127$662%5(75$16,725,26(/(&7520$*1e7,&26

(VWHYDORUFRUUHVSRQGHD1%, 9&)±σ

'H ODV SUXHEDV GH ODERUDWRULR VH KD HQFRQWUDGR HO YDORU
GHσ SRUORTXH

1%, = 9&) − 

VL 9&) = 
1%, = 9&)

(MHPSOR  'H XQD SUXHED GH ODERUDWRULR D XQD FDGHQD GH

DLVODGRUHV  VH DSOLFDURQ SRU FDGD SDVR GH WHQVLyQ 
LPSXOVRVREWHQLpQGRVHORVVLJXLHQWHVUHVXOWDGRV

1RGHSUXHED 9ROWDMHGH 1RGHIODPHR

SUXHED
N9
  
  
  
  

&DOFXODU HO YDORU GH OD WHQVLyQ UHVLVWHQWH R WHQVLyQ GH

DJXDQWH1%,

6ROXFLyQ

/DWHQVLyQFUtWLFDGHIODPHRR9   HV

×  +  ×  +  ×  +  × 

9&) = = N9

( −  ) + ( −  ) + ( −  ) + ( − )
= 
   


σ=

/D WHQVLyQ GH DJXDQWH R QLYHO EiVLFR GH DLVODPLHQWR DO

LPSXOVRGHSUREDELOLGDGGHIODPHR

1%, = 9 − σ =  − ( ) = N9

(VWH FRQFHSWR EiVLFR GH WHQVLyQ FUtWLFD GH IODPHR 9   

VH DSOLFD SDUD GHWHUPLQDU HQ HO FDVR GHO DLVODPLHQWR HQ
DLUH SDUD OtQHDV GH WUDQVPLVLyQ \ VXEHVWDFLRQHV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

HOpFWULFDV  ODV GLVWDQFLDV GLHOpFWULFDV TXH VH XVDQ

SDUD HO GLPHQVLRQDPLHQWR GH HVWDV LQVWDODFLRQHV 3DUD
HVWR VH FDOFXOD OD UHODFLyQ 9    FRQWUD GLVWDQFLD HQ DLUH
GHXQDSODFD GH DFHUR GH  [   P \ HVSHVRU GH  PP \ XQD
YDULOOD GH DFHUR EURQFH R FREUH GH  FP GH ORQJLWXG \
ò´GHGLiPHWUR

*HQHUDGRU

GHLPSXOVRV


9

φ =   −  
'LYLVRUGH

YROWDMH

FP
3XQWD

3ODFD
G

P


9 .G P

2VFLORVFRSLR

G  GLVWDQFLD HQWUH OD SXQWD \ OD SODFD H[SUHVDGD HQ

$OLPHQWDFLyQGH&$ GP

PHWURV
. FRQVWDQWHGHSURSRUFLRQDOLGDG
/D SUXHED FRQVLVWH HQ ILMDU XQD GLVWDQFLD G P HQWUH OD
YDULOOD \ OD SODFD \ DSOLFDU  LPSXOVRV GH YROWDMH SDUD
XQD RQGD GH LPSXOVR  GH UD\R REWHQLHQGR HO YDORU 9  
FRUUHVSRQGLHQWH OD YDULDFLyQ GH OD GLVWDQFLD G VH KDFH
SRU OR PHQRV HQ  SXQWRV FRQ VHSDUDFLRQHV HQWUH P \
PGHWHUPLQDQGRHO9   HQFDGDFDVR

6H REVHUYD GH ORV UHVXOWDGRV TXH VH REWLHQH XQD FXUYD GH
OD IRUPD 9     .G OD FXDO FRUUHVSRQGH D XQD UHFWD GRQGH
. HV OD SHQGLHQWH \ WLHQH XQ YDORU HQWUH  ±  N9P
*HQHUDOPHQWH OD SUXHED VH UHILHUH D ODV FRQGLFLRQHV
HVWiQGDU GH WHPSHUDWXUD 7 SUHVLyQ EDURPpWULFD E \
KXPHGDGTXHVRQƒ&PPGH+J\JUP  

&RQ HVWD UHODFLyQ VH SXHGH REWHQHU OD GLVWDQFLD HQ DLUH
HQWUH HOHFWURGRV SDUD ILQHV GH GLVHxR SRU OR JHQHUDO VH
FRQRFHQ ORV YDORUHV QRUPDOL]DGRV GH 1%, \ D SDUWLU GH
HVWRVVHREWLHQHQPDWHPiWLFDPHQWHORVYDORUHVGH9   

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(MHPSOR  3DUD XQD LQVWDODFLyQ FRQ XQD WHQVLyQ QRPLQDO

GH  N9 \ XQD WHQVLyQ GH DJXDQWH 1%,   N9 HQ
FRQGLFLRQHV HVWiQGDU OD GLVWDQFLD HQ DLUH VH FDOFXOD
FRPRVLJXH

1%, 
1%, = 9 ⇒ 9 = ≈ N9
 
=

'HODUHODFLyQ

9     .G

7RPDQGR. N9P

9 
G =  = = P
. 

&RQVLGHUDQGR HVWD GLVWDQFLD VH GHVHD GDU FRQ HO Q~PHUR GH

DLVODGRUHV HVWiQGDU QHFHVDULRV SDUD XQD OtQHD GH
WUDQVPLVLyQ VL ORV DLVODGRUHV WLHQHQ XQD DOWXUD GH 
PP\XQGLiPHWURGHPP

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

&DSXFKyQPHWiOLFR

'LVFRGHYLGULR
PP
RSRUFHODQD

9iVWDJR

&DGHQDGHDLVODGRUHV

G 
PP

1R GH DLVODGRUHV = =  
$OWXUDDLVODGRU 
=

G)7 G

6HWRPDSDUDFRQVLGHUDUORVKHUUDMHV

G ) −7 =  ×  = P

7RGDVHVWDVUHODFLRQHVVRQYiOLGDVKDVWDN9

6XSRQLHQGR TXH XQD LQVWDODFLyQ QR VH HQFXHQWUD HQ XQ

VLWLR FRQ SUHVLyQ EDURPpWULFD HVWiQGDU SRU HMHPSOR HQ OD
&G GH 0p[LFR HQ GRQGH E   PP GH +J WRPDQGR W
ƒ& VH WLHQH TXH DSOLFDU XQ IDFWRU GH FRUUHFFLyQ SDUD
FRQVLGHUDU HO HIHFWR GH OD SUHVLyQ EDURPpWULFD \ OD
WHPSHUDWXUD HQ OD UXSWXUD GLHOpFWULFD (VWH IDFWRU GH
FRUUHFFLyQVHREWLHQHGHODH[SUHVLyQ

E
.K
 + W
δ=
'RQGH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

E SUHVLyQEDURPpWULFDHQPPGH+J
W  WHPSHUDWXUD PHGLD HQ HO SXQWR GH LQVWDODFLyQ HQ
ƒ&
.K )DFWRU GH FRUUHFFLyQ SRU KXPHGDG   SDUD
FRQGLFLRQHVHVWiQGDUR. K .+
+ )DFWRUGHHIHFWRSRUKXPHGDG

6XSRQLHQGR. K SDUDODFLXGDGGH0p[LFR

 × 
×  = 
 + 
δ=

3DUD OD PLVPD LQVWDODFLyQ GHO HMHPSOR N9 HQ GRQGH VH

REWXYR TXH SDUD 1%,   N9 9      N9 HO YDORU GH
9    FRUUHJLGR SRU HO HIHFWR GH DOWLWXG \ WHPSHUDWXUD D
WUDYpVGHOIDFWRUδ HV

9 
9 = N9

= 
=
δ
QRHVWiQGDU

/D GLVWDQFLD HQ DLUH UHTXHULGD SDUD OD LQVWDODFLyQ D 

P VREUHHOQLYHOGHOPDUFRQE PPGH+JVHUtD

9 
G= = P
 
QRHVWiQGDU
=

6L HVWD GLVWDQFLD VH GD FRQ DLVODGRUHV HVWiQGDU GH  [
PPHOQ~PHURGHDLVODGRUHVUHTXHULGRVHV

G 
1R GH DLVODGRUHV = =  ≈ 
$OWXUDDLVODGRU 
=

À 3RUPHGLFLRQHVUHDOHVHQFDPSR
À 3RU PHGLR GH VLPXODFLRQHV GLJLWDOHV FRQ SURJUDPDV
FRPR HO (073 (OHFWURPDJQHWLF 7UDQVLHQWV 3URJUDP R
HQ YHUVLyQ UHGXFLGD HO $73 $OWHUQDWLYH 7UDQVLHQW
3URJUDP
À 3RUPHGLRGH VLPXODFLRQHV HQ WDEOHURV DQDOL]DGRUHVGH
WUDQVLWRULRV71$
$ GLIHUHQFLD GH ORV WUDQVLWRULRV SRU GHVFDUJDV
DWPRVIpULFDV ORV WUDQVLWRULRV SRU PDQLREUD VH RULJLQDQ \
VHSXHGHQFRQWURODUHQODPLVPDUHG

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

3DUD ORV ILQHV GH HVWXGLR GH HVWRV WUDQVLWRULRV XQD

FRPELQDFLyQ GH ORV WUHV PpWRGRV GH GHWHUPLQDFLyQ
DQWHULRUHVHVGHVHDEOH

(O SUREOHPD GH HVWXGLR GH ORV WUDQVLWRULRV

HOHFWURPDJQpWLFRV HQ ORV VLVWHPDV HOpFWULFRV GH SRWHQFLD
WLHQH VHQWLGR FXDQGR VH DQDOL]DQ UHGHV GH  N9 R
PD\RUHV HQ GRQGH ODV PDQLREUDV LQFRUSRUDQ HIHFWRV
VHYHURV GH HVIXHU]RV GLHOpFWULFRV 'HVGH HO SXQWR GH
YLVWD GHO WUDQVLWRULR ODV IUHFXHQFLDV TXH DSDUHFHQ VH
HQFXHQWUDQ HQ HO UDQJR GH  ±  .+] \ VH SXHGHQ
SUHVHQWDU SUREOHPDV GH HIHFWRV QR OLQHDOHV OR FXDO
GLILFXOWD OD DSOLFDFLyQ GH ORV PpWRGRV GH VLPXODFLyQ
WDQWRGLJLWDOFRPRDQDOyJLFD

