[pt] Testes existentes para não-linearidade em Modelos de Correção de Erros são altamente intensivos computacionalmente e apresentam parâmetros de estorvo na distribuição assintótica, que precisam ser levantadas através de simulações por bootstrap. É proposto um teste consistente, implementável em qualquer pacote estatístico e que apresenta distribuição assintótica Qui-Quadrado. Além disso, experimentos de Monte Carlo mostram que em pequena amostra o teste tem boas propriedades de tamanho e poder, muitas vezes melhores do que os testes existentes. Também é apresentada uma condição sob a qual um estimador em dois estágios para os parâmetros do modelo é assintoticamente normal. A aplicação do modelo a preços internacionais de commodities agrícolas mostra evidência de ajuste não-linear nos preços de trigo. / [en] Existing tests for nonlinearity in vector error correction models are highly intensive computationally and have nuisance parameters in the asymptotic distribution, what calls for cumbersome bootstrap calculations in order to assess the distribution. Our work proposes a consistent test which is implementable in any statistical package and has Chi-Squared asymptotics. Moreover, Monte Carlo experiments show that in small samples our test has nice size and power properties, often better than the preexisting tests. We also provide a condition under which a consistent two step estimator for the model parameters is asymptotically normal. Application to international agricultural commodities prices show evidence of nonlinear adjustment to the long run equilibrium on the wheat prices.

[pt] O ensino superior no Brasil vem experimentando um significativo processo de expansão, iniciado em meados da década de 90. A retomada do crescimento do número de matrículas, após um período de estagnação na década anterior, ocorreu num contexto de aumento do número de concluintes do nível médio, e acentuouse a partir de 1997, sob os efeitos das políticas governamentais para a ampliação da oferta de vagas. O setor privado foi o principal responsável pelo processo de expansão, em vista da redução das restrições legais para a criação de novos cursos e instituições. Este trabalho investiga as relações entre as chances de ingresso e o risco de evasão e algumas características sociais e familiares dos estudantes, no contexto da expansão recente deste nível de ensino no Brasil. A análise foi baseada na aplicação de um modelo de regressão, utilizando os dados da Pesquisa Mensal do Emprego do IBGE de 1994 a 2001. Os resultados indicam que tanto o ingresso quanto a evasão são fortemente condicionados pelas características sociais dos estudantes, que as chances de ingresso reduziram-se para o conjunto dos concluintes do ensino médio e que o risco de evasão manteve-se constante. Também não foram observadas alterações nas desigualdades de acesso entre estudantes de diferentes grupos sociais no período. / [en] Higher education in Brazil has been experienced a process of expansion, which began in the mid 90`s. The increase in the number of admissions has started over, after a period of stagnation in the previous decade, and has increased even more after 1997. This has occurred in a context of increase in upper secondary graduation and under the effects of public policies to make the enlargement of the system feasible. The private sector was the main responsible in the expansion process, due to reduction of legal restrictions for the creation of new institutions and courses. This research examines the relations between both the admission opportunities and the drop out risks and some of the student`s socioeconomic and family characteristics in this recent expansion context in Brazil. The analysis uses a regression model based on data from Brazil`s Monthly Employment Survey (PME) from 1994 to 2001. The results suggest that both the admission and drop out are highly affected by the social conditions of the students, that the admission chances were reduced for the upper secondary graduation and that the drop out risks remained constant. Also, the effect of social background on educational inequalities did not suffer modifications in the period.

[pt] Esta dissertação apresenta um aplicação de programação linear fuzzy para o problema de planejamento da expansão de redes de transmissão de potência sob considerações de incertezas. A partir da modelagem dos conceitos vagos e imprecisos, inerentes ao problema de planejamento, com a utilização da teoria da lógica fuzzy é possível incorporar as incertezas dentro do modelo do problema. Os conceitos de programação linear fuzzy são utilizados para transformar tanto a função objetivo como as restrições fuzzy em funções crisp, que podem ser tradadas por métodos tradicionais de programação matemática. Uma aplicação desta teoria é realizada utilizando uma versão modificada do sistema teste de Garver , onde as incertezas em relação a previsão de demanda futura é considerada. Os resultados obtidos mostram a capacidade da utilização dessa metodologia para metodologia para problemas de planejamento sob incertezas. / [en] This thesis describes an application of fuzzy linear programming in power transmission network expansion planning under uncertainty. The utilization of fuzzy logic theory, considering the modeling of vagueness and imprecision (inherent in the planning problem), makes it possible to incorporate the uncertainty within the model. Fuzzy linear programming is used to transform both the objective function and constraints (Fuzzy) into crisp functions, which can be modeled by traditional methods of mathematical programming. An application of this approach is built by using a modified version of the Garver test system which also takes into account the uncertainty in the forecasted demand. The results obtained show the capability of this methodology in planning problems under uncertainty.

