7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
1/400
7+( -867,),&$7,21 2) 7+( (;,67(1&( 2) +,*+(5 1$785(6 ,1
7+( 3+
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
2/400
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
3/400
)RU P\ IDPLO\ HVSHFLDOO\ P\ PRWKHU DQG IDWKHU ZKR KDYH VXSSRUWHG PHXQFRQGLWLRQDOO\ IURP WKH YHU\ EHJLQQLQJ RI P\ SKLORVRSKLFDO VWXGLHV
L
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
4/400
&RQWHQWV
$EVWUDFW Y
,QWURGXFWLRQ
7KH 6HDUFK IRU WKH 7KH HYROXWLRQ RI WKH WHUP DV DV VRXUFH RI RSHUDWLRQV 7KH DFFRXQWV &RQFOXVLRQV DERXW WKH VHQVHV RI
7KH WKHRULHV RI (PSHGRFOHV $QD[DJRUDV DQG WKH $WRPLVWV (PSHGRFOHV $QD[DJRUDV 7KH $WRPLVWV /HXFLSSXV DQG 'HPRFULWXV
$ULVWRWOHV GHULYDWLRQ RI WKH LQ WKH 3K\VLFV %RRN , 3DUPHQLGHV DQG WKH GRFWULQH RI WKH 2QH 7KH DQG WKH
7KH DV IRUPDO DQG PDWHULDO SULQFLSOHV DQG WKHLU UHODWLRQ WR 7KH DQG DV IRUPDO SULQFLSOH
LQ WKH EURDGHU FRQWH[W RI $ULVWRWOHV RWKHU ZRUNV DV
&RQFOXVLRQV WKH GRFWULQH RI WKH DQG LWV LPSOLFDWLRQV
DQG :D\V RI %HLQJ 7KH GHYHORSPHQW RI WKH WHUP LQ WKH 3UH6RFUDWLFV %HLQJ DQG WKH FDWHJRULHV
7KH FDWHJRULDO DQDO\VLV RI EHLQJ LQ $ULVWRWOH 7KH PXOWLYRFLW\ RI EHLQJ DQG WKH &RQFOXVLRQV FRQFHUQLQJ FDWHJRULDO EHLQJ
5HDO YV QRHWLF EHLQJ 7KH FKDUDFWHULVWLFV RI QRHWLF EHLQJ 7KH 3DUPHQLGHDQ HUURU DQG WKH
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
5/400
&RQFOXVLRQV RQ QRHWLF DQG UHDO EHLQJ
7KH GRFWULQH RI SRWHQF\ DQG DFW 3RWHQF\ DQG DFW DV ZD\V RI EHLQJ 7KH 0HJDULDQV $ULVWRWOHV DUJXPHQW IRU SRWHQF\ LQ
DGGLWLRQ WR DFWXDOLW\ $ULVWRWOHV GLOXFLGDWLRQ RI WKH QRWLRQV RI SRWHQF\ DQG
DFW )RUP DV DFW DQG IRUP DV SRWHQF\
&RQFOXVLRQ DQG WKH ZD\V RI EHLQJ
DV 3ULQFLSOH RI 0RWLRQ
7KH $ULVWRWHOLDQ DQDO\VLV RI PRWLRQ DQG FKDQJH $ EULHI ORRN DW $ULVWRWOHV WKHRU\ 7KH GHILQLWLRQ RI PRWLRQ
6HOI PRYHUV DQG WKLQJV WKDW PRYH WKHPVHOYHV $UH VHOIPRYHUV SRVVLEOH" $ SURRI IRU WKH H[LVWHQFH RI VHOIPRYHUV +RZ VHOIPRWLRQ RFFXUV 7HQVLRQV FRQFHUQLQJ WKH QRWLRQ RI VHOIPRYHPHQW &RQFOXVLRQV RQ VXEOXQDU VHOIPRYHUV
&RPPXQLFDWLRQ RI IRUP LQ PRWLRQ DQG FKDQJH
7KH GLIILFXOW\ RI WKH FRPPXQLFDWLRQ RI IRUP 7KH FRQGLWLRQV IRU FRPPXQLFDWLRQ RI IRUP .LQGV RI PRWLRQV DQG FKDQJHV UHVXOWLQJ IURP FRP
PXQLFDWLRQ RI IRUP $ SRVVLEOH VROXWLRQ WR WKH GLIILFXOW\ :DWHUORZV XQLWDU\ VXEMHFW WKHRU\
&RQFOXVLRQV UHJDUGLQJ PRWLRQ DQG FKDQJH
7KH $UJXPHQWV IRU 1DWXUDO )LQDOLW\
(PSHGRFOHVV HYROXWLRQDU\ WKHRU\
$FFLGHQW FKDQFH DQG OXFN $FFLGHQWDO EHLQJ $ULVWRWOHV DQDO\VLV RI FKDQFH DQG OXFN
$ULVWRWOHV UHVSRQVHV WR (PSHGRFOHV DV DFWLQJ DOZD\V RU IRU WKH PRVW SDUW (QGGLUHFWHGQHVV DV UHTXLULQJ UHDVRQ
$Q LVVXH FRQFHUQLQJ ELRORJLFDO ILQDOLW\ )LQDOLW\ DQG 5HGXFWLRQLVP &RQFOXVLRQV DQG ILQDOLW\
LLL
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
6/400
$ULVWRWOHV &RPSUHKHQVLYH $UJXPHQW IRU +LJKHU
7KH HOLPLQDWLRQ RI WKH REVWDFOHV SURGXFHG E\ HUURQHRXV WKHRULHV RI QDWXUH 7KH PXOWLSOLFLW\ RI EHLQJ 7KH RI PRELOH EHLQJ 7KH FKDUDFWHULVWLFV RI
7KH FDVH IRU WKH H[LVWHQFH RI KLJKHU 'HPRQVWUDWLQJ WKH H[LVWHQFH RI DV $UJXPHQWV IRU WKH H[LVWHQFH RI KLJKHU 1RQUHGXFLEOH SRZHUV DQG SRWHQFLHV
&RQFOXVLRQV
&RQFOXVLRQ
$ 7UDQVODWLRQV RI *UHHN 7H[WV $ $ULVWRWOH
$ &DWHJRULHV $ 2Q 6RSKLVWLFDO 5HIXWDWLRQV $ 3K\VLFV RU 1DWXUDO +HDULQJ $ 2Q WKH +HDYHQV $ 2Q *HQHUDWLRQ DQG &RUUXSWLRQ $ 0HWHRURORJLD $ 2Q 'UHDPV $ 2Q 6HQVH DQG WKH 6HQVLEOH $ 'H $QLPD $ 2Q WKH 3DUWV RI $QLPDOV $ 0RWLRQ RI $QLPDOV $ 2Q WKH *HQHUDWLRQ RI $QLPDOV $ 0HWDSK\VLFV $ 1LFRPDFKHDQ (WKLFV $ 5KHWRULF
$ 'LHOV +
$ 'LH )UDJPHQWH GHU 9RUVRNUDWLNHU $ (PSHGRFOHV
$ 2Q 1DWXUH WUDQVODWHG E\ : ( /HRQDUG $ 3DUPHQLGHV
$ 2Q 1DWXUH WUDQVODWLRQ E\ - %XUQHW $ 3ODWR
$ /DZV $ 0HQR $ 7KHDWHWXV
LY
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
7/400
$ 6LPSOLFLXV
$ 2Q $ULVWRWOHV 3K\VLFV $ 2Q $ULVWRWOHV 3K\VLFV
%LEOLRJUDSK\
Y
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
8/400
$EVWUDFW
1RUYHOOH (ULN 0 'RFWRU 8QLYHUVLW\ RI 1DYDUUD 6HSWHPEHU 7KH-XVWLILFDWLRQ RI WKH ([LVWHQFH RI +LJKHU 1DWXUHV LQ WKH 3K\VLFV RI $ULVWRWOH 0DMRU 3URIHVVRU 'U (QULTXH $ODUFyQ
,Q KLV RZQ HUD MXVW DV WRGD\ $ULVWRWOHV GRFWULQH RI ZDV FRQWURYHUVLDO $JDLQVW WKH PDWHULDOLVW SKLORVRSKHUV RI KLV GD\ $ULVWRWOH VXVWDLQHG WKHH[LVWHQFH RI UHDO DFWXDOLWLHV RI D KLJKHU RUGHU WKDQ WKH HOHPHQWV RU DWRPVSRVWXODWHG E\ WKHVH SKLORVRSKHUV 7KLV W\SH RI KLJKHU DFWXDOLW\ RU KLJKHU LV WKH IRUP RI D QDWXUDO VXEVWDQFH ZKLFK JLYHV LW D JHQXLQH XQLW\ EH
\RQG WKDW RI DQ DJJUHJDWH RI HOHPHQWV DQG ZKLFK DFWV DV WKH VRXUFH RI WKHVXEVWDQFHV FKDUDFWHULVWLF RSHUDWLRQV +RZ GRHV WKH 6WDJLULWH MXVWLI\ SRVWXODWLQJ VXFK KLJKHU DFWXDOLWLHV" ,Q WKLV GLVVHUWDWLRQ , ZLOO H[DPLQH WKH MXVWLILFDWLRQV WKDW $ULVWRWOH JLYHV ERWK H[SOLFLWO\ DQG LQGLUHFWO\ LQ WKH 3K\VLFVWKH 0HWDSK\VLFV 2Q WKH 6RXO 2Q *HQHUDWLRQ DQG &RUUXSWLRQ DQG 2Q WKH
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
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
9/400
,QWURGXFWLRQ
,W LV WKURXJK DQ XQIRUWXQDWH TXLUN RI KLVWRU\ WKDW ZH ODFN WRGD\ DQ H[WHQGHG
ZRUN E\ $ULVWRWOH GHGLFDWHG WR D VWXG\ RI KLV SUHGHFHVVRUV LQ QDWXUDO SKLORV
RSK\ WKH 6LPSOLFLXV WKH QHR3ODWRQLF %\]DQWLQH SKLORVRSKHU
DQG FRPPHQWDWRU RQ $ULVWRWOH TXRWHV IURP D ZRUN WDQWDOL]LQJO\ HQWLWOHG
2Q 'HPRFULWXV ZKLFK ZDV DWWULEXWHG WR WKH 6WDJLULWH 8QIRUWXQDWHO\
WKLV ZRUN KDV EHHQ ORVW DQG ZH KDYH WRGD\ QR PRUH WKDQ WKH IUDJPHQWV
SUHVHUYHG LQ 6LPSOLFLXVV FRPPHQWDU\ RQ 2Q WKH +HDYHQV 7KH 6WDJLULWH
KRZHYHU ZDV D FDUHIXO VWXGHQW RI KLV SUHGHFHVVRUV DQG KLV ZRUNV RQ QDWX
UDO SKLORVRSK\ DQG PHWDSK\VLFV DUH UHSOHWH ZLWK H[WHQVLYH FLWDWLRQV RI WKH
ZRUNV RI WKH DORQJ ZLWK SDUDSKUDVHV RI WKHLU GRFWULQHV DQG GH
WDLOHG FULWLTXHV RI WKHLU SRVLWLRQV :KLOH $ULVWRWOH PDLQWDLQHG DQ LQWHUHVW
LQ GLDORJXH ZLWK WKH 3ODWRQLVWV ZLWK ZKRP KH VWXGLHG DQG ZRUNHG IRU VR
PDQ\ \HDUV WKH PDMRULW\ RI KLV PHQWLRQV RI RWKHU SKLORVRSKHUV FRQFHUQ
WKH 3UHVRFUDWLF QDWXUDO SKLORVRSKHUV LQ SDUWLFXODU 'HPRFULWXV (PSHGR
FOHV DQG $QD[DJRUDV :KLOH KH IUHTXHQWO\ GLVDJUHHG ZLWK WKHLU EDVLF DV
VXPSWLRQV WKH IRXQGHU RI WKH 3HULSDWHWLF VFKRRO KDG D SURIRXQG UHVSHFW IRU
WKHVH SKLORVRSKHUV DQG GHYHORSHG D EURDG SK\VLFDO WKHRU\EDVHG ILUPO\
7KH FDWDORJXH RI $ULVWRWOHV ZRUNV IRXQG LQ 'LRJHQHV /DsUWLXVV /LYHV RI WKH 3KLORVRSKHUV FLWHG LQ %DUQHV OLVWV D ZRUN HQWLWOHG 3UREOHPV IURP 'HPRFULWXV ZKLFKPD\ RU PD\ QRW EH WKH VDPH ZRUN 'LRJHQHVV OLVW ODFNV DQ\ UHIHUHQFH WR ZRUNV GHGLFDWHGWR WKH GRFWULQHV RI $QD[DJRUDV (PSHGRFOHV RU /HXFLSSXV
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
10/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
RQ KLV PHWDSK\VLFVLQ RUGHU WR UHVSRQG WR ZKDW ZH PLJKW FDOO WKHLU UHGXF
WLYH PDWHULDOLVP
7KLVGLVVHUWDWLRQZLOOIRFXVRQ$ULVWRWOHVUHVSRQVHWRWKH WDN
LQJ DV LWV FHQWUDO WRSLF WKH QRWLRQ RI QDWXUH RU DV GHYHORSHG E\ $ULV
WRWOH ,Q SDUWLFXODU , ZLOO LQYHVWLJDWH WKH ZD\V LQ ZKLFK $ULVWRWOH GHIHQGV
WKH QHFHVVLW\ RI SRVWXODWLQJ ZKDW , WHUP FRPSOH[ RU KLJKHU DJDLQVW
WKH UHGXFWLRQLVP RI WKHVH 3UH6RFUDWLF SKLORVRSKHUV :KLOH WKLV GLVVHUWD
WLRQ LV VSHFLILFDOO\ DERXW , ZLOO DOVR LQFOXGH GLVFXVVLRQ RI RWKHU DVSHFWV
RI $ULVWRWOHV SKLORVRSK\ ZKLFK XQGHUOLH DQG VXSSRUW KLV GHVFULSWLRQ DQG
GHIHQVH RI KLJKHU DQG 0\ LQYHVWLJDWLRQ ZLOO WKHUHIRUH UDQJH
EH\RQG WKH 3K\VLFV LWVHOI DQG ZLOO LQFOXGH WKH H[SORUDWLRQ RI GRFWULQHV LQ
WURGXFHG LQ WKH 0HWDSK\VLFV 2Q WKH +HDYHQV 2Q WKH 6RXODQG 2Q *HQHU
DWLRQ DQG &RUUXSWLRQ DPRQJ RWKHU ZRUNV
7KH VWUHQJWKV DQG ZHDNQHVVHV RI $ULVWRWOHV DUJXPHQWV DUH RI LQWHUHVW
WR PH LQ OLJKW RI P\ SODQV IRU IXWXUH UHVHDUFK 7KHUHIRUH , KDYH QRWHG
ZKHUH SRVVLEOH WKRVH RI KLV DUJXPHQWV WKDW VHHP SDUWLFXODUO\ VWURQJ HVSH
FLDOO\ ZKHQ YLHZHG LQ WKH OLJKW RI KLV PHWDSK\VLFDO GRFWULQHV ZKLFK DUH IUH
TXHQWO\ RYHUORRNHG E\ PRGHUQ FRPPHQWDWRUV 1HYHUWKHOHVV WKH SULPDU\
,Q RUGHU WR DYRLG FRQIXVLRQ LQ WKLV ZRUN , ZLOO QRUPDOO\ UHIHU WR WKLV QRWLRQ E\ WKH*UHHN ZRUG LQVWHDG RI WKH (QJOLVK FRUUHODWH QDWXUH ZKRVH PRGHUQ XVDJH LQYROYHVPDQ\ VKDGHV RI PHDQLQJ ZKLFK DUH RQO\ UHPRWHO\ UHODWHG WR WKH QRWLRQ ZKLFK $ULVWRWOHGHYHORSHG DQG GHIHQGV
,Q XVLQJ WKH WHUPV FRPSOH[ RU KLJKHU , DP LQGLFDWLQJ WKRVH ZKLFKDUH WKH SULQFLSOHV RI EHLQJLQ $ULVWRWOHV QDWXUDO SKLORVRSK\IRU FRPSOH[ QDWXUDO VXEVWDQFHV LQ SDUWLFXODU OLYLQJ WKLQJV DV RSSRVHG WR WKH VLPSOH RU HOHPHQWDO QDWXUHV 7KHWHUP KLJKHU LV QRW FRPPRQO\ XVHG LQ $ULVWRWOH EXW LW GRHV RFFXU RQFH LQ WKH FRUSXV j- 2Q %UHDWKLQJ D 7KH QRWLRQ RI D VFDOH RI QDWXUDO EHLQJV UDQJLQJ IURPWKH ORZHVWWKH VLPSOH ERGLHVWR WKH KLJKHVWUDWLRQDO EHLQJVLV TXLWH FRPPRQ LQ $ULVWRWOHV ZULWLQJV VR , IHHO MXVWLILHG LQ XVLQJ WKH ORFXWLRQ KLJKHU WR H[SUHVV WKLV QRWLRQ
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
11/400
,QWURGXFWLRQ
SXUSRVH RI WKH VWXG\ LV GHVFULSWLYH 7KDW LV , ILUVW ZLVK WR GLVFHUQ KRZ LQDV
EURDG D VHQVH DV SRVVLEOH $ULVWRWOH MXVWLILHG KLV GRFWULQH RI KLJKHU $V
D VHFRQGDU\ FRQVLGHUDWLRQ , VHHN WR H[SORUH WKH GHJUHH WR ZKLFK $ULVWRWOHV
DUJXPHQWV DUH JHQXLQHO\ SUREDWLYH DJDLQVW KLV LQWHUORFXWRUV
LQ $ULVWRWOHV ZRUNV
$ULVWRWOH DW WKH EHJLQQLQJ RI %RRN ,, RI WKH 3K\VLFV JLYHV KLV IDPRXVGHILQLWLRQ RI QDWXUH DV D SULQFLSOH RI PRWLRQ DQG UHVW
:KDW GRHV WKLV GHILQLWLRQ PHDQ DQG ZK\ LV LW LPSRU
WDQW WR $ULVWRWOH DQG WR XV"
7R VRPHRQH QRWZHOODFTXDLQWHGZLWK $ULVWRWOHV RYHUDOO SKLORVRSK\ WKLV
GHILQLWLRQ ZRXOG EH TXLWH REVFXUH VLQFH LW LV VWDWHG LQ WHUPV RI WKH WHFKQL
FDO YRFDEXODU\ WKDW $ULVWRWOH GHYHORSHG DV DQ DSSDUDWXV IRU LQYHVWLJDWLQJ
WKH QDWXUDO ZRUOG 1HYHUWKHOHVV LQ WKH SUHFHGLQJ SDUDJUDSK KH JLYHV DQ
H[SODQDWLRQ LQ WHUPV RI H[DPSOHV LOOXVWUDWLQJ LQ WKLV ZD\ ZKDW KH PHDQV
E\ WKH WHFKQLFDO WHUP +H VWDWHV
3K\VLFV E3K\VLFV E
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
12/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
7KLV OLVW LQFOXGHV D QXPEHU RI YHU\ GLIIHUHQW NLQGV RI EHLQJV ZKLFK ZH
PLJKW QRW QRUPDOO\ DVVRFLDWH OLYLQJ RUJDQLVPV SODQWV QRQUDWLRQDO DQ
LPDOV DQG KXPDQ EHLQJV WKHLU SDUWV WKH KRPRHRPHURXV ERGLHV VXFK
DV IOHVK DQG WKH PRUH FRPSOH[ RUJDQV DQG LQWHUHVWLQJO\ IRU D PRGHUQ
UHDGHU WKH VLPSOH ERGLHV RU WKH WUDGLWLRQDO IRXU HOHPHQWV RI *UHHN FRV
PRORJ\ 7KHVH EHLQJV KDYH D QXPEHU RI FKDUDFWHULVWLFV LQ FRPPRQ WKH\
IRUP JHQXLQH XQLWLHV LQ $ULVWRWOHV YLHZ DW OHDVW WKH\ GHPRQVWUDWH FKDU
DFWHULVWLF RSHUDWLRQV ZKLFK WKH\ DOZD\V H[HUFLVH LQ WKH DEVHQFH RI H[WHUQDO
LPSHGLPHQWV DQG WKH\ KDYH D SHUPDQHQFH WKDW RWKHU EHLQJV GR QRW VKDUH
