,VWUX]LRQL SHU OಬXVR 6 ) ) 0DQXDO GH LQVWUX©·HV 0DQXDO GH LQVWUXFFLRQHV &RQJHODWRUH &RQJHODGRU &RQJHODGRU
,1',&( ,QIRUPD]LRQL GL VLFXUH]]D ,VWUX]LRQL GL VLFXUH]]D ,QVWDOOD]LRQH 3DQQHOOR GL FRQWUROOR 8WLOL]]R TXRWLGLDQR &RQVLJOL H VXJJHULPHQWL XWLOL 3XOL]LD H FXUD 5LVROX]LRQH GHL SUREOHPL 5XPRUL 'DWL WHFQLFL ,QIRUPD]LRQL SHU JOL LVWLWXWL GL SURYD $66,67(1=$ &/,(17, ( $66,67(1=$ 7(&1,&$ &RQVLJOLDPR GL XWLOL]]DUH VHPSUH ULFDPEL RULJLQDOL 4XDQGR VL FRQWDWWD LO QRVWUR &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR DFFHUWDUVL GL DYHUH D GLVSRVL]LRQH L GDWL VHJXHQWL 0RGHOOR 1XPHUR GL VHULH /
ವ ವ ವ ವ 7HQHUH ORQWDQL GDOO DSSDUHFFKLDWXUD L EDPELQL DO GL VRWWR GHL DQQL VH QRQ FRVWDQWHPHQWH VXSHUYLVLRQDWL 1RQ FRQVHQWLUH DL EDPELQL GL JLRFDUH FRQ O DSSDUHFFKLDWXUD , EDPELQL QRQ GHYRQR HVHJXLUH LQWHUYHQWL GL SXOL]LD H PDQXWHQ]LRQH VXOO DSSDUHFFKLDWXUD VHQ]D HVVHUH VXSHUYLVLRQDWL 7HQHUH JOL LPEDOODJJL ORQWDQR GDL EDPELQL H VPDOWLUOL LQ PRGR DGHJXDWR 6LFXUH]]D JHQHUDOH ವ ವ ವ ವ ವ ವ ವ 4XHVWD DSSDUHFFKLDWXUD ª GHVWLQDWD DOO XVR GRPHVWLFR H DSSOLFD]LRQL VLPLOL WUD FXL ದ &DVH GL FDPSDJQD
ವ ವ ವ ವ 3XOLUH O DSSDUHFFKLDWXUD FRQ XQ SDQQR LQXPLGLWR H PRUELGR 8WLOL]]DUH VROR GHWHUJHQWL QHXWUL 1RQ XVDUH SURGRWWL DEUDVLYL VSXJQHWWH DEUDVLYH VROYHQWL RG RJJHWWL PHWDOOLFL 4XDQGR O DSSDUHFFKLDWXUD UHVWD YXRWD SHU XQ OXQJR SHULRGR GL WHPSR VSHJQHUOD VEULQDUOD SXOLUOD DVFLXJDUOD H ODVFLDUH OD SRUWD DSHUWD SHU HYLWDUH OD IRUPD]LRQH GL PXIID DO VXR LQWHUQR 1RQ FRQVHUYDUH LQ TXHVWD DSSDUHFFKLDWXUD VRVWDQ]H HVSORVLYH FRPH ERPEROHWWH VSUD\ FRQWHQHQWL XQ SURSHOOHQWH LQILDPPDELOH 6H LO FDYR GL
$99(57(1=$ ,Q IDVH GL SRVL]LRQDPHQWR GHOO DSSDUHFFKLDWXUD YHULILFDUH FKH LO FDYR GL DOLPHQWD]LRQH QRQ VLD LQWUDSSRODWR R GDQQHJJLDWR $99(57(1=$ 1RQ XWLOL]]DUH SUHVH PXOWLSOH H SUROXQJKH ವ / DSSDUHFFKLDWXUD GHYH GLVSRUUH GL XQD PHVVD D WHUUD ವ 9HULILFDUH FKH L SDUDPHWUL VXOOD WDUJKHWWD VLDQR FRPSDWLELOL FRQ OH LQGLFD]LRQL HOHWWULFKH GHOO DOLPHQWD]LRQH ವ 8WLOL]]DUH VHPSUH XQD SUHVD HOHWWULFD FRQ FRQWDWWR GL SURWH]LRQH FRUUHWWDPHQWH LQVWDOODWD ವ $FFHUWDUVL GL QRQ GDQQHJJLDUH L FRPSRQHQWL HOHWWULFL
