La creación de exponentes continuos: un estudio sobre los métodos

Anuncio
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
9RO1~PPDU]RSS
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\OD
HSLVWHPRORJtDGH-RKQ:DOOLVȌ
'DYLG'HQQLV
-HUH&RQIUH\
$SUHQGt HPStULFDPHQWH TXH pVWR VXUJLy TXH XVXDOPHQWH VXUJH SHUR ¢OR GLFH OD SURSXHVWD
PDWHPiWLFD"$SUHQGtHPStULFDPHQWHTXHpVWHHVHOFDPLQRSRUHOTXHYLDMp3HUR¢HVpVHHOGH
OD SURSXHVWD PDWHPiWLFD" ¢4Xp HV OR TXH GLFH" ¢4Xp UHODFLyQ WLHQH FRQ HVWDV SURSRVLFLRQHV
HPStULFDV"/DSURSXHVWDPDWHPiWLFDWLHQHODGLJQLGDGGHXQDUHJOD
/XGZLJ:LWWJHQVWHLQSH
5(680(1
(O VLJXLHQWH HV XQ WUDEDMR GH LQYHVWLJDFLyQ KLVWyULFD TXH VH HQIRFD HQ PRPHQWRV PDWHPiWLFRV
HVSHFtILFRV GRQGH ORV PpWRGRV FRQFHSWRV \ GHILQLFLRQHV H[SHULPHQWDURQ SURIXQGRV FDPELRV +D\
GRV PHWDV SULQFLSDOHV 3ULPHUR ERVTXHMDU OD KLVWRULD GHO GHVDUUROOR GH XQ FRQFHSWR GH H[SRQHQWHV
FRQWLQXRV\VHJXQGRH[DPLQDUFXLGDGRVDPHQWHHOHVFHQDULRHSLVWHPROyJLFRHQHOTXHHVWHGHVDUUROORVH
OOHYyDFDER3XHVWRGHPDQHUDPiVVLPSOHTXpIXHORTXHFRQYHQFLyDFLHUWRVPDWHPiWLFRVGHTXHVXV
FRQFHSWRVHUDQYLDEOHV1RSUHWHQGHVHUXQDGLVFXVLyQKLVWyULFDFRPSOHWDVLQRPiVELHQXQDVHULHGH
LQVWDQWiQHDV/RVGHWDOOHVPDWHPiWLFRVGHHVWRVPRPHQWRVVHGDQHQODPHGLGDHQTXHVHDQQHFHVDULRV
SDUDHQWHQGHUODHSLVWHPRORJtD
$%675$&7
7KH IROORZLQJ LV D ZRUN RI KLVWRULFDO LQYHVWLJDWLRQ WKDW IRFXVHV RQ VSHFLILF PDWKHPDWLFDO PRPHQWV
ZKHUHPHWKRGVFRQFHSWVDQGGHILQLWLRQVXQGHUZHQWSURIRXQGFKDQJHV7KHUHDUHWZRPDLQJRDOV)LUVW
WRVNHWFKWKHKLVWRU\RIWKHGHYHORSPHQWRIDFRQWLQXRXVFRQFHSWRIH[SRQHQWVDQGVHFRQGWRH[DPLQH
FDUHIXOO\ KH HSLVWHPRORJLFDO VHWWLQJ LQ ZKLFK WKHVH GHYHORSPHQWV WRRN SODFH 3XW PRUH VLPSO\ ZKDW
ZDVLWWKDWFRQYLQFHGFHUWDLQPDWKHPDWLFLDQVWKDWWKHLUFRQFHSWVZHUHYLDEOH,WLVQRWLQWHQGHGWREHD
FRPSOHWHKLVWRULFDOGLVFXVVLRQEXWUDWKHUDVHULHVRILOOXPLQDWLQJVQDSVKRWV7KHPDWKHPDWLFDOGHWDLOVRI
WKHVHPRPHQWVDUHSURYLGHGWRWKHH[WHQWQHFHVVDU\IRUDQXQGHUVWDQGLQJRIWKHHSLVWHPRORJ\
5e680e
V DJLW LHL GCXQ WUDYDLO GH UHFKHUFKH KLVWRULTXH VXU GHV SpULRGHV VSpFLILTXHV GH OD UHFKHUFKH HQ
PDW KpPDW LTXHV DX FRX U V GHTXHOOHV OHV PpW KRGHV OHV FRQFHSW V HW OHV GpI L Q LW LRQV RQW
FRQ QXGHSURIRQGVFKDQJHPHQWV1RXVDYRQVIL[pGHX[REMHFWLIVSULQFLSDX[3UHPLqUHPHQWHVTXLVVHU
,¶KLVWRLUH GX GpYHORSSHPHQW GX FRQFHSW FRQWLQX GHV H[SRVDQWV HW HQ GHX[LqPH OLHX H[DPLQHU
PLQXWLHXVHPHQW OH FRQWH[WH pSLVWpPRORJLTXH j OCLQWHULHXU GXTXHO OHV GpYHORSSHPHQWV HQ TXHV
Ȍ
/DSXEOLFDFLyQGHHVWHDUWtFXORHVSRVLEOHJUDFLDVDOFRQYHQLRHQWUH5HOLPLH\&%06&RQIHUHQFH%RDUGRIKH
0DWKHPDWLFDO 6FLHQFH ,VVXHV LQ 0DWKHUQDWLFV (GXFDWLRQ 9HUVLyQ FDVWHOODQD GH 7KH &UHDWLRQ RI &RQWLQXRXV
([SRQHQWV$6WXG\RIWKH0HWKRGVDQG(SLVWHUQRORJ\RI-RKQ:DOOLV&RQIUH\'HQQLV9RO
&RUQHOO8QLYHUVLW\,WKDFD1HZ<RUN
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
WLRQRQWSXVHSURGXLUH$XWUHPHQWGLWTX¶HVWFHTXLDSXFRQYUDLQFUHXQFHUWDLQQRPEUHGH
PDWKpPDWLFLHQVGHODYLDELOLWpGHOHXUVFRQFHSWV",OQHV¶DJLWSDVLFLG¶HQWDPHUXQHUpIOH[LRQ
KLVWRULTXHH[KDXVWLYHPDLVSOXW{WGHSUpVHQWHUXQHVpULHGHSKRWRJUDSKLHVGHFHUWDLQHV
SpULRGHV 1RXV Q¶LQGLTXHURQV G¶pOpPHQWV PDWKpPDWLTXHV TXH ORUVTXH FHX[FL SRXUURQW
SHUPHWWUHXQHPHLOOHXUHFRPSUpKHQVLRQGHO¶pSLVWpPRORJLH
5(6802
(VWHpXPWUDEDOKRGHSHVTXLVDKLVWyULFDTXHpHQIRFDGRHPPRPHQWRVPDWHPiWLFRVHVSHFtILFRV
RQGHRVPpWRGRVFRQFHLWRVHGHILQLo}HVSDVVDUDPSRUSURIXQGDVPXGDQoDV+iGXDVSULQFLSDLV
PHWDV3ULPHLURHVERoDUDKLVWyULDGRGHVHQYROYLPHQWRGRFRQFHLWRFRQWtQXRGHH[SRHQWHVH
RVHJXQGRH[DPLQDUFXLGDGRVDPHQWHRFHQDULRHSLVWHPROyJLFRRQGHGHVHQYROYHXVHRPHVPR
&RORFDGRGHIRUPDPDLVVLPSOHTXHIRLRTXHFRQYHQFHXDDOJXQVPDWHPiWLFRGHTXHVHXV
FRQFHLWRVHUDPYLiYHLV1mRSUHWHQGHVHUXPDGLVFXVmRKLVWyULFDFRPSOHWDHVLPXPDVHULHGH
GLVFXV}HVLQVWDQWkQHDV2VGHWDOKHVPDWHPiWLFRVGHVVHVPRPHQWRVRFXUUHPQDPHGLGDTXH
VHMDPQHFHVDULRVSDUDFRPSUHHQGHUDHSLVWHPRORJLD
(VPiVODLQYHVWLJDFLyQKLVWyULFDLQYDULD
EOHPHQWHYDPiVDOOiGHVXGHVFULSFLyQRULJL
QDO1XHVWUDLQYHVWLJDFLyQKLVWyULFDQRVJXtD
HQ OD FRQVWUXFFLyQ GH WDUHDV SURYRFDGRUDV
SDUDQXHVWUDHQWUHYLVWDV1RVOOHYDDIRUPX
ODUSURSXHVWDVDOWHUQDWLYDVSDUDHOGHVDUUROOR
FXUULFXODUHLQVWUXFFLRQDO<QRVGDRSRUWX
QLGDGHVSDUDODIRUPDFLyQGHOSURIHVRUD
WUDYpV GH OD H[SORUDFLyQ GH XQ HMHPSOR
KLVWyULFRSRGHPRVD\XGDUDOSURIHVRUDSUR
IXQGL]DUWDQWRVXFRQRFLPLHQWRGHOFRQWHQLGR
FRPRODSHUVSHFWLYDVREUHHOPLVPR3HUR
TXL]iPiVTXHQDGDQXHVWURWUDEDMRKLVWyULFR
QRVOOHYDDUHFRQFHSWXDOL]DUQXHVWUDVFUHHQ
FLDVVREUHODHSLVWHPRORJtDGHODVPDWHPiWL
FDV1XHVWURWUDEDMRKLVWyULFRDIHFWDQXHVWUD
SHUVSHFWLYDHSLVWHPROyJLFD\pVWDLQIOX\HHQ
OD PDQHUD HQ OD TXH QRV LQYROXFUDPRV H LQ
WHUSUHWDPRVODKLVWRULD$UJXPHQWDUHPRVTXH
ORFtFOLFRHQHVWHDUJXPHQWRQRHVXQDGHELOL
GDGVLQRXQDQHFHVLGDG(OWUDEDMRKLVWyULFR
VLUYHSDUDLQIRUPDUQRVVREUHHOSUHVHQWHSXHV
PXFKDVGHQXHVWUDVVXSRVLFLRQHVDFWXDOHV
VDOHQDODOX]DWUDYpVGHOWUDEDMRKLVWyULFR
,1752'8&&,Ï1
'HQWURGHXQPDUFRFRQVWUXFWLYLVWDHVWXGLD
PRVODVFRQFHSFLRQHVGHORVHVWXGLDQWHVSDUD
GHVDUUROODUDSUR[LPDFLRQHVDORVFRQFHSWRV
TXHKDJDQXVRGHODVLQYHQFLRQHV\GHOXVR
FUHDWLYRGHUHFXUVRVGHORVHVWXGLDQWHV1XHVWUD
PHWDHVPHMRUDUVXHQWHQGLPLHQWRVREUHODV
LGHDVPDWHPiWLFDV6LQHPEDUJRHQFRQWUDPRV
TXHLQYHVWLJDGRUHVHGXFDGRVGHXQDPDQHUD
WUDGLFLRQDOHQPDWHPiWLFDVSRUORJHQHUDO
IDOODQDOUHFRQRFHUROHJLWLPDUORVPpWRGRVGH
ORVHVWXGLDQWHV\QHFHVLWDQDPSOLDUHOHQ
WHQGLPLHQWRGHSRVLEOHVUXWDVKDFLDHOGHVD
UUROORGHXQDLGHDQRVLQFOXLPRVHQHVWD
GHVFULSFLyQ/DKLVWRULDKDSUREDGRVHULGHDO
SDUDpVWRGHELGRDTXHSURSRUFLRQDIXHQWHV
ULFDVSDUDXQDFRQFHSWXDOL]DFLyQDOWHUQDWLYD
\UXWDVGLYHUVDVKDFLDHOGHVDUUROORGHXQDLGHD
$VtKHPRVHQFRQWUDGRTXHHVXQDIXHQWH
SURYRFDWLYD\HVWLPXODQWHGHSUHSDUDFLyQSDUD
³HVFXFKDUGHFHUFD´ODPDWHPiWLFDGHOHVWX
GLDQWH&RQIUH\
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
KDFtDQ\FRPRUHVXOWDGRQRHVFODURGyQGH
GLEXMDUODOtQHDHQWUHORFXDVLHPStULFR\OR
HPStULFR(OPDWHPiWLFRPRGHUQR5&RXUDQW
HVFULELy DFHUFD GH &) *DXVV
TXH
³eO*DXVVQXQFDVHSUHRFXSyGHQLQJ~QFRQ
WUDVWHQLVLTXLHUDXQDOtQHDGHOJDGDGHGH
PDUFDFLyQ HQW UH OD WHRUtD SXUD \ OD V
DSOLFDFLRQHV6XPHQWHLEDGHODVDSOLFDFLRQHV
SUiFWLFDVLPSiYLGRSRUHOFRPSURPLVRUH
4XHULGR D ODV DEVWUDFFLRQHV WHyULFDV PiV
SXUDV\GHUHJUHVRLQVSLUDQGRHLQVSLUDGRHQ
DPERVILQHV$ODOX]GHOHMHPSORGH*DXVVHO
DELVPRTXHVHDEUHHQHO~OWLPRSHULRGRHQWUH
ODVPDWHPiWLFDVSXUDV\ODVDSOLFDGDVDSDUHFH
FRPR XQ VtPEROR GH OD OLPLWDGD FDSDFLGDG
KXPDQD3DUDQRVRWURVDFWXDOPHQWHDPHGLGD
TXHQRVVRIRFDPRVHQODHVSHFLDOL]DFLyQHO
IHQyPHQR GH *DXVV VLUYH FRPR XQD H[
KRUWDFLyQ«UHVXOWDFUtWLFRSDUDHOIXWXURGH
QXHVWUDFLHQFLDTXHODVPDWHPiWLFDVDGRSWHQ
HVWHFXUVRWDQWRHQODLQYHVWLJDFLyQFRPRHQ
ODHGXFDFLyQ´&RXUDQWS
5HFRQRFHPRVTXHQRKD\PDQHUDHQODTXH
HOWUDEDMRKLVWyULFRSXHGDVHUH[DFWRFXDQGR
HVUHFRQVWUXLGRSRUORVDOXPQRVPRGHUQRV6LQ
HPEDUJRXWLOL]DQGRORVWH[WRVRULJLQDOHV
FXDQGRVHDSRVLEOH\ORFDOL]DQGRHOWUDEDMR
GHQWURGHXQFRQWH[WRVRFLRFXOWXUDOHKLVWyULFR
\DVXPLHQGRXQDKLVWRULDSOXUDOLVWDSRGH
PRVLQWHQWDUHQWHQGHUODGHVGHODSHUVSHFWLYD
GHVXVFUHDGRUHV/RVHVWiQGDUHVPHWRGROyJL
FRVDSOLFDGRVVHGHULYDQGHXQFRQMXQWRGHVX
SRVLFLRQHVHSLVWHPROyJLFDVTXHJXtDQWRGR
QXHVWURSURJUDPDGHLQYHVWLJDFLyQ
/DVDPSOLDVVXSRVLFLRQHVHSLVWHPROyJLFDV
TXHVXE\DFHQHQHVWDLQYHVWLJDFLyQKLVWyULFD
LQFOX\HQODVVLJXLHQWHV
8QDYLVLyQ/DNDWRVLDQDDFHUFDGHTXHHO
GHVDUUROORGHODVLGHDVPDWHPiWLFDVVHFD
UDFWHUL]DFRPRXQDVHULHGHFRQMHWXUDV\
UHIXWDFLRQHV/DNDWRVGRFXPHQWDODVOLPL
WDFLRQHVGHXQDPHWRGRORJtDIRUPDOLVWD
TXHHVFRQGHODVFRQMHWXUDVRVDGDV\HQ
PDVFDUDORVGHEDWHV\UHIXWDFLRQHVSDUD
