Meaning and Structure
Transkript
Meaning and Structure
0HDQLQJDQG6WUXFWXUH 6WUXFWXUDOLVPRI3RVW$QDO\WLF 3KLORVRSKHUV -$526/$93(5(*5,1 $FDGHP\RI6FLHQFHVRIWKH&]HFK5HSXEOLF $VKJDWH $OGHUVKRWx%XUOLQJWRQx6LQJDSRUHx6\GQH\ ¤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µ0HQWDO5HSUHVHQWDWLRQV¶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µ6WUXFWXURORJ\¶ $SSHQGL[,,7KH%LUWKRIWKH6WUXFWXUDODVDQ$OJHEUDLF)DFW $SSHQGL[,,,6WUXFWXUHDVD0DWWHURI5HODWLRQVDQG2SHUDWLRQV Y YL 0HDQLQJDQG6WUXFWXUH 3$57,,6WUXFWXUDOLVPRI3RVWDQDO\WLF3KLORVRSKHUV 7UDQVODWLRQDQG6WUXFWXUH:LOODUG9DQ2UPDQ4XLQH 7UXWKDQG6WUXFWXUH'RQDOG'DYLGVRQ ,QIHUHQFHDQG6WUXFWXUH:LOIULG6HOODUVDQG5REHUW%UDQGRP 7KH,QGHWHUPLQDF\RI7UDQVODWLRQ 7KH,QGHWHUPLQDF\RI5HIHUHQFHDQGWKH2QWRORJLFDO5HODWLYLW\ /DQJXDJHDQG7KRXJKW 4XLQH¶V%HKDYLRULVP 4XLQH¶V3UDJPDWLVP 4XLQH¶V+ROLVP 7UDQVODWLRQDQG6WUXFWXUH 8QLYHUVHRI'LVFRXUVHDQG2QWRORJLFDO&RPPLWPHQWV 7KH$QDO\WLFDQGWKH6\QWKHWLF +ROLVPDQGWKH&RUUHVSRQGHQFH7KHRU\RI/DQJXDJH 6XPPDU\4XLQH¶V6WUXFWXUDOLVP 5DGLFDO,QWHUSUHWDWLRQDQGWKH3ULQFLSOHRI&KDULW\ 7DUVNL¶V7KHRU\RI7UXWK 7UXWKDQG0HDQLQJ 0HDQLQJDVDµ0HDVXULQJ8QLW¶ 'DYLGVRQ¶V5HMHFWLRQRI(PSLULFLVP 'DYLGVRQDQG3UDJPDWLVP 7KH³7KLUG'RJPDRI(PSLULFLVP´ 'DYLGVRQ¶V1DWXUDOLVP 6XPPDU\'DYLGVRQ¶V6WUXFWXUDOLVP $VFULSWLRQRI0HDQLQJDV³)XQFWLRQDO&ODVVLILFDWLRQ´ 6HOODUV¶V)XQFWLRQDOLVP 0HDQLQJDVD)XQFWLRQ 6HOODUVDQG'DYLGVRQ 1RUPDWLYLW\ 0HDQLQJDQG,QIHUHQFH ³*LYLQJDQG$VNLQJIRU5HDVRQV´ 7KH1DWXUHRI/DQJXDJH +ROLVP$JDLQ 7KH1DWXUHRI5HDVRQ 6XPPDU\7KH6WUXFWXUDOLVPRI6HOODUVDQG%UDQGRP &RQWHQWV YLL 3$57,,,6HPDQWLF6WUXFWXUHRI/DQJXDJHDQGRILWV([SUHVVLRQV 0HDQLQJDQG,QIHUHQWLDO5ROH 7KHµ1DWXUDO¶DQGWKHµ)RUPDO¶ 7KH6WUXFWXUHVRI([SUHVVLRQV &RQFOXVLRQ 5HIHUHQFHV ,QGH[ ,QIHUHQFH ,QIHUHQFHDQG&RQVHTXHQFH 0HDQLQJDVµ(QFDSVXODWLQJ¶,QIHUHQWLDO5ROH 2QWRORJLFRVHPLRWLF9LHZRI0HDQLQJ6WULNHV%DFN" :K\0HDQLQJ&DQEH,QIHUHQWLDO5ROH 7KH([WHQVLRQDO0RGHORI0HDQLQJ 0HDQLQJVDV3URGXFWVRIWKH7UXWK)DOVLW\2SSRVLWLRQ 7KH,QWHQVLRQDO0RGHORI0HDQLQJ ,QWHQVLRQDOLW\DVWKHµ&DWDO\VWRI0HDQLQJ¶ 6HPDQWLF0RGHOV5HIOHFWLQJ2WKHU7\SHVRI,QIHUHQFHV 6\QWD[DQG6HPDQWLFV :KDWGRHV+DYLQJD6WUXFWXUH0HDQ" 5DGLFDO7UDQVODWLRQ5HYLVLWHG *HRPHWU\ 6WUXFWXUHDVD)RUPDO3ULVP 7KHµ5HDOPRIWKH1DWXUDO¶DQGWKHµ5HDOPRIWKH)RUPDO¶ )RUPDOL]DWLRQ %ULGJLQJWKH(SLVWHPLF*DS" 7KH6HPDQWLF6WUXFWXUHRIDQ([SUHVVLRQ" ³/RJLFDO)RUP´RI&KRPVN\ ³/RJLFDO)RUP´RI/RJLFLDQV /RJLFDO)RUPDV([SUHVVLQJ,QIHUHQWLDO5ROH /RJLFDO)RUPDVD3ULVP /RJLFDO)RUPVDVµ8QLYHUVDO&RPSHQVDWRUV¶ 7KH'LDOHFWLFVRI6WUXFWXUH &KDSWHU2QH ,QWURGXFWLRQ 6WUXFWXUDOLVPDQG$QDO\WLF3KLORVRSK\ ,I \RX RSHQ D ERRN DERXW ODQJXDJH RU DERXW RXU NQRZOHGJH RI WKH ZRUOG ZULWWHQ E\ DQ DQDO\WLF SKLORVRSKHU LW LV TXLWH SUREDEOH WKDW \RX ZLOO ILQG UHSHDWHGLQYRNLQJRIWKHFRQFHSWRIVWUXFWXUH7KHFRQFHSWLVHVVHQWLDOQRW RQO\ IRU VXFK FODVVLFDO ZRUNV DV &DUQDS¶V /RJLFDO 6WUXFWXUH RI WKH :RUOG RU5XVVHOO¶V2XU.QRZOHGJHRIWKH([WHUQDO:RUOGEXWDOVR