(UODQJJD $/ HW DO :HDOWK DQG +DSSLQHVV (PSLULFDO (YLGHQFH IURP ,QGRQHVLD KXODORQJNRUQ -RXUQDO RI (FRQRPLFV   
:HDOWK DQG +DSSLQHVV (PSLULFDO (YLGHQFH IURP ,QGRQHVLD
(UODQJJD $JXVWLQR /DQGLDQWR
-HIIUH /LQJ
0HJD 3XVSLWDVDUL
6HSWL (ND ,ULDQWL
$EVWUDFW
/RRNLQJ DW WKH HFRQRPLFV RI KDSSLQHVV LV DQ LQWHUHVWLQJ ZD WR SURYLGH D EURDGHU
FRQFHSW RI ZHDOWK ,W JLYHV LQVLJKW RQ UHODWLYH XWLOLW WKDW GRHV QRW GHSHQG H[FOXVLYHO RQ LQFRPH
DV PHGLDWHG E LQGLYLGXDO FKRLFHV RU SUHIHUHQFHV ZLWKLQ PRQHWDU EXGJHW FRQVWUDLQWV EXW DOVR
FRQVLGHUV QRQ PRQHWDU IDFWRUV 5HFHQW HFRQRPLF VWXGLHV RQ KDSSLQHVV RU VXEMHFWLYH ZHOO EHLQJ
PRVW LQ GHYHORSLQJ FRXQWULHV JLYH XV VRPH LQVLJKW RQ ZKDW FRQWULEXWHV WR LQGLYLGXDO·V
VDWLVIDFWLRQ ZLWK WKHLU OLYHV 6RPH VWXGLHV LQ GHYHORSHG FRXQWULHV DOVR IRXQG WKDW ZLWKLQ
FRXQWULHV D KLJKHU OHYHO LQFRPH FRQWULEXWHV WR KLJKHU OHYHOV RI UHSRUWHG ZHOO EHLQJ
8QIRUWXQDWHO HFRQRPLF VWXGLHV RQ KDSSLQHVV LQ GHYHORSLQJ FRXQWULHV LQFOXGLQJ ,QGRQHVLD
DUH OLPLWHG EHFDXVH RI GDWD OLPLWDWLRQV 7KHUHIRUH WKLV SDSHU DQDO]HV WKH GHWHUPLQDQWV RI
VXEMHFWLYH ZHOO EHLQJ LQ ,QGRQHVLD WR DVVHVV ZKHWKHU WKHUH LV SRVLWLYH DVVRFLDWLRQ EHWZHHQ
LQGLYLGXDO ZHDOWK DQG KDSSLQHVV 8VLQJ WKH ,QGRQHVLD )DPLO /LIH 6XUYH 'DWD 6HW ORJLVWLF
UHJUHVVLRQ DQDOVLV LV XVHG WR LGHQWLI VRXUFHV RI KDSSLQHVV IURP ERWK HFRQRPLF DQG QRQ HFRQRPLF
YDULDEOHV
.HZRUGV +DSSLQHVV :HDOWK
1
This paper is personal view of authors and did not represent the views of UNICEF or other United
Nations Body. Previous version of this paper was presented at 10th
Indonesian Regional Science
Association International Conference, July 28-29, 2010, in Surabaya, Thanks in advance for Karen
+ 6PLWK 1XU +LGDDW DQG 7DX¿N +LGDDW KHOSIXO FRPPHQW
2
6RFLDO 3ROLF 0RQLWRULQJ DQG (YDOXDWLRQ 6SHFLDOLVW RI 81,() 3DSXD 2I¿FH ,QGRQHVLD
3
Research fellow, School of Business and Economics, University Malaysia Sabah, Malaysia
4
Student of Faculty of Economics, Airlangga University
5
Student of Faculty of Economics, Airlangga University
KXODORQJNRUQ -RXUQDO RI (FRQRPLFV  
 ,QWURGXFWLRQ
´7KRVH ZKR VD WKDW PRQH FDQ·W EX KDSSLQHVV GRQ·W NQRZ ZKHUH WR VKRSµ
 $QRQ
'RHV PRQH EX D ORW RI KDSSLQHVV QRW PXFK RU QRQH ,V HFRQRPLF JURZWK