SUHVHQWDUVyORHOSURGXFWRILQDOGHOWUD
EDMR7RPDPRVODYLVLyQGHTXHODV
PDWHPiWLFDVVRQHOSURFHVRGHSURSRQHU
GHVDUUROODUPRGLILFDU\UHYLVDUODVLGHDV
SURSLDV\TXHODSUXHEDXQFULWHULRQRU
PDWLYRTXHVHxDODODDFHSWDFLyQFRPXQL
WDULDGHXQDLGHDUHSUHVHQWDVyORXQDSDUWH
GHHVHSURFHVR&HUFDGHOILQDOGHVXYLGD
/DNDWRVFRPLHQ]DDGHVFULELUODVPDWHPiWL
FDVFRPRFXDVLHPStULFDVFRQORFXDOVH
UHIHUtDDVXSURJUHVRYtDXQFRQMXQWRGH
KHXUtVWLFDV$OHQWHQGHU\FRQFRUGDUFRQ
ODSUHRFXSDFLyQGH/DNDWRVFRQFHUQLHQWH
DTXHODVPDWHPiWLFDVGHEHQVHUYLVWDV
FRPRDOJRPiVTXHXQFRQMXQWRGHD[LR
PDVHXFOLGLDQRVHQFRQWUDPRVHQHOXVRGHO
WpUPLQR³FXDVLHPStULFDV´DOJRLUyQLFR
0XFKDVPDWHPiWLFDVVHGHVDUUROODURQFRPR
XQPHGLRSDUDGHVFULELUORTXHORVFLHQWtILFRV
&RPR XQD H[WHQVLyQ GH OD YLVLyQ GH
/DNDWRVYHPRVODKLVWRULDGHODVPDWHPiWL
FDVFRPRODFRRUGLQDFLyQ\HOFRQWUDVWHHQ
WUHGLYHUVDVIRUPDVGHUHSUHVHQWDFLyQ(Q
OD KLVWRULD SRU OR JHQHUDO XQR YH XQD
IRUPDSDUWLFXODUGHUHSUHVHQWDFLyQFRPR
ODSULPHUDSDUDODH[SORUDFLyQPLHQWUDVTXH
RWUDSXHGHIRUPDUODEDVHGHODFRPSDUD
FLyQ SDUD GHFLGLU VL HO UHVXOWDGR HV FR
UUHFWR /D UHSUHVHQWDFLyQ TXH FRQILUPH
GHEHVHUUHODWLYDPHQWHLQGHSHQGLHQWHGH
R FRQWUDVWDQWH FRQ OD SULPHUD UHSUH
VHQWDFLyQH[SORUDWRULD'HEHPRVWUDUFRQ
WUDVWHDVtFRPRFRRUGLQDFLyQSDUDODLGHD
TXHVHTXLHUH3RUHMHPSOR'HVFDUWHVSRU
ORJHQHUDOJHQHUyVXVFXUYDVFRPRXQOX
JDUGHSXQWRVWUD]DQGRFLHUWRVPRYLPLHQ
WRVHQHOSODQR(OiOJHEUDIXHXWLOL]DGD
FRPR PHGLR SDUD GHVFULELU OD FXUYD \
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
GHUHSUHVHQWDFLyQFUHDHOPDUFRTXHSHUPLWH
XQSHQVDPLHQWRPDWHPiWLFRSURJUHVLYR
(QFRQWUDVWHFRQORTXHHVH[SOtFLWDPHQWH
GHVDUUROODGRSRU/DNDWRVFUHHPRVTXHHO
SHULRGRVRFLRFXOWXUDOGHOWUDEDMRHMHUFHXQD
LQIOXHQFLDVLJQLILFDWLYDVREUHVXGHVDUUROOR
PDWHPiWLFR&XDQGRVHDSRVLEOHGHQWURGH
XQ UHJLVWUR KLVWyULFR OLJHUR QRV LQWUR
GXFLUHPRVHQHVDLQIRUPDFLyQ
&UHDU XQD UHFRQVWUXFFLyQ GHO GHVDUUROOR
KLVWyULFRGHORVFRQFHSWRVPDWHPiWLFRVHV
XQDWDUHDGLItFLOSRUYDULDVUD]RQHV(QWUH
pVWDVVHLQFOX\HQXQDUHODWLYDIDOWDGHDFFH
VRDORVWH[WRVRULJLQDOHVODGLILFXOWDGHQ
FXDQWRDQRWDFLyQGHLQWHUSUHWDUHOWH[WR
RULJLQDOWDO\FRPRDSDUHFHODWHQGHQFLD
DHQFRQWUDUIXHQWHVVHFXQGDULDVTXHGLV
WRUVLRQDQHOUHJLVWURKLVWyULFRFRQYLUWLpQ
GRORLQGLVFULPLQDGDPHQWHDODQRWDFLyQR
IRUPDVPRGHUQDVYHU8QJXUXSDUD
WDOHVFUtWLFDV\DXQDUHODWLYDLQVXILFLHQ
FLDGHWUDEDMRKLVWyULFRHQPDWHPiWLFDV
FRPRUHVXOWDGRFRQVWUX\yORVHMHVGHPD
QHUDFRQYHQLHQWHDVXGHVFULSFLyQ/RV
HMHVSRGtDQVHUSHUSHQGLFXODUHVXREOLFXRV
GHSHQGLHQGRGHODVLWXDFLyQ6LVHLGHDED
XQDUJXPHQWRGHVLPLOLWXGHOHMHREOLFXR
SRUORJHQHUDOHUDFRQVW U XLGRGHIRU PD
SDUDOHODDDOJXQDOtQHDHQODFRQVWUXFFLyQ
VLVHXWLOL]DEDHOWHRUHPD3LWDJyULFRVH
FRQVWUXtDXQHMHSHUSHQGLFXODU6PLWKHW
DO'HQQLV$VtHOSODQR
FDUWHVLDQRPRGHUQRQRIXHHOSXQWRGHLQL
FLRSDUDHOSODQRGH'HVFDUWHVVLQRTXHIXH
JHQHUDGRFRPRXQDUHSUHVHQWDFLyQGHV
FULSWLYDDOWHUQDWLYD(VWHVHQWLGRVHSLHUGH
\VHGLVWRUVLRQDHQQXHVWUDFXUUtFXODDFWXDO
GRQGHHOSODQR&DUWHVLDQRHVWUDWDGRSUH
GRPLQDQWHPHQWHFRPRXQPHGLRSDUDH[
K L EL U H F X D F LR Q H V D OJH E U D LF D V ( V W D WHUJLYHUVDFLyQKLVWyULFDQRHVDWtSLFD(Q
FRQWUDVWHSURSRQHPRVHOXVRGHODLGHDGH
XQDHSLVWHPRORJtDGHP~OWLSOHVUHSUH
VHQWDFLRQHV&RQIUH\&RQIUH\\
6PLWKHQSUHQVD(VWDDSUR[LPDFLyQQRV
OOHYDDH[DPLQDUORVUHJLVWURVKLVWyULFRV
SDUDGRFXPHQWDUWDOHVFXHVWLRQHVSRUHMHP
SORTXpIRUPDVGHUHSUHVHQWDFLyQIXHURQ
PiVLQI OX\HQWHVSDUDXQPDWHPiWLFRTXp
PDUFRVVHXWLOL]DEDQSDUDODFRQILUPDFLyQ
TXpUHSUHVHQWDFLRQHVHVWDEDQGLVSRQLEOHV
FRPRSDUWHGHO³FRQRFLPLHQWRHVWiQGDU´
SRUXQSHULRGRGHWLHPSR\FyPRHO
PDWHPiWLFRVHPRYtDDORODUJRGHHVWDV
UHSUHVHQWDFLRQHVSDUDFUHDUPRGLILFDU\H[
WHQGHUODDFWLYLGDGPDWHPiWLFD$OOHHU
HVWHWUDEDMRXQRYHUiFyPRHOXVRGHODV
LGHDVJHRPpWULFDVVREUHiUHD\YROXPHQLQ
IRU PDDFHUFDGHOUD ]RQDPLHQWRTXH
LQYROXFUDIyUPXODVDOJHEUDLFDV\FyPRpV
WDVVRQ~WLOHVSDUDFRQILUPDUFRQMHWXUDV
DXGDFHVFRQFHUQLHQWHVDSDWURQHVHQWDEODV
(VWRVSDWURQHVSRVWHULRUPHQWHFUHDQXQD
WUDQVLFLyQLPSRUWDQWHTXHDEUHODSXHUWD
SDUDDGPLWLUVHULHVLQILQLWDVHQHOUD]R
QDPLHQWRPDWHPiWLFR(OWHMHUHVWDVIRUPDV
1XHVWUDWDUHDFRQVLVWHHQGDUODGHVFULS
FLyQ GHO GHVDUUROOR GH H[SRQHQWHV
UDFLRQDOHV 'HVHDPRV HQWHQGHU HVWH GH
VDUUROORHQXQQLYHOPiVSURIXQGRTXHHO
GHVLPSOHPHQWHDVXPLUTXHHOGHVDUUROORGH
H[SRQHQWHV UDFLRQDOHV IXH XQ SUREOHPD
GH H[WHQGHU XQ SDWUyQ QXPpULFR \ VXV
SURSLHGDGHV/RTXHHQFRQWUDPRVIXHTXH
ODKLVWRULDUHYHODGLIHUHQFLDVHQHOXVRGH
LGHDV VREUH SRWHQFLDV tQGLFHV \ H[SR
QHQWHV3DUDTXHXQFRQFHSWRJHQHUDOL]DGRGH
H[SRQHQWHVFRQWLQXRVI XHUDDFHSWDGRFRPR
PDWHPiWLFD OHJtWLPD SULPHUR WXYR TXH
YDOLGDUVHDWUDYpVGHGLYHUVDVUHSUHVHQWD
FLRQHV WDEOD DULWPpWLFD JHRPHWUtD \ iO
JHEUD /D KLVWRULD GH OD FUHDFLyQ GH
H[SRQHQWHVFRQWLQXRVHVWiIXHUWHPHQWHOL
JDGD D OD HYROXFLyQ GH ODV QRFLRQHV GH
iUHDOtPLWHGHUD]RQHVUD]RQHVFRQQ~PHURV
3DUDXQEXHQHMHPSORGHOWLSRGHWUDEDMRKLVWyULFRTXHVHUHTXLHUHYHU)RZOHU
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
QHJDWLYRV\IXQFLRQHVFRQWLQXDVHQJHQH GHWDOOHVPDWHPiWLFRVGHHVWRVPRPHQWRVVHGDQ
UDO6LQHVWHDPSOLRFRQWH[WRVyORODVSR HQODPHGLGDHQTXHVHDQQHFHVDULRVSDUDHQ
WHQFLDVHQWHUDVSRVLWLYDVHUDQDFHSWDGDV WHQGHUODHSLVWHPRORJtD
SRUWRGDXQDJHQHUDFLyQGHPDWHPiWLFRV
(OHQIRTXHSULQFLSDOGHHVWHWUDEDMRHVVREUH
5HDOL]DPRVHVWDLQYHVWLJDFLyQKLVWyULFDDOD ORVPpWRGRVPDWHPiWLFRVGH-RKQ:DOOLV
OX]GHOD³FRQMHWXUDGHVHSDUDFLyQ´VSOLW \ HQ SDUWLFXODU VX LQIOX\HQWH
WLQJFRQMHWXUH&RQIUH\&RQIUH\ WUDEDMR HO $ULWKPHWLFD LQILQLWRUXP :DOOLV
'HDFXHUGRDHVWDFRQMHWXUD&RQIUH\ SXEOLFDGRSRUSULPHUDYH]HQ
SRVWXODXQDGLIHUHQWHEDVHFRJQLWLYDSDUD $XQTXHQRIXHODSULPHUDSHUVRQDHQVXJHULU
VHSDUDUYHUVXVFRQWDU6XJLHUHTXHHOIXQ HOXVRGHH[SRQHQWHVIUDFFLRQDULRVVXWUDEDMR
GDPHQWDUHQODVHVFXHODVODPXOWLSOLFDFLyQ GDUD]RQHVGHSHVRSDUDVXDGRSFLyQ'HVSXpV
FRPRXQDDGLFLyQUHSHWLGDLPSOLFDQHJDU GHOHHUD:DOOLVHOMRYHQ,VDDF1HZWRQ
HOGHVDUUROORGHXQDLGHDSDUDOHODSHURUHOD VH LQVSLUy SDUD GHULYDU VX VHULH ELQR
FLRQDGDDFHUFDGHUHSDUWRHTXLWDWLYRGHUH PLQDOJHQHUDO:KLWHVLGH/DVHULH
SURGXFFLyQPDJQLILFDFLyQHWF6XPXQGR ELQRPLDOIXHDVXYH]ODKHUUDPLHQWDSULQ
GHODVHSDUDFLyQLQFOX\HHOGHVDUUROORLQ FLSDOXWLOL]DGDSRU/HRQDUG(XOHU
WHUUHODFLRQDGRGHODUD]yQVLPLOLWXGPXO SDUDH[SORUDUHOPXQGRGHODVIXQFLRQHVFRQ
WLSOLFDFLyQGLYLVLyQXQLGDGHVPXOWLSOLFDWLYDV WLQXDVLQFOX\HQGRODVH[SRQHQFLDOHVFRQEDVH
UD]RQHV\IXQFLRQHVH[SRQHQFLDOHV%DMR QDWXUDO\ODVORJDUtWPLFDV(XOHU(OWUD
HVWDSHUVSHFWLYDFRQGXFLPRVQXHVWUDLQ EDMRGHHVWRVWUHVKRPEUHVVHOOHYyDFDERHQ
YHVWLJDFLyQKLVWyULFDFRQVLGHUDQGRFXLGD XQHVFHQDULRHPStULFRVLQUHFXUVRVSDUDSUXH
GRVDPHQWHFyUQRHOXVRGHODJHRPHWUtD\OD EDVOyJLFDVIRUPDOHV5HYLVDURQ\YROYLHURQ
UD]yQLOXPLQDHOGHVDUUROORGHOSHQVDPLHQWR DUHYLVDUGLIHUHQWHVUHSUHVHQWDFLRQHVXQDFRQ
PDWHPiWLFREXVFDQGRHYLWDUHQPDVFDUDU WUDRWUDKDVWDTXHVHFRQYHQFLHURQGHODYDOLGH]
HVDVGLVWLQFLRQHVHQXQDGHVFULSFLyQDOJH GHVXVUHVXOWDGRV/DVSUXHEDVIRUPDOHVGHO
EUDLFDJHQpULFD
VLJOR;,;VXUJLHURQDSDUWLUGHHVWRVUHVXOWD
GRVSHURSRUORJHQHUDORFXOWDQORVPpWRGRV
)81'$0(172+,67Ï5,&2
:DOOLVDELHUWDPHQWHHYRFDXQDDSUR[LPDFLyQ
(OVLJXLHQWHHVXQWUDEDMRGHLQYHVWLJDFLyQ HPStULFDRKHXUtVWLFDDODYHUGDGPDWHPiWLFD
KLVWyULFDTXHVHHQIRFDHQPRPHQWRVPDWHPiWL eOVHFRQYHQFHGHODYDOLGH]GHVXVPDWHPiWL
FRVHVSHFtILFRVGRQGHORVPpWRGRVFRQFHS FDVDWUDYpVGHXQDVHULHGHFRQMHWXUDV\FRQ
WRV\GHILQLFLRQHVH[SHULPHQWDURQSURIXQGRV ILUPDFLRQHV 6XV DUJXPHQWRV FHQWUDOHV
FDPELRV+D\GRVPHWDVSULQFLSDOHV3ULPHUR GHSHQGHQGHXQDFRRUGLQDFLyQGHP~OWLSOHVUH
ERVTXHMDUODKLVWRULDGHOGHVDUUROORGHXQFRQ SUHVHQWDFLRQHV(VWDVLQFOX\HQWDEODVQXPpUL
FHSWRGHH[SRQHQWHVFRQWLQXRV\VHJXQGR FDViOJHEUD\JHRPHWUtD3DUD:DOOLVXQD
