!"#$%&'()*+ ./'&%'()*+ 0"()'& 12 3#"-2(4"5 !! #$%&'$( )'$*+,'-'.$, /($0+%$1$, *+% 23$%+4 56$784 96'4-$4'(($: ;$,$1+ /4 /( ('0%+ <.$(6$&'=4 <&+4=7'&$ > 2+&'$( 1/ #%+>/&-+, 1/ !4./%,'=4 1/ ?$6( @$,-%+ A B$%/4 C+D$-/: C$%E+ FGGH #60('&$&'+4/, 1/ @<#IJ K-%$, L6/4-/, %/L/%/4&'$1$,
6' 7%+()*+ 7%+()*+ 12& 8)2+25 8)2+254'# 4'# 5"()'& 5"()'& - &' 2/'&%'()*+ 5"()'& 12 9#"-2(4"5
<,-$ /&6$&'=4 */%7'-/ *%/&',$% /( -%$0$M+ 1/ %/$('E$% 64$ /.$(6$&'=4 /4 1+, *$,+, *%'4&'*$(/,N
!"#$%!&!'('!)$ "# +,- !./('%,- 1/( *%+>/&-+ ,+0%/ /( &+4,67+ 1/ !" J$ !"#$%!&!'('!)$ 1'L/%/4-/, 0'/4/,O ,/%.'&'+, > 0'/4/, 7/%'-+%'+,O 7/%'-+%'+, O *+% 1'L/%/4-/, P%6*+, 1/ ($ &+(/&-'.'1$1 4$&'+4$( &+(/&-'.'1$1 4$&'+4$( /4 -+1+ /( 3+%'E+4-/ 3+%'E+4-/ Q.'1$ Q.'1$ R-'(S 1/( *%+>/&-+:
#" J$ (-!0$('!)$ "# 1(+,2 ( '("( !./('%, ,/PR4 ($ 6-'('1$1 ,+&'$( 7$%P'4$( 1/( &+4,67+ /,-'*6($1+:
6"5 1"5 :#'+125 9'5"5 9'#' &' 2/'&%'()* 2/'&%'()*+ + 2("+*$)(' - 5"()'&
3#)$2# 9'5" !" $%&'($)$*"*$+' %& $,-"*(./ %& 0' -1.2&*(.
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
;$9'(4"5 5"8#2 2& 8)2+254'# ;$9'(4"5 :;<=>?@! A5"8#2 2& ("+5%$"BD 0"+ &"5 )$9'(4"5 $C5 2/)12+425 " 12 $C5 7C()& )12+4)7)('()*+ =%2 '72(4'+ A9"5)4)/' " +2:'4)/'$2+42B 2& ("+5%$" +'()"+'&?
.ED F+ 9#"-2(4" =%2 !"#$%&' ( $)*+"),%(' 2+2#:>' 2&G(4#)(' 52 ('#'(42#)H' 9"# 2& 82+27)()" 12 '8'542(2# 12 2+2#:>' ' %+' H"+'? .+ 2542 ('5"@ 2& ("+5%$" 2+2#:G4)(" 2+ &' H"+' (#2(2 128)1" ' &' #2'&)H'()*+ 12& 9#"-2(4"? I5>@ 2& 82+27)()" A" )$9'(4" 9"5)4)/"B 25 2& 3(5/+ '/.&%3/ -" "."+)A(?
.ED F+ 9#"-2(4" =%2 %+)-)./ )+42+5)/'$2+42 2+2#:>' 2&G(4#)(' 2+ %+' #2:)*+ =%2 5%7#2 #'()"+'$)2+4" 12 2+2#:>'? .54" <'#C =%2 52 125/>2 2& ("+5%$" 12 &"5 "4#"5 $)2$8#"5 12 &' ("&2(4)/)1'1 +'()"+'& <'()' 2& 9#"-2(4"? I5>@ 1)(<" 9#"-2(4" <'(2 =%2 &"5 '/.&%3*-/+"& )(&1". 3"./& "."+)A(?
;$9'(4"5 5"8#2 2& 8)2+254'# ;$9'(4"5 ;C:;<=>?@! A5"8#2 2& %5" 12 #2(%#5"5BD ! 6"5 9#"-2(4"5 4'$8)G+ :2+2#'+ $"1)7)('()"+25 2+ 2& %5" 12 #2(%#5"5 A)+5%$"5@ $'42#)'5 9#)$'5 - 7'(4"#25 12 9#"1%(()*+B? I5)$)5$"@ 9%212+ ('%5'# &)82#'()*+ 12 #2(%#5"5 ' 4#'/G5 12 9#"(25"5 12 '<"##"@ 5%54)4%()*+@ %4)&)H'()*+ " ("$9#"$)5" 12 #2(%#5"5? I& '72(4'# 2& 2$9&2" 12 #2(%#5"5@ 2& 9#"-2(4" '72(4' )+1)#2(4'$2+42 2& ("+5%$" 12 1)72#2+425 8)2+25 - 52#/)()"5? ! 3"# "4#" &'1"@ 4"1" 9#"-2(4" 12$'+1' #2(%#5"5 A)+5%$"5@ $'42#)'5 9#)$'5 - 7'(4"#25B =%2 52 /'+ ' +2(25)4'# 2+ 2& 125'##"&&" 12 &'5 '(4)/)1'125 9#"9)'5? I& :2+2#'# 254' 12$'+1'@ 2& 9#"-2(4" ("$9#"$242 254"5 #2(%#5"5 - 9#)/' ' &' 5"()21'1 12 &'5 "9"#4%+)1'125 12 %4)&)H'#&"5 2+ 5%5 %5"5 '&42#+'4)/"5?
.ED J"+54#%(()*+ 12 :'5"1%(4"D K'-"# "72#4' 12 :'5 LM 32#$)42 %+' 5%54)4%()*+ 12 "4#"5 ("$8%54)8&25 LM 6)82#'()*+ 12 #2(%#5"5 =%2 2#'+ +2(25'#)"5 9'#' 9#"1%()# &"5 8)2+25 5%54)4%)1" LM N)(<"5 #2(%#5"5 &)82#'1"5 52 9%212+ %4)&)H'# 2+ "4#'5 '(4)/)1'125 2+ &'5 (%'&25 52 )"."+" 3B& '/.&%3/?
