Universitatea „George Bacovia” din Bacău

Modelarea deciziilor în administraţia

publică
– Note de curs –

Lect.dr. Crîşmaru N.

Bacău

2018
 CUPRINS

CAPITOLUL 1
Procesul modelarii.......................................................................................................................pag.1

CAPITOLUL 2
Clase de modele.........................................................................................................................pag.13

CAPITOLUL 3
Modelarea în teoria si practica finantelor..................................................................................pag.29
3.1. Modelul costului capitalului...............................................................................................pag.38
3.2. Modelul fundamental al pietei de capital...........................................................................pag.42
3.3. Modelul de evaluare a optiunilor........................................................................................pag.47
3.4. Modelul de arbitraj financiar..............................................................................................pag.50
3.4.1. Modelul de arbitraj pe piata valutara...............................................................................pag.53
3.4.2. Modelul de arbitraj pe piata monetara.............................................................................pag.58
3.5. Modelul de management financiar.....................................................................................pag.63
3.6. Modelul ipostazelor agentului economic............................................................................pag.67
3.6.1. Rolul pietei monetare în sprijinirea comportamentului rational
al agentului economic......................................................................................................pag.74
3.6.2. Rolul pietei de capital în sprijinirea comportamentului rational
al agentului economic......................................................................................................pag.77
3.6.3. Rolul jucat de functionarea simultana a celor doua piete in sprijinirea
comportamentului rational al agentului consumator.......................................................pag.83

CAPITOLUL 4
Modelarea preferintelor consumatorului...................................................................................pag.87
4.1. Utilitatea. Analiza cardinala si ordinala.............................................................................pag.88
4.2. Curbe de indiferenta...........................................................................................................pag.92
4.3. Rata marginala de substituire...........................................................................................pag.100

CAPITOLUL 5
Modelul DE optim al consumatorului.....................................................................................pag.105
5.1. Dreapta bugetului.............................................................................................................pag.107
5.2. Punctul de consum optim.................................................................................................pag.110
5.3. Variatia punctului optim de consum în raport cu variatia bugetului de consum..............pag.112
5.4. Variatia punctului optim de consum în raport cu variatia preturilor unitare ale bunurilor
consumate................................................................................................................................pag.115
5.5. Efectul de substituire si efectul de venit...........................................................................pag.117
5.5.1. Cazul bunurilor normale................................................................................................pag.117
5.5.2. Cazul bunurilor inferioare.............................................................................................pag.122
5.6. Modelul dinamic al consumatorului.................................................................................pag.124
5.6.1. Modelul dinamic al consumatorului cu piata monetara................................................pag.126
5.6.2. Modelul dinamic al consumatorului cu piata monetara si de capital............................pag.128

CAPITOLUL 6
Functia de productie................................................................................................................pag.133
6.1. Proprietatile functiei de productie....................................................................................pag.138
6.2. Randamentul de scara.......................................................................................................pag.142
6.3. Izocuanta si rata marginala de substituire........................................................................pag.148
6.3.1. Izocuanta........................................................................................................................pag.148
6.3.2. Rata marginala de substituire........................................................................................pag.152
6.4. Indicatori de eficienta ai functiilor de productie..............................................................pag.154
6.5. Functia productivitatii muncii..........................................................................................pag.160
CAPITOLUL 7
Reteta de fabricatie si pretul factorilor de productie............................................................pag.163
7.1. Reteta optima de fabricatie............................................................................................pag.164
7.2. Variatia retetei optime...................................................................................................pag.168
7.2.1. Influenta variatiei preturilor factorilor........................................................................pag.168
7.2.2. Influenta variatiei productiei......................................................................................pag.170
7.3. Functiile privind cererea de factori de productie...........................................................pag.172

CAPITOLUL 8
Obiectivele gestiunii economico-financiare a firmei...........................................................pag.174
8.1. Functiile de cost de productie........................................................................................pag.175
8.1.1. Functia de cost pe termen lung...................................................................................pag.176
8.1.2. Functia de cost pe termen scurt..................................................................................pag.180
8.2. Modele ale optimului cifrei de afaceri...........................................................................pag.185
8.3. Modele ale optimului valorii întreprinderii...................................................................pag.190

CAPITOLUL 9
Echilibrul pietei perfecte......................................................................................................pag.195
9.1. Functia de oferta............................................................................................................pag.200
9.2. Modelul evaluatorului general.......................................................................................pag.204
9.3. Modelul Cobweb...........................................................................................................pag.208
9.4. Modelul Laffer...............................................................................................................pag.215

CAPITOLUL 10
Componentele financiar-monetare în modelele de crestere economica...............................pag.222
10.1. Conexiunile financiar-monetare în modelul neoclasic................................................pag.225
10.2. Conexiunile financiar-monetare în abordarea keynesista............................................pag.234

Bibliografie...........................................................................................................................pag.250
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P1(O), P2(O), …, Po(O)

Etapa presupXQH UHOD LL GH UHSUH]HQWDUH D RULJLQDOXOXL úL
HYHQWXDO D XQRUD GH DMXVWDUH FHO SX LQ VXE IRUPD XQRU LSRWH]H vQ

FD]XO vQ FDUH VXELHFWXO FRQVLGHU  LQVXILFLHQW  WHRULD SH FDUH VH

ED]HD]  LDU REVHUYD LLOH VDOH vO vQGUHSW HVF V  IRUPXOH]H DVWIHO GH

ipoteze.
(ii) WUDQVSXQHUHDSURSULHW LORUvQPRGHO

P1(O) → P1(M), P2(O) → P2(M), …, Po(O) → Po(M)

(VWH HWDSD GH FRQVWUXF LH SURSULX ]LV  D PRGHOXOXL FDUH VH
-
SRDWH GHUXOD LWHUDWLY úL SUHVXSXQH UHSUH]HQWDUHD WHRULHL vQ PRGHO úL

DMXVWDUHD DFHVWXLD SkQ  OD IRUPD FRQVLGHUDW  FD UHIOHFWkQG FHO PDL

bine teoria.
(iii) IRUPXODUHD DOWRU SURSULHW L DOH PRGHOXOXL SH ED]D

vQ HOHJHULL PRGXOXL V X GH IXQF LRQDUH úL vQ FRQWLQXDUH vQ

OLPLWHOH WHRULHL SH FDUH VXELHFWXO VH ED]HD]  )LH ³P´

QXP UXODFHVWRUSURSULHW LDGLF 

Po+1 (M), Po+2(M), …, Po+m(M)

(WDSDSUHVXSXQHUHOD LLGHYHULILFDUHDPRGHOXOXLFXWHRULDúL

GHDMXVWDUHDDFHVWXLDGLQXUP vQOLPLWHOHDFHVWHLDÌQDFHODúLWLPS

11
DSDU HOHPHQWH FH GHS úHVF WHRULD úL FDUH VXQW YHULILFDWH vQ OLPLWHOH

ei; este vorba în primul rând de eventXDOHOHLSRWH]HLQWURGXVHGDUúL

de elemente noi necunoscute sau insuficient luate în considerare
SkQ DFXP6HFRQWXUHD] DVWIHOSRVLELOLW LOHGHDMXVWDUHDWHRULHL

(iv) YHULILFDUHD QRLORU SURSULHW L DOH PRGHOXOXL DVXSUD

originalului:
Po+1(M) → Po+1(O), Po+2(M) → Po+2(O), …, Po+m(M) → Po+m(O)
(VWH R HWDS  D ³vQWUHE ULORU´ SULYLQG YHULGLFLWDWHD QRLORU

SURSULHW LúLSUHVXSXQHUHOD LLGHYHULILFDUHPRGHO -orginal.

(v) FRQFOX]LLRHWDS vQFDUHVHIRUPXOHD] FRPSRQHQWHQRLDOH

WHRULHL ILH DUJXPHQWH FDUH V  FRQILUPH úL V  FRQVROLGH]H

FHHD FH GHMD VH úWLD ILH DUJXPHQWH SHQWUX DMXVW UL DOH FHORU

GHMDFXQRVFXWH8QDGLQGLUHF LLOHDFHVWRUFRQFOX]LLHVWHGHD

PRWLYD GH FH QRLOH VDX XQHOH GLQ QRLOH SURSULHW L DOH

modelului nu se potrivesc originalului, de a selecta acele noi

SURSULHW L FDUH DU SXWHD IL YDODELOH vQ FD]XUL SDUWLFXODUH GH

D FDUDFWHUL]D GHVFULH DFHVWH FD]XUL SDUWLFXODUH úL GH D

IRUPXOD LPSOLFD LLOH FDUH VXUYLQ vQ UDSRUW FX WHRULD 2 DOW 

GLUHF LHHVWHDFHHDGHDDUJXPHQWDGHDPRWLYDFRQVLGHUDUHD

dreptYDODELOHDOHXQRUDGLQQRLOHSURSULHW LGHDH[SOLFDúL

justifica generalizarea lor asupra întregii clase de care

DSDU LQHRULJLQDOXOGHDIRUPXODLPSOLFD LLOHDVXSUDWHRULHL

12
 CAPITOLUL 2

CLASE DE MODELE

&ODVLILFDUHDPRGHOHORUVHSRDWHIDFHGXS PDLPXOWHFULWHULL

ÌQ FHOH FH XUPHD]  VXQW FRQVLGHUDWH DFHOH FULWHULL FHO PDL IUHFYHQW

întâlnite în literatura de specialitate.

a) *UDGXOGHVLPLOLWXGLQHvQWUHPRGHOúLRULJLQDO este un criteriu
FDUHGLVWLQJHPRGHOHLFRQLFHDQDORJLFHúLVLPEROLFH

Modelul iconicHVWHFHOFH S VWUHD] FHD PDL PDUH VLPLOLWXGLQH

vQWUH PRGHO úL RULJLQDO SURSULHW LOH VH S VWUHD]  LDU GLIHUHQ LHULOH

sunt nesemnificative, ca de exemplu: materialul de constrXF LH

GLPHQVLXQHD PXO LPHD FRRUGRQDWHORU GH UHSUH]HQWDUH EL vQ ORF GH

WULGLPHQVLRQDO ú D P G 5ROXO DFHVWRU PRGHOH HVWH LPSRUWDQW vQ

SHUFHSHUHD úL UHSUH]HQWDUHD PHQWDO  D XQRU RULJLQDOH JUHX VDX

imposibil de observat în mod direct, ca de exemplu globul

S PkQWHVF DQLPDOH GLVS UXWH VDX GLQ ]RQH vQGHS UWDWH VDX JUHX

accesibile etc.
Modelul analogic HVWH FHO FH S VWUHD]  GRDU R DQDORJLH FX

RULJLQDOXO QHPDLH[LVWkQG QLFL R VLPLOLWXGLQH QX VH PDL S VWUHD] 

QLPLF GLQ FHHD FH UHSUH]LQW  IRUPHOH H[WHULRDUH G e identificare sau

PDQLIHVWDUH D RULJLQDOXOXL FL GRDU HVHQ D DFHVWXLD 5ROXO DFHVWRU

13
PRGHOH HVWH GH D vQ HOHJH IXQF LRQDUHD RELHFWXOXL VWXGLDW vQ PHGLXO

V X GH H[LVWHQ  VDX DO FRPSRUWDPHQWXOXL V X vQ UHOD LLOH FX

modelul. De exemplu, reprezentarea printr-R VFKHP HOHFWULF SULQ

WHQVLXQHD úL LQWHQVLWDWHD FXUHQWXOXL HOHFWULF SULQ SXQFWH GH

DFXPXODUH úL FRQGHQVDUH HWF D WHQVLXQLORU PHFDQLFH VWDWLFH úL

GLQDPLFHFDUHDSDUODRQDY vQFRQGL LLGHvQF UFDUH vQFRQGL LLGH

PDUú OD GLIHULWH UHJLPXUL GH YLWH]  vQFRQGL LL PHWHR GLIHULWH YkQW

WHPSHUDWXU YDOXULHWF

Modelul simbolic HVWH FHOFH QXPDLDUHQDWXU IL]LF  FLQXPDL

VLPEROLF  DGLF  UHSUH]HQWDUHD VH IDFH SULQ VLPEROXUL PDWHPDWLFH

logice, fizice, cartografice etc. De exemplu, modelul legii atrDF LHL

XQLYHUVDOH OHJH SRWULYLW F UHLD IRU D I GH DWUDF LH vQWUH GRX 

FRUSXULGLQXQLYHUVHVWHGLUHFWSURSRU LRQDO FXPDVDORUP1úLP2 )

úLLQYHUVSURSRU LRQDO FXS WUDWXOGLVWDQ HLG

m1 ∗ m 2
f = (6)
d2
(VWH LQVWUXFWLY GH DU WDW F  DVWIHO  GH PRGHOH I FkQG

DEVWUDF LH GH FRPSRQHQWD IL]LF  SHUPLW JHQHUDOL] UL vQ GRPHQLL

care nu au nici-R OHJ WXU  GLUHFW  FX FHO GH FDUH DSDU LQH RELHFWXO

FHUFHW ULL LQL LDOH $VWIHO PRGHOXO  HVWH XWLOL]DW úL vQ GRPHQLXO

HFRQRPLF SHQWUX GHWHUPLQDUHD LQWHQVLW LL OHJ WXULORU HYLGHQW

HFRQRPLFH vQWUH FRPXQLW L WHULWRULDOH GLIHULWH ]RQH JHRJUDILFH

14
 UL UHJLXQL SURYLQFLL GHSDUWDPHQWH MXGH H RUDúH HWF ÌQ DFHVW

FD] PDVD HVWH VXEVWLWXLW  SULQ tr-un indicator cantitativ relevant, ca

GH SLOG  YROXPXO VFKLPEXULORU FRPHUFLDOH LDU IRU D GHYLQH

FRHILFLHQWXO GH LQWHQVLWDWH DO OHJ WXULORU HFRQRPLFH FRPHUFLDOH

UHFLSURFH /D QLYHOXO XQHL UL FRHILFLHQ LL I SRW IL GH H[HPSOX

GHILQL L OD QLYHOXO D GRX  ORFDOLW L 'DF  QXP UXO DFHVWRUD HVWH Q

atunci se pot calcula, în principiu, n2 FRHILFLHQ LIYDORULOHDFHVWRUD

pot fi grupate pe intervale pentru fiecare localitate în parte,

UH]XOWkQG R LHUDUKLH D LQWHQVLW LL OHJ WXULORU HFRQRPLFH DOH ILHF UHL

loFDOLW L úL SULQ FRQVHFLQ  GLUHF LD SRODUL] ULL DFHVWRU OHJ WXUL 3RW

ILDVWIHOGHILQLWH³FHQWUHOHGHSRODUL]DUH´DGLF DFHOHORFDOLW LF WUH

FDUH JUDYLWHD]  YLD D HFRQRPLF  GLQWU XQ WHULWRULX GDW úL GH
-
asemenea, pot fi identificate, “zonele de polari]DUH´ DOH ILHF UXL

centru (fig. 3).

1
2

Fig. 3 Polarizarea într-un teritoriu dat

‡FRPXQLW LWHULWRULDOHDWUDVH

FHQWUHGHSRODUL]DUH

- - limita zonelor de polarizare

OLPLWDWHULWRULXOXL

15
b) Aspectul modelului este un criteriu care distinge modele
GHWHUPLQLVWHúLPRGHOHVWRKDVWLFH

Modelul determinist este acela în care variabilele modelului nu

sunt considerate aleatoare; ele pot lua, într-R vPSUHMXUDUHGDW úLFX

FHUWLWXGLQHRYDORDUHúLQXPDLXQD5HOD iile dintre variabile sunt cu

FHUWLWXGLQH SUHFL]DWH vQ vPSUHMXUDUHD GDW  8QH[HPSOX GHDVWIHO GH

PRGHOHVWHPRGHOXO%/5vQIRUPDSUH]HQWDW SULQUHOD LLOH – 5).

Modelul stohastic este acela în care variabilele sunt aleatoare
úLVDX UHOD LLOH GLQWUH HO
e sunt definit probabilistic în raport cu
împrejurarea. Un astfel de model este cel cunoscut sub numele de
PRGHOXOMXUQDOLVWXOXLDOYkQ] WRUXOXLGH]LDUH

ÌQ DFHVW PRGHO VH FRQVLGHU  FXQRVFXWH FX SDUDPHWULL FkúWLJXO

realizat prin vinderea unui ziar (b) úL SLHUGHUHD FDX]DW  GH

QHYLQGHUHD úL UHVSHFWLY UHWXUQDUHD OD UHGDF LH VDX OD GLVWULEXLWRU D

unui exemplar (p9DULDELODDOHDWRDUHHVWHFHUHUHD]LOQLF GH]LDUH

fie z cu valori [o, Z], z FRQVLGHUDW FXQRVFXW FD úL GLVWULEX LD GH
probabilitate p(z):
 p(0) p(1)  p( Z) 
p(z) =  
 0 1  Z 
2ELHFWLYXO MXUQDOLVWXOXL HVWH GH D RE LQH ]LOQLF FHO PDL EXQ

FkúWLJ SRVLELO úL SHQWUX DFHDVWD HO WUHEXLH V  GHFLG  ]LOQLF QXP UXO

16
GH]LDUHSHFDUHvOSUHLDGHODUHGDF LHVDXGHODGLVWULEXLWRUúLDQXPH

n, care este definit astfel ca vaULDELO GHGHFL]LH

9DORDUHD]LOQLF DFkúWLJXOXL5DUHH[SUHVLD

n −1 Z
R (m) = ∑ p(z)[b ∗ z − p ∗ (n − z)]+ ∑ p(z) ∗ b ∗ z (7)
z=0 z=n

Un astfel de model este generalizabil pentru orice activitate

GH YkQ]DUH GH EXQXUL SHQWUX FDUH YLQGHUHD FRPSOHW  D VWRFXOXL

RIHULW FOLHQ LORU OD XQ DQXPLW moment (într-un anumit interval) are
FDHIHFWGHJUDGDUHDEXQXOXLvQFDX] úLLPSRVLELOLWDWHDUHYLQGHULLOXL

ODDFHODúLSUH FDFHOLQL LDOHVWHDGLF XQPRGHOGHGHFL]LHSHQWUX

comercializarea unor produse cu grad ridicat de perisabilitate. Într-

R FODV  PDL ODUJ  LQFOX]kQG DFHVW PRGHO SRW IL FXSULQVH úL

PRGHOHOHGHVWRFvQFDUHQXH[LVW SHULVDELOLWDWHODP UIXULOHVWRFDWH

GDU RSHUD LXQHD GH VWRFDUH vQ VLQH SURGXFH FRVWXUL FDUH QX SRW IL

QHJOLMDWHvQUDSRUWFXYDORDUHDP UILLFDDWDUHVDXvQUDSRUWFX costul

SURGXVHORUFHVHIDEULF FXDFHVWHP UIXUL

c) Factorul timp HVWH XQ FULWHULX FDUH GLVWLQJH PRGHOH VWDWLFH úL
modele dinamice.
Modelul static este acela în care variabilele nu sunt indexate
temporal sau în care variabilele se definesc independent de timp.
$FFHS LXQHD RSHUD LRQDO  HVWH F  vQ DFHVW PRGHO QX H[LVW  UHOD LL

17
³SHVWHWLPS´vQWUHYDULDELOHOHVDOH 'HH[HPSOXUHOD LDGH VWUXFWXU 

DYHQLWXOXLQD LRQDO

Y=C+S (8)
în care Y este venitul, C – FRQVXPXO úL 6 – economiile, este o
UHOD LHSUHVXSXV DILDGHY UDW LQGLIHUHQWGHPRPHQWXOGHUHIHULQ 

W W  «7 'H DFHHD HVWH LQXWLO V  LQGH[ P WHPSRUDO

YDULDELOHOHDGLF V VFULHP

Yt = Ct + St t = 1,2,…,T (8.1)
DVWIHO vQFkW  QX SRDWH IL VRFRWLW FD PRGHO QHVWDWLF 6H REVHUY 

GH DVHPHQHD F  UHOD LD QX HVWH ³SHVWH WLPS´ DGLF  QX OHDJ  GRX 

momente diferite în timp, nu presupune luarea în considerare a

YDULD LHLvQWLPSDYUXQHLDGLQYDULDELOHOHDSDU LQ WRDUH

Modelul dinamic este acela în care variabilele sunt definite

GHSHQGHQW GH WLPS úL VXQW OHJDWH SULQ UHOD LD ³SHVWH WLPS´ DGLF 

SUHVXSXQHP GHSHQGHQ D OD XQ PRPHQW D XQHL YDULDELOH GH R DOW 

YDULDELO FRQVLGHUDW ODXQDOWP oment de timp.

Unul din cele mai simple modele dinamice este cel al lui
'RPDU PRGHO FH YL]HD]  GHVFULHUHD FUHúWHULL HFRQRPLFH vQ

FRQGL LLOHXQHLHFRQRPLLvQFKLVH0RGHOXOFXSULQGH

• HFXD LDVWUXFWXULLYHQLWXOXL

Yt = Ct + St (9)
• HFXD LDGHHFKLOLEUXPDFURHFRQRPLF

18
 St = It (10)
• HFXD LDFRQVXPXOXL

Ct = α ∗ Yt (11)
• HFXD LDLQYHVWL LLORU

It = β ∗ (Yt – Yt-1) (12)

'DF VXQWFRQFHQWUDWHWRDWHUHOD LLOH –vQUHOD LD
avem:
β
Yt = Yt −1 (13)
α + β −1
Parametrii modelului sunt rata consumului (α) úL UDWD

LQYHVWL LLORUvQ VSRUXOGHYHQLW β). Cel de-DOGRLOHDSDUDPHWUXDUDW 

FDUH HVWH YDORDUHD LQYHVWL LHL FDUH DVLJXU  FUHúWHUHD FX R XQLWDWH D

venitului, deoarece conform (12):

β = It / (Yt – Yt-1) (12.1)
DGLF HVWHXQSDUDPHWUXGHHILFLHQ DLQYHVWL LLORU

'LQ UHOD LD  VH SRDWH GHWHUPLQD LQGLFHOH GH FUHúWHUH D

venitului IYúLDQXPH
β
I Y = Yt / Yt −1 = (13.1)
α + β −1
FHHDFHDUDW F SDUDPH trul rezultativ β / (α +βDUHXQFRQ LQXW
HFRQRPLF IRDUWH SUHFLV 5LWPXO GH FUHúWHUH DO YHQLWXOXL VH SRDWH

GHWHUPLQDGLQUHOD LD

19
 1− α
rY = I Y − 1 = , (13.2)
α + β −1
XQGH OD QXP U WRU DSDUH UDWD HFRQRPL ilor, ceea ce permite
IRUPXODUHD UHJXOLL SRWULYLW F UHLD ULWPXO GH FUHúWHUH D YHQLWXOXLHVWH

GLUHFWSURSRU LRQDOFXUDWDHFRQRPLVLULL

3HQWUXFDDFHVWULWPV ILHSR]LWLYHVWHQHFHVDUFD

α+β-1>0 (13.3)
sau β - (1 - α) > 0 sau β > (1 - α) (13.4)
FHHD FH vQVHDPQ  F  HILFLHQ D LQYHVWL LLORU DúD FXP D IRVW GHILQLW 

SULQV ILHVXSHULRDU UDWHLHFRQRPLVLULL

Într-R IRUP  IRDUWH JHQHUDO  R UHOD LH GH PRGHO GLQDPLF

GHILQHúWHOHJ WXUDvQWUHRYDULDELO GHVWDUH[tSHGHRSDUWHúLSH

GHDOW SDUWHRPXO LPHGHYDULDELOHGHVWDUH ( x t− t j ) úLRPXO LPHGH

variante de decizie ( U t − t k ) unde tj úL Wk sunt tot indici de timp

semnificând momentele de la care variabilele de stare precedente,

UHVSHFWLYFHOHGHGHFL]LHvQFHSV LQIOXHQ H]HP ULPHDYDULDELOHLGH

stare de la momentul t:
xt = f(xt-a, xt-a-1,…, xt-a-b, ut-c,ut-c-1, …, ut-c-d)
VLWXD LH vQ FDUH Wj ∈ [a, b], iar tk ∈ [c, d]; cel mai adesea întâlnim
VLWXD LL FkQG D   úL F   DGLF  GHSHQGHQ D YDULDELOHL GH VWDUH [t

20
vQFHSHFKLDUFXVWDUHDSUHFHGHQW úLFXGHFL]LDVLPXOWDQ VW ULL FDUH

VHGHWHUPLQ 

d) Scopul este un criteriu care distinge modele explicative,

SUHGLFWLYHúLGHGHFL]LH

Modelul explicativ HVWH FHO FH XUP UHúWH SUHFL]DUHD VDX

UHOHYDUHD HVHQ HL RELHFWXOXL VWXGLDW IHQRPHQ SURFHV HWF VDX

explicarea mecanismului lor de producere.

Modelul predictiv este un model care permite anticiparea
PRGXOXL GH GHVI úXUDUH D XQXL IHQRPHQSURFHV D VFDGHQ HORU VDOH

GHHYROX LH

Modelul de decizie este un model care permite determinarea

XQRU LQGLFDWRUL VDX D XQRU PXO LPL GH YDORUL DOH ORU SH FDUH VH SRW

întemeia decizia asupra obiectulXL VWXGLDW VDX D PHFDQLVPXOXL V X

GH HYROX LH $VWIHO GH PRGHOH XWLOL]HD]  parametrii de decizie,

strategii GH HYROX LH úL FRQVHFLQ H dorite într-R PXO LPH GH

FRQVHFLQ HSUHYL]LELOH

e) 1LYHOXO GH UHIHULQ este un criteriu ce distinge modele

PDFURHFRQRPLFH úL PRGHOH PLFURHFRQRPLFH 2 VXEFODV 

GLVWLQFW  HVWH FRQVLGHUDW  GH XQLL DXWRUL FD ILLQG PRGHOHOH

WHULWRULDOH PRGHOH UHIHULWRDUH OD HFRQRPLD ILQDQ HOH VLWXD LD

VRFLDO HWFDXQXLDQXPLWWHULWRULXRUDúUHJLXQH]RQ MXGH 

21
f) Gradul de generalitate este un criteriu ce distinge modele
generale – UHIHULWRDUH OD DQVDPEOXO XQXL VLVWHP VWXGLDW úL

PRGHOHSDU LDOH –UHIHULWRDUHODRFRPSRQHQW DXQXLVLVWHP

Prin sistem vQ HOHJHP XQ DQVDPEOX RUGRQDW GH HOHPHQWH

$FHDVWD vQVHDPQ  F  VLVWHPXO 6 HVWH FXQRVFXW DIL DOF WXLW GLQWU -un
QXP U n de elemente componente, ei (i =1,2,…,n), pentru care se
FXQRVFGHDVHPHQHDUHOD LLOHGLQWUHDFHVWHDHi , ej), cu
i,j = 1,2,…,n. Într-R DERUGDUH PDL FRPSOH[  VH SRDWH FRQVLGHUD F 

VWUXFWXUD VLVWHPXOXL DGLF  PXO LPHD UHOD LLORU între componente,

SUHVXSXQH QX QXPDL UHOD LL GH WLS GXEOHW SHUHFKH FL úL WULSOHW

quartet etc.
Pentru a delimita sfera de cuprindere a unui sistem, în
WHUPLQRORJLDGHVSHFLDOLWDWHVHvQWkOQHVFúLQR LXQLOHGHPDFURVLVWHP

úL GH VXEVLVWHP ÌQ IRQG úL DFHV

tea sunt tot sisteme, fiecare în sine,
QXPDLF DXRVIHU PDLPDUHUHVSHFWLYPDL PLF GH FXSULQGHUHvQ

UDSRUW FX VLVWHPXO GH UHIHULQ  $VWIHO PDFURVLVWHPXO HVWH VLVWHPXO

vQ FDUH FHO GH UHIHULQ  VH UHJ VHúWH FD R FRPSRQHQW  LDU

subsistemul este sistemXO FH HVWH LQFOXV vQ FHO GH UHIHULQ  FD XQD

din componentele acestuia.

([LVW  DúD FXP V D DPLQWLW GHMD úL DOWH FULWHULL GH FODVLILFDUH
-
FXPVXQWQDWXUDIL]LF DHOHPHQWHORUPRGHOXOXLQDWXUDPDWHPDWLF 

22
D UHOD LLORU LQFOXVH QDWXUD YDULDELOHORU PRGXO GH construire, modul
GHWUDWDUHDUHDOLW LLúD

Macrosistem
Sistem R

SA
1
3
SC
2
SB

Fig. 4 -0DFURVLVWHPVLVWHP$%&5 GHUHIHULQ 

subsistem (1,2,3)

ÌQ FH SULYHúWH XQ PRGHO GDW HO SRDWH IL LQFOXV VLPXOWDQ vQ

GLIHULWH FODVH GH PRGHOH GXS  FULWHULXO GXS  Fare se face

FODVLILFDUHD 6  SUHVXSXQHP FD H[HPSOX XQ FD] SDUWLFXODU DO

PRGHOXOXL GH SURJUDPDUH D VWUXFWXULL SURGXF LHL PRGHOXO VWUXFWXULL

RSWLPHDSURGXF LHLvQFDUHVXQWGHILQLWH

n –QXP UXOGHVRUWLPHQWHIDEULFDWH

j – indice pentru identificarea sortimentului (j = 1,2,…,n)

m –QXP UXOGHUHVXUVHXWLOL]DWHvQIDEULFD LH

23
 i – indice pentru identificarea resursei (i = 1,2,…,m)
c – LQGLFDWRU VFRS DGLF  SHQWUX H[SULPDUHD RELHFWLYXOXL

XUP ULWvQVWUXFWXUDUHDSURGXF LHLSUH XQLWDUSURILWXQLWDU

xj –FDQWLWDWHDGHSURGXF LHSHQWUXVRUWLPHQWXOM
aij –FRQVXPXOVSHFLILFGHUHVXUV i pentru sortimentul j
bi –YROXPXOGLVSRQLELOSHQWUXIDEULFD LHGLQUHVXUVDL
xjmin – FDQWLWDWHD PLQLP  DFFHSWDW  D VH IDEULFD GLQ

sortimentul j
xjmax – FDQWLWDWHD PD[LP  DFFHSWDW  D VH IDEULFD GLQ

sortimentul j
(xjmin ≥ 0, xjmax ≥ 0, xjmin < xjmax)
&XDFHVWHQRWD LLPRGHOXOVHSRDWHVFULH

‡IXQF LDVFRSIXQF LDRELHFWLY

n
max ∑ c j ∗ x j (14)
j=1

‡UHVWULF LLOHGHIDEULFD LH

∑a
j=1
ij ∗ x j ≤ bi , i = 1,2,…,m (15)

‡FRQGL LLVXSOLPHQWDUH

x j min ≤ x j ≤ x j max , j = 1,2,…, n (16)

24
 Modelul este simbolic (matematic), determinist, static, de
decizie, microeconomiFSDU LDOÌQSOXVVHPDLSRDWHDG XJDF HVWH

un model liniar, cu variabile continue.

Pentru decizia la nivelul firmei este interesant de semnalat
F PRGHOXOIXUQL]HD] RVHDP GHLQIRUPD LLFXXQFDUDFWHUFXWRWXO

deosebit.
$SDU vQWkL LQIRUPD LLOH GDWH GH VROX LD PRGHOXOXL DGLF 

*
YDORULOH SULYLQG FDQWLWDWHD RSWLP  GH SURGXF LH [j pentru fiecare
VRUWLPHQW ÌQ DO GRLOHD UkQG VXQW GH VHPQDODW LQIRUPD LLOH UH]XOWDWH

(deduse) din primele:

• YDORDUHD PD[LP  D IXQF LHL VFRS F
*
reprezentând, de exemplu,
valoarea PD[LP  D SURGXF LHL UHVSHFWLY D SURGXF LHL PDUI 

SRVLELODVHIDEULFDDYkQGFDXQDGLQLPSOLFD LLSHQWUXSURFHVXO

decizional nivelul de angajare în contractele de livrare;

• cuantumul consumului din resursele disponibile bi*, având ca
LPSOLFD LL SHQWUX SURFHVXO GHFL]LRQDO QLYHOXO GH DFKL]L LL vQ

contractele de aprovizionare.
ÌQDOWUHLOHDUkQGSRWILVHPQDODWHLQIRUPD LLOHSDUYHQLQGGLQ

UH]ROYDUHDXQRUSUREOHPHGHULYDWHGLQFHDLQL LDO SUREOHPD

(14) – (16)).
$VWIHODYHPvQYHGHUHSUREOHPDGXDO GHIRU ma:

25
 m
min ∑ b i ∗ x i (17)
i =1

∑a
i =1
ij ∗ xi ≥ cj , j = 1,2,…,n (18)

DOH F UHL VROX LL [i UHSUH]LQW  ³SUH XULOH XPEU ´ DOH VXUVHORU

respectiv cuantumul cX FDUH DU SXWHD FUHúWH YDORDUHD IXQF LHL VFRS
primare c* în cazul în care volumul disponibil din resursa iDUFUHúWH
FXRXQLWDWH$FHVW³SUH ´HYLGHQWQXHVWHXQSUH GHSLD SHUPLWH

LHUDUKL]DUHD LPSRUWDQ HL UHVXUVHORU vQ FD]XO GDW FD úL GHWHUPLQDUHD

FkúWLJXOXLQHWFQFHV DURE LQHSULQDSURYL]LRQDUHDFXRXQLWDWHvQ

-
plus din resursa i UHVSHFWLY ³SUH XO XPEU ´ DO DFHVWHLD [i) minus
SUH XOXQLWDUGHSLD DOUHVXUVHL
i (fie pi):
c n = xi - pI (19)
De asemenea, avem în vedere (în acest “al treilea rând”)
SRVLELOLWDWHD GHWHUPLQ ULL ³UHJUHWXOXL´ SHQWUX R DQXPLW  GHFL]LH

3UHVXSXQHP F  XQD GLQ UHVWULF LL ILH b m1 VH UHIHU  OD FRQVXPXO GH

HQHUJLH HOHFWULF  3UHVXSXQHP vQ FRQWLQXDUH F  IXQF LD VFRS HVWH

YDORDUHD SURGXF LHL PDUI  úL F  D IRVW OXDW  GHFL]LD SURJUDPXOXL GH

* *
SURGXF LH [j  ÌQ DFHVW FD] YDORDUHD SURGXF LHL PDUI  HVWH F , iar
FRQVXPXO GH HQHUJLH HOHFWULF  DIHUHQW  HVWH b*m1 . Decidentul ar

trebui V úWLHFHPRGLILF ULDULQWHUYHQLGDF HOQXDUDYHDFDVFRSR

YDORDUHPD[LP DSURGXF LHLPDUI FLXQFRQVXPPLQLPGHHQHUJLH

26
HOHFWULF  úL DVWD FX DWkW PDL PXOW FX FkW HQHUJLD HOHFWULF  DU IL R

UHVXUV  VFXPS  3HQWUX D RE LQH DVWIHO GH LQIRUPD LL VH UH]ROY  R

SUREOHP  GHULYDW  GLQ  –  vQ VHQVXO F  IXQF LD VFRS DU

deveni consumul de energie

n
min ∑ a m1 j ∗ x j (14.1)
j =1

UHVWULF LLOH «P1 +1, m1+1, m1« P DU U PkQH DFHOHDúL FD úL

FRQGL LLOH VXSOLPHQWDUH  úL V DU DG XJD vQ SOXV R UHVWULF LH
-
SULYLQGSURGXF LDPDUI

∑c
j =1
j ∗ xj > 0 (15.1)

**
6ROX LDDFHVWHLSUREOHPHDUIL[j , care ar da o valoare bm**1 a

consumului de enHUJLHHOHFWULF HYLGHQW (b*m*1 < b*m1 úLRYDORDUHF**

(evident c**< c*DSURGXF LHLPDUI 

([LVW  DFXP SRVLELOLWDWHD GH D IDFH XQ FDOFXO GH HILFLHQ 

SULYLQG  VSRUXO GH SURGXF LH PDUI  vQUHJLVWUDW vQ SUREOHPD  -

 ID  GH SUREOHPD  1) -  vQ FRPSDUD LH FX VSRUXO GH
FRQVXP GH HQHUJLH HOHFWULF  SUHVXSXV GH SUREOHPD    ID - 

de problema (14.1) -)LH³H´DFHVWFRHILFLHQWGHHILFLHQ 

c** − c*
e= (20)
b∗m1 − b*m*1

27
care DUDW  FH YDORDUH GH SURGXF LH PDUI  VH SLHUGH SHQWUX FD]XO

UHDOL] ULL XQXL FRQVXP PLQLP GH HQHUJLH HOHFWULF  SLHUGHUH

XQLWDU 

$FHDVW SLHUGHUHHVWHGHILQLW FD³UHJUHW´vQFD]XOSDUWLFXODU

presupus mai sus – ³UHJUHWXO´ SULYLQG SURGXF LD PDUI  SHQWUX

PLQLPL]DUHDFRQVXPXOXLGHHQHUJLHHOHFWULF 8QDVWIHOGH³UHJUHW´

poate fi determinat pentru oricare din resursele luate în considerare

în model.

28
 CAPITOLUL 3

MODELAREA ÎN TEORIA
ù,35$&7,&$),1$1 (/25

Modelarea deciziei financiar-PRQHWDUH LQH GH PHWRGRORJLD

ILQDQ HORU GH LQVWUXPHQWHOH úL WHKQLFLOH GH OXFUX SH FDUH OH

SUHVXSXQH FHUFHWDUHD úL SUDFWLFD ILQDQFLDU  FD GRPHQLX GLVWLQFW DO

úWLLQ HORUHFRQRPLFH,QWHJUDUHDPRGHO ULLvQ PHWRGDGH FHUFHWDUHD

ILQDQ HORU D SUHVXSXV GHILQLUHD úL FRQVROLGDUHD FRQFHSWHORU

FDQWLWDWLYHúLV DSURGXVWUHSWDWSHP VXUDHYROX LHLúLGH]YROW ULLGH

-
VLQHVW W WRDUHDILQDQ HORUvQFDGUXOúWLLQ HORUHFRQRPLFH$IRVW un
proces relativ îndelungat, care a debutat la finele sec. XIX, se
FRQWLQX  úL vQ ]LOHOH QRDVWUH úL DFRQILUPDW DVHU LXQHDIRUPXODW  GH

XQLL ILOR]RIL  úL LVWRULFL DL úWLLQ HL SRWULYLW F UHLD R úWLLQ  vúL

DPSOLILF  SXWHUQLF DSRUWXO vQ FHHD FH SULYHúWH FXQRDúWHUHD QXPDL

DWXQFL FkQG SRDWH GHILQL úL FDQWLWDWLY FRQFHSWHOH FX FDUH RSHUHD] 

FD úL UHOD LLOH SH FDUH OH SUHVXSXQH vQWUH IHQRPHQHOH VDX SURFHVHOH

GLQVIHUDVDGHSUHRFXS UL

'HOLPLWDUHDILQDQ HORUvQFRUSXOúWLLQ HORUHFRQRPLFHHVWHXQ

proces careDvQFHSXWODILQHOHVHF;,;úLGHVSUHFDUHVHDFFHSW vQ

29
general, a fi parcurs trei mari etape:
a) în anii ’70 – ¶ DL VHF ;,; VH FRQWXUHD]  VSHFLDOL]DUHD

SUHRFXS ULORU GH QDWXU  ILQDQFLDU  vQ FDGUXO RFXSD LLORU

HFRQRPLFH vQ JHQHUDO PDUFDW  SULQ DSDUL LD SULPHORU F U L

dedicate;
b) SkQ  vQ DQLL ¶ – ¶ DL VHF ;; XUPHD]  R SHULRDG  OHQW  GH

GHOLPLWDUHDGRPHQLXOXLILQDQ HORUDRELHFWXOXLV XFDúWLLQ GH

VLQHVW W WRDUHúLGHFRQVWLWXLUHDXQHLPHWRGRORJLLVSHFLILFH

c) GXS DUHORFRGH]YROWDUHLQWHQV SULQPRGLILFDUHDGHIRQG

D SUHRFXS ULORU FRQFHS LHL JHQHUDOH GH DERUGDUH D

metodologiei de cercetare.
3HULRDGD GH SkQ  OD ILQHOH VHF ;,; – începutul sec. XX
HVWH R SHULRDG  GH DFXPXO UL FDQWLWDWLYH úL GH VSHFLDOL]DUH

&RQVHFXWLY  XQXL SURFHV GH GLYHUVLILFDUH úL GH SXQFWXDOL]DUH D

FHUFHW ULL HFRQRPLFH DFHDVW  VSHFLDOL]DUH HVWH LQFOXV  GH PXO L

LVWRULFL DL úWLLQ HORU DL ILQDQ HORU vQ SDUWLFXODU vQWU -o diviziune de
RUGLQXO ,, DGLF  R GLYL]LXQH FDUH SURGXFH LQGLYLGXDOL] UL vQ FDGUXO

XQHL FODVH I U  vQV  D GHWHUPLQD FRQVWLWXLUHD XQHL FODVH GLVWLQFWH

0HWRGDGHOXFUXúLFHUFHWDUHVHOLPLWHD] ODSUHOXFUDUHDFDQWLWDWLY D

XQRU LQIRUPD LL QXPHULFH IDSW FDUH GHFODQúHD]  XQ SURFHV GH

LQRYD LH úL SUHFL]LH WHUPLQRORJLF  GDU úL XQXO GH DGDSW UL

metodologicH 8QHOH RSHUD LXQL ILQDQFLDU-monetare, cum sunt cele

30
GHFDOFXODO GREkQ]LL úLDO SULPHORU GHDVLJXUDUH OHJDWH SXWHUQLF GH

SUHOXFUDUHD LQIRUPD LHL QXPHULFH DX FRQGXV OD DSDUL LD úL

GH]YROWDUHDXQRUFDSLWROHvQPDWHPDWLFLDúDFXPVXQWPDWHPDWLFLOH

financLDUH úL PDWHPDWLFLOH DFWXDULDOH ÌQ SODQXO PRGHO ULL SXWHP

VSXQH F  HUD IRUPXODW GRDU PRGHOXO GREkQ]LL VLPSOH úL FHO DO

dobânzii compuse.
3HULRDGD GH SkQ  vQ DQLL ¶ – ’60 ai sec. XX este o
SHULRDG  GH GHOLPLW UL FDOLWDWLYH )LQDQ HOH VH GH]YROW  FD R úWLLQ 

GHVFULSWLY  D LQVWLWX LLORU ILQDQFLDUH D WHKQLFLORU úL LQVWUXPHQWHORU

GH OXFUX ÌQ FH SULYHúWH PHWRGRORJLD VH SURGXFH XQ DQXPLW JHQ GH

VLVWHPDWL]DUH SULQ H[WLQGHUHD XWLOL] ULL SUHOXFU ULL FDQWLWDWLYH D

LQIRUPD LHL QXPHULFH DGLF  VH H[WLQG PXOW XWLO izarea tabelelor
QXPHULFH D FDOFXOHORU WDEHODWH ÌQ SXEOLFLVWLF  VH SURGXF DSDUL LL

PDL QXPHURDVH GDU FDUH VH OLPLWHD]  OD GHVFULHUHD LPSR]LWHORU D

VLVWHPXOXLYDPDO6XQWWLSLFHvQDFHVWVHQVOXFU UL GHIHOXOFHORU DOH

lui Ion Tutuc, profesor la Academia de Înalte Studii Comerciale din

%XFXUHúWL LQWLWXODWH ³$ULWPHWLFD ILQDQFLDU ´  úL ³$OJHEUD

ILQDQFLDU ´OXFU ULFHUHSUH]HQWDXDWkWPDQXDOHXQLYHUVLWDUH

FkWúLF U L GHUHIHULQ SHQWUXSUDFWLFDHFRQRPLF EDQFDU YDPDO 

YDOXWDU PHWURORJLF FRPHUFLDO 

/D QLYHOXO YkUIXOXL FHUFHW ULL VH SURGXFH WUHFHUHD GH OD

LGHQWLILFDUHDúLDERUGDUHD FKHVWLXQLORUILQDQFLDUH SHQWUX GHOLPLWDUHD

31
lor în arealul economic la formarea unei teorii distincte a unor
DVWIHO GH FKHVWLXQL GDU QHL]RODW  FL LQWHJUDW  vQ WHRULD HFRQRPLF 

JHQHUDO  (VWH UHSUH]HQWDWLY  DVWIHO HYROX LD FHUFHW ULL vQWUHSULQVH

GH -0 .H\QHV GH OD ³7UDWDW GHVSUH PRQHG ´  – 1930) la
³7UDWDW GHVSUH GREkQG  úL RFXSDUHD IRU HL GH PXQF ´ 

8OWLPD OXFUDUH D GHS úLW FHUFHWDUHD GHVFLSWLYLVW  $FHVW JHQ GH

FHUFHWDUH HFRQRPLF  vúL GRYHGLVH OLPLWHOH PDL DOHV SUDFWLFH GDU úL

teoretice) prin impasul în care s-DJ VLWWHRULDHFRQRPLF vQOHJ WXU 

FX PDUHD FUL]   –  GHFODQúDW  SULQ FUDKXO ILQDQFLDU GLQ

³PLHUFXUHD QHDJU ´  RFWRP brie 1929) de la Bursa din New

York.
)RQGXODFHVWXLLPSDVDGHY UDW FUL] DWHRULHLHFRQRPLFHvO

UHSUH]LQW  SH GH R SDUWH LQFDSDFLWDWHD HFRQRPLúWLORU GH D SUHYHGH

FUDKXOLDUSHGHDOW SDUWHLPSRVLELOLWDWHDORUGHDIRUPXODVROX LL

J.M. Keynes are meritul de a fi conceput un nou mod de

abordare a echilibrului economic, formulând conexiunile
HFRQRPLFH úL PHFDQLVPXO GH IXQF LRQDUH D HFRQRPLHL vQWU -un mod
care s-DIL[DWvQWHRULDHFRQRPLF VXEQXPHOHGH modelul keynesist
al echilibrului economiei. ModeOXO YDORULILF  FRPSRQHQWD

FDQWLWDWLY  D IHQRPHQHORU úL SURFHVHORU HFRQRPLFH XWLOL]HD] 

H[SULPDUHDIXQF LRQDO DOHJ WXULLIHQRPHQ –IDFWRULFDX] – efect)

úL LQWHJUHD]  YDULDELOH úL SDUDPHWULL ILQDQFLDUL -monetari pe care îi

32
FRQVLGHU  ILH HQGRJHQL PRGHOXOXL vQ EXQ  SDUWH ILH H[RJHQL XQLL

GLQWUHDFHúWLD

$VWIHO SH SLD D ILQDQFLDU  HFKLOLEUXO HVWH FRQFHSXW SH ED]D

impactului pe care îl are rata dobânzii (d) asupra cererii monetare

LQYHVWL LD
–,úLRIHUWHLPRQHWDUHHFRQRPLLOH– S):
I = I(d) cu I’ < 0 (21)
S = S(d) cu S’ > 0 (22)
S = →d* (23)
5HOD LLOH  – (23 FRQVWLWXLH PRGHOXO GH HFKLOLEUX DO SLH HL
monetare, format dintr-R IXQF LH GH LQYHVWL LL  R IXQF LH GH
HFRQRPLLúLFRQGL LDGHHFKLOLEUX'LQDFHDVWDGLQXUP úL

IRORVLQG FHOH GRX  IXQF LL VH RE LQH UDWD GH HFKLOLEUX D GREkQ]LL

(d*). ModHOXO LQFOXGH FDUDFWHULVWLFLOH IXQGDPHQWDOH DOH FHORU GRX 

IXQF LL UHVSHFWLY GHSHQGHQ D LQYHUV  SHQWUX LQYHVWL LL úL GLUHFW 

SHQWUXHFRQRPLLID GHUDWDGREkQ]LL

• DWUDF LD VSUH LQYHVWL LL GHVFUHúWH RGDW  FX FUHúWHUHD UDWHL

dobânzii, deoarece (pe de o SDUWH SLD D PRQHWDU  P ULQG

UHPXQHUDUHD GHSXQHULORU RIHU  UHVXUVH ILQDQFLDUH vQ VFXPSLUH

LDU SH GH DOW  SDUWH VH VFKLPE  UDSRUWXO ULVFFkúWLJ vQ

GHIDYRDUHDLQYHVWL LHL

33
• DWUDF LD VSUH HFRQRPLVLUH FUHúWH RGDW  FX FUHúWHUHD UDWHL

dobânzii, deoarece plasamentele în depozite bancare sunt

remunerate mai bine.
3HQWUX SLD D PXQFLL -0 .H\QHV LQWURGXFH GHDVHPHQHD R

FRPSRQHQW ILQDQFLDU GH GDWD DFHDVWDFD XQ SDUDPHWUX H[RJHQ úL

DQXPHLQGLFHOHSUH XULORU$VWIHORIHUWDGHPXQF /oHVWHGHILQLW 

ca func LHGHSUH XOHLDGLF GHVDODULXOUHDO65H[SULPDWODUkQGXO

V XSULQUDSRUWXOVDODULXQRPLQDO61LQGLFHOHSUH XULORU,*3

Lo = Lo(SR) (24)
$FHDVW  DERUGDUH D HFKLOLEUXOXL HFRQRPLF XWLOL]HD] 

componente financiar-monetare, dar nu a avut un impact major

DVXSUDGH]YROW ULLWHRULHLILQDQ HORUGHRDUHFHRELHFWLYXOHLJHQHUDOD

IRVW QX VROX LRQDUHD SUREOHPHORU ILQDQFLDU -monetare, ci analiza

HFKLOLEUXOXL HFRQRPLF úL DO PHFDQLVPXOXL V X vQ Y ederea
LGHQWLILF ULL XQRU VROX LL SHQWUX SUHvQWkPSLQDUHD FUL]HL VDX SHQWUX

GHS úLUHD HL vQ FD]XO vQ FDUH V DU IL GHFODQúDW 3H GH DOW  SDUWH
-
DFHDVW  DERUGDUH IDFH WUHFHUHD vQ SODQXO PHWRGRORJLHL F WUH

XWLOL]DUHD PRGHOHORU HFRQRPLFH vQ JHQHUDO úL F WUH utilizarea

PRGHO ULL vQ DQDOL]D IHQRPHQHORU úL SURFHVHORU ILQDQFLDU -monetare
(în particular).
3HULRDGD GH GXS   – 1960 FRQFHQWUHD]  R SUHRFXSDUH

VXV LQXW  SHQWUX YDORULILFDUHD WHKQLFLORU GH PRGHODUH úL SHQWUX

34
GH]YROWDUHD XWLOL] ULL ORU FDUH VH SURGXF vQ OHJ WXU  GLUHFW  FX

SULQFLSDOHOH PRPHQWH DOH GH]YROW ULL FRQWHPSRUDQH D úWLLQ HL

ILQDQ HORU

1° FRQFHSWXO GH ULVF ILQDQFLDU úL WHRULD ³SRUWRIROLXOXL´ vQ

OHJ WXU  FX FDUH DSDU PRGHOXO GH ULVF ILQDQFLDU PRGHOXO GH

RSWLPL]DUHDSRUWRIROLXOXLGHDFWLYHú a.
3UREOHPDWLFD FRQFHSWXDO  GHILQL LL FXDQWLILF UL HWF

SUHFXP úL R WHKQLF  GH RSWLPL]DUH D SRUWRIROLXOXL GH DFWLYH

VWUXFWXUDW LQL LDO SH DF LXQL úL REOLJD LXQL LDU PDL WkU]LX úL SH

RS LXQL VXQW DERUGDWH GH +HQU\ 0DUFRYLW] vQ  úL DSRL

fundamanetate în lucrarea “Teoria portofoliului” (1956).

2° FRVWXO FDSLWDOXOXL GHILQLW SULQ OHJ WXUD vQWUH FDSLWDO úL

YHQLWXO VXUVHL VDOH GH SURYHQLHQ  PRGHODW FD H[SUHVLH D

GHSHQGHQ HL IXQF LRQDOH vQWUH FHL GRL WHUPHQL úL FDUH D U PDV vQ

WHRULDILQDQ HORUFD³ teorema Miller – Modigliani”.

2ELHFWXO GH VWXGLX HVWH FDSLWDOXO XQHL VRFLHW L FRPHUFLDOH

6& PDL H[DFW FRVWXO SH FDUH vO VXSRUW  UHVSHFWLYD 6& SHQWUX

XWLOL]DUHD FDSLWDOXOXL vQ UDSRUW FX VXUVD GH SURYHQLHQ  D DFHVWXLD

propriu, împrumut obligatar, împrumut bancar. Punerea problemei,

DQDOL]D úL PRGHODUHD IHQRPHQXOXL DX DS UXW vQ GRX  DUWLFROH

GLVWLQFWH SXEOLFDWH GH )UDQFR 0RGLJOLDQL  úL 0HUWRQ 0LOOHU

 UHFXQRVFXWH XOWHULRU SHQWUX FRQWULEX LLOH DGXVH vQ PRG

35
distinct) sub forma teoremei mai sus meQ LRQDWH
3° PRGHOXO IXQGDPHQWDO DO SLH HL GH FDSLWDO FDUH SHUPLWH
HYDOXDUHDSUH XOXLDFWLYHORUSHDFHDVW SLD 

&RQFHSHUHD PRGHOXOXL úL IXQF LRQDUHD OXL VXQW URGXO

FRQWULEX LHL OXL :LOOLDP 6KDUSH SULQ OXFUDUHD ³0RGHOXO SLH HL GH

capital”  úL FDUH D U PDV FXQRVFXW vQ WHRULD ILQDQ HORU FD

modelul CAPM (Capital Assets Priceing Model). Modelul CAPM

GH]YROW  WHRULD SRUWRIROLXOXL FRQFHSkQG vQWU -un mod original
FXDQWLILFDUHD ULVFXOXL úL OHJ WXUD vQWUH DFHVWD úL XQ DOW LQGLFDWRU

cantitativ de calitate a titlurilor de valoare – rentabilitatea.

