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 3ULQ XUPDUH HVWH XWLOL]DW FX VXFFHV vQ FRPSDUD LLOH LQWHUQD LRQDOH vQ SRILGD LL VDOH FDUH YRU IL DERUGDWH vQ FHOH FH XUPHD]  DUH WUHL HOHPHQWH GLVWLQFWH vQ YL]LXQHD VSHFLDOLúWLORU %LURXOXL OD SURSRU LLOH SHUVRDQHORU DQJDMDWH VDX SHVWH  GH RUH SH OD QXP UXO PHGLX XQRU OLPLWH DOH FRPSDUDELOLW .QWHUQD LRQDO DO 0XQFLL FDUH GH RELFHL OXFUHD] ‘ 'RX GLQWUH DFHVWH HOHPHQWH VH UHIHU XQ QXP U PDUJLQDO GH RUH VXE  RUH SH V SW PkQ V SW PkQ  $O WUHLOHD HOHPHQW HVWH OHJDW GH LQGLFDWRUXO GHVFULV DQWHULRU úL VH UHIHU DQXDO GH RUH OXFUDWH GH R SHUVRDQ  6XUVHOH GH GDWH SHQWUX GHWHUPLQDUHD DFHVWXL XOWLP LQGLFDWRU VXQW IRDUWH YDULDWH úL HWHURJHQH ÌQ VWDWLVWLFD LQWHUQD LRQDO  VH XWLOL]HD] QLYHOXO GLIHULWHORU GDWHOH RE LQXWH GLQ DQFKHWHOH DVXSUD IRU HL GH PXQF VXUSULQG OD UL $FHVWH DQFKHWH vQ JHQHUDO QX VXQW FDSDELOH V QXP UXO GH RUH HIHFWLY OXFUDWH SH SHULRDGH PDUL GH WLPS FXP HVWH DQXO FDOHQGDULVWLF úL GH PXOWH RUL QX DFRSHU SRSXOD LD RFXSDW vQ vQWUHJLPH ÌQ DFHVW FD] GDWHOH VH SRW GHWHUPLQD SULQ GRX SURFHGHH HVWLPDWLYH PHQ LRQDWH SH VFXUW vQ FRQWLQXDUH 3ULPXO VH ED]HD] OXFUDW SHQWUX ILHFDUH V SW PkQ SH GDWHOH SULYLQG YROXPXO GH WLPS HIHFWLY GLQ DQ GHWHUPLQDW GLQ DQFKHWHOH DVXSUD IRU HL GH PXQF  6H SRW IRORVL úL GDWH OXQDUH VDX WULPHVWULDOH GDU WUHEXLH DMXVWDWH vQ IXQF LH GH QXP UXO GH ]LOH OXFU WRDUH GLQ OXQ VDX GLQ WULPHVWUX 'DWHOH GLVSRQLELOH VH DJUHJ OD QXP UXO PHGLX GH VDODULD L FRQWUDFWHOH FROHFWLYH GH PXQF úL SUHVXSXQH vQPXO LUHD OD QLYHOXO DQXOXL FDOHQGDULVWLF GXS FDUH VH UDSRUWHD] $O GRLOHD SURFHGHX DUH OD ED] QXP UXOXL GH RUH FRQVLGHUDWH ³QRUPDOH ³ D IL OXFUDWH vQWUR V SW PkQ  FX QXP UXO GH V SW PkQL HIHFWLY OXFUDWH vQ WLPSXO DQXOXL (YLGHQW VXQW QHFHVDUH DMXVW UL VXSOLPHQWDUH vQ IXQF LH GH YDFDQ H FRQFHGLL VDX YDULD LD WLPSXOXL QRUPDO GH OXFUX vQ FDGUXO DQXOXL 'LIHUHQ HOH vQWUH VXUVHOH GH GDWH FDUH VWDX OD ED]D GHWHUPLQ ULL YROXPXOXL GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RUH UHSUH]LQW LQWHUQD LRQDO  'HILQL LD XQD GLQ OLPLWHOH LQGLFDWRUXOXL vQ FHHD FH SULYHúWH FRPSDUDELOLWDWHD D DFHVWXL LQGLFDWRU LD vQ FRQVLGHUDUH QXPDL DFWLYLW LOH LQWHUQD LRQDO OXFUDWLYH FXP VXQW RSHUD LLOH FX DQXPLWH XWLODMH HWF.QGLFDWRUXO RUHORU GH PXQF .

