teacher training or for essays or degree work.) Please contact the organizers
if you are in doubt.
• When the first international ROSE reports have been published, ROSE participants will
have access to ROSE data files, and may use this for their own research in cooperation
with other ROSE participants. They can get in touch with them through information on
the ROSE web site. (Any reporting must of course give credit to the ROSE project and
explain the background)
• Copies of all papers based on the ROSE data should be sent to the organizers when
published. The electronic version will be placed on the ROSE site.
• The organizers will send all international ROSE reports and papers to all participants
when available.
• A ROSE web site is established at http://www.ils.uio.no/forskning/rose/.
This site will be continually updated, and contains background information, overviews
over participating countries and researchers, articles and publications.

Additional qualitative data?

With a standardized questionnaire one may compare responses from large groups and from
widely different cultures. But data collected with questionnaires have obvious limitations. It is not
always easy to interpret what students have had in mind when they simply tick boxes in a pre-
determined questionnaire. This is the limitation of this type of research. We have left only one
question open for free response through writing (Question I: "Myself as a scientist"), and details
of coding will be described in later communications.
In order to give more nuance to the 'hard data' from the questionnaire, we
suggest that one should accompany the ROSE data collection with interviews with some of the
students. This may shed light on how they may think when they answer the questionnaire. This
sort of information may be of value when drawing conclusions and interpreting results.

Funding
The basic funding for ROSE is from the Research Council of Norway and The University of
Oslo. This, however, only covers a full-time researcher, related costs in Norway and very limited
international support..
Participating researchers are requested to seek local funding to support their own
participation. Researchers in OECD countries are expected to finance their own participation,

 
while developing countries and not so wealthy countries may need assistance. Some countries
may 'sponsor' the participation of other countries.
The ROSE team will assist in this process of seeking funds, for instance by writing letters
of support. One should also mention that when the Research Council of Norway decided to fund
the ROSE project, this decision was based on judgements given by international referees.
Participation in an international research project may enhance the possibility of securing
national funding.
By the end of 2002 we also received additional funding from the Norwegian Ministry of
Education to support other countries. Priority will be given to support participation of countries
with weak economies. If more resources become available, the intention is also to arrange
workshops and/or training seminars. We are rather optimistic about such possibilities.

Involving students?
Many of the researchers involved in ROSE are involved in teacher training and/or degree work
in science education at Master or PhD-level. It may be a good idea to use participation in ROSE
in connection with such work. Many countries ( for instance all the Nordic countries) have
already indicated that they will do so, at the PhD as well as the Master level. PhD students from
5 different countries have already decided to base their thesis on ROSE. Students may of
course be involved in different aspects of the study, in data collection, or through writing essays
or thesis work based on the results.


 
$33(1',;& &2'(%22.48(67,21$+
7KHFRGHERRNIRUWKHFORVHGTXHVWLRQV$+

ROSE Code Book
This document contains data entry file information for 'ROSE data.sav' in SPSS format and 'ROSE
data.xls' in Microsoft Excel format. If available, we prefer that you use SPSS, since this will be the
program to be used for the data analysis. If you have some experience with SPSS, the empty data file is
more or less self-explanatory, but the following information may clarify things a bit further.

The following is a list of the variables in the data entry file, and instructions on how to code each variable.
Please rename the data file to a name indicating the name of your country, e.g. 'ROSE Norway.sav'.

In the SPSS file, the variables have names with a maximum length of eight characters. Most variable
names are composed of the question number (capital letters) and the item number. Each variable has a
corresponding label with the questionnaire item text. The Excel file is the SPSS file converted to Excel
format. The format transformation caused some loss of information, e.g. the labels are not sustained in
the Excel file. If you have the SPSS software available, we recommend this programme for data entry.
For Excel users, we have included an Appendix in this document with complete list of all variables and
the corresponding labels. (Notice that one Excel page does not have enough columns available for the
whole ROSE questionnaire, therefore variables for question H and J are on page 2 in the spreadsheet.)

Beneath the heading 'Value' in this document, you find the legal values of the variable.
As a general rule, the position of the respondents' tick in one of the four response categories, is
the value to be entered: a tick in the first box shall be coded as '1', a tick in the second box shall
be coded as '2', etc.

The Likert scales in the ROSE questionnaire have headings only for the extreme categories, while the
two middle categories are untitled. In this document, the middle left and the middle right response
categories are labelled 'lo [leftmost]' and 'lo [rightmost]' respectively.

When the respondent has given no response or multiple responses to one item, it counts as missing, and
shall be coded as '9'. You shall also make use of the missing code '9' in cases when it is obvious that
the respondent has not answered the question seriously, e.g. when the ticks on one page or in one
question are all positioned in the rightmost boxes.

For simplicity, the open question (I. Myself as a scientist) is excluded from this data entry file. Coding the
variables in the file at hand is a rather straightforward punching job, while coding of the open question
request consideration of substance. Consequently, the two coding tasks are separated, and the open
question will be coded at a later stage. We are currently working on the categories for the open question
responses, and a separate code book will be provided in January 2003 (the unique identification number
for each questionnaire is crucial for later merging of the two data files!).

Oslo 16. December 2002

Camilla Schreiner Svein Sjøberg


File information for 'ROSE data.sav'
Variable
name

Q_ID questionnaire identification number

Measurement Level: Ordinal

Value: give each questionnaire a unique identification number and

write the number at the first page of the questionnaire and enter
it in this variable (for easy retrieval in case of corrections,
merging data files, etc.)

SEX girl or boy

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 girl
2 boy

AGE years old

Measurement Level: Scale
Missing Value: 9

Value: the age of the student

COUNTRY survey country, the country in which the survey has taken place
Measurement Level: Nominal

Value: the name of the country

VAR1-VAR4 national, if applicable (like region, stratum, name of school,

mother tongue, etc.)

X_NXT_PG page brake, finished items on front cover

X1-X11 page brake, finished items on page [#]

Each page shift in the questionnaire should be coded with the

letter 'x', since this will ensure that a possible mistake (e.g. a
shift in position) can be easily detected.

Value: x

A01-A48 question A. What I want to learn about

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 not interested
2 lo not interested
3 lo very interested
4 very interested

B01-B26 question B. My future job

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 not important
2 lo not important
3 lo very important
4 very important

 
C01-C18 question C. What I want to learn about
Measurement Level: Ordinal
Missing Value: 9

Value Label
1 not interested
2 lo not interested
3 lo very interested
4 very interested

D01-D18 question D. Me and the environmental challenges

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 disagree
2 lo disagree
3 lo agree
4 agree

E01-E42 question E. What I want to learn about

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 not interested
2 lo not interested
3 lo very interested
4 very interested

F01-F16 question F. My science classes

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 disagree
2 lo disagree
3 lo agree
4 agree

G01-G16 question G. My opinions about science and technology

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 disagree
2 lo disagree
3 lo agree
4 agree

H01-H61 question H. My out-of-school experiences

Measurement Level: Ordinal
Missing Value: 9

Value Label
1 never
2 lo never
3 lo often
4 often

J question J. How many books are there in your home?

Measurement Level: Ordinal
Missing Value: 9


 Value Label
1 none
2 1-10 books
3 11-50 books
4 51-100 books
5 101-250 books
6 251-500 books
7 More than 500 books

Appendix: Complete list of variables and labels

In this variable list, the variables are arranged in the same order as in
the data entry file. The list is primarily intended for users of Excel.
Please note that the labels are truncated at the end of the line (while
they are complete in SPSS file)

Var. Var.
no. name Label

1. Q_ID questionnaire identification number

2. SEX girl or boy
3. AGE years old
4. COUNTRY survey country
5. VAR1 national, if applicable
6. VAR2 national, if applicable
7. VAR3 national, if applicable
8. VAR4 national, if applicable
9. X_NXT_PG page brake, finished items on front cover
10. A01 A1. Stars, planets and the universe
11. A02 A2. Chemicals, their properties and how they react
12. A03 A3. The inside of the earth
13. A04 A4. How mountains, rivers and oceans develop and change
14. A05 A5. Clouds, rain and the weather
15. A06 A6. The origin and evolution of life on earth
16. A07 A7. How the human body is built and functions
17. A08 A8. Heredity, and how genes influence how we develop
18. A09 A9. Sex and reproduction
19. A10 A10. Birth control and contraception
20. A11 A11. How babies grow and mature
21. A12 A12. Cloning of animals
22. A13 A13. Animals in other parts of the world
23. A14 A14. Dinosaurs, how they lived and why they died out
24. A15 A15. How plants grow and reproduce
25. A16 A16. How people, animals, plants and the environment depend
26. A17 A17. Atoms and molecules
27. A18 A18. How radioactivity affects the human body
28. A19 A19. Light around us that we cannot see (infrared, ultraviol
29. A20 A20. How animals use colours to hide, attract or scare
30. A21 A21. How different musical instruments produce different sou
31. A22 A22. Black holes, supernovas and other spectacular objects i
32. A23 A23. How meteors, comets or asteroids may cause disasters on
33. X1 page brake, finished items on page 1
34. A24 A24. Earthquakes and volcanoes
35. A25 A25. Tornados, hurricanes and cyclones
36. A26 A26. Epidemics and diseases causing large losses of life
37. A27 A27. Brutal, dangerous and threatening animals
38. A28 A28. Poisonous plants in my area
39. A29 A29. Deadly poisons and what they do to the human body
40. A30 A30. How the atom bomb functions
41. A31 A31. Explosive chemicals
42. A32 A32. Biological and chemical weapons and what they do to the
43. A33 A33. The effect of strong electric shocks and lightning on t
44. A34 A34. How it feels to be weightless in space
45. A35 A35. How to find my way and navigate by the stars

