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7HFQRORJtDGH)DEULFDFLyQ 3UREOHPDV

 KRUDV 


6H WUDWDGHUHFWLILFDUXQORWHGHFLOLQGURVGHPPGHGLiPHWURFRQVLVWLHQGRODRSHUDFLyQHQ
HOLPLQDU XQ HVSHVRUGHPPGHODEDVH
6H FRQVLGHUDQGRVPiTXLQDV
 $ 5HFWLILFDGRUDFLOtQGULFDGHLQWHULRUHVFRQPXHODGHUHIUHQWDUWLSRYDVRGHPPGH
GLiPHWUR H[WHULRU /D YHORFLGDG WUDQVYHUVDO GH OD PXHOD HOHJLGD HV GH  PPPLQ \ HO
DYDQFHD[LDOGHPPGREOHFDUUHUD6HWRPDUiQFUHFHVGHPPDODHQWUDGD\DODVDOLGD
GH OD PXHOD'HVSXpVGHUHDOL]DUODVFDUUHUDVQHFHVDULDVHODSDJDGRGHFKLVSDGXUDUiPLQ
6H SLGH
 $ 
 7LHPSR GH PHFDQL]DGR VLQLQFOXLUWDS 
 'LEXMDUODWUD\HFWRULDTXHPDUFDODPXHODVREUHODSLH]D
 &DOFXODUHOSDVRGHGLFKDWUD\HFWRULDVDELHQGRTXHODYHORFLGDGGHJLURGHOD
SLH]DHVGHUSP
 $ 
 &DOFXODUHOFDXGDOGHYLUXWDPHGLR LQFOX\HQGRWDS 
 &DOFXODU HO FDXGDO GH YLUXWD Pi[LPR VDELHQGR TXH HQ OD FDUUHUD GH LGD
GHELGR D ODV GHIRUPDFLRQHV HOiVWLFDV VH HOLPLQD VRODPHQWH HO  GH OD
SURIXQGLGDGGHSDVDGDRDYDQFHD[LDOVHOHFFLRQDGRV
 'HGXFLU OD H[SUHVLyQ GHO WLHPSR QHFHVDULR SDUD PHFDQL]DU XQ ORWH GH 1S
SLH]DV 7/ VDELHQGRTXHHOWLHPSRGHSXHVWDDSXQWRGHODPiTXLQDHVGH
PLQORWHHOWLHPSRGHDPDUUH\VXHOWDGHSLH]DHVGHPLQ\TXHGHVSXpV
GHUHFWLILFDUSLH]DVODPXHODGHEHVHUUHDILODGD\HOORLPSOLFDPDQWHQHUOD
PiTXLQDLQDFWLYDGXUDQWHPLQXWRV

 %  5HFWLILFDGRUDFRQPHVDPDJQpWLFDKRUL]RQWDO\JLUDWRULDGHGLiPHWURPPTXH
JLUD D  USP\WLHQHPXHODGHYDVRGHPPGHGLiPHWURH[WHULRU\HMHYHUWLFDO6REUHOD
PHVDVHDPDUUDQSLH]DVHQXQDFLUFXQIHUHQFLDGHPPGHGLiPHWUR(ODYDQFHD[LDOGH
ODPXHODVREUHODSLH]DVHUHDOL]DDYHORFLGDGFRQVWDQWHGHPPPLQ
6HSLGH
 % 
 &DOFXODUHOWLHPSRGHPHFDQL]DGR VLQLQFOXLUWDS 
 HOQ~PHURWRWDOGHYXHOWDVTXHGDODPHVD\
 HOYDORUGHODYDQFHD[LDO
 % 
 &DOFXODUHOFDXGDOPHGLR LQFOX\HQGRWDSTXHHQHVWHFDVRHVWDPELpQGH
PLQ 
 &DOFXODU HO FDXGDO Pi[LPR VDELHQGR TXH GHELGR D ODV GHIRUPDFLRQHV
HOiVWLFDVVHHOLPLQDVRODPHQWHHOGHODSURIXQGLGDGGHSDVDGDRDYDQFH
D[LDO
 &DOFXODU D SDUWLU GH TXp Q~PHUR GH SLH]DV HVWD VROXFLyQ HV PiV UiSLGD
VDELHQGRTXHHOWLHPSRGHSXHVWDDSXQWRGHODPiTXLQDHVGHPLQORWH
HO WLHPSR GH DPDUUH GH ODV  SLH]DV HV GH  PLQXWRV \ TXH OD PXHOD VH
UHDILOD FDGD  SLH]DV \ TXH HO WLHPSR GH UHDILODGR PDQWLHQH OD PiTXLQD
LQDFWLYDGXUDQWHPLQ(OWLHPSRGHDSDJDGRGHFKLVSDGXUDPLQ
3B)(%B