H\ .QGLFDWRUV RI WKH /DERU 0DUNHW  . QX úL DOWH DFWLYLW SDUWLFLSDUHD OD SURJUDPH GH LQVWUXLUH L FD PXQFD OD GRPLFLOLX VDX ’ ./2 *HQHYH  SDJ  .

ÌQ SRILGD DFHVWRU OLPLWH SUH]LQW LQWHUHV SUH]HQWDUHD QLYHOXOXL LQGLFDWRUXOXL ³QXP U PHGLX GH UL 'H H[HPSOX vQ DQXO  vQ )UDQ D XQ VDODULDW RUH OXFUDWH GH XQ VDODULDW vQWUXQ DQ´ vQ FkWHYD OXFUD  RUH DQXDO vQ 6XHGLD  vQ -DSRQLD  LDU vQ *HUPDQLD   3H ED]D GDWHORU GLQ EDODQ XUP WRULL LQGLFDWRUL PHGLL D.

GXUDWD PHGLH D ]LOHL GH OXFUX HYLGHQ LD] ]L G .

úL VH FDOFXOHD] WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RP]LOH QXP UXO PHGLX GH RUH OXFUDWH GH R SHUVRDQ vQWUR  FDUH VH UHIHU OD WLPSXO OXFUDW vQ WLPS QRUPDO VH FDOFXOHD] “ ” FD XQ UDSRUW vQWUH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RPRUH 7 .

úL • G – = Ç7 Ç7 —™˜ –˜ = RUH  RP  ]L E.

GXUDWD PHGLH D OXQLL GH OXFUX UHIOHFW OXQ G QXP UXO PHGLX GH SHUVRQDO š QXP UXO PHGLX GH ]LOH OXFUDWH GH XQ VDODULDW vQWUR .

úL VH GHWHUPLQ FD XQ UDSRUW vQWUH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RP]LOH úL G › = Ç7 Ç7 œ = ]LOH  SHUVRDQ  OXQ  F.

GXUDWD PHGLH D SHULRDGHL H[SULPDW R SHUVRDQ vQ SHULRDGD DQDOL]DW vQ RUH K .

 HYLGHQ LD] QXP UXO PHGLX GH RUH OXFUDWH GH úL VH FDOFXOHD] FD XQ UDSRUW vQWUH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RPRUH úL QXP UXO PHGLX GH SHUVRQDO VDX FD SURGXV vQWUH GXUDWD PHGLH D ]LOHL GH OXFUX úL GXUDWD PHGLH D OXQLL GH OXFUX K = Ç7  Ç7 = G œ ‘G › = RUH  SHUVRDQ  OXQ   $QDOL]D FRPSDUDW D LQGLFDWRULORU IRORVLULL WLPSXOXL GH OXFUX GH LQGLFDWRUXO 3URSRU LD vQ FDUH D IRVW IRORVLW IRQGXO GH WLPS PD[LP GLVSRQLELO HVWH UHIOHFWDW FRHILFLHQWXO XWLOL] ULL IRQGXOXL GH WLPS PD[LP GLVSRQLELO . .

Ÿ = 7    ¢ ¤¦¥§ ¡ ¤¦¨ © £ 7 úL ž ‘  3HQWUX R DQXPLW SLHUGHUL OD QLYHOXO SHULRDG GH WLPS OD QLYHOXO F UHLD VH UHDOL]HD] OXFUDW GDU DO SURGXF LHL FH DQDOL]D XQD GLQ VXUVHOH GH FH GHWHUPLQ . ¬®­ = G G ¯­ ­ «ª . . .QGLFDWRULL UHDOL]DWH SLHUGHUH GH WLPS HVWH QHXWLOL]DUHD FRPSOHW WLPSXOXL HIHFWLY VWDWLVWLFL FH SRW IL XWLOL]D L VXQW D GXUDWHL QRUPDOH D ]LOHL GH OXFUX FHHD WUHEXLD  &RHILFLHQWXO IRORVLULL GXUDWHL PHGLL QRUPDOH D ]LOHL GH OXFUX .

QGLFDWRUXO UHIOHFW GH OXFUX D VFKLPEXOXL. GDW GH UHOD LD ‘   .

/2 *HQHYH  SDJ  ./2 *HQHYH  .QGLFDWRUV RI WKH /DERU 0DUNHW  .QGLFDWRUV RI WKH /DERU 0DUNHW  .H\ .H\ . SURSRU LD vQ FDUH D IRVW IRORVLW GXUDWD PHGLH QRUPDO D ]LOHL GH OXFUX GH F WUH DQJDMD L 'LIHUHQ D SkQ OD  UHSUH]LQW  vQ H[SUHVLH UHODWLY  SLHUGHULOH GH RUH vQ FDGUXO ]LOHL ° ± .

