)XQF LDGHXWLOLWDWH

0RGHOXO GH FRPSRUWDPHQW DO FRQVXPDWRUXOXL DUH OD ED]

FRQVXP 'DF

 UHOD LD GH SUHIHULQ

EXQXUL FDUH vL VXQW DFFHVLELOH HVWH FRPSOHW

p r o GXFH R SUHRUGLQHSH PXO

coeren te.

 SUHIHULQ HOH GH

 D XQXL FRQVXPDWRU vQWUH GLYHUVHOH FROHF LL GH

 UHIOH[LY

LPHD GH FRQVXP 

 L WUDQ]LWLY

 DWXQFL HD

X L DOHJHULOH FRQVXPDWRUXOXL VXQW

3UHIHULQ HOH GH FRQVXP SRW IL GHVFULVH L SULQWU R DOW

 PRGDOLWDWH QXPLW

IXQF LHGHXWLOLWDWHDFRQVXPXOXL2IXQF LHGHXWLOLWDWHHVWHXQPRGGHDDWULEXLR

va loa re d iIHULWHORU SDQLHUH GLQ PXO LPHD GH FRQVXP )LH x1 L x2 GRX
PXO LPHDXL U : X RIXQF LHDVWIHOvQFkW
x1Px2GDF

LQXPDLGDF

 SDQLHUH GLQ

U(x1)>U(x2).

9DORULOH IXQF LHL U a s t fel d efin ite vor p r od u ce o or d on a r e, u n cla s a m en t a l

p a n iHUHORU GH FRQVXP L FRQVXPDWRUXO YD DOHJH SDQLHUXO FX XWLOLWDWHD FHD PDL
m a re. S in gu r u l lu cru ca r e in ter s ecte D] DLFLHVWHFDYDORULOHIXQF LHLGHXWLOLWDWHV 
RUGRQH]H PXO LPHD GH FRQVXP (FDUWXO vQWUH GRX
VSXQH F

 SDQLHUH QX LQWHUHVHD]

 vQ DFHVW FD] XWLOLWDWHD HVWH XQ FRQFHSW RUGLQDO ([LVW

u t ilit DWH FDUGLQDO

 6H

 L FRQFHSWXO GH

 vQ FDUH YDORULL IXQF LHL GH XWLOLWDWH L VH DWULEXLH R DQXPLW

VHPQLILFD LH GRULQGX VH P

XQ FRQVXPDWRU SUHIHU

VXUDUHD LQWHQVLW

 SDQLHUXO

x1

LL SUHIHULQ HL &XP SXWHP WL GDF

GH GRX

 RUL PDL PXOW GHFkW SDQLHUXO




x2?

(YLGHQW VH SRW IRUPXOD GLYHUVH FULWHULL SHQWUX R DVWIHO GH UHOD LH 'H H[HPSOX
HVWH GLVSXV V
GRX
P

 SO

WHDVF

 GH GRX

 RUL PDL PXOW VDX HVWH GLVSXV V

 PHDUJ

 GH

 RUL PDL GHSDUWH SHQWUXD O RE LQHHWF $VWIHO GH F

r iter ii s u n t n t r - R DQXPLW

VXU

 FRUHFWH HOH SHUPL kQG DWULEXLUHD GH QLYHOXUL GH XWLOLWDWH vQ DD IHO FD

HFDUWXO GLQWUH HOH V

LQWHUSUHWDUHDGHFYDW

 DLE

 R VHPQLILFD LH RSHUD LRQDO

DFHHDFHVHPQLILF

 &KLDU GDF

 J

VLP R

IDSWXOGHDGRULXQEXQGHGRX

or i m a i
m u lt d ec t a lt u l, p en tr u s tu d iu l com p or t a m en tu lu i con s u m a t or u lu i a ces t lu cr u
QX VHUYHWH OD QLPLF (VWH PRWLYXO SHQWUX FDUH DLFL VH YD FRQVLGHUD QXPDL
FRQFHSWXOXWLOLW

LLRUGLQDOH

'HRDUHFH FRQWHD]
H[LVW

 R XQLF

 GRDU FODVDPHQWXO HOHPHQWHORU PXO LPLL GH FRQVXP

, nu

 PRGDOLWDWH GH D DWULEXL QLYHOXUL GH XWLOLWDWH GLIHULWHORU SDQLHUH Q

U(xi) es te n ivelu l d e u t ilita te a t r ib u it

p a n ier u lu i x , a t u n ci 2 U(x ), 3 U(x ) s u n t a lte n ivelu r i d e u t ilita te p en t r u a ce ODL
IDSW H[LVW

