Understanding the Opportunistic Approach To

Understanding the Opportunistic Approach To

N#,+5A#WB AO, +ANW5AW +O A #W5W6wAWh Sdwulfn Plqirug dugl Exvlqhvv Vfkrro dqg HSU Qdyhhq Vulqlydvdq_ dugl Exvlqhvv Vfkrro Devwudfw Rqh dssurdfk wr dfklhylqj sulfh vwdelolw| lv wr xqghuwdnh d gholehudwh sdwk wr dq xowlpdwh jrdo ri orz lq dwlrq 0gholehudwh glvlq dwlrq1 Lq frqwudvw dq rssruwxqlvwlf vwudwhj| iru glvlq dwlrq kdv jdlqhg fuhghqfh lq uhfhqw |hduv1 Zh frpsduh wkh delolw| ri wkh wzr dssurdfkhv wr dfklhyh pdfurh0 frqrplf vwdelolw| dqg frqfoxgh wkdw wkh rssruwxqlvwlf dssurdfk lv vxe0rswlpdo zkhq d frpplwphqw phfkdqlvp lv lq sodfh1 Zh vkrz wkdw dq rssruwxqlvwlf lq dwlrq uhvsrqvh lv krzhyhu rswlpdo zkhq wkhuh lv d qrqolqhdulw| ri wkh Skloolsv fxuyh wudgh0r dorqj zlwk dgdswlyh h{shfwdwlrqv0 flufxpvwdqfhv wkdw dsshdu xqolnho| lq frqglwlrqv ri orz lq dwlrq1 MHO fodvvlfdwlrqv= H85> H8; Nh|zrugv= Gholehudwh glvlq dwlrq> Rssruwxqlvwlf glvlq dwlrq> Orvv ixqfwlrq hZh wkdqn Urphu ruuhd/ Yhhqd Plvkud dqg sduwlflsdqwv dw Wkh Iliwk Dqqxdo rqihuhqfh rq Prqh| dqg Ilqdqfh/ 6304wk Iheuxdu| 5336/ LJLGU/ Lqgld/ iru khosixo frpphqwv1 _ruuhvsrqglqj Dxwkru= Qdyhhq Vulqlydvdq/ dugl Exvlqhvv Vfkrro/ roxp Gulyh/ dugl I43 6HX/ Xqlwhg Nlqjgrp1 Who= +35<, 53;:98781 Id{= +35<, 53;:774<1 Hpdlo= VulqlydvdqQNCfi1df1xn 4 L Lqwurgxfwlrq hqwudo edqnv lq glhuhqw frxqwulhv kdyh dgrswhg glhuhqw vwudwhjlhv iru dfklhylqj sulfh vwdelolw|1 Gxulqj wkh 4<<3v vhyhudo frxqwulhv kdyh lqwurgxfhg h{solflw lq dwlrq wdujhwv14 Rqhdssurdfkwrsulfhvwdelolw|lvwrwdnhdgholehudwh sdwk wr dq xowlpdwh jrdo ri orz lq dwlrq1 Lq frqwudvw/ dq rssruwxqlvwlf glvlq dwlrq vwudwhj| vshflhv erwk dq lqwhulp dv zhoo dv d orqj0uxq jrdo iru sulfh vwdelolw|1 Sursrqhqwv ri wklv dssurdfk krog wkdw zkhq lq dwlrq lv prghudwh exw vwloo deryh wkh fhqwudo edqn*v orqj0uxq lq0 dwlrq remhfwlyh/ srolf|pdnhuv vkrxog qrw wdnh gholehudwh dqwl0lq dwlrq dfwlrq/ exw udwkhu vkrxog zdlw iru idyrxudeoh vxsso| vkrfnv dqg xqiruhvhhq uhfhvvlrqv wr gholyhu wkh ghvluhg uhgxfwlrq lq lq dwlrq1 Wklv vwudwhj| kdv jdlqhg vxssruw dprqj vrph surplqhqw fhqwudo edqnhuv dqg dfdghplfv lq uhfhqw |hduv15 rpphqwlqj rq wkh IRP*v vwudwhj| lq wkh 4<<3v/ Dodq Eolqghu +4<<:, zulwhv Xqghu fhuwdlq flufxpvwdqfhv/ wkh rswlpdo glvlq dwlrq vwudwhj| lv dv|pphwulf lq wkh iroorzlqj vshflf zd|= |rx jxdug yljrurxvo| djdlqvw dq| ulvh lq lq dwlrq/ exw zdlw sdwlhqwo| iru wkh qh{w idyrxudeoh lq dwlrq vkrfn wr eulqj lq dwlrq grzq1 Wkh rssru0 wxqlvwlf vwudwhj| pdnhv wkh wlph qhhghg wr dssurdfk wkh xowlpdwh lq dwlrq wdujhw d udqgrp yduldeoh1 Zkhq L zdv wkh Ylfh $kdlupdq ri wkh Ihg/ L riwhq sxw lw wklv zd|= wkh Xqlwhg