3DUD HO HVWXGLR GH ORV WUDQVLWRULRV XVDQGR WpFQLFDV GH

VLPXODFLyQ VH WUDWD HQ SULQFLSLR GH KDFHU XQD
UHSUHVHQWDFLyQ GH ODV FRPSRQHQWHV GHO VLVWHPD /tQHDV GH
WUDQVPLVLyQ WUDQVIRUPDGRUHV GH SRWHQFLD UHDFWRUHV HQ
GHULYDFLyQ EDQFRV GH FDSDFLWRUHV H LQWHUUXSWRUHV R ELHQ
GH ORV GLVSRVLWLYRV GH SURWHFFLyQ TXH VRQ ORV
DSDUWDUUD\RV (O SUREOHPD GH OD UHSUHVHQWDFLyQ R PRGHODGR
GH HVWRV FRPSRQHQWHV VH GLYLGH HQ GRV SXQWRV SDUD
HOHPHQWRV GH UHG OtQHDV WUDQVIRUPDGRUHV \ SDUD
GLVSRVLWLYRV G FRQWURO \ SURWHFFLyQ LQWHUUXSWRUHV
DSDUWDUUD\RV

3DUD ORV HOHPHQWRV GH UHG \D VHD SRU PpWRGRV GLJLWDOHV R
FRQHO71$VHSXHGHQXVDUGRVYHUVLRQHVSDUDHOPRGHODGR

v &RQSDUiPHWURVFRQFHQWUDGRV
v &RQSDUiPHWURVGLVWULEXLGRV

(Q HO FDVR GH ORV HOHPHQWRV GH FRQWURO \ SURWHFFLyQ OD

VLPXODFLyQSXHGHLQFRUSRUDUXQDGLIHUHQFLDEiVLFD

v &RQSDUiPHWURVOLQHDOHV
v &RQSDUiPHWURVQROLQHDOHV

/RV HVWXGLRV FRQ SDUiPHWURV FRQFHQWUDGRV JHQHUDOPHQWH

FRUUHVSRQGHQ D DTXHOORV HQ ORV TXH QR HV LPSRUWDQWH OD
LPSUHFLVLyQ TXH VH LQWURGXFH DO QR FRQVLGHUDU ORV
SDUiPHWURV GLVWULEXLGRV DOJXQRV GH HVWRV HVWXGLRV FRQ
SDUiPHWURVFRQFHQWUDGRVVRQ

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

q &RUWRFLUFXLWRVLPpWULFRRDVLPpWULFR
)OXMRVGHFDUJD


q
(VWDELOLGDGWUDQVLWRULD\GLQiPLFD


q
$UPyQLFDVHQVLVWHPDVHOpFWULFRV


q 

(VWRV HVWXGLRV SXHGHQ FRQVLGHUDU OD UHSUHVHQWDFLyQ GH ORV

HOHPHQWRVHQGRVYDULDQWHV

v &RQSDUiPHWURVVLQDFRSODPLHQWRV
v &RQSDUiPHWURVDFRSODGRV

\ WDPELpQXQDUHSUHVHQWDFLyQPRQRIiVLFDRWULIiVLFD

5 5 /

5 &
/

/ &
&
0RQRIiVLFR

/RV HOHPHQWRV WULIiVLFRV PiV FRPXQHV VRQ ORV FLUFXLWRV 5

/

5 /

5 /

5 /

(OHPHQWRWULIiVLFRDFRSODGRSDUDFLUFXLWR5/

'H ORV HOHPHQWRV WULIiVLFRV DFRSODGRV VH UHSUHVHQWD HO

HOHPHQWRπ HTXLYDOHQWH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

5 /

5 /

5 /

& MZ/ &

(OHPHQWRWULIiVLFRDFRSODGRUHSUHVHQWDGRFRPRp
HTXLYDOHQWHXVDGRSDUD
UHSUHVHQWDUOtQHDVGHWUDQVPLVLyQ

3DUD ORV WUDQVIRUPDGRUHV VH SXHGHQ XVDU PRGHORV TXH

LQFRUSRUHQ HO HIHFWR GH VDWXUDFLyQ HQ HO FLUFXLWR
PDJQpWLFR

5 3 ;3 1 5 6 ;6

,

50 ;0

, FRUULHQWHGHYDFtRRGHPDJQHWL]DFLyQ
;0 UHDFWDQFLDGHPDJQHWL]DFLyQ
5 0 UHVLVWHQFLDGHOFLUFXLWRPDJQpWLFR
1 UHODFLyQGHWUDQVIRUPDFLyQ

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

/RV HOHPHQWRV LPSRUWDQWHV D UHSUHVHQWDU HQ ORV HVWXGLRV

GH WUDQVLWRULRV HOHFWURPDJQpWLFRV HQ IRUPD WULIiVLFD VRQ
ORV LQWHUUXSWRUHV FX\R PRGHOR HV GLVWLQWR HQ JHQHUDO D
ORV PRGHORV GH RWURV FRPSRQHQWHV GHO VLVWHPD \ D TXH
UHSUHVHQWDGRVDVSHFWRVHQXQHVWXGLR

v (V OD IXHQWH GHO WUDQVLWRULR \ SRU OR PLVPR WLHQH XQD
LQGXFWDQFLD HTXLYDOHQWH GH 7KHYHQLQ GHWUiV GHO PLVPR HQ
HOSXQWRGHLQVWDODFLyQ

v (Q HO HOHPHQWR GH GHVFRQH[LyQ R GH FLHUUH GH OD OtQHD
WUDQVIRUPDGRU R FRPSRQHQWH GHO VLVWHPD GHEH FRQVLGHUDU
ORVVLJXLHQWHVIDFWRUHV

À $OHDWRULHGDGHQORVSRORVSDUDHOFRUWHRFLHUUH
À (QHUJtD LQGXFWLYD R FDSDFLWLYD D FRQVLGHUDU HQ OD
PDQLREUD SDUD HIHFWRV GH ODV WHQVLRQHV WUDQVLWRULDV
LQWHUQDV
À (IHFWRGHFRPSRQHQWHVGHODUHGHQHOLQWHUUXSWRU

(Q HO FDVR GH ORV WUDQVLWRULRV HOHFWURPDJQpWLFRV SDUD ORV

SURSyVLWRV GH GHWHUPLQDFLyQ GHO RUGHQ GH PDJQLWXG GH XQ
IHQyPHQR VH SXHGHQ XVDU PRGHORV GH SDUiPHWURV
FRQFHQWUDGRV 2WUR HOHPHQWR D FRQVLGHUDU HQ HO HVWXGLR GH
ORV WUDQVLWRULRV \ TXH FRQIRUPDQ SDUWH GH OD UHG
HVWULFWDPHQWH SHUR TXH HV XQ GLVSRVLWLYR GH SURWHFFLyQ
VRQ ORV DSDUWDUUD\RV VX UHSUHVHQWDFLyQ HV PRQRIiVLFD \
FRUUHVSRQGHDXQHOHPHQWRQROLQHDO

(MHPSOR

3&& 
6HGHVHDREWHQHUODIXHQWHHTXLYDOHQWH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

N9 
3&& = = 
ω/
ω =  +] /

N9   
/= = P+
3&& × ω × 
=

(MHPSOR 2EWHQHU HO FLUFXLWR HTXLYDOHQWH GH SDUiPHWURV

FRQFHQWUDGRV SDUD XQ WUDQVIRUPDGRU GH SRWHQFLD HQ OD 6(
HOHYDGRUD GH  N9 φ 'HOWD(VWUHOOD DWHUUL]DGD
09$FRQ= \ORVVLJXLHQWHVGDWRVGHSUXHED

À 3UXHED GH FRUWR FLUFXLWR DOLPHQWDQGR SRU HO ODGR GH 

N9

9 &&  N9
3 &&  0:SpUGLGDV
 ×  
, && = , 1 = =  $
 × 

À 3UXHEDGHYDFtRDOLPHQWDQGRSRUN9

93 9 N9
, $FRUULHQWHGHYDFtR
3 0:SpUGLGDVHQYDFtR

6ROXFLyQ

/D UHODFLyQ GH WUDQVIRUPDFLyQ SDUD HO WUDQVIRUPDGRU HV


1= =   GH OD SUXHED GH FRUWRFLUFXLWR DOLPHQWDQGR SRU

HOODGRGHN9

N9

: $

:
3RUGHILQLFLyQ $

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

, 6 = HV
= = × 
96

= HV   LPSHGDQFLD HTXLYDOHQWH UHIHULGD DO ODGR GH

DOLPHQWDFLyQSDUDODSUXHEDEDMRYROWDMH

,6 FRUULHQWH QRPLQDO HQ HO GHYDQDGR GH DOLPHQWDFLyQ

D ODSUXHED

96 YROWDMH HQWUH IDVHV HQ HO GHYDQDGR GH

DOLPHQWDFLyQDODSUXHED

=  96  
= HV = = Ω
 , 6  
× = ×

'HODVSpUGLGDVSDUDODSUXHEDGHFRUWRFLUFXLWR

3&& = 5HV , 6
3&&  ×  
5HV = = Ω
, 6 ()
=

/DUHDFWDQFLDHTXLYDOHQWHHQHOVHFXQGDULRHV

; HV = = HV − 5HV =   −   =  −  = Ω

/RV YDORUHV GH UHVLVWHQFLD \ UHDFWDQFLD HTXLYDOHQWHV

UHIHULGDVDOSULPDULRODGRGHN9

5 HS  1  5 HV     Ω

; HS  1  ; HV     Ω

3DUD REWHQHU OD LQIRUPDFLyQ GH OD UHVLVWHQFLD \

UHDFWDQFLD GH PDJQHWL]DFLyQ VH KDFH XVR GH ORV GDWRV GH
ODSUXHEDGHYDFtR

9 N9
3 0:
, $

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

,

,KF ,0

9 50 ;0

, K F  FRUULHQWHGHKLVWpUHVLV\FLUFXODQWHV
,0 FRUULHQWHGHPDJQHWL]DFLyQ
, , K F , 0

9
, =
=0
9   
=0 = = Ω
, 
=

3 = 50 , 
3  ×  
50 = = Ω
,   
=

(OFLUFXLWRHTXLYDOHQWHHV ; 0 = () − () = 

    