UHDOO OHDGLQJ ,QGRQHVLDQV WR EHWWHU RII 7KHVH DUH LPSRUWDQW EXW WLFNOLVK TXHVWLRQV
/LIH KDV XSV DQG GRZQV ,W ZRXOG QRW EH WKRXJKW SURIRXQG WR VD WKDW VRPHRQH
ZKR EHFRPHV XQHPSORHG RU ORRVHV LQFRPH JHQHUDOO EHFRPHV OHVV KDSS RU WKDW
VRPHRQH ZKR JHWV PDUULHG RU EHFRPHV ULFKHU JHQHUDOO EHFRPHV KDSSLHU :KLFK LV
EHWWHU D ODUJH SD ULVH RU JHWWLQJ PDUULHG 8QWLO UHFHQWO WKHUH KDV EHHQ QR ZD WR
DVVHVV WKH UHODWLYH LPSDFW RI GLIIHUHQW OLIH HYHQWV XSRQ SVFKRORJLFDO KHDOWK DQG
ZHOOEHLQJ
6LQFH WKH SXEOLFDWLRQ RI (DVWHUOLQ 3DUDGR[ E 5LFKDUG (DVWHUOLQ KH PDNHV
SURPLQHQW XVH RI KDSSLQHVV GDWD ZKHQ KH UHSRUWHG WKDW GHVSLWH LQFUHDVHV LQ SHUVRQDO
LQFRPH RYHU WLPH SHRSOH ZHUH QRW UHSRUWLQJ DQ LQFUHDVLQJ OHYHO RI KDSSLQHVV
7KH IRFXV RI VLJQLILFDQFH EHWZHHQ ZHDOWK DQG KDSSLQHVV HFRQRPLFV KDV UDLVLQJ
PRUH DWWHQWLRQ IURP HFRQRPLVWV DURXQG WKH ZRUOG DV DQ LPSRUWDQW VXEMHFW LQ VFKRODUO
UHVHDUFK ,I ZH EDFN WR WZHQWILYH HDUV DJR (DVWHUOLQ
SRVHG DQ LPSRUWDQW
TXHVWLRQ ´:LOO UDLVLQJ WKH LQFRPHV RI DOO LQFUHDVH WKH KDSSLQHVV RI DOOµ 7KRXJK PRVW
FLWL]HQV DQG HFRQRPLVWV KDYH LPSOLFLWO DVVXPHG WKDW WKH DQVZHU LV ¶HV· WKHRULHV RI
UHODWLYH SUHIHUHQFH SUHGLFW WKDW WKH DQVZHU PD EH ¶QR· ,QWXLWLRQ PD RIWHQ FRQWUDVW
DJDLQVW WKHRUHWLFDO DQVZHUV DQG WKLV UDLVHG LQWHUHVWLQJ UHVHDUFK TXHVWLRQ LQ WKLV
SDSHU SDUWLFXODUO WR D GHYHORSLQJ FRXQWU OLNH ,QGRQHVLD +DSSLQHVV VXUYHV FDQ DOVR
EH XWLOL]HG WR JDXJH WKH ZHOIDUH HIIHFWV RI YDULRXV SXEOLF SROLFLHV +RZ GRHV D WD[ RQ
DGGLFWLYH VXEVWDQFHV VXFK DV WREDFFR DQG DOFRKRO IRU H[DPSOH DIIHFW ZHOOEHLQJ
*UXEHU DQG 0XOODLQDWKDQ
KDV GRQH RQ WKLV VWXG RQ FLJDUHWWH WD[HV VXJJHVWV
WKDW WKH QHJDWLYH ILQDQFLDO HIIHFWV PD EH RXWZHLJKHG E SRVLWLYH VHOIFRQWURO HIIHFWV
:RUNLQJ RQ KDSSLQHVV UHVHDUFK KDV LQYROYHG ODUJH QXPEHU RI DXWKRUV VRPH
DUH 5DR DQG %HFNHU
*UDKDP DQG )HOWRQ
VNHWFK WKHRULHV RI KDSSLQHVV
DGDSWDWLRQ 7KH UHVHDUFK KLJKOLJKWV IDFWRUV RWKHU WKDQ LQFRPH WKDW DIIHFW ZHOOEHLQJ
7KH HFRQRPLFV RI KDSSLQHVV LV DQ DSSURDFK WR DVVHVVLQJ ZHOIDUH ZKLFK FRPELQHV
WKH WHFKQLTXHV WSLFDOO XVHG E HFRQRPLVWV ZLWK WKRVH PRUH FRPPRQO XVHG E
SVFKRORJLVWV
7KH HFRQRPLFV RI KDSSLQHVV GRHV QRW SXUSRUW WR UHSODFH LQFRPHEDVHG
PHDVXUHV RI ZHOIDUH EXW LQVWHDG WR FRPSOHPHQW WKHP ZLWK EURDGHU PHDVXUHV RI