$ 
f 

PP W DS =  PLQ


$ 
 
/DH[SUHVLyQGHWPHV
W P = W GF ¼ 1 GF  PPPLQ
GRQGH 
 +  +  +   PPGF
W GF =  ¼ = 
 
 
1 GF = =  

OXHJRWPYDOGUi
 
WP = =  PLQ



 

IX
YX

1S



  (OSDVRGHODWUD\HFWRULDGHVFULWDSRUODPXHODYDOGUi
 PP  PLQ
IX = YX ¼ =  ¼ =  PPYWD
1S PLQ  YWD


$ 
  (OFDXGDOPHGLRGHYLUXWDYDOGUi

 
9YLUXWD p¼ ¼ 

=Z = = =  PPPLQ
W RS  + 


  /DH[SUHVLyQGH=ZHV
=Z = N ¼ IX ¼ I] ¼ p ¼ G S ¼ 1 S 

GRQGHOD~QLFDYDULDEOHHVGS PP OXHJR


PP YWD
Z = N ¼ IX ¼ I] ¼ p ¼ G S
= PD[ ¼ 1 S =  ¼  ¼ PP ¼ p ¼ PP ¼  =
YWD PLQ 
= PP  PLQ
PD[


 (OWLHPSRUHTXHULGRSDUDPHFDQL]DUXQORWHGH1SSLH]DVVHREWLHQHGH
1S PLQ PLQ
7/$ = W SS  W D ¼ 1 S  W P ¼ 1 S  W DS ¼ 1 S  W UHDI ¼ =  +  ¼ 1S +
 ORWH SLH]D

PLQ PLQ PLQ 1 S UHDI
   ¼ 1 S +  ¼ 1 S   ¼ =  + 1 S
SLH]D SLH]D UHDI  ORWH


% 

f 

f



f 


% 
  (OWPYDOGUiHQHVWHFDVR
DS PP
WP = = =  PLQ
Y] PP  PLQ



 6LODYHORFLGDGGHJLURGHODPHVDHVUSPHQWRQFHV
YXHOWDV £ PLQ
\ [ =  YXHOWDV
[YXHOWDV £ PLQ

  (ODYDQFHD[LDOGHODPXHODYDOGUi
 PP  PLQ
I] = Y] ¼ =  ¼ =  PPYWD
10 PLQ  YWD

% 
  (OFDXGDOPHGLRGHYLUXWDYDOGUi

p ¼  
9YLUXWD  ¼ ¼ 

=Z = = =  PPPLQORWH
W RS  + 


 
f
f

p 
 

&RQVLGHUDQGRTXHHQXQPRPHQWRGDGRHVWDVLHQGRPHFDQL]DGDXQDVRODSLH]D





Y[ Y[





PP YWD
= PD[ = N ¼ ' S ¼ I ] ¼ Y 0 =  ¼ PP ¼  ¼ p ¼ PP ¼  =
Z
YWD PLQ 
= PP   PLQSLH]D




 (OWLHPSRGHPHFDQL]DGRGHXQORWHGH1SSLH]DVYDOGUi
1S 1S 1S 1S PLQ 1S
7/% = W SS + W D ¼ + WP ¼ + W DS ¼ + W UHDI ¼ =  +  ¼
    ORWH  
1S 1S PLQ 1S UHDI
+ ¼ +  ¼ +  ¼ =  + 1 S
  UHDI  ORWH


7/$ &RPRVHJ~Q GH$ 
7/%
 7/$ =  + 1 S 

LJXDODQGR ODV GRV H[SUHVLRQHV VH


 REWLHQH
1 S =  SLH]DV
  





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