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[ QRHVXQD6ROXFLyQGH  [ +  >  [ −  
[!HVYHUGDGHUDSDUDWRGR[!OXHJR&6  {[ ∈ 5[ >   }

'RV LQHFXDFLRQHV VH OODPDQ LQHFXDFLRQHV HTXLYDOHQWHV VL \ VROR VL WLHQHQ HO PLVPR
FRQMXQWRVVROXFLyQ

(MHPSOR
/DVLQHFXDFLRQHV  [ +  <  
  [ +  <  
VRQHTXLYDOHQWHVSRUTXHSDUDDPEDVVHFXPSOHTXH&6  {[ ∈ 5 [ < }


2SHUDFLRQHVTXHSURGXFHQLQHFXDFLRQHVHTXLYDOHQWHV

• $PERV ODGRV GH OD LQHFXDFLyQ VH SXHGH VXPDU R UHVWDU OD PLVPD H[SUHVLyQ \ VH
REWLHQHXQDLQHFXDFLyQHTXLYDOHQWH
• $PERVODGRVGHODLQHFXDFLyQVHSXHGHQPXOWLSOLFDUSRUXQDH[SUHVLyQSRVLWLYD\VH
REWLHQHXQDLQHFXDFLyQHTXLYDOHQWH


,QWHUYDORV

6RQ VXEFRQMXQWRV GH ORV Q~PHURV UHDOHV GHILQLGRV HQ WpUPLQRV GH GHVLJXDOGDGHV TXH
VLUYHQ SDUD H[SUHVDU HO FRQMXQWR 6ROXFLyQ GH XQD LQHFXDFLyQ (VWRV LQWHUYDORV VH
SXHGHQUHSUHVHQWDUJUiILFDPHQWHHQODUHFWDQXPpULFDUHDO






8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


D 'HORQJLWXGILQLWD LQWHUYDORILQLWR 

1RWDFLyQ 'HVLJXDOGDG *UiILFD

]D E[R D E  D[E 
D E


[D E] D[E
D E


[D E[R>DE〉 D[E
D E



E 'HORQJLWXGLQILQLWD LQWHUYDORLQILQLWR 

  
]D + ∞[ [!D
D 

  
>D ∞ 〉 [!D
D 

  
− ∞ E  [E
 E

  
]− ∞ E] [E
 E

  
− ∞ ∞  ∞[∞
∞  ∞



(MHUFLFLR7UDFHODJUiILFDGHORVVLJXLHQWHVLQWHUYDORV

D >>

6ROXFLyQ




−5 −4 −3 −2 −1 0 1 2 3 4 5 6



8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


E − ∞ ]

6ROXFLyQ



 −5 −4 −3 −2 −1 0 1 2 3 4 5 6

(MHUFLFLR  6L $  > @  \ %  −  ] GHWHUPLQH HO PHQRU YDORU HQWHUR TXH
SHUWHQHFHD $ ∩ % 

6ROXFLyQ



 
−5 −4 −3 −2 −1 0 1 2 3 4 5 6

 5HVSXHVWD

,QHFXDFLRQHVGHSULPHUJUDGRFRQXQDLQFyJQLWD

8QDLQHFXDFLyQGHSULPHUJUDGRFRQXQDLQFyJQLWDHVDTXpOODLQHFXDFLyQTXHSXHGH
UHGXFLUVHDFXDOTXLHUDGHODVVLJXLHQWHVIRUPDVJHQHUDOHV
 
 D[E D[E! D[E ≤  R D[E ≥ 

GRQGHHQWRGRVORVFDVRVD\EVRQFRQVWDQWHVUHDOHV\D≠

3DUD UHVROYHU XQD LQHFXDFLyQ GH SULPHU JUDGR FRQ XQD LQFyJQLWD XVDPRV ODV
SURSLHGDGHV GHEHPRV GHMDU OD LQFyJQLWD HQ XQ VROR PLHPEUR GH OD LQHFXDFLyQ \ ODV
FRQVWDQWHVHQHORWURREWHQLHQGRXQDLQHFXDFLyQHTXLYDOHQWH

