You are on page 1of 15

/

&2087$5($',632=,7,9(/25
6(0,&21'8&72$5((/(0(17$5(

6FRSXOOXFU»ULL

 (YLGHQØLHUHD IRUPHORU GH XQG» FDUDFWHULVWLFH FRPXW»ULL GLUHFWH ¹L LQYHUVH D
GLVSR]LWLYHORU VHPLFRQGXFWRDUH HOHPHQWDUH GLRGH WUDQ]LVWRDUH ELSRODUH WUDQ]LVWRDUH
XQLSRODUH SULQVLPXODUH63,&(
 (YLGHQØLHUHD XQRU PHWRGH GH PLF¹RUDUH D WLPSLORU GH FRPXWDUH D GLVSR]LWLYHORU
VHPLFRQGXFWRDUHHOHPHQWDUHYLDFLUFXLWH[WHULRUWRWSULQVLPXODUH63,&(

%UHYLDUWHRUHWLF

5HJLPXOGHOXFUXDOXQXLGLVSR]LWLYVHPLFRQGXFWRUÇQFDUHVXEDFØLXQHDXQHLFRPHQ]L
H[WHULRDUHDFHVWDWUHFHGLQVWDUHDGHEORFDUHÇQFHDGHFRQGXFØLHVDXLQYHUVVHQXPH¹WHUHJLP
GHFRPXWDUH&RPXWDØLDVHQXPH¹WHGLUHFW»GDF»WUHFHUHDVHIDFHGLQUHJLPGHEORFDUHÇQUHJLP
GHFRQGXFØLH¹LLQYHUV»GDF»WUHFHUHDVHIDFHGLQUHJLPXOGHFRQGXFØLHÇQFHOGHEORFDUH
5HJLPXO GH FRPXWDUH HVWH XQ FD] SDUWLFXODU DO IXQFØLRQ»ULL GLVSR]LWLYHORU ÇQ UHJLP
YDULDELOGHVHPQDOPDUHXQGHFRPSRUWDUHDQHOLQLDU»DGLVSR]LWLYHORUVHPLFRQGXFWRDUHQXPDL
SRDWH IL QHJOLMDW» $FHVW UHJLP HVWH ÇQW¾OQLW ÇQ DSOLFDØLLOH OHJDWH GH IRUPDUHD JHQHUDUHD ¹L
SUHOXFUDUHD LPSXOVXULORU &HL PDL LPSRUWDQØL SDUDPHWUL FH GHVFULX UHJLPXO GH FRPXWDUH VXQW
WLPSLLGHFRPXWDUHGLUHFW¹LLQYHUVÇQFRQFRUGDQØ»FXWLSXOFRPXW»ULL

 'LRGHOH ED]DWH SH MRQFØLXQHD SQ DX DSOLFDELOLWDWH ODUJ» ÇQ FLUFXLWHOH GH FRPXWDØLH
7LPSLL GH FRPXWDUH GLUHFW» ¹L LQYHUV» VWDELOHVF OLPLWD VXSHULRDU» D YLWH]HL GH U»VSXQV D
FLUFXLWXOXLÇQFDUHGLRGHOHVXQWIRORVLWH¹LVXQWFRQWURODØLÇQSULQFLSDOGHIHQRPHQHOHGHGLIX]LH
¹L UHFRPELQDUH DOH SXUW»WRULORU GH VDUFLQ» PLQRULWDUL )RUPHOH GH XQG» SHQWUX FXUHQWXO ¹L
WHQVLXQHDODERUQHOHGLRGHLÇQUHJLPGHFRPXWDØLHVXQWGHWHUPLQDWHGHYLWH]DFXFDUHSXUW»WRULL
GHVDUFLQ»PLQRULWDULVXQWLQMHFWDØLÇQUHJLXQLOHDFWLYH¹LUHVSHFWLYGHYLWH]DFXFDUHVDUFLQDGH
SXUW»WRULPLQRULWDULDFXPXODW»ÇQUHJLXQLOHDFWLYHHVWHHYDFXDW»
$VWIHO SHQWUX R MRQFØLXQH GH WLS SQ FXUHQWXO MRQFØLXQLL VH SRDWH DSUR[LPD SULQ
XUP»WRDUHDUHODØLH
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

∂4 S ([   [   W ) 4 S ([   [   W ) GY
L$ ≅ + &M ⋅ $ 
GW
+ τ
∂W HI

FXQRVFXW»VXEGHQXPLUHDGHHFXDØLDGHFRQWUROSULQVDUFLQ»ÇQFDUH
4 S ([   [  ) = $ M ⋅ T ⋅ ∫ [S Q ([ W ) − S Q  ]⋅G[ 
[
[
UHSUH]LQW» VDUFLQD DFXPXODW» ÇQ H[FHV ÇQ UHJLXQHD DFWLY» D GLVSR]LWLYXOXL IDØ» GH VLWXDØLD GH
HFKLOLEUXWHUPRGLQDPLF
 
 
τ HI =
τS + τV
UHSUH]LQW»WLPSXOGHYLDØ»HIHFWLYDOSXUW»WRULORUGHVDUFLQ»PLQRULWDULFDUHØLQHVHDPDDW¾WGH
UHFRPELQDUHDÇQYROXPF¾W¹LGHFHDGHODLQWHUIDØDFDWRGXOXLLDU

&M = Y  Y ILQDO
& (Y )⋅GY M 
M LQLWLDO − Y M ILQDO ∫ Y LQLWLDO E M

M

ÇQFDUH Y M HVWHWHQVLXQHDFHFDGHSHUHJLXQHDGHVDUFLQ»VSDØLDO»¹L & E (Y M ) HVWHFDSDFLWDWHDGH


M

EDULHU»GHVHPQDOPLFDMRQFØLXQLLUHSUH]LQW»FDSDFLWDWHDGHEDULHU»GHVHPQDOPDUH
)RUPHOH GH XQG» FRUHVSXQ]»WRDUH UHJLPXOXL GH FRPXWDUH D XQHL MRQFØLXQL S Q
VWUXFWXU» FX SURILO GH LPSXULW»ØL DEUXSW ¹L DVLPHWULF  FH SUH]LQW» R FRQFHQWUDØLH XQLIRUP» D


LPSXULW»ØLORU ÇQ FHOH GRX» UHJLXQL DOH VDOH VXQW SUH]HQWDWH ÇQ ILJXUD  )RUPHOH GH XQG»
UHOHY»FODUIDSWXOF»OD W =  GLVSR]LWLYXOFRPXW»ÇQFXUHQW3UREOHPDFDUHVHSXQHHVWHGHFH
H[LVW»RÇQW¾U]LHÇQVWDELOLUHDWHQVLXQLLSHMRQFØLXQHODYDORDUHDFRUHVSXQ]»WRDUHFXUHQWXOXLFHR
SDUFXUJH
,
9 $ = 9 7 ⋅ OQ  ) +  
,  
9)
,) ≅
5/
$FHDVW» ÇQW¾U]LHUH W FU  VH GDWRUHD]» WLPSXOXL QHFHVDU DFXPXO»ULL VDUFLQLL LQMHFWDWH ÇQ
UHJLXQHDDFWLY»GHWLSQIHQRPHQPRGHODWSULQÇQF»UFDUHDFDSDFLW»ØLORUMRQFØLXQLL FDSDFLWDWHD
GH GLIX]LH ¹L FDSDFLWDWHD GH EDULHU»  &DSDFLWDUHD GH EDULHU» HVWH IRDUWH PLF» ÇQ SRODUL]DUH
GLUHFW»¹LGHDFHHDHIHFWXODFHVWHLDSRDWHILQHJOLMDW
7LPSXO QRWDW FX W FU  ÇQ FDUH VDUFLQD DFXPXODW» ÇQ H[FHV IDØ» GH VLWXDØLD GH HFKLOLEUX
WHUPRGLQDPLFDMXQJHODGLQYDORDUHDVDILQDO»4 S ([   [   ∞) = , ) ⋅ τ HI SRDUW»GHQXPLUHDGH
WLPSGHFUH¹WHUH([SUHVLDDQDOLWLF»DDFHVWXLDHVWH
W FU ≅   ⋅ τ HI 
§QDFHVWFD]F¾QGFRPXWDUHDDUHORFGLQVLWXDØLDGHHFKLOLEUXWHUPRGLQDPLFWLPSXOGH
FRPXWDUHGLUHFW»QRWDWFXW FG HVWHFKLDUWLPSXOGHFUH¹WHUHW 'DF»ÇQV»FRPXWDUHDGLUHFW»DU
IL DYXW ORF GLQ UHJLXQHD GH EORFDUH WLPSXO GH FRPXWDUH GLUHFW» DU DYHD GRX» FRPSRQHQWH
FU