 7LPS QHOXFUDW H[SULPDW vQ RPRUH GDWRULW D ]LOHL GH OXFUX D .

 ³µ ²´ IRORVLULL LQFRPSOHWH D GXUDWHL PHGLL QRUPDOH D vQ FDUH S7 ³¸ ²· = G -G ¶ .

‘ Ç7  ” HVWH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RP]LOH IRORVLULL LQFRPSOHWH D GXUDWHL PHGLL QRUPDOH D ]LOHL GH  3LHUGHUHD GH SURGXF LH GDWRUDW OXFUX D ºÁ ¹ = G » -G ¼¦» .

‘ Ç7 ‘: » ½ ¾H¿ = D ºÁ À Ç Â ‘: ½ ¾H¿  vQ FDUH : 3HQWUX D DQDOL]D LPSOLFD LLOH XWLOL] ULL LQFRPSOHWH D GXUDWHL QRUPDOH D OXQLL GH OXFUX VH SRW IRORVL R VHULH GH LQGLFDWRUL H[SULPD L vQ P ULPL DEVROXWH úL UHODWLYH $FHúWL LQGLFDWRUL VXUSULQG SLHUGHULOH GH WLPS H[SULPDWH vQ RPRUH úL RP]LOH SLHUGHUL FDUH DQWUHQHD] DOH SURGXF LHL  &RHILFLHQWXO IRORVLULL GXUDWHL QRUPDOH D OXQLL GH OXFUX VH FDOFXOHD]  LQHYLWDELO úL QHUHDOL] UL •®Ãċ HVWH SURGXFWLYLWDWHD RUDU SODQLILFDW  . 1LYHOXO LQGLFDWRUXOXL FDUDFWHUL]HD] ]LOH vQWUHJL vQ PHGLH SH ILHFDUH VDODULDW ¬„Å = G G ¯Å Å ‘   GXUDWD QRUPDO D OXQLL SURSRU LD vQ FDUH D IRVW XWLOL]DW GH OXFUX GH F WUH XQ VDODULDW LDU GLIHUHQ D SkQ OD  UHSUH]LQW  vQ H[SUHVLH UHODWLY  SLHUGHULOH GH  7LPSXO QHOXFUDW H[SULPDW vQ RP]LOH GDWRUDW IRORVLULL LQFRPSOHWH D GXUDWHL QRUPDOH D OXQLL GH OXFUX D .

 VH FDOFXOHD]  ³Æ ²¸ D vQ FDUH S7 ÈÌ ÇË = G É -G 檃 .

‘ Ç7  HVWH QXP UXO PHGLX GH PXQFLWRUL  7LPSXO QHOXFUDW H[SULPDW vQ RPRUH GDWRUDW IRORVLULL LQFRPSOHWH D GXUDWHL QRUPDOH D OXQLL GH OXFUX D .

 VH FDOFXOHD]  D ÈÌ Ç ÎÓ Ç ÍÒ = G Ï -G Ð™Ï .

‘ Ç7 ‘G Ð¦Ñ = D ÎÓ Ç ÍÔ ‘G Ð¦Ñ  D ÖØ× Õ  3LHUGHUHD GH SURGXF LH SH VHDPD IRORVLULL LQFRPSOHWH D GXUDWHL QRUPDOH D OXQLL GH OXFUX .

 VH FDOFXOHD]  D Úà Ù = G Û -G Ü™Û .

‘ Ç 7 ‘: Ý ÞHÛ = D Úà Ç ßá ‘: Ý ÞHÛ = D Úà Ç ß⠑: Ý ÞHÛ  vQ FDUH : 'DF ” Ãċ HVWH SURGXFWLYLWDWHD PHGLH ]LOQLF VH LDX vQ FRQVLGHUDUH FHOH GRX SODQLILFDW  VXUVH FDUH DQWUHQHD] SLHUGHUL GH WLPS UHVSHFWLY VXUSULQG XWLOL]DUHD LQFRPSOHW SLHUGHUHD JOREDO D ]LOHL úL OXQLL GH OXFUX VH SRW GHWHUPLQD XUP WRULL LQGLFDWRUL FDUH V GH WLPS GDU úL GH SURGXF LH 3LHUGHUHD GH WLPS D åæ èê ã åä é ç Ç .

