6HFXHQFLDFLyQHQ&RQWH[WR'LQiPLFRGH8QLGDGHV+RPRJpQHDVHQHO6HFWRU
GHO$XWRPyYLO
-RVp3HGUR*$5&,$6$%$7(5)UDQFLVFR&UX]/$5,2-RDTX Q%$87,67$
'SWRGH2UJDQL]DFLyQGH(PSUHVDV() &8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD
'SWRGH2UJDQL]DFLyQGH(PSUHVDV8QLYHUVLGDG3ROLWpFQLFDGH&DWDOXxD
5(680(1
(O DQiOLVLV GH XQ 6LVWHPD 3URGXFWLYR 5HDO SDUD IDEULFDFLyQ GH DXWRPyYLOHV REOLJD D FRQVLGHUDU HO
SUREOHPDGHVHFXHQFLDFLyQHQODO QHDGHPRQWDMHFRPRXQSURFHVRHPLQHQWHPHQWHGLQiPLFR'HVGHXQ
EXIIHU VLWXDGR D OD VDOLGD GH 3LQWXUDV ORV HOHPHQWRV VH LQWURGXFHQ HQ OD VHFXHQFLD XQR WUDV RWUR8Q
REMHWLYR GHO SUREOHPD HVWiWLFR HV REWHQHU XQD VHFXHQFLD HTXLOLEUDGD GH FRQVXPR GH FRPSRQHQWHV 
DSDULFLyQGHRSFLRQHV(OFDUiFWHUGLQiPLFRGHOSUREOHPDREOLJDDFRQVLGHUDUORVSURGXFWRVVHJ~QVX
GLVSRQLELOLGDGDQWHVGHVHUVHFXHQFLDGRV(QHVWHWUDEDMRVHSURSRQHQXQPRGHORSDUDHOSUREOHPD XQ
SURFHGLPLHQWRKHXU VWLFRSDUDPpWULFRSDUDUHVROYHUOR
,QWURGXFFLyQ
(O SUREOHPD GH VHFXHQFLDFLyQ GH XQLGDGHV HQ HQWRUQR -,7VH SXHGH UHVXPLU GHO VLJXLHQWH
PRGR 'DGR XQ FRQMXQWR GH 3 WLSRV GH XQLGDGHV VH GHEH FRQVWUXLU XQD VHFXHQFLD OR PiV
UHJXODUSRVLEOHHQWpUPLQRVGHFRQVXPRGHFRPSRQHQWHV GHDSDULFLyQGHRSFLRQHVDV FRPR
YLRODQGRHOPHQRUQ~PHURGHUHVWULFFLRQHV
(OFRQVXPRUHJXODUGHFRPSRQHQWHVHVXQRGHORVSLODUHVGHOD*HVWLyQ-,7>@0RQGHQ>@
SUHVHQWy LQLFLDOPHQWH HO SUREOHPD GH UHJXODULGDG DXQTXH QR SODQWHy XQREMHWLYR VLQR XQ
PpWRGRSDUDUHVROYHUHOSUREOHPD(OREMHWLYRIXHLQWURGXFLGRHQWUHRWURVSRU&RPSDQ V>@R
0LOWHQEXUJ >@ 2WURV DXWRUHV >@>@ LQWURGXFHQ HO FRQFHSWR XVDGR HQ HO VHFWRU GH
UHVWULFFLRQHVHQODFDUJDGHWUDEDMRGHILQLGDVHQODVHFXHQFLD(Q>@VHSXHGHHQFRQWUDUXQD
FODVLILFDFLyQGHHVWRVSUREOHPDV
/DPD RUSDUWH GHORVDXWRUHVFRQVLGHUDQHOSUREOHPD GHVHFXHQFLDFLyQ GHVGHHOSXQWRGH
YLVWD HVWiWLFR HVWR HV TXH WRGRV ORV SURGXFWRV QR VHFXHQFLDGRV HVWiQ GLVSRQLEOHV SDUDVHU
LQWURGXFLGRV HQ OD VHFXHQFLD HQ FXDOTXLHU PRPHQWR &XDQGR HVWR QR HV DV  DSDUHFH HO
SUREOHPDGLQiPLFR
