HSWWMIV VRODU IRWRYROWDLFR
WSPEV TPYW ORS[ LS[ IQ XIGRSPSKME ½PQI ½RS &RQVWLWXtGD HP 'H]HPEUR GH D 6RODU 3OXV DUUDQFD FRP D VXD OLQKD GH SURGXomR GH SDLQpLV VRODUHV IRWRYROWDLFRV QR SULPHLUR WULPHVWUH GH &RP XPD DSRVWD DUURMDGD QXPD WHFQRORJLD HPHUJHQWH QR PXQGR GD HQHUJLD VRODU D 6RODU 3OXV WRUQD VH QD ~QLFD HPSUHVD SRUWXJXHVD D GHVHQYROYHU H SURGX]LU SDLQpLV VRODUHV IRWRYROWDLFRV DWUDYpV GD GHSRVLomR GH PLFUR FDPDGDV GH 6LOtFLR $PRUIR D 6L GLUHFWDPHQWH HP YLGUR WHFQRORJLD GH )LOPH )LQR (VWD WHFQRORJLD SHUPLWH D SURGXomR GH HQHUJLD PHVPR HP FRQGLo}HV DGYHUVDV OX] GLIXVD VRPEUHDPHQWR SDUFLDO H DOWDV WHPSHUDWXUDV &RPR DV FDPDGDV GH PDWHULDO VHPLFRQGXWRU VmR H[WUHPDPHQWH ILQDV p SRVVtYHO REWHU XPD UHODomR 3RWrQFLD 7UDQVSDUrQFLD PXLWR LQWHUHVVDQWH FDUDFWHUtVWLFD GLIHUHQFLDGRUD QXP PHUFDGR FDGD YH] PDLV H[LJHQWH H FRPSHWLWLYR ID]HQGR GRV QRVVRV SURGXWRV PDWHULDLV GH FRQVWUXomR FRPR SRU H[HPSOR MDQHODV 4EYPS 7MPZE 7SPEV 4PYW 4VSHYpnS HI 4EMRqMW 7SPEVIW 7 % TEYPS WMPZE$WSPEVTPYW TX
*MKYVE *EGLEHE JSXSZSPXEMGE RS )HMJuGMS HE 7SPEV 4PYW
8IGRSPSKME ½PQI ½RS ¯ 4VSGIWWS 3W TEMRqMW WSPEVIW JSXSZSPXEMGSW TVSHY^MHSW RE 7SPEV 4PYW WnS GSRWXMXYuHSW TSV YQ ZMHVS 0S[ -VSR SRHI q HITSWMXEHE YQE GEQEHE HI 8'3 8VERWTEVIRX 'SRHYGXMZI 3\MHI )WXE GE QEHE WIVZMVj HI GSRXEGXS IPqGXVMGS ERXIVMSV HS QzHYPS I TIVQMXMVj WMQYPXERIEQIRXI E TEWWEKIQ HE VEHMEpnS WSPEV 7SFVI E GEQEHE HI 8'3 q HITSWMXEHE EXVEZqW HS 4VSGIW WS 4)':( 4PEWQE )RLERGIH 'LIQMGEP :E TSV (ITSWMXMSR YQE GEQEHE HI E 7M 7MPuGMS %QSVJS UYI q HIWMKREHE TSV ^SRE EGXMZE I SRHI SGSVVI E *SXSKIVEpnS )PqGXVMGE % GE 50
*MKYVE %W HMZIVWEW GEQEHEW HS TVSGIWWS HS QzHYPS 7SPEV 4PYW
QEHE WIKYMRXI HI Ì\MHS HI >MRGS >R3 q E VIWTSRWjZIP TIPE QIPLSVME HEW TVSTVMIHEHIW zTXMGEW HE GqPYPE JSXSZSPXEMGE VI¾IGXMRHS E VEHMEpnS WSPEV UYI EXVEZIWWSY E ^SRE EGXMZE HI WMPuGMS EQEVIPS TVSQSZIRHS YQE QEMSV JSXSKIVEpnS EXVEZqW HS VIETVSZIMXEQIRXS HIWXE VEHMEpnS % PXMQE GEQEHE GSRWXMXY uHE TSV %PYQuRMS %P XIQ GSQS JYRpnS S GSRXEGXS IPqGXVMGS TSWXIVMSV HS QzHYPS 3 EGEFEQIRXS HS QzHYPS q JIMXS GSQ YQE GE QEHE HI QEXIVMEP TSPMQqVMGS EHIWMZS HI ):%