 R LQILQLWDWH GH PRGDOLW

L 'DF

SDQLHU (VWH YRUED GHVSUH RULFH WUDQVIRUPDUH PRQRWRQ

 DSOLFDW

XWLOLWDWHGDW

XQHLPXO LPLGHQXPHUH

SHQWUXF

RDVWIHOGHWUDQVIRUPDUHDSOLFDW

QLYHOXULGHXWLOLWDWHQXVFKLPE

 XQHL IXQF LL GH

FODVDPHQWXOORU

Not n d cu f(U) o a s tfel d e t r a n s for m a UH FDUH WUDQVIRUP  QLYHOXO U n n ivelu l

f(U) FODVDPHQWXO LQL LDO VH S VWUHD]  DGLF  GDF  U1>U2 a t u n ci f(U1)>f(U2).
([HPSOH GH WUDQVIRUP

UL PRQRWRQH VXQW PXOWLSOLFDUHD FX XQ QXP

U SR]LWLY

(f(U)=nUDGXQDUHDXQXLQXP URDUHFDUHf(U)=U+m), r id ica r ea la RSXWHUHLPSDU 

(f(U)=U3 'HVLJXU DP FRQVLGHUDW DLFL QXPDL WUDQVIRUP UL PRQRWRQ FUHVF WRDUH
SHQWUXF
'DF

RWUDQVIRUPDUHPRQRWRQGHVFUHVF


WRDUHLQYHUVHD]

RUGLQHDLQL LDO



f(U) HVWH R WUDQVIRUPDUH PRQRWRQ  RDUHFDUH D XQHL IXQF LL GH XWLOLWDWH
U(x), a t u n ci f(U(x))HVWHRDOW IXQF LHGHXWLOLWDWHFDUHUHSUH]LQW DFHOHDLSUHIHULQ H
FDLU(x).

&XUEDGHLQGLIHUHQ

0XO LPHD GH SXQFWH

VDXFXUE

LQGLIHUHQ

5DWDPDUJLQDO

GHVXEVWLWX LH

x X p en t r u ca r e U(x)=k, k  VH QXPHWH FXUE

GHQLYHOVDXFXUE

 GH

GHL]RXWLOLWDWH

Fie x = (x1 , x2 ) X 2+  XQ SDQLHU GH FRQVXP DFFHVLELO L U(x)=U(x1,x2) u tilit a tea

DVRFLDW

 x1 HVWH R PLF  YDULD LH D FDQWLW

LL GLQ
con s u m u lu i d evin e U(x1+x1,x2)LDUYDULD LDXWLOLW LLHVWH
U= U(x1+x1,x2)- U(x1,x2).
'DF

5DWDYDULD LHLXWLOLW

LLVHQXPHWHXWLOLWDWHPDUJLQDO

SULPXO

EXQ

XWLOLWDWHD



U U (x1 + x1 , x2 ) U x1 , x2
.
=
x1
x1
E vid en t , lu n d lim ita c n d x1  vQ UDSRUWXO DQWHULRU UH]XOW  F  XWLOLWDWHD
U
U
m DUJLQDO HVWHGHULYDWDIXQF LHLGHXWLOLWDWH U m1 =
, U m2 =
1HVLWX PDFXP
x1
x2
SH R FXUE  GH LQGLIHUHQ
 U(x)=k L YUHP V  GHWHUPLQ P FH PRGLILF UL VLPXOWDQH
x1 , x2DOHFDQWLW LORUGLQFHOHGRX EXQXULQXPRGLILF XWLOLWDWHDDGLF U=0:
m od ifica r ea
con s u m u lu i d e b u n 1 cu x1 SURGXFH PRGLILFDUH XWLOLW LL
U 1 = U m 1 x1 ;

U m1 =

m od ifica r ea con s u m u lu i d e b u n
U 2 = U m 2 x2 ;
PRGLILFDUHDWRWDO
DGLF

2 cu

HVWHVXPDFHORUGRX

SURGXFH

PRGLILFDUH

U = U 1 + U 2 LWUHEXLHV

XWLOLW

LL

ILHQXO



U m 1 x1 + U m 2 x2 = 0 .