Vwdwhv lv rqh uhfhvvlrq dzd| iurp sulfh vwdelolw|1 4 Iru dq lq0ghswk dqdo|vlv vhh Ehuqdqnh hw do1 +4<<<,1 5 Iru dfdghplf zrun rq wklv wrslf vhh Ruskdqlghv dqg Zlofr{ +4<<9,/Ruskdqlghvhwdo1 +4<<:, dqg Erpp dqg Uxghexvfk +5333,1 5 H{sodlqlqj wkh rssruwxqlvwlf glvlq dwlrq vwudwhj| Jryhuqru Odxuhqfh Ph|hu +4<<9, qrwhv Xqghu wklv vwudwhj|/ rqfh lq dwlrq ehfrphv prghvw/ dv wrgd|/ Ihghudo Uhvhuyh srolf| lq wkh qhdu whup irfxvhv rq vxvwdlqlqj wuhqg jurzwk dw ixoo hpsor|phqw dw wkh suhydlolqj lq dwlrq udwh1 Dw wklv srlqw wkh vkruw0uxq sulrulwlhv duh wzrirog= vxvwdlq0 lqj wkh h{sdqvlrq dqg suhyhqwlqj dq dffhohudwlrq ri lq dwlrq1 Wklv lv/ qhyhuwkhohvv/ d vwudwhj| iru glvlq dwlrq ehfdxvh lw wdnhv dgydqwdjh ri wkh rssruwxqlw| ri lqhylwdeoh uhfhvvlrq dqg srwhqwldo srvlwlyh vxsso| vkrfnv wr udwfkhw grzq lq dwlrq ryhu wlph1 Lq wklv sdshu zh frpsduh wkh delolw| ri wkh wzr dssurdfkhv wr dfklhyh pdfurhfr0 qrplf vwdelolw| +phdvxuhg lq whupv ri lq dwlrq dqg rxwsxw yduldelolw|, zkhq d srolf|0 pdnhu frpplwv wr d sduwlfxodu vwudwhj|1 Zh dvvxph frpplwphqw rq wkh dvvxpswlrq wkdw wkh fhqwudo edqn kdv ixoo srolwlfdo edfnlqj iru wkh srolf| ri lq dwlrq frqwuro dqg idfhv qr suhvvxuh wr xvh prqhwdu| srolf| wr udlvh wkh orqj0uxq hpsor|phqw udwh> wklv lv wkh xvxdo iudphzrun zlwklq zklfk rssruwxqlvp lv glvfxvvhg1 Wkh nh| glhuhqfh eh0 wzhhq d gholehudwh dqg dq rssruwxqlvwlf srolf|pdnhu lv lq wkh uhdfwlrq wr ghyldwlrqv ri lq dwlrq iurp wdujhw1 Iluvw/ zkloh wkh gholehudwh srolf|pdnhu uhdfwv wr wkh jds ehwzhhq dfwxdo lq dwlrq dqg d orqj0uxq wdujhw/ wkh rssruwxqlvwlf srolf|pdnhu uhdfwv wr wkh jds ehwzhhq dfwxdo lq dwlrq dqg dq lqwhulp wdujhw1 Vhfrqg/ zkloh wkh gholehu0 dwh srolf|pdnhu uhvsrqgv wr wkh lq dwlrq jds lq d olqhdu pdqqhu/ wkh rssruwxqlvwlf srolf|pdnhu*v uhdfwlrq wr wkh jds ehwzhhq dfwxdo lq dwlrq dqg wkh lqwhulp wdujhw lv qrqolqhdu1 Zh ghprqvwudwh wkdw vxfk dv|pphwulhv uhvxow lq kljkhu lq dwlrq yduldelo0 6 lw| xqghu frpplwphqw lq vslwh ri }hur lq dwlrq eldv16 D ixuwkhu txhvwlrq ri lqwhuhvw lv zkdw frqvlghudwlrqv frxog prwlydwh wkh srolf|pdnhu wr dgrsw dq remhfwlyh ixqfwlrq zlwk wkhvh fkdudfwhulvwlfv> klwkhuwr vxfk prghov kdyh ehhq vwxglhg e| dvvxplqj wkdw h{shfwdwlrqv duh dgdswlyh1 Vshflfdoo| zh vkrz wkdw d qrqolqhdu hhfw ri wkh vkrfn rq wkh srvlwlrq ri wkh Skloolsv fxuyh wudgh0r dorqj zlwk dgdswlyh h{shfwdwlrqv surylghv dq rswlpdoo| rssruwxqlvwlf lq dwlrq uhvsrqvh1 Wkh uhvw ri wkh sdshu lv rujdqlvhg dv iroorzv1 Lq vhfwlrq LL zh uhylhz wkh xvxdo gh0 olehudwh dssurdfk wr glvlq dwlrq xqghu frpplwphqw1 Wklv lv iroorzhg e| wkh ghulydwlrq ri wkh rswlpdo lq dwlrq uhvsrqvh xqghu frpplwphqw zkhq d srolf|pdnhu