Professional Documents
Culture Documents
*XLDG·DSUHQHQWDWJH
PDWHPjWLTXHV
HPSUHVDULDOV
$QWRQL0HVHJXHU$UWROD
FUqGLWV
G 4/90.080.1
&XUV
,QLFLDFLyDOHV
*XLDG·DSUHQHQWDWJH
PDWHPjWLTXHV
HPSUHVDULDOV
$QWRQL0HVHJXHU$UWROD
FUqGLWV
*
&XUV
G·DFWXDOLW]DFLy
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
ÌQGH[
,QWURGXFFLy
2EMHFWLXV
&RQWLQJXWV
3ODQLILFDFLy GH O·DSUHQHQWDWJH
$FWLYLWDWV
6ROXFLRQDUL
%LEOLRJUDILD
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
,QWURGXFFLy
(O FXUV Wp O·REMHFWLX GH SRVDU DO GLD HOV HVWXGLDQWV HQ O·~V QRUPDO GHOV FRQFHSWHV
PDWHPjWLFV EjVLFV TXH V·XVDUDQ HQ HOV HVWXGLV GH &LqQFLHV (PSUHVDULDOV /·HQIR
FDPHQW pV HPLQHQWPHQW SUjFWLF QR KL KDXUj JUDQV GHPRVWUDFLRQV PDWHPjWL
TXHV VLQy XQD YLVLy PpV HQWHQHGRUD L SUjFWLFD GHOV FRQFHSWHV /HV PDWHPjWLTXHV
VyQ XQ OOHQJXDWJH EDVDW HQ XQD DSOLFDFLy HVWULFWD GH OHV UHJOHV GH OD OzJLFD eV SHU
DL[z TXH O·REMHFWLX G·DTXHVW FXUV pV GRQDU HO YRFDEXODUL PpV HOHPHQWDO TXH SHU
PHWL D O·HVWXGLDQW SRGHU ´SDUODUµ DPE OHV PDWHPjWLTXHV $TXHVW FXUV XWLOLW]D
FRP D PDWHULDO DVVRFLDW XQ &'520
&RP HO VHX QRP LQGLFD DTXHVW FXUV LQWURGXFWRUL YRO IDFLOLWDU D O·HVWXGLDQW OHV
HLQHV L HOV FRQFHSWHV EjVLFV SHU D SRGHU VHJXLU VHQVH GLILFXOWDW HOV FXUVRV GH
0DWHPjWLTXHV , L ,, GH OD GLSORPDWXUD GH &LqQFLHV (PSUHVDULDOV /HV DVVLJQDWX
UHV (VWDGtVWLFD , L ,, WDPEp HVWDQ UHODFLRQDGHV DPE DTXHVW FXUV DWqV TXH HO VHX
DSUHQHQWDWJH HV FRQVWUXHL[ D SDUWLU G·XQD EDVH GH FRQHL[HPHQWV PDWHPjWLFV
&DO QR REOLGDU TXH OHV PDWHPjWLTXHV VyQ XQ LQVWUXPHQW TXH VHUj IRUoD ~WLO
HQ PROWV FDPSV G·DFWXDFLy HPSUHVDULDO L TXH SHU WDQW KL KDXUj UHODFLRQV GL
UHFWHV DPE DOWUHV DVVLJQDWXUHV GHOV HVWXGLV FRP DUD 0LFURHFRQRPLD 0DFURHFR
QRPLD 0DWHPjWLTXHV GH OHV RSHUDFLRQV ILQDQFHUHV HWF
$PE DTXHVW FXUV HV YRO DFRQVHJXLU TXH O·HVWXGLDQW QR WLQJXL FDS GLILFXOWDW D VH
JXLU WRWV HOV SURFHVVRV PDWHPjWLFV EjVLFV TXH HV SXJXLQ GHVHQYROXSDU HQ GLIH
UHQWV DVVLJQDWXUHV GH OD GLSORPDWXUD GH &LqQFLHV (PSUHVDULDOV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
2EMHFWLXV
&RQWLQJXWV
0zGXO GLGjFWLF
3ROLQRPLV L HTXDFLRQV G·XQD YDULDEOH
FUqGLWV
2EMHFWLX
6DEHU WUHEDOODU DPE IOXwGHVD DPE HOV SROLQRPLV L OHV HTXDFLRQV
&RQWLQJXWV
'HILQLFLy L RSHUDFLRQV DPE SROLQRPLV 'HVFRPSRVLFLy GH SROLQRPLV L UHJOD
GH 5XIILQL (TXDFLRQV GH SULPHU L VHJRQ JUDX (TXDFLRQV ELTXDGUDGHV ,QH
TXDFLRQV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
0zGXO GLGjFWLF
6LVWHPHV G·HTXDFLRQV OLQHDOV
FUqGLW
2EMHFWLXV
6DEHU UHVROGUH VLVWHPHV G·HTXDFLRQV OLQHDOV GH GXHV L WUHV YDULDEOHV PLWMDQ
oDQW HO PqWRGH GH *DXVV
&RQqL[HU O·~V PpV HOHPHQWDO GH OHV PDWULXV
&RQWLQJXWV
1RWDFLy L RSHUDFLRQV DPE PDWULXV 'HWHUPLQDQWV GH PDWULXV K L K 6LVWH
PHV OLQHDOV GH GXHV L WUHV YDULDEOHV (TXDFLRQV OLQHDOV 0qWRGHV GH UHVROXFLy
&ODVVLILFDFLy L LQWHUSUHWDFLy GH OHV VROXFLRQV
0zGXO GLGjFWLF
)XQFLRQV UHDOV G·XQD YDULDEOH UHDO
FUqGLW
2EMHFWLXV
&RQqL[HU HO FRQFHSWH GH IXQFLy UHDO GH YDULDEOH UHDO
6DEHU LQWHUSUHWDU OHV SULQFLSDOV IDPtOLHV GH IXQFLRQV UHFWHV SDUjEROHV IXQ
FLRQV H[SRQHQFLDOV L ORJDUtWPLTXHV HWF
&RQWLQJXWV
(OV QRPEUHV UHDOV $SOLFDFLRQV HQWUH FRQMXQWV (OV HL[RV FRRUGHQDWV O·RULJHQ L
HOV TXDGUDQWV 5HSUHVHQWDFLy JUjILFD GH IXQFLRQV WDXOD GH YDORUV SXQWV GH WDOO
L GRPLQL )XQFLRQV PRQzWRQHV ([WUHPV G·XQD IXQFLy *HRPHWULD GH OD UHFWD
(TXDFLRQV G·XQD UHFWD 3HQGHQW )XQFLRQV UHDOV EjVLTXHV SDUjEROHV IXQFLRQV
H[SRQHQFLDOV ORJDUtWPLTXHV D WURVVRV L WULJRQRPqWULTXHV
0zGXO GLGjFWLF
/tPLWV L FRQWLQXwWDW
FUqGLWV
2EMHFWLX
&RQqL[HU HO FRQFHSWH GH OtPLW L OHV SULQFLSDOV UHJOHV GH FjOFXO
&RQWLQJXWV
,QWXwFLy L GHILQLFLy GH OtPLW /tPLWV ODWHUDOV OtPLWV LQILQLWV L D O·LQILQLW &jOFXO
GH OtPLWV ,QWXwFLy L GHILQLFLy GH FRQWLQXwWDW &RQWLQXwWDW SHU SXQW L SHU LQWHU
YDO 2SHUDFLRQV DPE IXQFLRQV FRQWtQXHV 'LVFRQWLQXwWDWV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
0zGXO GLGjFWLF
'HULYDFLy L LQWHJUDFLy
FUqGLW
2EMHFWLXV
&RQqL[HU HO FRQFHSWH GH GHULYDGD OHV VHYHV UHJOHV GH FjOFXO L OD VHYD LQWHU
SUHWDFLy JHRPqWULFD
6DEHU XVDU OD LQWHJUDFLy GHILQLGD FRP D HLQD SHU DO FjOFXO G·jUHHV
6DEHU DSOLFDU WRWV HOV FRQFHSWHV FLWDWV DQWHULRUPHQW SULQFLSDOPHQW OD GHUL
YDGD HQ HO SODQWHMDPHQW L O·DQjOLVL GHOV SULQFLSDOV SUREOHPHV HFRQzPLFV
&RQWLQJXWV
'HILQLFLy L LQWHUSUHWDFLy JHRPqWULFD GH OD GHULYDGD )XQFLy GHULYDGD QRWDFLy L
GHULYDFLy VXFFHVVLYD 7DXOD L UHJOHV GH GHULYDFLy 5HJOD GH OD FDGHQD $SOLFDFL
RQV GH OD GHULYDGD PRQRWRQLD FRQFDYLWDW L RSWLPLW]DFLy 5HJOD GH O·+{SLWDO
,QWHJUDFLy GHILQLGD L LQGHILQLGD 5HJOD GH %DUURZ