H[DPLQDUFXLGDGRVDPHQWHHOHVFHQDULRHSLV GHILQLFLyQVHYXHOYHUD]RQDEOHFXDQGRHPHUJH
WHPROyJLFRHQHOTXHHVWRVGHVDUUROORVVHOOH FRPRXQSDWUyQHQXQDUHSUHVHQWDFLyQSHURTXH
YDURQDFDER3XHVWRGHPDQHUDPiVVLPSOH WDPELpQSXHGHFRQILUPDUVHDWUDYpVGHHVWDUGH
TXpIXHORTXHFRQYHQFLyDFLHUWRVPDWHPiWL DFXHUGRFRQRWUD(OTXHXQDLGHDVHDUD]RQD
FRVGHTXHVXVFRQFHSWRVHUDQYLDEOHV1R EOHHQXQHVFHQDULRQXQFDIXHVXILFLHQWHSDUD
SUHWHQGHVHUXQDGLVFXVLyQKLVWyULFDFRPSOHWD :DOOLV6XVSULPHUDVLQYHVWLJDFLRQHVSRUOR
VLQRPiVELHQXQDVHULHGHLQVWDQWiQHDV/RV JHQHUDOVHOOHYDURQDFDERHQHOHVFHQDULRGH
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
:DOOLVHUDXQH[SHUWRHQPXFKRVOHQJXDMHV
(QWUHRWURVGRPLQDEDHOODWtQJULHJRKHEUHR
\SUREDEOHPHQWHHOiUDEH(PSH]yDGHVWDFDU
GXUDQWHODVJXHUUDVFLYLOHVHQ,QJODWHUUD$\XGy
DO3DUWLGR3DUODPHQWDULRDGHVFLIUDUFRQUDSLGH]
ORVPHQVDMHV5HDOHVFRGLILFDGRVFDSWXUDGRVHQ
6FRWWS(VWHVHUYLFLROHSHUPLWLy
FRQVHJXLUXQSXHVWRHQ2[IRUGGXUDQWHHOPDQGR
GH2OLYHU&URPZHOO8QLQVWLQWRSDUDORVSD
WURQHV\HOOHQJXDMHPDUFDWRGRVXWUDEDMR$O
OHHUHOWUDEDMRGH:DOOLVVHGHEHFRQVLGHUDU
FyPRWUDEDMDXQFULSWyJUDIR1RQHFHVLWDGDU
SUXHEDVOyJLFDVGHTXHVXLQWHUSUHWDFLyQVHD
FRUUHFWDPiVELHQFXDQGRXQDLQWHUSUHWDFLyQ
WLHQHVHQWLGRVXWUDEDMRKDILQDOL]DGR
VXFHVLRQHVQXPpULFDV\WDEODV'HVSXpVYL
VXDOL]DEDXQDFRQILUPDFLyQDWUDYpVGHOiOJH
EUD\ODJHRPHWUtD
:DOOLVSUDFWLFDEDODLQGXFFLyQ\SRUHVWDSD
ODEUDQRVHUHILHUHDODLQGXFFLyQPDWHPiWLFD
IRUPDOVLQRDODLQGXFFLyQLQIRUPDORFLHQ
WtILFD(VWRHVpOYLVXDOL]DEDXQSDWUyQYHUL
ILFDEDXQDVHULHGHHMHPSORV\GHVSXpVDVXPtD
TXHVXUHJODHUDYiOLGDHQWDQWR³QRHQFRQ
WUDUDXQDVRVSHFKDSRUODTXHSRGUtDIDOODU´
1XQQS6XVFRQWHP
3RUiQHRV)HUPDW\3DVFDO
OOHYDURQDFDERSUXHEDVIRUPDOHVSRU
PHGLRGHLQGXFFLyQPDWHPiWLFD)HUPDWFULWL
FyORVPpWRGRVGH:DOOLVFRPRVXJHVWLYRVSHUR
LQFRPSOHWRV:DOOLVUHVSRQGLyGLFLHQGRTXH
pOHVWDEDWUDWDQGRGHGHVDUUROODUXQDWHRUtDGH
FRQRFLPLHQWRTXHIXHUDVXSHULRUDODQiOLVLV
OyJLFRGHUHVXOWDGRVFRQRFLGRV$ILUPyTXH
)HUPDW³WUDWyGHPDQHUDWRWDOPHQWHHUUDGDHVH
WUDWDGR>HVGHFLUHO$ULWKPHWLFDO,QILQLWRUXP@
HOFXDOQRHUDWDQWRSDUDPRVWUDUXQPpWRGR
GH'HPRVWUDUFRVDV\DFRQRFLGDVFRPRSDUD
PRVWUDUXQDPDQHUDGH,QYHVWLJDFLyQRKD
OOD]JRGHFRVDVD~QGHVFRQRFLGDV´FLWDGRHQ
1XQQS:DOOLVVHQWtDTXH
ORVDQWLJXRVPDWHPiWLFRVHVWDEDQHQSRVHVLyQ
GHXQPpWRGRDVtSHURHUD³FXLGDGRVDPHQWHHV
FRQGLGR´1XQQS\FX
ELHUWRSRUPHGLRGHODQiOLVLVOyJLFR
:DOOLVHVWDEDSUHRFXSDGRSRUODDFFLyQHQOX
JDUGHODMXVWLILFDFLyQOyJLFD(QHVWRpOHUD
SDUWHGHXQPRYLPLHQWRILORVyILFRJHQHUDOOHMRV
GHOSHQVDPLHQWRQHRSODWyQLFRGHO5HQDFLPLHQWR
EDVDGRHQORVJULHJRV(QHOVLJOR;9,,ORVWH[
WRVURPDQRVVHYROYLHURQPiVSRSXODUHVTXH
ORVJULHJRV/RVWUDEDMRVGH6pQHFD\RWURV
ILOyVRIRVHVWRLFRVURPDQRVIXHURQUHYLYLGRV
(OSHQVDPLHQWRURPDQRHVHQIRUPDJHQHUDO
PXFKRPiVSUiFWLFR\HPStULFRTXHHOSHQ
VDPLHQWRJULHJR(OOHQJXDMHFODUR\GLUHFWRHV
DOWDPHQWHYDORUDGR
3DUDHQWHQGHUODVSRUFLRQHVGHOWUDEDMRGH
:DOOLVTXHSUHVHQWDUHPRVHVQHFHVDULRFRQR
FHUODVIyUPXODVSROLQRPLDOHVSDUDODVXPDGH
SRWHQFLDVHQWHUDVGHORVSULPHURVQHQWHURV
(VWDVIyUPXODVDSDUHFHQHQHO$ULWKPHWLFD
,QILQLWRUXPGH:DOOLV:DOOLVVLQKDFHU
PHQFLyQGHGyQGHODVREWXYRRGHFyPRODV
GHULYy/RVPDWHPiWLFRVGHOVLJOR;9,,UDUD
YH]GDEDQUHIHUHQFLDV\ORVKLVWRULDGRUHVKDQ
HVSHFXODGRVREUHODVGLYHUVDVSRVLEOHVIXHQWHV
GH:DOOLVSDUDHVWDVIyUPXODV$SDUHFHQHQ
YDULDVIXHQWHVIUDQFHVDVGHOVLJOR;9,,LQ
FOX\HQGRORVWUDEDMRVGH)HUPDW\3DVFDO
%R\HU2WUDSRVLEOHIXHQWHLQWHUH
VDQWHSDUD:DOOLVSXGRKDEHUVLGRVXOHFWXUD
GHWH[WRViUDEHV:DOOLVOHtDiUDEH\HVWDV
IyUPXODVDSDUHFHQHQHOWUDEDMRGH$EX$OL
DO+DVDQLEQDO+DLWKDPFRQRFLGR
HQRFFLGHQWHFRPR$OKD]HQ:DOOLVGHILQLWL
YDPHQWHWXYRDFFHVRDDOJXQRVGHORVWUDED
MRV PDWHPiW LFRV GH $O KD ]HQ SHUR ORV
KLVWRULDGRUHVQRKDQVLGRFDSDFHVGHYHUL
ILFDUGHPDQHUDGLUHFWD\H[DFWDTXpWH[WR
OH\y
'HELGRDTXHHOSXQWRFHQWUDOGHHVWHWUDEDMR
HVHOXVRGHPDWHULDOKLVWyULFRSDUDSURSyVL
WRVHGXFDWLYRVFRPHQ]DUHPRVFRQXQDGH
5HFLHQWHPHQWH9tFWRU.DW]KDLQYHVWLJDGRHVWDFXHVWLyQHQGHWDOOH
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
GXFFtyQGHODVIyUPXODVGHVXPDEDVDGDHQ 3RQLHQGRGHODGRHVWDVFXHVWLRQHVVREUHDX
HOWH[WRGH$OKD]HQ%DURQ(GZDUGV WHQWLFLGDGKLVWyULFDODSULQFLSDOUD]yQGH
(VWHPpWRGRSDUDGHULYDUODVHQFDMD KDEHUHOHJLGRFRPHQ]DUFRQHVWDVGHULYD
PX\ELHQFRQORVFRQFHSWRVTXHDSDUHFHQHQ FLRQHVVXUJHGHQXHVWURHQIRTXHHGXFDWLYR6L
HO$ULWKPHWLFD,QILQLWRUXPDXQTXHVyORH[LV ORVHVWXGLDQWHVHVWiQSRUHQWUDUDODVLQWHUSR
WDHYLGHQFLDFLUFXQVWDQFLDOVREUHTXpIXHQWH ODFLRQHVGHWDEODVGH-RKQ:DOOLV\UHDOPHQWH
:DOOLVUHDOPHQWHOH\y$OGLVFXWLUHOWUDEDMR HQWLHQGHQ VX VLJQLILFDGR GHEHQ VHU FDSDFHV
GH:DOOLVQRVPDQWHQGUHPRVPX\GHFHUFD GH HQWHQGHU \ DFHSWDU ODV IyUPXODV SDUD ODV
DODIRUPD\QRWDFLyQGHORVWUDEDMRVRULJLQDOHV VXPDV TXH pO GD SRU VHQWDGDV 'H WRGDV
(OWUDEDMRGH$OKD]HQVLQHPEDUJRQRVHGLV ODV PDQHUDV TXH FRQRFHPRV SDUD GHULYDU HV
FXWLUiHQVXIRUPDRULJLQDO/RVPDWHPiWLFRV WDVIyUPXODVHVWDLQWHUSUHWDFLyQOLEUHGHOWUD
iUDEHVQRGHVDUUROODURQHOiOJHEUDVLPEyOLFD EDMRGH$OKD]HQSDUHFHVHUODPiVDSURSLDGD
SRUORTXHODVIyUPXODVGH$OKD]HQVHHVFUL SDUDQXHVWURVSURSyVLWRVHGXFDWLYRVGHELGR
ELHURQFRQSDODEUDV3DUDDEUHYLDUDODVGHULYD DTXHSURGXFHHVWDVIyUPXODVDOJHEUDLFDHQ
FLRQHVGH$OKD]HQVHOHVGDXQDIRUPD
OD]iQGRODVFRQXQDUHSUHVHQWDFLyQJHRPpWULFD
DOJHEUDLFDPRGHUQD
)Ï508/$6'(680$'(
'HEHKDFHUVHQRWDUDTXtTXHLQFOXVRQXHVWUD
$/+$=(1<327(1&,$6
SUHVHQWDFLyQGHODVGHULYDFLRQHVGH$OKD]HQ
0$<25(648(75(6
VRQGHDOJXQDPDQHUDFRQWURYHUVLDOHV/DVIL
JXUDVJHRPpWULFDVTXHSUHVHQWDUHPRVHQOD $OKD]HQHUDWDQWRItVLFRFRPRPDWHPiWLFR6X
VLJXLHQWHVHFFLyQQRDSDUHFHQHQORVWH[WRV WUDEDMR HVWDED EDVDGR HQ OD WUDGLFLyQ JHR
DUiELFRVGH$OKD]HQ$OJXQRVKLVWRULDGRUHV PpWULFDJULHJDSHURWDPELpQWUDWyGHREWHQHU
.DW]KDQLQWHUSUHWDGRHVWDSRUFLyQGH UHVXOWDGRVHPStULFRVSUiFWLFRVHQySWLFD\DV
XQWUDEDMRGH$OKD]HQFRPRSXUDPHQWHDULW WURQRPtD/RVPDWHPiWLFRVJULHJRVFRQODH[
PpWLFRPLHQWUDVRWURV%DURQKDQLQ FHSFLyQGH'LRIDQWR\+HUyQQRPHQFLRQDURQ
WHUSUHWDGRHVWHWUDEDMRJHRPpWULFDPHQWH SRWHQFLDVPD\RUHVTXHWUHVGHELGRDTXHQR
FRPRORKDUHPRVQRVRWURV(QODHUDGHODV SRGtDQVHULQWHUSUHWDGDVGLUHFWDPHQWHHQJHR
PDQXVFULWRVHVFULWRVDPDQRPXFKRVWUDED PHWUtDHVGHFLUFRPRORQJLWXGHViUHDVR
MRVJHRPpWULFRVLQFOX\HQGRD(XFOLGHVSRU YRO~PHQHV $OKD]HQ TXHUtD FDOFXODU QXHYRV
ORJHQHUDOFDUHFtDQGHILJXUDVFRQWHQtDQHQ UHVXOWDGRVFRQFHUQLHQWHVDiUHDV\YRO~PHQHV
VXOXJDULQVWUXFFLRQHVSDUDODFRQVWUXFFLyQGH ORVFXDOHVLQYROXFUDEDQODVXPDGHSRWHQFLDV
ILJXUDV8QRQRSXHGHVLPSOHPHQWHFRQILDU PD\RUHV TXH WUHV 3RU HMHPSOR FDOFXOy HO
HQORVHVFULWRVSDUDUHSURGXFLUDFHUWDGDPHQWH YROXPHQ JHQHUDGR DOURWDU XQD SDUiERODVR
ODVILJXUDV(VWDVIyUPXODVSDUDODVVXPDV EUHXQDOtQHDSHUSHQGLFXODUDVXHMHGHVLPHWUtD
VRQGHGXFLGDVDOFRPLHQ]RGHXQWUDEDMRGH YHU ILJXUD O 3DUD XQ HVWXGLDQWH PRGHUQR
$OKD]HQTXHHVSXUDPHQWHJHRPpWULFRFRQ HVWR LQYROXFUDUtD LQWHJUDU XQ SROLQRPLR GH
FHUQLHQWHDORVYRO~PHQHVGHORVSDUDERORLGHV FXDUWRJUDGR$OKD]HQHVWDEOHFLyTXHHOYROX
\HQJHQHUDOHOWUDEDMRGH$OKD]HQHVPXFKR PHQ HV GHO YROXPHQ GHO FLOLQGUR FLU
PiVJHRPpWULFRTXHHOGHRWURVPDWHPiWLFRV FXQVFULWR (Q OD WUDGLFLyQ GH (XGR[R pO
iUDEHVGHVXWLHPSR3RUHVWDVUD]RQHVQRV HVWDEOHFLy ODV VXPDV VXSHULRUHV H LQIHULRUHV
SDUHFHTXHODLQWHUSUHWDFLyQJHRPpWULFDTXH GHORVFRUWHVFLOtQGULFRV\GHVSXpVORVDILQy
KDFH%DURQGHHVWDVIyUPXODVHVUD]RQDEOH
FDGDYH]PiV'HELGRDTXHHOUDGLRGHFDGD
9LFWRU.DW]SRUHMHPSORVHLQFOLQDDFUHHUTXH:DOOLVREWXYRHVWDVIyUPXODVDSDUWLUGHOWUDEDMRGH
)DXOKDEHUSHURHQWRQFHVODSUHJXQWDVXUJHHQODIRUPDGHTXpIXHQWHXWLOL]y)DXOKDEHU
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
6X PpWRGR SXHGH XWLOL]DUVH SDUD KDOODU XQD