(QHVWHWUDEDMRVHDERUGDHVWHSUREOHPDGH6HFXHQFLDFLyQ'LQiPLFDHQHQWRUQR-,7(QSULPHU
OXJDUVHHVWDEOHFHXQPDUFRGHDFWXDFLyQGHOFLWDGRSUREOHPDGLIHUHQWHGHOSUREOHPDFOiVLFR
(VWHSULPHUSDVRGDOXJDUDXQDGHILQLFLyQGHXQPRGHORPDWHPiWLFR XQSURFHGLPLHQWRGH
UHVROXFLyQ SDUDPpWULFR 3RU ~OWLPR VH HYDOXDQ ORV UHVXOWDGRV IUHQWH D XQD SURJUDPD GH
SURGXFFLyQUHDO
(O3UREOHPDGH6HFXHQFLDFLyQ-,7
(O SURFHVR GH IDEULFDFLyQ GH XQ DXWRPyYLO HV ODUJR  FRPSOHMR 6H SXHGH DGPLWLU TXH ODV
FDUDFWHU VWLFDVTXHGHILQHQFDGDXQLGDGVHDVLJQDQ VHLQFRUSRUDQDODPLVPDDPHGLGDTXH
DYDQ]DHOSURFHVRGH0RQWDMH(QFXDOTXLHUHWDSDVHSXHGHQFRQVLGHUDUXQJUDQQ~PHURGH
SURGXFWRV
(O ODQ]DPLHQWR HQ OD HWDSD GH 6ROGDGR GH &DUURFHU DV VH KDFH GH DFXHUGR DO 3URJUDPD
6HFXHQFLDOFDOFXODGRTXHHVHOUHVXOWDGRGHO3UREOHPDGH6HFXHQFLDFLyQ-,7WUDGLFLRQDO
6LQHPEDUJR HORUGHQHQ TXHORVSURGXFWRVOOHJDQDOILQDOGHOSURFHVRGH3LQWDGR~OWLPD
HWDSDDQWHVGHOD/ QHDGH0RQWDMH)LQDOQRHVHORUGHQHQTXHIXHURQODQ]DGRVGHELGRD
GLIHUHQWHV UD]RQHV DOJXQDV GH ODV FXDOHV VH SXHGHQ HQFRQWUDU HQ >@ 3RU HVWH PRWLYR HV
LPSRUWDQWHTXHHORUGHQGHODVXQLGDGHVVHPRGLILTXHDQWHVGHTXHpVWDVHQWUHQHQOD/ QHDGH
0RQWDMH )LQDO (VWH SURFHVR GH UHVHFXHQFLDFLyQ HV HO TXH VH KD GHQRPLQDGR ³3UREOHPD
'LQiPLFRGH6HFXHQFLDFLyQ-,7´
6HSXHGHDGPLWLUTXHHO³3UREOHPD'LQiPLFRGH6HFXHQFLDFLyQ-,7´FRQVLVWHHQGHILQLUSDUD
FDGD SHULRGR GH WLHPSR XQD VXEVHFXHQFLD REWHQLGD GH HQWUH ORV SURGXFWRVGLVSRQLEOHVHQ
GLFKRSHULRGRTXH SUHWHQGD HOPi[LPRQLYHOGH UHJXODULGDG HQHOFRQVXPRGHRSFLRQHV 
VXEPRQWDMHVWHQLHQGRHQFXHQWDODVUHVWULFFLRQHVGHELGDVDODVFDUJDVGHWUDEDMR
'HKHFKRHOPpWRGRGH3HUVHFXFLyQGH2EMHWLYRVSURSXHVWRSRU0RQGHQHQ>@ QRH[LJHTXH
WRGRV ORV SURGXFWRV HVWpQ GLVSRQLEOHV DO SULQFLSLR GHO SURFHVR QL VLTXLHUD TXH VHDQ
HVWULFWDPHQWHFRQRFLGRV(O~QLFRGDWRUHOHYDQWHHVHOUDWLRGHDSDULFLyQHVSHUDGR3RGU DPRV
DGPLWLUSRUWDQWRTXH0RQGHQSODQWHDXQSUREOHPDGLQiPLFRTXHOXHJRHVPHMRUDGRHQ>@ 
HQ>@
/RVPRGHORVPDWHPiWLFRVTXHV UHTXLHUHQTXHWRGRVORVSURGXFWRVVHDQFRQRFLGRV  HVWpQ