WLPSXOGHÇQW¾U]LHUHGDWRUDWGHVF»UF»ULLFDSDFLW»ØLLGHEDULHU»GHODWHQVLXQHDODWHQVLXQHQXO»
QRWDWFXW G ¹LWLPSXOGHFUH¹WHUHW FU FRUHVSXQ]»WRUDFXPXO»ULLVDUFLQLLÇQUHJLXQHDDFWLY»GHWLS
Q§QFRQVHFLQØ»WLPSXOGHFRPXWDUHGLUHFW»HVWHGDWGHH[SUHVLD
W FG = W G + W FU 
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

5HJLPGHEORFDUH
 Q
S
 S [
S Q Q [

&RPXWDUH &RPXWDUH
. LQYHUV» GLUHFW»
5/ 9
/

  
Y, S
 Q
Q [ S [
 
9 95
 )


5HJLPGHFRQGXFØLH

Y, Y
,

Y
9 ,
)
9) 9
)

W W
W
 

L$ L
$ 95

, L$
)
,
) ,)


,
WV
W W
W
,
 W W
FUFG  5

Y Y
$ $ , 5
W GVF
9$ 9$
Y
$

9
$
W W
W


 W W
FUFG  W FG WV W V W GVF W FL

 τ 
4 [[

,) )
9,5 /
 , ) )
5 

 W W
FUFG

DEF

)LJXUD&RPXWDUHDMRQFØLXQLL SQD FRPXWDUHDGLUHFW»ODQLYHOPLFGHLQMHFØLH


E FRPXWDUHDGLUHFW»ODQLYHOPDUHGHLQMHFØLHF FRPXWDUHDLQYHUV»

§Q PRPHQWXO WUHFHULL FRPXWDWRUXOXL . SH SR]LØLD  VH SRDWH DILUPD F» SULQ GLRG»
FXUHQWXOYDFRPXWDLPHGLDWODYDORDUHD
95
,5 ≅ 
5/
7HQVLXQHDSHGLRG»QXSRDWHYDULDEUXVFGHRDUHFHVDUFLQDDFXPXODW»ÇQH[FHVIDØ»GH
VLWXDØLD GH HFKLOLEUX WHUPLF ÇQ UHJLXQLOH DFWLYH DOH MRQFØLXQLL VH HYDFXHD]» ÇQWUXQ WLPS ILQLW
SULQFXUHQWXOLQYHUVL 5 (W ) ¹LSULQUHFRPELQDUH7LPSXOW V ÇQFDUHWHQVLXQHDSHMRQFØLXQHY $ (W ) 
U»P¾QH SR]LWLY» DGLF» Y $ (W ) ≥   SRDUW» GHQXPLUHD GH WLPS GH VWRFDUH ¹L SRDWH IL HVWLPDW
XWLOL]¾QGXUP»WRDUHDUHODØLH
,
W V = τ ⋅ OQ   + )  
,5
HI

2GDW»HYDFXDW»VDUFLQDDFXPXODW»ÇQH[FHVGLQUHJLXQHDFYDVLQHXWU»QWHQVLXQHD Y $ (W) 
GHYLQH QHJDWLY» UH]LVWLYLWDWHD UHJLXQLORU MRQFØLXQLL FUH¹WH ¹L FXUHQWXO LQYHUV ÇQFHSH V» VFDG»
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

F»WUH ,   7LPSXO QHFHVDU ÇQF»UF»ULL FDSDFLW»ØLL GH EDULHU» D MRQFØLXQLL GH OD  OD WHQVLXQHD
LQYHUV»9 5 − ,  ⋅ 5 / QXPLWWLPSGHGHVFUH¹WUH¹LQRWDWFXW GVF HVWHGDWGHUHODØLD
W GVF =   ⋅ & M ⋅ 5 / 
§Q FRQVHFLQØ» WLPSXO GH FRPXWDUH LQYHUV» DO MRQFØLXQLL SQ QRWDW FX W FL  HVWH GDW GH
H[SUHVLD
,
W FL = W V + W GVF ≅ τ HI ⋅ OQ   + )  +   ⋅ & M ⋅ 5 / 
,5

2 PHWRG» GH FLUFXLW PHQLW» V» UHGXF» WLPSLL GH FRPXWDUH LQYHUV» DL GLRGHORU HVWH
SUH]HQWDW»ÇQILJXUD3ULQOHJDUHDÇQSDUDOHOFXUH]LVWHQØDGHVDUFLQ»5 / DXQXLFRQGHQVDWRU
&  VH SRDWH UHGXFH SDUØLDO VDX WRWDO WLPSXO GH VWRFDUH &RQGHQVDWRUXO &  SRDUW» GHQXPLUHD GH
FRQGHQVDWRUGHFRPSHQVDUHVDXGHDFFHOHUDUH
/D W =   GDWRULW» VDOWXOXL GH WHQVLXQH OD LQWUDUHD FLUFXLWXOXL ¹L WHQVLXQLL PLFL SH
GLVSR]LWLY FRQGHQVDWRUXO &  VH SRDWH ÇQF»UFD FX VDUFLQD 4 & ≅ & ⋅ (9 ) + 9 5 )  'DF» DFHDVW»
VDUFLQ»4 & HVWHPDLPLF»FDFHDVWRFDW»ÇQGLVSR]LWLYODDFHVWPRPHQW4 S ([   [    ) = , ) ⋅ τ HI 
QXPDL R SDUWH GLQ VDUFLQD VWRFDW» HVWH SUHOXDW» GH FRQGHQVDWRU VDUFLQD U»PDV»
4 S ([   [    ) − 4 & ILLQGHYDFXDW»ÇQWUXQWLPSW V < W V  W V ILLQGWLPSXOGHVWRFDUHFRUHVSXQ]»WRU
VLWXDØLHL ÇQ FDUH FRQGHQVDWRUXO &  OLSVH¹WH GLQ VFKHP»  'DF» VDUFLQD 4 &  HVWH HJDO» FX
4 S ([   [    ) ÇQWUHDJDVDUFLQ»VWRFDW»HVWHWUDQVIHUDW»FRQGHQVDWRUXOXL & ¹LWLPSXOGHVWRFDUH
GHYLQHQXO$FHDVW»VLWXDØLHFRUHVSXQGHDOHJHULLXQXLFRQGHQVDWRUFXFDSDFLWDWHD
, ) ⋅ τ HI 9 ) ⋅ τ HI
&≅ ≅ = & FULWLF 
(9 ) + 9 5 ) 5 / ⋅ (9 ) + 9 5 )
'XS»SUHOXDUHDFRPSOHW»DVDUFLQLLVWRFDWHWHQVLXQHDSHFDSDFLWRUVFDGHF»WUH]HURFX
FRQVWDQWDGHWLPS τ & ≅ & ⋅ 5 /  GDF»VHQHJOLMHD]»FDSDFLWDWHDGHEDULHU»DMRQFØLXQLLGLRGHL¹L
VHFRQVLGHU»F»ÇQFRQGXFØLHLQYHUV»5 G → ∞ 

