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FiVFDUD QRV GHPXHVWUDQ TXH pVWD VH HQVDQFKD HVWH FRPSRUWDPLHQWR QR GHEH VHU UHVWULQJLGR HO
VDWLVIDFHUDPEDVFRQGLFLRQHVQRVOOHYDDFRQGLFLRQHVGHYtQFXORGLItFLOHVGHPDWHULDOL]DUHQXQD
HVWUXFWXUDTXHGHEDVHUPX\UtJLGD3RUORJHQHUDOVHXWLOL]DQF~SXODVGHPDWUL]HVIpULFDSHURQR
VHPLHVIHUDVFRPSOHWDVFRQORFXDOORVHVIXHU]RV1QROOHJDQDODSR\RHQGLUHFFLyQYHUWLFDOVLQR
REOLFXD UHTXLULHQGR FRPSRQHQWHV KRUL]RQWDOHV \ YHUWLFDOHV ODV YHUWLFDOHV VH FRQWUDUUHVWDQ FRQ
DSR\RVDWDOHIHFWR\ODVKRUL]RQWDOHVPHGLDQWHXQDQLOORGHFRPSUHVLyQRWUDFFLyQVHJ~QDTXH
DOWXUDVHKDFRUWDGRODHVIHUD(VWHDQLOORGHEHUiSHUPLWLUODGLODWDFLyQRFRPSUHVLyQGHODFiVFDUD
DODYH]TXHJHQHUDUiODFRPSRQHQWHQHFHVDULDSDUDUHVSRQGHUMXQWRFRQODFRPSRQHQWHYHUWLFDOD
ODVH[LJHQFLDVGH16LORTXHGHVHDPRVHVSUDFWLFDUXQDDEHUWXUDFHQLWDOQXHYDPHQWHHODQLOOR
VHUiORTXHSHUPLWDVXSODQWDUDODVXSHUILFLHGHFiVFDUDTXHKDVLGRUHWLUDGD
)LQDOPHQWHFRPSDUHPRVORVUHVXOWDGRVREWHQLGRVSRUPHGLRGHODWHRUtDPHPEUDQDO\DTXHOORV
SURYHQLHQWHVGHORVDUFRVVXSRQJDPRVTXHWHQHPRVXQDHVWUXFWXUDFRQXQHVSHVRUUDGLR\FDUJD
FRPRORVVLJXLHQWHV