DG HVVHUH XWLOL]]DWH LQ DOWUH DSSOLFD]LRQL H QRQ VRQR DGDWWH SHU O LOOXPLQD]LRQH GL DPELHQWL GRPHVWLFL 3XOL]LD H FXUD $99(57(1=$ 9L ª LO ULVFKLR GL IHULUVL R GDQQHJJLDUH O DSSDUHFFKLDWXUD ವ 3ULPD GL HVHJXLUH TXDOXQTXH LQWHUYHQWR GL PDQXWHQ]LRQH VSHJQHUH O DSSDUHFFKLDWXUD HG HVWUDUUH OD VSLQD GDOOD SUHVD ವ / XQLW¢ UHIULJHUDQWH GL TXHVWD DSSDUHFFKLDWXUD FRQWLHQH LGURFDUEXUL /ಬXQLW¢ GHYH HVVHUH ULFDULFDWD HG LVSH]LRQDWD HVFOXVLYDPHQWH GD SHUVRQDOH TXDOLILFDWR ವ &RQWUROODUH UHJRODUPHQWH OR VFDULFR GH
D3 D1 'LPHQVLRQL W1 90 D2 ° A W2 B H1 W3 'LPHQVLRQL FRPSOHVVLYH { 6SD]LR QHFHVVDULR GXUDQWH OൄXVR t + PP : PP ' PP { OಬDOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOOಬDSSDUHFFKLDWXUD VHQ]D OಬLPSXJQDWXUD H L SLHGLQL 6SD]LR QHFHVVDULR GXUDQWH OൄXVR t + $ % PP : PP ' PP $ PP % PP t OಬDOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOOಬDSSDUHFFKLR FRPSUHVD OD PDQLJOLD SL» OR VSD]LR QHFHVVDULR SHU OD OLEHUD FLUFROD]LRQH GHOOಬDULD GL UDIIUHGGDPHQWR
OLEHUD FLUFROD]LRQH GHOOಬDULD GL UDIIUHGGDPHQWR SL» OR VSD]LR QHFHVVDULR SHU FRQVHQWLUH OಬDSHUWXUD GHOOD SRUWD FRQ OಬDQJROD]LRQH PLQLPD FKH SHUPHWWH OD ULPR]LRQH GL WXWWH OH DSSDUHFFKLDWXUH LQWHUQH /XRJR 3HU JDUDQWLUH OD PLJOLRUH IXQ]LRQDOLW¢ GHOO DSSDUHFFKLDWXUD QRQ VL GRYUHEEH LQVWDOODUH O DSSDUHFFKLR QHOOH YLFLQDQ]H GHOOD IRQWH GL FDORUH IRUQR VWXIH WHUPRVLIRQL IRUQHOOL R SLDQL GL FRWWXUD R LQ XQ OXRJR FRQ OXFH VRODUH GLUHWWD &RQWUROODUH FKH VXO UHWUR GHOOಬDSSDUHFFKLR VLD JDUDQWLWD XQಬDGHJXDW
3$11(//2 ', &21752//2 1 2 3 4 5 6SLD $OLPHQWD]LRQH 5HJRODWRUH GHOOD 7HPSHUDWXUD H ,QWHUUXWWRUH 2Q 2II )DVW)UHH]H VSLD )DVW)UHH]H LQWHUUXWWRUH H UHVHW GHOO DOODUPH 6SLD DOODUPH $FFHQVLRQH ವ IUHTXHQ]D GL DSHUWXUD GHOOD SRUWD ವ TXDQWLW¢ GL DOLPHQWL FRQVHUYDWL ವ SRVL]LRQH GHOO DSSDUHFFKLDWXUD ,Q FRQGL]LRQL QRUPDOL VL FRQVLJOLD GL XWLOL]]DUH XQD UHJROD]LRQH PHGLD ,QVHULUH OD VSLQD QHOOD SUHVD D PXUR ,PSRVWDUH LO UHJRODWRUH GL WHPSHUDWXUD DG XQ OLYHOOR PHGLR UXRWDQGROR LQ VHQVR
