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  KPLQ 



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USP
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PPPLQ

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PHQRUYDORUSRVLEOH 

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YHUILJXUD  S 
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GHORVHVSHVRUHVPi[LPR\PtQLPRGHYLUXWDHQHVWDRSHUDFLyQ S 

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DSOLFDEOHODIyUPXOD5D DIU"¢3RUTXp" S 
=

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 PP
  PP

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3B6(3B


  (OWLHPSRGHODRSHUDFLyQVHUi
 ¼ p
W WRWDO = W  + W  + W  =  + +  ¼  - 
YI
GRQGH
G DFHUFDPLHQWR 
W  = = =  PLQ
Y DFHUFDPLHQWR 
/ P  ¼ p
W  = = PLQ
YI YI
G H[WUDFFLRQ 
W  = = =  ¼  -  PLQ
Y PD[
I

3DUD TXH HO WLHPSR GH OD RSHUDFLyQ VHD PtQLPR YI WHQGUi TXH VHU Pi[LPR 'DGR
TXH Y I = 1 I ¼ D I ¼ 1 =  ¼ D I ¼ 1  KDEUi TXH EXVFDU ODV FRQGLFLRQHV WDOHV TXH
D I ¼ 1 = Pi[LPR

5HVWULFFLRQHV
  < 1 <  USP
  < Y [\] <  PPPLQ
 Y F ˆ  PPLQ
  ˆ I ˆ  PPYXHOWD
 )F ˆ  1
YI
  ˆ  PLQ


/DUHVWULFFLyQ SXHGHGLEXMDUVHGLUHFWDPHQWHHQXQGLDJUDPD I1 

'HODVUHVWULFFLRQHV \ VHREWLHQH
 ˆ Y I ˆ  
}  ˆ Y I ˆ  PPPLQ
Y I ˆ  
TXHVHSXHGHGLEXMDUWDPELpQHQHOGLDJUDPD
D VL 1 =  USP
  ˆ I ¼  “ I ˜  PPYWD
 I ¼  ˆ  “ I ˆ  PPYWD
E VL 1 =  USP
  ˆ I ¼  “ I ˜  PPYWD
 I ¼  ˆ  “ I ˆ  PPYWD

'H VHWLHQH
Y FPD[  ¼  
1ˆ = =  USP > Y FDEH]DO
PD[
=  USP
p¼' p¼
OXHJRHVWDUHVWULFFLyQVLHPSUHVHFXPSOLUi
/DUHVWULFFLyQ VHSXHGHGLEXMDUGLUHFWDPHQWHHQHOGLDJUDPD I1 

'H VHWLHQH
1
1 ˜ S V ¼ D I ¼ D S =  ¼ D I ¼ PP “ D I ˆ PP \ I ˆ  PPYWD
PP 
TXHHVWiGHQWURGHODJDPDGHYDORUHVUHFRPHQGDGRV

(OGLDJUDPD I1 DOTXHVHOOHJDUHSUHVHQWDQGRWRGDVODVUHVWULFFLRQHVREWHQLGDVHVHO
VLJXLHQWH

1
USP
Y 
I

USP

Y 
I USP

I
   

7RGDHOiUHDUD\DGDGHOGLDJUDPDHVYiOLGD&RPRVHSLGHHVFRJHUHOSXQWRGHPHQRU
1
 Y I =  PPPLQ TXH HV OD Pi[LPD YHORFLGDG GH DYDQFH SRVLEOH GH
DFXHUGRFRQODVUHVWULFFLRQHVGHODRSHUDFLyQ
 I = PP  YWD “  ¼ 1 =  \ 1 =  USP TXH HV HO YDORU
PtQLPR

/XHJRHQWRQFHV
 ¼ p
W WRWDO =  + +  ¼  - =  PLQ


 
 
YI
/DVYHORFLGDGHVHQHOSXQWRVRQ

Y Y \ = Y I ¼ FRV o = PP  PLQ 


Y Y [ = Y I ¼ VHQo = PP  PLQ 
\

ž



 (OHVSHVRUPHGLRGHYLUXWDYDOGUi

D F ¼ 6 = × D I ¼ VHQq ¼ GV 

D F ¼ 5 ¼ p = D I ¼ 5 × VHQq ¼ Gq 
p

DI  ¼ 
DF = ( - FRVq) p = @ 
 PP
p p

'DGRTXH
D F = D I ¼ VHQq 
/RVHVSHVRUHVPi[LPR\PtQLPRVRQ
D FPD[ = D I = PP 
D FPLQ =  
q 
D
I



 
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&RUUHVSRQGH D XQ FDVR GH IUHVDGR WDQJHQFLDO VLHQGR HO GLiPHWUR GH OD IUHVDGH
PP

5D = I =
D

( PP) =  ¼  - PP =  mP 
 ¼ U 
7

 ¼ PP

5 Pi[ =  ¼ 5 D =  mP 
7 7

5D =
I
=
( ¼  PP ) =  ¼  - PP =  mP 


 ¼ U 
5

 ¼ PP

5 Pi[ =  ¼ 5 D =  mP 
5 5


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 (QHOFDVRGHTXHORVILORVHVWpQQXHYRVVHWLHQH

PP 

5 PD[ = WDJ.
U ¼ D I 
5 PD[ = WDJo ¼  =  mP
5 PD[
ž 5D = =  mP



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. = ž
U

U . 
. 

5Pi[

DI

U ¼ VHQ . 

DI




U ¼ VHQ.
U =  ¼ VHQo =  PP
D I 
= =  PP
 
D
/D IyUPXOD 5D  DIU HV DSOLFDEOH FXDQGR U ¼ VHQ. >  FRQGLFLyQ TXH VH


I

FXPSOHHQHVWHFDVROXHJR
U

 
5D = =  mP
 ¼ 
5 PD[ =  ¼ 5 D =  mP

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