GLVSRQLEOHV VRQ SRVWHULRUHV D >@ (VWH SUREOHPD HV HO TXH KHPRV GHQRPLQDGR SUREOHPD
HVWiWLFR
8Q0RGHORPDWHPiWLFRSDUDHO3UREOHPD'LQiPLFR
(VSHFLILFDFLRQHVGHO0RGHOR
H'DGRTXHHO6LVWHPDQRVHGHEHGHWHQHUSDUDTXHVHLQLFLHODPHGLFLyQHVQHFHVDULR
GLVHxDUXQ0RGHORTXHSHUPLWDODHYDOXDFLyQGHGLVWLQWDV6HFXHQFLDVVLQWHQHUHQ
FXHQWDFXDQGRFRPLHQ]DRDFDEDH[DFWDPHQWHHOSURFHVRGHVHFXHQFLDFLyQ
H/D)XQFLyQ2EMHWLYRGHOPRGHORGHEHWHQHUHQFXHQWDTXHDORODUJRGHOSURFHVRGH
6HFXHQFLDFLyQ H[LVWHQ 7UDPRV FRQ FLUFXQVWDQFLDV FRPSOHWDPHQWH GLVWLQWDV HQWUH
HOORV 3RU HVWH PRWLYR VHU D LQWHUHVDQWH FRQVLGHUDU OD 6HFXHQFLD WRWDO FRPR XQD
DGLFLyQGHVXEVHFXHQFLDVPiVSHTXHxDV
H /D ORQJLWXG GH ODV 6XEVHFXHQFLDV FRQVLGHUDGDV GHEH VHU GHILQLGD HQ FDGD FDVR
FRQFUHWRWHQLHQGRHQFXHQWDODVFLUFXQVWDQFLDVGHSURGXFFLyQ
H(QFXDOTXLHUFDVRODORQJLWXGFLWDGDHQHODSDUWDGRDQWHULRUGHEHLPSHGLUSRUVX
H[FHVLYRWDPDxRTXHHOH[FHVRGHVXPDQGRVHQOD)XQFLyQ2EMHWLYRRFXOWHSHTXHxDV
LUUHJXODULGDGHV/DH[SHULHQFLDGHPXHVWUDTXHHVWRVGHVDMXVWHVSXQWXDOHVJHQHUDQHQ
HOXVXDULRGHO3URJUDPD6HFXHQFLDOODLPSUHVLyQGHTXHµWRGDOD6HFXHQFLD¶HVWiPDO
GHILQLGD
H/D7DVD0HGLDGHDSDULFLyQGH2SFLRQHVGHELHUDVHUGHILQLGDHQFDGD7UDPRSDUD
HYDOXDUOD)XQFLyQ2EMHWLYR
H $ GLIHUHQFLD GH OD 5HJXODULGDG TXHGHEHVHUFRQVLGHUDGDHQFDGD7UDPRPiVR
PHQRV DPSOLR HO LQFXPSOLPLHQWR GH 5HVWULFFLRQHV  SRU WDQWR VX (YDOXDFLyQ VH
UHILHUHVLPSOHPHQWHDFDGDSURGXFWRGHPRGRLQGLYLGXDO
3.2 No ación.
&RQVWDQWHV
2 1XPHURGH2SFLRQHV FRPSRQHQWHVFRQVLGHUDGRV
7 1~PHURGH8QLGDGHVDVHFXHQFLDU
3 1~PHURGH7LSRVGH 3URGXFWRV
5 1~PHURGH5HVWULFFLRQHV
ËQGLFHV
L ËQGLFHUHIHULGRDORVWLSRVGH3URGXFWRdLd3
M ËQGLFHUHIHULGRDODVRSFLRQHVdMd2
NW ËQGLFHUHIHULGRDOLQVWDQWHGHVHFXHQFLDFLyQdNd7dWd7
UU ËQGLFHUHIHULGRDODVUHVWULFFLRQHVdUd5
EE ËQGLFHUHIHULGRDODVRSFLRQHVGHFDGDUHVWULFFLyQ
H ËQGLFHUHIHULGRDORVWUDPRV
3DUDPHWURV
QLM &DQWLGDGGHFRPSRQHQWHMHQHOSURGXFWRL
EM 3HVRGHODRSFLyQMHQODIXQFLyQREMHWLYR
TT /RQJLWXGGHODVHFXHQFLDDHYDOXDU
( *UDGRGHVRODSDPLHQWRHQWUHVXEVHFXHQFLDVFRQVHFXWLYDV