.ED F5" 12 %+ 42##2+"D .&)$)+' &' 9"5)8)&)1'1 12 1254)+'#&" ' 5%5 %5"5 '&42#+'4)/"5@ -' =%2 %+ 42##2+" ("+54)4%-2 %+ #2(%#5" 9#"1%(4)/" 9'#' 2("+"$>'? 02 5'(#)7)(' &'5 9"5)8)&)1'1 12 ("+5%$)# &" =%2 52 <'8#>' 9#"1%()1" 2+ 252 42##2+"
;$9'(4"5 5"8#2 2& 8)2+254'# ! !7*$&-+, $%&'(')%&
Q0/4/L'&'+, '1/4-'L'&$1+,SN ! !4&%/7/4-+ /4 /( &+4,67+ 1/
0'/4/,O ,/%.'&'+, + 0'/4/, 7/%'-+%'+,: ! J'0/%$&'=4 Q$3+%%+S 1/ %/&6%,+, 1/
%/&6%,+, *%+16&-'.+,: ! I67/4-+ /4 ($, /T*+%-$&'+4/, > /(
&+4,/&6/4-/ '4&%/7/4-+ /4 1'.',$,: ! ?/16&&'=4 1/ '7*+%-$&'+4/, > /(
&+4,/&6/4-/ $3+%%+ 1/ 1'.',$,:
! !7*$&-+, *+,-(')%& Q&+,-+,
'1/4-'L'&$1+,SN ! )',7'46&'=4 1/( &+4,67+ 1/ 0'/4/,O
,/%.'&'+, + 0'/4/, 7/%'-+%'+,: ! U-'('E$&'=4 Q+ &+7*%+7',+S 1/
%/&6%,+, *%+16&-'.+,: ! ?/16&&'=4 1/ ($, /T*+%-$&'+4/, > /(
&+4,/&6/4-/ ,$&%'L'&'+ 1/ 1'.',$,: ! I67/4-+ 1/ ($, '7*+%-$&'+4/, > /(
&+4,/&6/4-/ P$,-+ 1/ 1'.',$,:
.& 9#"(25" 12 )12+4)7)('()*+ 12 )$9'(4"5 12 &"5 9#"-2(4"5 ! 32!.#2,O ,/ 1/0/ -/4/% /4
&6/4-$ V6/ /( '7*$&-+ 1/ 64 *%+>/&-+ ,/ 1/16&/ 1/ ($ &+7*$%$&'=4 1/ 64 /,&/4$%'+ ',$ /2,4#'%, > +-%+ -!$ /2,4#'%,: <, 4/&/,$%'+ *%+>/&-$% (+, &+4,67+,O ($, /T*+%-$&'+4/, + '7*+%-$&'+4/, + ($, 6-'('E$&'+4/, 1/ %/&6%,+, V6/ ,/ .$4 $ *%/,/4-$% -$4-+ /4 64 /,&/4$%'+ &+7+ /4 +-%+:
! U4 /,&/4$%'+ ,'4 *%+>/&-+ 4+
/, (+ 7',7+ V6/ /( /,&/4$%'+ $4-/, 1/( *%+>/&-+:
.& 9#"(25" 12 )12+4)7)('()*+ 12 )$9'(4"5 12 &"5 9#"-2(4"5 ! 8#07$",O /, &+4./4'/4-/
-/4/% /4 7/4-/ V6/ &+4./4&'+4$(7/4-/ /4 ($ /.$(6$&'=4 /&+4=7'&$ > ,+&'$( &+ ';+*('9'1-* $%8 &+$-8-;% (+, '7*$&-+, *+,'-'.+, 0%6-+, Q0/4/L'&'+, 0%6-+,S 1/ (+, '7*$&-+, 4/P$-'.+, 0%6-+, Q&+,-+, 0%6-+,S:
! 5#2'#2,O /, *%/&',+
&+4,'1/%$% V6/ ,/ -%$-$ 1/ '1/4-'L'&$% /( '7*$&-+ 1/( *%+>/&-+ ,+0%/ ($ &+(/&-'.'1$1 4$&'+4$(:
! 67(2%,O ,/ -%$-$ 1/ '1/4-'L'&
%$($, -%$4,L+%7$&'+4/, V6/ &$6,$ /( *%+>/&-+ ,+0%/ ($ &+(/&-'.'1$1 4$&'+4$(: .+ +01234+* 1-56'%& 73+ 8+92+:-* 5+8-& (8-*&9+8+*1'-& +*(8+ +2 1%*:3*(% Q'4-/%&$70'+, 7+4/-$%'+, V6/ 4+ ,/ %/,*$(1$4 *+% 64 '4-/%&$70'+ 1/ 0'/4/, + ,/%.'&'+,:
! 9!$(+.#$%#: '& )12+4)7)('# &"5 )$9'(4"5 +" 52 #27)2#2 ' O#21%(()*+ 12 9#2()"5P@ O'%$2+4"5 2+ 2& )+:#25"P@ O'%$2+4" 12 &' )+7&'()*+P@ " O:2+2#'()*+ 12 2$9&2"P@ =%2 52#>'+ 272(4"5 12& 9#"-2(4"? 3'#' <'(2# ("$9&24" 2& '+C&)5)5 12& 9#"-2(4"@ 52 1282#C (%254)"+'# &' ("+52(%2+()' 12 254"5 272(4"5@ 2+ 4G#$)+"5 12 *34('1/& -*+"'1/& &/$+" ", '/.&%3/ " *34('1/& &/$+" ", %&/ -" +"'%+&/&?
6"5 9#"-2(4"5 ("+1%(2+ ' &' :2+2#'()*+ 12 %+"5 Q.0F6RINS0 " 9#"1%(4"5 =%2 1252+('12+'+ .!.JRS0
.!.JRSD R"1" ("$9"#4'$)2+4" " '("+42()$)2+4" 12& =%2 9%212 #'H"+'8&2$2+42 12()#52 =%2 <' 5)1" )+7&%)1" 9"# '&:T+ '592(4" 12& 9#"-2(4"?
#+% /M/7*(+O 64 *%+>/&-+ 1/ &6(-'.+ 1/ *$*$ P/4/%$ 64 /L/&-+ ,+0%/ /( /7*(/+ /4 ($ E+4$ $P%W&+($N XG M+%4$(/%+, -/41%84 +*+%-64'1$1/, /,-$0(/, 1/ /7*(/+: #/%+ /( /7*(/+O *+% ,W ,+(+O 4+ &%/$ 0'/4/,-$%N ($ &+4,/&6/4&'$ 1/( /7*(/+ /, V6/ P/4/%$ /( 0'/4/,-$%: I,WO 4+, *%/P64-$7+,N Y&68( ,/%8 /( %/,6(-$1+ 1/( /7*(/+ 1/ XG M+%4$(/%+,Z J$ %/,*6/,-$ ,/%W$N 7$>+% +L/%-$ 1/ *$*$O V6/ &+416&/ $ 7$>+% &+4,67+ 1/ *$*$:
;K3IJRSD Q25%&4'1"5 12 &"5 272(4"5 12 %+ 9#"-2(4"? J"+54)4%-2 &' 2U9#25)*+ 12 &"5 #25%&4'1"5 #2'&$2+42 9#"1%()1"5@ 9"# &" :2+2#'& ' +)/2& 12 "8E24)/"5 $C5 '$9&)"5@ 12 &'#:" '&('+(2?
<4 %/,67/4O ,/ *6/1/ $L'%7$% V6/ /4 /( *%+&/,+ 1/ '1/4-'L'&$% /( '7*$&-+ 1/ 64 *%+>/&-+ ,'/7*%/ /, 4/&/,$%'+ -/4/% /4 &6/4-$ /( 7',7+ +0M/-'.+ 1/ ($ /.$(6$&'=4 /&+4=7'&$N /( 1/ '1/4-'L'&$% ($ 7$4/%$ /4 V6/ /( *%+>/&-+ $*+%-$ 0'/4/,-$% $ ($ &+(/&-'.'1$1 4$&'+4$(:
6"5 1"5 :#'+125 9'5"5 9'#' &' 2/'&%'()*+ 2("+*$)(' - 5"()'&
02:%+1" 9'5" "/$3'"*$+' %& 4"!.1 " *"%" 0'. %& !./ $,-"*(./
OV'&"#P 2+ &' 2/'&%'()*+ 2("+*$)(' - 5"()'& 4)2+2 =%2 #27&2E'# 2& '9"#42 '& 8)2+254'# +'()"+'&?
El t[rmino PRECIO CUENTA es el que se utiliza para referirse explW citamente a la medici=n de dicho aporte.
N27)+)()*+ 12 &"5 9#2()"5 (%2+4' ! <( *%/&'+ &6/4-$ Q+ *%/&'+ ,+70%$S %/L(/M$ ($ /T*%/,'=4 1/ .$(+%
/4 -[%7'4+, 1/( 0'/4/,-$% 4$&'+4$(: \$> 1+, -'*+,N ! #%/&'+ 1/ /L'&'/4&'$N )/-/%7'4$4 /( $*+%-/ 1/ 64$ 64'1$1 7$%P'4$(
1/( 0'/4 $( 0'/4/,-$%O -/4'/41+ /4 &6/4-$ /( +0M/-'.+ 1/ /L'&'/4&'$: ! #%/&'+, ,+&'$(/,N !4-/4-$% 7/1'% /( $*+%-/ 1/ 64$ 64'1$1 7$%P'4$( 1/( 0'/4 ,+0%/ /( 0'/4/,-$%O -/4'/41+ /4 &6/4-$ (+, +0M/-'.+, 1/ /L'&'/4&'$ > /V6'1$1:
! J+, *%/&'+, &6/4-$ + ,+70%$ ,+4 ,/4&'(($7/4-/ (+, .$(+%/,
64'-$%'+, V6/ ,/ 6-'('E$4 *$%$ .$(+%$% '7*$&-+, ,+0%/ /( 0'/4/,-$%: ?/L(/M$4 ($ 6-'('1$1 7$%P'4$( ,+&'$(O ,' ,/ $4$('E$ 64 '7*$&-+ ,+0%/ /( &+4,67+O > /( &+,-+ 7$%P'4$( ,+&'$(O ,' ,/ $4$('E$ 64 '7*$&-+ ,+0%/ %/&6%,+,:
N27)+)()*+ 12 &"5 9#2()"5 (%2+4' <4 64 7641+ ,'4 1',-+%,'+4/,N J+, *%/&'+, 1/ 7/%&$1+ %/L(/M$4 L'/(7/4-/ ($ 6-'('1$1 7$%P'4$( ,+&'$( 1/( &+4,67+ > /( &+,-+ 7$%P'4$( ,+&'$( 1/ *%+16&&'=4:
)/ (+ $4-/%'+% ,/ 1/%'.$ +-%$ 1/L'4'&'=4 *$%$ *%/&'+, &6/4-$N &5 67 897:; <=>?9;>: @<6 ;6A;656=?9 <= A;6B>: CB:;;6D>E:F 6= 67 B<97 56 C7>GA>9=F 7:5 6H6B?:5 E6 E>5?:;5>:=65 I 6J?6;=97>E9E65 B:= 67 H>= E6 ;6H76K9; H>67G6=?6 67 897:; 5:B>97L G6E>E: 6= ?M;G>=:5 E6 CN>6=65?9;FO
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
6' Q'H*+ 3#2()"LJ%2+4' AQ3JB ! <4 ($ *%8&-'&$ 1/ /.$(6$&'=4 1/ *%+>/&-+,O &+4 L%/&6/4&'$ ,/
6-'('E$4 ($, 8-<%*+& $8+1'% 13+*(- *$%$ &+4./%-'% .$(+%/, /T*%/,$1+, /4 *%/&'+, 1/( 7/%&$1+ /4 .$(+%/, /T*%/,$1+, /4 *%/&'+ &6/4-$:
!"#$ %
&'()*+ -./0123 4*(5* &'()*+ 6( 7/8-29:3 4*(5*
!"#$ % &'()*+ -( ./012345 6*(78 9 &'()*+ 1:/;<25 6*(78
6' Q'H*+ 3#2()"LJ%2+4' AQ3JB !"#$ %
&'()*+ -./0123 4*(5* &'()*+ 6( 7/8-29:3 4*(5*
Si el RPC>1, entonces el precio observado (de mercado) es menor que el precio sombra o económico lo cual significa que el costo de oportunidad del bien es superior a aquel valor que el mercado captura; por ejemplo en presencia de insumos con subsidios significativos.