ZHOOEHLQJ 7KHVH PHDVXUHV DUH EDVHG RQ WKH UHVXOWV RI ODUJHVFDOH VXUYHV DFURVV
FRXQWULHV DQG RYHU WLPH RI KXQGUHGV RI WKRXVDQGV RI LQGLYLGXDOV ZKR DUH DVNHG WR
DVVHVV WKHLU RZQ ZHOIDUH 7KH VXUYHV SURYLGH LQIRUPDWLRQ DERXW WKH LPSRUWDQFH RI
D UDQJH RI IDFWRUV ZKLFK DIIHFW ZHOOEHLQJ LQFOXGLQJ DVVHW EXW DOVR RWKHUV VXFK DV
KHDOWK PDULWDO HGXFDWLRQ DQG DJH
(UODQJJD $/ HW DO :HDOWK DQG +DSSLQHVV (PSLULFDO (YLGHQFH IURP ,QGRQHVLD 
7KH RQO FRPSUHKHQVLYH HYDOXDWLRQ RI TXDOLW RI OLIH WKDW GRHV QRW UHTXLUH
PL[LQJ YDULRXV LQGLFDWRUV LQ D PRUH WKDW LQGLYLGXDOV PDNH WKHPVHOYHV ZKHQ DVNHG
DERXW WKHLU OHYHO RI KDSSLQHVV RU KRZ VDWLVILHG WKH IHHO ZLWK WKH OLIH WKH OHDG
+RZHYHU IRU WKHVH YHU UHDVRQV SROLWLFLDQV DQG OHDGHUV PXVW WU WR XQGHUVWDQG KRZ
SHUFHSWLRQV DUH IRUPHG DQG KRZ WKH LQIOXHQFH WKH DWWLWXGHV RI LQGLYLGXDOV DQG WKHLU
UHODWLRQV ZLWK LQVWLWXWLRQV DQG SXEOLF SROLFLHV
7R DQVZHUV WKH TXHVWLRQV WKLV SDSHU LV GLYLGHG LQWR  VHFWLRQV 6HFWLRQ 
SURYLGHV D EULHI LQWURGXFWLRQ DERXW KDSSLQHVV 6HFWLRQ  GLVFXVVHV KRZ D KDSSLQHVV
LQGH[ LV XVXDOO PHDVXUHG DQG FRQVWUXFWHG IROORZHG E UHVXOWV 6HFWLRQ  RXWOLQHV WKH
GDWD XVHG LQ WKLV SDSHU DQG SUHVHQWV VRPH YDOLGDWLRQV IRU WKH GDWD XVHG 6HFWLRQ 
SURYLGHV ILQGLQJV 6HFWLRQ  FRQFOXGHV WKH DUWLFOH
 /LWHUDWXUH 5HYLHZ
7RJHWKHU ZLWK RWKHU VRFLDO VFLHQWLVWV HFRQRPLVWV KDYH EHJXQ WR UHVHDUFK WKH
SDWWHUQV LQ VXEMHFWLYH ZHOOEHLQJ GDWD (DVWHUOLQ
VXJJHVWHG D WHVW IRU ZKHWKHU
JUHDWHU ULFKHV KDG PDGH $PHULFDQV KDSSLHU +H ORRNHG DW ZKHWKHU UHSRUWHG KDSSLQHVV
URVH DV QDWLRQDO LQFRPH GLG +LV SDSHU FRQFOXGHV ´ LQ WKH RQH WLPH VHULHV VWXGLHG
WKDW IRU WKH 8QLWHG 6WDWHV VLQFH  KLJKHU LQFRPH ZDV QRW VVWHPDWLFDOO DFFRPSDQLHG
E JUHDWHU KDSSLQHVVµ S
7KLV UHVXOW ZRXOG VXJJHVW WKDW HFRQRPLF JURZWK KDG IDLOHG
WR EX ZHOOEHLQJ $ QXPEHU RI VRFLDO REVHUYHUV KDYH SRLQWHG RXW WKDW WKH HQRUPRXV
LQFUHDVHV LQ LQFRPH LQ WKH LQGXVWULDO GHPRFUDFLHV RYHU WKH ODVW FHQWXU GR QRW VHHP WR
EH DFFRPSDQLHG E GLIIHUHQFHV LQ OHYHOV RI KDSSLQHVV ,Q D VHPLQDO SDSHU (DVWHUOLQ
VKRZHG WKDW RQH FRXOG DSSURDFK WKHVH LVVXHV XVLQJ ZKDW DUH QRZ FDOOHG
´KDSSLQHVV GDWDµ QDPHO WKH UHVSRQVHV WKDW LQGLYLGXDOV JLYH FRQFHUQLQJ D VLPSOH
ZHOOEHLQJ TXHVWLRQ VXFK DV ´$UH RX +DSSµ 8VLQJ GDWD IRU WKH 86 KH VKRZHG