ERWK LQ WKH VHQVH RI ODVWLQJ WKURXJK WLPH DQG UHVLVWLQJ GHJUDGDWLRQ DQG
LQ VRPH FDVHV RI UHSURGXFLQJ WKHLU HVVHQFHV
LV $ULVWRWOHV ZRUG IRU WKH SULQFLSOH WKDW XQGHUOLHV DOO RI
WKHVH FKDUDFWHULVWLFV DQG ZKLFK PDNHV D VLQJOH IDPLO\ RXW RI WKH GLVSDUDWH
NLQGV RI EHLQJV KH KDV OLVWHG ,Q WKH3K\VLFV $ULVWRWOH LV DVVHUWLQJ WKDW VXFK
D SULQFLSOH H[LVWV WKDW LW FDQ EH GHVFULEHG VFLHQWLILFDOO\ DQG WKDW E\ XV
LQJ LW KH FDQ VROYH D QXPEHU RI H[WUHPHO\ GLIILFXOW SUREOHPV WKDW SUHFHGLQJ
SKLORVRSKHUV ZHUH XQDEOH WR VROYH LV $ULVWRWOHV DQVZHU WR WKH WKRUQ\
SUREOHP RI H[SODLQLQJ KRZ WKHUH FRXOG EH D PXOWLSOLFLW\ RI FKDQJLQJ EHLQJV
WKDW WUXO\ DUH LQ DOO RI WKH ZD\V WKDW EH FDQ EH VDLG DQG KLV FODLP LV WKDW
WKRVH ZKR GHQ\ GHVWUR\ WKH DELOLW\ WR H[SODLQ WKH ZRUOG DV LW DFWXDOO\
LV
$ULVWRWOHV GRFWULQH RI LV WKXV LQWLPDWHO\ OLQNHG ZLWK WKH HQWLUHW\
RI KLV SKLORVRSKLFDO SURMHFW +RZHYHU WKH TXHVWLRQ RI ZKHWKHU H[LVW
LV RI LQWHUHVW IDU EH\RQG $ULVWRWOHV RZQ DJH DQG WKH FLUFOH RI *UHHN SKLORVR
3K\VLFV EE
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
13/400
,QWURGXFWLRQ
SKHUV ZLWK ZKRP KH ZDV LQ GLDORJXH ,W LV DOVR RI JUHDW LPSRUWDQFH WRGD\
JLYHQ WKH FRQWHPSRUDU\LQWHUHVW LQ SURGXFLQJIXOO\ PDWHULDOLVW H[SODQDWLRQV
IRU OLIH DQG WKH PLQG DQG WKHRULHV RI HWKLFV ZKLFK PDNH QR UHIHUHQFH WR D
QRUPDWLYH KXPDQ QDWXUH )RU WKLV UHDVRQ , KDYH FKRVHQ WR IRFXV RQ WKH DU
JXPHQWV WKDW $ULVWRWOH PDNHV IRU WKH YDOLGLW\ RI KLV GRFWULQH 1HYHUWKHOHVV
LQ WKLV VWXG\ , ZLOO QRW HQWHU LQWR WKH LVVXH RI PRGHUQ FULWLFV RI $ULVWRWHOLDQ
QDWXUDO SKLORVRSK\ EXW ZLOO IRFXV RQ WKH LVVXHV DV $ULVWRWOH HQFRXQWHUHG
WKHP
$ULVWRWOH ZDV WKH KHLU WR DQG SDUWLFLSDQW LQ WKH H[WUDRUGLQDULO\ IHFXQG
HUDRI &ODVVLFDO*UHHN SKLORVRSK\ EHJLQQLQJZLWK WKH ,RQLDQQDWXUDO SKLORVR
SKHUV DQG FRQWLQXLQJ LQ $ULVWRWOHV GD\ ZLWK WKH PDWXUH 3ODWRQLF $FDGHP\
&\QLFV $WRPLVWV DQG 6RSKLVWV DPRQJ RWKHUV $ULVWRWOH KLPVHOI ZDV LQ
WLPDWHO\ IDPLOLDU ZLWK WKH ZRUN RI WKHVH SKLORVRSKHUV LQGHHG LQ VHYHUDO
FDVHV WKH LQIRUPDWLRQ ZH KDYH DERXW WKHLU GRFWULQHV FRPHV LQ ODUJH SDUW
IURP FLWDWLRQV LQ WKH 6WDJLULWHV ZRUNV +H GHYHORSHG KLV RZQ GRFWULQHV
LQ GLDORJXH ZLWK WKHVH SKLORVRSKHUV DQG JHQHUDOO\ VXPPDUL]HV WKHLU SRVL
WLRQV SULRU WR GHPRQVWUDWLQJ ZK\ KLV RZQ SRVLWLRQ LV VXSHULRU
,Q KLV YDULRXV ZRUNV RI SK\VLFDO VFLHQFH DQG PHWDSK\VLFV $ULVWRWOH GH
YHORSHG D FRPSOHWH GRFWULQH WKDW SURYLGHV D IDU VXSHULRU H[SODQDWLRQ RI WKH
ZRUOG WKDQ WKRVH RIIHUHG E\ WKH YDULRXV WKDW ZHUH KLV SUHGHFHV
VRUV DQG FRQWHPSRUDULHV ,Q DGGLWLRQ DW YDULRXV SRLQWV WKURXJKRXW KLV
ZRUNV $ULVWRWOH RIIHUV GLUHFW UHIXWDWLRQV RI WKH WKHRULHV RI WKH
DQG SURYLGHV D MXVWLILFDWLRQ RI ZK\ KLV RZQ SRVLWLRQ LV VXSHULRU 1HYHUWKH
,Q WKH FDVH RI 'HPRFULWXV IRU LQVWDQFH QHDUO\ KDOI RI WKH /HKUH IUDJPHQWV WKDW 'LHOVFLWHV DUH IURP $ULVWRWOH
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
14/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
OHVV WKH GHYHORSPHQW RI KLV SK\VLFDO DQG PHWDSK\VLFDO GRFWULQHV DQG KLV
UHIXWDWLRQV RI KLV RSSRQHQWV DUH VSUHDG ZLGHO\ WKURXJKRXW KLV ZRUNV DQG
WKH FULWLTXHV WKDW KDYH EHHQ PDGH RI KLV DUJXPHQWV LQ SDUWLFXODU FDVHV IUH
TXHQWO\ IDLO WR WDNH LQWR FRQVLGHUDWLRQ RWKHU DVSHFWV RI KLV SKLORVRSK\ WKDW
VWUHQJWKHQ WKH DUJXPHQWV KH PDNHV
:KLOH $ULVWRWOH LV NQRZQ WR KDYH ZULWWHQ D WH[W GHGLFDWHG WR DQ H[DPL
QDWLRQDQG SRVVLEOH FULWLFLVPRI 'HPRFULWXV WKH ZRUN2Q 'HPRFULWXV
PHQWLRQHG DERYH RQO\ D IHZ IUDJPHQWV RI WKLV ZRUN VXUYLYH )XUWKHU
WR WKH EHVW RI P\ NQRZOHGJH WKHUH LV QR FRQWHPSRUDU\ ZRUN LQ (QJOLVK
ZKLFK XQLWHV $ULVWRWOHV EDVLF SKLORVRSKLFDO WHDFKLQJV ZLWK KLV H[SOLFLW DU
JXPHQWDWLRQ DJDLQVW WKH LQ RUGHU WR SURYLGH D FRPSOHWH YLVLRQ
RI WKH UHVSRQVH WKDW KH PDNHV WR PDWHULDOLVP 7KLV VWXG\ WKHQ ZLOO SUR
YLGH DQ LQLWLDO VNHWFK RI D KROLVWLF YLHZ RQ $ULVWRWOHV DOWHUQDWLYH WR *UHHN
PDWHULDOLVP ZLWK DQ HPSKDVLV RQ KRZ KH MXVWLILHV KLV GRFWULQH RI KLJKHU
LH WKH RI WKH KRPRHRPHURXV ERGLHV DQG RI OLYLQJ RUJDQLVPV
VXFK DV SODQWV DQLPDOV DQG KXPDQ EHLQJV , ZLOO IRFXV RQ WKH WKHRULHV RI
$QD[DJRUDV (PSHGRFOHV DQG WKH DQFLHQW $WRPLVWV /HXFLSSXV DQG 'HP
RFULWXV ZLWK VRPH PHQWLRQ RI WKH (OHDWLFV IRU UHDVRQV RI VSDFH , ZLOO OHDYH
IRU IXWXUH VWXG\ KLV GHIHQVH RI KLV GRFWULQH DJDLQVW 3ODWRQLF LGHDOLVP DQG
WKH 3ODWRQLF SKLORVRSK\ RI QDWXUH
6XPPDU\ RI FKDSWHU FRQWHQWV
7KH GRFWULQH RI LV DW WKH FHQWHU RI $ULVWRWOHV UHVSRQVH WR WKH FKDO
OHQJHRIGHYHORSLQJDFRPSOHWH DFFRXQW ZKLFK QRWRQO\ H[SODLQHG
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
15/400
,QWURGXFWLRQ
WKH VDPH SKHQRPHQD DV GLG WKH WKHRULHV RI KLV PDWHULDOLVW ULYDOV EXW ZKLFK
H[SODLQHG D VXEVWDQWLDOO\ ODUJHU UDQJH RI SKHQRPHQD YLD D XQLILHG WKHRU\
DW WKH PHWDSK\VLFDO SK\VLFDO DQG SV\FKRORJLFDO OHYHOV RI UHDOLW\ ,Q P\ UH
VHDUFK , KDYH LGHQWLILHG IRXU NH\ DUHDV ZKHUH $ULVWRWOH GHYHORSHG DUJX
PHQWV LQ RUGHU WR VXVWDLQ WKH H[LVWHQFH RI VXFK WKDW KH PLJKW FODLP
WR DQ XQFRQYLQFHG WKLUG SDUW\ WKDW WKH WKHRU\ KH GHYHORSV RQ WKH EDVLV RI
WKH QRWLRQ RI LV QRW PHUHO\ EHWWHU DW H[SODLQLQJ WKH H[SODQDQGD EXW
WKDW LW LV D QHFHVVDU\ GHYHORSPHQW JLYHQ WKH SKHQRPHQD WR EH H[SODLQHG ,
GHYHORS WKHVH DUJXPHQWV LQ WKH IROORZLQJ FKDSWHUV
,Q &KDSWHU , EHJLQ P\ VWXG\ ZLWK D EULHI RYHUYLHZ RI WKH VHDUFK XQ
GHUWDNHQ E\ WKH IRU WKH RU EDVLF EXLOGLQJ EORFNV RI
WKH SK\VLFDO XQLYHUVH LQ WKH FRQWH[W RI WUDFLQJ WKH GHYHORSPHQW RI WKH
WHUP XS WR WKH WLPH RI $ULVWRWOH , WUDFH KRZ WKH WHUP FDPHWREHOLQNHGWRWKHVH DQG , JLYH D VNHWFK RI WKH WKHRULHV RI $ULVWR
WOHV PRVW LPSRUWDQW LQWHUORFXWRUV 1H[W , SURYLGH D UHDGLQJ RI %RRN ,
RI WKH 3K\VLFV WUDFLQJ KRZ $ULVWRWOH GHPRQVWUDWHV ZKDW WKH XOWLPDWH
SULQFLSOHV RU RI QDWXUDO EHLQJV PXVW LQ IDFW EH DQG KRZ WKH
YDULRXV SURSRVDOV RI HDUOLHU SKLORVRSKHUV IDLO WR UHDFK WKH WUXH LUUH
GXFLEOH SULQFLSOHV 7KH FKDSWHU FRQFOXGHV E\ H[DPLQLQJ
WKH YDULRXV ZD\V LQ ZKLFK WKH WHUP LV XVHG E\ $ULVWRWOH LQ RU
GHU WR GLVWLQJXLVK WKH VHQVH ZKLFK ZLOO EH RI FHQWUDO LPSRUWDQFH WR P\
VWXG\
,Q &KDSWHU , LQWURGXFH $ULVWRWOHV DQDO\VLV RI WKH ZD\V LQ ZKLFK EH
LQJ LV VDLG DQG KRZ WKLV DQDO\VLV LPSDFWV WKH DELOLW\ RI WKH
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
16/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
WR GHIHQG D SXUHO\ PDWHULDOLVW YLHZ RI WKH XQLYHUVH , EHJLQ ZLWK FDW
HJRULDO EHLQJ VKRZLQJ KRZ KLV DQDO\VLV QHFHVVLWDWHV WKDW EHLQJ EH
XVHG LQ PXOWLSOH ZD\V DFFRUGLQJ WR WKH ILJXUHV RI SUHGLFDWLRQ HYHQ
ZLWKLQ WKH WKHRULHV SURSRVHG E\ WKH 1H[W , H[DPLQH EH
LQJ DV WUXWK RU QRHWLF EHLQJ LQ RUGHU WR VKRZ KRZ WKH HUURU RI 3DU
PHQLGHV GHULYHV IURP WKH DSSOLFDWLRQ RI WKH FKDUDFWHU RI FRQFHSWXDO
EHLQJ WR UHDO EHLQJ WKH UHVXOWLQJ IDLOXUH RI WKH 3DUPHQLGHDQ DUJX
PHQWZLOODOVRVHYHUHO\LPSDFWWKHDELOLW\RIWKHPDMRULW\RIWKH
WR GHIHQG HWHUQDO DWRPV RU URRWV )LQDOO\ , SD\ SDUWLFXODU DWWHQWLRQ
WR EHLQJ TXD SRWHQF\ DQG DFW DQG VKRZ KRZ LV SULPDULO\ VDLG
WR EH IRUPDO DFW DQG KRZ LQ WKLV ZD\ LW FDQ EH DQ WKDW FDQ KRVW
SRWHQWLDOLWLHV IRU WKH RSHUDWLRQV FKDUDFWHULVWLF RI D JLYHQ W\SH RI QDW
XUDO EHLQJ PDNLQJ LW SRVVLEOH IRU $ULVWRWOH WR SRVWXODWH KLJKHU
WKDW YLUWXDOO\ FRQWDLQ WKH SRWHQFLHV RI OHVVHU QDWXUHV
,Q &KDSWHU , GLVFXVV $ULVWRWOHV WKHRU\ RI PRWLRQ DQG FKDQJH ,Q
SDUWLFXODU , VKRZ KRZ WKLV WKHRU\ UHVROYHV WKH SUREOHPV RI PRWLRQ
WKDW UHPDLQHG XQH[SODLQHG DQG LQGHHGXQH[SODLQDEOH IRUWKH
KRZ KLV GRFWULQH ERWK H[SODLQV DQG PDNHV QHFHVVDU\ WKH H[LVWHQFH RI
VXEOXQDU VHOIPRYHUV ZLWK FRPSOH[ QDWXUHV DQG ILQDOO\ KRZ $ULV
WRWOHV WKHRU\ H[SODLQV KRZ RQH EHLQJ FDQ DIIHFW DQRWKHU LH EH D
JHQXLQH PRYHU RI RWKHU EHLQJV
,Q &KDSWHU , GLVFXVV WKH DUJXPHQWV WKDW $ULVWRWOH SXWV IRUWK WR VXS
SRUW KLV YLHZ WKDW WKHUH LV ILQDOLW\ RU HQGGLUHFWHGQHVV LQ RUJDQLVPV
ERWK LQ WKHLU GHYHORSPHQW DQG WKHLU DFWLYLW\ , H[DPLQH (PSHGRFOHVV
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
17/400
,QWURGXFWLRQ
HYROXWLRQDU\ WKHRU\ DQG $ULVWRWOHV UHVSRQVH ZKLFK KH GHYHORSV DI
WHU DQ H[WHQVLYH DQDO\VLV RI OXFN DQG FKDQFH , DOVR ORRN DW DQ LVVXH
UHODWLQJ WR ELRORJLFDO ILQDOLW\ VKRZLQJ KRZ LW FDQ EH WKDW SDUWV RI RU
JDQLVPV FDQ ERWK GHPRQVWUDWH D GLVWLQFW ILQDOLW\ RI WKHLU RZQ ZKLOH
QHYHUWKHOHVV DFWLQJ DV SDUW RI WKH ZKROH RUJDQLVP LQ WKH DFKLHYHPHQW
RI LWV KLJKHU ILQDOLWLHV )LQDOO\ , ORRN DW WKH LVVXH RI ILQDOLW\ DQG UH
GXFWLRQLVP H[DPLQLQJ YDULRXV FRQWHPSRUDU\ DUJXPHQWV LQ IDYRU RI
DQG DJDLQVW WKH LGHD WKDW $ULVWRWOHV GHIHQVH RI ILQDO FDXVHV LQ QDWXUDO
FRPLQJ WR EH YLWLDWHV DQ\ SRVVLELOLW\ RI UHGXFLQJ WKH IXQFWLRQDOLW\ RI
KLJKHU QDWXUDO EHLQJV WR WKDW RI WKHLU FRQVWLWXHQW SDUWV
,Q &KDSWHU , ZLOO XQLWH WKH YDULRXV VWUDQGV RI $ULVWRWOHV DUJXPHQ
WDWLRQ WKDW , KDYH SUHVHQWHG LQ HDUOLHU FKDSWHUV LQ RUGHU WR SUHVHQW
D KROLVWLF YLHZ RI KLV FRPSUHKHQVLYH DUJXPHQW IRU WKH H[LVWHQFH RI
KLJKHU LH WKH NLQGV RI ZKLFK DUH WKH VRXUFH RI EHLQJ IRU
QDWXUDO VXEVWDQFHV RI JUHDWHU FRPSOH[LW\ WKDQ WKH VLPSOH QDWXUHV RU
HOHPHQWV 7KH FKDSWHU LV GLYLGHG LQWR WZR RYHUDOO VHFWLRQV WKH ILUVW
RI ZKLFK SUHVHQWV WKH WKHRUHWLFDO EDFNJURXQG E\ ZKLFK $ULVWRWOH SUH
SDUHV WKH JURXQG IRU KLV SRVLWLYH DUJXPHQWDWLRQ LQ IDYRU RI KLJKHU
WKLV DUJXPHQWDWLRQ LV IRXQG ERWK LQ WKH FULWLFLVPV RI WKH WKHR
ULHV SURSRVHG E\ WKH DV ZHOO DV KLV H[SRVLWLRQ RI KLV SK\VL
FDO DQG PHWDSK\VLFDO SRVLWLRQV 7KH VHFRQG VHFWLRQ H[SORUHV WKH YDU
LRXV SRVLWLYH DUJXPHQWV WKDW $ULVWRWOH DGGXFHV LQ IDYRU RI WKH QHFHV
VLW\ WR SRVLW KLJKHU RI WKLV NLQG )URP WKHVH WZR GLVWLQFW DVSHFWV
RI KLV DUJXPHQWDWLRQ ZH FDQ VKRZ WKDW WKH 6WDJLULWH KDV GHYHORSHG D
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
18/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
VROLG IRXQGDWLRQ IRU DVVHUWLQJ WKH GRFWULQH RI KLJKHU DJDLQVWWKH
YDULRXV FRQWHPSRUDU\ SKLORVRSKHUV ZKR DUJXHG DJDLQVW KLP ,Q WKLV
FKDSWHU , DOVR H[SORUH WKH LVVXH RI ZK\ $ULVWRWOH VWDWHG WKDW LW LV XQ
QHFHVVDU\ RU HYHQ ULGLFXORXV WR GHPRQVWUDWH WKH H[LVWHQFH
RI DQG KRZ WKLV DIIHFWV WKH SRVVLELOLW\ RI D V\VWHPDWLF DFFRXQW
RI WKH VRUW , GHYHORS KHUH
1RWHV RQ PHWKRG
,Q WKLV GLVVHUWDWLRQ , IROORZ ZKDW ( $ODUFyQ FDOOV D KHUPHQHXWLF RI FRQ
VLVWHQF\ 7KLV LQWHUSUHWDWLYH PHWKRGRORJ\ DVVXPHV DV LWV GHIDXOW SRVLWLRQ
WKDW D SKLORVRSKHU LV FRQVLVWHQW ZLWK KLPVHOI DFURVV KLV YDULRXV ZRUNV DQG
DFURVV WLPH XQOHVV WKHUH LV FOHDU HYLGHQFH WR WKH FRQWUDU\ 7KLV KHUPHQHX
WLF LV QRW PHUHO\ D SHUVRQDO LQWHUSUHWDWLYH FKRLFH EXW GHULYHV IURP D GHHSHUUHTXLUHPHQW QDPHO\ WKDW LW EH SRVVLEOH WR FRPH WR D GHIHQVLEOH JOREDO LQWHU