 
46. A36 A36. How the eye can see light and colours
47. A37 A37. What to eat to keep healthy and fit
48. A38 A38. Eating disorders like anorexia or bulimia
49. A39 A39. The ability of lotions and creams to keep the skin youn
50. A40 A40. How to exercise to keep the body fit and strong
51. A41 A41. Plastic surgery and cosmetic surgery
52. A42 A42. How radiation from solariums and the sun might affect t
53. A43 A43. How the ear can hear different sounds
54. A44 A44. Rockets, satellites and space travel
55. A45 A45. The use of satellites for communication and other purpo
56. A46 A46. How X-rays, ultrasound, etc. are used in medicine
57. A47 A47. How petrol and diesel engines work
58. A48 A48. How a nuclear power plant functions
59. X2 page brake, finished items on page 2
60. B01 B1. Working with people rather than things
61. B02 B2. Helping other people
62. B03 B3. Working with animals
63. B04 B4. Working in the area of environmental protection
64. B05 B5. Working with something easy and simple
65. B06 B6. Building or repairing objects using my hands
66. B07 B7. Working with machines or tools
67. B08 B8. Working artistically and creatively in art
68. B09 B9. Using my talents and abilities
69. B10 B10. Making, designing or inventing something
70. B11 B11. Coming up with new ideas
71. B12 B12. Having lots of time for my friends
72. B13 B13. Making my own decisions
73. B14 B14. Working independently of other people
74. B15 B15. Working with something I find important and meaningful
75. B16 B16. Working with something that fits my attitudes and value
76. B17 B17. Having lots of time for my family
77. B18 B18. Working with something that involves a lot of travellin
78. B19 B19. Working at a place where something new and exciting hap
79. B20 B20. Earning lots of money
80. B21 B21. Controlling other people
81. B22 B22. Becoming famous
82. B23 B23. Having lots of time for my interests, hobbies and activ
83. B24 B24. Becoming 'the boss' at my job
84. B25 B25. Developing or improving my knowledge and abilities
85. B26 B26. Working as part of a team with many people around me
86. X3 page brake, finished items on page 3
87. C01 C1. How crude oil is converted to other materials, like plas
88. C02 C2. Optical instruments and how they work (telescope, camera
89. C03 C3. The use of lasers for technical purposes (CD-players, ba
90. C04 C4. How cassette tapes, CDs and DVDs store and play sound an
91. C05 C5. How things like radios and televisions work
92. C06 C6. How mobile phones can send and receive messages
93. C07 C7. How computers work
94. C08 C8. The possibility of life outside earth
95. C09 C9. Astrology and horoscopes, and whether the planets can in
96. C10 C10. Unsolved mysteries in outer space
97. C11 C11. Life and death and the human soul
98. C12 C12. Alternative therapies (acupuncture, homeopathy, yoga, h
99. C13 C13. Why we dream while we are sleeping, and what the dreams
100. C14 C14. Ghosts and witches, and whether they may exist
101. C15 C15. Thought transference, mind-reading, sixth sense, intuit
102. C16 C16. Why the stars twinkle and the sky is blue
103. C17 C17. Why we can see the rainbow
104. C18 C18. Properties of gems and crystals and how these are used
105. X4 page brake, finished items on page 4
106. D01 D1. Threats to the environment are not my business
107. D02 D2. Environmental problems make the future of the world look
108. D03 D3. Environmental problems are exaggerated
109. D04 D4. Science and technology can solve all environmental probl


110. D05 D5. I am willing to have environmental problems solved even
111. D06 D6. I can personally influence what happens with the environ
112. D07 D7. We can still find solutions to our environmental problem
113. D08 D8. People worry too much about environmental problems
114. D09 D9. Environmental problems can be solved without big changes
115. D10 D10. People should care more about protection of the environ
116. D11 D11. It is the responsibility of the rich countries to solve
117. D12 D12. I think each of us can make a significant contribution
118. D13 D13. Environmental problems should be left to the experts
119. D14 D14. I am optimistic about the future
120. D15 D15. Animals should have the same right to life as people
121. D16 D16. It is right to use animals in medical experiments if th
122. D17 D17. Nearly all human activity is damaging for the environme
123. D18 D18. The natural world is sacred and should be left in peace
124. X5 page brake, finished items on page 5
125. E01 E1. Symmetries and patterns in leaves and flowers
126. E02 E2. How the sunset colours the sky
127. E03 E3. The ozone layer and how it may be affected by humans
128. E04 E4. The greenhouse effect and how it may be changed by human
129. E05 E5. What can be done to ensure clean air and safe drinking w
130. E06 E6. How technology helps us to handle waste, garbage and sew
131. E07 E7. How to control epidemics and diseases
132. E08 E8. Cancer, what we know and how we can treat it
133. E09 E9. Sexually transmitted diseases and how to be protected ag
134. E10 E10. How to perform first-aid and use basic medical equipmen
135. E11 E11. What we know about HIV/AIDS and how to control it
136. E12 E12. How alcohol and tobacco might affect the body
137. E13 E13. How different narcotics might affect the body
138. E14 E14. The possible radiation dangers of mobile phones and com
139. E15 E15. How loud sound and noise may damage my hearing
140. E16 E16. How to protect endangered species of animals
141. E17 E17. How to improve the harvest in gardens and farms
142. E18 E18. Medicinal use of plants
143. E19 E19. Organic and ecological farming without use of pesticide
144. E20 E20. How energy can be saved or used in a more effective way
145. E21 E21. New sources of energy from the sun, wind, tides, waves,
146. E22 E22. How different sorts of food are produced, conserved and
147. E23 E23. How my body grows and matures
148. X6 page brake, finished items on page 6
149. E24 E24. Animals in my area
150. E25 E25. Plants in my area
151. E26 E26. Detergents, soaps and how they work
152. E27 E27. Electricity, how it is produced and used in the home
153. E28 E28. How to use and repair everyday electrical and mechanica
154. E29 E29. The first landing on the moon and the history of space
155. E30 E30. How electricity has affected the development of our soc
156. E31 E31. Biological and human aspects of abortion
157. E32 E32. How gene technology can prevent diseases
158. E33 E33. Benefits and possible hazards of modern methods of farm
159. E34 E34. Why religion and science sometimes are in conflict
160. E35 E35. Risks and benefits of food additives
161. E36 E36. Why scientists sometimes disagree
162. E37 E37. Famous scientists and their lives
163. E38 E38. Big blunders and mistakes in research and inventions
164. E39 E39. How scientific ideas sometimes challenge religion, auth
165. E40 E40. Inventions and discoveries that have changed the world
166. E41 E41. Very recent inventions and discoveries in science and t
167. E42 E42. Phenomena that scientists still cannot explain
168. X7 page brake, finished items on page 7
169. F01 F1. School science is a difficult subject
170. F02 F2. School science is interesting
171. F03 F3. School science is rather easy for me to learn
172. F04 F4. School science has opened my eyes to new and exciting jo
173. F05 F5. I like school science better than most other subjects

 
174. F06 F6. I think everybody should learn science at school
175. F07 F7. The things that I learn in science at school will be hel
176. F08 F8. I think that the science I learn at school will improve
177. F09 F9. School science has made me more critical and sceptical
178. F10 F10. School science has increased my curiosity about things
179. F11 F11. School science has increased my appreciation of nature
180. F12 F12. School science has shown me the importance of science f
181. F13 F13. School science has taught me how to take better care of
182. F14 F14. I would like to become a scientist
183. F15 F15. I would like to have as much science as possible at sch
184. F16 F16. I would like to get a job in technology
185. X8 page brake, finished items on page 8
186. G01 G1. Science and technology are important for society
187. G02 G2. Science and technology will find cures to diseases such
188. G03 G3. Thanks to science and technology, there will be greater
189. G04 G4. Science and technology make our lives healthier, easier
190. G05 G5. New technologies will make work more interesting
191. G06 G6. The benefits of science are greater than the harmful eff
192. G07 G7. Science and technology will help to eradicate poverty an
193. G08 G8. Science and technology can solve nearly all problems
194. G09 G9. Science and technology are helping the poor
195. G10 G10. Science and technology are the cause of the environment
196. G11 G11. A country needs science and technology to become develo
197. G12 G12. Science and technology benefit mainly the developed cou
198. G13 G13. Scientists follow the scientific method that always lea
199. G14 G14. We should always trust what scientists have to say
200. G15 G15. Scientists are neutral and objective
201. G16 G16. Scientific theories develop and change all the time
202. X9 page brake, finished items on page 9
203. H01 H1. tried to find the star constellations in the sky
204. H02 H2. read my horoscope (telling future from the stars)
205. H03 H3. read a map to find my way
206. H04 H4. used a compass to find direction
207. H05 H5. collected different stones or shells
208. H06 H6. watched (not on TV) an animal being born
209. H07 H7. cared for animals on a farm
210. H08 H8. visited a zoo
211. H09 H9. visited a science centre or science museum
212. H10 H10. milked animals like cows, sheep or goats
213. H11 H11. made dairy products like yoghurt, butter, cheese or ghe
214. H12 H12. read about nature or science in books or magazines
215. H13 H13. watched nature programmes on TV or in a cinema
216. H14 H14. collected edible berries, fruits, mushrooms or plants
217. H15 H15. participated in hunting
218. H16 H16. participated in fishing
219. H17 H17. planted seeds and watched them grow
220. H18 H18. made compost of grass, leaves or garbage
221. H19 H19. made an instrument (like a flute or drum) from natural
222. H20 H20. knitted, weaved, etc
223. H21 H21. put up a tent or shelter
224. H22 H22. made a fire from charcoal or wood
225. H23 H23. prepared food over a campfire, open fire or stove burne
226. H24 H24. sorted garbage for recycling or for appropriate disposa
227. H25 H25. cleaned and bandaged a wound
228. H26 H26. seen an X-ray of a part of my body
229. X10 page brake, finished items on page 10
230. H27 H27. taken medicines to prevent or cure illness or infection
231. H28 H28. taken herbal medicines or had alternative treatments (a
232. H29 H29. been to a hospital as a patient
233. H30 H30. used binoculars
234. H31 H31. used a camera
235. H32 H32. made a bow and arrow, slingshot, catapult or boomerang
236. H33 H33. used an air gun or rifle
237. H34 H34. used a water pump or siphon


238. H35 H35. made a model such as toy plane or boat etc
239. H36 H36. used a science kit (like for chemistry, optics or elect
240. H37 H37. used a windmill, watermill, waterwheel, etc
241. H38 H38. recorded on video, DVD or tape recorder
242. H39 H39. changed or fixed electric bulbs or fuses
243. H40 H40. connected an electric lead to a plug, etc.
244. H41 H41. used a stopwatch
245. H42 H42. measured the temperature with a thermometer
246. H43 H43. used a measuring ruler, tape or stick
247. H44 H44. used a mobile phone
248. H45 H45. sent or received an SMS (text message on mobile phone)
249. H46 H46. searched the internet for information
250. H47 H47. played computer games
251. H48 H48. used a dictionary, encyclopaedia, etc. on a computer
252. H49 H49. downloaded music from the internet
253. H50 H50. sent or received e-mail
254. H51 H51. used a word processor on the computer
255. H52 H52. opened a device (radio, watch, computer, telephone, etc
256. X11 page brake, finished items on page 11
257. H53 H53. baked bread, pastry, cake, etc
258. H54 H54. cooked a meal
259. H55 H55. walked while balancing an object on my head
260. H56 H56. used a wheelbarrow
261. H57 H57. used a crowbar (jemmy)
261. H58 H58. used a rope and pulley for lifting heavy things
263. H59 H59. mended a bicycle tube
264. H60 H60. used tools like a saw, screwdriver or hammer
265. H61 H61. charged a car battery
266. J J. How many books are there in your home?


 
$33(1',;' &2'(%22.48(67,21,
7KHFRGHERRNIRUWKHRSHQHQGHGTXHVWLRQ


I: Myself as a scientist
Use a separate SPSS file for this item..
The question identification nb (Q_ID) will be used for merging this file with
the other SPSS file after coding.
The file you need for data entry in SPSS is called "ROSE item I.sav"

Q_ID Questionnaire identification number

I_WORDS I. number of words written

(Simple count of total number of words in the response.
Code 0 words if no response or if the response to the item is not serious,
and skip the rest)

For all following variables: code 1 if applicable, otherwise leave blank.