WKDW KDSSLQHVV UHVSRQVHV LQ D SDUWLFXODU HDU ZHUH SRVLWLYHO FRUUHODWHG ZLWK DQ
LQGLYLGXDO·V LQFRPH %XW RYHU WLPH WKH DYHUDJH KDSSLQHVV UHVSRQVH ZDV XQWUHQGHG LQ
VSLWH RI D VKDUS LQFUHDVH LQ DYHUDJH LQFRPH OHYHOV 0RUH UHFHQWO %ODQFKIORZHU DQG
2VZDOG
KDYH VKRZHG D VLPLODU SDWWHUQ IRU WKH SHULRG IROORZLQJ WKH SXEOLFDWLRQ
RI (DVWHUOLQ·V SDSHU VHH DOVR (DVWHUOLQ
6LPLODU ILQGLQJV RU ILQGLQJV ZLWK YHU
VOLJKW GHWHFWDEOH WUHQGV KDYH EHHQ REVHUYHG LQ D YDULHW RI FRXQWULHV VHH IRU H[DPSOH
9HHQKRYHQ
,QJOHKDUW DQG .OLQJHPDQQ
LQWHU DOLD
$FFRUGLQJ WR (DVWHUOLQ
DYHUDJH KDSSLQHVV UHPDLQV UHODWLYHO FRQVWDQW
RYHU WLPH LQ VSLWH RI ODUJH LQFUHDVH LQ LQFRPH SHU FDSLWD ZKLFK PHDQV WKDW ZHDOWK
LQFUHDVH LQ OLIH GRHV QRW QHFHVVDULO WUDQVODWH LQWR LQFUHDVHV LQ KDSSLQHVV VHH DOVR
DPSEHOO RQYHUVH DQG 5RGJHUV

Wealth and Happiness, Empirical Evidence from Indonesia

  • 1.
    (UODQJJD $/ HWDO :HDOWK DQG +DSSLQHVV (PSLULFDO (YLGHQFH IURP ,QGRQHVLD KXODORQJNRUQ -RXUQDO RI (FRQRPLFV :HDOWK DQG +DSSLQHVV (PSLULFDO (YLGHQFH IURP ,QGRQHVLD (UODQJJD $JXVWLQR /DQGLDQWR -HIIUH /LQJ 0HJD 3XVSLWDVDUL 6HSWL (ND ,ULDQWL $EVWUDFW /RRNLQJ DW WKH HFRQRPLFV RI KDSSLQHVV LV DQ LQWHUHVWLQJ ZD WR SURYLGH D EURDGHU FRQFHSW RI ZHDOWK ,W JLYHV LQVLJKW RQ UHODWLYH XWLOLW WKDW GRHV QRW GHSHQG H[FOXVLYHO RQ LQFRPH DV PHGLDWHG E LQGLYLGXDO FKRLFHV RU SUHIHUHQFHV ZLWKLQ PRQHWDU EXGJHW FRQVWUDLQWV EXW DOVR FRQVLGHUV QRQ PRQHWDU IDFWRUV 5HFHQW HFRQRPLF VWXGLHV RQ KDSSLQHVV RU VXEMHFWLYH ZHOO EHLQJ PRVW LQ GHYHORSLQJ FRXQWULHV JLYH XV VRPH LQVLJKW RQ ZKDW FRQWULEXWHV WR LQGLYLGXDO·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his paper is personal view of authors and did not represent the views of UNICEF or other United Nations Body. Previous version of this paper was presented at 10th Indonesian Regional Science Association International Conference, July 28-29, 2010, in Surabaya, Thanks in advance for Karen + 6PLWK 1XU +LGDDW DQG 7DX¿N +LGDDW KHOSIXO FRPPHQW 2 6RFLDO 3ROLF 0RQLWRULQJ DQG (YDOXDWLRQ 6SHFLDOLVW RI 81,() 3DSXD 2I¿FH ,QGRQHVLD 3 Research fellow, School of Business and Economics, University Malaysia Sabah, Malaysia 4 Student of Faculty of Economics, Airlangga University 5 Student of Faculty of Economics, Airlangga University
  • 2.