[pt] O objetivo deste trabalho foi sintetizar pós submicrônicos de Y2W3O12 e Al2W3O12 visando estudar o efeito da incorporação destas cargas no coeficiente de expansão térmica (CET) e nas propriedades mecânicas de compósitos de polietileno de alta densidade (PEAD). As partículas de Y2W3O12 foram obtidas pelos métodos de coprecipitação por mistura de reagentes e coprecipitação reversa modificada, com o intuito de avaliar a influência destas rotas no grau de aglomeração dos pós preparados. Ambos os métodos permitiram obter pós submicrônicos de Y2W3O12 0. 0.7 um) com tamanhos de partículas primárias e graus de aglomeração semelhantes, conforme verificado por diversas técnicas de caracterização. As partículas de Al2W3O12 foram sintetizadas pelos métodos de coprecipitação por mistura de reagentes e coprecipitação normal, utilizando duas fontes de tungstênio e os precursores obtidos foram secos no micro-ondas. Os efeitos do pH da síntese (4.2 e 6.0) no estado de aglomeração dos pós sintetizados foram avaliados. Pós submicrônicos de Al2W3O12 0.22 0.87 um) foram produzidos utilizando estas rotas. A coprecipitação pela mistura de reagentes em pH=4.2 permitiram obter pós com aglomerados de menor tamanho (0.22 um). Os compósitos de PEAD foram fabricados por microextrusão-microinjeção, com partículas de Al2W3O12 e Y2W3O12 (0.70 um) em frações volumétricas na faixa de 0.001 0.011. Os compósitos PEAD/Y2W3O12 exibiram reduções no CET de 20 25 porcento quando comparados ao PEAD na faixa de 25 70 °C, enquanto os compósitos PEAD/Al2W3O12 mostraram reduções no CET de 7 8 porcento. O módulo de Young aumentou 11 32 porcento e 21 porcento para os compósitos reforçados com Y2W3O12 e Al2W3O12, respectivamente, enquanto a estabilidade térmica do PEAD foi preservada para todos os compósitos. / [en] The aim of this work was to synthesize Al2W3O12 and Y2W3O12 submicronic powders and study the effect of incorporation of these fillers on thermal expansion coefficient (CTE) and mechanical properties of high density polyethylene (HDPE) composites. Y2W3O12 was synthesized via co-precipitation by mixing reactants and modified reverse strike co-precipitation, to assess the influence of the method on agglomeration degree of powders. Both methods produced Y2W3O12 submicronic powders (0.60 0.70 um), with similar primary particle sizes and agglomeration degrees, as verified by different characterization techniques. Al2W3O12 was synthesized via co-precipitation by mixing reactants and normal strike method, using two distinct tungsten sources and the assynthesized precursors were microwave dryied. The effects of synthesis pH (4.2 and 6.0) on final agglomeration state of the as-synthesized powders were assessed. Al2W3O12 submicronic powders (0.22 0.87 um) were synthesized by these routes. Co-precipitation by mixing reactants at pH=4.2 led to Al2W3O12 powders with smaller agglomerate sizes (0.22 um). HDPE composites were manufactured by micro-compounding, using Al2W3O12 and Y2W3O12 powders with similar particle sizes (0.70 um), at volume fractions in the range of 0.001 0.011. HDPE/Y2W3O12 composites presented CTE reductions of 20 25 porcento compared to neat HDPE, in the temperature range of 25 70 Celsius degrees, while HDPE/Al2W3O12 composites displayed reductions on CTE of 7 8 porcent. Young s moduli of composites were increased 11 32 porcent nd 21 porcent when filled with Y2W3O12 and Al2W3O12, respectively, whilst thermal stability of HDPE was preserved for all composites.

