Sie sind auf Seite 1von 12

@XicYSc _V dXU 8e]Q^ 2_Ti 3XQ`dUb #* =ecSe\_c[U\UdQ\ cicdU]

!)

=ecSe\_c[U\UdQ\ cicdU]
7KLV FKDSWHU DQDO\]HV WKH JURVV DVSHFWV RI WKH VNHOHWRQ PXVFOHV DQG WHQGRQV DV D V\VWHP RI DU 0XVFOH WLVVXH FRQVLVWV RI EDVLF FRQWUDFWLOH XQLWV WLFXODWHG OHYHUV RSHUDWHG E\ URSHV SXOOH\V DQG FDOOHG VDUFRPHUHV 7KH VDUFRPHUHV DUH DWWDFKHG FRQWUDFWLOH XQLWV 7KH REMHFW RI WKLV V\VWHP LV WR H[HUW IRUFHV RI YDULRXV NLQGV RQ WKH H[WHUQDO ZRUOGIRU H[DPSOH WR PRYH WKH DQLPDO ORFRPR WLRQ RU WR SURFXUH IRRG
" =ecS\U ! C[U\Ud_^c _V \Q^T fUbdUbRbQdUc

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

SRVLWH PDWHULDO FRQVLVWLQJ RI ERQH FHOOV FROODJHQ D ILEURXV SURWHLQ DUUDQJHG LQ ORQJ VWUDQGV  DQG LQRUJDQLF URGOLNH FU\VWDOV RI &D 32  2+  SHUKDSV  c LQ GLDPHWHU DQG  WR c ORQJ 7KH TXDQWLWDWLYH SURSHUWLHV RI ERQH DUH JLYHQ LQ WKH 7DEOH EHORZ
Di`U _V CdbUcc

3URSHUWLHV RI %RQH
 !

E\dY]QdU CdbU^WdX

3_]`bUccY_^ DU^cY_^ 2U^TY^W I_e^Wc ]_Te\ec

   

>d ] 



'DWD RQ WKH SURSHUWLHV RI ERQH ZHUH WDNHQ IURP WKH DUWLFOH ERQH &RS\ULJKW  (QF\FORSGLD %ULWDQQLFD ,QF 

(QF\FORSGLD %ULWDQQLFD 2QOLQH

"

3XQ`dUb #*

=USXQ^YSQ\ TYcQTfQ^dQWU

#

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


=USXQ^YSQ\ TYcQTfQ^dQWU

FYbdeQ\ g_b[

 

7KLV LV QRW XQLYHUVDOH[RVNHOHWDO DQLPDOV H[WHQG WKHLU PXVFOHV XVLQJ D K\GUDXOLF V\VWHP ZKHUHDV FHUWDLQ RWKHU PXVFOHV FRPSUHVV VSULQJ\ WLVVXHV WKDW H[SDQG ZKHQ WKH PXVFOHV UHOD[ 6HH HJ  + *ROGVWHLQ   S II
&ODVVLFDO 0HFKDQLFV QG HG

$GGLVRQ:HVOH\ 3XEOLVKLQJ &R 5HDGLQJ 0$

@XicYSc _V dXU 8e]Q^ 2_Ti 3XQ`dUb #* =ecSe\_c[U\UdQ\ cicdU]

"!

ORZHU WKH ZHLJKW +RZHYHU IRU DQJOHV EH\RQG 

$

8Y\\c <Qg

WKH IRUFH ULVHV YHU\ UDSLGO\ LQGHHG )RU P\ OHJ WKH UDWLR

LV DERXW

 KHQFH DW DQ DQJOH RI  WKH

0DQ\ RI WKH LGHDV LQ WKLV VHFWLRQ DUH WDNHQ IURP 3HQQ\FXLFN 7KH SK\VLRORJLVW $9  +LOO SURSRVHG WKH IROORZLQJ HPSLULFDO UHODWLRQVKLS

PHFKDQLFDO GLV DGYDQWDJH DW  LV DERXW  7KXV WKH WHQVLRQ PXVW HTXDO  WLPHV WKH ZHLJKW WR EH OLIWHG %XW DW DQ DQJOH RI  WKH WHQVLRQ ULVHV WR  WLPHV WKH ZHLJKW 7KLV LV ZK\ H[HUFLVH SK\VLROR JLVWV ZDUQ XV QRW WR SHUIRUP NQHH EHQGV DW DQJOHV H[FHHGLQJ  ZH FDQ GDPDJH RXU OLJDPHQWV DW KLJKHU DQJOHV