Note that several responses are possible, since each student may give mixed
responses. The responses are on two dimensions:

1. What (I1… description of topics mentioned - one or more)

2. Why (I2… description of reasons given for the choice)

Name Label
I1B_BODY I.what Biology: human, body
I1B_MED I.what Biology: deceases, medicine, cure
I1B_MICR I.what Biology: microbiology, gene technology
I1B_NATU I.what Biology: animals, plants, nature
I1B_OTHR I.what Biology: other

I1T_ICT I.what Technology: computers, electronic, new tech, etc.

I1T_CAR I.what Technology: motors, buildings, roads, car, transport, etc
I1T_WEAP I.what Technology: weapon
I1T_OTHR I.what Technology: other or in general

I1G_ENVR I.what Environment

I1G_GEO I.what Earth, weather, climate
I1G_CHEM I.what Chemistry; atoms, reactions, etc.
I1G_PHYS I.what Physics; electricity, heat, etc.
I1G_SPCE I.what Space; stars and planets, black holes, space travel, etc.
I1O_PSYC I.what Psychology, human behaviour
I1O_INVN I.what Invent things
I1O_EXPR I.what Do experiments, work on laboratory
I1O_WNDR I.what Paranormal, philosophical, mysterious, wonder, etc.
I1O_SOC I.what Social and economic sciences
I1O_NO I.what Do not want to do research
I1O_OTHR I.what Other

I2_SELF I.why Curiosity, interests, seems fun, want to, exciting

I2_PROF I.why Related to the profession I want
I2_IMPRT I.why Important in general or for society/humanity
I2_HELP I.why Help (people, animals, etc.)
I2_RICH I.why Get rich, popular, famous
I2_OTHR I.why Other

comments If you need to comment on the response, use this string variable


$33(1',;( '$7$&2//(&7,215(3257
$GDWDFROOHFWLRQUHSRUWZLWK1RUZD\DVDQH[DPSOH


Report on organizing the ROSE survey in Norway

&DPLOOD6FKUHLQHU8QLYHUVLW\RI2VOR)HEUXDU\

ROSE team
7KH 1RUZHJLDQ 526( WHDP FRQVWLWXWHV 3URIHVVRU 6YHLQ 6M¡EHUJ PDVWHU VWXGHQW .ULVWMDQ
.HWLOO 6WHIDQVVRQ DQG 3K' VWXGHQW &DPLOOD 6FKUHLQHU :H DUH DOO ORFDWHG DW 8QLYHUVLW\ RI
2VOR'HSDUWPHQWRI7HDFKHU(GXFDWLRQDQG6FKRRO'HYHORSPHQW

School system and science teaching

7KH 1RUZHJLDQ VFKRRO V\VWHP KDV WHQ \HDUV RI FRPSXOVRU\ HGXFDWLRQ &KLOGUHQ VWDUW DW
VFKRRO DW WKH DJH RI DQG DUH  ZKHQ WKH\OHDYH &RPSXOVRU\ VFKRRO LV GLYLGHG LQWR WZR
VWHSV SULPDU\ VFKRRO ZLWK JUDGH  WR  DQG XSSHU VHFRQGDU\ VFKRRO ZLWK JUDGH  WR 
7KURXJK DOO JUDGHV LQ WKH \HDU FRPSXOVRU\ VFKRRO WKHUH LV RQH FRPPRQ VXEMHFW IRU WKH
QDWXUDOVFLHQFHVFDOOHG6FLHQFHDQGWKHHQYLURQPHQW

1RUZD\LVVSDUVHO\SRSXODWHGDQGPDQ\RIWKHSULPDU\DQGORZHUVHFRQGDU\VFKRROVDUHYHU\
VPDOO)RUH[DPSOHZHKDYHWKDWRQHTXDUWHURIDOOORZHUVHFRQGDU\VFKRROVLQ1RUZD\KDV
WZHOYHRUOHVVVWXGHQWVDWJUDGH

,Q1RUZD\WKHUHLVQRVWUHDPLQJRUJURXSLQJRIVWXGHQWVDFFRUGLQJWRDELOLW\RUJHQGHUHWF
EXWZHKDYHDIHZSULYDWHVFKRROVEDVLQJWKHLUWHDFKLQJRQSDUWLFXODUUHOLJLRQVSKLORVRSKLHV
RU DOWHUQDWLYH HGXFDWLRQDO DSSURDFK  SHUFHQW YDULHV ZLWK JUDGH RI DOO FKLOGUHQ LQ
1RUZD\DWWHQGWKHVWDWHVFKRROV

7KHUHDUHDIHZVSHFLDOVFKRROVIRUGHDIFKLOGUHQDQGFKLOGUHQZLWKYHU\ZHDNDELOLWLHVEXW
PRVWVWXGHQWVZLWKVSHFLDOOHDUQLQJQHHGVDUHLQWHJUDWHGLQRUGLQDU\SXEOLFVFKRRO7KHRQO\
VLJQLILFDQW PLQRULW\ JURXS LQ 1RUZD\ LV WKH VHYHUDO WKRXVDQG LQGLJHQRXV 6DDPL LQKDELWLQJ
WKHQRUWKHUQSDUWRIWKHFRXQWU\7KH\JRWR6DDPLVFKRROVZLWK6DDPLFXUULFXOD

Translation
$OWKRXJK WKH 526( TXHVWLRQQDLUH ZDV GHYHORSHG LQ 1RUZD\ WKH PDVWHU YHUVLRQ ZDV LQ
(QJOLVK6YHLQDQG,ZHUHERWKLQYROYHGLQWKHWUDQVODWLRQLQWR1RUZHJLDQ

,Q 2FWREHU  WKH (QJOLVK YHUVLRQ RI WKH TXHVWLRQQDLUH ZDV UHJDUGHG DV ILQDOL]HG DQG ,
GHYHORSHGWKHILUVW1RUZHJLDQGUDIW7KLVZDVSURRIUHDGDQGFRPPHQWHGE\6YHLQDQGDIWHU
DFRXSOHRIPHHWLQJVZHDJUHHGRQWKHILQDO1RUZHJLDQYHUVLRQ

,Q WKH 1RUZHJLDQ DV ZHOO DV LQ WKH (QJOLVK HGLWLRQ ZH KDYH EHHQ DLPLQJ DW NHHSLQJ WKH
H[SUHVVLRQV DQG WKH ZRUGLQJ VLPSOH DQG FOHDU 'XULQJ WKH 1RUZHJLDQ WUDQVODWLRQ RI WKH
TXHVWLRQQDLUH ZH PHW D IHZ LWHPV LQ WKH (QJOLVK YHUVLRQ LQ ZKLFK WKH ZRUGLQJ FRXOG EH

 
IXUWKHU VLPSOLILHG ,Q WKLV ZD\ WKH SURFHVV RI GHYHORSLQJ WKH 1RUZHJLDQ YHUVLRQ RI WKH
TXHVWLRQQDLUHIXQFWLRQHGDVDODVWFKHFNWKURXJKWKH(QJOLVKYHUVLRQDVZHOO

National questions
:HGLGQRWDGGDQ\LWHPVIRUEDFNJURXQGYDULDEOHVEXWLQWKHHQGRIWKHTXHVWLRQQDLUHZH
DGGHGWZRQDWLRQDOTXHVWLRQV

.:KDWSURIHVVLRQZRXOG\RXOLNHWRKDYHZKHQ\RXDUHJURZQXS"
.
RSHQHQGHG

/ %HORZ LV D OLVW RI SRVVLEOH JRDOV SHRSOH PD\ ILQG LPSRUWDQW ,Q ZKDW GHJUHH GR \RX ILQG
WKHVHJRDOVLPSRUWDQWIRURXUVRFLHW\"
UHVSRQVHLQD/LNHUWVFDOHZLWKWHQFDWHJRULHVIURPQRWLPSRUWDQWWRYHU\LPSRUWDQW

$FKLHYHKLJKHFRQRPLFJURZWK
3URWHFWXQWRXFKHG1RUZHJLDQQDWXUH
0RUHHPSKDVLVRQPHGLFDOUHVHDUFKHJRQFDQFHUDQG+,9$,'6
3URWHFWWKHHQYLURQPHQWDJDLQVWSROOXWLRQ
*LYHWKHHOGHUO\VDIHDQGGHFHQWFRQGLWLRQV
3UHVHUYHODZDQGRUGHU
(QKDQFHGHPSKDVLVRQUHVHDUFKRQQHZWHFKQRORJ\
%ULQJLQSURKLELWLRQRIVPRNLQJ
3URYLGHSURWHFWLRQRIRXUELJSUHGDWRUV
3UHSDUH1RUZD\IRUZHOFRPLQJPRUHUHIXJHHVDQGLPPLJUDQWV
(UDGLFDWHDOOIRUPVRISRYHUW\DQGGLVWUHVVLQ1RUZD\
/RZHUWD[HVDQGGXWLHV
8VHJHQGHUTXRWDVWRKDYHPRUHZRPHQLQVHQLRUDSSRLQWPHQWV
(QKDQFHGHPSKDVLVRQHGXFDWLRQDQGEHWWHUVFKRROV
*LYHHFRQRPLFVXSSRUWWRSRRUFRXQWULHV
3URYLGHDVRFLHW\IUHHIURPGUXJV

Piloting
:KHQ ZH KDG DYDLODEOH D 1RUZHJLDQ WUDQVODWLRQ RI WKH ILQDO YHUVLRQ LW ZDV WHVWHG E\
LQWHUYLHZLQJ WZR VWXGHQWV DIWHU WKH\ KDG ILOOHG LQ WKH TXHVWLRQQDLUH ,Q WKH EHJLQQLQJ RI
1RYHPEHU  ZH EURXJKW WKH TXHVWLRQQDLUHGHYHORSPHQWWRDFORVHERWKIRUWKH(QJOLVK
DQGIRUWKH1RUZHJLDQYHUVLRQ

Official permission
,Q 2FWREHU  ZH ZURWH DQ HPDLO WR 7KH 1RUZHJLDQ 6RFLDO 6FLHQFH 'DWD 6HUYLFHV ZLWK
GHVFULSWLRQV RI WKH 526( SURMHFW DQG WKH TXHVWLRQQDLUH :H UHTXHVWHG DQ DFFRXQW RI ZKDW
IRUPDOLWLHVDQGRIILFLDOSURFHGXUHVWKDWKDGWREHIROORZHGLQFRQQHFWLRQZLWKVXUYH\VRIWKLV
NLQG7KHUHVSRQVHZDVWKDWVLQFHWKHRQO\EDFNJURXQGYDULDEOHVZHUHVH[DJHDQGQDPHRI
WKHVFKRROQRRIILFLDOSHUPLVVLRQRUUHJLVWUDWLRQZDVUHTXLUHG

