Baixe fotossíntese do pau rosa e outras Notas de aula em PDF para Engenharia Florestal, somente na Docsity!
*URZWK SKRWRV\QWKHVLV DQG VWUHVV LQGLFDWRUV LQ \RXQJ
URVHZRRGSODQWV $QLEDURVDHRGRUD 'XFNH XQGHUGLIIHUHQW
OLJKWLQWHQVLWLHV
-RVp)UDQFLVFRGH&DUYDOKR*RQoDOYHV^ 'HQL]H&DUDQKDVGH6RXVD%DUUHWR 8O\VVHV0RUHLUDGRV6DQWRV
-XQLRU$QGUHLD9DUPHV)HUQDQGHV^ 3DXORGH7DUVR%DUERVD6DPSDLR DQG0DUFRV6LOYHLUD%XFNHULGJH
/DERUDWyULRGH)LVLRORJLDH%LRTXtPLFD9HJHWDO,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD&3 0DQDXV$0%UDVLO 6HomRGH)LVLRORJLDH%LRTXtPLFDGH3ODQWDV,QVWLWXWRGH%RWkQLFD&3 6mR3DXOR63%UD]LO &RUUHVSRQGLQJDXWKRU MIF#LQSDJRYEU 5HFHLYHG $FFHSWHG
$QLEDURVDHRGRUD LVDQ$PD]RQLDQWUHHVSHFLHVWKDWEHORQJVWRWKHIDPLO\/DXUDFHDH'XHWRLQWHQVHH[SORLWDWLRQIRUH[WUDFWLRQ
RIHVVHQWLDORLOV PDLQO\OLQDORO $URVDHRGRUD LVQRZFRQVLGHUHGDQHQGDQJHUHGVSHFLHV2QWKHRWKHUKDQGWKHUHLVOLWWOH
LQIRUPDWLRQDERXWLWVHFRSK\VLRORJ\ZKLFKZRXOGEHXVHIXOWRVXSSRUWIXWXUHIRUHVWSODQWLQJSURJUDPV+HQFHWKHHIIHFWRI
GLIIHUHQWOLJKWLQWHQVLWLHVRQWKHJURZWKDQGSKRWRV\QWKHWLFFKDUDFWHULVWLFVRI\RXQJSODQWVRI $URVDHRGRUD ZDVVWXGLHG1LQH
PRQWKROGSODQWVZHUHVXEMHFWHGWRIRXUOLJKWWUHDWPHQWV 7 D+PROPV ^ FRQWURO 7 WR7 WR
DQG7 WR+PROP^ V IXOOVXQOLJKW $OORPHWULFYDULDEOHVJDVH[FKDQJHFRQWHQWVRISLJPHQWVDQGFKORURSK\OO D
ÀXRUHVFHQFHZHUHDQDO\VHG$VWRWKHUHODWLYHJURZWKUDWHVLWZDVIRXQGWKDWSODQWVRI $URVDHRGRUD VKRZHGKLJKHUELRPDVV
DFFXPXODWLRQZKHQJURZQXQGHULQWHUPHGLDU\LUUDGLDQFHFRQGLWLRQV 7 7KHEHVWSKRWRV\QWKHWLFSHUIRUPDQFHZDVDFKLHYHG
XQGHUFRQGLWLRQVRI7 :KHQJURZWKZDVFRUUHODWHGZLWKSKRWRV\QWKHVLVLWZDVIRXQGWKDWSODQWVXQGHUWUHDWPHQWV7 DQG7
SUHVHQWHGEHWWHUUHVSRQVHVLQFRPSDULVRQZLWKWKHORZHVW 7 DQGKLJKHVW 7 OLJKWH[WUHPHV7KHKLJKHVWSLJPHQWFRQWHQWV
ZHUHREWDLQHGIRUSODQWVLQWKHVKDGH 7 DQGWKHORZHVWIRUWKRVHH[SRVHGWRIXOOVXQOLJKW 7 7KHSKRWRFKHPLFDOHI¿FLHQF\
RISKRWRV\VWHP,, )Y )P ZDVIRXQGWKDWRQO\SODQWVLQWKHVKDGHWUHDWPHQW 7 SUHVHQWHGQRVWUHVVIURPKLJKLUUDGLDQFH7KHVH
¿QGLQJVVXJJHVWWKDWERWKWUHDWPHQWV 7 DQG7 DOWHUHGWKHIXQFWLRQRIWKH $URVDHRGRUD SODQWVLQKLELWLQJSKRWRV\QWKHVLVDQG
JURZWK3ODQWVRI $URVDHRGRUD GHYHORSHGSKRWRSURWHFWLRQPHFKDQLVPVXQGHUIXOOVXQOLJKW+RZHYHUWKHVSHFLHVSUHVHQWHG
EHWWHUSKRWRV\QWKHWLFUHVSRQVHDQGELRPDVVJDLQXQGHULQWHUPHGLDU\LUUDGLDQFHFRQGLWLRQVGLVSOD\LQJUHODWLYHSK\VLRORJLFDO
SODVWLFLW\GXULQJWKHVHHGOLQJSKDVH
.H\ZRUGV FKORURSK\OO D ÀXRUHVFHQFHFKORURSODVWSLJPHQWFRQWHQWVJDVH[FKDQJHVSKRWRFKHPLFDOHI¿FLHQF\RISKRWRV\VWHP
,,UHODWLYHJURZWKUDWHWURSLFDOVSHFLHV