IyUPXOD SDUD OD VXPD GH SRWHQFLDV GH ORV
SULPHURVQHQWHURVSDUDFXDOTXLHUSRWHQFLDHQ
WHUDSRVLWLYD6XH[WHQVLyQGHOFRQFHSWRGHSR
WHQFLDVWHQtDVHQWLGRDULWPpWLFDPHQWHSHURIXH
YDOLGDGDDWUDYpVGHVXVGHULYDFLRQHVGH
QXHYRVUHVXOWDGRVJHRPpWULFRV
(MHGHURWDFLyQ ),*85$
$OKD]HQGHULYyODVIyUPXODVSDUDODVVXPDV
GHSRWHQFLDVPD\RUHVFRRUGLQDQGRXQDLQ
WHU SUHWDFLyQJHRPpWULFDFRQXQDUHSUH
VHQWDFLyQQXPpULFD(OXVRTXHOHGLRDODV
iUHDVSDUDUHSUHVHQWDUSRWHQFLDVWHUFHUDV\
FXDUWDVURPSLyFRQODVHVWULFWDVLQWHUSUHWD
FLRQHVJHRPpWULFDVGHODPDWHPiWLFDJULHJD
$OKD]HQ GHULYy VXV IyUPXODV FRORFDQGR
SULPHURXQDVXFHVLyQGHUHFWiQJXORVFX\DV
iUHDV UHSUHVHQWDQ ORV WpUPLQRV GH OD VXPD
(GZDUGVS8QUHFWiQJXORGHiUHD
DNVHIRUPDXWLOL]DQGRODGRVGHORQJLWXGD N
\D'HVSXpVOOHQDHOUHFWiQJXORFRQXQDVH
ULHGHWLUDVHQWUHOD]DGDVYHUILJXUDV\
TXH HVWiQ D HVFDOD $OKD]HQ HVWDEOHFLy D
FRQWLQXDFLyQHOSURGXFWRGHODVGLPHQVLRQHV
GHOUHFWiQJXORFRPRLJXDODODVXPDGHVXV
SDUWHVUHFWDQJXODUHV&DGDXQDGHODVIyUPX
ODVSXHGHGHGXFLUVHGHODDQWHULRU/DVWLUDVGH
ODSDUWHVXSHULRUVLQHPEDUJRLQYROXFUDQXQD
GREOHVXPDWRULDVDOYRHQODSULPHUDGHGXFFLyQ
FRUWHFLOtQGULFRFXPSOHFRQXQDIXQFLyQ
FXDGUiWLFDODViUHDVIRUPDQXQDSRWHQFLDFXDUWD
/DVXPDGHODViUHDVGHHVWDVUHEDQDGDVLQ
YROXFUDODVXPDGHSRWHQFLDVFXDUWDV(GZDUGV
S
3DUDREWHQHUXQDIyUPXODSDUDODVXPDGHORV
SULPHURVQHQWHURVYHUILJXUD
),*85$
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
3DUDREWHQHUXQDIyUPXODSDUDODVXPDGHFXDGUDGRVGHORVSULPHURVQHQWHURVYHU)LJXUD
),*85$
1RWDUTXHVHXWLOL]yGRVYHFHVDOREWHQHU
3DUDREWHQHUXQDIyUPXODSDUDODVXPDGHFXERVGHORVSULPHURVQHQWHURVYHU)LJXUD
),*85$
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
1RWDUTXHDTXtVHXWLOL]yGRVYHFHV\VHXWLOL]yXQDYH]
8QDIyUPXODSDUDODVXPDGHODVSULPHUDVQSRFLFLRSDUDHOOHFWRU(VWHPpWRGRSXHGHH[WHQ
WHQFLDVFXDUWDVSXHGHGHULYDUVHFRQWLQXDQGR GHUVHSDUDOOHJDUDODIyUPXODGHODVXPDGHODV
FRQHVWHPpWRGR3ULPHURKD\TXHHVWDEOHFHU SULPHUDVQSRWHQFLDVSDUDFXDOTXLHUSRWHQFLDHQ
XQDVHULHGHUHFWiQJXORVFX\RVODGRVKRUL]RQ WHUD(VWHHVXQHVTXHPDJHQHUDOUHFXUVLYRSDUD
WDOHVVHDQORVFXERV\FX\RVODGRVYHUWLFDOHVVHDQ ODVIRUPXODVSHURHQFDGDHWDSDQRVyORSXHGH
HQWHURVVXFHVLYRV/OHQiQGRORGHWLUDV\SUR XWLOL]DUVHXQDIyUPXODVLQRYDULDV
FHGLHQGRGHODPDQHUDDQWHULRUVHOOHJDDOD
IyUPXODGHVHDGDDXQTXHHOiOJHEUDVHYXHOYH 3DUDUHIHUHQFLDIXWXUDKHDTXtODV)yUPXODV
PiVWHGLRVD'HEHQXWLOL]DUVHODVWUHVIyUPXODV GH$OKD]HQ
DQWHULRUHV(VWDGHULYDFLyQVHGHMDFRPRHMHU
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
(/$5,7+0(7,&$
,1),1,72580
'(-2+1:$//,6
ODFXDOVHREWLHQHGH\VXVWLWX\HQGR\
RUJDQL]DQGRWpUPLQRV/DIyUPXODGHQWURGH
ODVXPDWRULDHVHOFXDGUDGRGHOUDGLRGHFDGD
UHEDQDGD(GZDUGVS
'HEHTXHGDUFODURTXHORVUHVXOWDGRVVREUH
iUHDV\YRO~PHQHVQRIXHURQGDGRVFRPR
IyUPXODVVLQRVLHPSUHFRPRUD]RQHV(VWR
VHFXPSOHSDUDFDVLWRGRVORVUHVXOWDGRV
PDWHPiWLFRVKDVWDHOILQDOGHOVLJOR;9,,
3RUHMHPSORHOiUHDGHXQWULiQJXORHVODPL
WDGGHOiUHDGHOSDUDOHORJUDPRTXHORFRQWLHQH
(OYROXPHQGHXQDSLUiPLGHHVXQWHUFLRGHO
SDUDOHOHStSHGRTXHORFRQWLHQH(OiUHDGHXQ
WUR]RGHSDUiERODHVGRVWHUFLRVGHOUHFWiQJXOR
TXHODFRQWLHQH(OiUHDGHXQFtUFXORHVʌ
GHOFXDGUDGRTXHORFRQWLHQH(VWRVHMHPSORV
HUDQFRQRFLGRVHQHOVLJOR$&/DUD]yQ
GHGH$OKD]HQHVXQDFRQWLQXDFLyQGHHVD
WUDGLFLyQSHURWXYRTXHFRRUGLQDUODJHR
PHWUtD\ODDULWPpWLFDGHXQDQXHYDPDQHUD
SDUDKDOODUOD(QHOWUDEDMRGH-RKQ:DOOLV
YHUHPRVXQDFRQVLGHUDFLyQHODERUDGDGHODV
UD]RQHVGHODViUHDVXWLOL]DGDSDUDMXVWLILFDU
VXGHILQLFLyQGHH[SRQHQWHVIUDFFLRQDULRV\
QHJDWLYRVeOUHDOL]yXQXVRH[WHQVLYRGHHVDV
VXPDV\HQODYDOLGDFLyQILQDOGHVXVLGHDV
ODUD]yQGH$OKD]HQDSDUHFHHQXQDGH
VXVWDEODV
/D\X[WDSRVLFLyQGHODVVXFHVLRQHVDULWPpWL
FDV\JHRPpWULFDVVHUHPRQWDDOPHQRVKDVWD
$ULVWyWHOHV/DLGHDGHTXHXQRSXGLHUDLQVHUWDU
YDORUHVHQXQDWDEODDVtXWLOL]DQGRPHGLRVDULW
PpWLFRVSRUXQODGR\PHGLRVJHRPpWULFRVSRU
HORWURWDPELpQHVDQWLJXD(OFRQFHSWRGHH[
SRQHQWHVIUDFFLRQDULRVHVVXJHULGRGHYDUtDV
PDQHUDV HQ ORV WUDEDMRV GHO VLJOR ;,9 GH
2UHVPH\HQORVWUDEDMRVGH*LUDUG\6WHYLQ
GHO VLJOR ;9, %R\HU FDStWXORV ;,9
\;9/DFRQVWUXFFLyQGHWDEODVGHORJDULW
PRVSRU1DSLHU\RWURVDSULQFLSLRVGHOVLJOR
;9,,LPSOLFDODSRVLELOLGDGGHFDOFXODUHVDV
SRWHQFLDVDXQTXHQRIXHHVDODPDQHUDFRPR
HOSURSLR1DSLHULQWHUSUHWyVXWUDEDMR(VLP
SRUWDQWHQRWDUTXHHVWDVSULPHUDVGLVFXVLRQHV
VH OOHYDURQ D FDER GHQWUR GHO PXQGR GH ODV
WDEODVQXPpULFDV\QRKDEtDXQDFRRUGLQDFLyQ
WRWDOFRQODJHRPHWUtD'HELGRDTXHODJHR
PHWUtDHUDHQWRQFHVODIRUPDGRPLQDQWHGHODV
PDWHPiWLFDV HVWRV SULPHURV WUDEDMRV QXQFD
OOHYDURQDOGHVDUUROORRDFHSWDFLyQGHORVH[
SRQHQWHVIUDFFLRQDULRV
3DUDFDOFXODUHOYROXPHQGHODSDUiERODUR
WDGDHQOD)LJXUDODVXPDWRULDTXHVHQHFH
VLWDHV
/D*HRPHWUtDGH5HQp'HVFDUWH'HVFDUWHV
SXEOLFDGDSULPHURHQI XHHOSULPHU
WUDWDGRSXEOLFDGRTXHXWLOL]DH[SRQHQWHVHQWHURV
SRVLWLYRVHVFULWRVFRPRVXSHUtQGLFHV'HVFDUWHV
YLRDORVH[SRQHQWHVFRPRXQtQGLFHSDUDXQD
PXOWLSOLFDFLyQUHSHWLGD(VWRHVpOHVFULELy[ HQOXJDUGH[[[:DOOLVDGRSWyHVWHXVRGHXQ
tQGLFH\WUDWyGHH[WHQGHUOR\SUREDUVXYDOLGH]
DWUDYpVGHP~OWLSOHVUHSUHVHQWDFLRQHV
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
/DJHRPHWUtDHUDFRQVLGHUDGDFRPRODSULQ
FLSDO UHSUHVHQWDFLyQ HQ PDWHPiWLFDV HQ HO
VLJOR;9,,(VWRHVHYLGHQWHHQHOWUDEDMRGH
%DUURZ \ GH RWURV HQ HVH WLHPSR %R\HU
/D DULWPpWLFD \ HO iOJHEUD HUDQ FRQ
VLGHUDGDVHQHOPHMRUGHORVFDVRVFRPRODV
IRUPDVGHOHQJXDMHHVFULWRSDUDODGLVFXVLyQ
GHODYHUGDGJHRPpWULFD$OJXQRVHUXGLWRVLQ
FOXVRGXGDEDQVLODDULWPpWLFD\ODJHRPHWUtD
SXGLHUDQ DOJXQD YH] KDFHUVH FRQVLVWHQWHV
:DOOLVLQYLHUWHHVWHRUGHQ\FRQVLGHUDODDULW
PpWLFD FRPR VX SULPHUD UHSUHVHQWDFLyQ
&DMRUL3DUDYDOLGDUVXVUHVXOWDGRV
DULWPpWLFRVWXYRTXHPRVWUDUTXHVHVRPH
WHQDODVFRQFOXVLRQHVJHRPpWULFDVDFHSWDGDV
3DUDKDFHUHVWRSULPHURREWXYRXQDVHULHGH
UD]RQHVDULWPpWLFDV\GHVSXpVGHGXMRDSDU
WLUGHHOODVPXFKDVGHODVUD]RQHVFRQRFLGDV
GHiUHDV\YRO~PHQHV
:DOOLVWRPyGH)HUPDWODLGHDGHXWLOL]DUXQD
HFXDFLyQSDUDJHQHUDUXQDFXUYDORFXDOFRQ
WUDVWDEDFRQHOWUDEDMRGH'HVFDUWHVTXLHQ
VLHPSUHFRPHQ]DEDFRQXQDFRQVWUXFFLyQJHR
PpWULFD'HVFDUWHVVLHPSUHFRQVWUX\yXQDFXUYD
SULPHURJHRPpWULFDPHQWH\GHVSXpVODDQDOL
]DEDSDUDHQFRQWUDUVXHFXDFLyQ6PLWKHW
DO)HUPDWLQGHSHQGLHQWHPHQWHGHVD
UUROOyXQDJHRPHWUtDGHFRRUGHQDGDVSHURVX
DSUR[LPDFLyQHUDPiVDOJHEUDLFD0DKRQH\
eOFRPHQ]yFRQHFXDFLRQHV\GHVSXpV
YLyODVFXUYDVTXHJHQHUDEDQ(VWDDSUR[L
PDFLyQHVWRPDGDSRU:DOOLV6XWUDWDPLHQWR
GHVHFFLRQHVFyQLFDVSRUHMHPSORHVPX\VL
PLODUDODGH)HUPDW%R\HU
:DOOLVSURSRQHODQRFLyQGHtQGLFHVIUDF
FLRQDULRVH[SRQHQWHV\PXHVWUDFyPRHVWD
QRFLyQSXHGHVHUYDOLGDGDWDQWRHQHVFHQDULRV
DOJHEUDLFRVFRPRJHRPpWULFRV:DOOLV
/DFRQVLGHUDFLyQGHiUHDVEDMRFXUYDVGDD
:DOOLVXQDUHSUHVHQWDFLyQDOWHUQDWLYDSDUDYD
OLGDUVXGHILQLFLyQDULWPpWLFDSURSXHVWDVREUH
tQGLFHVIUDFFLRQDULRV/DVGHILQLFLRQHVGH:DOOLV
WLHQHQXQLPSDFWRGXUDGHURHQODVPDWHPiWL
FDVGHELGRDTXHpOGHPXHVWUDVXYLDELOLGDGD
WUDYpVGHP~OWLSOHVUHSUHVHQWDFLRQHV(OHQ
FRQWUDUHVWDViUHDVEDMRFXUYDVHUDXQYLHMRSUR
EOHPDTXHVHUHPRQWDEDD$UTXtPHGHV
&RPHQ]DQGRHQHOVLJOR;,9FRQ2UHVPHHO
SUREOHPDVREUHFyPRKDOODUHOiUHDEDMRXQD
FXUYDVHYROYLyLPSRUWDQWHGHELGRDTXHODVFXU
YDVHUDQXWLOL]DGDVSDUDUHSUHVHQWDUODVPDJ
QLWXGHVGHYHORFLGDGHQHOWLHPSR(OiUHDEDMR
XQDFXUYDUHSUHVHQWDEDHQWRQFHVHOFDPELRWR
WDOHQFXDQWRDSRVLFLyQ(VWHFRQWH[WRIXHHV
WDEOHFLGRHQHOVLJOR;,9SRU2UHVPHHQVX
/DOLWXGGHODV)RUPDV&DOLQJHUS
$SULQFLSLRVGHOVLJOR;9,,*DOLOHRXWLOL]y
HVWHFRQFHSWRGHPDQHUDH[WHQVD
(O$ULWKPHWLFD,QILQLWRUXP:DOOLVFRQ
WLHQHXQDLQYHVWLJDFLyQGHWDOODGDVREUHHOFRP
SRUWDPLHQWRGHVXFHVLRQHV\UD]RQHVDSDUWLUGH
ODVFXDOHVVHREWLHQHQXQDYDULHGDGGHUHVXOWD
GRVJHRPpWULFRV9HUHPRVDOJXQRVGHORVHMHP
SORVPiVLPSRUWDQWHV&RQVLGpUHVHODUD]yQGH