(O PRGHOR GHO WUDQVIRUPDGRU HV PRQRIiVLFR SDUD

DSOLFDFLRQHV FRQ HO $73 VH XVDQ WUHV WUDQVIRUPDGRUHV
PRQRIiVLFRVSDUDIRUPDUXQWULIiVLFR

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(OHPHQWRVFRQ3DUiPHWURV'LVWULEXLGRV

/D PD\RUtD GH ORV HVWXGLRV GH WUDQVLWRULRV

HOHFWURPDJQpWLFRV UHTXLHUH GH FLHUWR JUDGR GH SUHFLVLyQ
SRU OR TXH HO XVR GH HOHPHQWRV FRQ SDUiPHWURV
FRQFHQWUDGRV VROR HV GH UHIHUHQFLD SDUD REWHQHU
LQIRUPDFLyQ PiV FRQILDEOH VH UHFXUUH D PRGHORV GLJLWDOHV
FRPR HO $73 $OWHUQDWLYH 7UDQVLHQW 3URJUDPPLQJ R ELHQ HO
71$ (Q DPERV FDVRV VH XVDQ SDUiPHWURV GLVWULEXLGRV \ ORV
HOHPHQWRV SXHGHQ VHU OLQHDOHV R QR OLQHDOHV VHJ~Q VH
UHTXLHUD HQ HO PRGHODGR RIUHFLHQGR WDPELpQ DOWHUQDWLYDV
FRPR SRU HMHPSOR ODV OtQHDV GH WUDQVPLVLyQ VH SXHGHQ
UHSUHVHQWDU FRQ WUDQVSRVLFLRQHV  R VLQ WUDQVSRVLFLRQHV
WDPELpQ VH SXHGH LQFRUSRUDU HQ ODV /7 HO PRGR GH
YDULDFLyQGHIUHFXHQFLD

(Q FXDQWR D OD UHSUHVHQWDFLyQ GH LQWHUUXSWRUHV SDUD

WUDEDMDU FRQ HOHPHQWRV GH SDUiPHWURV GLVWULEXLGRV VH
SXHGHQ VHOHFFLRQDU GLIHUHQWHV UHSUHVHQWDFLRQHV
GHSHQGLHQGR GHO REMHWLYR GHO HVWXGLR SRU HMHPSOR HO
SURJUDPD $73 PDQHMD ODV VLJXLHQWHV YDULDQWHV SDUD OD
UHSUHVHQWDFLyQGHLQWHUUXSWRUHV

À ,QWHUUXSWRUHVFRQFRQWUROGHWLHPSR
À ,QWHUUXSWRUHV FRQ PDQHMR GH FDQWLGDGHV HQ IRUPD
HVWDGtVWLFD
À ,QWHUUXSWRUHVFRQWURODGRVSRUWHQVLyQ
À ,QWHUUXSWRUHVFRQWURODGRVSRUVHxDOHVGHPHGLFLyQ

/RV LQWHUUXSWRUHV FRQWURODGRV SRU WLHPSR SXHGHQ HIHFWXDU

RSHUDFLRQHV GH FLHUUH R DSHUWXUD HQ WLHPSRV HVSHFLILFDGRV
SRU HO XVXDULR HVWDV RSHUDFLRQHV VH UHDOL]DQ XQD VROD
YH] \D TXH OD DSHUWXUD RFXUUH HQ ORV FHURV VXEVHFXHQWHV D
OD FRUULHQWH GH IDVH /RV LQWHUUXSWRUHV VLPXODQ HO
FRPSRUWDPLHQWR WDO FRPR H[WLQFLRQHV GH DUFR HOpFWULFR
HQWUH FRQWDFWRV \ SXHGHQ LQFRUSRUDU UHVLVWHQFLDV
OLPLWDGRUDV GH VREUHWHQVLyQ WDQWR HQ OD DSHUWXUD FRPR HQ
HOFLHUUH

/RV LQWHUUXSWRUHV FRQ PDQHMR GH FDQWLGDGHV HVWDGtVWLFDV

XVDQ SDUD VLPXODU XQD RSHUDFLyQ HVWDGtVWLFD GH FLHUUH
JHQHUDOPHQWH HQ GRQGH ORV WLHPSRV GH FLHUUH VH PDQHMDQ HQ
IRUPD DOHDWRULD SDUD ODV WUHV IDVHV (VWD UHSUHVHQWDFLyQ
FRUUHVSRQGH SRU OR JHQHUDO D XQD GLVWULEXFLyQ QRUPDO
FX\RV SDUiPHWURV WLHPSR PHGLR \ GHVYLDFLyQ HVWiQGDU VH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

GHILQHQ GH DFXHUGR FRQ ODV FDUDFWHUtVWLFDV GH GLVSDULGDG

GH ORV SRORV GHO LQWHUUXSWRU UHDO SRU VLPXODU /RV
PRGHORV GH ORV LQWHUUXSWRUHV HMHFXWDQ HQ IRUPD
VLVWHPiWLFD XQD PLVPD RSHUDFLyQ UHFRUULHQGR XQD RQGD
VHQRLGDOHQLQWHUYDORVGHWLHPSRSUHILMDGRV
(O PRGHOR GH LQWHUUXSWRU FRQWURODGR SRU WHQVLyQ WLHQH XQD
VHFXHQFLD GHWHUPLQDGD GH RSHUDFLyQ HVSHFLILFDGD  GH WDO
PDQHUD TXH VH LQLFLD VLHPSUH VXSRQLHQGR XQD DSHUWXUD \
FRQVLGHUDQGR HO FDVR H[WUHPR GH TXH HO WUDQVLWRULR WLHQH
XQD GXUDFLyQ TXH H[FHGH DO IHQyPHQR UHDO JHQHUDOPHQWH OD
VLPXODFLyQ GH OD RSHUDFLyQ QR H[FHGH D  PV \ FRQ XQ
YDORUGHFRUULHQWHGHLQWHUUXSFLyQSUHILMDGR

/RV LQWHUUXSWRUHV PRGHODGRV SRU VHxDOHV GH PHGLFLyQ

VXSRQHQ TXH VH KDQ WRPDGR PHGLFLRQHV GH ORV WUDQVLWRULRV
HQ OD UHG \ HVWDV VHxDOHV R PHGLFLRQHV VH PDQHMDQ HQ
IRUPD HVWDGtVWLFD GH PRGR TXH TXHGD D FULWHULR OD
HOHFFLyQ GHO FDVR D FRQVLGHUDU 3RU HMHPSOR FXDQGR VH
WUDWD GH HVWDEOHFHU OD LQIOXHQFLD GH OD DOLHWRULHGDG HQ
OD GLVSDULGDG GH SRORV GHO LQWHUUXSWRU HQWRQFHV VH SXHGH
SURFHGHU GH GRV PDQHUDV VH ILMD XQD WDVD GH UHIHUHQFLD \
SDUD HVD IDVH VH FRQVLGHUD OD GLVWULEXFLyQ SUREDELOtVWLFD
GH ORV WLHPSRV R ELHQ VH HVWDEOHFH OD GLIHUHQFLD Pi[LPD
GH DFXHUGR D OD GLVWULEXFLyQ SUREDELOtVWLFD  GH ORV
WLHPSRV GH GLVSDULGDG \ VH WRPD HVWH YDORU FRPR
UHIHUHQFLD 7RGDV ODV GLVWULEXFLRQHV  VH GHWHUPLQDQ D
SDUWLUGHPHGLFLRQHV

3DUD HO UHVWR GH ORV FRPSRQHQWHV VH SXHGH XVDU FRPR XQD
YHUVLyQ SUHOLPLQDU XQ PRGHOR GH SDUiPHWURV FRQFHQWUDGRV
FX\D UHSUHVHQWDFLyQ VROR SUHWHQGH GDU XQD LGHD GH RUGHQ
GH PDJQLWXG SRU OR TXH VH XVDQ WpFQLFDV GH VROXFLyQ HQ
HOGRPLQLRGHODIUHFXHQFLDWUDQVIRUPDGDGH/DSODFH

/RV HOHPHQWRV EiVLFRV TXH VH FRQVLGHUDQ VRQ ORV WtSLFRV

GHFXDOTXLHUUHGHOpFWULFD

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

5 /
GLW 
YW  = 5L W  YW  = /
GW
LW 9  V  = 5,  V  LW 9  V = V/,  V − , 
,  = FRQGLFLRQLQLFLDO
9W 9W


YW  = LW GW
LW &∫

9  V =
V&
9W

(MHPSOR  'HWHUPLQDU OD H[SUHVLyQ GH OD FRUULHQWH SDUD

HO VLJXLHQWH FLUFXLWR FXDQGR VH FLHUUD HO LQWHUUXSWRU HQ
W   FRQ, 

(
5,  V  + V/,  V  − ,  =
5

V
(
5,  V  + V/,  V  =
W 

V

,  /
(

(


,  V [5 + V/ ] =
V
(
, V =
V (5 + V/ )

'LYLGLHQGRQXPHUDGRU\GHQRPLQDGRUHQWUH/
(
, V = /
5
V V + 

 /

&RPR HO GHQRPLQDGRU HV XQ SURGXFWR SDUD REWHQHU OD

WUDQVIRUPDGDLQYHUVDVHDSOLFDQIUDFFLRQHVSDUFLDOHV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(
/ $ %
5 V 5
= +
V V + 
 V+
 / /
(
(
$= /
5 5
=
V+
/ V= 
( (
(
%= / = / =−
V 5 5
5 −/
V= −
/