&UHVFLPHQWRIRWRVVtQWHVHHLQGLFDGRUHVGHHVWUHVVHHPSODQWDVMRYHQVGHSDXURVD $QLEDURVDHRGRUD 'XFNH VREGLIHUHQWHV LQWHQVLGDGHVOXPLQRVDV (VVDHVSpFLHDUEyUHDGD$PD]{QLD $QLEDURVDHRGRUD 'XFNHSHUWHQFHjIDPtOLDGDV/DXUDFHDH(P YLVWDGDLQWHQVDHGHVRUGHQDGDH[SORUDomRYLVDQGRjH[WUDomRGHyOHRVHVVHQFLDLV OLQDORO RSDXURVD¿JXUDQDOLVWDGHHVSpFLHV DPHDoDGDVGHH[WLQomR3RXFRVHVWXGRVHFR¿VLROyJLFRVWrPVLGRIHLWRQRVHQWLGRGHVXEVLGLDUIXWXURVSURJUDPDVGHSODQWLRV ÀRUHVWDLV'HVVDIRUPDSHVTXLVRXVHRHIHLWRGHGLIHUHQWHVLUUDGLkQFLDVVREUHDVFDUDFWHUtVWLFDVIRWRVVLQWpWLFDVHGHFUHVFLPHQWR HPSODQWDVGH $URVDHRGRUD QDIDVHMXYHQLO3ODQWDVFRPQRYHPHVHVIRUDPVXEPHWLGDVDTXDWURWUDWDPHQWRVGHOX] 7 D+PROP^ V FRQWUROH 7 D7 DH7 D+PROPV ^ SOHQRVRO $QDOLVDUDP VH YDULiYHLV DORPpWULFDV WURFDV JDVRVDV WHRUHV GH SLJPHQWRV FORURSODVWtGLFRV H D ÀXRUHVFrQFLD GD FORUR¿OD D 4XDQWR DR FUHVFLPHQWRUHODWLYRREVHUYRXVHTXHSODQWDVGH $URVDHRGRUD H[LELUDPPDLRUDF~PXORGHELRPDVVDTXDQGRFUHVFLGDVVRE FRQGLo}HVLQWHUPHGLiULDVGHLUUDGLkQFLD 7 (^) 2PHOKRUGHVHPSHQKRIRWRVVLQWpWLFRIRLLQGX]LGRSRU7 (^) 4XDQGRVHFRUUHODFLRQRX FUHVFLPHQWRFRPIRWRVVtQWHVHSHUFHEHXVHTXHDVSODQWDVVXEPHWLGDVDRVWUDWDPHQWRV7 H7 (^) H[LELUDPPHOKRUHVUHVSRVWDVHP FRPSDUDomRFRPRVH[WUHPRVGHPHQRU 7 (^) HPDLRULUUDGLkQFLDV 7 (^) 2VPDLRUHVWHRUHVGHSLJPHQWRVFORURSODVWtGLFRVIRUDP
-)&*21d$/9(6HWDO
REWLGRVQDVSODQWDVVREVRPEUD 7 (^) HRVPHQRUHVWHRUHVHQFRQWUDGRVQDTXHODVH[SRVWDVDSOHQRVRO 7 (^) 4XDQWRjH¿FLrQFLD IRWRTXtPLFD GR IRWRVVLVWHPD ,, )Y )P REVHUYRXVH TXH DSHQDV DV SODQWDV GR WUDWDPHQWR GH VRPEUD 7 (^) QmR DSUHVHQWDUDP HVWUHVVHSRUDOWDLUUDGLkQFLD2VUHVXOWDGRVVXJHUHPTXHDPERVRVWUDWDPHQWRV 7 (^) H7 DOWHUDUDPDIXQFLRQDOLGDGHGDVSODQWDV GH $URVDHRGRUD LQLELQGRDIRWRVVtQWHVHHRFUHVFLPHQWR$SOHQRVROSODQWDVGH $URVDHRGRUD GHVHQYROYHUDPPHFDQLVPRVGH IRWRSURWHomR1RHQWDQWRDHVSpFLHDSUHVHQWRXPHOKRUUHVSRVWDIRWRVVLQWpWLFDHJDQKRGHELRPDVVDHPFRQGLo}HVLQWHUPHGLiULDV GHLUUDGLkQFLDGHPRQVWUDQGRUHODWLYDSODVWLFLGDGH¿VLROyJLFDGXUDQWHRHVWiGLRMXYHQLO 3DODYUDVFKDYH H¿FLrQFLD IRWRTXtPLFD GR IRWRVVLVWHPD ,, HVSpFLHV WURSLFDLV ÀXRUHVFrQFLD GD FORUR¿OD D SLJPHQWRV FORURSODVWtGLFRVWD[DGHFUHVFLPHQWRUHODWLYRWURFDVJDVRVDV
7KH $PD]RQ IRUHVW KDV VXIIHUHG JUHDWO\ GXH WR WKH
LPSDFWV RI KXPDQ DFWLYLW\ EXUQLQJ GHIRUHVWDWLRQ DQG
PLQLQJ DQG QDWXUDO GLVWXUEDQFHV ³HO QLxR´ DQG ³OD QLxD´ ³EORZGRZQ´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ÀXHQWLDO IDFWRU LQYROYHG LQ WKH VXUYLYDO JURZWK DQGUHSURGXFWLRQRIWURSLFDOVSHFLHV/LJKWUHVSRQVHVXVXDOO\
SURYRNHSK\VLRORJLFDODOWHUDWLRQVZKLFKDUHGHWHUPLQDQWIRU
&2 DVVLPLODWLRQDQGRSWLPL]DWLRQRIJDVH[FKDQJH 6DQGV
/LJKWFDQDOVRLQÀXHQFHRWKHUSK\VLRORJLFDOSURFHVVHV
ERWK TXDQWLWDWLYHO\ DQG TXDOLWDWLYHO\ )RU WKLV UHDVRQ
HQYLURQPHQWV WKDW DUH HLWKHU VKDGHG RU XQGHU IXOO VXQOLJKW
FDQLQKLELWWKHSKRWRV\QWKHWLFSURFHVVVLPSO\EHFDXVHWKHUH
LVWRROLWWOHRUWRRPXFKOLJKW =KDQJHWDO
,QGHHG LW KDV EHHQ VKRZQ WKDW WKH H[FHVV RI OLJKW
FDQ DIIHFW SODQW JURZWK DQG DV D FRQVHTXHQFH SURYRNH D
UHGXFWLRQRI¿HOGSURGXFWLYLW\DVDUHVXOWRISKRWRLQKLELWLRQ