¤ & )RUPDFLy &RQWLQXDGD *
,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
3ODQLILFDFLy GH O·DSUHQHQWDWJH
/D PHWRGRORJLD GH WUHEDOO GHO FXUV HV EDVD HQ O·~V DFWLX SHU SDUW GHOV HVWXGLDQWV
L GHO FRQVXOWRU GH OHV HLQHV GH TXq HV GLVSRVD DO &DPSXV 9LUWXDO /HV HLQHV GH
O·DXOD TXH V·XVDUDQ L HOV PLVVDWJHV L OHV DFWLYLWDWV TXH V·KL SHQMDUDQ VyQ HOV VH
JHQWV
² $ O·LQLFL GH FDGD PzGXO H[SOLFDFLy EUHX GHOV SXQWV PpV LPSRUWDQWV TXH HV
WUDFWDUDQ DO PzGXO
² 'XUDQW HO FXUV DTXHOOV FRPHQWDULV VREUH HO FXUV TXH VLJXLQ G·LQWHUqV JHQHUDO
GH WRWV HOV HVWXGLDQWV
)zUXP
² 'XEWHV JHQHUDOLW]DWV GHOV HVWXGLDQWV VREUH HOV FRQWLQJXWV GHO FXUV L OHV VHYHV
FRUUHVSRQHQWV UHVSRVWHV
'HEDW
&RQVLGHUDFLRQV
/HV FRQVLGHUDFLRQV ILQDOV VREUH DTXHVW FXUV G·LQLFLDFLy D OHV PDWHPjWLTXHV HP
SUHVDULDOV VyQ OHV VHJHQWV
² (O PDWHULDO EjVLF GHO FXUV HVWj IRUPDW SHU XQ &'520 L SHU DTXHVWD JXLD
G·DSUHQHQWDWJH
² $O ILQDO GHO FXUV HV IDUj XQ H[DPHQ SUHVHQFLDO VREUH HOV FRQWLQJXWV GHO FXUV
SHU WDO GH YDOLGDU HOV FRQHL[HPHQWV TXH KHX DVVLPLODW /D GDWD FRQFUHWD GH
O·H[jPHQ XV VHUj FRPXQLFDGD RSRUWXQDPHQW eV QHFHVVjULD OD VXSHUDFLy
G·DTXHVW H[DPHQ SHUTXq SXJXHX VROÃOLFLWDU TXH DTXHVW FXUV XV VLJXL UHFRQH
JXW FRP D FUqGLWV GH OOLXUH HOHFFLy HQ HOV HVWXGLV GH &LqQFLHV (PSUHVDULDOV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
6DEHU WUHEDOODU DPE (TXDFLRQV GH SULPHU &'520 FRQWLQJXWV GHO ² &'520 H[HUFLFLV VHWPDQD
IOXwGHVD DPE OHV HTXDFLRQV L VHJRQ JUDX (TXDFLRQV PzGXO UHVROWV
ELTXDGUDGHV ,QHTXDFLRQV ² *XLD G·DSUHQHQWDWJH
H[HUFLFLV GHO PzGXO
6DEHU UHVROGUH VLVWHPHV 6LVWHPHV OLQHDOV GH GXHV &'520 FRQWLQJXWV GHO ² &'520 H[HUFLFLV VHWPDQD
G·HTXDFLRQV OLQHDOV GH GXHV L WUHV YDULDEOHV (TXDFLRQV PzGXO UHVROWV
L WUHV YDULDEOHV PLWMDQoDQW OLQHDOV 0qWRGHV GH ² *XLD G·DSUHQHQWDWJH
HO PqWRGH GH *DXVV UHVROXFLy &ODVVLILFDFLy H[HUFLFLV GHO PzGXO
L LQWHUSUHWDFLy GH OHV
VROXFLRQV
6DEHU LQWHUSUHWDU OHV *HRPHWULD GH OD UHFWD &'520 FRQWLQJXWV GHO ² &'520 H[HUFLFLV VHWPDQHV
SULQFLSDOV IDPtOLHV GH (TXDFLRQV G·XQD UHFWD PzGXO UHVROWV
IXQFLRQV UHFWHV SDUjEROHV 3HQGHQW )XQFLRQV UHDOV ² *XLD G·DSUHQHQWDWJH
IXQFLRQV H[SRQHQFLDOV L EjVLTXHV SDUjEROHV H[HUFLFLV GHO PzGXO
ORJDUtWPLTXHV HWF IXQFLRQV H[SRQHQFLDOV
ORJDUtWPLTXHV D WURVVRV
L WULJRQRPqWULTXHV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
$FWLYLWDWV
$FWLYLWDW 49,
7HPSV HVWLPDW KRUHV
/HV DFWLYLWDWV TXH XV SURSRVHP
VyQ XQ H[HPSOH GH OHV TXH VH
XV SODQWHMDUDQ SHU D O·DYDOXDFLy
(Q DTXHVWD SULPHUD DFWLYLWDW HV WUDFWD GH UHVROGUH HOV H[HUFLFLV VHJHQWV HQ FRQWLQXDGD
HOV TXDOV HV ID UHIHUqQFLD DOV SULQFLSDOV FRQFHSWHV GHVHQYROXSDWV HQ HOV Pz
GXOV L
([HUFLFL
S [ = [ – [ – [ +
([HUFLFL
8QD HPSUHVD GHGLFDGD D HQYDVDU OOHW KD GH IHU XQ HVWXGL SHU D VDEHU TXLQHV
TXDQWLWDWV GH SURGXFFLy GLjULD KD G·LPSOHPHQWDU (OV GLUHFWLXV G·DTXHVWD HP
SUHVD VDEHQ TXH HQYDVDU [ KHFWROLWUHV GH OOHW FDGD GLD Wp XQ FRVW GLDUL HQ HXURV
TXH YH GRQDW SHU OD IXQFLy
&[ = [ + [ +
, [ = [ + [ + [ +
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
(V GHPDQD
([HUFLFL
–
$ = – % &
= – =
– –
– –
([HUFLFL
[ – \ + ] =
°
®[ – \ + ] =
°
¯ [ + \ + ] = –
[ – \ + ] =
°
®[ – \ + ] =
°
¯ [ + \ + D] = –
$FWLYLWDW
7HPSV HVWLPDW KRUHV
(Q DTXHVWD VHJRQD DFWLYLWDW KHX GH UHVROGUH HOV H[HUFLFLV VHJHQWV HQ HOV TXDOV
HV ID UHIHUqQFLD DOV SULQFLSDOV FRQFHSWHV GHVHQYROXSDWV DOV PzGXOV L
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
([HUFLFL
[–
I[ =
[+
([HUFLFL
I[ = [ + J [ = [ + [ –
J [
J [
G eV FRQWtQXD DTXHVWD IXQFLy TXDQ [ " 3HU TXq" 4XLQ WLSXV GH GLVFRQWLQXw
WDW KL KD"
H 7HQLQW HQ FRPSWH O·H[SUHVVLy GH OD IXQFLy J FDOFXOHX OD LQWHJUDO GHILQLGD VH
JHQW
³ J [ G[
–
([HUFLFLV G·DXWRDYDOXDFLy
0zGXO GLGjFWLF
3ROLQRPLV L HTXDFLRQV G·XQD YDULDEOH
([HUFLFLV SUjFWLFV
S [ = [ + T[ = – [ U [ = [ – [ +
E &DOFXOHX OHV DUUHOV GHOV SROLQRPLV LQLFLDOV &RPSURYHX TXH HO YDORU QXPq
ULF GHOV SROLQRPLV HQ FDGDVFXQD GH OHV VHYHV DUUHOV pV ]HUR
U [ U [ L U [
S [ + T [ S [ – T [ S [ – T [ + U [
S [ U [ T [ S [ + T [ T [ U [
7UREHX OHV DUUHOV UHDOV VL pV TXH HQ WHQHQ GHOV SROLQRPLV VHJHQWV L GLJXHX
TXLQD PXOWLSOLFLWDW WHQHQ )LQDOPHQW GHVFRPSRQHXORV HQ SURGXFWHV GH SROL
QRPLV GH JUDX R
D S[ [
E S[ [ [ [
F S[ [ [
G S[ [
H S[ [ [
I S[ [ [
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D S[ [ [ T[ [
E S[ [ [ T[ [ [
F S[ [ [ T[ [
S [ = [ – T [ = [ + [ – L U [ = [ – [ +
[–
–
[ + [ – [ – [ + [ –
S [ = [ – P[ + [ – [ + P
[ [
E
[
+ = F [
=
D
+[ =
[+ [+ [–
– [
G [ + – [ = H +
[ + [ +
D [ – t E – [ + t [ F [ – [ + !