Ra p or tu l

x2 U m 1
=
x1 U m 2

 VH QXPHWH UDW

EXQXOXL  FX EXQXO  L HD HVWH HJDO

RMS es t e n ega tiv p e QWUX

 PDUJLQDO

 GH VXEVWLWXLUH 506 D

 FX UDSRUWXO XWLOLW

LORU PDUJLQDOH 6HPQXO

 D FRQVXPD PDL PXOW GLQWU

UHQXQ DUHDODXQDQXPLWFRQVXPGLQFHO
FRQVXPXOXL506SRDWHILGHILQLW



x2

-u n b u n p r es u p u n e

ODOWEXQSHQWUXDQXVFKLPEDXWLOLWDWHD

LPDWHPDWLF

fie (dx1,dx2) YDULD

LD FRQVXPXOXL FDUH PHQ LQH XWLOLWDWHD FRQVWDQW

506 vQWUH GRX

 EXQXUL VH GHWHUPLQ

dU=0). Da r ,

U
U
U
dx2
x1
.
dU =
dx1 +
dx2 = 0 L RMS 21 =
=
x1
x2
dx1 U
x2

U(x1,x2)=k

$FHDVW

 vQ OXQJXO XQHL FXUEH GH LQGLIHUHQ

 UHOD LH SHUPLWH H[SULPDUHD XQHL YDULDELOH vQ IXQF LH GH

FHDODOW

 GH H[HPSOX x2(x1).

Pen t r u fieca re x1 d a t fu n F LD x2(x1) GHWHUPLQ 
ca n tita tea d in x2 QHFHVDU  SHQWUX D U PkQH SH FXUED GH LQIHUHQ  U(x1,x2)=k.
)XQF LD x2(x1) YHULILF  GHFL UHOD LD U(x1,x2(x1))=k 'LIHUHQ LLQG XOWLPD UHOD LH
U
U U x2
x2
x1
RE LQHP
+

= 0 , d e u n d e:
=
= RMS 21 .
x1 x2 x1
x1 U
x 2

Ra ta PDUJLQDO
n t r -u n p u n ct d a t .

d e s u b s t it u ir e

VRDU



d eci,

SDQWD FXUEHL GH LQGLIHUHQ

/X

P DFXP R WUDQVIRUPDUH PRQRWRQ

LFDOFXO

 D IXQF LHL GH XWLOLWDWH

P506SHQWUXIXQF LD

V:

f
x1 U
RMS 21 =
=
f
V
x2
U
V

$P DU

WDW DVWIHO F

UHSUH]LQW

U
U
x1
x1
=
.
U U

x2
x2

 506 HVWH LQGHSHQGHQW

SRDWH FRQVWLWXL R PHWRG

V(x1,x2)=f(U(x1,x2))

 GH D YHULILFD GDF

 GH YDORDUHD XWLOLW

 GRX

LL FHHD FH

 IXQF LL GH XWLOLWDWH GLIHULWH

VDXQXDFHOHDLSUHIHULQ HGHFRQVXP

7LSXULGHSUHIHULQ HLIXQF LLGHXWLOLWDWH

E x DPLQ P FkWHYD WLSXUL GH SUHIHULQ H L IXQF LLOH GH XWLOLWDWH FDUH OH
cor es p u n d .
a ) 6XEVWLWXLELOLWDWHSHUIHFW GRX EXQXULVXQWSHUIHFWVXEVWLWXLELOHvQFRQVXP
GDF

 UDWD PDUJLQDO

FRUHVSXQ]
LQGLIHUHQ

 GH VXEVWLWXLUH HVWH FRQVWDQW

WRDUH YRU IL vQ JHQHUDO IXQF LL OLQLDUH

 DYkQG SDQWD

PRQRWRQ FUHVF

a
 vQ YDORDUH DEVROXW
b

 )XQF LLOH GH XWLOLWDWH

U(x1,x2)=ax1+bx2, cu r b ele de

 'HVLJXU RULFH WUDQVIRUPDUH

WRDUH D XQHL DVWIHO GH IXQF LL YD UHSUH]HQWD DFHODL WLS GH

SUHIHULQ H

b ) Com p le m e n t a r i t DWH SHUIHFW : s u n t b u n u r i ca re s u n t con s u m a te n t ot d ea u n a

vPSUHXQ

 vQ SURSRU LL IL[H )XQF LLOH GH XWLOLWDWH FRUHVSXQ]