.LWDR HW DO *RQoDOYHV HW DO 0DUHQFRHWDO .XOO 7KH GLIIHUHQW OLJKW LQWHQVLWLHV SURPRWH FKDQJHV LQ ERWK WKH SK\VLRORJ\ DQG PRUSKRORJ\ RI WKH SODQWV ZKLFK DUH IHDWXUHV WKDW UHVXOW IURP WKH LQWHUDFWLRQ EHWZHHQ JHQH H[SUHVVLRQ DQG WKH HQYLURQPHQW 0RUDHV 1HWR DQG *RQoDOYHV 1RUPDOO\ WKH PHDVXUHPHQW RI WKH SLJPHQWV IURP FKORURSODVWV DQG WKH DQDO\VLV RI WKH À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
-)&*21d$/9(6HWDO
WKHVRIWZDUH6WDWLVWLFV:LQGRZVYHUVLRQ 6WDW6RIW,QF
7XOVD86$ 7KHYDOXHRI $PD[ ZDVHVWLPDWHGIURPWKHFXUYH
DGMXVWPHQWFRUUHVSRQGLQJWRWKHYDOXHRI$DWWKH 33)' SRLQW
HTXDOWR+PROP^ V 7KHOLJKWFRPSHQVDWLRQSRLQW ,F
33)' LQZKLFK$ ZDVFDOFXODWHGE\WKHIRUPXOD,F 5 G
qDDQGWKHOLJKWVDWXUDWLRQ , (^) V 33)' LQZKLFK$ $PD[ ZDVHVWLPDWHGE\WKHHTXDWLRQ 7KHZDWHUXVHHI¿FLHQF\ :8( DQGWKHLQWULQVLFZDWHU XVH HI¿FLHQF\ :,8( ZHUH FDOFXODWHG XVLQJ WKH IROORZLQJ HTXDWLRQV >PPRO &2PRO^ + (^) 2 @ SKRWRV\QWKHVLV $ WUDQVSLUDWLRQ DQG ,:8( >PRO &2 (^) PRO^ + (^) 2 @ SKRWRV\QWKHVLVVWRPDWDOFRQGXFWDQFH
3LJPHQW DQDO\VLV $IWHU WKH JDV H[FKDQJH UHDGLQJV WKH PDUNHG OHDYHV ZHUH FROOHFWHG IRU SLJPHQW DQDO\VLV 7KHVH ZHUH SHUIRUPHG ZLWK J RI IUHVK PDWHULDO JURXQG LQ P/RIDFHWRQHDQGPDJQHVLXPFDUERQDWH 0J&2 DQG LPPHGLDWHO\DIWHUZDUGVP/RIDFHWRQHZHUHDGGHG 7KHVXVSHQVLRQZDV¿OWHUHGDQGDEVRUEDQFHZDVUHDGDW QP FKORURSK\OO D ±&KO D QP FKORURSK\OO E ±&KO E DQGQP FDURWHQRLGV±&[F +HQGU\DQG3ULFH
&KORURSK\OO D ÀXRUHVFHQFH PHDVXUHPHQWV 7KH FKORURSK\OO ÀXRUHVFHQFH ZDV GHWHUPLQHG XVLQJ D SRUWDEOH ÀXRURPHWHU 3ODQW (I¿FLHQF\ $QDO\VHU3($ 0. +DQVDWHFK 1RUIRON8. EHWZHHQ DQG DPRQOHDYHVORFDWHGLQ WKHPLGGOHWKLUGRIWKHSODQW)RUHDFKWUHDWPHQW¿YHOHDYHV ZHUH VHOHFWHG VXEVDPSOHV DV UHSOLFDWHV 7KH OHDYHV RI $ URVDHRGRUD ZHUHVXEMHFWHGWRDSHULRGRIGDUNDGDSWDWLRQIRU PLQ/HDYHVZHUHWKHQH[SRVHGWRDSXOVHRIKLJKLQWHQVLW\ VDWXUDWHG OLJKW +PRO P^ V ^ DQG WKH ÀXRUHVFHQFH PHDVXUHPHQWV ZHUH WDNHQ LPPHGLDWHO\ DIWHUZDUGV *RQoDOYHVHWDO )URPWKHLQGXFWLRQRIÀXRUHVFHQFH RI IDVW NLQHWLFV WKH LQLWLDO ÀXRUHVFHQFH )R PD[LPXP ÀXRUHVFHQFH ) (^) P YDULDEOHÀXRUHVFHQFH )Y )P ± )R DQG SKRWRFKHPLFDOHI¿FLHQF\RI36,, )Y )P ZHUHREWDLQHG7KH PHDVXUHPHQWVZHUHPDGHLQWKUHHSHULRGVRIHYDOXDWLRQ DQGGD\VDIWHUWKHLQVWDOODWLRQRIWKHH[SHULPHQW
([SHULPHQWDO GHVLJQ DQG VWDWLVWLFDO DQDO\VLV 7KH H[SHULPHQWDO GHVLJQ ZDV FRPSOHWHO\ UDQGRPLVHG ZLWK WUHDWPHQWV DQG UHSOLFDWHV 7KH GDWD ZDV VXEMHFWHG WR YDULDQFH DQDO\VLV DQG WKH PHDQV ZHUH FRPSDUHG E\ WKH 7XNH\WHVWDWSUREDELOLW\,QDGGLWLRQUHJUHVVLRQDQDO\VHV ZHUHDSSOLHGIRUWKHOLJKWFXUYHDGMXVWPHQWV7KHVRIWZDUH 6WDWLVWLFV YHUVLRQ DQG 6$(*8)9 YHUVLRQ ZHUH XVHGIRUVWDWLVWLFDODQDO\VLV
<RXQJSODQWVRI $URVDHRGRUD VXEMHFWHGWRWKHWR
+PROPV ^ WUHDWPHQW7 H[KLELWHGKLJKHUYDOXHVIRU
WKHUHODWLYHJURZWKUDWHVRIOHDI 55/ VWHP 556 URRW