35UU 3HVRUHODWLYRGHODUHVWULFFLyQU
-EEUU /DRSFLyQEGHODUHVWULFFLyQU
/UU /RQJLWXGGHODVXEVHFXHQFLDGHODUHVWULFFLyQU
0UU / PLWHGHODUHVWULFFLyQU
%UU 1~PHURGHRSFLRQHVDIHFWDGDVSRUODUHVWULFFLyQU
:-EEUU  3HVRGHODRSFLyQEGHODUHVWULFFLyQU
OOLN &DQWLGDGGHSURGXFWRGHWLSRLTXHVHFRQYLHUWHQHQGLVSRQLEOHV
HQWUHHOLQVWDQWHN HOLQVWDQWHN
9DULDEOHV
;MN &DQWLGDGGHXQLGDGHVFRQRSFLyQMRQ~PHURGHFRPSRQHQWHVM
VHFXHQFLDGRVKDVWDHOLQVWDQWHNLQFOXVLYH
LN 9DORU ELQDULR TXH LQGLFD VL HQ HO LQVWDQWH N VH VHFXHQFLD XQ
SURGXFWRGHWLSRL
<LN 1~PHURGHXQLGDGHVGHWLSRLVHFXHQFLDGDVKDVWDHOLQVWDQWHN
VN 7LSRGH3URGXFWRVHFXHQFLDGRHQNpVLPDSRVLFLyQ
6 9HFWRU7GLPHQVLRQDOIRUPDGRSRUORVYDORUHVVVV7
8LN 1~PHURGH3URGXFWRVGHWLSRLGLVSRQLEOHVSDUDVHUVHFXHQFLDGRV
HQODHWDSDN
UMH 7DVDGHDSDULFLyQGHODRSFLyQMHQHO7UDPRH
7DEOD1RWDFLyQ
(OREMHWLYRGH5HJXODULGDG
&RQFHSWXDOPHQWHVyORH[LVWHXQWLSRGHREMHWLYRVHQODUHJXODULGDGGHDSDULFLyQGHRSFLRQHV
FRPSRQHQWHVRVXEPRQWDMHV6HSXHGHPRVWUDUTXHDXQTXHVHSUHWHQGDHTXLOLEUDUODFDUJDGH
WUDEDMR>@RODDSDULFLyQGHSURGXFWRV>@HVWRVSUREOHPDVVRQVLHPSUHUHGXFLEOHVDXQ
SUREOHPDGHUHJXODULGDGGHRSFLRQHV>@
'H DFXHUGR FRQ ODV HVSHFLILFDFLRQHV GHO PRGHOR HV QHFHVDULR FRQVLGHUDU HO FRQFHSWR GH
WUDPRV R GH VXEVHFXHQFLDV HQ HO PRPHQWR GH HYDOXDU XQD VROXFLyQ 'H DFXHUGR FRQ HVWH
FRQFHSWRFDGDVHFXHQFLDGH7XQLGDGHVVHGLYLGLUiHQVXEVHFXHQFLDVGHTT XQLGDGHVFRQXQ
VRODSDPLHQWR GH (TT XQLGDGHV HQWUH GRV WUDPRV FRQVHFXWLYRV (VWH VH SUHVHQWD GH PRGR
HVTXHPiWLFRHQOD)LJXUD
77
TT
TT
(
TT
(
TT
(
TT
(
)LJXUD(OFRQFHSWRGHWUDPRV
(OSULPHUHOHPHQWRTXHFRQVWLWX HFDGDVXEVHFXHQFLDHHVWDHQSRVLFLyQHÂ(HQODVHFXHQFLD
JOREDO(O~OWLPRHOHPHQWRGHHVWDVHFXHQFLDHVWiHQSRVLFLyQHÂ(TT (VWHSODQWHDPLHQWRQRV
SHUPLWH FRQVLGHUDU HQ OD IXQFLyQ REMHWLYR TXH FDGD WUDPR WLHQH XQD WDVD GH DSDULFLyQ GH
SURGXFWRV FRPSRQHQWHVYDULDEOHDORODUJRGHWRGDODVHFXHQFLD
'HDFXHUGRFRQODVDQWHULRUHVREVHUYDFLRQHVVHSURSRQHSDUDODIXQFLyQREMHWLYRHOVLJXLHQWH
VXPDWRULRHQFDGDWUDPRDGDSWDGRGHODIXQFLyQGH0LOWHQEXUJ