4°PRGHOXOGHHYDOXDUHDRS LXQLORUFDUHSHUPLWHHVWLPDUHD
SUH XOXLXQHLQRLIRUPHGHDFWLYHILQDQFLDUHUHVSHFWLYRS LXQHD

0RGHOXO D IRVW IRUPXODW GH HFRQRPLúWLL )LVKHU %ODFN úL

0\URQ 6FKROHV  úL HVWH FXQRVF ut ca modelul OPM (Options

3ULFHLQJ 0RGHO SHQWUX FDUH DX IRVW FRQFHSXWH XOWHULRU R IRUP 

VLPSOLILFDW   GH F WUH %ODFN úL R IRUP  ELQRPLDO   GH

F WUH-RKQ&R[6HEDVWLDQ5RVVúL0DUN5XELQVWHLQ

5°. modelul de arbitraj financiar, care permite determinarea

VHQVXOXL vQ FDUH WUHEXLH PRGLILFDW XQ SRUWRIROLX GH DFWLYH úL D

GLPHQVLXQLL DFHVWHL PRGLILF UL DVWIHO vQFkW UHQWDELOLWDWHD PHGLH D

SRUWRIROLXOXLV QXVHPRGLILFHvQWU RPDQLHU QHGRULW 

-

36
 0RGHOXO D IRVWIRUPXODW GH 6WDQOH\ 5RVV  úL UHSUH]LQW 

o generalizare a modelului unifactorial al lui W. Sharpe, fiind

cunoscut sub numele de modelul APM (Arbitrage Priceing
Model).
6° modelele de management (în terminologia anglo-
VD[RQ VDX GH JHVWLXQH vQ WHUPLQRORJLD IUDQFH]  ILQDQFLDU  FDUH

pornesc de la principiile de comportament în domeniul financiar la

QLYHOXO XQHL ILUPH $FHVWH PRGHOH VH ED]HD]  SH GHILQLUHD XQRU

LQGLFDWRUL FDOLWDWLYL GH WLS UDW  FDOFXOD L SH ED]D GDWHORU ILQDQFLDU -
FRQWDELOHGHELODQ VDXDDOWRULQIRUPD LLDYkQGDFHVWFRQ L nut. Unul
VDX PDL PXO L LQGLFDWRUL FDOLILF  R DQXPLW  FDUDFWHULVWLF  D VW ULL

economico-ILQDQFLDUHDILUPHLFDUHSRDWHILDVWIHOHYDOXDW FDOLWDWLY

vQPRGVHFYHQ LDOúLDSRLSHWRWDO

7°PRGHOXOFHORUWUHLSR]L LLLSRWH]HDOHDJHQWXOXLHFRQRPLF

model cDUH DUH vQ YHGHUH FULWHULXO H[LVWHQ HL úL XWLOL] ULL SURSULLORU

UHVXUVH ILQDQFLDUH úL FDUH SHUPLWH H[SOLFDUHD WLSXOXL GH HILFLHQ  SH

FDUH R RE LQH XQ DJHQW HFRQRPLF GDW GDU úL FRQWULEX LD úL

FRPSRUWDPHQWXO OXL GH IDFWXU  UD LRQDO  vQ FRQGL LLOH H[LVWHQ HL

SLH HORUILQDQFLDU -monetare.

3UH]HQW P vQ FRQWLQXDUH FkWHYD DVSHFWH GH PRGHODUH SULYLQG

unele din modelele mai sus amintite.

37
 3.1. Modelul costului capitalului

Autorii modelului definesc costul capitalului ca un procent,

XQQXP UFDUHH[SULP SURFHQWXDOREOLJD LLOHVDUFLQLOHGHSODW DOH

XQXL vQWUHSULQ] WRU SHQWUX FRQVWLWXLUHD FDSLWDOXOXL QHFHVDU vQFHSHULL

úLGHUXO ULLXQHLDFWLYLW LOXFUDWLYHDGXF WRDUHGHSURILW

6  SUHVXSXQHP F  R 6& úL -a format capitalul din patru

surse, astfel:
• împrumut obliJDWDU SHQWUX FDUH VXSRUW  R GREkQG  UHDO  GH G1

%; ponderea acestei surse în totalul capitalului SC este p1;

• FDSLWDO SURSULX SURYHQLQG GLQ DF LXQL SUHIHUHQ LDOH SHQWUX FDUH

GLYLGHQGXO VWDELOLW DUH R UDW  GH G2 %; ponderea acestei surse în

totalul capitalului SC este p2;
• FDSLWDO SURSULX SURYHQLQG GLQ DF LXQL RUGLQDUH SHQWUX FDUH

GLYLGHQGXO HVWLPDW DUH R UDW  GH G3  GH UHJXO  G3 < d2);
ponderea acestei surse în totalul capitalului SC este p3;
• vPSUXPXWEDQFDUSHQWUXFDUHGREkQGDUHDO SO WLW HVWHGHG4 %;
ponderea acestei surse în totalul capitalului este p4.
127  VH DVXP  F  VXUVHOH GH FDSLWDO VXQW H[FOXVLYH DGLF 

∑p
i =1
i =1

38
 Tabelul 1
Nr. Sursa Costul 3RQGHUHVXUV Cost ponderat
crt. capitalului capital în total capital al capitalului
1. împrumut obligatar d1 p1 d1 * p1
2. DF LXQLSUHIHUHQ LDOH d2 p2 d2 * p2
3. DF LXQLRUGLQDUH d3 p3 d3 * p3
4. împrumut bancar d4 p4 d4 * p4
COST MEDIU AL 4

CAPITALULUI (CMC) - - ∑d
i =1
i pi

În general avem:
n n
CMC = ∑ d i ∗ p i cu ∑p i =1 (25)
i =1 i =1

$GLDFHQW PRGHOXO ULGLF  SUREOHPD GHWHUPLQ ULL FRVWXOXL

ILHF UHL VXUVH GH FDSLWDO 1H YRP UHIHUL VXFFLQW OD GHWHUPLQDUHD

GREkQ]LLUHDOHúLDUDWHLGHGLYLGHQG

5DWD GREkQ]LL UHDOH ILH GU VH GHWHUPLQ  SH ED]D GREkQ]LL

QRPLQDOHGQúLDUDWHLLQIOD LHLUL

1 + dn
dr = −1 (26)
IGP
XQGH ,*3 UHSUH]LQW  LQGLFHOH JHQHUDO DO SUH XULORU úL VH FDOFXOHD] 

astfel:
IGP = 1 + ri (26.1)

39
 În determinarea ratei reale a dobânzii, pentru cazul când
YDORULOHUDWHORUQRPLQDO DGREkQ]LLúLLQIOD LHLDXYDORULPLFLSkQ 

ODVHSRDWHDFFHSWDúLUHOD LDVLPSOLILFDW

dr = dn – ri (26.2)
ÌQ DFHODúL WLPS SHQWUXFDOFXOH PDL ULJXURDVH WUHEXLHDYX L vQ

YHGHUH úL DO L IDFWRUL JHQHUDOL GH FRVWXUL FXP VXQW SULPHOH GH

UDPEXUVDUHFRPLVLRDQHOHVSH]HOHEDQFDUHúD

5DWD GLYLGHQGXOXL VH GHWHUPLQ  OD YDORDUHD QRPLQDO  D

DF LXQLORUDVWIHOvQFkWP ULPHDHLHVWHRSUREOHP GHGHWHUPLQDUHD

GLYLGHQGXOXL úL HYHQWXDO D DOWRU DYDQWDMH FRQIHULWH FHO SX LQ XQRUD

GLQWUH DF LRQDUL ,QWHUYLQ DVWIHO PRGHOHOH úL PHWRGHOH GH SUHGLF LH D

dividendului. Acestea sunt destul de laborioase întrucât WUHEXLH V 

LDvQFRQVLGHUDUHXQQXP UUHODWLYPDUHGHIDFWRULGHQDWXU GLIHULW 

GLPHQVLXQLOH IDEULFD LHL FRVWXO GH SURGXF LH SROLWLFD ILQDQFLDU 

PRGXO FXP VH LPSXQ SURILWXULOH úL GLYLGHQGHOH UDSRUWXO FHUHUH -

RIHUW  SHQWUX SURGXVHOH IDEULFDWH GH UHVSH ctiva SC, strategia de
GH]YROWDUHúLGHGLYLGHQGDILUPHLHWF

3H GHDOW  SDUWH HVWH QHFHVDU  FDOLILFDUHD HYDOXDUHD &0& vQ

UDSRUW FX SUH XULOH GH SH SLD D ILQDQFLDU PRQHWDU  úL vQ UDSRUW FX
-
HILFLHQ D XWLOL] ULL FDSLWDOXOXL XWLOL]DUH DERUGDW  FD SURFHV

iQYHVWL LRQDO

40
 ÌQ FH SULYHúWH VLWXDUHD ID  GH SUH XULOH SLH HL ILQDQFLDU -
PRQHWDUHHVWHHYLGHQW UHOD LD

 
CMC ∈ min d i ; max d i  (27)
 i i 
 
FHHD FH ULGLF  SUREOHPD RSRUWXQLW LL GLQDPLFH D VWUXFWXULL

capitalului (apel la resurse de tip proprii sau apel la resurse de tip

vPSUXPXW FD úL SUREOHPD ³UHJUHWXOXL´ vQ FRQVWLWXLUHD FDSLWDOXOXL

pe seama unor surse sau a altora.

ÌQ FH SULYHúWH HILFLHQ D XWLOL] ULL FDSLWDOXOXL VLWXDUHD VH IDFH

în raport cu costul de oportunitate alDFHVWXLDGHWHUPLQDWFDVROX LH

DHFXD LHL

−1 t2

∑ I t (1 + d) −t = ∑ FFPt (1 + d) −t ,
t = − t1 t =1
(28)

unde: W GXUDWDUHDOL] ULLLQYHVWL LHL

It FXDQWXPXOLQYHVWL LHLvQDQXOW

W GXUDWDGHYLD DLQYHVWL LHL

FPPt = fluxul financiar pozitiv în anul t

G FRVWGHRSRUWXQLWDWHDLQYHVWL LHL

ÌQ P VXUD vQ FDUH &0& > d, structura capitalului, îl face

SUHD VFXPS vQ UDSRUW FX HILFLHQ D VD FDSDFLWDWHD GH D SURGXFH

41
IOX[XUL ILQDQFLDUH SR]LWLYH ÌQ P VXUD vQ FDUH &0& < d, structura
FDSLWDOXOXLHVWHFRQYHQDELO vQUDSRUWFXHILFLHQ DVD

ÌQ PRGHOXO  VH FRPSDU  HIRUWXO LQYHVWL LRQDO PHPEUXO

stâng) cu efectele financiare (membrul drept) în termenii valorilor

DFWXDOL]DWH OD PRPHQWXO vQFKHLHULL LQYHVWL LHL úL G ULL HL vQ IRORVLQ 

(t = 0).

3.2. Modelul fundameQWDODOSLH HLGHFDSLWDO

(YDOXDUHD DFWLYHORU LD vQ FRQVLGHUDUH vQ SULQFLSDO GRX 

HOHPHQWH UHQWDELOLWDWHD XQXL DFWLY úL ULVFXO SRVHVLHL DFWLYXOXL

respectiv.
5HQWDELOLWDWHD XQXL DFWLY vQ WHUPHQL DEVROX L LD IRUPD

FkúWLJXOXL JHQHUDW GH SRVHVLD DFWLYXOXL FkúWLJ & FDUH DUH GRX 

FRPSRQHQWHYHQLWXORE LQXWSURILWGHH[SORDWDUHFKLULHUHQW ILH

%úLVSRUXOGHYDORDUH ∆V) înregistrat pe durata posesiei:

C = B + ∆V (29)
∆V = V – P, (29.1)
XQGH 3 HVWH SUH XO GH DFKL]L LH D DFWLYXOXL LDU 9 HVWH YDORDUHD GH

DFXPFXUHQW DDFWLYXOXLÌQP VXUDvQFDUHUDWDGREkQ]LLSHSLD D

EDQFDU HVWHGYDORDUHDFXUHQW DDFWLYXOXLHVWH

42
 B
V= (29.2)
d
&RPSDUD LD 9 YHUVXV 3 G  R LPDJLQH GHVSUH HILFLHQ D

LQYHVWLULL UHVSHFWLY SRVHVLHL úL H[SORDW ULL DFWLYXOXL vQ FDX]  FDUH

poate fi un activ material (imobil, teren utilaj, echipament,

LQVWDOD LHHWFVDXXQDFWLYILQDQFLDUDF LXQHREOLJD LXQHRS LXQH

Rentabilitatea unui activ, în termeni relativi, ia forma unei

UDWHGHUHQWDELOLWDWHUFDUHSRDWHILGHWHUPLQDW vQPDLPXOWHIHOXUL

GLQWUHFDUHUH LQHP

r=B/P (29.3)
$FHDVWD vQWUHJHúWH LPDJLQHD GHVSUH HILFLHQ D LQYHVWL LHL GH

care era vorba mai sus.

5LVFXOSRVHVLHLXQXLDFWLYHVWHIXQGDPHQWDWSHGRX LSRWH]H

i. FkúWLJXO PDL ULJXURV VSXV UH]XOWDWXO SURY enit din posesia

XQXL DFWLY SRDWH IL GLIHULW vQ UDSRUW FX vPSUHMXU ULOH JHQHUDWH

de mediul economic;
ii. HVWH SRVLELO  HVWLPDUHD SUREDELOLW LL DSDUL LHL ILHF UHLD GLQ

vPSUHMXU ULOHSRVLELOHDILJHQHUDWHGHPHGLXOHFRQRPLF

'LVSXQHPDVWIHOGHXQúLUGHGXEOHW e (pj, rj) unde:

M LQGLFHSHQWUXLGHQWLILFDUHDvPSUHMXU ULORUJHQHUDWHGHPHGLX

M «QGHH[HPSOXHFRQRPLHVWD LRQDU UHODQVDUHFUHúWHUH

OHQW FUHúWHUHSXWHUQLF ERRPGHSUHVLXQHUHGXFHUHPRGHUDW 

43
FUL] SLHUGHUHGHYLWH] HWF

n  QXP UXO GH vPSUHMXU UL SH FDUH OH SRDWH JHQHUD PHGLXO úL FDUH

sunt luate în considerare

pj SUREDELOLWDWHDSURGXFHULLvPSUHMXU ULLM

rj = rentabilitatea, în termeni relativi, a activului posedat, în

FRQGL LLOHSURGXFHULLvPSUHMXU ULL j.
Rentabilitatea medie a activului r VHGHWHUPLQ GXS UHOD LD

n n
r = ∑ p j ∗ rj cu ∑p j =1 (30)
j=1 i =1

Într-un portofoliu pot exista i tipuri de active (i = 1,2,…,m)

úL SHQWUX ILHFDUH VH SRDWH GHWHUPLQD R UHQWDELOLWDWH PHGLH

ri pUHVXSXQkQG F  SHQWUX ILHFDUH GLQ DFWLYH V -au luat în considerare

DFHOHDúL vPSUHMXU UL M M  «Q JHQHUDWH GH PHGLXO HFRQRPLF

DVWIHO vQFkW SUREDELOLW LOH Si VXQW DFHOHDúL vQ FDOFXOXO UHQWDELOLW LL

PHGLLDRULF UXLDGLQWUHDFWLYHOH 'DF SRQGHUHDDF

i tivului i în total
portofoliu este pi (i = 1,2,…,m) atunci rentabilitatea medie a
portofoliului ( rp ) este:
m m n
rp = ∑ ri ∗ p i = ∑ p i ∗ ∑ rij ∗ p j (31)
i =1 i =1 j=1

unde rij HVWH UHQWDELOLWDWHD vQUHJLVWUDW  GH DFWLYXO i în cazul

prodXFHULL vQ PHGLXO HFRQRPLF D vPSUHMXU ULL j. În cazul unei

44
vPSUHMXU UL GDWH  FRQWULEX LD DFWLYXOXL
j i la rentabilitatea medie a
portofoliului este pi* pj * rij LDU UHQWDELOLWDWHD PDUJLQDO  D

portofoliului în raport cu activul i este pi * pj. Rentabilitatea

PDUJLQDO WRWDO DSRUWRIROLXOXLvQUDSRUWFXDFWLYXO i este pi.
ÌQWUH YDORULOH SRVLELOH DOH UHQWDELOLW LL DFWLYXOXL i, respectiv
rij úL YDORDUHD ORU PHGLH ri  H[LVW  R UHOD LH FDUDFWHUL]DW  GH

dispersie UHOD LH DO F UHL FRQ LQXW HVWH vPSU úWLHUHD YDORULORU

SRVLELOH vQ MXUXO PHGLHL FX FkW DFHDVWD HVWH PDL PLF  FX DWkW

IHQRPHQXODGLF UHQWDELOLWDWHDHVWHPDLVWDELODGLF HOVHSURGXFH

la nivele mai apropiate de cel mediu, care poate fi astfel definit ca

nivel caracteristic; situD LLOH H[FHQWULFH VXQW PDL SX LQ SUREDELOH
DVWIHO vQFkW HYROX LD IHQRPHQXOXL UHQWDELOLW LL QX SRDWH JHQHUD

³VXUSUL]H´ GHFkW vQ PLF  P VXU  3HQWUX XQ DFWLY ILQDQFLDU DFHDVWD

vQVHDPQ  F  UHQWDELOLWDWHD OXL HVWH VWDELO  vQ MXUXO QLYHOXOXL

FDUDFWHULVWLF úL F  SRVLELOLWDWHD FD DFHDVWD UHQWDELOLWDWHD V 

vQUHJLVWUH]HYDORULH[FHQWULFHPXOWSHVWHVDXVXEPHGLHHVWHPLF 

&XQRDúWHUHD DFHVWHL FDUDFWHULVWLFL HVWH LPSRUWDQW  SHQWUX XQ

LQYHVWLWRU GHRDUHFH HO VH YD DU WD VDX QX LQWHUHVDW GH UHVSHFWLYXO

activ în IXQF LH GH FRPSRUWDPHQWXO V X PDL H[DFW GH DYHUVLXQHD

VDXDWUDF LDVDID GHULVF

• GDF DUHDYHUVLXQHID GH ULVFLQYHVWLWRUXO VHYDDU WDLQWHUHVDW

GHDFWLYHOHFXGLVSHUVLHPLF vQILJGHWLSXO

45
• GDF DUHDWUDF LHID GHULVFLQYHVWLWRUXOVHYDDU WDLQWHUHVDWGH

activele cu dispersie mare (în fig. 5 de tipul 1).

Pentru activul de tip 1 (fig. 5) probabilitatea p1GHDRE LQHR
rentabilitate mare (rm), mai mare decât cea medie r , este mai mare
decât în cazul activului de tip 2, respectiv p2
p1 = p (ACTIV1, rm > r ) (32.1)
p2 = p(ACTIV2, rm > r ) (32.2)
p1 > p2 (32.3)
r
2 p
rm 1

1
r

p2 p1 p
2

r r
)LJ'HSHQGHQ DUHQWDELOLWDWHU – risc (V)
r
3HQWUX H[SUHVLD FDQWLWDWLY  D ULVFXOXL VH XWLOL]HD]  DEDWHUHD

PHGLHS WUDWLF  σ = σ2 GXS UHOD LD

n
σ= ∑ p (r
j=1
j j − r) (33)

46
 PHQWUX FDUDFWHUL]DUHD XQXL DFWLY RDUHFDUH GXS  FULWHULXO

compus rentabilitate-risc se pot introduce indicatori cum sunt:

• rentabilitatea pe unitate de risc r 
• ULVFXOFHUHYLQHODRXQLWDWHGHUHQWDELOLWDWH  r.
ÌQ PRGHOXO V X : 6KDUSH HQXQ  GH DVHPHQHD R WHRUHP 

GH VHSDUD LH FDUH SHUPLWH GHOLPLWDUHD XQRU ]RQH GH LQYHVWL LH

SURFXU ULGHDFWLYHGHPHQ LQHUHDLQYHVWL LHLVDXGHGH]LQYHVWL LH

YkQ] UL GH DFWLYH vQ IXQF LH GH UHQWDELOLWDWHD úL ULVFXO ORU 3H ED]D

DFHVWHL WHRUHPH VH FRQVWUXLHúWH GUHDSWD GH VLJXUDQ  D SLH HL 60/

VHFXULW\PDUNHWOLQHFRQFHSWPRGHUQvQDQDOL]DSLH HLILQDQFLDUH

0RGHOXOGHHYDOXDUHDRS LXQLORU

2S LXQHD HVWH R IRUP  QRX  GH DFWLYH ILQDQFLDUH DS UXW  OD

Bursa din Chicago în anii 1971 –  ÌQ (XURSD RS LXQLOH DX
DS UXW OD %XUVD GLQ /RQGUD vQ  GXS  FDUH V DX U VSkQGLW UDSLG
-
úLODDOWHEXUVH$FHVWLQVWUXPHQWILQDQFLDUDUHDQWHFHGHQWHvQLVWRULD

HFRQRPLHLILLQGVHPQDODWvQF GLQVHF;9,,vQ2ODQGDI U vQV D

VHSXWHDLPSXQHGHRDUHFHQXDSXWXW ILLQVWLWXLWXQPHFDQLVP FDúL

R DXWRULWDWH FDUH V -L REOLJH SH FRQWUDFWDQ L V  UHVSHFWH WHUPHQLL GH

FRQWUDFW ÌQ DF LXQLOH GH FRPHU  GLQ DUD QRDVWU  V -a practicat pe

larg, dar nu organizat, acest sistem de vânzare-FXPS UDUHFXQRVFXW

47
VXEQXPHOHGHDUYXQ VDXPDLUHFHQWDFRQW

2S LXQHD HVWH XQ FRQWUDFW FDUH SHUPLWH FD OD XQ WHUPHQ

YLLWRU VWDELOLW V  SRDW  IL FXPS UDWYkQGXW XQ VWRF GH DF LXQL OD XQ

SUH SUHVWDELOLWQRWLILFDWvQFRQWUDFWúLQXPLWSUH GHH[HUFL LX (pe).

&RQWUDFWXO GH RS LXQH HVWH GH WLS VSHFLDO vQWUXFkW DUH

VLPXOWDQFDUDFWHUIDFXOWDWLYúLREOLJDWRULX

• IDFXOWDWLY SHQWUX EHQHILFLDU vQ FD] F  QX -i convine finalizarea

contractului deoarece pierde;
• obligatoriu pentru beneficiar în sensuO F  WUHEXLH V  SO WHDVF 

SULPDGHRS LXQH

• obligatoriu pentru contractantul executant în sensul de a accepta

úL H[HFXWD OD VFDGHQ  DOHJHUHD EHQHILFLDUXOXL vQWUXFkW D IRVW

UHPXQHUDWSHQWUXDFHVWVHUYLFLXSULQSULPDGHRS LXQH

Beneficiarul contractului pO WHúWH SHQWUX RS LXQH XQ SUH 

numit SULP  GH RS LXQH (po), reprezentând plata pentru rezervarea

GUHSWXOXLGHRS LXQH$FHVWGUHSWFRQIHU EHQHILFLDUXOXLGHFRQWUDFW

SRVLELOLWDWHD FD OD WHUPHQ V  SRDW  RSWD vQWUH ILQDOL]DUHD VDX

nefinalizarea contractului. $GLF  HO DUH GUHSWXO FD OD WHUPHQ V 

FXPSHUHYkQG  VWRFXO GH DF LXQL GDF  GRUHúWH VDX V  UHQXQ H OD

FXPS UDUHDYkQ]DUHD ORU ÌQ FD]XO vQ FDUH UHQXQ  OD ILQDOL]DUHD

FRQWUDFWXOXL EHQHILFLDUXO SLHUGH SULPD GH RS LXQH (YLGHQW F 

DOHJHUHDvQWUHFHOHGRX DOWHUQDWLYHHVWHGHWHUPLQDW GH

48
 • nivelulSUH XOXLGHFRWDUHSFDODF LXQLORUODWHUPHQ

• QLYHOXOSUH XOXLGHH[HUFL LX

• QLYHOXOSULPHLGHRS LXQH

%HQHILFLDUXORS LXQLLUHDOL]HD] FRPSDUD LD

pe + po ~ pc (34)
'DF  FRQWUDFWXO HVWH GH FXPS UDUH QXPLW &$// DWXQFL

DYDQWDMXOEHQHILFLDUXOXLDSDUHvQVLWXD LDvQFDUH

pe + po < pc (35)
úL HYLGHQW DFHVWD YD GRUL V -l finalizeze, realizând uQ FkúWLJ & GH
P ULPH

C = pc – (pe + po) (35.1)

'HUHJXO WHUPHQHORUFRQWUDFWHORUGHRS LXQHWVXQW

VDX  OXQL $YkQG vQ YHGHUH GHFDODMXO GH WLPS P ULPHD UHDO  D

FkúWLJXOXL VH GHWHUPLQ  SULQ FRUHOD LD FX IDFWRUXO WLPS IRORVLQG FD

UDW  GH DFWXDOL]DUH UD UDWD GREkQ]LL SH SLD D EDQFDU  VDX WD[D GH

VFRQW VDX DOW  P ULPH FDUDFWHULVWLF  SHQWUX SURFHGHXO DFWXDOL] ULL

$VWIHOFkúWLJXOUHDO&UDUHH[SUHVLD

Cr = pc – (pe + po ∗ ra ∗ t / 360) (35.2)

ÌQFD]XOvQFDUHSFSHSRFkúWLJXOEHQHILFLDUXOXLHVWH

QHJDWLY DGLF  VH VXSRUW  R SLHUGHUH GH P ULPH –C. În acest caz,
FRPSRUWDPHQWXO V X YLV -à-vis de finalizarea contractului poate fi
QXDQ DWSRUQLQGGHODUDSRUWXOGHP ULPHvQWUHSLHUGHUHúLSULPDGH

49
RS LXQH

− GDF  −C  ! SR DWXQFL EHQHILFLDUXO UHQXQ  OD FRQWUDFW LDU

SLHUGHUHDVDU PkQHGHP ULPHDSULPHLGHRS LXQH

− GDF  − C < SR DWXQFL EHQHILFLDUXO ILQDOL]HD]  FRQWUDFWXO LDU

pierderea sDYDILPDLPLF GHFkWSULPDGHRS LXQHUHVSHFWLYYD

ILGHP ULPHDSR – C.
'DF  FRQWUDFWXO HVWH GH YkQ]DUH QXPLW 387 DWXQFL

DYDQWDMXOEHQHILFLDUXOXLDSDUHvQVLWXD LDvQFDUH

pe + po > pc (36)
úL HYLGHQW DFHVWD YD GRUL V -O ILQDOL]H]H UHDOL]kQG XQ FkúWLJ & GH
P ULPH

C = (pe + po) – pc (36.1)

În cazul în care pe + po <SFEHQHILFLDUXOVXSRUW RSLHUGHUH

úLvúLQXDQ HD] FRPSRUWDPHQWXOvQDFHLDúLPDQLHU FDPDLVXV

3.4. Modelul de arbitraj financiar

0RGHOXOGHDUELWUDMILQDQFLDUG SRVLELOLWDWHDGHWHUPLQ ULL

XQHLVROX LLSULYLQGPRGLILFDUHDVWUXFWXULLXQXLSRUWRIROLXGHDFWLYH

DGLF  SULYLQG VFKLPEDUHD SRQGHULL SH FDUH R DX GLIHULWHOH VDOH

comSRQHQWHvQVHQVXOLQWURGXVSULQUHOD LD

50
 ÌQ PRGHOXO 6KDUSH SUH XO XQXL DFWLY SH SLD D FDSLWDOXULORU

HVWH HYDOXDW OXkQG vQ FRQVLGHUDUH UHQWDELOLWDWHD vQ FRQGL LL GH ULVF

DGLF SUHVXSXQkQGXQVLQJXUIDFWRUGHLQIOXHQ 

În modelul Ross se iau în considHUDUH PDL PXO LIDFWRUL ILH

. GH LQIOXHQ  UDWD LQIOD LHL ULWPXO FUHúWHULL 3,% HWF 'HSHQGHQ D

PXOWLIXQF LRQDO DUHQWDELOLW LLXQXLDFWLYHVWHGDW GHUHOD LD

K
ri = ai + ∑b
k =1
ik ⋅ Fk + ε i , i = 1,2,…, m (37)

unde ri = rentabilitatea activului de tip i din portofoliu

P QXP UXOGHWLSXULGHDFWLYHGLQSRUWRIROLX

Fk P ULPHDIDFWRUXOXLGHLQIOXHQ N

ai  FRQVWDQW  FDUDFWHULVWLF  GHSHQGHQ HL PXOWLIDFWRULDOH D

activului i
bik  FRHILFLHQW GH LQWHQVLWDWH D LQIOXHQ HL factorului k în
cazul activului i
i = factor de abatere
&RHILFLHQWXO GH LQWHQVLWDWH DUH VHPQLILFD LD GH ³PDUJLQDO´

GHRDUHFHDUDW P ULPHDPRGLILF ULLUHQWDELOLW LLDFWLYXOXLLvQFD]XO

vQFDUHIDFWRUXONVHPRGLILF FXRXQLWDWHDVWIHOF 

bik = ∂ ri / ∂ Fk (37.1)
3HQWUX EXQD IXQF LRQDUH D PRGHOXOXL VH LPSXQ FkWHYD

FRQGL LLGHQDWXU VWDWLVWLF úLDQXPH

51
− QXP UXO GH REVHUYD LL SHQWUX GHWHUPLQDUHD FRHILFLHQ LORU D úL E

WUHEXLH V  ILH UHODWLY PDUH SHQWUX D VXUSULQGH FkW PDL ILGHO

WHQGLQ DGHGHSHQGHQ 

− QXP UXO GH DFWLYH GLQ SRUWRIROLX P WUHEXLH V  ILH PXOW PDL

PDUHGHFkWQXP UXOIDFWRULORUGHLQIOXHQ .

5HQWDELOLWDWHDPHGLHDSRUWRIROLXOXLHVWHGDW GHUHOD LD

m K
rp = ∑ p i ∗ (a i + ∑ b ik ∗ Fk + ε i ) (38)
i =1 k =1

DVHP Q WRDUH UHOD LHL  LDU Si S VWUHD]  VHPQLILFD LD GLQ DFHDVW 

UHOD LHDúDFXPV -a amintit deja mai sus).

0RGLILF ULOH GH SRQGHUH DOH ILHF UXL DFWLY VH GHWHUPLQ  FD

VROX LL DOH DFHVWXL PRGHO úL VXQW LQWURGXVH SULQ P ULPLOH Zi ,
UHSUH]HQWkQGYDULD LDSRQGHULLDFWLYXOXLLGXS VFKLPEDUHDVWUXFWXULL

portofoliului (p’iID GHVLWXD LDDQWHULRDU VFKLPE ULLSiDGLF 

wi = pi – p’I (39)
'DF   Zi >  UH]XOW  F  V D UHQXQ DW WRWDO VDX SDU LDO OD
-
activul i DGLF  V DX I FXW YkQ] UL GLQ DFHVW DFWLY GDF  Zi
- < 0
UH]XOW F V -a majorat cota activului ivQWRWDOSRUWRIROLXDGLF V -au
I FXWDFKL]L LLGLQDFHVWDFWLY

m
CaracteristicD SUREOHPHLGH DUELWUDM HVWH F 
∑w
i =1
i = 0  úL HVWH

FRURERUDW  FX VWD LRQDULWDWHD FXDQWXPXOXL SRUWRIROLXOXL FHHD FH OD

52
OLPLW  vQVHDPQ  F  XQ DJHQW HFRQRPLF I U  D IDFH SODVDPHQWH

VXSOLPHQWDUH SHQWUX FUHúWHUHD FXDQWXPXOXL SRUWRIROLXOXL V X SR ate

H[SORDWD LQIRUPD LLOH SULYLQG HYROX LD IDFWRULORU GH LQIOXHQ  FX

VFRSXO GH D RE LQHFkúWLJ I U  D úL DVXPD ULVFXUL VXSOLPHQWDUH (VWH

-
FXQRVFXW SULQGLPHQVLXQLOHVDOHVSHFXOD LDI FXW vQDFHVWVHQVvQ

noiembrie 1993 de omul de afaceri Soros care a efectuat un arbitraj

vQWUH OLUD VWHUOLQ  úL PDUFD JHUPDQ  PL]kQG SH GHYDORUL]DUHD

SULPHDFkúWLJXOV XV -a cifrat în jur de 10 miliarde de lire sterline.

3UREOHPD GH DUELWUDM D IRVW GHILQLW  SHQWUX SLD D YDOXWDU  úL

DSRLDIRVWH[WLQV úLSHQWUXSLD DPRQHWDU 

0RGHOXOGHDUELWUDMSHSLD DYDOXWDU

3UREOHPD GH DUELWUDM SH SLD D YDOXWDU  SUHVXSXQH IL[DUHD

³WHDWUXOXL GH RSHUD LXQL´ DGLF  D EXUVHORU E E  « % OD FDUH

YRU IL HIHFWXDWH WUDQ]DF LL GH YDOXWH 'H DVHPHQHD SUHVXSXQH

fixarea valutelor v = (v*1,2,…, V) ce vor fi avute în vedere pentru

SRVLELOLWDWHD GH D IL WUDQ]DF LRQDWH SUHFXP úL FXQRDúWHUHD FXUVXOXL

ORUGHVFKLPEODILHFDUHEXUV FVYLYMELM «9XQGHYL

HVWHYDOXWDFDUHVHYLQGHúL YMYDOXWDFDUHVH FXPS U  7RDWH aceste

LQIRUPD LL SRW IL RUJDQL]DWH VXE IRUPD XQHL PDWULFL WULGLPHQVLRQDOH

GHP ULPH9 ∗ V ∗ B.

53
 &RQGL LDGHDFWLYDUHDPRGHOXOXLHVWHIL[DUHDYDOXWHLFXFDUH

VH vQFHS WUDQ]DF LLOH úL EXUVD XQGH GHEXWHD]  DFHVWH WUDQ]DF LL

Obiectivul arbitrajului este ca lDFDS WXOXQXLúLUGHWUDQ]DF LLV VH

RE LQ  DFHLDúL YDOXW  FX FDUH V -a început arbitrajul, dar cuantumul

DFHVWHLD V  ILH PDL PDUH GHFkW FHO FX FDUH V D SRUQLW 6ROX LD
-
IXUQL]DW  GH PRGHO HVWH ³WUDVHXO´ SH FDUH vO XUPHD]  WUDQ]DF LLOH

DGLF  VXFFHVLXQHD vQ FDUH GHFXUJ WUDQ]DF LLOH OD GLIHULWH EXUVH úL FH

VFKLPEVHIDFHODILHFDUHHWDS GLQDFHDVW VXFFHVLXQHFHYDOXW VH

YLQGH úL FH YDOXW  VH FXPS U  6ROX LRQDUHD HVWH DVHP Q WRDUH

GHWHUPLQ ULLGUXPXOXLFULWLFvQWU -un graf.

În afara problemei ce constituie obiectivul (scopul)
arbitrajului, mai pot fi definite unele probleme conexe:
− LGHQWLILFDUHD VHQVXOXL úL GLPHQVLXQLL PRGLILF ULORU GH FXUV GH

VFKLPEFDUHDUIDFHFDDUELWUDMXOV QXPDLDLE VHQV

− PRGLILFDUHD UHQWDELOLW LL DUELWUDMXOXL vQ FRQGL LLOH vQ F are

DJHQWXOHFRQRPLFFHvOHIHFWXHD] QXGLVSXQHGHFDSLWDOSURSULX

FLvOvPSUXPXW GHODREDQF 

5DWDGHUHQWDELOLWDWHDRSHUD LXQLLGHDUELWUDMHVWH

SF − SI
r= (40)
SI
unde SF = suPDILQDO RE LQXW vQXUPDRSHUD LXQLLGHDUELWUDM

6, VXPDLQL LDO FXFDUHV DSRUQLWRSHUD LXQHDGHDUELWUDM

-

54
 3HQWUX H[HPSOLILFDUH V  SUHVXSXQHP F  IL[ P ³WHDWUXO GH

RSHUD LXQL´ OD EXUVHOH PHQ LRQDWH vQ WDEHOXO  úL F  XUP ULP V 

DUELWU P  GH GRO ari americani (USD), prin intermediul lirei
VWHUOLQH*%3IUDQFXOXLIUDQFH])5)úLIUDQFXOXLHOYH LDQ68)

3UHVXSXQHP GH DVHPHQHD F  OD EXUVHOH PHQ LRQDWH QX VH

WUDQ]DF LRQHD]  DOWH YDOXWH GHFkW FHOH VSHFLILFDWH vQ DFHODúL WDEHO 

FXFRWD LLOHSUH]HQWDWHSHQWUXILHFDUHWLSGHWUDQ]DF LH

Tabelul 2
BURSA Cursul de schimb
Amsterdam (A) 1 GBP = 1,60 USD
Paris (P) 1 FRF = 0,18 USD
1 SUF = 3,36 FRF
Zürich (Z) 1 GBP = 8,95 FRF
1 SUF = 0,60 USD

$YkQGvQYHGHUH FRQGL LLOHSLH HLúLYDOXWD GHSRUQLUH , pot fi

LGHQWLILFDWHPDLPXOWHWUDVHHGHWUDQ]DF LRQDUHWDEHO

5H]XOWDWHOHRE LQXWHSULQDFHVWDUELWUDMVXQWGDWHvQWDEHOXO

Tabelul 4
Traseu Rezultat (USD) Rentabilitatea
arbitrajului (r)
a - 68,28 - 0,68 %
b + 68,75 + 0,69 %
c + 80,00 + 0,8 %
d + 11,17 + 0,11 %

55
 ÌQ FHHD FH SULYHúWH SULPD GLQWUH SUREOHPHOH DGLDFHQWH

PHQ LRQDWH PDL VXV VH SRW LGHQWLILFD VFKLPE UL XQLFH GH FXUV VDX

VFKLPE ULVLPXOWDQHDOHPDLPXOWRUFXUVXUL

$UELWUDMXOQXPDLDUHVHQVGHRDUHFHHIHFWXOV XHVWHQHJDWLY

sau prea mic, în cazul, de exemplu, în care cursul GBP la Zürich s-

DUUHGXFHODVDXVXE)5)VDXOD3DULVFXUVXO)5)DUFUHúWHOD

sau sub 0,17877 USD etc.

De asemenea, arbitrajul nu mai are sens în cazul, de exemplu,
în care s-DU SURGXFH VLPXOWDQ XUP WRDUHOH PRGLILF UL GH FXUVXUL OD

$PVWHUGDP *%3 DU FUHúWH FX  FXUV  86' OD =ULFK

*%3 DU VFDGH FX  FXUV  )5) úL OD 3DULV )5) DU

FUHúWH FXUV  86' úL  68) HFKLYDOHQW FX  68) 

 )5) (YLGHQW SRW IL LGHQWLILFDWH úL DOWH PRGLILF UL VLPXOWDQH

În cazul considerat mai sus efectul traseului a ar fi –0,16 USD, al

traseului b +0,16 USD, al traseului c 86'úLDOWUDVHXOXL d +
86'FHHDFHvQVHDPQ F UHQWDELOLWDWHDDUELWUDMXOXLDUILVXE

úLFKLDUQHJDWLY SHQ tru traseul a.

ÌQ FHHD FH SULYHúWH D GRXD GLQWUH SUREOHPHOH DGLDFHQWH

PHQ LRQDWHPDLVXVV SUHVXSXQHPF DJHQWXOHFRQRPLFFHH[HFXW 

DUELWUDMXO vPSUXPXW  VXPD GH  86' GH OD R EDQF 

3UHVXSXQHP F DUELWUDMXO V -ar putea efectua într-R VLQJXU  ]L DVWI

el
F  VFDGHQ D vPSUXPXWXOXL HVWH GH R ]L ÌQ DFHVW FD] SUDJXO GH

56
GREkQG  SH FDUH O -ar putea accepta agentul economic, în cea mai
IDYRUDELO VLWXD LHSHQWUXHOWUDVHXO c), ar fi maxim 80 USD (10080
rezultatul arbitrajului –  VXPD OXDW  FX vPSUXPXW 5 ata
DIHUHQW  GH GREkQG  HVWH GH  FHHD FH vQVHDPQ  DQXDOL]DW

 $FHVW SUDJ IRDUWH ULGLFDW DO GREkQ]LL FUHHD]  R PDUM  GH

PDQHYU  IRDUWH PDUH SHQWUX   LQL LDWRUXO DUELWUDMXOXL I FkQG

LQWHUHVDQW XQ FkúWLJ PLF FKLDU vQ FRQGL LLOH OX ULL FX vPSUXPXW D

cDSLWDOXOXL GH SRUQLUH ÌQ UHDOLWDWH PDUMD VH UHVWUkQJH PXOW GDWRULW 

IDSWXOXL F  RSHUD LXQHD QX VH SRDWH ILQDOL]D GHFkW vQ PLQLP  GH

RUH FHHD FH vQMXP W HúWH PDUMD GH PDQHYU  LDU SH GH DOW  SDUWH

DF LRQHD] ILVFDOLWDWHDFRPLVLRDQHOHúLDOWHVSH]HED ncare solicitate

ODDFRUGDUHDFUHGLWHORUFDúLUDWDGHGREkQG UHODWLYULGLFDW SHQWUX

creditele de o zi sau pentru durate foarte mici (sub 7 zile).

5HQWDELOLWDWHD PLQLP  D XQHL RSHUD LXQL GH DUELWUDM vQ

FRQGL LLOH OX ULL FX vPSUXPXW D FDSLWDOXOXL GH SRUQLUH úL I U  D LQH

VHDPDGHIDFWRULLFXDF LXQHQHJDWLY PHQ LRQD LVHGHWHUPLQ GXS 

UHOD LD

d∗n
r= , (41)
360
unde: G UDWDDQXDOL]DW DGREkQ]LLH[SULPDW vQSURFHQWH

n GXUDWDvQ]LOHDHIHFWX ULLRSHUD LXQLLGHDUELWUDM

'DF  VH LQWURGXF FRWD GH LPSXQHUH D YHQLWXULORU t úL

57
FRPLVLRDQHOHúLVSH]HOHEDQFDUHH[SULPDWHSURFHQWXDOILHFDWXQFL

H[SUHVLDUHQWDELOLW LLPLQLPHDRSHUD LXQLLGHDUELWUDMHVWH

( d + c) ∗ n
r= (41.1)
360(1 − t )
0RQGLDOL]DUHD SLH HL YDOXWDUH vQ FRQGL LLOH LQIRUPDWL] ULL

DFFHVXOUDSLGIDFLOúLTXDVLXQLYHUVDOODLQIRUPD LHSOXVGLPLQXDUHD

WLPSLORU GH RSHUDUH úL DOH H[LVWHQ HL RSHUD LLORU GH D rbitraj au avut
FD HIHFW DFFHQWXDUHD LQWHUFROHU ULL FXUVXULORU GLIHULWHORU YDOXWH OD

SULQFLSDOHOHEXUVHYDOXWDUHGDUúLODPDUHDPDMRULWDWHDE QFLORUFD

úL LQL LHUHD RSHUD LXQLORU FRQMXJDWH DOH E QFLORU FHQWUDOH DOH

DXWRULW LORU VWDWDOH FD úL DOH RUJD nismelor financiar-monetare

LQWHUQD LRQDOH SHQWUX VWDELOL]DUHD FXUVXULORU GH VFKLPE úL FX

SUHGLOHF LHSHQWUXDFHOHYDOXWHFXLPSDFWPDMRUSHSODQPRQGLDO

0RGHOXOGHDUELWUDMSHSLD DPRQHWDU

3UREOHPD GH DUELWUDM SH SLD D PRQHWDU  FRQVW  vQ

explRDWDUHD QHFRUHO ULL FXUVXULORU GH VFKLPE OD WHUPHQ DOH

GLIHULWHORU YDOXWH FX UDWHOH GH GREkQG  SHQWUX GHSR]LWH OD WHUPHQ

SUDFWLFDWH SHQWUX PRQHGD QD LRQDO  VDX SHQWUX GLYHUVH PRQHGH

VWU LQH GH GLIHULWH E QFL VDX vQ GLIHULWH UL 8Q DJHQW HFRQRPLF

poate DVWIHO V  SUHLD XQ FUHGLW vQWU R YDOXW  RDUHFDUH vO FRQYHUWHúWH
-

58
la vedere într-R DOW  YDOXW  SHQWUX FDUH HVWH QHJRFLDW XQ FXUV OD

WHUPHQ úL FUHHD]  XQ GHSR]LW EDQFDU vQ DFHDVW  D GRXD YDOXW 

7HUPHQXO SH FDUH D  SUHOXDW FUHGLWXO LQL LDO WUHEXLH V  FRQFRUG e cu

WHUPHQXOSHFDUHHVWHQHJRFLDW YDOXWDPLMORFLWRDUHúLFXFHOSHFDUH

FUHHD]  GHSR]LWXO vQ DFHDVW  YDOXW  /D WHUPHQ DJHQWXO HFRQRPLF

UHIDFH vQ VHQV LQYHUV ³WUDVHXO´ LQL LDO úL FkúWLJ  GLIHUHQ D SHVWH

YDORDUHDFUHGLWXOXLLQL LDOúLDGREkQ]LLDIHUHQWH acestuia.

ÌQ OHJ WXU  FX DFHDVW  SUREOHP  LQL LDO  SRW IL GHILQLWH PDL

PXOW SUREOHPH FRQH[H DGLDFHQWH SULYLQG VHQVXO úL P VXUD vQ FDUH

HVWHLQIOXHQ DWDUELWUDMXOGDF 

− YDOXWD PLMORFLWRDUH VH VFXPSHúWHVH LHIWLQHúWH vQ UDSRUW FX FHD

de pornire;
− VHVFXPSHúWHVHLHIWLQHúWHFUHGLWXOSHSLD DYDOXWHLGHSRUQLUH

− VHVFXPSHúWHVHLHIWLQHúWHFUHGLWXOSHSLD DYDOXWHLPLMORFLWRDUH

6 SUHVXSXQHPXUP WRDUHDVLWXD LH

− SH SLD D DPHULFDQ  UDWD GREkQ]LL OD FUHGLWHOH vQ 86' SH  OXQL

este d1 = 4%;
− SH SLD D JHUPDQ  UDWD dobânzii la depozitele în DEM pe 3 luni
este d2 = 8%;
− FXUVXO GH VFKLPE OD YHGHUH DO P UFLL FY HVWH  86'   

DEM, iar la termen pe 3 luni ct este 1 USD = 1,51 DEM.

59
 ÌQ DFHVW FD] 86' HVWH YDOXWD GH SRUQLUH úL SLD D PRQHWDU 

DPHULFDQ  HVWH SLD D HL LDU '(0 HVWH YDOXWD PLMORFLWRDUH úL SLD D

PRQHWDU  JHUPDQ  HVWH SLD D HL $UELWUDMXO SUHVXSXQH RSHUD LXQL SH

DPEHOHSLH HLDUUH]XOWDWXOV XVHGHWHUPLQ DVWIHO

a) SHSLD DDPHULFDQ

D VH FDOFXOHD]  YDORDUHD GH UDPEXUVDUH &86't GXS  t luni

(t=3) a împrumutului de 1.000.000 USD preluat azi (fie
CUSD):
CUSDt = CUSD (1 + d1 * t / 12) = 1.010.000 USD
b) SHSLD DJHUPDQ

EVHFDOFXOHD] YDORDUHDvQ'(0&'(0DFUHGLWXOXLSUHOXDW

SHSLD DDPHULFDQ úLFRQYHUWLWvQYDOXW JHUPDQ 

CDEM = CUSD * cv = 1.500.000 DEM

E VH FDOFXOHD]  VXPD vQFDVDW  &'(0t OD OLFKLGDUHD GXS  t
OXQLDGHSR]LWXOXLvQP UFL

CDEMt = CDEM (1 + d2 * 3 / 12) = 1.530.000 DEM

EVHDQJDMHD] FXPS UDUHDGH86'ODWHUPHQGHOXQLFRQWUD

DEM, conform cursului ct

EGXS OXQLVHOLFKLGHD] GHSR]LWXOvQ'(0úLVHILQDOL]HD] 

RSHUD LXQHD E RE LQkQGX VH R VXP  vQ GRODUL &$86' FD
-
rezultat al arbitrajului
CAUSD = CDEMt : ct = 1.013.245 USD

60
 c) SHSLD DDPHULFDQ

FVHUDPEXUVHD] FUHGLWXOLQL LDOvQGRODULúLGREkQGDDIHUHQW

c.2. se deterPLQ  UH]XOWDWXO DUELWUDMXOXL EHQHILFLXO  % úL

rentabilitatea r:
B = CAUSD – CUSD = + 3.245 USD
r = B/CUSD = 0,325%
'HREVHUYDWF P ULPHDvQWHUPHQLDQXDOL]D LDUHQWDELOLW LL

este de 1,298%.
ÌQ FH SULYHúWH SUREOHPHOH DGLDFHQWH DYHP XUP WRDUHOH

rezultate:
− DEM are la vedere un curs (cv’) mai mic/mai mare decât cel
SUHVXSXVvQSUREOHP 

cv’ < cv → %¶%úLU¶U

cv’ > cv → %¶!%úLU¶!U
XQGH FX %¶ DP QRWDW EHQHILFLDUXO úL FX U ’ rentabilitatea în cazul
QRXOXL FXUV OD YHGHUH GDF  FHOHODOWH FRQGL LL U PkQ QHPRGLILFDWH

SUHPL] SHFDUHRXWLOL] PúLvQFD]XOFHORUODOWHSUREOHPHFRQH[H

− SHSLD DDPHULFDQ FUHGLWXOVHVFXPSHúWHVHLHIWLQHúWH

d’1 > d1 → %¶%úLU¶U

d’1 < d1 → %¶!%úLU¶!U

− SHSLD DJHUPDQ FUHGLWXOVHVFXPSHúWHVHLHIWLQHúWH

d’2 > d1 → %¶!%úLU¶!U

61
 d’2 < d1 → %¶%úLU¶ r
3RUQLQG GH OD UHOD LD FDUH G  P ULPHD EHQHILFLXOXL vQWU -o
RSHUD LXQH GH DUELWUDM SH SLD D PRQHWDU  F úL GH OD UHOD LLOH GH

calcul implicate în determinarea lui CAUSD se poate formula un

PRGHO DO DUELWUDMXOXL SH SLD D PRQHWDU  UHVSHFWLY H[SUHVLD

ckúWLJXOXLPRQHWDUE
cv d ∗t d ∗t
b= (1 + 2 ) − (1 + 1 ) (42)
ct 12 12
astfel încât:
B = b * CI, (42.1)
vQ FDUH QRWD LLOH vúL S VWUHD]  FRQ LQXWXO SUHFL]DW PDL VXV GDU vQ

termeQLJHQHUDOL'HSLOG G1 = rata dobânzii pe termen de t luni pe

SLD DYDOXWHLGHSRUQLUHLDU&, FUHGLWXOLQL LDOFXFDUHVHSRUQHúWH

RSHUD LXQHD

6H REVHUY  F  vQ DFHVW PRGHO YROXPXO FUHGLWXOXL GH SRUQLUH

QX DUH QLFL R LQIOXHQ  GH IRQG FL GRDU XQD G e dimensiune a
FXDQWXPXOXL FkúWLJXOXL 'H DVHPHQHD H[SULPDUHD VFDGHQ HL VH

SRDWH IDFH vQ RULFH DOW  IUDF LXQH GH DQ ]L V SW PkQ  vQ FDUH FD]

FRQVWDQWDGLQIUDF LHYDILUHVSHFWLY$PS VWUDWH[SULPDUHD

vQ OXQL GHRDUHFH HVWH FHD PDL X]XDO  vQ GHILQLUHD RSHUD LXQLORU SH

WHUPHQ 'LQ H[SUHVLD FkúWLJXOXL XQLWDU  SRDWH IL GHGXV  R

FRQGL LHFDUHDVLJXU XQUH]XOWDWSR]LWLYDODUELWUDMXOXLúLDQXPH

62
 cv 12 + d 1 ∗ t
> (42.2)
ct 12 + d 2 ∗ t
În cazul numeric presupus avem 0,99 33 77 4 > 0,98 36 60
 3H ED]D DFHVWHLFRQGL LL SRW IL IRUPXODWH SUREOHPH GH ³SUDJ´ GH

WLSXO FDUH HVWH FXUVXO ODWHUPHQ PD[LP FDUH DU IDFH FD RSHUD LXQHD

GH DUELWUDM V  DLE  UH]XOWDW IDYRUDELO vQ FRQGL LLOH vQ FDUH FHLODO L

parametriL VXQWFXQRVFX L VDX FDUH HVWH UDWD PLQLP D GREkQ]LL SH

SLD D OD WHUPHQ D YDOXWHL PLMORFLWRDUH FDUH IDFH FD RSHUD LXQHD GH

DUELWUDM V  DLE  UH]XOWDW IDYRUDELO vQ FRQGL LLOH vQ FDUH FHLODO L

SDUDPHWULL VXQW FXQRVFX L VD $VWIHO GH SLOG  SULYLQG FXUVXO la

WHUPHQ vQ SUREOHPDFRQVLGHUDW  V DU SXWHD FD DFHVWD V  ILH PD[LP
-
 '(0   86' LDU UDWD GH GREkQG  SH SLD D OD WHUPHQ D

'(0V ILHGHPLQLP

3.5. Modelul de management financiar

În domeniul managementului financiar modelele construite

U VSXQGRELHFWLYHORUDFHVWXLDHFKLOLEUXOILQDQFLDU GLQDPLFúL VWDWLF

DQDOL]D UH]XOWDWHORU HYDOXDUHD FDOLW LL DFWLYLW LL ILQDQFLDUH

JHVWLXQHDRSHUDWLY VWUDWHJLDILQDQFLDU DGH]YROW ULL

(FKLOLEUXO ILQDQFLDU HVWH R SUREOHP  GH PDUH vQVHPQ WDWH

penWUXRULFH6&vQWUXFkWUHIOHFW FRUHODUHDUHVXUVHORUFXQHYRLOHILH

63
SXQFWLIRUP OD XQ PRPHQW GDW ILH FD YDULD LH D DFHVWRUD SH

intervale de timp (echilibru dinamic). Abordarea problemei se face

SRUQLQGGHODIRUPDILQDQFLDU DELODQ XOXL6&úLSULQGHILQ irea unor
LQGLFDWRUL VSHFLILFL FXP VXQW UHVXUVHOH WHPSRUDUH úL SHUPDQHQWH

QHYRLOH WHPSRUDUH úL SHUPDQHQWH VROGXULOH LQWHUPHGLDUH GH

JHVWLXQH IRQGXO GH UXOPHQW FDSLWDOXO SURSULX úL SHUPDQHQW HWF

)LUPD HVWH DERUGDW  FD XQ VLVWHP vQ FDGUXO PDFURVLVWHPXOX i

HFRQRPLHL QD LRQDOH LDU vQ VWUXFWXUD HL VXQW LGHQWLILFDWH WUHL

subsisteme relevante pentru abordarea aspectelor financiare:

− VXEVLVWHPXO SURGXF LH GHWHUPLQDW GH RELHFWLYXO vQWUHSULQGHULL

de a-úL SHUSHWXD DFWLYLWDWHD úL GH D VH GH]YROWD VXEVLVWHP    DO

F UXLUH]XOWDWHVWHVROGXOHFRQRPLF(

− subsistemul financiar, determinat de obiectivul întreprinderii de

a-úL SURFXUD UHVXUVHOH GH ILQDQ DUH úL DO F UXL UH]XOWDW HVWH

soldul financiar (F);

− subsistemul rezidual, pentru cuprinderea componentelor
nHLQFOXVHvQFHOHODOWHGRX VXEVLVWHPH

&DUH]XOWDWDODFWLYLW LLFXUHQWHD6&UH]XOW VROGXOFXUHQW

*  (  ) SH VHDPD F UXLD HVWH HODERUDW XQ PRGHO vQ

principiu normativ) privind comportamentul financiar (fig. 6).