555 DQG WRWDO PDVV 55WRWDO ZKHQ FRPSDUHG ZLWK
KLJKOLJKWLQWHQVLW\WUHDWPHQW7 WR+PROP^ V ^
)LJXUH )RUWUHDWPHQW7WKHUHZDVDORVVRIOHDIPDVVRIWKH
SODQWV JJ ^ P^ ,QDGGLWLRQSODQWVLQ7 SUHVHQWHG
YDOXHVRI556555DQG5*5WRWDODSSUR[LPDWHO\
DQG JUHDWHU WKDQ WKH YDOXHV IRXQG IRU WUHDWPHQW
7 DQG DQG JUHDWHU WKDQ WKH YDOXHV IRXQG
IRU WUHDWPHQW 7 UHVSHFWLYHO\ ¿JXUH 7KH UHVSRQVH RI
PRVWWUHHVWRFKDQJHVLQOLJKWLQWHQVLW\YDULHVGHSHQGLQJRQ
WKHVSHFLHV 7KRPSVRQHWDO 6RPHVWXGLHVUHYHDOHG
WKDW SODQWV JURZLQJ XQGHU VKDGH H[KLELW D ORZHU ELRPDVV
SURGXFWLRQZKHQFRPSDUHGZLWKSODQWVJURZLQJXQGHUKLJKHU
LUUDGLDQFH +XDQWHDQG5LQF 1DND]RQRHWDO
1HYHUWKHOHVVZKHQVRPHVSHFLHVDUHVXEMHFWHGWRFRQGLWLRQV
RI KLJK OLJKW LQWHQVLW\ WKH\ PD\ VKRZ D GHFUHDVH LQ WKH
DFFXPXODWLRQRIELRPDVVGXHWRSKRWRLQKLELWLRQ 6WDQFDWRHW
DO ,QWKHFDVHRI $URVDHRGRUD RXUUHVXOWVLQGLFDWH
WKDW FRQGLWLRQV FRUUHVSRQGLQJ WR WUHDWPHQW 7 WR
+PROP^ V ^ LPSURYHGSHUIRUPDQFHRIWKHSODQWV7KLVFDQ
EHVHHQE\WKHKLJKHUDFFXPXODWLRQRIELRPDVVLQWKHURRWV
DQGVKRRWVRIWKHSODQW ¿JXUH
7KH PD[LPDO SKRWRV\QWKHWLF UDWHV $PD[ UDQJHG IURP
WR PRO &2 PV ^ DPRQJ WUHDWPHQWV ZLWK D
UDQJHRIIURPWKHORZHVWWRWKHKLJKHVWYDOXHV WDEOH
7KHSODQWVLQ7 WR+PROP^ V ^ VKRZHGWKH
JUHDWHVWUDWHRISKRWRV\QWKHVLVZKLOHWKHSODQWVLQ7 WR
+PROP^ V ^ H[KLELWHGWKHORZHVWYDOXHVRI $PD[ WDEOH
DQG¿JXUH ,WZDVDOVRREVHUYHGWKDWWKHKLJKHVWYDOXHRI
$PD[ IRXQGIRU $URVDHRGRUD UDQJHVDPRQJYDOXHVIRXQGIRU
RWKHUWURSLFDOWUHHVSHFLHVWKDWYDULHGEHWZHHQDQG
+PROP^ V ^ =RW]DQG:LQWHU %DUNHUHWDO /RLN
DQG+ROO 0DUHQFRHWDO 6DQWRVDQG%XFNHULGJH
$OWKRXJKWKHVHUHVSRQVHVFDQEHGHWHUPLQHGE\WKHDJH
RI WKH SODQW WLPH RI \HDU DQG HFRORJLFDO IXQFWLRQ SLRQHHU
LQWHUPHGLDWHRUFOLPD[ OLJKWLQWHQVLW\KDVEHHQFRQVLGHUHG
RQHRIWKHPRVWLPSRUWDQWIDFWRUVWKDWDIIHFWWKHIXQFWLRQLQJ
RI WKH SKRWRV\QWKHWLF PHFKDQLVP DQG WKH DGDSWDWLRQ WR WKH
OLJKW FRQGLWLRQV LQ WKH HQYLURQPHQW 3HVVDUDNOL )RU
$URVDHRGRUD WKHUHODWLYHO\ORZSKRWRV\QWKHWLFHI¿FLHQF\
H[KLELWHG E\ WUHDWPHQW7 UHVXOWHG LQ ORZHU LQYHVWPHQW LQ
ELRPDVVZKLFKPD\EHDVVRFLDWHGZLWKVWUHVVGXHWRKLJK
OLJKW LQWHQVLW\ 'DUN UHVSLUDWLRQ 5 G UDQJHG IURP WR
+PRO&2 P ^ V ^ LQZKLFKWKHYDOXHVLQFUHDVHGZLWK
',))(5(17/,+7,17(16,7,(621<2813/$1762) $1,%$526$(2'25$
LQFUHDVLQJ OLJKW LQWHQVLW\ WDEOH ,W LV DOVR LPSRUWDQW WR
SRLQW RXW WKDW 5 G LV RI JUHDW XVH IRU WKH SURGXFWLRQ RI WKH
HQHUJ\QHFHVVDU\IRUSODQWJURZWKDFFRUGLQJWR/DPEHUVHW
DO 7KHUDWHVRI5 G DUHLQÀXHQFHGE\HQYLURQPHQWDO
IDFWRUV H[KLELWLQJ KLJKHU UDWHV XQGHU FRQGLWLRQV RI KLJK
LUUDGLDQFH :LWK UHJDUG WR WKH DSSDUHQW TXDQWXP \LHOG