EHWZHHQWKH

DEVROXWH VSHHG RI PXVFXODU FRQWUDFWLRQ DQG WKH IRUFH EHLQJ H[HUWHG E\ WKH PXVFOH

)PD[ ) Y ) +) ZKHUH )PD[ ) DQG Y DUH Y


=
/1

HPSLULFDOO\ GHWHUPLQHG

SDUDPHWHUV ,W WXUQV RXW WR EH FRQYHQLHQW WR H[ SUHVV +LOOV HTXDWLRQ LQ WHUPV RI WKH VWUHVV

5h 5hQ] Q]`\ `\U U


/HW XV HVWLPDWH KRZ PXFK , FDQ EHQFK SUHVV 0\ XSSHU DUP KDV D FLUFXPIHUHQFH RI  LQFKHV RU  FP 6HWWLQJ WKLV WR  , ILQG WKH UDGLXV RI P\ XSSHU DUP PXVFOHV ELFHSV DQG WULFHSV WR EH

) $ Y /
PD[   +

DQG WKH VWUDLQ UDWH

U  FP 7KHLU WRWDO FURVVVHFWLRQ LV WKXV VRPH


 FP  7KH FURVVVHFWLRQ RI WKH XSSHU DUP ERQH KXPHUXV LV SHUKDSV  FP  VR ZH PD\ WDNH WKH DUHD RI WKH WULFHSV WR EH DERXW  FP

/1

:H FDQ H[SUHVV WKH IRUPHU LQ WHUPV RI WKH ODWWHU

DERXW 

WKH GLIIHUHQFH  0XOWLSO\ E\ WKH PD[LPXP VWUHVV  1WP  WR JHW D QHW IRUFH RI  1W SHU DUP PXVFOH )URP WKH SUHFHGLQJ DQDO\VLV ZH VHH WKDW WKH QHW ZHLJKW , FDQ OLIW XVLQJ P\ WULFHSV DORQH LV

DQG XVH WKH UHVXOW WR FDOFXODWH WKH YROXPHVSHFLILF SRZHU RXWSXW IRU D JLYHQ VWUDLQ UDWH

:
ZLWK JHW

7PD[ G O

FRW 

= 


,W WXUQV RXW WKDW GLIIHUHQW W\SHV RI PXVFOH WLVVXH

 FP DQG

 FP DQG ZLWK

  ZH

FRQWUDFW DW GLIIHUHQW PD[LPXP UDWHV  7KH VR FDOOHG IDVW PXVFOHV DUH UHODWLYHO\ DQURELF LQ WKHLU PHWDEROLVP KHQFH SRVVHVV IHZHU PLWRFKRQ

 

1W

 OE 

GULD WKH VLWHV RI R[LGDWLYH SKRVSKRU\ODWLRQ DQG ORZHU GHQVLW\ RI P\RJORELQ UHODWHG WR KPRJOR ELQ DQG XVHG E\ FHOOV WR VWRUH R[\JHQ  WKDQ WKH VORZ PXVFOHV 7KH TXDOLWDWLYH VSHFLILF SRZHU FXUYHV IRU WKH WZR W\SHV RI PXVFOHV DUH VKRZQ LQ WKH ILJXUH EHORZ :H

7KLV LV YHU\ FORVH WR WKH DPRXQW , FDQ FXUUHQWO\ EHQFK SUHVV  UHSHWLWLRQV  DERXW  OE

  

&- 3HQQ\FXLFN $9 +LOO

1HZWRQ 5XOHV %LRORJ\

2[IRUG 8 3UHVV 2[IRUG  

3URF 5R\ 6RF

6HU %

   VHH DOVR 6FLHQFH 3URJUHVV   

:H DUH VSHDNLQJ KHUH RI VWULDWHG UDWKHU WKDQ VPRRWK PXVFOH WLVVXH 7KH ODWWHU EHKDYHV YHU\ GLIIHUHQWO\ DQG LV QRW LQYROYHG LQ ORFRPRWLRQ

""