În domeniul analizei financiare se utiOL]HD]  PRGHOXO

SUDJXOXL GH UHQWDELOLWDWH FD UH]XOWDW DO GHILQLULL IXQF LRQDOH D

64
GHSHQGHQ HLFLIUHLGHDIDFHUL –IDFWRULGHLQIOXHQ FRVWXUL – factori
GH LQIOXHQ  3UDJXO GH UHQWDELOLWDWH HVWH vQ HOHV FD DFHO YROXP

QLYHO GH SURGXF LH ILH 4 SHQWUX Fare profitul este nul. În model
sunt incluse:
− IXQF LDGHYHQLW

CA = CA (p (D/S), Q) (43.1)
− IXQF LDGHFRVW

CT = CT (Q) (43.2)
− IXQF LDGHVWUXFWXU DFRVWXOXL

CF = CT (0) (43.3)
CV = CT (Q) – CT (0) (43.4)
CVM = CV / Q (43.5)
− UHOD LDGHH[SUHVLHDSURILWXOXL

PT = CA – CT, (43.6)
unde: CA = cifra de afaceri
p SUH XOXQLWDUGHYkQ]DUHDSURGXF LHL

D FHUHUHDSLH HL

S RIHUWDGHSLD

Q YROXPXOSURGXF LHLIDEULFDWH

CF = costuri fixe totale

CT = costuri totale
CV = costuri variabile totale

65
 CVM = costuri variabile medii
'DF  vQ UHOD LD  LQHP VHDPD GH  –  úL GH
PRGXOGHGHILQLUHDSUDJXOXLGHUHQWDELOLWDWHSXWHPV VFULHP

PT = PT (p (D / S), Q) = 0, (43.7)
de unde expresia pragului de rentabilitate este:
Q = [PT]-1 (p (D / S), 0) (44)
'HRDUHFHGHUHJXO IXQF LD&7QXHVWHRIXQF LHOLQLDU úL

DFHVWOXFUXHVWHIRDUWHSUREDELOúLSHQWUXIXQF LD&$HVWHSRVLELOFD

YDORDUHD OXL 4 GLQ  V   QX ILH XQLF  DVWIHO vQFkW VH SRDWH YRUEL

de mai multe praguri de rentabilitate.

ÌQFD]XOGHSHQGHQ HORUOLQHDUHDYHP

CA = p ∗ Q (45.1)
CT = CF + CVM ∗ Q, (45.2)
astfel încât pentru PT = 0 avem:
Q = CF / (p – CVM) (46)
LDUGDF 37 ≠ YRUELPGHQLYHOXOGHSURGXF LHFHSHUPLWHRE LQHUHD

unui profit dat (dorit)

Q = (CF + PT) / (p – CVM) (47)
(YDOXDUHD FDOLW LL DFWLYLW LL ILQDQFLDUH D FRQGXV OD

DSUHFLHUHD PDL EXQ  úL WRWRGDW  VLQWHWLF  D ULVFXOXL GH IDOLPHQW ÌQ

DFHVWVHQVYDORULILFkQGDQDOL]DILQDQFLDU DOLFKLGLW LL H[LJLELOLW

- LL

PHWRGHOHGHDQDOL] SULQUDWHPRGHOHOHGHDQDOL] GLQDPLF úDDX

66
fost elaborate modele de evaluare a riscului de faliment cum sunt
PRGHOXO $OWPDQ FXQRVFXW úL FD PRGHOXO = PRGHOXO &RQDQ -
+ROGHUPRGHOXO%&)%DQFD&HQWUDO )UDQFH] úD

3.6. Modelul ipostazelor agentului economic

$JHQWXOHFRQRPLFvúLYDORULILF IDFWRULLGHSURGXF LHSHFDUH

vL GH LQH úL SULQ DFHDVWD HO HVWH SURGXF WRU (O RE LQH XQ YHQLW GLQ

FDUH FRQVXP  úL SULQ DFHDVWD GHYLQH consumator. Din diferite

motive un agent economic nu-úL FRQVXP  vQ JHQHUDO vQWUH gul
YHQLW FL R SDUWH R HFRQRPLVHúWH GH UHJXO  FHHD FH vL SULVRVHúWH

peste consumul cu care s-DRELúQXLWFXVFRSXOGHDRYDORULILFDSULQ

plasamente, astfel încât devine investitor 5H]XOW  F  LQYHVWLWRUXO

QX HVWH R FDWHJRULH DSDUWH GH DJHQ L HFRQRPLFL FL GRDU SR]L LD SH

FDUHVHVLWXHD] ODXQPRPHQWGDWFRQVXPDWRUXO

'LQ SXQFW GH YHGHUH DO H[LVWHQ HL úL XWLOL] ULL UHVXUVHORU

sale financiare, a veniturilor sale, agentul economic se poate

PDQLIHVWDvQXQDGLQXUP WRDUHOHSR]L LLLSRVWD]H

− unitate de coQVXPGHILFLWDU 8&'

− XQLWDWHGHFRQVXPH[FHGHQWDU vQVXUSOXV8&6

− XQLWDWHGHFRQVXPFDUHHFRQRPLVHúWH8&(

67
 ÌQWUH DFHVWH XQLW L GH FRQVXP 8& VH SURGXF SURFHVH GH

LQWHUPHGLHUHILQDQFLDU , în care un rol important revin hârtiilor de

valoare emise sau lichidate de diferitele UC, posibilitate ce le este
FRQIHULW  SULQ H[LVWHQ D XQRU SLH H VSHFLILFH SHQWUX DVWIHO GH

WUDQ]DF LL – SLH HOH ILQDQFLDU EDQFDUH

- IDSW FH FRQWXUHD] 

vQVHPQ WDWHD ORU FD VHJPHQWH DOH SLH HL QD LRQDOH VDX PRQGLDOH

globale.
UCD sunW 8& FDUH VH vPSUXPXW  RSHUD LXQH UHDOL]DW 

SULQHPLWHUHDGHKkUWLLGHYDORDUHDF LXQLVDXREOLJD LXQLSHFDUHOH

SRW SODVD SH SLD D FDSLWDOXULORU SDUWH D FHOHL ILQDQFLDU -monetare).

Pentru satisfacerea nevoii de resurse financiare noi pot fi utilizate úL
DOWHF L$VWIHO8&'vúLSRWSURFXUDDFHVWHUHVXUVHSULQ

− UHGXFHUHDVROGXULORUORUPRQHWDUHFDVDFRQWXULvQEDQF 

− GH]HFRQRPLVLUH DGLF  YkQ]DUHD GH KkUWLL GH YDORDUH HPLVH GH

DO LL SH FDUH OH DUH vQ SRVHVLH úL SH FDUH OH -a dobândit la un
moment anterior când se afla în ipostaza de UCS;
− YkQ]DUHDGHKkUWLLGHYDORDUHHPLVHGHHDvQV úL

UCE sunt UC care pot acorda împrumuturi, forma

SULQFLSDO  D DFHVWHL RSHUD LXQL ILLQG FXPS UDUHD GH KkUWLL GH

valoare. Pentru realizarea acestui scop, UCE au posibilitatea

XWLOL] ULLDWUHLSURFHGHH

a) FUHúWHUHDVROGXULORUORUPRQHWDUH

68
b) UHGXFHUHD GHELWHORU SURSULL SULQ U VFXPS UDUHD KkUWLLORU GH

valoare pe care le-au emis cândva înainte, în timp ce se aflau în

SR]L LD8&'

c) FXPS UDUHDGHKkUWLLGHYDORDUHHPLVHGHDOWH8&

8&6 HVWH LSRVWD]D SULPDU  D 8&( FDUDFWHUL]DW  SULQ

DFRSHULUHD GLQ SURSULLOH YHQLWXUL D QHYRLORU VDOH GH FRQVXP úL GH

resurse financiare. UCS se poate angaja ca parte în oricare din

SRVLELOLW LOH GH DF LXQH DOH 8&' úL FD LQL LDWRU vQ RULFDUH GLQ

posibiliW LOHGHDF LXQHDOH8&(GHYHQLQGDVWIHOSODVDWRU

ÌQOLSVDSLH HLILQDQFLDU EDQFDUHSRVLELOLW

- LOH8&'úL8&(

VH OLPLWHD]  OD PLúFDUHD SURSULLORU VROGXUL PRQHWDUH ÌQ DFHODúL

timp, consumul s-ar limita la posibilitatea de a fi efectuat numai în

P VXUD vQ FDUH FRQVXPDWRUXO DUH GLVSRQLELOLW L E QHúWL ÌQ FD]XO

H[LVWHQ HL DFHVWRU SLH H SRVLELOLW LOH 8&' VH H[WLQG OD SRVLELOLWDWHD

DQJDM ULL XQRU UHVXUVH VXSOLPHQWDUH LDU DOH 8&( OD SDUWLFLSDUHD ORU

OD DOWH DFWLYLW L $VWIHO FRQVXPXO VH SRDWH H[WLQGH D]L S e seama
DQJDM ULLYHQLWXULORUYLLWRDUH

$YDQWDMHOH FUHDWH GH H[LVWHQ D úL IXQF LRQDUHD FRUHFW  D

XQHL SLH H IQDQFLDU EDQFDUH VXQW LQWHUHVDQWH DWkW SHQWUX DJHQ LL
-
HFRQRPLFL FkW úL SHQWUX VWDUHD JHQHUDO  D PHGLXOXL vQ FDUH HL

IXQF LRQHD] &XFkWVLVWHPXOI inanciar-bancar este mai eficient, cu

atât:

69
 (i) WLWOXULOH ILQDQFLDUH ³FRUHFWH´ FUHDWH úL WUDQVIHUDWH GH 8&' -
urile “potrivite” la UCS-XULOH ³SRWULYLWH´ OD SUH XULOH

³FRUHFWH´ YRU IL PDL HILFLHQWH DGLF  GXEOX SURGXFWLYH úL

SHQWUXHPL WRUúLSHQWUXFXPS U WRU

(ii) fluxul total de fonduri de la cei ce economisesc spre cei ce

investesc va fi mai mare.
(ILFLHQ D FRQVHFXWLY  DFHVWRU GRX  SURFHVH HVWH GHQXPLW 

DORFDWLY úLUHVSHFWLYRSHUD LRQDO .

(ILFLHQ D DORFDWLY  LD vQ FRQVLGHUDUH GLVWULEX LD GH UHVXUVH

conform abilit LL SDUWLFLSDQ LORU GH D OH XWLOL]D SH SLD  (D

FXSULQGH úL SUH XULOH WLWOXULORU FX VFRSXO GH D HYDOXD GDF  HOH

UHIOHFW  WRDWH LQIRUPD LLOH GLVSRQLELOH SULYLQG YDORDUHD ³UHDO ´

DVWIHO vQFkW V  QX HPLW  VHPQDOH IDOVH QLFL GHVSUH HPL WRU QLFL

despre cuPS U WRU &DUDFWHULVWLFD DORFDWLY  UH]XOW  GLQ DMXVWDUHD

IOX[XULORU SH VHDPD FRPSDUD LHL LQWHUVHFWRULDOH SULYLQG YDORDUHD

output-urilor.
(ILFLHQ D RSHUD LRQDO  VH UHIHU  OD YDORDUHD RXWSXW -ului
RE LQXWODRXQLWDWHGHLQSXWúLHVWHRHILFLHQ ]LV WHKQLF .
&RPSRUWDPHQWXO DJHQ LORU HFRQRPLFL SURGXF WRUL VDX

FRQVXPDWRUL vQ SR]L LD GH 8&' 8&6 VDX 8&( VH VXSXQH

SULQFLSLXOXLUD LRQDOLW LLFDUHSUHVXSXQHvQHFRQRPLHvQJHQHUDOúL

vQILQDQ HvQSDUWLFXODU

70
− SUHFL]DUHDVFRSXULORUPDWHULDOHDOHDF LXQLLHFRQ omice
− OXDUHD GHFL]LLORU vQ FRQFRUGDQ  FX DFHVWH VFRSXUL úL vQ YHGHUHD

UHDOL] ULLORU

Aceste scopuri pot fi formulate în raport cu aspectul vizat,

GDUúLvQUDSRUWFXFDWHJRULDDJHQWXOXLHFRQRPLF

Din punct de vedere al aspectului vizat se disting:

− scopul JHQHUDO DO VRFLHW LL 6*6 DGLF  VDWLVIDFHUHD QHYRLORU

GH FRQVXP úL FDUH OD QLYHOXO DJHQWXOXL HFRQRPLF QX HVWH

FRQúWLHQWL]DW vQ VHQVXO F  DJHQWXO HFRQRPLF vúL RUJDQL]HD] 

DFWLYLWDWHD SHQWUX D UHDOL]D HO vQVXúL XQ DYDQWDM úL QX SHQWUX D

asigura satisfacHUHDXQRUQHYRLDOHXQRUDO LDJHQ LHFRQRPLFL

− VFRSXO LQWHUPLWHQW 6, DGLF  PD[LPL]DUHD DYHULL XQ VFRS FX

FDUDFWHU SHUPDQHQW GDU FHO PDL DGHVHD ³GH IXQGDO´ úL FDUH

GHYLQHRSHUD LRQDOGLQWLPSvQWLPS

− VFRSXO QHPLMORFLW 61 DGLF  PD[LPL]DUHD SURILWXOX i sau a

XWLOLW LLFRQVXPXOXLXQVFRSSHUPDQHQWúLYL]LELO

Din punctul de vedere al categoriei agentului economic se

disting:
− VFRSXO DJHQWXOXL SURGXF WRU 6$3 PD[LPL]DUHD SURILWXOXL úL

treptat a averii;
− scopul agentului consumator (SAC), maximizarea uWLOLW LL

consumului.

71
 3HQWUX DJHQWXO SURGXF WRU $3 P ULPHD DYHULL

SDWULPRQLXOXL DQJDMDW  vQ DFWLYLWDWHD HFRQRPLF  GHWHUPLQ 

GLPHQVLXQHD DFHVWHL DFWLYLW L D UH]XOWDWHORU RE LQXWH úL vQ ILQDO D

UH]XOWDWXOXL QHW SURILWXO ÌQ DFHDVW  GHSHQGHQ  HVWH HVHQ LDO

IDFWRUXO FDOLWDWLY DGLF  HILFLHQ D XWLOL] ULL PLMORDFHORU DQJDMDWH

'HSHQGHQ D HVWH UHIOH[LY  FRQH[LXQH IHHG EDFN vQ VHQVXO F 

-
SRUQLQG GH OD GLPHQVLXQHD SURILWXOXL VH GHWHUPLQ  SRVLELOLW LOH GH

HFRQRPLVLUHúLLQYHVWLUHFDVXUVHDOHFUHúWHULL averii (fig. 7, care prin

vQVHPQ UL GH WLSXO E VDX  HWF DX PDUFDW SRVLELOLWDWHD XWLOL] ULL

PRGHOHORULQWURGXVHvQFDSúLSULQUHVSHFWLYDQRWDUH

/DSURGXF WRUVHSRDWHGLVWLQJHXQDQXPLWGXDOLVPGHVFRS

úL FKLDU R RSR]L LH vQWUH PDQDJHU úL DF L onar ca urmare a atribuirii
XQRUSULRULW LGLIHULWHLQWHUHVHORULPHGLDWHúLGHSHUVSHFWLY $VWIHO

PDQDJHUXO DFRUG  SULRULWDWH PD[LPL] ULL DYHULL FD ED]  D

GH]YROW ULL YLLWRDUH D FRQVROLG ULL vQ WLPS D ILUPHL úL GHFL D

PRWLYD LHL vQQRLULL PDQGDWXOXL V u. El nu poate neglija satisfacerea

LQWHUHVXOXL FXUHQW DO DF LRQDULDWXOXL SHQWUX GLYLGHQGH PDUL PRWLY

SHQWUX FDUH YD DF LRQD úL SHQWUX PD[LPL]DUHD SURILWXOXL SULQ FDUH

FX R FRW  PDL PLF  D SURILWXOXL GLVWULEXLW DU SXWHD DVLJXUD DFHVW

interes. De aici re]XOW  R SUREOHP  GH HFKLOLEUX GLQDPLF vQWUH

LQWHUHVXO SUH]HQW SHQWUXGLYLGHQGH ULGLFDWH úL LQWHUHVXO YLLWRU SHQWUX

R ILUP  FRQVROLGDW  FX R SR]L LH EXQ  SH SLD  úL FX SURILWXUL

72
GLYLGHQGH LQWHUHVDQWH úL vQ YLLWRU 3H GH DOW  SDUWH DF LRQDULDWXO

GRUHúWH dividende mari pe termen scurt pentru a-úL SXWHD UHFXSHUD

UDSLG LQYHVWL LD 3RVLELOLWDWHD FkúWLJXOXL GLQ VSRUXO GH YDORDUH DO

DF LXQLORU U PkQH R SHUVSHFWLY  vQ VSHFLDO SHQWUX PRPHQWXO FkQG

YDORDUHDLQYHVWLW VHYDILDPRUWL]DWVDXFkQGDSDUHDOWHUQDWLYDX nui

SODVDPHQW úL PDL LQWHUHVDQW ÌQ OHJ WXU  FX R DVWIHO GH SUREOHP 

WHRULD ILQDQ HORU D VHOHFWDW úL IRUPXODW ³WHRULD DJHQ LHL´ FDUH DUH FD

RELHFW FRUHODUHD GLQDPLF  D LQWHUHVHORU SUH]HQWH úL YLLWRDUH DOH

PDQDJHUXOXLúLDF LRQDULORU

Pentru agentul consumator (AC) scopul nemijlocit este

PD[LPL]DUHDXWLOLW LLFRQVXPXOXLGDU³SHIXQGDO´VHS VWUHD] úLOD

HO PD[LPL]DUHD DYHULL FD SUHPL]  D XQRU YHQLWXUL YLLWRDUH

VXSOLPHQWDUH FX FDUH V -úL SRDW  DPHOLRUD VWDQGDUGXO GH YLD 

6FRSXOV XQHPLMORFLWDUHFDHIHFWFRQH[HFRQRPLLOHSULQFDUHHOvúL

SRDWH QXDQ D SR]L LD GH FRQVXPDWRU LQYHVWLWRU úL SRDWH DVSLUD OD
-
realizarea scopului intermitent (fig. 7).
3UREOHPD GH GHFL]LH D FRQVXPDWRUXOXL DUH R GXEO 

FRQRWD LH vQ UDSRUW FX XWLOL]DUHD YHQLWXOXL V X SH GH R SDUWH

VWUXFWXUD SH SURGXVH D FRQVXPXOXL V X úL SH GH DOW  SDUWH VWUXFWXUD

WHPSRUDO  D FRQVXPXOXL V X ÌQ DPEHOH FD]XUL VH vQWkOQHúWH

problema economiilor:
− DGLPHQVLXQLLORUFDGLIHUHQ vQWUHYHQLWúLFRQVXP

73
− D SODVDPHQWXOXL ORU FD VXUV  GH YHQLWXUL YLLWRDUH úL implicit
SHQWUXXQFRQVXPYLLWRUvQDFHVWVHQVHFRQRPLLOHSRWILvQ HOHVH

ca un consum viitor.
$OWHUQDWLYD SODVDPHQWXOXL HVWH SRVLELO  FD XUPDUH D

H[LVWHQ HL SLH HL PRQHWDUH úL D SLH HL GH FDSLWDO ÌQ OLSVD DFHVWRU

SLH H DOHJHUHD FRQVXPDWRUXOXL GHFL]LD VD VH OLPLWHD]  OD VWUXFWXUD

SH SURGXVH D FRQVXPXOXL V X GHRDUHFH HO WUHEXLH V -úL FRQVXPH

LQWHJUDO YHQLWXO 1X H[LVW  vQ DIDU  GH SUXGHQ  QLFL -un alt motiv
SHQWUXFDUHHOQXDUWUHEXLHV FRQVXPHLDUGDF H[LVW SHUVSHFWLYD

GLPLQX ULL SXWHULL GH FXPS UDUH D YHQLWXOXL V XDWXQFL SUXGHQ D YD

ILSXV vQGLVFX LHODLVVHUIDLUHODLVVHU -passer.

5ROXOSLH HLPRQHWDUHvQVSULMLQLUHDFRPSRUWDPHQWXOXL

UD LRQDODODJHQWXOXLHFRQRPLF

3UHVXSXQHPF H[LVW QXPDLSLD PRQHWDU úLF HDHVWHR

SLD  SHUIHFW  UDWD GREkQ]LL HVWH XQLF  DJHQWXO HFRQRPLF SRDWH

SODVD RULFH VXP  I U  ULVF GH SLHUGHUH VDX GHYDORUL]DUH DJHQWXO

HFRQRPLF SRDWH vPSUXPXWD RULFH VXP  vQ OLPLWD VROYDELOLW LL VDOH

SHFDUHSHQWUXVLPSOLILFDUHRYRPOLPLWDODYHQLWXOV X

Fie rata GREkQ]LL SH SLD D PRQHWDU  GP   úL GRX 

PRPHQWH GLIHULWH vQ WLPS W  úL W  OD FDUHDJHQWXO HFRQRPLF IDFH

74
UHIHULQ  vQ OHJ WXU  FX FRQVXPXO V X )LH FXQRVFXW QLYHOXO

YHQLWXOXL V X OD FHOH GRX  PRPHQWH 90   XP úL 91 = 2000
u.m. Tot pentru simpliILFDUHD SUH]HQW ULL YRP FRQVLGHUD GRDU FHOH

GRX SRVLELOLW LH[WUHPHGHFRQVXP

− FRQVXP vQSUH]HQWODPRPHQWXOW YHQLWXULOHREWHQDELOHOD

ambele momente de timp

− FRQVXP vQYLLWRUODPRPHQWXOW DPEHOHYHQLWXUL

6LWXD LLOH LQWHUPHGLDUH UHSUH]LQW  FRPELQ UL OLQHDUH DOH

FHORUGRX VROX LLH[WUHPH

În primul caz, agentul consumator poate lua cu împrumut

SH SLD D PRQHWDU  R VXP  SH FDUH V  R UHWXUQH]H vQ YLLWRU OD

PRPHQWXO W   LQFOXVLY LQWHUHVXO FUHGLWRUXOXL 0 ULPHD DFHVWHL

sume (valoarea prezenW DVXPHL91 ) este:

VP1 = V1 (1 + dm)-1 = 1 851,85 u.m. (48.1)
0 ULPHDFRQVXPXOXLWRWDOODPRPHQWXOW HVWH

CT0 = V0 + VP1 = 2 851,85 u.m. (48.2)

ÌQ DO GRLOHD FD] DJHQWXO FRQVXPDWRU VH DE LQH vQ SU ezent
GHODFRQVXPúLSODVHD] YHQLWXOV XSHSLD DPRQHWDU XUPkQGV -
úL UHWUDJ  SODVDPHQWXO  OD PRPHQWXO W   úL V  FRQVXPH LQWHJUDO

DPEHOH YHQLWXUL RE LQXWH vQ DFHO PRPHQW 91 úL YDORDUHD YLLWRDUH D

YHQLWXOXLV XGHODPRPHQWXOW ILH990DF UHLP ULPHHVWH

VV0 = V0 (1 + dm)1 = 1 080 u.m,. (48.3)

75
DVWIHOvQFkWP ULPHDFRQVXPXOXLV XWRWDOODPRPHQWXOW HVWH

CT1 = VV0 + V1 = 3 080 u.m. (48.4)

viitor

3080

2000

1000

prezent
1000 2000 2852,85
)LJ(FXD LDSLH HLPRQHWDUH

0XO LPHD FRPELQD LLORU GH FRQVXP LQFOXVLY QLYHOXULOH

intermediare ale consumului în t = 0 C0 ∈úLUHVSHFWLY

în t = 1 C1 ∈HVWHGDW GHHFXD LDSLH HLPRQHWDUH

CT1 (PM) = - 1,08 * CT0 (PM) + 3080 (48)

ÌQJHQHUDOIRUPDHFXD LHLHVWH

CT1 (PM) = -(1 + dm) * CT0 (PM) + [V0(1 + dm) + V1]

(48.1)
unde valorile dm, V0úL91 sunt constante considerate cunoscute.
$VWIHO GH H[HPSOX GDF  GLQ YHQLWXO 91 VH DUH vQ YHGHUH V 

se consume numai 1500 u.m., atunci CT1 (PM) = 1500, iar CT0
30 XP$FHDVWDvQVHDPQ F VHLDFXvPSUXPXWD]LSH

76
SLD DPRQHWDU RVXP DF UHLYDORDUHGHUDPEXUVDUHODPRPHQWXO t
HVWHHJDO FXDGLF  XPVXP FXFDUH

vúLYDURWXQMLYHQLWXOPRPHQWXOXLúLYDSXWHDFRQVXPDvQSOXVSHVWH

DFHVWD'DF GHH[HPSOXSHQWUXPRPHQWXOW  VHDUHvQ

vedere un consum de 2600 u.m., atunci CT1 (PM) = 2600, iar

CT030 XP$FHDVWDvQVHDPQ F DJHQWXOHFRQRPLFVH

DE LQHvQPRPHQWXOW GHODXQFRQVXPvQYDORDUHGHXP

SH FDUH OH SODVHD]  SH SLD D PRQHWDU  XUPkQG V  OH UHFXSHUH]H vQ

momentul t = 1 fructificate la un nivel egal cu 555,56 * 1,08 = 600

XPFXFDUHvúLYDURWXQMLYHQLWXULOHPRPHQWXOXLúLYDSXWHDUHDOL]D

FRQVXPXOODQLYHOXOGRULW$VWIHOGHSRVLELOLW LSRWILIRUPXODWHúL

SHED]DXQRURS LXQLSULYLQGFRQVXPXOFXUHQW&0 .
ÌQ DEVHQ D SLH HL PRQHWDUH QX VH SRDWH YRUEL GH R GUHDSW  D

FRQVXPXOXL FL GRDU GH   GRX    SXQFWH   GLVWLQFWH  vQ  SODQXO

³SUH]HQWYLLWRU´úLDQXPH&0úL&1 (0; 2000).

5ROXOSLH HLGHFDSLWDOvQVSULMLQLUHDFRPSRUWDPHQWXOXL

UD LRQDODODJHQWXOXLHFRQRPLF

3UHVXSXQHP F  H[LVW  QXPDL SLD  GH FDSLWDO úL F  DUH

DWULEXWHOH GH SLD  SHUIHFW  DJHQWXO HVWH LQIRUPDW SH GHSOLQ DVXSUD

SRVLELOLW LORU GH SODVDPHQW SODVDPHQWHOH VXQW OLSVLWH GH ULVFXO

77
SLHUGHULLVDXGHYDORUL] ULL

3UHVXSXQHP F  DFHDVW  SLD  RIHU   SRVLELOLW L GH

plasDPHQWSHQWUXFDUHLQGLFDWRULLGHLQYHVWL LHúLFULWHULLOHGHDOHJHUH
VXQWFXQRVFX LWDEHO

Dintre criteriile posibile de alegere între plasamente am

PHQ LRQDW YHQLWXO QHW UDWD GH UHQWDELOLWDWH úL YHQLWXO PDUJLQDO GDU

SRW IL DYXWH vQ YHGHUH úL DOWHOH 'LQWUH DFHVWHD WUHL vO FRQVLGHU P

“mai puternic” pe cel de-DO WUHLOHD GHRDUHFH H[SULP  HILFLHQ D

VXUSOXVXOXL GH SODVDPHQW FDUH FRPELQDW FX DO GRLOHD DUDW  DWkW

QLYHOXO JHQHUDO DO UHQWDELOLW LL FkW úL UHQWDELOLWDWHD HIRUWXOXL

suplimentar.
Potrivit acHVWHL MXGHF L RS LXQHD GH SODVDPHQW HVWH D WUHLD

FDUHSUHVXSXQHRUHQXQ DUHD]LODXQFRQVXPGHXPvQYHGHUHD

VXSOLPHQW ULL FRQVXPXOXL YLLWRU FX  XP $OHJHUHD HVWH WHQWDQW 

úL vQ UDSRUW FX SLD D PRQHWDU  FDUH RIHU  XQ FkúWLJ GH GRDU  ID 

de  FkWHVWH FHO GH SH SLD D GHFDSLWDO &RQVXPXULOHFHORU GRX 

PRPHQWHW úLW GHYLQ

CT0 = V0 – I0 = 600 (49.1)

CT1 = V1 + VI0 = 2480, (49.2)
unde I0 = inYHVWL LDHIHFWXDW ODPRPHQWXOW 

VI0 = venitul total (fluxul pozitiv) disponibilizat la

PRPHQWXOW GHF WUHLQYHVWL LD,0 .

78
 2S LXQHD SHQWUX SODVDPHQWH SRDWH DYHD vQ YHGHUH QX QXPDL

XQXOFLGRX VDXPDLPXOWHSODVDPHQWHÌQDFHVWFD]VHFRQVWUXLHúWH

XQ QRX WDEHO GH DOHJHUH WDEHO  UHVSHFWkQG DFHOHDúL FRQVLGHUHQWH

FD PDL VXV úL vQ SOXV GHWHUPLQkQG SULQ DGL LH P ULPHD LQYHVWL LLORU

FRPELQDWHúLIOX[XOILQDQFLDUSR]LWLYUH]XOWDW

ÌQ VLWXD LD XQHL RS LXQL SOXUDOLVWH QHUHSHWLWLYH DúD FXP V -a

FRQVWUXLWYDULDQWDVHFRQVWDW F 

- VHFRQILUP FDRSRUWXQ LQYHVWL LDGHXP

- GHYLQH LQWHUHVDQW  LQYHVWL LD GH  XP YDULDQWD  FX

venit marginal 50%

- SRDWH IL DYXW  vQ YHGHUH LQYHVWL LD GH  XP YDULDQWD  FX

rentabilitate 21%.
3 VWUk nd regula de alegere (venitul marginal), nivelul
FRQVXPXOXLvQVLWXD LDXQHLRS LXQLSOXUDOLVWHQHUHSHWLWLYHHVWH

CT0 = V0 – I0 = 0 (49.3)
CT1 = V1 + VI0 = 3180 (49.4)
ÌQ FD]XO RS LXQLL SOXUDOLVWH UHSHWLWLYH VH DUH vQ YHGHUH

HIHFWXDUHDUHSHWDW DXQXLSODVDPHQW'HSLOG GRX SODVDPHQWHGH

FkWH  XP úL vQF  GRX  GH FkWH  XP LQYHVWL LH  XP

flux financiar pozitiv 1210, venit net 210 u.m., venit marginal
 FRPSDUDWLY FX YDULDQWD  DQWHFHGHQW  FD P ULPH D

LQYHVWL LHLYDDVLJXUDXQFRQVXPODPRPHQWXOW GHP ULPH

79
 CT1 = V1 + VI0 = 3210 (49.5)
3LD D FDSLWDOXULORU SUH]LQW  úL HD SRVLELOLWDWHD F onsumului
prezent dintr-un venit viitor prin emiterea azi a unor titluri de
YDORDUHREOLJD LXQLFDUHV ILHU VFXPS UDWHvQPRPHQWXORE LQHULL

vQ YLLWRU D FDSLWDOXOXL úL X]XIUXFWXOXL GLQ SODVDPHQWXO HIHFWXDW D]L

6XFFHVXO YLQGHULL REOLJD LXQLORU HVWH GHWHUPLQDW GH UDWD GH GREkQG 

SURPLV  GH UHJXO  SHVWH FHD D SLH HL PRQHWDUH SHQWUX D FUHD VDX

VSRULDWUDFWLYLWDWHDREOLJD LXQLORUFDúLGHHYHQWXDOHOHDOWHDYDQWDMH

YkQ]DUHD VXE SDUL U VFXPS UDUHD FX SULP  HWF 7RDWH DFHVWHD

GLPLQXHD]  HYLGHQW VXUSOXVXO GH FRQVXP SH FDUH VH VFRQWHD] 

,QWHUYDOXOGHGREkQG FHDUSXWHDILDYXWvQYHGHUHHVWH

- PLQLPUDWDGREkQ]LLSHSLD DPRQHWDU 

- maxim 21% ((1210 – 1000)/1000, unde 1210 este fluxul financiar

pozitiv la momentul t = 1 rezultat al plasamentului efectuat azi, iar
1000 u.m. este valoarea plasamentului efectuat azi).
([SUHVLDFRQVXPXULORUWRWDOHODILHFDUHPRPHQWW úLW 

vQFRQGL LLOHSLH HLGHFDSLWDOHVWHGDW GHUHOD LLOH

CT0(PK) = k * V0 + m* VI0 (1 + dk)-1 + n * V1(1 + dk)-1

(50.1)
CT1(PK) = (1 – m) * VI0 + (1 – n)*V1, (50.2)
unde:
N FRWDGLQYHQLWXOGHODPRPHQWXOW FDUHVHFRQVXP vQFKLDU

acel moment

80
 GN UDWDGREkQ]LLSHSLD DGHFDSL tal
m = cota din fluxul financiar pozitiv VI0 generat la momentul
W   SH VHDPD LQYHVWL LHL ,0 HIHFWXDW  OD PRPHQWXO  W   úL

FDUH  HVWH  FRQVXPDW   OD  PRPHQWXO W   SULQ HPLWHUHD GH

REOLJD LXQLD]LúLvQFRQWXOUHVSHFWLYXOXLYHQLWYLLWRU

n = cotD GLQ YHQLWXO GH OD PRPHQWXO W   FDUH HVWH FRQVXPDW  OD

PRPHQWXO W   SULQ HPLWHUH GH REOLJD LXQL D]L vQ FRQWXO

respectivului venit viitor.

ÌQ FH SULYHúWH IOX[XO ILQDQFLDU SR]LWLY 9,0 acesta este
UH]XOWDWXO XQHL DOHJHUL D LQYHVWL LHL ,0 dintr-R PXO LPH GH LQYHVWL LL
posibile M(I0i)úLGXS RPXO LPHGHFULWHULL C(cjFHHDFHvQVHDPQ 

F ,0i ≤ (1 – k) * V0 pentru oricare = 1,2,…

3HQWUX D S VWUD VLPLOLWXGLQHD FX PRGHOXO SUHFHGHQW 

YRP FRQVLGHUD FHOH GRX  VLWXD LL H[WUHPH FRQVXP LQWHJUDO vQ

prezenW úL FRQVXP LQWHJUDO vQ YLLWRU ÌQ FD]XO FRQVXPXOXL LQWHJUDO
vQ SUH]HQW XUPHD]  FD YHQLWXO 91 GH OD PRPHQWXO W   V  ILH

angajat ca disponibil pentru consum la momentul t = 0 printr-o

HPLVLXQH GH REOLJD LXQL 9RP  FRQVLGHUD FRVWXO DFHVWHL HPLVLXQL

(dobânda, costul propriu-]LV DO HPLWHULL úL SODV ULL HYHQWXDOHOH DOWH

avantaje etc.) ca fiind exprimat procentual în raport cu valoarea

HPLVLXQLL úL DQXPH GN  UHSUH]HQWkQG GREkQGD SH SLD D GH

FDSLWDO9DORDUHDSUH]HQW DYHQLWXOXL91 este:

-1
VP1 = V1(1 + dk) = 1785,71 u.m. (51.1)

81
 3H GH DOW  SDUWH IOX[XO ILQDQFLDU SR]LWLY JHQHUDW GH

investirea venitului V0, respectiv VI0 YD IL DQJDMDW vQ DFHODúL PRG
Presupunând I0 = 1000 u.m. în varianta cu maximum de venit
PDUJLQDO úL DQXPH  FRQIRUP  FDUH DVLJXU  XQ IOX[

ILQDQFLDUSR]LWLYGHYDORDUHDSUH]HQW DFRQVXPXOXLSHVHDPD

sa va fi:
VP(VI0) = VI0(1 + dk)-1 = 1080,36 u.m. (51.2)
5H]XOW  RYDORDUHWRWDO DFRQVXPXOXLODPRPHQWXO W GH

P ULPH

CT0(PK) = VP1 + VP(VI0) = 2866,07 u.m. (51.3)

ÌQFD]XOFRQVXPXOXLLQWHJUDOvQYLLWRUXUPHD] FDYHQLWXO90

GH OD PRPHQWXO W   V  ILH SODVDW LQWHJUDO SH SLD D FDSLWDOXULORU

pentru a deveni disponibil pentru consum la momentul t = 1.

Plasamentul cel mai avantajos este cel deja precizat mai sus, astfel
vQFkW FRQVXPXO WRWDO OD PRPHQWXO W   HVWH GH P ULPH 

conform (49.5).
viitor

3210

2000

1000

prezent
1000 2000 2866,07

)LJ(FXD LDSLH HLGHFDSLWDO

82
6HSRDWHVFULHúLDLFLHFXD LDSLH HLGHFDSLWDO

CT1(PK) = -1,12 * VI0 + 3210, (52)

DF UHLIRUP JHQHUDO HVWH

CT1(PK) = - (1 + dk) * VI0 (V0 – CT0(PK)) + (V1 + VI0),

(52.1)
unde VI0HVWHRIXQF LHGHGLIHUHQ D90 – CT0(PK).
5ROXOMXFDWGHIXQF LRQDUHDVLPXOWDQ DFHORUGRX SLH H

vQVSULMLQLUHDFRPSRUWDPHQWXOXLUD LRQDO

al agentului consumator

3UHVXSXQHP F  SLD D PRQHWDU  úL FHD GH FDSLWDO FRH[LVW  úL

F  DOHJHUHD SODVDPHQWXOXL SH SLD D GH FDSLWDO V D I FXW FD PDL VXV
-
UH LQkQG GLQWUH YDULDQWHOH SRVLELOH SH FHD FDUH SUHVXSXQH LQYHVWL LD

la momentul t = 0 ce aduce un flux financiar pozitiv maxim la

momentul t = 1, respectiv VI0 = 1210.
ÌQVLWXD LDvQFDUHVHRSWHD] SHQWUXFR nsumul în prezent al
vQWUHJXOXL YHQLW RE LQXW OD DPEHOH PRPHQWH GH WLPS DWXQFL YHQLWXO

SODVDPHQWXOXL YD IL DQJDMDW SH SLD D PRQHWDU  SULQ OXDUHD FX

vPSUXPXW D XQHL VXPH D F UHL YDORDUH YLLWRDUH V  ILH  LDU

consumul total de la momentul t = 0 va fi:

CT0(PM, PK) = (V0 – I0) + VI0 (1 + dm)-1 + V1 (1 + dm)-1 =
2978,22 u.m. (53.1)

83
 ÌQ VLWXD LD vQ FDUH VH RSWHD]  SHQWUX FRQVXPXO vQ YLLWRU DO

vQWUHJXOXL YHQLW RE LQXW YHQLW RUGLQDU  YHQLW din plasamente),

DWXQFLYHQLWXOGHODPRPHQWXOW YDILSODVDWvQLQYHVWL LDGHYHQLW

marginal maxim, care va aduce un venit VI0 = 1210, iar consumul

total la momentul t = 1 este:
CT1(PM, PK) = (V0 – I0) + VI0 + V1 = 3210 u.m. (53.2)
viitor

3210

2000

1000

prezent
1000 2000 2972,22

)LJ(FXD LDSLH HLPRQHWDUHúLGHFDSLWDO

(FXD LDFHORUGRX SLH HHVWH

CT1(PM, PK) = - 1,08 * VI0 + 3210, (54.1)

DF UHLIRUP JHQHUDO HVWH

CT1(PM; PK) = - (1 + dm) * VI (V0 – CT0 (PM,PK)) + (V1 + VI0),

(54.2)
unde VI0HVWHRIXQF LHGH90 – CT0 (PM,PK).

84
 ([SUHVLDFRQVXPXULORUWRWDOHODILHFDUHPRPHQWW úLW 

vQ FRQGL LLOH  IXQF LRQ ULL VLPXOWDQH D FHORU GRX  SLH H HVWH GDW  GH

UHOD LLOH

CT0(PM, PK) = V0 – I0 + m*VI0 *(1 + dm)-1 + D1 *(1 + dm)-1

(55.1)
CT1(PM, PK) = VI0 + (V1 – D1), (55.2)
unde: D1 = partea din venitul V1 FDUH VH DQJDMHD]  VSUH D IL

consumat la momentul t = 0 printr-un credit luat la acest moment

SHSLD DPRQHWDU vQFRQWXOYHQLWXOXLRUGLQDUG e la momentul t = 1.
Pentru venitul de la momentul t = 0 nu se fac plasamente în
depozite lichidabile la momentul t = 1 pentru consum deoarece, de
UHJXO UDQGDPHQWXOSODVDPHQWHORUvQ LQYHVWL LLHVWHPDLPDUHGHFkW

FHO DO GHSR]LWHORU 3HQWUX DFHODúL PRWLY VH IDF vQV  SODVDPHQWH vQ

LQYHVWL LL FDUH V  SURGXF  IOX[XUL ILQDQFLDUH SR]LWLYH OD PRPHQWXO W

  úL vQ FRQWXO F URUD V  VH DQJDMH]H OD PRPHQWXO W   OXDUHD FX

vPSUXPXW D XQRU VXPH SH SLD D PRQHWDU  'H DVHPHQHD YHQLWXULOH

de la momentul t = 1 sunt angajate pentru consum la momentul t =

 GH UHJXO  SULQ FUHGLWH SH SLD D PRQHWDU  úL QX SULQ HPLVLXQH GH

REOLJD LXQL SH SLD D FDSLWDOXULORU GHRDUHFH UDWD GREkQ]LL HVWH GH

UHJXO PDLPLF SHSLD DPRQHWDU GHFkWSHFHDDFDSLWDOXULORU

(VWH GH PHQ LRQDW F  DOHJHUHD FULWHULXOXL GH VHOHF LH D

SODVDPHQWHORU VXE IRUPD LQYHVWL LLORU HVWH HVHQ LDO SHQWUX D UHDOL]D

85
PD[LPXP GH FRQVXP $VWIHO GDF  VH LD GUHSW FULWHULX UDWD

UHQWDELOLW LLúLQXYHQLWXOPDUJLQDODWXQFLFRQIRUPWDEHOúLDU

trebui ales plasamentul de 100 u.m., pentru care valorile

LQGLFDWRULORUGHED] VXQW

I0 = 100,
C0 = V0 – I0 = 900,
VI0 = 125,
VP(VI0) = 125 * (1 + +0,08)-1 = 115,74,
V1 = 2000VP(V1) = 2000 (1 + 0,08)-1 = =1851,85,
CT0(PM,PK) = C0 + VP(VI0) + VP(V1) = 2867,59,
CT1(PM,PK) = C0 * (1 + dm) + VI + V1 = 3097,
DGLF  VH RE LQ FRQVXPXUL VXE FHOH PHQ LRQDWH PDL VXV ILJ  úL

UHOD LLOHúL

86
 CAPITOLUL 4

02'(/$5($35()(5,1 (/25

CONSUMATORULUI

6WXGLXO GHFL]LLORU DJHQ LORU HFRQRPLFL FRQVXPDWRUL VDX

SURGXF WRULVHED]HD] SHLSRWH]DF HLVHFRPSRUW UD LRQDODGLF 

vQFHDUF V -úLDWLQJ RELHFWLYHOHODFHOPDLvQDOWQLYHOSRVLELO LQkQG

cont GH UHVWULF LLOH OD FDUH VXQW VXSXúL HL úL GHFL]LLOH ORUÌQFHHDFH
vO SULYHúWH SH FRQVXPDWRU VH SUHVXSXQH F  HO FXQRDúWH SUH XULOH

XQLWDUH DOH SURGXVHORU FDUH vO LQWHUHVHD]  V D KRW UkW DVXSUD

-
bugetului de consum (suma pe care s-DGHFLVV RFKHOWXLDVF SHQWUX

a-úL SURFXUD EXQXULOH QHFHVDUH úL HVWH vQ P VXU  V  IRUPXOH]H

SUHIHULQ H V  RSWH]H vQ UDSRUW FX JXVWXULOH VDOH úL FX VDWLVIDF LD SH

FDUH DúWHDSW  V  R RE LQ  SULQ FRQVXP 3UHRFXSDUHD VD HVWH GH D

SXWHD V  RSWH]H SHQWUX R VROX LH FDUH V -i asigure un maxim de

VDWLVIDF LH vQ FRQGL LLOH EXJHWXOXL úL DOH SUH XULORU GDWH ÌQ DFHVW IHO

VH SRDWH IRUPXOD vQ FRQWLQXDUH R SUREOHP  FRQH[  GDU FDUH WRWXúL

excede într-R P VXU  FRQVXPXO SUREOHP  FDUH vO LQWHUHVHD]  WRWXúL

úLSHSURGXF WRUúLDQXPHFXPVHIRUPHD] FHUHUHDSHQWUXGLIHULWH

SURGXVH FHUHUH F UHLD SURGXF WRUXO WUHEXLH V -L U VSXQG  SH SLD 

cu oferta lui.

87
 4.1. 8WLOLWDWHD$QDOL] FDUGLQDO úLRUGLQDO

&HOH GRX  DERUG UL GDX U VSXQVXUL GLIHULWH vQ FHHD FH

SULYHúWH SRVLELOLWDWHD P VXU ULL XWLOLW LL GD HVWH U VSXQVXO DQDOL]HL

cardinale; nu, este cel al analizei ordinale.

$ERUGDUHD FDUGLQDO  SUHVXSXQH F  P VXUD XWLOLW LL HVWH

GDW  GH YDORULOH SH FDUH OH LD IXQF LD GH XWLOLWDWH WRWDO  SHQWUX

FRQVXPXOFDQWLW LORU4x din bunul x:

UTx = UT(Q x ) (1)

8WLOLWDWHD HVWH DFFHSWDW  VWULFW vQ VHQV HFRQRPLF VXE IRUPD

JUDGXOXLGHVDWLVIDF LHSHFDUHXQFRQVXPDWRUVHDúWHDSW V -ORE LQ 

SULQFRQVXPXOXQHLFDQWLW LGDWHGLQWU -un bun, presupunând:

• UDSRUWDUHDFRQúWLHQW vQWUHEXQúLRQHYRLHDOXL

• LQH[LVWHQ DEXQXOXLvQSURSULHWDWHDFRQVXPDWRUXOXL

• DFFHVXOODEXQVHIDFHSULQSLD 

• IRUPDUHDXQHLFRUHOD LLvQWUHLQWHQVLWDWHDQHYRLLUHVSHFWLYJUDGXO

GH VDWLVIDF LH DúWHSWDW SH GH R SDUWH úL SUH XO GH DFKL]L LH DO

bXQXOXLSHGHDOW SDUWH

)XQF LDGHXWLOLWDWHSUH]LQW XUP WRDUHOHSURSULHW L

(i) FUHúWHRGDW FXFDQWLWDWHDFRQVXPDW 

UTx′ > 0 (2)

88
(ii) JUDGXO GH VDWLVIDF LH FUHúWH IRDUWH PXOW DWXQFL FkQG FRQsumul
HVWH IRDUWH PLF DGLF  DWXQFL FkQG QHYRLD HVWH SUDFWLF WRWDO

QHDFRSHULW 

lim UTx′ = +∞ (3)

Q x →0

(iii) JUDGXO GH VDWLVIDF LH QX PDL FUHúWH DWXQFL FkQG FRQVXPXO HVWH
IRDUWHPDUHDGLF DWXQFLFkQGVHLQVWDOHD] VDWXUD LD

lim UTx′ = 0 (4)

Q x →∞

(iv) FUHúWHUHDGHXWLOLWDWHWRWDO RE LQXW SHVHDPDFRQVXPXOXLXQLWDU

VXSOLPHQWDUVHQXPHúWHXWLOLWDWHPDUJLQDO

UM Q x = UTx′ (Q x ) (5)

astfel încâtGDF QLYHOXOFRQVXPXOXL4x este 1,2,…,n avem:

∑ 80 = 87 ()
L (5.1)


=1

(v) XWLOLWDWHD  PDUJLQDO  FUHúWH FX R FRW  QHJDWLY  VHPQLILFkQG

VSRUXO WRW PDL PLF GH XWLOLWDWH SH P VXU  FH JUDGXO GH VD LHWDWH

FUHúWH

UTx′′ < 0 (6)

(vi) XWLOLWDWHDPDUJLQDO HVWHSR]LWLY GHRDUHFHHVWHQHUD LRQDOV VH

FRQWLQXH FRQVXPXO GDF  DFHVW OXFUX QX PDL SURGXFH QLFL XQ

HIHFWIDYRUDELOSULYLQGVDWLVIDF LDúLDFHVWOXFUXFXDWkWPDLPXOW

89
 cu câW SHQWUX ILHFDUH XQLWDWH FRQVXPDW  vQ SOXV WUHEXLH SO WLW

SUH XOGHDFKL]L LH

(vii) XWLOLWDWHDHVWHQXO GDF QLYHOXOFRQVXPXOXLHVWH]HUR

UT UM
UM(Q) UT(Q)

Qmax Q
)LJ*UDILFXOXWLOLW LLWRWDOHúLDOXWLOLW LL marginale
$ERUGDUHD FDUGLQDO  HVWH UH]XOWDWXO VWXGLLORU HIHFWXDWH GH

PDL PXO L HFRQRPLúWL SULQWUH FDUH /HRQ :DUODV vQWHPHLHWRUXO

úFROLL PDWHPDWLFH vQ HFRQRPLH vQ WLPS FH DERUGDUHD RUGLQDO  HVWH

UH]XOWDWXO VWXGLLORU OXL 9 3DUHWR úL - +LFNV HFRQRPLúWL DL DQLORU

'30-'FDUHDXFRQWULEXLWODFRQVROLGDUHDPRGHO ULLvQH conomie.

$ERUGDUHD RUGLQDO  vQORFXLHúWH P VXUD XWLOLW LL FX

FDSDFLWDWHD GH RUGRQDUH D SUHIHULQ HORU 3HQWUX DFHDVWD VH GHILQHVF

PXO LPHDEXQXULORUGHFRQVXP B ={1,2,…,n}; vectorii de consum

90
VDXSDQHUHOHFRúXULOHGHSURGXVHYj = { vij / i∈ B ; j = 1, 2, …m ;
vij FDQWLWDWHDGHEXQLLQWUDW vQFRPSRQHQ DYHFWRUXOXLGHFRQVXP

j} SUHFXP úL PXO LPHD V ⊆ Rn a vectorilor de consum vj.

0XO LPHD V  HVWH VSD LXO GH FRQVXP n-GLPHQVLRQDO úL WRWDO

RUGRQDW $FHDVW  XOWLP  FDUDFWHULVWLF  H[SULP  FDSDFLWDWHD

consumatorului de a-úLRUGRQDSUHIHULQ HOHúLSUHVXSXQH

(i) consumatorul poate alege între doi vectori, vpúLYq ∈ V , pe cel
SUHIHUDWDGLF 

(∀)vpúL vq ∈ V ⇔ fie Y % Y , vpPDLSX LQSUHIHUDWGHFkWYq



v p ≈ v q , vpúLYqVXQWLQGLIHUHQ L
Y Y , vp preferat lui vq



(ii) UHFLSURFD OXL L vQ PXO LPHD GHILQLW  D SDQHUHORU GH SURGXVH

QX H[LVW  GRX  SDQHUH DVXSUD F URUD FRQVXPDWRUXO V  QX úL -

SRDW H[SULPDRUGLQHDGHSUHIHULQ 

(iii) UHOD LDGHSUHIHULQ HVWHUHIOH[LY DGLF XQFRúGHSURGXVHHVWH

preferat sau indiferentID GHHOvQVXúL ∀) vp ∈ V ⇒ Y ≈ Y .



(iv) UHOD LD GH SUHIHULQ  HVWH WUDQ]LWLY  DGLF  vQWUH WUHL YHFWRUL GH

FRQVXP GDF  SULPXO HVWH SUHIHUDW FHOXL GH -al doilea, iar acesta
GLQXUP FHOXLGH -al treilea, atunci primul este preferat celui
de-al treilea:
(∀)vp, vqúLYr ∈ V GDF Y Y úL Y Y ⇒Y Y .