 )XQFØLRQDUHD WUDQ]LVWRUXOXL ELSRODU ÇQ UHJLP GH FRPXWDØLH LPSOLF» WUHFHUHD EUXVF» D
DFHVWXLD GLQ VWDUHD GH EORFDUH ÇQ VWDUHD GH FRQGXFØLH FRPXWDUH GLUHFW»  VDX GLQ VWDUHD GH
FRQGXFØLH ÇQ VWDUHD GH EORFDUH FRPXWDUH LQYHUV»  &RPXWDUHD 7%- VH SRDWH UHDOL]D SHQWUX
RULFDUHFRQH[LXQHDVD¹LFXXQVHPQDOGHH[FLWDØLHDW¾WGHWLSWHQVLXQHF¾W¹LGHWLSFXUHQW
7%- VDWLVIDFH FHO PDL ELQH FHULQØHOH XQXL FRPXWDWRU FRPDQGDW UHVSHFWLY DOH XQXL
LQYHUVRUORJLFÇQFRQH[LXQH(&$YDQWDMHOHRIHULWHGHDFHDVW»FRQH[LXQHSXWHUHGHFRPDQG»
PLF»UH]LVWHQØ»GHLH¹LUHPLF»ÇQFRQGXFØLH¹LPDUHÇQVWDUHDGHEORFDUHFXUHQWUH]LGXDOPLF
HWFDXLPSXVIRORVLUHDDFHVWHLDSHVFDU»ODUJ»ÇQUHDOL]DUHDFLUFXLWHORUPDLVXVPHQØLRQDWH'H
DFHHDVWXGLXOFRPXWDØLHL7%-VHYDIDFHSHXQDVWIHOGHFLUFXLWSUH]HQWDWÇQILJXUD

'

Y, & 5/

)LJXUD([HPSOXGHPHWRG»GHFLUFXLWIRORVLW»SHQWUXUHGXFHUHDWLPSXOXLGH

FRPXWDUHLQYHUV»DXQHLGLRGHED]DW»SHRMRQFØLXQHS Q
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

9& &

5&
5% L L&
%
Y,

)LJXUD&LUFXLWLQYHUVRUFX7%-ÇQFRQH[LXQH(&

7LPSLL GH FRPXWDUH GLUHFW» ¹L LQYHUV» DL 7%- VH YRU GHWHUPLQD IRORVLQG PRGHOXO GH
FRQWUROSULQVDUFLQ»$FHVWDHVWHXQPRGHOGHUHJLPFYDVLVWDØLRQDU¹LFDDWDUHQXSRDWHSXQHÇQ
HYLGHQØ»WLPSXOGHWUDQ]LWSULQGLIX]LHDOSXUW»WRULORUPLQRULWDULSULQED]»
(FXDØLLOHPRGHOXOXLGHFRQWUROSULQVDUFLQ»SHQWUXXQ7%-LQWULQVHFGHWLSSQSVXQW
SHQWUXUHJLPDFWLYQRUPDO
4 %) ( : W ) ∂Y
L & (W ) ≅ τ) − & M& ⋅ &%
∂W
∂4 %) ( : W ) 4 %) ( : W )
L % (W ) ≅ +
∂Y
+ & M& ⋅ &% 
∂W τ %) ∂W
∂4 %) ( : W ) 4 %) ( : W ) 4 %) ( : W )
L ( (W ) ≅ + τ %) + τ)
∂W
SHQWUXUHJLPGHVDWXUDØLH
4 % 6, ( : W )
L & (W ) ≈ , & 6, = τ)
4 % 6, ( : W ) 4 6 ( : W ) G4 6 ( : W )
L % (W ) = 
GW
τ %) + τ6 +
4 % 6, ( : W ) 4 % 6, ( : W ) 4 6 ( : W ) G4 6 ( : W )
L ( (W ) =
GW
τ) + τ %) + τ6 +

§QDFHVWHUHODØLLSHQWUXDGHVFULHWLPSXOGHYLDØ»DOSXUW»WRULORUPLQRULWDULÇQED]» τ % 
UHVSHFWLY WLPSXO GH WUDQVSRUW DO DFHVWRUD SULQ ED]» W %  6((& 6HPLFRQGXFWRU (OHFWURQLFV
(GXFDWLRQ&RPPLWWHH DLQWURGXVFRQVWDQWHOHGHWLPSHPSLULFH τ %) ¹L τ %5 UHVSHFWLY τ ) ¹L τ 5 
SHQWUXDLQFOXGH¹LUHFRPELQDUHDODVXSUDIDØ» FDUDFWHUL]DW»GHWLPSLGHYLDØ»DLSXUW»WRULORUGH
VDUFLQ» GLIHULØL IDØ» GH FD]XO UHFRPELQ»ULL ÇQ YROXP  ¹L SLHUGHULOH GDWRUDWH JHRPHWULHL UHDOH D
VWUXFWXULL &RQVWDQWD GH WLPS HPSLULF» τ 6  QXPLW» WLPS GH YLDØ» HFKLYDOHQW DO SXUW»WRULORU GH
VDUFLQ» PLQRULWDUL ÇQ UHJLP GH VDWXUDØLH HVWH YDODELO» QXPDL ÇQ UHJLP GH VDWXUDØLH ¹L LQFOXGH
HIHFWHOHGHQLYHOPDUHGHLQMHFØLH¹LGHS»VWUDUHDFXUHQWXOXLGHFROHFWRUÇQUHJLPGHVDWXUDØLHOD
RYDORDUHDSUR[LPDWLYFRQVWDQW» GDW»GHFLUFXLWXOH[WHULRU 
§Q UHJLP GH VDWXUDØLH VDUFLQD DFXPXODW» ÇQ H[FHV ÇQ UHJLXQHD ED]HL QHXWUH VH SRDWH
H[SULPDDVWIHO
4 % ( : W ) = 4 % 6, ( : W ) + 4 6 ( : W ) 
XQGH 4 % 6, ( : W )  UHSUH]LQW» VDUFLQD DFXPXODW» ÇQ UHJLXQHD ED]HL QHXWUH ÇQ H[FHV IDØ» GH
VLWXDØLDGHHFKLOLEUXWHUPRGLQDPLFODVDWXUDØLHLQFLSLHQW» Y (% >   Y &% =  LDU 4 6 ( : W ) 
UHSUH]LQW»VDUFLQDDFXPXODW»ÇQH[FHVIDØ»GHFHDDFXPXODW»ODVDWXUDØLHLQFLSLHQW»
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

Y, Y
,
9
5
9 5

W
W

9)
9)
9 )
a
L
%
,
%)
5
L
% ,
9 )
!,
% %)
5% %6,

W
GVF
W
W
W W W
 W
 W  W 

95


 , 
,
L & %)
5
95
&) % ,
%)
 , 5%
L
&)


&
,&VDW

 &)
, &6,

 , &6,


 ,
W

W W W W   W W
 , &6,
WG FU
W W GVF
W

W FU
W FG
W
   W W W
 W
 W  W
W FL

τ ,
WG W
6 W GFU
4
%) W
W FG FL
%) %)

4 % 4 6

W 4 66
W
W  W  W  W  W 4 %6,

W
 W
 W
 W
 W
D E

)LJXUD&RPXWDUHD7%-D ÇQGLQUHJLPDFWLYQRUPDOE ÇQGLQUHJLPGHVDWXUDØLH

)RUPHOH GH XQG» FRUHVSXQ]»WRDUH FRPXW»ULL 7%- ÇQGLQ UHJLP DFWLY QRUPDO VXQW
SUH]HQWDWH ÇQ ILJXUD D 'LQ SXQFW GH YHGHUH DO IHQRPHQHORU IL]LFH FRPXWDUHD GLUHFW» ÇQ
5$1SRDWHILÇPS»UØLW»ÇQGRX»ID]H
ID]D,UDSLG»GDWRUDW»GHVF»UF»ULLFDSDFLW»ØLORUGHEDULHU»DOHVWUXFWXULLSULQIOX[XUL
GHSXUW»WRULPDMRULWDULDLUHJLXQLORULPSOLFDWHÇQSURFHV
ID]D,,PDLOHQW»GDWRUDW»GLIX]LHLSXUW»WRULORUPLQRULWDULÇQED]»
§QW¾U]LHUHDGDWRUDW»ID]HL,VHSRDWHGHWHUPLQDIRORVLQGUHODØLD
 9) + 95 
W G  = (5 % + U EE ) ⋅ (& M( + & M& ) ⋅ OQ 
 9) − 9γ 
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

