3ROLWHFQLFR GL 0LODQR 6FXROD GL $UFKLWHWWXUD H 6RFLHWj 6FLHQ]H GHOO·DUFKLWHWWXUD $ $ /DERUDWRULR 7HPDWLFR 2S]LRQDOH 'RFHQWL 0 1DVWUL $ &RQWLQ ( ' :DOO 5LFHUFD GL XQ FDVR VWXGLR HVHPSLR GL SURJHWWD]LRQH HXULVWLFD 6WXGHQWL $QGUHD 6IRJOLDULQL *LDFRPR 7UHSSR
/$ 6&+('$
,/ 352*(772
,O SURJHWWR /D QXRYD VHGH FHQWUDOH L*X]]LQL LOOXPLQD]LRQH D 6DQW &XJDW SUHVVR %DUFHO ORQD UDSSUHVHQWD XQ LQWHUYHQWR UDGLFDOH DOO·LQWHUQR GL XQ·DUHD SHULIHULFD WUD OD VXSHUVWUDGD GL 0RQWVHUUDW H O·$YHQLGD GH OD *HQHUDOLWDW ,O FRPSOHVVR VL FRPSRQH GL GXH SDUWL XQ EDVDPHQWR EDVVR HG HVWHVR SDU ]LDOPHQWH LQWHUUDWR UHDOL]]DWR LQ FDOFHVWUX]]R DUPDWR H SULYR GL OXFH XQD SDUWH VXSHULRUH VIHULFD OHJJHUPHQWH GHIRUPDWD LQWHUDPHQWH YHWUDWD /D SLDWWDIRUPD LQIHULRUH RVSLWD L PDJD]]LQL LO SDUFKHJJLR SDUWH GHOOR VKRZ URRP XQ DXGLWRULXP H L ORFDOL WHFQLFL ,O YROXPH VXSHULRUH RVSLWD LQYHFH JOL XIILFL OH DUHH DPPLQLVWUDWLYH H GLUHWWLYH GHOO·D]LHQGD ROWUH DL ODERUDWRUL GL ULFHUFD ,O FRPSRVWR VIHULFR SRVL]LRQDWR WUD VYLQFROL DXWRVWUDGDOL LQ XQ FRQWHVWR LQ GLVWLQWR H SULYR GL DOFXQD VHGLPHQWD]LRQH WDOH GD JHQHUDUH UHOD]LRQL VWRULFKH VL FRVWLWXLVFH HVFOXVLYDPHQWH FRPH RUJDQLVPR LQWHUDWWLYR FRPH FRPSOHVVR VLVWHPD WHVR D VXSHUDUH OD WUDGL]LRQDOH IRUPD GHO &RUSRUDWH %XLOGLQJ *HQHVL GHO FRPSRVWR /D JHQHVL GHOO·HQWH DUFKLWHWWRQLFR q GLFKLDUDWDPHQWH HPSLULFD IDWWD GL XQ FRQWLQXR VXVVHJXLUVL GL DJJLXVWDPHQWL VXL GLVHJQL H VXL PRGHOOL WULGLPHQ VLRQDOL SDUDOOHODPHQWH DJOL HVLWL LQWHOOHWWXDOL VYLOXSSDWL D PRQWH DWWUDYHUVR XQ SHUFRUVR SURJHWWXDOH GL ULFHUFD LQVLHPH WHRULFR H VSHULPHQWDOH /· DWWHQ]LRQH SRVWD YHUVR LO UDJJLXQJLPHQWR GL GHWHUPLQDWL VWDQGDUG SUHVWD]LRQDOL GDO SXQWR GL YLVWD HQHUJHWLFR GHOOD YHQWLOD]LRQH H GHOO·LOOXPLQD]LRQH XQLWDPHQWH DOOD SDUWLFRODUH VWUXWWXUD SRUWDQWH H DOO·HODERUD]LRQH PRGXODUH GHOO·LQWHODLDWXUD GL LQYROXFUR QH UDSSUHVHQWDQR OH FDUDWWHULVWLFKH FRVWLWXWLYH H OD WHVWLPRQLDQ]D GHOO·DSSURFFLR SURJHWWXDOH LQWH JUDWR