[pt] Neste trabalho, estudo o papel dos bancos públicos na implementação de Programas de Transferência Condicionada de Renda (CCTs). Usando um modelo de entrada com firmas heterogêneas inspirado em Bresnahan e Reiss (1991), consigo determinar como o programa Bolsa Família no Brasil impacta as decisões da Caixa Econômica Federal e de outros bancos de forma diferente. Também avalio se os beneficiários do programa têm acesso efetivo ao Bolsa Família quando não há instituição financeira em seu município. Explorando variação na cobertura bancária após uma resolução do Banco Central, também encontro que menos benefícios são retirados em municípios sem banco, causando cancelamentos involuntários do programa. Os resultados sugerem que cobertura bancária é um aspecto relevante na implementação de políticas de transferência de renda e que bancos públicos podem ser eficazes na melhoria simultânea do acesso às políticas públicas e a serviços financeiros. / [en] In this work, I study public banks role in implementing Conditional Cash Transfer Programs (CCTs). Using an entry model with heterogeneous firms inspired by Bresnahan and Reiss (1991), I can determine how the Bolsa Família program in Brazil impacts Caixa Econômica Federal and other bank s decisions differently. I also evaluate whether beneficiaries are able to effectively access the Bolsa Família program when there is no financial institution in their municipality. Exploiting variation in bank coverage following a Central Bank resolution, I also find that fewer benefits are withdrawn in municipalities without a bank, causing involuntary cancellations of the program. The results suggest that bank coverage is a relevant aspect of the implementation of cash transfer policies and that public banks can be effective in simultaneously improving access to public policies and financial services.

[pt] Esta dissertação tem por propósito investigar os modos de composição discursiva das crônicas portuguesas ultramarinas dos séculos XV e XVI. O discurso histórico apresentado por cronistas como Gomes Eanes de Zurara, João de Barros e Fernão Lopes de Castanheda, que serão aqui analisados, vinculados que estão à retórica, aplicam convenções morais e sociais, através das quais compõem os comportamentos e dignidades dos indivíduos representados por meio das narrativas. A crônica, como lugar de inscrição dos res gestae, atualizava a concepção epocal da história como memória, monumento e celebração de feitos dignos de serem historiados, relacionados a um regime de verdade e veridicção das imagens reputadas honestas dos indivíduos. Estas imagens são construídas através da alegoria, da metáfora e da figuração, representando, segundo os critérios semânticos da época, a verossimilhança e verdade dos feitos narrados, a partir de técnicas retóricas da evidentia e da ekphrasis. Como narrativa moral, cuja utilidade se reconhece na disponibilização de exemplos de virtudes e vícios a serem evitados e seguidos pelos indivíduos ligados à classe senhorial, as crônicas serviam ao bem comum do reino. Discurso ligado à retórica e à teologia-política, a história, nos séculos XV, XVI e XVII serve como memória artificial do patrimônio coletivo da comunidade, seguida de sua celebração e amplificação. / [en] The purpose of this dissertation is investigate the modes of discursive composition of the Portuguese Chronicles of the Fifteenth century and of the Sixteenth century. The historical discourse presented by the chroniclers Gomes Eanes de Zurara, João de Barros and Fernão Lopes de Castanheda, composed rhetorically for apply moral and social conventions, compose the behaviors and dignity of the represented individuals in the narratives. The chronicle, as a narrative of the res gestae, comprise the epochal conception of history as a memory, a monument and a place of celebration of facts worthy for history. These are facts are related a regime of truth and veridiction of the honesty of individuals. These reputations are be construed through the allegory, of the metaphor and the figuration. These forms of representation, according with the representation concept of Sixteenth century, was building of the truth and verisimilitude of the historical narrative, made from the category rhetoric of the ekhprasis and evidentia. As a morality tale, whose usefulness are be recognized in providing examples of virtues and vices, to avoid and followed by individuals linked to the master class, chronic served the common good of the kingdom. Connected discourse rhetoric and theology, politics, history, in the fifteenth, sixteenth and seventeenth centuries serves as an artificial memory of the collective heritage of the community, followed by a celebration and amplification.