lv rssru0 wxqlvwlf lq vhfwlrq LLL/ zklfk lqfoxghv d frpsdulvrq ri wkh wzr vwudwhjlhv1 Lq vhfwlrq LY zh h{soruh wkh hfrqrplf udwlrqdoh iru rssruwxqlvp dqg frqfoxgh wkdw lw lv prwlydwhg e| srolwlfdo hfrqrp| frqvlghudwlrqv1 Vhfwlrq Y frqfoxghv wkh sdshu1 LL Gholehudwh vwudwhj| xqghu frpplwphqw Wkhuh lv e| qrz zlghvsuhdg djuhhphqw dprqj fhqwudo edqnhuv dqg dfdghplfv dolnh wkdw lq dwlrq wdujhwlqj lq sudfwlfh lv c h{leoh* lq dwlrq wdujhwlqj1 Wkh fhqwudo edqn*v remhfwlyh lv qrw rqo| wr vwdelol}h lq dwlrq durxqg dq h{rjhqrxvo| vshflhg wdujhw/ exw dovr wr sxw vrph zhljkw rq vwdelol}lqj wkh rxwsxw jds17 Wkhuh lv dovr jhqhudo djuhhphqw wkdw lq dwlrq0wdujhwlqj fhqwudo edqnv gr qrw kdyh ryhudpelwlrxv rxwsxw 6 Erpp dqg Uxghexvfk +5333, h{soruh wkh uroh ri lpshuihfw fuhglelolw| dqg rssruwxqlvp lq d prgho zlwk dgdswlyh h{shfwdwlrqv dqg frqfoxgh wkdw rssruwxqlvp lv vxe0rswlpdo1 7 D srvlwlyh zhljkw rq wkh rxwsxw jds lv jhqhudoo| frqvlghuhg wr eh frqvlvwhqw zlwk wkh pdqgdwh 7 wdujhwv1 Khqfh/ glvfuhwlrqdu| rswlpl}dwlrq ãodN|godqg dqg Suhvfrww +4<::, ru Eduur dqg Jrugrq +4<;6,/ grhv qrw uhvxow lq dyhudjh lq dwlrq eldv +vhhEolqghu/4<<:,1 +l, Gholehudwh vwudwhj| xqghu frpplwphqw Wkh wuhdwphqw ri gholehudwh lq dwlrq wdujhwlqj xqghu frpplwphqw iroorzv Vyhqv0 vrq +4<<:,/ zklfk lq wxuq exlogv rq wkh uhfhqw h{whqvlrqv ri wkh dqdo|vlv ri uxohv dqg glvfuhwlrq lq prqhwdu| srolf| lq Orfnzrrg hw do1 +4<<8,1 Wkh vkruw0uxq Skloolsv fxuyh lv e +| ' 4+|3 n k EZ| Z| n0|/ +514, zkhuh +| lv wkh rxwsxw jds lq shulrg |/ k dqg 4 duh frqvwdqwv +k:f dqg f 4 ,/ e Z| lv wkh lq dwlrq udwh/ Z| ghqrwhv h{shfwdwlrqv frqglwlrqdo xsrq lqirupdwlrq dydlodeoh lq shulrg | /dqg0| lv llg huuru/ qrupdoo| glvwulexwhg zlwk phdq }hur dqg yduldqfh 2 j01 Wkh sulydwh vhfwru kdv udwlrqdo h{shfwdwlrqv> wkdw lv/ e Z| ' .|3Z|/ +515, Qrz vxssrvh wkdw wkhuh lv d frpplwphqw phfkdqlvp/ vr wkdw wkh fhqwudo edqn fdq frpplw wr wkh rswlpdo uxoh1 Xqghu frpplwphqw/ wkh rswlpdo uxoh xqghu lq dwlrq wdujhwlqj lv e Z| ' Z| n K0|/ +516, ri pdq| fhqwudo edqnv qrw rqo| wr pdlqwdlq sulfh vwdelolw| exw dovr wr idflolwdwh hfrqrplf jurzwk ryhu wlph1 8 zkhuh/ lq dwlrq lv lqghshqghqw ri wkh odjjhg rxwsxw jds dqg rqo| ghshqgv rq wkh qhz lqirupdwlrq wkdw kdv duulyhg diwhu wkh sulydwh vhfwru iruphg lwv h{shfwdwlrqv1 Zkhq wkh fhqwudo edqn lv frpplwwhg wr d vwdwh0frqwlqjhqw uxoh lq frqgxfwlqj prq0 hwdu| srolf|/ wklv lpsolhv wkdw wkh prqhwdu| dxwkrulw| lqwhuqdol}hv wkh lpsdfw ri lwv ghflvlrq uxoh rq wkh h{shfwdwlrqv ri wkh sulydwh vhfwru1 Lq rwkhu zrugv/ wkh prqhwdu| dxwkrulw| wdnhv lqwr dffrxqw krz lwv dfwlrqv dhfw wkh sulydwh vhfwru*v h{shfwdwlrqv1 Lw grhv wklv e| plqlpl}lqj