IRUZULWLQJVRIPDQ\FRQWHPSRUDU\SRVWDQDO\WLFSKLORVRSKHUVOLNH4XLQH VHH HVSHFLDOO\ KLV µ6WUXFWXUH DQG 1DWXUH¶ E ,I WKH WHUP µVWUXFWXUDOLVP¶ZHUHXSIRUJUDEVLWZRXOGEH,WKLQNQRWWRRIDUIHWFKHGWR VSHDNDERXWDµVWUXFWXUDOLVPRIDSDUWRIDQDO\WLFSKLORVRSK\¶1RZRQGHU WKHFRQFHSWRIVWUXFWXUHLVRIFRXUVHLQWLPDWHO\UHODWHGWRWKDWRIDQDO\VLV± ZHUHYHDOVWUXFWXUHVE\DQDO\]LQJZKROHVLQWRSDUWV +RZHYHUWKHIDFWLVWKDWWKHWHUPLVQRWXSIRUJUDEVLWKDVDOUHDG\EHHQ FODLPHG E\ D SKLORVRSKLFDO VWUHDP VWHPPLQJ IURP WKH ZULWLQJV RI )HUGLQDQG GH 6DXVVXUH IORZLQJ WKURXJK DOO RI WKLV FHQWXU\¶V SKLORVRSK\ HVSHFLDOO\ LQ )UDQFH DQG GHHSO\ LQIOXHQFLQJ FRQWHPSRUDU\ SKLORVRSKLFDO DWPRVSKHUH RQ WKH (XURSHDQ FRQWLQHQW /pYL6WUDXVV /DFDQ )RXFDXOW 'HUULGD DQG 'HOHX]H ILJXUH DV WKH NH\ QDPHV ,V WKHQ WKLV )UHQFK VWUXFWXUDOLVP LQ VRPH ZD\ VLPLODU RU SDUDOOHO WR DQDO\WLF SKLORVRSK\" 6XUSULVLQJO\ WKH FRQWUDU\ VHHPV WR EH WKH FDVH WKHVH WZR SKLORVRSKLFDO PRYHPHQWV DUH RIWHQ WDNHQ DV DOPRVW SDUDGLJPDWLF DQWLSRGHV )UHQFK VWUXFWXUDOLVP DSSHDUV WR EH WKH H[HPSODU\ H[DPSOH RI WKH NLQG RI µLUUDWLRQDO¶SKLORVRSK\ZKLFKDQDO\WLFSKLORVRSK\ZDVGHYLVHGWRH[WLUSDWH ,W LV EH\RQG GRXEW WKDW WKH ZD\ SKLORVRSK\ LV GRQH E\ )RXFDXOW RU 'HUULGDLVVRGLIIHUHQWIURPWKDWLQZKLFKLWLVSXUVXHGE\5XVVHOORU4XLQH WKDWWKHWZRHQWHUSULVHVDUHDOPRVWLQFRPPHQVXUDEOH5LFKDUG5RUW\¶VDQG RWKHUV¶ DWWHPSWV WR FRQIURQW WKHP QRWZLWKVWDQGLQJ +RZHYHU LV WKLV WUXH DOVRIRUGH6DXVVXUH",VKLVZD\RIYLHZLQJODQJXDJHVRGLIIHUHQWIURPWKH ZD\ ODQJXDJH LV XVXDOO\ YLHZHG E\ DQDO\WLF SKLORVRSKHUV" ,Q IDFW LW GRHV QRWVHHPVRGH6DXVVXUH¶VSULQFLSDOZRUN&RXUVGHOLQJXLVWLTXHJpQpUDOH LV DQ DXVWHUHO\ ZULWWHQ VFLHQWLILF WUHDWLVH ZRUOGV DSDUW IURP 'HUULGD¶V VW\OLVWLFMXJJOHU\ 7KLV IDFW KDV FDXVHG 3DYHO S YLL WR DFFXVH WKH )UHQFK VWUXFWXUDOLVWV RI FRPSOHWHO\ PLVUHDGLQJGH6DXVVXUH³7KH\PLVWRRNWKHUHVXOWVRIDVSHFLDOL]HGVFLHQFHIRUDFROOHFWLRQRI 0HDQLQJDQG6WUXFWXUH ,Q YLHZ RI WKLV , WKLQN LW LV LQWHUHVWLQJ WR FRQIURQW GH 6DXVVXUH¶V RZQ NLQG RI VWUXFWXUDOLVP ZLWK WKH LGHDV SXW IRUZDUG E\ DQDO\WLF SKLORVRSKHUV *LYHQ ZKDW ZH KDYH MXVW VDLG FRXOG LW QRW EH WKDW VRPH RI WKH DQDO\WLF SKLORVRSKHUV DUH UHDOO\ FORVHU WR KLP WKDQ KLV DYRZHG IROORZHUV" ,Q WKLV ERRN , ZLOO DUJXH WKDW WKLV LV LQGHHG WKH FDVH QDPHO\ WKDW FRQWHPSRUDU\ SRVWDQDO\WLF SKLORVRSK\ SDUWLFXODUO\ LQ WKH YHLQ RI 4XLQH 'DYLGVRQ 6HOODUV DQG %UDQGRP LV LQ PDQ\ UHVSHFWV FRQJHQLDO WR GH 6DXVVXUH¶V WHDFKLQJ :K\QRWWKH)UHQFK6WUXFWXUDOLVP" ,V WKH DYHUVLRQ RI DQDO\WLF SKLORVRSKHUV WR WKH )UHQFK VWUXFWXUDOLVWV VXEVWDQWLDWHG RU LV LW WKH UHVXOW RI WKHLU LQDELOLW\ WR DSSUHFLDWH D GLIIHUHQW VW\OHRISKLORVRSKLFDOWKLQNLQJ",QGHYHORSLQJDQµDQDO\WLFDOVWUXFWXUDOLVP¶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µPHWDSKRULFDOO\¶ +HUH , DP QRW JRLQJ WR DUJXH WKDW WKLV DWWLWXGH LV PLVJXLGHG RU FDSULFLRXV 3HUKDSV SKLORVRSK\ VKRXOGDWWHPSWDWDWWDFNLQJTXHVWLRQVZKLFKDUHQRWDQVZHUDEOHLQWKHZD\ UHTXLUHG E\ WKH VWDQGDUGV XVXDOO\ SUHVXSSRVHG E\ DQDO\WLF SKLORVRSKHUV SHUKDSV VWLFNLQJ XQFRPSURPLVLQJO\ WR WKHVH VWDQGDUGV ZH LQGHHG ULG RXUVHOYHVRIWKHSRVVLELOLW\WRGHDOZLWKVRPHSUREOHPVZLWKZKLFKZHDV SKLORVRSKHUV VKRXOG GHDO )URP WKH KLVWRU\ RI WKLV FHQWXU\¶V SKLORVRSK\ ZH NQRZ WKDW WKH UHDVRQDEOH GHPDQG WKDW ZH VKRXOG RQO\ XVH FOHDU VSHFXODWLYH JHQHUDOLWLHV 7KH\ EHOLHYHG WKDW EUHDWKWDNLQJ PHWDSK\VLFDO SURQRXQFHPHQWV FRXOGEHLQIHUUHGIURPVLPSOHPLQGHGGHVFULSWLYHVWDWHPHQWV´ ,QWURGXFWLRQ FRQFHSWV FDQ EH HDVLO\ WXUQHG LQWR WKH XQUHDVRQDEOH GHPDQG WR XVH RQO\ FRQFHSWV ZKLFK DUH H[SOLFLWO\ GHILQHG LQ D ZD\ FRQFHSWV FDQ EH UHDOO\ GHILQHGRQO\ZLWKLQPDWKHPDWLFV+RZHYHUZKDW,DPJRLQJWRDUJXHIRU LV WKH FRQYHUVH WKHVLV WKDW WKHUH DUH LQWHUHVWLQJ SKLORVRSKLFDO TXHVWLRQV ZKLFKDUHDQVZHUDEOHPRUHRUOHVVH[SOLFLWO\DQGZLWKUHVSHFWWRZKLFKWKH µFRQWLQHQWDO DWWLWXGH¶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³IRUPDO FULWHULD RI UHFRJQLWLRQ´ S 8QIRUWXQDWHO\ WKRXJK DV , VHH LW WKH ERRN DFWXDOO\ FRQWDLQV QR FULWHULD ZRUWK WKH QDPH DOWRJHWKHU OHW DORQH IRUPDO FULWHULD /HW XV ORRN DW 'HOHX]H¶VDFFRXQWPRUHFORVHO\ ,QWKHILUVWFKDSWHU'HOHX]HFODLPV³7KHILUVWFULWHULRQRIVWUXFWXUDOLVP LVWKHGLVFRYHU\DQGUHFRJQLWLRQRIDWKLUGRUGHUDWKLUGUHLJQWKDWRIWKH V\PEROLF7KHUHIXVDOWRFRQIXVHWKHV\PEROLFZLWKWKHLPDJLQDU\DVPXFK DV ZLWK WKH UHDO FRQVWLWXWHV WKH ILUVW GLPHQVLRQ RI VWUXFWXUDOLVP´ S :HOOWKLVPD\VHHPWRUHVHPEOHDFULWHULRQ±EXWRQO\DWILUVWVLJKW&RXOG WKHFODLPWKDWEHVLGHVWKHUHDOPRIWKHUHDODQGWKHUHDOPRIWKHLPDJLQDU\ WKHUHH[LVWVDWKLUGUHDOPRIWKHV\PEROLFEHWDNHQDVDFULWHULRQ"&HUWDLQO\ KRZHYHURQO\DVORQJDVLWLVFOHDUZKDWFKDUDFWHUL]HVVXFKDµZRUOGRIWKH V\PEROLF¶ DQG WKLV LV ZKDW 'HOHX]H IDLOV WR FODULI\ 7KH SRLQW LV WKDW WKH H[LVWHQFHRIVRPHµWKLUGUHLJQ¶ZRXOGEHDFFHSWHGE\WKHJUHDWPDMRULW\RI SKLORVRSKHUV RI DOO WLPHV ZLWK WKH H[FHSWLRQV RI WKRVH ZKR OLNH :LOOLDP 2FNKDP PDGH WKHLU SKLORVRSKLFDO OLYLQJ RXW RI LWV UHMHFWLRQ 0DQ\ RI WKHP IURP 3ODWR WR WKRVH LQVSLUHG E\ PRGHUQ PDWKHPDWLFV ZRXOG HYHQ GHIHQG LWV H[LVWHQFH ZLWK D YHQJHDQFH $UH DOO RI WKHP VXSSRVHG WR EH VWUXFWXUDOLVWV" $QG LI QRW ZKDW GLVWLQJXLVKHV WKHVWUXFWXUDOLVWLFDFFHSWDQFH RI µWKH V\PEROLF¶ IURP WKH ZLGH DFFHSWDQFH RI VRPHWKLQJ OLNH µREMHFWLYH DEVWUDFWV¶"2IFRXUVHWKDWV\PEROVDUHVXSSRVHGWRV\PEROL]HVRPHWKLQJVR GRHV'HOHX]HLPSOLFLWO\DVVXPHWKDWDVWUXFWXUDOLVWQRWRQO\DFFHSWVDµWKLUG UHLJQRIEHLQJ¶EXWDOVRWDNHVLWVHOHPHQWVWREHVRPHKRZUHODWHGWRVRPH RWKHU HQWLWLHV" 2U LV KH FKDUDFWHUL]HG PHUHO\ E\ WKH IDFW WKDW KH FDOOV KLV µWKLUGUHLJQ¶WKHµUHLJQRIWKHV\PEROLF¶"7KHVHDUHTXHVWLRQVWKHDQVZHUVWR ZKLFK,ILQGQRZKHUHLQWKHFKDSWHU 0HDQLQJDQG6WUXFWXUH ,Q WKH VHFRQG FKDSWHU 'HOHX]H DWWHPSWV WR H[SODLQ ZKDW LW LV WR EH D ³V\PEROLFHOHPHQWRIDVWUXFWXUH´S+HVWDWHVWKDW³WKHHOHPHQWVRID VWUXFWXUHKDYHQHLWKHUH[WULQVLFGHVLJQDWLRQQRULQWULQVLFVLJQLILFDWLRQ´WKDW WKH\ ³KDYH QRWKLQJ RWKHU WKDQ DVHQVH >@ D VHQVH WKDW LV QHFHVVDULO\ DQG