SUHWDWLRQ RI WKH SKLORVRSKHU LQ TXHVWLRQ ,I ZH GR QRW DVVXPH FRQVLVWHQF\
DV D GHIDXOW SRVLWLRQ DQ\ LQFRKHUHQW LQWHUSUHWDWLRQ RI WKH SKLORVRSKHU EH
FRPHV YDOLG HYHQ ZKHQ WKH WH[WV GR QRW VXSSRUW LW )XUWKHUPRUH WKHUH LV
QR ORQJHU DQ\ MXVWLILFDWLRQ IRU SUHIHUULQJ RQH LQWHUSUHWDWLRQ RYHU DQRWKHU
ZKHQ RQH HQFRXQWHUV WH[WV WKDW FODVK ZLWK RQH DQRWKHU 7KH KHUPHQHXWLF
RI FRQVLVWHQF\ JLYHV SUHIHUHQFH WR WKDW LQWHUSUHWDWLRQ ZKLFK SURYLGHV WKH
PRVW FRQVLVWHQW LQWHUSUHWDWLRQ RI WKH WH[WV ZKLOH WDNLQJ LQWR FRQVLGHUDWLRQ
ZKDW LV NQRZQ DERXW WKH DXWKRUV GRFWULQDO GHYHORSPHQW RYHU WLPH
%DVHG RQ WKLV SULQFLSOH ZKHQ LW LV XQFOHDU KRZ RQH DUJXPHQW RU GRF
$ULVWRWOH 3K\VLFV D3HUVRQDO FRQYHUVDWLRQ ZLWK (QULTXH $ODUFyQ
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
19/400
,QWURGXFWLRQ
WULQH ILWV ZLWK DQRWKHU , JLYH $ULVWRWOH WKH EHQHILW RI WKH GRXEW DVVXP
LQJ WKDW KH LV IXQGDPHQWDOO\ FRKHUHQW RYHU WKH FRXUVH RI KLV SKLORVRSKL
FDO FDUHHU DQG WKDW WKH ODWHU $ULVWRWOH GLG QRW GHQ\ FULWLFDO GRFWULQHV WKDW
KH RULJLQDOO\ IRUPXODWHG LQ KLV HDUOLHVW SHULRG ,W LV FOHDU WKDW $ULVWRWOH
PDLQWDLQHG D VXEVWDQWLDO LQWHOOHFWXDO IOH[LELOLW\ DQG D GHGLFDWLRQ WR FRQWLQ
XDO UHYLVLRQ RI KLV RZQ WKHRULHV DQG ZH VHH WKDW LQ ODWHU ZRUNV KH LQWUR
GXFHG FRQFHSWV DQG SURSRVDOV WKDW ILW SRRUO\ LI DW DOO ZLWK KLV HDUOLHU SRVL
WLRQV )RU H[DPSOH LQ 2Q WKH 0RWLRQ RI $QLPDOV ZH HQFRXQWHU WKH FRQFHSW
RI ZKLFK LV HQWLUHO\ DEVHQW IURP 2Q WKH 6RXO DQG LV KDUG WR PDNH
FRPSDWLEOH ZLWK WKH HDUOLHU WKHRU\ 2WKHU H[DPSOHV RI WKLV NLQG RI UHZRUN
LQJ RI KLV WKHRULHV DUH IRXQG WKURXJKRXW $ULVWRWOHV ZRUNV EXW XQOHVV WKHUH
LV FOHDU WH[WXDO HYLGHQFH VXJJHVWLQJ WKDW KH KDV DEDQGRQHG D PDMRU HDUOLHU
GRFWULQH WKH 3ULQFLSOH RI &RQVLVWHQF\ MXVWLILHV WKH DFFRUGLQJ RI WKH EHQHILW
RI WKH GRXEW WR $ULVWRWOH DQG DVVXPLQJ WKDW KH KLPVHOI EHOLHYHG KLPVHOI WR
EH GHYHORSLQJ RU H[WHQGLQJ KLV RYHUDOO GRFWULQH DQG QRW EUHDNLQJ UDGLFDOO\
ZLWK KLV \RXQJHU VHOI
, KDYH FKRVHQ IROORZLQJ WKH DGYLFH RI P\ GRFWRUDO DGYLVRU WR XVH FL
WDWLRQV LQ *UHHN UDWKHU WKDQ FLWLQJ (QJOLVK WUDQVODWLRQV :KLOH WKLV KDV
WKH HIIHFW RI PDNLQJ WKH SUHVHQWDWLRQ OHVV HDVLO\ DFFHVVLEOH H[FHSW WR VFKRO
DUV ZLWK H[FHOOHQW UHDGLQJ NQRZOHGJH RI *UHHN P\ RZQ *UHHN LV VXIILFLHQW
WR UHDG $ULVWRWOH DIWHU DQ LQLWLDO UHDGLQJ LQ (QJOLVK LW KDV WKH DGYDQWDJH
RI DYRLGLQJ HUURUV RI LQWHUSUHWDWLRQ FDXVHG E\ WKH XQDYRLGDEOH GLVWRUWLRQV
SUHVHQW LQ DQ\ WUDQVODWLRQ , LQFOXGH LQ DQ DSSHQGL[ DW WKH HQG RI WKLV VWXG\
,Q SDUWLFXODU WKH SHULRG WKDW -DHJHU DVVLJQV DV EHLQJ $ULVWRWOHV SHULRG RI JUHDWHVWGHGLFDWLRQ WR WKH GHYHORSPHQW RI KLV SK\VLFV XS WR DQG DURXQG %& MXVW DIWHU KH OHIWWKH 3ODWRQLF $FDGHP\ FI -DHJHU $ULVWRWHOHV *UXQGOHJXQJ SS
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
20/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
WUDQVODWLRQV IRU DOO WKH FLWDWLRQV , KDYH XVHG LQ (QJOLVK ZKHUH SRVVLEOH LQ
WKH FDVH RI FLWDWLRQV IURP 'LHOV , LQFOXGH WKH *HUPDQ LI QR JRRG (QJOLVK
WUDQVODWLRQ LV DYDLODEOH , FLWH *UHHN WH[WV XVLQJ WKH *UHHN DOSKDEHW IRO
ORZLQJ WKH SUDFWLFH ZKLFK KDV EHHQ WUDGLWLRQDO LQ FODVVLFDO DQG SKLORVRSK
LFDO VWXGLHV XQWLO YHU\ UHFHQWO\ :KLOH VRPH SKLORVRSKHUV KDYH EHJXQ WR
FLWH *UHHN XVLQJ D ODWLQL]HG VSHOOLQJ , KDYH UHIUDLQHG IURP GRLQJ VR H[FHSW
ZKHQ WKH QHHG WR SUHVHUYH WH[WXDO FLWDWLRQV KDV PDGH LW XQDYRLGDEOH
$FNQRZOHGJHPHQWV
)LQDOO\ LQ FRQFOXGLQJ WKLV ,QWURGXFWLRQ , ZRXOG OLNH WR WDNH WKH RSSRU
WXQLW\ WR WKDQN WKRVH ZKR KDYH EHHQ HVSHFLDOO\ LPSRUWDQW LQ PDNLQJ LW SRV
VLEOH IRU PH WR FRPSOHWH WKLV GLVVHUWDWLRQ ,Q WKH ILUVW SODFH , ZRXOG OLNH
WR DFNQRZOHGJH WKH GHEW RI JUDWLWXGH WKDW , RZH WR 'U (QULTXH $ODUFyQ
P\ GLVVHUWDWLRQ GLUHFWRU ZKRVH KHOS DQG JXLGDQFH KDYH EHHQ LQYDOXDEOH LQ
WKH GHYHORSPHQW RI WKLV UHVHDUFK SURMHFW 6HFRQGO\ , ZRXOG OLNH WR WKDQN
WKH $VVRFLDWLRQ RI )ULHQGV RI WKH 8QLYHUVLW\ RI 1DYDUUD ZKLFK JUDFLRXVO\
SURYLGHG PH ZLWK WKH VFKRODUVKLS WKDW PDGH P\ GRFWRUDO VWXGLHV SRVVL
EOH ,Q DGGLWLRQ WKDQNV JR WR WKH 'HSDUWPHQW RI 3KLORVRSK\ IRU SURYLGLQJ
PH ZLWK D SRVLWLRQ DV UHVHDUFK DVVLVWDQW DQG IRU SURYLGLQJ DQ RXWVWDQGLQJ
DWPRVSKHUH LQ ZKLFK WR SXUVXH WKH ORYH RI ZLVGRP , ZLVK WR HVSHFLDOO\
DFNQRZOHGJH 'UV $OHVVDQGUR *KLVDOEHUWL DQG /HR (OGHUV ZKR JUDFLRXVO\
HYDOXDWHG P\ GLVVHUWDWLRQ LQ DFFRUGDQFH ZLWK WKH JXLGHOLQHV IRU REWDLQLQJ
WKH (XURSHDQ 'RFWRUDWH PHQWLRQ IRU P\ GLSORPD 7KDQNV DOVR JR WR 'U
-DLPH 1XELROD DOVR RI WKH 'HSW RI 3KLORVRSK\ ZKRVH JXLGDQFH ZDV HQRU
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
21/400
,QWURGXFWLRQ
PRXVO\ KHOSIXO GXULQJ P\ SHULRG RI DGDSWDWLRQ WR 6SDLQ DQG ZKRVH IULHQG
VKLS DQG JRRG DGYLFH FRQWLQXH WR EH D JUHDW VRXUFH RI VXSSRUW )LQDOO\ VHY
HUDO SURIHVVRUV RI WKH 8QLYHUVLW\ RI 1DYDUUD SURYLGHG PH ZLWK XVHIXO JXLG
DQFH GXULQJ WKH GHYHORSPHQW RI WKLV 'LVVHUWDWLRQ 'U $OHMDQGUR 9LJR 'U
$OHMDQGUR /ODQR DQG 'U QJHO /XLV *RQ]iOH]
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
22/400
7KH 6HDUFK IRU WKH
3K\VLFV
E
$ULVWRWOHV IDPRXV GHILQLWLRQ RI DV DQ RI PRWLRQ DQG UHVW LQ
VXEVWDQFHV LV WKH FXOPLQDWLRQ RI PRUH WKDQ D FHQWXU\ DQG D KDOI RI *UHHN HI
IRUW WR FRPH WR DQ XQGHUVWDQGLQJ RI WKH XQGHUO\LQJ PDNHXS RI WKH SK\VLFDO
ZRUOG 7KLV FKDSWHU ZLOO LQYHVWLJDWH WKH KLVWRULFDO EDFNJURXQG WR $ULVWRWOHV
RZQ WKHRU\ RI SULRU WR SURFHHGLQJ WR D VWXG\ RI LQ WKH ZRUNV RI$ULVWRWOH KLPVHOI HVSHFLDOO\ WKH 3K\VLFV
,Q VHFWLRQ , SURYLGH D EULHI RYHUYLHZ RI WKH HYROXWLRQ RI WKH WHUP
DV D UHVXOW RI WKH HIIRUWV RI WKH RU DQFLHQW *UHHN PDWHUL
DOLVW SKLORVRSKHUV WR FRPH WR D XQLILHG DQG QRQP\WKLFDO XQGHUVWDQGLQJ
RI WKH FRVPRV ,Q SDUWLFXODU , GHVFULEH KRZ WKH QRWLRQ RI FDPH WR
EH XVHG DV D WHFKQLFDO WHUP E\ WKH QDWXUDO SKLORVRSKHUV RI WKH SHULRG SUH
FHGLQJ $ULVWRWOH ,Q VHFWLRQ , SURYLGH D PRUH GHWDLOHG RYHUYLHZ RI WKH
RI WKH SK\VLFDO ZRUOG SURSRVHG E\ WKRVH ODWHU ZKRVH WKHR
, XVH WKH WHUP LQ $ULVWRWOHV VHQVH RI DQ LUUHGXFLEOH ILUVW FRPSRQHQW RI WKLQJV 3K\VLFV D$FFRUGLQJ WR $ 9LJR SHUVRQDO FRQYHUVDWLRQ -XQH LQ WKLV VHQVH LV D 3HULSDWHWLF WHUP QRWD 3UHVRFUDWLF RQH DQGWKDW VXSSRVHGHDUOLHU DSSHDUDQFHV RI WKHWHUP XVHGLQ $ULVWRWOHV VHQVH DUH HLWKHU PLVLQWHUSUHWDWLRQV DV LQ WKH FDVH RI $QD[LPDQGHU FI (DUO\*UHHN 3KLORVRSK\ Q ZKHUH %XUQHW SRLQWV RXW WKDW LV EHLQJ XVHG DV D WHFKQLFDO
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
23/400
&KDSWHU 7KH 6HDUFK IRU WKH
ULHV ILJXUH PRVW SURPLQHQWO\ LQ $ULVWRWOHV ZRUNV (PSHGRFOHV 'HPRFULWXV
DQG $QD[DJRUDV ,Q VHFWLRQ , ORRN DW $ULVWRWOHV RZQ WKHRU\ DERXW WKH
DQGKRZWKH DUH UHODWHG WR WKH QRWLRQ RI KLJKOLJKWLQJ KRZ
$ULVWRWOHV VROXWLRQ SURYLGHV WKH QHFHVVDU\ IUDPHZRUN ZLWKLQ ZKLFK DQ\ DG
HTXDWH WKHRU\ RI QDWXUH PXVW ZRUN )LQDOO\ LQ VHFWLRQ , H[DPLQH WKH
XVH RI WKH WHUP LQ WKH EURDGHU FRQWH[W RI $ULVWRWOHV FRPSOHWH FRUSXV
IRFXVLQJ LQ SDUWLFXODU RQ WKH VHQVH RI DV
7KH HYROXWLRQ RI WKH WHUP
7KH WHUP KDV D FRPSOH[ KLVWRU\ LQ *UHHN WKRXJKW ,W LV GHULYHG
IURP WKH ,QGR(XURSHDQ URRW EK 7KLV URRW KDV WKH EDVH PHDQLQJ WR EH
H[LVW JURZ DQG PDQLIHVWV LQ $QFLHQW *UHHN LQ VHYHUDO EDVH IRUPV LQFOXG
LQJ WR EULQJ IRUWK SURGXFH SXW IRUWK IRUP >QREOH@ VWDWXUHDQG UDFH RU WULEH RI PHQ DV ZHOO DV 7KH PHDQLQJ RI
KRZHYHU KDV QRW SURYHG HDV\ WR SLQ GRZQ (DUOLHU LQ WKH WK FHQWXU\ WKH
FRPSOH[LW\ RI WKH WHUP ZDV QRW DOZD\V UHFRJQL]HG DQG LW ZDV FRPPRQ WR
ILQG ZULWHUV RQ WKH VXEMHFW DWWHPSWLQJ WR JLYH D VLQJOH PHDQLQJ WR WKH WHUP
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
1DGGDI 7KH *UHHN &RQFHSW RI 1DWXUH S 3LFNHWW 7KH $PHULFDQ +HULWDJH 'LFWLRQDU\ RI WKH (QJOLVK /DQJXDJH $SSHQGL[
,QGR(XURSHDQ 5RRWV HQWU\ EKHX/LGGHOO DQG 6FRWW $Q ,QWHUPHGLDWH *UHHN(QJOLVK /H[LFRQ HQWULHV IRU
DQG UHVSHFWLYHO\
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
24/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
WKDW ZRXOG DSSO\ WR DOO LWV XVDJHV DPRQJVW WKH 3UH6RFUDWLFV $Q H[DPSOH RI
WKLV WHQGHQF\ LV IRXQG LQ %XUQHW *UHHN 3KLORVRSK\ 7KDOHV WR 3ODWR S
ZKHUH KH DVVHUWV WKDW DPRQJ 3UH6RFUDWLF DXWKRUV PHDQW WKH SDUWLF
XODU VWXII RI ZKLFK D JLYHQ WKLQJ LV PDGH DQG WKDW WKLV RULJLQDO VHQVH RI
WKH WHUP H[FOXGHG WKH QRWLRQ RI JURZWK FI LELG Q 6LPLODUO\ DQG LQ
RSSRVLWLRQ WR %XUQHW &ROOLQJZRRG DVVHUWV WKDW
LQ RXU HDUOLHU GRFXPHQWV RI *UHHN OLWHUDWXUH DOZD\V
PHDQV VRPHWKLQJ ZLWKLQ RU LQWLPDWHO\ EHORQJLQJ WR D WKLQJ
ZKLFK LV WKH VRXUFH RI LWV EHKDYLRXU 7KLV LV WKH RQO\ VHQVH LW HYHU
EHDUV LQ WKH HDUOLHU *UHHN DXWKRUV DQG UHPDLQV WKURXJKRXW WKH
KLVWRU\ RI *UHHN OLWHUDWXUH LWV QRUPDO VHQVH
0RUH UHFHQWVWXGLHV E\ *HUDUG1DGGDI DQG7RPiV &DOYR 0DUWtQH] ZKLOH
QRW GHQ\LQJ WKH FRQWULEXWLRQV RI %XUQHW DQG &ROOLQJZRRG KDYH LQWHJUDWHG
WKHLU FODLPV LQWR DQ RYHUDUFKLQJ WKHRU\ DERXW WKH FRPSOH[ VHW RI LQWHUUH
ODWHG PHDQLQJV WKDW DFTXLUHG DPRQJVW WKH 3UH6RFUDWLFV DOO GHULYLQJ
IURP DQ DQFLHQW IRFDO PHDQLQJ RI JURZWK RU ELUWK ,Q EURDG VWURNHV ZH
FDQ LGHQWLI\ WZR JHQHUDO W\SHV RI XVDJHV LQ WKH ILUVW SODFH D SDUWLFXODUL]HG
XVH ZKHUH WKH LQYHVWLJDWLRQ UHVROYHV DURXQG WKH RI VRPH SDUWLFXODU WKLQJ DQG LQ WKH VHFRQG SODFH D XQLYHUVDOL]HG XVH ZKHUH WKHUH LV DQ
DWWHPSW WR GHYHORS D SURJUDP RI VWXG\ ZKLFK H[WHQGV WR WKH
WRWDOLW\ RI H[LVWLQJ WKLQJV
&ROOLQJZRRG 7KH ,GHD RI 1DWXUH S &I &DOYR 0DUWtQH] /D QRFLyQ GH SK\VLV S DQG 1DGGDI 7KH *UHHN &RQFHSW RI
1DWXUH S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
25/400
&KDSWHU 7KH 6HDUFK IRU WKH
7KH ILUVW PDQQHU RI XVLQJ WKH WHUP SUHGDWHV SKLORVRSKLFDO LQTXLU\ SHU
VH RFFXUULQJ DV LW GRHV LQ 2G\VVH\ ; ZKHUH +HUPHV DLGV 2G\VVHXV
E\ RIIHULQJ KLP DQ KHUE PRO\ WKDW ZRXOG FRXQWHUDFW WKH HIIHFWV RI &LUFHV
SRWLRQ ZKLFK KDG WXUQHG WKH UHVW RI KLV PHQ LQWR SLJV +HUPHV VKRZV
KLP WKH RI WKH PRO\ SODQW H[SODLQLQJ KRZ LW ZLOO ZRUN WR SURWHFW KLP
IURP &LUFHV ZLOHV &DOYR 0DUWtQH] DVNV ZKDW LW LV WKDW +HUPHV KDV VKRZQ
2G\VVHXV LQ VKRZLQJ KLP LWV DQG DQVZHUV WKDW KHPRV GH HQWHQGHU
TXH OH PRVWUDUtD R H[SOLFDUtD VX FRPSRVLFLyQ VX FRQVWLWXFLyQ SHUR WDP
ELpQ VLQ GXGD VXV YLUWXGHV R SURSLHGDGHV DFWLYDV SXHVWR TXH GH XQ IiU
PDFR VH WUDWD ,Q FRQWUDVW WR LWV DSSHDUDQFH WKH RI WKH PRO\ SODQW
LV ZKDW WKH WKLQJ LV UHDOO\ TXD WKH VRXUFH RI LWV DFWLYH SURSHUWLHV
DV
2YHU WKH FRXUVH RI WKH GHYHORSPHQW RI 3UH6RFUDWLF SKLORVRSK\ WKHUH LV
DGGLWLRQDOO\ D FOHDU GHYHORSPHQW RI WKH QRWLRQ RI WRZDUGV WKH VHQVH
RI SULQFLSOH RU IXQGDPHQWDO EXLOGLQJ EORFN DV RI FXUUHQWO\ H[
LVWLQJ WKLQJV LQ WHUPV RI ZKLFK WKH VXUIDFH DSSHDUDQFH DQG DFWLYLWLHV RI DQ
REMHFW FDQ EH H[SODLQHG $ QRWDEOH FKDUDFWHULVWLF RI WKH 3UH6RFUDWLFV LV
