8QLYHUVLGDGGH1DYDUUD

1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

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6HWUDWDGHUHIUHQWDUWRWDOPHQWHKDVWDHOFHQWURXQGLVFRPDFL]RGHPPGHGLiPHWURGDQGRXQDSDVDGD
FRQ XQD SURIXQGLGDG GH  PP 6H HPSOHDUi SDUD HOOR XQ WRUQR &1& FRQ JDPD FRQWLQXD GH YHORFLGDGHV GH
KXVLOOR SULQFLSDO HO GHO FDEH]DO FRPSUHQGLGD HQWUH  \  USP \ FRQ JDPD FRQWLQXD GH YHORFLGDGHV GH
FDUURV[]FRPSUHQGLGDVHQWUH\PPLQ
/DFDUDFWHUtVWLFDSRWHQFLDQRPLQDOYHORFLGDGGHOKXVLOORSULQFLSDOHVWiUHSUHVHQWDGDHQODILJXUD6XUHQGLPLHQWR
HVGHO
6H WUDEDMDUi FRQ YHORFLGDG GH FRUWH FRQVWDQWH GH  PPLQ UHFRPHQGDFLRQHV GHO IDEULFDQWH GH OD
KHUUDPLHQWDPLHQWUDVHOGLiPHWURGHODSLH]D\ODVUHYROXFLRQHVGHOKXVLOORSULQFLSDOORSHUPLWDQ
6HWUDEDMDUiGXUDQWHWRGDODRSHUDFLyQFRQDYDQFHSRUYXHOWDFRQVWDQWH
/DSLH]DWLHQHXQDS 1PP 


/DUXJRVLGDG5 GHODSLH]DGHEHVHUFRPRPi[LPRGHPLFUDVVLHQGR5 D  .0U\.0 

6


/DVFDUDFWHUtVWLFDVGHODKHUUDPLHQWDVRQU PP. ž.¶ žg ž\ a ž

D D I


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 'LEXMDUODVJUiILFDVGH19 9 3 HQIXQFLyQGHOGLiPHWURGHODSLH]D\FDOFXODUHOWLHPSRGHUHIUHQWDGR
VDELHQGRTXHpVWHGHEHVHUHOPtQLPRTXHSHUPLWDQODVUHVWULFFLRQHVGHUXJRVLGDGSRWHQFLD\YHORFLGDGHV
[ F F

GHFDUURV\GHKXVLOORSULQFLSDO1RWRPDUFUHFHV

 'LEXMDUXQHVTXHPDGHODLQWHUDFFLyQSLH]DKHUUDPLHQWD\DSR\iQGRVHHQpOGHGXFLUDSDUWLUGHTXpYDORU
GHO GLiPHWUR WDORQD HO ILOR SULQFLSDO GH OD FXFKLOOD 6XSRQHU TXH OD KHUUDPLHQWD WLHQH SXQWD WRWDOPHQWH
DJX]DGDU 

 'HFLUDSDUWLUGH TXp GLiPHWURWDORQDHOILORVHFXQGDULR'DU XQD H[SOLFDFLyQ6XSRQHUTXH ODKHUUDPLHQWD
WLHQHSXQWDWRWDOPHQWHDJX]DGDU 

N:

3RWHQFLDN:

h 


  
1USP

3XQWXDFLyQSXQWRVSXQWRVSXQWRV


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'XUDQWH HO UHIUHQWDGR SDUD PDQWHQHU OD YHORFLGDG GH FRUWH FRQVWDQWH FRQIRUPH GLVPLQX\H HO GLiPHWUR
DXPHQWDODYHORFLGDGGHJLURKDVWDTXHVHDOFDQ]DODYHORFLGDGGHJLURPi[LPDGLVSRQLEOHHQXQGLiPHWUR
G 


