• Ingen resultater fundet

ORIGINS OF MINDFULNESS & MEDITATION INTERPLAYOF EASTERN & WESTERN PSYCHOLOGY

N/A
N/A
Info
Hent
Protected

Academic year: 2022

Del "ORIGINS OF MINDFULNESS & MEDITATION INTERPLAYOF EASTERN & WESTERN PSYCHOLOGY"

Copied!
20
0
0

Indlæser.... (se fuldtekst nu)

Hele teksten

(1)

3V\NH /RJRV

25,*,162)0,1')8/1(66 0(',7$7,21 ,17(53/$<2)($67(51 :(67(5136<&+2/2*<1

5DVKPL6LQJOD2

³7KH(DVWDQGWKH:HVWPXVWXQLWHWRSURYLGHRQHDQRWKHUZLWKZKDWLVODFNLQJ´

$EGXO%DKDLQ6LQKD 6LQKD 0LQGIXOQHVV PHGLWDWLRQDUHJDLQLQJSRSXODULW\LQWKH:HVW

HUQSV\FKRORJLFDOSUDFWLFHLQWKHSDVWGHFDGHVHVSHFLDOO\

ZLWKLQ SV\FKRWKHUDSHXWLF DSSURDFKHV KHDOWK SURPRWLRQ DQG VWUHVVUHGXFWLRQ7KHRULJLQVDQGWKHEURDGHUFRQWH[WKRZHYHU VHHPWREHRYHUORRNHGLQVRPHRIWKHVHSUDFWLFHV

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

5DVKPL 6LQJOD FDQGSV\FK SKG 3V\FKRWKHUDS\ 6SHFLDOLVW $VVRFLDWH 3URIHVVRU 'HSDUWPHQW RI 3V\FKRORJ\ (GXFDWLRQDO 6WXGLHV ,QWHUGLVFLSOLQDU\ 6WXGLHV LQ +HDOWK 3URPRWLRQDQG+HDOWK6WUDWHJLHV5RVNLOGH8QLYHUVLW\ 1*27UDQVFXOWXUDO7KHUDSHXWLF 7HDP777&RSHQKDJHQ'HQPDUN

,DPJUDWHIXOWRP\IULHQGVRFLRORJLVW*Z\Q0DUVKDOO‘YHUODQG³7KH5HJLRQDOWUDXPDFHQWUH´

59766¡ULQ6RXWKHUQ1RUZD\IRUKHUYDOXDEOHFRPPHQWVDVZHOOHQFRXUDJHPHQWUHJDUGLQJ WKHDUWLFOH,DOVRWKDQNWKHDQRQ\PRXVUHYLHZHUIRUWKHFRQVWUXFWLYHVXJJHVWLRQVEDVHGRQD GHQVHUHDGLQJ/DVWEXWQRWWKHOHDVW,WKDQNP\FROOHDJXH6SHQFHU+D]HO5RVNLOGH8QLYHUVLW\

'HQPDUNIRUWKHOLQJXLVWLFµSROLVKLQJ¶RIWKHDUWLFOH

(2)

,QWURGXFWLRQ

0HGLWDWLRQLVSHUFHLYHGDVD¶WDSHIRUPHQWDOFOHDQLQJ¶ZKLFKPLQLPLVHVWKH ULVNRIVWUHVVDQGEULQJVDERXWDLQFUHDVHLQWKHPHQWDOFDSDFLW\

)XQFK0RUHRYHUµPLQGIXOQHVVPHGLWDWLRQ¶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

$WWKHVDPHWLPHLWLVLPSHUDWLYHWRQRWHZLWK0RRGOH\ :HVW WKDWLQWKHSDVWIHZGHFDGHVPDQ\WUDGLWLRQDOµSV\FKRWKHUDS\¶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

:KDWDUHWKHVLPLODULWLHVDQGGLIIHUHQFHVLQWKHFRQWH[WVZKHUHWKHVHSUDFWL FHVEHJDQDQGLQWKHFRQWH[WVWKH\DUHEHLQJDSSOLHG"'RWKH:HVWHUQSV\

FKRORJLFDOFRQVWUXFWVUHIOHFWWKHSXUSRUWHGDVSHFWDQGHIIHFWVRIPHGLWDWLRQ GHVFULEHGLQWKHWUDGLWLRQDO,QGLDQWKRXJKW":KDWDUHWKHDGDSWDWLRQVPDGH DQGWKHLPSOLFDWLRQVRIWKHVHSUDFWLFHVLQWKHFXUUHQW:HVWHUQ'DQLVKFRQ WH[W":KDWDUHWKHEHQHILWVDQGSHULOV":KDWDUHWKHGLOHPPDVDQGSDUDGR[HV LQYROYHG"+RZFDQWKHSUREOHPDWLFDVSHFWVEHGHDOWZLWK"7KLVDUWLFOHSUR SRVHVWRDQVZHUWKHVHTXHVWLRQV

,QWKHILUVWSDUWRIWKHDUWLFOHDQXQGHUVWDQGLQJRIRULJLQRIPLQGIXOQHVV DQGPHGLWDWLRQLVSUHVHQWHGZKLFKLVFRQVLGHUHGSHUWLQHQWIRUERWKDSSUR SULDWHDSSOLFDWLRQVDQGVXEVHTXHQWDGDSWDWLRQLQWKHFXUUHQW:HVWHUQ'DQLVK FRQWH[W7KLVXQGHUVWDQGLQJLVDOVRLPSRUWDQWDVWKHVHSUDFWLFHVFDQµWURXEOH¶

WKHKHJHPRQLFQDUURZ:HVWHUQFRQYHQWLRQDOKHDOWKFDUHV\VWHPVLQFOXGLQJ WKHSV\FKRORJLFDORQHV

(3)

-RVHSKGH5LYHUD 5DVKPL6LQJOD

7KLVSDUWLQFOXGHVWKHYHU\RULJLQRIPLQGIXOQHVVDQGPHGLWDWLRQIURPWKH (DVW3DUWLFXODUO\%XGGKLVPDQG<RJDSUDFWLFHZLWKLQWKHEURDG,QGLDQSV\

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¶VYLHZVRQPHGLWDWLRQ

7KHVHFRQGSDUWRIWKHDUWLFOHSUHVHQWVVKRUWO\DFRXSOHRIVWUDWHJLFDOO\

FKRVHQLQWHUYHQWLRQVWXGLHVDVDSRLQWRIHQWU\DQGUHIOHFWVRQWKHDSSOLFDWLRQ RIWKHPHGLWDWLYHSUDFWLFHVEDVHGRQWKHDIRUHPHQWLRQHGWKHRUHWLFDOFRQFHSWV DQGWKHZD\VWRILWWKH(DVWHUQSV\FKRORJLFDONQRZOHGJHLQWRWKHPDWUL[RI :HVWHUQSV\FKRORJ\/DWHUDFRJQLWLYHH[LVWHQWLDOO\LQVSLUHGXQGHUVWDQGLQJ RI PLQGIXOQHVV .DEDW=LQQ DQG D 'DQLVK HPSLULFDO VWXG\ RQ WKH SKHQRPHQRORJ\RIPHGLWDWLRQ0DGVHQLVGHOLQHDWHG

7KHODVWSDUWRIWKHDUWLFOHUHIOHFWVRQSHULOVRIPLQGIXOQHVVDQGPHGLWDWLRQ DVDSDUWRIWUDQVIRUPLQJDZRUOGYLHZLQWKHFRQWH[WRIPRGHUQLW\0RUHRYHU WKHDUWLFOHDSSHDOVIRUWKHDSSOLFDWLRQRIWKHVHSUDFWLFHVDVPRUHWKDQMXVW WHFKQLTXHVWRVROYHVSHFLILFSUREOHPVFRQVLGHULQJWKHLUJHQHVLVWKHEURDGHU FRQWH[W DQG FORVHU LQWHUSOD\ EHWZHHQ (DVWHUQ DQG :HVWHUQ SV\FKRORJLFDO XQGHUVWDQGLQJV

)LUVW3DUW+XPDQQDWXUHLQ,QGLDQ3V\FKRORJ\DQG%XGGKLVP 7KUHHPDMRUDVVXPSWLRQV

7KHYHU\RULJLQRIPLQGIXOQHVVDQGPHGLWDWLRQIURPWKH(DVWSDUWLFXODUO\

%XGGKLVPDQG<RJDSUDFWLFHZLWKLQWKHEURDG,QGLDQILHOGRISV\FKRORJ\

GLUHFWVRXUDWWHQWLRQWRWKHIROORZLQJWKUHHPDMRUDVVXPSWLRQVDERXWKXPDQ QDWXUHZLWKLQWKH,QGLDQSV\FKRORJ\EDVHGRQ5DR3

7KHPRQRLVPEHWZHHQERG\DQGPLQGLQ,QGLDQSV\FKRORJ\LQFRQWUDVW WRWKHGXDOLVPEHWZHHQERG\DQGPLQGLQPDLQVWUHDP:HVWHUQSV\FKRORJ\

5DR.5DPDNULVKQDLVDSKLORVRSKHUSV\FKRORJLVWHGXFDWRULQWHUQDWLRQDODXWKRULW\RQ ,QGLDQSV\FKRORJ\FXUUHQWO\FKDLUPDQRIWKH,QGLDQFRXQFLORI3KLORVRSKLFDO5HVHDUFK 5DR3DUDQMSH 'DODO