Population
7KH 526( WDUJHW SRSXODWLRQ LQ 1RUZD\ ZDV WKH FRKRUW RI  \HDU ROG 1RUZHJLDQ VWXGHQWV
OLYLQJLQRXUFRXQWU\LQ$V526(VDPSOHVVFKRROFODVVHVDQGQRWLQGLYLGXDOVWXGHQWV
WKH WDUJHW SRSXODWLRQ ZDV PRUH SUHFLVHO\ GHILQHG DV WKH VWXGHQWV DW WKH JUDGH OHYHO ZKHUH


PRVW\HDUROGVWXGHQWVZHUHOLNHO\WRJR7KLVPHDQVWKHJUDGHOHYHOZLWKPRVWVWXGHQWV
ERUQ LQ  ZKLFK FRUUHVSRQGV WR JUDGH  LQ ORZHU VHFRQGDU\ VFKRRO  SHUFHQW RI WKH
VWXGHQWVERUQLQZHUHDWWHQGLQJJUDGHLQ

Sample and participation

7KH1RUZHJLDQ0LQLVWU\RI(GXFDWLRQDQG5HVHDUFKKDVWKHUHYLHZRIDOOVFKRROVDQGVFKRRO
VWDWLVWLFV LQ RXU FRXQWU\ :H JRW WKH GDWDEDVH IURP ZKLFK ZH GUHZ WKH VDPSOH IURP WKH
1RUZHJLDQ7,0663,6$JURXS$VWKH\ZHUHDERXWWRGUDZWKHVDPSOHIRU3,6$WKH\
KDGUHFHQWO\UHFHLYHGWKHGDWDEDVHIURP7KH1RUZHJLDQ0LQLVWU\RI(GXFDWLRQDQG5HVHDUFK

7KH GDWDEDVH FRQWDLQHG WRWDOO\  VFKRROV DQG  VWXGHQWV DW JUDGH  6DDPL DQG
VSHFLDOVFKRROVZHUHQRWLQWKHGDWDEDVH7KHVPDOOHVWVFKRROVKDGRQO\RQHVWXGHQWDWJUDGH
ZKLOHWKHODUJHVWVFKRROKDG

:HGHYHORSHGDVPDOOURXWLQHLQ([FHOZKLFKGUHZVFKRROVUDQGRPO\$OOWKHVWXGHQWVLQ
WKH GDWDEDVH ZHUH DVVLJQHG D XQLTXH QXPEHU DQGWKH([FHOSURJUDP SLFNHGUDQGRPO\RQH
VWXGHQW IURP WKH GDWDEDVH 2QFH WKH VWXGHQW ZDV GUDZQ WKH VFKRRO WR ZKLFK WKLV VWXGHQW
EHORQJHG ZDV WUDQVIHUUHG WR WKH VDPSOH 6XFK VDPSOLQJ URXWLQH LPSOLFDWHV WKDW WKH
SUREDELOLW\ RI RQH VFKRRO WR EH GUDZQ ZDV LGHQWLFDO WR WKH QXPEHU RI VWXGHQWV DWWHQGLQJ
JUDGHDWWKHVFKRRODQGWKDWWKHFKDQFHWREHVDPSOHGZDVKLJKHUIRUVWXGHQWVJRLQJWR
ODUJHVFKRROV

,Q WKH HQG RI2FWREHU ZH VHQW OHWWHUV WR WKHVDPSOHGVFKRROVDQGLQYLWHGWKHPWR

SDUWLFLSDWH LQ WKH 526( VXUYH\ :H UHFHLYHG  DIILUPDWLYH DQG  QHJDWLYH DQVZHUV 7KLV
JDYH XV SDUWLFLSDWLRQ RQ VFKRRO OHYHO RI  SHUFHQW ZKLFK ZH UHJDUGDV DQ RYHUDOO SRVLWLYH
DWWLWXGH WRZDUGV SDUWLFLSDWLQJ LQ WKH VXUYH\ $V ZH GR QRW NQRZ WKH H[DFW QXPEHU RI
VWXGHQWVLQHDFKVFKRROFODVVZHFDQQRWUHSRUWWKHSDUWLFLSDWLRQSHUFHQWDJHRQWKHOHYHORI
WKHVWXGHQWV

$VODUJHFRKRUWVDUHRIWHQGLYLGHGLQWRVPDOOHUJURXSVRIVWXGHQWVLQSDUDOOHOFODVVHVDQGDV
ZHZLVKHGWRVDPSOHQRPRUHWKDQRQHFODVVIURPHDFKVFKRROZHUHTXHVWHGWKHVFKRROVWR
LQGLFDWH KRZ PDQ\ SDUDOOHO FODVVHV WKHLU VFKRRO KDG DW JUDGH  $JDLQ ZH PDGH XVH RI DQ
([FHOURXWLQHIRUGUDZLQJRQHFODVVUDQGRPO\IURPWKHWRWDOQXPEHURISDUDOOHOFODVVHV2QH
VFKRRO UHSRUWHG WKDW IRU SUDFWLFDO SXUSRVHV WKH\ FRQGXFWHG WKH VXUYH\ LQ DQ RWKHU SDUDOOHO
FODVVWKDQWKHRQHVXJJHVWHGLQRXULQVWUXFWLRQV%XWEHVLGHVWKLVVLQJOHIHHGEDFNZHGRQRW
NQRZZKHWKHUWKHVFKRROVFDUULHGRXWWKHVXUYH\LQWKHFODVVZHSURSRVHG

([FHSWIURPWKH6DDPLPLQRULW\WKH1RUZHJLDQSRSXODWLRQLVHWKQLFDOO\KRPRJHQHRXV

,Q  WKH LPPLJUDQWV FRQVWLWXWHG  SHUFHQW RI WKH 1RUZHJLDQ SRSXODWLRQ (XURSHDQ
LPPLJUDQWVPDNHXSSHUFHQWRIWKHWRWDOLPPLJUDQWSRSXODWLRQ$VLDQLPPLJUDQWVIRU
SHUFHQWDQG$IULFDQVSHUFHQW6RPHSHUFHQWOLYHLQXUEDQVHWWOHPHQWVVRLQPRVWDUHDV
RIWKHFRXQWU\LPPLJUDQWVUHSUHVHQWRQO\DQLQVLJQLILFDQWSDUWRIWKHVDPSOH

7KHUH PD\ EH VRPH ZHDNQHVV LQ RXU VDPSOH GXH WR LVVXHV GHVFULEHG DERYH OLNH PLVVLQJ
UHVSRQGHQWVDQGLPPLJUDQWVEXWRXURYHUDOOLPSUHVVLRQLVWKDWWKHTXDOLW\RIWKHVDPSOHLV

 
KLJK :H EHOLHYH WKDW ZH FDQ UHJDUG WKH VDPSOH EHLQJ UHSUHVHQWDWLYH IRU WKH 1RUZHJLDQ
WDUJHWSRSXODWLRQ

Carrying out in schools

$W HDFK VFKRRO WKH KHDGVKLS FDPH XS ZLWK RQH SHUVRQ WKDW FRXOG RUJDQL]H WKH SURMHFW
ORFDOO\ 7KURXJK WKHVH FRRUGLQDWRUV ZH FRXOG GLVWULEXWH RQH FODVV VHW RI SULQWHG
TXHVWLRQQDLUHV WR HDFK FODVV 6XFFHVVLYHO\ DV ZH UHFHLYHG DIILUPDWLYH DQVZHUV WR RXU
LQYLWDWLRQWKHFODVVVHWVRITXHVWLRQQDLUHVZHUHVHQWWRWKHFRRUGLQDWRUVDWWKHVFKRROV

,Q WKH VHQGLQJ ZLWK WKH EXQFK RI TXHVWLRQQDLUHV ZH DWWDFKHG D OHWWHU ZLWK YDULRXV
LQVWUXFWLRQV DQG GHVFULSWLRQV RI SUDFWLFDOLWLHV IRU FRQGXFWLQJ WKH VXUYH\ OLNH ZKLFK RI WKH
SDUDOOHO FODVVHV WKDW VKRXOG SDUWLFLSDWH WKH VXUYH\ VKRXOG SUHIHUDEO\ EH FRQGXFWHG EHIRUH
&KULVWPDVFDPLQXWHVZRXOGEHVXIILFLHQWIRUPRVWVWXGHQWVVWXGHQWVQHHGLQJPRUHWLPH
FRXOGFRPSOHWHWKHTXHVWLRQQDLUHLQWKHLUKRPHZRUNWKHVFKRROFRXOGSUHIHUDEO\FDUU\RXW
WKHVXUYH\LQDVFLHQFHOHVVRQWKHTXHVWLRQQDLUHVVKRXOGEHNHSWXQQDPHGDQGDQRQ\PRXV
HWF

:HDOVRDWWDFKHGDOHWWHUDGGUHVVHGWRWKHSDUHQWVZLWKDSLHFHRIJHQHUDOLQIRUPDWLRQDERXW
WKH 526( SURMHFW DQG IRU OHWWLQJ WKHP NQRZ WKDW WKH VXUYH\ ZDV EDVHG RQ YROXQWHHU
SDUWLFLSDWLRQ ,I GHVLUDEOH WKH FRRUGLQDWRUV FRXOG GXSOLFDWH DQG GLVWULEXWH WKLV OHWWHU WR WKH
SDUHQWV 7KH VHQGLQJ DOVR FRQWDLQHG D VWDPSHG DQG DGGUHVVHG HQYHORSH IRU UHWXUQLQJ WKH
TXHVWLRQQDLUHVWRWKH8QLYHUVLW\RI2VOR

'XULQJ 1RYHPEHU DQG 'HFHPEHU  DOO VFKRROV EXW ILYH KDG FRQGXFWHG WKH VXUYH\ DQG
UHWXUQHG WKH ILOOHGLQ TXHVWLRQQDLUHV DQG ZLWKLQ WKH HQG RI -DQXDU\  ZH KDG UHFHLYHG
WKHILYHUHPDLQLQJHQYHORSHV

Feedback and experiences

7R HDFK SDUWLFLSDWLQJ VFKRRO ZH VHQW D ZULWWHQ DFNQRZOHGJHPHQW IRU UHFRJQLWLRQ RI WKHLU
ZRUN DQG WKHLU KHOS ,Q WKLV OHWWHUHPDLO ZH DOVR WRRN WKH RSSRUWXQLW\ WR DVN DERXW WKHLU
H[SHULHQFHVZLWKFDUU\LQJRXWWKHVXUYH\LQWKHFODVVHVZKDWNLQGRISUDFWLFDOREVWDFOHVWKH\
PHWWKHVSRQWDQHRXVUHDFWLRQVIURPWKHVWXGHQWVHWF