7LPSXOQHFHVDUSULPLORUSXUW»WRULGHVDUFLQ»LQMHFWDØLÇQED]»V»DMXQJ»ODFROHFWRUVH
HYDOXHD]»ODGLQWLPSXOGHWUDQ]LWDOSXUW»WRULORUPLQRULWDULSULQED]»DGLF»

WG  ≅  ⋅ W% =  ⋅ τ) 
 
'XS»FHWUDQ]LVWRUXOLQWU»ÇQ5$1FXUHQWXOGHFROHFWRUQXFUH¹WHEUXVFODYDORDUHD, &) 
LPSXV» GH FLUFXLW ,QWHUYDOXO GH WLPS ÇQ FDUH FXUHQWXO GH FROHFWRU FUH¹WH GH OD   ⋅ , &)  OD
  ⋅ , &) VHQXPH¹WHWLPSGHFUH¹WHUH¹LVHQRWHD]»FX W FU ([SUHVLDDQDOLWLF»FRUHVSXQ]»WRDUH
DFHVWXLDHVWH
W FU =   ⋅ (τ %) + β ) ⋅ & M& ⋅ 5 & ) 
§QFRQVHFLQØ»WLPSXOGHFRPXWDUHGLUHFW»D7%-ÇQ5$1HVWH
W FG = W G  + W G  + W FU 
'LQ SXQFW GH YHGHUH DO IHQRPHQHORU IL]LFH FRPXWDUHD LQYHUV» GLQ 5$1 SRDWH IL
ÇPS»UØLW»ÇQGRX»ID]H
HYDFXDUHD VDUFLQLL DFXPXODWH ÇQ ED]D QHXWU» SULQ WUHFHUHD SXUW»WRULORU PLQRULWDUL
ÇQDSRLÇQHPLWRU¹LSULQUHFRPELQDUHFXSXUW»WRULPDMRULWDULDVLJXUDØLGHFXUHQWXOGH
ED]»
ÇQF»UFDUHDFDSDFLW»ØLORUGHEDULHU»DOHVWUXFWXULL
3ULPDID]»HVWHFDUDFWHUL]DW»GHWLPSXOGHF»GHUHQRWDWFXW GFU GHILQLWFDWLPSXOÇQFDUH
FXUHQWXOGHFROHFWRUVHPLF¹RUHD]»GHOD  ⋅ , &) OD  ⋅ , &) 
  ⋅ , &) + β ) ⋅ , %5
W GFU = (τ %) + β ) ⋅ & M& ⋅ 5 & ) ⋅ OQ 
β ) ⋅ , %5 +   ⋅ , &)
7LPSXOGHFRPXWDUHLQYHUV»QRWDWFX W FL VHGHILQH¹WHFDLQWHUYDOXOGHWLPSVFXUVÇQWUH
PRPHQWXODSOLF»ULLVHPQDOXOXLGHFRPDQG»DFRPXWDØLHLLQYHUVHFLUFXLWXOXLED]HL¹LPRPHQWXO
F¾QG FXUHQWXO GH FROHFWRU VFDGH OD    GLQ YDORDUHD VD LQLØLDO» §Q FRQVHFLQØ» WLPSXO GH
FRPXWDUHLQYHUV»GLQUHJLXQHDDFWLY»HVWH
W FL = W GVF 
([SUHVLD WLPSXOXL GH FRPXWDUH LQYHUV» QX LQFOXGH ¹L ÇQW¾U]LHUHD GDW» GH IHQRPHQHOH
GDWRUDWHÇQF»UF»ULLFDSDFLW»ØLORUGHEDULHU»DGLF»
W GFU =   ⋅ (& M( + & M& ) ⋅ (5 % + U EE ) 

)RUPHOHGHXQG»FRUHVSXQ]»WRDUHFRPXW»ULL7%-ÇQGLQUHJLPVDWXUDØLHVXQWSUH]HQWDWH
ÇQ ILJXUD E )HQRPHQHOH FH VH SHWUHF ÇQ VWUXFWXU» ÇQ LQWHUYDOHOH GH WLPS W G  ¹L W G  VXQW
VLPLODUHFHORUGHODFRPXWDUHDGLUHFW»ÇQUHJLPDFWLYQRUPDO¹LGHDFHHDH[SUHVLLOHDQDOLWLFHDOH
ÇQW¾U]LHULORUFRUHVSXQ]»WRDUHVXQWGDWHWRWGHUHODØLLOH  ¹L  
,QWHUYDOXOGHWLPSÇQFDUHFXUHQWXOGHFROHFWRUFUH¹WHGHODODGLQYDORDUHDVDGH
VDWXUDØLH LQFLSLHQW» , & 6,  VH QXPH¹WH WLPS GH FUH¹WHUH VDX GH ULGLFDUH ¹L VH QRWHD]» FX W FU 
([SUHVLDDQDOLWLF»FRUHVSXQ]»WRDUHDFHVWXLDHVWH
β ) ⋅ , %) −   ⋅ , & 6,
W FU = (τ %) + β ) ⋅ & M& ⋅ 5 & ) ⋅ OQ 
β ) ⋅ , %) −   ⋅ , & 6,
7LPSXOGHFRPXWDUHGLUHFW»ÇQVDWXUDØLHHVWH
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

W FG = W G  + W G  + W FU 
/DLQLØLHUHDSURFHVXOXLGHFRPXWDUHLQYHUV»WUDQ]LVWRUXOU»P¾QHÇQUHJLPGHVDWXUDØLHXQ
LQWHUYDOGHWLPSW 6 QXPLWWLPSGHVWRFDUHÇQFDUHVHHYDFXHD]»VDUFLQDDFXPXODW»ÇQUHJLPGH
VDWXUDØLH 4 6 6 ( : )  VXSOLPHQWDU IDØ» GH FHD DFXPXODW» OD VDWXUDØLH LQFLSLHQW»
4 % 6,  : 7LPSXOGHVWRFDUHVHSRDWHHVWLPDIRORVLQGUHODØLD
( )
, +,
W 6 = τ 6 ⋅ OQ %) %5 
, %5 + , % 6,
XQGH, %5 ≅ 9 5 5 % LDU, %6, = , &6, β ) 
§Q PRPHQWXO HYDFX»ULL VDUFLQLL 4 6 6 ( : )  WUDQ]LVWRUXO LQWU» ÇQ 5$1 ¹L FXUHQWXO GH
FROHFWRUÇQFHSHVDVFDG»F»WUH]HUR)RORVLQGGHILQLØLDWLPSXOXLGHF»GHUHHQXQØDW»DQWHULRUVH
GHWHUPLQ»
,
 +   ⋅ % 6,
, %5
W GFU = (τ %) + β ) ⋅ & M& ⋅ 5 & ) ⋅ OQ 
,
 +   ⋅ % 6,
, %5
§Q FRQVHFLQØ» WLPSXO GH FRPXWDUH LQYHUV» GLQ UHJLP GHVDWXUDØLH ÇQ UHJLP GH EORFDUH
HVWH
W FL = W 6 + W GFU 

5HODØLLOH GHGXVH DQWHULRU DUDW» FODU IDSWXO F» WLPSLL GH FRPXWDUH GLUHFW» ¹L LQYHUV»
GHSLQG GH DW¾W GH PRGXO WHKQRORJLF GH UHDOL]DUH DO 7%- WLPSL GH YLDØ» DL SXUW»WRULORU
PLQRULWDUL FDSDFLW»ØL GH EDULHU» HWF  F¾W ¹L GH FLUFXLWXO H[WHULRU SULQ YDORULOH FXUHQØLORU , %) 
, %6,  ¹L , %5  §Q FRQVHFLQØ» UHGXFHUHD WLPSLORU GH FRPXWDUH SHQWUX DFHVW GLVSR]LWLY VH SRDWH