Â

Â

Â
¦
¦



T
N
2
M
H
M
(
H
M
N
(
H
M
M
N
U
;
;
E

'RQGHODWDVDGHDSDULFLyQUMH VHFDOFXODVHJ~Q
T
T
H(
M
H(
M
H
M
;
;
U






&RQVLGHUDFLyQGH5HVWULFFLRQHVGHWLSR) VLFR
3RU ~OWLPRVHUiQHFHVDULRFRQVLGHUDUGH DOJ~QPRGRXQDYDULDFLyQHQORVSDUiPHWURVTXH
GHILQHQODVUHVWULFFLRQHVGHWLSRI VLFRHQHOPRGHOR/DVUHVWULFFLRQHVGHWLSRI VLFRDSDUHFHQ
HQ >@ GHQRPLQDGDV FRQWUROHV GH FRQWLQXLGDG  FRQWUROHV GH LQWHUYDOR (VWRV FRQWUROHV R
UHVWULFFLRQHV SUHWHQGHQHYLWDUOD DSDULFLyQGH SHTXHxDVUiIDJDV TXHDIHFWDQJUDYHPHQWHDO
ULWPRGHWUDEDMRGHORVRSHUDULRV
(OPRGRXVXDOGHH[SUHVDUHVWDVUHVWULFFLRQHVJHQHUDOL]DFLyQGHOSURSXHVWRSRU0RQGHQHV
³1RPiVGH0FRFKHVGHWLSR$FDGD/XQLGDGHVFRQVHFXWLYDV´
/RTXHH[SUHVDGRPDWHPiWLFDPHQWHVHSXHGHHVFULELU
0
;
;
/
N
$
N
$
d





1XHVWUDH[SHULHQFLDLQGXVWULDODFRQVHMDSURSRQHUXQDH[WHQVLyQDHVWDUHVWULFFLyQTXHSXHGD
WHQHUHQFXHQWDGLIHUHQWHVRSFLRQHVVLPXOWiQHDPHQWH(ORULJHQGHHVWDH[SUHVLyQHVXQ
UHVWULFFLyQHQFRQWUDGDHQXQSUREOHPDUHDOTXHGLFH
³1RPiVGHXQLGDGHVFRQ$LUH$FRQGLFLRQDGRGHFDGDXQLGDGHVVLOOHYDQ7XUER 'LHVHO
QRPiVGHFDGD´


U
E
U
E
U
E
U
E
U
0
;
;
:
%
/
N
-
N
-
d

¦









Â

6H FRQVLGHUDUi TXH ORV SDUiPHWURV TXH GHILQHQ ODV UHVWULFFLRQHV  HO Q~PHUR GH pVWDV
SHUPDQHFHUiQFRQVWDQWHVVREUHWRGRHOSURFHVR(VWDFRQVLGHUDFLyQQRHVWiPX  OHMRVGHOD
UHDOLGDGGDGRTXHODVFRQGLFLRQHVI VLFDVQRYDU DQGXUDQWHHOKRUL]RQWHGHVHFXHQFLDFLyQ
(O0RGHOR0DWHPiWLFR
6HSXHGHH[SUHVDUHO0RGHORGH6HFXHQFLDFLyQ'LQiPLFRWHQLHQGRHQFXHQWDODVDQWHULRUHV
REVHUYDFLRQHVVHJ~QVHKDFHHQOD7DEOD
>0,1@




¦
¦
¦



¸
¸
¹
·
¨
¨
©
§



(
7
H
H(
H(
N
2
M
H
M
H(
M
N
M
M
H(
N
U
;
;
E
T
T







Â
R
VXMHWRD
¦
¦
N
W
3
L
M
L
W
L
N
M
Q
;





Â
M 2N 7 U
N
L
N
L
8


d
L 3N 7 U
¦
3
L
N
L



N 7 U
N
L
N
L
N
L
N
L
8
8





O



L 3N 7U



L
L
8
O
L 3 U
¦
¦


T
T
H(
H(
N
3
L
M
L
N
L
H
M
Q
U





Â

M 2H 
(
7
T

U


U
E
U
E
U
E
U
E
U
0
;
;
:
%
/
N
-
N
-
d

¦









Â
N /U7U 5 U
6LHQGR
LN^`;MN=;MN 
7DEOD0RGHOR'LQiPLFR
(QHOREMHWLYRRVHKDH[WHQGLGRODH[SUHVLyQDWRGRVORV7UDPRVHYDOXDGRV
/DVUHVWULFFLRQHVUUHODFLRQDQHOFRQVXPRGHFRPSRQHQWHV RSFLRQHVFRQORV SURGXFWRV
VHFXHQFLDGRV /DV UHVWULFFLRQHV U OLPLWDQ OD DSDULFLyQ GH SURGXFWRV D VX GLVSRQLELOLGDG
ULQGLFDTXHHQFDGDLQVWDQWHVyORSXHGHVHUVHFXHQFLDGRXQSURGXFWRUHVWDEOHFHOD