6XVWLWX\HQGR  LW
( ( ( ( 
, V =
V5  5 V 5 5 5
− = −
5 V +  V+
/ /
(5

2EWHQLHQGR OD WUDQVIRUPDGD LQYHUVD
5
( ( −5 /W ( 
 − W 
LW = − H =  − H / 
5 5 5 
W
 

3DUD ORV VLVWHPDV HOpFWULFRV GH SRWHQFLD OD VLPXODFLyQ

SRU PHGLR GHO $73 R FRQ HO 71$ JHQHUDOPHQWH FRQVLGHUD
HOHPHQWRV FRQ SDUiPHWURV GLVWULEXLGRV \ ORV PiV
LPSRUWDQWHV D FRQVLGHUDU FRPR FDVRV GH RSHUDFLRQHV GH
PDQLREUDVRQORVVLJXLHQWHV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

2SHUDFLyQGHPDQLREUD 'LDJUDPD%iVLFR

 (QHUJL]DFLyQGHOtQHDV

 (QHUJL]DFLyQGHOtQHDV
FRQFDUJDUHVLGXDO
UHFLHUUH

 (QHUJL]DFLyQGHXQD
OtQHDSRUHOODGRGHOD
IXHQWH

  (QHUJL]DFLyQGHXQD
OtQHDWHUPLQDGDHQXQ
WUDQVIRUPDGRUHQYDFtR

 5HFKD]RGHFDUJDDO
ILQDOGHODOtQHD

  5HFKD]RGHFDUJDDO
ILQDOGHODOtQHD
VHJXLGRGHXQDDSHUWXUD
HQODPLVPD

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

  ,QWHUUXSFLyQGHXQD
OtQHDHQYDFtR

 'HVFRQH[LyQGHXQ
WUDQVIRUPDGRUHQYDFtR

 'HVFRQH[LyQGH
WUDQVIRUPDGRUHVFRQ
UHDFWRUHVFRQHFWDGRVHQ
HOWHUFLDULR

  'HVFRQH[LyQ GH
UHDFWRUHV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

/RV FDVRV PiV LPSRUWDQWHV GH GHVFRQH[LyQ TXH GDQ OXJDU D

WUDQVLWRULRVGHVREUHWHQVLRQHVVRQORVVLJXLHQWHV

7LSRGH &LUFXLWR )RUPDGHRQGD

PDQLREUD
 )DOOD
WHUPLQDO

 )DOOD
NLORPpWULFD
2FXUUHDXQD
GLVWDQFLD
DSUR[LPDGDGH
 . PFRQ
UHVSHFWRDOD
IXHQWH

7LSRGH &LUFXLWR )RUPDGHRQGD

PDQLREUD
 &LHUUHGHGRV
VLVWHPDV
IXHUDGHIDVH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

  'HVFRQH[LyQGH
SHTXHxDV
FRUULHQWHV
LQGXFWLYDV
WUDQVIRUPDGRU
HVHQYDFtR

 ,QWHUUXSFLyQ
GHFRUULHQWHV
FDSDFLWLYDV
EDQFRVGH
FDSDFLWRUHV
OtQHDVGH
WUDQVPLVLyQ\
FDEOHVGH
SRWHQFLDHQ
YDFtR

(Q HO FDVR GH OD GHVFRQH[LyQ GH WUDQVIRUPDGRUHV FRPR OD

FDSDFLWDQFLD \ OD LQGXFWDQFLD GH ORV PLVPRV VRQ
SDUiPHWURV JHRPpWULFRV GHSHQGHQ GH VXV GLPHQVLRQHV
HQWRQFHV VH SXHGHQ UHODFLRQDU FRQ VXV FDUDFWHUtVWLFDV GH
GLVHxR HV GHFLU VX SRWHQFLD \ YROWDMH QRPLQDO \ VH
SXHGHQXVDUODVIyUPXODVHPStULFDVVLJXLHQWHV

/D FDSDFLWDQFLD GH XQ WUDQVIRUPDGRU FRQ UHVSHFWR DO

Q~FOHR

3
&G =  ×  − [µ) ]
9
3  SRWHQFLD QRPLQDO GHO
WUDQVIRUPDGRU WULIiVLFD
UHIHULGD D VX HQIULDPLHQWR
EiVLFR>.9$@

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

 × =  × 9
/DLQGXFWDQFLDSDUDODHVSLUDPHGLD / = [P+ ]
3

9 WHQVLyQQRPLQDOHQN9GHIDVHDIDVH
= LPSHGDQFLDGHOWUDQVIRUPDGRUHQ

(MHPSOR &DOFXODU OD FDSDFLWDQFLD \ OD LQGXFWDQFLD

HTXLYDOHQWHV SDUD XQ WUDQVIRUPDGRU WULIiVLFR GH  09$
GHOWDHVWUHOODDWHUUL]DGDN9= 

6ROXFLyQ

3DUD HIHFWRV GHO HVWXGLR GH WUDQVLWRULRV JHQHUDOPHQWH

ORV SDUiPHWURV VH UHILHUHQ DO ODGR GH DOWD WHQVLyQ HQ
HVWHFDVRN9

 ×  
&G =  ×  − =  ×  − µ)

 ×  × 
/= = P+
 ×  

(MHPSOR &DOFXODU OD FDSDFLWDQFLD GH XQ EDQFR GH

FDSDFLWRUHVGH09$5WULIiVLFRDN9

6ROXFLyQ

/D FDSDFLWDQFLD VH H[SUHVD SRU IDVH \ HVWD FRQHFWDGD D

WLHUUD

9
.9$5 =
;&

.9$5φ = =  ×  


;& =  I =  +]
πI& 1

;& =
& 1

&1 =
 ; &

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

9
.9$5 = = 9  & 1

& 1
.9$5  ×  
&1 =  = µ)
9 ×    × 
=

/RV HMHPSORV DQWHULRUHV GDQ XQD LGHD GH OD IRUPD SUiFWLFD
GH FyPR VH SXHGHQ GHWHUPLQDU DOJXQRV SDUiPHWURV SDUD HO
HVWXGLR GH WUDQVLWRULRV HOHFWURPDJQpWLFRV 8Q UHVXPHQ GH
ORV SDUiPHWURV PiV LPSRUWDQWHV HQ HO HVWXGLR GH
WUDQVLWRULRVVHGDDFRQWLQXDFLyQ

3DUiPHWURVGHUHG

 &RPSRQHQWHV

 /tQHDVFDEOHV\EDUUDV

À ,QGXFWDQFLDV UHVLVWHQFLDV FDSDFLWDQFLDV GH

VHFXHQFLDSRVLWLYD\FHUR
À 'HSHQGHQFLD GH ORV SDUiPHWURV FRQ UHVSHFWR D OD
IUHFXHQFLD
À ,PSHGDQFLDFDUDFWHUtVWLFD
À 9HORFLGDGGHSURSDJDFLyQGHODRQGD

 7UDQVIRUPDGRUHVGHSRWHQFLD

À ,PSHGDQFLDGHFRUWRFLUFXLWR

 *HQHUDGRUHV

À 5HDFWDQFLDVWUDQVLWRULD\VXEWUDQVLWRULDHIHFWRGH
DPRUWLJXDPLHQWR SRU GHSHQGHQFLD GH ORV SDUiPHWURV
FRQODIUHFXHQFLD\HIHFWRGHVDWXUDFLyQ

 5HDFWRUHV

À 5HDFWDQFLD\HIHFWRGHDPRUWLJXDPLHQWR

 &RQILJXUDFLyQGHODUHG

/DGRGHIXHQWH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

À 3RWHQFLDGHFRUWRFLUFXLWR
À /tQHD R VXEHVWDFLyQ ORFDO TXH DOLPHQWD D OD EDUUD
HQHVWXGLR
À &DUJDVFRQHFWDGDVDOODGRGHVXPLQLVWUR
À ,QWHUFRQH[LyQFRQRWUDVUHGHVHQVXFDVR
À 5HDFWRUHVGHQHXWURHQWUDQVIRUPDGRUHV
À &RQH[LyQGHORVWUDQVIRUPDGRUHV

/DGRGHOtQHD

À /tQHDVHQSDUDOHOR
À &RQILJXUDFLyQ GH FRQGXFWRUHV \ GDWRV GH ORV PLVPRV
SDUDODOtQHD
À 5HDFWRUHVHQGHULYDFLyQFRPSHQVDFLyQ
À &RPSHQVDFLyQVHULHHQVXFDVR
À 7HUPLQDFLyQ GH OD OtQHD DELHUWD R WHUPLQDFLyQ HQ
WUDQVIRUPDGRU
À &RQH[LRQHVFRQVXEHVWDFLRQHVDG\DFHQWHV

 3DUiPHWURVGHORVLQWHUUXSWRUHV

À 6HFXHQFLD GH RSHUDFLyQ GH ORV WUHV SRORV GHO

LQWHUUXSWRU
À &DUDFWHUtVWLFDV GLHOpFWULFDV DVRFLDGDV DO PHGLR GH
LQWHUUXSFLyQ6)DLUHDFHLWH
À 'LVSDULGDG PHFiQLFD Pi[LPD GH ORV FRQWDFWRV
SULQFLSDOHV
À 5HVLVWHQFLDV GH SUHLQVHUFLyQ YDORU HQ RKPV \
WLHPSRVHQPLOLVHJXQGRV

 3DUiPHWURVGHVHUYLFLR

À 7HQVLyQQRPLQDO\IUHFXHQFLDGHOVLVWHPD
À &DSDFLGDGGHORVLQWHUUXSWRUHV09$
À 9DORU GH OD FDUJD UHVLGXDO GH OD OtQHD D VHU
GHVFRQHFWDGD
À &DUJD WUDQVPLWLGD SRU ORV JHQHUDGRUHV GHO ODGR
IXHQWH
À /tQHDVHQSDUDOHOR
À $QJXORGHFLHUUH

&RPR XQD LGHD GHO RUGHQ GH PDJQLWXG GH ODV VREUHWHQVLRQHV
SRU PDQLREUD SDUD DOJXQRV FDVRV GH VLPXODFLyQ VH GDQ ORV
VLJXLHQWHVFDVRV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