JHQHUDWLYR GHO FRPSRVWR DUFKLWHWWRQLFR 7DOH PHWRGRORJLD FRQVHQWH FRQWHPSRUDQHDPHQWH VLD OD JHVWLRQH VSD]LDOH VLD TXHOOD FRVWUXWWLYD SHU PHWWHQGR FRVu VLD GL FRQWUROODUH OD GHILQL]LRQH GHJOL VSD]L VLD GL JXLGDUH OD UH DOL]]D]LRQH ILVLFD GHO FRPSRVWR VYLQFRODQGRVL QHWWDPHQWH GD RJQL WLSR HG LOL]LR WUDGL]LRQDOH $OOR VFRSR GL UDJJLXQJHUH XQ HOHYDWR JUDGR GL HIILFLHQ]D UHODWLYDPHQWH DOO· LOOXPLQD]LRQH H DOOD YHQWLOD]LRQH O·HQWH DUFKLWHWWRQLFR GL YHQWD XQ PDFFKLQD DPELHQWDOH XQ PHFFDQLVPR LQWHUDWWLYR FRQ O·DPELHQWH HVWHUQR GL FXL ULHVFH D VIUXWWDUH DO PHJOLR JOL DSSRUWL GL OXFH H DULD /·HODERUD]LRQH IRUPDOH H IXQ]LRQDOH VL VYROJRQR H VRQR JHQHUDWH HVFOXVLYD PHQWH GD SDUDPHWUL H ORJLFKH LQWHUQH DO FRPSRVWR SURLHWWDQGRVL DOO·HVWHUQR H LQVWDXUDQGR XQD IRUWH WUDFFLD QHO FRQWHVWR ,O YROXPH VL UDSSRUWD LQIDWWL DOO·DPELHQWH HVWHUQR FRPH RJJHWWR HVWUDQHR FRPH LQWHUYHQWR UDGLFDOH FKH GLYHQWD HVVR VWHVVR LO QXRYR FHQWUR DWWUDWWLYR GHO SDHVDJJLR $OOR VWHVVR WHPSR SHUz LO FRPSRVWR LQWHUSUHWD IRUWHPHQWH OD SHUFH]LRQH GLQDPLFD GHOOD ]RQD DWWUDYHUVR LO VXR DVSHWWR HWHUHR /D FRVWLWX]LRQH OHJJHUH D WUDVSDUHQWH XQLWDPHQWH DOO·HVLEL]LRQH GL QRWWH GHL VLVWHPL GL LOOXPLQD]LRQH FKH QH PXWDQR O·DVSHWWR QHO WHPSR LQWHUDJLVFH QRWHYROPHQWH FRQ OD VIHUD GL FKH VLJQLILFDWR FRPPHUFLDOH GHO FRPSRVWR /D YRORQWj GL UDSSUHVHQWDUH OH WHF QRORJLH GHOO·D]LHQGD DWWUDYHUVR XQ DVSHWWR IRUWHPHQWH GLPRVWUD OD YRORQWj GL FRQFHSLUH XQ RJJHWWR FRPSOHWR DQFKH VXO SLDQR GHO VLJQLILFDWR FKH UDFFR JOLH VXJJHVWLRQL QRQ VROR WHFQRORJLFKH PD DQFKH UDSSUHVHQWDWLYH
/$ 67587785$
/D VWUXWWXUD ,O FRPSRVWR DUFKLWHWWRQLFR D VYLOXSSR VIHULFR GL GLPHQVLRQL SDUL D FLUFD PHWUL GL GLDPHWUR q RUJDQL]]DWD LQWRUQR DG XQ SDWLR FHQWUDOH DOO·LQWHUQR GHO TXDOH VL DUWLFROD LO FRPSOHVVR VLVWHPD VWUXWWXUDOH SRUWDQWH /D VWUXWWXUD GL HOHYD]LRQH GHO FRPSRVWR VL GHWHUPLQD ULVSHWWR D /D FRQILJXUD]LRQH GHOO·DSSDUDWR SRUWDQWH YHUWLFDOH GHILQLWR GD FLQTXH SL ODVWUL