(4)

7KHFHQWUDOLW\RIFRQVFLRXVQHVVUDWKHUWKDQDVWUHQJWKHQLQJRIWKH:HVW HUQFRQFHSWXDOLVDWLRQRIµHJR¶

)RFXVRQPHGLWDWLRQDVDSDUWRIGDLO\FRQGXFWUDWKHUWKDQDVDPHDQVRI MXVWDWWDLQLQJDYHU\OLPLWHGJRDO

7RGHOLQHDWHKXPDQQDWXUHLQ,QGLDQSV\FKRORJ\4ZHVWDUWZLWKLWVIRFXV RQWKHPRQRLVPEHWZHHQERG\DQGPLQGLQWKHVXEMHFWZKLFKGLIIHUVIURP 'HVFDUWHV¶GLYLVLRQRIWKHVXEMHFWLQWRERG\DQGPLQG2YHUDOOWKHVHXQ GHUVWDQGLQJVYDU\IURPPDLQVWUHDP:HVWHUQXQGHUVWDQGLQJVZKLFKPRVWO\

H[FOXGHWKHVSLULWXDOGLPHQVLRQDQGWRVRPHH[WHQWSURPRWHDERG\PLQG GXDOLVP :LWKLQ D SV\FKRKLVWRULFDO SHUVSHFWLYH RQ WKH ,QGLDQ WUDGLWLRQV .XPDUSDUWLWLRQVWKHKXPDQEHLQJVLQWRGHKDWKHJURVVERG\RQ WKHRQHKDQGDQGPDQDVPLQGDQGDWPDQVRXORQWKHRWKHUZKLFKPD\

EHVHHQDVSDUDOOHOWRWKH*UHHNQRWLRQRISV\FKH+RZHYHUWKHFRQFHSWRI DWPDQLVXQLTXHWR,QGLDQHWKRVDQGIRUPVLWVEDVLVIRULWLVSUHGRPLQDQWO\

VSLULWFHQWHUHGQHVV ZKLOH :HVWHUQ WKLQNLQJ KDV YHHUHG WRZDUGV ERG\

FHQWHUHGQHVV

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

µ2QDPRUHKLVWRULFDOVFDOHZHVHHPWRKDYHFRPHIXOOFLUFOHUHJDUGLQJ WKHIUDJPHQWDWLRQRIWKHVXEMHFWWKURXJKWKH&DUWHVLDQERG\PLQGGLYL VLRQZKLFKSUHVHQWVLWVHOIDVDQDEVHQWSKHQRPHQRQLQWKHSKLORVRSK\

RIWUDGLWLRQDOKHDOLQJ>DPRQJRWKHUV%XGGKLVP@¶0RRGOH\ :HVW

7KHVHFRQGPDMRUDVVXPSWLRQLVWKHGLIIHUHQFHLQSHUVSHFWLYHVRQFRQVFL RXVQHVVZKLFKLVSLYRWDOZKHQZHFRPSDUH,QGLDQSV\FKRORJ\ZLWKPDLQ VWUHDP:HVWHUQSV\FKRORJ\,QFRQWUDVWWRWKHELRFHQWULFELDVRI:HVWHUQ SV\FKRORJ\FRQVFLRXVQHVVLVWKHFHQWUDOFRUHRI,QGLDQSV\FKRORJ\RIZKLFK

$FFRUGLQJ WR 5DR LQ WKH WHUP ,QGLDQ SV\FKRORJ\ WKH HPSKDVLV LV QRW RQ JHRJUDSK\ )RU LQVWDQFH %XGGKLVW SV\FKRORJ\ ZKLFK LV DQ LQWHJUDO SDUW RI ,QGLDQ SV\FKRORJ\ ZDV GHYHORSHG LQ 6UL /DQND 7LEHW DQG -DSDQ DPRQJ RWKHU FRXQWULHV

%HVLGHVLWLVWKHQDPHXVHGE\WKRVHZKRSLRQHHUHGWKHDUHDRIDSSO\LQJFODVVLFDO,QGLDQ WKRXJKWWRFRQWHPSRUDU\SV\FKRORJ\

(5)

-RVHSKGH5LYHUD 5DVKPL6LQJOD

%XGGKLVPLVDQLQWHJUDOSDUW5DR$WWKHVDPHWLPHLWLVUHOHYDQWWR SRLQWRXWWKDWDORQJZLWK%XGGKLVPWZRRWKHUUHOLJLRQVRI,QGLD+LQGXLVP DQG-DLQLVPVKDUHWKHVDPHSURIRXQGDZDUHQHVVRIKLJKHUVWDWHVRIFRQVFL RXVQHVVRIOHYHOVRIUHDOLW\DQGLQGLYLGXDOSHUIHFWLELOLW\+RZHYHUWKHIXQ GDPHQWDOWUXWKDERXWFRQVFLRXVQHVVDVDQXOWLPDWHUHDOLW\H[LVWVDORQJVLGH ZLWKVWULIHDQGFRPSHWLWLRQLQ,QGLDQWKRXJKW6PLWK

7KHVWXG\RIWKHSHUVRQLVFRQVLGHUHGDVWKHVXEMHFWPDWWHURI,QGLDQSV\

FKRORJ\DQGWKHSHUVRQIXQFWLRQVDVDFRPSRVLWHRIFRQVFLRXVQHVVPLQG DQGERG\,QRWKHUZRUGVWKH³SHUVRQ´LVFRQVFLRXVQHVVHPERGLHG)XUWKHU PRUH5DRHPSKDVLVHVWKDW,QGLDQSV\FKRORJ\LVHVVHQWLDOO\SRVLWLYH DVLWLVFRQFHUQHGZLWK

³±XQGHUVWDQGLQJKRZWKHPLQGERG\FRPSOH[OLPLWVKXPDQSRWHQWLDOV FRUUXSWVRQH¶VXQGHUVWDQGLQJRIWUXWKDQGFDXVHVVXIIHULQJVRWKDWUHP HGLHVPD\EHIRXQGDQGKXPDQVHOHYDWHGWRKLJKHUOHYHOVRIDZDUHQHVV DFKLHYHPHQWDQGKDSSLQHVV´LELGS

7KHKXPDQPLQGKDVGXDOIXQFWLRQVDVFRQFHLYHGLQWKH,QGLDQWUDGLWLRQ LPSO\LQJDFFHVVWRWZRGLIIHUHQWVRXUFHVRINQRZLQJDQGEHLQJ±RQHZKLFK LVWUDQVDFWLRQDO DQG LQYROYHG LQ WKH PLQG¶V LQWHUIDFH ZLWK WKH EUDLQ DQG VHQVRU\V\VWHPDQGWKHRWKHUZKLFKLVLWVWUDQVFHQGHQWDOFRQQHFWLRQZLWK FRQVFLRXVQHVVDVVXFKLPSO\LQJVLJQLILFDQFHRIWKHLPPHGLDWHH[SHULHQFH 5LQSRFKH SRLQWV WR WKH RSHQQHVV WR QHZ YLHZSRLQWV DQG FULWLFDO DWWLWXGH WRZDUGV LWVHOI DV VWUHQJWKV RI :HVWHUQ SV\FKRORJ\ EXWPLVVLQJ DFNQRZOHGJHPHQWRIWKHSULPDF\RILPPHGLDWHH[SHULHQFHLVFRQVLGHUHGDV DZHDNQHVVDQGDFKDOOHQJH

7KHWKLUGPDMRUDVVXPSWLRQLVUHODWHGWRWKHDIRUHPHQWLRQHGLQGLYLGXDO SHUIHFWLELOLW\ 5DR HPSKDVL]HV WKDW ,QGLDQ SV\FKRORJ\ DWWHPSWV WR SURYLGHDQXQGHUVWDQGLQJRIWKHQDWXUHRIWKHSHUVRQWKHFDXVHVDQGFRQ VHTXHQFHVRIKHUFRQGXFWDQGH[SORUHWKHPHWKRGVDQGPHDQVRIWUDQVIRU PLQJWKHSHUVRQLQSXUVXLWRISHUIHFWLRQLQEHLQJFHUWDLQW\LQNQRZLQJDQG KDSSLQHVVLQIHHOLQJ

.KDODNGLQDKDVGHVFULEHGOXFLGO\WKHUHODWLRQEHWZHHQWKHSKLORVR SK\ GDLO\FRQGXFWZLWKLQWKHPRGHUQ,QGLDQFRQWH[W:LWKLQDVRFLRFXO WXUDOIUDPHZRUNRQWKHKXPDQGHYHORSPHQWLQVKHHPSKDVLVHVWKHFRQVWDQW IOX[EHWZHHQWKHFRQIURQWDWLRQEHWZHHQWUDGLWLRQDQGPRGHUQLW\*HQHULFDOO\