&RQU HVLVW HQ FL D
6 L QHTX LSRVRF RPSRQ HQW HV
G HSU HL Q VHU F L y Q

HVSHF L D OHV  
RKPV
7L SRG HPD Q L RE U D 9D OR U Pi [L PR H Q S X
3U LQ FL SL R )L QD O GH 'H VY LD FL yQ 9D OR U 'H VY LD FL yQ
GH OD HQ  Pi [L PR HQ  
OD O tQ HD Ot QH D
(QHUJL]DFLyQGH     
OtQHDV   
5HFLHUUHWULSRODU    
  
5HFLHUUHPRQRSRODU     

(OLPLQDFLyQGHIDOOD    
5HFKD]RGHFDUJD   

)DOODDWLHUUD  

'HVFRQH[LyQGH   
FDUJDVLQGXFWLYDV
'HVFRQH[LyQGH  
OtQHDVHQYDFtR 
(QHUJL]DFLyQGH  
OtQHD
WUDQVIRUPDGRU
5HLJQLFLyQHQEDQFRV  
GHFDSDFLWRUHV
 &RQDSDUWDUUD\RVVHILMDDFRPRYDORUPi[LPR
 (VWRVYDORUHVVRQSHVLPLVWDV
 &RQUHDFWRUHVHQODOtQHD

/RV YDORUHV LQGLFDGRV VRQ HQ SX H[SUHVDGRV FRPR YDORU

SLFRGHODWHQVLyQPi[LPDGHGLVHxRGHIDVHDWLHUUD

(MHPSOR (Q OD PDQLREUD GH HQHUJL]DFLyQ GH XQD OtQHD GH

WUDQVPLVLyQ GH  N9 VH REWXYR HQ HO $73 XQD
VREUHWHQVLyQGHSXFDOFXODUHOYDORUHQN9

6ROXFLyQ

9HVWXGLR
9S X =
9PD[
 

SLFRIDVHDWLHUUD

3DUDN9HO9 PD [  N9GHQRUPD

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26


9 PD [ S LF R ID VH D W LH UU D    = N9

9 HV WX GL R  9 S X 9 PD [ S LF R ID VH D W LH UU D   N9
$SOLFDFLyQ GH ORV (VWXGLRV GH 7UDQVLWRULRV
(OHFWURPDJQpWLFRV

/RV HVWXGLRV GH WUDQVLWRULRV HOHFWURPDJQpWLFRV SHUPLWHQ

REWHQHU LQIRUPDFLyQ SDUD DSOLFDFLRQHV HQ GLVHxR GH
DLVODPLHQWR GH FRPSRQHQWHV GH OD UHG \ GH ORV SURSLRV
LQWHUUXSWRUHV 'HELGR D HVWR VH KDFH XQD VHOHFFLyQ GH
FXiOHV VRQ ORV WUDQVLWRULRV PiV UHSUHVHQWDWLYRV SDUD FDGD
SDUWH GH XQD UHG HQ GRQGH VH LQVWDODUiQ QXHYRV HTXLSRV
SRU GHVDUUROOR R DPSOLDFLRQHV HV GHFLU VL XQ VLVWHPD GH
 N9 WLHQH GLIHUHQWH FRQILJXUDFLyQ WRSROyJLFD HQ DOJ~Q
SXQWR HQWRQFHV XQ DVSHFWR TXH VH PRGLILFD
VXVWDQFLDOPHQWH HV HO QLYHO GH FRUWR FLUFXLWR \ FRQ HVWR
HOWLSRGHWUDQVLWRULRPiVUHSUHVHQWDWLYR

7DPELpQ WLHQH UHODFLyQ HO WLSR GH LQWHUUXSWRU TXH HMHFXWD

OD PDQLREUD SRU HVWR FRPR SDUWH GH ORV HVWXGLRV SDUD OD
HVSHFLILFDFLyQ GH LQWHUUXSWRUHV VH GHEHQ HIHFWXDU ORV
FiOFXORV GH OD WHQVLyQ WUDQVLWRULD GH UHVWDEOHFLPLHQWR
775\ODVWHQVLRQHVSRUUHLJQLFLyQ

3DUD ORV ILQHV GHO HVWXGLR GH VREUHWHQVLRQHV HQ ODV

UHGHV JHQHUDOPHQWH VH KDFH XVR GHO $73 \ HO SUREOHPD HV
SODQWHDU HO WLSR GH WUDQVLWRULRV TXH VRQ UHSUHVHQWDWLYRV
DOJXQDV OtQHDV JHQHUDOHV SDUD GDU XQD LGHD GH HVWRV FDVRV
D SODQWHDUVRQORVVLJXLHQWHV

q 3DUD HO HIHFWR GH ORV WUDQVLWRULRV VREUH OD UHG

HOpFWULFD


*HQHUDOPHQWH VH DQDOL]DQ WUDQVLWRULRV SDUD HVSHFLILFDU

FDUDFWHUtVWLFDV GHO DLVODPLHQWR \ GH ORV GLVSRVLWLYRV
GH SURWHFFLyQ FRQWUD VREUHWHQVLRQHV HQ UHGHV GH  N9
R WHQVLRQHV PD\RUHV R ELHQ VLVWHPDV FRQ WHQVLRQHV
PHQRUHVTXHLQFRUSRUHVFRPSRQHQWHVFRPR

v &DEOHVGHSRWHQFLD
v %DQFRVGHFDSDFLWRUHV
v &RPSHQVDGRUHVHVWiWLFRVGH9$5
v 5HDFWRUHVOLPLWDGRUHVGHFRUWRFLUFXLWR

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

3DUD LGHQWLILFDU ORV FDVRV GH HVWXGLR HV GH XWLOLGDG

VREUH XQ GLDJUDPD XQLILODU VLPSOLILFDGR PRVWUDU DGHPiV
GH OD LQWHUFRQH[LyQ GHO VLVWHPD DOJXQRV HOHPHQWRV FRPR
UHDFWRUHV HQ GHULYDFLyQ FRPSHQVDGRUHV LQWHUUXSWRUHV
HWF\XELFDUORVHOHPHQWRVEDMRHVWXGLRHVGHFLUVL
VH WUDWD GH REUDV IXWXUDV VH ORFDOL]DQ HQ IRUPD
SUHOLPLQDU SDUD REUDV DFWXDOHV VH GD OD LQIRUPDFLyQ
ILQDO

7UHV

HVWUHOODV
7X[SDQ

3RWRVt

3LUiPLGHV

[0
[

3RWRVt [0

3LUiPLGHV

,&&  SX ,&&φ SX

φ

,  SX , φ  SX
φ

3UHYLR DO HVWXGLR GH ORV WUDQVLWRULRV

HOHFWURPDJQpWLFRV VH GHEHQ UHDOL]DU GRV FDVRV GH
IOXMRV GH FDUJD TXH SHUPLWHQ REWHQHU FRQGLFLRQHV
LQLFLDOHVHQORVYROWDMHVGHQRGRV

v 'HPDQGDPtQLPD
v 'HPDQGDPi[LPD

(O HVWXGLR GH FRUWR FLUFXLWR WULIiVLFR SHUPLWH

REWHQHU OD IXHQWH HTXLYDOHQWH HQ HO SXQWR GH LQWHUpV
SDUD HO HVWXGLR \ HO GH FRUWR FLUFXLWR GH IDVH D
;
WLHUUD SURSRUFLRQD OD UHODFLyQ  HQ ORV SXQWRV GH
;

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

LQWHUpV SDUD ORV HVWXGLRV GH FRRUGLQDFLyQ GH

DLVODPLHQWR

q (IHFWR GHO WUDQVLWRULR HOHFWURPDJQpWLFR HQ

LQWHUUXSWRUHV


(VWD HV OD RWUD SDUWH GHO HVWXGLR \ SDUD HVWR VH

HYDO~DQ OD WHQVLyQ WUDQVLWRULD GH UHVWDEOHFLPLHQWR
775 HO UHDUTXHR R UHHQFHEDGR GH DUFR \ ODV
RVFLODFLRQHV  GHO YROWDMH 3RU HVWD UD]yQ ODV
HVSHFLILFDFLRQHV GH LQWHUUXSWRUHV VH RULHQWDQ VREUH GRV
JUDQGHVOtQHDVGHHVIXHU]RV

v (VIXHU]RVWpUPLFRV
v (VIXHU]RVGLHOpFWULFRV

/RV HVIXHU]RV WpUPLFRV VRQ ORV TXH GHWHUPLQDQ GH KHFKR

OD UREXVWH] GHO LQWHUUXSWRU \ VH REWLHQHQ D SDUWLU GH
ORV HVWXGLRV GH FRUWR FLUFXLWR 6H DQDOL]D
IXQGDPHQWDOPHQWH HO HIHFWR GHO DUFR HOpFWULFR FXDQGR QR
VH HQIUtD OR VXILFLHQWHPHQWH UiSLGR R ELHQ VH SUHVHQWDQ
SUREOHPDVFRQODLQWHUUXSFLyQGHODVFRUULHQWHV

/RV HVIXHU]RV GLHOpFWULFRV VH DQDOL]DQ D WUDYpV GHO

YROWDMH GHVDUUROODGR HQWUH ORV SRORV GHO LQWHUUXSWRU \
TXHVRQIXQFLyQGHORVLJXLHQWH

v /DYHORFLGDGGHDSHUWXUD
v /DUHFXSHUDFLyQGHOGLHOpFWULFR
v /DVRVFLODFLRQHVGHOFLUFXLWR

775ULJLGH]GLHOpFWULFD

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

/RV GRV HVWXGLRV VH SXHGHQ DQDOL]DU HQ XQD IRUPD

HOHPHQWDO XVDQGR WpFQLFDV GH VXSHUSRVLFLyQ GH UHGHV DVt
FRPR SDUD VLPXODU OD HOLPLQDFLyQ GH OD FRUULHQWH VH
DSOLFD XQD WpFQLFD GH LQ\HFFLyQ GH FRUULHQWH GH PDQHUD
TXH HQ HO SXQWR GH GHVFRQH[LyQ OD FRUULHQWH VH KDJD FHUR
3DUD ORV YROWDMHV OD VXSHUSRVLFLyQ YD RULHQWDGD D OD
FDQFHODFLyQGHORVPLVPRV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