)XL]PIRI :MR]P %GIXEXI YQ WIPERXI TIVMJqVMGS FSXuPMGS I YQ ZMHVS HI JIGLS UYI WIVZIQ HI
IRGETWYPEQIRXS MWSPERHS I TVSXIKIRHS EW GqPYPEW WSPEVIW I S QzHYPS HS QIMS EQFMIRXI % XIGRSPSKME HI TIPuGYPE ½RE IQ 4)':(
4PEWQE )RLERGIH 'LIQMGEP :ETSV (ITSWM XMSR TIVQMXI E HITSWMpnS HI ½PQIW HI 7MPuGMS
HSTEHSW I RnS HSTEHSW HMVIGXEQIRXI IQ ZMHVS 2IWXE XIGRSPSKME q YXMPM^EHS S KjW 7MPERS UYI q ±I\GMXEHS² TSV VjHMS JVIUYsRGME 6* TEVE S IWXEHS HI TPEWQE %W TEVXuGYPEW EW WMQ ±EGXMZEHEW² ZnS WI HITSWMXEV RSW ZMHVSW 4SV ZEVMEpnS HE GSRGIRXVEpnS I SY GSQTS
HSWWMIV VRODU IRWRYROWDLFR
730%6 4097 /23; ,3; )1 8)'2303+-% *-01) *-23
*MKYVE )JIMXS ZMWYEP HSW RSZSW TVSHYXSW &-4: &YMPHMRK -RXIKVEXIH 4LSXS:SPXEMGW HE 7SPEV 4PYW
WIV MRXIKVEHSW IQ IHMJuGMSW EGVIWGIRXERHS EWWMQ ZEPSV E WYTIVJuGMIW Nj I\MWXIRXIW 4EVE EPqQ HSW IHMJuGMSW KIVEVIQ E TVzTVME IRIV KME EMRHE FIRI½GMEQ HI YQ MWSPEQIRXS XqV QMGS I EG WXMGS FIQ GSQS WSQFVIEQIRXS WSPEV *EGLEHEW NERIPEW ZEVERHEW XIPLEHSW WnS ETIREW EPKYRW I\IQTPSW HI ETPMGEp~IW HS TVSHYXS &-4:
RuZIP IRIVKqXMGS TEVE EPqQ HI ETVSZIMXEV E IWXEFMPMHEHI XqVQMGE HE FEWI GIVlQMGE S UYI EYQIRXE E I½GMsRGME IRIVKqXMGE KPSFEP HS IHMJuGMS GSQ YQ GYWXS GSQTIXMXMZS (IWIR ZSPZMHS IQ TEVGIVME GSQ E 6IZMKVqW q YQ FSQ I\IQTPS HE TSPuXMGE HE 7SPEV 4PYW UYI ETSWXE RE IWGSPLE HI TEVGIMVSW IWXVEXqKMGSW REW jVIEW GLEZI HS WIGXSV HE GSRWXVYpnS GMZMP
3 QzHYPS GIVlQMGS JSXSZSPXEMGS q YQ I\IQTPS HI YQE WSPYpnS HIWIRLEHE TEVE ETPMGEpnS IQ JEGLEHEW ZIRXMPEHEW 8VEXE WI HI YQE WSPYpnS GSQ ZEPSV EGVIWGIRXEHS ES