Si el RPC<1, entonces el precio observado en el mercado es mayor que el precio sombra, posiblemente debido a impuesto u otras distorsiones de mercado las cuales incrementa el valor social marginal del bien.
En la ausencia de evidencia de distorsiones de mercado, los factores de conversión pueden ser iguales a 1, es decir, el precio de mercado refleja el costo de oportunidad de uso de los recursos en el proyecto.
V'&"#'()*+ 12 &"5 *34('1/& 12 %+ 9#"-2(4" 2/ .$ $ %/.',$%N ! ]$(+%$&'=4 1/ ($ *%+16&&'=4 /4 $6,/4&'$ 1/ 1',-+%,'+4/,: Q<, 1/&'%O /( 7+.'7'/4-+ 1/ ($ &6%.$ 1/ +L/%-$S
! ]$(+%$&'=4 1/ (+, '4,67+, /4 $6,/4&'$ 1/ 1',-+%,'+4/,: /( 7+.'7'/4-+ 1/ ($ &6%.$ 1/ 1/7$41$S
^ (6/P+N ! ]$(+%$&'=4 1/ ($ *%+16&&'=4 &+4 '7*6/,-+,: ! ]$(+%$&'=4 1/ (+, '4,67+, &+4 '7*6/,-+,
Q<, 1/&'%O
V'&"#'()*+ 12 &"5 )$9'(4"5 ". (%&".'*( -" -*&1/+&*/."& ! 497:;9B>P= E6 7:5 A;:E
P= E6 7:5 >=5
V'&"#'()*+ 12 &"5 !"#$%&'#( 12& 9#"-2(4" 2+ '%52+()' 12 1)54"#5)"+25 !" $%&'()*& +( ,"-(%.,/" $0(+( *("(% +&. ,1$2)*&. (" *3%1,"&. +( 4("(5,),&. 2.&),2+&. 2 62 $%&+0)),/" +( 0" 4,(" & .(%-,),&7 8
!"#$%&! $( )*%+"#* +(6 4,(" %(.$()*,-&9
8
':& $%&-&)2 .0.*,*0),/" +( 62 $%&+0)),/" 2"*,;02< ;("(%2"+& (,-$.!),/%
0$ .$)".+*+ =2>&%2 "& .( ,")0%%( (" 6&. )&.*&. +( $%&+0),% (.2 )2"*,+2+< .,"& ?0( -2 2 .(% $%&+0),+& $&% (6 $%&'()*&@A
]/$7+, /( $48(',', P%8L'&+ 1/ 64$ ,'-6$&'=4 &+4 =>?@AB
CD?EF.ACGB *$%$ .',6$('E$% /( 0/4/L'&'+ *+% 64 ;<=>?5@ A>B 6@?8<=@ 1/0'1+ $( *%+>/&-+:
B2 5&%12 +( -26&%2% (6 ,1$2)*& 5,"26 .&4%( (6 )&".01& )&".,.*( (" +(*(%1,"2% 62 0*,6,+2+ ;("(%2+2 $&% 3.*(9 (.*2 1(+,+2 (. 62 CD ?0( *,("(" 6&. )&".01,+&%(. $&% (.*2 )2"*,+2+A B2 CD .(%E ,;026 26 E%(2 +(42F& +( 62 )0%-2 +( +(12"+2 ("*%( ? G ' ?H =E%(2 .&14%(2+2@A
!12 34 -35367879 $895:;789 <3 4= >?9<@887:5 <34 >?9A38B9 31C
"#$%& '( (*+,('-,.- (/0&/1(' 2- 34#5
<( *%/&'+ &6/4-$ 1/ /,-+, 0/4/L'&'+,O 1$1$ ($ $6,/4&'$ 1/ 1',-+%,'+4/,O /, L64&'=4 1/( *%/&'+ 1/ 7/%&$1+ 78, 64 $M6,-/ *+% /( &$70'+ /4 1'&3+ *%/&'+O '416&'1+ *+% /( *%+>/&-+:
I3+%$ ./$7+, /( $48(',', P%8L'&+ 1/ 64$ ,'-6$&'=4 &+4 H?IBDHB
CD?EF.ACGB *$%$ .',6$('E$% /( 0/4/L'&'+ +0-/4'1+ *+% 64$ BCD>E;6CF? A> E>6
C2+2 62 %,;,+(I +( 62 +(12"+2< (.*2 %(+0)),/" (" (6 $%(),& ,"+0)( 2 0" +(.)(".& +( 62 $%&+0)),/" +( 6&. &*%&. $%&+0)*&%(. $0(. 2 (.*( 1("&% $%(),& "& (.*E" +,.$0(.*&. 2 &5%()(% 62 )2"*,+2+ ?& .,"& .&621("*( ?HA J6 -26&% +( 6&. %()0%.&. 6,4(%2+&. =,".01&. ':& 52)*&%(. ?0( 2>&%2 .( $0(+(" 0*,6,I2% (" 0.&. 26*(%"2*,-&.@ (. (6 )&.*& (" ?0( .( ,")0%%K2 $&% $%&+0),% (.*2 )2"*,+2+ =?G8?H@ ' .( 1,+( 42F& 62 )0%-2 +( &5(%*2 ,",),26 =E%(2 .&14%(2+2@A
!12 34 -35367879 $895:;789 <3 4= >?9<@887:5 <34 >?9A38B9 31C
_=-/,/ V6/ $64V6/ ($ +*/%$&'=4 $(P/0%$'&$ /, 'P6$( /4 $70+, /,&/4$%'+, Q+L/%-$ '4/(8,-'&$ > 1/7$41$ '4/(8,-'&$SO &+4&/*-6$(7/4-/ ,+4 1'L/%/4-/, *6/, /4 /( *%'7/%+ ,/ 7'1/ +2
6+*+9'1'% $%8 3* -35+*(% +* +2 1%*&35% J;+6-:% ;+ 2- 138)- ;+ ;+5-*;-" > /4 /( ,/P641+ /( 6+*+9'1'% %6(+*';% $%8 3*- 2'6+8-1'K* ;+ 8+138&%& J;+6-:% ;+ 2- 138)- ;+ %9+8(- '*'1'-2"
J6 8=19 D353?=4 +( -26&%2),/" +( 6&. $%&+0)*&. +( 0" $%&'()*& )&".,.*( (" 0"2 )&14,"2),/" +( 6&. +&. )2.&. $%(-,21("*( 2"26,I2+&.7 201("*2 (6 )&".01& ' .( 6,4(%2" %()0%.&.A
V'&"# 5"()'& 12 &' 9#"1%(()*+ Proyecto aumenta la oferta de Ssp a Scp
Beneficio social por mayor consumo: Área Q0-A-B- Q1
4
Scp
6
4: 48
Beneficio social por liberación de recursos: Área Q2-C-A- Q0
Ssp
#
7
! Q2
9:
98
9
Beneficio privado del proyecto: Área Q2-C-B-Q1
BS > BP
V'&"#'()*+ 12 &"5 )*(%+#( 12& 9#"-2(4" 2+ '%52+()' 12 1)54"#5)"+25 !" $%&'()*& +( ,"-(%.,/" 26 0*,6,I2% ,".01&. & 52)*&%(. $%&+0)*,-&. "&%1261("*( $%&+0)( L (5()*&.7 8
B&. +(.$62I2 +( .0. 0.&. 26*(%"2*,-&. =)02"+& .&" +( &5(%*2 5,F2 & )02"+& .( 25()*2 .0 $%(),&@9
8
':& ;("(%2 0"2 12'&% $%&+0)),/" +( (.*&.