G [ – d H [ – [ – [ – I –[d[–
D $ = ^ [ 5 – [ ` E % = ^ [ 5 – [ d – `
F & = ^ [ 5 [ f ` G ' = ^ [ 5 –f [ f `
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
H ( = – I ) = > – f
J * = [ 5 – [
^ d d ` K + = – – f
6REUH HOV FRQMXQWV GH O·H[HUFLFL DQWHULRU UHFRUGDUHP DUD GRV FRQFHSWHV OD
XQLy L OD LQWHUVHFFLy GH FRQMXQWV /D XQLy GH GRV FRQMXQWV 0 L 1 pV XQ QRX
FRQMXQW IRUPDW SHOV HOHPHQWV TXH HVWDQ HQ XQ FRQMXQW R HQ O·DOWUH /D XQLy GH
0 DPE 1 V·HVFULX GH OD IRUPD VHJHQW
0 1
/D LQWHUVHFFLy GH GRV FRQMXQWV pV XQ QRX FRQMXQW IRUPDW SHOV HOHPHQWV TXH HV
WDQ DOKRUD HQ XQ FRQMXQW L HQ O·DOWUH /D LQWHUVHFFLy GH 0 DPE 1 V·HVFULX FRP
VHJXHL[
0 1 = [ [ 0 [ 1
^ `
D
– [
+!
E
[+ !
F
[+
®
¯ + ! [ ®
¯ [–
®
¯ [ – !
[
+ t [
[ [ –
[
° °
G ® H ®
° –
+
¯
°
¯
– [+
([HUFLFLV HFRQzPLFV
&RQVLGHUHX XQD HPSUHVD TXH Wp FRVWRV GH SURGXFFLy OLQHDOV TXH YpQHQ GR 49,
QDWV SHU (OV H[HUFLFLV HFRQzPLFV VyQ
XQD UHSURGXFFLy GHOV TXH
WUREDUHX HQ HO &'520
F[ = + [
F[
= [ [
+ – "
¤ & )RUPDFLy &RQWLQXDGD *
,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
8QD HPSUHVD YHQ HO VHX SURGXFWH D HXURV OD XQLWDW L HO FRVW GH SURGXF
FLy SHU XQLWDW YHQXGD pV GH HXURV /D SURGXFFLy Wp XQV FRVWRV IL[RV GH
HXURV 4XLQD TXDQWLWDW GHO SURGXFWH KD GH IDEULFDU SHU WDO G·REWHQLU
EHQHILFLV ]HUR"
,QGLFDFLy
(O EHQHILFL G·XQD HPSUHVD YH GRQDW SHU OD GLIHUqQFLD HQWUH LQJUHVVRV L GHVSHVHV HQ YHQGUH
L SURGXLU XQD TXDQWLWDW [ GHO SURGXFWH (Q DTXHVW H[HUFLFL HOV LQJUHVVRV VyQ , [ [ L
OHV GHVSHVHV VyQ '[ [
6XSRVHX TXH WHQLX HXURV L HOV YROHX SRVDU HQ XQD OOLEUHWD D WHUPLQL
IL[ 6L O·LQWHUqV TXH XV GyQD HO EDQF SHU WHQLUORVKL pV XQ LQWHUqV UDFLRQDO VLP
SOH GHO DQXDO L VL QR WHQLP HQ FRPSWH FDS DOWUD GHVSHVD TXDQW GH WHPSV
HQ DQ\V KDXUHX GH WHQLU DTXHVWV GLQHUV HQ HO EDQF GH PDQHUD TXH DO ILQDO WLQ
JXHX HXURV PpV GHOV TXH KDYtHX LQJUHVVDW HQ XQ SULQFLSL"
,QGLFDFLy
3DVVDWV [ DQ\V OD TXDQWLWDW GH GLQHUV TXH WLQGUHX D OD OOLEUHWD VHUj OD VHJHQW
à à [
6L HO TXH YROHX pV TXH KL KDJL HXURV PpV KDXUHX GH UHVROGUH O·HTXDFLy VHJHQW
à à [
Q d
6LJXL OD YDULDEOH \ OD TXDQWLWDW HQ WRQHV GH IHUUR TXH XQD IjEULFD XWLOLW]D SHU
D SURGXLU ELJXHV SHU WDQW \ pV PDWqULD SULPHUD SHU D OD SURGXFFLy 3HU D XQD
GHWHUPLQDGD TXDQWLWDW GH IHUUR \ OD TXDQWLWDW GH ELJXHV TXH HV SRGHQ SURGXLU
YH GRQDGD SHU OD IXQFLy GH SURGXFFLy VHJHQW
I\ = \ – \
'·DOWUD EDQGD HOV FRVWRV GH WUDQVSRUW HQ HXURV GH \ WRQHV GH IHUUR GHV GHO OORF
G·RULJHQ ILQV D OD IjEULFD VyQ
J \ = \
'LJXHX TXLQHV TXDQWLWDWV GH IHUUR SRW GHPDQDU OD IjEULFD GH PDQHUD TXH SUR
GXHL[L PpV GH ELJXHV SHUz DPE XQV FRVWRV GH WUDQVSRUW PpV SHWLWV TXH
HXURV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
,QGLFDFLy
2EVHUYHX TXH DTXHVW SUREOHPD HV SRW UHGXLU DO VLVWHPD G·LQHTXDFLRQV VHJHQW
\ – \ J
\ @
\ J
0zGXO GLGjFWLF
6LVWHPHV G·HTXDFLRQV OLQHDOV
([HUFLFLV SUjFWLFV
$ = – % = L & =
–
7UREHX
D $%
E &$
F $
G % &
L &
$ = % =
=
D (VWj GHILQLW HO SURGXFWH $%" &DOFXOHX $% (V SRW FDOFXODU %$" 3HU TXq"
E eV YHULWDW TXH %& &%"
$ = % = & = ' = ( = –
– –
) = – * = + =
–
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D
–
E
F
–
–
–
– –
G
– –
– –
D E – F –
– –
–
$ = % = & = ' =
–
[+\+] =
[ + \ = [ – \ =
[–\+] =
°
D E F
[ + \ ¯ – [ + \ = –
® ® ®
=
¯ °
¯
[ + \ – ] =
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
[+\–] =
°
°
[+\+] =
°
[+\+] = 49,
