8QLYHUVLGDG1DFLRQDOGH,QJHQLHUtD 

)DFXOWDGGH,QJHQLHUtD0HFiQLFD 3$
ÈUHDGH&LHQFLDV%iVLFDV\+XPDQLGDGHV

62/8&,21$5,2'(/$
35,0(5$35È&7,&$&$/,),&$'$
&$/&8/2180(5,&20%

6RORVHSHUPLWHHOXVRGHXQDKRMDGHIRUPXODULR

3UREOHPD
$8VHHOPpWRGRGH*DXVV-RUGDQSDUDHQFRQWUDUODLQYHUVDGHODVLJXLHQWHPDWUL]
ª    º
«P    »»
« 
« P   »
« »
« P   »
«¬  P   »¼
6ROXFLyQ

ª     º
« P    »»
« 

«P  P  P   »
« »
« P P  P   »
«¬P P   P   »¼

%'DGDODVLJXLHQWHPDWUL]
ª           º
«           »»
«
$ «           »
« »
«           »
«¬          »¼
,QGLTXHXQDVRODRUGHQHQ0DWODESDUDREWHQHUODVLJXLHQWHPDWUL]DSDUWLUGH$
ª         º
«         »
« »
«         »
« »
¬         ¼

6ROXFLyQ

>$>>HQG@@$@

& 'HVDUUROOH XQD IXQFLyQ OODPDGD ³ QW´ TXH UHWRUQH HO Q~PHUR GH WpUPLQRV QHFHVDULRV SDUD
DSUR[LPDUHOQ~PHUR S KDVWDQFLIUDVGHFLPDOHVH[DFWDVXVDQGRODVLJXLHQWHVHULH
§     ·
S ¨     
©     ¹̧
6ROXFLyQ

Q FLIUDVVLJQLILFDWLYDV
IXQFWLRQ\ QWQ
\ 
HUURU 
W 
V W
ZKLOHHUURU! AQ
WV  A\ \
HUURU DEVWV
W WV
V VW
\ \
HQG

''DGRHOVLJXLHQWHQ~PHURH[SUHVDGRHQIRUPDWR,(((GHVLPSOHSUHFLVLyQ

$TXHGHFLPDOUHSUHVHQWD"

6ROXFLyQ

; [ [ 

;  

3UREOHPD

(O HQVD\R GH GXUH]D %ULQHOO LQYROXFUD OD FRPSUHVLyQ GH XQD EROD GH DFHUR GH FDUEXUR GH
WXQJVWHQRGHXQGLiPHWUR'H[DFWDPHQWHGHPPFRQWUDXQDVXSHUILFLHFRQXQDFDUJD3HQ
1HZWRQV GH  “   VL G HV  PP PHGLGR FRQ XQD SUHFLVLyQ GH  PP G HV HO
GLiPHWURGHODKXHOODLPSUHVDHQODVXSHUILFLHGHOPDWHULDOKDHQVD\DUHQWRQFHVHOQ~PHUR GH
GXUH]D%ULQHOO+%VHUi

 
3
+%
S' '  '   G 
&RQVLGHUHTXHΠWLHQHVXVFLIUDVGHFLPDOHVH[DFWDV
D $SUR[LPH+%
E (VWLPHHOHUURUDEVROXWRGHODDSUR[LPDFLyQ+%
F (VWLPHHOUDQJRSDUDHOYDORUH[DFWRGHODGXUH]D+%

6ROXFLyQ

' 
3  [ 3  G  [ G  S  [ S  [  
  
3
+% 
S' '  '   G 

 
w+% 

w3 S' '  '   G 

 
w+%  3

wS S ' '  '  G 


 
w+%   3'

wG S' '  '  G  

' G
 

w+% w+% w+%

[ +% [3 [S  [G 
w3 wS wG

+%  r 
 d +% d 

3UREOHPD

(QXQDUHYLVWDGHSDVDWLHPSRVLQIRUPiWLFRVOODPDGD&RPSX9LFLRKHPRVHQFRQWUDGRHOVLJXLHQWH
3XSL1~PHURVGHGtJLWRVELQDULRV

$ % & ' ( ) * +
$        
%        
&        
'        
(        
)        
*        
+        