WKHLU LQWHUHVW LQ LGHQWLI\LQJ RQH RU VHYHUDO RI WKLV VRUW LQFOXGLQJ WKH&DOYR 0DUWtQH] /D QRFLyQ GH SK\VLV S ,Q FRQWUDVW 1DGGDI LQWHUSUHWV WKLV RFFXUUHQFH RI LQ +RPHU DV DQ DFWLRQ QRXQ
ZLWK WKH PHDQLQJ RI JURZWK ELUWK VHH 1DGGDI S FLWLQJ %XUJHU ,Q WKLV FDVH ,VLGH ZLWK &DOYR 0DUWtQH] , VHH QR JURXQGV IRU LQWHUSUHWLQJ LQ WKLV SDVVDJH DV VLJQLI\LQJ JURZWK RU ELUWK
7KLV VHQVH RI LV FORVHO\ UHODWHG WR $ULVWRWOHV VHQVH RI WKH WHUP DV LQGLFDWLQJ DSDUW RI D QDWXUDO VXEVWDQFH VLQFH LV QR ORQJHU LQGLFDWLQJ WKH WRWDOLW\ RI WKH WKLQJEXW UDWKHU LWV GHHSHU DQG SUHVXPDEO\ WUXHU FRPSRQHQWV , GLVFXVV $ULVWRWOHV XVH RI WKLVVHQVH RI LQ VHFWLRQ
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
26/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
ZDWHU RI 7KDOHV WKH RI $QD[LPDQGHU WKH IRXU HOHPHQWV RI (PSHGR
FOHV DQG WKH RI 'HPRFULWXV 6LQFH WKH ZRUOG DQG WKH WKLQJV H[LVWLQJ
LQ LW DUH FRQVWUXFWHG RI RQH RU VHYHUDO PDWHULDO HOHPHQWV WKHVH WKLQNHUV
FRXOG GHULYH WKH FRQFOXVLRQ WKDW WKH GLYHUVLW\ RI WKH SUHVHQW RUGHU LV QRW
IURP HWHUQLW\ EXW KDV HYROYHG IURP VRPHWKLQJ UDGLFDOO\ VLPSOHU DW D SDU
WLFXODU SRLQW LQ WLPH
:H VHH WKLV VHQVH RI LQ VXFK ZULWHUV DV +HUDFOLWXV ZKHUH KH VSHDNV
RI WKH SRZHU RI KLV WR VWULS WKLQJV GRZQ WR WKHLU GHHSHVW QDWXUHV LQ
3KLORODXV ZKR VSHDNV RI WKH JHQXLQH QDWXUH RI WKH XQOLPLWHG VRXOOHVV
DQG PLQGOHVV DV EHLQJ WKH IDOVH DQG HQY\ DQG LQ 'HPRFULWXV ZKHUH KH
FRQWUDVWV WKH FRQYHQWLRQDOLW\ RI TXDOLWLHV ZLWK WKHLU WUXH QDWXUH DV DWRPV
DQG YRLG ,Q WKHVH FLWD
WLRQV LV WDNHQ DV ZKDW LV WUXO\ H[LVWHQW LQ WKH EHLQJ LH LWV JHQXLQH
FRPSRQHQWV DV RSSRVHG WR LWV FRPSRVLWH DSSHDUDQFH WR WKH VHQVHV RU LQ
WHOOLJHQFH +HUH LV FOHDUO\ DQ LQ WKH VHQVH RI LGHQWLI\LQJ WKH
VWDEOH URRW FRPSRQHQWV RI WKH WKLQJ
%\ NQRZLQJ WKH FKDUDFWHULVWLFV RI WKLV RU WKH SK\VLFLVW PD\
SHQHWUDWH SDVW WKH VXUIDFH DSSHDUDQFH RI GLYHUVLW\ DQG DWWDLQ WR D VLQJOH
XQLYHUVDO H[SODQDWLRQ RI REVHUYHG SKHQRPHQD EDVHG RQ WKH ZD\V LQ ZKLFK
WKH RU PDQLIHVWV LWV LQQHU G\QDPLVP .QRZLQJ ZKDW D WKLQJ
UHDOO\ LV LQYROYHV NQRZLQJ WKLV ZKLFK LV LGHQWLILHG QRW QRZ SUL
*XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO , S
'.%
'. $V FLWHG E\ 6LPSOLFLXV LQ KLV &RPPHQWDU\ RQ $ULVWRWHOHV'H FDHOR TXRWHG LQ '.$
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
27/400
&KDSWHU 7KH 6HDUFK IRU WKH
PDULO\ DV JURZWK EXW UDWKHU DV KRZ WKH EXLOGLQJ EORFNV PDNH XS D FRP
SRXQG EHLQJ DW LWV FXUUHQW PRPHQW RI H[LVWHQFH DOWKRXJK JURZWK UHPDLQV
LPSOLFLW LQ WKH QRWLRQ DV $ULVWRWOH QRWHV DW 3K\VLFV E 7KLV LV WKH
EDVLV IRU WKH VHQVHV RI DV ZKLFK ZH HQFRXQWHU LQ WKH ZRUNV RI
$ULVWRWOH
DV VRXUFH RI RSHUDWLRQV
$ VHFRQG LGHQWLILDEOH VHQVH RI LQ WKH 3UH6RFUDWLFV LV DV VRXUFH RI
PRWLRQ D VHQVH ZKLFK LV H[WUHPHO\ FORVH WR $ULVWRWOHV IXOO\ SUHFLVH GHILQL
WLRQ LQ WKH 3K\VLFV 7KLV VHQVH RI WKH WHUP LV EXLOW XSRQ WKH VHQVHV MXVW GH
VFULEHG LQVRIDU DV DV VRXUFH RI PRWLRQ LV SUHFLVHO\ WKH PRWLRQ ZKLFK
LV FKDUDFWHULVWLF RI WKDW EHLQJ TXD LWV NLQG LH WKDW PRWLRQ ZKLFK SURFHHGV
IURP LWV UHDO FKDUDFWHU RU URRW 7KLV LV FOHDUO\ D VHQVH ZKLFK GHULYHV IURPWKH SULPRUGLDO VHQVH RI DV SURFHVV RI JURZWK PHQWLRQHG DERYH LW LV
IXUWKHUPRUH D QDWXUDO GHYHORSPHQW IURP WKH VHQVH RI DV DV ZHOO
VLQFH LW LV SUHFLVHO\ WKH URRW RU UHDO FKDUDFWHU RI D WKLQJ WKDW GHWHUPLQHV KRZ
LW ZLOO GHYHORS DQG DFW
7KLV VHQVH RI WKH WHUP LV TXLWH FRPPRQ LQ WKH 3UH6RFUDWLFV DQG
ODWHU QDWXUDO SKLORVRSKHUV 'LHOV DQG .UDQ] OLVWV RFFXUUHQFHV RI LQWKH VHQVH RI 1DWXUNUDIW RU 1DWXUDQODJH RI WKHVH DUH IURP SKLORVR
SKHUV RU ZULWHUV FRQWHPSRUDU\ ZLWK RU HDUOLHU WKDQ $ULVWRWOH )RU LQVWDQFH
'HPRFULWXV FRPSDUHV ZLWK WHDFKLQJ EHFDXVH WKH\ KDYH VLPLODU HI
IHFWVLQDFWLRQ
1DGGDI S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
28/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
*RUJLDV LQ D VLPLODU PDQQHU
FKDUDFWHUL]HV DV WKH DEVROXWHO\ LQHVFDSDEOH FDXVH RI GHDWK DQG GHFD\
SUHVHQW LQ DOO WKLQJV
>@j
)LQDOO\ +HUDFOLWXV FKDUDFWHUL]HV DV WKH JXLGH RU VRXUFH RI
DFWLYLW\ WKDW OHDGV WR KHDOWK
7KXV E\ WKH WLPH RI $ULVWRWOH D VHQVH RI KDG GHYHORSHG ZKLFK LV
YHU\ FORVH WR WKDW ZKLFK KH GHILQHV H[SOLFLWO\ DW 3K\VLFV E :KHQ
$ULVWRWOH WDNHV XS WKH FKDOOHQJH RI GHYHORSLQJ D FRPSOHWH WKHRU\ RI WKH
SULQFLSOHV RI PRELOH EHLQJ KH LV DEOH WR PDNH XVH RI D WHUPLQRORJ\ WKDW
KDV DOUHDG\ EHHQ LQ GHYHORSPHQW VLQFH WKH WLPH RI +RPHU DQG ZKLFK KDG
ZLGHVSUHDG DFFHSWDQFH DPRQJ WKH SKLORVRSKHUV ZLWK ZKRP KH ZDV LQ GLDORJXHDOWKRXJKWKHXVHRIWKHWHUP LVQRWDWWHVWHGLQDOORIWKH
7KLV VHQVH LV WKDW RI DV DQ GHWHUPLQLQJ D WKLQJV UHDO FRQVWLWX
WLRQ DQG ZKLFK LV WKH VRXUFH RI WKH FKDUDFWHULVWLF DFWLYLWLHV RI WKH EHLQJ RU
FODVV RI EHLQJV LQ TXHVWLRQ LQ VRPH FDVHV WKLV UHDO FRQVWLWXWLRQ ZDV LQ
WHUSUHWHG LQ D UHGXFWLRQLVW VHQVH ZKHUHDV LQ RWKHU FDVHV QR UHGXFWLRQLVP
VHHPV WR EH LPSOLHG
'.%'.%D '.% 7KH VHQVH RI DV URRW RU UHDO FKDUDFWHU LV DOVR QRWDEOH KHUH VKRZLQJ
WKH GHHS FRQQHFWLRQ EHWZHHQ WKH WZR VHQVHV
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
29/400
&KDSWHU 7KH 6HDUFK IRU WKH
7KH DFFRXQWV
$ ILQDO VHQVH RIEHJLQV WR DSSHDU ZLWK WKH HPHUJHQFH RI *UHHN QDW
XUDO SKLORVRSK\ LQ ,RQLD WKLV LV WKH VHQVH DOUHDG\ LGHQWLILHG DERYH ZKLFK
XVHV DV D V\QRQ\P IRU WKH WRWDOLW\ RI UHDOLW\ DV D ZKROH ,RQLD LV WKH
ELUWKSODFH RI WKH VRFDOOHG DFFRXQW ZKRVH VWUXFWXUH ZRXOG EH
IROORZHGE\QXPHURXVQDWXUDOSKLORVRSKHUVXSWKURXJKWKHWLPHRI6RFUDWHV
ZKR DWWHQGHG WKH OHFWXUHV RI $UFKHODRV RQH RI WKH ODVW RI WKH
7KHVH DFFRXQWV DWWHPSWHG WR SURYLGH D QDWXUDOLVWLF H[SODQDWLRQ IRU WKH JHQ
HVLV PDWHULDO FRPSRVLWLRQ GHYHORSPHQW DQG ILQDO VWDWH RI WKH ZRUOG DV ZH
NQRZ LW DV &DOYR 0DUWtQH] SXWV LW HO SURJUDPD GH OD LQYHVWLJDFLyQ
LQFOXtD VLQ GXGD WRGRV HVWRV HOHPHQWRV SRU OR TXH VH UHILHUH D OD
WRWDOLGDG GH OR H[LVWHQWH
7KH ILUVW ZRUN RI WKLV W\SH WKDW ZH NQRZ RI LV WKH ORVW RI$QD[LPDQGHU :H KDYH RQO\ D VLQJOH SUHVHUYHG IUDJPHQW RI WKLV ZRUN EXW
HQRXJK GR[RJUDSKLF PHQWLRQV H[LVW WR HQDEOH XV WR JHW D VHQVH RI WKH VWUXF
WXUH DQG FRQWHQW RI WKH ZRUN DQG WR VHH KRZ WKH WHUP KDV DFTXLUHG D
WULSOH PHDQLQJ E\ WKH WLPH RI WKH HDUO\ ,RQLDQV $QD[LPDQGHUV
HVWDEOLVKHG D GXUDEOH PRGHO IRU VXEVHTXHQW ZRUNV RI WKH VDPH W\SH LQVR
IDU DV LW ZDV D ZLGHUDQJLQJ DWWHPSW WR SURYLGH DQ H[SODQDWLRQ RI WKH
RI DOO WKLQJV LQ WHUPV RI LWV RULJLQ DV DEVROXWH WKH
VWDJHV RI LWV HYROXWLRQ DV SURFHVV RI JURZWK DQG WKH UHVXOWLQJ
DV ZH NQRZ LW DV UHVXOW
&I &DOYR 0DUWtQH] /D QRFLyQ GH SK\VLV S %XUQHW *UHHN 3KLORVRSK\ 7KDOHV WR 3ODWR SS &DOYR 0DUWtQH] /D QRFLyQ GH SK\VLV S 1DGGDI 7KH *UHHN &RQFHSW RI 1DWXUH S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
30/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
)ROORZLQJ RQ WKH PRGHO RI $QD[LPDQGHU HDUO\ DFFRXQWV RI WKH
W\SH WHQGHG WR SURYLGH WKUHH PDMRU NLQGV RI LQIRUPDWLRQ DERXW WKH
FRVPRV FRUUHVSRQGLQJ WR WKHVH WKUHH DVSHFWV RI WDNHQ XQLYHUVDOO\ D
FRVPRJRQ\ RU DFFRXQW RI WKH RULJLQ RI WKH XQLYHUVH DQ H[SODQDWLRQ RI KRZ
WKH XQLYHUVH FRXOG GHYHORS RU JURZ IURP WKLV VWDUWLQJ SRLQW DQG D GHVFULS
WLRQ RI KRZ WKH FXUUHQW VWDWH RI WKLQJV LV WKH QHFHVVDU\ UHVXOW RI WKLV JURZWK
SURFHVV LQFOXGLQJ LQ VRPH FDVHV DQ DFFRXQW RI WKH IRUPDWLRQ RI KXPDQ
VRFLHW\ $FFRUGLQJ WR 1DGGDI RWKHU 3UH6RFUDWLFV ZKR IROORZHG WKLV SDW
WHUQ LQFOXGHG ;HQRSKDQHV WKH 3\WKDJRUHDQV +HUDFOLWXV (PSHGR
FOHV DQG WKH $WRPLVWV ,Q D GHSDUWXUH IURP WUDGLWLRQDO LQWHUSUHWDWLRQV
1DGGDI DOVR VHHV WKH VHFRQG SDUW RI 3DUPHQLGHV SRHP DV D JHQXLQH
DFFRXQW SUHVXPDEO\ UHSUHVHQWLQJ D UHDOLVWLF DFFRXQW RI WKH ZRUOG
RI PRUWDOV GHVSLWH WKLV DFFRXQW KDYLQJ DQ HSLVWHPLF VWDWXV ZKLFK LV WKDW RI
RSLQLRQ DQG QRW WUXWK 1DGGDI WKXV VHHV WKH WULSDUWLWH FRQFHSW RI
DV XQGHUO\LQJ DQG VWUXFWXULQJ WKH DPELWLRXV V\VWHPV RI XQLYHUVDO H[SODQD
WLRQ GHYHORSHG E\ WKH 3UH6RFUDWLFV WKH VHQVHV RI DV RULJLQ JURZWK
DQG ILQDO UHVXOW UHPDLQ VWURQJO\ SUHVHQW PDLQWDLQLQJ D FOHDU OLQNDJH WR WKH
SULPRUGLDO PHDQLQJ RI DV JURZWK RU ELUWK
1DGGDI FI DOVR S 1DGGDI S 1DGGDI S 1DGGDI II1DGGDI II1DGGDI SS 1DGGDI S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
31/400
&KDSWHU 7KH 6HDUFK IRU WKH
&RQFOXVLRQV DERXW WKH VHQVHV RI
3ULRUWRSURFHHGLQJWRDGLVFXVVLRQRIWKHFRQFUHWHWKHRULHVRIWKH
LW LV ZRUWK WDNLQJ D PRPHQW WR ORRN DW WKH FRQFOXVLRQV ZH FDQ GUDZ IURP
WKLV GLVFXVVLRQ RI WKH HYROXWLRQ RI WKH VHQVHV RI 7KH ILUVW VHQVH ZH
ORRNHG DW LV WKDW RI ZKLFK ZH VHH SUHVHQW DOUHDG\ LQ +RPHU DV WKH
QDWXUH RI D WKLQJ ZLWK DOO LWV SURSHUWLHV ZKLFK FRUUHVSRQGV URXJKO\ WR
$ULVWRWOHV VHQVH RI DV LH DV WKH WRWDOLW\ RI WKH ZKDW
QHVV RI D PRELOH EHLQJ DV H[SUHVVHG LQ LWV GHILQLWLRQ $ VHFRQG VHQVH ZKLFK
ZH HQFRXQWHU LQ WKH 3UH6RFUDWLFV LV DV KLJKOLJKWLQJ WKH KLGGHQ
FRPSRQHQWV EHKLQG RXU VHQVLEOH H[SHULHQFH RI QDWXUDO VXEVWDQFHV 7KLV
VHQVH FRUUHVSRQGV DJDLQ URXJKO\ WR WKH VHQVH RI DV WKH PDWHULDO SDUW
RI D PRELOH EHLQJ ZKLFK LV DQDO\]HG LQ WKH ILUVW WZR ERRNV RI WKH 3K\VLFV
DV ZH VKDOO VRRQ VHH $ WKLUG LGHQWLILDEOH VHQVH LV WKDW ZKLFK KLJKOLJKWV WKH
ZD\ LQ ZKLFK WKH UHDO FRQVWLWXWLRQ HLWKHU LQ WHUPV RI LWV FRPSRQHQW SDUWV
RU LQ WHUPV RI LWV HVVHQFH SURGXFHV WKH FKDUDFWHULVWLF DFWLYLW\ RI WKH EHLQJV
RI RXU ZRUOG WKLV VHQVH LV FOHDUO\ UHODWHG WR $ULVWRWOHV GHILQLWLRQ RI
DV D SULQFLSOH RI PRWLRQ DQG UHVW 7KH ILQDO VHQVH WKDW ZH KDYH ORRNHG DW
LV WKDW ZKLFK DFFRXQWV IRU WKH FRQWHQW DQG RULHQWDWLRQ RI DF
FRXQWV DV WKH RULJLQ JURZWK DQG ILQDO UHVXOW RI FRVPLF SURFHVVHV DQG WKHLUFRQVWLWXHQW HOHPHQWV 'HVFULSWLRQ LQ WKHVH WHUPV LV WKH IRFXV RI WKH QHZ
VFLHQFH RI VSHFXODWLRQ DERXW WKH QDWXUDO ZRUOG
7KXV ZH FDQ GUDZ WKH FRQFOXVLRQ WKDW WKH YDULRXV VHQVHV RI WKDW
H[LVW LQ WKH $ULVWRWHOLDQ FRUSXV LQ IDFW SUHFHGH $ULVWRWOH KLPVHOI DQG WKDW
$ULVWRWOHV DFKLHYHPHQW ZDV SUHFLVHO\ WR UHODWH DOO WKHVH VHQVHV RI WKH WHUP
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
32/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
ZLWKLQ D VLQJOH RYHUDUFKLQJ WKHRU\ RI SK\VLFV EXLOW XSRQ WKH EDVH RI KLV
PHWDSK\VLFDO GLVFRYHULHV 8SRQ EHJLQQLQJ RXU FORVHU VWXG\ RI $ULVWRWOHV
RZQ WKHRULHV EHJLQQLQJ LQ VHFWLRQ ZH ZLOO VHH LQ GHWDLO KRZ KH LQWH
JUDWHV WKHVH VHQVHV RI LQWR KLV V\VWHP DQG LQ WKH SURFHVV UHILQLQJ
WKHP DQG JLYLQJ WKHP VFLHQWLILF GHILQLWLRQV
7KH WKHRULHV RI (PSHGRFOHV $QD[DJRUDV DQG WKH $WRPLVWV
$ULVWRWOH ZDV KLJKO\ NQRZOHGJHDEOH DERXW KLV SUHGHFHVVRUV WKH
DQG TXRWHG WKHP H[WHQVLYHO\ LQ KLV YDULRXV ZRUNV RQ QDWXUDO SKLORVRSK\