UHDOL]D DW¾W SULQ FUH¹WHUHD YLWH]HL LQWULQVHFL D 7%- YLD WHKQRORJLH F¾W ¹L SULQ XWLOL]DUHD XQRU
WHKQLFLGHFLUFXLW
0LF¹RUDUHD WLPSLORU GH FRPXWDUH DL 7%- YLD FLUFXLW H[WHULRU VH SRDWH UHDOL]D SULQ
XUP»WRDUHOHPHWRGH
IRORVLUHDXQXLFDSDFLWRUGHDFFHOHUDUHÇQFLUFXLWXOGHLQWUDUH
XWLOL]DUHDXQHLGLRGH6FKRWWN\OHJDW»ÇQSDUDOHOFXMRQFØLXQHDFROHFWRUED]»FDUHV»
ÇPSLHGLFHVDWXUDUHDSURIXQG»D7%-
XWLOL]DUHD XQHL VXUVH GH FXUHQW FRQVWDQW ÇQ HPLWRU GH YDORDUH PDL PLF» FD FHD
FRUHVSXQ]»WRDUHVDWXUDØLHL7%-FDUHV»ILHDFWLYDW»GHVHPQDOXOGHFRPDQG»
)RORVLUHD XQXL FDSDFLW»ØL GH DFFHOHUDUH ÇQ FLUFXLWXO GH LQWUDUH HVWH XQD GLQ FHOH PDL
XWLOL]DWHPHWRGHGHFUH¹WHUHDYLWH]HLGHFRPXWDØLHD7%-&LUFXLWXOXWLOL]DW¹LIRUPHOHGHXQG»
FRUHVSXQ]»WRDUHVXQWSUH]HQWDWHÇQILJXUD
&XUHQWXO GH ED]» OD FRPXWDUHD GLUHFW» DUH LQLØLDO YDORDUHD L % (W = ) = , %)  = 9 ) 5 %
WHQVLXQHDSHFRQGHQVDWRUXO&ILLQGQXO»ODW =  VF»]¾QGGXS»DFHHDF»WUHYDORDUHDGHUHJLP
VWDØLRQDU L % (W  ) = , %) = 9 ) (5 % + 5 % ) < , % 6,  &RQVLGHU¾QG YDODELOH XUP»WRDUHOH LQHJDOLW»ØL
5 % << 5 % ¹L9 ) << Y (% H[SUHVLDFXUHQWXOXLGHED]»ÇQDFHVWLQWHUYDOGHWLPSGHYLQH

Y GY 9 − Y&
L % (W ) = L 5 %  + L FRQG = & + & ⋅ & ≅ )  
5 % GW 5 %
REØLQ¾QGXVHXUP»WRDUHDHFXDØLHGLIHUHQØLDO»
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

GY &
9 ) = Y & + (5 % 5 % ) ⋅ & ⋅ 
GW
FXVROXØLD
W
Y & (W ) = 9 )   − H[S  −   
  
  (5 % 5 % ) ⋅ &  
'LQHJDOLWDWHD
5 %
Y & (W  ) = 9 ) ⋅ 
5 % + 5 %
VHREØLQHH[SUHVLDWLPSXOXLÇQFDUHFRQGHQVDWRUXOGHDFFHOHUDUHVHÇQFDUF»GHODODYDORDUHD
ILQDO»4 & (W  ) = & ⋅ 9 ) ⋅ 5 % (5 % + 5 % ) 
5 + 5 %
W  = (5 % 5 % ) ⋅ & ⋅ OQ % 
5 %
6DUFLQDLQMHFWDW»ÇQED]»S¾Q»ODPRPHQWXOW  HVWH
4 %) ( : W  ) = 4 & (W  ) = τ ) ⋅ L & (W  )
&⋅9 5 %  
L & (W  ) = τ ) ⋅
) 5 % + 5 %
3HQWUX W ≥ W   OD FRPXWDUH GLUHFW» PRGHOXO GH FRQWURO SULQ VDUFLQ» IXUQL]HD]»
XUP»WRDUHDHFXDØLH


∂L &
β ) ⋅ , %) ≅ L & (W ) + (τ %) + β ) ⋅ & M& ⋅ 5 & ) ⋅
∂W

Y
, W

9
)
L W
, %
%)
9
&&
Y
& ,%)

&
5
& W

L %
,
%5
Y

Y
,
5
% 5
% Y ,
%5
(%


Y
 W

&& &)
9,5 &
9 &&

4
%)

)LJXUD&UH¹WHUHDYLWH]HLGHFRPXWDUHD7%-SULQXWLOL]DUHDXQHL

FDSDFLWȯLGHDFFHOHUDUH
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

6ROXØLDDFHVWHLHFXDØLL FXFRQGLØLDLQLØLDO»E HVWH


9) W
⋅   − H[S −
  
L & (W ) = β ) ⋅ +
5 % + 5 %   τ %) + β ) ⋅ & M& ⋅ 5 &  
&⋅9 5 % W
⋅ H[S − 
 
+ τ )⋅ =
) 5 % + 5 %  τ %) + β ) ⋅ & M& ⋅ 5 & 
&⋅5 W
= β ) ⋅ , %) + β ) ⋅ , %) ⋅  τ % −   ⋅ H[S −
 
%)  τ %) + β ) ⋅ & M& ⋅ 5 & 
$QDOL]¾QGUHODØLDGHPDLVXVVHREVHUY»F»GDF»HVWHÇQGHSOLQLW»FRQGLØLD
& ⋅ 5 % = τ %) 
DWXQFL
L & (W ≥ W  ) = β ) ⋅ , %)  
LDU WLPSXO GH ÇQW¾]LHUH DO FXUHQWXOXL GH FROHFWRU ÇQ DFHDVW» HWDS» GHYLQH QXO §Q SUDFWLF»
GDWRULW» FDSDFLW»ØLORU ¹L LQGXFWDQØHORU SDUD]LWH GHSHQGHQØHL IDFWRUXOXL β )  GH YDORDUHD
FXUHQWXOXLSULQGLVSR]LWLY¹LWLPSXOXLGHWUDQ]LWDOSXUW»WRULORUPRELOLGHVDUFLQ»SULQED]»VH
REØLQHRPLF»ÇQW¾U]LHUHÇQVWDELOLUHDFXUHQWXOXLODYDORDUHDβ ) ⋅ , %) §QFRQVHFLQØ»
5 + 5 %
W FG ≅ W  = (5 % 5 % ) ⋅ & ⋅ OQ % 
5 %
/D PRPHQWXO W   QLYHOXO VHPQDOXOXL GH LQWUDUH VH VFKLPE» ¹L ÇQFHSH SURFHVXO GH
FRPXWDUHLQYHUV»D7%-&XUHQWXOGHED]»YDULD]»SULQVDOWODYDORDUHD
5 %
95 + 9) ⋅
9 + Y & (W  ) 5 % + 5 %
L % (W  ) = −, %5  = − 5 =− 
5%  5% 
¹LVFDGHH[SRQHQØLDOF»WUH, %5 = 9 5 (5 % + 5 % ) FXFRQVWDQWDGHWLPS(5 % 5 % ) ⋅ & 
'HODPRPHQWXOW  FXUHQWXOGHED]»VFDGHF»WUHFXRFRQVWDQW»GHWLPSPXOWPDLPLF»
GHWHUPLQDW»GHFDSDFLWDWHD& M( 