XQLTXHO\µSRVLWLRQDO¶´LELG2IFRXUVHLWFDQEHLQWXLWHGZKDWKHLVDIWHU KRZHYHU XQWLO KH H[SODLQV ZKDW PDNHV WKH GLIIHUHQFH EHWZHHQ KLV ³GHVLJQDWLRQ´ DQG ³VLJQLILFDWLRQ´ RQ WKH RQH KDQG DQG ³VHQVH´ RQ WKH RWKHUKLVSURQRXQFHPHQWVDUHXQFOHDUWRWKHSRLQWRIXVHOHVVQHVV$QGWKLV LVDJDLQVRPHWKLQJKHQHYHUGRHV1HLWKHURIWKHIXUWKHUIRUPXODWLRQVWREH IRXQGLQWKHFKDSWHURIIHUPXFKKHOSLQSURPRWLQJDQRYLFH¶VXQGHUVWDQGLQJ WKHFRQFHSWRIVWUXFWXUDOLVP³6WUXFWXUDOLVPFDQQRWEHVHSDUDWHGIURPDQHZ WUDQVFHQGHQWDO SKLORVRSK\ LQ ZKLFK WKH VLWHV SUHYDLO RYHU ZKDWHYHU ILOOV WKHP)DWKHUPRWKHUHWFDUHILUVWRIDOOVLWHVLQDVWUXFWXUH´,WVHHPVWR EH HYLGHQW WKDW SKLORVRSK\ LV QRW WR DVSLUH WR GHDO ZLWK LQGLYLGXDO IDWKHUV DQG PRWKHUV EXW DW PRVW ZLWK WKH FRUUHVSRQGLQJ µDEVWUDFW¶ UROHV RU FRQFHSWV ,W VHHPV DOVR HYLGHQW WKDW VXFK UROHV DUH LQ PXOWLSOH ZD\V LQVHSDUDEO\ LQWHUFRQQHFWHG WKXV WKH UROH RI IDWKHU FOHDUO\ LQYROYHV HJ WKDWRIPDQDQGLVXQWKLQNDEOHZLWKRXWWKHUROHVRIPRWKHUDQGFKLOGLH FRQVWLWXWH D FHUWDLQ VWUXFWXUH +RZHYHU WKLV E\ LWVHOI GRHV QRW VHHP WR EH VRPHWKLQJZKLFKZRXOGDSSUHFLDEO\HQKDQFHWKHFRPPRQZD\RIWKLQNLQJ DERXW UHODWLRQVKLSV DPRQJ SHRSOH DQG VRFLDO VWUXFWXUHV DQG ZKDW ZRXOG WKXVEHFDSDEOHRIJURXQGLQJDQHZSDWKEUHDNLQJSKLORVRSKLFDOGLUHFWLRQ $QGZKDWGRHVLWPHDQWKDW³VLWHVSUHYDLORYHUZKDWHYHUILOOVWKHP´"'RHV LWPHDQVLPSO\WKDWIRUDQLQGLYLGXDOWREHHJDIDWKHUWKHUHPXVWH[LVW WKH UROH RU WKH SURSHUW\ RU WKH FRQFHSW RI IDWKHU" ,I VR WKHQ LW LV FOHDUO\ DJDLQ QRWKLQJ RULJLQDO LI QRW WKHQ LW UHPDLQV XQFOHDU ZKDW PRUH LW LV VXSSRVHGWRPHDQ ,IHDUWKDWDQDGKHUHQWRI'HOHX]HZRXOGFDOOP\REMHFWLRQVSHGDQWLFRU XQFKDULWDEOH DQG VD\ WKDW P\ FULWLFLVP VWHPV IURP P\ WDNLQJ 'HOHX]H¶V SURQRXQFHPHQWVRXWRIFRQWH[W±VLPSO\WKDWWKHSUREOHPLVP\LQDELOLW\WR WXQHP\VHOIWRWKHDXWKRU¶VIUHTXHQF\3HUKDSVWKHUHLVVRPHWUXWKLQWKLV PD\EH P\ REMHFWLRQV WR WKH ILUVW WZR FKDSWHUV DUH LQGHHG VRPHZKDW GRJPDWLF +RZHYHU , ZRXOG EH YHU\ XQZLOOLQJ WR FRQFHGH WKLV IRU WKH REMHFWLRQV , DP QRZ JRLQJ WR UDLVH DJDLQVW ZKDW WKH DXWKRU ZULWHV LQ WKH WKLUG FKDSWHU WKHUH 'HOHX]H LQYRNHV H[DPSOHV IURP PDWKHPDWLFV DQG KH GRHVVRLQDZD\ZKLFKGRHVQRWVHHPWRPHWRPDNHDQ\LQWHOOLJLEOHVHQVH /HWPHTXRWH³:HFDQGLVWLQJXLVKWKUHHW\SHVRIUHODWLRQV$ILUVWW\SH LVHVWDEOLVKHGEHWZHHQHOHPHQWVWKDWHQMR\LQGHSHQGHQFHRUDXWRQRP\IRU H[DPSOH RU 7KHVH HOHPHQWV DUH UHDO DQG WKHVH UHODWLRQV PXVW WKHPVHOYHV EH VDLG WR EH UHDO´ S :KDW NLQG RI UHODWLRQV LV PHDQW" ³´LVDQXPHULFH[SUHVVLRQLQDFHUWDLQVHQVHLWFDQEHVHHQDVWKHQDPH RI WKH QXPEHU LQ D GLIIHUHQW VHQVH DV WKH H[SUHVVLRQ RI VRPHWKLQJ DV D ,QWURGXFWLRQ µFRQVWUXFWLRQ¶RIWKHQXPEHURXWRIWKHQXPEHUVWZRDQGWKUHH±KRZHYHU LQQRVHQVHLVLWDQH[SUHVVLRQRIDUHODWLRQ±DWOHDVWLIZHVWLFNWRKRZZH QRUPDOO\WDONLQPDWKHPDWLFV$UHODWLRQLQZKLFKDQGVWDQGZRXOGEH HJJUHDWHUWKDQWKHFRUUHVSRQGLQJVWDWHPHQWZRXOGEH³!