]/$7+, /( $48(',', P%8L'&+ 1/ 64$ ,'-6$&'=4 &+4 =>?@AB
CD?EF.ACGB *$%$ .',6$('E$% /( &+,-+ /&+4=7'&+ 1/( 7-, H',$-7.,I (+%#2$(%!1, "#+ !$-7., 3$&'$ /( *%+>/&-+:
J6 201("*& (" (6 $%(),& )&"+0)( 26 +(.-K& +(6 @19 E8951@;9F =4B3?5=B7G9 <34 751@;9 H=87= 34 >?9A38B9 35 @5= 8=5B7<=< EI JKILFA B2 %,;,+(I +( 62 &5(%*2 &46,;2 2 &*%&. )&".01,+&%(. 2 %(+0),% .0 )&".01& +(6 4,("A M&1& )&".()0("),2< (6 G=49? 1=8?7678=<9 .( %(56(F2 $&% 62 CD ?0( *("K2" (.*&. )&".01,+&%(. $&% (6 ,".01&A N.K (6 M&.*& J)&"/1,)& +( 0*,6,I2% (6 O".01& =MJO@ (. (6 E%(2 $&% +(42F& +( )0%-2 +( +(12"+2 ,",),26A
P4.3%-(.( ?0( (6 $%(),& +( 1(%)2+&< 26 ,"*%&+0),%.( (6 $%&'()*&< (. DH< ' (6 $%(),& )&" (6 )026 62 .&),(+2+ -26&%2 34 1=8?767879 <34 @19 =4B3?5=B7G9 <34 751@;9 =(6 $%(),& )0("*2@ (.7
I3+%$ ./$7+, /( $48(',', P%8L'&+ 1/ 64$ ,'-6$&'=4 &+4 H?IBDHB
CD?EF.ACGB *$%$ .',6$('E$% /( &+,-+ /&+4=7'&+ 1/ 7%!+!J(2 2#'72-,- /(2( +( .(4,2 /2,"7''!)$ 1/( '4,67+:
J6 )&.*& +( (.*2 $%&+0)),/" =MJO@ (.*2%K2 +2+& $&% .0 )&.*& 12%;,"26 =62 0*,6,I2),/" +( %()0%.&. $2%2 62 12'&% $%&+0)),/" +(6 ,".01&@ ?0( .( 10(.*%2 )&1& (6 E%(2 .&14%(2+2 +(42F& +( 62 )0%-2 +( &5(%*2A
J. ,1$&%*2"*( *("(% (" )0("*2 ?0( 2?0K (6 $%(),& +( 1(%)2+& DH =$%(),& +( &5(%*2@ (. +,5(%("*( 26 $%(),& ?0( +(*(%1,"2 (6 -26&% +(6 0.& 26*(%"2*,-& =)&1& (" (6 )2.& 2"*(%,&%@A J.*( $%(),& (. (6 !"#$" &' ()"&*!+) '#$' +,#*-"A J. +(),%< "& (. 0" $%(),& +( +(12"+2 .,"& 0" $%(),& $&% (6 62+& +( 62 &5(%*2A
V'&"# 5"()'& 12 &"5 )+5%$"5 Proyecto aumenta la demanda del insumo de Dsp a Dcp
Costo social de la mayor producción del insumo: Area Q0-A-C-Q1 4
48
#
7
S
Costo social del menor uso del insumo por otros productores: Area Q0-A-B- Q2 Costo privado del insumo: Area Q2-B-C-Q1
6
4:
!"#
CS < CP
!$# 9;
9: 98
9
.+ &' 9#C(4)(' Y?? 4
O OCP
Si el proyecto es pequeño respecto al mercado, y éste no presenta distorsiones , la diferencia entre valores y costos privados y sociales es insignificante. “
4: 48
”
“
! :
4
O
48 4:
:
!
!%&
”
V'&"#'()*+ 12 &"5 )$9'(4"5 ". 4+"&".'*( -" -*&1/+&*/."&
6"5 9#2()"5 (%2+4' ". 4+"&".'*( -" -*&1/+&*/."& ! J$, 1',-+%,'+4/, &+416&/4 $ 64$ + $ .$%'$, 1/ ($, ,'P6'/4-/, &+4,/&6/4&'$,N
a a a a
.& 9#2()" ("$" )+1)('1"# 12 &' F4)&)1'1 K'#:)+'& 0"()'& ! #$%$ V6/ /( *%/&'+ 1/ 7/%&$1+ ,/$ '41'&$-'.+ 1/ ($ 6-'('1$1 7$%P'4$( ,+&'$( 1/( 0'/4
/, 4/&/,$%'+N QO _+ /T',-/ %/,-%'&&'+4/, /4 ($ &+7*%$ 1/( 0'/4 Q/( &+4,67'1+% *6/1/ &+4,/P6'% -+1+ (+ V6/ 1/,/$S: RO _+ 3$> 7+4+*,+4'+ /4 ($ &+7*%$ 1/( 0'/4 SO _+ ,/ P/4/%$4 /T-/%4$('1$1/, /4 /( &+4,67+ TO J$ 6-'('1$1 7$%P'4$( 1/( '4P%/,+ /, &+4,-$4-/ UO <( '7*$&-+ $( &6$( ,/ $,'P4$ .$(+% /, 7$%P'4$( Q%/($-'.$7/4-/ */V6/b+S /4 /( &+%%/,*+41'/4-/ 7/%&$1+: <, 1/&'%O 4+ $L/&-$ $( *%/&'+ .'P/4-/ /4 /( 7/%&$1+:
Al violar cualquiera de las cinco formalidades, el precio de mercado no podrá usarse para la valoración a precios cuenta necesaria para la evaluación económica. Será necesario hacer una estimación de la función de demanda social.
.& 9#2()" ("$" )+1)('1"# 12& J"54" K'#:)+'& 0"()'& ! #$%$ V6/ /( *%/&'+ 1/ 7/%&$1+ ,/$ '41'&$-'.+ 1/( &+,-+ 7$%P'4$( ,+&'$( 1/ ($
*%+16&&'=4O /, 4/&/,$%'+ &67*('% ($, ,'P6'/4-/, c &+41'&'+4/,N QO d+1+ *%+16&-+% *6/1/ ./41/% -+1$ ($ &$4-'1$1 V6/ V6'/%$ $( *%/&'+ .'P/4-/: I6,/4&'$ 1/ 0$%%/%$, $ ($ /4-%$1$ 1/( 7/%&$1+O 4' %/,-%'&&'+4/, /4 ($ ./4-$: RO _+ /T',-/ 7+4+*+('+O +('P+*+('+ + &$%-/(/,: SO _+ /T',-/4 '7*6/,-+,O 4' ,60,'1'+,: TO _+ *6/1/4 *%+16&'%,/ %/P6($&'=4O 4' 1',&%'7'4$&'=4 1/ *%/&'+,: UO _+ /T',-/4 /T-/%4$('1$1/, /4 ($ *%+16&&'=4: VO d+1+, (+, '4,67+, 6 L$&-+%/, V6/ ,/ 6-'('E$4 /4 ($ *%+16&&'=4 1/( 0'/4 1/0/4 -/4/% /( *%/&'+ 'P6$( $( &+,-+ 7$%P'4$( ,+&'$(: WO <( '7*$&-+ $( &6$( ,/ (/ $,'P4$ .$(+% 1/0/ ,/% %/($-'.$7/4-/ */V6/b+: XO U-'('1$1 7$%P'4$( 1/( '4P%/,+ /, &+4,-$4-/:
Al incumplirse cualquiera de las cláusulas, será inaceptable hacer uso del precio vigente del mercado para valorar los impactos sobre la utilización de recursos.