 7UDQ]LVWRDUHOH FX HIHFW GH F¾PS ÇQ VSHFLDO WUDQ]LVWRDUHOH 026)(7 VXQW FHOH PDL
IDEULFDWHGLVSR]LWLYHGDWRULW»IRORVLULLORUSHVFDU»ODUJ»ÇQLQYHUVRDUHOHORJLFH¹LÇQPHPRULLOH
ORJLFH
9LWH]D GH FRPXWDUH D WUDQ]LVWRDUHORU FX HIHFW GH F¾PS ÇQ FLUFXLWHOH LQWHJUDWH GLJLWDOH
HVWH GHWHUPLQDW» GH GRX» PHFDQLVPH DOH F»URU WLPSL GH GHVI»¹XUDUH VXQW FXQRVFXØL VXE
GHQXPLULOH GH WLPS GH ÇQW¾U]LHUH LQWULQVHF VDX WLPS GH WUDQ]LW GDWRUDW WLPSXOXL ILQLW GH
WUDYHUVDUH D FDQDOXOXL GH SXUW»WRULL GH VDUFLQ» PDMRULWDUL ¹L WLPSXO GH ÇQW¾U]LHUH H[WULQVHF
GDWRUDWVDUFLQLLFDSDFLWLYH¹LHOHPHQWHORUSDUD]LWHFDSDFLWLYHDOH)(7&HOHGRX»PHFDQLVPHDX
ORFVLPXOWDQÇQGLVSR]LWLYLDUWLPSXOGHFRPXWDUHWRWDOHVWHQXPLWWLPSGHÇQW¾U]LHUHDOSRUØLL
§QPDUHDPDMRULWDWHDFLUFXLWHORUGHFRPXWDØLH¹LORJLFHVDUFLQDWUDQ]LVWRDUHORUFXHIHFW
GH F¾PS HVWH ÇQ SULQFLSDO FDSDFLWLY» FLUFXLWXO GH SRDUW» DO WUDQ]LVWRUXOXL FX HIHFW GH F¾PS
FRPDQGDW  $VWIHO WLPSXO GH ÇQW¾U]LHUH H[WULQVHF HVWH GDWRUDW ÇQF»UF»ULL VDX GHVF»UF»ULL XQHL
FDSDFLW»ØL¹LÇQW¾U]LHULL5 ⋅ & GDWRUDWHOLQLLORUGHFRQH[LXQHÇQWUHFHOHGRX»)(7XUL
7LPSLL GH ÇQW¾U]LHUH LQWULQVHF ¹L H[WULQVHF DL )(7 SRW IL PLF¹RUDØL SULQ PLF¹RUDUHD
GLPHQVLXQLORU GLVSR]LWLYXOXL ¹L SULQ VFXUWDUHD OLQLLORU GH FRQH[LXQH §Q FLUFXLWHOH LQWHJUDWH
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

DFHVWH P»VXUL FRQGXF OD FUH¹WHUHD GHQVLW»ØLL GH LQWHJUDUH D GLVSR]LWLYHORU ¹L GHFL OD FUH¹WHUHD
SXWHULLGLVLSDWHSHXQLWDWHDGHDULH3HQWUXDGHVFULHSHUIRUPDQØHOHWUDQ]LVWRDUHORUFXHIHFWGH
F¾PS ÇQ DFHVW FD] HVWH GHILQLW XQ QRX FULWHULX GH SHUIRUPDQØ» LQWULQVHF FXQRVFXW VXE
GHQXPLUHDGHSURGXVSXWHUHÇQW¾U]LHUH SRZHUGHOD\SURGXFW VDXHQHUJLHGHFRPXWDUH3 G ⋅ W G 
&RQVLGHU»PFLUFXLWXOGHWHVWUHSUH]HQWDWÇQILJXUDDFHUHSUH]LQW»GHIDSWXQFLUFXLW
LQYHUVRU§QWUHVDUFLQDDFXPXODW»ÇQFDQDO¹LFXUHQWXOGHGUHQ»DO026)(7H[LVW»XUP»WRDUHD
UHODØLH
G4 &
L ' (W ) = 
GW
/DFRPXWDUHDGLUHFW»DGLVSR]LWLYXOXLVDUFLQDÇQFDQDOYDULD]»ÇQWUH¹LYDORDUHDILQDO»
4 & FRUHVSXQ]»WRDUHXQXLSXQFWGHIXQFØLRQDUHVWDELOFDUDFWHUL]DWGHFRRUGRQDWHOH(, '  9 '6 ) ÇQ
SODQXOFDUDFWHULVWLFLORUGHLH¹LUHDOH026)(7,QWHJU¾QGUHODØLD  VHREØLQH
I

W = ∫ GW = ∫
W WU 4& I
 ⋅G4 
L ' (W )
WU
 
&

$WXQFLF¾QGFRPXWDØLDVHIDFHGLQUHJLXQHDGHEORFDUHÇQUHJLXQHDGHVDWXUDØLHH[SUHVLD
WLPSXOXLGHWUDQ]LWFDS»W»XUP»WRDUHDIRUP»SDUWLFXODU»

W ≅⋅ /

 
WU
µ ⋅ Q (9 *6 − 9 3 )
9DORDUHDWLPSXOXLGHWUDQ]LWHVWHIRDUWHPLF»PD[LP]HFLGHQV
3URGXVXOSXWHUHÇQW¾U]LHUHSHQWUXFRPXWDUHDÇQUHJLXQHDGHVDWXUDØLHHVWH

( =  ⋅ : ⋅ / ⋅ & ⋅ (9 *6 − 9 3 ) 


FRPXWDUH VW 

Y
L
9
''
9**
5'

W
W


& 9 Y
/ '
Y *6
L 5
*
 9 9
3 **
 

9 9 9
3
* 3


W


D E

L' 9*6 93 9**




,'VDW
 '
*

 
9
&
*6
L
' *69
9
'6
&/
9 '
α α
*6
WJ 5
'


9
'6 6 6
 9
''

9'6VDW 9 9S
*6

F G

)LJXUD&LUFXLWXOXWLOL]DWSHQWUXHYDOXDUHDWLPSXOXLGHFRPXWDWHDO026)(7
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

9DORDUHDDFHVWXLSDUDPHWUXSRDWHYDULDÇQWUH  I- SHQWUXWUDQ]LVWRDUHOHFXFDQDOVFXUW
¹L ÷  I- SHQWUX026)(7FXOXQJLPHDFDQDOXOXL/ ∈ [ ] µP 

3HQWUXGHWHUPLQDUHDWLPSXOXLGHÇQW¾U]LHUHH[WULQVHFXWLOL]»PGLQQRXFLUFXLWXOGHWHVW
GLQ ILJXUD D 1LYHOXO  DO VHPQDOXOXL GH LQWUDUH PHQØLQH WUDQ]LVWRUXO 026 EORFDW LDU OD
W =   VFKLPEDUHD QLYHOXOXL VHPQDOXOXL GH LQWUDUH OD 9 **  GHWHUPLQ» FRPXWDUHD GLUHFW» D
GLVSR]LWLYXOXLWHQVLXQHDDSOLFDW»ÇQWUHJULO»¹LVXUV»ILLQG9 ** + 9 3 
([FXUVLD SXQFWXOXL GH IXQFØLRQDUH DO 026)(7 HVWH SUH]HQWDW» ÇQ ILJXUD F /D
DSOLFDUHD WHQVLXQLL GH FRPDQG» D FRPXW»ULL GLUHFWH FXUHQWXO GH GUHQ» VH VWDELOH¹WH DSURDSH
LQVWDQWDQHX GHRDUHFH WLPSXO LQWULQVHF GH WUDQ]LW DO SXUW»WRULORU PDMRULWDUL SULQ FDQDO HVWH
QHJOLMDELOÇQUDSRUWFXWLPSLLGHÇQW¾U]LHUHH[WULQVHFL¹LSXQFWXOGHIXQFØLRQDUHWUHFHGLQSR]LØLD
 ÇQ SR]LØLD  7UDQ]LVWRUXO 026 FRPXW» DVWIHO GLQ VWDUH GH EORFDUH SR]LØLD   ÇQ VWDUH GH
VDWXUDØLH SR]LØLD   GHRDUHFH Y '6 () = 9 '' > 9 '6 VDW = 9 *6 − 9 3  &RQVLGHU¾QG F» UHODØLD GH
GHSHQGHQØ»  GH UHJLP VWDØLRQDUSRDWH IL DSOLFDW» ¹L ÇQ UHJLP WUDQ]LWRULXFXUHQWXO GH GUHQ» DO
026)(7ÇQSXQFWXOVWDWLFHVWH
, ' () = β ⋅ (9 *6 − 9 3 )  = β ⋅ 9 **