(v) VSD LXOGHFRQVXPHVWHXQVSD LXVXSHULRUQHP UJLQLW

(∀) vp ∈ V úLXQVFDODU a > 1 ⇒ a ∗ vp ∈ V ,

91
 DGLF  PXOWLSOLFkQG FDQWLW LOH GLQ EXQXULOH L L «Q FDUH

LQWU  vQ VWUXFWXUD SDQHUXOXL GH SURGXVH VH RE LQH XQ QRX SDQHU

GHSURGXVHvQDFHHDúLPXO LPHvQFDUHHVWHLQFOXVúLFHOGLQWkL

Proprietatea (v) VW  OD ED]D UHSUH]HQW ULL SULQWU R IXQF LH D

-
XWLOLW LL DVWIHO GHILQLWH 6H DFFHSW  F  XWLOLWDWHD HVWH vQWU -o
OHJ WXU  GLUHFW  FX YROXPXO UHVSHFWLY FDQWLWDWHD FRQVXPDW 

DVWIHO vQFkW GDF  H[LVW  GRL YHFWRUL Yp úL Yq ∈ V pentru care
FHO SX LQ FRPSRQHQWD L D ORU HVWH vQ UHOD LD v ip > v iq (oricare ar
ILDFHDVW FRPSRQHQW L «QDWXQFL Y Y .


3UHVXSXQkQG87IXQF LDGHXWLOLWDWHSXWHPVFULH

• GDF  Y Y ⇒UT(vp)≥ UT(vq) (7.1)




• GDF  v p ≈ v q ⇒UT(vp)= UT(vq) (7.2)

4.2. &XUEHGHLQGLIHUHQ

&XUED GH LQGLIHUHQ  HVWH PXO LPHD YHFWRULORU GH FRQVXP Y

j

FDUH DX DFHHDúL XWLOLWDWH SHQWUX FRQVXPDWRU DGLF  UT( v j ) =constant.

Denumirea provine de la iPDJLQHD UH]XOWDW  GLQ UHSUH]HQWDUHD

JUDILF  D DFHVWRU YHFWRUL Yj 3HQWUX DFHDVWD VH DFFHSW  FRPSOHWDUHD

ILHF UXL YHFWRU Yj FX R FRPSRQHQW  VXSOLPHQWDU  UHSUH]HQWkQG

XWLOLWDWHDDGLF 

v ′j ={vij / i∈ B ; j=1,2,…m; UT(vj)} ∈ V ′ ⊆ Rn+1,

DGLF  YHFWRUXO Yj era n-dimensional, v j = v 1 j , v 2 j ,..., v nj , în timp

92
 ce vectorul v ′j este (n+1)-dimensional:

( )
v ′j = v1 j , v 2 j ,..., v nj , UT v j .

Într-XQ VSD LX Q GLPHQVLRQDO WR L YHFWRULL

- v ′j sunt
reprezeQWD L FD SXQFWH vQ KLSHUSODQXO 87 'DF  SHQWUX

VLPSOLILFDUHD SUH]HQW ULL YRP FRQVLGHUD L   DWXQFL WR L YHFWRULL

v ′j  VXQW UHSUH]HQWD L vQWU-XQ SODQ GLQ VSD LXO WULGLPHQVLRQDO )LH

planul bazei cel pentru care UT = 0. Oricare dintre planele paralele
FX ED]D HVWH SODQXO XQHL DQXPLWH P ULPL D XWLOLW LL DGLF  SHQWUX

oricare dintre aceste plane, avem UT = constant.

 
 

 
 






Fig.12 Reprezentarea vectorilor Y ′M = Y

LM ()
 87 Y
M
L =12
V1• D[DSHQWUXUHSUH]HQWDUHDFDQWLW LOR r din bunul i=1
V2• D[DSHQWUXUHSUH]HQWDUHDFDQWLW LORUGLQEXQXOL 

93
 87 D[DSHQWUXUHSUH]HQWDUHDP ULPLLXWLOLW LL

FW RYDORDUHRDUHFDUHFRQVWDQW DXWLOLW LL

ÌQ ILJXUD  $ % úL & UHSUH]LQW  YHFWRUL GH FRQVXP FX

DFHHDúL XWLOLWDWH DVWIHO vQFkW UHSUH]HQWDUHD ORU VH IDFH vQ DFHODúL

plan.
3RWULYLW SURSULHW LL Y GH OD XWLOLWDWHD RUGLQDO  úL

FRQVHFLQ HORU DFHVWHLD  úL  SHQWUX FD XWLOLWDWHD V  U PkQ 

FRQVWDQW  vQWUH GRL YHFWRUL GH FRQVXP v ′p  úL v q′ ∈ V ′ , este necesar

FDPRGLILFDUHDFDQWLW LORUEXQXULORULV VHVFKLPEHFRQMXJDW

Astfel, pentru a avea

v ′p = v1p , v 2 p , ct

v ′q = v1q , v 2q , ct ,

este necesar ca, de exemplu, v1p > v1q úL Y2p < v2q 'DF  GRULP V 

PRGLILF PvQ v ′p FDQWLWDWHDGLQEXQXOvQVHQVXOFUHúWHULLS VWUkQG

pentru noul vector, v ′r DFHHDúLXWLOLWDWHFDPDLvQDLQWHHVWHQHFHVDU

V PLFúRU PFDQWLWDWHDGLQEXQXODVWIHOvQFkW

v ′r = v 1r , v 2 r , ct , cu v1r > v1púLY2r < v2p.

/D OLPLW  DSOLFkQG DFHDVW  SURFHGXU  GH PRGLILFDUH YRP

RE LQHGRLYHFWRULGHIRUPD

v s′ = v 1s → ∞, v 2s → 0, ct

94
 v ′t = v 1t → 0, v 2 t → ∞, ct ,

FDUHS VWUHD] DFHHDúLYDORDUHFWDXWLOLW LLFDúLYHFWRUXO v ′p , v ′q úL

v ′r .
Într-XQ SODQ LPDJLQHD DFHVWHL PXO LPL GH YHFWRUL HVWH R
FXUE DVLPSWRWLF ODFHOHGRX D[HFHGHOLPLWHD] SODQXO

ÌQ ILJXUD  VH REVHUY  UDSRDUWHOH GH P ULPH  vQWUH

componentele celor doi vectori de consum A(x1,y1úL%[2,y2).

y(v2)

y1

2
y2

x1 x2 x(v1)
)LJ&XUEDGHLQGLIHUHQ

3HQWUX VLPSOLILFDUHD SUH]HQW ULL FDQWLW LOH FRQVXPDWH GLQ EXQXO

i =1 au fost reprezenWDWH SH DEVFLV  úL QRWDWH WUDGL LRQDO FX [ LDU

SHQWUX EXQXO L  DX IRVW UHSUH]HQWDWH SH RUGRQDW  úL QRWDWH FX \

95
&HL GRL YHFWRUL GH FRQVXP LQFOXG FDQWLW L GLIHULWH GLQ FHOH GRX 

EXQXUL GDUDXDFHHDúL XWLOLWDWH2ULFHYHFWRUGHFRQVXPDUDOHJHXQ

consumator de-D OXQJXO DFHVWHL FXUEH HO YD RE LQH DFHHDúL

VDWLVIDF LH SULQ FRQVXP GDU YD FRQVXPD FDQWLW L GLIHULWH GLQ FHOH

GRX EXQXUL

ÌQFD]XOGHVFULVPDLVXVL H[SUHVLDXWLOLW LLHVWH

UT = f(x,y). (8.1)
3UHVXSXQkQG F  IXQF LD HVWH H[SOLFLWDW  vQ UDSRUW FX \ VH

RE LQHSHQWUX87 FWH[SUHVLDFXUEHLGHXWLOLWDWH

y = [f ] (x , ct ) .
−1
(8.2)

'HSLOG GDF  UT = 3 x ∗\2, iar UT = U0, avem:

y = U0 3
x . (8.3)

&XUED GH LQGLIHUHQ  SUH]LQW  SDWUX SURSULHW L GHILQLWH SH

PXO LPHDWXWXURUFXUEHORUGHLQGLIHUHQ DGLF SHQWUXWRDWHFXUEHOH

UH]XOWDWH GLQ FRQVLGHUHQWXO F  XWLOLW LL L VH SRDWH DWULEXL VXFFHVLY

XQú ir de valori ct1, ct2, …etc:

(i) FXUEHOH GH LQGLIHUHQ  VXQW GHVFUHVF WRDUH DGLF  GHSODVDUHD ILH

spre dreapta, fie spre stânga, de-a lungul unei curbe de

LQGLIHUHQ GHWHUPLQ GLPLQXDUHDFDQWLW LLFHOSX LQDXQXLDGLQ

EXQXULOH FH IRUPHD]  YHFWRUXO GH FRQVXP (fig. 13): deplasarea

96
 din A în B presupune reducerea lui y (y2 < y1 GXS  FXP

deplasarea din B în A presupune reducerea lui x (x1 < x2).

(ii) R FXUE  GH LQGLIHUHQ  HVWH VXSHULRDU  DOWHLD GDF  YDORDUHD

XWLOLW LL SULPHD ILH FW2 ) este mai mare decât a celei de-a doua
(fie ct1). Astfel, într-R SURLHF LH vQ SODQXO ED]HL D XQHL PXO LPL
GHFXUEHGHLQGLIHUHQ FHDFXRYDORDUHPDLPDUHDXWLOLW LLVH

YD J VL GHSODVDW  PDL VSUH GUHDSWD $VLPSWRWLVPXO OD D[H VH

FRQVHUY ILJ

y2 B
y1
A

C u4
y3
u2 u3
u1
x1x2 x3 x
)LJ$PSODVDUHDvQSODQXOED]HLDXQHLPXO LPLGHFXUEHGHLQGLIHUHQ

'DF  QRW P 8k N « FXUEHOH GH LQGLIHUHQ  DWXQFL

UHOD LDGHRUGLQHvQWUHXWLOLW LOHFDUDFWHULVWLFH8k = ctk este:

ct1 < ct2 < ct3 < ct4 <…

97
 $FHDVW  SURSULHWDWH VH SRDWH SURED SULQ IDSWXO F  SH RULFDUH

GRX  FXUEH GH LQGLIHUHQ  ILH 81 úL 82 VH SRDWH J VL FkWH XQ

punct (vector de consum), fie A pe U1 úL % SH U2, pentru care

VHSRDWHDU WDvQED]DSURSULHW LLYúLDFRQVHFLQ HORUHL

úLF YHFWRUXO%HVWHSUHIHUDWOXL$

'LQ ILJXUD  VH REVHUY  UHOD LD GH RUGLQH vQWUH FRPSRQHQWHOH

OXL$ úL% UHVSHFWLY[1 < x2 úL\1 < y2, astfel încât % $ úLGH

aceea, ct1 < ct2. Întrucât oricare alt punct C de pe U2 este

HFKLYDOHQW FX % GLQ SXQFW GH YHGHUH DO XWLOLW LL UH]XOW  F 

SURSULHWDWHD U PkQH DGHY UDW  FKLDU GDF  vQ FD]XO DFHVWXL

SXQFW & XQD GLQ FRRUGRQDWH QX PDL UHVSHFW  UHOD LD GH ordine
GHFDUHVHEXFXU SXQFWXO%DVWIHO\1 > y3.
(iii) FXUEHOH GH LQGLIHUHQ  DOH XQHL PXO LPL IDPLOLL GDWH QX VXQW

VHFDQWH ÌQ FD]XO vQ FDUH DU IL ILJXUD  DU vQVHPQD F 

YHFWRUXO $ FRUHVSXQ]kQG LQWHUVHF LHL FHORU GRX  FXUEH 81 úL

U2 DUH DFHHDúL XWLOLWDWH úL FX YHFWRUXO % UHVSHFWLY FW1 úL FX
vectorul C (respectiv ct2), ceea ce este imposibil atâta vreme
cât U2HVWHVXSHULRDU OXL81 (ct2 > ct1).

y1 A
C
y3
y2 U2
B U1
x1 x 2 x 3 x
)LJ&XUEHOHGHLQGLIHUHQ QXVHLQWHUVHFWHD]

98
(iv) RULFH FXUE  GH LQGLIHUHQ  HVWH FRQYH[  ILJ   FHHD FH GLQ

SXQFWGHYHGHUHJUDILFvQVHDPQ F RULFDUHDUILDUFXO$%HOVH

YD VLWXD VXE FRDUGD OXL FX H[FHS LD FHORU GRX  SXQFWH H[WUHPH

$ úL % $GLF  XQ SXQFW & GH SH FRDUGD $% VH YD DIOD SH DOW 

FXUE GHLQGLIHUHQ GHFkWFHDSHFDUHVHDIO $úL%VXSHULRDU 

acesteia.

y1
A

y3 C

B U2
y2
U1
x1 x3 x2 x

)LJ&RQYH[LWDWHDFXUEHLGHLQGLIHUHQ

'LQ SXQFW GH YHGHUH HFRQRPLF DFHDVWD vQVHDPQ  F  R

comELQD LH OLQLDU  D FRQVXPXULORU FDUDFWHULVWLFH YHFWRULORU GH

FRQVXP $ úL % FRQGXFH OD XQ DOW YHFWRU GH FRQVXP & SHQWUX

care utilitatea este mai mare, deoarece U2 este deplasat în

99
 dreapta lui U1 $OWIHO VSXV FRQVXPDWRULL SUHIHU  SDQHUH GH

produse ″echilibrate″FDQWLW LOHGHEXQXULLFXSULQVHvQ&VXQW

PDL DSURSLDWH GHFkW vQ FD]XO OXL $ úL % DGLF  UDSRUWXO GLQWUH

FHOH GRX  FDQWLW L HVWH PDL DSURSLDW GH  vQ FD]XO & GHFkW vQ

FD]XO$úL%

Pornind de la aceste rapoarte, vectorul de consum poate fi

interprHWDW FD R UH HW  VDX FDXQ YHFWRUGHFRQVXPXULVSHFLILFH

'H SLOG  SHQWUX D SUHJ WL R SU MLWXU  HVWH QHYRLH GH  J

I LQ J]DK URX OLQJXULGHXOHLHWF

Vp = (500, 200, 3, 3 etc)

HVWH R UH HW  GLQ FDUH QX UH]XOW  GLUHFW FRQVXPXO VSHFLILF

dHRDUHFH QX VH SUHFL]HD]  úL GH PXOWH RUL QLFL QX HVWH QHYRLH

V  VH SUHFL]H]H FkWH EXF L GH SU MLWXUL YRU LHúL 3UHVXSXQkQG

FD]XO FRQIHF LRQ ULL XQXL FRVWXP GH KDLQH E UE WHúWL KDLQ 

YHVW SDQWDORQLVXQWQHFHVDULPGHVWRI GHO LPHP

2 nasWXULPDULQDVWXULPLFLIHUPRDUPF SWXúHDO HWF

Vh = (3, 2, 10, 1, 3 etc.);

vectorul de consum este un vector de consumuri specifice,
GHRDUHFHILHFDUHFRQVXPVHUHIHU ODRXQLWDWHGHSURGXVILQLW

4.3. 5DWDPDUJLQDO GHVXEVWLWXLUH

Ca o consecin  D SURSULHW LL L D FXUEHORU GH LQGLIHUHQ 

ILJ  VH REVHUY  F  UDSRUWXO \[ VH PLFúRUHD]  SH P VXU FHQH

100
GHSODV P GH OD SXQFWXO $ OD SXQFWXO % úL FUHúWH GDF  GHSODVDUHD VH

IDFHvQVHQVLQYHUVGHOD%F WUH$

9DULD LD DFHVWXL UDSRUW DWXQFL FkQG YDULD LD OXL [ HVWH ∆x ,
H[SULP  P ULPHD UDWHL PDUJLQDOH GH VXEVWLWXLUH 506y/x DGLF 

YDULD LD OXL \ DWXQFL FkQG [ YDULD]  FX R XQLWDWH DVWIHO vQFkW

XWLOLWDWHD U PkQH DFHHDúL 'HRDUHFH YDULD LLOH OXL [ úL \ DX VHQVXUL

diferite (de exemplu ∆x  úL ∆y ! P ULPHD 506 YD IL

vQWRWGHDXQDQHJDWLY 

∆y
RMS y x = − (9.1)
∆x
În acest sens, RMSy/x DUDW  FX FkWH XQLW L DU WUHEXL P ULW

FRQVXPXOGLQ\SHQWUXDSXWHDPLFúR ra cu o unitate consumul din x,

DVWIHOvQFkWVDWLVIDF LDFRQVXPDWRUXOXLV U PkQ QHPRGLILFDW 

&RQVLGHUkQG H[SUHVLD FXUEHL GH LQGLIHUHQ  FRQIRUP 

DGLF  vQWU R IRUP  PDL VLPSOLILFDW  \

- I[ úL DFFHSWkQG F 

∆x → 0 , expresia RMSy/x devine:

506 = I ′([) , (9.2)


FHHDFHGLQSXQFWGHYHGHUHJUDILFUHYLQHODIDSWXOF 506HVWHGH

YDORDUHD WDQJHQWHLOD FXUED GHLQGLIHUHQ vQSXQFWXOvQFDUHVHIDFH

YDULD LDGHFRQVXPSHQWUX[3HQWUXRYDULD LHvQVHQ s invers, avem:

RMS x y = 1 RMS y x (9.3)

101
 5DWD PDUJLQDO  GH VXEVWLWXLUH DUH GRX  SURSULHW L

importante:
(i) SH P VXU  FH XQ EXQ HVWH VXFFHVLY úL FRQWLQXX vQORFXLW GLQ

FRQVXP UDWD PDUJLQDO  GH VXEVWLWXLUH D DFHVWXLD FUHúWH IL g.

17).
y
y6 F
y5 E

y4 D
y3 C
y2 B
y1 A

x 6x 5x 4 x 3 x 2 x1 x
)LJ&UHúWHUHDUDWHLPDUJLQDOHGHVXEVWLWXLUH

Presupunem succesiv vectorii de consum A(x1,y1),

B(x2,y2)…F(x6,y6 YHFWRUL FH VHPQLILF  vQORFXLUHD GLQ FRQVXP

DEXQXOXL[SULQIDSWXOF [1 >x2>…>x6 úL\1<y2<…<y6.

Grupând aceste SXQFWHGRX FkWHGRX SXWHPGHWHUPLQDWUHL

rate marginale de substituire a lui x prin y:

102
 ∆y B y 2 − y1
RMS1 = A
=
∆x B x 2 − x1
A

∆y D y 4 − y3
RMS2 = C
=
∆x D x 4 − x3
C

∆y F y6 − y5
RMS 3 = E
= ,
∆x F x6 − x5
E

pentru care avem RMS1<RMS2<RMS3.

'DF  OD FRQVXP HVWH vQORFXLW \ SULQ [ úL LQHP VHDPD GH

(9.3), rezulW   5063 <RMS2<RMS1 FHHD FH FRQILUP 

proprietatea în ambele sensuri de înlocuire la consum.

6HQVXO HFRQRPLF DO SURSULHW LL UH]LG  vQ IDSWXO F  SHQWUX

bunul scos în mod repetat din consum, apare sentimentul de

″fruct oprit″ FHHD FH vO GHWHUPLQ  SH FRQVXPDWRU V -l
compenseze pe primul cu o cantitate tot mai mare din cel de-al
doilea.
(ii) UDWD PDUJLQDO  GH VXEVWLWXLUH HVWH HJDO  FX UDSRUWXO LQYHUV DO

XWLOLW LORU PDUJLQDOH 3HQWUX DFHDVWD V  FRQVLGHU P IXQF LD GH

utilitate:
UT=UT(x,y), (10.1)
SHQWUXFDUHFDOFXO PXWLOLWDWHDPDUJLQDO WRWDO DGLF VSRUXOGH

103
XWLOLWDWH JHQHUDWGHFUHúWHUHDVLPXOWDQ DFRQVXPXOXLOXL[úL\

([SUHVLD DFHVWHLD HVWH GDW  GH GHULYDWD WRWDO  D IXQF LHL 87 úL

anume:
∂UT ∂UT
dUT = ⋅ dx + ⋅ dy (10.2)
∂x ∂y

'HRDUHFH QH VLWX PSH RFXUE GHLQGLIHUHQ DGLF 87 FW

úL LPSOLFLW G87  SXWHP VHOHFWD UDSRUWXO G\G[ FDUH HVWH GH

IDSWRIRUP DOXL506y/x . Astfel avem:

dy ∂UT ∂x UM x
RMS y x = − = = , (10.3)
dx ∂UT ∂y UM y

XQGHQXP U WRUXOúLQXPLWRUXOUHSUH]LQW GHULYDWHOHSDU LDOHDOH

IXQF LHL 87 vQ UDSRUW FX [ úL UHVSHFWLY \ DGLF  XWLOLW LOH

PDUJLQDOH vQ UDSRUW FX [ úL UHVSHFWLY \ FRQIRUP SURSULHW LL

LYDXWLOLW LLFDUGLQDOHUHOD LD

104
 CAPITOLUL 5

MODELUL DE OPTIM AL CONSUMATORULUI

&RQVXPDWRUXO XUP UHúWH V -úL VDWLVIDF  QHYRLOH GH FRQVXP

vQ FRQGL LLOH vQ FDUH GHPHUVXO V X HVWH LQIOXHQ DW GH PDL PXO L

factori:
- PXO LPHDEXQXULORUSHFDUHOHDUHvQYHGHUHSHQWUXFRQVXP

i ∈ B (i = 1,2,…,n úL FDUH GHWHUPLQ  VWUXFWXUD FDOLWDWLY  D

vectorului de consum vj = ||vij||;

- FDQWLW LOH FRQVXPDWH GLQ ILHFDUH EXQ úL FDUH GDX VWUXFWXUD

FDQWLWDWLY  D YHFWRUXOXL GH FRQVXP SULQ UDSRDUWHOH FDQWLWDWLYH

vpj / vqjSúLT∈ B;
- SUH XULOHXQLWDUHSi la care seSURFXU EXQXULOH i;
- VXPDGHEDQLGLVSRQLELO SHQWUXFRQVXP RúLFDUHvLGHILQHúWH
bugetul de consum;
- XWLOLWDWHD SH FDUH HO R FRQIHU  ILHF UHL XQLW L GR]H

consumate dintr-un anumit bun i úL SH FDUH úL R GRUHúWH

-
PD[LP 

Modelul de optim al consumatorului este:

max UT( v1 , v 2 ,..., v i ,..., v n ) (11.1)

105
 n

∑p
i =1
i ∗ vi = R (11.2)

1HFXQRVFXWHOH DFHVWXL PRGHO VXQW FDQWLW LOH Yi ce trebuie

DFKL]L LRQDWH GH FRQVXPDWRU ILH Yi * DVWIHO vQFkW HO V -úL FRQVXPH
vQWUHJXOEXJHWúLV -úLDVLJXUHPD[LPXPGHVDWLVIDF LH9DORULOH Yi*
IRUPHD] XQXOGLQYHFWRULLGHFRQVXPYjvQVSD LXOGHFRQVXP V.
3UREOHPDHVWHGHWLSRSWLPFXOHJ WXULRSWLPFXUHVWULF LLúL

VHVROX LRQHD] SULQFRQVWUXLUHDIXQF LHLODJUDQJHDQ/

 n

max L =  UT( v1 , v 2 ,..., v i ,..., v n ) + λ(R − ∑ p i ∗ v i ) ,
 i =1 
(11.3)
unde λHVWHSDUDPHWUXOOXL/DJUDQJH ∈ R+.
Pentru optim sunt necesare:
∂L
DFRQGL LLGHRUGLQXO, =0 i = 1,2,..,n
∂ vi

∂2L
EFRQGL LLGHRUGLQXO,, <0 i = 1,2,…n
∂ vi
2

ÌQ FH SULYHúWH FRQGL LLOH GH RUGLQXO ,, DFHVWHD VXQW

vQGHSOLQLWH GHRDUHFH GHULYDWHOH SDU LDOH GH RUGLQXO GRL DOH

lagrangeanului se reduc la derivatele de ordinul doi alH IXQF LHL GH

utilitate, întrucât termenul al doilea al lagrangeanului este liniar în
raport cu vi DúD vQFkW GHULYDWD OXL VHFXQG  HVWH ]HUR )XQF LD GH

106
XWLOLWDWH DUH SURSULHWDWHD Y UHOD LD DVWIHO vQFkW FRQGL LD GH

ordin doi pentru lagrangean este asLJXUDW 

ÌQFHSULYHúWHFRQGL LDGHRUGLQXO,DYHP

∂L
= UTv’i − λp i = 0 (11.4)
∂ vi
sau
UM Vi
UM Vi − λp i = 0→ λ = (11.5)
pi
5HOD LD  QH SHUPLWH V  IRUPXO P FRQGL LD GH RSWLP úL

aQXPHF UDSRDUWHOHvQWUHXWLOLWDWHDPDUJLQDO DILHF UXLEXQúLSUH XO

XQLWDU DO DFHVWXLD WUHEXLH V  ILH HJDOH 7RWRGDW  QH SHUPLWH V  G P

LQWHUSUHWDUHDHFRQRPLF DSDUDPHWUXOXL λúLDQXPHVSRUXOGHXWLOLWDWH

RE LQXWSULQFKHOWXLUHDXQHLXQLW LPRQHWDUHvQFD]XOVXSOLPHQW ULLFX

o unitate a consumului de produsul i. Inversul parametrului λ este

GHFL SUH XO SO WLW GH FRQVXPDWRU SHQWUX D úL VXSOLPHQWD XWLOLWDWHD SH
-
VHDPDFUHúWHULLFRQVXPXOXLGLQEXQXO DGLF XQSUH (VWHúLPRWLYXO
i
pentru care acest parametru nu poate fi negativ.

5.1. Dreapta bugetului

'UHDSWD EXJHWXOXL HVWH UH]XOWDWXO UHVWULF LHL GH EXJHW GH

FRQVXP 5 3HQWUX VLPSOLILFDUHD SUH]HQW ULL YRP FRQVLGHUD L   úL

YRPUHYHQLODQRWDUHDFDQWLW LORUFRQVXPDWHFX SHQWUXL

x úLFX

y pentru i ÌQDFHVWHFRQGL LLUHOD LDGHYLQH

107
 px · x + py · y = R (12.1)
px R
y=− ⋅x + , (12.2)
py py

FDUH SRDWH IL VFULV  FD HFXD LD RULF UHL GUHSWH \ = mx + n, în care
coeficientul unghiular al dreptei (panta) este m = -px / py, iar
ordonatar la origine n = R / py,QWHUSUHWDUHDHFRQRPLF DOXL n este
FDQWLWDWHD GH SURGXV  FDUH VH SRDWH SURFXUD GDF  EXJHWXO 5 VH

FKHOWXLHúWHLQWHJUDOSHQWUXDFHVWSURGXV'DF IDFHP\  → x=R / px

DúD vQFkW vQWU XQ SODQ [ \ GLVSXQHP GH GRX  SXQFWH 5Sx   úL
-
(0, R/pySULQFDUHVHSRDWHWUDV GUHDSWDEXJHWXOXLILJ

y
R/py
A
y1 ·1

·2 B
y2

x1 x2 R/px x
Fig. 18 Dreapta bugetului de consum

2ULFH SXQFW GH SH DFHDVW  GUHDSW  VH FDUDFWHUL]HD]  SULQ

IDSWXOF YDORDUHDFRQVXPXOXLHVWHDFHLDúLúLDQXPH5

R = px · x1 + py · y2 = px · x2 + py · y2
'H DVHPHQHD VH FDUDFWHUL]HD]  SULQ IDSWXO F  SUH]LQW 

DFHLDúLYDORDUHDSDQWHLúLDQXPH – px / py.

108
 'UHDSWD GHWHUPLQ  vQ SODQXO [ \ WUHL ]RQH GLQ SXQFW GH

vedere al consumului în raport cu R:

- zona de deasupra dreptei cu consumuri prea scumpe în raport
FXEXJHWXO5DúDFXPHVWHFRQVXPXOUHSUH]HQWDWSULQSXQFWXO

1 (fig. 18);
- zona de dedesubtul dreptei cu consumuri prea ieftine în raport
FXEXJHWXO5DúDFXPHVWHFRQV umul reprezentat prin punctul
2 (fig. 18);
- zona dreptei propriu-]LVH FX FRQVXPXUL ³L]REXJHWDUH´ DGLF 

FXDFHODúLEXJHW5

ÌQ FD]XO vQ FDUH YDORDUHD OXL 5 VH PRGLILF  vQ SODQXO [ \

vor apare mai multe drepte de buget, paralele (fig. 19) caracterizate
SULQUHOD LDGHRUGLQH51 < R2 <…..

R1 R2 R3 R4

x
Fig. 19 Familia dreptelor bugetului

109
 5.2. Punctul de consum optim

&DQWLW LOH[úL\GLQEXQXULOHúLFHSRWILSURFXUDWHFXXQ

EXJHW 5 GDW VXQW YDULDWH úL GHWHUPLQ  R PXO LPH GH YHFWRUL GH

consum vj= (xj , yjM «P$FHúWLYHFWRUL fac posibil pentru

FRQVXPDWRUV DFFHDG ODXWLOLW LGLIHULWH8Yj ).
'DF  QH UDSRUW P OD R FXUE  GH LQGLIHUHQ   FD vQ ILJ 

atunci planul (x, y) este separat în alte trei zone în raport cu

XWLOLWDWHDFDUDFWHULVWLF DFHVWHLFXUEHGHLQGLIHUHQ 

− ]RQ  GH GHDVXSUD FXUEHL GH LQGLIHUHQ  FX QLYHOH GH XWLOLWDWH

PDLPDULDúDFXPHVWHXWLOLWDWHDFDUDFWHULVWLF SXQFWXOXL

− ]RQ  GH GHGHVXEWXO FXUEHL GH LQGLIHUHQ  FX QLYHOH GH XWLOLWDWH

PDLPLFLDúDFXPHVWHXWLOLWDWHDFDUDFWHULVWLF SXQFWXOXL

− zona curbei propriu-]LVH FX FRQVXPXUL FH SUH]LQW  DFHLDúL

utilitate.
Astfel, unele consumuri sunt inaccesibile (cum sunt cele
UHSUH]HQWDWH SULQ SXQFWHOH  GLQ ILJ  úL  LDU DOWHOH

inacceptabile (cum sunt cele reprezentate prin punctele 2 din fig. 13

úL

Pentru determinarea punctului de consum optim este

VXILFLHQWV VXSUDSXQHPJUDILFHOHúLúLV GHSLVW PSXQFWXOGH

SH GUHDSWD GH EXJHW FDUH DVLJXU  DFFHVXO OD FHD PDL ³vQDOW ´ FXUE 

GHLQGLIHUHQ ILJ

110
 y

R/py

U5
U4
U3
U1 U2 U3 U4

R/px x
Fig. 20 Determinarea punctului de consum optim

%XJHWXO 5 DVLJXU  YHFWRUL GH FRQVXP FH FRQIHU  XWLOLW L

diferite pe toate nivelele de la U4 în jos. Nivelul de utilitate U5 este

LQDFFHVLELO SHQWUX XQ EXJHW GH P ULPHD 5 $VWIHO FRQVXPXULOH

UHSUH]HQWDWH SULQ SXQFWHOH  úL  FRQIHU  R XWLOLWDWH 82 , cele

UHSUH]HQWDWH SULQ SXQFWHOH  úL  R XWLOLWDWH 83
, iar cel reprezentat
prin punctul 5 o utilitate U4([LVW HYLGHQWúLSXQFWHGHFRQVXPFX

utilitatea U1). Deoarece U4 >U3 > U2 > U1 consumatorul alege

pentru consum punctul 5, care este punct de consum optim. Acesta

111
VH FDUDFWHUL]HD]  SULQ IDSWXO F  DUH R SDQW  – px/py pe dreapta de
FRQVXPFRQIRUPúLRUDW PDUJLQDO GHVXEVWLWX LHGHP ULPH

–UMx/UMyFRQIRUPDVWIHOvQFkWUH]XOW 

px UM x
RMS y / x = - =- , (13)
py UM y

GLQFDUHUH]XOW SHQWUXFD]XOSDUWLFXODUL UHOD LD

3HQWUX SXQFWXO GH FRQVXP RSWLP UDWD PDUJLQDO  GH

VXEVWLWXLUH HVWH HJDO  FX UDSRUWXO SUH XULORU XQLWDUH úL FX UDSRUWXO

XWLOLW LORUPDUJLQDOH

9DULD LDSXQF tului optim de consum

vQUDSRUWFXYDULD LDEXJHWXOXLGHFRQVXP

'DF  EXJHWXO GH FRQVXP YDULD]  DWXQFL DYHP R IDPLOLH GH

bugete de consum (fig. 19) care permit accesul la diferite nivele de

XWLOLWDWHPDLPDULSHP VXU FHEXJHWXOHVWHPDLPDUHILJ .
0XO LPHDSXQFWHORUGHFRQVXPRSWLP$%&'«SHQWUX

fiecare buget de consum R1 < R2 < R3 < R4 < …GHWHUPLQ FXUEDGH

YDULD LHDFRQVXPXOXLRSWLPvQUDSRUWFXEXJHWXOGHFRQVXPQXPLW 

curba consum-venit.
3XQFWHOH GH FRQVXP RSWLP VH FDUDFWHUL]HD]  SULQ FUHúWHUHD

FDQWLW LORUFRQVXPDWHDWkWGLQEXQXOFkWúLGLQEXQXO

112
 y

Curba consum-venit

B
U4
A
R3 R4
R2 U3
R1 U2
U1

Fig. 21 Curba consum-venit x

xA < xB < xC < xD úL VLPXOWDQ \ A< yB < yC < yD OXFUX ILUHVF GDF 

LQHP VHDPD GH IDSWXO F  EXJHWXO GH FRQVXP D FUHVFXW $VWIHO GH

bunuri se zic QRUPDOH (VWH SRVLELO vQV  FD SHQWUX XQ FRQVXPDWRU

FUHúWHUHD YHQLWXOXL V  PRGLILFH UDSRUWXO GH ³QRUPDOLWDWH´ vQWUH

EXQXULDVWIHOvQFkWSHP VXU FHEXJHWXOV XGHFRQVXPFUHúWHXQXO

GLQEXQXULHVWHDSUHFLDWFDLQIHULRUvQUDSRUWFXFHO ODOW

113
y

Curba consum-venit
x = bun inferior

U2

B U4
A R3 R4
R1 U3
R2
U1
xAxDxCxB
x

y U3
U4

U2

U1

R4
yC C
yB Curba consum-venit
B R3
yD D y = bun inferior
yA A
R2
R1

Fig. 22 Curba consum-venit în cazul unor bunuri inferioare

114
În acest caz curba consum-YHQLW HVWH GHYLDW  PDL SXWHUQLF VSUH

VWkQJD vQ FD]XO FkQG EXQXO  HVWH FRQVLGHUDW LQIHULRU úL FRQVXPXO

V X x YD VFDGH RGDW  FX FUHúW erea bugetului de consum) sau spre
GUHDSWD vQ FD]XOFkQG EXQXO  HVWHFRQVLGHUDW LQIHULRU úL FRQVXPXO

V X YDVFDGHRGDW FXFUHúWHUHDEXJHWXOXLGHFRQVXPILJ

y

9DULD LDSXQFWXOXLRSWLPGHFRQVXPvQUDSRUW

FXYDULD LDSUH XULORUXQLWDUHDOH bunurilor consumate

9RPFRQVLGHUDXQEXJHWGHFRQVXPGDW5úLL LDUSUH XO

pxDOEXQXOXLVHPRGLILF  px1 > px2 > px3 > …

ÌQ DFHVW IHO FDQWLWDWHD FH VH YD DFKL]L LRQD GLQ EXQXO  vQ

FD]XOFkQGVHDFKL]L LRQHD] QXPDLDFHVWEXQYDU PkQHFRQVWDQW 

la valoarea R/py vQ WLPS FH vQFD]XO FkQG VH DFKL]L LRQHD]  QXPDL

1
GLQ EXQXO  FDQWLWDWHD FXPS UDW  YD FUHúWH 5Sx < R/px2 <
<R/px3…, astfel încât în planul (x, y) va apare un fascicul de drepte
de buget toate având ca punct comun punctul (0, R/py) (fig. 23).
ÌQ FD]XO UHGXFHULL SUH XOXL XQLWDU DO EXQXOXL  FDQWLW LOH

FRQVXPDWH GLQ HO FUHVF UDSRUWXO SUH -FDQWLWDWH FRQVXPDW  HVWH

invers) astfel încât consumatorul accede la nivele de utilitate tot

PDL PDUL 0XO LPHD SXQFWHORU de consum optim A, B, C, D etc.
IRUPHD]  curba consum-SUH .

115
 U1 U2 U3 U4
y
Curba consum-SUH

R/py

yD D

yC A C
yA B
yB

xA R/px1 xB xC R/px2 xD R/px3 x

Fig. 23 Curba consum-SUH

Pentru aceast  PXO LPH GH SXQFWH DYHP [A < xB < xC < xD
FHHDFHHVWHILUHVFGLQFDX]DUHGXFHULLSUH XOXLSx , în schimb pentru
cel de-DOGRLOHDEXQHYROX LDHVWHRVFLODQW VFDGHGHOD$OD%DSRL

FUHúWH 5HGXFHUHD SUH XOXL EXQXOXL  vQ WLPS FH SUH XO EXQXOXL 

U PkQHQHVFKLPEDWPRGLILF DSUHFLHUHDSHFDUHFRQVXPDWRUXORG 

DFHVWXLD GLQ XUP  I FkQGX O ³PDL VFXPS´ vQ UDSRUW FX SULPXO úL
-
modificând astfel raportul de substituire dintre ele.
3H GH DOW  SDUWH LHIWLQLUHD EXQXOXL  GHWHUPLQ  R FUHúWHUH D

SXWHULL GH FXPS U are a consumatorului în raport cu acest bun, ceea

116
FH vQVHDPQ  R FUHúWHUH vQ WHUPHQL UHDOL DL SXWHULL GH FXPS UDUH D

bugetului de consum.
5H]XOW  F  PRGLILFDUHD SUH XOXL OD XQ EXQ LQGXFH SHQWUX

FRQVXPDWRUGRX HIHFWHXQ efect de venitFUHúWHUHDvQWHUPHni reali

D EXJHWXOXL úL XQ HIHFW GH VXEVWLWX LH (modificarea raportului de
înlocuire a unui bun prin altul).

(IHFWXOGHVXEVWLWXLUHúLHIHFWXOGHYHQLW

Efectul de substituire P VRDU  YDULD LD FDQWLW LLFRQVXPDWH

din fiecare bun ca rezultat exclusiY DO PRGLILF ULL UDSRUWXOXL vQWUH

SUH XULOHXQLWDUHDGRX EXQXULSUHVXSXQkQGF DJHQWXOFRQVXPDWRU

nu-úLPRGLILF RS LXQHDSULYLQGXWLOLWDWHDWRWDO PD[LP SHFDUHHOR

SRDWH RE LQH vQ VLWXD LD FHD PDL IDYRUDELO  UH]XOWDW  SHQWUX HO vQ

DFHDVW vPSUHMXUDU e.
Efectul de venitH[SULP LQIOXHQ DPRGLILF ULLYHQLWXOXLUHDO

DO FRQVXPDWRUXOXL úL HVWH HYLGHQ LDW  SULQ PRGLILF ULOH LQWHUYHQLWH

FD UH]XOWDW DO DFFHV ULL XQXL DOW QLYHO GH XWLOLW L XQHL DOWH FXUEH GH

LQGLIHUHQ 

5.5.1. Cazul bunurilor normale

Sunt bunuri pentru care modificarea consumului lor se
SURGXFHVWULFWvQVHQVLQYHUVGHFkWPRGLILFDUHDSUH XOXLILJ

117
 U1 U2
y

R/py

yB B

yA
A
C
yC
3

1
2

xA xB xC R/px1 R/px2 x
Fig. 24 EfectuOGHVXEVWLWXLUHúLYHQLWSHQWUXXQEXQ³QRUPDO´

1
&RQVLGHU PVLWXD LD vQFDUHSUH XO EXQXOXL VFDGH Sx > px2
astfel încât acest bun devine mai atractiv pentru consumator.
'UHDSWDEXJHWXOXLVHVFKLPE GLQvQúLIDFHSRVLELODFF esul la o
XWLOLWDWH VXSHULRDU  82 > U1 'HRDUHFH SXWHUHD GH FXPS UDUH D

FRQVXPDWRUXOXL D FUHVFXW SULQ DFHDVW  UHGXFHUH GH SUH  HO DUH XQ

EXJHW UHDO GH FRQVXP PDL PDUH DGLF  HVWH FD úL FXP HODU DYHD XQ

EXJHW QRPLQDO PDL PDUH vQ FRQGL LLOH vQ FDUH SUH XUL le nu s-ar fi
PRGLILFDW 'UHDSWD DFHVWXL EXJHW HVWH  SDUDOHO  FX  GDWRULW 

LSRWH]HLF  UDSRUWXOvQWUHSUH XULDUILU PDVQHPRGLILFDW3ULQ DFHVW

118
EXJHWPDLPDUHFRQVXPDWRUXOSRDWHDFFHVDXWLOLWDWHDVXSHULRDU 82 ;
DFHDVW  XWLOLWDWH úL QX DOWD PDL PDUH GHRDUHFH HD UHSUH]LQW 

PD[LPXP GH XWLOLWDWH OD FDUH SRDWH VSHUD FXPS U WRUXO vQ

vPSUHMXUDUHDIDYRUDELO F SUH XOEXQXOXLV -a redus.

0RGLILFDUHDRSWLPXOXLFRQVXPXOXLvQDFHDVW VLWXD LHDUHORF

SULQWUHFHUHDGLQSXQFWXO$vQ%úLDSRLvQ&

− trecerea din A vQ % vQVHDPQ  HIHFW GH YHQLW SHQWUX EXQXO  úL

UHVSHFWLYDF URUP ULPHHVWH

EV1 = xB – xA > 0 EV2 = yB – yA > 0

− WUHFHUHD GLQ % vQ & vQVHDPQ  HIHFW GH VXEVWLWXLUHSHQWUX EXQXO

úLUHVSHFWLYDF URUP ULPHHVWH

ES1 = xC – xB > 0 EV2 = yC – yB < 0

− HIHFWXO WRWDO UH]XOWDW GLQ PRGLILFDUHD GH SUH  SHQWUX EXQXO 

este:
ET1 = EV1 + ES1 > 0 ET2 = EV1 + ES2 < 0
Efectul de substituire pentru bunul 1 este pozitiv, în mod
ILUHVF GHRDUHFH SUH XO XQLWDU DO DFHVWXL SURGXV D VF ]XW WRW DúD VH

H[SOLF  YDORDUHD QHJDWLY  SHQWUX HIHFWXO GH VXEVWLWXLUH OD EXQXO 

s-a produs înlocuirea în consum a bunului 2 cu bunul 1 deoarece

SUH XODFHVWXLDGLQXUP V DPLFúRUDW(IHFWXOWRWDOGHVXEVWLWXLUHvQ
-
H[HPSOXO OXDW HVWH QHJDWLY I U  vQV  FD DFHDVWD V  ILH R UHJXO 

Totul depinde de raportul de ordine între valorile absolute ale lui

(9úL(6

119
− GDF _(9_!_(6_ → ET > 0 (14.1)
− GDF _(9__(6_ → ET < 0 (14.2)
− GDF _(9_ _(6_ → ET = 0 (14.3)
MeULW  PHQ LRQDW F  vQ FD]XO GLPLQX ULL SUH XOXL XQXL EXQ

FHOH GRX  HIHFWH (9 úL (6 SHQWUX FHO GH -al doilea bun vor fi
vQWRWGHDXQD GH VHPQH FRQWUDUH GXS  FXP vQ FD]XO PDMRU ULL

SUH XOXLXQXLEXQFHOHGRX HIHFWH(9úL(6SHQWUXUHVSHFWLYXOEXQ

vor fi, de asemenea, de semne contrare. Referitor la efectele

PRGLILF ULL SUH XOXL XQLWDU SRW IL IRUPXODWH XUP WRDUHOH UHJXOL

generale:
(i) efectul de substituire este întotdeauna negativ pentru
EXQXODOF UXLSUH FUHúWHúLSR]LWLYSHQWUXFHO ODOWEXQ

(ii) efectul de substituire este întotdeauna pozitiv pentru bunul

DOF UXLSUH VFDGHúLQHJDWLYSHQWUXFHO ODOWEXQ

(iii) HIHFWXO GH YHQLW HVWH vQWRWGHDXQD QHJDWLY FkQG SUH XO XQXL

EXQ FUHúWH GHRDUHFH vQ FD]XO XQRU EXQXU i normale)

FRQVXPXO VFDGH GDF  EXJHWXO UHDO GH FRQVXP VH

GLPLQXHD] 

(iv) HIHFWXO GH YHQLW HVWH vQWRWGHDXQD SR]LWLY FkQG SUH XO XQXL

bun scade, deoarece (în cazul unor bunuri normale)

FRQVXPXOFUHúWHGDF EXJHWXOUHDOGHFRQVXPFUHúH

120
 (v) efectul total este negativ SHQWUX EXQXO DO F UXL SUH  D

FUHVFXWGDUSRDWHDYHDRULFHVHPQSHQWUXFHO ODOWEXQ

- 14.3);
(vi) HIHFWXO WRWDO HVWH SR]LWLY SHQWUX EXQXO DO F UXL SUH  VFDGH

GDUSRDWHDYHDRULFHVHPQSHQWUXFHO ODOWEXQ – 14.3).

5HOD LD GLQWUH FHOH GRX  EXQXUL SRDWH IL FDOLILFDW  vQ IXQF LH

GHVHQVXOGHYDULD LHDOHIHFWXOXLWRWDODOORU

− vQ FD]XO FUHúWHULL GH SUH  OD XQ EXQ HIHFWXO WRWDO DVXSUD

FRQVXPXOXL V X HVWH QHJDWLY GDF  HIHFWXO WRWDO SHQWUX FHO GH -al

doilea bun este tot negativ atunci se zice despre acesWD F 

SUH]LQW RFRPSOHPHQWDULWDWHODUJ vQUDSRUWFXSULPXODFHODúL

OXFUX úL vQ FD]XO UHGXFHULL GH SUH  OD XQ EXQ GDF  HIHFWXO WRWDO

pentru cel de-al doilea este pozitiv;

− vQ FD]XO FUHúWHULL GH SUH  OD XQ EXQ HIHFWXO WRWDO DVXSUD

FRQVXPXOXL V X HVWH QHJDWLY GDF  HIHFWXO WRWDO SHQWUX FHO GH -al

GRLOHDEXQHVWHSR]LWLYDWXQFLVH]LFHGHVSUHDFHVWDF SUH]LQW R

VXEVWLWXLELOLWDWHODUJ vQUDSRUWFXSULPXODFHODúLOXFUXvQFD]XO

UHGXFHULL GH SUH  OD XQ EXQ GDF  HIHFWXO WRWDO SHQWUX FHO GH -al
doilea bun este negativ – VH ]LFH F  SULPXO EXQ HVWH ODUJ

substituibil în raport cu al doilea.

121
 5.5.2. Cazul bunurilor inferioare
%XQXULOHLQIHULRDUHVXQWFHOHDOF URUFRQVXPHVWHDIHFWDWGH

XQ HIHFW GH YHQLW SR]LWLY vQ FD]XO FkQG SXWHUHD GH FXPS UDUH D

consumatorului VH GLPLQXHD]  ÌQ FD]XO DFHVWRU EXQXUL FUHúWHUHD

SUH XOXL ORU DQWUHQHD]  XQ HIHFW GH VXEVWLWXLUH QHJDWLY 6H GLVWLQJ

GRX FDWHJRULLGHEXQXULLQIHULRDUH

− VLPSOH FkQG FUHúWHUHD SUH XOXL ORU GHWHUPLQ  R UHGXFHUH D

consumului acestora (fig. 25)

y
U2
R/py
U1
yB B

A
yA

yC
C

xB xC R/px2 xA R/px1 x

)LJ(IHFWXOGHVXEVWLWXLUHúLGHYHQLWSHQWUXXQ

bun inferior simplu

− GH WLS *,))(1 FkQG SUH XO úL FDQWLWDWHD HYROXHD]  vQ DFHODúL

sens (fig. 26).

122
 y
U2

R/py

B
yB

A
yA

yC C
U1
xB xA xC R/px2 R/px1 x
)LJ(IHFWXOGHVXEVWLWXLUHúLGHYHQLWSHQWUXXQEXQ

inferior GIFFEN

1
3HQWUX XQ EXQ LQIHULRU VLPSOX FUHúWHUHD SUH XOXL GH OD Sx la
2
px  GHWHUPLQ  R PRGLILFDUH D SXQFWXOXL GH RSWLP GLQ $ vQ &

(trHFkQG SULQ % &UHúWHUHD SUH XOXL GHWHUPLQ  R UHGXFHUH D

consumului. Efectul total asupra consumatorului este similar ca

pentru un bun normal, ca rezultat al unui efect de substituire
QHJDWLY úL D XQXL HIHFW GH YHQLW SR]LWLY GDU PDL PLF vQ YDORDUH

absolut GHFkWFHOGHVXEVWLWXLUH3HQWUXFHOHGRX EXQXULDYHP

ES1 = xB – xA < 0 ES2 = yB – yA > 0

EV1 = xC – xB > 0 EV2 = yC – yB < 0
ET1 = xC – xA < 0 ET2 = yC– yA < 0

123
 %XQXOSUH]LQW FRPSOHPHQWDULWDWHODUJ vQUDSRUWFXEXQXO

1, deoarece ca efect al creúWHULL SUH XOXL OD EXQXO  PRGLILFDUHD

WRWDO GHFRQVXPHVWHQHJDWLY SHQWUXDPEHOHEXQXUL

Bunurile inferioare GIFFEN au fost definite de economistul

HQJOH] 6LU 5 *,))(1 vQ D GRXD MXP WDWH D VHF ;,; SH ED]D

studiului consumului în familiile irlandeze la mijlocul sec. XIX.

6XQW EXQXUL GH VWULFW  QHFHVLWDWH PDL DOHV DOLPHQWDUH D F URU

SRQGHUH vQ FKHOWXLHOLOH GH FRQVXP HVWH PDUH PDL FX VHDP  FkQG

YHQLWXO FRQVXPDWRUXOXL HVWH PLF &UHúWHUHD SUH XULORU OD DVWIHO GH

EXQXUL vO IDFH SH FRQVXPDWRU V  DIHFWH]H F onsumului lor

TXDVLWRWDOLWDWHD YHQLWXULORU VDOH &D UH]XOWDW HVWH SRVLELO  FUHúWHUHD

FRQVXPXOXLDWXQFLFkQGSUH XOORUVHP UHúWH3HQWUXEXQXOLQIHULRU

1
GH WLS *,))(1 FUHúWHUHD SUH XOXL GH OD Sx la px2 GHWHUPLQ  R

modificare a punctului de consum optim din A în C (trecând prin

%(IHFWHOHSHQWUXFHOHGRX EXQXULVXQW

ES1 = xB – xA < 0 ES2 = yB – yA > 0

EV1 = xC – xB > 0 EV2 = yC – yB < 0
ET1 = xC – xA < 0 ET2 = yC– yA < 0

5.6. Modelul dinamic al consumatorului

Modelul dinamic presupune luarea în considerare a
IDFWRUXOXL WLPS úL GHILQLUHD XWLOLW LL LQWHUWHPSRUDOH DVXSUD F UHLD

124
UHYHQLP vQ FDS  8WLOLWDWHD LQWHUWHPSRUDO  SUHVXSXQH

GHWHUPLQDUHD SUHIHULQ HORU FRQVXPDWRUXOXL vQWUH FRQVXPXO SUH]HQW

úLFHOYLLWRU $VWIHOYRPFRQVLGHUD GRX PRPHQWHGL stincte în timp

W   úL W   SHQWUX FDUH VH FXQRVF YHQLWXULOH FRQVXPDWRUXOXL

respectiv V0 úL 91 SUHFXP úL QLYHOXO JHQHUDO DO SUH XULORU SHQWUX
bunurile consumate p0úLS1. Volumul consumului, necunoscut, este
C0 úL UHVSHFWLY &1LDUIXQF LD GH XWLOLWDWH LQWHUWHPSRUDO  8&0 , C1).
)DFWRUXOGHDFWXDOL]DUHvQWUH FHOHGRX  PRPHQWHHVWH GXQGH d
HVWH R UDW  GH DFWXDOL]DUH FH DU SXWHD IL GH H[HPSOX UDWD GREkQ]LL

compuse pentru intervalul [0,1].