ODVXPDGHXQDVXFHVLyQGHXQDSRWHQFLDILMD
FRQ XQD VHULH GH WpUPLQRV FRQVWDQWHV WRGRV
LJXDOHVDOYDORUPiVJUDQGHTXHDSDUHFHHQOD
VXPD:DOOLVFRQVLGHUDUD]RQHVGHODIRUPD
3DUD FDGD YDORU HQWHUR ILMR GH N :DOOLV LQ
YHVWLJy HO FRPSRUWDPLHQWR GH HVWDV UD]RQHV
FXDQGRQVHLQFUHPHQWD6XVLQYHVWLJDFLRQHV
VRQGHFDUiFWHUHPStULFR3RUHMHPSORFXDQGR
N pOFDOFXOD
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
&XDQGRQVHLQFUHPHQWDHVWDUD]yQVH
PDQWLHQHILMDHQ (VWRSXHGHYHUVHDSDU
WLUGHODELHQFRQRFLGDIyUPXODGHVXPD
HQXQDIRUPDIDFWRUL]DGD(OQXPHUDGRU
HV QQ PLHQWUDVTXHHOGHQRPLQDGRUHV
QQO:DOOLVOODPDDO ODUD]yQFDUDF
WHUtVWLFDGHOtQGLFHN (QWRGRVHVWRVHMHPSORV:DOOLVFRPLHQ]DFRQ
ODVXFHVLyQ«\GHVSXpVHOHYD
FDGD WpUPLQR DO tQGLFH EDMR FRQVLGHUDFLyQ
:DOOLVDVHJXUDVLQHPEDUJRTXHVXVYDORUHV
SDUDODVUD]RQHVFDUDFWHUtVWLFDVHVWiQYDOLGDGRV
SDUDFXDOTXLHUVXFHVLyQDULWPpWLFDTXHFRPLHQFH
FRQFHUR(OFDPELDUODGLIHUHQFLDHQWUHORVWpU
PLQRVVyORLQWURGXFLUtDXQP~OWLSORFRQVWDQWH
HQWRGRVORVWpUPLQRVWDQWRHQHOQXPHUDGRU
FRPRHQHOGHQRPLQDGRU\DVtODVUD]RQHVSHU
PDQHFHUtDQLQDOWHUDEOHV3RUHMHPSORODVXPD
GHORVFXDGUDGRVGHFXDOTXLHUVXFHVLyQDULW
PpWLFDTXHFRPLHQFHFRQFHURGLYLGLGDHQWUH
XQQ~PHURLJXDOGHWpUPLQRVWRGRVLJXDOHVDO
&XDQGRN :DOOLVFDOFXODODVVLJXLHQWHVUD
]RQHV
N FRPR LJXDO D 'H PDQHUD VLPLODU
FDOFXOD ODV UD]RQHV FDUDFWHUtVWLFDV GH N FRPR \ N FRPR (QWRQFHV KDFH
XQDDILUPDFLyQJHQHUDOHQWRUQRDTXHODUD]yQ
FDUDFWHUtVWLFD GHO tQGLFH N HV SDUD WRGRV
ORVHQWHURVSRVLWLYRVNN
WpUPLQRPiVJUDQGHHMHPSOR
VHVHJXLUtDDSUR[LPDQGRD HQWUHPiVWpU
PLQRVVHWRPHQ
:DOOLVHVWDEOHFHTXHHOODGRGHUHFKRGHODV
HFXDFLRQHVHVVLHPSUHLJXDOD
3DUDYHUHVWRpODSOLFDRWUDIyUPXODGHVXPD
HQXQDIRUPDIDFWRUL]DGD(OQXPHUDGRU
HVVLHPSUHLJXDOD
PLHQWUDVTXHHOGHQRPLQDGRUHVLJXDOD
QQO&XDQGRQVHLQFUHPHQWDHVWDUD]yQ
VHDSUR[LPDDSRUORTXH:DOOLVGHILQH
HQWRQFHVODUD]yQFDUDFWHUtVWLFDGHOtQGLFH
:DOOLVSURVLJXLyHQWRQFHVDPRVWUDUTXHHV
WDVUD]RQHVFDUDFWHUtVWLFDVFRQGXFHQDODPD\R
UtD GH ODV UD]RQHV FRQRFLGDV HQ JHRPHWUtD
VREUHiUHD\YROXPHQ$TXtHVGRQGHPXHV
WUDTXHVXDULWPpWLFDHUDFRQVLVWHQWHFRQODV
YHUGDGHVDFHSWDGDVGHODJHRPHWUtD6XVVX
SRVLFLRQHVEiVLFDVVREUHODQDWXUDOH]DGHO
iUHD\YROXPHQIXHURQWRPDGDVGHO*HRPHWUtD
,QGLYLVLELOLEXV &RQWLQXRUXP GH
&DYDOLHUL(ODVXPLyTXHXQiUHDHVODVXPD
GHXQQ~PHURLQILQLWRGHVHJPHQWRVGHOtQHDV
SDUDOHODV\TXHXQYROXPHQHVXQDVXPDGH
XQQ~PHURLQILQLWRGHiUHDVSDUDOHODV:DOOLV
SULPHURFRQVLGHUyHOiUHDEDMRODFXUYD
\ [ NYHUI LJ X UD4XHUtDFDOFXODUOD
UD]yQGHOiUHDVRPEUHDGDFRQUHVSHFWRDOiUHD
GHOUHFWiQJXORTXHODHQFLHUUD
(VWDFRQFHSFLyQGHFXUYDFRPRXQDVHULHGHVHJPHQWRVGHOtQHDHULJLGRVDORODUJRGHXQDOtQHDKDFH
VXUJLUORVWpUPLQRV³DEVFLVD´\³RUGHQDGD´$EVFLVDHQODWtQVLJQLILFD³ORTXHVHFRUWD´\FRQWLHQHOD
PLVPDUDt]TXHQXHVWUDSDODEUD³WLMHUDV´/DV2UGHQDGDVVRQODVVHULHVRUGHQDGDVGHVHJPHQWRVGHOtQHD
TXHVHHULJHQDSDUWLUGHORTXHVHFRUWDDEVFLVD(VWRVWpUPLQRVIXHURQLQYHQWDGRVSRU/HLEQL]
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
(VWDUD]yQFDUDFWHUtVWLFDGH[ WDPELpQPXHV
WUDTXHHOYROXPHQGHXQDSLUiPLGHHVGHO
SDUDOHOHStSHGRTXHORFRQWLHQHYHUILJXUD
/D SLUiPLGH HV OD VXPD GH XQD VHULH GH
),*85$
),*85$
FXDGUDGRVFX\RVODGRVVHHVWiQLQFUHPHQWDGR
GHIRUPDDULWPpWLFD(OSDUDOHOHStSHGRHVXQD
VHULHGHFXDGUDGRVFX\RVODGRVVRQFRQVWDQWHV
\VLHPSUHLJXDOHVDOFXDGUDGRPiVJUDQGH$Vt
:DOOLVYHpVWHFRUQRRWURHMHPSORGHOFiOFXOR
GHODUD]yQFDUDFWHUtVWLFDSDUDHOtQGLFHN /RPLVPRHVFLHUWRSDUDODUD]yQGHXQFRQR
FRQUHVSHFWRDOFLOLQGURTXHORFRQWLHQH$TXt
WRGRVORVWpUPLQRVWDQWRGHOQXPHUDGRUFRPR
GHOGHQRPLQDGRUVRQPXOWLSOLFDGRV3RUʌ
:DOOLVHVWDEOHFLyTXHHOSUREOHPDJHRPpWULFR
HVXQHMHPSORGHODUD]yQFDUDFWHUtVWLFDGHOD
VXFHVLyQFRQtQGLFHN/RVWpUPLQRVHQHOQX
PHUDGRUVRQODVORQJLWXGHVGHORVVHJPHQWRV
GHOtQHDTXHIRUPDQHOiUHDVRPEUHDGDPLHQ
WUDVTXHORVWpUPLQRVHQHOGHQRPLQDGRUVRQ
ODVORQJLWXGHVGHORVVHJPHQWRVGHOtQHDTXH
IRUPDQHOUHFWiQJXORSRUFRQVLJXLHQWHFRQV
WDQWHV'HELGRDTXHHVWRVFRFLHQWHVVRQYiOL
GRVSDUDFXDOTXLHUVXFHVLyQDULWPpWLFDpO
LPDJLQyHOLQFUHPHQWRRHVFDODFRPRPX\SH
TXHxRFXDQGRHOQ~PHURGHWpUPLQRVHVPX\
JUDQGH$VtSRUHMHPSORHOiUHDEDMRXQD
SDUiERODHVGHOiUHDGHXQUHFWiQJXOR(VWD
UD]yQJHRPpWULFDHVH[DFWDPHQWHGHELGR
DTXHHOiUHDVHIRUPDDSDUWLUGHXQQ~PHUR
LQILQLWRGHVHJPHQWRVGHOtQHD'HEHKDFHUVH
QRWDUTXHHVWDUD]yQFDUDFWHUtVWLFDGHVH
PDQWLHQHSDUDWRGDVODVSDUiERODVQRVyORSDUD
\ [ 3RUHMHPSORVLYHPRVHOFiOFXORGHOD
UD]yQSDUD\ [ WDQWRHOiUHDEDMRODFXUYD
FRPRHOiUHDGHOUHFWiQJXORHVWiQPXOWLSOL
FDGDVSRU\HQWRQFHVODUD]yQFDUDFWHUtV
WLFDGHVHPDQWLHQHLJXDO/DUD]yQ
FDUDFWHUtVWLFDGHSHQGHVyORGHOH[SRQHQWH\
QRGHOFRHILFLHQWH(VWRHVODUD]yQFDUDF
WHUtVWLFDQRHVOLQHDO
(VWRVUHVXOWDGRVJHRPpWULFRVQRHUDQQXHYRV
)HUPDW5REHUYDO&DYDOLHUL\3DVFDOKDEtDQ
KHFKRHVWDGHFODUDFLyQDFHUFDGHTXHFXDQGR
NHVXQHQWHURSRVLWLYRHOiUHDEDMRODFXUYD
\ [N JXDUGDED XQD SURSRUFLyQ GH UHV
N
SHFWRDOUHFWiQJXORTXHORFRQWLHQH(GZDUGV
&DStWXOR3DVFDOKDEtDGDGRXQDSUXHED
GHLQGXFFLyQIRUPDOSDUDHVWHUHVXOWDGR:DOOLV
(OOHFWRUHVFpSWLFRSXHGHILMDUHOLQWHUYDORGHD0\GHVSXpVKDFHUTXHQVHDHOQ~PHURGH
VXELQWHUYDORV GH LJXDO WDPDxR 6H HVWDEOHFH OD VXPD LQIHULRU GH 5LHPDQQ GLYLGLGD SRU HO iUHD GHO
UHFWiQJXOR&DQFHODQGRORVIDFWRUHVFRPXQHVVHOOHJDD/DVVXPDVGH5LHPDQQVLQHPEDUJRVH
EDVDQHQVXPDVGHiUHDVGHUHFWiQJXORV\HVWDQRHUDODFRQFHSFLyQGH:DOOLVVREUHiUHD
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
VLQHPEDUJRDVHJXUDTXHVLGHILQLPRVHOtQGLFH
GH¥[FRPR ODDILUPDFLyQVLJXHVLHQGR
YHUGDGHUD'HELGRDTXHHOiUHDEDMRODFXUYD
\ ¥[HVHOFRPSOHPHQWRGHOiUHDEDMR\ [
HVGHFLUHOiUHDQRVRPEUHDGDGHODILJXUD
GHEHWHQHUXQDUD]yQFDUDFWHUtVWLFDGH
/RPLVPRSXHGHYHUVHSDUD\ ¥[FX\D
UD]yQFDUDFWHUtVWLFDGHEHVHU
GHVDUUROORGHODWHRUtDGHIXQFLRQHVFRQWLQXDV
6XLQIOXHQFLDHQ1HZWRQIXHSURIXQGD
)XHHVWDFRRUGLQDFLyQGHGRVUHSUHVHQWDFLRQHV
VHSDUDGDVORTXHGLRD:DOOLVODFRQILDQ]DGHDILU
T
PDUTXHHOtQGLFHDSURSLDGR\ ¥[ SGHEH
VHUST\TXHODUD]yQFDUDFWHUtVWLFDGHEHVHU
:DOOLVFRQWLQXyDILUPDQGRTXHHVWRHUDFLHUWRLQ
FOXVRFXDQGRHOtQGLFHHVLUUDFLRQDO$QDOL]yXQ
HMHPSORDVtFXDQGRHOtQGLFHHVLJXDOD¥
(QPXFKRVFDVRV:DOOLVQRWHQtDPDQHUDGH
YHULILFDUGLUHFWDPHQWHODUD]yQFDUDFWHUtVWLFD
GHXQtQGLFHSRUHMHPSOR\ ¥[ $TXt
LQYRFDHOSULQFLSLRGH³LQWHUSRODFLyQ´eO
DFXxyHVWHWpUPLQRGHODUDt]ODWLQD³SXOLU´
$ILUPyTXHFXDQGRXQRSXHGHGLVFHUQLUXQSD
WUyQGHFXDOTXLHUWLSRHQXQDVXFHVLyQGH
HMHPSORVXQRWLHQHHOGHUHFKRGHDSOLFDUHVH
SDWUyQSDUDFXDOHVTXLHUDYDORUHVLQWHUPHGLRV
VLHVSRVLEOH(VWRHVGHFLUTXHXQRSXHGHLQ
WHQWDUVLHPSUHSXOLUHQPHGLR1XQQ
OODPDDHVWRHOSULQFLSLRGHFRQWLQXLGDG
\HVWDEOHFHTXHHVWHHVXQJUDQSDVRKDFLDHO
¢&yPRSRGHPRVGHWHUPLQDUODUD]yQFDUDF
WHUtVWLFDGHOFtUFXOR"(VWDHVODSUHJXQWDTXH
PRWLYyD:DOOLVDHVWXGLDUXQDIDPLOLDSDUWLFX
ODUGHFXUYDVDSDUWLUGHODFXDOSXGLHUDLQWHU
SRODUVHHOYDORUSDUDHOFtUFXOR(VFULELyOD
H F X D F L y Q HO F t U F X O R G H U D G L R U F R P R
\ ¥U [ \ OD FRQVLGHUy HQ HO SULPHU FXD
GUDQWHeOTXHUtDGHWHUPLQDUODSURSRUFLyQGH
HVWDiUHDFRQHOGHOFXDGUDGRGHUSRUUTXHOD
FRQWLHQH3RUVXSXHVWRVDEtDTXHHVWDUD]yQHV
ʌ D SDUWLU GH YDULDV FRQVWU XFFLRQHV
JHRPpWULFDVTXHVHUHPRQWDQD$UTXtPHGHV
SHURpOTXHUtDSUREDUVXWHRUtDGHOtQGLFHUD]yQ
FDUDFWHUtVWLFDHLQWHUSRODFLyQOOHJDQGRDHVWHUH
VXOWDGRGHXQDQXHYDPDQHUD(VWRGDUtDXQD
FRPSUREDFLyQGHODWHRUtDDWUDYpVGHODFRRU
GLQDFLyQGHUHSUHVHQWDFLRQHV
:DOOLV IXH DOJR DXGD] FRQ HVWH SULQFLSLR GH
LQWHUWHUSRODFLyQSHURVLHPSUHEXVFyDOJXQD
PDQHUDGHYHULILFDUGHGRVPRGRVVXVFRQMH
WXUDVGHSDWURQHVDW UDYpVGHXQDLQWHUSUHWDFLyQ
IXHUDGHVXUHSUHVHQWDFLyQRULJLQDO(VWDFRQ
ILUPDFLyQDWUDYpV\DORODUJRGHUHSUHVHQWD
FLRQHVHVORTXHKDFHTXHVXVLQWHUSRODFLRQHV
VHDQ WDQ LPSRQHQWHV eO WUDWy GH FRQVWUXLU