:HUHFHLYHGWRWDOO\HLJKWUHVSRQVHVWRWKLVUHTXHVWDQGDOOZHUHSUHGRPLQDQWO\SRVLWLYH

WKHTXHVWLRQVVHHPHGFOHDUDQGJRRG
DVWUDLJKWIRUZDUGVXUYH\EXWZLWKQXPHURXVLWHPV
QRTXHVWLRQVKDGWREHFODULILHGRQWKHZD\
DSSURSULDWHWLPH
WKHVWXGHQWVIRXQGWKHTXHVWLRQVLQWHUHVWLQJ
WKH\ZRUNHGFRQFHQWUDWHGWKURXJKWKHTXHVWLRQQDLUH
WKH\ ZHUH SURXG WRMRLQLW  HVSHFLDOO\ DV WKLV ZDVVRPHWKLQJ\RXWK IURP WKH ZKROHZRUOG
WRRNSDUWLQ
WKH\QHHGHGWRPLQXWHVIRUDQVZHULQJ
,UHFHLYHGQRTXHVWLRQVRQWKHZD\
LWZDVREYLRXVO\HDV\WRXQGHUVWDQG
VRPH RI WKH VWXGHQWV ZLWK ZHDN UHDGLQJ DELOLW\ IRXQG WKDW LW ZDV PXFK WR UHDG EXW WKH\
EURXJKWWKHTXHVWLRQQDLUHKRPHDQGGHOLYHUHGLWWKHGD\DIWHU


 ,QRWLFHGWKDWVRPHRIWKHDQVZHUVZHUHUDWKHUIOLSSDQWEXWQRWDOORIWKHVWXGHQWVDUHWKDW
PDWXUH
PRVWRIWKHVWXGHQWVIHOWUDWKHULPSRUWDQWZKLFKZDVJRRG
P\ LPSUHVVLRQ LV WKDW WKH\ IRXQG WKH IRUP H[FLWLQJ 2QH FDQ VHH VXFK WKLQJV IURP WKH
LQWHQVLW\WKH\SXWLQWKHLUZRUNZLWKWKHILOOLQJLQ
,WKLQNWKH\UHJDUGHGWKLVDVRQHRIWKHPRUHLQWHUHVWLQJVXUYH\V
P\LPSUHVVLRQLVWKDWWKLVLVDQLQWHUHVWLQJDQJOHIRUGHYHORSLQJWKHVXEMHFW,QP\RSLQLRQ
PXFKPRUHVHQVLEOHWKDQPDQ\RWKHUFRPSDUDWLYHVWXGLHV
.((3 21 :( $5( :,7+ <28  % $5( :,6( <281* 3(23/( :,7+ $ %5,*+7
9,(:2)7+()8785(

Coding (also of the open-ended I question)

$OO WKH 1RUZHJLDQ UHVSRQVHV ZHUH FRGHG E\ 6YHLQ
V FKLOGUHQ /LY  DQG $UH  7KH\
FRGHGGLUHFWO\LQWR6366DFFRUGLQJWRWKHJXLGHOLQHVLQWKH526(+DQGERRNDQGLQJHQHUDO
WKH\IRXQGWKHMREXQFRPSOLFDWHGDQGVWUDLJKWIRUZDUG

,Q VRPH TXHVWLRQQDLUHV WKH UHVSRQGHQWV KDG REYLRXVO\ QRW WDNHQ WKH WDVN VHULRXVO\ HJ E\
PDNLQJV\PPHWULFSDWWHUQVLQWKHUHVSRQVHFDWHJRULHV6XFKTXHVWLRQQDLUHVZHUHH[FOXGHG,Q
LQVWDQFHV ZKHUH /LY DQG $UH ZKHUH XQVXUH DERXW KRZ WR KDQGOH WKH UHVSRQVHV WKH\ PDGH
QRWHVLQWKH6366ILOH

7RZDUGVWKHHQGRI)HEUXDU\WKHFRGLQJZDVFRPSOHWHGDQG,UHYLHZHGDQGFRQVLGHUHG
WKH QRWHV IURP /LY DQG $UH 7KHUH ZHUH IRU H[DPSOH LQVWDQFHV ZKHUH WKH UHVSRQGHQW WRRN
WKHWDVNVHULRXVO\WKURXJKWKHILUVWIHZSDJHVEXWVHHPHGWRKDYHIOLSSHGRXWGXULQJWKHODVW
SDUWRIWKHTXHVWLRQQDLUH7KHUHZHUHRWKHULQVWDQFHVZKHUHHQWLUHSDJHVZHUHHPSW\OLNHLI
WKHUHVSRQGHQWKDGRYHUORRNHGWKHP,QFDVHVZKHUHRQO\PLQRUSDUWVRIWKHTXHVWLRQQDLUH
ZHUH QRW VDWLVIDFWRULO\ ILOOHG LQ WKH YDULDEOHV ZHUH FRGHG ZLWK  PLVVLQJ 2WKHUZLVH WKH
ZKROHTXHVWLRQQDLUHZDVH[FOXGHGIURPWKH6366ILOH

,DOVRSURRIUHDGWKHFRGHGILOHE\VHDUFKLQJIRUPLVSULQWVOLNHHPSW\FHOOVFHOOVFRGHGZLWK
WZR GLJLWV DQG FHOOV FRGHG ZLWK OHWWHUV GLIIHUHQW IURP WKH DOORZHG OHWWHUV IRU WKH TXHVWLRQ
6XFK FRGLQJ HUURUV ZHUH FRUUHFWHG E\ ORRNLQJ XS WKH TXHVWLRQ LQ WKH FRUUHVSRQGLQJ
TXHVWLRQQDLUH

:HFRQVLGHULWDVOLNHO\WKDWWKHUHVWLOODUHVRPHIOLSSDQWUHVSRQVHVDQGFRGLQJHUURUVLQWKH
GDWDILOHEXWRXURYHUDOOLPSUHVVLRQLVWKDWWKHTXDOLW\RIWKHGDWDILOHLVUDWKHUKLJK

,QWKHHQGRI)HEUXDU\WKH1RUZHJLDQ6366ILOHZDVILQDOL]HGZLWKUHVSRQGHQWV
HYHQO\GLVWULEXWHGRQ

 JLUOV
 ER\V
 UHVSRQGHQWZLWKPLVVLQJUHVSRQVHIRUVH[

 \HDUROGV

 \HDUROGV
 \HDUROGV

 
$33(1',;) 526(3$57,&,3$176
$VE\6HSWHPEHU

7KLV OLVW FRQWDLQV RQO\ WKH QDPHV DQG HPDLO DGGUHVVHV RI WKH FRQWDFW SHUVRQV LQ HDFK
FRXQWU\)XUWKHUGHWDLOVDQGXSGDWHVDUHIRXQGRQWKH526(ZHESDJH7KHFRXQWULHVDUHLQ
DOSKDEHWLFDORUGHU&RXQWULHVZKHUHGDWDFROOHFWLRQLVFRPSOHWHGDUHPDUNHGZLWKboldface.
7KHRWKHUFRXQWULHVZLOOILQDOL]HGDWDFROOHFWLRQLQVKRUWWLPHDOWKRXJKDIHZDUHXQFHUWDLQ

 $XVWUDOLD'HEELH&RUULJDQ'HEELH&RUULJDQ#(GXFDWLRQPRQDVKHGXDX!
 Bangla Desh:-DFN+ROEURRNLFDVH#]HQRQORJRVF\QHW!MDFN#ERORQOLQHFRP!
 %RWVZDQD&HSKDV'DYLG<DQGLOD<$1',/$&#PRSLSLXEEZ!
 %UD]LO/XL]&DOGHLUDOFDOGHLUD#KRWPDLOFRP!
 %UXQHL'DUXVVDODP'N+MK6LWL)DWLPDKS#EUXQHWEQ!
 &]HFK5HSXEOLF0DUWLQ%LOHNPDUWLQELOHN#XKNF]!
 Cyprus:1LFRV9DODQLGHVQLFKUL#XF\DFF\!
 Denmark+HQULN%XVFKEXVFK#GSXGN!
 England:(GJDU-HQNLQV(:-HQNLQV#HGXFDWLRQOHHGVDFXN!
 Estonia0LLD5DQQLNPlHPLLD#XWHH!DQG0RRQLND7HSSR
PRRQLNDWHSSR#PDLOHH!
 Egypt5DVKHG0RKDPPHGUDVKHGB#KRWPDLOFRP!
 Finland:-DUL/DYRQHQMDULODYRQHQ#KHOVLQNLIL!
 *HUPDQ\6XVDQQH%|JHKRO]VERHJHK#JZGJGH!
 Ghana:,VKPDHO$QGHUVRQLVKNDQG\#\DKRRFRP!
 Greece9DVLOLV.RXODLGLVNRXODLGL#NHHJU!RUNRXODLGL#XSDWUDVJU!
NRXODLGL#XRSJU!
 Iceland:.ULVWMDQ.HWLOO6WHIDQVVRQNULVWMDV#VWXGHQWPDWQDWXLRQR!DQG6WHIDQ
%HUJPDQVWHIDQE#NKLLV
 India: (Mumbai)6XJUD&KXQDZDODVXJUDF#KEFVHWLIUUHVLQ!
 ,QGLD*XMDUDW -D\VKUHH0HKWDVDWZDF#ZLOQHWRQOLQHQHW!
 Israel:5LFDUGR7UXPSHUUBWUXPSHU#KRWPDLOFRP!ULFDUGR#KDKRWULPFRP!
 Ireland:3KLOLS0DWWKHZVSPWWKHZV#HLUFRPQHW!
 Japan:0DVDNDWD2JDZDKDN#ULRRGQQHMS!RJDZDP#NREHXDFMS!
 Latvia:-DQLV*HGURYLFVMDQJH#PSHOY!
 Lesotho: 1HR3/LSKRWRQSOLSKRWR#QXOOV!
 0DOD\VLD6XDQ<RRQJF\JQHW#WPQHWP\!
 0DODZL$QGUHZ1FKHVLDQFKHV#KRWPDLOFRP!
 Norway:&DPLOOD6FKUHLQHUFDPLOODVFKUHLQHU#LOVXLRQR!DQG6YHLQ6MREHUJ
VYHLQVMREHUJ#LOVXLRQR!
 Northern Ireland:&ROHWWH0XUSK\FDPXUSK\#4XHHQV%HOIDVW$&8.!
 Philippines:YLYLHQWDOLVD\RQYWDOLVD\RQ#\DKRRFRP!DQG&HOLD%DOELQ
FHOLDEDOELQ#XSHGXSK!
 Poland:50-DQLXNUPMDQLXN#KHUPHVXPFVOXEOLQSO!
 Portugal: -RVH$]HYHGRD]HYHGR#OHWUDVXSSW>
 Russia:6HUJH\%RJGDQRYVERJGDQRY#RQHJRUX!DQG,ULQD7HYHOWHYHO#VDPSRUX!