UHWLFRODUL FRVWLWXLWL GD WXERODUL GL DFFLDLR VH]LRQH PP XQLWL DOOD VRPPLWj GHOO·HGLILFLR DWWUDYHUVR IDVFL GL FDYL LQ DFFLDLR DG DOWUH GLHFL VWUXW WXUH UHWLFRODUL YHUWLFDOL H FRQFDYH SRVWH DOO·HVWHUQR GHOOD VIHUD /D PHVVD D SXQWR GHOOH VWUXWWXUH UHWLFRODUL FRQFDYH HVWHUQH DOOD VIHUD UHDO L]]DWH FRQ WXERODUL VH]LRQH SDUL D PP 4XHVWH VXSSRUWDQR VLD SDUWH GHO FDULFR GHL VRODL VLD LO FDULFR GHOO·LQYROXFUR HVWHUQR FKH UHJJH OD VFKHU PDWXUD /DYRUDQGR D WUD]LRQH H DWWUDYHUVR L FDYL G·DFFLDLR WUDVIHULVFRQR LO FDULFR DL SLODVWUL UHWLFRODUL FHQWUDOL L TXDOL VFDULFDQR D WHUUD O·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q SRVL]LRQDWR LO SDYLPHQWR JDOOHJJL DQWH FRQ VRVWHJQL D SLHGLVWDOOR UHJRODELOL L FRQWURVRIILWWL UHDOL]]DWL LQ SDQ QHOOL GL ODPLHUD GL DOOXPLQLR PLFURIRUDWD FRQ LVRODPHQWR DFXVWLFR VSHVVRUH PP VRQR DSSHVL DL VRODL DWWUDYHUVR WLUDQWL , VRODL VRQR LVRODWL DOOH HVWUHPLWj FRQ XQD ODVWUD LVRODQWH LQ ODQD GL URFFLD ILV VDWD DO SURILOR PHWDOOLFR GL FKLXVXUD GHOO·RUL]]RQWDPHQWR ,O VRODLR GL FKLXVXUD LQ FRSHUWXUD ROWUH DOOD VWUDWLJUDILD GHJOL DOWUL RUL]]RQWD PHQWL SUHYHGH XQD SURWH]LRQH FRQ GRSSLD JXDLQD LPSHUPHDELOH SRVWD VRWWR OD SDYLPHQWD]LRQH LVRODPHQWR WHUPLFR FRQ SDQQHOOL GL SROLVWLUHQH HV SDQVR [ PP VSHVVRUH PP H LO PDVVHWWR GL SHQGHQ]D DO
/·,192/8&52
/·LQYROXFUR /H FKLXVXUH YHUWLFDOL VRQR FRVWLWXLWH GD IDFFLDWH YHWUDWH VLD DOO·LQWHUQR YHUVR LO SDWLR FHQWUDOH VLD DOO·HVWHUQR 7DOH LQYROXFUR q FRVWLWXLWR GD XQ VLVWHPD GL IDFFLDWD FRQWLQXD D PRQWDQWL H 7DOH WUDYHUVL LQ DOOXPLQLR D VH]LRQH VFDWRODUH , PRQWDQWL VRQR ILVVDWL DOOH VWUXW WXUH RUL]]RQWDOL GHOO·HGLILFLR DWWUDYHUVR XQ DQFRUDJJLR WUDPLWH VWDIIH DL SURILOL GL DFFLDLR GL FKLXVXUD GHOO·LPSDOFDWR /H VWDIIH VRQR FRVWLWXLWH GD XQ SURILOR D / H GRWDWL GL DVROH QHFHVVDULH DG DVVRUELUH OH WROOHUDQ]H FRVWUXWWLYH 6RQR ILVVDWH FRQ EXOORQL VLD DO PRQWDQWH VLD DO SURILOR GL FRQJLXQ]LRQH FRQ O·RUL]]RQWDPHQWR /R VSD]LR ULVXOWDQWH WUD LO