,QGLDQSKLORVRSK\KDVFRPPRQDOLWLHVZLWKWKHZRUOGSKLORVRSK\EXWGLIIHUV LQ LWV VSLULWXDO LQWHUSUHWDWLRQ DOVR RI GXWLHV DQG REOLJDWLRQV 7KLV LPSOLHV FRQWLQXLW\RIWKHDWPDQVRXORYHUPDQ\OLYHVDQGLWVDEVRUSWLRQLQWRFUHDWL YLW\ZKHQLWDUULYHVDWWKHVWDJHRIPRNVKD7KHVHSKLORVRSKLFDOSHUVSHFWLYHV IRUPWKHEDFNJURXQGIRUDFRPPRQHWKRVRIQRQYLROHQFHLQWHUGHSHQGHQF\

FROOHFWLYLVPDGKHUHQFHWRULWXDOLVPVLPXOWDQHRXVZLWKWKHSXUVXLWRIKDS SLQHVVWKURXJKPRUDOLW\

(6)

$QDUUD\RISUDFWLFHVVXFKDV\RJDDQGPHGLWDWLRQLVFRQVLGHUHGDVDSDUW RIWKHGDLO\FRQGXFWIRUSHUVRQDOWUDQVIRUPDWLRQDQGWRDOOHYLDWHVXIIHULQJLQ WKHKXPDQFRQGLWLRQ:KDWLVFUXFLDOLQ,QGLDQWKRXJKWDFFRUGLQJWR5DR 3DUDQMSHLVWKHHPSKDVLVRQSUDJPDWLFVRIWKHNQRZOHGJHDERXWFRQ VFLRXVQHVVWRUHQGHUKXPDQVIUHHIURPLPSHUIHFWLRQVLJQRUDQFHDQGFRQVH TXHQWVXIIHULQJ,QWKH,QGLDQFRQWH[WKRZHYHUWKHVHSUDFWLFHVFRPSULVHD ZD\RIOLIHKLVWRULFDOO\

:HVKRXOGKRZHYHUEHDZDUHWKDWZHDUHGHDOLQJZLWKKLJKO\FRPSOH[

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

,QOLQHZLWKWKHREMHFWLYHRIWKHDUWLFOHZHQRZIRFXVRQDQXQGHUVWDQGLQJ RIKXPDQQDWXUHLQ%XGGKLVPDVDQLOOXVWUDWLRQRIWKHWKUHHPDMRUDVVXPSWL RQVDERXWERG\PLQGXQLW\WKHFHQWUDOLW\RIFRQVFLRXVQHVVDQGPHGLWDWLRQ DV D SDUW RI GDLO\ FRQGXFW7KLV LV SULPDULO\ EDVHG RQ 3UHPDVLULV GHOLQHDWLRQRIFRJQLWLRQLQ%XGGKLVPFRPELQHGZLWK'D\D¶VGHOL QHDWLRQV2XUIRFXVLVRQ%XGGKLVPDVDPRUHWKDQWZRDQGDKDOIWKRXVDQG

\HDUVROGUHOLJLRXVSDWKDVZHOODVDGHYHORSHGSKLORVRSK\DQGDV\VWHPRI KXPDQSV\FKRORJ\%XGGKLVPOLNHDQXPEHURIRWKHUWKHRULHVRISV\FKR ORJ\LVWKHFRGLILFDWLRQRIRQHSHUVRQ¶VLQVLJKWVDERXWSV\FKRORJ\GHYHORSHG LQWKHFRXUVHRIWKDWSHUVRQ¶VVHOILQYHVWLJDWLRQV

%XGGKLVP7KHWKUHH'KDUPD6HDOVDQGWKH)RXU1REOH7UXWKV 7KHHVVHQFHRIWKH%XGGKD¶VWHDFKLQJVDUHSUHVHQWHGDVWKHWKUHHPDUNVRI H[LVWHQFHRUWKHWKUHHGKDUPDVHDOV,PSHUPDQHQFH±QRIL[HGSRLQWVZHFDQ FOLQJWR6XIIHULQJ±DWWDFKPHQWWRDQ\WKLQJLQFOXGLQJLGHDVRUH[SHULHQFH ZLOOXOWLPDWHO\UHVXOWLQORVVDQGWKHUHIRUHVXIIHULQJDQG1RVHOI±ZHH[SH ULHQFHWKHZRUOGIURPWKHSRLQWRIRXUHJRVHOIZKLFKOHDGVXVLQWRDIDOVH EHOLHIDERXWRXUVHSDUDWHQHVVIURPDOORWKHUWKLQJV

,QDGGLWLRQWKH)RXU1REOHWUXWKVZKLFKFDQEHSODFHGZLWKLQWKHGRPDLQ RISV\FKRORJ\DUHVHHQDVWKHFRUHLQVLJKWVRIWKH%XGGKDDQGKLJKOLJKWWKH DVSHFWVUHODWHGWRVXIIHULQJ7KHWUXWKRIVXIIHULQJGXNKDGRHVQRWUHIHUWR KXPDQVXIIHULQJEXWWRWKHFRPPRQKXPDQH[SHULHQFHZLWKDFRPELQHG YLHZRIWKHWRWDOKXPDQFRQGLWLRQ,WPDLQWDLQVWKDWXQHQOLJKWHQHGOLYLQJLQ

(7)

-RVHSKGH5LYHUD 5DVKPL6LQJOD

YROYHVVXIIHULQJ7KHVHFRQGWUXWKDOVRSUHVHQWVDSV\FKRORJLFDOH[SODQDWLRQ RIVXIIHULQJ±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

:LVGRPFRQFHUQVWKHTXDOLWLHVRIULJKWYLHZDQGWKHULJKWLQWHQWLRQZKH UHDVULJKWVSHHFKULJKWDFWLRQDQGULJKWOLYHOLKRRGDUHDVSHFWVRIWKHSDWK UHODWLQJWRHWKLFDOFRQGXFW8QGHUFRQFHQWUDWLRQDUHWKHSDWKVLQYROYLQJULJKW HIIRUWULJKW PLQGIXOQHVV DQGULJKW FRQFHQWUDWLRQ ,Q DFFRUGDQFH ZLWK WKH PDMRUWKHPHVRIWKHDUWLFOH±PLQGIXOQHVVDQGPHGLWDWLRQWKHQH[WVHFWLRQ GHOLQHDWHVFRQFHQWUDWLRQUHODWHGDVSHFWVRIWKH(LJKWIROGSDWK,WLVKRZHYHU LPSRUWDQWWRNHHSLQPLQGWKDWWKHUHPDLQLQJDVSHFWVRIWKHSDWKDUHDOVR VLJQLILFDQWIRUDFKLHYLQJWKHJRDORISHUIHFWSHDFHRIPLQG

5LJKW(IIRUWDQG5LJKW0LQGIXOQHVV0HGLWDWLYH7UDGLWLRQVDQG

&RQWHPSRUDU\3V\FKRORJ\

,QVLPSOHWHUPVULJKWPLQGIXOQHVVGHVFULEHVWKH%XGGKLVWJRDORIVSHDNLQJ WKLQNLQJDQGDFWLQJZLWKDQDOHUWPLQGDQGERG\0LQGIXOQHVVLVHDVLO\GH VWUR\HGE\HJREDVHGHPRWLRQVDQGLQWR[LFDQWVVXFKDVDOFRKRO5LJKWFRQ FHQWUDWLRQEDVLFDOO\PHDQVWKHFXOWLYDWLRQRIDPHGLWDWLRQSUDFWLFHWRDFKLHYH WKHHQOLJKWHQHGVWDWH,IZHDQDO\VHWKHVHSUDFWLFHVZLWKLQWKHFRQWHPSRUDU\

SV\FKRORJLFDO XQGHUVWDQGLQJV DQG WKH DIRUHPHQWLRQHG WKUHH PDMRU DV VXPSWLRQVWKHDQDO\VLVLQGLFDWHVWKDWPLQGIXOQHVVUHIHUVWRLQWURVSHFWLYHO\

REVHUYDEOHFRQWHQWVRILQQHUH[SHULHQFHZKLFKDUHRIWHQQRWWUDQVODWHGLQWR DQH[WHUQDOO\REVHUYDEOHSK\VLFDOODQJXDJH3UHPDVLULHPSKDVLVHV

³,WLVSUHFLVHO\WKHQDWXUHRIWKHLQQHUPHQWDOH[SHULHQFHRIWKHKXPDQ EHLQJVWKDWEHFRPHVWKHSULPDU\IRFXVRI%XGGKLVPLQLWVHQGHDYRXU WR DFTXLUH NQRZOHGJH WKDW KDVVHOIWUDQVIRUPLQJ FRQVHTXHQFHV XSRQ KXPDQNLQG´LELGS

7KHµLQVLJKW¶PHGLWDWLRQGHVFULEHGODWHUWRDFKLHYHPLQGIXOQHVVVKRZVKRZ VXFKREVHUYDWLRQVFRXOGEHFDUULHGRXWWRDFTXLUHNQRZOHGJHDERXWWKHLQ QHUH[SHULHQFHV)XUWKHUPRUHWKHHDUOLHUPHQWLRQHGµWKLUGWUXWK¶UHODWLQJWR

(8)