qD ZH REVHUYHG WKDW WUHDWPHQW7 (^) KDG WKH KLJKHVW YDOXH PRO &2 (^) PRO ^ SKRWRQV ZKHUHDV 7 (^) DQG 7 (^) ZHUH LQWHUPHGLDWHDQG7 (^) VKRZHGWKHORZHVWYDOXH WDEOH 7KH ORZ YDOXH IRXQG IRU 7 (^) FRXOG EH DVVRFLDWHG ZLWK DQH[FHVVRIOLJKW0DUHQFRHWDO LQDVWXG\RIWKH VSHFLHV 6ZLHWHQLD PDFURSK\OOD IRXQG WKH KLJKHVW YDOXHV IRU qD LQ HQYLURQPHQWV ZLWK GLUHFW VXQOLJKW H[SRVXUH 7KLV ¿QGLQJ PD\ EH UHODWHG WR WKH LQÀXHQFH RI GLIIHUHQW HQYLURQPHQWDO FRQGLWLRQV DQG WKH LQWULQVLF FKDUDFWHULVWLFV RI HDFK VSHFLHV VLQFH VRPH VSHFLHV PD\ SRVVHVV HLWKHU JUHDWHURUORZHUSKRWRV\QWKHWLFSODVWLFLW\)RUWKHFRQYH[LW\ IDFWRU O WKH YDOXHV UDQJHG IURP WR WDEOH &RQVLGHULQJ WKDW WKH FRQYH[LW\ IDFWRU LV UHODWHG WR OLJKW VDWXUDWLRQLQWKHFKORURSODVWVWKLVYDULDEOHFRXOGFKDQJHLQ WKHSUHVHQFHRIKLJKLUUDGLDQFH7KHYDOXHVRIOGHFUHDVHG LQUHVSRQVHWRWKHLQFUHDVHLQOLJKWLQWUHDWPHQWV7 (^) WR7 (^) LQGLFDWLQJPRUHHI¿FLHQWUHVSRQVHWRWKHXVHRIOLJKWHQHUJ\
DWLQWHUPHGLDWHOHYHOVRILUUDGLDQFH+RZHYHUDKLJKYDOXH
IRUOLQWKHWUHDWPHQWH[SRVHGWRGLUHFWVXQOLJKW 7 FRXOG
UHÀHFW WKH GHJUHH RI SKRWRLQKLELWLRQ UHVXOWLQJ IURP KLJK
OLJKWLQWHQVLW\ :HUQHUHWDO
3ODQWV XQGHU FRQGLWLRQV WKDW SRWHQWLDOO\ OHDG WR
SKRWRLQKLELWLRQWHQGWRH[KLELWDGHFUHDVHLQSKRWRV\QWKHVLV
DQG JHQHUDOO\ UHVXOW LQ DQ LQFUHDVH LQ O DV REVHUYHG LQ
WKH SODQWV VXEMHFWHG WR WUHDWPHQW 7 :LWK UHJDUG WR WKH
FRPSHQVDWLRQ LUUDGLDQFH , F WKH YDOXHV UDQJHG IURP WR
XPROP V ^ DQGLQFUHDVHGZLWKLQFUHDVLQJOLJKWLQWHQVLW\
7KH KLJKHVW YDOXH RI , F IRXQG IRU $ URVDHRGRUD LQ WKH
WUHDWPHQWH[SRVHGWRGLUHFWVXQOLJKW 7 ZDVDUHVXOWRIWKH
KLJK YDOXH RI (^5) G DQG WKH ORZ YDOXH RI qD /LJKW VDWXUDWLRQ , (^) V IRU $ URVDHRGRUD VKRZHG D SRVLWLYH UHVSRQVH WR WKH LQFUHDVLQJOLJKWLQWHQVLWLHVIRUWKH¿UVWWKUHHWUHDWPHQWV 7 (^) (^7) DQG7 (^) EXWDUHGXFHGUHVSRQVHZKHQVXEMHFWHGWRGLUHFW VXQOLJKWZKLFKPD\EHLQGLFDWLYHRISKRWRV\QWKHWLFGDPDJH UHVXOWLQJIURPH[FHVVOLJKW :HUQHUHWDO ,WLVZHOONQRZQWKDWOLJKWVDWXUDWLRQYDULHVLQIXQFWLRQ RI OLJKW LQWHQVLW\ DQG WKH VSHFLHV EHLQJ H[DPLQHG ,Q $ URVDHRGRUD LWZDVREVHUYHGWKDW ,V DVZHOODV ,F LQFUHDVHZLWK LQFUHDVLQJOLJKWLQWHQVLWLHVLQWKH¿UVWWKUHHWUHDWPHQWV 7 (^) 7 DQG7 (^) 7KLVZDVDOVRREVHUYHGLQWUHDWPHQW7 (^) ZKHUHWKHUH
)LJXUH 5HODWLYHJURZWKUDWHRI\RXQJSODQWVRI $ URVDHRGRUD XQGHUGLIIHUHQWLUUDGLDQFHOHYHOV (^7) D7 (^) D7 (^) D H7 D+PROP^ V ^ 55/ UHODWLYHJURZWKUDWHRIOHDIPDVV556 UHODWLYHJURZWKUDWHRIVWHPPDVV555 5HODWLYHJURZWKUDWHRIURRWVPDVVDQG557RWDO 5HODWLYHJURZWKUDWHRIWRWDOSODQWPDVV0HDQYDOXHV6'IROORZHGE\VDPHOHWWHUV IRUWUHDWPHQWVDUHQRWGLIIHUHQWDW 3 )XVLQJWKH7XNH\WHVW
5*5/ JJ
^ P
5*55 JJ
^ P
/HYHOVRILUUDGLDQFH
/HYHOVRILUUDGLDQFH
/HYHOVRILUUDGLDQFH
/HYHOVRILUUDGLDQFH
5*56 JJ
^ P
5*57RWDO JJ
^ P
',))(5(17/,+7,17(16,7,(621<2813/$1762) $1,%$526$(2'25$
HQYLURQPHQWV (QJHODQG3RJJLDQL 7KHFKORURSK\OOV
DUH XVXDOO\ V\QWKHVL]HG DQG SKRWRR[LGLVHG LQ WKH SUHVHQFH
RI OLJKW .UDPHU DQG .R]ORZVNL +RZHYHU XQGHU
FRQGLWLRQV RI KLJK OLJKW LQWHQVLW\ WKH GHJUDGDWLRQ RI WKH