$SHUWXUDGHXQLQWHUUXSWRUKDFHUODFRUULHQWHFHUR
,


, 

9
9

&LHUUHGHOLQWHUUXSWRU

9
 


9VZLWF

9
9

(MHPSOR 2EWHQHU OD H[SUHVLyQ SDUD OD OLEHUDFLyQ GH

IDOOD HQ XQ FLUFXLWR / ± & FRPR HO PRVWUDGR HQ OD ILJXUD
XVDQGR LQ\HFFLyQ GH FRUULHQWH SDUD OD DSHUWXUD GHO
FLUFXLWRSDUDFDOFXODUHOYROWDMHDWUDYpVGHOFDSDFLWRU

/
9 &
9W 9VHQωW

6ROXFLyQ

8VDQGR HO PpWRGR GH VXSHUSRVLFLyQ SDUD LQ\HFFLyQ GH

FRUULHQWHVVHWLHQHQORVVLJXLHQWHVFLUFXLWRV

/ /
 &
,I

9 & 9 9 ,I

1R 1R
3DUD HO FLUFXLWR 1R  FRQ HO FDSDFLWRU HQ FRUWR FLUFXLWR
9&  HQWRQFHV VH UHVXHOYH HO FLUFXLWR 1R  SDUD OD
IXHQWHHTXLYDOHQWH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

,I
9W 9VHQωW

9  ω 
,  V =
ω/  V  + ω  
I  

/D LPSHGDQFLD HTXLYDOHQWH GHO FLUFXLWR / ± & HQ SDUDOHOR

HV

V/
V& V/
] V =
 V /& + 
=
+ V/


V&

'RQGH


/&
ω  =

 V
] V =  

&  V +ω 
 

(O YROWDMH D WUDYpV GHO FDSDFLWRU HV OD FDtGD GH YROWDMH
GHELGD D OD FRUULHQWH , I V TXH SDVD SRU OD LPSHGDQFLD
HTXLYDOHQWH

9  ω    V
9&  V  = ]  V  , I  V  =

ω/  V + ω   &   V + ω  
      

3DUD REWHQHU 9 & W VH GHEH GHWHUPLQDU OD WUDQVIRUPDGD

LQYHUVD SDUD OR FXDO VH SXHGH XVDU OD WpFQLFD GH
VHSDUDFLyQGHYDULDEOHV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

V   V V 
(V 
+ω 
 )(V 
+ω 
) =
ω − ω  (V + ω ) (V + ω  )


   
−   

9ω 
9& W  =
(ω  − ω  )FRV ωW − FRV ω W
9
9& W  = 
FRV ωW − FRV ω  W
 −  
ω 
 ω 

(MHPSOR 6XSRQJD TXH HQ XQ VLVWHPD GH  N9 HO QLYHO
GH IDOOD HQ XQD EDUUD HV GH  .$ \ OD GHVFRQH[LyQ VH
KDFH D WUDYpV GH XQD OtQHD GH WUDQVPLVLyQ TXH WLHQH XQD
FDSDFLWDQFLDGH& µ)
/D LQGXFWDQFLD HTXLYDOHQWH GH OD IXHQWH HV GH  /  
+ D  +] &DOFXODU OD H[SUHVLyQ SDUD HO YROWDMH GXUDQWH
/



9 VHQωW µ) &

ODGHVFRQH[LyQGHODIDOOD

ω πI
I +]
ω 
3XHQWHSDUD
6ROXFLyQ FRUWRFLUFXLWR

3DUD DSOLFDU OD H[SUHVLyQ GHO YROWDMH TXH DSDUHFH D

WUDYpV GH OD FDSDFLWDQFLD ORV YDORUHV D XVDU VRQ ORV
VLJXLHQWHV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26


9 =  = N9

 
ω = = 
/&
=
 ×  ×  −
 × 
9& W  = (FRV W − FRV W ) = (FRV W − FRV W )
     
 − 
    
 

*UDILFDUSDUDW PVFRQ∆W PV

9ROWDMHHQHOFDSDFLWRU








MHD
WO
R9 

     









7LHPSR

(MHPSOR  &DOFXODU  HO YROWDMH TXH VH SUHVHQWD GXUDQWH

OD GHVFRQH[LyQ GH XQD IDOOD WULIiVLFD HQ XQD OtQHD GH 
N9 GH FLUFXLWR VHQFLOOR FX\DV FDUDFWHUtVWLFDV VH LQGLFDQ
D FRQWLQXDFLyQ


  K 



3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

8QFRQGXFWRUSRUIDVH0&0$6&5
U FP
/RQJLWXGGHODOtQHD .P
6ROXFLyQ

/DUHGHTXLYDOHQWHHV


,&&φ 

/D H[SUHVLyQ SDUD GHWHUPLQDU HO YROWDMH SRU GHVFRQH[LyQ

GHODIDOODWULIiVLFDHV
9
9& = (FRV ωW − FRV ω W )
  ω  
 −   
  ω   

ω =
/&

/ LQGXFWDQFLDGHODIXHQWHHTXLYDOHQWH
& FDSDFLWDQFLDGHODOtQHD

9
3&& = 9, && φ =
;/
9 9
;/ =
9, && φ , && φ
=

9 YROWDMHQRPLQDOGHIDVHDIDVHHQYDORUHILFD]

 × 
;/ = = [Ω]
 × 

/DLQGXFWDQFLDD+]HV

; / = πI/
;/ 
/= = [+ ]
πI π × 
=

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

3DUD FDOFXODU OD FDSDFLWDQFLD VH XVD OD DGPLWDQFLD GH OD

OtQHD

 ×  −
<& = [6LHPHQV ]
'0*
ORJ
U

/DGLVWDQFLDPHGLDJHRPpWULFDHV

'0* =   ×  ×  = [P ]
 ×  −
<& = =  ×  − [6LHPHQV.P]

ORJ

<&7RWDO = ( ×  − )() =  ×  − [6LHPHQV]
 
<&7RWDO = = πI&
;& 
=

πI&
<&  ×  −
&= =  ×  − [) ]
πI π × 
=

(OFLUFXLWRHTXLYDOHQWHHV
/

+
9 N9 [ ) &
3XHQWHSDUD
FRUWRFLUFXLWR

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26


9=  = [N9 ]

 
= [+] ]
/&
ω = =
 ×  ×  −

9& = (FRV W − FRV W ) = (FRV W − FRV W )
     
 − 
    
 

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

*UDILFDUFRQORVVLJXLHQWHVGDWRV
W FLFORVDODIUHFXHQFLDGH+]
∆W 

9ROWDMHTXHVHSUHVHQWDGXUDQWHODGHVFRQH[LyQGH
XQDIDOODWULIiVLFDHQXQDOtQHDGHN9






N9

     




7LHPSR>PVHJ@

&iOFXOR GHO YROWDMH GXUDQWH OD HQHUJL]DFLyQ GH XQ EDQFR

GHFDSDFLWRUHV

&XDQGR VH SUHVHQWD OD GHVFRQH[LyQ GH XQ EDQFR GH

FDSDFLWRUHV VH GD HO PLVPR WUDWDPLHQWR TXH OD GHVFRQH[LyQ
GH OtQHDV GH WUDQVPLVLyQ HV GHFLU VH UHSUHVHQWD OD
IXHQWH HTXLYDOHQWH FRQ VX LQGXFWDQFLD  \ OD GLIHUHQFLD
HVWi HQ HO FiOFXOR GH OD FDSDFLWDQFLD OD FXDO VH REWLHQH
D SDUWLU GH OD SRWHQFLD GHO EDQFR GH FDSDFLWRUHV
UHSUHVHQWDGD SRU IDVH $O HQHUJL]DU VH SUHVHQWD XQ
WUDQVLWRULR SRU OD FRUULHQWH GH LQVHUFLyQ TXH KDFH TXH VH
SUHVHQWHXQDVREUHWHQVLyQHQHOEDQFR

(OFLUFXLWRHTXLYDOHQWHHVHOVLJXLHQWH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

L
9 9& &

(O YROWDMH TXH DSDUHFH HQ HO EDQFR GH FDSDFLWRUHV DO

FHUUDUHOLQWHUUXSWRUHV


9& W  = LGW
&∫

9&  V  = ,  V 
V&

'RQGHHOYDORUGHODFRUULHQWH,VHV

9
,  V =
 ω 
]  V + ω 
  
 


/&
ω  =

/
] =
&

3RUORWDQWR

9  ω     ω 9   9 
9&  V  =
  
/  V + ω   V&  & /  V (V + ω  ) /  V (V + ω  )
  
  =    
=    
=
/& &
& & &
9   
 = 9ω   
  
/&  V (V + ω  )  V (V + ω  )
=      


9& W  = 9 ( − FRV ω  W )

/DFRUULHQWHGHLQVHUFLyQHV
9
, W  = VHQ ω  W
]

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(MHPSOR &DOFXODU OD FRUULHQWH GH LQVHUFLyQ \ HO YROWDMH

TXH DSDUHFH GXUDQWH OD FRQH[LyQ GH XQ EDQFR GH
FDSDFLWRUHV GH  09$5 WULIiVLFR TXH VH HQHUJL]D GHVGH
XQ WUDPR GH OtQHD GH  N9 FRQ XQ FRQGXFWRU SRU IDVH GH
.&0\XQDORQJLWXGGHPDOLQWHUUXSWRU

P

P P
P

P

'DWRVGHOFRQGXFWRU

 FRQGXFWRUSRUIDVH.&0
G PP$&65
+DOFyQ
50* FP

6ROXFLyQ

/DFRUULHQWHGHLQVHUFLyQHV

9
, W  = VHQ ω  W
]
/
] = [Ω]
&

ω =
/&

/ LQGXFWDQFLDGHODOtQHDHQ+
& FDSDFLWDQFLDGHOEDQFRHQ)

3DUD FDOFXODU OD LQGXFWDQFLD GH OD OtQHD VH SXHGH XVDU OD
VLJXLHQWHH[SUHVLyQDSUR[LPDGD

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

'0*
; / =  ORJ [Ω  .P]
50*
'0* =   ×  ×  = [P ]

; / =  ORJ = [Ω  .P]