;$9%254"5 - "72#4' A9#"1%(4"5B 12& 9#"-2(4" .5 12()#@ 2U)542 %+ )$9%254"'& ("+5%$"12 &" =%2 9#"1%(2 2& 9#"-2(4"
Proyecto aumenta la oferta de Ssp a Scp
'$#
'"# º
<'+
!$# 4
%
!"
% !$
D
<1+
B
4
='+
4
Beneficio social por mayor consumo: Area Q0-C-D-Q1
C
!"# 4
A
Beneficio social por liberación de recursos: Area Q2-A-B-Q0
!
=1+
9; 9: 98
9
;$9%254"5 - S72#4' A9#"1%(4"5B 12& 9#"-2(4" Proyecto aumenta la oferta de Ssp a Scp
!"# !$# %
!"
%
!$
;$9%254"5 - 12$'+1' 12 )+5%$"5 12& 9#"-2(4" .& )+5%$" 12& 9#"-2(4"25 :#'/'1" ("+ )$9%254"
Proyecto aumenta la demanda ' del insumo de D sp a Dcp !$# 4 <1+
!"#
A B
4 <'+
% !$ 4 =1+ %
!"
Costo social por mayor producción del insumo: Area Q0-C-D-Q 1 D
4
C
='+
!"# !$# Costo social del menor uso del insumo por otros productores: Area Q2-A-B-Q0
: 9;
9
98
9
;$9%254"5 - 12$'+1' 12 )+5%$"5 12& 9#"-2(4" .& )+5%$" 12& 9#"-2(4"25 :#'/'1" ("+ )$9%254"
Proyecto aumenta la demanda del insumo de D sp a Dcp
Z' <2$"5 /)54" =%2 9'#' ('94%#'# &"5 272(4"5 12 &'5 1)54"#5)"+25 12 $2#('1" 25 +2(25'#)" 2& %5" 12 9#2()"5 (%2+4'? I5> 4'$8)G+ 25 +2(25'#)" %+'
?G!G !@>;GF := :=!>H=C?@ =%2 #27&2E2 &'5 9#272#2+()'5 )+42#42$9"#'&25 12 &' 5"()21'1 5"8#2 2& %5" 12 &"5 #2(%#5"5 2+ &' )+/2#5)*+
R'5' 5"()'& 12 125(%2+4" ! J$ -$,$ ,+&'$( 1/ 1/,&6/4-+ /, /( &+,-+ 1/ +*+%-64'1$1 ,+&'$(
1/( 6,+ 1/( &$*'-$( /4 ($ $(-/%4$-'.$ '1/4-'L'&$1$ + *%+>/&-+: )/0/ %/L(/M$% ($, $8+9+8+*1'-& '*(+8(+5$%8-2+& ;+ 2%& '*;')';3%& -9+1(-;%& ;'8+1(- % '*;'8+1(-5+*(+ *+% 1'&3+ *%+>/&-+O /,-+ /,O 4+ ,=(+ 1/ (+, V6/ .$4 $ 0/4/L'&'$%,/ 1/ ,6, 7/M+%$,O ,'4+ -$70'[4 1/ V6'/4/, -/41%84 V6/ $,67'% ,6, &+,-+, $&-6$(/, > L6-6%+, Q?$7,/>O ghFcS:
d$70'[4 1/0/ *%+*+%&'+4$% 64$ ,/b$( $ ($ ,+&'/1$1 ,+0%/ /( 1%&(+ ;+ %$%8(3*';-; ;+ 2%& 8+138&%& '*)+8(';%& +* +2 $8%4+1(%O 1/ 7$4/%$ V6/ (+, $P/4-/, 1/&',+%/, *6/1$4 /(/P'% $1/&6$1$7/4-/O /4-%/ ($, 1',-'4-$, $(-/%4$-'.$, 1',*+4'0(/,O /( 6,+ &+4&%/-+ V6/ 1/0/ 1$% $ (+, 7',7+, Q;$67+(O ghicS:
R'5' 0"()'& 12 N25(%2+4" Para el cálculo de la TSD, existen múltiples metodologías y enfoques teóricos aplicables; se destacan entre ellos: i) Tasa social de preferencia sobre el tiempo (SRTP); ii) Costo de oportunidad social marginal del capital (SOC); iii) Promedio ponderado de SRTP y SOC, o método de Haberger; iv) Precio sombra del capital, v) Costo de oportunidad de fondos públicos; entre otros K0M/-'.+ P(+0$(N V6/ /( %/41'7'/4-+ 1/ &$1$ *%+>/&-+ ,/$ *+% (+ 7/4+, 'P6$( $( &+,-+ ,+&'$( 1/ (+, %/&6%,+, 6-'('E$1+, /4 ,6 %/$('E$&'=4:
R'5' 0"()'& 12 N25(%2+4" Una forma práctica de calcularlo, es planteada de la siguiente manera por Castro y Mokate (2003)
R'5' 0"()'& 12 N25(%2+4" Si la financiación de los fondos públicos proviene de recursos externos, el costo de oportunidad de éstos será la tasa de interés internacional de precios de eficiencia. La expresión utilizada se la plantea a continuación. (Castro y Mokate 2003)
& ' ()* + ()*
,& ' -.,& ' /.,0123. ,& ' !)*.
?/*%/,/4-$ /( &+,-+ 1/ +*+%-64'1$1 1/ (+, %/&6%,+, /T-/%4+,
-
d$,$ 1/ '4-/%[, '4-/%4$&'+4$(
/
j2*%/$1k 0$4&$%'+
0123
?$E=4 *%/&'+ &6/4-$ 1/ ($ 1'.',$
!)*
l41'&/ 1/ *%/&'+, V6/ &+%%/,*+41/ $ ($ '4L($&'=4 /T-/%4$
R'5' 0"()'& 12 N25(%2+4" !4,-'-6&'+4/, 76(-'($-/%$(/, 1/ '4./%,'=4 m /4-%/ /(($,O /( ;$4&+ !4-/%$7/%'&$4+ 1/ )/,$%%+((+O /( ;$4&+ C641'$( + /( ;$4&+ I,'8-'&+ 1/ )/,$%%+((+ m 6-'('E$4 64$ -$,$ $17'4',-%$-'.$ &+4,-$4-/ /4 /( %$4P+ 1/(
!LM!#N 5/4/%$(7/4-/O (+, *$W,/, 1/,$%%+(($1+, -'/41/4 $ $*('&$% -$,$, 78, 0$M$, Q/4 /( %$4P+ 1/( Hn
$( onS V6/ (+, *$W,/, /4 1/,$%%+((+ Q/4-%/ /( cn > /( gXnS
R'5' 0"()'& 12 N25(%2+4" La Comisión Europea recomienda emplear una tasa
O-P&
A-&-
3% para países dentro de la Unión y para aquellos
I%P/4-'4$
gFn
@3'(/
in
@+(+70'$
gFn
proyectos que se efectúan
C[T'&+
gGn
#/%R
hn
U%6P6$>
gFn
<&6$1+%
gFn Q2/4*($1/,S
de descuento del
fuera de la Unión Europea se recomienda una tasa de descuento de alrededor del 5%.
Fuente: Argentina: Resolución N° 110/96 de la Secretaría de Programación Económica* (1996) Chile: Sistema Nacional de Inversión (SIN) a cargo de Ministerio de Desarrollo Social México: Sistema de Inversión Pública (SIP) a cargo de Secretaria de Hacienda y Crédito Público Perú: Sistema Nacional de Inversión Pública (SNIP) a cargo de Dirección General de Inversión Pública del Ministerio de Economía y Finanzas
./'&%'()*+ 3#)/'1' /5? ./'&%'()*+ 0"()'& A@/
7+ A B #+ A
>6?4 @
C8 D , +E
7+FA @ GFAH4+FA
A
#+IA @ JIAH4+IA
A@:
, + @ 1&'0& K( &+&,0L/AK-K +,AM-K& A@/
7' A B #'
>6?= @
C8 D , 'E A@:
A
A
7'FA @ GFAH4'FA #'IA @ JIAH4'IA
, ' @ 1&'0& K( &+&,0L/AK-K '&1A-2 C0-'- '&1A-2 K( K('1L(/0&E
./'&%'()*+ 3#)/'1' /5? ./'&%'()*+ 0"()'& pd$,$ $46$( *%+7/1'+ 1/ %/41'7'/4-+ V6/ P/4/%$%8 /( *%+>/&-+ ,+0%/ (+, L+41+, '4./%-'1+, /4 /( 7',7+q
d!? `'4$4&'/%$
d!? <&+4=7'&$
Es la tasa con la cual el valor actual neto económico es igual a cero.