&RPSRUWDPHQWXO FRQVXPDWRUXOXL VH VFKLPE  GH OD XQ

moment la altul, astfel:

− OD PRPHQWXO W   FRQVXPDWRUXO UHDOL]HD]  R HFRQRPLH (0 din
venitul încasat, cu gândul de a-úL FRPSOHWD FRQVXPXO vQ

momentul 1;
− OD PRPHQWXO W   FRQVXPDWRUXO QX PDL HFRQRPLVHúWH FL vúL

FRQVXP  vQWUHJXO YHQLW FD úLHFRQRPLLOH úL VXUSOXVXO de valoare

RE LQXWvQWLPSSHVHDPDDFHVWRUD

Un astfel de comportament poate fi întâlnit la un

FRQVXPDWRU FH GRUHúWH V  HIHFWXH]H OD XQ PRPHQW GDW R DFKL]L LH

LPSRUWDQW  PRELO  XQ WHUHQ SHQWUX R FDV  GH YDFDQ  XQ LPRELO

125
care s-ar vinde cash etc.) sau OD XQ FRQVXPDWRU FDUH vúL SUHJ WHúWH

XQVXUSOXVSHQWUXFRQVXPXOGHGXS SHQVLRQDUH

Modelul dinamic al consumatorului poate fi conceput, din

SXQFWGHYHGHUHDOLPSDFWXOXLSHFDUHvODXSLH HOHILQDQFLDUHILHvQ

YDULDQWD XWLOL] ULL QXPDL D SRVLELOLW LORU RIHULWH GH SLD D

PRQHWDU  ILH vQ YDULDQWD XWLOL] ULL VLPXOWDQH FXPXODWLYH D

SRVLELOLW LORURIHULWHúLGHSLD DPRQHWDU úLGHSLD DFDSLWDOXULORU

0RGHOXOGLQDPLFDOFRQVXPDWRUXOXLFXSLD PRQHWDU

În acest caz, structura modelului este:

− func LDGHXWLOLWDWHmaxUT = maxU(C0, C1) (15.1)
− HFXD LDYHQLWXOXLODW 90 = p0C0 + E0 (15.2)
− HFXD LDFRQVXPXOXLODW S1
C1 = V1 + (1 + d)E0 (15.3)
6ROX LDRSWLP VHRE LQHvQFk LYDSDúL

− HOLPLQ PSH(vQWUHúL 5.3):

E0 = V0 – p0C0
p1C1 = V1 + (1 + d)(V0 – p0C0) (15.4)
− FRQVWUXLPODJUDQJHDQXOGLQúL

max L = max {U(C0,C1) + λ[-p1C1 – (1+d)p0C0 + V1 + (1+d)V0]}

(15.5)

126
− GLQ FRQGL LLOH GH RUGLQXO , SHQWUX H[WUHPXO IXQF LHL 

UH]XOW 

λ = U’C0 / p0(1+d) = U’C1 /p1 (15.6)

FRQGL LH VLPLODU  OXL  FDUH FDUDFWHUL]HD]  PRGHOXO VWDWLF DO

consumatorului (11.1 – 11.2), model ce-úLSURSXQHRVROX LHRSWLP 

privind structura pe produse a consumului la un moment dat. Este

GH REVHUYDW F  vQ FD]XO PRGHOXOXL GLQDPLF SUH XULOH VXQW

considerate la momentul 1. Astfel, p0G GLQ  UHSUH]LQW 

valoarea acWXDOL]DW ODPRPHQWXODSUH XOXLGLQSHULRDGDW 

8Q UH]XOWDW LQWHUHVDQW VH RE LQH vQ FD]XO vQ FDUH IXQF LD GH

XWLOLWDWHLQWHUWHPSRUDO HVWHGHIRUPD&REE -Douglas:

max UT = max a ∗ C α0 ∗ C1β (15.7)

unde a, α úL β sunW SDUDPHWULL SR]LWLYL VHPQLILFD LD HFRQRPLF  D

H[SRQHQ LORU ILLQG GH HODVWLFLW L YH]L FDS  8UP ULQG SURFHGXUD

SUH]HQWDW PDLVXVVHRE LQH

α V V (1 + d ) −1 
C0 = ∗ 0 + 1  (15.8)
α + β  po p0 

β  V (1 + d ) V1 
C1 = ∗ 0 +  (15.9)
α + β  p1 p1 

3DUDQWH]HOH GUHSWH GLQ  úL  DX VHQVXO YHQLWXOXL

real al consumatorului pe ansamblul timpului considerat. În (15.8)

127
este un venit real exprimat prin actualizarea la t = 0, deoarece
V1(1+d)-1HVWHYDORDUHDSUH]HQW DYHQLWXOXLYLLWRU91 ; în (15.9) este
un venit real exprimat la t = 1, deoarece V0(1+d) este valoarea
viitoare a venitului prezent V0.
&RQVXPXOILHF UHLSHULRDGHHVWHRFRW GLQYHQLWXOUHDOWRWDO

FRW  UHSUH]HQWkQG SRQGHUHD SH FDUH R DUH HODVWLFLWDWHD XWLOLW LL vQ

raport cu consumul perioadei (α sau βID GHHODVWLFLWDWHDWRWDO D

XWLOLW α+β
LL

&RQVXPXO ILHF UHL SHULRDGH VH REVHUY  F  HVWH GLUHFW

SURSRU LRQDOúLFXFRWDPHQ LRQDW úLFXYHQLWXOUHDOWRWDO

5.6.2. Modelul dinamic al consumatorului cu

SLD PRQHWDU úLGH capital
În acest caz, structura modelului este :
− IXQF LDGHXWLOLWDWH maxUT = maxU(C0, C1) (16.1)
− HFXD LDYHQLWXOXLODW 90 = p0C0 + E0 + I0 (16.2)
− HFXD LDFRQVXPXOXLODW S1 C1 = V1 + (1 + d)E0+ F1 (16.3)
− IXQF LDIOX[XULORUSR]LWLYHGHYHQLWODW )1 = f(I0), (16.4)
unde I0 LQYHVWL LLOHHIHFWXDWHODW úLFDUHYRUDVLJXUDIOX[XUL

pozitive la t = 1.
6ROX LD R RE LQHP GXS  DFHHDúL SURFHGXU  vQ SDúL YH]L

5.6.1) considerând îQV FDYDULDELO úLSH,o :

128
 λ = U ’C1 / p1 = U ’C0 / p 0 ∗ (1 + d ) , (16.5)

UHOD LH vQ FDUH VH REVHUY  F  SUH XULOH VXQW FRQVLGHUDWH OD W  

deoarece po * (1+d) este valoarea viitoare a lui po.

&RQGL LDGHH[WUHPOHJDW GHYDULDELODLQYHVWL LHHVWH

f ’(I0) – (1+d) = 0 ⇒ f ’(I0) = (1+d), (16.6)

GLQ FDUH UH]XOW  F  LQYHVWL LD HVWH RSWLP  vQ VHQVXO F  IOX[XO

ILQDQFLDU SR]LWLY DGXV GH HD HVWH PD[LP DWXQFL FkQG HILFLHQ D HL

PDUJLQDO  DGLF  YHQLWXO PDUJLQDO WRWDO DO LQYHVWL LHL FRLQFLGH ca

P ULPHFXIDFWRUXOGHIUXFWLILFDUHGHILQLWGHSLD DPRQHWDU 

6 FRQVLGHU PvQPRGHOXO –RIXQF LHGHXWLOLWDWH

DGLWLY GHIRUPD

1
UT = U(C0) + U ( C1 ) , (17.1)
1+ t
vQFDUHWHVWHUDWDGHSUHIHULQ SULQIDFWRUXOWLPS&XFkW t este mai
PDUH FX DWkW SUHIHULQ D SHQWUX SUH]HQW HVWH PDL PLF  'H SLOG 

SHQWUXW UH]XOW F RXQLWDWHGHXWLOLWDWHGLVSRQLELO vQYLLWRUHVWH

HFKLYDOHQW FX  XQLW L GH XWLOLWDWH vQ SUH]HQW GDF  W   DWXQFL

SUHIHULQ DSHQWUXSUH]HQWHVWHÌQPRGRELúQXLW

(1/(1 – t)) ∈&RQGL LDGHRSWLPGHYLQH

1+ t
U ’C1 / p1 = ( U ’Co / p 0 ) ∗ (17.2)
1+ d

129
 ÌQ  UDSRDUWHOH GH IRUPD 80S UHSUH]LQW  LQYHUVXO

FRVWXOXLPDUJLQDODOXWLOLW LLDVWIHOvQFkWUDSRDUWHOHS80 sunt chiar

FRVWXULOH PDUJLQDOH &80 5DSRUWXO vQWUH GRX  DVWIHO GH FRVWXUL

este indicele acestui cost, din care se poate determina rata lui de
FUHúWHUH$YHP

1+ d
(p1 / U ’C1 ) /(p 0 / U ’C0 ) = (17.3)
1+ t
d−t
rata CUM = (17.4)
1+ t
astfel încât:
− dDF G > t →FUHúWHUHDFRVWXOXLXWLOLW LLPDUJLQDOH

− GDF GW →UHGXFHUHDFRVWXOXLXWLOLW LLPDUJLQDOH

− FX FkW UDWD GH SUHIHULQ  WHPSRUDO  HVWH PDL PLF  DGLF 

SUHIHULQ D SHQWUX SUH]HQW FUHúWH FX DWkW FRVWXO XWLOLW LL

PDUJLQDOHFUHúWHPDLUHSHGH

− cu FkW UDWD GH SUHIHULQ  WHPSRUDO  HVWH PDL PDUH DGLF 

SUHIHULQ D SHQWUX SUH]HQW VFDGH FX DWkW FRVWXO XWLOLW LL

marginale scade mai repede.

'LQUHOD LDSRDWHILVHSDUDW&1 :
-1
C1 = [U’] (g(C0)), (17.5)
unde:[.]-1 HVWHIXQF LDLQYHUV

130
 p1 1 + p
g (C 0 ) = U ’C0 ⋅ ⋅
p0 1 + d
Înlocuind C1 în (16.3) în care s-D vQORFXLW úL (o conform
VHRE LQHRHFXD LHvQ&o :

[U’]−1 (g(C 0 )) + p 0 (1 + d) C 0 = V1 + V0
−1
+ [f (I 0 ) − I 0 (1 + d )]
1
p1 p1 p 0 (1 + d ) p1
(17.6)
GLQFDUHVHRE LQH nivelul de optim de consum pentru t = 0, fie Co*,
*
FXFDUHVH RE LQHGLQ&1 . Nivelele de optim de consum sunt
GHSHQGHQWHGHWR LSDUDPHWULLPRGHOXOXL

6  SUHVXSXQHP SHQWUX XWLOLWDWH IXQF LD FHD PDL X]XDO 

ORJDULWPXOQDWXUDODGLF 

1
UT = ln C 0 + ln C1 (18.1)
1+ t
FRUHOD LDGHRSWLPGHYLQH

1 1 1+ t
= ∗
p 1C1 p 0 C 0 1 + d
5DWD GH FUHúWHUH D FRVWXOXL PDUJLQDO HVWH GH IRUPD ,C ∗ Ip unde Ic
este indicele consumului fizic, iar Ip LQGLFHOH SUH XULORU 5H]XOW F 

indicele consumului fizic este:

1+ d 1
IC = ∗ (18.2)
1+ t Ip

131
 'DF H[SULP PLQGLFHOHSUH XULORUSULQUDWDLQIOD LHL, = 1+ ri,
p

atunci
1+ d
IC = , (18.3)
(1 + t )(1 + ri)
GLQFDUHUH]XOW F UDSRUWXOvQWUHFRQVXPXULOHFHORUGRX PRPHQWH

W   úL W   GHSLQGH GH UDWD GH DFWXDOL]DUH G GH UDWD SUHIHULQ HL

LQWHUWHPSRUDOHWúLGHUDWDLQIOD LHLUL

− GDF  UDWD GREkQ]LL FUHúWH FRQVXPXO SUH]HQW VH GLPLQXHD]  vQ

IDYRDUHDFHOXLYLLWRUGHRDUHFHH[LVW WHQWD LDHFRQRPLVLULL

− GDF  UDWD SUHIHULQ HL LQWHUWHPSRUDOH FUHúWH FRQVXPXO SUH]HQW

FUHúWH

− GDF  UDWD LQIOD LHL FUHúWH FRQVXPXO SUH]HQW VFDGH vQ IDYRDUHD

FHOXL YLLWRU GHRDUHFH DJHQWXO FRQVXPDWRU GRUHúWH V  IRORVHDVF 

EDQLLODFHDPDLPDUHSXWHUHGHFXPS UDUHDORU

132
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)81& ,$'(352'8& ,(

3URGXF WRUXO HVWH DJHQWXO HFRQRPLF SHUVRDQ  VDX JUXS GH

SHUVRDQHFDUHLDGHFL]LLvQGRPHQLXOSURGXF LHL(OVHLGHQWLILF FX

vQWUHSULQGHUHD ILUPD XQLWDWHD HFRQRPLF  SULYLW  DVWIHO FD XQ

centru de decizii. Din acest punct de vedere toate întreprinderile

VXQW OD IHO IDSW FH VH FRQVWLWXLH FD R SULP  LSRWH]  vQ DERUGDUHD

VWXGLXOXLHFRQRPLFDOSURGXF LHLÌQDFHODúLWLPSOXFUXFHGHILQHúWH

R D GRXD LSRWH]  GH VWXGLX SURGXF WRUXO DUH XQ FRPSRUWDPHQW

UD LRQDO vQ VHQVXO F  XUP UHúWH V -úL DPHOLRUH]H SURSULD VLWXD LH vQ
UDSRUWFXRSRUWXQLW LOHSHFDUHLOHRIHU PHGLXHFRQRPLFDGLF vúL

SURSXQH XQ SULQFLSLX GH RSWLP SULQFLSLX FDUH FRQVW  vQ

maximizarea profitului. Studiul economic al comportamentului

SURGXF WRUXOXLSUHVXSXQHPDLPXOWHHWDSHGHDQDOL] ILJ

)XQF LD GH SURGXF LH HVWH IRUPDOL]DUHD UHOD LHL vQWUH

SURGXF LH úL DQVDPEOXO PLMORDFHORU HOHPHQWHORU XWLOL]DWH SHQWUX

RE LQHUHD DFHVWHLD )XQF LD GH SURGXF LH GHVHPQHD]  OHJ WXUD

H[SULPDW IXQF LRQDO GLQWUHUH]XOWDWXOXQHLDFWLYLW LGHSURGXF LHúL

HOHPHQWHOH PDWHULDOH LQIRUPD LL HQHUJLH HWF FDUH FRQFXU  OD

realizarea acestuia.

133
9ROXPXOGHSURGXF LHFH

PD[LPL]HD] SURILWXO

------------------------------
IXQF LDGHSURILW
ETAPA 4

SUH XOGHSLD DOSURGXVXOXL

9ROXPXOSURGXF LHLúL

FRVWXULOHGHSURGXF LH

minime
------------------------------ ETAPA 3
IXQF LDGHFRVW

SUH XOGHSLD DOIDFWRULORUGH

Consumul de factori ce SURGXF LH
PLQLPL]HD] FRVWXOWRWDO

pentru un volum dat al

SURGXF LHL
ETAPA 2
------------------------------
LQGLFDWRULLGHHILFLHQ D

SURGXF LHL

progresul tehnic
Metode (procedee,
WHKQLFLUH HWH

WHKQRORJLLGHSURGXF LH

-----------------------------
IXQF LDGHSURGXF LH ETAPA 1
YROXPXOSURGXF LHLúL

cantitatea de factori)

3URGXF WRUXO
P
Mediul social economic

Fig. 27 (WDSHOHVWXGLXOXLFRPSRUWDPHQWXOXLSURGXF WRUXOXL

134
$FHVWH HOHPHQWH SRW IL FRQVLGHUDWH DJUHJDW VDX QX GXS  FXP R FHU

FRQGL LLOH úL RELHFWLYHOH VWXGLXOXL )RU D GH PXQF  SRDWH IL OXDW  vQ

FRQVLGHUDUH SH SURIHVLXQL VSHFLDOL] UL QLYHOH GH FDOLILFDUH

H[SHULHQ HWFGXS FXPFDSLWDOXOIL[SRDWHILDERUGDWSHFDWHJRULL

FO GLULPLMORDFHGHWUDQVSRUWXWLODMHGHIRU PDúLQLúLLQVWDOD LLGH

prelucraUH WHUHQXUL SODQWD LL DQLPDOH GH UHSURGXF LH HWF VDX SH
QLYHOH WHKQRORJLFH H[SULPDWH SULQ ³JUXSD GH YkUVW ´ DQXO

IDEULFD LHL

ÌQ WHUPHQLL FHL PDL VLQWHWLFL IXQF LD GH SURGXF LH HVWH R

OHJ WXU GHWLSLQWU ULPLMORDFHHOHPHQWHSHQWUXSURGXF LH – LHúLUL

SURGXF LH$WkWLQWU ULOHFkWúLLHúLULOHVXQWUHIHULWRDUHODXQSURFHV

– SURFHVXO GH IDEULFD LH GH SURGXF LH DO F UXL FRQ LQXW

PHFDQLVP QX HVWH LQYHVWLJDW úL QLFL QX HVWH QHFHVDU V  ILH

investigat într-XQVWXGLXSULYLQGUHOD LDvQWUHSURGXF LHúLPLMORDFHOH

FDUH FRQFXU  OD RE LQHUHD HL /D XQ DQXPLW QLYHO GH GHFL]LH XQ

GLUHFWRU VDX GLUHFWRU JHQHUDO DO XQHL VRFLHW L XQ SUHúHGLQWH DO

&RQVLOLXOXLGH$GPLQLVWUD LHDOXQXLFRQVRU LXúDDERUGDUHDGHWLS

³PDFUR´ HVWH ILUHDVF  úL GH PXOWH RUL VXILFLHQW  SHQWUX D OXD R

GHFL]LH1XHVWHvQWRWGHDXQDQHFHVDUV VHDMXQJ SkQ ODGHWDOLLGH

QDWXU  FRQVWUXFWLY  WHKQLF  WHKQRORJLF  GH UH HW  GH IDEULFD LH

VWUXFWXUDO  RUJDQL]D LRQDO  GH WLS GH PDWHULDO IRORVLW GH QLYHO GH

FDOLILFDUH úDPG DWXQ ci când se fac aprecieri sau se iau decizii de

135
PDUH VLQWH]  SULYLQG DFWLYLWDWHD vQWUHSULQGHULL ÌQ DVWIHO GH VLWXD LL

FHUFHWDUHDVWXGLXOVHS VWUHD] ODXQQLYHO³PDFUR´ILJ

I E
Mecanism de
SURGXF LH

LQWU UL LHúLUL

Fig. 28 ExpresLDVLQWHWLF DGHSHQGHQ HL

FHFDUDFWHUL]HD] SURGXF LD

FormalizâQGDFHDVW OHJ WXU VHH[SULP SULQUHOD LD

E = f(I), (1.1)
XQGHIÂHVWHIXQF LDGHSURGXF LH

3UHVXSXQkQGQHOHPHQWHSDUWLFLSDQWHODSURGXF LH

L  « Q DOH F URU FDQWLW L XWLOL]DWH VXQW [i LDU SURGXF LD

H[SULPDW FDQWLWDWLY4DYHP

Q = f(x1, x2, …, xi, …, xn) (1.2)

sau
Q = f(X), (1.3)
XQGHSULQ;GHVHPQ PYHFWRUXOFDQWLW LORU[i :
X = || xi || 1*n (1.4)
LDUIÂHVWHRDOW PRGDOLWDWHGHLQWURGXFHUHDIXQF LHLGHSURGXF LH

Elementele, mijloacele participante la activitatea de

SURGXF LH VXQW QXPLWH IDFWRUL GH SURGXF LH . Din punct de vedere al

136
SRVLELOLW LORUGHFRPELQDUHSHQWUXRE LQHUHDXQHLSURGXF LLGDWHVH

GLVWLQJGRX FDWHJRULL

a) IDFWRULVXEVWLWXLELOLDGLF DFHLDFXFDUHSRWILFRQVWUXLWHGLIHULWH

FRPELQD LLDVWIHOvQFkWV VHRE LQ YROXPXOGDWDOSURGXF LHL

b) IDFWRUL FRPSOHPHQWDUL DGLF  DFHLD FDUH – SHQWUX D RE LQH

produsul dorit –WUHEXLHUHVSHFWDW RFRPELQD LHVWULFW úLQXPDL

aceia.
'LVWLQF LDvQWUHVXEVWLWXLELOLWDWHúLFRPSOHPHQWDULWDWHVHIDFH

presupunând, de DVHPHQHD GDW  WHKQLFD WHKQRORJLD GH SURGXF LH

DGLF I FkQGDEVWUDF LHGHRSRUWXQLW LOHFUHDWHGHSURJUHVXOWHKQLF

8QDOWFULWHULXGHFODVLILFDUHD IDFWRULORUGHSURGXF LHHVWHúL

UDSRUWXOvQWUHFDQWLWDWHDXWLOL]DW úLYROXPXOGHSURGXF LHUH]XOWDWvQ

cursul unei perioade scurte de timp. Din acest punct de vedere se

disting:
a) IDFWRUL GH SURGXF LH YDULDELOL DGLF  FHL SHQWUX FDUH YDULD LD

SURGXF LHL RE LQXWH QHFHVLW  YDULD LD HYLGHQW vQ DFHODúL VHQV D

FDQWLW LLGHIDFWRULXWLOL]DW 

b) IDFWRUL GH SURGXF LH ILFúL DGLF  FHL SHQWUX FDUH YDULD LD

SURGXF LHLQXQHFHVLW YDULD LDFDQWLW LLGHIDFWRULXWLOL]DW 

'LVWLQF LD GLQWUH YDULDELOLWDWH úL FRQVWDQ  GHSLQGH GH

OXQJLPHD SHULRDGHL GH UHIHULQ  úL GH QDWXUD DFWLYLW LL

vQWUHSULQGHULL6HDFFHSW vQJHQHUDOF SHWHUPHQOXQJWR LIDFWRULL

137
GH SURGXF LH DX FDUDFWHULVWLFD GH YDULDELOLWDWH GDU F  QDWXUD

DFWLYLW LLHVWHFHDFDUHGHWHUPLQ IURQWLHUDvQWUH³SHULRDGDVFXUW GH

WLPS´úL³SHULRDGDOXQJ GHWLPS´

3URSULHW LOHIXQF LHLGHSURGXF LH

1. Atât pURGXF LD FkW úL IDFWRULL GH SURGXF LH SRW OXD QXPDL
YDORULSR]LWLYHFHHDFHvQVHDPQ F

f : Rn+ → R+, (2.1)

unde Rn+ UHSUH]LQW  PXO LPHD YHFWRULORU Q
-dimensionali X,
VHPLSR]LWLYGHILQL L

Rn+ = M { X = || xi || 1*n, xi ≥ 0, i = 1,2,…,n} (2.2)

iar R+HVWHPXO LPHDYDORULORUSHQWUXSURGXF LHDGLF DYHP4 ∈ R+.
&RQGL LD GH QHQHJDWLYLWDWH SHQWUX RULFDUH GLQ IDFWRULL GH

SURGXF LHvQVHDPQ [i ∈ (0, + ∞ ) i=1,2,…,n reprezentând de fapt

o IRUPDOL]DUH FRPRG  SHQWUX IDSWXO F  QLYHOXO GH XWLOL]DUH D

IDFWRUXOXLGHSURGXF LHQXSRDWHILQHJDWLY

ÌQ SUDFWLF  vQV  vQ DFHVW LQWHUYDO VXQW R PXO LPH GH YDORUL

care nu au nici-RUHOHYDQ SHQWUXHFRQRPLVW3UHVXSXQkQGF XQXO

GLQ IDFWRUL  HVWH  IRU D GH PXQF  /   DWXQFL /   ∗ 10-12

DSDU LQkQGLQWHUYDOXOXLPHQ LRQDWFDGHDOWIHOúL/  H[S

VDX/   ∗ 10 10
QXVXQWUHSUH]HQWDWLYHILHSHQWUXF VXQWSUHDPLFL

138
ILH F  VXQW DWkW GH PDUL vQFkW QX YRU SXWHDILDWLQVH QLFLRGDW  úLFX

atkWPDLPXOWODQLYHOXOXQHLILUPHILHSHQWUXF VXQWQXPHUHFXR

LQILQLWDWHGH]HFLPDOHúLXQDWDUHQLYHOGHXWLOL]DUHDPXQFLLQXYDIL

QLFLRGDW GHFLVSHQWUXGHUXODUHDXQHLDFWLYLW L

2. )XQF LDGHSURGXF LHHVWHFRQWLQX

$FHDVWD vQVHDPQ  F  GDF  H[LVW  R YDULD LH i suficient de
PLF  SHQWUX ILHFDUH IDFWRU GH SURGXF LH úL FX DWkW PDL PXOW FkQG

DFHDVW  YDULD LH HVWH GHILQLW  SHQWUX XQ VLQJXU IDFWRU GH SURGXF LH

DWXQFLYROXPXOSURGXF LHLQXVHPRGLILF DGLF 

lim f (X − ε) = f (X ) = lim f (X + ε) , (2.3)

ε i →0 εi →0

XQGH  __ i ||1*n

3. )DFWRULLGHSURGXF LHVXQWVWULFWQHFHVDUL
$FHDVWD vQVHDPQ  F  GDF  FHO PXOW XQD GLQ FRPSRQHQWHOH

YHFWRUXOXL;HVWHQXO DWXQFLI; 

4. 3URGXF LDHVWHFUHVF WRDUHvQRULFDUHGLQWUHIDFWRUL

f x’i (X) ≥ 0 (2.4)

Potrivit dHILQL LHL FX FDUH HVWH LQWURGXV  GHULYDWD XQHL

IXQF LL DFHVWD DUDW  YDULD LD IXQF LHL vQ FD]XO F  DUJXPHQWXO DUH R

YDULD LH LQILQLWHVLPDO  'HULYDWD HVWH XQ UDSRUW vQWUH GRX  YDULD LL

ceea ce corespunde în economie indicatorului de tip marginal. În

cazul IXQF LHL GH SURGXF LH GHULYDWD VHPQLILF  SURGXFWLYLWDWHD

139
PDUJLQDO DIDFWRUXOXLvQUDSRUWFXFDUHV DI FXWGHULYDUHD
-
$FHDVW  SURSULHWDWH SRDWH IL vQ HOHDV  úL vQ VHQVXO F 

SURGXF LD QX VFDGH GDF  QLYHOXO GH XWLOL]DUH D XQXL IDFWRU FUHúWH

fapt ce corespXQGH SULQFLSLXOXL UD LRQDOLW LL QX DUH QLFL XQ VHQV

HFRQRPLF V  VH IRORVHDVF  R FDQWLWDWH PDL PDUH GLQWU -un factor de

SURGXF LH SHQWUX FHLODO L FDQWLW LOH XWLOL]DWH U PkQkQG FKLDU

QHPRGLILFDWHSHQWUXDVHRE LQHRSURGXF LHPDLPLF 

Limita acestei prRSULHW L HVWH GDW  GH FRQGL LLOH WHKQLFH úL

WHKQRORJLFH DOH SURGXF LHL FHHD FH vQVHDPQ  F  vQ FRQGL LL GDWH

YDULD LD FDQWLW LL XWLOL]DWH GLQWU XQ IDFWRU DWXQFL FkQG FDQWLW
- LOH

XWLOL]DWH GLQ FHLODO L IDFWRUL U PkQ QHPRGLILFDWH QX SRDWH IL RULFkW

de PDUH GHRDUHFH VH SRW GHS úL OLPLWHOH WHKQLFHWHKQRORJLFH DOH

SURGXF LHL'HSLOG GDF vQFD]XOFRPELQ ULLIDFWRULORUFDSLWDO.

úL  PXQF  OLPLWHOH UDSRUWXOXL GH FRPELQDUH /. VXQW GDWH GH

LQWHUYDOXO >  @ vQVHDPQ  F  SURGXF LD VH SRDWH H[HFXWD XWLOL]k nd
ODRXQLWDWHGHFDSLWDOvQWUHúLXQLW LGHPXQF $GLF SHQWUX

. úL/ VHSRDWHVSHUDV VHRE LQ SURGXF LHGHRDUHFH

H[LVW RWHKQLF WHKQRORJLHFDUDFWHUL]DW SULQDFHVWUDSRUW

 úL ∈ [3 ; 8]. Pentru o valoare L = 600 sau L = 3000

HVWH SX LQ SUREDELO V  VH RE LQ  SURGXF LH GHRDUHFH

tehnicii/tehnologii caracterizate prin raportul L/K = 600/250 = 2,4

vQF  QX V
-a inventat, iar pentru raportul L/K = 3000/250 = 12 sunt

140
GHMDGHS úLWHúLDXIRVWDEDQGRQDWH

5. 3URGXF LDDUHUDQGDPHQWGHVFUHVF WRU

f x’’2 ( X ) < 0 (2.5)

i

$FHDVW  SURSULHWDWH VHPQLILF  IDSWXO F  SH P VXU  FH FUHúWH

QLYHOXO GH XWLOL]DUH D XQXL IDFWRU GH SURGXF LH VSRUXO GH SURGXF LH

RE LQXW UDQGDPHQWXO HVWH GLQ FH vQ FH PDL PLF SHQWUX ILHFDUH

uniWDWH VXSOLPHQWDU  IRORVLW  GLQ UHVSHFWLYXO IDFWRU $FHDVW 

proprietate corespunde “legii randamentelor descrescânde”.

6. 3URGXF LDDUHUDQGDPHQWJOREDOQHGHVFUHVF WRU

F(X + Y) ≥ f(X) + f(Y), (2.6)

XQGH < HVWH XQ YHFWRU GH IRUPD úL VWUXFWXUD OXL ; DGLF  < ⊆ M,
(vezi 2.2).
3URSULHWDWHD VHPQLILF  IDSWXO F  SULQ UHXQLUHD XQRU FDQWLW L

GHIDFWRULGHSURGXF LHVHSRDWHUHDOL]DXQHIHFWPDLPDUHGHFkWFHO

RE LQXWSULQIRORVLUHDVHSDUDW DUHVSHFWLYHORUFDQWLW L

7. )XQF LD GH SURGXF LH DUH SURSULHWDWHD GH G ivizibilitate,

DGLF IRUPDHLQXHVWHDIHFWDW GHPRGLILFDUHDXQLW LLGHP VXU vQ

FDUHVHH[SULP SURGXF LDVDXFDQWLW LOHGHIDFWRULXWLOL]DWH

8. )XQF LDGHSURGXF LHHVWHRPRJHQ de un grad oarecare h.

f(λ * X) = λh * f(X), (2.7)
unde λ > 1.

141
 ProprietateD VHPQLILF  IDSWXO F  GDF  QLYHOXO GH XWLOL]DUH D

IDFWRULORU GH SURGXF LH VH PXOWLSOLF  GH XQ QXP U GH RUL λ, atunci
YROXPXO SURGXF LHL UH]XOWDWH VH PXOWLSOLF  GH λ h
 RUL 'DF  K  

IXQF LDVHQXPHúWHRPRWHWLF .

5DQGDPHQWXOGHVFDU

Randamentul de sFDU  HVWH R QR LXQH FH WUDGXFH vQ WHUPHQL

HFRQRPLFLSURSULHWDWHDGHRPRJHQLWDWHDIXQF LHLGHSURGXF LH3ULQ

DFHDVW  QR LXQH VH LQWURGXFH VWXGLXO LQIOXHQ HL SH FDUH R H[HUFLW 

PRGLILFDUHD FDQWLW LORU XWLOL]DWH GH IDFWRUL GH SURGXF LH DVXSUD

volumului acesteia.
3HQWUX vQFHSXW V  SUHVXSXQHP K   ÌQ DFHVWFD] IXQF LD VH

]LFHFXUDQGDPHQWFRQVWDQWGDF

f(λ * X) = λ * f(X) (3)

$FHDVW  SURSULHWDWH DUDW  vQ JHQHUDO FHHD FH VXJHUHD] 

SURSULHWDWHD  FRQIRUP  3H GH DOW  SDUWH vQ SDUWLFXODU HVWH

exprLPDW úL FD]XO PRGLILF ULL XQLW LL GH P VXU  D IDFWRULORU GH

SURGXF LH &RQIRUP SURSULHW LL  IRUPDIXQF LHLQX VH PRGLILF FL

QXPDL H[SUHVLD YROXPXOXL RE LQXW DO SURGXF LHL FD UH]XOWDW DO

PRGLILF ULLXQLW LLGHP VXU 

142
 Q Q

40
25
20
15
10 10

1 6 1 3 6 12 L
3 L
2 2
12
4 4
K
K
UDQGDPHQWGHVFDU FRQVWDQW UDQGDPHQWGHVFDU GHVFUHVF WRU

60

25
10

1 6 12 L
3
2

4
K
UDQGDPHQWGHVFDU FUHVF W or

)LJ5DQGDPHQWXOGHVFDU JOREDO

143
 ÌQGDF  λ >IXQF LDVH]LFHFXUDQGDPHQWGHVFDU 

FUHVF WRU LDU GDF  λ <  IXQF LD VH ]LFH FX randameQW GH VFDU 

GHVFUHVF WRU $VWIHO GHILQLW UDQGDPHQWXO GH VFDU  HVWH FRQVLGHUDW

JOREDO ILJ  vQ FH SULYHúWH R IXQF LH GH SURGXF LH GDW 

UDQGDPHQWXO HL GH VFDU  HVWH DFHODúL LQGLIHUHQW GH FRPELQDUHD GH

IDFWRULVDXGHGLPHQVLXQHDDQJDMDW DDFHVWRUD

În fig. 29 s-D SUHVXSXV R IXQF LH GH SURGXF LH GHGRL IDFWRUL
4 I./úLQLYHOHFRQVWDQWFUHVF WRDUHFXFRHILFLHQWPXOWLSOLFDWLY

λ   SHQWUX ILHFDUH GLQ FHL GRL IDFWRUL GH SURGXF LH .1 = 1, L1 =

3); (K2 = 2, L2 = 6); (K3 = 4, L3   ÌQ FD]XO IXQF LH i cu
UDQGDPHQW FRQVWDQW FRHILFLHQWXO PXOWLSOLFDWLY U PkQH λ = 2, astfel
F  DYHP 41 = 10, Q2 = 2 * Q1 = 20, Q3 = 2 * Q2 = 40. În cazul
IXQF LHL FX UDQGDPHQW GHVFUHVF WRU DYHP 41 = 10, Q2 = 1,5 * Q1 =
 úL 43 = 1,667 * Q2   WLSXO GH UDQGDPHQW VH S VWUHD]  FKLDU

GDF  FRHILFLHQWXO PXOWLSOLFDWLY DO SURGXF LHL D FUHVFXW vQ VLWXD LD 

ID  GH VLWXD LD  GHRDUHFH HO U PkQH vQ FRQWLQXDUH PDL PLF GHFkW

FRHILFLHQWXO PXOWLSOLFDWLY DO IDFWRULORU GH SURGXF LH D F UXL YDORDUH

HVWH  ÌQFD]XOIXQF LHL FX UDQGDPHQWFUHVF WRU DYHP 41 = 10, Q2

= 2,5 *Q1   úL  43 = 2,4 * Q2 = 60 (tipul de randament se
S VWUHD]  FKLDU GDF  FRHILFLHQWXO PXOWLSOLFDWLY DO SURGXF LHL V -a
UHGXV vQ VROX LD  ID  GH VLWXD LD  GHRDUHFH HO U PkQH PDL PDUH

decât coeficientul multiplicativ alIDFWRULORUGHSURGXF LH

144
 5DQGDPHQWXOGHVFDU VHH[SULP vQJHQHUDOSHQWUX λ ÌQ
DFHVWFD]VHDVXP  λ > 1, astfel încât tipul de randament este redat
de valoarea lui h:
− GDF K UDQGDPHQWXOGHVFDU HVWHFRQVWDQW

− GDF K >UDQGDPHQWXOGHVFDU HVWHFUHVF WRU

− GDF KUDQGDPHQWXOGHVFDU HVWHGHVFUHVF WRU

'DF  UDQGDPHQWXO GH VFDU  HVWH FUHVF WRU VH ]LFH GHVSUH R

vQWUHSULQGHUH F  EHQHILFLD]  GH HFRQRPLH GH VFDU  vQ VLWXD LD

RSXV  VH ]LFH F  VXSRUW  GH]HFRQRPLH GH VFDU . Principalii factori

de caUHGHSLQGHUDQGDPHQWXOGHVFDU VXQWRUJDQL]DUHDSURGXF LHLúL

FDUDFWHULVWLFLOHWHKQLFHDOHSURFHVXOXLGHSURGXF LH

&UHúWHUHD SURGXF LHL FD UH]XOWDW DO FUHúWHULL YROXPXOXL

IDFWRULORU GH SURGXF LH XWLOL]D L GHWHUPLQ  R PRGLILFDUH D ³WDOLHL´

(dimensiunilor) unei întreprinderi. Aceasta, pe plan organizatoric,

SURGXFH DWkW HIHFWH IDYRUDELOH GH HFRQRPLH GH VFDU  FkW úL

QHIDYRUDELOH GH GH]HFRQRPLH GH VFDU  HIHFWXO UHVLP LW ILLQG GH

IDSW R UH]XOWDQW  vQWUH FHOH GRX  $VWIHO vQWUH HIHFWHOH IDYRUDELOH

apare VSHFLDOL]DUHD DQJDMD LORU FDUH JHQHUHD]  FUHúWHUHD HILFLHQ HL

FRPELQ ULL IDFWRULORU GH SURGXF LH FD úL FRQVWDQ D XQRU FKHOWXLHOL

FDUH JHQHUHD]  GLPLQXDUHD FRVWXOXL XQLWDU SH VHDPD FRVWXOXL IL[

PHGLX úD 3H GH DOW  SDUWH vQV  DSDU HIHFWH QHIDYRUDELOH FXP sunt
FUHúWHUHD FRPSOH[LW LL SUREOHPHORU GH RUJDQL]DUH FX LPSDFW

145
QHJDWLYvQHILFLHQ úLFRVWXULLQFOXVLYSULQFUHúWHUHDJUDGXOXLLQWHUQ

GH ELURFUDWL]DUH VDX FUHúWHUHD FRVWXULORU SULYLQG SURWHF LD PXQFLL

VDXDPHGLXOXLúD

Din punct de vedere al caracteristicilor tehnice ale

SURFHVXOXL GH SURGXF LH HIHFWH IDYRUDELOH FD úL QHIDYRUDELOH SRDWH

JHQHUD LQGLYL]LELOLWDWHD IDFWRULORU GH SURGXF LH 'H H[HPSOX

FDSDFLWDWHDGHSURGXF LHQXSRDWHILPRGLILFDW GHIDFWXU FRQWLQX 

FL QXPDL GLVFRQWLQX  GHRDUHFH FUHúWHUHDGHVFUHúWHUHD DFHVWHLD VH

IDFH PRGXODU DGLF  SH PRGXOH GH FDSDFLWDWH 2 LQVWDOD LH XQ

HFKLSDPHQW R PDúLQ  XQ DJUHJDW HWF SRW GD R DQXPLW  SURGXF LH

DQXDO GHH[HPSOXEXF L2ILUP DUHRSURGXF LHGH

EXF DQXDO UH]XOWDW  SULQ XWLOL]DUHD OD PD[LP D FDSDFLW LL H[LVWHQWH

 PRGXOH D FkWH  GDU FHUHUHD SH SLD  HVWH vQ FUHúWHUH

HVWLPDW  SHQWUX DQXO XUP WRU vQ MXU GH  – 43000 buc.
&UHúWHUHDGHFDSDFLWDWHVHSRDWHIDFHvQV QXPDLPRGXODUFX

EXF2SRUWXQLWDWHDJHQHUDW GHFHUHUHQXSRDWHILUDWDW DVWIHOF VH

IDFH LQYHVWL LD SHQWUX FUHúWHUHD GH FDSDFLWDWH FX  EXF )LUPD

EHQHILFLD] GHDYDQWDMXOF GDF WHQGLQ DGHFUHúWHUHDFHUHULLVHYD

S VWUD HD YD SXWHD SURGXFH vQ SOXV I U  R LQYHVWL LH VXSOLPHQWDU 

(economieGHVFDU GDUSkQ DWXQFLFRVWXULOH HL GHSURGXF LH YRU

IL PDL PDUL GHRDUHFH DPRUWL]DUHD PDUJLQDO  JHQHUDW  GH QRXD

LQYHVWL LHHVWHPDUHFDúLvQPRGUHODWLYFRVWXULOHGHvQWUH LQHUHúL

146
IXQF LRQDUH D QRLL FDSDFLW L GHRDUHFH HD QX OXFUHD]  OD PD[LP

GH]HFRQRPLHGHVFDU 

5DQGDPHQWXO GH VFDU  HVWH OHJDW úL GH DOWH DVSHFWH DOH

SURGXF LHLúLDQXPH

− QR LXQHD GH UDQGDPHQW GH VFDU  HVWH IXQGDPHQWDW  SH YDULD LD

VLPXOWDQ  D FDQWLW LL XWLOL]DWH GLQ GLIHUL LL IDFWRUL GH SURGXF LH

I U FD QLYHOXO GH SURJUHV WHKQLF V ILH PRGLILFDW 5DQGDPHQWXO

GH VFDU  QX PRGLILF  IRUPD IXQF LHL GH SURGXF LH vQ WLPS FH

SURJUHVXOWHKQLFRPRGLILF )D GHDFHDVW GHOLPLWDUHWHRUHWLF 

HVWH GH UHPDUFDW F  PRGLILFkQGX úL WDOLD SULQ DFKL]L LL UHSHWDWH
-
úL VXSOLPHQWDUH GH IDFWRUL GH SURGXF LH R întreprindere
EHQHILFLD]  QX QXPDL GH UDQGDPHQW GH VFDU  FL úL GH SURJUHV

WHKQLF GHRDUHFH QRLOH XQLW L GH IDFWRUL GH SURGXF LH

DFKL]L LRQDWH vQFRUSRUHD]  XQ QLYHO WHKQLF VXSHULRU ID  GH

XQLW LOH PDL YHFKL H[SHULHQ D FUHVFXW  D IRU HL GH PXQF 

nivele dH FDOLILFDUH VXSHULRDU  JHQHUD LL PDL QRL GH WHKQRORJLL

úLDOWHPLMORDFHGHSURGXF LHHWF

− QR LXQHD GH UDQGDPHQW GH VFDU  H[SOLF  HYROX LD FRVWXOXL SH

WHUPHQOXQJUHOD LDUDQGDPHQWGHVFDU  –FRVWHVWHLQYHUV 

− UDQGDPHQWXOGHVFDU GHSLQGHGHHILFLHQ DLQGLYLGXDO SDU LDO 

D ILHF UXL IDFWRU GH SURGXF LH GDU úL GH HILFLHQ D FRPELQ ULL

DFHVWRUDHILFLHQ DJOREDO DIDFWRULORUGHSURGXF LH

147
 ,]RFXDQWDúLUDWDPDUJLQDO GHVXEVWLWXLUH

6XEVWLWXLUHD IDFWRULORU GH SURGXF LH HVWH UH]XOWDW  GLQ

posibilit LOH WHKQLFH GH FRPELQDUH D ORU FD úL GLQ FDUDFWHULVWLFLOH

WHKQLFHWHKQRORJLFH DOH SURFHVXOXL GH SURGXF LH I U  D OH OXD vQ

considerare pe cele generate de progresul tehnic. Studiul

VXEVWLWXLELOLW LL VH IDFH FX DMXWRUXO L]RFXDQWHL úL DO UDWHL PDUJLQDOH

de substituire.

6.3.1. Izocuanta

,]RFXDQWD HVWH PXO LPHD GH YHFWRUL GH SURGXF LH ;

LQFOX]kQG FDQWLW L GLIHULWH GLQ IDFWRULL GH SURGXF LH FDUH DX FD

UH]XOWDWXQDFHODúLYROXPGHSURGXF LH

∃ M’ ⊆0DVWIHOvQFkWGDF ; __[i ||1*núL< __ \i ||1*n cu

SURSULHWDWHDF [i /xj ≠ yi/yjSHQWUXFHOSX LQXQLúLXQM∈ [1,2,…,n]
úLL ≠ M DYHPWRWXúLI; I< ∀ X, Y ⊆ 0¶úLDWXQFL0¶VH]LFH
L]RFXDQW 

'LQ SXQFW GH YHGHUH JUDILF L]RFXDQWD HVWH R FXUE  vQ

hiperplanul Q din Rn+1 6SD LXO 5n+1 HVWH VSD LXO YHFWRULORU ;¶
RE LQX L SULQ H[WLQGHUHD QXP UXOXL GH FRPSRQHQWH Q GLQ YHFWRULL ;

148
FX vQF  R FRPSRQHQW  D Q D  úL FDUH UHSUH]LQW  YROXPXO
-
SURGXF LHL

X’= (x1,x2,…,xi,…,xn, Q) ⊆ Rn+1

'LQ DFHOHDúL PRWLYH GH UD LRQDOLWDWH WUDGXVH vQ WHUPHQLL

SURGXF LHL SH FDUH OH DP LQYRFDW OD FXUED GH LQGLIHUHQ
-  FDS 

ILJ úL  JUDILFXO L]RFXDQWHL HVWH R FXUE  vQ KLSHUSODQXO 4

DVLPSWRWLF ODWRDWHFHOHODOWHD[HÌQFD]XOXQHLIXQF LLGHSURGXF LH

cu doi IDFWRUL 4  I./ GDF  QLYHOXO FRQVWDQW DO SURGXF LHL HVWH

Q0L]RFXDQWDFRUHVSXQ] WRDUHúLSURLHF LDHLvQSODQXOED]HL4 

sunt reprezentate în fig. 30.

Q K
Q0 KA KB KC
LC KC C
L
LB B C
LA
A
B
K KB
KA A

L LC LB LA L
Fig. 30 Izocuanta Q0 = f(K,L)

3XQFWHOH$%úL&UHSUH]LQW FRPELQ ULOHGLIHULWHGHIDFWRUL

GHSURGXF LH

149
 Q0 = f(KA,LA) = f(KB,LB) = f(KC,LC)
,]RFXDQWD VH FDUDFWHUL]HD]  SULQWU -un nivel variabil al
UDSRUWXOXL vQWUH IDFWRULL GH SURGXF LH 3UHVXSXQkQG DFHVW UDSRUW vQ

VHQVXO vQ]HVWU ULL WHKQLFH D PXQFLL N  ./ VH REVHUY  F  DFHVW

UDSRUW VFDGH GDF  QH GHSODV P SH L]RFXDQW  VSUH GUHDSWD úL FUHúWH

GDF QHGHSODV PVSUHVWkQJD

&RQVLGHUkQG úL DOWH FRPELQ UL GH IDFWRUL FDUH DX FD UH]XOWDW

FRQVWLWXLUHD GH VXEPXO LPL 0¶ SHQWUX FDUH QLYHOXO SURGXF LHL HVWH

Q1, Q2 etc SXWHP YRUEL GH R IDPLOLH GH L]RFXDQWH 3URLHF LD ORU vQ
SODQXO ED]HL JHQHUHD]  R VXFFHVLXQH GH FXUEH ILHFDUH GH IHOXO FHOHL

GLQ ILJ  D F URU GLVSXQHUH UHVSHFW  UHOD LD GH RUGLQH GLQWUH

YROXPHOHGHSURGXF LHFDUDFWHULVWLFHILHF UHLDGLQWUHHOHILH

Q0 < Q1 < Q2 < ….(fig.31).

K

Q1 Q2
Q0

Fig. 31 Familie de izocuante

,]RFXDQWD DUHDFHOHDúL SURSULHW L FD úLFXUED GH LQGLIHUHQ 

([SUHVLDL]RFXDQWHLVHRE LQHGLQUHOD LDGHGHILQL LH

150
 Q0 = f(K,L), (4.1)
SHFDUHRH[SOLFLW PvQUDSRUWFL.úLDQXPH

K = g(L,Q0), (4.2)
în care g (⋅HVWHRIXQF LHGHRYDULDELO 40ILLQGFRQVWDQW 

ÌQ FD]XO vQ FDUH IDFWRULL GH SURGXF LH VXQW FRPSOHPHQWDUL

L]RFXDQWD ILJ  H[SULP  FDUDFWHULVWLFD DFHVWRUD GH D JHQHUD

SURGXF LH QXPDL úL QXPDL GDF  VXQW FRPELQD L vQWU -un raport dat,
strict.

KA A
K2 Q2

K1 Q1

K0 Q0

L0 L1 L2 LB L B

)LJ,]RFXDQWDIDFWRULORUGHSURGXF LHFRPSOHPHQWDUL

9DULD LD RULF UXLD GLQWUH IDFWRULL GH SURGXF LH vQ DIDUD

raportului strict K0/L0, K1/L1, K2/L2 HWF QX DUH FD HIHFW RE LQHUHD
DOWXL YROXP GH SURGXF LH &RPELQD LD $ FDUDFWHUL]DW  SULQWU -un
nivel al capitalului KA > K0 DUH FD HIHFW RE LQHUHD DFHOHLDúL

151
SURGXF LL 40 FD úL FRPELQD LD .0 ,L0 GXS  FXP FRPELQD LD % FX

LB > L0JHQHUHD] DFHODúLHIHFW40 .

5DWDPDUJLQDO GHVXEVWLWXLUH

ÌQ FD]XO DQDOL]HL SURGXF LHL DFHDVW  VXEVWLWX LH DUH R

FRQRWD LH WHKQLF  úL GH DFHHD LQGLFDWRUXO SULPHúWH DWULEXWXO GH

³WHKQLF´ 5DWD PDUJLQDO  GH VXEVWLWX LH WHKQLF  5067 HVWH

GHILQLW SULQVSRUXOFDQWLWDWLYGLQWU XQDQXPLWIDFWRUFDUHVXSOLQHúWH

-
UHGXFHUHD FX R XQLWDWH D DOWXL IDFWRU DVWIHO vQFkW SURGXF LD V  QX VH

VFKLPEHDGLF

f(x1, x2,…,xi..,xj,..n) = f(x1, x2,.., xi+RMST,…, xj-1,…,n) = Q

&XP vQ JHQHUDO YDULD LD IDFWRUXOXL VXEVWLWXLW ILH M QX HVWH

XQLWDU ILH ∆xj, atunci:

∆x
RMST = , (5.1)
∆x j

unde ∆xiHVWHYDULD LDIDFWRUXOXLVXEVLWXHQW fie i.

3RWULYLW LQWHUSUHW ULL HFRQRPLFH GDWH GH SURSULHWDWHD  D

IXQF LLORUGHSURGXF LHUHOD LDGHULYDWDIXQF LHLFDUDSRUW

4  [i HVWH SURGXFWLYLWDWHD PDUJLQDO  D IDFWRUXOXL i wmgi, astfel

încât se poate scrie:

152
 ∆Q ∆Q
wmg i = ⇒∆ x i = (5.2)
∆x i wmg i
úLVLPLODU [j  4ZPJj (5.3)
)RORVLQGúLvQRE LQHP

wmg j
RMST = (5.4)
wmg i
DGLF  5067 DUH R YDORDUH HJDO  FX LQYHUVXO UDSRUWXOXL

SURGXFWLYLW LORU PDUJLQDOH DOH IDFWRULORU FDUH DX LQWUDW vQ

FRPELQD LH (VWH GH UHPDUFDW F  5067 HVWH UH]XOWDWXO UDSRUWXOXL

vQWUH GRX  YDULD LL ∆ (conform 5.1) care au întotdeauna sensuri

GLIHULWHúLGHDFHHDUH]XOW FDQHJDWLY

'DF  SRUQLP GH OD L]RFXDQWD  SHQWUX FDUH IDFHP

GLIHUHQ LDODWRWDO RE LQHP

O = fK’ * dK + fL’ * Dl, (5.5)

vQ FDUHDSUR[LPkQG RSHUDWRUXO GH GLIHUHQ LHUH G SULQ FHO GH YDULD LH

∆RE LQHP
∆K f L’ wmgL
= , DGLF RMST = (5.6)
∆L f K’ wmgK
$PY ]XWF L]RFXDQWDSRDWHILH[SULPDW SULQIXQF LD

DVWIHO 5067 UHSUH]LQW  YDORULF WDQJHQWD vQ tr-un punct dat la

JUDILFXOUHVSHFWLYHLIXQF LLILJ /D IHOFDúL vQ]HVWUDUHDWHKQLF 

D PXQFLL úL 5067 HVWH YDULDELO  GH -a lungul curbei reprezentând

L]RFXDQWD GHVFUHúWH GDF  QH GHSODV P VSUH GUHDSWD SH L]RFXDQW  úL

FUHúWHGDF QHGHSODV PvQVHQV invers (fig. 33).

153
 K

KC C
KD D

B
KB A
KA

LC LD LB LA L

)LJ9DULD LD5067GH -a lungul izocuantei

9DULD LD QLYHOXOXL IDFWRULORU GLQ SXQFWXO & vQ SXQFWXO ' úL

UHVSHFWLY GLQ SXQFWXO % vQ $ GHWHUPLQ  GRX  5067 vQWUH FDUH

H[LVW UDSRUWXOGHRUGLQH

RMSTC/D > RMSTB/A

(YROX LD GH DFHVWIHOD 5067 DUDW  F  XQ IDFWRU GHYHQLW UDU

eVWH WRW PDL JUHX GH vQORFXLW GH F WUH XQ DOWXO FDUH GHYLQH WRW PDL

DEXQGHQW $FHDVWD UHIOHFW  GLILFXOWDWHD GLQ FH vQ FH PDL PDUH VDX

PDLPLF GHDVXEVWLWXLXQIDFWRUSULQDOWXO

,QGLFDWRULLGHHILFLHQ DLIDFWRULORUGHSURGXF LH

Pentru prezentarHD SULQFLSDOLORU LQGLFDWRUL GH HILFLHQ 

XWLOL]D L vQ DQDOL]D ED]DW  SH IXQF LD GH SURGXF LH YRP FRQVLGHUD R

IXQF LH GH IRUPD  vQ FDUH UH]XOWDWXO SURGXF LD QX PDL HVWH

154
constant.
1. Indicatori medii
Q f ( K , L) −
− productivitatea medie a muncii = = WL (6.1)
L L
_
Q f ( K , L)
− productivitatea medie a capitalului = = WK , (6.2)
K K
ILHFDUHGLQHOHUHSUH]HQWkQGYROXPXOSURGXF LHLRE LQXWvQPHGLH

ODRXQLWDWHGHPXQF UHVSHFWLYFDSLWDO

− vQ]HVWUDUHDWHKQLF DPXQFLL k = K / L, (6.3)

H[SULPkQGQXP UXOGHXQLW LGHFDSLWDOFHUHYLQvQPHGLHODR

XQLWDWHGHPXQF 

2. Indicatori marginali
− SURGXFWLYLWDWHDPDUJLQDO DPXQFLLZPJ/ ∂f / ∂L (7.1)
− SURGXFWLYLWDWHDPDUJLQDO DFDSLWDOXOXLZPJ. ∂f / ∂K, (7.2)
DúDFXPDXIRVWLQWURGXVHúLGHILQLWHvQFDSSURSULHWDWHD

UHOD LD

− UDWD PDUJLQDO  GH VXEVWLWXLUH D IDFWRULORU FD R SDUWLFXODUL]DUH

SHQWUX R IXQF LH GH SURGXF LH FX GRL IDFWRUL  DúD FXP D IRVW

LQWURGXV SULQUHOD LD

3. Indicatori de elasticitate
Elasticitatea unui fenomen economic în raport cu factorii
OXD L GLVWLQFW XQXO FkWH XQXO FDUH vO GHWHUPLQ  HVWH GHILQLW  FD

155
YDULD LH UHODWLY  SURFHQWXDO  D IHQRPHQXOXL vQ FD]XO vQ FDUH

IDFWRUXOOXDWvQFRQVLGHUDUHYDULD] FX un procent.