G ®[ – \ + ] = H ®[ + \ + ] = I ®[ + \ + ] = 2EVHUYHX TXH HO VLVWHPD J pV
° ° °
¯[ – \ + ] = ¯ [ + \ + ] = ¯ [ + \ + ] = XQD PLFD HVWUDQ\ (Q DTXHVW
VLVWHPD KL KD WUHV LQFzJQLWHV L
QRPpV GXHV HTXDFLRQV (Q
J ® [ + \ – ] =
DTXHVW FDV QRPpV KDXUHX GH
IHU XQ ~QLF SDV GH *DXVV
¯ [ – \ – ] =
'LVFXWLX HOV VLVWHPHV VHJHQWV PLWMDQoDQW *DXVV L VHJRQV HOV YDORUV GHOV SD
UjPHWUHV TXH DSDUHL[HQ D FRQWLQXDFLy
D[ + \ – ] =
°
D ® [ – D\ + ] =
°
¯ [ + \ + D] = D
P – [ + P – \ = P
E ®
¯ P[ + P + \ = P –
°
[ + \ + ] =
F ® [ – \ + ] =
°
¯ N + [ – \ + ] =
I[ \ = [ + \
,QGLFDFLy
2EVHUYHX TXH HO SODQWHMDPHQW GHO SUREOHPD DQWHULRU HQV SRUWD D UHVROGUH HO VLVWHPD
G·HTXDFLRQV VHJHQWV
[+ \ =
®
¯ [+ \ =
,QGLFDFLy
(Q DTXHVW FDV HO VLVWHPD OLQHDO TXH HQV TXHGD pV HO VHJHQW
[ + \ =
®
¯ [ = \
8QD HPSUHVD SURGXHL[ WUHV EpQV [ \ L ] L HOV YHQ D L HXURV SHU XQL
WDW UHVSHFWLYDPHQW $TXHVWD HPSUHVD KD GH GHFLGLU TXLQD TXDQWLWDW GH FDGD
SURGXFWH SRVD D OD YHQGD VDEHQW TXH HO FRQVXPLGRU VHPSUH FRPSUD OD PDWHL[D
TXDQWLWDW GHO SULPHU L GHO VHJRQ L TXH VHPSUH FRPSUD XQD XQLWDW PHQ\V GHO
WHUFHU TXH GHO SULPHU 6L O·HPSUHVD YRO JXDQ\DU HXURV DPE OD YHQGD TXLQD
HOHFFLy IDUj"
0zGXO GLGjFWLF
)XQFLRQV UHDOV G·XQD YDULDEOH UHDO
([HUFLFLV SUjFWLFV
– –
+
H
S
– – – §© · § S ·
–
– – –
¹ © ¹
8QD IXQFLy UHDO GH YDULDEOH UHDO I # o # pV XQD DSOLFDFLy GHO FRQMXQW GHOV
UHDOV VREUH HOV UHDOV TXH D FDGD QRPEUH UHDO [ # GHO VHX GRPLQL 'RPI OL DV
VLJQD XQ DOWUH QRPEUH UHDO I [ &RQVLGHUHX OD IXQFLy UHDO GH YDULDEOH UHDO VHJHQW
I [ [
7UREHX HO GRPLQL L HOV SXQWV GH WDOO VL pV TXH Q·KL KD GH OHV IXQFLRQV VH
JHQWV
D I [ = [ – [ + E I [ = [+ F I [ =
[
G I [ = H I [ = [ + I I [ =
[
[+
J I [ =
[ –
K I [ = – [ + L I [ =
[
– – [
[+ [ [
– – – [
M I [ = [ – – [ N I [ =
[ + D
I[ =
[–
D I I E I I F I Ã I G I I I H I
I I I J I I K I I L I Ã I
/D SRVLFLy UHODWLYD GH GXHV UHFWHV HQ HO SOD QRPpV SRW VHU GH WUHV WLSXV
3HU D HVWXGLDU DTXHVWD SRVLFLy UHODWLYD V·KD GH SODQWHMDU XQ VLVWHPD OLQHDO IRU
PDW SHU OHV HTXDFLRQV GH OHV GXHV UHFWHV 6L HO VLVWHPD pV FRPSDWLEOH GHWHUPL
QDW DL[z YRO GLU TXH OHV UHFWHV VyQ VHFDQWV 6L HO VLVWHPD pV FRPSDWLEOH
LQGHWHUPLQDW DOHVKRUHV HQV LQGLFD TXH VyQ FRLQFLGHQWV , ILQDOPHQW VL VXUW
LQFRPSDWLEOH YRO GLU TXH VyQ SDUDOÃOHOHV
\ [ \ [ \ [ L \ [
D 7UREHXQH HO YqUWH[
E 7UREHXQH HOV SXQWV GH WDOO
F &RQVWUXwX XQD WDXOD GH YDORUV
G 5HSUHVHQWHXQH OD JUjILFD
H 'LJXHX VL Wp DOJXQ H[WUHP L RQ pV FUHL[HQW R GHFUHL[HQW
I 4Xq SDVVD VL FDQYLHP HO VLJQH GH OD SDUjEROD pV D GLU VL IHP HO VHJHQW
I [ [ "
8QD UHFWD L XQD SDUjEROD SRW VHU TXH HV WDOOLQ HQ GRV SXQWV HQ XQ R HQ
FDS /·HVWXGL GH OD VHYD SRVLFLy UHODWLYD HV ID KDELWXDOPHQW D SDUWLU GH OD LJXD
ODFLy HQWUH OHV GXHV HTXDFLRQV 7UREHX HOV SXQWV GH WDOO GH OHV SDUHOOHV GH IXQ
FLRQV VHJHQWV
D \ [ \ [ [
E \ [ \ [ [
F \ [ \ [ [
2EWLQJXHX OHV UHJLRQV GHO SOD TXH UHSUHVHQWHQ HOV FRQMXQWV VHJHQWV
D ^[\ # [ ! \`
E ^[\ # \ [ `
F ^[\ # \ J [ `
G ^[\ # [ ! \ \ J [ `
,QGLFDFLy
3HU D IHU HOV WUHV SULPHUV DSDUWDWV UHSUHVHQWHX JUjILFDPHQW OHV IXQFLRQV TXH KL KD D GLQ
WUH SRVDQW XQD LJXDOWDW HQ HO OORF GH OHV GHVLJXDOWDWV (O SOD XV TXHGDUj GLYLGLW HQ GXHV
]RQHV L KHX GH WULDU DTXHOOD HQ TXq HOV SXQWV YHULILTXLQ OD GHVLJXDOWDW 3HU D IHU HO GDUUHU
DSDUWDW FRPELQHX HOV DSDUWDWV , L .
– [ + [ t
D I[ = ®
¯ [ + [
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
[ –
°
E I [ = ® [ – [ > – @
°
¯[ [ !