  6ORYDNLD6RQD%HQGLNRYDEHQGLNRYD#VHUYHULQIRYHNVN!
 South Africa (Western Cape):.HLWK/DQJHQKRYHQNODQJHQKRYHQ#XZFDF]D!
 6RXWK$IULFD.ZD=XOX1DWDO1LUPDOD*RSDODIFOLVW#SL[LHXGZDF]D!
 Spain (Baleares):ÈQJHO9i]TXH]Y]T]#RQRFRP!
 Sweden:$QGHUV-LGHVM|DQGML#WHPDOLXVH!DQG0DJQXV2VFDUVVRQ
PDJQXVRVFDUVVRQ#PKVH!
 Swaziland:)UDQFLV0DYKXQJDIPDYKXQJD#\DKRRFRP!
IPDYKXQJD#XQLVZDFFXQLVZDV]!
 Trinidad and Tobago West Indies: -XQH*HRUJHMXQHPJHRUJH#\DKRRFRP!
NHPVRE#FDULEOLQNQHW!
 Turkey:%XOHQW&DYDVEXOHQWFDYDV#GHXHGXWU!
 Uganda:-DQH0XOHPZD-DQH0XOHPZD#XWOFRXJ!
 Zimbabwe:)UDQFLV0DYKXQJDIPDYKXQJD#\DKRRFRP!
IPDYKXQJD#XQLVZDFFXQLVZDV]!

 
5()(5(1&(6

$LNHQKHDG*65HYLHZRI5HVHDUFKRQ+XPDQLVWLF3HUVSHFWLYHVLQ6FLHQFH
&XUULFXOD3DSHUSUHVHQWHGDWWKH(6(5$(XURSHDQ6FLHQFH5HVHDUFK$VVRFLDWLRQ
FRQIHUHQFH1RRUGZLMNHUKRXW7KH1HWKHUODQGV
$U\'-DFREV/& 5D]DYLHK$,QWURGXFWLRQWR5HVHDUFKLQ(GXFDWLRQ)RUW
:RUWK+DUFRXUW%UDFH&ROOHJH3XEOLVKHU
%DXPDQ=7KHLQGLYLGXDOL]HGVRFLHW\&DPEULGJH3ROLW\3UHVV
%HFN85LVN6RFLHW\7RZDUGVD1HZ0RGHUQLW\2ULJLQDOO\SXEOLVKHGDV
5LVLNRJHVHOOVFKDIW$XIGHP:HJLQHLQHDQGHUH0RGHUQH/RQGRQ6DJH
3XEOLFDWLRQV
%HFN8:RUOGULVNVRFLHW\&DPEULGJH3ROLW\3UHVV
%HFN85LVN6RFLHW\5HYLVLWHG7KHRU\3ROLWLFVDQG5HVHDUFK3URJUDPV,Q$GDP
% %HFN8 9DQ/RRP-(GV7KH5LVN6RFLHW\DQG%H\RQG&ULWLFDO,VVXHVIRU
6RFLDO7KHRU\/RQGRQ6DJH3XEOLFDWLRQV
%HFN8,QGLYLGXDOL]DWLRQ/RQGRQ6$*(3XEOLFDWLRQV/WG
%HOO:)RXQGDWLRQRI)XWXUHV6WXGLHV+XPDQ6FLHQFHIRUD1HZ(UD/RQGRQ
7UDQVDFWLRQ3XEOLVKHUV
%HOO:8QGHUVWDQGLQJWKHIXWXUHVILHOG,Q+LFNV' 6ODXJKWHU5(GV)XWXUHV
(GXFDWLRQSS/RQGRQ.RJDQSDJH
%HQQHWW-7KHGHYHORSPHQWDQGXVHRIDQLQVWUXPHQWWRDVVHVVVWXGHQWV
DWWLWXGH
WRWKHVWXG\RIFKHPLVWU\,QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQ
%¡,+DGGHXQJGRPGHWEHGUHI¡U"(QVDPPHQOLNQLQJDYXQJGRPVRSSOHYHOVHDY
SV\NRVRVLDOHSUREOHPHULRJ>:HUH\RXWKGRLQJEHWWHUEHIRUH"$
FRPSDULVRQRI\RXWK
VSHUFHSWLRQRISV\FKRVRFLDOSUREOHPVLQDQG@9RO
6WDYDQJHU+¡JVNROHQL6WDYDQJHU,QIRUPDVMRQVHQKHWHQ>6WDYDQJHU8QLYHUVLW\
&ROOHJH@
%RXUGLHX3'LVWLQFWLRQDVRFLDOFULWLTXHRIWKHMXGJHPHQWRIWDVWH/RQGRQ
5RXWOHGJH .HJDQ3DXO
%UXQVWDG328QJGRPRJOLYVWRONQLQJ><RXWKDQGLQWHUSUHWDWLRQRIOLIH@
7URQGKHLP7DSLUIRUODJ
%UXQVWDG32/RQJLQJIRUEHORQJLQJ<RXWKFXOWXUHLQ1RUZD\,Q*LGOH\- 
,QD\DWXOODK6(GV<RXWK)XWXUHV&RPSDUDWLYH5HVHDUFKDQG7UDQVIRUPDWLYH
9LVLRQV/RQGRQ3UDHJHU3XEOLVKHUV
&HULQL%0XUUD\, 5HLVV0-6WXGHQWUHYLHZRIWKHVFLHQFHFXUULFXOXP0DMRU
ILQGLQJV/RQGRQ3ODQHW6FLHQFH,QVWLWXWHRI(GXFDWLRQ8QLYHUVLW\RI/RQGRQ6FLHQFH
0XVHXP
&RKHQ/0DQLRQ/ 0RUULVRQ.5HVHDUFK0HWKRGVLQ(GXFDWLRQ/RQGRQ
5RXWOHGJHDQG)DOPHU
&ROHPDQ-& +HQGU\/%7KH1DWXUHRI$GROHVFHQFH/RQGRQ5RXWOHGJH
&RRSHU'( 3DOPHU-$(GV6SLULWRIWKHHQYLURQPHQW5HOLJLRQYDOXHDQG
HQYLURQPHQWDOFRQFHUQ/RQGRQ5RXWOHGJH
'XLW5 0D\HU-(GV6WXGLHQ]XUQDWXUZLVVHQVFKDIWVGLGDNWLVFKHQ/HUQXQG
,QWHUHVVHQIRUVFKXQJ.LHO,31,QVWLWXWIUGLH3lGDJRJLNGHU1DWXUZLVVHQVFKDIWHQ
(FNHUVOH\5$XVWUDOLDQ$WWLWXGHVWR6FLHQFHDQG7HFKQRORJ\DQGWKH)XWXUH7KH
$XVWUDOLDQ&RPPLVLRQIRUWKH)XWXUH
(FNHUVOH\5'UHDPVDQGH[SHFWDWLRQV\RXQJSHRSOH¶VH[SHFWHGDQGSUHIHUUHG
IXWXUHVDQGWKHLUVLJQLILFDQFHIRUHGXFDWLRQ)XWXUHV±
(FNHUVOH\5)XWXUH9LVLRQV6RFLDO5HDOLWLHVDQG3ULYDWH/LYHV<RXQJ3HRSOHDQG
7KHLU3HUVRQDO:HOO%HLQJ,Q*LGOH\- ,QD\DWXOODK6(GV<RXWK)XWXUHV
&RPSDUDWLYH5HVHDUFKDQG7UDQVIRUPDWLYH9LVLRQV/RQGRQ3UDHJHU3XEOLVKHU
(PEHU&5 (PEHU0&URVV&XOWXUDO5HVHDUFK0HWKRGV$OWD0LUD3UHVV
(8(XUREDURPHWHU(XURSHDQVVFLHQFHDQGWHFKQRORJ\%UXVVHOV'LUHFWRUDWH
*HQHUDOIRU3UHVVDQG&RPPXQLFDWLRQ
(85HSRUWRIWKH+LJK/HYHO*URXSRQWKHIXWXUHRIVRFLDOSROLF\LQDQHQODUJHG
(XURSHDQ8QLRQ(XURSHDQ&RPPLVVLRQ'LUHFWRUDWH*HQHUDOIRU(PSOR\PHQWDQG
6RFLDO$IIDLUV


)RUQlV-&XOWXUDO7KHRU\ /DWH0RGHUQLW\/RQGRQ6$*(3XEOLFDWLRQVOWG
)U¡QHV, %UXVGDO53nVSRUHWDYGHQQ\HWLG.XOWXUHOOHYDUVOHUIRUHQQ U
IUHPWLG>2QWKHWUDFNRIWKHQHZHUD&XOWXUDOVLJQVRIDQHDUIXWXUH@%HUJHQ
)DJERNIRUODJHW9LJPRVWDG %M¡UNH$6
)XUORQJ$ &DUWPHO)<RXQJSHRSOHDQGVRFLDOFKDQJHLQGLYLGXDOL]DWLRQDQGULVN
LQODWHPRGHUQLW\%XFNLQJKDP2SHQ8QLYHUVLW\3UHVV
*DEOH5. :ROI0%,QVWUXPHQW'HYHORSPHQWLQWKH$IIHFWLYH'RPDLQ
0HDVXULQJ$WWLWXGHVDQG9DOXHVLQ&RUSRUDWHDQG6FKRRO6HWWLQJV%RVWRQ.OXZHU
$FDGHPLF3XEOLVKHUV
*DUGQHU3/$WWLWXGHVWRVFLHQFH$UHYLHZ6WXGLHVLQ6FLHQFH(GXFDWLRQ
*DUGQHU3/,QWHUHVWVLQVFLHQFHDQGWHFKQRORJ\HGXFDWLRQ3DSHUSUHVHQWHGDWWKH
WK,31VXPSRVLXP8QLYHUVLW\RI.LHO
*DUGQHU3/7KHGLPHQVLRQDOLW\RIDWWLWXGHVFDOHVDZLGHO\PLVXQGHUVWRRGLGHD
,QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQ
*LGGHQV$7KH&RQVHTXHQFHVRI0RGHUQLW\&DPEULGJH3ROLW\3UHVV
*LGGHQV$0RGHUQLW\DQG6HOI,GHQWLW\6HOIDQG6RFLHW\LQWKH/DWH0RGHUQ$JH
&DPEULGJH3ROLW\3UHVV
*LGGHQV$6RFLRORJ\WKHG&DPEULGJH3ROLW\3UHVV%ODFNZHOO3XEOLVHUV/WG
*LGOH\- ,QD\DWXOODK6(GV<RXWK)XWXUHV&RPSDUDWLYH5HVHDUFKDQG
7UDQVIRUPDWLYH9LVLRQV/RQGRQ3UDHJHU3XEOLVKHUV
+DJWYHW.$,QWHUDFWLRQRIDQ[LHW\DQGDELOLW\RQWDVNSHUIRUPDQFH$
VLPXOWDQHRXVFRQVLGHUDWLRQRISDUDPHWHUV=HLWVFKULIWIU3lGDJRJLVFKH3V\FKRORJLH