U(x 1 ,x 2 )=m in {a x 1 ,bx 2 }, a  L b  LQGLFkQG SURSRU

GRX

WRDUH YRU IL

LD vQ FDUH VXQW FRQVXPDWH FHOH

EXQXUL

c ) Bu n u r i i n d e z ir a b il e : s u n t b u n u r i

SH FDUH FRQVXPDWRUXO QX OH GRUHWH

6DWLVIDF LD XWLOLWDWHD FRQVXPXOXL FUHWH FkQG FDQWLWDWHD GLQ EXQXO UHVSHFWLY

s ca d e.
d ) Bu n u r i n e u t r e  VXQW EXQXUL SHQWUX FDUH FRQVXPDWRUXO QX PDQLIHVW  QLFL R
SUHRFXSDUH XWLOLWDWHD FRQVXPXOXL V X QX VH PRGLILF  DWXQFL Fkn d ca n t ita tea
GLQEXQXOUHVSHFWLYYDULD]

e)

3UHIHULQ H

QRUPDOH

E vid en t ,

p u t em

r ep rezen t a

n u m er oa s e

t ip u r i

de

SUHIHULQ H UHDOLVWH VDX QX &kWHYD LSRWH]H YRU GHILQL DLFL DFHOH SUHIHULQ H
UHSUH]HQWDELOHSULQIXQF LLGHXWLOLWDWHF
FXDOXU

QRUPDO

URUDOHFRUHVSXQGFXUEHGHLQGLIHUHQ

&RQVXPDWRUXO SUHIHU

 FRQVXPH PDL PXOW GHFkW PDL SX LQ DGLF

WRDWH EXQXULOH GLQ FROHF LD VD GH FRQVXP VXQW EXQXUL GH]LUDELOH $FHDVW

LSRWH]

 V

 HVWH FXQRVFXW

 VXE QXPHOH GH PRQRWRQLD SUHIHULQ HORU 'HVLJXU

t r eb u ie lXDW vQ FRQVLGHUDUH L IHQRPHQXO VDWXUD

LHL GDU SkQ

 OD DWLQJHUHD

SUDJXOXL GH VDWXUD LH LSRWH]D SRDWH IXQF LRQD 0RQRWRQLD SUHIHULQ HORU
LPSOLF

 SHQWUX IXQF LD GH XWLOLWDWH FD SDQWD FXUEHORU GH LQGLIHUHQ

QHJDWLY
2 DOW

V

 ILH

 LSRWH]

 VH UHIHU

 OD IDSWXO F

 SDQLHUHOH LQWHUPHGLDUH VXQW SUHIHUDWH

celor ext r em e. Fie p a n ier u l (x 1 ,x 2 ) in d iferen t p a n ier u lu i (x1 ,x2 ). Atu n ci

p a n ier u l [x 1 +(1 -)x1 , x 2 +(1 -)x2 ] es t e p r efer a t p a n ier u lu i (x 1 ,x 2 ), p en t r u
or ice (0,1) &X DOWH FXYLQWH PXO LPHD Ge p a n iere p r efer a te p a n ier u lu i
(x 1 ,x 2 )HVWHRPXO LPHFRQYH[ 6H]LFHF SUHIHULQ HOHQRUPDOHVXQWFRQYH[H

'HVLJXU H[LVW

 L SUHIHULQ H QHFRQYH[H )XQF LLOH GH XWLOLWDWH FDUH GHVFULX

SUHIHULQ HOHQRUPDOHVXQWGHH[HPSOXGHIRUPD

U (x1 , x2 ) = x1 x2 , >0 , >0 .

([HUFL LL

Fie U(x) R IXQF

WUDQVIRUP

LH GH XWLOLWDWH L

ULOHXUP

V(x)=f(U(x)) o t r a n s for m a re a ei. Ca re d in

WRDUHVXQWPRQRWRQH

1
1
; c) V = 2 ; d ) V=ln U; e) V = e U ; f) V=U2 ; g) V=U2 ,
2
U
U
2
3
U>0 ; h ) V=U , U<0 ; i) V=U .

a ) V=2 U-3 ; b ) V =

'HPRQVWUD L F
ILHFDUHFXUE

 SHQWUX SUHIHULQ HOH PRQRWRQH ELVHFWRDUHD FDGUDQXOXL , WDLH

GHLQGLIHUHQ

&HWLSGHSUHIHULQ HH[SULP

a ) U (x1 , x2 ) = x1 + x2

U (x1 , x2 ) = x1 x2 .

RVLQJXU
XUP

GDW

WRDUHOHIXQF LLGHXWLOLWDWH

; b ) U (x1 , x2 ) = 13 x1 + 13 x2 ; c) U (x1 , x2 ) = x1 + x2 ; d )

)LHIXQF LLOHGHXWLOLWDWH

U 1 (x1 , x2 ) = x1 x2 , >0 , >0 ; U 2 (x1 , x2 ) = x1 + x2 , 0 < <1 .