6' 12()5)*+ '(2#(' 12& 9#"-2(4" ]I_ K d!? `!_I_@!
!
#
!
#
]I_ K d!? <@K_rC!@K
!
#
#
!
BG?OAB@
@?GQBRB@
BDBECRB@
BG?OAB@
_+ /, 0/4/L'&'+,+ L'4$4&'/%$7/4-/O 4' 2!dUI@!r_ !)
@+4,'1/%$% +-%+, /(/7/4-+,O %/.',$% 2' 0'/4 46/.$7/4-/ ($ L'4$4&'/%$7/4-/ 4+ /.$(6$&'=4 /&+4=7'&$ /, %/4-$0(/O ($ *$%$ '1/4-'L'&$% *+% /MN ,+&'/1$1 ,/ 0/4/L'&'$ *+,'0'('1$1/, 1/ &+4 ($ &+7*/4,$&'=4 '7*(/7/4-$&'=4 1/( /&+4=7'&$ $ *$%-'% 1/ *%+>/&-+ (+, /T&/1/4-/, L'4$4&'/%+, P/4/%$1+,:
@?G=@H?I=.
6' Q'H*+ 3#2()"LJ%2+4' AQ3JB !"#$ %
&'()*+ -./0123 4*(5* &'()*+ 6( 7/8-29:3 4*(5*
Si el RPC>1, entonces el precio observado (de mercado) es menor que el precio sombra o económico lo cual significa que el costo de oportunidad del bien es superior a aquel valor que el mercado captura; por ejemplo en presencia de insumos con subsidios significativos.
Si el RPC<1, entonces el precio observado en el mercado es mayor que el precio sombra, posiblemente debido a impuesto u otras distorsiones de mercado las cuales incrementa el valor social marginal del bien.
En la ausencia de evidencia de distorsiones de mercado, los factores de conversión pueden ser iguales a 1, es decir, el precio de mercado refleja el costo de oportunidad de uso de los recursos en el proyecto
3#2()"5 J%2+4' ! ?/*%/,/4-$4 /( &+,-+ %/$( 1/ 64 %/&6%,+ *$%$ ($ ,+&'/1$1: ! 2+4 &$(&6($1+, *+% /,*/&'$(',-$, > 1/0/4 $&-6$('E$%,/
%/P6($%7/4-/: ! 2/ (+, *6/1/ $P%6*$%O ,'/41+ (+, 78, 6,$1+,N ! ! ! ! !
C$4+ 1/ +0%$ &$('L'&$1$ C$4+ 1/ +0%$ 4+ &$('L'&$1$ ;'/4/, -%$4,$0(/, ;'/4/, 4+ -%$4,$0(/, )'.',$
3#2()"5 J%2+4' L .(%'1"#
567897: ;< =><8?:@ @:AB>C 68E?8C ,F< =><@:@ L 8:DE>C@J C@H 8:A: C;C=EC8?:D<@ @6 C 8>?E<>?:J ?DQ:>AC8?RD L =:7HE?8C@ ;< 7C ?D@E?E98?RD 7C A
5C7897C> 7:@ =><8?:@ 89HC ><@97EC> 9DC EC>CB76=?;C@J 9DC ;< <77C@ <@ <7 9@: ;< A:;<7:@ ?D@9A:X=>:;98E:N VD YAW>?8C ZCE?DC @< KCD : ;< <@E?AC8?:D<@ ;< =><8?: 89:;98E:N Y7G9D:@ <@E9;?:@ =C>E?8<@ ?D@9A:X=>:;98E: ><7CE?UCA<8?:@ 8C@:@J @< =><=C>C>:D ACE>?8<@ <@=<8HQ?8CAC 8C7897C> <7 =><8?: 89?8<@ @:;98E:N 5C@E>: L ^:_CE< ,`aab.
cDC U:;98E: <@ P9HCJ 7C ?DQ:>AC8?RD P9< @< D<8<@?EC =C>C <7 867897: ;< 7:@ =><8?:@ @:AB>C @< C >C;C C7 ;<7 V89C;:>J C E>CUW@ ;<7 F?@E
ZC@ ;<@8>?B< 7C :Q<>EC E:EC7 ;< 7:@ B?U?8?:@ ;< 9DC <8:D:AHC L @9 9E?7?TC8?RD ,;ACJ @< 8:D:8< 7C =>:;988?RDJ 7:@ 8:D@9A:@ ?DE<>A<;?:@J 7C ;C8?RD ;< UC7:> CG>?C@N e:> @9 =C>E<:>;AC8?RD 8:DE<@AC8?RD 8:DE<@ :J 7C@ ><7C8?:D<@ ;< 7C =>:;988?RD L 7:@ 8:D@9A:@ ?DE<>A<;?:@ ;< 7C <8:D:AHC:
kAC =>68E?8C ;< > <7 867897: ;< 7:@ =><8?:@ @:AB>C P9< @< ;C 9E?7?TCD;: 7C 7C A?@AC P9< @< 7C ><@ CE?: ;< 7:@ =><8?:@ ;< Q>:DE<>C ,h:>;<> e>?8< kCE?:Xhek.J P9< D: @:D A6@ P9< 7C >CTRD =><8?: 89<@ ;< 8:DU<>@?RD ;< 7:@ J B. @< 8C7897C 7:@ QC8E:><@ ;< 8:DU<>@?RD ;< 7:@ QC8E:><@ ;< =>:;988?RD] I < :E>:@ LJ 8. @< <@E?AC 7:@ QC8E:><@ ;< 8:DU<>@?RD =C>C 7:@ 9E?7?TCD;: 7C@ EW8D?8C@ dD@9A:X e>:;98E:N
El supuesto básico de esta metodología radica en que el precio de un bien se puede descomponer en una estructura de costos que refleje los costos marginales de los insumos intermedios y sus factores de producción (trabajo, capital e impuestos).
[)2+25 R#'+5'8&25 - \" 4#'+5'8&25 ! N2& '+C&)5)5 12 &"5 9#2()" (%2+4' 12 &"5 1+(.&($,"& A8)2+25 ("$2#()'1"5 )+42#+'()"+'&$2+42B - ./ 1+(.&($,"& A8)2+25 +" ("$2#()'1"5 )+42#+'()"+'&$2+42B 52 )+7)2#2 =%2 9'#' /'&"#'# &"5 9#"1%(4"5 " )+5%$"5 12 %+ 9#"-2(4"@ 52 #2=%)2#2 ("##2:)# 5%5 9#2()"5 9'#' =%2 $%254#2+ 2& /2#1'12#" 82+27)()" " ("54" 12 "9"#4%+)1'1 9'#' &' 5"()21'1?