 UHVSHFWLY GH SURGXF LH D íæ ëí ï ì îê ó .

 GDWRUDW IRORVLULL LQFRPSOHWH D GXUDWHL PHGLL QRUPDOH D ]LOHL GH OXFUX úL D GXUDWHL QRUPDOH D OXQLL GH OXFUX VH FDOFXOHD]  D D ñê õê ÷ ñð ö ô ùê ù ø þêÿ Ç = D ñõ   = D ùþ ø Ç ðô + D ñö + D ùÿ ø Ç ðô ú ø = D ò Ç ðô = K .K .

K . ‘ Ç7  = D = K .

‘ û Ç7 ‘: ú üHý  $QDOL]D FRPSDUDW D GXUDWHL PHGLL D ]LOHL GH OXFUX .

9DULD LD vQ WLPS D GXUDWHL PHGLL D ]LOHL GH OXFUX VH UHDOL]HD] VDX GH JUXS vQ IXQF LH GH QLYHOXO OD FDUH VH IDFH DQDOL]D FX DMXWRUXO LQGLFLORU LQGLYLGXDOL 3H FDWHJRULL GH PXQFLWRUL HYROX LD GXUDWHL PHGLL D ]LOHL GH OXFUX VH FDUDFWHUL]HD] LQGLFDWRULORU D.

QGLFHOH GXUDWHL PHGLL D ]LOHL GH OXFUX L G ¡£¢ FX DMXWRUXO . .

 L¤   = G ¦  G ¦  ¥ = § ¦  7 § ¦  7  7¦  7¦  ¥ = L ¨© L¨      ¥ ¥ E.

0RGLILFDUHD UHODWLY D GXUDWHL PHGLL D ]LOHL GH OXFUX 5  .

 5 #$ F.

0RGLILFDUHD DEVROXW = L # $ - = D #$ G !£" %  D GXUDWHL PHGLL D ]LOHL GH OXFUX D &(' ) .

G 1£2 7 = 50 4 5 7 ‘ G 132 7  /D QLYHOXO vQWUHSULQGHULL GXUDWD PHGLH D ]LOHL GH OXFUX VH FDOFXOHD]  7 9 Ç H A @ G 8£9 = 9 G 78£9 Ç H A = G 8£9B 78£9 Ç H A 9 G 9 G 78£9 Ç H A = G 8£9 Ç H A C ‘ \ EF 9 G = [9 Ç H A D EF 9 G  9 G vQ FDUH \ IQP R HVWH VWUXFWXUD WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH  P ULPHD FX FDUH FRQWULEXLH FDWHJRULD GH PXQFLWRUL L OD IRUPDUHD GXUDWHL PHGLL D ]LOHL GH OXFUX )DFWRULL FDUH LQIOXHQ HD] PRGLILFDUHD GXUDWHL PHGLL D ]LOHL GH OXFUX VXQW [S TVU W  YDULD LD GXUDWHL PHGLL D ]LOHL GH OXFUX SH FDWHJRULL GX`Y .  D0 4 5 = G 1£2 6 .

x£y ‚ y€ ‡ 7„ ‡ G „ ˆ G „ ‰w 7„ ‡ Ç Ç ƒ ƒ ƒ ƒ „ † ‡ „ † ‡ =  … … 7„ ‡ Ç ƒ „ † ‡ 7„ ‡ Ç ƒ „ † ‡ … … G „ ‡ ‘ \‡ Ç ƒ „ † ‡ = … G „ ‰ Ç ƒ „ † ‡ ‘ \‡ … y€ = [„ Ç ‡ … ‚ y€ ‡  „ † y€ Ç ‡ „ † … ‚ y€ [„   LQGLFHOH VFKLPE ULORU VWUXFWXUDOH UHIOHFW LQIOXHQ D YDULD LHL VWUXFWXULL WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH .d p q = t G e£f u G e3f = t 7e£f t v G e£fg Ç f s t 7e£f Ç t h h  u 7e£f u w G e£fi Ç f s t 7e£f Ç t h h = e f t ‘ \t G£ Ç f s t G e£f Ç t h rpq = Ç t f s h [f t d pq  h t u u f s f s f s ‘ \u rpq Ç t f s h d pq [f u  LQGLFHOH FX VWUXFWXU IL[ HYLGHQ LD] YDULD LD GXUDWHL PHGLL D ]LOHL GH OXFUX GDWRUDW PRGLILF ULL GXUDWHL PHGLL D ]LOHL GH OXFUX SH FDWHJRULL .  YDULD LD VWUXFWXULL WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH \ 3HQWUX DQDOL]D vQ GLQDPLF  LQGLFHOH FX VWUXFWXU aQb c  D GXUDWHL PHGLL D ]LOHL GH OXFUX VH FDOFXOHD]   YDULDELO .