[
F = ®
I [
¯ – [t
/D UHSUHVHQWDFLy JUjILFD G·XQD IXQFLy TXH FRQWp XQ YDORU DEVROXW HV ID KD
ELWXDOPHQW SHU PLWMj GH O·HVWXGL GH VLJQH GHO TXH KL KD D GLQV '·DTXHVWD PD
QHUD SRGHP YHXUH XQD IXQFLy HQ TXq KL KD XQ YDORU DEVROXW FRP XQD IXQFLy
GHILQLGD D WURVVRV 3HU H[HPSOH FRQVLGHUHX OD IXQFLy I [ ~[ ~ 6L PLUHX
TXDQ pV SRVLWLX R QHJDWLX [ YHXUHX TXH SRGHX HVFULXUH
– [ + [ + d
= ®
I [
¯ [ + [ + t
R HTXLYDOHQWPHQW
– [ – [ d –
I [ = ®
¯ [ + [ t –
D I [ ~ [~ E I [ ~[ ~ F I [ ~[~ G I [ ~[ ~
D ORJ[
E [
F [ Ã [
H OQ[ OQ[
I [ [
J ORJ[ ORJ[ ORJ
D 7UREHX HO SUHX G·HTXLOLEUL GHO PHUFDW pV D GLU LJXDOHX OHV GXHV UHFWHV
E 5HSUHVHQWHX O·RIHUWD L OD GHPDQGD HQ XQD PDWHL[D JUjILFD
F 'H O·RIHUWD L GH OD GHPDQGD TXLQD GH OHV GXHV FUHL[ TXDQ DXJPHQWD HO SUHX
PLWMj L TXLQD GLVPLQXHL["
,QGLFDFLy
(OV YqUWH[V GH WRWD SDUjEROD VHPSUH GRQHQ R Ep HO VHX Pj[LP R Ep HO VHX Pt QLP
E 4XLQHV VyQ OHV TXDQWLWDWV GH [LFOHWV L GH FDUDPHOV TXH SRW FRPSUDU VL HO TXH
YRO pV JDVWDUVH PHQ\V GH SHVVHWHV"
,QGLFDFLy
+HX GH YHXUH SULPHU TXLQV VyQ HOV SXQWV GHO SOD TXH HVWDQ HQ HO FRQMXQW VHJHQW
^[\ # \ [ ` L GHVSUpV TXHGDUYRV DPE DTXHOOV SXQWV TXH HVWDQ HQ HO SUL
PHU TXDGUDQW MD TXH OHV TXDQWLWDWV VHPSUH VyQ PDJQLWXGV SRVLWLYHV
6LOGtEH[
DQ\V
0zGXO GLGjFWLF
/tPLWV L FRQWLQXwWDW
([HUFLFLV SUjFWLFV
[o [
OLP + [ H [ + [ OLP H [ – OLP
G
H
I H [ –
[o [ o [
o
J OLP
[ o f
[ – K OLP [ –
[ o –f
L OLP
[ o f
M OLP
[ o –f
N OLP
[ [
o
O OLP
[ o –f
[ + H[
GRQpV
[ [ + D
" , SHUTXq VRUWtV f "
o
[
¤ )82& )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D &DOFXOHX HOV OtPLWV ODWHUDOV TXDQ OD [ WHQGHL[ FDS D eV D GLU FDOFXOHX HOV
OtPLWV VHJHQWV OLPI [ OLP I [
[ o [ o
[ + [
'H OD IXQFLy I [ = ® FDOFXOHXQH HO OtPLW TXDQ
¯ [ – [ t
D [ WHQGHL[ D
E [ WHQGHL[ D
F [ WHQGHL[ D SHU OD GUHWD
G [ WHQGHL[ D SHU O·HVTXHUUD
[–
D OLP
[ o [ –
E OLP
[ o f [ –
F OLP [ – [
[ o f [ – [ + [
[ + [ –
G OLP
[ o [ – [ – [ +
H OLP [ + [ – [
[ o f
I OLP [ + [ +
[ o –
&DOFXODU HO OtPLW R HOV OtPLWV ODWHUDOV GH OD IXQFLy TXDQ OD [ WHQGHL[ FDS D [
$WHVHV OHV FRQVLGHUDFLRQV DQWHULRUV GLJXHX VL OHV IXQFLRQV VHJHQWV VyQ FRQWt
QXHV R QR HQ HOV SXQWV TXH V·LQGLFD HQ FDGD FDV
D I [ = [ + [
E I [ = [ – [
=
°
°
VL [ z
F I [ = [
[
= G I [ = ® [ [
=
[ °
° VL [ =
¯
[ –
°
VL [ z
°[–
H I [ = ®
° [
=
° VL [ =
¯
[ + VL [
I I [ = ® [
¯ [ – VL [ t
([HUFLFLV HFRQzPLFV
&RP OD PDWHL[D OOHL GH O·RIHUWD L GH OD GHPDQGD LQGLFD XQD HPSUHVD GHWHU 49,
PLQDGD HVWj FRPSURYDQW OD UHODFLy TXH KL KD HQWUH HO SUHX S HQ HXURV TXH (OV H[HUFLFLV HFRQzPLFV VyQ
XQD UHSURGXFFLy GHOV TXH WUR
SRVD DO SURGXFWH TXH YHQ L OD GHPDQGD G HQ WRQHV TXH Wp GHO PDWHL[ , YHX EDUHX DO &'520
TXH HVWDQ UHODFLRQDGHV GH OD PDQHUD VHJHQW
+ S+
GS =
S +
SRQHQFLDO GH OD SREODFLy D WRW HO PyQ HQV LQGLFD TXH SRGHP HVWDU SDVVDQW SHU
OD PDWHL[D VLWXDFLy HQFDUD TXH D PROW PpV JUDQ HVFDOD OD WHUUD FRP D ´DOGHD
JOREDOµ 6L OD GLVPLQXFLy GHOV UHFXUVRV QDWXUDOV PHVXUDWV HQ XQLWDWV HQHUJqWL
TXHV SHU KDELWDQW HYROXFLRQD DPE HO WHPSV GH OD PDQHUD VHJHQW TXLQ pV HO
IXWXU TXH HQV HVSHUD"
H –9
=
U W
,QGLFDFLy
&DOFXOHX HO OtPLW GH OD IXQFLy 7 9 TXDQ 9 WHQGHL[ D f
D 6HJRQV HOV WqFQLFV GH O·HPSUHVD O· GH JHQHU GH HV SURGXLUj DOJXQ WLSXV
GH GLVFRQWLQXwWDW HQ OHV H[SRUWDFLRQV pV D GLU TXDQ W "
,QGLFDFLy
3HU D O·DSDUWDW , KHX GH FRQVLGHUDU OD IXQFLy VHJHQW GHILQLGD D WURVVRV
9 – VL 9 d
0 9 = ® 9 – – VL 9 !
¯
L SHU D O·DSDUWDW - OD VHJHQW
9 – VL 9 d
0 9 = ® 9 – – VL 9 !