FKORURSK\OOPROHFXOHVPLJKWEHPRUHLQWHQVHDQGHTXLOLEULXP
RFFXUVDWORZHUFRQFHQWUDWLRQV
,W ZDV REVHUYHG WKDW WKH FKORURSK\OO FRQFHQWUDWLRQV LQ
VKDGHGOHDYHVWHQGWREHKLJKHUZKHQFRPSDUHGZLWKOHDYHV
H[SRVHG WR GLUHFW VXQOLJKW %RDUGPDQ 8QGHU ¿HOG
FRQGLWLRQV LQ &HQWUDO $PD]RQLD DGXOW SODQWV RI 6ZLHWHQLD
PDFURSK\OOD DQG 'LSWHU[ RGRUDWD H[KLELWHG VLPLODU
EHKDYLRXU LQ ZKLFK WKH FRQFHQWUDWLRQV RI SLJPHQWV LQ
OHDYHVRISODQWVXQGHUVKDGHWUHDWPHQWZHUHJUHDWHUWKDQWKH
FRQFHQWUDWLRQRIWKRVHH[SRVHGWRGLUHFWVXQOLJKW *RQo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
ORZHVWOHYHOVLQZLGHJDSV7KHEHKDYLRXURI 4DVWHUROHSVLV
LVVLPLODUWRWKDWVKRZQKHUHIRU $URVDHRGRUD
,Q $UHVDHRGRUD WKHUDWLRVWRWDOFKORURSK\OOFDURWHQRLGV
&KOWRWDO&[F UDQJHG IURP WR DPRQJ WUHDWPHQWV
3ODQWVVXEMHFWHGWRWUHDWPHQW7 KDGWKHKLJKHVWYDOXHDQGWKH
SODQWVVXEMHFWHGWRWUHDWPHQW7 KDGWKHORZHVW7KHORZHVW
YDOXHIRU&KOWRWDO&[FLQWUHDWPHQW7 PD\EHFRQVLGHUHGDV
DSKRWRSURWHFWLYHPHFKDQLVPDJDLQVWKLJKLUUDGLDQFH7KHVH
UHVXOWV VXJJHVW WKDW $ URVDHRGRUD XVXDOO\ FODVVL¿HG DV D
PLGVXFFHVVLRQDO VSHFLHV VKRZHG FRQVLGHUDEOH SODVWLFLW\
IRUFDSWXUHDQGXVDJHRIOLJKWSDUWLFXODUO\DW\RXQJVWDJHV
E\LQFUHDVLQJWKHFRQFHQWUDWLRQRISLJPHQWVXQGHUORZOLJKW
FRQGLWLRQVDQGGHFUHDVLQJ&KOWRWDO&[FDWKLJKLUUDGLDQFHWR
PLQLPL]HWKHGDPDJHFDXVHGE\SKRWRLQKLELWLRQ
5HJDUGLQJ FKORURSK\OO D ÀXRUHVFHQFH LW ZDV REVHUYHG
WKDW WKH LQLWLDO ÀXRUHVFHQFH )R GLG QRW YDU\ VLJQL¿FDQWO\
DPRQJ WKH WUHDWPHQWV ZLWK WKH H[FHSWLRQ RI WKH WUHDWPHQW
LQGLUHFWVXQOLJKWZKLFKDIWHUGD\VSUHVHQWHGDGHFUHDVH
LQ WKH LQLWLDO ÀXRUHVFHQFH IROORZHG E\ DQ LQFUHDVH DIWHU
GD\V ¿JXUH $ 6LPLODU EHKDYLRXU ZDV REVHUYHG RYHU WKH
GLIIHUHQW SHULRGV LQ ZKLFK WKH WUHDWPHQWV 7 7 DQG 7
H[SHULHQFHG D GHFUHDVH LQ ERWK )Y DQG )P DIWHU GD\V
EHIRUHUHWXUQLQJWRWKHLUQRUPDOYDOXHV ¿JXUHV%DQG&
UHVSHFWLYHO\
)RU WKH SKRWRFKHPLFDO HI¿FLHQF\ RI 36 ,, )Y )P
)P )R )P WKH VKDGHG WUHDWPHQW LQGXFHG VWDELOLW\ LQ LWV
7DEOH (IIHFWRILQFUHDVLQJOLJKWLQWHQVLWLHVRQJDVH[FKDQJHLQ\RXQJSODQWVRI $QLEDURVDHRGRUD
/LJKWLQWHQVLWLHV PROPV
7UDQVSLUDWLRQ (
6WRPDWLFFRQGXFWDQFH JV
:DWHUXVHHI¿FLHQF
:8(
,QWULQVHFZDWHUXVHHI¿FLHQF
,:8( 0PROP^ V ^ PPROPV ^ PPROPRO^ PROPRO (^7) D E G E D (^7) D D D F E (^7) D D E D D (^7) D E F G F
0HDQ6'IROORZHGE\VDPHOHWWHUVIRUWUHDWPHQWVDUHQRWGLIIHUHQWDW 3 )XVLQJWKH7XNH\WHVW
7DEOH (IIHFWRILQFUHDVLQJOLJKWLQWHQVLWLHVRQWKHFRQFHQWUDWLRQRIOHDISLJPHQWV PROP ^ DQGUDWLRVEHWZHHQFKORURSK\OOV DE &KO DE DQGFKORURSK\OOFDURWHQRLGV &KOWRW&[F LQ\RXQJSODQWVRI $QLEDURVDHRGRUD
/LJKWLQWHQVLW\ +PROP^ V
&KORURSK\OO D &KORURSK\OO E 7RWDOFKORURSK\OO &DURWHQRLGV &KO DE &KOWRW&[F PROP (^7) D (D (D (D (D (D (D (^7) D (E (E (E (E (D (DE (^7) D (E (DE ( E (DE (D (DE (^7) D ( E (E (E (E (D (E
0HDQ6'IROORZHGE\VDPHOHWWHUVIRUWUHDWPHQWVDUHQRWGLIIHUHQWDW 3 )XVLQJWKH7XNH\WHVW