WKHGHVWUXFWLRQRIJUHHGKDWUHGDQGGHOXVLRQZLWKLQD%XGGKLVWSHUVSHFWLYH LVQRWDPHWDSK\VLFDOVWDWHPHQWEXWDSV\FKRORJLFDOPDWWHURIIDFWDQGKDV FRJQLWLYHVLJQLILFDQFH

:HDUHDZDUHWKDWWKHUHDUHYHU\GLIIHUHQWXQGHUVWDQGLQJVRIPHGLWDWLYH SUDFWLFHV$FFRUGLQJ WR *ROHPDQ WKH PHGLWDWLYH SUDFWLFHV FDQ EH JURXSHGLQWRWZRSULPDU\DSSURDFKHVFRQFHQWUDWLYHPHGLWDWLRQV6DPDGKL PLQGIXOQHVVLQVLJKWPHGLWDWLRQV9LSDVVDQD±WRVHHFOHDUO\7KHVHFRQGRQH FDQEHIXUWKHUGLYLGHGLQWRPLQGIXOQHVVFDOPLQJWKHEUHDWKDQGWKHWKRXJKWV DFKLHYLQJPHQWDOFDOPZKLOHLQVLJKWLVJDLQHGIURPREVHUYDWLRQDQGDQDO\

VLQJWKHZD\WKHPLQGZRUNV

,QWKHFRQFHQWUDWLYHPHGLWDWLRQWKHUHLVXVHRIDUHSHWLWLYHREMHFWRIIRFXV DPDQWUDWKH6DQVNULWWHUPPDQWUDGHULYHVIURPWKHURRWWHUPµPDQ¶±WKH PLQGDQGµWUD¶±FRQWUROEXWXVXDOO\PHDQVDVSLULWXDOO\PHDQLQJIXOZRUG RUSKUDVHVXFKDV³$XP´RUDSLFWXUHRUDSK\VLFDOH[SHULHQFHZKLOHLQ WKHPLQGIXOQHVVLQVLJKWPHGLWDWLRQVGHYHORSHGRXWRIWKH%XGGKLVWWUDGLWLRQ 7KHUDWKHUHLVOHVVXVHRIDWWHQWLRQWRDVLQJOHREMHFWDVDIRFXV WKRXJKWKHEUHDWKLVXVHGDVDUHSHWLWLYHUK\WKPLFDQFKRUIRUDZDUHQHVV RIWHQUHIHUUHGDVµEDUHDWWHQWLRQ¶

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

%XGGKLVPDQG:HVWHUQSV\FKRORJ\

,Q WKH PHHWLQJ RI %XGGKLVP DQG :HVWHUQ SV\FKRORJ\ 5LQSRFKH DGYRFDWHVDEDODQFHEHWZHHQH[SHULHQWLDOWUDLQLQJDQGWKHRU\DVLWLVSDUWRI WKH%XGGKLVWWUDGLWLRQWKDWVXFKDEDODQFHLVQHFHVVDU\IRUJHQXLQHOHDUQLQJ WRRFFXU+HIXUWKHUDGGVWKDW%XGGKLVPWHDFKHVWKH:HVWHUQSV\FKRORJLVW KRZWRUHODWHPRUHFORVHO\ZLWKKLVRZQH[SHULHQFHLQLWVIUHVKQHVVLWVIXOO QHVVDQGLWVLPPHGLDF\7RGRWKLVRQHGRHVQRWKDYHWREHD%XGGKLVWEXW RQHGRHVKDYHWRSUDFWLFHPHGLWDWLRQ$WWKHVDPHWLPHZHDJUHHZLWK'DODL

(9)

-RVHSKGH5LYHUD 5DVKPL6LQJOD

/DPDWKDWPLQGIXOQHVVWUDGLWLRQVPD\DOVRSODFHDVWURQJHPSKDVLV RQWKHFXOWLYDWLRQRIFRPSDVVLRQHPSDWK\DQGDOWUXLVWLFDFWLRQE\GLVHQ JDJLQJDWWDFKPHQWWRVHOIFRQVLVWHQWZLWKWKH%XGGKLVWGRFWULQHRIµQRVHOI¶

2QWKHOHYHORIGDLO\FRQGXFW'DODL/DPD¶VXQGHUVWDQGLQJRIVSLULWXDOLW\

HPSKDVLVHVFRPSDVVLRQLQWHUGHSHQGHQF\UHODWHGQHVVWRRWKHUVDQGOLPLWD WLRQVRIKXPDQEHLQJ

³7U\WRKHOSRWKHUVDQGLI\RXFDQQRWKHOSWKHPDWOHDVWGRQRWKDUPWKHP´

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

LQHTXDOLWLHVWHFKQRORJLFDOGHYHORSPHQWDQGZRUNGHPDQGV

6HFRQGSDUW&RQWHPSRUDU\DSSOLFDWLRQVRI0LQGIXOQHVV 0HGLWD WLYHSUDFWLFHV

7ZRLQWHUYHQWLRQVSURJUDPPHVLQD:HVWHUQFRQWH[W

,ZLVKWRSUHVHQWWKHHDUOLHUPHQWLRQHGLQFRUSRUDWLRQRIPLQGIXOQHVVLQWR :HVWHUQKHDOWKDQGWUHDWPHQWSUDFWLFHV:LWKMXVWWZRVWUDWHJLFDOO\FKRVHQ LOOXVWUDWLRQVEDVHGRQDFODVVLFDOHGXFDWLRQDOVHFWRULQWHUYHQWLRQLQWKH86$

1DSROLDQGDUHFHQWKHDOWKVHFWRULQWHUYHQWLRQLQD'DQLVK FRQWH[W ZH FDQ UHIOHFW RQ WKH DIRUHPHQWLRQHG DVVXPSWLRQV DERXW ,QGLDQ SV\FKRORJ\7KHWZRLQWHUYHQWLRQVDUHQRWEDVHGRQWKHGXDOLVPEHWZHHQ PLQGDQGERG\EXWUHIOHFWDQLQFUHDVLQJFHQWUDOLW\RIFRQVFLRXVQHVVDVLQ WKH VR FDOOHG WKLUG JHQHUDWLRQ EHKDYLRU WKHUDSLHV ZKHUH D SDUDGLJP VKLIW IURPEHKDYLRUVFLHQFHWRFRQVFLRXVQHVVVFLHQFHKDVWDNHQSODFH*URVVPDQ 7KHHGXFDWLRQDOLQWHUYHQWLRQLOOXVWUDWHVWKHSRVLWLYHHIIHFWVRI PLQGIXOQHVVSHUFHLYHGDVDµOLIHVNLOO¶QRWMXVWDVWHFKQLTXHVWKURXJKWKH H[SHULHQFHVRIDVFKRROWHDFKHUV¶WUDLQLQJSURJUDPEDVHGRQPLQGIXOQHVV 1DSROL

³7KHOLIHVNLOORIPLQGIXOQHVVFDQRIIHUPDQ\EHQHILWVWRLPSURYHWKH TXDOLW\RIOLIHIRUWHDFKHUVERWKLQDQGRXWRIFODVVURRP7KLVJLIWRI EHLQJLQWKHPRPHQWFDQFUHDWHKDUPRQ\DPRQJPDQ\FKDOOHQJHVDQG VWUHVVHVWHDFKHUVDQGFKLOGUHQIDFHWRGD\´LELGSDXWKRU¶VLWDOLFV

(10)

,WLVIXUWKHUPRUHGLVFXVVHGWKDWZLWKPLQGIXOQHVVRQHFDQOHDUQWRH[SHULHQFH GLIILFXOWWKRXJKWVHPRWLRQVDQGSDLQEXWLQDZD\WKDWLVOHVVRYHUZKHOPLQJ OHVVMXGJPHQWDODQGOHVVUHDFWLYH,QGRLQJVRRQHFDQEULQJDERXWDEDODQ FHGDSSURDFKWRDFFHSWLQJH[SHULHQFH7KLVVWXG\LVFRQGXFWHGLQDPRGHUQ :HVWHUQVHWWLQJZKHUHWKHSDUWLFLSDQWVH[SHULHQFHHYHU\GD\OLIHGHPDQGV DQGVWUHVVHVDQGWKHUHVXOWVH[SOLFLWO\FRQILUPWKDW%XGGKLVPEDVHGPLQG IXOQHVVSUDFWLFHVFRQWULEXWHSRVLWLYHO\WRERWKWKHFODVVURRPVLWXDWLRQDQGWKH GDLO\OLIHLQWKHEURDGHUVRFLHW\

6LPLODUO\ D UHFHQW VWXG\ LQ 'HQPDUN (EGUXS PHQWLRQHG LQ WKH EHJLQQLQJRIWKLVDUWLFOHFRQGXFWHGLQWKH&RSHQKDJHQ8QLYHUVLW\FRQILUPV WKDW PLQGIXOQHVV PHGLWDWLRQ LV HIIHFWLYH IRU VWUHVV SVRULDVLV GHSUHVVLRQV VFOHURVLVDQGSKRELD7KHUHVXOWVSRLQWRXWWKDWWKLVFDQDOVREHEHQHILFLDOWR PDQDJLQJHYHU\GD\OLIH+RZHYHUWKHSUDFWLFDOGLIILFXOWLHVDUHDOVRSLQSRLQ WHG