% 8SVVI 8YVuWXMGE 8VERWTSVXjZIP TVSNIGXS HIWIRZSPZMHS TIPE (78 I TIPS %VUYMXIGXS .SnS 4IUYIRS MRXIKVE YQE ZEVERHE GSQ YQ VIWKYEVHS JSXSZSPXEMGS I YQE JEGLEHE JSXS ZSPXEMGE EQFSW TVSHYXSW HE 7SPEV 4PYW 7SPYp~IW HI GETXEpnS HI jKYE TEVE E EKVM GYPXYVE I GSRWYQS MPYQMREpnS HI LEFMXE p~IW TEVXMGYPEVIW I VIHI T FPMGE TVSHYpnS HI IRIVKME TEVE JSVRIGMQIRXS E TSZSEp~IW MWSPEHEW GIRXVSW VIQSXSW HI XIPIGSQYRMGE p~IW WnS EPKYRW I\IQTPSW HI GSQS E IRIV KME WSPEV TSHI ENYHEV E GSRWXVYMV YQ QYRHS QEMW ZIVHI QEMW NYWXS I EGMQE HI XYHS WYW XIRXjZIP REW KIVEp~IW JYXYVEW 9Q TVSZqVFMS UYIRMERS HM^ ±8VEXE FIQ HS TPERIXE 8IVVE RnS S LIVHEQSW HSW RSWWSW TEMW QEW IWXj RSW IQTVIWXEHS TIPSW RSWWSW ½PLSW² % 7SPEV 4PYW WIKYI IWXI TVSZqVFMS k VMWGE GSPSGERHS S IQTIRLS HI XSHE E WYE IUYMTE RE FYWGE GSRWXERXI HI WSPYp~IW MRSZEHSVEW UYI KE VERXEQ E WYWXIRXEFMPMHEHI HI YQ TPERIXE UYI q HI XSHSW RzW
*MKYVE 8SVVI 8YVuWXMGE 8VERWTSVXjZIP
52
(IWIRZSPZMQIRXSW TEVE S JYXYVS 9QE ETSWXE JSVXI RS HIWIRZSPZMQIRXS I YQE IUYMTE NSZIQ I HMRlQMGE q YQE VI GIMXE HI WYGIWWS UYERHS WI XIQ TIPE JVIRXI
HIWE½SW GSQS S EYQIRXS HE I½GMsRGME HS TVSHYXS E VIHYpnS HI GYWXSW HI TVSHYpnS E HMZIVWM½GEpnS HE SJIVXE HI WSPYp~IW SJJ KVMH
TVSHYpnS HI IRIVKME WIQ PMKEpnS k VIHI I S VIJSVpS RE MRXIVREGMSREPM^EpnS HE IQTVIWE 'SQ YQE GETEGMHEHI MRWXEPEHE HI 1; ERS E IQTVIWE ETSWXE EKSVE RYQ GVIWGM QIRXS WYWXIRXjZIP EYQIRXERHS HI JSVQE JEWIEHE E WYE GETEGMHEHI MRWXEPEHE TEVE I 1; EXq 1EMW HS UYI ZIRHIV QzHYPSW WSPEVIW E 7SPEV 4PYW TVIXIRHI ZIR HIV WSPYp~IW JSXSZSPXEMGEW TIVWSREPM^EHEW I GLEZI RE QnS
*MKYVE 'IRXVEP *SXSZSPXEMGE HI *IVVIMVE HS %PIR XINS 1;
% TEVGIVME GSQ EPKYQEW -RWXMXYMp~IW %GEHqQM GEW GSQS E *EGYPHEHI HI 'MsRGMEW I 8IGRSPS KME HE 9RMZIVWMHEHI 2SZE HI 0MWFSE I GSQ S (ITEVXEQIRXS HI *uWMGE HE 9RMZIVWMHEHI HI %ZIMVS GSQ XVEFEPLSW MQTSVXERXIW RE jVIE HE MRZIWXMKEpnS HI GqPYPEW HI 7M RERS IWXVY XYVEHS WnS XEQFqQ YQE ETSWXE HE IQTVIWE RS HIWIRZSPZMQIRXS GSRXuRYS HI YQ TVSHYXS UYI XIQ EMRHE QYMXS TEVE SJIVIGIV