(QGLFKR3XSL1~PHURVVHSXHGHOHHUXQQ~PHURHQFDGDFROXPQDGHDUULEDDEDMR\WDPELpQHQ
FDGD ILOD GH L]TXLHUGD D GHUHFKD 3RU HMHPSOR HO Q~PHUR GH OD FROXPQD $ HV  \ HO
Q~PHURGHODILOD&HV
&DGDVHFXHQFLDGHRFKRGtJLWRVELQDULRVGHEHGHLQWHUSUHWDUVHFRPRHOQ~PHURHQSXQWRIORWDQWH
VHJ~QODVLJXLHQWHUHSUHVHQWDFLyQHQELWV

V H H  H  H  PPP

'RQGHORVQ~PHURVQRUPDOL]DGRVVRQGHODIRUPD
¨H H H H · 
   VPP P ©
§
[     ¹̧
6HQRVSLGHVDFDUGHO3XSL1~PHURVDO
 0D\RUYDORUSRVLWLYRQRUPDOL]DGR
 0HQRUYDORUSRVLWLYRQRUPDOL]DGR
 0HQRUYDORUSRVLWLYRQRQRUPDOL]DGR
 HSVLQI1D1
 
-XVWLILFDDGHFXDGDPHQWHODUHVSXHVWD
6ROXFLyQ

 Æ &ROXPQD+

  Æ &ROXPQD%

  Æ)LOD(

HSV   [ 
HSV [ 
LQI  y   Æ &ROXPQD'
1D1y Æ &ROXPQD)


  [[
 

3UREOHPD

6LGRVUHVLVWHQFLDV 5 \5 GHXQFLUFXLWRHOpFWULFRHVWiQFRQHFWDGDVHQSDUDOHORVHHQFXHQWUDOD

UHVLVWHQFLD WRWDO 5 FRQ OD IyUPXOD 5  5  5 'DGDV WUHV UHVLVWHQFLDV $ % \ & \
VDELHQGRTXHODUHVLVWHQFLDWRWDOGH $\%FRQHFWDGDVHQSDUDOHORHVGHRKPVODGH %\&HV
GHRKPV\ODGH$\&HVRKPVHQFXHQWUH$%\&1yWHVHTXHDOSODQWHDUODVHFXDFLRQHV
SDUD UHVROYHU HO HMHUFLFLR GLFKDV HFXDFLRQHV QR VRQ OLQHDOHV SHUR VL VH XVD OD VXVWLWXFLyQ
  
[  \  ] VHREWLHQHXQVLVWHPDGHHFXDFLRQHVOLQHDOHVTXHVHSXHGHUHVROYHU
$ % &
SRUIDFWRUL]DFLyQGH'RROLWOH6HSLGH
D )DFWRULFHODPDWUL]GHOODGRL]TXLHUGRGHOVLVWHPDOLQHDOHQ/\8GH'RROLWOH
E 5HVXHOYD ORV VLVWHPDV OLQHDOHV WULDQJXODUHV XVDQGR VXVWLWXFLyQ GLUHFWD H LQYHUVD \
PXHVWUHVXVUHVXOWDGRVSDUFLDOHV
F 4XHSXHGHGHFLUDFHUFDGHOQ~PHURGHFRQGLFLRQDPLHQWRGHOD0DWUL]GHOODGRL]TXLHUGR
GHO VLVWHPD OLQHDO ¢(VWDUi ELHQ FRQGLFLRQDGD VL VH XVD XQD PiTXLQD FRQ  GtJLWRV
VLJQLILFDWLYRV"

6ROXFLyQ

6LVWHPD

[\ 
\] 
[] 

8

  
  
  
/

  
  
 

/] %
]




8[ ]
[





$ 

% 

& 

$f  $   
f

.$ 

V•ORJ.$

V•

3RUORWDQWRVHHVSHUDSRUORPHQRVGtJLWRVGHSUHFLVLyQ

3RUORWDQWRODPDWUL]$HVWDELHQFRQGLFLRQDGDSDUDODHOHFFLyQGDGD

/RV3URIHVRUHV