Fie indicatorul y prin care este caracterizat fenomenul
VWXGLDW úL IDFWRUXO [i (i=1,2,..n) FDUH vO GHWHUPLQ  DVWIHO vQFkW avem
OHJ WXUDIXQF LRQDO 

y = f(x1, x2, ..,xi, .., xn) (8.1)

9RP SURFHGD OD FDOFXOXO HODVWLFLW LL FRQVLGHUkQG YDU iabil
QXPDLXQXOGLQIDFWRULvQWLPSFHUHVWXOU PkQQHPRGLILFD L

&DXUPDUHIXQF LDSRDWHILVFULV vQWU RIRUP VLPSOLILFDWRDUH

-
y = f(x) (8.2)
)LH GRX  QLYHOXUL GLIHULWH DOH LQGLFDWRUXOXL \  – nivel de
ED] úL –QLYHOFXUHQWDVWIHOF
y0 = f (x0úL\1 = f (x1), (8.3)
unde x0 QLYHOXOGHED] DOIDFWRUXOXLGHLQIOXHQ

x1 QLYHOXOFXUHQWDOIDFWRUXOXLGHLQIOXHQ

Fie operatorul ∆VHPQLILFkQGYDULD LDDEVROXW DVWIHOvQFkW

∆y = y1 – y0úL ∆x = x1 – x0 (8.4)
Fie operatorul ∆%VHPQLILFkQGYDULD LDUHODWLY DVWIHOvQFkW

∆% y = ∆y/y0 úL ∆% x = ∆x/x0 (8.5)

Elasticitatea lui y în raport cu x, este:
∆% y
Ey / x = (8.6)
∆% x

156
 'LQ UHOD LD  VH RE LQH XQ UH]XOWDW LQWHUHVDQW SULQ FkWHYD

WUDQVIRUP ULVXFFHV ive:

∆y
∆% y y ∆ y y wmg x
Ey / x = = = : = − (8.7)
∆% x ∆ x ∆ x x wx
x
DGLF  P ULPHD HODVWLFLW LL HVWH GDW  GH YDORDUHD UDSRUWXOXL vQWUH

SURGXFWLYLWDWHD PDUJLQDO  úL SURGXFWLYLWDWHD PHGLH D IDFWRUXOXL vQ

IXQF LHGHFDUHVHFDOFXOHD] HODVWLFLWDWHD

&D LQGLFDWRUL GH HODVWLFLWDWH OHJD L GH IXQF LD GH SURGXF LH

avem:
- HODVWLFLWDWHDSURGXF LHLvQUDSRUWFXPXQFD

wmgL
EQ/ L = −
(8.8)
wL
- HODVWLFLWDWHDSURGXF LHLvQUDSRUWFXFDSLWDOXO

wmgK
EQ/ K = −
, (8.9)
wK
VHPQLILFkQG FUHúWHUHD SURFHQWXDO  D SURGXF LHL OD YDULD LD FX XQ

procent a nivelului de utilizare a muncii, respectiv capitalului;

-HODVWLFLWDWHD5067vQUDSRUWFXvQ]HVWUDUHDWHKQLF (RMST/kQRWDW 

adesea cu σ .
3HQWUXD GHWHUPLQDH[SUHVLDDFHVWHLHODVWLFLW LSRUQLPGHOD

157
IDSWXOF 5067HVWHRIXQF LHGHYDULD LDvQ]HVWU ULLWHKQLFHDGLF

RMST = g(k), (9.1)

GHSHQGHQ  SHQWUX FDUH VH FDOFXOHD]  HODVWLFLWDWHD DúD FXP V -a
procedat mai sus:
∆ % RMST g ’( k )
E RMST / k = σ = , (9.2)
∆%k g (k )
k
FDUH DUDW  FX FkWH SURFHQWH VH PRGLILF  UDWD VXEVWLWXLULL IDF torilor
GDF vQ]HVWUDUHDWHKQLF VHPRGLILF FX

Indicatorii de elasticitate (EQ/L, EQ/K úL (RMST/k SUHFXP úL

cel de substituire (RMST) sunt indicatori prin care sunt formulate
LSRWH]H DVXSUD FDUDFWHULVWLFLORU XQXL SURFHV GH SURGXF LH úL SRUQLQG

de lDFDUHSRWILJHQHUDWHGLIHULWHIXQF LLGHSURGXF LHWDEHOXO

Tabel 7
Denumirea
Ipoteza )RUPDIXQF LHL
FRQVDFUDW

1 2 3
α
EQ/L = α Q=a∗K 1-α
∗L Cobb-Douglas

EQ/L = α + βk Q = a ∗ K1-α ∗ Lα ∗ Cobb-Douglas

JHQHUDOL]DW
∗ exp (-βk)
EQ/L = α + βkγ Q = a ∗ K1-α ∗ Lα ∗ quasi Cobb-

∗ exp ((-β/γ ) ∗ kγ)

Douglas

158
 1 2 3
1-α / β
α Q=a∗K ∗ Sato-Revancar
EQ/L =
β − kγ ∗ (βLγ - Kγ)α / β γ
α( k − γ ) Q = a ∗ K1-α / β γ ∗ L-α ∗
EQ/L =
k +β ∗ (K+βL)-α (1+γ / β)
αk ( k − γ ) Q = a ∗ K(K+βL) α ( β + γ) ∗
EQ/L =
k +β ∗ L-α ( β + γ) ∗ exp (-k)
RMST = α + βk Q = a [(β + 1)K + α L]
RMST = α ∗ Q = a ∗ L ∗ exp (1/α ∗ exp k)
∗ exp (-k) - k
γ − αk Q= Allen
RMST =
β− γk = (2γ ∗ K ∗ L - α∗K - β∗L ) 2 2 1/2

a ( k − 2) K 2 ∗ L2 Rowe-Sato
RMST = Q=
k (k − 1) a ∗ α∗ K 3 + a ∗ L3
σ = 1 / (1 + ξ) Q= CES
ξ -1/ξ
= a [ σ ∗ K + (1 - σ ) ∗ L ]
-ξ

1 + αk β Q = a[ σ ∗ K-ξ + η(1 - σ ) ∗ Lu - Fletcher

σ =
γ+αk β ∗ k-c / (1 + ξ)∗L-ξ]-1/ ξ

1RW  FRQIRUP 0 $OW U & $UVHQH 5 6WURH – “Probleme privind identificarea
IXQF LLORU GH SURGXF LH PDFURHFRQRPLFH SHQWUX HFRQRPLD URPkQHDVF ´ $6(

%XFXUHúWL 5

159
 )XQF LDSURGXFWLYLW LLPXQFLL

6  SUHVXSXQHP R IXQF LH GH SURGXF LH GH GRL IDFWRUL

RPRWHWLF DVWIHOvQFkWDYHP

Q = f(K, L) f(λK, λL) = λ f(K, L) λ ∈ R+

(10.1)
'DF DOHJHPSHQWUX λ valoarea 1/L atunci (10.1) devine:
1 1 K 1
f ( ∗ K, ∗ L) = f ( ,1) = ∗ f (K, L) (10.2)
L L L L
6XEVWLWXLQG./ NRE LQHP

f ( K , L)
f(k,1) = (10.3)
L
care, prin abuz de notare, se poate scrie
−
WL = f (k )sauq = f (k ) , (10.4)
unde prin q am notat productivitatea medie a muncii; abuzul de
QRWDUH FRQVW  vQ XWLOL]DUHD DFHOHLDúL QRW UL D IXQF LHL UHVSHFWLY I

DWkW vQ FD]XO FkQG HVWH GHILQLW  SULQWU R YDULDELO  úL R FRQVWDQW 
-
IN FkW úL vQ FD]XO FkQG HVWH GHILQLW  QXPDL SULQWU R YDULDELO 
-
(f(k)).
)XQF LD  HVWH IXQF LD SURGXFWLYLW LL PXQFLL

GHWHUPLQDW  SULQ IDFWRUXO vQ]HVWUDUH WHKQLF  $FHDVW  IXQF LH DUH

WRDWH SURSULHW LOH IXQF LHL GH SURGXF LH &X DMXWRUXO IXQF LHL

160
SURGXFWLYLW LL VH SRW UHVFULH FD H[SUHVLL GH FDOFXO WR L LQGLFDWRULL

GHHILFLHQ DLIXQF LLORUGHSURGXF LH

1. productivitatea medie a muncii – HVWH FKLDU IXQF LD GH

SURGXF LHLQWURGXV PDLVXV

− Q
WL = = q = f (k ) (11.1)
L
2. productivitatea medie a capitalului:
− Q Q L 1 f (k )
WK = = ∗ = f (k ) ∗ = (11.2)
K L K k k
3. SURGXFWLYLWDWHDPDUJLQDO DPXQFLL

∂Q
wmg L = , unde Q = L * f(k) (conform 11.1),
∂L

∂Q ∂
astfel încât = (L * f(k)) sau wmg L = f(k) – k * f’ (k)
∂L ∂L
(11.3)
4. SURGXFWLYLWDWHDPDUJLQDO DFD pitalului
∂
FDúLvQFD]XOSUHFHGHQWZPJ.  (L * f(k)),
∂K
astfel încât wmg K = f‘ (k) (11.4)

5. UDWDPDUJLQDO GHVXEVWLWXLUHDIDFWRULORU

wmgL f (k )
RMST = = − k = ξ( k ) (11.5)
wmgK f ’ (k )

161
6. elasticitatea ratei marginale de substituire a factorilor
ξ ’ (k ) k ∗ f (k ) ∗ f ’’ (k )
σ= = ’
ξ(k ) [
f ( k ) ∗ k ∗ f ’( k ) − f (k ) ] (11.6)

k
7. HODVWLFLWDWHDSURGXF LHLvQUDSRUWFXIRU DGHPXQF

Q ’L f ’(k )
EQ/L = = 1− k ∗ ,
Q f (k )
L
XQGH IUDF LD UHSUH]LQW  UDSRUWXO vQWUH FUHúWHUHD SURGXFWLYLW LL

PXQFLL úL QLYHOXO HL DGLF  ULWPXO FUHúWHULL SURGXFWLYLW LL PXQFLL

astfel avem:
EQ/L = 1 – k * ritm w
8. HODVWLFLWDWHDSURGXF LHLvQUDSRUWFXFDSLWDOXO

Q’K f ’(k )
EQ/L = = k⋅ = k ∗ ritm w
Q f (k )
K
úLVHREVHUY F FHOHGRX HODVWLFLW LVXQWF omplementare în raport
cu unitatea.

162
 CAPITOLUL 7

5( (7$'()$%5,&$ ,(ù,35( 8/

)$&725,/25'(352'8& ,(

5H HWD GH IDEULFD LH HVWH R FRPELQD LH GH IDFWRUL GH

SURGXF LH GH IRUPD  LQWURGXV  vQ FDSLWROXO  5H HWD HVWH

FDUDFWHUL]DW  GH YHFWRUXO X = xi 1∗n atât calitativ (tipurile i de

IDFWRULGHSURGXF LHOXD LvQFRQVLGHUDUHFkWúLFDQWLWDWLYFDQWLW LOH

xiGHIDFWRUL GHSURGXF LH6H DFFHSW F vQJHQHUDOXQQLYHOGDWGH

SURGXF LH VH SRDWH RE LQH FX R PXO LPH GH UH HWH DVWIHO vQFkW

SURGXF WRUXO SRDWH V  DOHDJ  XQD - ceD PDL FRQYHQDELO  - GDF 

LQWURGXFH XQ FULWHULX GH DOHJHUH 8Q DVWIHO GH FULWHULX HVWH SUH XO

XQLWDU DO IDFWRULORU IRORVL L Si , independent în raport cu

SURGXF WRUXO

ÌQ DFHVWH FRQGL LL SURGXF WRUXO SRDWH GHILQL GRX  WLSXUL GH

probleme de decizie:
a) RE LQHUHD XQXL YROXP GDW GH SURGXF LH OD XQ FRVW GH SURGXF LH

minim:
n
minCT= ∑ p i ∗ xi (1.1)
I =1

163
 Q = f (X), (1.2)
XQGH&7 FRVWXOWRWDOGHSURGXF LH

b) RE LQHUHDFHOXLPDLPDUHYROXPSRVLELOGHSURGXF LHODXQEXJHW

GDWDGLF IRORVLQGXQFXDQWXPGDWDOFRVWXOXLGHSURGXF LH

max Q = f (X) (1.3)

n
CT = ∑ p i ∗ xi (1.4)
I =1

7.1.5H HWDRSWLP GHIDEULFD LH

3UREOHPHOH GH GHFL]LH D úL E GH PDL VXV VXQW FRQVLGHUDWH

HFKLYDOHQWH &HO PDL DGHVHD vQV  VH IDFH UHIHULUH OD SUREOHPD D

GHRDUHFH vQ SUDFWLF  XQ SURGXF WRU VH JKLGHD]  GXS  SRUWRIROLXO GH

FRQWUDFWH GH FDUH GLVSXQH FD úL GXS  SRUWRIROLXO GH "posibile
comenzi" DJHQ L HFRQRPLFL F URUD OH D RQRUDW FHUHUL GH OLYUDUH úL
-
FDUHDUSXWHDV úLOHUHvQQRLDVF 

'HRDUHFH 4  FRQVWDQW UH]XOW  F  SURGXF LD HVWH SH R

L]RFXDQW  3HQWUX IXQF LD GH FRVWSRWILJHQHUDWHGUHSWHFDUH o

UHSUH]LQW  SHQWUX GLIHULWH QLYHOH GH FRVW &71 ,CT2,…etc. Aceste
GUHSWH vQ VSD LXO Q -dimensional) sunt numite drepte de izocost
GHRDUHFHYROXPXOFKHOWXLHOLORUHVWHDFHODúLSHILHFDUHGLQWUHHOH

164
 3UHVXSXQkQG VSD LXO  -dimensional (doi factori de
SURGXF LH FDSLWDO . úL IRU  GH PXQF  / UHSUH]HQWDUHD L]RFXDQWHL

úL D GUHSWHORU GH L]RFRVW SUHVXSXQkQG F  DYHP UHOD LD GH RUGLQH

CT1<CT2<CT3< …etc.) apare ca în figura 34.

K
izocuanta Q

B CT4
CT3
CT2
A
KA CT1

LA L
)LJ,]RFXDQWDúLL]RFRVWXULOH

Modelul de optim este în acest caz:

min CT = K ∗ pK + L ∗ pL (1.5)
Q = f (K,L), (1.6)
unde: pK SUH XOXQLWDUDOFDSLWDOXOXL ,
pL SUH XOXQLWDUDOPXQFLL

165
 Dreapta de izocost este dreapta ce trece prin punctele
(0;CT/pK úL &7SL ;0). Pentru valorile CT1, CT2,….etc. ale
FRVWXOXLVHRE LQHRIDPLOLHGHGUHSWHGHL]RFRVWGHIRUPD

pL CT
K=− ∗L+ , (1.7)
pK pK

FDUDFWHUL]DWH SULQ DFHHD F  SHQWUX RULFH SXQFW UDSRUWXO SUH XULORU

(pL/pK HVWH FRQVWDQW GHRDUHFH UHSUH]LQW  SDQWD L]RFRVWXOXL 3H GH

DOW  SDUWH SH L]RFXDQW  ILHFDUH SXQFW DUH R SDQW  GH P ULPHD ratei
PDUJLQDOHGHVXEVWLWX LHWHKQLF 5067YH]LUHOD LLOH -
úL -(5.6)). De aceea putem scrie:
wmgL p L
RMST = = , (1.8)
wmgK p K
XQGHZPJ/ SURGXFWLYLWDWHDPDUJLQDO DPXQFLL

wmgK = prRGXFWLYLWDWHDPDUJLQDO DFDSLWDOXOXL

,QWHUSUHWkQG SUREOHPD D FD R SUREOHP  GH H[WUHP FX

OHJ WXUL FRQIRUP FDSLWROXOXL  UHOD LLOH   VROX LD R
-
RE LQHPGLQFRQGL LLOHGHPLQLPSHQWUXODJUDQJHDQ

min L = K ∗ pK + L ∗ pL + λ[Q − f (K, L)] , (2.1)

respectiv:
∂L
= 0 DGLF  λ = p K f K′
∂K

166
 ∂L
= 0 DGLF  λ = p L f L′
∂L
sau p K f K′ = p L f L′ ,
UDSRDUWH FH UHSUH]LQW  FRVWXO PDUJLQDO DO SURGXF LHL RE LQXWH SH

VHDPD XQXLD VDX D DOWXLD GLQWUH IDFWRUL DVWIHO vQFkW FRQGL LD GH

RSWLPVHUHGXFHODHJDOLWDWHDFHORUGRX FRVWXULPDUJLQDOH

'DF DFHVWHUDSRDUWHOHFRQVLGHU PvQIRUPD

f K′ p
= L
f L′ p K

úL GDF  LQHP VHDPD GH IDSWXO F  UDSRUWXO SURGXFWLYLW LORU

PDUJLQDOH HVWH FKLDU 5067 FDSLWROXO  UHOD LD  DWXQFL

UHJ VLPFRQGL LDGHRSWLP

'LQILJXUDUH]XOW F XQHOHFXDQWXPXULGHFKHOWXLHOL&71

úL &72 VXQW LQVXILFLHQWH SHQWUX D SXWHD IL IDEULFDW  R SURGXF LH GH

P ULPHD FHOHL FH D JHQHUDW L]RFXDQWD 4 3H GH DOW  SDUWH DFHVW

YROXP GH SURGXF LH SRDWH IL RE LQXW FX FKHOWXLHOL GH P ULPH &73

VDX PDL PDUL 3XQFWHOH $ % úL & H[SULP  JUDILF DFHVW OXFUX GDU

dintre ele este de preferat A, care corespunde celui mai mic izocost.
&RPELQD LD RSWLP  vQWUH IDFWRULL GH SURGXF LH UH HWD RSWLP  HVWH

(LA,KA).

167
 7.2. 9DULD LDUH HWHLRSWLPH

5H HWD RSWLP  GH IDEULFD LH YDULD]  vQ UDSRUW FX SUH XULOH

XQLWDUHDOHIDFWRULORUGHSURGXF LHúLFXYROXPXOSURGXF LHL

7.2.1. ,QIOXHQ DYDULD LHLSUH XULORUIDFWRU ilor

3UHVXSXQHP R VLWXD LH GH RSWLP FD vQ ILJXUD  $ ILLQG

SXQFWXO FDUH H[SULP  UH HWD RSWLP  6  SUHVXSXQHP F  SUH XO

FDSLWDOXOXL U PkQH FRQVWDQW LDU FHO DO IDFWRUXOXLPXQF  VHP UHúWH

L]RFRVWXO VH PRGLILF  DFFHQWXkQGX úL SDQWD DVWIHO F  VH RE LQH XQ
-
nou punct de optim, punctul B (fig. 35).

K
CT/pK izocuanta Q

K B
B

CT/pK

KA A

LB CT/PL2 L CT/PL1 L

)LJ9DULD LDUH HWHLRSWLPHvQUDSRUWFXSUH XO factorilor

168
 Deoarece pL1 < pL2 IDFWRUXO PXQF  VH VFXPSHúWH QRXD

UH HW  YD LQFOXGH R FDQWLWDWH PDL PLF  GH PXQF  /B < LA úL PDL
mare de capital (KA > KB DGLF  YD PRGLILFD UDWD PDUJLQDO  GH

VXEVWLWX LHvQWUHFHLGRLIDFWRUL

RMSTK/L(B) > RMSTK/L(A)

$FHVW OXFUX HVWH SRVLELO GHRDUHFH FRVWXO GH SURGXF LH vQ

FD]XO UH HWHL $ VH VFXPSHúWH LDU SURGXF WRUXO FDXW  R QRX  UH HW 

care, asigurându-i producerea DFHOHLDúL SURGXF LL 4 YD JHQHUD

costuri mai mici. Izocostul aferent punctului A în cazul în care

FRVWXOIRU HLGHPXQF HVWHSL2HVWHRGUHDSW SXQFWDW vQILJXUD

SDUDOHO  FX GUHDSWD GH L]RFRVW FH FRQ LQH SXQFWXO % &RQIRUP

DúH] ULL L]RFRVWXULORU YH]L ILJXUD  UH]XOW  F  FHO FH LQFOXGH

punctul A este mai mare decât cel ce include punctul B.

9DULD LD SUH XULORU IDFWRULORU GH SURGXF LH GHWHUPLQ 

PRGLILFDUHD UDWHL PDUJLQDOH GH VXEVWLWXLUH úL SULQ DFHDVWD D

raportului între factori. Pentru a schimba intensitatea acestei

PRGLILF UL QH IRORVLP GH LQGLFDWRUXO HODVWLFLW LL ÌQ FD]XO VWXGLDW

este vorba de a exprima modificarea raportului între factori (k=K/L,

vQ]HVWUDUH WHKQLF  D PXQFLL vQ IXQF LH GH UDWD ORU PDUJLQDO  GH

VXEVWLWXLUH DGLF  R IXQF LH LQYHUV  FHOHL LQWURGXVH vQ FDSLWROXO 

SULQUHOD LD

169
 k = [g] (RMST) ,
−1
(3.1)

astfel încât elasticitatea este:

′
E k / RMST = σ −1 =
([g] ) (RMST)
−1

(3.2)
[g ] −1
(RMST)
RMST
Deoarece RMSTK/L HVWH HJDO  FX UDSRUWXO LQYHUV DO

r pL/pK VH SRDWH GHILQL IXQF LD [g]

−1
SUH XULOR FD IXQF LH GH UDSRUWXO

SUH XULORULDUHODVWLFLWDWHDYDGHYHQL

′
E k / (p = σ −1 =
([g] ) (p
−1
L / pK )
(3.3)
L / pK )
[g] (p −1
/ pK )
L

pL / pK
&RQ LQXWXO HFRQRPLF DO DFHVWHL HODVWLFLW L HVWH QXP UXO GH

SURFHQWH FX FDUH VH PRGLILF  vQ]HVWUDUHD WHKQLF  D PXQFLL GDF 

UDSRUWXOGHSUH XULPXQF FDSLWDOVHPRGLILF FXXQSURFHQW

7.2.2. ,QIOXHQ DYDULD LHLSURGXF LHL

În acest caz sunt luate în considerare mai multe izocuante,

fie Q1<Q2<Q3<«HWF vQ WLPS FH SUH XO IDFWRULORU U PkQH

nemodificat. Este evidentF ILHFDUHGLQYROXPHOHGHSURGXF LH4YD

170
necesita un alt cuantum de cheltuieli CT1<CT2<CT3<«HWFGDWRULW 

IDSWXOXLF HVWHDQJDMDW RFDQWLWDWHGLQFHvQFHPDLPDUHGHIDFWRUL

GHSURGXF LHILJXUD/C > LB > LAúL.C >KB > KA.
K
CT3

CT2 traiectorie de extindere

KC CT1 C
KB B
KA A Q3
Q2
Q1
LA LB LC
)LJ9DULD LDUH HWHLRSWLPHvQUDSRUWFXYROXPXO

SURGXF LHLWUDLHFWRULDGHH[WLQGHUHDSURGXF LHL

9DULD LD SURGXF LHL VH IDFHDVWIHOvQFkWGH ILHFDUH GDW QRXO

YROXPPDLPDUHDOSURGXF LHLV VHRE LQ WRWvQFRQGL LLGHRSWLP

'DF YRPFRQVLGHUDVLWXD LDXQRUYROXPHFUHVF WRDUHGHSURGXF LH

QHJ VLPvQID DXQHLSUREOHPHGHH[WLQGHUHRSWLP DSURGXF LHLFD

UH]XOWDW DO FUHúWHULL FHUHULL ùLUXO de puncte de optim A, B, C etc.

171
WUDVHD]  traiectoria de extindere RSWLP DSURGXF LHL3HQWUXILHFDUH

GLQSXQFWHOH$%&HWFVHYHULILF FRQGL LDGHRSWLP

pK pL
=
f K′ (K, L) f L′ (K, L)

'DF SXWHPVHSDUDGHSLOG SH.GLQGHULYDWHOHIXQF LHLGH

SURGXF LHDWXQFLVHSRDWHJ VLRIXQF LH

K = K(L, p K , p L ) , (4)

UHSUH]HQWkQG HFXD LD WUDLHFWRULHL GH H[WLQGHUH D SURGXF LHL $FHDVW 

WUDLHFWRULHHVWHRGUHDSW GDF IXQF LDGHSURGXF LHHVWHRPRWHWLF 

7.3. )XQF LLOHSULYLQGFHUHUHDGHIDFWRULGHSURGXF LH

3HED]DUHOD LHLGHPDLVXVIXQF LDGHSURGXF LHVHSRDWH

rescrie în forma:

(
Q = f K(L, p K , p L ), L , )
HFKLYDOHQW FXIRUPD

Q = f1 ( L, p K , p L ) , (5)

vQFDUHDXIRVWUH LQXWHGRDUYDULDE ilele independente, iar I (⋅) ≠ 1 ()⋅

I

úLGLQFDUHVHSRDWHRE LQHH[SUHVLDIRU HLGHPXQF 

L = [f1 ] (Q, p K , p L )
−1
(6)

172
FDUHFRURERUDW FXUHOD LDQHFRQGXFHODH[SUHVLDFDSLWDOXOXL

(
K = K [f1 ] (Q, p K , p L ), p K , p L
−1
)
sau, altfel scris,

K = f 2 (Q , p K , p L ) (7)

5HOD LLOHúLGDXROHJ WXU vQWUHYROXPXOIDFWRUXOXLGH

SURGXF LH SH GH R SDUWH úL YROXPXO SURGXF LHL úL SUH XULOH XQLWDUH

DOHIDFWRULORUSHGHDOW SDUWH2DVWIHOGHUHOD LHGHILQHúWHRIXQF LH

GH FHUHUH D IDFWRUXOXL GH SURGXF LH )LLQG FRQVWUXLW  SH ED]D

FRQGL LHLGHRSWLPGLQFDSLWROXORDVWIHOGHIXQF LHDUDW 

QLYHOXOGHRSWLPGHXWLOL]DUHDIDFWRUXOXLGHSURGXF LHDGLF FHUHUHD

de factor de prodXF LH IRUPXODW  GH SURGXF WRU FDUH DVLJXU 

DWLQJHUHDXQXLYROXPGDWGHSURGXF LHFXFHOPDLPLFFRVWSRVLELO

173
 CAPITOLUL 8

OBIECTIVELE GESTIUNII ECONOMICO-

FINANCIARE A FIRMEI

Gestiunea economico - ILQDQFLDU  D ILUPHL vúL SURSXQH PDL

PXOWH RELHFWLYH vQ UDSRUW FX LQWHUHVXO LPHGLDW DO SURGXF WRUXOXL

6WUXFWXUD úL YROXPXO SURGXF LHL VXQW GLIHUHQ LDWH vQ UDSRUW FX

RELHFWLYXO 3HQWUX PDL EXQD FXQRDúWHUH D HIHFWHORU GHFL]LHL

SURGXF WRUXOSRDWHVWXGLD ″regretul″ unuia din obiective în raport cu

DOWXOFDSLWROXOUHOD LLOH úL
-
Obiectivul cel mai adesea invocat este maximizarea
profitului în conGL LLOH IRUPXODWH vQ SUREOHPD D GLQ FDSLWROXO  OD
FDUH VH DGDXJ  SUH XO XQLWDU GH YkQ]DUH D SURGXF LHL SH SLD  SQ úL

FDUH OD IHO FD úL SUH XULOH IDFWRULORU GH SURGXF LH HVWH FRQVLGHUDW

LQGHSHQGHQWID GHSURGXF WRU

Modelul profitului total optim (PT) este în acest caz:

n
max PT = Q∗pQ - ∑ p i ∗ xi (1.1)
i =1

Q = f(X) (1.2)

174
úL GLIHU  GH PRGHOXOFRVWXOXLWRWDO PLQLP - (1.2), capitolul 7)
doar prin constanta Q∗pQ. Ori, în acest caz, modelul profitului total
optim se reduce la modelul costului total optim.
ùFRDODHFRQRPLF PRGHUQ SRVWFODVLF DSXVvQGLVFX LHúL

alte obiective ale gestiunii economico - financiare a firmei,

construind modele ale cifrHLRSWLPHGHDIDFHULúLDOHYDORULLPD[LPH
a firmei.

8.1. )XQF LLOHGHFRVWGHSURGXF LH

)XQF LLOH GH FRVW H[SULP  UHOD LD vQWUH FRVWXO WRWDO GH

SURGXF LH UH]XOWDW DO FRQVXPXOXL GH IDFWRUL úL YROXPXO SURGXF LHL

GH UHDOL]DW FRQVLGHUkQG FXQRVFXWH SUH XULOH unitare ale factorilor.

&RQVWUXLUHD DFHVWRU IXQF LL VH ED]HD]  SH IXQF LLOH GH FHUHUH D

IDFWRULORUGHSURGXF LH

0RGHOXO LQFOXGH XUP WRDUHOH UHOD LL YRP SUHVXSXQH vQ

FRQWLQXDUHSHQWUXVLPSOLILFDUHDH[SXQHULLRIXQF LHGHSURGXF LHGH

doi factori):
- ecXD LDGHFDOFXODFRVWXOXLWRWDO
CT = K ∗ pK + L ∗ pL (1.3)
-IXQF LDGHFHUHUHGHFDSLWDO

175
 K=K(Q,pK,pL) (1.4)
-IXQF LDGHFHUHUHGHPXQF
L=L(Q,pK,pL) (1.5)
3ULQ VXEVWLWXLUHD UHOD LLORU  úL  DOH PRGHOXOXL vQ

UHOD LD  VH RE LQH R IXQF LH GH FRVW DO F UHL DUJXPHQW HVWH

YROXPXO SURGXF LHL SUH XULOH IDFWRULORU ILLQG FRQVLGHUDWH FRQVWDQWH

FDUHJHQHUHD] SDUDPHWULLIXQF LHLGHFR st:

CT = CT(Q) (2)
&RPSRQHQWHOH FRVWXOXL WRWDO UHVSHFWLY FRVWXULOH IL[H úL

FRVWXULOH YDULDELOH GHWHUPLQ  DERUG UL SDUWLFXODUL]DWH DOH DFHVWHL

IXQF LL SH WHUPHQ VFXUW SHQWUX FDUH VH FRQVLGHU  F  XQHOH GLQ

FRQVXPXULOH GH IDFWRUL QX VXQW YDULDELOH úL SH WHUPHQ OXQJ SHQWUX

FDUHVHFRQVLGHU F WRDWHFRQVXPXULOHGHIDFWRULVXQWYDULDELOHGH

aici o IXQF LH GH FRVW SH WHUPHQ OXQJ úL R IXQF LH GHFRVW SHWHUPHQ

scurt.

)XQF LDGHFRVWSHWHUPHQOXQJ

FXQF LDGHFRVWSHWHUPHQOXQJHVWHGHIRUPD&RVWXO

PHGLXúLFRVWXOPDUJLQDOVXQWGDWHGHH[SUHVLLOH

- costul mediu: CTM = CT(Q)/Q, (3.1)

DGLF RIXQF LHGH4GHIRUPD CTM = CTM (Q)

176
- costul marginal: CTmg = CT′(Q ) , (3.2)

DGLF GHDVHPHQHDRIXQF LHGH4GHIRUPD&7mg = CTmg(Q)

(VWH vQ JHQHUDO DFFHSWDW SH ED]D REVHUYD LLORU GLQ SUDFWLFD

HFRQRPLF IDSWXOF HYROX LDFRVWXOXLPDUJLQDOHVWHGHDúDIHOvQFkW

H[LVW  XQ PLQLP DO DFHVWXLD 1LYHOXO SURGXF LHL SHQWUX FDUH VH

vQUHJLVWUHD] DFHVWPLQLPHVWHGDWGHVROX LDHFXD LHL

′
(CT ) (Q) = 0 sau CT′′(Q) = 0
mg (4)

$FHDVW  YDORDUH D SURGXF LHL HVWH WRWRGDW  XQ SXQFW GH

inflexiune pentru costul total, deoarece derivata costului marginal

este de fapt derivata de ordinul doi a costului total (fig. 37).
CT

CT
A

Q1 Q
Fig. 37 Curba costului total

9ROXPXO GH SURGXF LH 41 HVWH FHO SHQWUX FDUH VH RE LQH

PLQLPXOFRVWXOXLPDUJLQDOGDUúLFHOGHODFDUHvQFHSkQGDOXUD

177
FRVWXOXL WRWDO VH VFKLPE  DGLF  VH PRGLILF  WHQGLQ D YLWH]HL OXL GH

HYROX LH GH XQGH SkQ  OD 41 WHQGLQ D HUD GH GLPLQXDUH GH OD DF
est
SXQFWvQDLQWHWHQGLQ DHVWHGHFUHúWHUH

([LVWHQ D XQXL PLQLP vQ HYROX LH HVWH DFFHSWDW  úL SHQWUX

FRVWXO PHGLX 1LYHOXO SURGXF LHL SHQWUX FDUH VH vQUHJLVWUHD]  DFHVW

PLQLPHVWHGDWGHVROX LDHFXD LHL

(CTM )′ (Q) = 0 (5)

LQkQGVHDPDGHUH]XOW 

(Q ∗ CTmg - CT)/Q2 = 0 sau CTmg = CTM, (6)

FHHD FH vQVHDPQ  F PLQLPXOFRVWXOXLWRWDOPHGLXVH DWLQJHDWXQFL

când acesta este egal cu costul marginal. Rezultatul este firesc,

deoarece, atâta timp cât costul marginal este inferior celui mediu,
DFHVWD GLQ XUP  VH UHGXFH vQ WLPS FH GDF  P ULPHD FRVWXOXL

PDUJLQDOHVWHSHVWHFHDDFRVWXOXLPHGLXDFHVWDGLQXUP FUHúWH

9DORDUHDSURGXF LHLSHQWUXFRVWXOPHGLXPLQLPHVWH

CT
Q2 = (7)
CTmg

úL UHSUH]LQW  XQ SXQFW OD GUHDSWD OXL 41 ILJXUD  $FHDVW 

SR]L LRQDUH HVWH PRWLYDW SULQUDSRUWXULOHGHP ULPHH[LVWHQWH vQWUH

FRVWXOPDUJLQDOúLFRVWXOPHGLXúLSULQHYROX LDDFHVWXLDGLQXUP vQ

raportFXQLYHOXOFHOXLGLQWkLÌQJHQHUDOHVWHDFFHSWDWF 

178
CTmg4  &704 7UHFHUHDODQLYHOXOGHSURGXF LH4 vQ

FRQGL LLOH WHQGLQ HL SURGXF WRUXOXL GH D úL PD[LPL]D SURILWXO HVWH
-
HIHFWXDW  QXPDL vQ P VXUD vQ FDUH &704  < CTM(Q=1), din
care rezulW  LPSOLFLW F  &7mg (Q=2) < CTM(Q=1). Astfel, curba
FRVWXOXL PDUJLQDO VH DIO  VXE FHD D FRVWXOXL PHGLX DWkWD WLPS FkW

FRVWXO PDUJLQDO HVWH vQ VF GHUH DGLF  SH LQWHUYDOXO 4 ∈(1;Q1].

1LYHOXO GH SURGXF LH42 nu se poate afla în acest interval, deoarece
pentru Q > Q2 FRVWXO WRWDO PHGLX DU WUHEXL V  FUHDVF  FRQIRUP

FRQGL LHL  GH PLQLP $FHVW OXFUX QX HVWH SRVLELO GHRDUHFH vQ

intervalul (1;Q1) FRVWXO PDUJLQDO HVWH vQ VF GHUH DVWIHO vQFkW FRVWXO

PHGLXQXSRDWHFUHúWHILJXUD






 






)LJ&XUEHOHFRVWXOXLPDUJLQDOúLPHGLX

5DQGDPHQWXO GH VFDU  vQ VHQVXO HFRQRPLLORU GH VFDU  DUDW 

XQ HIHFW IDYRUDELO SHQWUX SURGXF WRU $FHVW HIHFW VH vQUHJLVWUHD] 

179
SkQ  OD QLYHOXO GH SURGXF LH 4  42 , deoarece costul total mediu
HVWH vQ GHVFUHúWHUH SkQ  vQ DFHVW SXQFW 'XS  DFHVW QLYHO GH

SURGXF LH UDQGDPHQWXO GH VFDU  DSDUH vQ VHQVXO GH]HFRQRPLLORU GH

VFDU  $VWIHO UDQGDPHQWXO IDFWRULORU GH SURGXF LH H[SULPDW SULQ

UDQGDPHQWXOGHVFDU HVWHSXVvQFRUHOD LHFXFRVWXOPHGLXúLQXFX

cel marginal sau total.

$FHVWUDQGDPHQWGDWGHJUDGXOGHRPRJHQLWDWHKDOIXQF LHL

GH SURGXF LH DUDW  GHYDQVDUHD VDX QX D FUHúWHULL SURGXF LHL GH F WUH

FUHúWHUHDFRVWXOXLWRWDOGXS FXPK > 1 sau h < 1 (figura 39).

K
&7
K 

K!

)LJ(YROX LDFRVWXOXLWRWDOvQUDSRUWFXUDQGDPHQWXOGHVFDU

8.1.2. )XQF LDGHFRVWSHWHUPHQVFXUW

)XQF LDGHFRVWSHWHUPHQVFXUWSUHVXSXQHGLVWLQF LDvQWUH

180
FRVWXULOHIL[HúLFHOHYDULDELOH

CT(Q) = CF + CV(Q), (8)

în care CV(Q=0) =0, (8.1)
astfel încât CF = CT(Q=0) (8.2)
&RVWXOPHGLXUH]XOW GLQH[SUHVLD

CTM = CF/Q + CV(Q)/Q = CFM + CVM, (9)

unde CFM este costul fix mediu, CFM = CF/Q (9.1)
úL&90HVWHFRVWXOYDULDELOPHGLX&90 &944

Costul marginal este dat de expresia:

CTmg= CT′(Q) = CV ′(Q) = CVmg , (10)

DGLF  P ULPHD FRVWXOXL WRWDO PDUJLQDO HVWH HJDO  FX P ULPHD

costului variabil marginal.

ÌQWUXFkWFRVWXOIL[HVWHRFRQVWDQW UH]XOW F IXQF LDGHFRVW

variabil are un grafic similar cu cel al costului total, dar deplasat

sub acesta (figura 40).
3HQWUXDPEHOHIXQF LLDFRVWXOXLWRWDOúLDFRVWXOXLY ariabil),
nivelul Q1 DO SURGXF LHL H[SULP  FRQGL LD PLQLPXOXL SHQWUX

FRVWXULOHPDUJLQDOHWRWDOúLYDULDELOFDúLSXQFWXOGHLQIOH[LXQHSH

JUDILFHOHDPEHORUIXQF LLGHRDUHFHFRQIRUP&7mg = CVmg).

181
 &7
&7
&9
&9

&)

&)

4 4

)LJ)XQF LLOHG
e cost pe termen scurt
&RVWXOIL[PHGLXHVWHRIXQF LHGHVFUHVF WRDUHvQUDSRUWFX

QLYHOXOSURGXF LHLILJúLvQSOXV lim CFM = 0. (11)

Q→∞

Costul total mediu admite un minim Q2 vQ DFHOHDúL FRQGL LL
úL FX DFHHDúL PRWLYD LH FD vQ FDSLWROXO  ÌQ SOXV LQkQG VHDPD

GHUH]XOW 

lim CTM = CVM (12)

Q→∞

3HQWUX FRVWXO YDULDELO PHGLX VH DFFHSW  H[LVWHQ D XQXL

PLQLPFDUHHVWHGDWGHVROX LDHFXD LHL

CVM ′(Q) = 0 ,

sau (Q ∗ CVmg - CV)/Q2 DGLF &9mg = CVM (13)

9DORDUHDSURGXF LHLSHQWUXFRVWXOYDULDELOPHGLXHVWH

182
 CV
Q3 = (14)
CVmg

úL UHSUH]LQW  XQ SXQFW vQWUH 41 úL 42 ILJXUD  $FHDVW 

SR]L LRQDUH HVWH PRWLYDW  SULQ HYROX LD FRVWXOXL IL[ PHGLX $FHVWD

HVWH SHUPDQHQW GHVFUHVF WRU ID  GH FRVWXO WRWDO PHGLX FDUH HVWH

GHVFUHVF WRU QXPDL vQ LQWHUYDOXO 4 ∈(0;Q2] 'DF  SURGXF LD 43 >Q2,
DFHDVWDDUvQVHPQDF vQLQWHUYDOXO4 ∈(Q2;Q3] costul variabil mediu
ar fivQVF GHUH'HRDUHFHúLFRVWXOIL[PHGLXHVWHvQVF GHUHUH]XOW 

F  úL FRVWXO WRWDOPHGLXDUILvQVF GHUHDGLF DUVF GHDúLGXS 42 ,

care este punctul lui de minim, ceea ce nu este posibil. De aceea,
Q3<Q2 ÌQ DFHODúL WLPS 43 >Q1, deoarece comportarea costului
YDULDELO SH WHUPHQ VFXUW HVWH VLPLODU  FRPSRUW ULL FRVWXOXL WRWDO SH

WHUPHQ OXQJ úL FRQIRUP PRWLYD LHL GDWH vQ FDSLWROXO  GXS 

UHOD LD  PLQLPXO FRVWXOXL PHGLX HVWH OD GUHDSWD FHOXL DO FRVWXOXL

PDUJLQDO (YROX LD FRVWXOXL WRWDO HVWH vQ SULP  DQDOL]  GHWHUPLQDW 

GHHYROX LDFRPSRQHQWHORUVDOHFDúLGHUDSRUWXOORUGHRUGLQHWRDWH

GHSHQGHQWHGHGLQDPLFDSURGXF LHLúLGHFRPSRUWDPHQWXOUD LRQDODO

SURGXF WRUXOXLWDEHOXO

183
 &70 &PJ
&70

&)0

&90 &90
&PJ

&)0

4444

Fig. 41 Curbele costului total mediu, variabil mediu, fix

PHGLXúLPDUJLQDO

Tabelul 8

9DULD LD ,QWHUYDOHGHSURGXF LH

costurilor (0;Q1) Q1 (Q1;Q3) Q3 (Q3; Q2) Q2 (Q2;∞)

∆Cmg <0 =0 >0 >0 >0 >0 >0

∆CFM <0 <0 <0 <0 <0 <0 <0

∆CVM <0 <0 <0 =0 >0 >0 >0

∆CTM <0 <0 <0 <0 <0 pentru =0 pentru >0 pentru
F |∆CFM | F  |∆CFM | F  |∆CFM |
<∆CVM =∆CVM >∆CVM

184
 8.2. Modele ale optimului cifrei de afaceri

Un astfel de model a fost introdus la finele anilor ′50 de

F WUH HFRQRPLVWXO : - %DXPRO FD UH]XOWDW DO WHQGLQ HORU

PDQLIHVWDWH SH SLD D DPHULFDQ  ÌQ GRULQ D GH D úL H[WLQGH DIDFHULOH
-
úL PDL DOHV GH D úL VSRUL FRWD GH SLD
-  SURGXF WRULL XUP UHVF

UHDOL]DUHD XQRU vQFDV UL FLIUH GH DIDFHUL PD[LPH FX FRQGL LD GH D

RE LQH XQ PLQLP GH SURILW FDUH V -i motiveze în activitatea lor, un

profit ″GH DúWHSWDUH″ SkQ  OD FRQVROLGDUHD OD R DOW  FRW  GH SLD 

PDLPDUHVDXSHRDOW SLD GHSLOG vQDOW ]RQ VDX DU 

3UREOHPD SXQH vQ VWXGLX UDSRUWXO GH LQWHUHVH DF LRQDUL -

PDQDJHUL DGPLQLVWUDWRUL SULPLL vQFOLQ  VSUH XQ FkúWLJ LPHGLDW

SULQ FDUH V -úL UHFXSHUH]H FkWPDLJUDEQLF FDSLWDOXOLQYHVWLWFHLODO L

vQFOLQ  VSUH R FRQVROLGDUH D SR]L LHL ORU GH FRQGXFHUH FD UH]XOWDW DO

VWDWRUQLFLHLILUPHLúLDEXQHORUHLSHUVSHFWLYH

0RGHOXO %DXPRO LD vQ FRQVLGHUDUH GHSHQGHQ D SURGXF LH -

SUH  vQ VHQVXO F  DFHVWD GLQ XUP  HVWH R IXQF LH GH QLYHOXO

SURGXF LHL

p = p(Q ) (15.1)

cu p ′(Q ) >< 0, p ′′(Q) !úLSHQWUX

< p ′(Q ) = 0 avem p ′′(Q) < 0.

În structura modelului se includ:

185
-IXQF LDFLIUHLGHDIDFHUL&$ S4 ∗Q (15.2)
-UHVWULF LDGHSURILWS4∗ Q - CT(Q) > PD, (15.3)
unde PD este nivelul dorit al profitului total.
3HQWUX PRGHOHOH GH DFHVW IHO FRQGL LD GH RSWLP VH RE LQH SH

ED]DIXQF LHL/DJUDQJH

L = p(Q) ∗ Q + λ ∗ ( p(Q) ∗ Q - CT(Q) - PD), (16.1)

SHQWUXFDUHVHVFULHFRQGL LD.XKQ -Tucker:

∂L ∂p(Q) ∂p(Q )
= p(Q) + ∗ Q + λ ∗ ( p(Q ) + ∗Q-
∂Q ∂Q ∂Q

∂CT(Q) ∂L
- ) <úL ∗Q=0 (16.2)
∂Q ∂Q
)XQF LD /DJUDQJH PDL SRDWH IL VFULV   LQkQG VHDPD GH

VHPQLILFD LDHFRQRPLF DFRPSRQHQWHORUVXEIRUPD

L = CA + λ ∗ (CA - CT - PD) (16.3)

astIHOvQFkWGHULYDWDHLvQUDSRUWFXSURGXF LDvQVHDPQ 

L ′ = CA′ + λ ∗ CA′ - λ ∗ CT′ , (16.4)

unde CA′ UHSUH]LQW ′
 YHQLWXO PDUJLQDO LDU &7  UHSUH]LQW  FRVWXO

PDUJLQDODGLF 

∂p(Q)
CA′= p(Q) + ∗Q (16.5)
∂Q

186
 ∂CT(Q)
CT′= (16.6)
∂Q
5HOD LD LQkQGVHDPDGHúLVHUHVFULH

(1+λ) ∗ VTmg - λ ∗ CTmg= 0, (16.7)

unde VTmg= venitul total marginal.
'DF  λ  UH]XOW  97mg  FHHD FH vQVHDPQ  F 

SURGXF WRUXO IDEULF  XQ YROXP GHSURGXF LHSHQWUXFDUHYHQLWXO V X

PDUJLQDOHVWHQXODGLF HODUHDOL]DWRFLIU GHDIDFHULPD[LP 

1+ λ
'DF  λ >UH]XOW F &7mg = ∗ VTmgDGLF
λ
VTmg < CTmgFHHDFHvOGHWHUPLQ SHSURGXF WRUV QXPDLSURGXF 

QLPLF vQ SOXV SHVWH FHHD FH SURGXVHVH GHMD GHRDUHFH VSRUXO V X GH

venit este mai mic decât sporul de cheltuieli, caz în care volumul de
SURGXF LHIDEULFDWDVLJXU PD[LPL]DUHDFLIUHLGHDI aceri (figura 42).
ÌQILJXUDVHSUH]LQW úLFXUEDSURILWXOXLWRWDO37UH]XOWDW

FDGLIHUHQ vQWUHFLIUDGHDIDFHULúLFRVWXOWRWDO

1LYHOXO GH SURGXF LH 4C , pentru care cifra de afaceri este

PD[LP  HVWH PDL PDUH GHFkW QLYHOXO GH SURGXF LH 4D pentru care
SURILWXO HVWH PD[LP 'DF  SXQFWXO & DU IL OD VWkQJD OXL ' DWXQFL

începând cu nivelul QC DO SURGXF LHL vQFDV ULOH DU VF GHD vQ WLPS

FH FRVWXULOH VXQW vQ FUHúWHUH DVWIHO vQFkW QX V DU PDL SXWHD RE LQH
-

187
SHQWUX QLFL XQ QLYHO DO SURGXF LHL XQ SURILW mai mare decât cel
GLQDLQWH DGLF  SURILWXO DU IL vQ VF GHUH FHHD FH vQVHDPQ  F  DU IL

DWLQVGHMDYDORDUHDPD[LP DVWIHOvQFkWLSRWH]D4D > QC este

LPSRVLELO 

)LJ5HOD LDvQWUHQLYHOXOGDWDOSURILWXOXLúLPD[LPXO

cifrei de afaceri

5HIHULWRU OD VLWXD LD SURILWXOXL SR]LWLY VH GHILQHVF GRX 

praguri de rentabilitate: unul inferior, QAúLXQXOVXSHULRU4B, spre

deosebire de cazul liniar, în care apare un singur prag de
UHQWDELOLWDWHUHOD LLOH -(47), capitolul 3).
([LVW XQQLYHODOSURILWXOXLGRULW3' SHQWUXFDUHYROXPXO

188
SURGXF LHL 4C DVLJXU  úL FLIUD PD[LP  GH DIDFHUL 2ULFH DOW QLYHO DO

SURILWXOXLFRQGXFHODRFLIU GHDIDFHULPDLPLF SHVHDPDYDULD LHL

QLYHOXOXLSURILWXOXLID GH3' úLDFLIUHLGHDIDFHULID GHQLYHOXO

CA*, se poate determina ″regretul″ vQWUH SURILW úL FLIUD GH DIDFHUL
UHOD LLOH  -  FDSLWROXO  0RGHOXO U VSXQGH XQHL

SUREOHPH SUDFWLFH HIHFWLYH úL DQXPH FRPSRUWDPHQWXO

SURGXF WRUXOXL vQ FRQGL LLOH vQ FDUH FRVWXULOH VDOH IL[H GH SURGXF LH

VH P UHVF ÌQ DFHVW FD] HO UHDOL]HD]  XQ FRVW WRWDO GH SURGXF LH

VXSHULRU FHOXL YHFKL SUHVXSXQkQG F  UHVWXO FRQGL LLORU QX VH

PRGLILF  DGLF  R FXUE  &7 SDUDOHO  FX FHD SUHFHGHQW  ILJ 

GDU GHSODVDW  ″în sus″. Drept urmare, noua FXUE  37 SDUDOHO  FX

FHDSUHFHGHQW YDILGHSODVDW  ″în jos″.



 



 






 



 


)LJ9DULD LDVROX LHLGHRSWLPvQPRGHOXO%DXPRO

189
 'DF  vQWUHSULQ] WRUXO ″ULJLGL]HD] ″ nivelul dorit al
SURILWXOXL DWXQFL QX YD PDL SXWHD RE LQH YDORDUHD PD[LP  D FLIUHL

de afaceri; în particular, problema s-DUSXWHDV QXDLE VROX LHGDF 

QX H[LVW  R LQWHUVHF LH D FXUEHL SURILWXOXL WRWDO 371 , cu dreapta

profitului dorit, PD1DGLF QLYHOXOGHSURILWODFDUHSURGXF WRUXOQX

YUHDV UHQXQ H

'DF  vQWUHSULQ] WRU ul ″IOH[LELOL]HD] ″ nivelul dorit al

SURILWXOXL DWXQFL HO SRDWH RE LQH PD[LPXO FLIUHL GH DIDFHUL

DFFHSWkQGXQQLYHOPDLVF ]XW3'DOSURILWXOXLGRULW

8.3. Modele ale optimului valorii întreprinderii

,QGLFDWRUXO SULQ FDUH VH H[SULP  FXDQWXPXO YDORULL

întrHSULQGHULL OD XQ PRPHQW GDW HVWH ULWPXO GH FUHúWHUH DO DFHVWHLD
0RGHOXO OXL 5 0DUULV IRUPXOHD]  SUREOHPD SHQWUX VLWXD LD vQ FDUH

XQ vQWUHSULQ] WRU GRUHúWH DFKL]L LD XQHL vQWUHSULQGHUL SULQ RIHUW 

SXEOLF  GH FXPS UDUH 6H SUHVXSXQH F  vQWUHSULQ] WRUXO DUH o

IXQF LHGHXWLOLWDWHSULYLQGFRPSRUWDPHQWXOV XGHFXPS U WRUúLF 

DFHDVW IXQF LHHVWHGHSHQGHQW GHGRX DUJXPHQWHUDWDGHHYDOXDUH

DILUPHLúLULWPXOHLGHFUHúWHUH

Rata de evaluare a firmei, e VH GHWHUPLQ  FD UDSRUW vQWUH

190
YDORDUHD EXUVLHU  D ILUPHL 9% úL YDORDUHD FRQWDELO  D DFWLYHORU

sale (activul contabil AC):

e = VB/AC (17)
$FHDVW UDW HVWHvQIXQF LHGHWUHLYDULDELOH

e = e(ri, ra, s) (17.1)

− rata de reinvestire a profitului în întreprindere, ri, reprezentând
FRWD GLQ SURILW FDUH D IRVW UHLQYHVWLW  vQ PDUH DFHDVWD HVWH

FRPSOHPHQWDU  FRWHL DORFDWH SHQWUX GLYLGHQGH GDF  UL FUHúWH

atunci rata de evaluare scade, deoarece:

• SHGHRSDUWHGLYLGHQGHOHDORFDWHDF ionarilor scad, astfel
vQFkWYDORDUHDEXUVLHU VFDGH

• SH GH DOW  SDUWH DFWLYHOH FRQWDELOH FUHVF XUPDUH D

UHLQYHVWLULLXQHLS U LPDLPDULGLQSURILW

− rata profitului FDOFXODW  vQ UDSRUW FX DFWLYHOH VRFLHW LL ra,
reprezentând raportul între total profiWúLDFWLYHOHILUPHLGDF UD

FUHúWH DWXQFL UDWD GH HYDOXDUH FUHúWH GHRDUHFH vQWUHSULQGHUHD

DUH FDSDFLWDWHD GH D Y UVD DF LRQDULORU FkúWLJXUL PDL PDUL FDUH

IDF DWUDFWLYH DF LXQLOH VRFLHW LL DVWIHO vQFkW – prin schimbarea

UDSRUWXOXLFHUHUHRIHUW  – curVXOORUvQEXUV VHYDP UL

− rata de scont a efectelor comerciale, s LQGHSHQGHQW  ID  GH

ILUP  GDF  UDWD VFRQWXOXL FUHúWH DWXQFL ILUPD DUH WHQGLQ D GH D

191
 QXWUDQVIRUPDvQ OLFKLGLW LHIHFWHOHVDOHFRPHUFLDOHDVWIHOvQFkW

activele contabile cresc, iar rata de evaluare se reduce.