)DVW)UHH]H /D VSLD )DVW)UHH]H VL DFFHQGH 3RVL]LRQDUH LO FLER DOO LQWHUQR GHO YDQR FRQJHODWRUH H ODVFLDUH DWWLYDWD OD IXQ]LRQH )DVW)UHH]H SHU DOWUH RUH 9HGHUH OD VH]LRQH UHODWLYD DO FRQJHODPHQWR GL DOLPHQWL IUHVFKL 4XHVWD IXQ]LRQH VL DUUHVWD DXWRPDWLFDPHQWH GRSR RUH SRVVLELOH GLVDWWLYDUH OD IXQ]LRQH LQ TXDOVLDVL PRPHQWR SUHPHQGR OಬLQWHUUXWWRUH )DVW)UHH]H SHU VHFRQGL $OODUPH GL DOWD WHPSHUDWXUD 4XDQGR F ª XQ DXPHQWR GL WHPSHUDWXUD QHO YDQR FRQJHODWRUH DG HV D FDXVD GL XQ LQWHUUX]LRQ
$77(1=,21( ,Q FDVR GL VFRQJHODPHQWR DFFLGHQWDOH DG HVHPSLR D FDXVD GL XQಬLQWHUUX]LRQH GL FRUUHQWH VH OD FRUUHQWH ª ULPDVWD VSHQWD SL» D OXQJR GHO YDORUH LQGLFDWR VXOOD WDUJKHWWD VRWWR ಯWHPSR GL ULVDOLWDರ JOL DOLPHQWL VFRQJHODWL GHYRQR HVVHUH FRQVXPDWL UDSLGDPHQWH R FRWWL LPPHGLDWDPHQWH SRL UDIIUHGGDWL H TXLQGL ULFRQJHODWL 9HGHUH $OODUPH GL DOWD WHPSHUDWXUD 6FRQJHODPHQWR , FLEL VXUJHODWL R FRQJHODWL SULPD GL HVVHUH FRQVXPDWL SRVVRQR HVVHUH VFRQJHODWL LQ IULJRULIHUR R DOO LQWHUQR GL XQ VDFFKHW
ವ 1RQ PDQJLDUH L FXEHWWL GL JKLDFFLR L JKLDFFLROL R JUDQLWH VXELWR GRSR DYHUOL WROWL GDO FRQJHODWRUH 5LVFKLR GL VLQWRPL GD FRQJHODPHQWR ವ 1RQ FRQJHODUH QXRYDPHQWH LO FLER VFRQJHODWR 6H LO FLER VL ª VFRQJHODWR FXRFHUOR UDIIUHGGDUOR H SRL FRQJHODUOR &RQVLJOL SHU OD FRQVHUYD]LRQH GL FLEL FRQJHODWL ವ ,O YDQR FRQJHODWRUH ª TXHOOR FRQWUDVVHJQDWR FRQ ವ /ಬLPSRVWD]LRQH GHOOD WHPSHUDWXUD PHGLD JDUDQWLVFH XQD EXRQD FRQVHUYD]LRQH GHL FLEL FRQJHODWL /ಬLPSRVWD]LRQH GL XQD WHPSHUDWXUD SL» HOHYDWD DOOಬLQWHU
7LSR GL FLER 3HULRGR GL FRQVHU഻ YD]LRQH PHVL 3HVFL JUDVVL DG HV VDOPRQH VJRPEUR 3HVFL PDJUL DG HV PHUOX]]R SODWHVVD *DPEHUHWWL 9RQJROH H FR]]H VJXVFLDWH 3HVFH FRWWR &DUQH 3ROODPH 0DQ]R 0DLDOH $JQHOOR 6DOVLFFLD 3URVFLXWWR $YDQ]L FRQ FDUQH 38/,=,$ ( &85$ $99(57(1=$ )DUH ULIHULPHQWR DL FDSLWROL VXOOD VLFXUH]]D 3XOL]LD GHOO LQWHUQR 3ULPD GL XWLOL]]DUH O DSSDUHFFKLDWXUD SHU OD SULPD YROWD ODYDUH O LQWHUQR H JOL DFFHVVRUL