´,VHHRQO\ WZR SRVVLEOH DOWHUQDWLYH H[SODQDWLRQV RI ZKDW 'HOHX]H FRXOG PHDQ E\ WKH WHUP³UHODWLRQ´KHUH,WVHHPVWKDWHLWKHU KHXVHVWKHWHUP³UHODWLRQ´IRUZKDWLVQRUPDOO\FDOOHGRSHUDWLRQLH DGGLWLRQVXEWUDFWLRQPXOWLSOLFDWLRQHWFDQGVD\V³UHODWLRQVREWDLQDPRQJ HOHPHQWV´LQVWHDGRIWKHXVXDO³RSHUDWLRQVDUHDSSOLHGWRHOHPHQWV´RU KHWDONVQRWDERXWQXPEHUVEXWUDWKHUDERXWQXPHUDOVDQGPHDQVWKH UHODWLRQWREHFRQQHFWHGE\WKHV\PERO³´RU³´ 7RILQGRXWZKLFKRIWKHWZRK\SRWKHVHVZRXOGEHPRUHDGHTXDWHOHWXV ORRN DW KRZ KH FRQWLQXHV ³$ VHFRQG W\SH RI UHODWLRQVKLS IRU H[DPSOH [\ ± 5 LV HVWDEOLVKHG EHWZHHQ WHUPV IRU ZKLFK WKH YDOXH LV QRW VSHFLILHG EXW WKDW LQ HDFK FDVH PXVW KRZHYHU KDYH D GHWHUPLQHG YDOXH´ S $Q HTXDWLRQ VXFK DV ³[\ ± 5 ´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³WHUPVIRUZKLFKWKHYDOXHLVQRW VSHFLILHG´7KHSUREOHPKRZHYHULVWKDWLIZKDWLVLQTXHVWLRQDUHUHODWLRQV DPRQJ V\PEROV WKHQ LW LV XWWHUO\ XQFOHDU ZKDW FRQVWLWXWHV WKH GLIIHUHQFH EHWZHHQ WKH WZR W\SHV RI UHODWLRQVKLSV 7KH V\PEROV ³[´ ³\´ DQG ³5´ ZLWKLQ³[\±5 ´DUHLQWKHVDPHUHODWLRQVKLSLHLQWKHUHODWLRQWR EHFRQQHFWHGE\DV\PERORIDQDULWKPHWLFDORSHUDWLRQDVWKHV\PEROV³´ DQG³´ZLWKLQ³´ 7KHXSVKRWLVWKDWEHIRUH,FDQPRYHWRZKDWDFFRUGLQJWKH'HOHX]HLV WKH WKLUG W\SH RI UHODWLRQV , DP DOUHDG\ ORVW ± IRU ZKDW KH VD\V GRHV QRW PDNHDQ\VHQVHWRPH,VXVSHFWWKDWKHUHWKHRQO\DYDLODEOHFRQFOXVLRQLV 6HH7LFKê ,WLVWKHUHODWLRQLQZKLFKWKHFRRUGLQDWHVRIDSRLQWRQDFLUFOHZLWKFHQWHULQWKHRULJLQRI WKHFRRUGLQDWHV\VWHPDUHWRWKHUDGLXVRIWKHFLUFOH 0HDQLQJDQG6WUXFWXUH WKDW 'HOHX]H¶V ZD\ RI WUHDWLQJ PDWKHPDWLFDO FRQFHSWV LV PHUHO\ DQRWKHU FDVH RI WKH NLQG RI ³DEXVH´ GLDJQRVHG E\ 6RNDO DQG %ULFPRQW 7KH GLIIHUHQFH EHWZHHQ ³´ DQG ³[\ ± 5 ´ LV WZRIROG QHLWKHU RI ZKLFKVHHPVWREHDPDWWHURI³WZRNLQGVRIUHODWLRQV´7KHILUVWGLIIHUHQFH FRQFHUQV WKH JUDPPDWLFDO FDWHJRU\ RI WKH H[SUHVVLRQV ³´ LV JUDPPDWLFDOO\DQDPHDWHUPLQWKHMDUJRQRIORJLFZKHUHDV³[\± 5 ´ LV D VHQWHQFH IRUPXOD 7KH VHFRQG GLIIHUHQFH LV D PDWWHU RI WKH IDFW WKDW WKH H[SUHVVLRQ ³´ LV FORVHG WKDW LW LV D µIXOO\IOHGJHG¶ H[SUHVVLRQZHFDQVHHLWDV\LHOGLQJDGHILQLWHQXPEHUQDPHO\ZKHUHDV WKHH[SUHVVLRQ³[\±5 ´LVRSHQLWLVWKXVLQIDFWDVFKHPDLWGRHV QRWH[SUHVVDQ\WKLQJDERXWDQ\SDUWLFXODUQXPEHUVDQGLVE\LWVHOIQHLWKHU WUXHQRUIDOVH+HQFHLWVHHPVPLVOHDGLQJWRVD\WKDWLQWKHODWWHUFDVHZH KDYH ³WHUPV IRU ZKLFK WKH YDOXH LV QRW VSHFLILHG´ LW LV D UHODWLRQ DPRQJ QXPEHUVDQGWKLVUHODWLRQLVVSHFLILHGE\PHDQVRIFHUWDLQ³WHUPVIRUZKLFK WKH YDOXH LV QRW VSHFLILHG´ LI ZH ZDQW WR LQWURGXFH VXFK D QHZ QDPH IRU ZKDWLVXVXDOO\FDOOHGYDULDEOH7KHFRUUHVSRQGLQJUHODWLRQFDQEHVHHQDV DVHWRIWULSOHVRIQXPEHUVDQGWKHHTXDWLRQLQTXHVWLRQDVWKHVSHFLILFDWLRQ WKHGHOLPLWDWLRQRIWKHVHWLWVSHFLILHVLWDVWKHVHWRIDOOVXFKWULSOHVZKLFK VDWLVI\WKHHTXDWLRQ $QG LQ WKLV ZD\ , FRXOG SURFHHG DOO WKURXJK 'HOHX]H¶V ERRN ,V P\ DQDO\VLVDORQJZLWKWKRVHRI6RNDODQG%ULFPRQWLQDGHTXDWHLQWKHVHQVH RI WDNLQJ DW IDFH YDOXH VRPHWKLQJ ZKLFK KDV RQO\ DQ LQGLUHFW PHWDSKRULF PHDQLQJ"3HUKDSV±WKRXJKLWLVDOZD\VSRVVLEOHWRFRXQWHUDQ\DUJXPHQWV RI WKH NLQG RI WKRVH , KDYH SUHVHQWHG DERYH E\ VD\LQJ ³:KDW \RX FDOO µDEXVH¶ LV DFWXDOO\ DQ HQOLJKWHQLQJ PHWDSKRU´ 