5HSUH]HQWD L JUDILF FXUEHOH GH LQGLIHUHQ

Ve ULILFD

LF

5062 1 HVWHGHVFUHVF

 SHQWUX ILHFDUH GLQ DFHVWH IXQF LL

WRDUH

$OHJHUHDRSWLPDO

Con s u m a t or u l a lege cel m a i b u n p a n ier d in t re cele p e ca re le p oa te

DFKL]L LRQD FX YHQLWXO GH FDUH GLVSXQH 'DF

 SUHIHULQ HOH VDOH VXQW UHSUH]HQWDELOH

SULQ IXQF LD GH XWLOLWDWH

U(x 1 ,x 2 ) SUH XULOH FHORU GRX  EXQXUL VXQW p 1  L S2 , ia r

ven it u l d is p on ib il es t e V, a t u n ci el a lege x 1 Lx 2 a s t fel ca p 1 x 1 +p 2 x 2 =V LU(x 1 ,x 2 )V 
ILH PD[LP

 ,QWXLWLY DOHJHUHD RSWLPDO

d r ea p ta

(p 1 x 1 +p 2 x 2 =V  L R FXUE  GH L]RXWLOLWDWH LQGLIHUHQ 

WRDUH )XQF LLOH x 1 =x 1 (p 1 ,p 2 ,V) L x 2 =x 2 (p 1 ,p 2 ,V) ca r e con s t it u ie a leger ea

FRUHVSXQ]
RSWLPDO

 FRUHVSXQGH SXQFWXOXL GH WDQJHQ

 GLQWUH

b u get u lu i

 VH QXPHVF L IXQF LLOH FHUHULL FRQVXPDWRUXOXL HOH H[SULPkQG FDQWLW

LOH

GH EXQXUL FRQVXPDWH vQ IXQF LH GH GLIHULWH QLYHOXUL DOH SUH XULORU L YHQLWXOXL

d is p on ib il.

'DF

EXQXULOHVXQWSHUIHFWVXEVWLWXLELOHIXQF LLOHFHUHULLVXQW

V
p
1
V
x1 = 0,
p1
0

dac

p1 < p 2

dac

p1 = p 2

dac

p1 > p 2

V
p
2
V
x 2 = 0,
p2
0

dac

p 2 < p1

dac

p1 = p 2

dac

p 2 > p1

Fie C i=p ix i SDUWHD GLQ YHQLWDORFDW  FRQVXPXOXL GLQ EXQXO i, i=1 ,2 . E vid en t ,
C
C 1 +C 2 9LILH i = i SDUWHDGHYHQLWFKHOWXLW SHQWUXEXQXO i, 1 + 2 'DF FHOH
V
GRX

 EXQXUL VXQW SHUIHFW VXEVWLWXLELOH vQ FRQVXP DWXQFL HVWH RSWLPDO V

cu m p er e b u n u l m a i ieft in ch elt u in d t ot ven it u l p en tr u a ces t b u n (1 L 2 =0 s a u

1  L 2  'DF  FHOH GRX  EXQXUL DX DFHODL SUH  DWXQFL FRQVXPDWRUXO HVWH
LQGLIHUHQWFXPUHSDUWL]HD]

'DF

FXPS

x1 = x 2 =

'DF

YHQLWXOGHFLLFRQVXPXOvQWUHFHOHGRX

 EXQXULOH VXQW SHUIHFW FRPSOHPHQWDUH DOHJHUHD RSWLPDO

ULL GH FDQWLW

L LGHQWLFH GLQ FHOH GRX

EXQXUL
 FRUHVSXQGH

 EXQXUL )XQF LLOH FHUHULL VXQW

V
.
p1 + p 2
 SUHIHULQ HOH FRQVXPDWRUXOXL VXQW QRUPDOH DGLF

p r in t r - R IXQF

 VXQW UHSUH]HQWDELOH

U (x1 , x 2 ) = x1 x 2 , >0 , ! DWXQFL IXQF LLOH

V
 L
 DGLF 
. Un
x2 =

1 =
2 =
+ p2
+
+

LH GH XWLOLWDWH GH IRUPD

cerer ii s u n t : x1 =

V
,
+ p1

FRQVXPDWRU FX SUHIHULQ H QRUPDOH FKHOWXLHWH WRWGHDXQD R SDUWH IL[

SHQWUXILHFDUHEXQ'DF

+ =1 , a tu n ci 1 =L2 =1 -.

 GLQ YHQLW