+DQVHQ3-.6RPHLPSURYHPHQWVRQWKHWHDFKLQJRIZHDWKHUDQGFOLPDWHEDVHG
RQILQGLQJVIURPLQWHUYLHZVLQ1RUZHJLDQVFKRROV3DSHUSUHVHQWHGDWWKH$PHULFDQ
0HWHRURORJLFDO6RFLHW\UG,QWHUQDWLRQDO&RQIHUHQFHRQ6FKRRODQG3RSXODU
0HWHRURORJLFDODQG2FHDQRJUDSKLF(GXFDWLRQ7RURQWR2QWDULR&DQDGD
+lXVVOHU3 +RIIPDQQ/$&XUULFXODU)UDPHIRU3K\VLFV(GXFDWLRQ
'HYHORSPHQW&RPSDULVRQZLWK6WXGHQWV¶,QWHUHVWVDQG,PSDFWRQ6WXGHQWV¶
$FKLHYHPHQWDQG6HOI&RQFHSW6FLHQFH(GXFDWLRQ
+HDG6)XWXUHVLQWKH&ODVVURRP6WXGHQW
V9LHZSRLQWV3DSHUSUHVHQWHGDWWKH
:RUOG)XWXUHV6WXGLHV)HGHUDWLRQ;9WK:RUOG&RQIHUHQFH%ULVEDQH
+HLOEURQHU59LVLRQVRIWKH)XWXUH7KH'LVWDQW3DVW<HVWHUGD\7RGD\7RPRUURZ
1HZ<RUN2[IRUG7KH1HZ<RUN3XEOLF/LEUDU\DQG2[IRUG8QLYHUVLW\3UHVV
+HOOHYLN2 +¡LH+9LEHN\PUHURVVPLQGUHIRUPLOM¡HW>:HDUHOHVVFRQFHUQHG
DERXWWKHHQYLURQPHQW@6DPIXQQVVSHLOHW6WDWLVWLVN6HQWUDOE\Un
+HQDQJHU)&KLOGFHQWUHGVFLHQFH"([SORULQJWKHH[SHULHQFHVLQWHUHVWV
SHUFHSWLRQVDQGSULRULWLHVDPRQJ\HDUROGFKLOGUHQEDVHGRQWKHLQWHUQDWLRQDO
VWXG\6FLHQFHDQG6FLHQWLVWV0DVWHUWKHVLV8QLYHUVLW\RI2VOR2VOR
+HQOH\&HQWUH<RXQJ(\HV&KLOGUHQ
V9LVLRQVRIWKH)XWXUH(QYLURQPHQW/RQGRQ
+HQOH\&HQWUHIRU)RUHFDVWLQJ
+LFNV'D(QYLVLRQLQJWKHIXWXUH7KHFKDOOHQJHIRUHQYLURQPHQWDOHGXFDWRUV
(QYLURQPHQWDO(GXFDWLRQ5HVHDUFK
+LFNV'E$/HVVRQ)RU7KH)XWXUH<RXQJSHRSOH
VKRSHVDQGIHDUVIRUWRPRUURZ
)XWXUHV
+LFNV' +ROGHQ&9LVLRQVRIWKHIXWXUHZK\ZHQHHGWRWHDFKIRUWRPRUURZ
6WDIIRUGVKLUH7UHQWKDP%RRNV
+R6XL&KX( :LOOLDPV'-(IIHFWVRI3DUHQWDO,QYROYHPHQWRQ(LJKW*UDGH
$FKLHYHPHQW6RFLRORJ\RI(GXFDWLRQ$SULO
+RIIPDQQ/.UDSS$5HQQLQJHU$ %DXPHUW-(GV,QWHUHVWDQG/HDUQLQJ
3URFHHGLQJVRIWKH6HFRQG&RQIHUHQFHRQ,QWHUHVWDQG*HQGHU.LHO,31,QVWLWXWIU
GLH3lGDJRJLNGHU1DWXUZLVVHQVFKDIWHQ
,OOHULV..DW]QHOVRQ16LPRQVHQ% 8OULNVHQ/8QJGRPLGHQWLWHWRJ
XGGDQQHOVH><RXWKLGHQWLW\DQGHGXFDWLRQ@)UHGHULNVEHUJ5RVNLOGHXQLYHUVLWHWVIRUODJ
,QJHOKDUW50RGHUQL]DWLRQDQGSRVWPRGHUQL]DWLRQ&XOWXUDOHFRQRPLFDQGSROLWLFDO
FKDQJHLQVRFLHWLHV3ULQFHWRQ1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV
,QJOHKDUW5&XOWXUH6KLIWLQ$GYDQFHG,QGXVWULDO6RFLHW\3ULQFHWRQ1HZ-HUVH\
3ULQFHWRQ8QLYHUVLW\3UHVV

 
-DUPDQ5 0F&OXQH%$VXUYH\RIWKHXVHRIQHZVSDSHUVLQVFLHQFHLQVWUXFWLRQ
E\VHFRQGDU\WHDFKHUVLQ1RUWKHUQ,UHODQG,QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQ

-HQNLQV(:(QYLURQPHQWDOHGXFDWLRQDQGWKHSXEOLFXQGHUVWDQGLQJRIVFLHQFH
)URQWLHUVLQ(FRORJ\DQGWKH(QYLURQPHQW
.DZDVDNL.$KLGGHQFRQIOLFWEHWZHHQZHVWHUQDQGWUDGLWLRQDOFRQFHSWVRI1DWXUH
LQVFLHQFHHGXFDWLRQLQ-DSDQ%XOOHWLQRI6FKRRORI(GXFDWLRQ2ND\DPD8QLYHUVLW\

/HKUNH0+RIIPDQQ/ *DUGQHU3/(GV,QWHUHVWVLQVFLHQFHDQGWHFKQRORJ\
HGXFDWLRQ.LHO,31,QVWLWXWIUGLH3lGDJRJLNGHU1DWXUZLVVHQVFKDIWHQ
/LH6.M UQVOL0 %UHNNH*7,006,QWHUQDWLRQDO0DWKHPDWLFVDQG6FLHQFH
6WXG\+YDLDOOYHUGHQVNMHULUHDOIDJHQH",QWHUQDVMRQDOWO\VSnWUHWWHQnULQJHUV
NXQQVNDSHUKROGQLQJHURJXQGHUYLVQLQJLQRUVNVNROH>:KDWRQ(DUWKKDSSHQVLQ
6FLHQFHDQG0DWKHPDWLFVDWVFKRRO",QWHUQDWLRQDOOLJKWRQ\HDUROGV
NQRZOHGJH
DWWLWXGHVDQGWHDFKLQJLQ1RUZHJLDQVFKRROV@2VOR)DFXOW\RI(GXFDWLRQ'HSDUWPHQW
RI7HDFKHU(GXFDWLRQDQG6FKRRO'HYHORSPHQW
0DUWLQ020XOOLV,96*RQ]DOHV(-*UHJRU\.'6PLWK7$&KURVWRZVNL6-
*DUGHQ5$ 2
&RQQRU.07,066,QWHUQDWLRQDO6FLHQFH5HSRUW
)LQGLQJVIURP,($
V5HSHDWRIWKH7KLUG,QWHUQDWLRQDO0DWKHPDWLFVDQG6FLHQFH6WXG\
DWWKH(LJKWK*UDGH&KHVWQXW+LOO0$,($7,066,QWHUQDWLRQDO6WXG\&HQWHU%RVWRQ
&ROOHJH
0DVORZ$+7RZDUGDSV\FKRORJ\RIEHLQJ1HZ<RUN9DQ1RVWUDQG5HLQKROG&R
0LOODU5/HDFK- 2VERUQH-,PSURYLQJ6FLHQFH(GXFDWLRQ7KH&RQWULEXWLRQRI
5HVHDUFK%XFNLQJKDP2SHQ8QLYHUVLW\3UHVV
0M¡VHW/3HUVRQDOFRPPXQLFDWLRQ2VOR
0XHOOHU'-0HDVXULQJ6RFLDO$WWLWXGHV$+DQGERRNIRU5HVHDUFKHUVDQG
3UDFWLWLRQHUV1HZ<RUN7HDFKHUV&ROOHJH3UHVV
0\UODQG.1RUVNHnULQJHUVRSSIDWQLQJHURPQDWXUIDJRJIRUVNHUHLQQHQ
QDWXUIDJ>1RUZHJLDQ\HDUROGSXSLOV
LGHDVDERXWVFLHQFHDQGVFLHQWLVWV@0DVWHU
WKHVLV8QLYHUVLW\RI2VOR2VOR
16%6FLHQFHDQG(QJLQHHULQJ,QGLFDWRUV16%$UOLQJWRQ9$1DWLRQDO
6FLHQFH%RDUG1DWLRQDO6FLHQFH)RXQGDWLRQ
16%D$Q(PHUJLQJDQG&ULWLFDO3UREOHPRIWKH6FLHQFHDQG(QJLQHHULQJ/DERU)RUFH
$&RPSDQLRQWR
6FLHQFHDQG(QJLQHHULQJ,QGLFDWRUV16%$UOLQJWRQ9$1DWLRQDO6FLHQFH
%RDUG1DWLRQDO6FLHQFH)RXQGDWLRQ
16%E6FLHQFHDQG(QJLQHHULQJ,QGLFDWRUV16%$UOLQJWRQ9$
1DWLRQDO6FLHQFH%RDUG1DWLRQDO6FLHQFH)RXQGDWLRQ
‘GHJDDUG07KH'UDPDRI6FLHQFH(GXFDWLRQ+RZSXEOLFXQGHUVWDQGLQJRI
ELRWHFKQRORJ\DQGGUDPDDVDOHDUQLQJDFWLYLW\PD\HQKDQFHDFULWLFDODQGLQFOXVLYH
VFLHQFHHGXFDWLRQ'RFWRUDOWKHVLV8QLYHUVLW\RI2VOR2VOR
2(&'D0HDVXULQJ6WXGHQW.QRZOHGJHDQG6NLOOV7KH3,6$DVVHVVPHQWRI
UHDGLQJPDWKHPDWLFDODQGVFLHQWLILFOLWHUDF\3DULV2(&'
2(&'E3,6$7HFKQLFDO5HSRUW2(&'$YDLODEOH
KWWSZZZSLVDRHFGRUJWHFKKRPHLQWURKWP
2JDZD0$FXOWXUDOKLVWRU\RIVFLHQFHHGXFDWLRQLQ-DSDQDQHSLFGHVFULSWLRQ,Q
&REHUQ::(G6RFLR&XOWXUDO3HUVSHFWLYHVRQ6FLHQFH(GXFDWLRQ$Q
,QWHUQDWLRQDO'LDORJXH9ROSS'RUGUHFKW7KH1HWKHUODQGV.OXZHU
$FDGHPLF3XEOLVKHUV
‘LD7$SROLWLVNXQJGRP"6M¡OEHUJLQJVJHQHUDVMRQHQRJSROLWLVNHYHUGLHU>$SROLWLFDO
\RXWK"7KHVHOIUHVFXLQJJHQHUDWLRQDQGSROLWLFDOYDOXHV@2VOR&DSSHOHQ$NDGHPLVN
)RUODJDV
2SSHQKHLP$14XHVWLRQQDLUH'HVLJQ,QWHUYLHZLQJDQG$WWLWXGH0HDVXUHPHQW
/RQGRQ3ULQWHU3XEOLVKHU/LPLWHG
2UPHURG0% 'XFNZRUWK'3XSLOV
DWWLWXGHVWRVFLHQFH6ORXJK1DWLRQDO
)RXQGDWLRQIRU(GXFDWLRQDO5HVHDUFK
2UQDXHU+:LEHUJ+6LFLQVNL$ *DOWXQJ-(GV,PDJHVRIWKHZRUOGLQWKH
\HDU$WODQWLF+LJKODQGV1-+XPDQLWLHV3UHVV