[ −  [ +   [ − 
(MHUFLFLR5HVXHOYD − > − 
   
 
[ −  [ +   [ − 
 6ROXFLyQ − > − 
   
  
  [ −  −   [ +  >   −   [ − 
−  [ > 
  
[ < −
&6  = ]− ∞−[




8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


,QHFXDFLRQHVSROLQyPLFDV

,QHFXDFLyQ3ROLQyPLFDHVXQDGHVLJXDOGDGFX\RSULPHUWpUPLQRHVXQSROLQRPLR\HO
VHJXQGRHVFHURUHODFLRQDGRVSRUODVGHVLJXDOGDGHV≤!y≥$VtXQDLQHFXDFLyQ
SROLQyPLFDGHJUDGRQVHSXHGHHVFULELUGHODVLJXLHQWHIRUPD

D Q [ Q + D Q − [ Q − +  + D [ + D  ≤  

3DUDUHVROYHUXQDLQHFXDFLyQSROLQyPLFDVHH[SUHVDHOSROLQRPLRFRPRXQSURGXFWRGH
IDFWRUHVOLQHDOHVyFRPRIDFWRUHVFXDGUiWLFRVLUUHGXFWLEOHV

• 6HKDOODQWRGRVORVFHURVGHOSROLQRPLR UDtFHV GHFDGDIDFWRU [±D RUGHQiQGRORV
HQIRUPDFUHFLHQWHHQODUHFWDQXPpULFDGHWHUPLQiQGRVHDVtLQWHUYDORV
• 6HVHOHFFLRQDFDGDLQWHUYDORTXHVDWLVIDFHHOVHQWLGRGHODGHVLJXDOGDGFRPSUREDQGR
FRQFXDOTXLHUYDORUTXHSHUWHQHFHDGLFKRLQWHUYDOR
• )LQDOPHQWH ORV LQWHUYDORV VHUiQ FHUUDGRV HQ ORV FHURV GHO SROLQRPLR VHJ~Q OD
FRQGLFLyQGHODGHVLJXDOGDG≤y≥HQORVRWURVFDVRVVRQDELHUWRV

(MHUFLFLR5HVXHOYD  [  − [ ≤  
 
 6ROXFLyQ  [ − [ ≤  
[  − [ −  ≤ 

 [ −  [ +  ≤ 

/DVUDtFHVRFHURVVRQ [ = − \ [ =    


 [ −  [ +  ≤  

  

&RPRODGHVLJXDOGDGWLHQH≤HOLQWHUYDORHVFHUUDGRHQWRQFHV &6 = −    

 

(MHUFLFLR [  −  [  −  [ +  ≥  
 
 6ROXFLyQ [  −  [  −  [ +  ≥  
[  [ −  −  [ −  ≥ 
[ −  [  −  ≥  
[ −  [ +  ≥ 



/DVUDtFHVRFHURVVRQ [ = − \ [ =  

 



$GHPiVYHPRVTXH[ VDWLVIDFHODLQHFXDFLyQ &6  = [−   ]∪ [  + ∞[ 


8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


,QHFXDFLRQHVUDFLRQDOHV

6RQDTXHOODVFX\RSULPHUWpUPLQRHVXQDH[SUHVLyQGHIRUPD3 [ 4 [ FRQ3 [ \4 [ 
SROLQRPLRV 4 [ ≠  \ VHJXQGR WpUPLQR FHUR UHODFLRQDGRV SRU ODV UHODFLRQHV GH
GHVLJXDOGDG≤!y≥

3DUDUHVROYHUODVVHWUDVODGDQDXQPLHPEURWRGRVORVWpUPLQRVSDUDTXHHQHORWURTXHGH
 FHUR OXHJRVHHVWXGLDHOVLJQRGHODIUDFFLyQTXHVHKDREWHQLGRGHVFRPSRQLHQGRHO
QXPHUDGRU \ GHQRPLQDGRU HQ SURGXFWRV GH IDFWRUHV \ WHQLHQGR HQ FXHQWD TXH HO
GHQRPLQDGRUQRGHEHVHUFHUR

[
(MHUFLFLR5HVXHOYD > 
[ − 
 
 6ROXFLyQ(O&9$HV5±^`
  
[ −[+
  −> ⇒ > 
[ −  [−

/DVUDtFHVRFHURVVRQ [ =  \ [ =  


 

 

9HPRVTXHODGHVLJXDOGDGHV!LPSOLFDTXHHOLQWHUYDORHVDELHUWR &6 = ]  [


 − [ [ + 
(MHUFLFLR5HVXHOYD ≤
[ [ − 
 
 6ROXFLyQ(O&9$HV5±^`

/DVUDtFHVRFHURVVRQ [ = −      \  

   