5DWD GH FUHúWHUH a firmei, c HVWH OHJDW  GH FUHúWHUHD

GLPHQVLXQLORU ILUPHL IRQG GH VDODULL QXP U GH SHUVRQDO YROXP GH

DFWLYLWDWHUHQXPHFRW GHSLD úDPG

5DWD GH HYDOXDUH FDUDFWHUL]HD]  ULVFXO DSDUL LHL XQHL RIHUW e

GH FXPS UDUH D ILUPHL LDU UDWD GH FUHúWHUH FDUDFWHUL]HD]  vQFOLQD LD

managerilor de a extinde activitatea firmei.

5HVWULF LD SUREOHPHL HVWH GDW  GH R IXQF LH GH WUDQVIRUPDUH

FH GHILQHúWH OHJ WXUD vQWUH ULWPXO GH FUHúWHUH úL UDWD GH HYDOXDUH

$FHDVW OHJ WXU ILH F(e,c)vQJOREHD] WUHLUHOD LLGHED] 

− UHOD LD vQWUH UDWD GH HYDOXDUH SH GH R SDUWH úL ULWPXO FUHúWHULL

DFWLYHORU DSUR[LPDW vQ F úL UDWD SURILWXOXL UD SH GH DOW  SDUWH

astfel încât se poate scrie:

e = e(c, ra) (18.1)
− UHOD LD vQWUH UDWD SURILWXOXL UD úL UDWD GH FUHúWHUH D FHUHULL GH

EXQXULúLVHUYLFLL d, astfel încât se poate scrie:

ra = ra(d) (18.2)
− UHOD LD GH HFKLOLEUX vQWUH UDWD PD[LP  GH FUHúWHUH D FHUHULL úL

ULWPXOPD[LPGHFUHúWHUHDILUPHL :
ra(d) = c(d) (18.3)

192
 'LQ UHOD LLOH    UH]XOW  F  UDWD GH HYDOXDUH HVWH
-
vQIRQGGHSHQGHQW GHUDWDGHFUHúWHUH

Modelul lui R. Marris este:

− IXQF LDGHXWLOLWDWH8 8HF

− IXQF LD de transformare F(e, c) = 0 (19.2)

− FRQGL LDGHHYDOXDUHH - e* > 0, (19.3)
unde e* este nivelul de evaluare minim dorit de achizitor.
3ULQ DSOLFDUHD FRQGL LLORU .XKQ 7XFNHU SHQWUX R SUREOHP 
-
de extremFXOHJ WXULVHRE LQHODJUDQJHDQXO

L (e, c, λ, µ) = U(e, c) + λ ∗ F(e, c) + µ ∗ (e - e*)

úLFRQGL LLOHGHPD[LP

∂L ∂U ∂F ∂L
= + λ∗ < 0, ∗F = 0
∂c ∂c ∂c ∂F
∂L ∂U ∂F ∂L
= + λ∗ +µ < 0, ∗H = 0
∂e ∂e ∂e ∂H
Dac FúLHQXVXQWQXOHúLUHVWULF LDQXHVWHIOH[LELO 

DWXQFL VH RE LQH FD R FRQGL LH GH RSWLP SURSRU LRQDOLWDWHD vQWUH

XWLOLW LOHPDUJLQDOHúLYDULD LLOHIXQF LHLGHWUDQVIRUPDUH

∂U ∂F ∂U ∂F
= sau
∂c ∂c ∂e ∂e
∂U ∂U ∂F ∂F
= , (19.4)
∂c ∂e ∂c ∂e

193
HJDOLWDWHFDUHvQGUHDSWDFRQ LQHUDWDPDUJLQDO GHVXEVWLWXLUHvQWUH

FHOH GRX  UDWH FHD GH FUHúWHUH SULQ FHD GH HYDOXDUH DGLF  FX FkWH

SXQFWH SURFHQWXDOH WUHEXLH V  FUHDVF  UDWD GH HYDOXDUH SHQWUX D

FRPSHQVD XWLOLWDWHD RE LQXW  GH DFKL]LWRU GDF  ULWPXO GH FUHúWHUH DO

ILUPHLVHGLPLQXHD] FXXQSXQFWSURFHQWXDO

'DF  UHVWULF LD  HVWH IOH[LELO  DWXQFL FRQGL LD 

devine:
∂U ∂U ∂F ∂F µ
= + (19.5)
∂c ∂e ∂c ∂e λ

194
 CAPITOLUL 9

(&+,/,%58/3,( (,3(5)(&7(

0RGHOXO GH FRPSRUWDPHQW DO FRQVXPDWRUXOXL úL

SURGXF WRUXOXL V DX ED]DW SH LSRWH]D XQRU SUH XUL H[RJHQH DO F URU
-
HIHFW VH UHJ VHúWH SULQ HFXD LD GH EXJHW VDX vQ IXQF LLOH GH

FHUHUHRIHUW 

Modelele de echilibru al SLH HL DX FD RELHFW V  GHWHUPLQH

SUH XO FDUH SHQWUX XQ SURGXV GDW IDFH FRPSDWLELO  FHUHUHD

IRUPXODW  GH FRQVXPDWRU FX RIHUWD JHQHUDW  GH SURGXF WRU 3LD D

SUHVXSXQH F  H[LVW XQDQVDPEOX GHDJHQ LHFRQRPLFLFXPS U WRUL

úL YkQ] WRUL UHODWLY OD XQ SURGXV PDUI  RELHFW DO VFKLPEXOXL OD

DQXPLW SUH  úL XQ DQXPLW YROXP FDQWLWDWH GLQ UHVSHFWLYXO SURGXV

3UH XOHVWHUH]XOWDWXOPHFDQLVPXOXLGHIXQF LRQDUHDSLH HLúL FHOFH

vL GHWHUPLQ  SH DJHQ LL HFRQRPLFL V -úL FRQFUHWL]H]H GRULQ D GH D
YLQGHVDXFXPS UDJHQHUkQGWUDQ]DF LDWUDQ]DF LLOH

3LD DHVWHORFXOvQFDUHVHFRQIUXQW FHUHUHDúLRIHUWDSHQWUX

XQ DQXPLW EXQ úL FDUH DUH FD UH]XOWDW VWDELOLUHD XQHL FDQWLW L FH VH

YD WUDQ]DF LRQD úL D XQXL SUH  DIHUHQW 9DULD LD FHUHULL VDX D RIHUWHL

duce la modificDUHDFDQWLW LLWUDQ]DF LRQDWHúLDSUH XOXLGXS FXP

195
YDULD LD ORU VLPXOWDQ  SRDWH VDX QX vQ FD]XUL SDUWLFXODUH V 

FRQGXF ODDVWIHOGHPRGLILF UL

(FKLOLEUXO HVWH R VWDUH vQ FDUH VH J VHúWH OD XQ PRPHQW GDW

UDSRUWXO FHUHUHRIHUW  DWXQFL FkQG SH DQVDPEOXO DJHQ LORU

SDUWLFLSDQ L OD VFKLPE V D IRUPDW vQ PRG VSRQWDQ úL SULQ vQVXúL
-
PHFDQLVPXO WUDQ]DF LRQ ULL FDQWLWDWHD FH VH WUDQ]DF LRQHD]  úL

SUH XOODFDUHVHIDFHDFHDVW WUDQ]DF LH JOREDO″ ″.

$WkW SLD D FkW úL HFKLOLEUXO VH SRW UDSRUWD OD XQ VLQJXU

SURGXV VDX OD WRDWH SURGXVHOH OD XQ ORF DQXPH XQGH VH GHVI úRDU 

WUDQ]DF LDVDXODWRDWHDFHVWHORFXULVDXODRVXEPXO LPHDORUODXQ

anumit moment sau într-un interval de timp dat. În fiecare caz în

parte apar caracteristici de particularizare sau de generalizare.
Rapoartele cerere - SUH  úL RIHU  -SUH  VXQWFXQRVFXWHúLSRW
fi modelate în forma:
− IXQF LHGHFHUHUH' 'S D′ < 0 (1.1)
− IXQF LHGHRIHUW 2 2S O′ > 0 (1.2)
Modelul de echilibru presupune egalitatea:
'S 2SUHSUH]HQWkQGRHFXD LHvQSDF UHLUH]ROYDUHG R

VROX LHS UHSUH]HQWkQGSUH XOGHHFKLOLEUX5HYHQLQGFXS vQ

úLRE LQHP

D* = D(p*), O* = O(p*), D* = O*, (1.3)

196
XQGH' úL2 UHSUH]LQW YROXPXOGHHFKLOLEUXDOWUDQ]DF LLORU

S 2
'

' '2

)LJ&HUHUHDRIHUWDúLHFKLOLEUXO

(VWHSRVLELOFDVXELQIOXHQ DXQRUIDFWRULFHQX LQQHDS UDW

GH SLD  FRQMXQFWXUD HFRQRPLF  VWDQGDUGXO GH YLD  FRPSRQHQWH

sociDOH DVSHFWH SROLWLFH HYROX LD úL VWUXFWXUD GHPRJUDILF  ú D P

GFHUHUHDV VHPRGLILFH$FHDVWDvQVHDPQ F SHQWUXDFHODúLSUH 

SFHUHUHDSRDWHILPDLPDUHVDXPDLPLF ILJ

D2(p) < D0(p) < D1(p).

)D  GHRFHUHUHLQL LDO H[SULPDW SULQIXQF LD'0 , avem fie
R FHUHUH PDL PDUH H[SULPDW  SULQ IXQF LD'1ILHRFHUHUHPDLPLF 

H[SULPDW  SULQ IXQF LD '2 *UDILF DFHDVWD vQVHDPQ  F  IXQF LD '0

s-a deplasat spre dreapta (cererea s-DP ULWVDXVSUHVWkQJDFHUHUHD

s-DPLFúRUDW

197
 ÌQ FRQGL LLOH vQ FDUH RIHUWD QX VH PRGLILF  VH YD SURGXFH R

PRGLILFDUH D SXQFWXOXL GH HFKLOLEUX FDUH WUHFH GLQ  vQ  GDF 

FHUHUHDVHP UHúWHVDXGLQvQGDF FHUHUHDVHPLFúRUHD] 

ÌQPRGVLPLODUVHvQWkPSO GDF RIHUWDVHPRGLILF ILJ

S 2U S 'U
2
' '


2
'
2


'


S  2
S




S  S


S S


Fig. 45 Modificarea punctului Fig. 46 Modificarea punctului

GHHFKLOLEUXODYDULD LDFHUHULLGHHFKLOLEUXODYDULD LDRIHUWHL

'DF  FHUHUHD VDX RIHUWD VH P UHVF DWXQFL YROXPXO

WUDQ]DF LLORUGHHFKLOLEUXVHYDP UL'1 *>D0 ILJúL21*>O0*

ILJ  vQ VFKLPE SUH XO GH HFKLOLEUX VH P UHúWH vQ SULPXO FD]

DGLF S1 *> p0 ILJúLVHPLFúRUHD] vQDOGRLOHDFD]DGLF 

p1*< p0* (fig. 46).

Cazul particular este reprezentat prin rigiditatea ofertei sau a
FHUHULL vQ UDSRUW FX SUH XO ÌQ DFHVW FD] ²curba² ofertei este dreapta

198
Or (fig. 45), iar cea a cererii este dreapta Dr (fig. 46). Volumul de
HFKLOLEUXDOWUDQ]DF LHLQXVHPRGLILF vQVFKLPEVHPRGLILF SUH XO

de echilibru; cu cât cererea va fi mai mareFXDWkWVHYDP ULSUH XO

de echilibru, respectiv cu cât oferta va fi mai mare cu atât se va

PLFúRUDSUH XOGHHFKLOLEUX

$FHDVW DQDOL] HYLGHQ LD] FkWHYDIXQF LLDOHPHFDQLVPXOXL

SLH HL FDUH SHUPLWH DJHQ LORU HFRQRPLFL V  DGRSWH GHFL]LL GH

comportament în gestiunea afacerilor lor:

(i) SLD DVWDELOHúWHYROXPXOWUDQ]DF LLORUSHED]DSUH XOXLGHSLD DO

unui bun;
(ii) SLD DSHUPLWHH[SULPDUHDSURGXF LHLvQWHUPHQLGHFRVWSRUQLQG
GH OD SUH XO SLH HL úL GH OD YROXPXO WUDQ]DF LLORU SURGXF WRUXO

poate decide în ceP VXU vLHVWHIDYRUDELOVDXQXV SURGXF XQ

EXQ HO SURGXFH vQ P VXUD vQ FDUH FRVWXO GH SURGXF LH HVWH

LQIHULRUSUH XOXL

(iii) SLD D DVLJXU  GLVWULEXLUHD SURGXF LHL vQ VHQVXO F  JHQHUHD] 

LQL LHUHDUHOD LHLvQWUHFRQVXPDWRUúLSURGXF WRU

(iv) SLD DDMXVWHD] ILHFRQVXPXOILHSURGXF LDSHVHDPDYROXPXOXL

GHHFKLOLEUXODOWUDQ]DF LLORUúLDOSUH XOXLDIHUHQWGHHFKLOLEUX

(v) SLD D JHQHUHD]  WHQGLQ H UHIHULWRUH OD PRGLILFDUHD YLLWRDUH D

YROXPXOXLúLVWUXFWXULLSURGXF LHLUHGXFHUHDSURILWDELOLW LLXQXL

199
 produs, conseFXWLY  GLPLQX ULL SUH XOXL GH HFKLOLEUX vL

GHWHUPLQ  SH SURGXF WRUL V  LDV  GH SH SLD  úL V  vQFHUFH V 

SURGXF DOWHSURGXVHPDLSURILWDELOH

9.1. )XQF LDGHRIHUW

'HWHUPLQDUHD DFHVWHL IXQF LL SUHVXSXQH F  SURGXF WRUXO

XUP UHúWHV -úLPD[LPL]H]HSURILWXO vQFRQGL LLOHvQFDUH SUH XOHVWH

dat.
)XQF LDGHSURILWHVWHGDW GHUHOD LD

PT(Q) = CA (Q) − CT(Q ) = p ∗ Q − CT(Q ) , (2)

unde CA(Q) = cifra de afaceri

&74 IXQF LDGHFRVW

p = volumul unitar de vânzare

4 YROXPXOSURGXF LHL

3HQWUXDRE LQHPD[LPXPGHSURILWVXQWQHFHVDUHFRQGL LLOH

∂PT
(i) = 0 → p = C mg , (2.1)
∂Q
∂CT
unde C mg = = costul marginal.
∂Q

200
 ∂ 2 PT ∂C mg
(ii) 2 < 0→ > 0, (2.2)
∂Q ∂Q
DGLF HVWHQHFHVDUV H[LVWHXQFRVWPDUJLQDOFUHVF WRU

)XQF LD GH RIHUW  SRDWH ILGHWHUPLQDW SHED]DUHOD LHL 

vQ FDUH SUHVXSXQHP F  GHULYDWD IXQF LHL GH FRVW &7 ′, admite o
LQYHUV DYHP

p = CT′(Q ) → Q = [CT′] (p) ,

−1
(3)

în care []
−1
⋅ este nRWD LDSHQWUXIXQF LDLQYHUV 

3HQWUX SURILWXO QXO 37   IXQF LD GH RIHUW  DUH H[SUHVLD

GDW  vQ FDSLWROXO  UHOD LD  VHPQLILFkQG pragul de

rentabilitate al firmei.
'DF  37  -&) DGLF  VH vQUHJLVWUHD]  R SLHUGHUH GH

P ULPHD FRVWXULORU IL[H DW unci (conform (47) din capitolul 3.5)

UH]XOW  4   VHPQLILFkQG SUDJXO GH vQFHWDUH D DFWLYLW LL . Pentru
acest prag avem p = CVM.
7HPSRUDU R ILUP  SRDWH DFFHSWD XQ SURILW 37 ∈[-CF,0]
SHQWUXDWLQJHUHDXQRURELHFWLYHVWUDWHJLFHS WUXQGHUHDSHRSLD 

sauVWDELOL]DUHDVDSHRSLD vQYHGHUHDODQV ULLXQXLSURGXVQRX

3RUQLQG GH OD IXQF LD GH RIHUW  4  4S VH SRDWH GHILQL

HODVWLFLWDWHDRIHUWHLvQUDSRUWFXSUH XO

201
 ∆ %Q
EQ/P= , (4)
∆%p

în care am utLOL]DW DFHOHDúL QRWD LL FD úL vQ FDSLWROXO   - 8.6),
LQGLFDWRU FH H[SULP  VHQVLWLYLWDWHD RIHUWHL vQ UDSRUW FX SUH XO

UHVSHFWLY FkW GH PXOW YDULD]  RIHUWD OD R YDULD LH FX  % D SUH XOXL
'DF  (Q/P   RIHUWD VH QXPHúWH SHUIHFW LQHODVWLF  GDF  (Q/P = ∞,
RIHUWD VH QXPHúWH SHUIHFW HODVWLF  GDF  (Q/P >  RIHUWD VH QXPHúWH
HODVWLF GDF (Q/P ∈RIHUWDVHQXPHúWHLQHODVWLF GDF (Q/P =1
VHVSXQHF RIHUWDHVWHGHHODVWLFLWDWHXQLWDU HFKLHODVWLF 

3UH XOGHUHIHULQ GLQFRQGL LDGHRSWLPDSU ofitului (2.1) nu

SRDWH IL XQ SUH  RDUHFDUH GHRDUHFH vQ DFHVW FD] YROXPXO

WUDQ]DF LLORU QX HVWH PD[LP &D XUPDUH DFHVW SUH  VH GHWHUPLQ  QX

QXPDL SH VHDPD RIHUWHL FLúL SHVHDPD FHUHULLFRQIRUPPRGHOXOXL

(1.1 - 1.2).
Pentru a determina efectul de profit sau de pierdere indus de
DFHVWSUH WUHEXLHV  LQHPVHDPDúLGHFRUHOD LDOXLFXFRVWXOPHGLX

DO SURGXF LHL D F UHL HYROX LH HVWH FRQIRUP FHORU SUH]HQWDWH vQ

FDSLWROXOILJ9RPFRQVLGHUDDPEHOHVLWXD LLSRVLELOH

p <&70úLS> CTM (fig. 47).

202
 

  
 

 

 


 


 





)LJ3LHUGHUHDUHVSHFWLYSURILWXOLQGXVHGHSUH XOGHHFKLOLEUXvQ

UDSRUWGHSR]L LRQDUHDVDID GHFRVWXOWRWDOPHGLX

&RQIRUP FRQGL LHL  QLYHOXO SURGXF LHL RIHUWHL HVWH

acela pentUX FDUH SUH XO GH YkQ]DUH HVWH HJDO FX FRVWXO PDUJLQDO
SXQFWXO % UHVSHFWLY & F URUD OH FRUHVSXQG SURGXF LLOH 41 ,
respectiv Q2.
/D DFHVW SUH  GH YkQ]DUH DSDUH R GLIHUHQ  ID  GH FRVWXO

PHGLX WRWDO $% UHVSHFWLY &' 3ULPD GLIHUHQ  HVWH R SLHUGHUH

deoaUHFH SUH XO HVWH VXE QLYHOXO FRVWXOXL PHGLX DVWIHO vQFkW

SLHUGHUHDWRWDO HVWHGDW GHSURGXVXOS  - CTM) ∗ Q1LGHQWLILFDW 

JUDILFSULQVXSUDID DGUHSWXQJKLXOXLKDúXUDW'HRDUHFHDYHPvQSOXV

F  SUH XO HVWH OD DFHVW QLYHO GH SURGXF LH SHVWH YDORDUHD F ostului
PHGLXYDULDELOUH]XOW F SURGXF WRUXOQXDDWLQVSUDJXOGHvQFHWDUH

D DFWLYLW LL DVWIHO vQFkW vQ DQXPLWH VLWXD LL HVWH SRVLELO FD HO V 

FRQWLQXH SURGXF LD $ GRXD GLIHUHQ  HVWH XQ SURILW GHRDUHFH SUH XO

203
este peste nivelul costului, astfel încât profitul total este dat de
produsul (p* - CTM) ∗ Q2LGHQWLILFDWJUDILFSULQVXSUDID D
GUHSWXQJKLXOXLKDúXUDW

'HWHUPLQDUHD RIHUWHL OD XQ DQXPLW SUH  úL LPSOLFLW

GHWHUPLQDUHDSUH XOXLGHHFKLOLEUXS DRIHUWHLDIHUHQWH2S úL

a volumului de HFKLOLEUX DO WUDQ]DF LLORU '2  VH SRDWH IDFH SH R

SLD  SHUIHFW  vQ PDL PXOWH PRGDOLW L GLQ FDUH YRP SUH]HQWD vQ

FRQWLQXDUHPRGHOXOHYDOXDWRUXOXLJHQHUDOúLPRGHOXO&REZHE

9.2. Modelul evaluatorului general

Modelul evaluatorului general a fost propus de Leon Walras

úLHVWHXWLOL]DWúLD]LvQXQHOHRSHUD LXQLGHEXUV ILQDQFLDU VDXGH

P UIXUL úL FKLDU SH SLD D YDOXWDU  vQ ULOH FH QX DX R

FRQYHUWLELOLWDWHGHSOLQ 

0RGHOXO SUHVXSXQH FXQRDúWHUHD YROXPXOXL FHUHULLRIHUWHL

ILHF UXL DJHQW HFRQRPLF úL D SUH XOXL GH FXPS UDUHYkQ]DUH OD FDUH

DFHVWDIRUPXOHD] UHVSHFWLYDFHUHUHRIHUW $VWIHODYHP

F LQGLFHSULQFDUHLGHQWLILF PXQFXPS U WRUSUH XOGHFXPS UDUH

DQXQ DWGHHOScúLYROXPXOFHUHULLDIHUHQWHOXL'c

& QXP UXOGHDJHQ LFXPS U WRUL

204
v = LQGLFH SULQ FDUH LGHQWLILF P XQ YkQ] WRU SUH XO GH YkQ]DUH

DQXQ DWGHHOSvúLYROXPXORIHUWHLDIHUHQWHOXL2v

9 QXP UXOGHDJHQ LYkQ] WRUL

Dco= volumul cererii formulate ″ODFHOPDLEXQSUH ″

Ovo= volumul ofertei formulate ″ODFHOPDLEXQSUH ″
PrH XULOH GH FXPS UDUH úL GH YkQ]DUH VH RUGRQHD]  GH

H[HPSOX GHVFUHVF WRU úL VXQW LGHQWLILFDWH SULQWU -un indice i (i=1÷I)
DVWIHOF S1HVWHFHOPDLPDUHSUH DQXQ DWSmax ), iar pI este cel mai
PLFSUH DQXQ DWSmin ).
3HQWUXXQSUH Si pot fi identificate atât cererea, D(piFkWúL
oferta, O(pi), astfel:
C
D(pi) = ∑D
c =1
c i = 1÷I (5.1)
pc = pi

V
O(pi) = ∑O
v =1
v i = 1÷I (5.2)
p v = pi

3HQWUX DFHODúL SUH  Si pot fi identificate, de asemenea, atât

cereUHD FXPXODW  '7Si FkW úL RIHUWD FXPXODW  27Si ),
VHPQLILFkQG UHVSHFWLY FHUHUHD WXWXURU FXPS U WRULORU FDUH vQ

UDSRUW FX SUH XO GHMD DQXQ DW DU IL GLVSXúL V  FXPSHUH OD DFHVW SUH 

GHRDUHFH HL DX DQXQ DW GHMD XQ SUH  PDL PDUH GH FXPS UDUH

precum úL RIHUWD WXWXURU YkQ] WRULORU FDUH vQ UDSRUW FX SUH XO GHMD

205
PHQ LRQDW DU IL GLVSXúL V  YkQG  OD DFHVW SUH   GHRDUHFH HL DX

PHQ LRQDWGHMDXQSUH PDLPLFGHYkQ]DUH

DT(pi) =    
∑ ' (5.3)
=1
≥

V
OT(pi) = ∑O
v =1
v (5.4)
p v ≤ pi

6H SRDWH FRQVWUXL XQ WDEHO VLQRSWLF WDEHOXO  DO SUH XULORU

DOFHUHULLRIHUWHLSHQWUXXQSUH GDWúLDOFHUHULLRIHUWHLFXPXODWH

Tabelul 9
Cererea Cererea la un Oferta la un Oferta
&& #" %



$

$



!"#

!"#
1 2  3 4 5
DT(p1)=D(p1) D(p1) p1 O(p1) OT(p1)=

∑ O(p )
I
=
j
j =1

DT(p2)=D(p1)+ D(p2) p2 O(p2) OT(p2)=

∑ O(p )
+D(p2) =
I

j
j= 2

…………. ………. ……… ………… ………

DT(pi)= D(pi)= pi O(pi)= OT(pi)=

( )= ( )=
C V
' (

+, * ) -

= ∑' S
= ∑D c = ∑O =∑
+

v
'

c =1 v =1 =
=1 pc = p i
pv = p i
c
= ∑D
c =1
c
……… = ∑O
V

v
pc ≥pi ……… ………… v =1
pv ≤ p i

…………… ………

206
 1 2 3 4 5
DT(pI-1)= D(pI-1) pI-1 O(pI-1) OT(pI-1)=

∑ D(p )
I −1 =O(pI-1)+
= +O(pI)
j
j=1

DT(pI)= D(pI) pI O(pI) OT(pI)=

∑ D(p )
I =O(pI)
=
j
j=1

ÌQ GHWHUPLQDUHD FHUHULLRIHUWHL FXPXODWH WUHEXLH V  VH LQ 

″
VHDPD úL GH FHOH IRUPXODWH OD FHO PDL EXQ SUH ″ 'HDFHHDUHOD LLOH
úLVHPRGLILF GXS FXPXUPHD] 

C
DT(pi) = ∑D
c =1
c + D0 (5.5)
pc ≥ pi

V
OT(pi) = ∑O
v =1
v + O0 (5.6)
p v ≤pi

9ROXPXO GH HFKLOLEUX DO WUDQ]DF LLORU VH GHWHUPLQ  SULQ

FRPSDUD LH SH ILHFDUH QLYHO GH SUH  DO FHUHULL úL RIHUWHL FXPXODWH

GXS FDUHGLQYDORULOHRE LQXWHVHDOHJHFHDPDLPDUH

DO* = max (min(DT(pi),OT(pi))), i = 1÷I (5.7)

XQGH'2 HVWHYROXPXOGHHFKLOLEUXDOWUDQ]DF LLORU

1XP UXO QLYHOHORU GH SUH  , HVWH PDLPLFGHFkWVXPD&9

GHRDUHFH vQ PRG RELúQXLW GLIHUL L FXPS U WRUL UHVSHFWLY YkQ] WRUL

DQXQ DFHODúLSUH GHWUDQ]DF LH7RWRGDW vQPRGFXUHQWFHOSX LQ

207
XQHOH GLQ SUH XULOH DQXQ DWH GH FXPS U WRUL VXQW LGHQWLFH FX XQHOH

GLQWUH FHOH DQXQ DWH GH YkQ] WRUL ÌQ FD]XO vQ FDUH XQ SUH  Sr nu se
UHJ VHúWH SULQWUH SUH XULOH GH FXPS UDUH FHUHUHD 'r  GXS  FXP

GDF  DFHVW SUH  QX VH UHJ VHúWH SULQWUH SUH XULOH GH YkQ]DUH 2r =0.
Modelul evaluatorului general nu este afectat de acest lucru
GHRDUHFH VH ED]HD]  SH FHUHUHD UHVSHFWLY RIHUWD WRWDO  FXPXODW 

$VWIHO FHUHUHD WRWDO  OD SUH XO Sr , respectiv D(pr), nu este nul  FL

HVWH HJDO  FX FHUHUHD WRWDO  H[SULPDW  OD QLYHOXO SULPXOXL SUH  GH

FHUHUH H[LVWHQW vQ úLUXO Si , (i=1÷I), imediat înaintea lui pr, deoarece
DFHVW SUH  HVWH PDL PDUH GHFkW Sr úL WR L FXPS U WRULL FDUH O -au
DQXQ DW FD úL FHL FDUHDX DQXQ DWSUH XULPDL mari decât acesta, vor
IL GH DFRUG V  FXPSHUH OD XQ SUH  PDL PLF 6LPLODU VH vQWkPSO  vQ

FD]XORIHUWHLFD]vQFDUHRIHUWDWRWDO ODSUH XOSrHVWHFHDH[SULPDW 

ODQLYHOXOSULPXOXLSUH GHRIHUW H[LVWHQWvQúLUXOSi , (i=1÷I) imediat

GXS Sr , deoarece acHVWSUH HVWHPDLPDUHGHFkWSrúLWR LYkQ] WRULL

care l-DX DQXQ DW FD úL FHL FH DX DQXQ DW SUH XUL PDL PLFL GHFkW
DFHVWDYRUILGHDFRUGV YkQG ODXQSUH PDLPDUH

9.3. Modelul Cobweb

0RGHOXO &REZHE HVWH QXPLW úL PRGHOXO ″pânzei de

S LDQMHQ ″ deoarecH HYROX LD SUH XOXL vQWU-R HFRQRPLH FRQVROLGDW 

208
JHQHUHD] XQJUDILFFHRVXJHUHD] 

9RP SUHVXSXQH F  IXQF LLOH GH FHUHUH úL GH RIHUW  VXQW

OLQLDUH vQ SUH  úL F  SDUDPHWULL FDUDFWHULVWLFL ILH D E F úL G VXQW

pozitivi:
D(p) = a - b ∗ p (6.1)
O(p) = - c + d ∗ p (6.2)
3H ED]D FRQGL LHL GH HFKLOLEUX 'S  2S RE LQHP SUH XO

de echilibru:
a+c
p* = , (6.3)
b+d
SUHFXPúLYROXPXOGHHFKLOLEUXDOWUDQ]DF LLORU

ad − bc
D* = O* = (6.4)
b+d
0HQ LRQ PFRQ LQXWXOHFRQRPLFDOSDUDPHWULORUEúLGVXQW

VHQVLWLYLW L DOH FHUHULLRIHUWHL vQ UDSRUW FX SUH XO DGLF  YDULD LL DOH

acesWRUD OD YDULD LD FX R XQLWDWH D SUH XOXL D úL F VXQW QLYHOH GH
FHUHUHRIHUW  SHQWUX SUH XO ]HUR LQkQG VHDPD GH DFHVWH

LQWHUSUHW ULUH]XOW F SUH XOGHHFKLOLEUXHVWHGLUHFWSURSRU LRQDOFX

H[FHGHQWXO GH FHUHUH SHQWUX SUH XO ]HUR úL LQYHUV SURSRU LRQDO cu
VXPDVHQVLWLYLW LORUFHUHULLRIHUWHLvQUDSRUWFXSUH XO

209
 'H UHJXO  FHUHUHD HVWH LQIOXHQ DW  GH SUH XO DILúDW vQ

PRPHQWXO vQ FDUH HD HVWH IRUPXODW  DVWIHO vQFkW GDF  OX P vQ

FRQVLGHUDUHIDFWRUXOWLPSIXQF LDFHUHULLHVWH

D(pt) = a - b ∗ pt (7.1)
ÌQ FHHD FH SULYHúWH RIHUWD HD HVWH LQIOXHQ DW  GH SUH XO

SUDFWLFDW SH SLD  OD XQ PRPHQW GH WLPS SUHFHGHQW GHRDUHFH vQWUH

LQWHQ LD GH RIHUL úL RIHUWD SURSULX ]LV  VH LQWHUSXQH XQ LQWHUYDO GH
-
timp în care pURGXVHOH FH IDF RELHFWXO RIHUWHL WUHEXLH V  ILH

IDEULFDWH'HDFHHDIXQF LDGHRIHUW vQFD]XOOX ULLvQFRQVLGHUDUHD

factorului timp, este:

O(pt) = -c + d ∗ pt-1 (7.2)
&RQGL LD GH HFKLOLEUX HVWH 'St ) = O(pt), care conduce la o
HFXD LHGHUHFXUHQ DSUH XULORU

a+c b
pt = − ∗ pt-1 (7.3)
b d
ÌQ FD]XO vQ FDUH SUH XULOH VH VWDELOL]HD]  OD QLYHOXO GH

echilibru, avem p* = pt = pt-1úLH[SUHVLDSUH XOXLGHHFKLOLEUX

devineFHDGHWHUPLQDW vQUHOD LD

'HWHUPLQDUHD SDUDPHWULORU vQ IXQF LLOH GH FHUHUHRIHUW  

úL  SUHVXSXQH H[LVWHQ D XQHL ″istorii″ D SLH HL D XQRU VHULL
GLQDPLFH GH SUH XUL GDU úL D FHUHULL úL RIHUWHL St cu t∈[0,-T], unde

210
-T este momentul din tUHFXWSkQ ODFDUHH[LVW VWDWLVWLFLVDXSkQ OD

FDUH FHUFHW WRUXO VH GHFLGH V  LD vQ FRQVLGHUDUH WUHFXWXO

presupunându-l relevant. În acest caz p0 HVWH SUH XO GLQ DQXO GH
ED]  XOWLPXO FXQRVFXW 3HQWUX YDORUL DOH OXL W >  SUH XULOH FD úL
cererea/oferta QX PDL VXQW FXQRVFXWH úL XUPHD]  D OH GHWHUPLQD SH

ED]DVROX LLORUGDWHGHPRGHOXO&REZHE

6H LQWURGXFH R YDULDELO  [t , reprezentând abaterea la

PRPHQWXOWDSUH XOXLFXUHQWID GHFHOGHHFKLOLEUX

xt = pt - p* , (8.1)
DVWIHOF SHQWUXW [0 = p0 -S HVWHRDEDWHUHGHP ULPH

FXQRVFXW 

Din (8.1) se poate scrie:

pt = xt + p* (8.2)
ÌQ UHOD LD  SHQWUX VLPSOLILFDUHD VFULHULL IDFHP

VXEVWLWX LLOHDF d = αúLGE β, astfel încât avem:

pt = α - β ∗ pt-1 (8.3)
)DFHPREVHUYD LDF vQFD]GHHFKLOLEUXDGLF St = pt-1 = p*,
din (8.3) avem:
p* = α - β ∗ p* (8.4)
În rela LDVXEVWLWXLPSUH XULOHFRQIRUPúLDYHP

211
 xt + p* = α - β ∗ (xt-1+p*) sau xt + p* = α - β ∗ xt-1 - β ∗ p*,
GLQFDUHGDF  LQHPVHDPDGHUH]XOW 

xt = - β ∗ xt-1 (8.5)
FDUHSULQLQGXF LHLQFRPSOHW QHFRQGXFHOD

xt = (-β)t ∗ x0
VDX LQkQGVHDPDGHSHQWUXW QHG 

xt = (-β)t ∗ (p0-p*) (8.6)

5HYHQLPFXvQúLRE LQHP

pt = (-β)t ∗ (p0-p*) + p*, (8.7)

FDUHHVWHHFXD LDGHGLQDPLF DSUH XULORU

'LQUHOD LDUH]XOW RLQWHUSUHWDUHHFRQRPLF LQWHUHVDQW 

a parametrului β:
xt
|β| = (8.8)
x t−1

VHPQLILFkQG LQGLFHOH GH GLQDPLF  D DEDWHULL SUH XOXL FXUHQW ID  GH

FHOGHHFKLOLEUX LQkQGVHDPDGHVXEVWLWX LDI FXW vQUH]XOW 

F  YDORDUHD DFHVWXL LQGLFH HVWH HJDO  FX UDSRUWXO vQWUH VHQVLWLYLWDWHD

RIHUWHLGúLVHQVLWLYLWDWHDFHUHULLEID GHSUH 

Valorile parametrului βSRWILID de unitate, mai mici, mai

PDUL VDX HJDOH $FHVW OXFUX JHQHUHD]  R DQXPLW  GLQDPLF  D

SUH XOXL ÌQ HFXD LD GH GLQDPLF  D SUH XOXL  SXWHP IDFHLSRWH]H

212
úL DVXSUD OXL S0 úL DQXPH S0 <p* sau p0>S  LQkQG VHDPD GH

valorile pe care le pot lua β úL S0, stuGLXO FDOLWDWLY DO HFXD LHL 
QHUHOHY YDULDQWHGHHYROX LHDSUH XULORUUHGDWHvQWDEHOXO

Tabelul 10

/0/ .1
/1
2 61
383 7
49 51
Ipoteze Ipoteze Ipoteze Starea economiei

3/
privind β privind p0 privind t
44023 5
1
42030 15
09
β<1 p0<p* p1>p3>…>p* convergent spre p*

;3; :71
33< 7=
40 15>
impar
par p0<p2<…<p* convergent spre p*

p0>p* p1<p3<…<p* convergent spre p*

;3; :71
33< 7=
40 15>
impar
par p0>p2>…>p* convergent spre p*

β>1 p0<p* p*<p1<p3<… divergent

;3; :71 /3@ 5?1 3;; :71

A33< 17 3 7= A33< 17 3 7=
49 7 40 =15> 023; 11 40 =15> 2 1
impar erin-
par p*>p0>p2>… divergent

p0>p* impar p*>p1>p3>… divergent -

p*<p0<p2<… divergent
/3@ ?51
par

β=1 p0<p*
8439 5
323 1
/<3 5
3/@ 1

impar p1=p3=……= echilibru pe

=2p*-p0>p*
489 7
/09 5
CB/17
< 17
/03 :15
8;/3 :1
par
30D :

p0=p2=…<p* tip ″bang-bang″

p0>p*
8439 5
323 1
/<3 5
3/@ 1
3< =15
40 >
49 7
impar p1=p3=……=
23

=2p*-p0<p*
489 7
/09 5
CB/17
< 17
/03 :15
8;/3 :1

par
30D :

p0=p2=…>p* tip ″bang-bang″

*UDILF HYROX LD SUH XULORU HVWH SUH]HQWDW  vQ ILJ  3HQWUX VLWXD LD

GHFRQYHUJHQ (β <UH]XOW F vQWUHFHOHGRX VHQVLWLYLW LH[LVW 

UHOD LDG <ESHQWUXVWDUHDGHGLYHUJHQ G > b; pentru starea de tip

213
″bang-bang″ G  E 'LQ DFHVW PRGHO UH]XOW  F  SHQWUX HFKLOLEUXO

HFRQRPLF HVWH QHFHVDU FD YDULD LD RIHUWHL vQ UDSRUW FX SUH XO V  ILH

PDLPLF GHFkWYDULD LDFHUHULLvQUDSRUWFXSUH XO

GFEH
GFEH

H
E

E
NOP IIII J

KP I J
LKM III

ML III
ON III
I
VYUSWU TX
EF H [W\ Z

UV `T
YWU XZ
VU]^U aZ
\_

\_
VU]^U

H
E
IJ
QI
RI
I

)LJ(YROX LDSUH XOXL

214
 9.4. Modelul Laffer

ÌQ FRQGL LLOH vQ FDUH VH LQWURGXF LPSR]LWH SDUDPHWULL

HFKLOLEUXOXL SLH HL VH PRGLILF  ,SRWH]D H[LVWHQ HL LPSR]LWHORU

H[SULP vQIRQGLQWHUYHQ LDVWDWXOXLSHSLD SULQSkUJKLDILVFDOLW LL

3URGXF WRUXO DERUGHD]  LPSR]LWXO FD SH R FKHOWXLDO  úL DUH

WHQGLQ D GH D vQFHUFD V -O UHFXSHUH]H SULQ SUH  0DMRUDUHD SUH XOXL
SRDWH GHWHUPLQD vQV  R UHGXFHUH D FHUHULL úL DVWIHO UHFXSHUDUHD

impozitului nu se mai pRDWH IDFH LQWHJUDO 3H R SLD  FX XQ

GH]HFKLOLEUXGHWLSDEVRUE LHHVWHvQV SRVLELODFHVWWUDQVIHUGHVDUFLQ 

ILVFDO SHVHDPDFRQVXPDWRUXOXLGDWRULW H[FHVXOXLGHFHUHUH

,PSR]LWHOH LQGLUHFWH VXQW SULQ GHILQL LH DúH]DWH DVXSUD

consumului, astfel încâW GXF OD FUHúWHUHD SUH XOXL úL PRGLILF 

UDSRUWXO FHUHUHRIHUW  LPSOLFLW FDSDFLWDWHD GH DEVRUE LH D SLH HL úL

SULQDFHDVWDRIHUWDvQV úLILJ 

ÌQ OLSVD ILVFDOLW LL FHUHUHD ' úL RIHUWD 21JHQHUHD]  XQSUH 

de echilibru p1 úLXQYROXPGHHFKLOLEUXDOWUDQ]DF LLORU'1* = O1*.

'DF  VHLQWURGXFHLPSR]LWXODWXQFL SUH XOGHYkQ]DUHVHPDMRUHD] 

úL SXQFWXO GH HFKLOLEUX VH VFKLPE  QRXO SUH  GH HFKLOLEUX HVWH

p2*>p1  LDU QRXO YROXP DO WUDQ]DF LLORU HVWH '2* = O2*< D1* sau
decât O1*.

215
 jl jk
b
g
d b feb c d b c

e ihggcj
d gc
ce
cjj d

)LJ 0RGLILFDUHDHFKLOLEUXOXLSLH HL

VXELQIOXHQ DILVFDOLW LL

Cererea s-D UHGXV GDWRULW  SUH XOXL PDL PDUH SH FDUH FXPS U WRUXO

WUHEXLH V -O SO WHDVF  OD DFKL]L LD EXQXOXL 2IHUWD QX V -a majorat
GHRDUHFH VXUSOXVXO GH SUH  QX UHYLQH RIHUWDQW ului, ci este încasat la
EXJHWXO VWDWXOXL 'DF  QX DU IL H[LVWDW ILVFDOLWDWH SUH XO DIHUHQW

acestei oferte (O2*) ar fi fost p2 'LIHUHQ D ID  GH VLWXD LD vQ FDUH

H[LVW ILVFDOLWDWH HVWHWRFPDLLPSR]LWXODIHUHQWXQHLXQLW LIL]LFHGH

RIHUW 7

În condL LLOH ILVFDOLW LL VH SRDWH VSXQH F  SURGXF WRUXO

OXFUHD] GHIDSWFXGRX SUH XUL

− SUH XOGHYkQ]DUHSHFDUHvODFKLW FXPS U WRUXOILHSc

− FXDQWXPXO GLQ SUH XO GH YkQ]DUHFH LU PkQHYkQ] WRUXOXLGXS 

-

216
 FH DFKLW  LPSR]LWXO F WUH VWDW ILH SgúLFDUHHVWHGHIDSW XQSUH 

GH JHVWLXQH DO SURGXF WRUXOXL DGLF  SUH XO OD FDUH HO VH UHIHU 

DWXQFL FkQG vúL FDOFXOHD]  HILFLHQ D SURILWXO UDWD FkúWLJXOXL

VXUVD GH DFRSHULUH D FKHOWXLHOLORU GH SURGXF LH VXUVD GH

GLYLGHQGHVXUVDGHLQYHVWL LLHWF

$YHPUHOD LD

pc = pg + T (9)
0RGLILFDUHD FRQGL LLORU GH HFKLOLEUX D SLH HL vQ FD]XO

H[LVWHQ HL ILVFDOLW LL QHFHVLW  FDOFXODUHD úL H[SULPDUHD LPSR]LWXOXL

SH XQLWDWHD GH RIHUW  'DF  7 HVWH P ULPHD DFHVWXL LPSR]LW DWXQ ci
cuantumul impozitului mobilizat la buget este T∗Q, unde Q este
YROXPXO IL]LF DO YkQ] ULORU 'LQ SXQFWXO GH YHGHUH DO EXJHWXOXL

DFHVWFXDQWXPDUWUHEXLV ILHFkWPDLPDUHIDSWFHVHSRDWHUHDOL]D

ILH SULQ FUHúWHUHD OXL 7 ILH SULQ FUHúWHUHD OXL 4 3ULPDSURFHGXU DU

SXWHD V  QX GHD UH]XOWDWH GHRDUHFH PDMRUDUHD LPSR]LWXOXL P UHúWH

SUH XO úL GLPLQXHD]  YROXPXO YkQ] ULORU$GRXDSURFHGXU  QXHVWH

GHSHQGHQW  GHDXWRULWDWHDSXEOLF FLHVWHXQUH]XOWDWDOHFKLOLEUXOXL

SLH HL ÌQ DFHVWH FRQGL LL GHYLQH RSRUWXQ  SUREOHPD GHWHUPLQ ULL

DFHOXL FXDQWXP DO LPSXQHULL FDUH vQ FRQGL LLOH GH SLD  GDWH SRDWH

DVLJXUD FHD PDL PDUH vQFDVDUH OD EXJHW $FHDVW  SUREOHP  IDFH

RELHFWXOPRGHOXOXLPHQ LRQDWHODERUDWGHHFRQRPLVWXODPHULFDQ$

Laffer.

217
 Modelul de echilibru în FRQGL LLOH H[LVWHQ HL ILVFDOLW LL VH

ED]HD] SHPRGHOXO&REZHE vQFDUHvQIXQF LDGHFHUHUH

-
VHLQWURGXFHFDSUH ScLDUvQIXQF LDGHRIHUW Sg :
D = a - b ∗ pc (10.1)
O = - c + d ∗ pg (10.2)
'DF  LQHPVHDPDGHUHOD LDIXQF LDGHRIHUW VHUHVFULH

în forma:
O = - c + d ∗ (pc - T) (10.3)
3HED]DFRQGL LHLGHHFKLOLEUX' 2VHRE LQHSUH XOGH

HFKLOLEUX SUDFWLFDW SH SLD  FHO SO WLW GH FXPS U WRU DWXQFL FkQG

FXPS U XQSURGXV

a+c d
pc* = + ∗T > p* , (10.4)
b+d b+d
XQGH S  HVWH SUH XO GH HFKLOLEUX vQ OLSVD ILVFDOLW LL UHOD LD 

DifHUHQ D vQWUH Sc  úL S  HVWH R YDORDUH SR]LWLY  GHRDUHFH DWkW

SDUDPHWULLDEFúLGFkWúL7VXQWYDORULSR]LWLYH

'LQúLUH]XOW 

a+c b
pg* = − ∗ T < p* , (10.5)
b+d b+d
XQGHSHQWUXS VXQWYDODELOHDFHOHDúLFRQVL derente ca mai sus.
9ROXPXOGHHFKLOLEUXDOWUDQ]DF LLORUvQFRQGL LLOHILVFDOLW LL

este:

218
 ad − bc bd
Df* = Of* = − ∗ T < Q*, (10.6)
b+d b+d
XQGH'I HVWHFHUHUHDGHHFKLOLEUXvQFRQGL LLOHILVFDOLW LL

Of* este oferta de echiOLEUXvQFRQGL LLOHILVFDOLW LL

4  HVWH YROXPXO GH HFKLOLEUX DO WUDQ]DF LLORU vQ OLSVD

ILVFDOLW LL 4   '   2  VLPLODU YRP QRWD vQ FRQWLQXDUH 4I  FD

ILLQG YROXPXO GH HFKLOLEUX DO WUDQ]DF LLORU vQ FRQGL LLOH ILVFDOLW LL

(Qf* = Df* = Of*).

0D[LPL]DUHDvQFDV ULLEXJHWDUH,%UHYLQHODH[SUHVLD

ad − bc bd
max IB = max T ∗ Qf* = max [ ∗T- ∗ T2]
b+d b+d
∂IB
úLVHUHDOL]HD] DWXQFLFkQG = 0 , ceea ce conduce la o valoare a
∂T
LPSR]LWXOXLSHXQLWDWHDIL]LF GHWUDQ]DF LH

ad − bc
T* = (10.7)
2 bd
FX FDUH VH SRDWH GHWHUPLQD YROXPXO GH HFKLOLEUX DO WUDQ]DF LLORU vQ

FRQGL LLOHILVFDOLW LL

ad − bc 1
Qf* = = Q* (10.8)
2(b + d ) 2
úLPD[LPXOSRVLELODOvQFDV ULORUEXJHWDUHvQFRQGL LLGHSLD GDWH

219
 (ad − bc)2
IBmax= . (10.9)
4 bd(b + d )
6H REVHUY  F  WR L LQGLFDWRULL DWkW FHL GH SLD  FkW úL FHL

EXJHWDUL GHSLQG GH SDUDPHWULL IXQF LLORU GH FHUHUH úL RIHUW  GH

DVHPHQHD YROXPXO PD[LP DO vQFDV ULORU EXJHWDUH vQ FRQGL LL GDWH

GH SLD  SUHVXSXQH XQ YROXP GH HFKLOLEUX DO WUDQ]DF LLORU OD

MXP WDWHID GHFHODIHUHQWXQHLSLH HXQGHOLSVHúWHILVFDOLWDWHD

([SUHVLLOHFHORUGRX SUH XULFDUDFWHULVWLFHXQHLSLH HSHFDUH

H[LVW ILVFDOLWDWHGHYLQ

2ab + bc + ad 2cd + bd + ad
pc* = úLSg* =
2 b(b + d ) 2d ( b + d )
&RQWULEX LD FRQVXPDWRUXOXL OD SODWD LPSR]LWXOXL 7 HVWH

VXUSOXVXO GH SUH  SH FDUH HO vO SO WHúWH vQ FRQGL LLOH SLH HL FX

ILVFDOLWDWHID GHFHOSO WLWvQFRQGL LLOHSLH HLI U ILVFDOLWDWHDGLF 

(d/(b+d)) ∗ T. În termeni procentuali (în raport cu întregul impozit

vQFDVDW GH VWDW DFHVW LQGLFDWRU VH QXPHúWH LQFLGHQ D LPSR]LWXOXL

asupra consumatorului:
d
iD = ∗ 100, (10.10)
b+d
D F UXL YDORDUH HVWH HYLGHQW VXEXQLWDU  5HVWXO LPSR]LWXOXL GH SODW 

UHYLQH SURGXF WRUXOXL DVWIHO vQFkW LQFLGHQ D LPSR]LWXOXL DVXSUD

ofertantului este:

220
 b
iO = 100 - iD = ∗ 100 (10.10’)
b+d
,QFLGHQ D vQ DFHDVW  H[SULPDUH HVWH GHWHUPLQDW  GH

VHQVLWLYLW LOH IXQF LLORU GH FHUHUH úL RIHUW  0 ULPHD HL HVWH GDW 

pentru fiecare agent participant la schimb, de ponderea pe care o are

VHQVLWLYLWDWHD OD SUH  D UHVSHFWLYXOXL DJHQW vQ VHQVLWLYLWDWHD WRWDO  D

FHUHULLúLDRIHUWHL7DEHOXO

Tabelul 11

}|qpw z{
r
Ipoteze privind Raportul de ordine
xnq r nsq rrt
vsy r qsq u
r vp u
vwq tr npq om

sensitivitatea
svn nq

b=d iD=iO iD=iO=50%

b<d iD>iO iD>50%; iO<50%
~yvp ou
po e mai

p o
svn
~|w
~|v
b>d iD<iO
vw
mare din impozit
iD<50%; iO>50%
~pvs t
~~vp| ou

yww r
vp o
pq o
vw
din impozit
ypq
vp o qpqs vp o w|v {
n~pq om o‚ ~npq om ~ ou
x qnw ru x ur qnw ru
b=0 iD=100%
|s or yv |s or
~~vp| ou q|q o ~~vp| ou q|q o
vqpw ‚ ~s sqpqpq
yp o yp w

d=0 iO=100%
€ or €
l impozit
~s

ÌQ SULYLQ D HIHFWXOXL FRQFUHW DVXSUD DJHQ LORU HFRQRPLFL

HVWH GH UHPDUFDW F  vQ FHHD FH vO SULYHúWH SH FRQVXPDWRU SODWD

LPSR]LWXOXL HVWH HIHFWLY  vQ WLPS FH SHQWUX SURGXF WRU HIHFWXO HVWH

de pierdere prin neîncasare.