3XQ`dUb #*

2QcYSc _V \_S_]_dY_^

:H GHILQH WKUHH SDUDPHWHUV RI ORFRPRWLRQ 7KH VSHHG ; LV REYLRXV WKH VWULGH OHQJWK 8 LV WKH GLVWDQFH EHWZHHQ VXFFHVVLYH SODFHPHQWV RI WKH VDPH IRRW DQG WKH VWHSSLQJ IUHTXHQF\ WKH VDPH IRRW
1 1

LV WKH LQYHUVH RI WKH

WLPH LQWHUYDO 9 EHWZHHQ VXFFHVVLYH SODFHPHQWV RI

 9 


&OHDUO\ WKHVH SDUDPHWHUV DUH UHODWHG E\


;

8 1

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
GQ\[Y^W

TXHQF\ LWV VWULGH OHQJWK RU ERWK %URDGO\ VSHDNLQJ RQO\ WZR W\SHV RI JDLW DUH RE VHUYHG LQ ORFRPRWLRQ ZDONLQJ DQG UXQQLQJ  7KH GLVWLQFWLRQ LV WKDW LQ ZDONLQJ WKH DQLPDO DOZD\V KDV DW OHDVW RQH IRRW RQ WKH JURXQG ZKHUHDV DW VRPH SRLQW LQ UXQQLQJ DOO WKH DQLPDOV IHHW DUH RII WKH JURXQG 7KLV GLVWLQFWLRQ SURIRXQGO\ DIIHFWV WKH DQLPDOV SHUIRUPDQFH


$FFRUGLQJ WR '$UF\ 7KRPSVRQ  DQLPDOV ZDON IDVWHU E\ LQFUHDVLQJ WKHLU VWULGH OHQJWK RU DV KH SXW LW VWHSSLQJ RXW ,Q IDFW D VLPSOH H[SHULPHQW RQ D WUHDGPLOO GHPRQVWUDWHV WKH IDOVLW\ RI WKLV FODLP LQ WKH JUDSK RQ S  EHORZ DUH JUDSKHG GDWD IURP WKH DXWKRUV ZDONLQJ DQG UXQQLQJ RQ D WUHDGPLOO ,W LV HDV\ WR VHH WKDW IRU D ZLGH UDQJH RI ZDONLQJ

%

2QcYSc _V \_S_]_dY_^

VSHHGV P\ VWHSSLQJ IUHTXHQF\ LV SURSRUWLRQDO WR P\ VSHHG 7KLV H[SHULPHQW KDV EHHQ UHSHDWHG E\ P\ VWXGHQWV ZLWK HVVHQWLDOO\ WKH VDPH UHVXOWV 7KDW LV , LQFUHDVH P\ ZDONLQJ VSHHG E\ LQFUHDVLQJ P\ SDFH QRW P\ VWULGH OHQJWK

:H VKDOO FRQFHQWUDWH KHUH SULPDULO\ RQ KXPDQ ORFRPRWLRQ DOWKRXJK WKH JHQHUDO SULQFLSOHV DSSO\ WR DOO ODQG DQLPDOV )LUVW ZH QRWH WKDW DOO ORFRPR WLRQ LV HIIHFWHG E\ F\FOLF PRWLRQV RI WKH OHJV DIWHU RQH SHULRG WKH SDWWHUQ UHSHDWV

  

7KLV LV H[DFWO\ WKH VDPH DV WKH UHODWLRQ EHWZHHQ IUHTXHQF\ ZDYHOHQJWK DQG SURSDJDWLRQ VSHHG 7KH HOHSKDQWV DPEOH RU VKDPEOH LV D ZDON ZKHUHDV WKH WURW FDQWHU DQG JDOORS DUH YDULDWLRQV RI UXQQLQJ JDLWV GLVWLQJXLVKHG E\ WKH RUGHU LQ ZKLFK WKH OHJV PRYH '$UF\ :HQWZRUWK 7KRPSVRQ 2Q *URZWK DQG )RUP &DPEULGJH 8 3UHVV 1HZ <RUN   S  7KLV LV DQ DEULGJHG DQG DQQRWDWHG YHUVLRQ RI WKH  HGLWLRQ

@XicYSc _V dXU 8e]Q^ 2_Ti 3XQ`dUb #*

=ecSe\_c[U\UdQ\ cicdU]

"#

LV SODQWHG WKH SROH PXVW URWDWH DERXW LW :H PD\ DSSO\ FRQVHUYDWLRQ RI DQJXODU PRPHQWXP WR VD\ WKDW WKH LQLWLDO DQJXODU PRPHQWXP LV
-