7KHUH LV WR EH VXUH QR FULWHULRQ IRU ZKDW LV RU ZKDW LV QRW D JRRG PHWDSKRU VR WKHUH FDQ EH QR NQRFNGRZQDUJXPHQWWRSURYHWKDWVRPHWKLQJLVDUHDOLQVWDQFHRIµDEXVH¶ $QG WKH IDFW WKDW 'HOHX]H DQG KLV FROOHDJXHV DUH VR ZLGHO\ UHDG DQG GLVFXVVHGFRUURERUDWHVWKHYLHZWKDWFDOOLQJZKDWWKH\GRDQ³DEXVH´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³7KH PHDQLQJ RI HDFK WHUP´ DV WKH\ SXW LW LELG S ³LV GHILQHGE\LWVSODFHLQWKHHQWLUHVWUXFWXUHLWKDVQRLGHQWLW\H[FHSWLQWKDW VWUXFWXUH:HFDQQRWFRLQDWHUPJLYLQJLWDPHDQLQJDQGVLPSO\DGGLW ZLWKLWVPHDQLQJWRWKHODQJXDJH´7KLVLVDQDVSHFWZKLFKGLIIHUHQWLDWHVGH 6DXVVXUHIURPVRPHDQDO\WLFSKLORVRSKHUVEXWE\IDUQRWIURPDOORIWKHP ,Q IDFW LW FRQVWLWXWHV WKH DIILQLW\ EHWZHHQ GH 6DXVVXUH¶V WHDFKLQJ DQG WKH YLHZVRIWKDWSDUWRIFRQWHPSRUDU\DQDO\WLFSKLORVRSK\ZKLFKGUDZVRQWKH ZULWLQJVRI4XLQHDQGDOVR6HOODUVQHHGOHVVWRVD\WKDWKROLVPLVRQHRI WKHSLOODUVRI4XLQH¶VYLHZRIODQJXDJH$QGDVKROLVPDQGDFHUWDLQNLQGRI VWUXFWXUDOLVPDUHLQGHHGWZRVLGHVRIWKHVDPHFRLQDVZHZLOOWU\WRVKRZ ODWHU4XLQH¶VVWUXFWXUDOLVWLFLQFOLQDWLRQVDUHQRWVRVXUSULVLQJ +RZHYHU'HYLWWDQG6WHUHOQ\REMHFWWRGH6DXVVXUH¶VYHUVLRQRIKROLVP IRU WKH UHDVRQ WKDW LW LV SDUW DQG SDUFHO RI D FRXQWHULQWXLWLYH YLHZ RI ODQJXDJHDVDVHOIFRQWDLQHGJDPHLVRODWHGIURPWKHH[WUDOLQJXLVWLFZRUOG DQG ³WR EH H[SODLQHG HQWLUHO\ LQ LWV RZQ WHUPV ZLWKRXW DQ\ UHIHUHQFH WR DQ\WKLQJ RXWVLGH LWV VWUXFWXUH´ LELG S 7KH\ SRLQW RXW WKDW WKH IDYRULWHDQDORJ\RIGH6DXVVXUHWKHFRPSDULVRQRIODQJXDJHWRFKHVVLWVHOI LQYLWHV WKLV YLHZ RI ODQJXDJH FKHVV LV VHOIFRQWDLQHG EXW ODQJXDJH DFFRUGLQJWR'HYLWWDQG6WHUHOQ\LVQRW , WKLQN 'HYLWW DQG 6WHUHOQ\ DUH FRUUHFW KHUH +RZHYHU ZKDW LV WKH FRQVHTXHQFHRIWKLVIRUDWKHRU\RIODQJXDJH"'HYLWWDQG6WHUHOQ\GLDJQRVH WKHVRXUFHRIWKHFRXQWHULQWXLWLYH6DXVVXUHDQµDXWRQRP\RIODQJXDJH¶DVWKH IDLOXUH RI GH 6DXVVXUH DQG KLV IROORZHUV WR UHFRJQL]H WKDW WKH FHQWUDO IXQFWLRQ RI ODQJXDJH LV WR UHIHU WR REMHFWV ³7KH UHMHFWLRQ RI UHIHUHQFH´ WKH\ ZULWH LELG S ³LV FHQWUDO WR WKH UHODWLRQDO KROLVWLF DQG DXWRQRPRXVYLHZRIODQJXDJHWKDWLVGHILQLWLYHRIVWUXFWXUDOLVP´$QGWKHLU YHUGLFW LV XQDPELJXRXV LELG S ³VWUXFWXUDOLVP¶V UHMHFWLRQ RI UHIHUHQFHLVQRWZHOOEDVHGDQGLVWKRURXJKO\LPSODXVLEOH´ :KHUHDV,DJUHHWKDWWKHµVHOIFRQWDLQHGQHVV¶RIODQJXDJHZKLFKORRPV IURP GH 6DXVVXUH¶V SLFWXUH LV LPSODXVLEOH , GR QRW WKLQN WKDW WKH RQO\ ,WZDVSRLQWHGRXWWRPHE\.HYLQ0XOOLJDQ 0HDQLQJDQG6WUXFWXUH UHVSRQVHLVWKHUHMHFWLRQRIKROLVPDQGWKHUHLQVWDOOPHQWRIWKHFRQFHSWRI UHIHUHQFH LQ WKH FHQWHU RI ODQJXDJH WKHRU\ :KDW LV WKH EDVLF GLIIHUHQFH EHWZHHQ ODQJXDJH DQG FKHVV" :KLOH WKH PRYHV RI FKHVV DLP RQO\ DW HDFK RWKHUDFKHVVPRYHµPDNHVVHQVH¶RQO\FRQFHLYHGRIDVDUHVSRQVHWRRWKHU FKHVV PRYHV RU DV SURPSWLQJ IXUWKHU PRYHV µODQJXDJH JDPHV¶ DUH VRPHKRZ µRSHQ WR WKH ZRUOG¶ )UHTXHQWO\ ZH HLWKHU PDNH DQ XWWHUDQFH LQ UHVSRQVH WR VRPHWKLQJ QRQOLQJXLVWLF RU ZH UHVSRQG WR DQ XWWHUDQFH E\ D QRQOLQJXLVWLFDFW/DQJXDJHLQGHHGLVQRVHOIFRQWDLQHGJDPHLWLVRQHRI RXU PHDQV