G o£p  p u D x£y z | yz =   Ç G }3~ ‘ \ ~ €  ‡…† ‹  - ‚ Ç G }£~ ~ €  ‡…† ‘ \ { yz = Ç D | y z ‘ \ { yz  ƒ = G }£~ .l jk i mjk  D GXUDWHL PHGLL D ]LOHL GH OXFUX VH FDOFXOHD]  Dn r s o p v ‘ \v = Ç G£ p u v { yz  q trs - G o£p Ç v q w ‘ \w trs v w = G o£p .l jk h jk ‘ .G ‰£Š  $QDOL]D FRPSDUDW D GXUDWHL PHGLL D OXQLL GH OXFUX /D QLYHOXO FDWHJRULHL GH PXQFLWRUL GLQDPLFD GXUDWHL PHGLL D OXQLL GH OXFUX G  ‘ ..G }£~  D „£… † ˆ =  Ç G ‰£Š Š Œ Ž ‘ \Ž -  Ç G ‰£Š Š Œ Ž ‹ ‘ \ ‡…†  = G ‰£Š  .h j k 0RGLILFDUHD DEVROXW = . ‘£’ “ • ”’“ = e 7–3— f w G –£—i Ç — d f 7–£— Ç f ˜ ˜  e 7–£— e w G –3—i Ç — d f 7–£— Ç f ˜ ˜ = – — e G3 Ç — d f G –3— Ç f ˜ ‘ \f ”’“ = Ç f — d ˜ [— g ™ ’“ = ˜ f e e — d — d — d ‘ \e ”’“ Ç f — d ˜ g G –£— e G –£— ™ ’“ [— e  5HOD LD GH YHULILFDUH HVWH .

VH DQDOL]HD] FX DMXWRUXO LQGLFDWRULORU D.

.QGLFHOH GXUDWHL PHGLL D OXQLL GH OXFUX L’(“ ” .

 L ˜† = G• Š Ž G• Š  = 7‰£Š Ž Š Ž 7  7‰£Š  Š  7 = 7‰£Š Ž 7‰£Š   Š Ž 7 Š  7 … †™ = L –— L– † E.

 = Dš  ž G› œ Ÿ  F. 5LWPXO GXUDWHL PHGLL D OXQLL GH OXFUX 5š  ž = Lš  ž .

0RGLILFDUHD DEVROXW D GXUDWHL PHGLL D OXQLL GH OXFUX D  (¡ ¢ .

G¤ ¥ ª = 5£¦ § ¨ G¤ ¥ ª  /D QLYHOXO vQWUHSULQGHULL GXUDWD PHGLH D OXQLL GH OXFUX VH FDOFXOHD]  7¬£­ Ç µ ® G « = ­ ´ ­ 7 Ç µ ­ ´ ® = G Ç µ ® « ­¯ ­ 7 = ­ ´ ­ 7 Ç µ ­ ´ ® Ç G­ \ ­ ´ µ ® ° ² = Ç µ ­ ´ ® [­ ± ³  vQ FDUH \ ¶ · HVWH VWUXFWXUD QXP UXOXL PHGLX GH PXQFLWRUL  P ULPHD FX FDUH FRQWULEXLH FDWHJRULD GH PXQFLWRUL L OD IRUPDUHD GXUDWHL PHGLL D OXQLL GH OXFUX 'LQ FHOH SUH]HQWDWH DQWHULRU UH]XOW F IDFWRULL FDUH LQIOXHQ HD] PRGLILFDUHD GXUDWHL PHGLL D [¸ ¹»º OXQLL GH OXFUX VXQW  GXUDWD PHGLH D OXQLL GH OXFUX SH FDWHJRULL GH PXQFLWRUL G  ‘ .  D£ § ¨ = G¤ ¥ © .

  VWUXFWXUD QXP UXOXL PHGLX GH PXQFLWRUL \ .QGLFHOH FX VWUXFWXU YDULDELO ¶ ·  VH FDOFXOHD]  .