DQG LQ WKH 0HWDSK\VLFV ,QGHHG PDQ\ RI WKH H[WDQW IUDJPHQWV RI WKHLU
RWKHUZLVH ORVW ZRUNV DUH IURP H[WHQVLYH TXRWDWLRQV RU SDUDSKUDVHV LQ $ULV
WRWOHV ZULWLQJV :KLOH FULWLFDO RI WKHLU HUURUV KH QHYHUWKHOHVV ZDV DEOH WR
GHYHORS KLV RZQ WKHRULHV E\ VWDQGLQJ RQ WKH VKRXOGHUV RI JLDQWV ,Q WKLVVHFWLRQ , ZLOO SURYLGH D EULHI EDFNJURXQG WR WKRVH RI WKH ZKRVH
ULYDO WKHRULHV RI WKH QDWXUDO ZRUOG ZHUH RI JUHDWHVW LPSRUWDQFH WR $ULVWR
WOH 7KH SKLORVRSKHUV , ZLOO GLVFXVV DUH $QD[DJRUDV (PSHGRFOHV DQG WKH
$WRPLVWV SULPDULO\ IRFXVLQJ RQ 'HPRFULWXV VLQFH ZH UHWDLQ VR OLWWOH FRQ
FHUQLQJ /HXFLSSXV 7KLV VWXG\ LV QRW LQWHQGHG DV DQ H[KDXVWLYH LQYHVWL
JDWLRQ RI WKHVH SKLORVRSKHUV 5DWKHU LQ WKLV VHFWLRQ , ZLOO KLJKOLJKW ERWK
$OWKRXJK 1DGGDI LQWHUSUHWV 3DUPHQLGHV DV D LQVRIDU DV WKH VHFRQG SDUW RIKLV IDPRXV SRHP FRQWDLQV D VXEVWDQWLDO DFFRXQW FI 1DGGDI SS $ULVWRWOH GRHV QRW QRUPDOO\ DUJXH DJDLQVW WKH WKHRU\ RI QDWXUH RI 3DUPHQLGHV EXW UDWKHUDJDLQVW KLV GHQLDO RI WKH SRVVLELOLW\ RI FKDQJH GXH WR WKH DEVROXWH XQLW\ DQG LPPRELOLW\ RIEHLQJ FI 3K\VLFV D WKXV , ZLOO SULPDULO\ GLVFXVV 3DUPHQLGHV LQ WKH FRQWH[W RI$ULVWRWOHV UHIXWDWLRQ RI WKH IRUPHUV PRQLVWLF WKHRU\ RI EHLQJ
7KHVH SKLORVRSKHUV KDYH EHHQ WHUPHG E\ :DUG\ ZKR LV IROORZHG E\ *UDKDP DQG RWKHUV (OHDWLF SOXUDOLVWV LQVRIDU DV WKH\ DFFHSW WKH EDVLF WHUPV RI WKH (OHDWLF DUJXPHQW LQSDUWLFXODU WKDW LQ WUXWK QRWKLQJ FRPHV LQWR RU JRHV RXW RI H[LVWHQFH :DUG\ (OHDWLF 3OXUDOLVP S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
33/400
&KDSWHU 7KH 6HDUFK IRU WKH
WKHLU SURSRVDOV IRU WKH RI WKH SK\VLFDO ZRUOG DV ZHOO DV WKRVH DVSHFWV
RI WKHLU WHDFKLQJV ZKLFK $ULVWRWOH GLVFXVVHV DV KDYLQJ EHHQ VHULRXV ULYDOV
WR WKH GRFWULQHV SURSRVHG LQ KLV RZQ SK\VLFV ,Q WKLV ZD\ P\ ODWHU GLV
FXVVLRQ RI $ULVWRWOHV DUJXPHQWV ZLOO KDYH WKH QHFHVVDU\ EDFNJURXQG IRU DQ
XQGHUVWDQGLQJ RI KRZ KH GLIIHUV IURP KLV SUHGHFHVVRUV DQG KRZ KLV RZQ
SURSRVDOV FRQVWLWXWH DQ LPSRUWDQW OHDS IRUZDUG LQ WKH XQGHUVWDQGLQJ RI WKH
SK\VLFDO ZRUOG
(PSHGRFOHV
(PSHGRFOHV LV WKH PRVW IUHTXHQWO\ FLWHG 3UH6RFUDWLF SKLORVRSKHU LQ WKH
$ULVWRWHOLDQ FRUSXV EHLQJ GLUHFWO\ UHIHUUHG WR RYHU WLPHV :KLOH KLV
GRFWULQHV GR QRW JDUQHU WKH SUDLVH WKDW 'HPRFULWXV LV JLYHQ$ULVWRWOH RE
YLRXVO\ FRQVLGHUV KLP WR EH D ZRUWK\ RSSRQHQW DQG WDNHV KLV WHDFKLQJVYHU\ VHULRXVO\ (PSHGRFOHV DSSHDUV WR KDYH EHHQ WKH ILUVW PDMRU QDWXUDO
SKLORVRSKHU WR DWWHPSW WR LQWHJUDWH WKH DSSDUHQWO\ LUUHIXWDEOH DUJXPHQWV
RI 3DUPHQLGHV RQ WKH LPSRVVLELOLW\ RI FKDQJH +H DOVR DWWHPSWHG WR GH
YHORS D FRPSOHWH DFFRXQW RI DOO DVSHFWV RI WKH ZRUOG IURP WKH WUDGLWLRQDO
WRSLFV RI DFFRXQWV LH D FRVPRJRQ\ D KLVWRU\ RI WKH XQLYHUVH
DQG DQ H[SODQDWLRQ RI WKH FXUUHQW VWUXFWXUH RI WKH ZRUOG
WR DQ DFFRXQWRI WKH OLIH SURFHVVHV RI DQLPDOV KXPDQ VHQVDWLRQ DQG FRJQLWLRQ DQG HWKL
FDO DQG VSLULWXDO LVVXHV 7KXV (PSHGRFOHV LV WKH SURYLGHU RI DQ LQWHJUDWHG
DFFRXQW RI WKH ZRUOG ZKLFK LV QHDUO\ DV ZLGHUDQJLQJ DQG DPELWLRXV DV WKDW
2Q *HQHUDWLRQ DQG &RUUXSWLRQ E&I *XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, SS &I 1DGGDI S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
34/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
RI $ULVWRWOH
7KHUH DUH D QXPEHU RI PDMRU WRSLFV ZLWKLQ (PSHGRFOHVV V\VWHP WR ZKLFK
$ULVWRWOH SD\V VSHFLDO DWWHQWLRQ HDFK RI ZKLFK , ZLOO GHVFULEH EULHIO\ LQ WXUQ
7KH PRVW LQIOXHQWLDO GRFWULQH RI (PSHGRFOHV LV SHUKDSV KLV WKHRU\ RI WKH
IRXU URRWV RU EDVLF SULQFLSOHV RI DOO WKLQJV LQ WKH FRVPRV D WKHRU\ ZKLFK
$ULVWRWOH ERWK SUDLVHV IRU LWV HOHJDQFH H[SODQDWRU\ SRZHU DQG VLPSOLFLW\
DQG EXLOGV XSRQ LQ KLV RZQ WKHRU\ RI WKH IRXU RU VLPSOH ERGLHV
(PSHGRFOHV VWDWHV WKH WKHRU\ RI WKH IRXU HOHPHQWV LQ )UDJPHQW
jw
~ FODLPLQJ WKDW DOOWKLQJV DUH
PDGH XS RI WKHVH URRWV DORQH
7KLV GRFWULQH DFFRUGLQJ WR *XWKULH LV (PSHGRFOHVV DWWHPSW WR
UHWDLQ 3DUPHQLGHVV EDVLF LQVLJKW WKDW WKDW ZKLFK LV FDQQRW FHDVH WR EH
WKHVH IRXU URRWV DUH HWHUQDO HDFK RI WKHP UHWDLQLQJ LWV SDUWLFXODU FKDUDFWHU
RU RIILFH IRU DOO WLPH 7KH IRXU URRWV SOD\ WKH UROH RI LQ (PSHGR
FOHVV V\VWHP VLQFH WKHUH LV QRWKLQJ PRUH EDVLF DQG DOO HOVH LV EXLOW IURP
WKHP
&I 2Q WKH +HDYHQV E'.% , ZLOO FLWH DOO IUDJPHQWV RI (PSHGRFOHV XVLQJ WKH QXPEHULQJ IRXQG LQ 'LHOV
DQG .UDQ] HGLWLRQ'.%0RUH FRPPRQO\ KRZHYHU WKH ODQJXDJH RI 3DUPHQLGHV LV UHFDOOHG WR VKRZ KRZ IDU
(PSHGRFOHV LV SUHSDUHG WR JR ZLWK KLP +H DFFHSWV WKH VWDWHPHQWV WKDW QRWKLQJ FDQ FRPHRXW RI QRWKLQJ DQG WKDW ZKDW H[LVWV FDQQRW SHULVK WKH VXP RI EHLQJ LV FRQVWDQW *XWKULH
$ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, S &I DOVR 1DGGDI 7KH *UHHN &RQFHSW RI1DWXUH S :KHQ H[DPLQLQJ (PSHGRFOHV SRHP 3HUL SKXVHRV WKH ILUVW WKLQJ RI QRWHLV WKDW KH FOHDUO\ ZDQWV WR DFFRPPRGDWH WKH FRQVHTXHQFHV RI 3DUPHQLGHV ZD\ RI WUXWK,Q IDFW (PSHGRFOHV DFWXDOO\ FDVWLJDWHV KLV FRQWHPSRUDULHV DQG SUHGHFHVVRUV IRU IDLOLQJ WRUHFRJQL]H WKH QHZ VLQH TXD QRQ RI DQ\SHUL SKXVHRV DFFRXQW WKDW QRWKLQJ FDQ FRPH LQWRH[LVWHQFH IURP ZKDW GLG QRW SUHYLRXVO\ H[LVW
'.%
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
35/400
&KDSWHU 7KH 6HDUFK IRU WKH
(PSHGRFOHV KRZHYHU ZDV QRW D PDQ WR GHQ\ WKH SKHQRPHQD LQGHHG
KH ZDV LQWHQVHO\ LPPHUVHG LQ WKH ZRUOG DQG D FORVH REVHUYHU HVSHFLDOO\
LQ WKH UHDOP RI PHGLFLQH 7KH IDFW RI FKDQJH WKHQ FDQQRW EH GHQLHG
EXW PXVW EH H[SODLQHG (PSHGRFOHVV VROXWLRQ ZDV WR SURSRVH WKDW FKDQJH
FRXOG EH H[SODLQHG ZLWKRXW GHQ\LQJ WKH FKDQJHOHVVQHVV RI ZKDW WUXO\ LV E\
SRVWXODWLQJ VHSDUDWLRQ DQG DJJUHJDWLRQ DV SURFHVVHV WKDW SURGXFH PL[
WXUHV DFFRUGLQJ WR UDWLRV ZKLFK DFFRXQW IRU WKH SHFXOLDU FKDUDFWHU RI HDFK
UHVXOWLQJ DJJUHJDWH ,Q RUGHU WR DFFRXQW IRU WKH REVHUYHG PRWLRQ DQG DS
SDUHQW JHQHUDWLRQ RI SK\VLFDO EHLQJV DQG JLYHQ WKDW WKH IRXU URRWV KDYH
QR SURSHU PRWLRQ RI WKHLU RZQ (PSHGRFOHV SURSRVHV KLV WZR IDPRXV XQL
YHUVDO IRUFHV /RYH DQG 6WULIH ZKLFK DUH FRHWHUQDO ZLWK WKH IRXU URRWV
DQG FDXVH DJJUHJDWLRQ DQG VHSDUDWLRQ UHVSHFWLYHO\
j
j
$ PDMRU LPSOLFDWLRQ RI (PSHGRFOHVV WKHRU\ LV WKDW WKHUH DUH QR WUXH
KLJKHU EHLQJV RU VXEVWDQFHV WKHUH LV QR WUXH FRPLQJWREH RU LQ(PSHGRFOHVV RZQ WHUPLQRORJ\ LQ $ULVWRWOHV WHUPLQRORJ\
&I *XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, S '.%'.%$V LQWHUSUHWHG E\ $ULVWRWOH LQ 2Q WKH 3DUWV RI $QLPDOV DII7KLV LGHD VHHPV WR EH FRQWUDGLFWHG E\ )UDJPHQW '.% EXW $ULVWRWOH DSSHDUV
WR DVVXPH WKDW /RYH DQG 6WULIH DUH WKH RQO\ VRXUFHV RI PRWLRQ LQ (PSHGRFOHVV WKHRU\ FI3K\VLFV ED
'.%
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
36/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
j
,Q SDUWLFXODU VXS
SRVHG KLJKHUOHYHO SKHQRPHQD VXFKDV QDWXUHV RU JRDORULHQWHG EHKDYLRU
FDQ EH H[SODLQHG LQ WHUPV RI WKH QHFHVVDU\ EHKDYLRU RI WKH HOHPHQWV DQG
UDQGRP DUUDQJHPHQWV SURGXFHG E\ FKDQFH 7KLV UDGLFDO UHGXFWLRQLVP
VHHPV WR LPSO\ WKH LPSRVVLELOLW\ RI WKH FRPLQJWREH RI WKH KLJKO\ FRP
SOH[ EHLQJV ZH VHH DURXQG XV HVSHFLDOO\ RUJDQLVPV LQ RUGHU WR DFFRXQW IRU
WKH GHYHORSPHQW RI EHLQJV VXFK DV FRZV DQG KXPDQV KH SRVWXODWHG DQ LQ
JHQLRXV WKHRU\ RI QDWXUDO VHOHFWLRQ ZKHUHE\ R[HQIDFHG PHQ DQG RWKHU
UDQGRP MXPEOHV RI RUJDQV DURVH GXH WR WKH ORQJ SURFHVV RI WKH VHSDUD
WLRQ RI WKH HOHPHQWV IURP WKH 2QH $ULVWRWOH LV RXU VRXUFH IRU (PSHGR
FOHVV LGHD RI WKH VXUYLYDO RI WKH ILWWHVW ZKLFK LV QRW DWWHVWHG GLUHFWO\ LQ DQ\
IUDJPHQW $FFRUGLQJ WR WKLV WKHRU\ RQO\ WKRVH DJJORPHUDWHG EHLQJV ZKLFK
ZHUH ILW IRU VXUYLYLQJ GLG VR ZKHUHDV WKH XQILW GLHG RII OHDYLQJ XV ZLWK
WKH UDQJH RI DQLPDOV ZH NQRZ WRGD\
$ ILQDO DVSHFW RI (PSHGRFOHVV SK\VLFDO WKHRU\ LV KLV DVVHUWLRQ WKDW ZKLOH
WKH HOHPHQWV RU URRWV HPERG\ WKH RU RSSRVLWH TXDOLWLHV WKDW DUH
DW WKH EDVH RI WKH REVHUYHG FKDUDFWHULVWLFV RI QDWXUDO EHLQJV LW LV SUH
FLVHO\OLNH WKDW DIIHFWV OLNH DQG QRW WKDW ZKLFK LV GLIIHUHQW RU RSSRVLWH
'.%*XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, S II(PSHGRFOHV H[SODLQV WKH FRPLQJ WR EH RI WKH H\H DV EHLQJ E\ '.% DQG
$ULVWRWOH WDNHV WKLV DUJXPHQW XS H[WHQVLYHO\ LQ %RRN ,, RI WKH 3K\VLFV'.%&I '.%3K\VLFV EE&I '.% j >
@
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
37/400
&KDSWHU 7KH 6HDUFK IRU WKH
7KLV PXWXDO LQIOXHQFH RI OLNH XSRQ OLNH DFFRXQWV IRU
VXFK SKHQRPHQD VXFK DV YLVLRQ ZKHUHE\ OLJKW HPDQDWHV IURP WKH H\H DQG
PHHWV ZLWK HIIOXHQFHHPLWWLQJ REMHFWV LQ WKH ZRUOG WKXV FDXVLQJ WKH VHQ
VDWLRQ RI VHHLQJ LQ WKH PLQG ,Q WKH VDPH IUDJPHQW (PSHGRFOHV
DOVR LQWURGXFHV DQ LPSRUWDQW DGMXVWPHQW WR KLV WKHRU\ VLQFH WKHUH LV QR
YRLG WKH OLJKW PXVW OHDYH WKH H\H WKURXJK SRUHV LQ LWV VXUIDFH 7KH WKHRU\
RI SRUHV LV DOVR RQH WKDW $ULVWRWOH WDNHV XS EXW ZLWK LPSRUWDQW PRGLILFD
WLRQV DV ZH VKDOO VHH ODWHU LQ WKH GLVFXVVLRQ RI FRQWDFW DQG FRPPXQLFDWLRQ
RI IRUP S
$QD[DJRUDV
$QD[DJRUDV RI &OD]RPHQDH LV D SKLORVRSKHU IRU ZKRP ZH KDYH VXEVWDQ
WLDOO\ OHVV GLUHFW WH[WXDO HYLGHQFH LQ 'LH )UDJPHQWH GHU 9RUVRNUDWLNHU RI
'LHOV DQG .UDQ] RQO\ VRPH IUDJPHQWV RI KLV ZULWLQJV DUH DWWHVWHG DV
DJDLQVW IRU (PSHGRFOHV 1HYHUWKHOHVV KH ZDV DQ LPSRUWDQW WKLQNHU LQ
WKH H\HV RI $ULVWRWOH ZKR UHIHUV WR KLP PRUH WKDQ D KXQGUHG WLPHV WKURXJK
RXW KLV ZRUNV $ULVWRWOHGRHV QRW DOZD\V VKRZ DV PXFK UHVSHFW IRU $QD[DJR
UDVV SKLORVRSKLFDO FRQWULEXWLRQV DV IRU WKRVH RI (PSHGRFOHV DQG RQ VHY
HUDO RFFDVLRQV XVHV KLP DV DQ H[DPSOH RI D WKLQNHU ZKR ZKLOH FUHDWLYH
ZDV QRQHWKHOHVV XQZLOOLQJ RU XQDEOH WR WKLQN WKURXJK WKH LPSOLFDWLRQV RI
'.%'.%&I '.%
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
38/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
KLV RZQ GRFWULQHV 'HVSLWH WKLV VRPHWLPHV FULWLFDO DWWLWXGH D QXPEHU RI
WKH LGHDV RI $QD[DJRUDV IHDWXUH SURPLQHQWO\ LQ WKH 6WDJLULWHV GLVFXVVLRQV
RI HDUOLHU WKHRULHV DQG RQ VHYHUDO RFFDVLRQV $ULVWRWOH WDNHV WKH WLPH WR UH
IXWH WKH SRVLWLRQV RI $QD[DJRUDV GLUHFWO\ , ZLOO WRXFK EULHIO\ WKHUHIRUH
RQ WKRVH DVSHFWV RI $QD[DJRUDVV GRFWULQH ZKLFK ZLOO KHOS WR SXW $ULVWRWOHV
GLVFXVVLRQV LQ FRQWH[W
7KH ILUVW $QD[DJRULDQ GRFWULQH RI LQWHUHVW LV KLV WKHRU\ RI FRPLQJ WR
EH DQG SDVVLQJ DZD\ DV VHSDUDWLRQ DQG DJJUHJDWLRQ PXFK OLNH WKH WKH
RU\ RI (PSHGRFOHV
$JDLQ OLNH (PSHGRFOHV $QD[DJRUDV DFFHSWHG WKH 3DUPHQLGHDQ
FDQRQV WKDW WKHUH LV QR HPSW\ VSDFH DQG WKDW FRPLQJLQWREHLQJ DQG SHU
LVKLQJ LQWR QRWEHLQJ DUH VWULFWO\ LPSRVVLEOH DQG LQ JHQHUDO WHUPV KH DF
FHSWHG WKH VDPH DOWHUQDWLYH :KHUH $QD[DJRUDV GLIIHUV IURP (PSHGR
FOHV LV LQ WKH QXPEHU RIWKDW KH SURSRVHV $V *XWKULH H[SODLQV LW
2Q WKH (PSHGRFOHDQ WKHRU\ LI LW ZHUH SRVVLEOH WR GLYLGH D SLHFH
RI VD\ IOHVK LQWR VPDOO HQRXJK IUDJPHQWV WKH HOHPHQWV ZRXOG