GLVSRQLELOLGDG GH SURGXFWRV HQ FDGD HWDSD DWHQGLHQGR D ORV TXH KDQ HQWUDGR PiVORV TXH
KDE DQPHQRVORVTXHKDQVDOLGRUHVWDEOHFHODFDQWLGDGLQLFLDOGHSURGXFWRV
UGHILQHHOUDWLRGHDSDULFLyQSDUDFDGDVXEVHFXHQFLD&RQHVWDFRQILJXUDFLyQDOFRQWUDULR
GHORTXHRFXUUHHQHOPRGHORHVWiWLFRHOUDWLR GHDSDULFLyQHVXQUHVXOWDGR QRXQGDWR
3RU~OWLPRUHVWDEOHFHODVUHVWULFFLRQHVGHWLSRI VLFR(QPXFKDVRFDVLRQHVHOSUREOHPD
SXHGHVHULUUHVROXEOHIXQGDPHQWDOPHQWHGHELGRDHVWDVUHVWULFFLRQHV(QODVVLWXDFLRQHVUHDOHV
VLODUHVWULFFLyQQRVHSXHGHFXPSOLUVHYLROD(VWHSURFHVRHVVLPLODUDUHODMDUODUHVWULFFLyQ
3DUDHOORVHGHILQHODIXQFLyQ*UN6HVWDIXQFLyQYDOGUiVLODUHVWULFFLyQUVHYLRODHQOD
SRVLFLyQN HQFDVRFRQWUDULR/DIyUPXODTXHLQFRUSRUDXQ1VXILFLHQWHPHQWHDOWR
SRGU DVXVWLWXLUODUHODWLYDDODU6UHSUHVHQWDODVHFXHQFLDFRQVWUXLGDGRQGH
¦
3
L
N
L
N
L
V


Â





U
E
U
E
U
E
U
E
U
U
0
1
6
N
*
;
;
:
%
/
N
-
N
-
d


¦




Â









&RPRQRWRGDVODVUHVWULFFLRQHVWLHQHQHOPLVPRYDORUVHGHILQHQSHQDOL]DFLRQHVSDUDFDGD
XQRGHODVPLVPDVSRUORTXHHQODIXQFLyQREMHWLYRKD TXHDxDGLU
¦
5
6
N
*
35





U
U
U

8Q3URFHGLPLHQWR+HXU VWLFR3DUDPpWULFR
(O PRGHOR DQWHULRU FRQ VXV PRGLILFDFLRQHV SUHWHQGH UHSUHVHQWDU HO SUREOHPD GH
VHFXHQFLDFLyQGLQiPLFDHQ-,76HGHEHVHFXHQFLDUODVXQLGDGHVXQDWUDVRWUDVVHOHFFLRQDQGR
GH HQWUH ODV GLVSRQLEOHV /D PDQHUD HQ TXH VH VHFXHQFLDQ ODV XQLGDGHV GHEH IDYRUHFHU OD
DSDULFLyQUHJXODUGHODVGLIHUHQWHVRSFLRQHV FRPSRQHQWHVDOPLVPRWLHPSRTXHLQWHQWHQR
YLRODUODVUHVWULFFLRQHV6HKDQSUREDGRGLIHUHQWHVPDQHUDVSDUDUHVROYHUHOSUREOHPDFLWDGR
'H HQWUH ODV FXDOHV GHVWDFD HO SURFHGLPLHQWR KHXU VWLFR SDUDPpWULFR TXH VH GHVDUUROOD D
FRQWLQXDFLyQ(ODOJRULWPRSURSXHVWRVHOHFFLRQDGHHQWUHORVSURGXFWRVGLVSRQLEOHVDTXHOODV
TXHPLQLPL]DQHOUDWLRH[SUHVDGRHQ6LKXELHUDPiVGHXQRHOSURGXFWRVHOHFFLRQDGRVHU D
DTXHOTXHPHMRUDOLVDUDODDSDULFLyQGHFRPSRQHQWHV
6HGHILQH
¦


!