    

&RQVLGHUDQGRDO&9$ 5 − {  }VHWLHQH &6 = ]− ∞  − ]∪ ]  ]∪ ]  + ∞[









8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


0$75,&(6

 0$75,&(6<23(5$&,21(6

'HILQLFLyQ  D D  DQ 

8QDPDWUL]GHRUGHQP[QHVXQDUUHJORUHFWDQJXODUGH
D
  D  D  Q 
Q~PHURVFRORFDGRVHQPOtQHDVKRUL]RQWDOHV ILODV \Q $ =      
OtQHDVYHUWLFDOHV FROXPQDV 
     
 
  D P DP   D PQ 
1RWDFLyQ $ = D GRQGH D  HOHPHQWRGHODILODL
LM P× Q LM

\FROXPQDM

  
(MHPSOR $ =   HVXQDPDWUL]FRQGRVILODV\GRVFROXPQDVHOHOHPHQWR
 

D =   D =   D  =  \ D  =  


7LSRVGH0DWULFHV

• 0DWUL]1XOD(VXQDPDWUL]TXHWLHQHWRGRVVXVHOHPHQWRVQXORV6HGHQRWDSRU2

  
 (MHPSOR2 =   (VODPDWUL]QXODGHRUGHQ[
 

• 0DWUL]&ROXPQD(VXQDPDWUL]TXHWLHQHPILODV\XQDVRODFROXPQD


 (MHPSOR & =    /DPDWUL]&WLHQHILODV\XQDFROXPQD
− 

• 0DWUL])LOD(VXQDPDWUL]TXHWLHQHPFROXPQDV\XQDVRODILOD

 (MHPSOR & = [  ]/DPDWUL]&WLHQHILOD\FROXPQDV

• 0DWUL]&XDGUDGD(VXQDPDWUL]TXHWLHQHHOQ~PHURGHILODVLJXDODOGHOQ~PHURGH
FROXPQDV

   
 (MHPSOR $ = −    /DPDWUL]$HVFXDGUDGDGHRUGHQ[yGHRUGHQ
    



8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


• 0DWUL]'LDJRQDO/DPDWUL]FXDGUDGD$VHGLFHTXHHVGLDJRQDOVLFXPSOHFRQODV
VLJXLHQWHVFRQGLFLRQHV
L 6L L ≠ M HQWRQFHV DLM =  
LL /RVHOHPHQWRV DLM QRVRQWRGRVQXORV

  
(MHPSOR $ =    /DPDWUL]GLDJRQDO$GHRUGHQ
   

• 0DWUL]7ULDQJXODU6XSHULRU/DPDWUL]FXDGUDGD$VHGLFHTXHHVWULDQJXODUVXSHULRU
VLFXPSOHFRQODVVLJXLHQWHVFRQGLFLRQHV
6LL!MHQWRQFHV DLM =  
  6LL ≤ MHQWRQFHV DLM HVFXDOTXLHUD

   
(MHPSOR $ =    
  

• 0DWUL]7ULDQJXODU,QIHULRU/DPDWUL]FXDGUDGD$VHGLFHTXHHVWULDQJXODULQIHULRUVL
FXPSOHFRQODVVLJXLHQWHVFRQGLFLRQHV

  6LLMHQWRQFHV DLM =  
  6LL ≥ MHQWRQFHV DLM HVFXDOTXLHUD

  
(MHPSOR $ =    
  

• 0DWUL],GHQWLGDG(VXQDPDWUL]GLDJRQDOFRQWRGRVORVHOHPHQWRV DLL =  
6HGHQRWDSRU , Q PDWUL]LGHQWLGDGGHRUGHQQ

  
(MHPSOR ,  =    (VODPDWUL]LGHQWLGDGGHRUGHQ
  


2SHUDFLRQHVFRQPDWULFHV

6XPDGH0DWULFHV6HDQ $ = DLM \ % = ELM GRVPDWULFHVGHRUGHQP[QVHGHILQH
& $%SRU & = FLM FRPRODQXHYDPDWUL]WDOTXH FLM = DLM + ELM SDUDWRGRLM