[)2+25 R#'+5'8&25
/, /( %$-'+ 1/ (+, *%/&'+, 1/ L%+4-/%$ + %$E=4 *%/&'+ &6/4-$ 1/( 0'/4 'O N
/, ($ *$%-'&'*$&'=4 1/ ($, '7*+%-$&'+4/, 1/( *%+16&-+ ' /4 /( -+-$( 1/( &+7/%&'+ 1/ 1'&3+ *%+16&-+O
N
/, ($ *$%-'&'*$&'=4 1/ ($, /T*+%-$&'+4/, 1/( *%+16&-+ ' /4 /( -+-$( 1/( &+7/%&'+ 1/ 1'&3+ *%+16&-+O -$,$ 1/ &+,-+, 1/ -%$4,*+%-/ $,+&'$1+, $ ($, '7*+%-$&'+4/, 1/( *%+16&-+ 'O -$,$ 1/ &+,-+, 1/ -%$4,*+%-/ 1/ ($, /T*+%-$&'+4/, 1/( *%+16&-+ 'O %$-'+ 1/ (+, *%/&'+, 1/ L%+4-/%$ Q*%/&'+, &6/4-$S 1/ -%$4,*+%-/O -$,$ '7*6/,-+, $ ($, '7*+%-$&'+4/, Q$%$4&/(/,SO -$,$ ,60,'1'+, $ ($, '7*+%-$&'+4/,O -$,$ 1/ '7*6/,-+, $ ($, /T*+%-$&'+4/, Q/4 /( &$,+ 1/ <&6$1+% ,+4 &/%+S:
K'+" 12 "8#' ! J$ 7$4+ 1/ +0%$ -'/4/ 64 *$*/( '7*+%-$4-/ /4 ($ /M/&6&'=4 1/
&$,' -+1+, (+, *%+>/&-+,O >$ V6/ *$%$ &6$(V6'/%$ ,/ /7*(/$ 1'%/&-$ / '41'%/&-$7/4-/ L6/%E$ 1/ -%$0$M+: ! 2/ &+4,'1/%$ V6/ /4 76&3+, &$,+,O /( *%/&'+ 1/ 7/%&$1+ Q,$($%'+S 4+ /, L'/( %/L(/M+ 1/( .$(+% V6/ %/*%/,/4-$ ,6 6-'('E$&'=4 /4 ($ /&+4+7W$: <( *%/&'+ &6/4-$ 1/ ($ 7$4+ 1/ +0%$ /, /( &+,-+ 1/ +*+%-64'1$1 /&+4=7'&+ /4 V6/ '4&6%%/ ($ ,+&'/1$1 *+% /7*(/$% 64 -%$0$M$1+% $1'&'+4$(:
K'+" 12 "8#' ! <, 4/&/,$%'+ /,-'7$% 64 *%/&'+ &6/4-$ *$%-'&6($% *$%$ &$1$ 4'./( 1/
&$('L'&$&'=4 1/ ($ 7$4+ 1/ +0%$O *6/, &$1$ 64+ ,/ &$%$&-/%'E$ *+% 64 *$%-'&6($% 1'4$7',7+ 1/ +L/%-$ > 1/7$41$ Q64 1/-/%7'41$1+ ,$($%'+ > 64$ *%+-/&&'=4 *+% *$%-/ 1/ ($ (/P',($&'=4S ! U4$ &($,'L'&$&'=4 1/ 4'./(/, *6/1/ ,/%N @$('L'&$1+ > _+ @$('L'&$1+ =
`+%7$( / !4L+%7$(
! <4 <&6$1+% *+% /M:O ,/ *6/1/
6-'('E$% (+, 1$-+, 1/ ($ <4&6/,-$ 1/ <7*(/+ > )/,/7*(/+ Q<_
K'+" 12 "8#' ! #$%$ 1/L'4'% /( 4'./( 1/ &$('s&$&'=4 1/( -%$0$M+ ,/ 6-'('E$4 1+,
&%'-/%'+,N /( =>867 6E8: > /( D;:=97 : D')+2 +;31-(')%T G-2'9'1-;%T IV6/((+, V6/ -'/4/4 64 4'./( /16&$-'.+ 7$>+% $( 1/ 64$ /16&$&'=4 ,/&641$%'$ Q26*/%'+% 4+ 64'./%,'-$%'$O 26*/%'+% U4'./%,'-$%'+ + #+,-aP%$1+S:
D% 1-2'9'1-;%T IV6/((+, V6/ -'/4/4 64 4'./( 1/ &$('s&$&'=4 7/4+% + 'P6$( $( 4'./( 7/1'+ 1/ /4,/b$4E$ Q,/&641$%'$ &+7*(/-$S:
S83$% %13$-1'%*-2T G-2'9'1-;%T !4&(6>/ $ 1'%/&-+%/, /M/&6-'.+,O */%,+4$( 1'%/&-'.+ 1/ ($ $17'4',-%$&'=4 *R0('&$ > 7'/70%+, 1/( *+1/% /M/&6-'.+ > 1/ (+, &6/%*+, (/P',($-'.+,t *%+L/,'+4$(/, &'/4uL'&+, / '4-/(/&-6$(/,t -[&4'&+, > *%+L/,'+4$(/, 1/ 4'./( 7/1'+t > L6/%E$, $%7$1$,: D% 1-2'9'1-;%T #/%,+4$( 1/ $*+>+ $17'4',-%$-'.+O -%$0$M$1+%/, 1/ (+, ,/%.'&'+, > ./41/1+%/, 1/ &+7/%&'+, > 7/%&$1+,t $P%'&6(-+%/, > -%$0$M$1+%/, &$('L'&$1+, $P%+*/&6$%'+,O L+%/,-$(/, > */,V6/%+,O +L'&'$(/,O +*/%$%'+, > $%-/,$4+, 1/ $%-/, 7/&84'&$, > 1/ +-%+, +L'&'+,O +*/%$1+%/, 1/ '4,-$($&'+4/, > 78V6'4$, > /4,$70($1+%/,t > +&6*$&'+4/, /(/7/4-$(/,:
K'+" 12 "8#' ! I(P64$, L+%7$, *%8&-'&$, 1/ &$(&6($%(+
012pq + & r & r
st sl
u &rv
d$,$ 4/-$ 1/ $M6,-/ 1/ 1',-+%,'+4/,
2_v 2$($%'+ 4/-+ 1/ 1',-+%,'+4/, 2Cv 2$($%'+ 1/ 7/%&$1+ 6v d$,$ 1/ 1/,/7*(/+
K'+" 12 "8#' <( &+,-+ 1/ +*+%-64'1$1 V6/ ,/ '4-/4-$ %/L(/M$% '7*('&$ &$(&6($% /( ,$&%'L'&'+ 1/ *%+16&&'=4 1/ $&-'.'1$1/, $(-/%4$-'.$, QE6 E:=E6 56 5/&-+ 1/ /,$ 7$4+ 1/ +0%$O + 1/ &$(&6($% ($ 1',*+4'0'('1$1 $ %/&'0'% %/,*/&-'.$: )/ /,$ L+%7$O ,/ $,67/ V6/ ($ %$E=4 *%/&'+ &6/4-$ 1/ ($ 7$4+ 1/ +0%$ /, 'P6$( $N 012lw +
12lw 1n)xyz{|
+
}•z ~• !• 1l€~• *012 • ' 30,ƒ. „~
Q3J 12 K'+" 12 S8#' 2+ "4#"5 9'>525 Factor de Referencias ajuste 1,00 0,43 Ministerio de Hacienda, Resolución 0,23 No. 684, 2002 0,64
País
Categoría
Bolivia
Calificada Semi calificada No calificada urbana No calificada rural
Chile
Calificada Semi calificada No calificada
0,98 0,68 0,62
http://sni.ministeriodesarrollosocial.g ob.cl/download/precios-socialesvigentes-2016/?wpdmdl=1490 (marzo 2016)
Colombia
Calificada No calificada
1,00 0,60
Manual Metodológico General, (2002) Formato EV-12.
México
Múltiples, la mayoría no significativos.
El costo de oportunidad social de la mano de obra urbana en México, Eloy González Marín.
_+-$N I*%+T'7$&'+4/, 4+ +L'&'$(/, &$(&6($4 *$%$ <&6$1+%O /( ?#@ 1/( d%$0$M+ _+ &$('L'&$1+
N)/)5' 1/ '4./%,'=4 4+%7$(7/4-/ -'/4/4 '7*$&-+ /4 /( 7/%&$1+ 7/%&$1+ ! J+, *%+>/&-+, 1/ 1/ 1'.',$, P/4/%$41+O ('0/%$41+ + 6-'('E$41+ 1'.',$, Q*+% $67/4-+ 1/ /T*+%-$&'+4/,O ,6,-'-6&'=4 1/ '7*+%-$&'+4/,O 6-'('E$&'=4 1/ '4,67+, '7*+%-$1+, + 1/ -%$4,L/%/4&'$, -%$4,L/%/4&'$, &+4 /( /T-/%'+%S: ! <( *%/& *%/&'+ '+ &6/ &6/4-$ 1/ ($ )'.' )'.',$ ,$ %/*%/ *%/,/4 ,/4-$ ($ 7/1'& 1'&'=4 '=4 1/ ($
&+4-%'06&'=4 $( 0'/4/,-$% 4$&'+4$(O $-%'06'0(/ $ ($ P/4/%$&'=4 Q+ ('0/%$&'=4 + 6-'('E$&'=4S 1/ 64$ 1'.',$ $1'&'+4$(O *%+16&-+ 1/ 64 *%+>/&-+ + *+(W-'&$: ! ! ! !