¯
0zGXO GLGjFWLF
'HULYDFLy L LQWHJUDFLy
([HUFLFLV SUjFWLFV
= [ –
I [ I [ = [ + – [ =
I [ [ – [ +
¤ )82& )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
[–
[ H[
[
I [ = I [ = I [ =
[ OQ [
[
[
– [
I [ = I [ = I [ =
– [ –[
3HU D IHU OD UHSUHVHQWDFLy JUjILFD G·XQD IXQFLy KHX GH WHQLU HQ FRPSWH XQ VHJXLW
GH SDVVRV /D UHFRSLODFLy GH OHV GDGHV REWLQJXGHV HQ FDGD SDV XV GRQDUj XQD
LGHD GH TXLQD KD GH VHU DTXHVWD UHSUHVHQWDFLy )HX OD UHSUHVHQWDFLy JUjILFD GH
OHV IXQFLRQV DQWHULRUV WRW UHVROHQW HOV DSDUWDWV VHJHQWV
[ – VL [
°
I[ = ® VL [t
°
¯
–[
XV GHPDQHP HO VHJHQW
–[
F 5HSUHVHQWHX OD IXQFLy I HPSUDQW HOV GRV DSDUWDWV DQWHULRUV
(Q HOV SXQWV HQ TXq XQD IXQFLy Wp DOJXQ Pj[LP R DOJXQ PtQLP OD UHFWD
WDQJHQW pV KRULW]RQWDO pV D GLU Wp SHQGHQW LJXDO D ]HUR 9HJHPKR WRW FRQVL
GHUDQW OD IXQFLy VHJHQW I [ [ ² [ ² [
¤ )82& )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
· [ +
³ © [ – [ + –
[
¹ ³ [ [ + G[
D § E F
G[
³
G[
G ³
G[
[ +
H ³
[
G[ I ³ [ – G[
J ³ §© FRV [ + [ +
OQ
³ [ + H[
[
M ³
G[ N ³
G[ O + [ –
G[
[
8VDQW HO PqWRGH G·LQWHJUDFLy SHU SDUWV FDOFXOHX OHV LQWHJUDOV TXH VHJXHL[HQ
D ³ [H [ G[ – E ³ [ + FRV [ G[
F ³ [ H [ G[ G ³ [ OQ [ G[
,QGLFDFLy
$ O·DSDUWDW F KHX G·DSOLFDU GRV FRSV HO PqWRGH G·LQWHJUDFLy SHU SDUWV $ O·DSDUWDW G KHX GH
IHU O·HOHFFLy VHJHQW X OQ[ L GY [ G[
5
– [ ³ VLQ [ G[
D ³
–
G[ E
F ³
[ + H[ G[
G ³ [ OQ [ G[ H ³ 5 FRV [ G[ I
5
– ³–
[H [ G[
,QGLFDFLy
2EVHUYHX TXH HQ HOV DSDUWDWV F L G KL KD LQWHUYDOV HQ TXq OD JUjILFD GH OD IXQFLy TXHGD SHU
VREUH GH O·HL[ L LQWHUYDOV HQ TXq TXHGD SHU VRWD &DOGUj GLVWLQJLU OHV GLIHUHQWV VLWXDFLRQV
3HU H[HPSOH HQ O·DSDUWDW G KHX GH IHU HO VHJHQW
–
UHD ³ –
[ – G[ –
³ –
[ – G[ +
³ [
– G[
)L[HXYRV TXH OD LQWHJUDO GHO PLJ Wp HO VLJQH FDQYLDW $L[z SDVVD SHUTXq HQWUH L OD
JUjILFD GH OD IXQFLy TXHGD SHU VRWD GH O·HL[ GH OHV ;
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
([HUFLFLV HFRQzPLFV
6XSHUItFLH S U
I U
(OV EHQHILFLV REWLQJXWV SHU XQD HPSUHVD GHV GH OD VHYD IXQGDFLy HO VyQ
HOV VHJHQWV 9 = 9 – 9 + 9 RQ 9 pV XQD YDULDEOH TXH HQV LQGLFD HOV DQ\V
TXH KDQ SDVVDW GHV GH OD IXQGDFLy GH O·HPSUHVD (V GHPDQD HO VHJHQW
² /D IXQFLy QRPpV Wp VHQWLW SHU D 9 PpV JUDQ R LJXDO TXH MD TXH O·HPSUHVD
QR H[LVWLD DEDQV GH O·DQ\
² /D IXQFLy QRPpV Wp VHQWLW SHU D 9 PpV SHWLW R LJXDO TXH MD TXH HQFDUD QR
HV SRW VDEHU TXLQV VHUDQ HOV EHQHILFLV PpV HQOOj GHO
/;
= –
/5 5
,QGLFDFLy
3HU D O·DSDUWDW D KHX GH FDOFXODU OD LQWHJUDO LQGHILQLGD VHJHQW
§ –
³ © S ¹
· G[
· G[
S ¹
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
6ROXFLRQDUL
0zGXO GLGjFWLF
3ROLQRPLV L HTXDFLRQV G·XQD YDULDEOH
([HUFLFLV SUjFWLFV
*UDX
7HUPH LQGHSHQGHQW
&RHILFLHQW JUDX
5
5
5 SRGHP GLU TXH pV XQD DUUHO GHO SROLQRPL
D *UDX GH 5 [ 7HUPHV
*UDX GH T [ 7HUPHV
*UDX GH U [ 7HUPHV
E $UUHOV GH S [ [ S
$UUHOV GH T [ [ T
$UUHOV GH U [ [ [ U U
F &DOFXOHP OHV DUUHOV GHOV SROLQRPLV L OD VHYD PXOWLSOLFLWDW
$UUHOV 0XOWLSOLFLWDW
[
U[
[
[
U[
[
[
U[
[
D [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S[ [ Ã [
E [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S[ [ Ã [ Ã [
F [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S[ [ Ã [ Ã [ Ã [
H [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S[ Ã [ Ã [
J [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S[ Ã [ Ã [
K [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S[ [ Ã [ Ã [
L [ PXOWLSOLFLWDW
[ PXOWLSOLFLWDW
S [ = [ §© [ –
·¹
D 4XRFLHQW [
5HVWD
E 4XRFLHQW [
5HVWD [
F 4XRFLHQW [
5HVWD
D T [ pV GLYLVLEOH SHU S [
U [ pV GLYLVLEOH SHU S [
¤ & )RUPDFLy &RQWLQXDGD *
,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
EPFG [
PFP [ [ [
F /D VROXFLy GHVSUpV GH OHV VLPSOLILFDFLRQV pV OD VHJHQW
[ +[–
P
D [
E [
F [ 2EVHUYHX TXH [ QR pV VROXFLy MD TXH GLYLGLUtHP SHU ]HUR
G [ 2EVHUYHX TXH [ QR pV VROXFLy
H $UULEDUHX D O·HTXDFLy VHJHQW TXH QR UHVROGUHP [ [ [
2EHUW D F G H K
7DQFDW I J
1L REHUW QL WDQFDW E
(OV FRQMXQWV VyQ HOV VHJHQWV
$ ( = –
$ ( = –
& % = FRQMXQW EXLW
& % = – – @ f
) + = 5 WRWV HOV Q~PHURV
( ) = –
' * = > – @
([HUFLFLV HFRQzPLFV
[
0zGXO GLGjFWLF
6LVWHPHV G·HTXDFLRQV OLQHDOV
([HUFLFLV SUjFWLFV
D $ + % = E &–$ =
–
F $ = – G % + & =
–
D (O SURGXFWH $% HVWj EHQ GHILQLW MD TXH OD PDWULX $ pV K L OD % pV K GyQD
$% =
%& = &% =
D 'LPHQVLRQV K E 'LPHQVLRQV K
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
F – 'LPHQVLRQV K G – – – 'LPHQVLRQV K
GHW $ GHW % GHW & GHW '
GHW ( GHW ) GHW * GHW +
D
E
F
D
$% = %% = – &% = '% =
–
E
– – –
$GM $ = $GM % = –
–
– –
–
$GM & = – – $GM ' = –
–
–
$ – – % –
–