221
 CAPITOLUL 10

COMPONENTELE FINANCIAR - MONETARE

Ì102'(/(/('(&5(ù7(5((&2120,&

7HRULD HFRQRPLF  LGHQWLILF  WUHL FDUDFWHULVWLFL DOH DERUG ULL

ILQDQFLDUH vQ FUHúWHUHD HFRQRPLF  VSHFLILFLWDWHD vQ UDSRUW FX

DERUGDUHD SUREOHPHORU ILUPHL UHFXUVXO OD QR iunea de echilibru;

XWLOL]DUHD FUHVFkQG  D PRGHO ULL vQ H[SULPDUHD úL DQDOL]D

IHQRPHQHORU úL SURFHVHORU HFRQRPLFH vQ SDUWLFXODU D FHORU

financiar-monetare.
7HQGLQ D GH FXDQWLILFDUH D IHQRPHQHORU úL SURFHVHORU

HFRQRPLFH FD úL GH IRUPDOL]DUH D FRUHOD LLORU GH WLS FDX] -efect
(factori-IHQRPHQSURFHVSRDWHILLGHQWLILFDW ODFHOHPDLYHFKLúFROL

economice.
/HJ WXUD vQWUH EDQLPRQHG  H[SULPD L FD PDV  PRQHWDU 

0 úL IHQRPHQHLQGLFDWRUL HFRQRPLFL FXP VXQW FUHGLWXO (C),

YROXPXOWUDQ]DF LLORU7VDXUDWDGR bânzii (d) a format obiect de
VWXGLX SHQWUX úFRDOD PHUFDQWLOLVW  VHF ;9, ;9,,
- úL - cu
mijloacele de formalizare uzuale azi -DUSXWHDILH[SULPDW DVWIHO

− IXQF LDFUHGLWXOXL& &0FX& '>0 (1.1)

222
− IXQF LDYROXPXOXLWUDQ]DF LLORU7 70FX7 ’> 0 (1.2)

− IXQF LDSUH XOXLEDQLORUG G0G ’< 0 (1.3)

Din modelul mercantilist (1.1) -  UH]XOW  F GDF  SUH XO

EDQLORU FUHúWH DWXQFL PDVD PRQHWDU  VH PLFúRUHD]  úL LPSOLFLW VH

GLPLQXHD]  FUHGLWXO VXSRUWXO LQYHVWL LLORU úL YROXPXO WUDQ]DF LLORU

DGLF  vQ FRQVHFLQ  VFDGH ULWPXO FUHúWHULL HFRQRPLFH $FHVWH

FRQH[LXQL DX DVW ]L vQ WHRULD HFRQRPLF  úL ILQDQFLDU  PRGHUQ 

statut de axiome, fiind valorificate în toate demersurile privind

suV LQHUHDGH]YROW ULLúLDWHQXDUHDFRPSRQHQWHLGHJUHVLYHDFLFOXOXL

economic.
ÌQ DFHHDúL PDQLHU  GH DERUGDUH FX PLMORDFHOH DFWXDOH GH

formalizare, este interesant de prezentat un rezultat al unuia dintre

FHL PDL FXQRVFX L UHSUH]HQWDQ L DL úFROLL FLUFXLWXO ui (sec. XVIII),
3LHUUH %RLVJXLOEHUW úL DQXPH HIHFWXO GH DQWUHQDUH JHQHUDW vQ

economie de un anumit venit. Boisguilbert presupune, în

FRQVRQDQ  FX RULHQWDUHD  úFROLL SH FDUH R UHSUH]LQW  F  UHQWD HVWH

VHJPHQWXO GLQ YHQLWXO VRFLDO WRWDO FDUH JHQHUHD]  XQ efect de

DPSOLILFDUH D FHORUODOWH VHJPHQWH GH YHQLW úL vQ ILQDO D vQWUHJXOXL

YHQLW DO VRFLHW LL 9HQLWXO WRWDO97SRDWH ILH[SULPDWFDRIXQF LH

FUHVF WRDUHvQUDSRUWFXUHQWD (R):

VT = f (R), f' > 0. (2.1)

223
 ,QWURGXFHP RSHUDWRUXO GH YDULD LH  ∆) (similar capitolul 6.4,
UHOD LLOH    SXWHP DVWIHO H[SULPD YDULD LD YHQLWXOXL WRWDO
-
SULQYDULD LDUHQWHL

∆VT = k ∗ ∆R, (2.2)

unde k este factorul de multiplicaUH D YHQLWXOXL WRWDO SULQ YDULD LD
rentei.
Elasticitatea venitului total în raport cu renta, EVT/R, este:
∆VT ∆R
EVT/R = = k ∗ p, (2.3)
VT R
unde p este ponderea rentei în totalul venitului social.
5HOD LD  SUHILJXUHD]  LQGLFDWRULL GH WLS ″coeficient de
multiplicare″/ ″multiplicator″ LQWURGXúL GH .H\QHV UHOD LD 
DUDW  F  PXOWLSOLFDWRUXO YHQLWXOXL VRFLDO WRWDO HVWH GLUHFW

SURSRU LRQDOFXHODVWLFLWDWHDDFHVWXLYHQLWvQUDSRUWFXUHQWDúLLQYHUV

SURSRU LRQDO FX SR nderea rentei în total venit. Cu cât venitul social
total este mai ″inelastic″ în raport cu renta, iar ponderea acesteia
HVWH PDL PDUH vQ WRWDOXO DFHVWXL YHQLW FX DWkW ULWPXO GH FUHúWHUH DO

HFRQRPLHL vQ VSH  DO YHQLWXOXL VRFLDO WRWDO HVWH PDL PLF /D

lLPLW  GDF  YHQLWXO VRFLDO WRWDO HVWH SHUIHFW LQHODVWLF vQ UDSRUW FX

UHQWDDWXQFLULWPXOFUHúWHULLHFRQRPLFHHVWHQXO

″
ùFRDOD HFRQRPLF  D VHFROXOXL ;,;  FODVLF ″ UHSUH]HQWDW 

224
prin Jean Baptiste Say, David Ricardo, John Stuart Mill, Irwing
)LVKHUúDPGFRQVLGHU F HFKLOLEUXOHFRQRPLFHVWHUHJOHPHQWDW

GH SLD  SLD D HVWH PHFDQLVPXO FRUHFWRU DO HFRQRPLHL GHRDUHFH

EXQXULORU vQ H[FHV OH VFDGH SUH XO P ULQG FHUHUHD JOREDO  úL

UHDOL]kQGDVWIHOHFKLOLEUXO%DQLLVXQWFRQVLGHUD LQHXWULvQUDSRUWFX

prRFHVXOHFRQRPLFDGLF VXQWWUDWD LLQGHSHQGHQWGHDVSHFWHOHUHDOH

DOH HFRQRPLHL ID  GH FDUH SUH]LQW  WRWXúL R OHJ WXU  GH QDWXU 

FDQWLWDWLY H[SULPDW SULQFXQRVFXWDUHOD LHDOXL)LVKHU0 ∗v=P∗T,

cu M-PDVDPRQHWDU 

v-YLWH]DGHURWD LHDEDQLORU,
P-SUH XOXQLW LLGHWUDQ]DF LH

T- YROXPXOWUDQ]DF LLORU

10.1. Conexiunile financiar - monetare

în modelul neoclasic

0RGHOXOQHRFODVLFS VWUHD] QHXWUDOLWDWHDEDQLORUUHFXUJkQG

OD R DQDOL]  GLKRWRPLF  D HFRQRPLHL EXQXULEDQL GH DVHPHQHD

S VWUHD]  OHJ WXUD FDQWLWDWLY  EDQL HFRQRPLH UHDO  UHOD LD OXL
-
)LVKHU HFKLOLEUXO DXWRPDW DO SLH HL JUD LH IOH[LELOLW LL SHUIHFWH D

SUH XULORU úL VDODULLORU UHJODUHD FHUHULL SULQSUH DVWIHOvQFkWFHUHUHD

QX UHSUH]LQW  R UHVWULF LH SHQWUX HFKLOLEUXO HFRQRPLF Elementul

225
VSHFLILF LQWURGXV HVWH FRPSRUWDPHQWXO UD LRQDO DO DJHQWXOXL

HFRQRPLFDOF UXLVFRSHVWH

− PD[LPL]DUHD SURILWXOXL FRQGL LRQDW  GH DQXPLWH UHVWULF LL

SHQWUXDJHQWXOSURGXF WRU

− PD[LPL]DUHDXWLOLW LLFRQVXPXOXLSHQWUXDJHQWXOFRQVXPDWRU

Echilibrul economic este prezent în model în sensul

FRQGL LLORU IRUPXODWH GH /HRQ :DOUDV FRPSRUWDPHQWXO UD LRQDO DO

RULF UXL DJHQW HFRQRPLF FRQFXUHQ D SHUIHFW  SH RULFH SLD 

IOH[LELOLWDWHD WRWDO  D SUH XULORU /D DFHVWHD SXWHP DG XJD GUHSW

caracteristici: abRUGDUHD VWDWLF  DWHPSRUDO  úL DQDOL]D GLKRWRPLF 

ÌQ VIkUúLW VXQW LPSOLFLW SUH]HQWH R VHULH GH LSRWH]H SUHFXP

LGHQWLWDWHD FRPSRUWDPHQWDO  úL GH UHVWULF LH SHQWUX WR L DJHQ LL

HFRQRPLFL H[LVWHQ D XQHL IXQF LL GH SURGXF LH JOREDOH XQLIDFWRULDOH

(factorXO GH SURGXF LH HVWH PXQFD H[LVWHQ D FD PHGLX HFRQRPLF
DFWLY D XQXL VWRF GH FDSLWDO úL GH FXQRúWLQ H LQVHSDUDELO GH PXQF 

PRQHGD HVWH FHUXW  QXPDL SHQWUX FLUFXOD LD SURGXVHORU LDU

cuantumul masei monetare este stabilit exogen.

0RGHOXO LQFOXGH IXQF LD GH SURGXF LH PDFURHFRQRPLF 

IXQF LD RIHUWHL GH PXQF  IXQF LD GH LQYHVWL LL IXQF LD GH HFRQRPLL

úL FRQGL LLOH GH HFKLOLEUX JHQHUDO DO VHFWRUXOXL PRQHWDU úL DO SLH HL

muncii.

226
 )XQF LDGHSURGXF LH

Y = Y(N), (3.1)
XQGH < HVWH SURGXF LD IL]LF  úL 1 IDFWRUXO PXQF  vQ HOHV vQ DFHVW

FRQWH[WFDFHUHUHGHPXQF 1D ).
)XQF LD GH SURGXF LH DUH SURSULHW LOH FXQRVFXWH < ′> úL
Y″< úL SH ED]D HL VH SRDWH IRUPDOL]D FRPSRUWDPHQWXO UD LRQDO DO
SURGXF WRUXOX i:
max Π = max (P ∗ Y - w ∗ N), (3.2)
XQGH 3 HVWH SUH XO XQLW LL IL]LFH GH SURGXF LH LDU Z HVWH VDODULXO

nominal unitar.
'LQ  úL  VH SRDWH GHWHUPLQD FX DMXWRUXO IXQF LHL

ODJUDQJHDQFRQGL LDGHRSWLP

Y′(N) = w/P (3.3)

UHSUH]HQWkQG HJDOLWDWHD vQWUH SURGXFWLYLWDWHD PDUJLQDO  D PXQFLL úL

VDODULXO UHDO 3H ED]D DFHVWHL UHOD LL VH SRDWH IRUPXOD IXQF LD GH

FHUHUHGHPXQF 

−1  w 
ND = [Y ′]   (3.4)
P
FDIXQF LHGHVFUHVF WRUHDFHUHULLGHPXQF vQUDSRUWFXVDODULXOUHDO

ND′< 0. (3.5)

227
 ÌQIXQF LDGHSURGXF LHLQGLFDWRUXO1DUHvQPRGFODUVHQVXO

de cerere de munF  )RORVLQG LQYHUVD IXQF LHL GH SURGXF LH

HYLGHQ LHPvQPRGH[SUHVDFHVWOXFUXSULQQRWD LD1D , pentru a face

GLVWLQF LH GH RIHUWD GH PXQF  DúD FXP DSDUH HD vQ UHOD LD FDUH

XUPHD] 

)XQF LDRIHUWHLGHPXQF

NS = NS(w/P), cu NS′ >0 (3.6)

)XQF LDGHLQYHVWL LL

I = I(i), cu I′< 0, (3.7)

unde i este rata dobânzii.
)XQF LDGHHFRQRPLL

S = S(i), cu S′>0 (3.8)

5HOD LLOHGHHFKLOLE ru sunt:
− echilibrul general, I = S (3.9)
− HFKLOLEUXOSLH HLPXQFLL1S = ND (3.10)
− echilibrul sectorului monetar, M = k ∗ P ∗ Y, (3.11)
XQGH N HVWH XQ FRHILFLHQW GH OLFKLGLW L FX YDORDUHD HJDO  FX

LQYHUVXO YLWH]HL GH URWD LH D EDQLORU PDVD PRQHWDU  VH FRQVLGHU 

H[RJHQ GHWHUPLQDW  ILLQG XQ LQVWUXPHQW DO SROLWLFLL PRQHWDUH úL

UHSUH]LQW  RIHUWD GH EDQL H[SUHVLD GLQ SDUWHD GUHDSW  D UHOD LHL

UHSUH]LQW FHUHUHDGHEDQL

228
 'LQ FRQGL LD GH HFKLOLEUX D SLH HL PXQFLL FRUHODW FX

 úL  VH SRDWH GHWHUPLQD QLYHOXO GH HFKLOLEUX DO VDODULXOXL

UHDOZ3 GHRDUHFHVHIRUPHD] UHOD LDvQZ3

[Y ′]−1 (w / P) = N S (w / P) (3.12)
Cu ajutorul salariului real de echilibru, (w/P)*, se poate
GHWHUPLQD GLQ UHOD LD  VDX  QLYHOXO GH HFKLOLEUX DO IRU HL

GH PXQF  1  úL DSRL GLQ UHOD LD  QLYHOXO GH HFKLOLEUX DO

SURGXF LHL< 

&X 0 GHWHUPLQDW H[RJHQ úL FX <  VH SRDWH RE LQH GLQ

UHOD LDQLYHOXOSUH XOXLGHHFKLOLEUX

P* = M/k ∗ Y* (3.13)
úLDSRLQLYHOXOVDODULXOXLQRPLQDOGHHFKLOLEUX

W* = (w/P)* ∗ P* (3.14)
5HOD LDHFKLOLEUXOXLJHQHUDOHVWHGHIDSWRHFXD LHv n i,
SULQ D F UHL UH]ROYDUH VH RE LQH QLYHOXO GH HFKLOLEUX DO GREkQ]LL L 

úL DSRL QLYHOXO GH HFKLOLEUX DO LQYHVWL LLORU ,  GLQ  úL DO

economiilor, S* (din (3.8)).

&RQH[LXQLOH vQWUH LQGLFDWRULL GH]YROW ULL HFRQRPLFH úL

algoritmul de dezvoltare a modelului neoclasic sunt prezentate în

figura 49.

229
 







 

 


Salariul Salariul







real nominal











Gradul de Cererea/Oferta







ocupare




cererii de
bani


Echilibrul












sectorului





monetar

Consumul Oferta de
bani

Economii













 



Echilibrul
sectorului Rata dobânzii
monetar







economii

Fig. 49 Mecanismul echilibrului economic

0RGHOXO FXSULQGH úDSWH HFXD LL úL úDSWH YDULDELOH HQGRJHQH

GLQFDUHFLQFLUHDOHSURGXF LDFHUHUHDRIHUWDGHPXQF LQYHVWL LLOH

salariul reDO UDWD GREkQ]LL úL GRX  QRPLQDOH QLYHOXO SUH XULORU úL

salariul nominal), ultimele fiind de fapt determinate de cuantumul

PDVHL PRQHWDUH 0HFDQLVPXO HFKLOLEUXOXL HFRQRPLF SUHVXSXQH úL

230
HYLGHQ LD]  XQ ODQ  GH FDX]DOLW L GLQ FDUH XQHOH VXQW H[FOXVLY GH

QDWXU ILQDQFLDU PRQHWDU 

-
− JUDGXO GH RFXSDUH úL VDODULXO UHDO VXQW XQLF GHWHUPLQDWH GH

HFKLOLEUXO GH SH SLD D PXQFLL FDUH HVWH LQGHSHQGHQW úL

determinant în raport cu restul economiei;

− SURGXF LDHVWHGHWHUPLQDW GHGHSHQGHQ DGHIRU DGHPXQF SH

baza grDGXOXLGHRFXSDUHDDFHVWHLDvQFRQGL LLGHHFKLOLEUX

− HFRQRPLLOH úL LQYHVWL LLOH FD úL UDWD GREkQ]LL VXQW GHWHUPLQDWH

GH IRUPD GH GHSHQGHQ  D ORU úL LQGHSHQGHQW GH FHOHODOWH

FRQGL LLGHHFKLOLEUX

− HFKLOLEUXO RIHUWHLFHUHULL GH EDQL GHWHUPLQ  QLYHOXO SUH XULORU SH

ED]DYROXPXOXLGHHFKLOLEUXDOSURGXF LHL

ÌQ SUH]HQWDUHD DFHVWRU FDX]DOLW L D IRVW LQWURGXV LQGLFDWRUXO

″grad de ocupare″ UHIHULWRU OD IRU D GH PXQF  SULQ FDUH VH GRUHúWH

H[SULPDUHD P VXULL vQ FDUH HVWH XWLOL]DW SRWHQ LDOXO GH PXQF 

ModHOXO QX XWLOL]HD]  vQ PRG H[SUHV DFHVW LQGLFDWRU HO SRDWH IL

GHWHUPLQDW FD R FRQVHFLQ  D HFKLOLEUXOXL GH SH SLD D PXQFLL FDUH

SHUPLWH RE LQHUHD QLYHOXOXL GH HFKLOLEUX DO IRU HL GH PXQF  úL D

P ULPLLHYLGHQWH[RJHQHDSRSXOD LHLDFWLYHGLVSRQLELOHH xpresie

DSRWHQ LDOXOXLGHPXQF DHFRQRPLHLVWXGLDWH

231
 0RGHOXO SUH]LQW  SURSULHW L LQWHUHVDQWH SULYLQG

FRPSRQHQWHOHúLSROLWLFLOHILQDQFLDU -monetare:
(i) sectorul financiar-monetar este ″lipit″, nu este integrat efectiv în
PRGHOOHJ WXULOHVDOHFXUHVWXO economiei fiind limitate strict la
YROXPXO SURGXF LHL DVWIHO F  SLD D ILQDQFLDU  DSDUH FD R SLD 

DSDUWHUXSW GHFRQWH[WXOJHQHUDODOSLH HL

(ii) FRPSRQHQWHOH ILQDQFLDUH VXQW LQWURGXVH SULQ PDVD PRQHWDU 

YDULDELO  H[RJHQ  SULQ HFRQRPLL LQYHVWL LL úL UDW a dobânzii,

FDUHIRUPHD] RVWUXFWXU QHOHJDW GHUHVWXOPRGHOXOXL

(iii) SROLWLFD EXJHWDU  QX HVWH HILFLHQW  GHRDUHFH FUHúWHUHD

LQYHVWL LLORU SXEOLFH QX GXFH OD FUHúWHUHD SURGXF LHL FL GRDU OD

PRGLILFDUHD VWUXFWXULL HL DVWIHO vQ FRQGL LLOH vQ FDUH ILVFDOLWD tea
HVWH GDW  úL QX VH PRGLILF  YHQLWXULOH VWDWXOXL VXQW GHWHUPLQDWH

de gradul de ocupare de care depind atât veniturile menajelor,

FkW úL DOH SURGXF WRULORU GDF  VH VWDELOHúWH HFKLOLEUXO SLH HL

muncii la un nivel al gradului de ocupare sub cel preconizat,

YHQLWXULOH EXJHWXOXL YRU IL PDL PLFL vQ FRQVHFLQ  LQYHVWL LLOH

SXEOLFH FD úL FRQVXPXO SXEOLF JXYHUQDPHQWDO vQ JHQHUDO QX

VH YRU SXWHDvQI SWXL VDXPDMRUDGHFkWSULQ vQGDWRUDUHDVWDWXOXL

FD XUPDUH UDWD GREkQ]LL FUHúWH úL VH DFFHQWXHD]  WHQGLQ D spre
HFRQRPLL úL LPSOLFLW GH GLPLQXDUH D FRQVXPXOXL vQWUXFkW

232
 FRQVXPXO JXYHUQDPHQWDO FUHúWH VH SURGXFH GRDU R FRPSHQVDUH

vQWUH XQD úL DOWD GLQWUH FRPSRQHQWHOH FRQVXPXOXL FHO SULYDW úL

FHO SXEOLF úL GHFL GRDU R PRGLILFDUH D VWUXFWXULL FRQVXPXOXL

global vQ VHQVXO FUHúWHULL SRQGHULL FHOXL SXEOLF úL DO UHGXFHULL
ponderii celui privat.
(iv) SROLWLFD PRQHWDU  QX HVWH HILFLHQW  GHRDUHFH DIHFWHD] 

YDULDELOHOH LQGLFDWRULLQRPLQDOHúLQXSHFHOHUHDOHDVWIHOODR

SURGXF LH GDW  FUHúWHUHD RIHUWHL PRQHWDUH GHWHUPLQ  FUHúWHUHD

SUH XULORU LPSOLFLW D VDODULLORU QRPLQDOH FD SUH  DO IRU HL GH

PXQF  vQ YHGHUHD S VWU ULL VDODULLORU UHDOH vQ FD] F  DFHVWHD

VFDG VH YD GLPLQXD úL FHUHUHD GH PXQF  úL DWXQFL SURGXF LD VH

va diminua, accentuând efectul nefavorabil al ofertei majorate

GH EDQL GDF  GLPSRWULY  RIHUWD GH EDQL VH UHGXFH DWXQFL vQ

FRQGL LLOH XQHL SURGXF LL GDWH  SUH XULOH VH PLFúRUHD]  LPSOLFLW

SUH XO PXQFLL FX DWkW PDL PXOW GDF  VH FRQVLGHU  GDWIL[DW

VDODULXO QXO DVWIHO vQFkW JUDGXO GH RFXSDUH VH S VWUHD]  úL vQ

FRQVHFLQ úLSURGXF LD

(v) FD R FRQVHFLQ  D SROLWLFLL PRQHWDUH LQHILFLHQWH VH SRW SXQH vQ

HYLGHQ  HIHFWHOH QHGRULWH vQ FH SULYHúWH SURGXF LD DVWIHO GDF 

VDODULXOQRPLQDOFUHúWHPDLOHQWGHFkWSUH XULOHDWXQFLVHUHGXFH

VDODULXO UHDO úL RIHUWD GH PXQF  FX HIHFWH vQ GLPLQXDUHD

233
 SURGXF LHL QRLOH FRQGL LL GH SH SLD D PXQFLL RIHUWD PDL PLF 

GXF OD FUHúWHUHD UHODWLY  D FHUHULL GH PXQF  FX HIHFWH vQ

FUHúWHUHD SUH XOXL PXQFLL úL D FRVWXOXL SURGXF LHL FHHD FH vL

GHVFXUDMHD] SHSURGXF WRUL

MRGHOXO SUH]LQW  úL DOWH SURSULHW L SULYLQG IRORVLUHD IRU HL

GH PXQF  úL VHQVLWLYLWDWHD SURGXF LHL QXPDL OD ″stimulii reali″,
DVXSUD F URUD QX LQVLVW P GHRDUHFH FRPSRQHQWHOH GH QDWXU 

financiar-PRQHWDU VXQWPDLSX LQSUH]HQWHúLDFWLYH

10.2. Conexiunile financiar monetare în abordarea

NH\QHVLVW

$ERUGDUHD NH\QHVLVW  VH ED]HD]  SH PRGHOXO úFROLL

QHRFODVLFH úL SH YDORULILFDUHD XQRUD GLQ FULWLFLOH DGXVH DFHVWXLD GH

F WUH HFRQRPLúWLL ″QHRUWRGRFúL″ FHL FH VXQW vQ FRQWUDGLF LH FX

LSRWH]HOH PHFDQLVPHOH úL FRQFOX ziile invocate sau formulate de

DFHDVW  úFRDO  FXP VXQW 6LPRQ GH 6LVPRQGL 7KRPDV 5REHUW

Malthus, John Atkinson Hobson sau Jan Gesel.

ÌQ FH SULYHúWH PRGHOXO úFROLL QHRFODVLFH .H\QHV vO UH LQH FD

SHXQFD]SDUWLFXODUvQVHQVXOF XWLOL]DUHDGHSOLQ DIRU HLGHPXQF 

HVWHRH[FHS LHúLQXRUHJXO UHJXODHVWHRFXSDUHDLQFRPSOHW 

234
 (FRQRPLúWLL ″QHRUWRGRFúL″ KHWHURGRFúL VXQW FHL FDUH

IRUPXOHD]  XQHOH PHFDQLVPH VDX OHJLW L DOH HFRQRPLHL FH

FRQWUDYLQ úFROLL FODVLFHQHRFODVLFH GLQ FDUH vQ WLPS XQHOH V -au

GRYHGLW D IL PDL DSURDSH GH UHDOLWDWHD HFRQRPLF  8QD GLQ WH]HOH

DGRSWDWH GH .H\QHV GH OD DFHúWL ″QHRUWRGRFúL″ vQ VSH  GH OD

6LVPRQGLHVWHF SURGXVXODQXDOQXVHLGHQWLILF FXYHQLWXODQXDOúL

F  LSRWH]D HJDOLW LL ORU SRDWH IL DFFHSWDW  GRDU FD R LSRWH] 

VLPSOLILFDWRDUH 0 ULPHD YHQLWXOXL DQXDO HVWH GHWHUPLQDW  FD

GLIHUHQ  vQWUH YDORDUHD SURGXF LHL úL FRVWXO V X IRUPDW GLQ

FRQVXPXO LQWHUPHGLDU úL DPRUWL]DUH VDX FD VXP  vQWUH FRVWXO

IDFWRUXOXL PXQF  úL SURILW &HOH PDL FRQVLVWHQWH REVHUYD LL FULWLFH ,
DGDSWDWH GH .H\QHV VH UHIHU  OD PHFDQLVPXO UHOD LHL FRQVXP -
SURGXF LH vQ FDUH UROXO SULPRUGLDO HVWH DWULEXLW FHOXL GLQWkL

(Hobson); de asemenea, teza lui Malthus privind rolul consumului

vQUDSRUWFX SURGXF LDUHGXFHUHD FRQVXPXOXLSRDWHEORFDSURGXF LD

GHRDUHFH HVWH HFKLYDOHQW  FX GLPLQXDUHD GLVSDUL LD GHEXúHHORU

UHGXFHUHD DFHVWXLD PDL DOHV vQ SHULRDGD UHFHVLXQLL vQJUHXQHD] 

SURFHVXO GH DPHOLRUDUH D VW ULL HFRQRPLHL DWkW SULQ IHQRPHQXO

LQVXILFLHQ HLGHEXúHHORUFkWúLSULQIDSWXOF JHQHUHD] HFRQRP ii în

FUHúWHUH FD GLIHUHQ  vQWUH YHQLW úL XQ FRQVXP vQ VF GHUH FHHD FH

FUHHD]  SUHVLXQL LQYHVWL LRQDOH FHL FH HFRQRPLVHVF VXQW GRUQLFL V 

235
LQYHVWHDVF  SHQWUXD úLYDORULILFDHFRQRPLLOHvQWU
- -un mediu în care
deja capitalul este în exces în raport cu evROX LDFHUHULLGH FRQVXP
$FHVWPHFDQLVPHVWHFRPSOHWDWSULQREVHUYD LDOXL+REVRQF VXUVD

capitalului (a dimensiunii capitalului angajat) este de fapt un

U VSXQVODVWLPXOXOFHUHULLLPSOLFLWFRQVXPXOXLDFWXDOHúLYLLWRDUH

În planul sectorului financiar-PRQHWDU .H\QHV DGRSW  WH]D

OXL *HVHO SULYLQG IDSWXO F  UDQGDPHQWXO FDSLWDOXOXL QX SRDWH IL

LGHQWLILFDW FX UDWD GREkQ]LL REVHUYD LD FRUHFW  vQ IRQG úL TXDVL -
XQDQLP DFFHSWDW  D]L HVWH PRWLYDW  vQV  GH *HVHO vQ PRG OLPLWDW

doar prin factori psihologiFL 'LIHUHQ LHUHD HVWH IRUPXODW  GH *HVHO

pe baza naturii fenomenologice a celor doi indicatori: randamentul

capitalului este un fenomen tehnico-economic, efect al progresului
teKQLF RUJDQL] ULL vQWUHSULQGHULL úL FRQGL LLORU GH H[SORDWDUH UDWD

dobânzii este un fenomen pur monetar.

)XQF LD RIHUWHL JOREDOH úL IXQF LD FHUHULL JOREDOH H[SULP 

OHJ WXUD vQWUH QLYHOXO RIHUWHL JOREDOH 2* UHVSHFWLY FHUHULL JOREDOH

&*úLJUDGXOGHRFXSDUHFXDQWLILFDWSULQQXP UXOFHORUDQJDMD L1

OG = OG(N) (4.1.1)
CG = CG(N) (4.1.2)
0 ULPHD RIHUWHL JOREDOH HVWH SURGXVXO DúWHSWDWGRULW GH

vQWUHSULQ] WRUL úL VXILFLHQW SHQWUX FD HL V  DFFHSWH DQJDMDUHD

236
UHVSHFWLYXOXL YROXP GH PXQF  LPSOLFLW D FDSLWDOXOXL QHFHVDU

SURGXF LHL úL SH FDUH DFHúWLD vO SRW SXQH vQ IXQF LXQH vQ WHUPHQLL

XQXL UDQGDPHQW SULQ FDUH V  SRDW  DFFHGH OD XQ SURILW PD[LP vQ

FRQGL LLOHUHVSHFWLYHLSLH H

0 ULPHD FHUHULL JOREDOH HVWH SURGXVXO SH FDUH

vQWUHSULQ] WRULL VSHU  V -O RE LQ  vQ FRQGL LL GDWH GH SLD  DVWIHO

vQFkWV SRDW UHDOL]DYROXPXOGRULWDOLQYHVWL LLORUúLFRQVXPXOXL

ÌQ PRG RELúQXLW XQ SURGXF WRU QX SURGXFH ″pe stoc″ úL GLQ
acest motiv GHUD LRQDOLWDWHSURGXF LDHVWHHJDO FXRIHUWD9ROXPXO

SURGXF LHL DSUR[LPHD]  ELQH SURGXVXO RE LQXW GH vQWUHSULQ] WRU FD

úL YHQLWXULOH RE LQXWH GH DJHQ LL HFRQRPLFL vQ JHQHUDO DVWIHO F  VH

introduce ca IXQF LHGHSURGXF LHGHSHQGHQ D

Y = h(N), cu h′>0, (4.2)
XQGH 1 DUH VHQVXO GH FHUHUH GH PXQF  DGLF  1D SRWULYLW QRWD LHL

folosite în modelul neoclasic.

)XQF LD GH FRQVXP H[SULP  OHJ WXUD vQWUH FRQVXP & úL

venit (Y):
C = C(Y) (4.3)
Dintre factorii obiectivi (patrimoniul, fiscalitatea, rata
GREkQ]LL ú D P G úL VXELHFWLYL SVLKRORJLFL FDUH SRW IL

FRQVLGHUD L D GHWHUPLQD FRQVXPXO .H\QHV VH RSUHúWH DVXSUD

237
YHQLWXOXLVSUHGHRVHELUHGHFODVLFLFDUHH[SOLF YDULD L a consumului
SULQ YDULD LD UDWHL GREkQ]LL PRWLYkQGX úL DOHJHUHD SULQ DVFHQGHQ D
-
YHQLWXOXLSULQLPSDFWXO PDLPRGHVWDODOWRUIDFWRULRELHFWLYLúLSULQ

TXDVLFRQVWDQ DSHWHUPHQVFXUWDIDFWRULORUVXELHFWLYL

3HED]DDFHVWHLGHSHQGHQ HúLvQOHJ WXU FXHD.H\QHV

IRUPXOHD]  OHJHD SVLKRORJLF  IXQGDPHQWDO  GDF  YHQLWXULOH FUHVF

DWXQFL FUHúWH úL FRQVXPXO vQWUH FHOH GRX  FUHúWHUL S VWUkQGX -se
UHOD LDGHRUGLQH

0 < ∆C < ∆Y, (4.4)

unde ∆ este un operator GH YDULD LD DEVROXW  VLPLODU FDSLWROXO 

UHOD LLOH - (8.4)).

&RQVHFLQ HOHDFHVWHLOHJ WXULVXQW

(i) SRVLELOLWDWHDGHDGHILQLvQFOLQD LDPDUJLQDO VSUHFRQVXP

c = ∆C/∆Y, cu c∈(0,1); (4.5)

(ii) GDF  JUDGXO GH RFXSDUH FUHúWH vQ FRQGL LL QRUPDOH GH SLD 

DWXQFL FUHVF úL YHQLWXULOH LDU vQFOLQD LD PDUJLQDO  VSUH FRQVXP

VHGLPLQXHD] 

(iii) XWLOL]DUHD YHQLWXOXL SUHVXSXQH XQ SURFHV GH FRQVXP úL XQXO GH
HFRQRPLVLUH GH]HFRQRPLVLUHD HVWH VLWXD LD vQ FDUH FRQVXPXO

este mai mare decât veQLWXO úL DSDUH SH IRQGXO GLPLQX ULL

YHQLWXOXL DWXQFL FkQG DFHVWD FRERDU  VXE XQ DQXPLW QLYHO

238
 SURFHVXO HVWH UH]XOWDWXO WHQGLQ HL DJHQ LORU HFRQRPLFL GH D úL -
S VWUD VWDQGDUGXO GH YLD  DWLQV vQDLQWH FD YHQLWXO V  vQFHDS  V 

VFDG 

(iv) FRPSOHPHQWDUD vQFOLQD LHL marginale spre consum este

vQFOLQD LDPDUJLQDO VSUHHFRQRPLL

∆Y − ∆C ∆S
s = 1− c = = , (4.6)
∆Y ∆Y
XQGH6UHSUH]LQW HFRQRPLLOH< &6úL ∆Y = ∆C+∆S (4.7)
*UDGXO GH RFXSDUH QX SRDWH FUHúWH GHFkW vQ FRUHOD LH FX

crHúWHUHD LQYHVWL LLORU GDF  DFHVWHD GLQ XUP  QX FUHVF vQVHDPQ F 

DFHODúLFDSLWDOVHSXQHvQPLúFDUHFXXQYROXPGHPXQF PDLPDUH

FHHD FH SHQWUX vQWUHSULQ] WRU vQVHDPQ  FRVWXUL VXSOLPHQWDUH úL

implicit, profit mai mic, deoarece rezultatul fizic al actiYLW LLQXVH

PRGLILF 

)DFWRUXO FDUH UHJOHD]  FRUHOD LD vQWUH YDULD LD JUDGXOXL GH

RFXSDUH úL YDULD LD LQYHVWL LLORU SUHFXP úL HIHFWHOH DFHVWHL FRUHOD LL

HVWH vQFOLQD LD PDUJLQDO  VSUH FRQVXP'DF vQFRQGL LL GHFUHúWHUH

D JUDGXOXL GH RFXSDUH úL LPSOLFLW D YHQLWXOXL DFHDVW  vQFOLQD LH QX

VH PRGLILF  QX VFDGH DWXQFL FRQVXPXO FD úL HFRQRPLLOH FUHVF vQ

DFHODúL ULWP FX YHQLWXO 6SRUXO GH HFRQRPLL QX HVWH vQ P VXU  V 

DVLJXUH XQ VSRU VXILFLHQW LQYHVWL LLORU DFHVWHD QX SRW JHQHUD R

vPEXQ W LUH VXILFLHQW  D UDQGDPHQWXOXL PXQFLL DVWIHO vQFkW VXUVD

239
GH YHQLWXUL VXSOLPHQWDUH QX HVWH VXILFLHQW  LDU DJHQ LL HFRQRPLFL

SURGXF WRUL vúL GLPLQXHD]  FHUHUHD GH PXQF  úL VFDGH LPSOLFLW

gradul de ocupare.
3H GH DOW  SDUWH GDF  vQFOLQD LD PDUJLQDO  VSUH FRQVXP

scDGH SUHD PXOW FRQVXPXO YD FUHúWH vQ SUHD PLF  P VXU  vQ UDSRUW

FX HFRQRPLLOH DVWIHO vQFkW OD LQYHVWL LL FUHVFkQGH úL LPSOLFLW OD R

SURGXF LH FUHVFkQG  VH YD IRUPXOD SH SLD  R FHUHUH LQVXILFLHQW 

FDUH YD JHQHUD GLPLQXDUHD SUH XULORU úL D FkúWLJXULORU

vQWUHSULQ] WRULORU LDU DFHúWLD  YRU DYHD WHQGLQ D V  GLPLQXH]H

SURGXF LDúLvQFRQVHFLQ JUDGXOGHRFXSDUH

ÌQ WHUPHQLL OHJ WXULL H[SULPDWH GH UHOD LD  YDULD LD

consumului în raport cu venitul, fie &

′ , este:


∆C
C Y ′ = lim =c (4.8)
∆Y→ 0 ∆Y
úLGDF  LQHPFRQWGHUHOD LDSXWHPDILUPDF

&
′ > 0 úL & ′ ∈ (01) , (4.9)


OXFUXFHGHPRQVWUHD] QXPHULFFRQVHFLQ DFDOLWDWLY DOHJLL

psiholoJLFHIXQGDPHQWDOHIRUPXODWHSULQUHOD LD

ÌQ FRQGL LLOH GH HFKLOLEUX H[SULPDWH GH HJDOLWDWHD vQWUH

HFRQRPLLúLLQYHVWL LL6 ,úL LQkQGVHDPDGHUHOD LLOH - (4.9),

avem:

240
 I = Y - C = Y - C(Y) (4.10)
din care, pULQGLIHUHQ LHUHRE LQHP
dY dC dY dY 1
1= − ⋅ sau = sau
dI dY dI dI 1 − dC dY

1
k= cu kc′>úLN> 1, (4.11)
1− c
XQGHN G<G, PXOWLSOLFDWRUXOLQYHVWL LLORU

c = dC/dY aproximat cu ∆C/∆Y.

Multiplicatorul investL LLORU FDUDFWHUL]HD]  LQWHQVLWDWHD

FUHúWHULL HFRQRPLFH LQGLIHUHQW GH P ULPHD vQFOLQD LHL PDUJLQDOH

VSUH FRQVXP FUHúWHUHD FX R XQLWDWH D LQYHVWL LLORU GHWHUPLQ 

FUHúWHUHD FX PDL PXOW GHFkW FX R XQLWDWH D YHQLWXOXL FRQIRUP

 FX FkW vQFOLQD LD HVWH PDL PDUH FX DWkW FUHúWHUHD HVWH PDL

mare. În planul sectorului financiar-PRQHWDUDFHDVWDvQVHDPQ F OD

YDORUL PLFL DOH vQFOLQD LHL VSUH FRQVXP DJHQ LL HFRQRPLFL vúL

JHQHUHD]  VLQJXUL UHVXUVHOH SHQWUX LQYHVWL LL GDU HVWH QHFHVDU 

stimularea acestora prin politici financiar-monetare, deoarece

HIHFWXOORUvQSODQXOFUHúWHULLHFRQRPLFHHVWHPLF

)XQF LD GH LQYHVWL LL H[SULP  OHJ WXUD GLQWUH LQYHVWL LL úL

IDFWRULLFHOHGHWHUPLQ 3RWULYLWXQXOGLQIDFWRULHVWHYHQLWXO

<DO WXULGHFDUH.H\QHVLQWURGXFHGXS PRGHOXOQHRFODVLFúLUDWD

dobânzii (i):

241
 I = I(Y,i) cu IY′>úL,i′< 0 (4.12)
,QWURGXFHUHD UDWHL GREkQ]LL FD IDFWRU DO LQYHVWL LLORU HVWH

PRWLYDW  GH IDSWXO F  DFHVWD HVWH OLPLWD VXSHULRDU  D HILFLHQ HL

marginale a capitaOXOXL úL FDUH VH DWLQJH QXPDL vQ FRQGL LLOH vQ FDUH
SURILWXO HVWH PD[LP ÌQ DFHVWH FRQGL LL GDF  HILFLHQ D PDUJLQDO  D

capitalului este mai mare decât rata dobânzii, atunci economiile se

YRU vQGUHSWD VSUH LQYHVWL LLOH UHDOH vQWUHSULQGHUL HFKLSDPHQWH

utilaje etc.), astfel încât, printr-R SURGXF LH VXSOLPHQWDU  UDSRUWXO

FHUHUHRIHUW  YD GXFH OD GLPLQXDUHD SUH XULORU GH YkQ]DUH úL

HILFLHQ D FDSLWDOXOXL LQFOXVLY FHD PDUJLQDO  VH YD PLFúRUD 'DF 

GLPSRWULY  HILFLHQ D PDUJLQDO  D FDSLWDOXOXL HVWH PDL PLF  GHFkW

rata dobânzii, atunci economiile se vor îndrepta spre plasamente

(depozite bancare) astfel încât, printr-XQ UHFXO DO SURGXFWLYLW LL

UDSRUWXO FHUHUHRIHUW  YD GXFH OD FUHúWHUHD SUH XULORU GH YkQ]DUH úL

HILFLHQ DFDSLWDOXOXLLQFOXVLYFHDPDUJLQDO VHYDP UL

,QYHVWL LD SRDWH IL FRQVLGHUDW  FD ILLQG SUH XO FDSLWDOXOXL

S. D F UXL DFFHSWDUH GH F WUH vQWUHSULQ] WRU HVWH GHWHUPLQDW  GH

randamentul capitalului (rK):

I = pK = f(rK), cu f′> 0. (4.13)
3UH XO FDSLWDOXOXL HVWH GDW GH YDORDUHD DFWXDO  D úLUXOXL GH

HIHFWH GH FDUH EHQHILFLD]  vQWUHSULQ] WRUXO SULQ XWLOL]DUHD

242
FDSLWDOXOXLSHGXUDWDGHYLD HFRQRPLF GYHDDFHVWXLD

d .v .e. −t

pK = ∑ rk t (1 + i) ,
t =1
(4.14)

unde t este indice de timp, iar rkt este efectul produs de utilizarea
capitalului în anul t. Acest efect este echivalent cu randamentul
capitalului.
)DFWRUXO L HVWH HILFLHQ D PDUJLQDO  D FDSLWDOXOXL úL HVWH SULQ

FRQ LQXW DFHD UDW  GH GREkQG  FDUH DSOLFDW  VXFFHVLXQLL GH

randamente anuale DOH FDSLWDOXOXL IDFH YDORDUHD DFWXDO  D DFHVWXL

úLUHJDO FXSUH XOODFDUHHVWHRIHULWD]LDFHVWFDSLWDO

$FHDVW  DUJXPHQWD LHPRWLYHD] LQWURGXFHUHD UDWHLGREkQ]LL

FD IDFWRU DO LQYHVWL LHL GH FDUH VH OHDJ  PLMORFLW SULQ LQWHUPHGLXO

randamentului capiWDOXOXL 'LQUHOD LDVHREVHUY GHSHQGHQ D

LQYHUV  vQWUH SUH XO FDSLWDOXOXL HFKLYDOHQWXO LQYHVWL LHL úL UDWD

dobânzii.
)XQF LD FHUHULL GH EDQL HVWH R IXQF LHFHIDFH OHJ WXUD vQWUH

FHUHUHD GH EDQL 0G SH GH R SDUWH úL YROXPXO GH DFWLYLWDWH

(exSULPDWSULQ<úLUDWDGREkQ]LLLSHGHDOW SDUWH

ÌQVFRSXOGHILQLULLDFHVWHLIXQF LL.H\QHVLQWURGXFHQR LXQHD

GH SUHIHULQ SHQWUXOLFKLGLW L H[SULPDW SULQPRWLYHOH SHQWUXFDUH

DJHQ LLHFRQRPLFLIRUPXOHD] FHUHUHGHEDQL

243
− PRWLYXOWUDQ]DF LLORUFXFkWYROXPXOGHWUDQ]DF LLHVWHPDLPDUH

úL LPSOLFLW QLYHOXO YHQLWXULORU VRFLDOH UH]XOWDWH FX DWkW DJHQ LL

economici vor avea nevoie de sume mai mari de bani pentru a

le rula:
Mdt = Mdt(Y), MdtY′> 0, (4.15)
unde Mdt este cerHUHDGHEDQLJHQHUDW GHYROXPXOWUDQ]DF LLORU

− PRWLYXO SUHFDX LHL FX FkW YROXPXO GH WUDQ]DF LL HVWH PDL PDUH

úLLPSOLFLWYROXPXOYHQLWXULORUVRFLDOHUHDOL]DWHFXDWkWUH]HUYD

SHFDUHúL RFRQVWLWXLHDJHQ LLHFRQRPLFLHVWHPDLPDUH

-
Mdp = Mdp(Y), MdpY′> 0, (4.16)

− PRWLYXOVSHFXOD LHLFXFkWUDWDGREkQ]LLSHSLD HVWHPDLPDUH

FX DWkW WHQGLQ D DJHQ LORU HFRQRPLFL GH WLS 8&( úL 8&6 YH]L

FDSLWROXO  GH D VSHFXOD GLVSRQLELOLW LOH ORU HVWH PDL PLF 

deoarece plasamentele bancare sunt suficient de atractive din

punct de vedere al surplusurilor de valoare (dobânda) pe care le
SURPLWvQDFHVWHFRQGL LLFHUHUHDGHEDQLSHQWUXVSHFXOD LLYDIL

PDLPLF 

Mds = Mds(i), Mdsi′< 0, (4.17)

0RWLYXO SUHFDX LHL HVWH FRQVLGHUDW GH PXO L HFRQRPLúWL FD

ILLQG GHWHUPLQDW FHO SX LQ vQ HJDO  P VXU  GH DWUDF LD VDX

DYHUVLXQHD ID  GH ULVF D DJHQ LORU HFRQRPLFL DGLF  GH XQ IDFWRU

244
VXELHFWLY 'LQ DFHVW PRWLY FHUHUHD GH EDQL SHQWUX SUHFDX LH SRDWH

IL LQWURGXV  FD R YDORDUH H[RJHQ  R FRQVWDQW  FDUH YD PRGLILFD

cererea de bani independent de factorii cauzali variabili pe care

PRGHOXO vL LD vQ FRQVLGHUDUH $VWIHO vQ PRGHO QX VH OXFUHD]  FX

FHUHUHD WRWDO  GH EDQL 0G FL FX GLIHUHQ D GLQWUH DFHDVWD úL

constanta cererii de bani pHQWUXSUHFDX LH

Md1 = Md - Mdp, cu Mdp = constant, exogen (4.18)
6SHFXOD LD HVWH GHILQLW  FD ILLQG GRULQ D GH D SURILWD GH

SUHWHQ LDGHDúWLFHHDFHYLLWRUXOUH]HUY SLH HLHYROX LHLDFHVWHLD

&HUHUHDWRWDO GHEDQLHVWHDVWIHO

Md = Mdt + Mdp + Mds,

FDUH SRDWH IL IRUPDOL]DW  SULQ GRX  FRPSRQHQWH GHSHQGHQWH

factorial:
Md = f(Y) + g(i), cu MdY′>úL0Gi′< 0 (4.19)
ÌQ FHHD FH SULYHúWH RIHUWD GH EDQL 0V DFHDVWD HVWH

FRQVLGHUDW FDRP ULPHH[RJHQ GDW GHF WUH%DQFD1D LRQDO 

Ms = dat (4.20)
Modelul lui Keynes include:
− IXQF LDFHUHULLGHEDQL

− oferta de bani (4.20)

− HFXD LDGHHFKLOLEUXDSLH HLPRQHWDUH

245
 Md = Ms (4.21)
− IXQF LDGHFRQVXP

− IXQF LDGHLQYHVWL LL

− IXQF LDGHSURGXF LH

− FRQGL LD GH RSWLP SHQWUX SURGXF WRU GH IRUPD  LGHQWLF 

cu cea din modelul neoclasic

− HFXD LDúRPDMXOXL

ù 3'- N* , (4.22)
XQGH ù HVWH P ULPHD úRPDMXOXL 3' HVWH SRSXOD LD GLVSRQLELO 

RIHUWD GH PXQF  úL 1  HVWH FHUHUHD GH PXQF  vQ FRQGL LL GH

HFKLOLEUXDúDFXPUH]XOW GLQIXQF LDGHFHUHUHGHPXQF 6SUH

deosebire de modelul neoclasic, IXQF LD GH FHUHUH GH PXQF 

HVWHIRUPXODW GLQIXQF LDGHSURGXF LHFDLQYHUV DDFHVWHLD

ND = [h ] (Y )
−1
(4.23)

− HFXD LDGHVWUXFWXU DYHQLWXOXL

Y=C+S (4.24)
− HFXD LD GH HFKLOLEUX PDFURHFRQRPLF vQ DEVHQ D UHOD LLORU

economice externe:
S=I (4.25)
'LQUHOD LLOHVHRE LQH

246
 i = [g] (Ms − f (Y)) ,
−1
(4.26)

unde []
⋅
−1
VHPQLILF LQYHUVDIXQF LHL []
⋅ .
)XQF LD GH LQYHVWL LL VH UHVFULH FD R IXQF LH GH R VLQJXU 

YDULDELO UHVSHFWLY<DGLF 

(
I = I Y, [ g ]
−1
(Ms − f (Y))) .
3HED]DUHOD LLORUúLVHRE LQHRHFXD LHvQ

Y de forma:

(
C(Y)+I Y, [g]
−1
(Ms − f (Y))) = Y,
SULQ D F UHL UH]ROYDUH VH RE LQH QLYHOXO GH HFKLOLEUX DO YHQLWXULORU

fie Y*.
&X DMXWRUXO OXL <  VH RE LQ YDORULOH GH HFKLOLEUX SHQWUX

GREkQG ILHL GLQúLSHQWUXFRQVXPILH& GLQ&X

DMXWRUXOOXL< úLL VHRE LQQLYHOHOHGHHFKLOLEUXSHQWUXFHUHUHDGH

EDQL0G GLQúLSHQWUXLQYHVWL LL, GLQ

&X DMXWRUXO OXL <  VH RE LQH GLQ IXQF LD FHUHULL GH PXQF 

(4QLYHOXOGHHFKLOLEUXDOFHUHULLGHPXQF 1D LDUGLQFRQGL LD

GH RSWLP D SURGXF WRUXOXL  FX DMXWRUXO YDORULL 1D  VH RE LQH

nivelul de echilibru al salariului real, (w/P)* = h′( ND  1RW P

GHRVHELUHDIRUPDO ID GHUHOD LDvQFDUHIXQF LDGHSURGXF LH

este Y(N) cu derivata Y′(N), în timp ce în modelul lui Keynes am

247
IRORVLW SHQWUX IXQF LD GH SURGXF LH QRWD LD K1 FX GHULYDWD K ′(N).
5 PkQH YDODELO  REVHUYD LD IRUPXODW  OD PRGHOXO QHRFODVLF vQ

OHJ WXU FXIXQF LDGHSURGXF LH

În fine, SH ED]D UHOD LHL  VH SRDWH GHWHUPLQD QLYHOXO
úRPDMXOXL vQ FRQGL LL GH HFKLOLEUX 3RSXOD LD GLVSRQLELO  HVWH GH

DVHPHQHDRP ULPHH[RJHQ GHWHUPLQDW vQSULPXOUkQGGHIDFWRUL

GH QDWXU  GHPRJUDILF  ÌQWU R DQDOL]  PDL FRPSOH[  SRW IL SXVH vQ
-
evidHQ  GHSHQGHQ H DOH DFHVWXL LQGLFDWRU GH YDULDELOH HFRQRPLFH

FXPVXQWYHQLWXOVDODULXOUHDOúDPG

&RQH[LXQLOH vQWUH LQGLFDWRULL GH]YROW ULL HFRQRPLFH úL

algoritmul de rezolvare a modelului sunt prezentate în figura 50.

0RGHOXOLQFOXGH]HFHHFXD LLúLWUHLFDWHJRULLGHYDULDELOH

− variabile independente, determinate de factori psihologici, între

FDUH VH LQFOXG vQFOLQD LD PDUJLQDO  VSUH FRQVXP

FRPSRUWDPHQWXO ID  GH OLFKLGLWDWH úL HILFLHQ D PDUJLQDO 

HVWLPDW DFDSLWDOXOXLODFDUHVHDGDXJ RIHUWD de bani;

− YDULDELOH LQWHUPHGLDUH UDWD GREkQ]LL GHWHUPLQDW  GH SUHIHULQ D

SHQWUXOLFKLGLWDWHúLGHFDQWLWDWHDGHEDQLGHWHUPLQ ODUkQGXOHL

LQYHVWL LLOH úL LQYHVWL LLOH GHWHUPLQDWH GH UDWD GREkQ]LL úL

determinând, la rândul lor, nivelul venitului);

− vaULDELOHGHSHQGHQWHYHQLWXOúLJUDGXOGHRFXSDUH

248
 
Fu





Productivitatea



!

"


#


&
$




#

1





#

consum
3
2


&

Consumul Gradul de




Salariul real


&

ocupare
$



spre consum)

'



Cerere


#
!

"


#
-

(venitul)
.


/

1





#


.


+
/
2


0

.


/ 

+


&

&
$



"

$

#
capitalului)

1




#

cererii de bani


*

&

&
"

"


#
2


!

pentru
lichiditate) Echilibrul
Rata dobânzii





monetare

Oferta de bani

Fig. 50 Mecanismul echilibrului economic

În afara acestor variabile, în model intervin ca date exogene

RIHUWD GH PXQF  SULQ SRSXOD LD GLVSRQLELO  HFKLSDPHQWHOH úL

tehnicile existentH FDQWLWDWLY úL FDOLWDWLY GHWHUPLQ  IRUPD IXQF LHL

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