'
5
N
N
N
L
L
6
N
*
35
6











U
U
U

'LN6N 
¦
¦


¸
¸
¹
·
¨
¨
©
§



2
M
N
(
H
W
N
M
M
L
M
W
V
M
(
H
N
Q
Q
E




Â




Â
Â

J

'RQGH
¦
¦
¦
¦
¦




3
L
N
L
3
L
M
L
N
L
3
L
N
L
3
L
M
L
N
L
N
.
N
W
M
W
V
N
M
9
Q
9
]
8
Q
8
]
.
Q
]

















J

9LNHVODFDQWLGDGGHSURGXFWRLTXHHQODHWDSDNVHFRQVLGHUDTXHHVWiDSXQWRGHHQWUDUHQ
HOFRQMXQWRGHGLVSRQLEOHVSHURQRORKDKHFKR(QVHKDGHILQLGRXQUDWLRGHUHJXODULGDG
TXHWLHQHHQFXHQWDHOSDVDGRHOSUHVHQWH HOIXWXURHQFDGDXQRGHORVWUHVVXPDQGRVORV
SURGXFWRV DVHFXHQFLDGRVORVSURGXFWRVGLVSRQLEOHVORVTXHSDVDUDQDVHUGLVSRQLEOHV
&XDQGRVHFRPSUXHEDVLHOSURGXFWRDLQFRUSRUDUKDUiPiVUHJXODUODVHFXHQFLDPHGLGDHV
QHFHVDULR GHILQLU FXDO HV OD VXEVHFXHQFLD SDUDOD TXH VHPLGHODUHJXODULGDG /D VHFXHQFLD
FRQVLGHUDGDGHSHQGHUiGHOSDUiPHWURGHOVLJXLHQWHPRGR
°
°
°
¯
°
°
°
®




!




d
d

¸
¹
·
¨
©
§









N




N

LQW
N





T
T
T
T
T
T
H
7
(
7
7
(
N
N
H

/DKHXU VWLFDSXHGHUHSUHVHQWDUVHSRUODVLJXLHQWHH[SUHVLyQ
6HD)NHOFRQMXQWRGHSURGXFWRVGLVSRQLEOHVSDUDVHFXHQFLDUHQSRVLFLyQN
)N ^dxd3


!
N
x
8
`
6HD4NHOFRQMXQWRGHSURGXFWRVGLVSRQLEOHV TXHPLQLPL]DQODSHQDOL]DFLyQGHELGD
DODYLRODFLyQGHUHVWULFFLRQHV
4N ^x)N











'
'
N
N
L
)
L
N
N
x
6
PLQ
6
N
`
(OSURGXFWRSDUDVHFXHQFLDUHQSRVLFLyQHQNVHUiDTXHOL 4NTXHPLQLPLFH 'LN











N
N
x
4
x
N
N
L
6
'
PLQ
6
'
N
(YDOXDFLyQGHXQ3UREOHPD5HDO
'HELGRDODHVWUXFWXUDSDUiPHWULFDGHODKHXU VWLFDVHSXHGHQGHILQLUP~OWLSOHVSURFHGLPLHQWRV
FRQFUHWRV 6H KD GHILQLGR XQ FRQMXQWR GH VLHWH SURFHGLPLHQWRV DSOLFDQGR GLIHUHQWHV
SDUiPHWURV(VWRVSDUiPHWURVVHLQGLFDQHQWDEOD
(VWRV SURFHGLPLHQWRV VH KDQ FRPSDUDGR FRQ ORV REWHQLGRV HQ XQD VHFXHQFLD UHDO TXH
FRQVLGHUD PiV GH  XQLGDGHV (O SUREOHPD WLHQH  UHVWULFFLRQHV UHDOHV  WLSRV GH
SURGXFWRV  FDGD XQR GHILQLGR SRU PiV GH  RSFLRQHV GLIHUHQWHV 6H KDQ FRQVLGHUDGR 
GLIHUHQWHVWDPDxRVGHDOPDFpQDXQTXHHOUHDOWLHQHFDSDFLGDGSDUDPiVGHXQLGDGHVVH
FRQVLGHUDUiQWDPDxRVPiVUHGXFLGRV
/RVUHVXOWDGRVVHKDQFRPSDUDGRFRQWUDORVREWHQLGRVHQODVHFXHQFLDUHDOWDQWRSDUDHOQLYHO
GHUHJXODULGDGFRPRSDUDHOFXPSOLPLHQWRGHUHVWULFFLRQHV VHUHSUHVHQWDHQODVWDEODV 
$OJB
$OJB
$OJB
$OJB
$OJB
$OJB
$OJB
]

¦

L
N
L
8








]

¦
¦

L
N
L
L
N
L
8
8








]















.