8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


(MHPSOR

          +   +   +      
$= \ % =  HQWRQFHV $ + % =  
        +   +   +    
   

3URGXFWRGHXQHVFDODUSRUXQDPDWUL]6HD $ = DLM XQDPDWUL]GHRUGHQP[Q\ α XQ
HVFDODUVHGHQRWD α $DOSURGXFWRGHXQQ~PHURSRUXQDPDWUL]\VHGHILQHSRU
α $ α DLM 

             
(MHPSOR $ =  
              
= =

7UDQVSXHVWDGHXQD0DWUL]6HD $ = DLM XQDPDWUL]GHRUGHQP[QVHOODPDWUDQVSXHVWD
GH$\VHGHQRWD $7 DODQXHYDPDWUL]GHRUGHQQ[PFRQHOHPHQWRV D ML HVGHFLU
$7 D ML 
 
   
(MHPSOR6L $ =   HQWRQFHV $ =   
7  
  
   

3URGXFWRGH0DWULFHV
E 
E 
&DVR6HD $ = [D D  DQ ]XQDPDWUL]ILODGHRUGHQ[Q\ % =    XQDPDWUL]
  
EQ 
 

FROXPQDGHRUGHQQ[HQWRQFHVHOSURGXFWRGH$\%HVWiGHILQLGRGHODVLJXLHQWH
PDQHUD

E 
E  Q
$%  [D D  DQ ]     DE + D E +  + DQ EQ   ∑ DN EN 
   N =

E
 
 Q 

(MHPSOR


$ = [   ]\ % =   HQWRQFHV$%          
 
 
 


&DVR6HDQODVPDWULFHV$GHRUGHQP[S\%GHRUGHQS[Q(OSURGXFWR& $%HVOD
PDWUL]P[QFX\DFRPSRQHQWHLMpVLPDHVHOSURGXFWRGHODILODLpVLPDGH$\OD
FROXPQDMpVLPDGH%


8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


    $P[S % S[Q = & P[Q 

 E M 
E  S
GRQGH FLM = DL
[ DL   DLS     DLE M + DL  E M +  + DLS E SM
] ∑D ENM 
M

   N =
LN

 E SM 
 


(MHPSOR
  
      F F 
       F F  

     
 

   
F = [  ]          F = [  ] =        
 
 
 F  =  \ F  =  

 
5SWD  
 


2SHUDFLRQHVHOHPHQWDOHVVREUHUHQJORQHV

L ,QWHUFDPELRGHUHJORQHVGHXQDPDWUL]

   5 [5   
(MHPSOR   →    
     

LL 0XOWLSOLFDFLyQGHXQUHJOyQGHXQDPDWUL]SRUXQHVFDODUGLIHUHQWHGHFHUR

   5        
(MHPSOR  
             
 → =

LLL 6XPDGHXQP~OWLSORGHXQUHJOyQGHXQDPDWUL]DXQUHJOyQGLIHUHQWHGHHVD
PDWUL]

   −  5 + 5          
(MHPSOR  
    −   +  −   +  −   +  −   − 
  →  =







8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


,QYHUVDGHXQD0DWUL]

6HD$XQDPDWUL]FXDGUDGDVLH[LVWHXQDPDWUL]%WDOTXH$% %$ , Q HQWRQFHV%VH
OODPDLQYHUVDGH$\VHUHSUHVHQWDSRU % = $ − 
    − 
(MHPSOR6HDQODVPDWULFHV $ =  \ % =  
  −   


    −   
6L$%   ,  HQWRQFHVSRGHPRVDILUPDUTXHODPDWUL]%HVOD
  −     
  

LQYHUVDGHODPDWUL]$\VHGHQRWDUi $ − 

0pWRGRSDUDFDOFXODUODLQYHUVDGHXQDPDWUL]XVDQGRRSHUDFLRQHVHOHPHQWDOHVGH
UHJORQHV 2(5 

 [$ , Q ]2(5
 [ ]
→ , Q $ − GRQGH , Q HVODPDWUL]LGHQWLGDGGHRUGHQQ


 
(MHPSOR+DOOHODLQYHUVDGHODPDWUL] $ =  
 

    − 5 + 5     −  5 + 5    − 
     →  −     
  −   
→
   

  − 
5SWD $ − =  
−   

   
(MHUFLFLR6HD$%\;PDWULFHVFXDGUDGDVGHRUGHQWDOTXH %$ =    
7

  
5HVXHOYDODVLJXLHQWHHFXDFLyQPDWULFLDO ,  + ; $7 − = % − + ,  % 

6ROXFLyQ ,  + ; $7 − = % − % + ,  % = ,  + %  ⇒  ; $7 − = % 

GHVSHMDQGRODPDWUL];
   