Y O FRV

P O

7KH HTXDWLRQ RI PRWLRQ RI DQ LQYHUWHG SHQGXOXP

:KHQ ZH ORRN IRU DQ H[SODQDWLRQ RI WKLV REVHUYD WLRQ ZH UHDOL]H WKDW QRWKLQJ HOVH LV SRVVLEOH ,Q ZDONLQJ WKH OHJV DUH DOZD\V EHDULQJ WKH DQLPDOV ZHLJKW 7KH GLDJUDP EHORZ UHODWHV WKH IRUFHV DORQJ

RI WKH IRUP VKRZQ EHORZ LV


P O

.. =

PJO VLQ


ZLWK

IURP ZKLFK ZH FDQ VHH . E\ LQWHJUDWLQJ RQFH WKH LQWHJUDWLQJ IDFWRU

WKDW . .    +  FRV =  +  FRV =




FRQVW

7KLV LV DOVR WKH HTXDWLRQ RI FRQVHUYDWLRQ RI HQ HUJ\ RQFH WKH URWDWLRQ EHJLQV

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

. 

J
O

FRV 

RU LPSRVLQJ FRQVHUYDWLRQ RI HQHUJ\


Y

JO

VHF

VHF  

7KDW LV LI WKH DQJOH EHWZHHQ WKH OHJV LV WRR ODUJH WKH ZDONHU KDV GLIILFXOW\ FRPSOHWLQJ KLV VWULGH

 6HH DQ\ VWDQGDUG UHIHUHQFH RQ PHFKDQLFV VXFK DV *ROGVWHLQ RS WKH YDXOWHU DQG SROH ZRXOG UHFRLO

FLW

RU RUGLQDU\ GLIIHUHQWLDO HTXDWLRQV

 :H QRWH WKDW HQHUJ\ LV QRW FRQVHUYHG LQ WKH LQLWLDO FROOLVLRQ RI WKH SROH ZLWK WKH SLYRW SRLQWLI LW ZHUH

"$

3XQ`dUb #*

2QcYSc _V \_S_]_dY_^

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

GHU LV VD\LQJ WKDW KH H[SHFWV WR GLVFRYHU D UHODWLRQ LQ WKH IRUP RI D SRZHU ODZ
V O

= I()

ZKHUH

DQG DUH FRQVWDQWV

$ URXJK DUJXPHQW WKDW PLJKW MXVWLI\ VXFK DQ H[ SHFWDWLRQ JRHV DV IROORZV VLQFH
Y

V I

DQG VLQFH IRU D SHQGXOXP LQYHUWHG RU RWKHUZLVH D FKDUDFWHULVWLF IUHTXHQF\ LV


I

CSQ\Y^W QbWe]U^dc
$OH[DQGHU


J   O Y JO


KDV JUDSKHG WKH GLPHQVLRQOHVV UDWLR

ZH VHH WKDW
 
V O

RI VWULGH OHQJWK WR OHJ OHQJWK YV WKH GLPHQVLRQOHVV


)URXGH QXPEHU

/1

,Q IDFW WKH VORSH RI WKH OLQH DW WKH IDVWHVW JDLWV GRHV DSSURDFK  PHDQLQJ WKDW WKH H[SRQHQW FORVH WR


JO

LV

IRU D YDULHW\ RI DQLPDOV 7KLV LV VKRZQ LQ WKH ILJXUH EHORZ 7KH OLQH WKURXJK WKH GDWD UHSUHVHQWV D UHJUHVVLRQ ILW $OVR QRWH WKDW ERWK WKH KRUL]RQWDO DQG YHUWLFDO VFDOHV DUH ORJDULWKPLF HTXDO GLVWDQFHV UHSUHVHQW IDFWRUV RI   7KDW LV 3URIHVVRU $OH[DQ

7KH ILUVW FRPPHQW WKDW ZH FDQ PDNH DERXW WKH DWWHPSW WR ILW WKH GDWD ZLWK D UHJUHVVLRQ FXUYH LV WKDW WKH GDWD EHORZ

 URXJKO\ ZKHUH WKH



50 $OH[DQGHU +RZ GLQRVDXUV UDQ

6FLHQWLILF $PHULFDQ

$SULO  S II

@XicYSc _V dXU 8e]Q^ 2_Ti 3XQ`dUb #*

=ecSe\_c[U\UdQ\ cicdU]

