& / $8 ' ( ( / : 2 2 ' 6 + $ 1 1 2 1 &ODXGH 6KDQQRQ QDFLy HO GH $EULO GH HQ *D\ORUG 0LFKLJDQ ((88 (VWXGLy HQ 0LFKLJDQ\HQHO0,7(QSXEOLFyXQWUDEDMRVHPLQDOVREUHODDSOLFDFLyQGHOyJLFDVLPEyOLFD iOJHEUDGH%RROHDFLUFXLWRVFRQUHOpTXHD\XGRDWUDQVIRUPDUHOGLVHxRGHFLUFXLWRVGHXQDUWHD XQD FLHQFLD 6H XQLy D ORV /DERUDWRULRV 7pFQLFRV %HOO HQ \ SHUPDQHFLy DOOt KDVWD 3XEOLFy$0DWKHPDWLFDO7KHRU\RI&RPPXQLFDWLRQHQHO%HOO6\VWHP7HFKQLFDO-RXUQDO\XQOLEUR GHOPLVPRQRPEUHFRQ:DUUHQ:HDYHUHQ5HFLELyOD1DWLRQDO0HGDORI6FLHQFHHQ (Q VX WUDEDMR RULJLQDO 6KDQQRQ GHVFULELy TXp GHEH KDFHUVH SDUD FUHDU VLVWHPDV GH FRPXQLFDFLRQHV HIHFWLYRV \ HILFLHQWHV 6XV PRGHORV PDWHPiWLFRV SHUPLWLHURQ D ORV LQJHQLHURV FRQRFHUFXiQWDLQIRUPDFLyQSXHGHWUDQVPLWLUVHVREUHORVFDQDOHVGHFRPXQLFDFLyQ\SHUILOyORV SULQFLSLRV PDWHPiWLFRV GH FRGLILFDFLyQ \ FRUUHFFLyQ GH HUURUHV TXH KLFLHURQ SRVLEOH OD WUDQVPLVLyQGHDOWDYHORFLGDGGHKR\HQGtD /DVWHRUtDVGH6KDQQRQVRQWDQUHOHYDQWHVKR\FRPRFXDQGRpOODVIRUPXOySRUSULPHUDYH]´)XH XQSHQVDPLHQWRYHUGDGHUDPHQWHYLVLRQDULRµGLMR$UXQ1HWUDYDOLYLFHSUHVLGHQWHHMHFXWLYRGH%HOO /DEV 5HVHDUFK ´3HQVDQGR TXH ODV FRPXQLFDFLRQHV HFRQyPLFDV \ GH DOWD YHORFLGDG VHUtDQ XQ KHFKR6KDQQRQVHSUHRFXSySRUORVPi[LPRVOtPLWHVGHODVWDVDVGHFRPXQLFDFLyQ3ULPHURHQ ORV FDQDOHV WHOHIyQLFRV GHVSXpV HQ FRPXQLFDFLRQHV ySWLFDV \ DKRUD HQ FRPXQLFDFLRQHV LQDOiPEULFDV6KDQQRQGHILQLyORVOtPLWHVLQJHQLHULOHVDTXHQRVHQIUHQWDPRVµ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