WUDYHUVR H O·LPSDOFDWR q FKLXVR HVWHUQDPHQWH WUD PLWH XQD JXDUQL]LRQH LQ DOOXPLQLR H ULHPSLWR FRQ LVRODQWH LQ VFKLXPD GL SROL XUHWDQR ,QWHUQDPHQWH LQYHFH q DSSOLFDWR XQ SURILOR D / LQ DOOXPLQLR *OL HOHPHQWL GL FKLXVXUD VRQR FRVWLWXLWL GD YHWURFDPHUH D GRSSLR YHWUR PP ILVVDWL DWWUDYHUVR GLVSRVLWLYL IHUPDYHWUR /D IDFFLDWD FRQWLQXD LQWHJUD VHUUDPHQWL D YDVLVWDV SRVWL VXOO·LQYROXFUR WUDVSDUHQWH HVWHUQR H LQWHUQR SHU FRQVHQWLUH OD YHQWLOD]LRQH QDWXUDOH 3HU SURWHJJHUH XQD VWUXWWXUD FRVu FRQIRUPDWD GDOOD UDGLD]LRQH VRODUH q SUHGLVSRVWR HVWHUQDPHQWH DOOD IDFFLDWD FRQWLQXD XQ VHFRQGR LQYROXFUR FRQ IXQ]LRQH GL VFKHUPDWXUD UHDOL]]DWR WUDPLWH XQ PDQWR GL WHVVXWR D UHWH /R VFKHUPR q ILVVDWR DL QRGL HVWHUQL GL XQD JULJOLD VWUXWWXUDOH PRGXODUH WUL /R VFKHUPR q ILVVDWR DL QRGL HVWHUQL GL XQD JULJOLD VWUXWWXUDOH PRGXODUH WUL DQJRODUH FRPSRVWD GD SURILOL GL VH]LRQH VFDWRODUH LQ DFFLDLR 7DOL SURILOL VDOGDWL WUD ORUR PHGLDQWH JLXQWL PHWDOOLFL VRQR DQFRUDWL DOOH FRVWRORQDWXUH UHWLFRODUL HVWHUQH /D PHPEUDQD VFKHUPDQWH q WHVD VX XQD GRSSLD FXUYDWXUD H GLVSRVWD VROR VXOOD SDUWH GL IDFFLDWD PDJJLRUPHQWH HVSRVWD D IHQRPHQL GL LUUDJJLD PHQWR D VXG DOOR ]HQLW H LQ SDUWH YHUVR HVW H RYHVW /·HOHPHQWR GL VFKHUPDWXUD q UDSSUHVHQWDWR GDO SURGRWWR 6WDPLVRO )7 SURGX]LRQH 6HUJH )HUUDUL $UFKLWHFWXUH 7DOH ULYHVWLPHQWR WHVVLOH q FRVWLWXLWR GD XQ·DUPDWXUD GL ILEUH LQ SROLHVWHUH DG DOWD WHQDFLWj SURWHWWH GD XQ VRWWLOH VWUDWR GL SYF PLFURIRUDWR FKH PLQL PL]]D OD SHQHWUD]LRQH GHOOD UDGLD]LRQH LQIUDURVVD FD H XOWUDYLROHWWD ,O WHVVXWR YLHQH WUDWWDWR DWWUDYHUVR OD WHFQRORJLD 3UHFRQWUDLQW )HUUDUL FKH SUHYHGH LO SUH WHQVLRQDPHQWR GHO ULYHVWLPHQWR VLD SULPD FKH GXUDQWH OH RSHUD]LRQL GL VSDOPDWXUD /D PHPEUDQD YLHQH FRVu VRWWRSRVWD DG XQD WHQ VLRQH HTXLOLEUDWD H UHJRODUH VLD LQ RUGLWR FKH LQ WUDPD RIIUHQGR FDUDWWHULV WLFKH GL DOOXQJDPHQWR VLPLOL QHL GXH VHQVL 1H ULVXOWD XQ·HOHYDWD VWDELOLWj GLPHQVLRQDOH HYLWDQGR GHIRUPD]LRQL GXUDQWH