"%

JDLW FKDQJHV IURP ZDONLQJ WR UXQQLQJ VKRXOG QRW VFDOH DW DOO 7KDW LV VLQFH JHRPHWU\ OLPLWV WKH OHJ RSHQLQJ DQJOH WR D FHUWDLQ UDQJH WKH UDWLR RU OHVV LQGHSHQGHQW RI VSHHG KHQFH RI WKH DQJOH

VWUDLJKW OLQHV RQH WKDW LV KRUL]RQWDO H[SRQHQW  DQG RQH ZLWK VORSH H[SRQHQW  

 :H FDQ

V LV PRUH O

DY]Y^W
:H QRZ WDNH D FORVHU ORRN DW WKH VWHSSLQJ IUH TXHQF\ 3HQQ\FXLFN


DOVR DUJXH WKDW LI ORFRPRWLRQ LV DNLQ WR YDXOWLQJ

KDV WR REH\ WKH LQHTXDOLW\


 FRV

KDV PHDVXUHG WKH VWHSSLQJ

 +    +


IUHTXHQFLHV RI YDULRXV $IULFDQ PDPPDOV DQG GH    DV VKRZQ LQ WKH WHUPLQHG WKDW WKH\ VFDOH DV O JUDSK EHORZ

ZKHUH LV D JHRPHWULFDO FRQVWDQW 7KH WLPH IRU WKH SROH YDXOWHU WR URWDWH IURP DQJOH RI PRWLRQ ZH ILQG

WR FDQ EH

FRSXWHG E\ VHSDUDWLQJ WKH YDULDEOHV LQ WKH HTXDWLRQ



W =

G + FRV FRV

 

ZKHUH / LV WKH GLPHQVLRQOHVV SDUDPHWHU

+HUH LV D WDEOH RI LQ WHUPV RI

 WZLFH WKH VWHSSLQJ IUHTXHQF\


DQG WKH LQLWLDO OHJ DQJOH WKDW I

LOOXVWUDWHV WKLV SRLQW

0.1 0.2 0.3 0.4 0.5 0.6 0.7 5.0 10.0 20.0

(GHJ) 17.36 23.64 27.99 30.00 30.00 30.00 30.00 30.00 30.00 30.00
7KLV LV RI FRXUVH ZKDW ZRXOG EH H[SHFWHG LI ORFR PRWLRQ ZHUH SHQGXOXPOLNH +RZHYHU FRQVLGHU WKH IUHTXHQF\ IRU DQ DQLPDO RI OHJOHQJWK  P IURP WKH JUDSK LW VKRXOG EH  +] ZKHUHDV IURP WKH WDEOH DERYH ZH H[WUDFW D VRPHZKDW VPDOOHU QXPEHU DW WKH ZDON QDPHO\ DERXW  +] QRWH ZH PXVW   PXOWLSO\ E\

( = )
0.399781 0.398596 0.397565 0.410874 0.439127 0.462887 0.483315 0.727090 0.790407 0.839795

J = /

 +] DQG GLYLGH E\  

7KH VDPH DQLPDO UXQV DW D IUHTXHQF\ RI QHDUO\  +] 7KH SUHGLFWHG IUHTXHQF\ RI WKH SHQGXOXP PRGHO LV  +] EDUHO\ KDOI WKDW REVHUYHG 


,Q RWKHU ZRUGV WKH GDWD VKRZQ LQ $OH[DQGHUV JUDSK RQ WKH SUHFHGLQJ SDJH DUH EHWWHU ILW ZLWK WZR

 

RS FLW  S  7KHVH UHVXOWV DUH LQVHQVLWLYH WR

"&

3XQ`dUb #*

2QcYSc _V \_S_]_dY_^

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

UHVHQWHG DV D VZLQJ PHWURQRPH LV DQ H[DPSOH RI WKH ORJLFDO IDOODF\ NQRZQ DV


KRF



SRVW KRF HUJR SURSWHU

7R XQGHUVWDQG ZKDW LV JRLQJ RQ WKHQ ZH PXVW UHWXUQ WR RXU XQGHUVWDQGLQJ RI PXVFOH WLVVXH $V ZH VDZ HDFK W\SH RI PXVFOH KDV DQ RSWLPDO FRQ WUDFWLRQ VSHHG RU LQ GLPHQVLRQOHVV WHUPV DQ RSWL PDO VWUDLQ UDWH

 3UHVXPDEO\ ZKDW ZH DUH

REVHUYLQJ LV WKDW VWUDLQ UDWHV RSWLPL]HG IRU WKH HQWLUHW\ RI DQ DQLPDOV OLIHVW\OH WR PD[LPL]H WKH   SUREDELOLW\ RI VSHFLHV VXUYLYDO VFDOH DV / :KHWKHU ZH FDQ PRGHO WKH IDFWRUV WKDW OHDG WR VXFK RSWLPL]DWLRQ VXIILFLHQWO\ ZHOO WR H[SODLQ WKH HPSLULFDO VFDOLQJ ODZ LV DQRWKHU TXHVWLRQ

GQ\[Y^W `_gUb

:H KDYH VHHQ E\ GLUHFW PHDVXUHPHQW S  WKDW ZDONLQJ JDLWV PDLQWDLQ FRQVWDQW VWULGH OHQJWK DQG YDU\ VSHHG E\ YDU\LQJ WKH VWHSSLQJ IUHTXHQF\ :H QRZ DWWHPSW WR HVWLPDWH WKH PHFKDQLFDO SRZHU FRQVXPSWLRQ RI ZDONLQJ DQG FRPSDUH LW ZLWK GDWD )URP WKH LQHODVWLFLW\ RI WKH FROOLVLRQ RI D OHJ ZLWK WKH JURXQG DVVXPLQJ WKH FRUUHFWQHVV RI WKH SROH YDXOW PRGHO ZH VHH WKDW WKH PHFKDQLFDO HQHUJ\ ORVV SHU VWHS LV

( =

1)
/

IULFWLRQ

G[

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

( =

 

PY

VLQ

7KH SRZHU LQSXW WR NHHS D FRQVWDQW SDFH LV WKHUH IRUH

( = W

 

PY

I VLQ



4

PY

V

PY

O

ZKHUH ZH KDYH WDNHQ

 )RU D  .J

SHUVRQ ZDONLQJ DW  PLKU  PVHF ZLWK OHJ OHQJWK  P ZH ILQG D PHFKDQLFDO SRZHU ORVV RI  :DWWV /HW XV FRPSDUH WKLV ZLWK WKH DFWXDO SRZHU FRQ VXPSWLRQ WDNHQ IURP WKH WDEOH VKRZQ EHORZ




$IWHU WKLV WKHUHIRUH RQ DFFRXQW RI WKLV

@XicYSc _V dXU 8e]Q^ 2_Ti 3XQ`dUb #*

=ecSe\_c[U\UdQ\ cicdU]

"'

5^UbWi S_cd _V gQ\[Y^W Qd fQbY_ec c`UUTc

GUYWXd \R
]YXb

100 120 140 160 180 200 220 65 80 62 74 60 72 59 71 59 70 69 82 77 92 86 99 96 111 93 88 83 83 81 97 108 114 128 105 100 95 93 94 110 123 130 146 120 112 108 107 105 122 138 147 165 133 124 120 119 118 138 154 167 187 145 138 132 130 129 151 169 190 212

2.0 2.5 3.0 3.5 4.0 4.5 5.0 6.0 7.0

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
; ;8 ;

&

:KHQ ZH DQDO\]H UXQQLQJ JDLWV WURW FDQWHU JDO ORS ZH VHH WKDW DW VRPH SRLQW LQ WKH F\FOH WKH DQLPDOV IHHW DUH HQWLUHO\ IUHH RI WKH JURXQG 7KDW LV UXQQLQJ FRQVLVWV RI D VHULHV RI IRUZDUG ERXQGV $PRQJ ELSHGDO DQLPDOV OLNH KXPDQV DQG UDWLWH ELUGV RVWULFK HPX  WKLV LV WUXH DW HYHU\ VWHS
09.