2VERUQH- &ROOLQV63XSLOV¶DQG3DUHQWV¶9LHZVRIWKH6FKRRO6FLHQFH
&XUULFXOXP/RQGRQ:HOOFRPH7UXVW.LQJ
V&ROOHJH/RQGRQ
2VERUQH- &ROOLQV63XSLOV¶YLHZVRIWKHUROHDQGYDOXHRIWKHVFLHQFH
FXUULFXOXPDIRFXVJURXSVWXG\,QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQ

2VERUQH-6LPRQ6 &ROOLQV6$WWLWXGHVWRZDUGVVFLHQFHDUHYLHZRIWKH
OLWHUDWXUHDQGLWVLPSOLFDWLRQV,QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQ

3DOPHU-$(QYLURQPHQWDO(GXFDWLRQLQWKHVW&HQWXU\7KHRU\SUDFWLFH
SURJUHVVDQGSURPLVH/RQGRQ5RXWOHGJH
3HGKD]XU(- 6FKPHONLQ/30HDVXUHPHQW'HVLJQDQG$QDO\VLV$Q,QWHJUDWHG
$SSURDFK1HZ-HUVH\/DZUHQFH(UOEDXP$VVRFLDWHV,QF
3RODN)7KHLPDJHRIWKHIXWXUH$PVWHUGDP(OVHYLHU6FLHQWLILF3XEOLVKLQJ
&RPSDQ\WUDQVODWHGDQGFRQGHQVHGHGLWLRQ
5DPVGHQ-00LVVLRQLPSRVVLEOH"&DQDQ\WKLQJEHGRQHDERXWDWWLWXGHVWR
VFLHQFH",QWHUQDWLRQDO-RXUQDORI6FLHQFH(GXFDWLRQ
5HLVV0-8QGHUVWDQGLQJ6FLHQFH/HVVRQV)LYH\HDUVRIVFLHQFHWHDFKLQJ
%XFNLQJKDP2SHQ8QLYHUVLW\3UHVV
5RELQVRQ-36KDYHU35 :ULJKWVPDQ/6(GV0HDVXUHVRI3HUVRQDOLW\DQG
6RFLDO3V\FKRORJLFDO$WWLWXGHV9RO,6DQ'LHJR&DOLIRUQLD$FDGHPLF3UHVV,QF
5REVRQ&5HDO:RUOG5HVHDUFK$5HVRXUFHIRU6RFLDO6FLHQWLVWVDQG3UDFWLWLRQHU
UHVHDUFKHUV2[IRUG%ODFNZHOO3XEOLVKHUV
5XELQ$5HIOHFWLRQV8SRQWKH/DWH0RGHUQ7UDQVLWLRQDV6HHQLQWKH,PDJHVRIWKH
)XWXUHKHOGE\<RXQJ)LQQV,Q*LGOH\- ,QD\DWXOODK6(GV<RXWK)XWXUHV
&RPSDUDWLYH5HVHDUFKDQG7UDQVIRUPDWLYH9LVLRQV/RQGRQ3UDHJHU3XEOLVKHUV
6FKLEHFL5$WWLWXGHVWRVFLHQFHDQXSGDWH6WXGLHVLQ6FLHQFH(GXFDWLRQ

6FKUHLQHU& 6M¡EHUJ62SWLPLVWVRUSHVVLPLVWV"+RZGR\RXQJSHRSOHUHODWHWR
HQYLURQPHQWDOFKDOOHQJHV"$YDLODEOHKWWSZZZLOVXLRQRIRUVNQLQJURVH3DSHU
SUHVHQWHGDWWKH(6(5$(XURSHDQ6FLHQFH5HVHDUFK$VVRFLDWLRQFRQIHUHQFHLQ
1RRUGZLMNHUKRXW7KH1HWKHUODQGV
6HHPDQ02QWKHPHDQLQJRIDOLHQDWLRQ,Q)LQLIWHU$:(G$OLHQDWLRQDQGWKH
6RFLDO6\VWHP1HZ<RUN-RKQ:LOH\ 6RQV,QF
6KDGLVK:5&RRN7' &DPSEHOO'7([SHULPHQWDODQG4XDVL([SHULPHQWDO
'HVLJQV%RVWRQ+RXJKWRQ0LIIOLQ&RPSDQ\
6KLOOLQJ&7KH%RG\DQG6RFLDO7KHRU\/RQGRQ6$*(3XEOLFDWLRQV/WG
6LFLQVNL$7KHIXWXUH$GLPHQVLRQEHLQJGLVFRYHUHG,Q2UQDXHU+ :LEHUJ+
6LFLQVNL$ *DOWXQJ-(GV,PDJHVRIWKHZRUOGLQWKH\HDU$WODQWLF
+LJKODQGV1-+XPDQLWLHV3UHVV
6LHYHUV.6WUXNWXUXQG9HUlQGHUXQJYRQ3K\VLNLQWHUHVVHQEHL-XJHQGOLFKHQ.LHO
,31,QVWLWXWIUGLH3lGDJRJLNGHU1DWXUZLVVHQVFKDIWHQ
6LPSVRQ5'.REDOOD752OLYHU-6 &UDZOH\)(5HVHDUFKRQWKHDIIHFWLYH
GLPHQVLRQRIVFLHQFHOHDUQLQJ,Q*DEHO'(G+DQGERRNRI5HVHDUFKRQ6FLHQFH
7HDFKLQJDQG/HDUQLQJSS1HZ<RUN0DF0LOODQ3XEOLVKLQJ&RPSDQ\
6LQQHV$7:K\DUH*LUOV8QGHUUHSUHVHQWHGLQ6FLHQFH(GXFDWLRQ"$&URVV&XOWXUDO
&RPSDULVRQRI2EVWDFOHVDIIHFWLQJ*LUOVLQ8JDQGDDQG1RUZD\0DVWHUWKHVLV
8QLYHUVLW\RI2VOR2VOR
6M¡EHUJ6,QWHUHVWLQJDOOFKLOGUHQLQ
VFLHQFHIRUDOO
,Q0LOODU5 /HDFK- 
2VERUQH-(GV,PSURYLQJVFLHQFHHGXFDWLRQ%XFNLQJKDP3KLODGHOSKLD2SHQ
8QLYHUVLW\3UHVV
6M¡EHUJ66FLHQFHIRUWKHFKLOGUHQ"5HSRUWIURPWKH6FLHQFHDQG6FLHQWLVWVSURMHFW
9RO2VOR'HSDUWPHQWRI7HDFKHU(GXFDWLRQDQG6FKRRO'HYHORSPHQW
8QLYHUVLW\RI2VOR
6M|GLQ88QJGRPVNXOWXURFNQDWXUYHWHQVNDS3HUVSHNWLYIUnQNXOWXUYHWHQVNDSOLJ
XQJGRPVIRUVNQLQJSn127SURMHNWHWVPnOVlWWQLQJ><RXWKFXOWXUHDQGVFLHQFH
3HUVSHFWLYHIURPVRFLDOVFLHQFHVDQG\RXWKUHVHDUFKRQWKHDLPVRIWKH127SURMHFW@
127KlIWH
6NnUGHUXG)8UR(QUHLVHLGHWPRGHUQHVHOYHW>8QUHVW$MRXUQH\LQWKHPRGHUQ
VHOI@2VOR$VFKHKRXJ

 
6NMnN.. %¡\XP%8QGHUV¡NLQJRPYHUGLHUQDWXURJPLOM¡>$WWLWXGHV
WRZDUGVWKHHQYLURQPHQW@16'UHSRUWQR%HUJHQ,6637KH,QWHUQDWLRQDO
6RFLDO6XUYH\3URJUDPPHDQG16'1RUVNVDPPIXQQVYLWHQVNDSHOLJGDWDWMHQHVWH
6NRJHQ.'HVNDODUYHMRUGHQ8QJGRPRJPLOM¡YHUQLnUHQH>7KH\ZLOOLQKHULW
WKHHDUWK<RXWKDQGHQYLURQPHQWDOSURWHFWLRQLQWKHWLHV@9RO2VOR
81*IRUVN
7RIIOHU$(G/HDUQLQJ)RU7RPRUURZ7KH5ROHRIWKH)XWXUHLQ(GXFDWLRQ1HZ
<RUN5DQGRP+RXVH
7XUPR$6FLHQFHHGXFDWLRQDQGLQWHUQDWLRQDOVWXGLHV/DUJHLQWHUQDWLRQDOVWXGLHV
DVDIUDPHIRUUHVHDUFKLQVFLHQFHHGXFDWLRQ$GLVFXVVLRQZLWKH[DPSOHVRQKRZGDWD
IURP3,6$FDQHQOLJKWHQIDFHWVRIWKHFRQVWUXFWVFLHQWLILFOLWHUDF\'RFWRUDO
WKHVLV8QLYHUVLW\RI2VOR2VOR
8OULNVHQ/%¡UQHRJXQJGRPVNXOWXURJQDWXUIDJOLJHXGGDQQHOVHU>&KLOGDQG\RXWK
FXOWXUHDQGVFLHQFHHGXFDWLRQ@,Q%XVFK+ +RUVW6 7URHOVHQ5(GV
,QVSLUDWLRQWLOIUHPWLGHQVQDWXUIDJOLJHXGGDQQHOVHU.¡EHQKDYQ
8QGHUYLVQLQJVPLQLVWHULHWVIRUODJ
=HXQHU/ /LQGH3&/LYVVWDWHJLHURJXGGDQQHOVHVYDOJ>6WUDWHJLHVRIOLIHVW\OH
DQGHGXFDWLRQDOFKRLFHV@&RSHQKDJHQ6RFLDOIRUVNQLQJVLQVWLWXWWHW
=LHKH7 6WXEHQUDXFK+1\XQJGRPRJXV GYDQOLJHO UHSURFHVVHUNXOWXUHO
IULV WWHOVHRJVXEMHNWLYLWHW2ULJLQDOO\SXEOLVKHGDV3OlGR\HUIUXQJHZ|KQOLFKHV
/HUQHQ,GHHQ]XU-XJHQGVLWXDWLRQ.¡EHQKDYQ3ROLWLVN5HY\



Acta Didactica 4/2004

Institutt for lærerutdanning og skoleutvikling

Det utdanningsvitenskapelige fakultet
Universitetet i Oslo
Postboks 1099 Blindern
0317 OSLO

Dept. of Teacher Education and School Development

Faculty of Education
University of Oslo
P.O.Box 1099 Blindern
0317 Oslo
Norway

www.ils.uio.no

ISSN 1502-2013
ISBN 82-90904-79-7