FRPH WR OLJKW DQG LW ZRXOG EH IOHVK QR ORQJHU %XW $QD[DJRUDV
KHOG WKDW HYHQ LI WKLV ZHUH WKHRUHWLFDOO\ SRVVLEOH WKHQ D GHIL6HH IRU LQVWDQFH $ULVWRWOHV VDUFDVWLF FRPPHQWV RQ $QD[DJRUDVV XVH RI DV D'HXV
H[ PDFKLQD DW 0HWDSK\VLFV DII 6LPLODUO\ DW $ULVWRWOH 2Q WKH +HDYHQV EIIKH FULWLFL]HV $QD[DJRUDV IRU QRW XQGHUVWDQGLQJ ZKDW PHDQV HYHQ WKRXJK KHXVHV WKH WHUP LQ KLV WKHRU\ 1XPHURXV RWKHU H[DPSOHV RI WKLV VRUW RI FULWLFLVP FRXOG EHFLWHG 2Q WKH RWKHU KDQG HOVHZKHUH $ULVWRWOH SUDLVHV KLP IRU DUULYLQJ DW WKH QHFHVVLW\ RID PRYLQJ RU HIILFLHQW FDXVH LQ DGGLWLRQ WR WKH PDWHULDO FDXVH KH LV VDLG WR EH DV D VREHUPDQ LQ FRPSDULVRQ ZLWK KLV SUHGHFHVVRUV 0HWDSK\VLFV E
'LHOV DQG .UDQ] '. %*XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
39/400
&KDSWHU 7KH 6HDUFK IRU WKH
QLWH VXEVWDQFH IOHVK FRXOG SHULVK 7KHUH ZDV QR UHDVRQ IRU VLQ
JOLQJRXWFHUWDLQIRUPVRIPDWWHUOLNHHDUWKRUZDWHUDVSULPDU\
$OO WKH LQILQLWH QXPEHU RI QDWXUDO VXEVWDQFHV IOHVK ERQH KDLU
VLQHZ ZRRG LURQ VWRQH HWF PXVW EH HTXDOO\ UHDO
,Q DGGLWLRQ LW DSSHDUV WKDW $QD[DJRUDV LQFOXGHG TXDOLWLHV LQ DPRQJVW WKH
LQILQLWH WKDW DUH SUHVHQW LQ HYHU\WKLQJ $QD[DJRUDVV SRVWXODWLQJ RI
LQILQLWH ZLOO EH LPSRUWDQW LQ $ULVWRWOHV GLVFXVVLRQ RI WKH GHULYDWLRQ RIWKH ILUVW SULQFLSOHV RI QDWXUH LQ %RRN , RI WKH 3K\VLFV DQG LQ KLV GLVFXVVLRQ
RI FRPLQJ WR EH DQG SDVVLQJ LQ DZD\ LQ 2Q *HQHUDWLRQ DQG &RUUXSWLRQ
$ VHFRQG LPSRUWDQW DVSHFW RI $QD[DJRUDVV WHDFKLQJV LQYROYHV WKH UROH
RI RU PLQG DV D ILUVW PRYLQJ FDXVH LQ WKH FRVPRV 7KLV GRFWULQH ZDV
FRQVLGHUHG E\ ODWHU WKLQNHUV WR EH D PDMRU VWHS IRUZDUG E\ FOHDUO\ VHSD
UDWLQJ IRU WKH ILUVW WLPH WKH PRYLQJ FDXVH IURP WKH PDWWHU PRYHG DQG E\FKDUDFWHUL]LQJ WKLV VHSDUDWH FDXVH DV 0LQG RU ,QWHOOHFWLRQ +RZHYHU DV
$ULVWRWOH SRLQWV RXW $QD[DJRUDV DSSHDUV WR DVVHUW WKDW ZDV RQO\ DF
WLYH DW WKH EHJLQQLQJ RI WKH FRVPRV SXWWLQJ WKH ZKROH LQWR PRWLRQ DQG
WKHQ JUDGXDOO\ ZLWKGUDZLQJ
,Q SODFH RI WKH ODWHU GHYHORSPHQW RI WKH XQLYHUVH
SURFHHGHG E\ QDWXUDO QHFHVVLW\ DQG FKDQFH
j
*XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, S , IROORZ KHUH WKH RSLQLRQ RI *XWKULH YRO ,, S ZKLFK LV VXSSRUWHG E\ WKH VWDWH
PHQWRI$ULVWRWOHWKDW v 0HWDSK\VLFVD
*XWKULH YRO ,, S '.%
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
40/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
,W LV QRW FOHDU ZKHWKHU $QD[DJRUDV YLHZHG DV VRPHWKLQJ VSLULWXDO
RU QRQPDWHULDO EXW KH GHVFULEHG LW DV UDGLFDOO\ GLIIHUHQW IURP WKH PDWH
ULDO VHHGV ZKLFK PDNH XS WKH SK\VLFDO ZRUOG
%\
SRVWXODWLQJ $QD[DJRUDV ZDV QRW RQO\ DEOH WR H[SODLQ WKH EHJLQQLQJ
RI PRWLRQ LQ WKH FRVPRV EXW DOVR WR H[SODLQ WKH SUHVHQFH RI LQ DOO
WKLQJV VLQFH
,Q
D PDQQHU VLPLODU WR (PSHGRFOHV KH DSSHDUV WR KDYH H[SODLQHG WKH SDUWLF
XODU FKDUDFWHULVWLFV RI FRPSOH[ DJJUHJDWHV LQ WHUPV RI WKH SURSRUWLRQV RI
WKH EDVLF FRQVWLWXHQWV 0DFURVFDOH REMHFWV ZKLOH KDYLQJ DOO WKH VHHGV
ZLWKLQ WKHP QRQHWKHOHVV KDYH RQH NLQG RI VHHG ZKLFK SUHGRPLQDWHV WKXV
SURYLGLQJ LWV SHFXOLDU YLVLEOHVHQVLEOH FKDUDFWHU
7KH $WRPLVWV /HXFLSSXV DQG 'HPRFULWXV
7KH $WRPLVW VFKRRO ZDV IRXQGHG E\ /HXFLSSXV EXW ZDV FRQWLQXHG
E\ 'HPRFULWXV ZKR ZDV LWV PRVW IDPRXV DQG PRVW LPSRUWDQW H[SRVLWRU
0XFK OLNH $ULVWRWOHDQG(PSHGRFOHV WKHLQWHUHVWV RI 'HPRFULWXV ZHUH ZLGH
$sWLXV TXRWHG LQ '.$ :H KDYH RQO\ LQGLUHFW HYLGHQFH IRU WKLV SRVLWLRQ EXW LW LVDVVXPHG DOVR E\ $ULVWRWOH LQ KLV GLVFXVVLRQ RI QDWXUDO ILQDOLW\ LQ3K\VLFV ,, EE
'.%'.%&I *XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,, S $FFRUGLQJ WR *XWKULH WKH $WRPLVWV GLG QRW FRQVWLWXWH D IRUPDO VFKRRO LQ PDQQHU RI WKH
3ODWRQLF $FDGHP\ RU WKH /\FHXP RI WKH 3HULSDWHWLFV EXW UDWKHU WKHUH ZDV D VXFFHVVLRQ RISKLORVRSKHUV RI ZKRP RQH ZDV WKH GLVFLSOH RI WKH RWKHU LELG YRO ,, S 'HPRFULWXVKLPVHOI KDG TXLWH D QXPEHU RI GLVFLSOHV DQG WKH $WRPLVW GRFWULQH FDQ EH VDLG WR KDYHFRQWLQXHG DIWHU $ULVWRWOH ZLWKLQ WKH WHDFKLQJV RI WKH (SLFXUHDQ VFKRRO LELG
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
41/400
&KDSWHU 7KH 6HDUFK IRU WKH
UDQJLQJ WKH IUDJPHQWV RI KLV ZULWLQJV DQG PHQWLRQV LQ ODWHU SKLORVRSKHUV
LQGLFDWH WKDW KH ZURWH RQ WKH WUDGLWLRQDO LVVXHV RI QDWXUDO SKLORVRSK\ FRV
PRJRQ\ DQG FRVPRORJ\ EXW DOVR RQ LVVXHV RI WKH PLQG SV\FKRORJ\ OLIH
DIWHU GHDWK DQG HWKLFDO DQG SROLWLFDO WKHRU\ ,QGHHG &OHPHQW RI $OH[DQ
GULD FLWHV 'HPRFULWXV DV KDYLQJ VDLG
DQG 'LRJHQHV /DsUWLXV VD\V
WKDW KH VWXGLHG SK\VLFDO DQG PRUDO LVVXHV EXW DOVR PDWKHPDWLFV DQG WKH
WRSLFV RI JHQHUDO FXOWXUH DQG KDG D EURDG H[SHULHQFH RI WKH DUWV
/HXFLSSXV KLPVHOI DSSHDUV WR KDYH EHHQ WKH ILUVW WR SURSRVH DWRPV
DV D VROXWLRQ WR WKH FODVVLF 3DUPHQLGHDQ SUREOHP RI UHFRQFLOLQJ
WKH ZRUOG RI FKDQJH ZLWK WKH LPPXWDELOLW\ RI EHLQJ E\ SRVWXODWLQJ WKHP DV
WKH XOWLPDWH DQG XQFKDQJLQJ RI VHQVLEOH FKDQJHDEOH EHLQJV $ULVWR
WOH KLPVHOI JLYHV XV DQ H[FHOOHQW VXPPDU\ RI KLV SURSRVDO LQ 2Q *HQHUDWLRQ
DQG &RUUXSWLRQ ZKLFK LV ZRUWKFLWLQJ KHUH LQLWV HQWLUHW\ GXH WR LWV FRQFLVH
QHVV DQG FRPSOHWHQHVV , LQFOXGH WKH TXRWH LQ (QJOLVK GXH WR LWV OHQJWK
%XW /HXFLSSXV WKRXJKW KH KDG D WKHRU\ ZKLFK ZRXOG DJUHH ZLWK
WKH VHQVH DQG ZRXOG QRW DEROLVK FRPLQJWREH RU GHVWUXFWLRQ
RU PRWLRQ RU WKH SOXUDOLW\ RI H[LVWLQJ WKLQJV 6R PXFK KH FRQ
FHGHG WR WKH SKHQRPHQD ZKHUHDV WR WKH SURSRQHQWV RI XQLW\
KH JUDQWHG WKDW WKHUH FRXOG QRW EH PRYHPHQW ZLWKRXW YRLG WKDW
WKH YRLG ZDV QRW EHLQJ DQG QRWKLQJ RI ZKDW LV LV QRW EHLQJ
ZKDW VWULFWO\ VSHDNLQJ LV LV FRPSOHWHO\ IXOO %XW VXFK EHLQJ KH
'.%'.$ (QJOLVK WUDQVODWLRQ IURP WKH 6SDQLVK LQ /DQ DQG -XOLD/RV ILOyVRIRV SUH
VRFUiWLFRV
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
42/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
FODLPHG LV QRW D XQLW\ ,W FRQVLVWV RI D SOXUDOLW\ RI WKLQJV LQILQLWH
LQ QXPEHU DQG WRR VPDOO WR EH VHHQ 7KH\ PRYH LQ WKH YRLG IRU
WKHUH LV YRLG DQG WKHLU FRPELQDWLRQ FDXVHV FRPLQJWREH WKHLU
VHSDUDWLRQ GLVVROXWLRQ 7KH\ DFW DQG DUH DFWHG XSRQ DV WKH\
KDSSHQ WR WRXFK IRU LQ WKLV ZD\ WKH\ DUH QRW RQH DQG JHQHU
DWH E\ FRPLQJ WRJHWKHU DQG LQWHUORFNLQJ $ WUXH XQLW\ FDQ QHYHU
JLYH ULVH WR PXOWLSOLFLW\ QRU D WUXH SOXUDOLW\ SURGXFH XQLW\ 7KDW
LV LPSRVVLEOH EXW DV (PSHGRFOHV DQG RWKHUV VD\ WKDW WKLQJV DUH
DFWHG XSRQ E\ PHDQV RI SRUHV VR KH FODLPHG WKDW DOWHUDWLRQ DQG
HYHU\ IRUP RI EHLQJDFWHGRQ WDNHV SODFH LQ WKLV ZD\ GLVVROX
WLRQ DQG GHVWUXFWLRQ RFFXU E\ PHDQV RI WKH YRLG DV DOVR GRHV
JURZWK ZKHQ VROLG ERGLHV VOLS LQ >VF WR ILOO HPSW\ VSDFHV@
7KLV FLWDWLRQ LQFOXGHV PDQ\ RI WKH PDMRU LGHDV ZKLFK $ULVWRWOH FULWLFL]HVWKURXJKRXW KLV ZULWLQJV ,Q SDUWLFXODU ZH QRWH WKH GRFWULQH RI WKH SOHQXP
DQG WKH YRLG WKH DWRPV EHLQJ WLQ\ YHUVLRQV RI 3DUPHQLGHV 2QH WKH
LQILQLW\ RI SULQFLSOHV WKH H[SODQDWLRQ RI FRPLQJ WR EH DQG SDVVLQJ DZD\ LQ
WHUPV RI DJJUHJDWLRQ DQG VHSDUDWLRQ DQG PRWLRQ EHLQJ H[SODLQHG E\ WKH
H[LVWHQFH RI WKH YRLG 'HPRFULWXV DGGV WKDW HDFK DWRP LV HWHUQDO QHYHU
WUDQVIRUPLQJ LQWR DQ\WKLQJ HOVH WKHLU RQO\ LQWULQVLF GLIIHUHQFHV DUH VKDSH
DUUDQJHPHQW VL]H DQG SRVLWLRQ 7KH PRWLRQ RI WKH DWRPV LV HTXDOO\ HWHU
2Q *HQHUDWLRQ DQG &RUUXSWLRQ D WUDQVODWLRQ E\ -RDFKLP&I :DUG\ (OHDWLF 3OXUDOLVP S >,Q /HXFLSSXVV EDVLF GRFWULQH@ WKH (OHDWLF
FRUQHUVWRQH LV OHIW XQWRXFKHG LQVRIDU DV WKHUH LV QR FRPLQJ WR EH RU SDVVLQJ DZD\ RI WKHDWRPV WKHPVHOYHV ,W LV JUDQWHG WKDW PRWLRQ LV LPSRVVLEOH ZLWKRXW YRLG EXW PDLQWDLQHGWKDW VLQFH ZKDW LV QRW VRPHKRZ LV ORFRPRWLRQ FDQ DQG GRHV RFFXU )LQDOO\ VLQFH WKHUHLV ZKDW LV QRW WR GLYLGH XS KRPRJHQHRXV EHLQJ /HXFLSSXV DQG 'HPRFULWXV DUH IUHH WRSRVWXODWH WKH H[LVWHQFH RI D PXOWLWXGH RI ERGLHV HDFK RI ZKLFK LV OLNH WKH 2QH
uj
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
43/400
&KDSWHU 7KH 6HDUFK IRU WKH
QDO D EUXWH IDFW ZKRVH FDXVH QHHGV QR IXUWKHU H[SODQDWLRQ 7KXV WKH
$WRPLVWV UHFRJQL]HG WKH QHHG IRU D PRYLQJ FDXVH PXFK DV GLG $QD[DJRUDV
DQG (PSHGRFOHV EXW LQ FRQWUDVW WR WKHVH RWKHU SKLORVRSKHUV WKH\ PDGH
QR DWWHPSW WR DFFRXQW IRU LW LQ WHUPV RI DQ RULJLQDWLQJ PRYHU VXFK DV
/RYH6WULIH RU
7KH UHODWLRQ RI $WRPLVP WR WKH (OHDWLFV
$V WKH FLWDWLRQ E\ :DUG\ LQGLFDWHV LW KDV ORQJ EHHQ KHOG WKDW WKH $WRP
LVWV KHOG WR WKH FHQWUDO WHQHWV RI 3DUPHQLGHVV :D\ RI 7UXWK PRGLI\LQJ LW
RQO\ LQ WKH ZD\V QHFHVVDU\ WR DFFRXQW IRU PRWLRQ DQG SOXUDOLW\ *XWKULH
IRU H[DPSOH VWDWHV WKDW /HXFLSSXV ORRNHG WR 3DUPHQLGHV ZKRVH WKH
RU\ KH PRGLILHG RQO\ LQ WKH PLQLPDO ZD\V MXVW PHQWLRQHG >LH DQ DWRP
LV QHLWKHU LQILQLWH XQPRYHG QRU ZLWKRXW GHQVLW\@ :KDW UHPDLQV PXVW VWLOOEH XQJHQHUDWHG DQG LPSHULVKDEOH XQFKDQJHDEOH LQFDSDEOH RI EHLQJ DGGHG
WR RU VXEWUDFWHG IURP KRPRJHQRXV ILQLWH DQG D SOHQXP FRQWLQXRXV DQG
LQGLYLVLEOH
7KH TXHVWLRQ WKXV DULVHV DV WR ZKDW H[WHQW WKH $WRPLVWV DUH GHSHQGHQW
XSRQ WKH 3DUPHQLGHDQ DUJXPHQW DJDLQVW FRPLQJ WR EH DQG SDVVLQJ DZD\
LQ RUGHU WKDW WKH DWRPV LQGLYLVLEOHV WKDW WKH\ SRVWXODWH EH SURRI DJDLQVW
3K\VLFV D DQGv u| j 2Q WKH +HDYHQV E
u *HQHUDWLRQ RI $QLPDOV E
*XWKULH $ +LVWRU\ RI *UHHN 3KLORVRSK\ YRO ,,
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
44/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
FKDQJH &RXOG $WRPLVP VXUYLYH DV D YLDEOH WKHRU\ LI WKH 3DUPHQLGHDQ :D\
RI 7UXWK ZHUH IRXQG WR EH IDOVH" *UDKDP KROGV WKDW WKHUH LV D GLIIHUHQFH
KHUH EHWZHHQ /HXFLSSXV IRXQGHU RI WKH $WRPLVWLF VFKRRO DQG KLV GLVFL
SOH 'HPRFULWXV /HXFLSSXV LV DQ (OHDWLF ZRUNLQJ LQ WKH IUDPHZRUN RI D
FRQVWUXFWLYH PRGHO RI FRVPRORJ\ 'HPRFULWXV LV D UHIRUPHU RI (OHDWLF WKH
RU\ ZLWK D VKDUS FULWLFLVP RI D GHILQLQJ WKHRUHP RI (OHDWLF PHWDSK\VLFV
QDPHO\ WKH GLVWLQFWLRQ EHWZHHQ ZKDWLV DQG ZKDWLVQRW $FFRUGLQJ WR
WKLV PRGHO /HXFLSSXV OLNH (PSHGRFOHV DQG $QD[DJRUDV DFFHSWV WKH EDVLF
D[LRPV SUHVHQWHG LQ 3DUPHQLGHVV SRHP EXW UHDGLQJ WKH $OHWKHLD LQ OLJKW
RI WKH 'R[D UDWKHU WKDQ YLFHYHUVD 7KH SULQFLSOHV RI OLJKW DQG QLJKW LQ
3DUPHQLGHVV :D\ RI 2SLQLRQ EHFRPH WKH EDVLF SULQFLSOHV XSRQ ZKLFK WR
EXLOG D SOXUDOLVWLF FRVPRORJ\ ZLWK QLJKW UHSUHVHQWLQJ VROLG XQFKDQJLQJ
EHLQJ DQG OLJKW UHSUHVHQWLQJ WKH YRLG ,Q *UDKDPV UHFRQVWUXFWLRQ RI WKH
FKURQRORJ\ RI $WRPLVP /HXFLSSXV VHHV QR UHDVRQ WR SURYLGH D GHWDLOHG WKH
RUHWLFDO MXVWLILFDWLRQ IRU WKH H[LVWHQFH RI DWRPV DQG WKH YRLG WDNLQJ WKHP
DV DGHTXDWHO\ ZDUUDQWHG E\ WKH :D\ RI 7UXWK WKDW ZKLFK LV FDQQRW QRW EH
LV D SOHQXP LV LPPXWDEOH DQG LQGLYLVLEOH WRJHWKHU ZLWK WKH :D\ RI 2SLQ
LRQ WKHUH DUH WZR SULQFLSOHV RQH RI ZKLFK FRUUHVSRQGV WR EHLQJ DQG WKH
RWKHU WR QRWEHLQJ ,I WKLV UHDGLQJ LV FRUUHFW WKHQ /HXFLSSXVV YHUVLRQ RI