7DEOD&RQMXQWRGHYDORUHVSDUDORVSDUiPHWURV
$OJB
$OJB
$OJB
$OJB
$OJB
$OJB
$OJB
$OPDFpQ







$OPDFpQ







$OPDFpQ







$OPDFpQ







7DEOD(YDOXDFLyQGHOFXPSOLPLHQWRGHUHVWULFFLRQHV
$OJB
$OJB
$OJB
$OJB
$OJB
$OJB
$OJB
$OPDFpQ







$OPDFpQ







$OPDFpQ







$OPDFpQ







7DEOH(YDOXDWLRQRIWKH5HJXODULW (YDOXDWLRQ
&RQFOXVLRQHV
6HKDQSUHVHQWDGRHQHVWHWUDEDMRXQSUREOHPDXQPRGHOR XQSURFHGLPLHQWRGHUHVROXFLyQ
(OSUREOHPDVHKDH[WUD GRGHODUHDOLGDG WDQWRODWHRU DFRPRODSUiFWLFDVHKDQXQLGRDO
SODQWHDUHOPRGHOR ODVROXFLyQ
/D KHXU VWLFD QR SXHGH VHU PiV FRPSOLFDGD SRUTXH QR H[LVWH WLHPSR VXILFLHQWH HQWUH GRV
SURGXFWRV FRQVHFXWLYRV (O WLHPSR HVWi OLPLWDGR SRU HO QHFHVDULR SDUD REWHQHU GDWRV GHO
VLVWHPDSURFHVDUORVUHVROYHUHOSUREOHPDODQ]DUODRUGHQGHVHFXHQFLD TXHODXQLGDGVDOJD
GHODOPDFpQ
5HIHUHQFLDV
>@ 0RQGHQ < :KDW 0DNHV 7KH 7R RWD 3URGXFWLRQ 6 VWHP 5HDOO  7LFN" ,QVWLWXWH RI ,QGXVWULDO
(QJLQHHUV3UHVV
>@0RQGHQ< 7R RWD 3URGXFWLRQ6 VWHP,QVWLWXWHRI,QGXVWULDO(QJLQHHUV3UHVV1RU&URVV*$

>@&RPSDQ V56HFXHQFLDFLyQGHSURGXFWRVHQHOPRQWDMHSDUDORJUDUUHJXODULGDGHQHOFRQV XPR
GHUHFXUVRV&,0
>@  0LOWHQEXUJ -  6LQQDPRQ* 6FKHGXOLQJ 0L[HG 0RGHO PXOWL OHYHO -XVW,Q7LPH 3URGXFWLQV
6 VWHPV,QW-35YROQ
>@%DXWLVWD-3URFHGLPLHQWRV+HXU VWLFRV ([DFWRVSDUDODVHFXHQFLDFLyQHQ6LVWHPDV3U RGXFWLYRV
GH8QLGDGHV+RPRJpQHDV&RQWH[WR-,7 7HVLV'RFWRUDO'2((76(,%83&
>@0RQGHQ<7R RWD3URGXFWLRQ6 VWHP$QLQWHJUDWHGDSSURDFK &KDSPDQDQG+DOO
>@%DXWLVWD-&RPSDQ V5&RURPLQDV$8QD YLVLyQ VREUHVHFXHQFLDVUHJXODUH V%ROHW QGHOD
6(,29RO1~PHUR-XQLR
>@ *DUF D -3 3ROHU 5 5RGULJXH] $ /DULR )& &XPSOLPLHQWR GH 6HFXHQFLD 3UHYLVWD  8VR GH
$OPDFHQHVUHJXODGRUHV,,,-RUQDGDVGH,QJHQLHU DGH2UJDQL]DFLyQ%DUFHORQD
>@$LJEHGR+ 0RQGHQ<$SDUDPHWULFSURFHGXUHIRUPXOWLFULWHULD6HTXHQFH6HFKHGXOLQJIRU
-XVW,Q7LPH $VVHPEO  /LQHV ,QWHUQDWLRQDO -RXUQDO IRU 3URGXFWLRQ 5HVHDUFK 7D ORU DQG )UDQFLV

>@  <DQR& $QG 5DFKDPDGXJX 6HTXHQFLQJ WR PLQLPL]H ZRUN RYHUORDG LQ $VVHPEO  OLQH ZLWK
3URGXFW2SWLRQV0DQDJHPHQW6FLHQFH
>@0LOOWHQEXUJ-/HYHO6FKHGXOHVIRU0L[HG0RGHOV$VVHPEO /LQHVLQ-,73URGXFWLRQ6 VWHP
0DQDJHPHQW6FLHQFH
>@  %DXWLVWD- *DUF D -3&RPSDQ V5  /DULR )& ³8QLILFDFLyQ GHSUREOHPDV GH6HFXHQFLDV
5HJXODUHVHQFDUJDVGHWUDEDMR  FRQVXPRGHFRPSRQHQWHVSDUDIXQFLyQREMHWLYRGHGLVFUHSDQFLDV
FXDGUiWLFDV´;;,9&RQJUHVR1DFLRQDOGH(VWDG VWLFDH,QYHVWLJDFLyQ2SHUDWLYD9LJR