ò ñ ð ôó  D WLPSXOXL PHGLX HIHFWLY OXFUDW 7LPSXO PHGLX HIHFWLY OXFUDW H[SULPDW vQ RUHPXQFLWRU XWLOL]DW úL VXE GHQXPLUHD GH GXUDW PHGLH D OXQLL H[SULPDW vQ RUH.QGLFHOH YDULD LHL VWUXFWXULL .ò ï ñó ñ ‘ . âÔã æ äå è ìà è í è ìà è ì Gç Ü 7 Gç Ü 7 Ç Ç è ë í è ë í =  é é é é Ç è í ë è í 7 Ç è í ë G ç è ì \í Ç è ë í = é G ç è ì \ì Ç è ë í é ä ãå = [ Ç è í é ê ã è î = ë è ì 7 ä ãå Ç è í ë é G G ç î ç ì ê ã [è ì  5HOD LD GH YHULILFDUH GLQWUH LQGLFL HVWH . ÒÔÓ × ÓÕ = G Ç Ù Þ Û Û Ø ÙÚ Ù Þ ÞÚ 7  Ø ÙÜ Ù Þ ßà 7 = Ý 7 Ç Ù Þ Û Ý G Ç Ù Þ Û Ø Ù Þ \Þ ÖÕ = Ù Þ Ý 7 Ç Ù Þ Û Ý Û [ Ç Ù Þ Û × Ó Ù Þ = Ý Ù Þ Ý G Ç Ù Þ Ø Ù ß \Þ ÖÕ Ý Ç Ù Þ Ý Û G G Ø Þ Ø á × Ó [Ù á  . Ç ÁÄ = = É ÇG ÊÈ Ð Ë Ë ÊÐ 7Ê Ð  Ç Ê Ð È Ë Ë GÉ ÊÑ 7Ê Ñ = Ç Ê Ð Ë È GÉ ÊÐ ‘ \Ð ÍÎ = [ Ç Ê Ð Ë ÊÌ Ð Ï Ï  È 7 Ç Ê Ð ÊÑ È 7 Ç Ê Ð ÊÑ È G Ç Ê Ð ÉÊ Ñ È ‘ \Ñ ÍÎ [ Ç Ê Ð Ë ÊÌ Ñ È . Ç ¿Ç Ç Ç 7¿ ¿Å Æ ¿Å À ÁÃÄ ..QGLFHOH FX VWUXFWXU IL[  G Ç Ù Þ .ï ñ $QDOL]D FRPSDUDW = .¼  = G G ½Æ ½Ç = 7¾ ¿ Æ Ç ¿Å Æ À À Æ Ç 7¿ ¿Å Æ 7¾ ¿ Ç Ç ¿Å Æ  À À Ç Ç 7¿ ¿Å Æ = Ç 7¾ ¿Å Æ Ë 7¾ ¿ Æ Ç ¿Å Æ À À  7¿ Ç Æ À Æ = .

K   LQGLFDWRUXO /D QLYHOXO vQWUHSULQGHULL SHQWUX FHOH Q FDWHJRULL GH PXQFLWRUL VH GHWHUPLQ PHGLX K = 7 Ç  #   = " K7 Ç  #   7 Ç  #  "  " 7 Ç  #  =  K Ç  #   " ‘ \ ! = [ Ç  #    " " . SRDWH IL VXSXV XQHL DQDOL]H FRPSDUDWH DVWIHO /D QLYHOXO FDWHJRULHL GH PXQFLWRUL  LQGLFHOH GLQDPLFLL WLPSXOXL PHGLX HIHFWLY OXFUDW Lú ù = Kù ü Kù û = 7ú ù ü 7ù ü  7ú ù û 7ù û = 7ú ù ü 7ú ù û  7ù ü 7ù û = L÷ ö õø  L÷ õ VDX Lýÿþ = Kþ ¦ § Kþ = G  þ ¦ § ‘ G¡ þ ¦ § G  þ ‘ G¡ þ = L¢ £¤ ‘ L¢ ¥¤  0RGLILFDUHD UHODWLY  5¨© 0RGLILFDUHD DEVROXW  = L¨© .  D  = K  .