³,IRQHLVRSHQLWLVUHODWLYHO\HDV\WREHQHILWIURPPHGLWDWLRQ,WLV UDWKHUGLIILFXOWWRLQWHJUDWHLWLQWKHHYHU\GD\OLIH±WRJHWWLPHIRUWKLV«

2QHVKRXOGPHGLWDWHHYHU\GD\±MXVWIRUDIHZPLQXWHVLELGS´

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

+RZFDQWKHSUREOHPDWLFDVSHFWVEHPLQLPL]HGLQDSSO\LQJDQGDGDSWLQJWKH (DVWHUQSV\FKRORJ\EDVHGSUDFWLFHVLQWKH:HVWHUQFRQWH[W"

:H DWWHPSW WR DQVZHU WKHVH TXHVWLRQV WKURXJK WKH FODVVLFDO VWXG\ E\

.DEDW=LQQEDVHGRQDFRJQLWLYHH[LVWHQWLDODSSURDFKDQGDVWXG\

E\ 0DGVHQ 5 GHDOV ZLWK WKHVH LVVXHV WKURXJK D SKHQRPHQRORJLFDO SHUVSHFWLYHEULQJLQJLQH[LVWHQWLDOSV\FKRORJLFDOFRQFHSWXDOLVDWLRQV

0DVWHU GLVVHUWDWLRQ FRPELQLQJ WKH GLVFLSOLQHV RI 3V\FKRORJ\ ZLWK 3KLORVRSK\ +H DWWHPSWVWRDQVZHUWKHUHVHDUFKTXHVWLRQ³ZKDWKDSSHQVLQWKHFRQVFLRXVQHVVZKHQ RQH PHGLWDWHV"´ WKURXJK LQGHSWK HPSLULFDO VWXG\ RI WKH ILUVW SHUVRQ PHGLWDWLRQDO H[SHULHQFHVRIIRXUSDUWLFLSDQWV0DGVHQ

(11)

-RVHSKGH5LYHUD 5DVKPL6LQJOD

3LYRWDOLVVXHVLQDFODVVLFDOPLQGIXOQHVVVWXG\DQGLQD SKHQRPHQRORJLFDOH[LVWHQWLDOVWXG\

%RWK WKH VWXGLHV PHQWLRQHG LQ WKLV VHFWLRQ .DEDW=LQQ 0DGVHQ H[SOLFLWO\PLUURUWKHILUVWWZRPDMRUDVVXPSWLRQVLQWKH,QGLDQSV\FKR ORJLFDOSUDFWLFHVUHJDUGLQJWKHXQLW\EHWZHHQWKHPLQGDQGERG\DVZHOODV FHQWUDOLW\RIFRQVFLRXVQHVV7RVRPHH[WHQWWKHWKLUGDVVXPSWLRQDERXWPH GLWDWLRQEHLQJDSDUWRIWKHGDLO\FRQGXFWLPSOLHVDQHPSKDVLVRQUHJXODULW\

RIWKHSUDFWLFHHVSHFLDOO\IRUORQJWHUPEHQHILWV7KHVHVWXGLHVFRQILUPWKDW WKHEDVLFDVVXPSWLRQVRI,QGLDQSV\FKRORJ\DUHVLJQLILFDQWIRUDSSOLFDWLRQ RI WKHVH SKHQRPHQD LQ WKH FRQWHPSRUDU\ :HVWHUQ FRQWH[W DQG WKDW WKHVH SUDFWLFHVDUHQRWEDVHGRQWRWDOO\GLIIHUHQWDVVXPSWLRQV

.DEDW=LQQ¶V0%65LQWHUYHQWLRQ

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

.DEDW=LQQ HQFRXQWHUHG DQG OHDUQW IURP WKH %XGGKLVW =HQ PDVWHUV DQG IXUWKHUGHYHORSHGPLQGIXOQHVVLQWKH:HVWHUQFRQWH[WLQWKHSDVWWKUHHGHFD GHV+LVDSSHDOIRULQWLPDWHVHQVLWLYLW\DQGUHVSHFWLQDGDSWLQJDQGDSSO\LQJ

%XGGKLVP EDVHG PLQGIXOQHVV LQ VHFXODU RU PHGLFDO FRQWH[WV EULQJV RXW VRPH GLOHPPDV DQG SDUDGR[HV 'HILQLQJ PLQGIXOQHVV DV WKH IXQGDPHQWDO DWWHQWLRQDOVWDQFHXQGHUO\LQJDOOVWUHDPVRI%XGGKLVWPHGLWDWLYHSUDFWLFHV KHHPSKDVL]HVFRQVLGHULQJWKHODUJHUFRQWH[WRIWKHVHSUDFWLFHVDQGWKHVLJ QLILFDQFHRIGDLO\H[WHQVLYHWUDLQLQJUHJXODUGLVFLSOLQHGSUDFWLFHIRUGHOLYHU\

RIPLQGIXOQHVVEDVHGLQWHUYHQWLRQVLQYDULRXVVHWWLQJV

,Q WKHVH WUDGLWLRQV WKH DFWXDO SUDFWLFH RI PLQGIXOQHVV LV KRZHYHU DOZD\V QHVWHG ZLWKLQ D ODUJHU FRQFHSWXDO DQG SUDFWLFHEDVHG HWKLFDO IUDPHZRUN RULHQWHGWRZDUGVQRQKDUPLQJDQRULHQWDWLRQLWVKDUHVZLWKWKH+LSSRFUDWLF WUDGLWLRQRI:HVWHUQPHGLFLQH

³%XGGKLVWWUDGLWLRQVKDYHEHHQWDNHQE\VHYHUDOJHQHUDWLRQVRIZHVW HUQVZKRSUDFWLFHWKHVHPHWKRGVLQWKHLURZQOLYHVRQDGDLO\EDVLVDV

(12)

ZHOOWKURXJKSDUWLFLSDWLRQLQSHULRGLFWHDFKHUOHGLQWHQVLYHPHGLWDWLRQ UHWUHDWV«´.DEDW=LQQS

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

³,IDQ\WKLQJLVDJUHHGXSRQLWLVWKDWDVWUDLJKWIRUZDUGQDUUDWLYHRI SURJUHVV IURP WKH UHOLJLRXV WR WKH VHFXODU LV QR ORQJHU DFFHSWDEOH¶¶

$VDG

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µDUWIRUP¶

WKDWGHYHORSVRYHUWLPHHQKDQFHGWKURXJKUHJXODUGLVFLSOLQHGSUDFWLFHRQ DGDLO\EDVLVQRWMXVWDVWHFKQLTXHVRUH[HUFLVHVIRUIL[LQJZKDWLVEURNHQ

0DGVHQ¶VSKHQRPHQRORJLFDODQGH[LVWHQWLDOLQWHUYHQWLRQ

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

(13)

5DVKPL6LQJOD

DJRRGPHGLWDWLRQSUDFWLFH7KHDVSHFWVDUHLQWHUFRQQHFWHG2QHGRHVQRW PHGLWDWHGD\DQGQLJKWLIWKHUHVWRIWKHWLPHLVGLVWXUEHGDQGGLVFRQQHFWHG WKHQPHGLWDWLRQFDQKDUGO\UHVXOWLQLPSURYHPHQW,IWKHSHUVRQLVVWUHVVHG PRVWRIWKHWLPHKDWHVKLPRUKHUVHOILVWRRDQ[LRXVOHWKDUJLFDQGFRQVX PHVODUJHDPRXQWVRIKDUPIXOGUXJVHWFDQGPHGLWDWHVRQO\DOLWWOHRQFHLQ DZKLOHWKHQJUHDWFKDQJHVFDQKDUGO\EHDFKLHYHG0DGVHQ

$SRVLWLYHSUDFWLFHRIPHGLWDWLRQWKXVLPSOLHVFRQVLGHUDEOHHIIRUWVDQGSRVL WLYHFKDQJHVZLWKRQH¶VOLIHVW\OHDQGEDVLFYDOXHVQRWMXVWDSSOLFDWLRQRID QDUURZWHFKQLTXH0DGVHQLVIXUWKHUPRUHFULWLFDODERXWMXGJLQJWKH HIIHFWVRIPHGLWDWLRQDOWHUHGVWDWHVRIFRQVFLRXVQHVV$6&HVSHFLDOO\WKH H[SHULHQFHVRISHDFHMR\DQGZHOOEHLQJIURPDQDUURZPDWHULDO:HVWHUQ DSSURDFK

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

,QVWUXFWLRQVIURPDQGFRQYHUVDWLRQVZLWKDQH[SHULHQFHGLQVWUXFWRU

$QDO\WLFDVZHOODVFRQFHSWXDOXQGHUVWDQGLQJRIWKHFRQVFLRXVQHVVXQGHU PHGLWDWLRQ:KDWLVWKHDLPDQGKRZWRUHDFKLW":KDWKDSSHQVLQWKHGLI IHUHQWSKDVHVRIPHGLWDWLRQDQGZKDWLVWKHREMHFWLYH"

5HJXODUHYHU\GD\SUDFWLFHDKHDOWK\DQGEDODQFHGHYHU\GD\OLIHLQUHODWLRQ WRVOHHSGDLO\UK\WKPIRRGDQGQXWULWLRQGUXJVIDPLO\VRFLDOFRQGLWLRQ DQGZRUN