    KXODORQJNRUQ -RXUQDO RI(FRQRPLFV ,QWURGXFWLRQ ´7KRVH ZKR VD WKDW PRQH FDQ·W EX KDSSLQHVV GRQ·W NQRZ ZKHUH WR VKRSµ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
  • 3.
    SRVHG DQ LPSRUWDQW TXHVWLRQ´:LOO UDLVLQJ WKH LQFRPHV RI DOO LQFUHDVH WKH KDSSLQHVV RI DOOµ 7KRXJK PRVW FLWL]HQV DQG HFRQRPLVWV KDYH LPSOLFLWO DVVXPHG WKDW WKH DQVZHU LV ¶HV· WKHRULHV RI UHODWLYH SUHIHUHQFH SUHGLFW WKDW WKH DQVZHU PD EH ¶QR· ,QWXLWLRQ PD RIWHQ FRQWUDVW DJDLQVW WKHRUHWLFDO DQVZHUV DQG WKLV UDLVHG LQWHUHVWLQJ UHVHDUFK TXHVWLRQ LQ WKLV SDSHU SDUWLFXODUO WR D GHYHORSLQJ FRXQWU OLNH ,QGRQHVLD +DSSLQHVV VXUYHV FDQ DOVR EH XWLOL]HG WR JDXJH WKH ZHOIDUH HIIHFWV RI YDULRXV SXEOLF SROLFLHV +RZ GRHV D WD[ RQ DGGLFWLYH VXEVWDQFHV VXFK DV WREDFFR DQG DOFRKRO IRU H[DPSOH DIIHFW ZHOOEHLQJ *UXEHU DQG 0XOODLQDWKDQ
  • 4.
    KDV GRQH RQWKLV VWXG RQ FLJDUHWWH WD[HV VXJJHVWV WKDW WKH QHJDWLYH ILQDQFLDO HIIHFWV PD EH RXWZHLJKHG E SRVLWLYH VHOIFRQWURO HIIHFWV :RUNLQJ RQ KDSSLQHVV UHVHDUFK KDV LQYROYHG ODUJH QXPEHU RI DXWKRUV VRPH DUH 5DR DQG %HFNHU
  • 5.
  • 6.
    VNHWFK WKHRULHV RIKDSSLQHVV DGDSWDWLRQ 7KH UHVHDUFK KLJKOLJKWV IDFWRUV RWKHU WKDQ LQFRPH WKDW DIIHFW ZHOOEHLQJ 7KH HFRQRPLFV RI KDSSLQHVV LV DQ DSSURDFK WR DVVHVVLQJ ZHOIDUH ZKLFK FRPELQHV WKH WHFKQLTXHV WSLFDOO XVHG E HFRQRPLVWV ZLWK WKRVH PRUH FRPPRQO XVHG E SVFKRORJLVWV 7KH HFRQRPLFV RI KDSSLQHVV GRHV QRW SXUSRUW WR UHSODFH LQFRPHEDVHG PHDVXUHV RI ZHOIDUH EXW LQVWHDG WR FRPSOHPHQW WKHP ZLWK EURDGHU PHDVXUHV RI ZHOOEHLQJ 7KHVH PHDVXUHV DUH EDVHG RQ WKH UHVXOWV RI ODUJHVFDOH VXUYHV DFURVV FRXQWULHV DQG RYHU WLPH RI KXQGUHGV RI WKRXVDQGV RI LQGLYLGXDOV ZKR DUH DVNHG WR DVVHVV WKHLU RZQ ZHOIDUH 7KH VXUYHV SURYLGH LQIRUPDWLRQ DERXW WKH LPSRUWDQFH RI D UDQJH RI IDFWRUV ZKLFK DIIHFW ZHOOEHLQJ LQFOXGLQJ DVVHW EXW DOVR RWKHUV VXFK DV KHDOWK PDULWDO HGXFDWLRQ DQG DJH
  • 7.