'HDLFLÇQFHSHSURFHVXOGHGHVF»UFDUHDFDSDFLW»ØLLGHVDUFLQ»& / DVWIHOÇQF¾WWHQVLXQHD
SH FRQGHQVDWRU VFDGH GH OD YDORDUHD LQLØLDO» 9 ''  OD YDORDUHD ILQDO» 9 '6 ()  FRUHVSXQ]»WRDUH
SXQFWXOXL DIODWODLQWHUVHFØLDGUHSWHLGHVDUFLQ»FXFDUDFWHULVWLFDVWDWLF»Y *6 = 9 ** + 9 3 GLQ
SODQXO FDUDFWHULVWLFLORU VWDWLFH GH LH¹LUH $FHDVW» H[FXUVLH D SXQFWXOXL GH IXQFØLRQDUH SRDWH IL
ÇPS»UØLW»ÇQGRX»VXEHWDSH
GLQ SXQFWXO GH IXQFØLRQDUH  ÇQ SXQFWXO GH IXQFØLRQDUH  FRUHVSXQ]»WRU VDWXUDØLHL
LQFLSLHQWH 9 '6 () = 9 *6 − 9 3 = 9 **  WUDQ]LVWRUXO ILLQG ÇQ UHJLP GH VDWXUDØLH SH
ÇQWUHDJDSHULRG»GHYDULDØLHDWHQVLXQLLGUHQ»VXUV»
GLQSXQFWXOÇQSXQFWXOH[FXUVLDSXQFWXOXLGHIXQFØLRQDUHUHDOL]¾QGXVHÇQUHJLXQHD
QHOLQLDU»DFDUDFWHULVWLFLLVWDWLFHGHLH¹LUHFRUHVSXQ]»WRDUH9 *6 = 9 ** + 9 3 
7LPSXOGHÇQW¾U]LHUHH[WULQVHFQRWDWFXW G H[ YDILGHFLVXPDÇQWUHWLPSXOFRUHVSXQ]»WRU
H[FXUVLHLSXQFWXOXLGHIXQFØLRQDUHGHODODW  ¹LWLPSXOFRUHVSXQ]»WRUH[FXUVLHLSXQFWXOXL
GHIXQFØLRQDUHÇQWUH¹LW  DGLF»
W G H[ = W  + W 
9 '6 () − 9 '' & / ⋅ (9 '' − 9 ** )
W  ≅ −& / ⋅

=
, ' VDW β ⋅ 9 **


&/   ⋅ 9 **
⋅ OQ −

W  =
 ⋅ β ⋅ 9 **  9 '6 () 
7LPSXOGHFRPXWDUHGLUHFW»HVWH
W FG = W WU + W G H[ = W WU + W  + W  

/DPRPHQWXO W  QLYHOXOVHPQDOXOXLGHLQWUDUHGHYLQHGLQQRX¹LÇQFHSHSURFHVXOGH
FRPXWDUHLQYHUV»3XQFWXOVWDWLFGHIXQFØLRQDUHVHYDGHSODVDDSURDSHLQVWDQWDQHX W  ≅ W WU ÇQ
SXQFWXOLDUGLQSXQFWXOÇQÇQWUXQWLPSILQLW W  QHFHVDUÇQF»UF»ULLFRQGHQVDWRUXOXLGH
VDUFLQ»& / DVWIHOÇQF¾WWHQVLXQHDY & V»GHYLQ»HJDO»FX  ⋅ 9 '' 
([SUHVLDDQDOLWLF»DWLPSXOXLGHÇQW¾U]LHUHH[WULQVHFODFRPXWDUHLQYHUV»HVWH
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

(9 '' − 9 '6 () )


W L H[ = W  = 5 ' ⋅ & / ⋅ OQ 
  ⋅ 9 ''
§QFRQVHFLQØ»WLPSXOGHFRPXWDUHLQYHUV»DO026)(7HVWH
W FL = W WU + W L H[ = W WU + W  

'HVI»¹XUDUHDOXFU»ULL

(YLGHQØLHUHD IRUPHORU GH XQG» FDUDFWHULVWLFH FRPXW»ULL GLUHFWH ¹L LQYHUVH D


GLVSR]LWLYHORU VHPLFRQGXFWRDUH HOHPHQWDUH VH YD IDFH SULQ XWLOL]DUHD PHGLXOXL GH VLPXODUH D
FLUFXLWHORUDQDORJLFH,17862)763,&(

$5HJLPXOGHFRPXWDUHDOGLRGHLVHPLFRQGXFWRDUH

 6H HGLWHD]» VFKHPD GLQ ILJXUD D XWLOL]¾QG PHQLXO 6FKHPDWLF (GLWRU
(GLWRU 'LQ
VXEPHQLXO 3DUWV3UHIHUUHG$GG VH SODVHD]» GLRGD 1 $WULEXWHOH VXUVHL GH WHQVLXQH Y,
VXQW9) 995=  9¹L7 PVLDU5/ .Ω 6HSODVHD]»ÇQVFKHP»SXQFWHOHGHP»VXU»GH
WHQVLXQH SHDQRGXO¹LFDWRGXOGLRGHL ¹LVHSODVHD]»ÇQVHULHFXGLRGD'RVXUV»GHWHQVLXQHGH
WHVW QXO» SHQWUX D SXWHD GHWHUPLQD FXUHQWXO SULQ GLVSR]LWLY 'LQ PHQLXO (GLW &RQWUROV
&RQWUROV VH
LQWURGXFHWLSXOVLPXO»ULLGRULWH FHDGHUHJLPWUDQ]LWRULX LDUGLQPHQLXO$FWLRQV
$FWLRQVVHFRPDQG»
VLPXODUHD 'XS» UXODUHD VLPXO»ULL VH ODQVHD]» ,QWXVFRS
,QWXVFRSXO ¹L GLQ PHQLXO :DYHIRUPV
:DYHIRUPV VH
YL]XDOL]HD]»FURQRJUDPHOHWHQVLXQLL¹LFXUHQWXOXLSULQGLRG»'LQDFHVWHDVHGHWHUPLQ»WLPSLL
GHFRPXWDUHGLUHFW»¹LLQYHUV»FRUHVSXQ]»WRULGLRGHL1
6HPRGLILF»DWULEXWHOH9)¹L95DOHVXUVHLY,¹LVHUHSHW»SXQFWXO$
6HUHYLQHODDWULEXWHOHLQLØLDOHDOHVXUVHLY,VHPRGLILF»5/OD.Ω ¹LVHUHSHW»
SXQFWXO$
 6H ÇQORFXLH¹WH GLRGD 1 FX GLRGD 1 VDX 1 ¹L VH UHSHW» SXQFWXO
$
 6H HGLWHD]» VFKHPD GLQ ILJXUD F $WULEXWHOH HOHPHQWHORU GH FLUFXLW VXQW FHOH
GDWHODSXQFWXOLDU& =  µ) 6HUHSHW»SXQFWXO$
 3HQWUX GLYHUVH YDORUL DOH FDSDFLW»ØLL & VH VLPXOHD]» IXQFØLRQDUHD FLUFXLWXOXL GLQ
ILJXUDFUHØLQ¾QGWLPSLLGHFRPXWDUHW RQ ¹LW RII 


Y$ Y$
' Y, '
9)