; $ $ = % $  ⇒  ;,  = % $  ⇒  ; = % $ =    
7 −
( ) ( )
7 7
( ) 7
( ) 7

  





8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD

  
  
(MHUFLFLR6HDQ $ =  \ % =   VLPSOLILTXHODVLJXLHQWHH[SUHVLyQ
  

 
(   $% +  $% + ,  
7


     
6ROXFLyQ$%    ($% ) =  \ ,  =  
7

      


 

       
(         
       


(MHUFLFLR¢4XpFRQGLFLyQGHEHFXPSOLUODPDWUL]$GHRUGHQWDOTXH $ = $7 " 

D E  D F 
6ROXFLyQ $ =  = $7 ODFRQGLFLyQVHUiTXHE F
 F G  E G 
 = 


(MHUFLFLR6HDQGRVPDWULFHV$\%GHRUGHQQGLVWLQWRVGHODPDWUL]QXOD¢(VSRVLEOH
TXH$% "

    
6ROXFLyQ6LHVSRVLEOHVL $ =  \ % =   HQWRQFHV$% 
     


  
 (MHUFLFLR'HWHUPLQHODLQYHUVDGHODPDWUL] $ =    
  
 6ROXFLyQ

                −   
        →       →     −  
  − 5 + 5   − 5 + 5

                  



 −   
 $ =   −  
−

   


'(7(50,1$17('(0$75,&(6'(25'(1[\[

'DGDXQD0DWUL]FXDGUDGD$HOGHWHUPLQDQWHHVXQQ~PHURDVRFLDGRDODPDWUL]$\VH
GHQRWDSRUGHW $ y_$_



8QLYHUVLGDG3HUXDQDGH&LHQFLDV$SOLFDGDV
&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


'HWHUPLQDQWHGHXQDPDWUL][

(OGHWHUPLQDQWHGHODPDWUL]$GHRUGHQHVHOQ~PHURDGEF\HVFULELPRV

D E  D E
 GHW  = DG − EF 
F G  F G
=

 
(MHPSOR =     
 

'HWHUPLQDQWHGHXQDPDWUL][

3DUDFDOFXODUHOGHWHUPLQDQWHGHXQDPDWUL]$GHRUGHQVHSURFHGHXVDQGRODVLJXLHQWH
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FXDGUDQWDOHQFDGDXQRGHORVFXDWURFXDGUDQWHV


3DUD FDOFXODU ORV YDORUHV GH ODV IXQFLRQHV GH XQ iQJXOR QR FXDGUDQWDO XVDQGR ORV
iQJXORVGHUHIHUHQFLDVHKDOODQODVTXHFRUUHVSRQGHQDOiQJXORGHUHIHUHQFLD\VHKDFH
ODUHODFLyQWHQLHQGRHQFXHQWDHOFXDGUDQWHDOFXDOSHUWHQHFHHOiQJXORGDGR

(MHPSOR8WLOL]DUiQJXORVGHUHIHUHQFLDSDUDREWHQHUORVYDORUHVH[DFWRVGH VHQθ 

FRV θ \ WDQ θ SDUD θ = 

π π
9HDPRV θ 5 = π − = 
 

π  π 
VHQ = VHQ =  FRV = − FRV = − 
π π
     


WDQ = − WDQ = − 
π
 


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 *5È),&$'(/6(12<&26(12$03/,78'3(5,2'2<)$6(

*UiILFDGHODIXQFLyQVHQR I [ = VHQ [ 

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π π π π
[     π    π 
π π
     
   
VHQ [            
   

8WLOL]DQGR HVWD LQIRUPDFLyQ REWHQHPRV OD JUiILFD GH OD IXQFLyQ VHQR 2EWHQHPRV OD
JUiILFDFRPSOHWDDSURYHFKDQGRHOKHFKRGHHVWDIXQFLyQHVSHULyGLFD\VXSHULRGRHV
π  \ VLJXLHQGR HO PLVPR SDWUyQ D OD L]TXLHUGD \ D OD GHUHFKD HQ FDGD LQWHUYDOR
VXFHVLYRGHORQJLWXG π 