= –
– =
– –
– –
& – = –
– – ' –
– =
D 6LVWHPD FRPSDWLEOH GHWHUPLQDW
[ \
E 6LVWHPD FRPSDWLEOH GHWHUPLQDW
[ \ ]
F 6LVWHPD FRPSDWLEOH LQGHWHUPLQDW
[ D \ D D pV TXDOVHYRO QRPEUH UHDO
G 6LVWHPD FRPSDWLEOH LQGHWHUPLQDW
[ \ D ] D D pV TXDOVHYRO QRPEUH UHDO
H 6LVWHPD FRPSDWLEOH LQGHWHUPLQDW
[ D \ D ] D D pV TXDOVHYRO QRPEUH UHDO
I 6LVWHPD LQFRPSDWLEOH
J 6LVWHPD FRPSDWLEOH LQGHWHUPLQDW
[ D \ D ] D
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D 6L D pV DOHVKRUHV pV XQ VLVWHPD LQFRPSDWLEOH
6L D QR pV DOHVKRUHV pV XQ VLVWHPD FRPSDWLEOH GHWHUPLQDW
E 6L P pV DOHVKRUHV pV XQ VLVWHPD LQFRPSDWLEOH
6L P QR pV DOHVKRUHV pV XQ VLVWHPD FRPSDWLEOH GHWHUPLQDW
F 6L N pV DOHVKRUHV pV XQ VLVWHPD FRPSDWLEOH LQGHWHUPLQDW
6L N QR pV DOHVKRUHV pV XQ VLVWHPD FRPSDWLEOH GHWHUPLQDW
([HUFLFLV HFRQzPLFV
[ \
[ \
[ \ ]
0zGXO GLGjFWLF
)XQFLRQV UHDOV G·XQD YDULDEOH UHDO
([HUFLFLV SUjFWLFV
D /HV VROXFLRQV VyQ OHV VHJHQWV
5HDOV 5 KR VyQ WRWV
,UUDFLRQDOV ,
H
S
5DFLRQDOV 4 – –
+
(QWHUV = –
+
1DWXUDOV 1 +
E
² /D VXPD GH GRV QRPEUHV QDWXUDOV VHPSUH GyQD XQ DOWUH QRPEUH QDWXUDO
&(57
D (O FRQMXQW K HVWDUj IRUPDW SHU WRWHV DTXHOOHV SDUHOOHV G·HOHPHQWV TXH HV
SRGHQ IRUPDU SUHQHQW XQ HOHPHQW GHO FRQMXQW L XQ DOWUH GHO FRQMXQW
K ^ ^7 ` ^8 ` ^9 ` ^7 ` ^8 ` ^9 ` ^7 ` ^8 ` ^9 ` `
A
S
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D I Ã
I D ÃD ÃD
eV D GLU V·KD GH VXEVWLWXLU OD [ SHU D
[
F 6LJXL TXLQ VLJXL HO YDORU TXH SRVHP D OD YDULDEOH [ VHPSUH SRGUHP IHU
O·RSHUDFLy [ 3HU WDQW HO GRPLQL GH OD IXQFLy VyQ WRWV HOV QRPEUHV UHDOV
'RPI 5
D 'RPI 5
E 'RPI ^[ 5 [ t `
7DOOV DPE O·HL[ G·DEVFLVVHV
G 'RPI 5
H 'RPI 5
I 'RPI
5?^ `
K 'RPI 5
L 'RPI
5?^ `
7DOOV DPE O·HL[ G·DEVFLVVHV
*UjILFD GH OD IXQFLy 1
*UjILFD GH OD IXQFLy 1
*UjILFD GH OD IXQFLy 1
*UjILFD GH OD IXQFLy 1
¤ )82& )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D I + I [ = I [ + I [ = [ – [ + + [ +
E I [ – I [ =
– [
= –
[ [+ [ [ +
[+
F I [ I [ =
G
[ [ – [ – [ – [ – [ –
–
I [ + I [ + I [ = + +
[ [ [
– [
– [ – [ – [ – [
–
H – I [ = –
[+
I I [ + I [ = + – [ + = – [ +
[ –
I [
J
= [ –
I [ [ –
[+
I [ [ +
K
I [ – [ +
L I [ I [ = [
=
–
[ + [ – [ – [ – [ – [ – [ –
D 2EVHUYHX TXH HOV UHVXOWDWV QR VyQ HOV PDWHL[RV $L[z SDVVD SHUTXq OD FRP
SRVLFLy GH IXQFLRQV QR Wp OD SURSLHWDW FRPPXWDWLYD
I R I[ II[ I[ Ã [ [
I R I[ II[ I[ [ [ [
E I R I[ [ ²
I R I[ [
D &RPSURYHP OHV GXHV FRPSRVLFLRQV
1 R J[ I J [ I [ [
[
J R I [ J I [ J [
[
[
&RP TXH HQ IHU OHV GXHV FRPSRVLFLRQV VHPSUH HQV GyQD OD LGHQWLWDW DL[z HQV
LQGLFD TXH XQD IXQFLy pV OD LQYHUVD GH O·DOWUD
I ²[ [
D \
E \
[
F \
[
G \ [
H \ [
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
F L G
H ([WUHP
TXH pV SUHFLVDPHQW HO YqUWH[
&UHL[HQW B
'HFUHL[HQW
B
I /D JUjILFD TXH HQV TXHGD pV SUHFLVDPHQW OD TXH UHVXOWD GH JLUDU HO IXOO UHV
SHFWH D O·HL[ G·DEVFLVVHV
D (V WDOOHQ HQ GRV SXQWV
E 1R HV WDOOHQ HQ FDS SXQW
F (V WDOOHQ HQ XQ SXQW
D (Q SULPHU OORF GLEXL[HP OD UHFWD \ [ L GHVSUpV HQV TXHGHP DPE OD UHJLy
GHO SOD TXH HQV LQWHUHVVD OD ]RQD GH FRORU
\[
¤ & )RUPDFLy &RQWLQXDGD *
,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
\ [
\ [
\ [
\ [
D
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D 1 [ ~ [~
([WUHPV PtQLP D
f
&UHL[HPHQW
E I [ ~[ ~
([WUHPV PtQLP D
f
&UHL[HPHQW
'HFUHL[HPHQW f
S
F I [ ~[~
([WUHPV PtQLP D
f
&UHL[HPHQW
'HFUHL[HPHQW f
G I [ ~[ ~
([WUHPV PtQLPV D L D
&UHL[HPHQW L f
'HFUHL[HPHQW f L
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
([HUFLFLV HFRQzPLFV
D [
E /D UHSUHVHQWDFLy JUjILFD pV OD VHJHQW
\ [
\
[
[
D [
E /D SULPHUD HPSUHVD FUHL[ PpV UjSLGDPHQW MD TXH OD EDVH GH O·H[SRQHQFLDO YDO
PHQWUH TXH OD GH O·DOWUD YDO
D L E /·HTXDFLy GH OD UHFWD pV \
[
L OD VHYD JUjILFD pV OD TXH VHJXHL[ /D UHJLy
GH FRORU pV OD TXH FRUUHVSRQ D O·DSDUWDW E
¤ )82& )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D &UHL[HPHQW
'HFUHL[HPHQW
E 0j[LPV L
(O YDORU PpV DOW V·DVVROHL[ O·DQ\
(O YDORU PpV SHWLW V·DVVROHL[ O·DQ\
F 1R SHUTXq OD JUjILFD QR HV UHSHWHL[ HQ FDS PRPHQW
0zGXO GLGjFWLF
/tPLWV L FRQWLQXwWDW
([HUFLFLV SUjFWLFV
D OLP
[o
[ – = – =
[+ –+
E
[
OLP
o – [ +
=
– + =
=
F OLP [
[ o – [
=
= f
G OLP
[o
+ [ H [ + [
= + H + = H
OLP H [ – H – H f
H
=
= f
= = f
[ o
–
OLP
I H [–
= H –
= H – = H –f =
[ o
J OLP [ –
[ o f
= f – = f – = f
K OLP [ –
[ o –f
= –f – = f – = f
L OLP
[ o f
=
f
=
f
=
M OLP
[ o f
=
–f
=
N OLP
[ [
o
=
= f
O OLP [ – H [
[ o –f
= – f + H –f = – f + = – f
OLP [ + [ OQ
[
=
o
[ + D
=
+ D
=
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
D =
D = –
–
–
+D = f
D OLP I [ = OLP
= f
[ o