9& =  P  PLQ 

3DUD 1 0È; =  USP HOGLiPHWURG VHUiLJXDOD

9&  P  PLQ

G = = =  P =  PP 
p ¼ 1 0È; p ¼  USP
3RUHOORHOPHFDQL]DGRVHUHDOL]DUiGHODVLJXLHQWHPDQHUD

'HVGH«D«G  9& = FWH =  P  PLQ 

'HVGH«G D« 1

= FWH =  USP 

(OWLHPSRGHPHFDQL]DGRVHFDOFXODFRPR

W = W , + W ,, 

VLHQGR
GU GU GU  ¼ p ¼ U ¼ GU
GW , = - =- =- =- 
9I DI ¼ 1 9& D I ¼ 9&
DI ¼
¼p¼U


 ¼ p ÎU Þ ÎË ' Û  Ë G Û  Þ
×
¼p p
W, = - U ¼ GU = - = ÏÌ Ü - ÌÌ ÜÜ ß 
G  

Ï ß
G  

D I ¼ 9& ' D I ¼ 9& Ð  à '   D I ¼ 9& ÏÐÍ  Ý Í  Ý ßà

\
G
W ,, =  
D I ¼ 1 0È;

3DUD FDOFXODU HO WLHPSR GH PHFDQL]DGR HV QHFHVDULR FRQRFHU HO DYDQFH 3DUD HOOR VH DSOLFDQ ODV
UHVWULFFLRQHV

D  ¼ U ¼  ¼  -  ¼  ¼  ¼  -
5 D = .0 I ˆ  ¼  - PP  DI ˆ = =  PP 


œ
 ¼ U .0 

œ 6H DSOLFD OD UHVWULFFLyQ GH SRWHQFLD HQ OD SRVLFLyQ PiV GHVIDYRUDEOH GXUDQWH HO UHIUHQWDGR (VWD
VLWXDFLyQVXFHGHSDUD«PP

 P  PLQ
(Q ' =  PP ODYHORFLGDGGHJLURHV 1 = =  USP 
p ¼  P

/DSRWHQFLDGLVSRQLEOHSDUDHVDYHORFLGDGHV 3GLVS = ¼  ¼   ¼  =  : 

/DSRWHQFLDGHFRUWHHQHVHLQVWDQWHHVLJXDOD
1 P  PLQ
3& = S 6 ¼ D I ¼ D 3 ¼ 9& =  ¼  PP ¼ D I ¼  ¼ ˆ  : 
PP 
PLQ  V
 GHGRQGH D I ˆ  PP TXHHVPiVUHVWULFWLYDTXHODFRQGLFLyQGHUXJRVLGDG

 œ 6HFRPSUXHEDTXHODVYHORFLGDGHVGHDYDQFHPi[LPD\PtQLPDSDUD D I =  PP 
PP
9;Pi[ = D I ¼ 1 0È; =  PP ¼  USP =  
PLQ
PP
9;PtQ = D I ¼ 1 0Ë1 =  PP ¼  USP =  
PLQ
HVWiQGHQWURGHODJDPDGHYHORFLGDGHVGHDYDQFHGLVSRQLEOHPPLQ

3RUWDQWRVHWRPD D I =  PP 6XVWLWX\HQGRHOYDORUGHODYDQFHHQODVH[SUHVLRQHVDQWHULRUHVGH W , \
W VHREWLHQHHOWLHPSRGHUHIUHQWDGR

,,

p ÎË  Û  Ë  Û  Þ
W, = ÏÌ Ü -Ì Ü ß PP =  PLQ 
PP ÏÍ  Ý Í  Ý àß


 PP ¼  ¼   Ð
PLQ

 PP
W =  =  PLQ 
 PP ¼  USP
,,


W =  +  =  PLQ 



 
9 PPPLQ

1USP

 
 
     
GPP GPP
 
 :

9 PPLQ

3 :

&
&

 
     
GPP GPP
 







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7DORQDVL h > a I  (WDQ h ˜ WDQ a I ) 


9I D ¼1 D D  PP
WDQ h = = I = I ˜ WDQ a I    Gˆ = =  PP 
9& p ¼ G ¼ 1 p ¼ G p ¼ WDQ a p ¼ WDQ 
I


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