U = PH = P36 = 

NJ

P


/DFDUJDSURSXHVWDUHVXOWDVHUXQDSRQGHUDFLyQGHODVFDUJDVGHSHVRSURSLR\GHQLHYHVHJ~QOD
WHRUtDPHPEUDQDOWHQGUtDPRV

NJ
  P
36 U
NJ
P
1 =
=
=  


P

&DOFXODPRVILQDOPHQWHODWHQVLyQHQODHVWUXFWXUD

NJ

1
P =  NJ  NJ 
= =
H
P
P
FP 

3ODQWHiQGRORFRPRXQDUFRWHQGUtDPRV

NJ

  (P )
TO 
P
P = NJP 
P =
0=



/DWHQVLyQVHUi

0
NJP
NJ
=
=   
=

: P(P )
FP


&RPR YHPRV ODV GLIHUHQFLDV VRQ PX\ QRWRULDV 7UDWiQGRVH GH OD YHULILFDFLyQ GH XQD F~SXOD
H[LVWHQWH SRGHPRV YHU TXH ODV SUHGLFFLRQHV EDVDGDV HQ OD WHRUtD GH DUFRV QRV OOHYDUiQ FRQ
FODULGDGDXQDEVXUGRORVPDWHULDOHV\ORVHVSHVRUHVXWLOL]DGRVHQODSUiFWLFDMDPiVSHUPLWLUtDQ
ODV WHQVLRQHV TXH VH REWLHQHQ GH ORV FiOFXORV FRQWUDGLFLHQGR OR TXH HVWi DQWH QXHVWURV RMRV
IXQFLRQDQGR 3RU RWUD SDUWH VL HO SUREOHPD VH WUDWD GH GLPHQVLRQDPLHQWR YHPRV TXH HO XVR GH
XQDXRWUDWHRUtDSURGXFHUHVXOWDGRVPX\GLVtPLOHVHQFXDQWRDOHVSHVRUGHODF~SXODSHUPLWLHQGR
FRQODWHRUtDPHPEUDQDOXQPiVDFDEDGRXVRGHORVPDWHULDOHV3RGHPRVGHFLUQXHYDPHQWHTXH
XQDFiVFDUDQRVHSXHGHPRGHODUFRPRXQDVHULHGHDUFRVLQGHSHQGLHQWHV

&iVFDUDVGHWUDVODFLyQODVFiVFDUDFLOtQGULFRFLUFXODU

/DWHRUtDPHPEUDQDOQRVSHUPLWHDGHPiVGHOFDVRFLWDGRDQWHULRUPHQWHHODQiOLVLVGHRWURWLSR
GH HVWUXFWXUDV SRU HMHPSOR ODV FiVFDUDV GH WUDVODFLyQ (VWDV VXUJHQ DO WUDVODGDU XQ ILJXUD D OR
ODUJRGHXQHMH&RPRSULPHUFDVRWRPHPRVODTXHVXUJHGHWUDVODGDUXQFtUFXORRXQDVHFFLyQGH
pO/DJHRPHWUtDVHUtDODVLJXLHQWH






/DVFDUJDVDSOLFDGDVWHQGUiQODVVLJXLHQWHVFRPSRQHQWHVSDUDHOFDVRGHOSHVRSURSLR

3[ = 

3\ = 33 V FRV  


SDUDODQLHYH

3] = 33 VLQ 
3[ = 

3\ = 36 FRV VLQ  

3] = 36 VLQ  

3ODQWHHPRVDKRUDHOHTXLOLEULRGHXQHOHPHQWRGHFiVFDUDSDUDHOORSRQHPRVGHPDQLILHVWRHQpO
ORVHVIXHU]RVLQWHUYLQLHQWHV









1 GV +

GV
GV +
G

1 GV

\
]

1 V UG

UG


G
GV

1 6 UG
GV
1 V UG +
GV

V
UG
UG +
GV

1 GV
V



6HGHPXHVWUDDOSODQWHDUODVHFXDFLRQHVGHPRPHQWRTXHODVWHQVLRQHVWDQJHQFLDOHVVRQLJXDOHV
HQFDUDVSHUSHQGLFXODUHVFRQORFXDODOPHQFLRQDUODVVRORKDUHPRVUHIHUHQFLDD &RQWLQXDQGR
ODHFXDFLyQGHHTXLOLEULRHQODGLUHFFLyQ[VHUi

1 V

UG GV + G GV =  


V




(QODGLUHFFLyQ\WHQGUHPRV

1

UG GV + 3\ UG GV =  

V

3DUDSODQWHDUHOHTXLOLEULRHQ]GHEHPRVWHQHUHQFXHQWDTXHORVHVIXHU]RV1HQODVFDUDVGRQGH
DFW~DQQRVRQFROLQHDOHVFRQORFXDODSDUHFHHQXQDFRPSRQHQWHHQODGLUHFFLyQHVWXGLDGDHVWH
IHQyPHQR\DVHKDEtDSUHVHQWDGRSDUDHOFDVRGHODVFiVFDUDVHVIpULFDVJUiILFDPHQWH



G
G
1 GV
1 GV
1 GV
1 GV





G



7HQHPRVHQWRQFHV

G
 1 GV
+ 3] UG GV =  


6LGLYLGLPRVODVWUHVHFXDFLRQHVSRUGGVWHQGUHPRV


1 V
V U+ = 

1
+ U+ 3\ U=  

V

1 + 3] U = 






GVG +

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