XQDWHRUtDFRQWLQXDTXHFRQHFWDUDODVWUHVSH
TXHxDVLVODVGHYHUGDGDFHSWDGDV&RQHVWRHQ
PHQWHYHDPRVXQDVHFFLyQVXEVHFXHQWHGHO
$ULWKPHWLFD,QILQLWRUXPTXHFRQWLHQHVXLQ
WHUSRODFLyQPiVIDPRVD
/DHFXDFLyQGHOFtUFXORQRVHVRPHWHDORVPpWR
GRVTXHpOKDEtDGHVDUUROODGRKDVWDDTXt
&XDOTXLHUHVWXGLDQWHGHFiOFXORFRQIURQWDHVWR
FXDQGRHQFXHQWUDTXHODUHJODJHQHUDOGHSRWHQFLD
QRLQWHJUDHOFtUFXOR:DOOLVEXVFyXQDIDPLOLD
GH HFXDFLRQHV HQ OD TXH SXGLHUD LQFOXLU OD
FXDFLyQGHOFtUFXOR&RQVLGHUyODIDPLOLDGHFXU
YDVGHILQLGDVSRUODVHFXDFLRQHV\ TUT[ S
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
(OFtUFXORSXHGHYHUVHFRPRHOFDVRFXDQGR
S \T 1yWHVHTXH:DOOLVHVWi
L QW H U S U H W D Q G R ¥[ FRPR [ eO WDPELpQ
SHUPLWH TXH S y T VHDQ FHUR ,QWHUSUHWD [
FRPREDViQGRVHHQVXUHJODGHUD]yQFDUDF
WHUtVWLFD'HELGRDTXH\ [ GHEHWHQHUXQD
UD]yQFDUDFWHUtVWLFDGHGHEHVHUXQDOtQHD
KRUL]RQWDO'HELGRDTXHHOHYDGRDFXDOTXLHU
SRWHQFLDHVHVWDOtQHDKRUL]RQWDOGHEHHV
WDUDODDOWXUDGH
6LS\TVRQHQWHURVpOVDEtDTXHH[SDQGLHQGR
\ TUT[S\XWLOL]DQGRVXUHJODSDUD
UD]RQHVFDUDFWHUtVWLFDVSRGUtDGHWHUPLQDU
ODUD]yQSDUDHVWDVFXUYDV/DILJXUDPXHV
WUDHVWRFRPRODSURSRUFLyQGHOiUHDVRP
EUHDGDFRQHOUHFWiQJXORTXHODHQFLHUUD
),*85$
WRGDVHVWDVFXUYDVSDVDQSRUU\TXHODDO
T
WXUDGHOUHFWiQJXORHV¥U S
),*85$
:DOOLV FDOFXOy HQWRQFHV OD UD]yQ FDUDFWHUtV
WLFD FXDQGR S \ T VRQ DPERV HQWHURV 3RU
HMHPSORVLS T HQWRQFHV
(VWDIDPLOLDHVELQRPLDOVLPpWULFDHLQFOX\H
ODHFXDFLyQGHXQFtUFXORFRPRXQFDVRHV
SHFLDOS T /DILJXUDPXHVWUDODVJUiILFDVGHODVHFXD
FLRQHVGH:DOOLVHQHOFXDGUDGRXQLWDULR
U SDUDS T «\SDUD
T S «/DOtQHD\ [VH
KDDxDGLGRSDUDGHVSOHJDUODVLPHWUtD
\ U[ UU[[
\GHEHWHQHUWDPELpQODUD]yQFDUDFWHUtVWLFDGH
3XHGHQ QRWDUVH YDULDV FRVDV DFHUFD GH HVWH
FiOFXOR 3ULPHUR :DOOLV XWLOL]y OD VXFHVLyQ
GHYDORUHVGH[^«U`\GHVSXpV
SHUPLWLyTXHUVHLQFUHPHQWDUD$VXPLyTXH
HO FiOFXOR HUD YiOLGR SDUD FXDOTXLHU VXFH
VLyQ DULWPpWLFD $Vt VX UD]yQ FDUDFWHUtVWLFD
HV LQGHSHQGLHQWH GHO YDORU GH U (VWR OR
FRQI LUPyHPStULFDPHQWHFDOFXODQGRQX
PHURVRV HMHPSORV 6HJXQGR DO REVHUYDU HO
WpUPLQRGHHQPHGLRSXHGHSDUHFHUDSULPHUD
YLVWD TXH GHELGR D TXH OD UD]yQ FDUDFWHUtV
WLFD GH ¥[ HV HO DSDUHFH SDUD VHJXLU
HQXQPRGROLQHDO3HURFRPRKHPRVGLFKR
DQWHULRUPHQWHODVUD]RQHVFDUDFWHUtVWLFDVQR
VRQ OLQHDOHV /D UD]yQ FDUDFWHUtVWLFD GH ¥[
VLJXH VLHQGR 6LQ HPEDUJR HQ HVWH FDVR
HOFiOFXORHVYiOLGRGHELGRDTXHHOPi[LPR
YDORUGHODFXUYDWRWDOHVWiGHWHUPLQDGRSRU
HO WpUPLQR FRQVWDQWH U 'HELGR D TXH WRGRV
/DVLPHWUtDGHHVWDIDPLOLDGHFXUYDVSXHGHYHUVHUHHVFULELHQGRODVHFXDFLRQHVHQODIRUPD[ S\ S U S
(OLQYHUWLU[\WLHQHXQHIHFWRVLPLODUDOGHLQYHUWLUS\T(VWDIRUPDWDPELpQGHVSOLHJDVXUHODFLyQFRQ
ODHFXDFLyQGHOFtUFXORHQODIRUPD[ \ U 8QR SXHGH FRQVLGHUDU D ³U´ FRPR HO IDFWRU GH HVFDOD SDUD HO VLVWHPD GH FRRUGHQDGDV TXH KD VLGR
LPSXHVWRVHJ~QXQDFXUYDSUHH[LVWHQWH
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
(Q HVWH SXQWR :DOOLV DEDQGRQy WHPSRUDO
PHQWHWDQWRODVUHSUHVHQWDFLRQHVJHRPpWULFDV
FRPRDOJHEUDLFDV\FRPHQ]yDWUDEDMDUVROD
PHQWHHQODUHSUHVHQWDFLyQHQWDEOD/DSUH
JXQWD VH FRQYLUWLy HQWRQFHV HQ ¢FyPR XQR
LQWHUSRODORVYDORUHVIDOWDQWHVHQHVWDWDEOD"
:DOOLV SURVLJXLy GH OD VLJXLHQWH PDQHUD
3ULPHURWUDEDMyVREUHODVILODVFRQYDORUHVHQ
WHURVGHT&XDQGRT YHPRVHOYDORU
FRQVWDQWHSRUORTXHODOOHQDPRVFRQXQRV
&XDQGRT YHPRVXQDSURJUHVLyQDULW
PpWLFDSRUORTXHODOOHQDPRVFRQPHGLDV
DULWPpWLFDV(QODILODT WHQHPRVQ~PHURV
WULDQJXODUHVTXHVRQODVXPDGHORVHQWHURV
GHODILODT $VtSRGHPRVXWLOL]DUOD
IyUPXODGHODVXPDGHHQWHURVFRQVHFXWLYRV
V V
ORVYDORUHVHQHOGHQRPLQDGRUVRQUHOFRH
ILFLHQWHGHOWpUPLQRGHHQPHGLRQRVHIDF
WRUL]DHQHOGHQRPLQDGRU\SRUORWDQWRQR
VHFDQFHOD
'HVSXpVGHFDOFXODUODVUD]RQHVFDUDFWHUtVWL
FDVFXDQGRS\TVRQHQWHURV:DOOLVQRWy
TXHWRGDVHUDQIUDFFLRQHVXQLWDULDV\TXHORV
GHQRPLQDGRUHVHUDQORVQ~PHURVELQRPLDOHV
(VWRVQ~PHURVKDQVLGRFRQRFLGRVGHVGH
WLHPSRVUHPRWRV\UHFLpQIXHURQVLGRGLVFX
WLGRVSRU3DVFDO\RWURVHQHOVLJOR;9,,
:DOOLVLQYLUWLyGHVSXpVHVWDVUD]RQHVSDUD
TXHVHFRQYLUWLHUDQHQHQWHURVHKL]RXQD
WDEODFRQHOORV/D7DEOD,UHJLVWUDODUD]yQ
GHOUHFWiQJXORFRQUHVSHFWRDOiUHDVRPEUHDGD
YHUILJXUDSDUDFDGDXQDGHODVFXUYDV
\ T U T [ S 7$%/$
(QHVWHSXQWRHOOHFWRUTXL]iGHVHHLQWHQWDUVXVSURSLRVFiOFXORVSDUDFRPSOHWDUODWDEOD6LHVWDVLGHDV
VHYDQDXWLOL]DUFRQHVWXGLDQWHVHVWRSXHGHJHQHUDUXQDGLVFXVLyQIDVFLQDQWH
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
GRQGHV S(VWDIyUPXODDSDUHFHHQHO
PDUJHQGHVXWDEOD(OSRQHUORVYDORUHVLQ
WHUPHGLRVHQHVWDIyUPXODQRVSHUPLWHFRP
SOHWDUODILODT 3RUHMHPSORKDFLHQGR
V FRQHVWDIyUPXODVHREWLHQH ODFXDO
VHFRQYLHUWHHQODHQWUDGDGRQGHS
\T /RVQ~PHURVHQODILODT VRQORVQ~PHURV
SLUDPtGDOHVFDGDXQRGHORVFXDOHVHVODVXPD S
TXH HV OD HQWUDGD GH OD WDEOD GRQGH
\T
GHQXHYRV S
'H PDQHUD VLPLODU :DOOLV VXPy OD IyUPXOD
F~ELFDDQWHULRUSDUDREWHQHUXQDIyUPXODSDUD
OD ILOD T 8WLOL]DQGR ODV SULPHUDV WUHV
IyUPXODVGH$OKD]HQ\GHVSXpVRUJDQL]DQGR
WpUPLQRVREWHQHPRV
VVVV
(VWHSURFHGLPLHQWRFRPSOHWDODVILODVGRQGH
THVXQHQWHURDSOLFDQGRODVIyUPXODVDORVYD
ORUHV LQWHUPHGLRV 'HELGR D TXH OD WDEOD HV
VLPpWULFDHVWRWDPELpQQRVSHUPLWHOOHQDUODFRQ
ODVFROXPQDVFRUUHVSRQGLHQWHVFXDQGRSVHD
XQ HQWHUR :DOOLV FUHy SRVWHULRUPHQWH XQD
WDEODFRQVXVIyUPXODVSDUDLQWHUSRODFLyQHV
FULWDVDOPDUJHQYHU7DEOD
GHORVHQWHURVHQODILODT $VtODIyUPXOD
DSURSLDGDVHHQFXHQWUDVXPDQGRODIyUPXODGH
ODILODT $SOLFDQGRODVSULPHUDVGRV IyUPXODVGH$OKD]HQ\GHVSXpVDFRPRGDQGR
ORVWpUPLQRV:DOOLVREWXYR
ODFXDODSDUHFHHQHOPDUJHQGHVXILODT
+DFLHQGRV SRUHMHPSORVHREWLHQH 7$%/$
3DUDYHUODWDEODRULJLQDOGH:DOOLVYHU:DOOLVSy6WUXLNS
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
$O SULQFLSLR :DOOLV LQWHQWy OOHQDU HVWD ILOD
FRQ SURPHGLRV DULWPpWLFRV (O SURPHGLR
GH \ HV 3HUR VL ʌ HV LJXDO D HQWRQFHVʌ ORFXDOQRHVPX\FRUUHFWR
6LVHLQWHQWDXQSURPHGLRJHRPpWULFRHOYDORU
SDUDVHKDFHPiVJUDQGHDSUR[LPDGDPHQWH
:DOOLVREVHUYyDKRUDTXHFDGDXQRGHORVQX
PHUDGRUHVHQHVWDVIUDFFLRQHVHVHOSURGXFWR
GH HQWHURV LPSDUHV FRQVHFXWLYRV PLHQWUDV
TXHFDGDXQRGHORVGHQRPLQDGRUHVHVHOSUR
GXFWRGHHQWHURVFRQVHFXWLYRVSDUHV(VWRHV
OD UHJOD PiV IDPLOLDU SDUD OD IRUPDFLyQ
GH XQD WDEOD ELQRPLDO QRV GLFH TXH FDGD
HQWUDGDGHEHVHUODVXPDGHRWURVGRVXQD
GH ODV FXDOHV DSDUHFH GRV HVSDFLRV DUULED \
OD RWUD GRV HVSDFLRV D OD L]TXLHUGD 8QR
SXHGHYHULILFDUDKRUDTXHORVQXHYRVYDORUHV
LQWHUSRODGRVWDPELpQVLJXHQHVWDUHJODGH
IRUPDFLyQ1yWHVHTXHHO RFXUUHHQHO
OXJDUS T (OiUHDEDMRHVWDFXUYD
HQYXHOYH H[DFWDPHQWH OD PLVPD VXPD
TXH DSDUHFH HQ HO FiOFXOR GHO YROXPHQ GHO
SDUDERORLGHGH$OKD]HQ\ODLQWHUSRODFLyQHV
FRQVLVWHQWHFRQHOUHVXOWDGRGH$OKD]HQ
&RQHVWDVHQWUDGDVDKRUDHQVXOXJDU:DOOLV
YXHOYH VX DWHQFLyQ D OD ILOD T &DGD
XQD GH ODV HQWUDGDV TXH DKRUD DSDUHFHQ
VRQ FDOFXODGDV XWLOL]DQGR FDGD XQD GH ODV
IyUPXODV VXFHVLYDV GH LQWHUSRODFLyQ TXH
DSDUHFHQHQORVPiUJHQHV&DGDXQDGHHVWDV
IyUPXODVWLHQHXQJUDGRDOJHEUDLFRPiVDOWR
¢4Xp SDWURQHV H[LVWHQ HQ OD IRUPDFLyQ GH
HVWRV Q~PHURV TXH QRV SHUPLWDQ LQWHUSRODU
HQWUHHOORVSDUDKDOODUODVHQWUDGDVIDOWDQWHV"
5HFXpUGHVHTXHODSULPHUDHQWUDGDIDOWDQWHHV
T S HV GHFLU OD SURSRUFLyQ GHO
FXDGUDGR FRQ HO iUHD GHO FXDUWR GH FtUFXOR
\WDPELpQVLQXHVWUDVPDQLSXODFLRQHVGHOD
WDEODWLHQHQTXHVHUYDOLGDGDVGHQXHYRHQOD
UHSUHVHQWDFLyQ JHRPpWULFD HVWH YDORU GHEH
VHUʌ
$TXtSDUDPRYHUGRVHQWUDGDVKDFLDODGHUHFKD
Q
HQHVWDILODXQRPXOWLSOLFDSRU Q 3DUDODV
HQWUDGDVKDVWDDTXtQVLHPSUHHVLPSDU3RU
OR TXH :DOOLV DVXPLy TXH SDUD LU GH XQD
HQWUDGD IDOWDQWH D OD VLJXLHQWH XQR GHEtD
Q
VHJXLU PXOWLSOLFDQGR SRU Q SHUR HVWD YH]
QWHQGUtDTXHVHUXQQ~PHURSDULQWHUPHGLR
'HQRWDQGR OD SULPHUD HQWUDGD IDOWDQWH SRU