! P/4/%$4 1'.',$, #%+16&-+, /T*+%-$1+, #%+16&-+, V6/ ,6,-'-6>/4 '7*+%-$&'+4/, ! ('0/%$4 1'.',$, !4,67+, '7*+%-$1+, ! 1/7$41$4 1'.',$, 2' 3$> ,60,'1'+, ,60,'1'+, + '7*6/,-+, '7*6/,-+, $ ($, '7*+%-$&'+4/, '7*+%-$&'+4/, Q$%$4&/(/,S Q$%$4&/(/,S + $ ($, /T*+%-$&'+4/,O /( .$(+% *%'.$1+ 1/ ($ 1'.',$ ,/%8 1'L/%/4-/ 1/( ,+&'$(:
N)/)5' <4 /( &$,+ 1/ <&6$1+%O V6/ 4+ -'/4/ *+1/% *$%$ $L/&-$% /( *%/&'+ '4-/%4$&'+4$( 1/ (+, 0'/4/, > ,/%.'&'+, V6/ 1/7$41$ > +L%/&/O ($ 1/7$41$ *+% 1'.',$, /, 64$ 1/7$41$ 1/%'.$1$ 1/ ($ 1/7$41$ *+% '7*+%-$&'+4/, > ($ +L/%-$ 1/ 1'.',$, 1/ ($ +L/%-$ 1/ /T*+%-$&'+4/,:
N)/)5' L+%7$ 1/ &$(&6($% /( *%/&'+ &6/4-$ &6/4-$ 1/ ($ 1'.',$ *$%$ <&6$1+% *6/1/ *6/1/ ! <4 ($ *%8&-'&$ 64$ L+%7$ ,/% &$(&6($1$ 1/ ($ ,'P6'/4-/ L+%7$ Q$1$*-$1+ 1/ @$,-%+ > C+D$-/O FGGgHO *8P: ghoSN
&= E:=E6Y /, /( .$(+% -+-$( 1/ ($, '7*+%-$&'+4/, $ *%/&'+, @!`O /, /( .$(+% -+-$( 1/ (+, '7*6/,-+, $ ($, '7*+%-$&'+4/,O /( .$(+% -+-$( 1/ ($, /T*+%-$&'+4/, $ *%/&'+, `K;O /, /( .$(+% -+-$( 1/ (+, '7*6/,-+, $ ($, /T*+%-$&'+4/, > /, /( .$(+% -+-$( 1/ (+, ,60,'1'+,:
Q3J 12 &' N)/)5' 2+ "4#"5 9'>525 País
Factor de ajuste
Bolivia
1,19
Chile
1,02
Perú
1,08
Uruguay
1,31
Referencia
Ministerio de Hacienda, Resolución No. 684, 2002 Precios Sociales para la evaluación de los proyectos,, pág. 5. (2003) proyectos El Precio Sombra de la Divisa, Informe final (2000) Actualización de precios de cuenta para el Uruguay, Roberto Fernández Gaeta, 1995. `6/4-/N @<#IJa!J#<2
#$%$ <&6$1+% /,-'7$&'+4/, /T-%$+L'&'$(/, /( ?#@ 1/ ($ 1'.',$ ,/ 60'&$%W$ /4 GOhi $*%+T:
Q3J 12 &' N)/)5' - 2& !'(4"# 12 J"+/2#5)*+ .54C+1'# Q2&'()"+'1" ' 2542 ("+(294"@ 9'#' 8)2+25 - 52#/)()"5@ 7%+1'$2+4'&$2+42 )+5%$"5 =%2 +" #29#252+4'+ %+ 925" 5):+)7)('4)/" 2+ &' 254#%(4%#' 12 ("54"5 12& 9#"-2(4"@ 9'#' &"5 (%'&25 +" 2U)542 5%7)()2+42 )+7"#$'()"]+ - %+' 254)$'()"]+ 12& ("54" $'#:)+'& 12 &'#:" 9&'H" 25 ("$9&2E'@ %+' '9#"U)$'()*+ '&42#+'4)/' =%2 '9#"U)$' &"5 9#2()"5 )+42#+'()"+'&25 ' &"5 9#2()"5 +'()"+'&25 " &' ("+/2#5)"]+ 12 9#2()"5 12 $2#('1" ' 9#2()"5 5"$8#' 25 2& I('1/+ -" >/.8"+&*D. =&1B.-(+ A2#3)*)45 0%"#!'/7 89:;B?
<( `@< ,/ /,-'7$ &+7+ ($ '4./%,$ 1/ ($ %$E=4 *%/&'+ &6/4-$ 1/ ($ 1'.',$O $,WN
$
`@
[)2+25 \" R#'+5'8&25 eC>C <7 867897: ;< 7:@ B?CD@CB7<@ @< 9E?7?TC 7C ^CE>?T F:;98E: ,^Fde. L <7 U<8E:> ;< >CT:D<@ =><8?: 89CD@CB7<@ L QC8E:><@ ;< =>:;988?RD 8C7897C;:@ CDE<>?:>A?8<@ @:;98E: ,Fde. @< 9E?7?TCD C7 =C>C ;A?DC> 7C@ >CT:D<@ =><8?: 89<@ <8:DRA?8:@N ,eC>C ; 5C=N &a ;< 5C@E>: L ^:_CE<.N
[)2+25 \" R#'+5'8&25 j< ACD<>C GC7J 7:@ =C@:@ C @ @<>HCD] P9< 8:DECD@CB7<@J D: E>CD@CB7<@J C@H 8:A: 7:@ QC8E:><@ ;< =>:;988?RDN ,;?U?;? ;< 7:@ ?D@9A:@ ?DE<>A<;?:@ ;< 7:@ B?CD@CB7<@ L D: E>CD@CB7<@ =C>C 7C =>:;988?RD ;< 8C;C @<8E:>.N b. F< ;9?> 9DC P9< 8:DECD@CB7<@ A?D:@ ;< 8:<@ ;< =>:;988?RDJ P9< C7 ?G9C7 P9< ?:> @< :BE? ;< 8C;C QC8E:> =C>C <7 E:EC7 ;< 7C =>:;988?RDN ‰. V@E?AC> 7C A97E?=7?8C;C =:> 7C ACE>?T ?DU<>@C ;< Z<:DE?
,^CE>?T ;<7 =9DE: b
Š. F< <@E?AC <7 U<8E:> ;< 7:@ =><8?:@ 89CD@CB7<@] ‹ + 1Œ j:D;< e <@ <7 U<8E:> ;< >CT:D<@ =><8?: 89CD@CB7<@ L 7:@ QC8E:><@ ;< =>:;988?RDJ L <@ 7C ACE>?T ;< 8C7897C;C
Q'H"+25 9#2()" (%2+4' ':#2:'1'5 ! J$ ,67$-+%'$ 1/ ($, %$E+4/, *%/&'+ &6/4-$ $%*;+8-;-&U 1/ (+,
0'/4/, -%$4,$0(/, /, ($ %$E=4 *%/&'+ &6/4-$ 1/ *+41/%$1$ 1/ (+, 0'/4/, -%$4,$0(/,: w/4 0$,/ $ /,-'7$% ($ *$%-'&'*$&'=4 1/ ($ *%+16&&'=4 1/ &$1$ 64+ 1/ (+, 0'/4/, -%$4,$0(/, *$%$ /( -+-$( 1/ ($ *%+16&&'=4 1/ (+, 0'/4/, -%$4,$0(/,
! J$ +0-/4&'=4 1/ ($, %$E+4/, *%/&'+ &6/4-$ 1/ (+, 0'/4/, 4+
-%$4,$0(/, ,/ 3$&/ 1/ 7$4/%$ ,'7'($%:
Q2("#12$"5 ! <( $48(',', /&+4=7'&+ *$%-/ 1/ %/&+4+&/% V6/ (+, %/&6%,+,
1',*+4'0(/, /4 64$ ,+&'/1$1 ,+4 /,&$,+,O > *+% (+ -$4-+ -'/4/4 64 &+,-+ 1/ +*+%-64'1$1 Q2$76/(,+4 > _+%13$6, ghxcS t *+% /M/7*(+O 64 1=($% P$,-$1+ /4 ,$(61 1/M$ 1/ /,-$% 1',*+4'0(/ *$%$ ,/% P$,-$1+ /4 /16&$&'=4: ! I4-/ /,-$ %/$('1$1O /( $48(',', /&+4=7'&+ ,/ &+4&/4-%$ /4
$4$('E$% $(-/%4$-'.$, 1/ $,'P4$&'=4 1/ %/&6%,+, V6/ &+416E&$4 $ 7$T'7'E$% /( 0'/4/,-$% 1/ ($ &+764'1$1 Q#/-/%, ghoHO ;/((' > +-%+, ghhoO ;!) FGGo$S O 1/,$%%+(($41+ 7+1/(+, / '4,-%67/4-+, V6/ */%7'-$4 /4-/41/% 64$ %/$('1$1 &+7*(/M$:
`6/4-/N <( $*+%-/ 1/( $48(',', /&+4=7'&+ $( 1',/b+O ,/P6'7'/4-+ > /.$(6$&'=4 1/ *%+>/&-+, 1/