OD SRVD R O·XWLOL]]R ,O FRORUH FKLDUR PDQWLHQH XQ·HOHYDWD SHUPHDELOLWj YLVXDOH GHO SDHVDJJLR HVWHUQR VHQ]D SURGXUUH IHQRPHQL GL DEEDJOLDPHQWR ,O WHVVXWR q ULFLFOD ELOH LQDWWDFFDELOH GD DJHQWL FOLPDWLFL SUHVHQWD FDUDWWHULVWLFKH GL DEEDWWL PHQWR DFXVWLFR H VRGGLVID L UHTXLVLWL DQWLQFHQGLR (XURFODVV %V G
/( 675$7(*,( %,2&/,0$7,&+( 3$66,9(
/D VWUDWHJLD ELRFOLPDWLFD GHOO·LQWHUYHQWR q VWDWD GHILQLWD GDL SURJHWWLVWL LQ FRO ODERUD]LRQH FRQ OD VRFLHWj GL LQJHJQHULD FDWDODQD 3JL *UXS LQFDULFDWD GHO SURJHWWR LPSLDQWLVWLFR /D ULFHUFD FRQVLGHUD OH VROX]LRQL ELRFOLPDWLFKH SL DGDWWH DG DIILDQFDUH H VXSSRUWDUH L VLVWHPL WHFQRORJLFL FRQ O·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·LQYROXFUR HGLOL]LR /D PRGHUD]LRQH GHJOL HVWUHPL FOLPDWLFL GHOO·DPELHQWH LQWHUQR q DIILGDWD VLD /D DO FRQWULEXWR GHOOR VFKHUPR RPEUHJJLDQWH HVWHUQR FKH ULIOHWWH JUDQ SDUWH GHOOD UDGLD]LRQH LQFLGHQWH VLD DOO·HIIHWWR FDPLQR FKH VL JHQHUD QHO FDYHGLR LQWHUQR VIUXWWDQGR LO GLIIHUHQ]LDOH WHUPLFR IUD O·DULD HVWHUQD H TXHOOD DOO·LQWHUQR GHJOL DPELHQWL /H SULQFLSDOL VWUDWHJLH PHVVH LQ DWWR VRQR OR VIUXWWDPHQWR GHOO·LQHU]LD WHUPLFD QDWXUDOH GHO WHUUHQR SHU JOL VSD]L FKH QRQ QHFHVVLWDQR R FKH QH KDQQR ELVRJQR VROR VDOWXDULDPHQWH GL FOLPDWL] ]D]LRQH DUWLILFLDOH PDJD]]LQL H ORJLVWLFD VKRZURRP DXGLWRULXP VSD]L WHF QLFL H GL VHUYL]LR HFF FKH FRVWLWXLVFRQR OD PDJJLRU SDUWH GHOOD VXSHUILFLH XWLOH ULVSHWWR DL FRPSOHVVLYL P D GLVSRVL]LRQH OD IRUPD VIHURLGDOH GHOO·LQYROXFUR HGLOL]LR FKH GHWHUPLQD XQ EDVVR UDSSRUWR VXSHUILFLH YROXPH LGHDOH SHU LO FRQWHQLPHQWR GHOOH GLVSHUVLRQL WHUPLFKH LO FRQWUROOR GHOOD OXFH QDWXUDOH GXUDQWH O·LQWHUR DUFR GHOOD JLRUQDWD DWWUD YHUVR O·LQYROXFUR VIHULFR H OH VXSHUILFL WUDVSDUHQWL GHO FDYHGLR LQ PRGR GD GRVDUH LO FRQWULEXWR GHOO·LOOXPLQD]LRQH DUWLILFLDOH D VHFRQGD GHOOH HIIHWWLYH QH FHVVLWj L PRWL FRQYHWWLYL GHOO·DULD FKH VL FUHDQR DWWUDYHUVR LO FROOHJDPHQWR GLUHWWR IUD OD ]RQD LQ RPEUD GHOOD WHUUD]]D