ȍ HQWRQFHV OD VLJXLHQWH HQWUDGD IDOWDQWH
VHUtD ȍ\ODVLJXLHQWHVHUtD
'HQXHYRUHWDUQRVDOOHFWRUDGHWHQHUVH\WUDWDUSRUVtPLVPRGHOOHQDUODVHQWUDGDVIDOWDQWHV
:DOOLVXWLOL]yXQSHTXHxRFXDGUDGRSDUDGHQRWDUODHQWUDGDIDOWDQWH
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
SXHGHYHULILFDUGHGRVPDQHUDVFRUQR:DOOLV
ORKL]RTXHHVWDOH\GHIRUPDFLyQFRQFXHUGD
FRQODOH\XVXDOSDUDODIRUPDFLyQGHELQR
PLDOHVHVWRHVFDGDHQWUDGDHVODVXPDGHODV
HQWUDGDVGRVDUULED\GRVDODL]TXLHUGD
/OHQDQGRHOUHVWRGHODVHQWUDGDVGHHVWDPD
QHUDUHVXOWDOD7DEOD
/DFROXPQDS SXHGHDKRUDOOHQDUVH SRUVLPHWUtD/DILODT WLHQHXQSDWUyQVL
PLODUHVWRHVSURGXFWRVGHLPSDUHVFRQVHFX
WLYRVVREUHSDUHVFRQVHFXWLYRVSHURDKtODV
HQWUDGDVDGRVHVSDFLRVKDFLDODGHUHFKDHV
WiQVLHPSUHPXOWLSOLFDGDVSRU Q Q 8QR
7$%/$
/DWDEODHVWiDKRUDFRPSOHWDH[FHSWRSRU
ODGHWHUPLQDFLyQGHOYDORUGHȍ8QRSXHGH
LQWHQWDUSHQVDUTXH\DHVWiGHELGRDTXH
FRQRFHPRVDSDUWLUGHFRQVLGHUDFLRQHVJHR
PpWULFDVTXHȍGHEHVHULJXDODʌ:DOOLV
\DVDEtDGH$UTXtPHGHVXQDPDQHUDSDUD
HYDOXDUʌLQVFU LELHQGRSROtJRQRVHQHO
FtUFXOR(VWHDQWLJXRPpWRGRSDUDFDOFXODU
ʌOOHYDDOJHEUDLFDPHQWHDODVHULHGHUDtFHV
FXDGUDGDVDQLGDGDVREWHQLGDFDGDXQDGX
SOLFDQGRHOQ~PHURGHODGRVHQHOSROtJRQR
8WLOL]DU HVWH UHVXOWDGR JHRPpWULFR HQ HVWH
SXQWR VLQ HPEDUJR SRGUtD YLRODU WRGR HO
SURJUDPDGH:DOOLVeOWHQtDTXHKDOODUXQD
PDQHUDSDUDFDOFXODUȍXWLOL]DQGRHOSULQFL
SLR GH LQWHUSRODFLyQ SDUD TXH SXGLHUD YHUL
ILFDU HVWH YDORU FRQ HO FRQRFLGR D SDUWLU GH
OD JHRPHWUtD 6yOR GH HVWD PDQHUD SRGUtD
FUHDU XQ H[SHULPHQWR FUtWLFR FDSD] GH SUR
EDU \ YDOLGDU VX PpWRGR GH LQWHUSRODFLyQ
(,ILOyVRIR7KRPDV+REEHVOODPDDOWUDEDMRGH:DOOLVFRPRXQD³SLFDUGtDGHVtPERORV´+REEHVQR
YHUD]yQSRUODFXDOORVUHVXOWDGRGHOiOJHEUDWHQJDQTXHVHUFRQVLVWHQWHVFRQORVGHODJHRPHWUtD/D
UHVSXHVWDGH:DOOLVDHVWRVFRPHQWDULRVIXHGHVFRQFHUWDQWHSDUDHOILOyVRIR+REEHV&DMRUL
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
QHUDWRWDOPHQWHQXHYDSDUDFDOFXODU\VHYROYLy
IDPRVD6HPHQFLRQDFRQUHJXODULGDGHQOL
EURVPRGHUQRVGHDQiOLVLV\VHGLVFXWHQVXV
FRQH[LRQHV FRQ RWURV WySLFRV SHUR UDUD YH]
DOJXLHQ PHQFLRQD VX VLJQLILFDGR HSLVWH
PROyJLFR (VWH FiOFXOR HV XQ H[SHULPHQWR
HPStULFRFUtWLFRTXHFRQILUPDODFRQVLVWHQFLD
GH OD JHRPHWUtD \ OD DULWPpWLFD (VWR FRPR
:DOOLVGLUtDKDVLGR³HVWXGLRVDPHQWHFRQFL
OLDGR´SRUPHGLRGHODQiOLVLVOyJLFR:DOOLV
TXHUtDTXHVXWUDEDMRWUDQVPLWLHUDODXWLOLGDG
GH PpWRGRV HPStULFRV HQ OD LQYHVWLJDFLyQ
GHQWURGHODVPDWHPiWLFDV9HUHVWHUHVXOWDGR
VyORFRPRXQDQXHYDPDQHUDSDUDFDOFXODUʌ
HV ³HUUDU WRWDOPHQWH HO GLVHxR GHO WUDWDGR´
1XQQS
$VtTXHVHUHJUHVDGHQXHYRDODILODT GRQGHPRYLHQGRGRVHVSDFLRVKDFLDOD GHUHFKDDSDUWLUGHODQpVLPDHQWUDGDVH PXOWLSOLFDHVDHQWUDGDSRUQQ:DOOLVQRWy TXHDPHGLGDTXHQVHLQFUHPHQWDODIUDF
FLyQ Q Q VHDFHUFDFDGDYH]PiVD
$VtHOQ~PHURGRVHVSDFLRVDODGHUHFKDGHEH
FDPELDUPX\SRFRFXDQGRFRQWLQXDPRVFRQ
ODVXFHVLyQ(VWRHVFLHUWRHQODVIUDFFLRQHV
FDOFXODGDVDVtFRPRHQORVP~OWLSORVGHȍ
:DOOLVDUJXPHQWyTXHGDGRTXHWRGDODVXFH
VLyQHVPRQyWRQDFUHFLHQWHHQWRQFHVORVWpU
PLQRVFRQVHFXWLYRVGHEHQWDPELpQDFHUFDUVH
XQRDORWURDPHGLGDTXHDYDQ]DPRV$Vt
FXDQGRDOFRQVWUXLUHVWRVWpUPLQRVGHEHUtDPRV
WHQHUTXH
'HELGRDTXHȍGHEHVHULJXDODʌODVLQ
WHUSRODFLRQHVGH:DOOLVVHMXVWLILFDQGDGR
TXH
6LXQRFDOFXODHVWHSURGXFWRLQILQLWRFRQ
YHUJHDʌ(VWRHVFRQFXHUGDFRQORVUHVXOWD
GRVGH$UTXtPHGHV\RWURVTXHDQWHULRUPHQWH
KDEtDQFDOFXODGRʌPHGLDQWHXQDUHSUH
VHQWDFLyQJHRPpWULFD(VWD~OWLPDFRRUGL
QDFLyQGHUHSUHVHQWDFLRQHVP~OWLSOHVIXHOR
TXHOHFRQILUPyD:DOOLVODYLDELOLGDGGHVX
SULQFLSLRGHLQWHUSRODFLyQ(VWDIXHXQDPD
/RVPpWRGRVHPStULFRVGH:DOOLVOOHYDURQDO
MRYHQ ,VDDF 1HZWRQ D VX SULPHUD FUHDFLyQ
PDWHPiWLFD SURIXQGD OD H[SDQVLyQ GH ODV
IXQFLRQHV HQ VHULHV ELQRPLDOHV :KLWHVLGH
(O OHFWRU LQWHUHVDGR GHEHUi OHHU ODV
DQRWDFLRQHVGH1HZWRQD:DOOLVFRQWHQLGDVHQ
VXVSULPHUDVQRWDVSDUDYHUTXpWDQWRHVWH
PpWRGR GH LQWHUSRODFLyQ VH FRQYLHUWH SDUD
1HZWRQHQODEDVHGHVXQRFLyQGHFRQWLQXLGDG
1HZWRQ1HZWRQJHQHUDOL]DORVPpWR
GRVGH:DOOLVSHURSRUYDULDVJHQHUDFLRQHV
OD HSLVWHPRORJtD XWLOL]DGD SRU :DOOLV SHU
_PDQHFH VLHQGR OD IXHU]D GRPLQDQWH HQ
PDWHPiWLFDV/DVLQYHVWLJDFLRQHVHODERUDGDV
SRU (XOHU HQ HO VLJOR ;9,,, ODV FXDOHV LQ
FOX\HQH[SDQVLRQHVGHVHULHVVREUHQ~PHURV
FRPSOHMRV \ OD VROXFLyQ GH PXFKDV HFXD
FtRQHV GLIHUHQFLDOHV SHUPDQHFHQ VLQ HP
EDUJR HQUDL]DGDV HQ XQD HSLVWHPRORJtD
HPStULFDGHUHSUHVHQWDFLRQHVP~OWLSOHV(XOHU
&21&/86,21(6
/RVPpWRGRVGHLQYHVWLJDFLRQHVERVTXHMDGRV
HQHVWHWUDEDMRKDQVLGREDVWDQWHGHSXUDGRV
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
GHORPiVLQWHUHVDQWHGHOiUHDGHODLQYHVWL
JDFLyQ PRGHUQD HQ PDWHPiWLFDV VH OOHYD D
FDERFRPRH[SHULPHQWRVGHFRPSXWDGRUD/D
JHRPHWUtDIUDFWDOGHVDUUROODGDSRU0DQGHOEURW
\RWURVHVXQEXHQHMHPSOR+DQVLGRFRQVWUX
LGDVQXHYDVLPiJHQHVVRUSUHQGHQWHVTXHLQ
YROXFUDQSRFRDQiOLVLVIRUPDO(VWRVPpWRGRV
HPStULFRV KDQ VLGR DKRUD DSOLFDGRV SURIXQ
GDPHQWHHQELRORJtD5HFLHQWHPHQWHDOJRGH
ODLQYHVWLJDFLyQPDWHPiWLFDPiVRULJLQDOKD
SURYHQLGR GHO H[WHULRU D ORV GHSDUWDPHQWRV
GHPDWHPiWLFDV
HQQXHVWURFXUULFXOXPPDWHPiWLFR(VWRVUH
VXOWDGRVPDWHPiWLFRVVRQDKRUDSUHVHQWDGRV
DORVHVWXGLDQWHVHQXQHVFHQDULROyJLFRIRU
PDOTXHVXUJLyHQORVVLJORV;,;\;;6RQ
SUHVHQWDGRVFRPRDOJRKHFKRXQREMHWRWHU
PLQDGR3UiFWLFDPHQWHQRTXHGDQLQJ~QVHQ
WLGRGHODDFWLYLGDGGHLQYHVWLJDFLyQ7DQWR
SDUDORVHVSHFLDOLVWDVHQPDWHPiWLFDVFRPR
SDUDORVQRHVSHFLDOLVWDVHVWHWLSRGHSUH
VHQWDFLyQHVODGRPLQDQWHHQQXHVWURVVD
ORQHVGHFODVH
/DSUiFWLFDGHODFRQMHWXUDSRUDQDORJtD\HO
XVRGHODLQGXFFLyQLQIRUPDOFRPELQDGDFRQ
ODFRRUGLQDFLyQGHUHSUHVHQWDFLRQHVP~OWL
SOHVYLJRUL]DUiQXHVWUDVSUiFWLFDVGHHQ
VHxDQ]D3DUDORVQRHVSHFLDOLVWDVPXFKRV
PpWRGRVSU iFW LFRVGHU D ]RQD P LHQWR
PDWHPiWLFRVRQWRWDOPHQWHHQFXELHUWRV$Vt
TXHPXFKRVUHVXOWDGRVHQPDWHPiWLFDV
SXHGHQVHUSUHVHQWDGRVPXFKRDQWHV\HQXQ
FRQWH[WRPXFKRPiVVLPSOHVLORVPpWRGRV
HPStULFRVIXHUDQIRPHQWDGRV,QFOXVRSDUDHO
HVWXGLDQWHTXHHOLJHHVSHFLDOL]DUVHHQ
PDWHPiWLFDVODPD\RUSDUWHGHOSURFHVRGH
LQYHQFLyQQXQFDVHGHVWDFDDXQTXHPXFKRGHO
WUDEDMRGHXQPDWHPiWLFRSURIHVLRQDOVHOOHYD
DFDERGHHVWDPDQHUD
/DGLVSRQLELOLGDGGHFDOFXODGRUDV\FRPSX
WDGRUDVKDFHQSRVLEOHSDUDPXFKRVRFXSDUVH
GHHVSHFXODFLRQHVHPStULFDV0iVD~QPXFKR
(QUHVXPHQGLUHPRVTXHHVPiVELHQOD
DFFLyQPDWHPiWLFDTXHHOUHVXOWDGRORTXH
FRQOOHYDGHPDQHUDPiVSURIXQGDDOVLJ
QLILFDGR(QODFRQVWUXFFLyQGHXQHVFH
QDULRPDWHPiWLFRHVGRQGHHVWDVDFFLRQHV
SXHGHQYHULILFDUVHDWUDYpVGHGLIHUHQWHV
UHSUHVHQWDFLRQHV TXHSURGXFHQ FRQILDQ]D
HQ OD YLDELOLG DG GH X Q PpWRGR (O HQ
WHQGLPLHQWRGHOPpWRGRHVORTXHIRUWDOHFH
DORVHVWXGLDQWHV(ODQiOLVLVOyJLFRSXHGH
VHU PX\ ERQLWR \ VDWLVIDFWRULR D VX PDQHUD
SHURHVFRPRXQDDUDxDWHMLHQGRVXWHODUDxD
HQHOFDVWLOORGHODVPDWHPiWLFDV(OSHOLJUR
HVTXHGHVSXpVGHXQWLHPSRXQRFRPLHQFH
D FUHHU TXH ODV WHODUDxDV VRVWHQGUiQ HO
FDVWLOORO /RV HVWXGLDQWHV H[SXHVWRV VyOR D
XQDFXUUtFXODWUDGLFLRQDOVREUHWRGRIRUPDO
HVWiQ HVSHFLDOPHQWH SURSHQVRV D HVWH SHOL
JUR
³/RVGHVDUUROORVHQHVWHVLJORRULHQWDGRVKDFLDODVEDVHVGHODVPDWHPiWLFDVVHVLQWHWL]DQPHMRUHQ
XQDKLVWRULD´(QODULEHUDGHO5KLQVHHULJtDXQKHUPRVRFDVWLOORGHVGHKDFtDVLJORV(QHOVyWDQRGHO
FDVWLOORXQDLQWULFDGDUHGGHWHODUDxDVKDEtDVLGRFRQVWUXLGDSRUGRVDUDxDVWUDEDMDGRUDVTXHYLYtDQDKt
8QGtDXQIXHUWHYLHQWRFRPHQ]yDVRSODU\GHUULEyODWHODUDxD/DVDUDxDVIUHQpWLFDPHQWHWUDEDMDURQ
HQODUHSDUDFLyQGHOGDxR3HQVDURQTXHHUDVXWHODUDxDORTXHVRVWHQtDDOFDVWLOOR´GH0RUULV.OLQHHQ
0DWKHPDWLFVOD3pUGLGDGHOD&HUWH]DS
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
%,%/,2*5$)Ë$
%DURQ07KH2ULJLQVRI,QILQLWHVLPDO&DOFXOXV3HUJDPRQ/RQGRQ
%R\HU&%$+LVWRU\RI0DWKHPDWLFV:LOOH\1HZ<RUN