 
Y, 5 / Y W Y, & 5 / Y

95
D E F
)LJXUD&RPXWDUHDGLRGHLD ¹LE VFKHPHOHDF»URUIXQFØLRQDUHYDILVLPXODW»

F VHPQDOXOGHLQWUDUH
 'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH

%5HJLPXOGHFRPXWDUHDOWUDQ]LVWRUXOXLELSRODUFXMRQFØLXQL

 6H HGLWHD]» VFKHPD GLQ ILJXUD D XWLOL]¾QG PHQLXO 6FKHPDWLF (GLWRU (GLWRU 'LQ
VXEPHQLXO3DUWV3UHIHUUHG$GGVHSODVHD]»WUDQ]LVWRUXO1$WULEXWHOHVXUVHLGHWHQVLXQH
Y, VXQW 9)  9 95  9 ¹L 7 PV LDU 9&& 9 ¹L 5&   .Ω   6H SODVHD]» ÇQ VFKHP»
SXQFWHOH GH P»VXU» GH WHQVLXQH ÇQ FROHFWRUXO WUDQ]LVWRUXOXL  ¹L VH SODVHD]» ÇQ VHULH FX ED]D
UHVSHFWLY FROHFWRUXO WUDQ]LVWRUXOXL VXUVH GH WHQVLXQH GH WHVW QXOH SHQWUX D SXWHD GHWHUPLQD
FXUHQØLL SULQ GLVSR]LWLY 'LQ PHQLXO(GLW &RQWUROV VH LQWURGXFH WLSXO VLPXO»ULL GRULWH FHD GH
(GLW &RQWUROV
UHJLP WUDQ]LWRULX  LDU GLQ PHQLXO $FWLRQV
$FWLRQV VH FRPDQG» VLPXODUHD 'XS» UXODUHD VLPXO»ULL VH
ODQVHD]»,QWXVFRS :DYHIRUPVVHYL]XDOL]HD]»FURQRJUDPHOHWHQVLXQLL Y &( ¹L
,QWXVFRSXO¹LGLQPHQLXO:DYHIRUPV
FXUHQØLORU L %  ¹L L &  'LQ DFHVWHD VH GHWHUPLQ» WLPSLL GH FRPXWDUH GLUHFW» ¹L LQYHUV»
FRUHVSXQ]»WRULDFHVWXLWUDQ]LVWRU
 6H PRGLILF» DWULEXWHOH 9) ¹L 95 DOH VXUVHL Y, OD YDORULOH 9 UHVSHFWLY 9  ¹L VH
UHSHW»SXQFWXO%
 6H ÇQORFXLH¹WH WUDQ]LVWRUXO 1 FX WUDQ]LVWRUXO 1  ¹L VH UHSHW» SXQFWXO
%
 6H HGLWHD]» VFKHPD GLQ ILJXUD F $WULEXWHOH HOHPHQWHORU GH FLUFXLW VXQW FHOH
GDWHODSXQFWXO%LDU& =  µ) 6HUHSHW»SXQFWXO%
 3HQWUX GLYHUVH YDORUL DOH FDSDFLW»ØLL & VH VLPXOHD]» IXQFØLRQDUHD FLUFXLWXOXL GLQ
ILJXUDFUHØLQ¾QGWLPSLLGHFRPXWDUHGLUHFW»¹LLQYHUV»DLWUDQ]LVWRUXOXL

&5HJLPXOGHFRPXWDUHDOWUDQ]LVWRUXOXL026

 6H HGLWHD]» VFKHPD GLQ ILJXUD D XWLOL]¾QG PHQLXO 6FKHPDWLF (GLWRU
(GLWRU 'LQ
VXEPHQLXO3DUWV3UHIHUUHG$GGVHSODVHD]»WUDQ]LVWRUXO1$WULEXWHOHVXUVHLGHWHQVLXQH
Y, VXQW 9**  9 93  9 ¹L 7  PV LDU 9''  9 ¹L 5'  .Ω  6H SODVHD]» ÇQ VFKHP»
SXQFWHOH GH P»VXU» GH WHQVLXQH ÇQ GUHQD ¹L VXUVD WUDQ]LVWRUXOXL  ¹L VH SODVHD]» ÇQ VHULH FX
GUHQD WUDQ]LVWRUXOXL R VXUV» GH WHQVLXQH GH WHVW QXO» SHQWUX D SXWHD GHWHUPLQD FXUHQØLL SULQ
GLVSR]LWLY 'LQ PHQLXO (GLW &RQWUROV
&RQWUROV VH LQWURGXFH WLSXO VLPXO»ULL GRULWH FHD GH UHJLP
WUDQ]LWRULX LDUGLQPHQLXO$FWLRQV
$FWLRQVVHFRPDQG»VLPXODUHD'XS»UXODUHDVLPXO»ULLVHODQVHD]»
,QWXVFRSXO ¹L GLQ PHQLXO :DYHIRUPV
,QWXVFRS :DYHIRUPV VH YL]XDOL]HD]» FURQRJUDPHOH WHQVLXQLORU ¹L FXUHQWXOXL
GHGUHQ»'LQDFHVWHDVHGHWHUPLQ»WLPSLLGHFRPXWDUHGLUHFW»¹LLQYHUV»FRUHVSXQ]»WRULDFHVWXL
WUDQ]LVWRU
6HPRGLILF»9**OD9¹LVHUHSHW»SXQFWXO&
9&&
9& & Y, Y&
5& 95 5&
&
5% L L& L&
W Ω Ω L%
Y &(
%

Y&(
. .

Y, Y, 5 % 5 %

Y(%
.

9)
D E F
)LJXUD&RPXWDUHDWUDQ]LVWRUXOXLELSRODUFXMRQFØLXQL
'LVSR]LWLYHHOHFWURQLFH/XFU»ULSUDFWLFH 

9''
5'

YL

& / 9' 9**


YL 5*
0Ω S)
  W
W


9* 93

)LJXUD&RPXWDUHDWUDQ]LVWRUXOXLFXHIHFWGHF¾PSGHWLS026

 3HQWUX GLYHUVH YDORUL DOH FDSDFLW»ØLL &/ VH VLPXOHD]» IXQFØLRQDUHD FLUFXLWXOXL GLQ
ILJXUDUHØLQ¾QGWLPSLLGHFRPXWDUHGLUHFW»¹LLQYHUV»DLWUDQ]LVWRUXOXL

&217,1878/5()(5$78/8,

6FKHPHOHXWLOL]DWHODVLPXODUH¹LIL¹LHUHOH63,&(GHLQWUDUHFRUHVSXQ]»WRDUHDFHVWRUD
 &URQRJUDPHOH REØLQXWH OD VLPXODUH FRUHVSXQ]»WRDUH GLYHUVHORU DWULEXWH DOH
VHPQDOXOXLGHLQWUDUH¹LVDUFLQLLSHQWUXGLRGDVHPLFRQGXFWRDWH&RPHQWDØLGLIHUHQØHOHFHDSDU
ÇQWUHWLPSLLGHFRPXWDUHGLUHFW»UHVSHFWLYLQYHUV»ÇQDFHVWHVLWXDØLL
 &URQRJUDPHOH REØLQXWH OD VLPXODUH FRUHVSXQ]»WRDUH GLYHUVHORU DWULEXWH DOH
VHPQDOXOXLGHLQWUDUH¹LFDSDFLWRUXOXL&SHQWUXWUDQ]LVWRUXOELSRODU&RPHQWDØLGLIHUHQØHOHFH
DSDUÇQWUHWLPSLLGHFRPXWDUHGLUHFW»UHVSHFWLYLQYHUV»ÇQDFHVWHVLWXDØLL
 &URQRJUDPHOH REØLQXWH OD VLPXODUH FRUHVSXQ]»WRDUH GLYHUVHORU DWULEXWH DOH
VHPQDOXOXLGHLQWUDUH¹LVDUFLQLLSHQWUXWUDQ]LVWRUXO026)(7&RPHQWDØLGLIHUHQØHOHFHDSDU
ÇQWUHWLPSLLGHFRPXWDUHGLUHFW»UHVSHFWLYLQYHUV»ÇQDFHVWHVLWXDØLL


You might also like