G·LQJUHVVR DOOD TXRWD GHO WHUUHQR H O·DSHUWXUD ]HQLWDOH GHO FDYHGLR SRVWD D FLUFD PHWUL G·DOWH]]D GDO VXROR JHQHUDQGR XQ IOXVVR G·DULD QDWXUDOH FKH ULGXFH OD WHPSHUDWXUD GHOO·DULD H GHOOH IDFFLDWD LQWHUQH ,O SDWLR WUDVSDUHQWH DJLVFH FRPH FXVFLQHWWR WHUPLFR DO VHUYL]LR GHJOL XIILFL ULGXFHQGR L FDULFKL LQWHUQL QHFHVVDUL D PDQWHQHUH FRVWDQWH OD WHPSHUDWXUD GHJOL DPELHQWL DELWDWL 1HOOD VWDJLRQH HVWLYD LO IXQ]LRQDPHQWR GL TXHVWR VLVWHPD q UHVR DQFRUD SL 1HOOD HIILFDFH LQ FDVR GL LPPLVVLRQH GL DFTXD QHEXOL]]DWD DOOD VRPPLWj GHO FDYH GLR 1HO SHULRGR LQYHUQDOH RIIUH XQ FRQWULEXWR WHUPLFR LPPDJD]]LQDQGR O·DULD HV DXVWD H SL FDOGD HVSXOVD GDJOL XIILFL H FUHDQGR XQ DPELHQWH GL WUDQVL]LRQH WHUPLFD ULVSHWWR DOO·DWPRVIHUD HVWHUQD LQQDO]DQGR OD WHPSHUDWXUD VXSHUIL FLDOH GHOOH YHWUDWH L IHQRPHQL GL FRQYH]LRQH QDWXUDOH JHQHUDWL WUD OD IDFFLDWD HVWHUQD H OD PHP EUDQD VFKHUPDQWH LQ FXL OD IRUPD]LRQH GL IOXVVL DVFHQVLRQDOL ULGXFH OD WHP SHUDWXUD VXSHUILFLDOH GHOOH YHWUDWH PLJOLRUDQGR OH FRQGL]LRQL GL FRPIRUW
, 6,67(0, $77,9,
/·XVR GL VLVWHPL DWWLYL LQWHOOLJHQWL H D HOHYDWD DXWRPDWL]]D]LRQH LQWHJUD LO IXQ ]LRQDPHQWR ELRFOLPDWLFR VRGGLVIDFHQGR WXWWH OH HVLJHQ]H LQ WHUPLQL GL FRP IRUW WHUPRLJURPHWULFR FRQVXPR GL HQHUJLD HOHWWULFD WHOHFRPXQLFD]LRQL LQ IRUPDWL]]DWH VLFXUH]]D H FRQWUROOR GHJOL DFFHVVL ULOHYDPHQWR HG HVWLQ]LRQH GHJOL LQFHQGL QRQFKp OD JHVWLRQH LGULFD /·LPSLDQWR GL FOLPDWL]]D]LRQH VL EDVD VX GXH JUXSSL IULJRULIHUL GD N: FLDVFXQR D HOHYDWD HIILFLHQ]D FRQGHQVDWL DG DFTXD IXQ]LRQDQWL FRQ JDV +IF H D EDVVH HPLVVLRQL VRQRUH SRVL]LRQDWL DOO·HVWHUQR GHOO·HGLILFLR LQ SRVL]LRQH ULYROWD D VHWWHQWULRQH SHU XQ SL HIILFDFH UDIIUHGGDPHQWR /H XQLWj UHIULJHUDQWL RSHUDQR LQ SDUDOOHOR D SRWHQ]D SDU]LDOL]]DWD PD[ LQ PRGR GD PLQLPL]]DUH L FRQVXPL FRPSOHVVLYL ULVSHWWR D TXHOOL GL XQ XQLFR JUXSSR IULJRULIHUR DWWLYR DL PDVVLPL UHJLPL GL IXQ]LRQDPHQWR ,O,O IOXLGR WHUPRYHWWRUH q LQYLDWR DL WHUPLQDOL DWWUDYHUVR XQ FLUFXLWR D GRSSLR IOXVVR SULPDULR D SRUWDWD ILVVD H VHFRQGDULR D SRUWDWD YDULDELOH D VHFRQGD GHOOH FRQGL]LRQL GL RFFXSD]LRQH GHOO·HGLILFLR 1HJOL DPELHQWL VRQR SR VL]LRQDWL YHQWLOFRQYHWWRUL DG DOWH SUHVWD]LRQL GRWDWL GL YDOYROH D GXH YLH GL FRQWUROOR H GL YHQWLODWRUL D WUH YHORFLWj SHU OD PLJOLRUH JHVWLRQH GHL SLFFKL GL FDULFR ULVSHWWR DO UXPRUH SURGRWWR , WHUPRVWDWL FRQVHQWRQR OD PRGXOD]LRQH GHO IXQ]LRQDPHQWR SHU FLDVFXQD VLQJROD XQLWj SHU RJQL ]RQD H LQ FDVR GL XI ILFLR VLQJROR $QFKH O·LPSLDQWR GL ULVFDOGDPHQWR q EDVDWR VX FDOGDLH D FRQGHQVD]LRQH N: FLDVFXQD DOLPHQWDWH D JDV PHWDQR SL XQ XPLGLILFDWRUH D YDSRUH N: VHPSUH D JDV QDWXUDOH FRQ OR VFRSR GL PDQWHQHUH LO OLYHOOR LGHDOH GL XPLGLWj QHJOL DPELHQWL DELWDWL , FLUFXLWL GHOO·LPSLDQWR GL ULVFDOGDPHQWR H L FRPSRQHQWL VRQR VLPLOL D TXHOOL SUHYLVWL SHU LO VLVWHPD GL UDIIUHVFDPHQWR /D UHWH GL YHQWLOD]LRQH DG DULD SULPDULD SHU OD ]RQD XIILFL q DWWHVWDWD VX XQLWj GL WUDWWDPHQWR GHOO·DULD SRVWH LQ FRSHUWXUD FRQ GLVWULEX]LRQH D VRIILWWR GRYH VRQR SRVL]LRQDWL L YHQWLOFRQYHWWRUL H OH ULSUHVH /D SURGX]LRQH GL DFTXD FDOGD VDQLWDULD q DIILGDWD DG XQ VLVWHPD FRQQHVVR DO FLUFXLWR GHOOH FDOGDLH FRQ VFDPELDWRUH H VHUEDWRLR GL DFFXPXOR DFFRS SLDWR GD VXSHUILFL FDSWDQWL VRODUL WHUPLFKH ,O VLVWHPD GL UDFFROWD H SRPSDJJLR GHOO·DFTXD SLRYDQD q EDVDWR VX VHUEDWRL GL DFFXPXOR GLIIHUHQ]LDWL SHU XVR FLDVFXQR GRWDWR GL HOHWWURSRPSH VRP PHUVH SHU LO ULIRUQLPHQWR GHOOH FDVVHWWH GL VFDULFR P O·LUULJD]LRQH GHOOH DUHH YHUGL P H OD ULVHUYD DQWLQFHQGLR P ,O IXQ]LRQDPHQWR GL TXHVW·XOWLPD q DIILGDWR DO FROOHJDPHQWR FRQ OD UHWH HOHWWULFD SULQFLSDOH H FRQ LO JUXSSR HOHWWURJHQR GL ULVHUYD SHU DOLPHQWDUH XQ LPSLDQWR VSULQNOHU H OD UHWH GL LGUDQWL XQR SHU SLDQR /·LQWHUR VLVWHPD LPSLDQWLVWLFR q JHVWLWR DW WUDYHUVR XQ·XQLWj GL FRQWUROOR FHQWUDOL]]DWD GRWDWD GL FRPSXWHU SULQFLSDOH H GD UHJRODWRUL SDU]LDOL GLVWULEXLWL D FRQWUROOR HOHWWURQLFR /·DOLPHQWD]LRQH HOHWWULFD q DIILGDWD