DbQ^cYdY_^ d_ be^^Y^W

FLWHG RQ DQ H[HUFLVH ZHEVLWH KWWSZDONLQJDERXWFRPVSRUWVZDONLQJOLEUDU\KRZEOKRZFDOEXUQKWP


7KH SRZHU SHU XQLW PDVV YDULHV OLNH

;

VR WKH HQHUJ\ SHU XQLW GLVWDQFH YDULHV OLNH RQH OHVV SRZHU RI

;

"(

3XQ`dUb #*

DbQ^cYdY_^ d_ be^^Y^W

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


:H UHFDOO WKDW WKH VSHHG RI ORFRPRWLRQ LV JLYHQ E\

Y = VI
DQG WKDW LQ ZDONLQJ

V UHPDLQV IL[HG DQG I LQFUHDVHV

SURSRUWLRQDWHO\ WR VSHHG IRU JHRPHWULF UHDVRQV ZH KDYH DOUHDG\ GLVFXVVHG ,Q UXQQLQJ WKH RSSRVLWH KDSSHQV WKH VWHSSLQJ IUHTXHQF\ UHPDLQV QHDUO\ FRQVWDQW DQG WKH VWULGH OHQJWK LV SURSRUWLRQDO WR WKH VSHHG ,Q IDFW WKH VWULGH OHQJWK LV WKH GLVWDQFH RI WKH MXPS 


V=

 [ \

Y Y J

ZKHUH WKH YHORFLW\ YHFWRU DW WDNHRII LV

RI (DGZHDUG 0X\EULGJH 

DQG DV XVXDO

ZRXOG KDYH EHHQ VR EROG DV WR KD]DUG WKH RSLQLRQ WKDW WKH KRUVH EHFRPHV IXOO\ DLUERUQH 7KLV LV VKRZQ LQ WKH VHFRQG DQG WKLUG IUDPHV RI WKH ILJXUH EHORZ

[ LV WKH KRUL]RQWDO DQG \ WKH YHUWLFDO GLUHFWLRQ ,I WKH KHLJKW K RI MXPS LV D FRQVWDQW WKHQ
WKH VWULGH OHQJWK LV SURSRUWLRQDO WR WKH VSHHG DQG WKLV H[SODLQV $OH[DQGHUV UHVXOWV IRU UXQQLQJ
 V K Y =  O O JO



Y Y = Y[ \





ZKHUH

K LV WKH PD[LPXP KHLJKW RI WKH KO


LV FHU

MXPS ,W PD\ DOVR H[SODLQ WKH VSUHDG LQ $OH[DQGHUV UHVXOWV VLQFH WDLQO\ QRW WKH VDPH IRU DOO VSHFLHV

Be^^Y^W `_gUb
)LQDOO\ ZH ORRN DW WKH SRZHU UHTXLUH PHQW RI UXQQLQJ %\ GHILQLWLRQ

7KH TXHVWLRQ QRZ DULVHV :K\ GRHV DQ DQLPDO

ERWKHU WR UXQ" 0DQLIHVWO\ LW LV WR PRYH IDVWHU WKDQ


PRYLQJ WKH OHJV IDVWHU

JY[ 3 ( + = = ( )  P W


D ZDON ZLOO DFFRPSOLVK %XW IRU WKH SK\VLFLVW WKH TXHVWLRQ LV ZK\ UXQQLQJ ZRUNV EHWWHU WKDQ VLPSO\

ZKHUH

Y\  Y[



0X\EULGJHV ZRUN ILQDQFHG E\ WKH UDLOURDG EDURQ /HODQG 6WDQIRUG OHG HYHQWXDOO\ WR (GLVRQV NLQHWLVFRSH WKHQFH WR WKH PRWLRQ SLFWXUH DQG DOO WKH FRQVHTXHQFHV WKHUHRI



7KH VWXGHQW ZLOO UHFRJQL]H WKLV DV WKH IRUPXOD IRU WKH UDQJH RI D SURMHFWLOH

@XicYSc _V dXU 8e]Q^ 2_Ti 3XQ`dUb #*

=ecSe\_c[U\UdQ\ cicdU]

")

+HUH LV WKH IUDFWLRQ RI NLQHWLF HQHUJ\ WKDW FDQ EH VWRUHG LQ WKH VWUHWFKLQJ RI WHQGRQV DQG UHVWRUHG DV NLQHWLF HQHUJ\ IRU WKH QH[W VWULGH 7KH PLQLPXP YDOXH RI