(WKLFDOGDLO\FRQGXFW

+H DOVR FODULILHV WKDW WKHVH SRLQWV VKRXOG QRW EH XQGHUVWRRG LQ RUGHU RI SULRULW\ EXW DV IDFWRUV ZKLFK DUH UHFLSURFDOO\ LQWHUUHODWHG DQG FRQWULEXWH WRJHWKHUWRDEHQHILFLDOPHGLWDWLRQSUDFWLFH8QGHUVWDQGLQJDQGWKHSUDFWLFH LWVHOIFRQWLQXHVLGHE\VLGHDQGWKHPHGLWDWRUVKRXOGFRPPXQLFDWHUHJXODUO\

ZLWK KHU LQVWUXFWRU WR JHW JXLGDQFH UHJDUGLQJ DQDO\WLF XQGHUVWDQGLQJ DQG WKHPHGLWDWLRQSUDFWLFHLWVHOIHVSHFLDOO\WKHFRQFUHWHSUREOHPVZKLFKPD\

(14)

DULVH7KXVWKHPHGLWDWLRQSUDFWLFHVSRLQWWRZDUGVWKHH[SHULHQFHRIWKHIXQ GDPHQWDOJURXQGRIKHDOWKUDWKHUWKDQJLYLQJDVHWRIWHFKQLTXHVWRSHUVRQV

0LQGIXOQHVVDQGPHGLWDWLRQDQDUWRIOLYLQJ )XUWKHUDVSHFWVUHODWHGWRPHGLWDWLYHSUDFWLFHV

7KHWZRPHGLWDWLYHSUDFWLFHVWXGLHVZLWKGLIIHUHQWLDOWKHRUHWLFDODSSURDFK LQGLFDWH WKDW UHJXODU DQG GDLO\ SUDFWLFH LPSOLHG LQ WKH EDVLF DVVXPSWLRQ DERXWWKHKXPDQQDWXUHLQWKH,QGLDQSV\FKRORJ\FRPELQHGZLWKXQGHUVWDQ GLQJRIWKHFRQFHSWXDOIUDPHZRUNLVWKHFRPPRQGHQRPLQDWRU

0LQGIXOQHVVDQGPHGLWDWLYHSUDFWLFHVDUHVHHQDVµDQDUW¶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±HDVHIRUWKRVHPHGLWDWLYHSUDFWLFHVFDQKDUGO\EHDSDUWRI GDLO\OLIHLQWKHEHJLQQLQJ

:HFDQDJUHHWKDWWKHVHPHGLWDWLYHSUDFWLFHVKDYHDEURDGDSSHDODQGSR WHQWLDO VHHQ ERWK IURP .DEDW=LQQ¶V FRJQLWLYH H[LVWHQWLDO SHUVSHFWLYH DV ZHOODV0DGVHQ¶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

³'HYHORSPHQW RI PHGLWDWLRQ SUDFWLFH LQ WKH :HVW KDV GHPRQVWUDWHG WKH SRWHQWLDO IRU ZLGHVSUHDG EHQHILWV HYHQ IRU EHJLQQLQJ PHGLDWRUV WUDQVODWLRQDQGJUHDWHUXQGHUVWDQGLQJRIWKHWUDGLWLRQDOOLWHUDWXUHDVLW UHODWHVWRFRQWHPSRUDU\SV\FKRORJ\DQGFRJQLWLYHWKHRU\KROGVSURP LVHIRUHYHQIXUWKHUXQGHUVWDQGLQJRIDOOOHYHOVRIPHGLWDWLRQSUDFWLFH´

.ULVWHOOHU 5LNKH\SDXWKRU¶VLWDOLFV

(15)

5DVKPL6LQJOD

:HKDYHGHOLQHDWHGWKHSRWHQWLDOIRUPLQGIXOQHVVDQGPHGLWDWLYHSUDFWLFHVLQ WKHFXUUHQW:HVWHUQFRQWH[W,WFDQEHFRQFOXGHGWKDWPLQGIXOQHVVDQGPHGL WDWLYHSUDFWLFHVKDYHWKHLURULJLQVLQ,QGLDQSV\FKRORJ\UHIOHFWLQJWKHWKUHH PDMRUDVVXPSWLRQVUHJDUGLQJPLQGERG\PRQRLVPFHQWUDOLW\RIFRQVFLRXV QHVVDQGPHGLWDWLRQDVDSDUWRIWKHGDLO\FRQGXFW2YHUWKHSDVWIHZGHFDGHV LWKDVEHHQLQFUHDVLQJO\LQYHVWLJDWHGE\VFLHQWLVWVZLWKDYLHZWRDVVHVVLQJ LWVSRWHQWLDOVRFLDODQGKHDOWKEHQHILWV:HFRXOGDQDO\]HWKHGLIIHUHQWLDOIR FXVRIWKUHHPDMRU¶VFKRROV¶RIPRGHUQSV\FKRORJ\RQPHGLWDWLRQ.ULVWHOOHU 5LNKH\,QWKHSV\FKRG\QDPLFVFKRROWKHIRFXVLVRQPHGLWDWLRQ DVDWRROWRKHLJKWHQDFFHVVWRXQFRQVFLRXVPDWHULDOLQWKHVHUYLFHRIVHOI WUDQVIRUPDWLRQ5XELQ:KLOHLQWKHKXPDQLVWLFVFKRROWKHIRFXVLV RQPHGLWDWLRQDVPHDQVIRUSURGXFLQJDOWHUHGVWDWHVRIFRQVFLRXVQHVV$6&

LQSXUVXLWRIVHOIDFWXDOLVDWLRQDQGZHQRWHWKDWLQWKHFRJQLWLYHEHKDYLRUDO VFKRROPHGLWDWLRQLVPDLQO\SHUFHLYHGDVDWRRORIUHOD[DWLRQDQGPHDQVIRU VHOIPDQDJHPHQW

,QGLDQSV\FKRORJ\LVWKXVVHHQDVPRUHWKDQVLPSO\DQLQGLJHQRXVSV\

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

+RZHYHUDWWKHVDPHWLPHLWLVLPSHUDWLYHWRSD\DWWHQWLRQWRWKHFULWLTXH DQGOLPLWDWLRQVRIWKHVHSUDFWLFHVLQRUGHUWRHQKDQFHWKHEHQHILFLDOHIIHFWV DQGWRDYRLGQDwYHLQDSSURSULDWHXVHRIWKHVHSUDFWLFHVZKLFKFDQEHLQHI IHFWLYHEXWDOVRKDUPIXO

7KLUG3DUW

0LQGIXOQHVVDQGPHGLWDWLRQDYRLGLQJSHULOVLQDWUDQVIRUPLQJ ZRUOGYLHZ

:HKDYHGHVFULEHGWKHRULJLQDQGDSSOLFDWLRQRIWKHPHGLWDWLYHSUDFWLFHV SULPDULO\IRFXVLQJRQWKHSRWHQWLDODQGEHQHILWVLQDPRGHUQVRFLHW\FKDU DFWHULVHGE\VRFLDOIUDJPHQWDWLRQIDPLO\LQVWDELOLW\WHFKQRORJLFDOGHYHORS

PHQW ZRUN GHPDQGV :H FDQ FRQFOXGH WKDW LW LV QRW RSWLPDO WR VLPSO\

XVHPHGLWDWLYHSUDFWLFHVDVWHFKQLTXHVZLWKRXWFRQVLGHULQJWKHUDWLRQDOH 7KURXJK LQVWUXFWRUH[SHUW WKH LPSRUWDQFH RI WKH H[SHULHQWLDO GLPHQVLRQ

5HODWLQJWRDOOKXPDQLW\

(16)

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

7KHSHULOVDQGOLPLWDWLRQVLQYROYHGVKRXOGQRWEHRYHUORRNHG:DOODFH 6KDSLURDUJXHWKDWWKDWQDUURZHWKQRFHQWULVPFRXOGKRZHYHUOHDGWR LQWHUSUHWDWLRQRIVRPHDOWHUHGVWDWHVRIFRQVFLRXVQHVV$6&DVEHLQJSV\

FKRWLFRUDUWLILFLDOO\VFKL]RSKUHQLF6LPXOWDQHRXVDWWHQWLRQVKRXOGEHSDLG WRWKHVHSUDFWLFHVZLWKDQRSHQXQGHUVWDQGLQJZLWKLQDQHWKLFDOIUDPHZRUN ZKLFKDOVRFRQVLGHUVWKHEURDGVRFLHWDOFRQGLWLRQV

1HYHUWKHOHVVDWWHQWLRQVKRXOGEHSDLGWRILQGLQJVE\(QJOHU(SVWHLQ DQG(OVDVVFRQIHUHQFHZKLFKLQGLFDWHWKDWPLQGIXOQHVVFDQ EHXQVXLWDEOHIRUSHUVRQVZLWKDYXOQHUDEOHRUGHOLFDWHVHOI7KH%XGGKLVW YLHZSRLQWHPSKDVL]HVWKHLPSHUPDQHQFHDQGWKHWUDQVLWRULQHVVRIWKLQJV WKXVWKHVHSUDFWLFHVDUHSULPDULO\DKLVWRULFDOZLWKDIRFXVRQOLYLQJPRUH IXOO\KHUHDQGQRZZLWKKLVWRULFDOLQIRUPDWLRQSULPDULO\XVHIXOLQXQGHU VWDQGLQJFXUUHQWFRQGLWLRQV7KHEURDGHUVRFLHWDOFRQWH[WVKRXOGEHFRQVL GHUHGZKHQDSSO\LQJWKHVHPHGLWDWLRQSUDFWLFHV