6SHJQHUH O DSSDUHFFKLDWXUD R HVWUDUUH OD VSLQD GHOOD SUHVD D SDUHWH 5LPXRYHUH JOL DOLPHQWL FRQVHUYDWL H ULSRUOL LQ XQ OXRJR IUHVFR $77(1=,21( 8Q LQQDO]DPHQWR GHOOD WHPSHUDWXUD GHL VXUJHODWL GXUDQWH OR VEULQDPHQWR SX´ ULGXUUH OD ORUR GXUDWD GL FRQVHUYD]LRQH 1RQ WRFFDUH LO FLER FRQJHODWR FRQ OH PDQL EDJQDWH /H PDQL SRWUHEEHUR DGHULUH DOO DOLPHQWR FRQJHODWR /DVFLDUH OD SRUWD DSHUWD 3URWHJJHUH LO SDYLPHQWR GDOO DFTXD GL VEULQDPHQWR DG HVHPSLR FRQ XQ SDQQR R XQ UHFLSLHQWH SLDWWR 3HU DFF
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH /ಬDSSDUHFFKLDWXUD ª UXPRURಣ VD /ಬDSSDUHFFKLDWXUD QRQ ª VXSSRUWDWD FRUUHWWDPHQWH &RQWUROODUH FKH OಬDSSDUHFಣ FKLDWXUD VLD DSSRJJLDWD LQ PRGR VWDELOH /ಬDOODUPH DFXVWLFR R YLVLYR ª DWWLYR ,O PRELOHWWR ª VWDWR DFFHVR GL UHFHQWH )DUH ULIHULPHQWR DOOD VH]LRQH ಯ$OODUPH SRUWD DSHUWDರ R ಯ$Oಣ ODUPH GL DOWD WHPSHUDWXUDರ /D WHPSHUDWXUD DOOಬLQWHUQR GHOOಬDSSDUHFFKLDWXUD ª WURSಣ SR DOWD )DUH ULIHULPHQWR DOOD VH]LRQH ಯ$OODUPH SRUWD DSHUWDರ R ಯ$Oಣ ODUPH GL DOWD WHPSHUDW
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH *OL DOLPHQWL QRQ VRQR DYYROWL FRUUHWWDPHQWH QHOOಬDSSRVLWR PDWHULDOH $YYROJHUH PHJOLR JOL DOLPHQWL QHOOಬDSSRVLWR PDWHULDOH /D WHPSHUDWXUD QRQ ª LPSRಣ VWDWD FRUUHWWDPHQWH )DUH ULIHULPHQWR DO FDSLWROR ಯ3DQQHOOR GL FRQWUROORರ /ಬDSSDUHFFKLDWXUD ª FRPSOHಣ WDPHQWH FDULFD HG ª LPSRಣ VWDWD VXOOD WHPSHUDWXUD SL» EDVVD ,PSRVWDUH XQD WHPSHUDWXUD VXSHULRUH )DUH ULIHULPHQWR DO FDSLWROR ಯ3DQQHOOR GL FRQಣ WUROORರ /D WHPSHUDWXUD LPSRVWDWD QHOOಬDSSDUHFFKLDWXU
3UREOHPD /D VSLD GHOOಬDOLPHQWD]LRQH ODPSHJJLD &DXVD SRVVLELOH 6ROX]LRQH 1RQ Fಬª FLUFROD]LRQH GL DULD IUHGGD QHOOಬDSSDUHFFKLDWXUD $VVLFXUDUVL FKH FL VLD FLUFRಣ OD]LRQH GL DULD IUHGGD QHOಣ OಬDSSDUHFFKLDWXUD )DUH ULIHಣ ULPHQWR DO FDSLWROR ಯ&RQVLJOL H VXJJHULPHQWL XWLOLರ 6L ª YHULILFDWR XQ HUURUH GXಣ UDQWH OD PLVXUD]LRQH GHOOD WHPSHUDWXUD &RQWDWWDUH XQ HOHWWULFLVWD TXDOLILFDWR R LO &HQWUR GL $Vಣ VLVWHQ]D DXWRUL]]DWR SL» YLFLಣ QR 6H TXHVWH LQGLFD]LRQL QRQ GDQQR L ULVXOWDWL VSHUDWL FRQWDWWDUH L
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