7‘p“ •  e fd ™d fd ˜g  ‘7 j ‘ D7 FX GXUDWD PHGLH D ]LOHL ml kl jn 3HQWUX H[SULPDUHD vQ RPRUH PRGLILF ULOH FDOFXODWH VH PXOWLSOLF FRUHVSXQ] WRDUH FDWHJRULHL L Gop .QGLFLL IDFWRULDOL VXQW .C @ DB A 0RGLILF ULOH DEVROXWH VH GHWHUPLQ FX UHOD LLOH DE = KF .9 9 AB A ‘ ..9 A = .KG DH H Q = KI Ç T P IS T ‘ \T RQ - KI Ç T P IS U ‘ \T RQ = K T -K V DH H Q = Ç T IS P KI T ‘ \T RQ - KI Ç T P IS U ` ‘ \T RQ = K T -K V X ab DW = Ç e Yc ` KY d ‘ \e ab - KY Ç e Yc d ‘ \d ab = K f -K d 3OHFkQG GH OD GHILQL LLOH FHORU WUHL LQGLFDWRUL PHGLL DL XWLOL] ULL WLPSXOXL GH OXFUX DQDOL]D L DQWHULRU VH GHGXFH UHOD LD H[LVWHQW vQWUH HL K = G g ‘G h = G gpi Ç v q r \ st iu ‘ Gh i Ç v q r \ t iu $FHDVW UHOD LH SHUPLWH LGHQWLILFDUHD úL DQDOL]DUHD LQIOXHQ HORU IDFWRULDOH VSHFLILFH vQ H[SULPDUH DEVROXW úL UHODWLY   $QDOL]D FRPSDUDW $QDOL]D FRPSDUDW D LQGLFDWRULORU IRQGXOXL GH WLPS HIHFWLY OXFUDW SH ED]D LQGLFDWRULORU D IRQGXOXL GH WLPS HIHFWLY OXFUDW SRDWH IL UHDOL]DW H[SULPD L vQ RP]LOH úL vQ RPRUH $QDOL]D FRPSDUDW D IRQGXOXL GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RP]LOH /D QLYHOXO FDWHJRULHL GH PXQFLWRUL LQGLFHOH WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH VH FDOFXOHD] DVWIHO Lw „… = 7 7 x y‡ yˆ = G€ G€ ‡ y y‡ 7 ˆ‰ y‚ yˆ 7 = Lƒ †… ‘ Lw …  x 0RGLILFDUHD DEVROXW VH YD GHVFRPSXQH DVWIHO D ’‘p“ D– Dh ‘p“ = 7 ” = D— = Gi . 2 23 úL . 4  .) = K K $ % = Ç ( $ & ' ' K( $ 7( $  7( $ Ç ( $ & ' ' K( % 7( % = Ç ( $ Ç ( $ & ' & ' K( $ ‘ \$ 10 10 = [( Ç ( $ ' ) $ Ç ( $ & 576 8 Ç ( $ & 7( % K( % ‘ \% Ç ( $ & ' & ) [( %  .

 Dq q u v tu = Dq vu ‘ G rps w  .

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¨ § ¦ § Ç ª ¤ ¬ « = .š š ž  ž = G G ›Ÿ ›  .¥ ¤ © ¨ § = G G ¢£ ¢ ¡ . ® ¯ ® ¯ Ç ° Ç = . WLPSXOXL HIHFWLY OXFUDW H[SULPDW YDULDQWH FH VH GHRVHEHVF vQ IXQF LH GH PRGXO vQ FDUH IDFWRUXO ÌQ FD]XO vQ FDUH IDFWRUXO FDQWLWDWLY HVWH GLUHFW vQVXPDELO IDFWRULL GH LQIOXHQ OD QLYHOXO OD FDUH VH IDFH DQDOL]D LDU LQGLFHOH DJUHJDW FH VLQWHWL]HD] IDFWRULORU úL LQGLFLL IDFWRULDOL FH UHIOHFW LQIOXHQ D VHSDUDW Ç 7‹pŒ VXQW ORFDOL]D L WXWXURU DVWIHO LQIOXHQ D D IDFWRULORU VH FDOFXOHD] . Ç š ž  ™ œ = . Ç –˜ “— ”• = .– “ = . Ç Š  = ‘ ’ Ç 7‹Œ = G G Ž‘ Ž’ Ç 7Œ ‘ Ç 7Œ ’ . Ç ® ¯ = Ç 7­ Ç 7­ E.

ÌQ FD]XO vQ FDUH IDFWRUXO FDQWLWDWLY 7 p .

HVWH LQGLUHFW vQVXPDELO vQVXPDUHD OXL VH UHDOL]HD] SULQ LQWHUPHGLXO IDFWRUXOXL FDOLWDWLY G ± p .

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Ç7 ÈÉ = ­Ç G Ê ¿ ®Ç ¿ Ç GÊ É É ‘ 7Ê É É É ‘7 ‘ GË É KÉ ‘ 7 E.

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úL XQ LQSXW HIRUW.

