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7HFQRORJtDVGH)DEULFDFLyQ 3UREOHPD

7LHPSRK GH)HEUHUR

6HGHVHDGDUXQDSDVDGDGHIUHVDGRWDQJHQFLDODODFDUDGH[PP GHXQDSLH]D3DUD


HOOR VH HPSOHD XQD IUHVD GH  PP GH GLiPHWUR  PP GH ORQJLWXG  ILORV \ ORV
VLJXLHQWHViQJXORV. ž.¶ žg ž\l ž
/DSLH]DHVGHDOXPLQLR S 1PP 
U U 6


/DSURIXQGLGDGGHSDVDGDHVGHPP
6

/DPiTXLQDHVXQDIUHVDGRUDFRQYHQFLRQDOTXHSRVHHODVLJXLHQWHJDPDGHYHORFLGDGHVGH
JLURGHIUHVD\USP\XQDJDPDGHYHORFLGDGHV
GHDYDQFHGHPHVDGH\PPPLQ
/DVUHVWULFFLRQHVGHOSURFHVRVRQ
 3RWHQFLDGHOFDEH]DOSRUWDIUHVDVN:\h 
 9 PPLQ
 ) 1
F


F

6HSLGH
   9HORFLGDG GH DYDQFH GH OD PHVD \ YHORFLGDG GH JLUR GH OD IUHVD SDUD TXH HO
WLHPSRGHPHFDQL]DGRVHDPtQLPR SXQWRV 
  9DORUGHODUXJRVLGDGPHGLDWHyULFD'LEXMDUHOiQJXOR. \GHFLUVLHOiQJXOR.¶ 
DIHFWD D OD UXJRVLGDG GH HVWD SLH]D 'HFLU VL KD\ UHFXEULPLHQWR GHGXFLHQGR OD IyUPXOD
U U

DGHFXDGD SXQWRV 

'DWRV7DEODVSDUDFiOFXORGHSRWHQFLDSRUHOPpWRGR6$1'9,.


3B)(%BB(63


 9 \1SDUDTXHW VHDPtQLPR
1 
; P

)UHVDGR7DQJHQFLDO

)

D
*DPDGLVFUHWDGHYHORFLGDGHVGHJLUR
1 Ÿ (         ) USP  q¶
&Pi[


q
 D / q


*DPDGLVFUHWDGHYHORFLGDGHVGHDYDQFHGHPHVD
3 <

9I Ÿ (        )




PP
 D
PLQ
5HVWULFFLRQHV
&Pi[


5   < 9& <  P  PLQ 
 P  PLQ
9& = p ¼ ' ) ¼ 1  1> =  USP 
p ¼  ¼  - P
        < 1 <  USP 
 P  PLQ
   1< =  USP 
p ¼  ¼  - P

/D~QLFDYHORFLGDGGHJLURGLVSRQLEOHHQODJDPDTXHFXPSOHODUHVWULFFLyQGHYHORFLGDGGH
FRUWHHVODYHORFLGDGGHUSP3RUWDQWR

1 =  USP 

5  )& = S 6 ¼ $ & = S 6 ¼ D & ¼ D : “ )&Pi[ = S 6 ¼ D &Pi[ ¼ D : 
$OQRWHQHUODIUHVDORVILORVUHFWRVHOHVSHVRUGHYLUXWDHOLPLQDGRHQFDGDLQVWDQWHYDUtDD
ORODUJRGHOILOR(QODILJXUDGHVDUUROODQGRHOiUHDGHFRUWHVHUHSUHVHQWDODVLWXDFLyQPiV
GHVIDYRUDEOH HQ OD FXDO XQRGHORVH[WUHPRVGHOILORHVWiHOLPLQDQGRHOHVSHVRUGHYLUXWD
Pi[LPR 6LQ HPEDUJR HO RWUR H[WUHPR HVWi HOLPLQDQGR XQ HVSHVRU GH YLUXWD PHQRU 6H
FDOFXODHOHVSHVRUGHYLUXWDPHGLRSDUDHVWDVLWXDFLyQ
/=ÂWDJl6 5 q¶5q

/ =
l 6

D:

5q



5 - D 3  - 
FRV q = = =  “ q = ž =  UDG 
5 
/ ¼ WDJ l 6
/ = ¼ WDJ l 6 = 5 ¼ q
“ q
= = =  UDG 
5
q  = q - q
=  -  =  UDG = ž 

D & = D I ¼ VHQ q = D I ¼ VHQ  
D &  = D I ¼ VHQ q  = D I ¼ VHQ  

D + D &
D & = & =  ¼ D I 


/DIXHU]DGHFRUWHSDUDHVWDSRVLFLyQGHOILORYDOH

/= 1  PP
)& = S 6 ¼ D : ¼ D & = S 6 ¼ ¼ D & =  ¼ ¼  ¼ D I ˆ  1 
FRV ž PP  FRV 

D I ˆ  PP 

9; = 1 I ¼ D I ¼ 1 ˆ  ¼  PP ¼  USP =  PP  PLQ 

'HODJDPDGHYHORFLGDGHVGHDYDQFHVHWRPD 9; =  PP  PLQ 6HFRPSXHEDTXHKD\
SRWHQFLDGLVSRQLEOH

9;  PP  PLQ
DI = = =  PP 
1I ¼ 1  ¼  USP

5 
&RPSUREDQGRODSRWHQFLDGLVSRQLEOH 3& = S 6 ¼ N  ¼ N  ¼ / ] ¼ / < ¼ 9; ˆ  ¼  ¼ : 

¼DI ¼ /<  - FRV q
N  = I D &   D& = = DI ¼ 
q ¼ ') q
&RPRVHKDPHQFLRQDGRDQWHULRUPHQWHDOVHUORVILORVLQFOLQDGRVHOHVSHVRUEDUULGRSRUHO
ILORHQFDGDSXQWRYDUtD3RUHOORVHFDOFXODHOHVSHVRUPHGLRGHYLUXWDSDUDXQiQJXOR q 
TXHHVHOYDORUPHGLRHQWUH q \ q  

q + q
q=  = ž 


D & =  ¼
( - FRV )
=  PP “ .  =  
p



N  =  - [ -  - g ] =  - [ -  -  ] =  





1 PP P  PLQ
3& =  ¼ ¼  ¼ PP ¼ PP ¼  ¼ - =  : ˆ  ¼  ¼  :
PP 
PLQ PP  V

+D\SRWHQFLDGLVSRQLEOH3RUORWDQWR

9; =  PP  PLQ 

1 =  USP 


 
D  
5 7D = I = =  ¼  - PP 
G 
 ¼  ¼
 
I
5 DU = =  ¼  ¼  - =  ¼ - PP 


G



(OiQJXOR . ‡U QRDIHFWDDODUXJRVLGDG\DTXHODKHUUDPLHQWDFRUWDFRQODSHULIHULD\QRFRQ
ODEDVH


'HFLUVLKD\UHFXEULPLHQWR


5q  6L ; > 5 (QY - q)   FRUWDQQRQ

5Y 5Y 
;
WDJ l 6 =   ; = / = ¼ WDJ l 6 
/=

l6 
/ = ¼ WDJ l 6 > 5 (QY - q ) “ Q < ÌÌ =
Ë / ¼ WDJ l 6 Û 
+ q ÜÜ 
/ Í 5 ÝY

=

  p
Y= = = ž =  =  
1)  
Ë  ¼ WDJ  p Û 
; Q<Ì +  Ü =  
Í     Ý 

/XHJRFRUWDQR+D\UHFXEULPLHQWR


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