'HODJUiILFDVHWLHQH$PSOLWXG 3HULRGR  π \'HVSOD]DPLHQWRGHIDVH 


*UiILFDGHODIXQFLyQFRVHQR I [ = FRV [ 

7DEXODQGRDOJXQRVYDORUHVVHREWLHQH

π π π π
[     π    π 
π π
     
   
FRV [            
   


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JUiILFDFRPSOHWDDSURYHFKDQGRHOKHFKRGHHVWDIXQFLyQHVSHULyGLFD\VXSHULRGRHV
π  \ VLJXLHQGR HO PLVPR SDWUyQ D OD L]TXLHUGD \ D OD GHUHFKD HQ FDGD LQWHUYDOR
VXFHVLYRGHORQJLWXG π 




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&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD















'HODJUiILFDVHWLHQH$PSOLWXG 3HULRGR  π \'HVSOD]DPLHQWRGHIDVH 



&XUYDVVHQR\FRVHQRJHQHUDOL]DGDV

/DVFXUYDVVHQR\FRVHQR

  \ = $VHQ ω[ − φ \ \ = $ FRV ω[ − φ  ω >  


WLHQHQDPSOLWXG $ SHULRGR 7 = \GHVSOD]DPLHQWRGHIDVH 
φ
ω ω

(MHUFLFLR7UDFHODJUiILFDGHFDGDIXQFLyQSDUDXQVRORSHULRGR

D  I [ =  + VHQ[    E  I [ = − FRV [ 

6ROXFLyQ

D  /D JUiILFD GH OD IXQFLyQ
\ =  + VHQ[  HV OD PLVPD TXH
ODJUiILFDGH \ = VHQ[ SHURVH
GHVSOD]D KDFLD DUULED 
XQLGDGHV













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&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD


E /DJUiILFD \ = − FRV [ HVODUHIOH[LyQGHODJUiILFDGH \ =  FRV [ HQHOHMH[3DUD
HVWD ~OWLPD IXQFLyQ  REWHQHPRV TXH OD DPSOLWXG HV  HO SHULRGR HV π  \ HO
GHVSOD]DPLHQWRGHIDVHHV






(MHUFLFLR  'HWHUPLQH OD DPSOLWXG
SHULRGR \ GHVSOD]DPLHQWR GH IDVH
GH
 \ = VHQ  [ − \JUDILTXHXQSHULRGRFRPSOHWR
π

6ROXFLyQ

$SDUWLUGHODIXQFLyQGHWHUPLQDPRV$PSOLWXG $ =  3HULRGR 7 = = π 

'HVSOD]DPLHQWRGHIDVH  [ − =  
π

GHGRQGHVHREWLHQH [ = 
π


3XHVWRTXHHOGHVSOD]DPLHQWRGHIDVH
HV π \HOSHULRGRHV π VHWLHQHXQ

SHULRGRFRPSOHWRHQHOLQWHUYDOR

  π π 
    + π       
π π


/XHJRJUDILFDPRVXQDFXUYDVHQRFRQDPSOLWXGFRPRVHPXHVWUDHQODILJXUD



 ,'(17,'$'(675,*2120e75,&$6

/DVIXQFLRQHVWULJRQRPpWULFDVVHUHODFLRQDQHQWUHVLPHGLDQWHHFXDFLRQHVOODPDGDV
LGHQWLGDGHVWULJRQRPpWULFDV/DVPiVLPSRUWDQWHVVRQODVVLJXLHQWHV

• ,GHQWLGDGHVUHFtSURFDV

  
FVF [ =   VHF [ =   FRW [ = 
VHQ[ FRV [ WDQ [

VHQ[ FRV [
WDQ [ =  FRW [ = 
FRV [ VHQ[



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&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD

• ,GHQWLGDGHVSLWDJyULFDV

VHQ  [ + FRV  [ =   WDQ  [ +  = VHF  [   + FRW  [ = FVF  [ 



(MHUFLFLR6L FRV [ = \[HVWDHQHOFXDUWRFXDGUDQWHFDOFXOHORVYDORUHVGHWRGDV

ODVIXQFLRQHVWULJRQRPpWULFDVHQ[

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'H DFXHUGR FRQ ODV LGHQWLGDGHV WULJRQRPpWULFDV VH WLHQH VHQ  [ + FRV  [ =  
 