%R\HU&%+LVWRU\RI$QDO\WLF*HRPHWU\&KDSWHUV,,,96FULSWD0DWKHPDWLFD
1HZ<RUN
%R\HU&%3DVFDO¶VIRUPXODIRUWKHVXPVRISRZHUVRILQWHJHUVHQ6FULSWD
0DWKHPDWLFD
&DMRUL ) +LVWRU\ RI H[SRQHQWLDO DQG ORJDULWKPLF FRQFHSWV HQ $PHULFDQ
0DWKHPDWLFDO0RQWK\
&DMRUL)&RQWURYHUVHVRQPDWKHPDWLFVEHWZHHQ:DOOLV+REEHVDQG%DUURZ
HQ7KH0DWKHPDWLFV7HDFKHU;;
&DOLQJHU5&ODVVLFVRI0DWKHPDWLFV0RRUH2DN3DUN,/
&RQIUH\-0XOWLSOLFDWLRQDQGVSOLWWLQJWKHLUUROHLQXQGHUVWDQGLQJH[SRQHQWLDO
IXQFWLRQVHQ3URFHHGLQJVRIWKH7HQWK$QQXDO0HHWLQJRIWKH1RUWK$PHULFDQ&KDSWHU
RIWKH,QWHUQDWLRQDO*URXSIRUWKH3V\FKRORJ\RI0DWKHPDWLFV(GXFDWLRQ30(1$
'H.DOE,/
&RQIUH\-8VLQJFRPSXWHUVWRSURPRWHVWXGHQWV¶LQYHQWLRQVRQWKHIXQFWLRQ
FRQFHSW7KLV<HDULQ6FKRRO6FLHQFHHQ0DOFRP5REHUWV6KHLQJROG(GV
$PHULFDQ$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI6FLHQFH:DVKLQJWRQ'&
&RQIUH\ - /HDUQLQJ WR VHH FKLOGUHQ¶V PDWKHPDWLFV FUXFLDO FKDOOHQJHV LQ
FRQVWUXFWLYLVW UHIRUP 7KH 3UDFWLFH RI &RQVWUXFWLYLVP LQ 6FLHQFH (GXFDWLRQ 7RELQ
.(GHQ$PHULFDQ$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI6FLHQFH:DVKLQJWRQ'&
&RQIUH\ - 6SOLWWLQJ VLPLODULW\ DQG UDQJH RI FKDQJH 1HZ DSSURDFKHV WR
PXOWLSOLFDWLRQ DQG H[SRQHQWLDO IXQFWLRQV HQ 7KH 'HYHORSPHQW RI 0XOWLSOLFDWLYH
5HDVRQLQJ LQ WKH /HDUQLQJ RI 0DWKHPDWLFV +DUHO *$QG &RQIUH\ - HGV 6WDWH
8QLYHUVLW\RI1HZ<RUN3UHVV$OEDQ\1<
&RQIUH\ - 6PLWK ( HQ SUHQVD $SSO\LQJ DQG HSLVWHPRORJ\ RI PXOWLSOH
UHSUHVHQWDWLRQV WR KLVWRLFDO DQDO\VLV $ UHYLHZ RI ³GHPRFUDWL]LQJ WKH DFFHVV WR
FDOFXOXV 1HZ PXWHV WR ROG URRWV´ E\ -DPHV .DSXW 0DWKHPDWLFDO 7KLQNLQJ DQG
3UREOHP6ROYLQJ6FKRHQIHOG$HG/DZUHQFH(UOEDXP$VVRF,QF+LOOVGDOH1-
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
&RXUDQW5*DXVVDQGWKHSUHVHQWVLWXDWLRQRIWKHH[DFWVFLHQFHVHQ0DWKHPDWLFV
3HRSOH3UREOHPV5HVXOWV&DPSEHOO'DQG+LJJLQV-HGYRO:DGVZRUWK,QWHUQDWLRQDO
%HOPRQW&$
'HQQLV ' +LVWRULFDO SHUVSHFWLYHV IRU WKH UHIRUP RI PDWKHPDWLFV FXUULFXOXP
JHRPHWULFFXUYHGUDZLQJGHYLFHVDQGWKHLUUROHLQWKHWUDQVLWLRQWRDQDOJHEUDLFGHVFULSWLRQ
RIIXQFWLRQVXQSXEOLVKHGGRFWRUDOGLVVHUWDUWDWLRQ&RUQHOO8QLYHUVLW\OWKDFD1<
'HVFDUWHV 5 7KH *HRPHWU\ 7UDQVODWHG E\ '( 6PLWK DQG 0/ /DWKDP 2SHQ
&RXUW/D6DOOH,/
(GZDUGV&+7KH+LVWRULFDO'HYHORSPHQWRI&DOFXOXV6SULQJHU9HUODJ1HZ<RUN
(XOHU/,QWURGXFWLRQWR$QDO\VLVRIWKH,QILQLWH7UDQVODWHGE\/'%ODQWRQ6SULQJHU
9HUODJ1HZ<RUN
)RZOHU'+7KH0DWKHPDWLFVRI3,DWR¶V$FDGHP\$1HZ5HFRQVWUXFWLRQ&ODUHQGRQ
3UHVV2[IRUG
.DW]9$+LVWRU\RI0DWKHPDWLFV$Q,QWURGXFWLRQ+DUSHU&ROOLQV1HZ<RUN
/DNDWRV,3URRIVDQG5HIXWDWLRQV7KH/RJLFRI0DWKHPDWLFDO'LVFRYHU\&DPEULGJH
8QLYHUVLW\3UHVV1HZ<RUN
0DKRQH\067KH0DWKHPDWLFDO&DUHHURI3LHUUHGH)HUPDW3ULQFHWRZQ8QLYHUVLW\
3UHVV3ULQFHWRQ1-
1HZWRQ , 7KH 0DWKHPDWLFDO 3DSHUV RI ,VDDF 1HZWRQ 9ROXPH , &DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH
1XQQ 7 3 7KH DULWKPHWLF RI LQILQLWHV HQ 0DWKHPDWLFV *D]HWH \
6FRWW - ) 7KH 0DWKHPDWLFDO :RUN RI -RKQ :DOOLV &KHOVHD 3XEOLVKLQJ &R 1HZ
<RUN
6PLWK('HQQLV'&RQIUH\-5HWKLQNLQJIXQFWLRQVFDUWHVLDQFRQVWUXFWLRQVHQ
7KH+LVWRU\DQG3KLORVRSK\RI6FLHQFHDQG6FLHQFH(GXFDWLRQ6+LOOV(G7KH0DWKHPDWLFV
6FLHQFH7HFKQRORJ\DQG7HDFKHU(GXFDWLRQ*URXS4XHHQV8QLYHUVLW\.LQJVWRQ2QWDULR
6WUXLN'-$6RXUFH%RRNLQ0DWKHPDWLFV+DUYDUG8QLYHUVLW\3UHVV
&DPEULGJH0$
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
8QJXUX62QWKHQHHGWRUHZULWHWKHKLVWRU\RI*UHHNPDWKHPDWLFVHQ$UFKLYHIRU
+LVWRU\RI([DFW6FLHQFHV
:DOOLV-$ULWKPHWLFD,QILQLWRUXP2SHUD0DWKHPDWLFDYROO*HRUJ2OPV9HUODJ
1HZ<RUN
:LWWJHVWHLQ/5HPDUNVRQWKH)RXQGDWLRQVRI0DWKHPDWLFVWUDQVODWHGE\*(0
$QVHRPEH0,73UHVV&DPEULGJH0$
:KLWHVLGH'71HZWRQDQGGLVFRYHU\RIWKHJHQHUDOELQRPLDOWKHRUHPHQ
0DWKHPDWLFV*D]HWWH
:KLWHVLGH'73DWWHUQVRIUQDWKHPDWLFDOWKRXJKWLQWKHODWHUOWKFHQWXU\HQ
$UFKLYHIRU+LVWRU\RI([DFW6FLHQFHVYRO,
5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
KDFHPRVQRVRWURV(VWRHVGHILQHHOtQGLFHGH
[FRPRHOtQGLFHGH [
FRPRHWF
7DPELpQH[WLHQGHHVWDGHILQLFLyQDODVIUDF
FLRQHVSRUHMHPSOR¥ [WLHQHXQtQGLFHGH± 'HVSXpVHVWDEOHFHTXHODUHODFLyQHQWUHHO
tQGLFH\ODUD]yQFDUDFWHUtVWLFDVLJXHVLHQGR
YiOLGDSDUDHVRVtQGLFHVQHJDWLYRV(VWRHV
VLNHVXQtQGLFHHQWRQFHV HVODUD]yQ
N
GHOiUHDVRPEUHDGDEDMRODFXUYDKDVWDHO
UHFWiQJXORYHUILJXUD(QHOFDVRGHXQ
tQGLFHQHJDWLYRHVWDiUHDVRPEUHDGDQRHV
DFRWDGD(VWRQRLPSLGHTXH:DOOLVJHQHUD
OLFHVXDILUPDFLyQ
$3e1',&(
([SRQHQWHV1HJDWLYRV\5D]RQHV
3RUORJHQHUDOKDOODPRVLQWHUHVDQWHH[DPLQDU
DOJXQDVGHODLGHDVHQPDWHPiWLFDVTXHQRKDQ
REWHQLGRDFHSWDFLyQJHQHUDO/DFRQVLGHUDFLyQ
VHULDGHHVWDVFRQFHSFLRQHVDOWHUQDWLYDVSXHGH
HQULTXHFHUQXHVWURSHQVDPLHQWR\QXHVWUDSUiF
WLFDHGXFDWLYDDOWUDWDUGHHQWHQGHUODVFRQ
FHSFLRQHVGHORVHVWXGLDQWHV/DVLJXLHQWH
UHYLVLyQGHOXVRTXHGD:DOOLVDORVYDORUHVQH
JDWLYRVGHQWURGHVXWHRUtDGHtQGLFH\UD]yQ
HVXQEXHQHMHPSOR
:DOOLVLQWHUSUHWDDORVQ~PHURVQHJDWLYRV
FRPRH[SRQHQWHVGHODPLVPDPDQHUDTXHOR
),*85$
&XDQGRN ODUD]yQFDUDFWHUtVWLFDGHEHVHU
WiQJXOR(VWRHVFLHUWRQRLPSRUWDTXpSXQWR
ILQDODODGHUHFKDVHHOLMD
&XDQGRN ODUD]yQFDUDFWHUtVWLFDGHEHVHU
(VWHYDORUHVLQGXGDEOHPHQWHFRUUHFWRGH
ELGRDTXHHOiUHDQRDFRWDGDEDMRODFXUYD
\ ¥[FRQYHUJHDOGREOHGHOiUHDGHOUHF
:DOOLVLQWURGXMRHVWHVtPERORSDUDLQILQLWRHQ
ODVPDWHPiWLFDV:DOOLVDFHSWyHVWHFRFLHQWH
/DFUHDFLyQGHH[SRQHQWHVFRQWLQXRVXQHVWXGLRVREUHORVPpWRGRV\ODHSLVWHPRORJtDGH-RKQ:DOOLV
LQWURGXFHHOVLJQRPHQRVHQODUD]yQHQWRQFHV
VHREWLHQHODUD]yQFRUUHFWDGHOiUHDQRVRP
EUHDGDEDMRODFXUYDFRQUHVSHFWRDOiUHDGHO
UHFWiQJXOR(VWRIXHHOFRPLHQ]RGHODLGHDGH
TXHORVQ~PHURVQHJDWLYRVSXHGHQVHUYLVWRV
FRPRFRPSOHPHQWRVRLQYHUVLyQGHODGHGL
UHFFLyQ
1RVRWURVVLQHPEDUJRHQFRQWUDPRVTXHYDOH
OD SHQD SRQGHUDU OD FRQFHSFLyQ RULJLQDO GH
:DOOLV ¢'H TXp PDQHUD WLHQH VHQWLGR FRQ
VLGHUDUODUD]yQGHXQQ~PHURSRVLWLYRFRQUHV
SHFWRDXQRQHJDWLYRFRPRPD\RUDLQILQLWR"
(Q OD LQWHUSUHWDFLyQ GHO iUHD GH OD ILJXUD SRGHPRVYHUHVWRVGLIHUHQWHVLQILQLWRVFRPR
WDVDVFDGDYH]PD\RUHVGHGLYHUJHQFLD7DOHV
YLVLRQHVSRUORJHQHUDOVRQODVTXHVHWRPDQ
HQPDWHPiWLFDV(OiUHDEDMR\ [ GLYHUJH
PiVUiSLGRTXHHOiUHDEDMR\ [ FRPRUD]RQDEOHGHELGRDTXHHOiUHDEDMROD
FXUYD\ [GLYHUJH(VWRSXHGHYHUVHDSDUWLU
GHODGLYHUJHQFLDGHODVVHULHVDUPyQLFDV
TXHKDQVLGRFRQRFLGDVDOPHQRVGHVGHHO
VLJOR;,9%R\HUFDSLWXOR;,9
&XDQGRN ODUD]yQFDUDFWHUtVWLFDGHEH
VHU
$TXtODFRQFHSFLyQGH:DOOLVVREUHODUD]yQ
GLILHUHGHQXHVWUDDULWPpWLFDPRGHUQDGH Q~PHURVQHJDWLYRV(OQRFUHHTXH 0iVELHQpOVHTXHGDFRQVXHSLVWHPRORJtD
GHUHSUHVHQWDFLRQHVP~OWLSOHV'HELGRDTXH
HOiUHDVRPEUHDGDEDMRODFXUYD\ [ HV
PiVJUDQGHTXHHOiUHDEDMRODFXUYD\ [
FRQFOX\HTXHODUD]yQ HVPD\RUTXHLQ
ILQLWR³UDWLRSOXVTXDPLQILQLWD´1XQQ
S3URVLJXHFRQFOX\HQGR TXHHVLQFOXVRPiVJUDQGH(VWRH[SOLFD
HOSOXUDOHQHOWtWXORGHVXWUDWDGR$ULWKPHWLFD
,QILQLWRUXP/DWUDGXFFLyQPiVDGHFXDGDVHUtD
/D$ULWPpWLFDGHORV,QILQLWRV
/DPD\RUtDGHORVKLVWRULDGRUHVVREUH
PDWHPiWLFDVSDVDQOLJHUDPHQWHVREUHHVWH
FRQFHSWRVLHVTXHDFDVROROOHJDQDPHQ
FLRQDU$TXpOORVTXHVtORKDFHQUiSLGDPHQWH
FLWDQORVFRPHQWDULRVGHOPDWHPiWLFRIUDQFpV
9DULJQRQTXLHQVHxDOyTXHVLVH
&RQVLGHUHPRVXQDVLWXDFLyQLQFOXVRPiVVLP
SOH6L\RWHQJRXQGyODU\W~WLHQHVFHQ
WDYRVHQWRQFHVGHFLPRVTXH\RWHQJRHOGREOH
GH GLQHUR TXH W~ 6L \R WHQJR XQ GyODU \ W~
WLHQHVFHQWDYRVHQWRQFHVGHFLPRVTXH\R
WHQJR GLH] YHFHV HO GLQHUR TXH WLHQHV W~ 6L
\R WHQJR XQ GyODU \ W~ QR WLHQHV QDGD HQ
WRQFHVSRGHPRVGHFLUTXH\RWHQJRLQILQLWD
PHQWHPiVGLQHURTXHW~0XFKRVPDWHPiWLFRV
DFHSWDQHVWHHQXQFLDGR$KRUDVL\RWHQJRXQ
GyODU\W~HVWiVHQGHXGD¢QRGLUtDPRVTXHOD
UD]yQGHPLGLQHURFRQUHVSHFWRDOWX\RHVLQ
FOXVR PiV JUDQGH TXH HO LQILQLWR" (VWR QRV
SDUHFHXQDFXHVWLyQGLJQDGHWRPDUVHHQ
FXHQWD
Descargar