3DUDHOWUDPRGHPHWURV

; / =  ×  = [Ω]

; / = πI/
;/ 
/= =  ×  − [+ ]
πI π × 
=

/DFDSDFLWDQFLDGHOEDQFRWULIiVLFRGH09$5

9
4=
;&
9  
;& = = [Ω]
4 
=


;& =
πI&
 
&= =  ×  − [) ]
πI; &  × 
=

/  ×  −
] = = [Ω]
&  ×  −
=

 
= 
/&
ω = =
( ×  )( × − )
−

/DFRUULHQWHGHLQVHUFLyQHV



LW  =  VHQ W =  VHQ W


3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(OYROWDMHTXHDSDUHFHHQHOEDQFR


9& W  = 9 ( − FRV ω W ) =  ( − FRV W ) = ( − FRV W )


9ROWDMHTXHDSDUHFHGXUDQWHODLQVHUFLyQGHXQEDQFRGH
FDSDFLWRUHV






9ROWDMH







     
7LHPSR

&RUULHQWH GH LQVHUFLyQ GH EDQFR GH FDSDFLWRUHV GHVGH XQD

IXHQWH

&XDQGR VH HIHFW~D XQD PDQLREUD GH LQVHUFLyQ GH XQ EDQFR
GH FDSDFLWRUHV HQ OD EDUUD GH DOWD WHQVLyQ GH XQD
VXEHVWDFLyQ FRQHFWDGD D OD UHG HQWRQFHV LQIOX\H
GLUHFWDPHQWH OD UHG SRU PHGLR GH OD IXHQWH HTXLYDOHQWH \
WDPELpQ HO WDPDxR GHO EDQFR GH FDSDFLWRUHV /D FRUULHQWH
GHLQVHUFLyQVHGHWHUPLQDWDPELpQFRQODH[SUHVLyQ

9
LW  = VHQ ω  W
]

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(MHPSOR (Q XQD VXEHVWDFLyQ GH  N9 VH FRQHFWD XQ

EDQFR GH FDSDFLWRUHV GH  09$5 D OD UHG  FX\D FRUULHQWH
GHFRUWRFLUFXLWRHQODVEDUUDVGHN9HVGH.$



,&& 

LW 

6ROXFLyQ

/
/DLPSHGDQFLDFDUDFWHUtVWLFDGHOFLUFXLWRHV ]  =
&

/DIUHFXHQFLDHV ω  =
/&

'RQGH

/ LQGXFWDQFLDGHODIXHQWHHTXLYDOHQWHHQ+
& FDSDFLWDQFLDGHOEDQFRGHFDSDFLWRUHVHQ)

3DUD FDOFXODU OD LQGXFWDQFLD GH OD IXHQWH HTXLYDOHQWH VH

SURFHGHFRPRVLJXH

91 = ; / , &&

91
;/ = =  = [Ω]
, && 
; / 
/= = [P+ ]
πI 
=

/DUHDFWDQFLDFDSDFLWLYDGHOEDQFRHV


;& = = [Ω]

 
&= = [µ) ]
πI; & π ×  × 
=

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(OFLUFXLWRHTXLYDOHQWHHV

& µ)


9 

 ×  − 
] = = [Ω]
 ×  − 
 
 = = =  +]
/& ( )(
 ×  −   ×  −  )

LW  = VHQ W =  VHQ W


*UDILFDUSDUDW FLFORVFRQ∆W 

&RUULHQWHGHLQVHUFLyQGHXQ%DQFRGH
&DSDFLWRUHV






.$

      






7LHPSR>PVHJ@

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

'(6&21(;,Ï1 '( %$1&26 '( &$3$&,725(6 (1 &21(;,Ï1 (63$/'$

(63$/'$%$&.%$&.

([LVWHQ DOJXQDV FRQGLFLRQHV HQ OD RSHUDFLyQ GH ODV UHGHV

HOpFWULFDV HQ ODV TXH HV QHFHVDULR TXH VH FRQHFWHQ EDQFRV
GH FDSDFLWRUHV HVSDOGDHVSDOGD WDO SXHGH VHU HO FDVR GH
ORV FRPSHQVDGRUHV HVWiWLFRV GH 9DU¶V HQ GRQGH VH WLHQHQ
UDPDV LQGXFWLYDV \ FDSDFLWLYDV TXH VRQ FRQPXWDGDV SRU
WLULVWRUHVVHJ~QVHDODFRQGLFLyQUHTXHULGD
9UHI

& / &

&XDQGR VH WLHQHQ FDSDFLWRUHV FRQHFWDGRV HVSDOGDHVSDOGD

VH KDFH SRU PHGLR GH ODV EDUUDV GH OD VXEHVWDFLyQ R ELHQ
SRU PHGLR GH FRQGXFWRUHV HVWRV HOHPHQWRV SUHVHQWDQ XQD
SHTXHxD LQGXFWDQFLD TXH HV VXILFLHQWH SDUD FUHDU XQ
FLUFXLWR RVFLODWRULR GXUDQWH OD GHVFRQH[LyQ GH ORV EDQFRV
GH FDSDFLWRUHV (O IHQyPHQR PiV VHYHUR VH GD SRU HO ODGR
GH OD VREUHWHQVLyQ DO LQWHQWR GH FLHUUH FRQ OD FRUULHQWH
GHLQVHUFLyQ

(O FLUFXLWR TXH VH HPSOHD SDUD HVWD VLPXODFLyQ HV HO TXH
VH PXHVWUD D FRQWLQXDFLyQ GRQGH QR LQWHUYLHQH OD
LQGXFWDQFLDHTXLYDOHQWHGHODIXHQWH

&
/ &

&&
&HT =
& + &

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

MHPSOR 6XSRQJD TXH HQWUH ODV UDPDV FDSDFLWLYDV GH XQ

&(9 VH WLHQH GRV EDQFRV FRQ  09$5 FDGD XQR D XQD
GLVWDQFLD GH  P \ HVWiQ LQWHUFRQHFWDGRV SRU FRQGXFWRUHV
$&65  .&0 TXH WLHQHQ XQD LQGXFWDQFLD GH µ+P
&DOFXODU OD FRUULHQWH GH LQVHUFLyQ DO FHUUDU XQR GH ORV
EDQFRVGHFDSDFLWRUHVDN9

/RVEDQFRVVRQGH09$5

/ µ+PP
  µ+

& &

9
4=
;&
9  
;& = = Ω
4  ×  
=


;& =
πI&
 
&= =  ×  − )
πI; & π ×  × 
=

 µ+

L

[ )

9& = 
 = N9



[ )

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

9&
LW  = VHQ ω  W
]
/
] =
&HT
&& ( ×  − )( ×  − ) =  ×  −
&HT =
& + & ( ×  − )+ ( ×  − )
=

 ×  −
] = =  ×  −
 ×  −

 
ω = = UDG  VHJ
/&
=
( ×  )( ×  − )
−

/DFRUULHQWHGHLQVHUFLyQHV


L W  = VHQ W =  VHQ W.$
 ×  −

*UDILFDU

W PVHJ

&RUULHQWHGHLQVHUFLyQGHXQ%DQFRGH
&DSDFLWRUHV





&RUULHQWH.$



       




7LHPSRPVHJ

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

21'$69,$-(5$6

/DV RQGDV YLDMHUDV GH VREUHWHQVLyQ SRU UD\R R SRU

PDQLREUD GH LQWHUUXSWRUHV VH GHVSOD]DQ VREUH ORV
FRQGXFWRUHV \ OOHJDQ D ORV HTXLSRV HQ ODV VXEHVWDFLRQHV
HOpFWULFDV R ELHQ FDPELDQ GH PHGLR GLHOpFWULFR HQ VX
GHVSOD]DPLHQWR 3RU HMHPSOR DO SDVDU GH OtQHD DpUHD D
FDEOH VXEWHUUiQHR R DO WHUPLQDU XQD OtQHD HQ XQ EDQFR GH
WUDQVIRUPDFLyQRHQXQEDQFRGHFDSDFLWRUHVHWF

/tQHDDpUHD /tQHDDpUHD
3XQWRGH 3XQWRGH

WUDQVLFLyQ WUDQVLFLyQ
/tQHDDpUHD
&DEOH

5HDFWRU
%DQFRGH

FDSDFLWRUHV

3XQWRGHLQVHUFLyQ

(Q FDGD PHGLR VH WLHQH XQD LPSHGDQFLD FDUDFWHUtVWLFD

GLVWLQWD GH PDQHUD TXH FXDQGR XQD RQGD YLDMHUD SDVD GH
XQ PHGLR D RWUR FRQ GLIHUHQWH LPSHGDQFLD XQD SDUWH GH OD
RQGD SDVD DO RWUR PHGLR \ RWUD VH UHIOHMD (Q HO SXQWR GH
WUDQVLFLyQ OD HQHUJtD GH OD RQGD LQFLGHQWH GHEH VHU LJXDO
D OD VXPD GH ODV HQHUJtDV GH ODV RQGDV UHIOHMDGD \
WUDQVPLWLGD

3XQWRGH

WUDQVLFLyQ

9,

97

95

,,

,7
,5

]!] ]!]