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
  • 8.
    VXJJHVWHG D WHVWIRU ZKHWKHU JUHDWHU ULFKHV KDG PDGH $PHULFDQV KDSSLHU +H ORRNHG DW ZKHWKHU UHSRUWHG KDSSLQHVV URVH DV QDWLRQDO LQFRPH GLG +LV SDSHU FRQFOXGHV ´ LQ WKH RQH WLPH VHULHV VWXGLHG WKDW IRU WKH 8QLWHG 6WDWHV VLQFH KLJKHU LQFRPH ZDV QRW VVWHPDWLFDOO DFFRPSDQLHG E JUHDWHU KDSSLQHVVµ S
  • 9.
    7KLV UHVXOW ZRXOGVXJJHVW WKDW HFRQRPLF JURZWK KDG IDLOHG WR EX ZHOOEHLQJ $ QXPEHU RI VRFLDO REVHUYHUV KDYH SRLQWHG RXW WKDW WKH HQRUPRXV LQFUHDVHV LQ LQFRPH LQ WKH LQGXVWULDO GHPRFUDFLHV RYHU WKH ODVW FHQWXU GR QRW VHHP WR EH DFFRPSDQLHG E GLIIHUHQFHV LQ OHYHOV RI KDSSLQHVV ,Q D VHPLQDO SDSHU (DVWHUOLQ
  • 10.
    VKRZHG WKDW RQHFRXOG DSSURDFK WKHVH LVVXHV XVLQJ ZKDW DUH QRZ FDOOHG ´KDSSLQHVV GDWDµ QDPHO WKH UHVSRQVHV WKDW LQGLYLGXDOV JLYH FRQFHUQLQJ D VLPSOH ZHOOEHLQJ TXHVWLRQ VXFK DV ´$UH RX +DSSµ 8VLQJ GDWD IRU WKH 86 KH VKRZHG WKDW KDSSLQHVV UHVSRQVHV LQ D SDUWLFXODU HDU ZHUH SRVLWLYHO FRUUHODWHG ZLWK DQ LQGLYLGXDO·V LQFRPH %XW RYHU WLPH WKH DYHUDJH KDSSLQHVV UHVSRQVH ZDV XQWUHQGHG LQ VSLWH RI D VKDUS LQFUHDVH LQ DYHUDJH LQFRPH OHYHOV 0RUH UHFHQWO %ODQFKIORZHU DQG 2VZDOG
  • 11.
    KDYH VKRZHG DVLPLODU SDWWHUQ IRU WKH SHULRG IROORZLQJ WKH SXEOLFDWLRQ RI (DVWHUOLQ·V SDSHU VHH DOVR (DVWHUOLQ
  • 13.
    6LPLODU ILQGLQJV RUILQGLQJV ZLWK YHU VOLJKW GHWHFWDEOH WUHQGV KDYH EHHQ REVHUYHG LQ D YDULHW RI FRXQWULHV VHH IRU H[DPSOH 9HHQKRYHQ
  • 14.
  • 15.
  • 16.
  • 17.
    DYHUDJH KDSSLQHVV UHPDLQVUHODWLYHO FRQVWDQW RYHU WLPH LQ VSLWH RI ODUJH LQFUHDVH LQ LQFRPH SHU FDSLWD ZKLFK PHDQV WKDW ZHDOWK LQFUHDVH LQ OLIH GRHV QRW QHFHVVDULO WUDQVODWH LQWR LQFUHDVHV LQ KDSSLQHVV VHH DOVR DPSEHOO RQYHUVH DQG 5RGJHUV