$WWKHVDPHWLPHWKHUHLVDJUHDWFRQFHUQWKDWVRPHPRUHSURIRXQGSDUWV RI%XGGKLVWSKLORVRSK\FDQEHGLVUHJDUGHGE\IRFXVLQJRQO\RQSUDFWLFDO DVSHFWVRI%XGGKLVPZLWKLQWKHFRQWH[WRIPHQWDOKHDOWK6XJDPXUD+DUXNL .RVKLNDZDFRPPHQWWKDWIRXUVXEVWDQWLDOWKHPHVVKRXOGEHFRQ VLGHUHGUHDOLW\LGHQWLW\FDXVDOLW\DQGORJLFDOLW\7KH\VXJJHVWWKDWWKHZD\

WRLQWHUSUHW%XGGKLVPDVSUDFWLFHVIRUZHOOEHLQJZRXOGFHUWDLQO\EHYLDEOH LQHQFRXUDJLQJWKHVWXG\RI%XGGKLVWWHDFKLQJVLQSV\FKRORJ\<HWVXFKDW WHPSWVVKRXOGQRWUHVXOWLQVXSHUILFLDOLPSRUWVDQGDSSOLFDWLRQVRI%XGGKLVW SUDFWLFHVEXWJLYHGXHZHLJKWWRWKHGHHSHUSKLORVRSKLFDOLVVXHVWREXLOG PRUHVROLGEULGJHVEHWZHHQ%XGGKLVPDQGSV\FKRORJ\6XJDPXUD+DUXNL .RVKLNDZDS

$WSUHVHQWWKHUHDUHQRWRQO\LQWKH:HVWEXWDOVRLQ,QGLD%XGGKLVP¶VFRXQ WU\RIRULJLQDJURZLQJQXPEHURIFHQWHUVIRUUHVHDUFKDVZHOODVWUDLQLQJ LQPHGLWDWLRQWKDWDUHLQIRUPHGE\WKHFRQWHPSRUDU\SULQFLSOHVRIVFLHQFH DQGSUDFWLFH$QXPEHURIVWXGLHVDUHEHLQJFRQGXFWHGRQSV\FKRORJ\RI

(17)

5DVKPL6LQJOD

PHGLWDWLRQDQGµ5HWUHDWH[SHULHQFHV¶DQLPSRUWDQWDVSHFWRIPHGLWDWLRQH[

SHULHQFHV7KHUHDUHPRUHRYHULQFUHDVHGHIIRUWVWRLQWHJUDWHPHGLWDWLRQDQG

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

&RQFOXVLRQDQGSHUVSHFWLYHV

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

(18)

EHOHDGWRKDUPIXOHIIHFWVUDWKHUWKDQMXVWODFNRISRVLWLYHHIIHFW$QDUURZ LQGLYLGXDOEDVHG XQGHUVWDQGLQJ RI PLQGIXOQHVV DQG PHGLWDWLYH SUDFWLFHV ZLWKRXWFRQVLGHULQJWKHRULJLQKDVWREHDYRLGHG2QHLOOXVWUDWLRQZKLFK PD\VRXQGLGHDOLVWLFLVWRSD\DWWHQWLRQWRWKHWHDFKLQJVRI%XGGKDDVWKH EDVLVIRUPLQGIXOQHVV7KHVHWHDFKLQJVHPSKDVLVHVSLULWXDOLW\DVFRPSDVVLRQ DQGLQWHUFRQQHFWLRQZLWKRWKHUVWKXVLQFOXGHWKHVRFLHWDOFRQWH[WDVWKHSDWK HQFRXUDJHVQRWMXVWULJKWFRQFHQWUDWLRQDOVRULJKWYLHZULJKWLQWHQWLRQULJKW VSHHFKULJKWDFWLRQDQGULJKWOLYHOLKRRG

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

TXHVWLRQHGLQWKHFRQWHPSRUDU\ODWHSRVWPRGHUQVRFLHW\ZLWKLQGLIIHUHQW SV\FKRORJLFDODSSURDFKHVDQGGLVFLSOLQHV

,WLVWKXVLPSRUWDQWWRH[DPLQHIXQGDPHQWDOLVVXHVVXFKDVWKHEDVLFDV VXPSWLRQVDVZHOODVRXWFRPHVDVVRFLDWHGZLWKPLQGIXOQHVVDQGPHGLWDWLRQ IURPERWKVXEMHFWLYHILUVWSHUVRQDQGWKHREMHFWLYHH[SHULHQFHVLQGLIIHUHQW FRQWH[WV7KHFKDOOHQJHVDUHZLWKERWKWKH(DVWHUQDQG:HVWHUQXQGHUVWDQ GLQJVDVZHOODVWKHNQRZOHGJHRIWKHEURDGFRQWH[WLQRUGHUWRH[SDQG KRUL]RQVRISV\FKRORJ\PDNLQJLWPRUHLQFOXVLYHWRFRQWULEXWHWRDOOHYLDWH VXIIHULQJVRIPDQNLQG

/,77(5$785

$6$'7)RUPDWLRQVRIWKH6HFXODU&KULVWLDQLW\,VODP0RGHUQLW\6WDQIRUG 6WDQIRUG8QLYHUVLW\3UHVV

%25*+$16(1.'HQOLJHY UGLJHGLDORJSV\NRWHUDSLSnHWHNVLVWHQVILORV RILVNJUXQGODJ.¡EHQKDYQ'DQVN3V\NRORJLVN)RUODJ

%25*+$16(1.6SLULWXHOLQGVLJWRJILORVRILEXGGKLVWLVNILORVRILIUD8SDQ LVKDGHUQHWLO1DJDUMXQD6HWLHWYHVWOLJWHNVLVWHQVILORVRILVNSHUVSHNWLY%XGGKLVWLVN )RUXP

&)0±FHQWHUIRUPLQGIXOQHVVLQ0HGLFLQH+HDOWKFDUHDQG6RFLHW\ZZZXPDVVPHG HGXFIPUHWULHYHG

&2575,*+7%7KHPHHWLQJRI(DVWDQG:HVW7KHIXVLRQRI9HGDQWD:HVWHUQ SV\FKRORJ\LQ,QWHJUDOSV\FKRORJ\LQKWWSLSLRUJLQUHWULHYHG

'$/$,/$0$$Q2SHQ+HDUW3UDFWLFLQJ&RPSDVVLRQLQ(YHU\GD\/LIH1HZ

<RUN/LWWOH%URZQ

'$<$ 5 %XGGKLVW 0RPHQWV LQ 3V\FKRWKHUDS\ ,Q 0RRGOH\ :HVW (GV ,QWHJUDWLQJ 7UDGLWLRQDO +HDOLQJ 3UDFWLFHV LQWR &RXQVHOLQJ 3V\FKRWKHUDS\ SS 1HZ'HOKL6DJH

(19)

5DVKPL6LQJOD

(/6$6633V\NHRJ6RPD6HOYEHYLGVWKHGRJ6SLULWXDOLWHW,Q(OVDVV+nQGERJ L.XOWXUSV\NRORJLHWIDJSnWY UV.¡EHQKDYQ*\OGHQGDO

(%'58310LQGIXOQHVV0HGLWDWLRQNDQKM OSHPHGVWUHVVRJIRELHUZZZ YLGHQVNDQGN5HWULHYHG

(/6$$63&RQIHUHQFHC7KH3UHVHQW0RPHQW¶KHOGRQWK0D\&RSHQKDJHQ 8QLYHUVLW\'HSDUWPHQWRI3V\FKRORJ\

(1*/(5 - %XGGKLVW 3V\FKRORJ\ &RQWULEXWLRQ WR :HVWHUQ 3V\FKRORJLFDO 7KHRU\,Q0ROLQR(G7KH&RXFKDQGWKH7UHH'LDORJXHVLQ3V\FKRDQDO\VLVDQG

%XGGKLVPSS1HZ<RUN1RUWK3RLQW3UHVV

(367(,10*RLQJWR3LHFHVZLWKRXW)DOOLQJ$SDUW$%XGGKLVW3HUVSHFWLYHRQ :KROHQHVV1HZ<RUN%URDGZD\%RRNV

)81&+$L(WPHQWDOWUHQVHEnQGLL0HGLWDWLRQKM OSHUSHUIHNWLRQLVWHQ%HU OLQJVNH7LGHQGHRNWREHU

*2/(0$1'7KH0HGLWDWLYH0LQG7KH9DULHWLHVRI0HGLWDWLYH([SHULHQFH /RV$QJHOHV-HUHP\37DUFKHU,QF

*2/(0$1'6RFLDO,QWHOOLJHQFH7KHQHZ6FLHQFHRIKXPDQUHODWLRQV1HZ

<RUN%DQWDP

*52660$131,(0$11/6&+0,'76 :$/$&++0LQGIXOQHVV EDVHG6WUHVV5HGXFWLRQ +HDOWK%HQHILWV$PHWDDQDO\VLV-RXUQDORI3V\FKRVR PDWLF5HVHDUFK