ZKLFK ZKHQ PXOWLSOLHG E\  WR FRQYHUW WR WRDO HQHUJ\ XVDJH JLYHV FORVH HQRXJK WR WKH HP SLULFDO YDOXH RI 

LV  EXW WR DYRLG H[FHVVLYH VWUHVV

RQ WDNHRII DQG ODQGLQJ PRVW DQLPDOV WHQG WRZDUG YDOXHV RI

PXFK VPDOOHU WKDQ XQLW\




?dXUb S_^cYTUbQdY_^c


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

7KH XSVKRW LV WKDW UXQQLQJ SRZHU LQFUHVHV RQO\ DV WKH ILUVW SRZHU RI VSHHG 0DUJDULD HW DO

KDYH

PHDVXUHG WKH HQHUJ\ FRVW RI ZDONLQJ DQG UXQQLQJ DV D IXQFWLRQ RI VSHHG XVLQJ WUDLQHG DWKOHWHV DV WHVW VXEMHFWV 7KHLU GDWD DSSHDU LQ WKH JUDSK EHORZ :H QRWH WKDW DV

ZH H[SHFW IURP RXU SUHYLRXV UHVXOWV ZDONLQJ SRZHU LQFUHDVHV DW OHDVW DV IDVW DV Y ZKHUHDV UXQQLQJ SRZHU LV OLQHDU LQ Y 7KHUHIRUH DW VRPH VSHHG YFULW WKH SRZHU FRVW IRU ZDONLQJ ZLOO H[FHHG WKDW IRU UXQQLQJ DQG WKH DQLPDO ZLOO FKDQJH JDLWV )URP WKH JUDSK , KDYH H[ WUDFWHG WKH HPSLULFDO UHODWLRQ LQ 0.6 XQLWV 3 P


KLJKHU WKDQ RSWLPXP WKH ERG\ UHFUXLWV PRUH PXV FOH ILEHUV 7KLV SURFHVV HQGV VKRUW RI LQILQLW\ ZKHQ DOO WKH DYDLODEOH PXVFOH LV LQ XVH

=QhY]e] c`UUT

7KH WUDQVLWLRQ IURP ZDONLQJ WR UXQQLQJ WKHUHIRUH LV DQ HFRQRP\ PHDVXUH WKDW UHGXFHV WKH UDWH RI LQFUHDVH RI SRZHU ZLWK VSHHG 7KH XSSHU OLPLW RQ VSHHG PD\ EH LPSRVHG E\ WZR IDFWRUV  7KH PD[LPXP SRZHU RXWSXW WKH RUJDQLVP FDQ VXVWDLQ 6LQFH  RI WKH HQHUJ\ SURGXFHG



 Y[ 

,I ZH VXSSRVH  RI WKH HQHUJ\ LV VWRUHG DQG WKDW WKH SRZHU LV PLQLPL]HG ZH ILQG WKH FRHIILFLHQW RI

Y[ WR EH
 J

 -NJP

PXVW EH GLVVLSDWHG DV KHDW WKH VWUDLQ RQ DQ H[RWKHUPLF DQLPDOV FRROLQJ V\VWHP FDQ EHFRPH VHYHUH )RU H[DPSOH DVVXPLQJ WKH SRZHU UH TXLUHPHQW WR EH VLPLODU WR WKDW RI KXPDQV DQ

 5 0DUJDULD 3 &HUUHWHOOL 3 $JKHPR DQG * 6DVVL - $SSO 3K\VLRO

  

3XQ`dUb #*

DbQ^cYdY_^ d_ be^^Y^W

DQLPDO UXQQLQJ DW  P VHF

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


JHQHUDWHV SRZHU DW

1^Y]Q\c dXQd SQ^^_d be^


EH DLUERUQH LV

$V ZH KDYH VHHQ WKH WLPH D UXQQLQJ DQLPDO FDQ

KDQJ

 \

Y J

7KH DYHUDJH DFFHOHUDWLRQ DQ DQLPDO H[SHULHQFHV LQ FKDQJLQJ IURP ODQGLQJ WR WDNHRII LV RI RUGHU

K K O ZKHUH K LV WKH VWRSSLQJ GLVWDQFH ZKLFK ZH VXS

SRVH WR EH D IUDFWLRQ

K J

PD[


\


\

RI WKH OHJOHQJWK

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


 %XW GRQW PDNH DQ HOHSKDQW DQJU\LW FDQ VKDPEOH DORQJ DW  PLKU D ORW IDVWHU WKDQ DQ\RQH EXW D WUDLQHG UXQQHU FDQ JR

Das könnte Ihnen auch gefallen