RI FRSLQJ ZLWK WKH UHVW RI WKH ZRUOG +RZHYHU , WKLQN ZH FDQ DFFRXQW IRU WKLV NLQG RI µRSHQQHVV¶ RI ODQJXDJH ZLWKRXW DEDQGRQLQJ WKH EDVLFKROLVWLFDQGVWUXFWXUDOLVWLFLQVLJKWV2QHYHUVLRQRIVXFKDWKHRU\ZDV SURIIHUHG E\ WKH ODWH :LWWJHQVWHLQ KRZHYHU LQ WKLV ERRN , ZRXOG OLNH WR H[DPLQH DQRWKHU DOWKRXJK LQ PDQ\ UHVSHFWV SDUDOOHO DSSURDFK WKH DSSURDFK RSHQHG E\ 4XLQH DQG 6HOODUV DQG FRQWLQXHG E\ 'DYLGVRQ %UDQGRPDQGRWKHUV 3ODQRIWKH%RRN 7KHERRNLVGLYLGHGLQWRWKUHHSDUWVHDFKFRQVLVWLQJRIWKUHHFKDSWHUV ,QWKHILUVWSDUW,LQWURGXFHWKRVHDVSHFWVRIWKH6DXVVXUHDQOHJDF\ZKLFK ,ILQGFUXFLDODQGZKLFKFDQEHVHHQDVFRQJHQLDOWRWKHYLHZVRIODQJXDJH HQWHUWDLQHGE\WKHµSRVWDQDO\WLF¶SKLORVRSKHUVRIWKHNLQGMXVWPHQWLRQHG,Q WKLV SDUW¶V RSHQLQJ FKDSWHU :KDW LV 0HDQLQJ" , VNHWFK P\ UHDVRQV IRU EHLQJLQWHUHVWHGLQWKHSHUKDSVSULPDIDFLHLPSODXVLEOHVWUXFWXUDOLVWYLHZRI PHDQLQJ , EULHIO\ UHYLHZ WKH VWDQGDUG QRQVWUXFWXUDOLVW DFFRXQWV RI PHDQLQJDQGLQGLFDWHKRZSUREOHPDWLFWKH\EHFRPHRQFORVHUH[DPLQDWLRQ DQG,VXJJHVWWKDWVWUXFWXUDOLVPPLJKWEHDYLDEOHDOWHUQDWLYH ,Q WKH IROORZLQJ FKDSWHU FDOOHG :KDW LV 6WUXFWXUDOLVP" , RXWOLQH WKH FUXFLDO WKHVHV RI GH 6DXVVXUH¶V VWUXFWXUDOLVP DQG LQGLFDWH WKDW KLV LQVLJKWV QHHGQRWEHLQFRPSDWLEOHZLWKWKRVHFRQVWLWXWLYHRIDQDO\WLFSKLORVRSK\,Q SDUWLFXODU , FRPSDUH GH 6DXVVXUH¶V DFFRXQW RI ZKDW KH FDOOV ³OLQJXLVWLF UHDOLW\´ZLWK*RWWORE)UHJH¶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¶VNH\WKHVHV LQ PDWKHPDWLFDO WHUPV 7KLV FRQVWLWXWHVWKHODVWFKDSWHURIWKHILUVWSDUWRI WKH ERRN FDOOHG 3DUWV :KROHV DQG 6WUXFWXUHV 3UROHJRPHQD WR )RUPDO 7KHRU\,FODLPWKDWDVVWUXFWXUHLVDZD\LQZKLFKVRPHSDUWVDUHRUJDQL]HG LQWR D ZKROH ZH QHHG D WKHRU\ RI V\VWHPV RI SDUWV DQG ZKROHV DQG , FRQVLGHUWKHWKHRU\SURSRVHGIRUWKLVSXUSRVHE\6WDQLVáDZ/HQLHZVNLDQG HODERUDWHGE\KLVIROORZHUV,FRQFOXGHWKDWWKLVWKHRU\LVQRWH[DFWO\ZKDWZH ZRXOGQHHGDQGRIIHUDVNHWFKRIDPRUHVXLWDEOHPDWKHPDWLFDOWKHRU\:LWKLWV KHOS,WU\WRPDNHDPDWKHPDWLFDOVHQVHRIWKH6DXVVXUHDQLGHDRIWKHELUWKRI µWKHVWUXFWXUDO¶RXWRIRSSRVLWLRQV ,Q WKH VHFRQG SDUW RI WKH ERRN , WXUQ P\ DWWHQWLRQ WR WKH SRVWDQDO\WLF SKLORVRSKHUVZKRVHYLHZVRIODQJXDJH,ZDQWWRSRUWUD\DVFRQWLQXRXVZLWK GH6DXVVXUH¶VWHDFKLQJ7KHILUVWRILWVFKDSWHUV7UDQVODWLRQDQG6WUXFWXUH LVGHYRWHGWRWKHYLHZVRI:LOODUG9DQ2UPDQ4XLQH,DUJXHWKDW4XLQH¶V ZLGHO\ GLVFXVVHG LQGHWHUPLQDF\ WKHVHV FDQ EH UHDGDVVLPSO\SRLQWLQJRXW WKH VWUXFWXUDO QDWXUH RI ODQJXDJH ,Q JHQHUDO , FODLP WKDW 4XLQH¶V KROLVP ZLWKZKLFKKHUHSODFHVWKHDWRPLVPRIKLVDQDO\WLFSUHGHFHVVRUVLVQRWKLQJ HOVHWKDQDIRUPRIVWUXFWXUDOLVP ,QWKHQH[WFKDSWHU7UXWKDQG6WUXFWXUH,GLVFXVVWKHYLHZVRI'RQDOG 'DYLGVRQ , DUJXH WKDW 'DYLGVRQ FDQ EH VHHQ DV FRPSOHPHQWLQJ WKH 4XLQHDQYDULHW\RIVWUXFWXUDOLVPZLWKDQLPSRUWDQWQHZLQVLJKWUHYHDOLQJ± FRXFKHGLQ6DXVVXUHDQWHUPV±WKDWWKHRSSRVLWLRQZKLFKLVFUXFLDOIURPWKH YLHZSRLQWRIPHDQLQJLVWKDWEHWZHHQWUXWKDQGIDOVLW\,UHYLHZWKHZD\LQ ZKLFK RQ 'DYLGVRQ¶V DFFRXQW WUXWK JHWV SURMHFWHG LQWR LQGLYLGXDO PHDQLQJV DQG , FRQVLGHU FRQVHTXHQFHV ZKLFK WKLV SLFWXUH RIODQJXDJHKDV IRU'DYLGVRQ¶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µLQIHUHQWLDOUROH¶$QG,LQGLFDWHWKDWWKLVLVFRPSDWLEOH ZLWKWKHFODLPWKDWVHPDQWLFVLVJURXQGHGLQWKHWUXWKIDOVLW\RSSRVLWLRQIRU LQIHUHQWLDO UROH LV ZKDW WKH WUXWKIDOVLW\ RSSRVLWLRQ EHFRPHV ZKHQ LW LV µFRPSRVLWLRQDOO\ SURMHFWHG¶ WR WKH HOHPHQWV RI ODQJXDJH +RZHYHU , DOVR WU\ WR VKRZ WKDW WKLV FRQVWUXDO RI PHDQLQJ GRHV QRW QHFHVVDULO\ LPSO\ WKH UHMHFWLRQ RI µIRUPDO VHPDQWLFV¶ )RUPDO VHPDQWLFV , FODLP LV QRW WR EH GLVSHQVHGZLWKEXWUDWKHURQO\XQGHUVWRRGDVWKHPHDQVRIHQYLVDJLQJWKH LQIHUHQWLDOVWUXFWXUH ,Q WKH FKDSWHU 7KH µ1DWXUDO¶ DQG WKH µ)RUPDO¶ , FRQVLGHU WKH JHQHUDO UHODWLRQVKLS EHWZHHQ WKH UHDOP RI IRUPDO VWUXFWXUHV DQG PRGHOV VXFK DV WKRVHGHDOWZLWKE\IRUPDOVHPDQWLFVDQGWKDWRIUHDOSKHQRPHQDVXFKDV RXU QDWXUDO ODQJXDJH , VXJJHVW WKDW WKH VLWXDWLRQ LV EHVW VHHQ LQ WHUPV RI RXU XVLQJ WKH IRUPHU DV D SULVP WR SHUFHLYH DQG WR µPDNH VHQVH¶ RI WKH ODWWHU 7KLV LQ P\ YLHZ OHDGV WR D FHUWDLQ NLQG RI µGLDOHFWLFV¶ IRUPDO VWUXFWXUHVZKLFKZHVWXG\ZKHQZHGRIRUPDOORJLFRUIRUPDOVHPDQWLFVDUH QRQHPSLULFDOHQWLWLHVZKLFKDUHWREHKDQGOHGE\PDWKHPDWLFDOPHDQVEXW WKHTXHVWLRQZKLFKRIWKHPDUHUHOHYDQWIRURXUXQGHUVWDQGLQJQRQIRUPDO HQWLWLHV ZKLFK RI WKHP DUH VWUXFWXUHV RI WKHVH HQWLWLHV LV DQ HPSLULFDO TXHVWLRQ 7KHODVWFKDSWHURIWKLVSDUW6HPDQWLF6WUXFWXUHRI/DQJXDJHDQGRILWV ([SUHVVLRQV FKDOOHQJHV VRPH FRPPRQ ZLVGRPV UHJDUGLQJ µVHPDQWLF VWUXFWXUHV¶ RU µORJLFDO IRUPV¶ RI H[SUHVVLRQV , WU\ WR VKRZ WKDW IURP WKH YDQWDJHSRLQWSUHVHQWHGLQWKHERRNERWKWKHFRQFHSWRIµORJLFDOIRUP¶DV GHYHORSHG E\ &KRPVN\ DQG KLV IROORZHUV DQG WKDW DV GHYHORSHG E\ WKH ORJLFLDQVIROORZLQJ5XVVHOODUHSUREOHPDWLF $FNQRZOHGJHPHQWV 7KLV ERRN LV D FRPSOHWHO\ UHZRUNHG YHUVLRQ RI D WH[W ZKLFK DSSHDUHG LQ &]HFK XQGHU WKH VDPH WLWOH 9ê]QDP D VWUXNWXUD 2,.2<0(1+ 3UDJXH 7KHUHYLVLRQVVWHPIURPWZRVRXUFHVWKH\SDUWO\UHIOHFWWKHIDFWWKDW WKH&]HFKHGLWLRQKDGWREHPXFKPRUHH[SOLFLWRQPDQ\SRLQWVZKLFKIRU DQ µLQWHUQDWLRQDO UHDGHU¶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iã0DUYDQ9ODGLPtU6YRERGDDQG3DYHO&PRUHM , DP DOVR JUDWHIXO WR &ODUH %ULWWRQ IRU KHU HIIRUW WR PDNH WKH ODQJXDJH RI WKLVZRUNORRNPRUHOLNH(QJOLVK
Podobné dokumenty
Historie a rozd lení neuronových sítí (NS) 1943
Frank Rosenblatt zobecnil model neuronu v roce 1957 na tzv. perceptron NWHUê SRþtWDO
s reálnýmL þtVO\ -HGQi VH R SHYQRX DUFKLWHNWXUX MHGQRYUVWYp VtW V “n” vstupními a “m”
YêVWXSQtPL ...
MC_2016_propozice.pd
UHJLVWURYDQtYã6ÿ5NWHĢtVSOĜXMtQĒNWHURX]WĒFKWRGDOätFKSRGPtQHN
DSĢtPRSRVWXSXMtFt²QD]iNODGĒXPtVWĒQtQD0LVWURYVWYtÿHFKYäDFKXĀL
QD0LVWURYVWYtÿHVNpUHSXEOLN\YäDFKX...
The Service Appraisal of Soldiers of the Army of the Czech Republic
LQWHUQDWLRQDOQRUPVDQGVWDQGDUGVIRUPXODWLQJSHUVRQDOH[SHQVHVDQG
WKHQ LW LOOXVWUDWHV WKH QDWLRQDO FRQFHSW RI SHUVRQDO H[SHQVHV RI WKH
0LQLVWU\ RI 'HIHQFH 7KHQ D QHZ VDODU\ V...