*52660$130LQGIXOQHVV3UDFWLFH$8QLTXH&OLQLFDO,QWHUYHQWLRQIRUWKH

%HKDYLRUDO6FLHQFHLQ+HLGHQUHLFK 0LFKDODN(GV0LQGIXOQHVV $FFHSWDQFHLQ 3V\FKRWKHUDS\7XHELQJ'97*3UHVV

.$%$7=,11 - 0LQGIXOQHVV %DVHG ,QWHUYHQWLRQV LQ &RQWH[W ZZZSV\FK VWDQIRUGHGXaSJROGLQ%XGGKLVP0%65B.DEDW=LQQ

.+$/$.',1$ 0 +XPDQ 'HYHORSPHQW LQ WKH ,QGLDQ &RQWH[W $ VRFLR FXOWXUDOIRFXV1HZ'HOKL6DJH

.5,67(//(5 - 5,.+(< . 0HGLWDWLYH 7UDGLWLRQV DQG &RQWHPSRUDU\

3V\FKRORJ\,Q5DR3DUDQMSH 'DODO(GV+DQGERRNRI,QGLDQ3V\FKRORJ\1HZ 'HOKL&DPEULGJH8QLYHUVLW\3UHVV

.80$5.6,QGLDQ7KRXJKW 7UDGLWLRQ$3V\FKR+LVWRULFDO3HUVSHFWLYH ,Q5DR3DUDQMSH 'DODO(GV+DQGERRNRI,QGLDQ3V\FKRORJ\SS1HZ 'HOKL&DPEULGJH8QLYHUVLW\3UHVV

0$'6(1$'0HGLWDWLRQHQVI QRPHQRORJL±HWILORVRILVNRJSV\NRORJLVNSHU VSHNWLYSnPHGLWDWLRQ(WLQWHJUHUHWVSHFLDOHLIDJHQH)LORVRILRJ3V\NRORJL$0DVWHUV 'LVVHUWDWLRQ LQ 'LVFLSOLQH 3KLORVRSK\ 3V\FKRORJ\ 5RVNLOGH 8QLYHUVLWHWVFHQWHU ,QVWLWXWIRU3V\NRORJLRJ8GGDQQHOVHVIRUVNQLQJ

0,.8/$6 : / %XGGKLVW 3V\FKRORJ\ $ :HVWHUQ ,QWHUSUHWDWLRQ ,Q 5DR 3DUDQMSH 'DODO(GV+DQGERRNRI,QGLDQ3V\FKRORJ\SS&DPEULGJH 8QLYHUVLW\3UHVV1HZ'HOKL

022'/(< 5 :(67: ,QWHJUDWLQJ 7UDGLWLRQDO +HDOLQJ 3UDFWLFHV LQWR

&RXQVHOLQJ 3V\FKRWKHUDS\1HZ'HOKL6DJH

1$32/,00LQGIXOQHVV7UDLQLQJIRU7HDFKHUV3LORW3URJUDPPH1HZ'HOKL 6DJH3XEOLFDWLRQV

35(0$6,5,3'9DULHWLHVRI&RJQLWLRQLQ(DUO\%XGGKLVP,Q5DR3DUDQMSH 'DODO(GV+DQGERRNRI,QGLDQ3V\FKRORJ\SS1HZ'HOKL&DPEULGJH 8QLYHUVLW\3UHVV

5,132&+(&7,QWURGXFWRU\(VVD\7KHPHHWLQJRI%XGGKLVWDQG:HVWHUQ 3V\FKRORJ\ ,Q .DW] (G%XGGKLVP :HVWHUQ 3V\FKRORJ\ SS &RORUDGR 3UDMQD3UHVV

5$2.53URORJXH,QWURGXFLQJ,QGLDQ3V\FKRORJ\,Q+DQGERRNRI,QGLDQ 3V\FKRORJ\SS1HZ'HOKL&DPEULGJH8QLYHUVLW\3UHVV

(20)

5$2.5 3$5$1-3($&<RJD3V\FKRORJ\7KHRU\DQG$SSOLFDWLRQ ,Q5DR3DUDQMSH 'DODO(GV+DQGERRNRI,QGLDQ3V\FKRORJ\SS1HZ 'HOKL&DPEULGJH8QLYHUVLW\3UHVV

58%,1-&ORVH(QFRXQWHUVRID1HZ.LQG7RZDUGDQ,QWHJUDWLRQRI3V\FKRD QDO\VLVDQG%XGGKLVP7KH$PHULFDQ-RXUQDORI3V\FKRDQDO\VLV 6$1725(//,6&RQIHUHQFHFIPFHQWHUIRUPLQGIXOQHVVLQ0HGLFLQH

+HDOWKFDUHDQG6RFLHW\ZZZXPDVVPHGHGXFIPUHWULHYHG

6,1*/$5‘VWHQRJ9HVWHQ,QWHUNXOWXUHO3V\NRORJL3V\NRORJ1\W 6,1*/$5.XOWXURJPDJWIRUVNHOOHLSV\NRORJLVNHSUDNVLV'LVNULPLQDWLRQDI

HWQLVNHPLQRULWHWHU,Q-HVVHQ .KDQQD(GV9HMHWLOPDQJIROGLJKHG.¡EHQKDYQ )U\GHQOXQG

6,1+$' 6,1*/$02ULHQWDWLRQWR3V\FKRORJ\$VLDQ :HVWHUQ,Q.DR 6LQKD(GV$VLDQ3HUVSHFWLYHVRQ3V\FKRORJ\1HZ'HOKL6DJH

60,7+'+LQGXLVPDQG0RGHUQLW\2[IRUG%ODFNZHOOSXEOLVKLQJ

68*$085$*+$58.,< .26+,.$:$)/%XLOGLQJ0RUH6ROLG

%ULGJHVEHWZHHQ%XGGKLVPDQG:HVWHUQ3V\FKRORJ\$PHULFDQ3V\FKRORJ\

7$57&$OWHUHG6WDWHVRI&RQVFLRXVQHVV WKH6SLULWXDO7UDGLWLRQV7KH3UR SRVDOIRUWKH&UHDWLRQRI6WDWH6SHFLILF6FLHQFHV,Q5DR3DUDQMSH 'DODO(GV +DQGERRNRI,QGLDQ3V\FKRORJ\SS1HZ'HOKL&DPEULGJH8QLYHUVLW\

3UHVV

7+(5$17KH+HDUWRI%XGGKLVW0HGLWDWLRQ.DQG\6UL/DQND%XGGKLVW 3XEOLFDWLRQ6RFLHW\

:$//$&(% 6+$3,5260HQWDO%DODQFH :HOOEHLQJ%XLOGLQJ%ULGJHV EHWZHHQ%XGGKLVPDQG:HVWHUQ3V\FKRORJ\$PHULFDQ3V\FKRORJ\

Referencer

RELATEREDE DOKUMENTER

13 Despite these impressive remains, our limited survey work on the eastern shore of Ormos Vathy did not re- veal a level of activity comparable to that on the

This division of the TRB into two distinct ethnic groups, one in western and central Jutland and the other in eastern Denmark, originates further back in the Middle

Rxu iudphzrun srlqwv wr wzr srwhqwldo glvwruwlrqv lq YF qdqfh zkhuh wd{ srolf| pljkw khos wr lpsuryh sulydwh lqfhqwlyhv1 Wkh uvw rqh ghulyhv iurp wkh idfw wkdw wkh vxffhvv ri d

The experiment is designed to test the hypothesis of a short term effect of meditation towards increased risk-aversion and explore the long term effects of meditation

Wkh Gdqlvk srolf| wrzdugv zrun0glvdeohg shuvrqv vhhpv wr frpsulvh frqwudglfwru| irufhv1 Rq wkh rqh kdqg/ wkh vwdwh vhhnv wr hqkdqfh oderxu pdunhw lqwhjudwlrq ri zrun0glvdeohg

6;.. fkdqjhv zklfk rffxu lq wkh sdvvlyh ehqhwv gxudwlrq lq wkh vdpsoh shulrg1 Dv ghvfulehg lq vhfwlrq 7 wklv phdqv wkdw lqglylgxdov gr qrw uhdolvh dq| vkruw0 hqlqjv ri wkh

iurp wkh kd}dug hvwlpdwlrq1 Dssduhqwo|/ wklv h{foxvlrq uhvwulfwlrq uhvxowv lq zhdnhu hvwlpdwlrq uhvxowv ri wkh prwlydwlrq hhfw1 Rqh uhdvrq iru wklv frxog eh wkdw 4, hqwlwohphqw

Wr frqfoxgh/ zh kdyh wzr glvwlqfw fdvhv1 Zkhq q q W / zkdw kdsshqv zkhq wkh uhodwlyh qxpehu ri vnloohg zrunhuv lqfuhdvhv lv wkdw/ dowkrxjk wkh fkdqfh ri jhwwlqj d mre lq wkh