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

9 , W RQGDLQFLGHQWH
9 5 W RQGDUHIOHMDGD
9 7 W RQGDWUDQVPLWLGD

, , W RQGDLQFLGHQWH
, 5 W RQGDUHIOHMDGD
, 7 W RQGDWUDQVPLWLGD

/DV RQGDV VH GHVSOD]DQ HQ HO DLUH FRQGXFWRUHV HQ DLUH D
XQD YHORFLGDG GH  PµVHJ GH PDQHUD TXH ODV GLVWDQFLDV
VH UHFRUUHQ HQ WLHPSRV GH PLFURVHJXQGRV \ HVWR GD OXJDU D
XQ IHQyPHQR GH UHIOH[LRQHV VXFHVLYDV TXH SURGXFH HIHFWRV
DFXPXODWLYRV GH WHQVLyQ HQ ORV SXQWRV GH WUDQVLFLyQ (VWR
KDFH TXH VH SUHVHQWHQ PD\RUHV HVIXHU]RV GLHOpFWULFRV HQ
HVWRV SXQWRV OD PDJQLWXG GH HVWDV VREUHWHQVLRQHV \ OD
HQHUJtD DFXPXODGD VH GHEH GHWHUPLQDU SDUD HVSHFLILFDU ORV
DSDUWDUUD\RV

(Q XQ PHGLR GLVWLQWR DO DLUH OD RQGD VH GHVSOD]D FRQ XQD
YHORFLGDG

9
9P =
ε

9 PµVHJ
ε FRQVWDQWHGLHOpFWULFDGHOPHGLR

(Q HO SXQWR GH WUDQVLFLyQ VH GHEHQ VDWLVIDFHU ODV

VLJXLHQWHVFRQGLFLRQHV

9
, = KKKKKKK ()
]
,
,

9
,

, =− KKKKKK ( )
]
5
5

9
,

, = KKKKKKK ()
]
7
7

7DPELpQ

9 = 9 + 9 KKKKK ()
, = , + , KKKKK ()
, 5 7

, 5 7

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(O SUREOHPD HV GHWHUPLQDU TXH SDUWH GH OD RQGD LQFLGHQWH
VH UHIOHMD \ VH WUDQVPLWH SDUD HVWR VH FDOFXODQ D SDUWLU
GH ODV H[SUHVLRQHV DQWHULRUHV ORV OODPDGRV FRHILFLHQWHV
GH UHIOH[LyQ Γ \ GH UHIUDFFLyQ R WUDQVPLVLyQ λ (Q OD
HFXDFLyQ  VH VXVWLWX\HQ ODV HFXDFLRQHV SDUD OD
FRUULHQWHV\

9 9 9
+ KKKK ()
] ] ]
,
=− 5 7

9 9 9
, , 7

] ] ]
7
= + , 5

7 , ,

7DPELpQGH

9 9 9 −9
] ] ]
,
+ = 5 , 5

9 9 9 9
, , 7

] ] ] ]
,
− =− ,
− 5 5

] −]  ] +]
, 7 , 7

9   = −9

 ] ]   ] ]
,
7 ,
5
 7 ,


9 ] −]
, 7 , 7

9 ] +]
5
= 7 ,

] −] 
, 7 ,

9 = −9 
] +] 
5
,
7 ,

] −]
7 ,

(&RHILFLHQWH GH UHIOH[LyQ )
] +]
Γ= 7 ,

λ =  + Γ(&RHILFLHQWH GHWUDQVPLVLyQ )
7 ,

] −] ]
λ =+ ',$*5$0$6'(&(/26Ë$/$77,&(
] +] ] +]
7
= , 7

7 , 7 ,

3DUD LQWHUSUHWDU HO HIHFWR GH ODV UHIOH[LRQHV VXFHVLYDV \

GH OD DFXPXODFLyQ GH ORV YROWDMHV HQ ORV SXQWRV GH
WUDQVLFLyQ VH SXHGH XVDU XQD WpFQLFD JUiILFD GH DQiOLVLV
TXH VH FRQRFH FRPR ³(O GLDJUDPD GH FHORVtD´ TXH
HVHQFLDOPHQWH VRQ GLDJUDPDV GH HVSDFLR YV WLHPSR \ VH
HODERUDQFRQXQSURFHGLPLHQWRFRPRHOVLJXLHQWH

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

6H SDUWH GH XQ GLDJUDPD GH GLVSRVLFLyQ GH ORV

FRPSRQHQWHV EDMR HVWXGLR TXH WLHQHQ GLVWLQWR YDORU GH
LPSHGDQFLD FDUDFWHUtVWLFD LQGLFDQGR ORV SXQWRV GH
WUDQVLFLyQ ODV LPSHGDQFLDV FDUDFWHUtVWLFDV \ ODV
ORQJLWXGHVGHORVWUDPRVRVHFFLRQHV
6H FDOFXODQ ORV FRHILFLHQWHV GH UHIOH[LyQ \
WUDQVPLVLyQ
6H HODERUD XQ DUUHJOR R GLVSRVLFLyQ GH HMHV
FDUWHVLDQRV FRQ HO HMH GH RUGHQDGDV UHSUHVHQWDQGR
WLHPSRVHQPLFURVHJXQGRV \ HO HMH GH ODV DEVFLVDV ORV
YROWDMHV R FRUULHQWHV HQ IRUPD HVSDFLDO HV GHFLU
FRQVXVGLVWDQFLDVGHUHFRUULGR
6H FRQVWUX\H HO GLDJUDPD GH FHORVtD FRQ EDVH HQ ORV
WLHPSRV GH UHFRUULGR GH ODV RQGDV \ ORV FRHILFLHQWHV
GHUHIOH[LyQ\WUDQVPLVLyQ
3DUD FRQVWUXLU HO GLDJUDPD GH FHORVtD \ REWHQHU ORV
FRHILFLHQWHV VH GHEH REVHUYDU TXH ODV IXHQWHV SXQWRV
GHLQ\HFFLyQ WLHQHQ LPSHGDQFLD FDUDFWHUtVWLFD FHUR \
ODV WHUPLQDFLRQHV HQ SXQWRV DELHUWRV WLHQHQ XQ YDORU
LQILQLWR
(O SRWHQFLDO WRWDO HQ FXDOTXLHU SXQWR \ WLHPSR HV OD
VXPD DOJHEUDLFD GH ODV RQGDV TXH DUULEDQ HQ HVH

Γ - λ Γ ¶ - λ 

λ Γ
9
9

µVH Γ λ 9
W 9 λ ¶λ
 9

Γ ¶λ
 9

λ Γ ¶λ
  9

SXQWR
- \ - VRQ ORV SXQWRV GH XQLyQ R WUDQVLFLyQ HQWUH
PHGLRV

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(MHPSOR 7UD]DU HO GLDJUDPD GH FHORVtD \ HODERUDU HO

SHUILO GH YROWDMHV SDUD W   SDUD HO VLJXLHQWH
-
-

]  Ω ] Ω


∞
$ELHUWR

/tQHD &DEOH

9 SX

FLUFXLWR

6ROXFLyQ

$ PHQRV TXH VH LQGLTXH OR FRQWUDULR OD IXHQWH WLHQH

LPSHGDQFLD FHUR \ XQD WHUPLQDFLyQ DELHUWD VLJQLILFD
LPSHGDQFLD GH YDORU LQILQLWR HQ HO H[WUHPR &RQ HVWDV
DFODUDFLRQHV VH FDOFXODQ ORV FRHILFLHQWHV GH UHIOH[LyQ \
WUDQVPLVLyQHQFDGDSXQWRGHWUDQVLFLyQ

(Q- 

] −]  − 
= −
] +]  + 
Γ = I O
=

λ =  + Γ =  −  = 
I O

(Q- 

] F − ] O  −  

= −
] F + ]O  +  
Γ = = =−

λ =  + Γ =  −  = 

3É*,1$
127$662%5(75$16,725,26(/(&7520$*1e7,&26

-
-

Γ = − Γ = −
λ =  λ = 

9 SX

W 



 

W 
 

W 
 

 

W   

W 
 

 

W 



W 



W 




W 



W  



W 

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

3HUILOGH9ROWDMHHQ-









-

Q  
H

H 
M
D
W
O
R 
9 






 

      

7LHPSR

(MHPSOR 6XSRQLHQGR TXH OD YHORFLGDG GH SURSDJDFLyQ HQ

FDGDWUDPRGHOtQHDHVGH  ×   PV HODERUDU HO GLDJUDPD
GH FHORVtD \ HO GH YROWDMH FRQWUD WLHPSR HQ -  SDUD HO
- -
-

] Ω
 ] Ω

W 

.P .P 5 Ω


9 N9

VLJXLHQWHFLUFXLWR

6ROXFLyQ

6H FDOFXODQ ORV FRHILFLHQWHV GH UHIOH[LyQ \ UHIUDFFLyQ HQ

FDGDXQLyQ

(Q- 

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

 − 
= −
 + 
Γ =

λ =  + Γ =  −  = 
(Q-  KDFLD- 

 − 
= 
 + 
Γ =

λ =  + Γ =  +  = 

(Q-  KDFLD- 

 − 
= −
 + 
Γ =


λ =  + Γ =  −  = 

(Q- 

 − 
= 
 + 
Γ =

λ =  + Γ =  +  = 

/RVWLHPSRVGHUHFRUULGRGHODRQGDVRQ

(Q]  Ω \ / .P

[  × 
W= = =  ×  −
9  ×  

(Q]  Ω \ / .P

[  × 
W= = 
9  × 
=

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

- -
-

]  Ω ]  Ω

Γ = − Γ =  Γ = − Γ = 

W 

λ =  λ = λ =  λ =




5 Ω


9 N9



 

 

 

 

 

 

 

 

 

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

(MHPSOR (ODERUDU HO GLDJUDPD GH FHORVtD \ HO GH YROWDMH

FRQWUDWLHPSRGHOVLJXLHQWHFLUFXLWR

 
] = Ω
, ] = Ω
 

∞ ∞
-

]7  Ω

-

57 Ω

57

'HVFDUJDGHOUD\RDODWRUUHFRQXQFDEOHGHJXDUGD

(Q-  XQLyQWLHUUDWRUUH

 − 
= −
 + 
Γ =

λ =  + Γ =  −  = 

(Q-  XQLyQFDEOHGHJXDUGD±WRUUH


− 
 = 

Γ =
+ 

λ =  +  = 

/DRQGDGHOUD\RLQFLGHQWHHQODWRUUHVHFRQYLHUWHHQ
YROWDMHFRQODLPSHGDQFLDHTXLYDOHQWHHQWUHODWRUUH\HO
FDEOHGHJXDUGD

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26


 ×
] HTX  = Ω

=
 +


(OYROWDMHHQODSXQWDGHODWRUUHHV

97 = ] HTX , = ,

(OGLDJUDPDGHFHORVtDHV

Γ =  Γ = −
λ =  λ = 

,



, ,


, ,



, ,


, ,

3É*,1$
 127$662%5(75$16,725,26(/(&7520$*1e7,&26

3DUD, .$

7LHPSR 9ROWDMH
 
 
 
 





















3É*,1$