$WRPLVP ZRXOG EH YXOQHUDEOH WR D VXFFHVVIXO DWWDFN RQ WKH 3DUPHQLGHDQWKHRU\
*UDKDP SRLQWV RXW QRQHWKHOHVV WKDW WKLV LV QRW WKH HQG RI WKH VWRU\
IRU $WRPLVP 7KH GHIHQVH E\ 0HOLVVXV RI (OHDWLF SULQFLSOHV ZDV VR ULJ
*UDKDP /HXFLSSXVV $WRPLVP S LELG S LELG S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
45/400
&KDSWHU 7KH 6HDUFK IRU WKH
RURXV WKDW KH PDGH LW DEXQGDQWO\ FOHDU WKDW WKH ZD\ RI RSLQLRQ ZDV MXVW
WKDWXQUHOLDEOH GR[DZKRVH YDOLGLW\ LV SUHFOXGHG E\ WKH GLDPRQGOLNH SHU
IHFWLRQ RI WKH DUJXPHQW RI WKH :D\ RI 7UXWK )XUWKHUPRUH LQ URXJKO\ WKH
VDPH WLPH SHULRG =HQR SUHVHQWV KLV DUJXPHQWV IRU WKH LPPRELOLW\ DQG XQLW\
RI EHLQJ ,Q WKLV FRQWH[W 'HPRFULWXV DSSHDUV DV WKH PDQ ZKR SURYLGHG D
SRVW(OHDWLF IRXQGDWLRQ IRU DWRPLVP LQ UHVSRQVH WR D QHZ(OHDWLF FKDOOHQJH
DQG WR WKDW H[WHQW PDUNHG D QHZ EHJLQQLQJ IRU FRVPRORJ\:KDW ZRXOG
WKLV SRVW(OHDWLF IRXQGDWLRQ KDYH FRQVLVWHG LQ"
$ FOXH WR DQ DQVZHU PD\ EH SURYLGHG E\ D ORRN DW 'HPRFULWXVV PDLQ
DUJXPHQWV DV WKH\ KDYH FRPH GRZQ WR XV SULQFLSDOO\ LQ $ULVWRWOH HVSH
FLDOO\2Q *HQHUDWLRQ DQG &RUUXSWLRQ ,DVZHOODVDQLPSRUWDQWDUJXPHQW
SUHVHUYHG LQ 3OXWDUFK 7KHVH DUJXPHQWV KDYH WZR LPSRUWDQW FKDUDFWHU
LVWLFV WKH\ UHYROYH DURXQG WKH QRWLRQ RI LQGLYLVLEOH PDJQLWXGHV DQG WKH\
DUH PDWKHPDWLFDO UDWKHU WKDQ GLDOHFWLFDO LQ FKDUDFWHU 6WDWHV $OILHUL
/DWRPLVPR D TXHVWD VRVWDQ]D XOWLPD DUULYD R VLOOXGH GL DU
ULYDUH VRVWDQ]D q OLQGLYLVLELOH FKH q LO VROR YHUR LQGLYLGXR FKH
HVLVWD H OLQGLYLVLELOH q FLz FKH SXU HVVHQGR VXVFHWWLELOH DQFR
UD GL GLYLVLRQH PHQWDOH QRQ q VXVFHWWLELOH GL GLYLVLRQH UHDOH
SHUFKp QRQ FRQWHQHQGR LQ Vp DOFXQ YXRWR QR KD SDUWL q GXQ
TXH FRPH DSSXQWR YLHQ GHILQLWR OHVVHUH LQ WHUPLQL
SDUPHQLGHL
,Q WKH 'HPRFULWHDQ DUJXPHQWV SUHVHUYHG E\ $ULVWRWOH LQ *&, ZH ILQG
*UDKDP /HXFLSSXVV $WRPLVP S &I 6HGOH\ $WRPLVPV (OHDWLF 5RRWV S $OILHUL $WRPRV ,GHD SS
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
46/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
QR UHIHUHQFHV WR WKH DVSHFW RI WKH 3DUPHQLGHDQ DUJXPHQW DERXW KRZZKDW
LV LV XQDEOH WR FHDVH WR EH EXW UDWKHU ZH VHH HFKRHV RI WKH DUJXPHQW RI WKH
:D\ RI 7UXWK FRQFHUQLQJ WKH LQGLYLVLELOLW\ RI ZKDW LV 6HGOH\ LQWHUSUHWV *&
, DV FRQWDLQLQJ WZR YHUVLRQV RI D VLQJOH EDVLF DUJXPHQW RQH ZKLFK VWULFWO\
SUHVHUYHV WKH WHUPV LQ ZKLFK 'HPRFULWXV SUHVHQWHG KLV RULJLQDO DUJXPHQW
IRU LQGLYLVLEOH PDJQLWXGHV DQG D VHFRQG YHUVLRQ LQ ZKLFK $ULVWRWOH OHQGV
D KDQG WR 'HPRFULWXV UHSKUDVLQJ KLV DUJXPHQW LQ WHUPV RI QRWLRQV IURP
$ULVWRWOHV RZQ PHWDSK\VLFV VXFK DV SRWHQF\ DQG DFW 7KH QXFOHXV RI
WKLV VHFRQG YHUVLRQ RI WKH DUJXPHQW LV WKDW LI D PDJQLWXGH FDQ EH VLPXOWD
QHRXVO\ EH GLYLGHG LQ SRWHQF\ WKHQ WKLV PHDQV WKDW DW VRPH SRLQW LW PLJKW
DFWXDOO\ FRPH WR EH VR UHVXOWLQJ LQ HLWKHU SRLQWV RU QRWKLQJ DW DOO 7KH
RULJLQDO PDJQLWXGH FDQQRW EH UHFRQVWUXFWHG RXW RI HLWKHU RI WKHVH WKXV LW LV
LPSRVVLEOH WKDW LW EH SRWHQWLDOO\ GLYLVLEOH DW HYHU\ SRLQW (UJR WKHUH PXVW
EH DWRPLF PDJQLWXGHV
2QH PLJKW ZRQGHU ZK\ WKHVH DWRPLF PDJQLWXGHV DUH SK\VLFDOO\ LQGL
YLVLEOH ZKHQ WKH\ UHPDLQ DW OHDVW WKHRUHWLFDOO\ GLYLVLEOH IRU WKH\
DUH VDLG WR KDYH QXPHURXV VKDSHV PHDQLQJ WKDW RQH SDUW RI DQ DWRP FDQ
EH GLVWLQJXLVKHG LQ WKH PLQG IURP LWV RWKHU SDUWV 6HGOH\ SURYLGHV WKH DQ
VZHU LQ FLWLQJ WKH DUJXPHQW E\ 'HPRFULWXV WKDW LV SUHVHUYHG LQ 3OXWDUFK
DV PHQWLRQHG DERYH 7KLV LV WKH VRFDOOHG FRQH SDUDGR[ DQG LV DUJXHG DV
IROORZV
,I D FRQH ZHUH FXW DORQJ D SODQH SDUDOOHO WR LWV EDVH ZKDW
VKRXOG ZH KROG WKH VXUIDFHV RI WKH VHJPHQWV WR EH HTXDO RU XQ
6HGOH\ $WRPLVPV (OHDWLF 5RRWV SS $ULVWRWOH 2Q *HQHUDWLRQ DQG &RUUXSWLRQ E
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
47/400
&KDSWHU 7KH 6HDUFK IRU WKH
HTXDO" )RU LI WKH\ DUH XQHTXDO WKH\ ZLOO PDNH WKH FRQH XQHYHQ
ZLWK PDQ\ VWHSOLNH LQGHQWDWLRQV DQG URXJK HGJHV %XW LI WKH\
DUH HTXDO WKH VHJPHQWV ZLOO EH HTXDO DQG WKH FRQH ZLOO WXUQ RXW
WR KDYH WKH SURSHUWLHV RI D F\OLQGHU WKURXJK FRQVLVWLQJ RI HTXDO
QRW XQHTXDO FLUFOHV ZKLFK LV TXLWH DEVXUG
(UJR D WUXH FRQH LV XQFXWWDEOH $V 6HGOH\ QRWHV WKLV DUJXPHQW FDQ DSSO\
HTXDOO\ ZHOO WR RWKHU UHJXODU DQG LUUHJXODU JHRPHWULF ILJXUHV ZKLFK DUH GLV
FUHWH DQG D SOHQXP WKH\ ZLOO EH GLYLVLEOH LI DW DOO RQO\ DORQJ D VWULFWO\ GH
OLPLWHGVXEVHWRILQWHUQDOSODQHV +HQFH 'HPRFULWXV KDVZKDW KH QHHGVXQFXWWDEOH
GLVFUHWH PDJQLWXGHVDQG KH KDV QR QHHG WR GHSHQG XSRQ WKH 3DUPHQLGHDQ
DUJXPHQW IRU WKH XQFKDQJHDELOLW\ RIZKDW LV $WRPV VWLOO VKDUH PDQ\ RI WKH
FKDUDFWHULVWLFV RI 3DUPHQLGHDQ EHLQJ HVSHFLDOO\ WKRVH RI LQGLYLVLELOLW\ DQG
HWHUQLW\ ZKLOH EHLQJ VXUURXQGHG E\ WKH YRLG QRQEHLQJ EXW WKRVH FKDU
DFWHULVWLFV DUH EDVHG RQ D MXVWLILFDWLRQ ZKLFK LV LQGHSHQGHQW RI WKH PHWD
SK\VLFDO DUJXPHQW RI WKH JUHDW (OHDWLF
2WKHU DVSHFWV RI $WRPLVP
,Q DGGLWLRQ WR UHFRJQL]LQJ WKH QHHG IRU D PRYLQJ FDXVH DV QRWHG DERYH
WKH $WRPLVWV ZHUH SUDLVHG E\ $ULVWRWOH IRU KDYLQJ WUHDWHG HYHQ LI VOLJKWO\ RIWKH IRUPDO FDXVH DQG XQLYHUVDO GHILQLWLRQ E\ SRVWXODWLQJ DUUDQJHPHQW DV
D FDWHJRU\ RI EHLQJ DERYH DQG EH\RQG WKH VKDSH DQG VL]H RI WKH DWRPV
3OXWDUFK &RPP QRW ( DV FLWHG LQ 6HGOH\ $WRPLVPV (OHDWLF 5RRWV SSLELG S
u 3K\VLFV D 1HYHUWKHOHVV IRU WKH $WRPLVWV DUUDQJHPHQW DSSHDUV WR KDYH PRUH WKH FKDUDFWHU RI DQ HSLSKHQRPHQRQ WKDQ D WUXH SULQFLSOH
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
48/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
1HYHUWKHOHVV WKH HIIRUWV RI /HXFLSSXV DQG 'HPRFULWXV DW OHDVW DSSHDU
WR KDYH EHHQ GLUHFWHG WRZDUGV D UDGLFDO HOLPLQDWLRQ RI SULQFLSOHV ZKLFK
ZHUH QRW VWULFWO\ H[SODLQDEOH LQ WHUPV RI WKH SK\VLFDO DWRPV WKHPVHOYHV
)RU LQVWDQFH WKH\ UHGXFHG VRXO WR VRPHWKLQJ YHU\ VLPLODU WR ILUH
DQG FRQIODWHG DQG HQWLUHO\ $OO RSHUDWLRQV RI QDWXUH DUH E\
QHFHVVLW\
WKHUH EHLQJ QR VXEVWDQWLDO XQLWLHV
RWKHU WKDQ WKH DWRPV ZKLFK PLJKW SURYLGH DQ\ NLQG RI IRUPDO RU WHOH
RORJLFDO FDXVDWLRQ FRPSOH[ V\VWHPV DQG RUJDQLVPV SUHVXPDEO\ FRPH
DERXW LQ WKH VDPH QHFHVVDU\ PDQQHU ,QGHHG WKH $WRPLVWV ZHQW IDUWKHU
WKDQ (PSHGRFOHV DQG RWKHU LQ UHGXFLQJ PDQ\ RI WKH WUDGLWLRQDO
VXFK DV VZHHWELWWHU DQG KRWFROG WR IDOVLW\ RU DSSHDUDQFH FRORU
DOVRIDOOVYLFWLPWRWKH$WRPLVWDQDO\VLV
2WKHU GRFWULQHV RI 'HPRFULWXV WKDW DUH PHQWLRQHG RU FULWLFL]HG E\ $ULV
WRWOH DQG ZKLFK GHULYH QDWXUDOO\ IURP WKH IRUPHUV UHGXFWLRQLVP LQFOXGH
WKH DFWLRQ RI OLNHRQOLNH WKH DVVLPLODWLRQ RI WKH PRWLRQV RI WKH VRXO WR
WKRVH RI WKH DWRPV DQG YLVLRQ DV PLUURULQJ ,Q WKH ILUVW FDVH ZH KDYH D
FRQWLQXDWLRQ RI WKH (PSHGRFOHDQ WKHRU\ RI WKH QHFHVVLW\ IRU WZR REMHFWV WR
EH OLNH LQ RUGHU IRU WKHP WR LQWHUDFW u
j 7KH TXRWDWLRQ LV IURP 'LRJHQHV /DsUWLXV DQG LV FLWHGLQ '.$
4XRWDWLRQ IURP 'LRJHQHV /DsUWLXV FLWHG LQ '.$ >@
j &LWDWLRQ IURP $ULVWRWOHVORVW WH[W 2Q 'HPRFULWXV LQ 6LPSOLFLXV 'H FDHOR FLWHG LQ .LUN DQG 5DYHQ S
.LUN DQG 5DYHQ S FI '.%
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
49/400
&KDSWHU 7KH 6HDUFK IRU WKH
j
:H VHH D GHYHORSPHQW RI WKLV QR
WLRQ LQ 'HPRFULWXVV WKHRU\ RI YLVLRQ ZKHUHE\ YLVLRQ LV DVVLPLODWHG WR WKH
SKHQRPHQRQ RI UHIOHFWLRQ D SKHQRPHQRQ ZKLFK LV FOHDUO\ FDXVHG E\ DQG
RI WKH VDPH NLQG DV WKH OLJKW FRPLQJ IURP D YLVLEOH REMHFW
$V .LUN DQG 5DYHQ VXPPDUL]H WKH $WRPLVW GRFWULQH RQ VHQVDWLRQ
,W LV D QHFHVVDU\ FRQVHTXHQFH RI WKH DWRPLVW GRFWULQH WKDW HY
HU\WKLQJ FRQVLVWV RI DWRPV DQG WKH YRLG WKDW DOO VHQVDWLRQ VKRXOG
EH H[SODLQHG DV D IRUP RI FRQWDFW RU WRXFK 7KH VRXO FRQVLVWV
RI VSKHULFDO DWRPV VSUHDG WKURXJK WKH ERG\ DQG WKH PLQG ZDV
SUHVXPDEO\ UHJDUGHG DV D FRQFHQWUDWLRQ RI VRXODWRPV 7KXV
WKRXJKW LV D SURFHVV DQDORJRXV WR VHQVDWLRQ DQG WDNHV SODFHZKHQ WKH VRXO RU PLQGDWRPV DUH VHW LQ PRWLRQ E\ WKH LPSLQJH
PHQW RI FRQJUXHQW DWRPV IURP RXWVLGH
$ IUDJPHQW IRXQG LQ $sWLXV LQGLFDWHV WKDW PHQWDO LPDJHV DUH WKH GLUHFW UH
VXOW RI LPDJHV FRPLQJ IURP ZLWKRXW |u
j
7KHUH LV WKXV QR VSHFLDO RQWR
ORJLFDO VWDWXV FRUUHVSRQGLQJ WR PHQWDO PRWLRQV WKH PRWLRQ RI WKH DWRPV
2Q *HQHUDWLRQ DQG &RUUXSWLRQ Eug g
j g j g 'H VHQVX HW VHQVDWR D
&LWHG LQ .LUN DQG 5DYHQ S VHH DOVR /DQ DQG -XOLD /RV ILOyVRIRV SUHVRFUiWLFRV
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
50/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
DQG WKDW IRXQG LQ WKH VRXO DUH IXQGDPHQWDOO\ RI WKH VDPH NLQG
7KH IXQGDPHQWDO DFKLHYHPHQW RI 'HPRFULWXV ZKLFK VHWV KLP DSDUW
IURP KLV PDVWHU /HXFLSSXV DSSHDUV WR KDYH EHHQ KLV GHYHORSPHQW RI D XQL
YHUVDO WKHRU\ ZKLFK GHVSLWH LQYROYLQJ D UDGLFDO UHGXFWLRQ LQ WKH QXPEHU RI
EDVLF SULQFLSOHV WKDW LW SRVLWHG ZDV QHYHUWKHOHVV DEOH WR H[SODLQ RU DWWHPSW
WR H[SODLQ D ZLGH YDULHW\ RI GLIIHUHQW W\SHV RI SKHQRPHQD 7KH LQIOXHQFH
DQG LQJHQXLW\ RI KLV V\VWHP LV UHIOHFWHG LQ WKH LPSRUWDQW UROH WKDW $ULVWR
WOH DVVLJQV WR 'HPRFULWXV DV WKH PDVWHU RI D PDMRU ULYDO VFKRRO DQG LQ WKH
SUDLVH ZKLFK WKH 6WDJLULWH JLYHV KLP
u
$ULVWRWOHV GHULYDWLRQ RI WKH LQ WKH 3K\VLFV %RRN ,
$ULVWRWOH EHJLQV WKH 3K\VLFV ZLWK D GHFODUDWLRQ RI VFLHQWLILF SULQFLSOHV
7KH DV
2Q *HQHUDWLRQ DQG &RUUXSWLRQ E3K\VLFV D %RO]iQ SRLQWV RXW WKDW LQ UHJDUGV WR VFLHQWLILF PHWKRG $ULVWRWOH
ZDV LQ VXEVWDQWLDO DJUHHPHQW ZLWK 'HPRFULWXV HYHQ LI KH GLG QRW EHOLHYH WKDW WKH ODWWHU KDGGHULYHG FRUUHFW FRQFOXVLRQV /D UD]yQ GH QR SRGHU FRPSUHQGHU KHFKRV FRUULHQWHV UHVLGHHQ OD LQH[SHULHQFLD 3RU HOOR HV TXH TXLHQHV WLHQHQ PD\RU IDPLOLDULGDG FRQ ORV KHFKRV QDWXUDOHV VRQ PiV FDSDFHV GH HVWDEOHFHU SULQFLSLRV TXH SHUPLWHQ UHODFLRQDU PD\RU Q~PHURGH IHQyPHQRV 0DV TXLHQHV DEXVDQ GHO UD]RQDPLHQWR GLDOpFWLFR VH SURQXQFLDQ GHPDVLDGR IiFLOPHQWH EDVDGRV HQ XQ SHTXHxR Q~PHUR GH KHFKRV *& D 6H WUDWD DTXt GHOD GLIHUHQFLD HQWUH HO UD]RQDPLHQWR VLPSOHPHQWH GH XQ 3ODWyQ \ HO UD]RQDPLHQWR GH XQ 'HPyFULWR WUDWDQGR GH IXQGDPHQWDU VXV RSLQLRQHV FRQ DUJXPHQWRV DGHFXDGRV \ VDFDGRV GH OD PLVPD ItVLFD *& D (VWR QR LQGLFD TXH $ULVWyWHOHV PLVPRHVWp GH DFXHUGR FRQ 'HPyFULWR \ VX VROXFLyQ VLQR TXH VyOR OR HVWi FRQ VX PpWRGR %RO]iQ
)tVLFD TXtPLFD \ ILORVRItD QDWXUDO HQ $ULVWyWHOHV S
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
51/400
&KDSWHU 7KH 6HDUFK IRU WKH
ZH KDYH VHHQ GHYHORSHG HYHU PRUH VRSKLVWLFDWHG WKHRULHV DERXW ZKDW WKHVH
KDG WR EH DQG $ULVWRWOH GHYHORSV KLV RZQ WKHRU\ LQ FRQYHUVDWLRQ ZLWK
WKHVH HDUOLHU WKLQNHUV
7KH SRVVLEOH FDQGLGDWHV IRU WKH DV SURSRVHG E\ WKH SKLORVRSKHUV
WKDW $ULVWRWOH TXRWHV DUH PDQ\ DQG GLYHUVH :KLOH HDFK KDG
KLV RZQ WKHRU\ ZKLFK GLIIHUHG IURP WKH RWKHUV WR D JUHDWHU RU OHVVHU GHJUHH
$ULVWRWOH ILQGV HQRXJK LQ FRPPRQ WR SURYLGH D VXPPDU\ RI WKHLU SRVLWLRQV
ZKLFK LV VXFFLQFW DQG FOHDU
}
j
u !