[ o
[
OLP I [ = OLP
= – f
[ o
[ o
[
E 1R QR H[LVWHL[ SHUTXq HOV OtPLWV ODWHUDOV QR H[LVWHL[HQ HQ DTXHVW FDV SHU
TXq GRQHQ LQILQLW
D (Q DTXHVW FDV V·KD GH WHQLU HQ FRPSWH TXH HVWj D O·HVTXHUUD GHO L SHU
WDQW HO WURV GH IXQFLy TXH V·KD GH FRQVLGHUDU HQ HO OtPLW pV [
OLP I [ = OLP [ + = –
[ o – [ o –
OLP I [ = OLP [ – = – =
[o [o
OLP I [ = OLP [ – = –
[ o
[ o
OLP I [ = OLP [ + =
[ o
[ o
D OLP
=
,1'(7(50,1$&,Ð
[ o [ –
[– [–
OLP
= OLP
= OLP
= = f
o
[ [ – o
[ [ – [ – o
[ [–
[– f
E OLP
,1'(7(50,1$&,Ð
[ o f [ – f
[
–
[ – [ [
OLP
= OLP
= OLP
[ [
= OLP
f f –
=
=
[ o f [ – [ o f [ [ [ o f [of –+
–
–
[ [ [ [ [ f f
[ – [ f
F OLP
,1'(7(50,1$&,Ð
[ o f [ – [ + [
f
[ [
–
[– [ [ [ [ –
OLP
= OLP
= OLP
= OLP
=
[ o f [ – [ + [
[ o f [ [ [ [ o f [ o f – +
–
[ [ [ [ [
[ + [ –
G OLP
,1'(7(50,1$&,Ð
[ o [ + – [ – [ +
[ + [ –
OLP
=
[ – [ +
OLP
=
[+
OLP
= –
[ o [ – [ – [ +
[ o [ – [ + [ – [ o [ + [ –
+ [ – [
[ + [
OLP [ + [ – [ = OLP [
[ o f [ o f [ + [ + [
[ + [ – [ f
OLP
,1'(7(50,1$&,Ð
[ o f [ + [ – [ f
– +
– [ + [ –
OLP
= OLP
= – f
[
[ o f [ + [ – [ [ o f [ + [
[ [
I OLP [ + [
[o –
+ = – + – + =
f
OLP [ –
OLP [ +
OLP [ +
OLP
H [ o – [+ = H [ o – [ + = H [ o – [ + = H [ o – = H
D 6t
E 1R SHUTXq 1
QR H[LVWHL[
F 1R SHUTXq [
QR pV GHO GRPLQL
G 1R SHUTXq WRW L TXH OD IXQFLy HVWj GHILQLGD HQ HO ]HUR HO OtPLW QR H[LVWHL[
OLP
I [ = OLP
= f
[o [o [
I
[ – [ – [ +
OLP
[o
I [ = OLP
= OLP
= OLP [ + =
[o [ – [o [– [o
I 1R SHUTXq HO OtPLW QR H[LVWHL[ $L[z HV YHX FDOFXODQW HOV OtPLWV ODWHUDOV TXH
QR FRLQFLGHL[HQ
OLP
[ o
I [ = OLP [ – =
[ o
OLP I [
[ o
= OLP [ + =
[ o
1R FODVVLILFDEOH E
$VLPSWzWLFD F G
(YLWDEOH H
'H VDOW I
([HUFLFLV HFRQzPLFV
D
+ +
/ =
= =
+
+ +
/ =
=
+
+ +
/ =
= =
+
F &DOFXOHP HO OtPLW
5 + 5 + f
OLP / 5 = OLP
,1'(7(50,1$&,Ð
5 o f 5 o f 5 + f
5 5
5 + 5 + 5 5 5
OLP / 5 = OLP
= OLP
5 o f 5 o f 5 + 5 o f 5
5 5
5 5 5 ++
OLP
=
5 o f +
+
0 –f
0 –9
OLP 7 9 = OLP
=
9 o f 9 o f 9 f f
6L O·HVWXGL UHDOLW]DW pV FRUUHFWH HO IXWXU TXH HQV HVSHUD pV XQD ´PLFDµ QHJUH
MD TXH D PHVXUD TXH SDVVL HO WHPSV HOV UHFXUVRV QDWXUDOV DQLUDQ GLVPLQXLQW
D 1R HV SURGXLUj FDS GLVFRQWLQXwWDW MD TXH SHU D 9 OD IXQFLy pV FRQWt
QXD 9HJHPKR
0
OLP 0 9 = OLP 9 – =
9 o
9 o
&RP TXH HOV OtPLWV ODWHUDOV H[LVWHL[HQ L D PpV FRLQFLGHL[HQ WHQLP TXH
9
OLP
o
0 9 =
0
OLP 0 9 = OLP 9 – =
9 o 9 o
OLP 09 = OLP 9 – – =
9 o 9 o
&RP TXH HOV OtPLWV ODWHUDOV H[LVWHL[HQ SHUz QR FRLQFLGHL[HQ OD IXQFLy Wp XQD
GLVFRQWLQXwWDW GH VDOW SHU D 9
0zGXO GLGjFWLF
'HULYDFLy L LQWHJUDFLy
([HUFLFLV SUjFWLFV
\ \
[ [
¤ & )RUPDFLy &RQWLQXDGD *
,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
\ \
\ \
HHHH
HH
HH [ [
H
\ \
[ [
\
[
¤ )82& )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
[
0j[LP [
5HFWD WDQJHQW \
0tQLP [ 5HFWD WDQJHQW \
·
D ³ © [ – [ + –
[
¹ G[
§ =
[ – [ + [ +
+ .
[
E [ + +.
³ [ [ + G[ =
F [ + = OQ [ + [ – + .
³
G[
G = $UF WJ [ + .
³ [
G[
[ OQ [ +
H ³
[
G[ =
+.
[ – G[ =
+ .
[
I ³
[
J ³ © FRV [ + [ +
[
+ H [¹ G[
§ · = VLQ [ +
+ OQ [ + H [ + .
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
K ³ H– [ + G[
= –
H – [ + + .
+.
M ³
G[ = DUF VLQ §©
[
·¹ + .
– [
N ³
OQ [
G[ =
OQ [
+.
[
H [ + [ –
O ³ [ + H[ + [ – G[ =
+.
D ³ [H–[ G[ = – [H –[ – H –[ + .
+ .
F ³ [ H [ G[ = [ – [ + H[ + .
G ³ [ OQ [ G[ =
[ §
OQ [ –
·¹ + .
©
D ³– – [ G[ = [ – [ – =
5
E ³
VLQ [ G[
5
= – FRV [ =
A
F ³
[ + H [ G[ =
[
+ H[
= H –
G ³ [ OQ [ G[ = [
· =
OQ [ –
OQ –
§
© ¹
H ³– FRV [
5
5
G[ = VLQ [
– 5
5
=
I ³– [H [ G[ = [ – H[
–
= H + H –
D jUHD = ³–– [ – G[ [ –
=
– [ =
–
E jUHD = – ³–
[ – G[ [
= – §
– [· =
© ¹
–
F jUHD = – ³ [ – G[ + ³ [ – G[ [ [
= – §
– [· + §
– [· = +
© ¹
© ¹
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
G jUHD =
³ [ – G[ – ³ [ – G[ + ³ [ – G[
=
–
=
– –
([HUFLFLV HFRQzPLFV
(Q SULPHU OORF HQV FDO GHULYDU OD IXQFLy 1 L GHVSUpV WUREDU HOV YDORUV GH U
TXH DQXOÃOHQ OD GHULYDGD
I
U = SU –
U
S U – = oU =
= FP
S
U
I s U = S +
o I s § · = S + ! o PtQLP
S ¹
U ©
S
)LQDOPHQW FRP TXH MD VDEHP TXq YDO HO UDGL U QRPpV FDO WUREDU TXq YDO K D
SDUWLU GH O·HTXDFLy GHO YROXP
D
%W
W
D +HP GH FDOFXODU OD LQWHJUDO LQGHILQLGD VHJHQW
GY § ·
³
G
S
= ³ © – S
¹ G[ =
S
+ .
'·DTXHVWD PDQHUD SRGHP GLU TXH OD UHODFLy IXQFLRQDO TXH KL KD HQWUH OHV YHQ
GHV L HOV SUHXV pV OD VHJHQW
YS =
+ .
S
GHFUHL[HPHQW
= – ³ § –
· G[ = –
= –+ = WRQHV
© S ¹ S
¤ & )RUPDFLy &RQWLQXDGD * ,QLFLDFLy D OHV PDWHPjWLTXHV HPSUHVDULDOV
%LEOLRJUDILD
%LEOLRJUDILD EjVLFD
%LEOLRJUDILD FRPSOHPHQWjULD
)DL[HV $ 5RGj - 6DQV - 0DWHPiWLFDV %83 %DUFHORQD D
338
1RWHV SHUVRQDOV
*20052.026*
*G4/90.080.1*