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3UREOHPD
K GH6HSWLHPEUHGH
6HWUDWDGHUHDOL]DUHOIUHVDGRGHUDQXUDTXHVHUHSUHVHQWDHQODILJXUD
6H FRQRFHQ ORVVLJXLHQWHVGDWRV
/RQJLWXG D PHFDQL]DU PP SURIXQGLGDG GH UDQXUD PP DQFKXUD GH IUHVD PP
Q~PHURGHILORVGHODIUHVD GLiPHWURGHODIUHVD PPSUHVLyQHVSHFtILFDGHODSLH]D
1PP (O iQJXOR GH SRVLFLyQ GHO ILOR VHFXQGDULR GH OD IUHVD HV .¶ \ HO iQJXOR GH
SDUDOHORDOHMHGHODIUHVD
/DV FRQGLFLRQHV GH FRUWH UHFRPHQGDGDV SRU OD H[SHULHQFLD GH HVWH WLSR GH RSHUDFLRQHV VRQ
9HORFLGDGGHFRUWH9 PPLQDYDQFHSRUILORQRGHEHVHUPD\RUGHPP/DPiTXLQD
WLHQHJDPDFRQWLQXDGHYHORFLGDGHVGHFDEH]DOHQWUH\USP
&
6HSLGH
7LHPSRGHPHFDQL]DGRHQPLQXWRVVDELHQGRTXHGHEHVHUHOPtQLPRGHORVSRVLEOHV
'LEXMDU XQD YLVWD HQ SHUVSHFWLYD GH XQD YLUXWD VLQ GHIRUPDU LQGLFDQGR VREUH HOOD . .¶
D D D D
U U
'LEXMDU HO SHUILO GH UXJRVLGDG HQ ODV SDUHGHV GH OD UDQXUD \ FDOFXODU HO YDORU GH OD DOWXUD
&Pi[ I 3 :
Pi[LPD GHO SLFR GH UXJRVLGDG 6H VDEH TXH OD SXQWD GHO iQJXOR IRUPDGR SRU ORV ILORV
SULQFLSDO\VHFXQGDULRGHFDGDILORHVSHUIHFWDPHQWHDJXGRHVGHFLUGHUDGLRQXOR
) VREUHFDGDILOR
1~PHURGHILORVTXHFRUWDQDODYH]
&Pi[
3B6(3B
7LHPSRGHPHFDQL]DGRVDELHQGRTXHGHEHVHUHOPtQLPRGHORVSRVLEOHV
3,(=$
D / D )
)
'
;
'
(OWLHPSRGHPHFDQL]DGRVHFDOFXODFRPR
/ + D + ' ) ( + ¼ + ) PP
WP = ; =
9I 9I
3DUDTXHVHDPtQLPRODYHORFLGDGGHDYDQFHGHEHVHUPi[LPD
9I = D I ¼ 1 ) ¼ 1
P P PLQ
'H 9& = = p ¼ ' ) ¼ 1 VHREWLHQHODYHORFLGDGGHJLUR 1 = = USP
PLQ p ¼ ¼ - P
PP
/DYHORFLGDGGHDYDQFHHV 9I = ¼ ¼ USP =
PLQ
6XVWLWX\HQGRHQODH[SUHVLyQGHOWLHPSRGHPHFDQL]DGR
PP
WP = = PLQ
PP PLQ
'LEXMDUXQDSHUVSHFWLYDGHODYLUXWDVLQGHIRUPDULQGLFDQGR . U . U D D D D
&Pi[ I 3 :
D
. =
.
I
U
U
D
:
& . %
U
$
'
D
D
3
&Pi[
'LEXMDUHOSHUILOGHODUXJRVLGDGHQODVSDUHGHVGHODUDQXUD\FDOFXODUHOYDORUGHODDOWXUD
Pi[LPDGHOSLFRGHUXJRVLGDG
%
& $
.U =
D
I
D
'
&Pi[
D /
')
3 <
- D3
-
FRV q = = = q =
')
1
)&Pi[ = ¼ PP ¼ PP = 1
PP
1~PHURGHILORVTXHFRUWDQVLPXOWiQHDPHQWH
q
1 )& = = =
Y
1RFRUWDQLQJ~QILORGXUDQWHHOGHOWLHPSR
&RUWDILORGXUDQWHHOGHOWLHPSR
D & (VSHVRUPHGLRGHYLUXWD
D ¼D PP ¼ PP
D& = I 3 = = PP
q¼5 p
¼ ¼ PP