,W LV FOHDU WKDW WKHVH WKLQNHUV GLG QRW DOO KDYH WKH VDPH VRUW RI WKLQJ LQ
PLQG LQ WKHLU LQYHVWLJDWLRQV LQWR WKH ,Q SDUWLFXODU WKH GLIIHUHQFHV EH
WZHHQ WKH (OHDWLF SRVLWLRQ DQG WKDW RI WKH DUH VLJQLILFDQW 1HYHU
WKHOHVV LQ WKLV SDVVDJH FDQ EH LQWHUSUHWHG DV VLJQLI\LQJ D EDVLF EXLOG
LQJ EORFN VRPHWKLQJ ZKLFK LV LUUHGXFLEO\ SUHVHQW LQ D QDWXUDO EHLQJ DQG
ZKLFK FDQQRW EH H[SODLQHG LQ WHUPV RI DQRWKHU VXFK EXLOGLQJ EORFN 7KXV
WKH DQFLHQW WKLQNHUV ZKR SRVWXODWHG PRQLVP ZLVKHG WR DVVHUW WKDW WKHUH
3K\VLFV E$ULVWRWOH VD\V RI WKH WKDW
3K\VLFV D
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
52/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
ZDV RQO\ RQH NLQG RI EXLOGLQJ EORFN DYDLODEOH IRU XV WR UHIHU WR LQ RXU DF
FRXQW RI KRZ WKH XQLYHUVH LV VWUXFWXUHG 7KH (OHDWLF PRQLVWV DVVHUWHG WKDW
EHLQJ ZDV WKLV RQH EXLOGLQJ EORFN DQG WKDW LQ DGGLWLRQ WKLV EXLOGLQJ EORFN
LV RQH LQ QXPEHU 7KH DSSDUHQW PXOWLSOLFLW\ RI EHLQJV LV FRQVLJQHG WR WKH
ZD\ RI RSLQLRQ j
VLQFH WKLV UHTXLUHV VD\LQJ WKDW LQ VRPH VHQVH
WKDW ZKLFK LV LV VRPHKRZ QRW 7KH HDUO\ PDWHULDOLVWV RI WKH ,RQLDQ VFKRRO
RQ WKH RWKHU KDQG PDLQWDLQHG WKDW WKHUH ZDV FHUWDLQO\ D PXOWLSOLFLW\ RI
EHLQJV EXW DOO RI WKHP EHLQJ JHQHUDWHG IURP RQH VLQJOH XQGHUO\LQJ WKLQJ
EH LW $LU )LUH RU :DWHU 7KH LH (PSHGRFOHV $QD[DJRUDV DQG
WKH $WRPLVWV SURSRVHG PXOWLSOH DV , KDYH GHWDLOHG LQ WKH SUHYLRXV
VHFWLRQ
,Q %RRN , RI WKH 3K\VLFV $ULVWRWOH VHWV KLPVHOI D WZRIROG WDVN ILUVW KH
ZLOO GHWHUPLQH WKH WUXWK DERXW WKH VSHFLI\LQJ KRZ PDQ\ WKHUH DUH
DQG WKH QDWXUH RI HDFK VHFRQG KH LQWHQGV WR UHVROYH RQFH DQG IRU DOO WKH
ORQJVWDQGLQJ FRQXQGUXP RI KRZ LW FDQ EH SRVVLEOH IRU WKHUH WR EH JHQXLQH
FKDQJH , GHWDLO KLV VROXWLRQ LQ WKH IROORZLQJ VXEVHFWLRQV
3DUPHQLGHV DQG WKH GRFWULQH RI WKH 2QH
,W LV DSSDUHQW WKDW $ULVWRWOH KDG GRXEWV DERXW WKH SURSULHW\ RI LQFOXGLQJ
D GLVFXVVLRQ DERXW 3DUPHQLGHV LQ KLV WUHDWLVH RQ $V $ULVWRWOH PDNHV
FOHDU WKRVH ZKR FRPSOHWHO\ GHQ\ DQ\ PXOWLSOLFLW\ LQ UHDOLW\ DUH UHDOO\ QRW
'.%
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
53/400
&KDSWHU 7KH 6HDUFK IRU WKH
VWXG\LQJ WKH QDWXUDO ZRUOG QRU LV WKHLU LQYHVWLJDWLRQ DERXW VLQFH
PXVW EH RI VRPH WKLQJ RU WKLQJV 1HYHUWKHOHVV $ULVWRWOH DGPLWV WKDW
WKH 3DUPHQLGHDQ GRFWULQH RI WKH 2QH FDXVHV IRU QDWXUDO SKLORVR
SKHUV DV ZHOO DQG WKXV D OLWWOH ELW RI GLVFXVVLRQ RQ WKH WRSLF PLJKW EH ZRUWK
ZKLOH
$ULVWRWOH WDNHV WZR LPSRUWDQW VWHSV LQ WKH GHYHORSPHQW RI KLV GRFWULQH RI
LQ KLVGLVFXVVLRQ RI WKH 3DUPHQLGHDQGRFWULQH )LUVW KH GHPRQVWUDWHV
WKDW WKH PXVW EH PXOWLSOH 6LQFH ZH NQRZ IURP LQGXFWLRQ
WKDW DOO RU DW OHDVW VRPH QDWXUDO WKLQJV DUH PRYLQJ 3DUPHQLGHVV DUJX
PHQW PXVW EH EDVHG RQ D PLVLQWHUSUHWDWLRQ RI ZKDW EHLQJ PHDQV %HLQJ
LV QRW D XQLYRFDO WHUP
,I ZH DWWHPSW WR UHGXFH EHLQJ WR RQH RU DQRWKHU RI WKH FDWHJRULHV
GLVWLQFW IURP VXEVWDQFH ZH UXQ LQWR DQ LPPHGLDWH DEVXUGLW\ VLQFH VXFK
WKLQJV DV TXDOLWLHV DQG TXDQWLWLHV DUH SUHGLFDWHG RQO\ RI VXEVWDQFH DQG DUH
QRW LQGHSHQGHQW %XW LI ZH KDYH KDYH WR PDLQWDLQ TXDOLW\ DQG TXDQWLW\ DQG
WKH RWKHU FDWHJRULHV DORQJVLGH VXEVWDQFH WKHQ EHLQJ LV PXOWLSOH
1HYHUWKHOHVV GHPRQVWUDWLQJ WKH FDWHJRULFDO PXOWLSOLFLW\ RI EHLQJ GRHV
QRW GLUHFWO\ DGGUHVV WKH KHDUW RI 3DUPHQLGHV LQVLJKW WKDW WKDW ZKLFK LVj
j j j 3K\VLFV D
,ELG3K\VLFV D
3K\VLFV D
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
54/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
ZKDW LW LV FDQQRW FHDVH WR EH ZKDW LW LV ZLWKRXW FHDVLQJ WR EH FRPSOHWHO\ LQ
ZKLFK FDVH LW LV QRW VLPSOLFLWHU DQG ZH FDQ QR ORQJHU VD\ WKDW LW LV 7KLV
LV DOVR WKH SUREOHP WKDW OHG 3ODWR WR SRVWXODWH WKH HWHUQDO ,GHDV RU )RUPV
VLQFH ZKDW -XVWLFH LV PXVW DOZD\V EH ZKDW LW LV ZKHWKHU RU QRW DQ\WKLQJ LQ
WKH ZRUOG LQVWDQWLDWHV LW
,Q IDFW $ULVWRWOH DFNQRZOHGJHV WKLV GLIILFXOW\ DQG WR D FHUWDLQ SRLQW LV
LQ DJUHHPHQW 7KDW ZKLFK ZKLWHQHVV LV FDQQRW VXIIHU E\ LWV FRQWUDU\ LH
SDUWLFLSDWH LQ QRQZKLWH IRU WKLV ZRXOG PHDQ WKDW ZKLWHQHVV ZRXOG FHDVH
WR EH j 5DWKHU
WKDQ DFFHSWLQJ WKDW WKLV VKRXOG LPSO\ WKH LPPRELOLW\ RI EHLQJ LQ JHQHUDO
$ULVWRWOH PDGH DQ LPSRUWDQW FRQFHSWXDO OHDS QRWLQJ WKDW ZKHQ ZH VD\ WKDW
WKH ZKLWH EHFRPHV EODFN ZKDW ZH DUH QRW VD\LQJ LV WKDW ZKLWHQHVV EH
FRPHV EODFNQHVV EXW UDWKHU WKDW WKDW ZKLFK LV ZKLWH FHDVHV WR EH ZKLWH
DQG LQVWHDG FRPHV WR EH WKDW ZKLFK LV EODFN RU QRWZKLWH ,QGHHG WKH
WKLQJ ZKLFK FKDQJHV PRYHV DV LW ZHUH LQWR WKH VSHFLHV SODFH RU QXPEHU
WKDW LW EHFRPHV
7KLV LV WKH VHFRQG RI WKH WZR
PDMRU VWHSV WKDW $ULVWRWOH WDNHV LQ WKH GHYHORSPHQW RI KLV GRFWULQH RI
7KLV GLVFRYHU\ HQDEOHV XV WR DGYDQFH FRQVLGHUDEO\ LQ RXU NQRZOHGJH RI
ZKDW LV D QDWXUDO EHLQJ LV VRPHWKLQJ WKDW FDQ FKDQJH E\ PRYLQJ
IURP EHLQJ LQ RQH ZD\ WR EHLQJ LQ DQRWKHU ZD\ DOO WKH ZKLOH UHPDLQLQJ
LQ DQ LPSRUWDQW VHQVH WKH VDPH 7KH WZR WHUPV RI WKH FKDQJH KRZHYHU
DUH WR D FHUWDLQ GHJUHH EHLQJ DQG QRWEHLQJ )RU WKH QDWXUDO EHLQJ WKDW
3K\VLFV E3K\VLFV EE
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
55/400
&KDSWHU 7KH 6HDUFK IRU WKH
FKDQJHV IURP EHLQJ ZKLWH WR EHLQJ EODFN KDV JRQH XQGHU DQRWKHU DQDO\VLV
IURP EHLQJ ZKLWH WR EHLQJ QRQZKLWH 7KHVH WZR HQGSRLQWV RI FKDQJH DUH
HTXDOO\ UHDO EXW DUH LUUHGXFLEOH WR RQH DQRWKHU $ULVWRWOH PDLQWDLQV WKHVH
DV LUUHGXFLEOH RSSRVLWHV SDLUV ZLWKLQ ZKLFK RQH PHPEHU LV DV WKDW
ZKLFK LV DQG WKH RWKHU DV WKDW ZKLFK LV QRW +H WKXV PDLQWDLQV WKDW LQ D
FHUWDLQ VHQVH VRPHWKLQJ FDQ EH VDLG WR DULVH IURP QRQEHLQJ EXW QRW
EXW RQO\
7KH DQG WKH
7KH ZHUH FHUWDLQO\ QRW DQ LQYHQWLRQ RI $ULVWRWOH LQGHHG WKH H[
LVWHQFH RI RSSRVLWHV ZKLFK DSSDUHQWO\ WUDQVPXWHG LQWR RQH DQRWKHU ZDV
RQH RI WKH EDVLF GDWD IURP ZKLFK WKH DQFLHQW ,RQLDQ SKLORVRSKHUV GHYHO
RSHG WKHLU WKHRULHV RI WKH HOHPHQWV IURP ZKLFK DOO RWKHU WKLQJV ZHUH EXLOW%DVLF RSSRVLWHV VXFK DV KHDY\ DQG OLJKW GDUN DQG EULJKW KRW DQG FROG
VHHPHG WR XQGHUOLH WKH REMHFWV ZH HQFRXQWHU LQ GDLO\ OLIH DQG FKDQJH RF
FXUV EHWZHHQ WKHVH SDLUV :KHQ WKH VXQ JRHV GRZQ WKDW ZKLFK ZDV OLJKW
EHFRPHV GDUN ZKHQ ZRRG LV SXW RQ WKH ILUH WKDW ZKLFK ZDV FROG EHFRPHV
KRW DQG ZKHQ WKH ILUH JRHV RXW WKDW ZKLFK ZDV KRW EHFRPHV FROG
7KLV DSSDUHQW FDSDFLW\ IRU PXWXDO LQWHUWUDQVIRUPDWLRQ EHWZHHQ WKHVH
JDYHULVHWRGLYHUJHQWRSLQLRQVDERXWWKHQXPEHURIWKDW QHHGHG
WR EH SRVLWHG LQ RUGHU WR DFFRXQW IRU WKLV GLYHUVLW\ ,Q &KDSWHUV DQG RI
WKH ILUVW ERRN RI WKH 3K\VLFV $ULVWRWOH DGGUHVVHV WKHVH WKHRULHV ERWK WKRVH
ZKLFK DVVHUW WKDW WKHUH FDQ RQO\ EH RQH DV ZHOO DV WKRVH ZKLFK DVVHUW
3K\VLFV EE
7/27/2019 Tesis Erik Norvelle - Universidad de Navarra - 2011
56/400
$ULVWRWOH RQ +LJKHU 1DWXUHV
WKDW WKH\ PXVW EH LQILQLWH ,Q DGGLWLRQ KH FODULILHV WKH GLVWLQFWLRQ EHWZHHQ
WKH DQG WKH VKRZLQJ WKDW WKH\ DUH WKH VDPH IURP RQH SRLQW RI
YLHZ EXW IURP DQRWKHU WKH\ DUH TXLWH GLVWLQFW
$ULVWRWOH GLYLGHV WKH RSLQLRQV RI WKH HDUOLHU QDWXUDO SKLORVRSKHUV LQWR
WZR JURXSV DFFRUGLQJ WR WKH QXPEHU RI EDVLF ERGLHV WKH\ SURSRVHG ,Q WKH
ILUVW JURXS KH SODFHV WKRVH HDUOLHU SKLORVRSKHUV VXFK DV 7KDOHV $QD[LPHQHV
DQG +HUDFOLWXV ZKR SRVWXODWHG D VLQJOH XQGHUO\LQJ SULQFLSOH RU ERG\ IURP
ZKLFK WKH YDULRXV EDVLF HOHPHQWV ZHUH GHULYHG YLD D SURFHVV RI GHQVLIL
FDWLRQ RU UDUHIDFWLRQ WK