lwv orvv ixqfwlrq zlwk uhvshfw wr wkh sulydwh vhfwru*v h{shf0 wdwlrqv ri wkh lq dwlrq udwh xqghu wkh h{solflw frqvwudlqw wkdw wkhvh h{shfwdwlrqv duh iruphg udwlrqdoo|1 Wkxv/ +514,/ +515, dqg +516, uhsuhvhqw wkh frqvwudlqwv idflqj wkh fhqwudo edqn1 Wkh fhqwudo edqn*v remhfwlyh xqghu gholehudwh glvlq dwlrq vwudwhj| lv wr vwdelol}h lq dwlrq durxqg d jlyhq +orqj0uxq, lq dwlrq wdujhw/ Z / dv zhoo dv vwdelol}lqj wkh rxwsxw jds durxqg dq rxwsxw jds wdujhw/ + 'f1 Wklv fdq eh uhsuhvhqwhg e| dq lqwhuwhpsrudo orvv ixqfwlrq iru wkh fhqwudo edqn jlyhq e| % & [" 3| .| q u / +517, '| zlwk wkh shulrg orvv ixqfwlrq k l u ' EZ Z 2 n b E+ + 2 / +518, | 2 | | zkhuh b:f lv wkh uhodwlyh zhljkw rq rxwsxw0jds vwdelol}dwlrq1 Wkh fhqwudo edqn lv/ iru vlpsolflw|/ dvvxphg wr kdyh shuihfw frqwuro ryhu wkh lq dwlrq udwh Z|1Lwvhwv 9 wkh lq dwlrq udwh lq hdfk shulrg diwhu kdylqj revhuyhg wkh fxuuhqw vxsso| vkrfn 0|1 Wklv lv d g|qdplf surjudpplqj sureohp zlwk rqh vwdwh yduldeoh/ +|3/ dqg wzr frqwuro e 8 yduldeohv/ Z| dqg Z| /dqgzkhuhq lv wkh glvfrxqw idfwru1 Wkh vroxwlrq fdq eh rewdlqhg e| vroylqj wkh iroorzlqj htxdwlrq lqyroylqj wkh ydoxh ixqfwlrq T E+|1Wkxv/wkh ghflvlrq sureohp ri wkh fhqwudo edqn fdq eh h{suhvvhg dv k l T E+ ' . 4? EZ Z 2 n b E+ + 2 n qT E+ / +519, |3 |3 e | | | Z| / Z| 2 zkhuh wkh plqlpl}dwlrq lq shulrg | lv vxemhfw wr +514,0+516,1Iruwkholqhdu0 txdgudwlf sureohp vxfk dv rxuv/ T E+| pxvw dovr eh txdgudwlf1 Wkxv/ wkh lqgluhfw orvv ixqfwlrq fdq eh zulwwhq dv T E+ ' n + n +2 / +51:, |3 f |3 2 2 |3 vr wkdw T E+|3 ' n 2+|3 dqg r duh wkh xqghwhuplqhg frh!flhqwv1 Xvlqj wklv frqglwlrq wrjhwkhu zlwk Htv1 +514,0+516,/ zh rewdlq wzr uvw0rughu frqglwlrqv e iurp Ht1 +519, zlwk uhvshfw wr Z| dqg Z|/ uhvshfwlyho|= .|3Z| ' Z +51;, > ' EZ| Z bk E+| + kq d n 2 E+| + o +51<, 8 Qrwh wkdw li wkhuh lv

View Full Text

Details

  • File Type
    pdf
  • Upload Time
    -
  • Content Languages
    English
  • Upload User
    Anonymous/Not logged-in
  • File Pages
    26 Page
  • File Size
    -

Download

Channel Download Status
Express Download Enable

Copyright

We respect the copyrights and intellectual property rights of all users. All uploaded documents are either original works of the uploader or authorized works of the rightful owners.

  • Not to be reproduced or distributed without explicit permission.
  • Not used for commercial purposes outside of approved use cases.
  • Not used to infringe on the rights of the original creators.
  • If you believe any content infringes your copyright, please contact us immediately.

Support

For help with questions, suggestions, or problems, please contact us