-)&*21d$/9(6HWDO
EHKDYLRXU RYHU WKH H[SHULPHQWDO SHULRG ,Q WKH WUHDWPHQWV
7 DQG 7 WKH SODQWV VKRZHG D GHFUHDVH LQ )Y )P DIWHU
GD\V DQG VXEVHTXHQWO\ UHWXUQHG WR QRUPDO EHKDYLRXU DIWHU
GD\V ,Q WKH WUHDWPHQW ZKHUH SODQWV ZHUH H[SRVHG WR
GLUHFW VXQOLJKW 7 VWURQJ SKRWRLQKLELWLRQ ZDV REVHUYHG
¿JXUH ' ,W LV SRVVLEOH WKDW WKH LQFUHDVH LQ WHPSHUDWXUH
PLJKW KDYH FRQWULEXWHG WR SKRWRLQKLELWLRQ .LWDR HW DO
2QWKHRWKHUKDQG*RQoDOYHVHWDO REVHUYHG IRU 6 PDFURSK\OOD PLGVXFFHVVLRQDO VSHFLHV D GHFUHDVH RI LQ )Y )P ZKHUHDV IRU ' RGRUDWD ODWHVXFFHVVLRQDO QR GLIIHUHQFHV ZHUH REVHUYHG EHWZHHQ SODQWV JURZQ XQGHU KLJK DQG ORZ OLJKW LQWHQVLWLHV ,W LV SRVVLEOH WKDW WKH VPDOO GLIIHUHQFHREVHUYHGIRUWKHIRUPHUVSHFLHVFRXOGEHUHODWHG WRPHFKDQLVPVRIDGDSWDWLRQRIPLGVXFFHVVLRQDOVSHFLHVWR KLJKHUOLJKWLQWHQVLWLHV6XFKDEHKDYLRXUZDVREVHUYHGIRU $ URVDHRGRUD ZKRVH )Y )P UDWLRGHFUHDVHGDORQJWKHGD\V RIWKHH[SHULPHQW =KDQJHWDO REVHUYHGVLJQL¿FDQWGHFUHDVHLQ )Y )P LQVDSOLQJVJURZQXQGHUORZOLJKWGHQVLW\DQGVXGGHQO\ H[SRVHGWRKLJKOLJKWLQWHQVLW\LQGLFDWLQJWKDWSKRWRV\VWHP ,, ZDV SDUWLDOO\ LQDFWLYDWHG .UDXVH HW DO REVHUYHG WKDWGXULQJWKHSHULRGVRIGLUHFWVXQH[SRVXUHDOOWKHSODQWV H[KLELWHGVLJQL¿FDQWSKRWRLQKLELWLRQRI36,,DVUHYHDOHGE\ DGHFUHDVHLQ )Y )P
,QGHHG H[SRVLWLRQ WR H[FHVV RI OLJKW PD\ FDXVH
SKRWRLQKLELWLRQWRDGHJUHHWKDWLVGHSHQGHQWRQWKHVSHFLHV
7KLV FDQ EH PHDVXUHG E\ WKH GHFUHDVH LQ WKH SDUDPHWHU RI
WKHÀXRUHVFHQFHRIFKORURSK\OO D )Y )P DIWHUH[SRVXUHWR
OLJKWUHSUHVHQWLQJWKHPD[LPXPSKRWRFKHPLFDOHI¿FLHQF\RI
SKRWRV\VWHP ,, :HUQHU HW DO :KHQ $ URVDHRGRUD
ZDVVXEMHFWHGWRWUHDWPHQW7 ZHREVHUYHGDVWHDG\GHFUHDVH
LQ )Y )P ZKLFKFKDUDFWHULVHGDKLJKOHYHORISKRWRLQKLELWLRQ
7KHUHGXFWLRQRI )Y )P FRXOGEHWKHUHVXOWRIDQLQFUHDVHLQ
)R RU D GHFUHDVH LQ )P .LWDR HW DO 2OLYHLUD HW DO
1RQHWKHOHVV DIWHU GD\V DQG GD\V WKHUH ZDV
DQLQFUHDVHLQWKHYDOXHVRI )Y )P LQGLFDWLQJWKDWWKHUHKDG
EHHQDQHIIHFWLYHUHVSRQVHWRVWUHVVLQYROYLQJDQDFFOLPDWLRQ
PHFKDQLVPWRKLJKLUUDGLDQFH7KXV $URVDHRGRUD ZDVDEOH
WR DGMXVW LWV SKRWRV\QWKHWLF DSSDUDWXV ZKHQ VXEMHFWHG WR
GLIIHUHQWFRQGLWLRQVRIOLJKWGXULQJJURZWK7KHFRQVHTXHQFH
RISKRWRLQKLELWLRQVHHPVWREHFRQ¿UPHGE\WKHREVHUYDWLRQV
RIORZYDOXHVRISKRWRV\QWKHVLV PHDVXUHGEHWZHHQDQG
GD\V DIWHU WKH LQVWDOODWLRQ RI H[SHULPHQW DQG ELRPDVV
DFFXPXODWLRQIRXQGLQSODQWVRI $URVDHRGRUD VXEMHFWHGWR
GLUHFWVXQOLJKW
7KH SURFHVV RI DFFOLPDWLRQ WR HQYLURQPHQWV RI KLJK
LUUDGLDQFH LV UDWKHU FRPSOH[ LQYROYLQJ WKH DYDLODELOLW\ RI
ERWK ZDWHU DQG QXWULHQWV ,Q WKLV VWXG\ WKH SK\VLRORJLFDO
)LJXUD &KORURSK\OO D ÀXRUHVFHQFHLQ\RXQJSODQWVRI $ URVDHRGRUD XQGHUGLIIHUHQWLUUDGLDQFHOHYHOV 7 D7 D7 DH7 (^) D+PROPV ^ LQWKUHHGLIIHUHQWSHULRGV DQG GD\VUHVSHFWLYHO\0HDQ6'IROORZHG E\VDPHFDSLWDOOHWWHUVIRUSHULRGVDQGORZHUFDVHOHWWHUIRUWUHDWPHQWVDUHQRWGLIIHUHQWDW 3 )XVLQJWKH7XNH\WHVW