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VH SRDWH GHWHUPLQD SURGXFWLYLWDWHD JOREDO  FX UHOD LD J Z = < . + /  vQ FDUH < .QGLFDWRUXO ³SURGXFWLYLWDWH D PXQFLL´ SRDWH S UHD VLPSOLVW GDU GH IDSW GLQ SXQFW GH YHGHUH VWDWLVWLF VH SRDWH YRUEL GH XQ VLVWHP GH LQGLFDWRUL DL SURGXFWLYLW LL PXQFLL IRUPDW GLQ PDL PXO L . / :  RXWSXWXO  IDFWRUXO GH SURGXF LH FDSLWDO  IDFWRUXO GH SURGXF LH PXQF  Ó  SURGXFWLYLWDWHD JHQHUDO  'DF VH LDX vQ FDOFXO QXPDL DQXPL L IDFWRUL GH SURGXF LH HVWH YRUED GH SURGXFWLYLW L SDU LDOH .

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 I 7.

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vQ FDUH T 7 HVWH YROXPXO SURGXF LHL  FRQVXPXO GH PXQF $QDOL]D FRPSDUDW /D QLYHOXO XQLW HWHURJHQH GDF vQ XQLW L GH WLPS LL PXQFLL  VDX SH WLSXUL GH SURGXVH vQ FD]XO XQHL SURGXF LL DIHUHQWH.

Z á ã LL PXQFLL H[SULPDW vQ XQLW L  &DOFXOXO QLYHOXOXL úL DQDOL]D FRPSDUDW QDWXUDOFRQYHQ LRQDOH D SURGXFWLYLW 3HQWUX D VH O UJL VIHUD GH DSOLFDUH D PHWRGHL GH FDOFXO D SURGXFWLYLW XQLW L QDWXUDOH vQ SUDFWLF PXQFLL SULQ VH F VD UHFXUV OD R YDULDQW H[SULP VH vQ XQLW L LL PXQFLL H[SULPDW vQ D DFHVWHL PHWRGH SRWULYLW F UHLD SURGXF LD úL QDWXUDOFRQYHQ LRQDOH SURGXVH FDUH VH $FHDVW YDULDQW GXS VH SURGXFWLYLWDWHD FDUDFWHUL]HD] DFHHD WUDQVIRUP GLIHULWH GHRVHEHVF DQXPLWH FDUDFWHULVWLFL WHKQLFH. SRW IL IRORVLWH UHOD LLOH SURGXFWLYLW LORU FX SURGXF LH RPRJHQ VH SRW HYLGHQ LD FKHOWXLHOLOH GH WLPS GH PXQF L ÔÖÕ = ZÕ ZÕ Ø Ù VDX L Ô×Õ = 5ÔÖÕ +  5Ú×Û = LÚÖÛ . VDX 5Ú×Û = D ÚÖÛ ZÛ Ü D Ý×Þ ZÞ ß ZL VDX Dàâá 5àâá .

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Ç å è ä 7 ç E. OD QLYHOXO XQLW LL DVWIHO Zä = å äæå é T .

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ð 7  WLPS GH PXQF FKHOWXLW SRDWH IL H[SULPDW SULQ QXP U PHGLX GH SHUVRQDO QXP U PHGLX GH PXQFLWRUL RPRUH VDX RP]LOH.

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  VWUXFWXUD WLPSXOXL GH PXQF H[SULPDW vQ RPRUH LL  P ULPHD FX FDUH FRQWULEXLH ILHFDUH XQLWDWH OD IRUPDUHD QLYHOXOXL PHGLX DO SURGXFWLYLW PXQFLL RUDUH FDOFXODW ÌQWUH SURGXFWLYLWDWHD OD QLYHOXO XQXL JUXS GH XQLW PXQFLL RUDU  ]LOQLF úL L OXQDU VH VWDELOHVF UHOD LL GLUHFWH GH GHWHUPLQDUH SULQ LQWHUPHGLXO LQGLFDWRULORU GH XWLOL]DUH D WLPSXOXL GH OXFUX GHILQL L vQ SDUDJUDIXO DQWHULRU úL DQXPH GXUDWD ]LOHL úL D OXQLL GH OXFUX úL GXUDWD SHULRDGHL H[SULPDW 3URGXFWLYLWDWHD PXQFLL OXQDUH VH SRDWH FDOFXOD FX XQD GLQ UHOD LLOH vQ RUH : ‚ƒ ¿ = ­: ¿ : ® Å: „wƒ …†ƒ „wƒ ƒ …7ƒ ‚ ƒ ‘G ‘K ‘G ‘G ‚ƒ .

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