UHHPSOD]DQGR FRV [ =  VHQ  [ +  =  
 

GHGRQGHGHVSHMDQGRHOVHQRVHWLHQH VHQ[ = ± 


3XHVWR TXH HVWH SXQWR HVWD HQ HO FXDUWR FXDGUDQWH VHQ[  HV QHJDWLYR GH PRGR TXH

VHQ[ = −  /DV RWUDV IXQFLRQHV WULJRQRPpWULFDV VH FDOFXODQ XVDQGR ODV LGHQWLGDGHV

UHFtSURFDV

VHQ[     
=  =− 

WDQ [ =  FVF [ = = −  VHF [ = = 
FRV [   VHQ[  FRV [ 


 
FRW [ = =− 
WDQ [ 


(MHUFLFLR6LPSOLILTXH  + VHQ[ VHF [ − WDQ [ 

6ROXFLyQ&DPELDQGRODVHFDQWH\ODWDQJHQWHDVXHTXLYDOHQWHHQVHQRV\FRVHQRV

 VHQ[
 + VHQ[ VHF [ − WDQ [   + VHQ[ 
FRV [ FRV [


 − VHQ[
   + VHQ[ 
FRV [
 − VHQ  [
  
FRV [

FRV  [
  = FRV [ 
FRV [




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&XDGHUQR$XWRLQVWUXFWLYRSDUDOD3UXHEDGH'HILQLFLyQGH1LYHOHVGH0DWHPiWLFD

 (&8$&,21(675,*2120e75,&$6

8QD HFXDFLyQ TXH FRQWLHQH IXQFLRQHV WULJRQRPpWULFDV VH GHQRPLQD HFXDFLyQ
WULJRQRPpWULFD 3RU HMHPSOR ODV H[SUHVLRQHV VLJXLHQWHV VRQ HFXDFLRQHV
WULJRQRPpWULFDV

VHQ[ −  =    VHQ  [ + FRV  [ =    WDQ   [ −  =  

3DUD UHVROYHU XQD HFXDFLyQ WULJRQRPpWULFD DSOLFDPRV HO iOJHEUD SDUD GHVSHMDU OD
IXQFLyQWULJRQRPpWULFD\DFRQWLQXDFLyQVHGHWHUPLQDQORVYDORUHVGHODYDULDEOHTXH
VDWLVIDJDQODHFXDFLyQ


(MHUFLFLR5HVROYHUODHFXDFLyQ VHQθ = VL θ ∈ [π [

6ROXFLyQ
 
6L VHQθ = HQWRQFHVHOiQJXORGHUHIHUHQFLDSDUD θ HV θ 5 = VHQ − = 
π
  

&RPR VHQθ >   HQWRQFHV ODV VROXFLRQHV GHEHQ HVWDU HQ HO SULPHU \ VHJXQGR
FXDGUDQWHFRPRVHYHHQODILJXUDSRUORWDQWRODVVROXFLRQHVVRQ

π π
θ = \ θ = π − = 
π
  
π π 
)LQDOPHQWH &6 =    
  

(MHUFLFLR5HVROYHUODHFXDFLyQ VHQ  [ − FRV [ −  =  VL [ ∈ [π [

6ROXFLyQ3ULPHURVHH[SUHVDODHFXDFLyQVRORHQWpUPLQRVGHFRV[\OXHJRVHUHVXHOYH
SRUIDFWRUL]DFLyQ
 VHQ  [ − FRV [ −  =  
   − FRV  [ − FRV [ −  =  
6LPSOLILFDQGRVHWLHQH  FRV  [ + FRV [ −  =  
)DFWRUL]DQGR  FRV [ −  FRV [ +  =  

6HREWLHQH  FRV [ =  FRV [ = − 


6L FRV [ = HOiQJXORGHUHIHUHQFLDHV \SRUORWDQWRHOiQJXOR[HVWD
π
 
π π
HQHOSULPHURFXDUWRFXDGUDQWHSRUFRQVLJXLHQWH [ = RELHQ [ = π − = 
π
  

π 
6L FRV [ = − HQWRQFHV [ = π SRUORWDQWR &6 =   π  
π
  



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