,QLFLDOÀXRUHVFHQFH )R
0D[LPXPÀXRUHVFHQFH )P
/HYHOVRILUUDGLDQFH
/HYHOVRILUUDGLDQFH
/HYHOVRILUUDGLDQFH
/HYHOVRILUUDGLDQFH
9DULDEOHÀXRUHVFHQFH )Y
)Y)P
-)&*21d$/9(6HWDO
0DUHQFR5$RQoDOYHV-)&9LHLUD /HDIJDVH[ FKDQJHDQGFDUERK\GUDWHVLQWURSLFDOWUHHVGLIIHULQJLQVXF FHVVLRQDOVWDWXVLQWZROLJKWHQYLURQPHQWVLQFHQWUDO$PD ]RQLD7UHH3K\VLRO 0D\3+%DUDWD/(6 5RVHZRRGH[SORLWDWLRQLQWKH%UD ]LOLDQ$PD]RQ RSWLRQVIRUVXVWDLQDEOHSURGXFWLRQ(FRQ %RW 0RUDHV 1HWR 63 RQoDOYHV -/0 (IHLWRV GD OXPL QRVLGDGHVREUHRHVWDGRQXWULFLRQDOGHPXGDVGHVHLVHV SpFLHVDUEyUHDVTXHRFRUUHPQDPDWD$WOkQWLFD5HYÈU YRUH 1DND]RQR(0&RVWD0&)XWDWVXJH.3DXOLOR076 &UHVFLPHQWRLQLFLDOGH (XWHUSHHGXOLV 0DUW(PGLIHUHQWHV UHJLPHVGHOX]5HY%UDV%RW 2OLYHLUD-$OYHV3/&$0DJDOKmHV$& 7KHHIIHFW RIFKLOOLQJRQWKHSKRWRV\QWKHWLFDFWLYLW\LQFRIIHH &RIIHD DUDELFD / \RXQJSODQWV7KHSURWHFWLYHDFWLRQRIFKORUR SODVWLGSLJPHQWV%UD]-3ODQW3K\VLRO 3HVVDUDNOL 0 +DQGERRN RI 3KRWRV\QWKHVLV 0DUFHO 'HNNHU$UL]RQD86$ 5RVD/66È7'$2KDVKL67%DUURV3/&6LOYD$-9 &UHVFLPHQWRHVREUHYLYrQFLDGHPXGDVGHSDXURVD $QL EDURVDHRGRUD'XFNH RULXQGDVGHWUrVSURFHGrQFLDVHP IXQomR GH GLIHUHQWHV QtYHLV GH VRPEUHDPHQWR HP FRQ GLo}HVGHYLYHLUR %ROHWLP)DFXOGDGHGH&LrQFLDV$JUiUL DVGR3DUi 6DPSDLR 37% %DUERVD$3 9LHLUD * 6SLURQHOOR:5 )HU UD],'.&DPDUJR-/&4XLVHQ5& 6LOYLFXOWXUDGR 3DX5RVD,Q +LJXFKL16DQWRV-6DPSDLR37%0DUHQ FR5$)HUUD]-6DOHV3&6DLWR00DWVXPRWR6 2UJDQ L]HUV 3URMHWR-DFDUDQGi)DVH,, 3HVTXLVDV)ORUHVWDLVQD $PD]{QLFD&HQWUDO ,13$SS
6DQGV3- 0RGHOLQJFDQRS\SURGXFWLRQ,,)URPVLQ
JOHOHDISKRWRV\QWKHWLFSDUDPHQWHUVWRGDLO\FDQRS\SKR
WRV\QWKHVLV$XVW-3ODQW3K\VLRO
6DQWRV+3%XFNHULGJH06 7KHUROHRIWKHVWRUDJHFDU
ERQRIFRW\OHGRQVLQWKHHVWDEOLVKPHQWRI\RXQJSODQWVRI
+\PHQDHD FRXUEDULO / XQGHU GLIIHUHQW OLJKW FRQGLWLRQV
$QQ%RW
6WDQFDWR *& 0D]]DIHUD 3 %XFNHULGJH 06 &DUERQ
DVVLPLODWLRQDQGSDUWLWLRQLQJLQHSLSK\WHRUFKLG &DWWOH\D
IRUEHVLL /LQGO; /DHOLDWHQHEURVD 5ROIHXQGHUH[WUHPOHY
HOVRILUUDGLDQFH5HY%UDV%RW
7KRPSVRQ:$ +XDQJ /. .ULHGHPDQQ 3( 3KRWR
V\QWKHWLFUHVSRQVHWROLJKWDQGQXWULHQWVLQVXQWROHUDQWDQG
VKDGHWROHUDQWUDLQIRUHVWWUHHV/HDIJDVH[FKDQJHDQGFRP
SRQHQWSURFHVVHVRISKRWRV\QWKHVLV$XVW-3ODQW3K\VL
RO
:KDWOH\-0:KDWOH\)5 $OX]HD9LGDGDV3ODQWDV
(38('8636mR3DXOR%UDVLO :HUII+5LFKWHU+ 7RZDUGVDQLPSURYHGFODVVL¿FD WLRQRI/DXUDFHDH$QQDOVRIWKH0LVVRXUL%RWDQLFDODUGHQ $QQ0LVVRXUL%RWDUGHQ :HUQHU&5\HO5-&RUUHLD2%H\VFKODJ: (IIHFWVRI SKRWRLQKLELWLRQRQZKROHSODQWFDUERQJDLQDVVHVVHGZLWKD SKRWRV\QWKHVLVPRGHO3ODQW&HOO(QYLURQ =KDQJ6.HSLQJ0/LQJ]KL& 5HVSRQVHRISKRWRV\Q WKHWLFSODVWLFLW\RI 3DHRQLDVXIIUXWLFRVD WRFKDQJHGOLJKWHQ YLURQPHQWV(QYLURQ([S%RW =RW]:LQWHU. 3KRWRV\QWKHVLVRIDWURSLFDOFDQRS\ WUHH &HLEDSHQWDQGUD LQDORZODQGIRUHVWLQ3DQDPD7UHH 3K\VLRO