D XQ FRQWUROORUH PW N9 DFFHVVLELOH GDOO·HVWHUQR GHOO·HGLILFLR FROOHJDWR D XQ WUDVIRUPDWRUH GHO WLSR D VHFFR N9$ FRQ SURWH]LRQL DJJLXQWLYH SL XQ JHQHUDWRUH N9$ GL VL FXUH]]D SHU WXWWL L VLVWHPL H L FLUFXLWL ROWUH D XOWHULRUL JUXSSL GL FRQWLQXLWj SHU JDUDQWLUH O·DOLPHQWD]LRQH GHL VLVWHPL GL VLFXUH]]D H LQIRUPDWLFL /H UHWL GL GLVWULEX]LRQH WUDQVLWDQR DWWUDYHUVR L SDYLPHQWL VRSUDHOHYDWL PHQWUH QHL FRQWURVRIILWWL VRQR DOORJJLDWL JOL LPSLDQWL DQWLQFHQGLR JOL LPSLDQWL VSHFLDOL H OD UHWH LOOXPLQRWHFQLFD VWUXWWXUDWD SHU LQFRUSRUDUH L VLVWHPL H JOL DSSDUHF FKL SURGRWWL GD L*X]]LQL 4XHVWL XOWLPL VRQR EDVDWL VX SURWRFROOL GL FRQWUROOR FRQ JHVWLRQH FHQWUDOL]]DWD FDSDFL GL DGDWWDUVL LQ WHPSR UHDOH DOOD YDULD]LRQH GHOO·LOOXPLQD]LRQH QDWXUDOH LQWHUQD HG HVWHUQD YDULDQGR GL FRQVHJXHQ]D O·LQWHQVLWj GL OXFH VX RJQL SLDQR SHU FRQWULEXLUH DO FRQWHQLPHQWR GHL FRQVXPL HQHUJHWLFL
, 6,67(0, $77,9,
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·LOOXPLQD]LRQH QRWWXUQD FKH WUDVIRUPD LO YROXPH SHU XIILFL LQ XQD VXJJHVWLYD ODQWHUQD OXPLQRVD ,Q JHQHUDOH LO FRQWUROOR GHL VLVWHPL LPSLDQWLVWLFL HVFOXGH OD SUHVHQ]D GL WDVWL QHOO·LQWHUR HGLILFLR LO FXL IXQ]LRQDPHQWR q FRPSOHWDPHQWH DXWRPDWL]]DWR
1RWH 6L YHGDQR OH GLFKLDUD]LRQL GHO SURJHWWLVWD UHODWLYDPHQWH DOOD PHWRGRORJLD SURJHW WXDOH VHJXLWD LQ (WKHO %DUDKRQD 3RKO 0L$6 $UFKLWHFWV L*X]]LQL +HDGTXDUWHUV '2086 ,7$/,$ Q 'RPXV SS ² 0LODQR /D )UDQFD *LXVHSSH 8QD ODQWHUQD QHO FLHOR 3URJHWWDUH Q 'LFHPEUH SS , GDWL H OH FDUDWWHULVWLFKH FLWDWH QHO WHVWR VRQR FRQWHQXWL QHOOD VFKHGD WHFQLFD GHO SURGRWWR 6WDPLVRO )7 SURGX]LRQH 6HUJH )HUUDUL $UFKLWHFWXUH &RUEH )DEUL]LR /D PDVVLPL]]D]LRQH GHL VLVWHPL SDVVLYL SHU ´LO &LHORµ L*X]]LQL HGLOL]LD QHZV LW QRYHPEUH &RUEH )
%LEOLRJUDILD H VLWRJUDILD /D )UDQFD *LXVHSSH 8QD ODQWHUQD QHO FLHOR 3URJHWWDUH Q 'LFHP EUH SS )HGHULFD *DVSDUHWWR L*X]]LQL +HDGTXDUWHUV LQ 6DQW &XJDW GHO 9DOOq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