[pt] A dispersão da mancha urbana das cidades provoca alto custo para toda a população, com a necessidade de investimentos em saneamento, transportes e equipamentos urbanos, além do problema da poluição e desmatamento causados por essa expansão. Em casos como o da cidade do Rio de janeiro, a mancha urbana ocupa praticamente todo o território municipal e se desenvolve em áreas ainda desprovidas de infraestrutura que suporte novos empreendimentos, enquanto outras, melhor estruturadas, ficam estigmatizadas por conceitos urbanos pejorativos e desprestigiadas pela sociedade - os seus chamados subúrbios, hoje conhecidos como Área de Planejamento 3. Formam-se, com isso, vazios urbanos em áreas próximas ao centro, que poderiam ser melhor aproveitados para termos um território mais compacto e poupador de recursos públicos. O atual Plano Diretor da cidade estabeleceu como zonas de incentivo áreas antes desprestigiadas, em quase toda a Zona Norte e parte da Zona Oeste, sendo um ponto de partida para reversão do atual quadro de crescimento desordenado e segregatório da cidade. / [en] Rio de Janeiro has had a fragmented model of expansion, where many new regions occupied not have transportation and sanitation infrastructure, and old areas, structured, tend to be disparaged and stigmatized as places of low social value. The effects on the city is catastrophic, affecting the routine of all the population and hindering the control of the territory by the government. While there were new areas to grow, the city took advantage of that. Many neighborhoods were born, evolved and died, while new spaces were created and encouraged. Came to Barra da Tijuca, the greatest example of how Rio de Janeiro has expanded to meet the desires of a particular group in search of a safe and elitist environment. Condos upper middle class were built and attracted people from all over the city and, in parallel, its sewage was dumped in the lagoons of the neighborhood. While a new Rio grew, much of the city was deteriorating, especially downtown and North Zone. In the central region, the idea of transferring downtown to Barra da Tijuca gained strength, with large companies moving into this new neighborhood. Modern buildings, wide open spaces and parking were the main differences between the two regions. In the residential aspect, concern for downtown was virtually nil. In the North Zone, with the increase of slums and violence, traditional neighborhoods were no longer the focus of the middle class carioca, with stagnating real estate investments over time and making the region passed by a process of forgetting his relevance within the context of the city, having his image associated with violence and crime. In areas called suburbian, the situation was even worse. The old industries have moved to other cities due to the daily violence of those neighborhoods, highlighting Benfica, Bonsucesso, Ramos and Penha, suffering a massive stagnation over the past decades. Associated with urban problems, prejudice was responsable for the not occupation of a large space in the city, well structured and located. But none of this was seen as a problem, but as a solution, because in Rio there were still many areas to grow and receive new residents, not being interesting recover and encourage the occupation of what had actually structure to receive new ventures. The thought of rejection of old areas and interest in new lasted nearly three decades and, as a consequence of this neglect, we have seen emerge an ancient and undervalued city and another one new and prosperous, resulting in a decentralized Rio and full of empty urban, increasingly dependent of transport, sanitation and opening new routes, generating costs for the entire population. Analyzing the urban area in Rio, in North Zone, we can see how there is a waste of urbanized areas, where there is a structured urban space, with transportation and sanitation system established, but underutilized and virtually without good projects being introduced. In certain parts of West Zone, investments are numerous, without a previous and efficient infrastructure that can receive all these investments. This is a contradiction. Currently known as Planning Area 3 (AP 3), a huge and discredited region in North Zone is in a strategic location, but is stigmatized by the media and society with pejorative concepts of class, who treats it like a suburb, but the application of that name ends up being contradictory, because, in Rio de Janeiro, this concept is associated with an etymology and not with a urban fact. There are in AP 3 urbanized neighborhoods and near downtown, but they are viewed negatively, often caused by so-called opinion leaders. AP 3 is the gateway of the city, with a strategic location to anywhere else in the city, state, country and abroad (the international airport is located there). It is the most populated area in the city and needs to be well treated, as a new investment option, regardless of titles assigned to it. With its proper use, we would have a less process of expansion toward the West Zone, giving to the Rio a efficient urban development, integrator and spending few public resources, resulting in a territory less dispersed and more egalitarian. The lack of investment in AP 3 has brought, besides the widespread abandonment, tragic consequences not only for the 38 per cent of the population carioca living there, but also for the entire city, which bears the overall expenditure of the municipality. Carioca population grew between 2000 and 2010 from 5,857,904 to 6,320,446 inhabitants, and the population density grew from 4880.37 to 5265.81 hab/square km. Analyzing the five planning areas, we observed a population growth across all APs in the nineties, but the representative of each one in the citys total population was redistributed. The AP 3, which concentrates most of the population of Rio, had a dicrease from 40.20 per cent to 37.96 per cent hab/square km, while the West Zone had a considerable increase in that number. The West Zone (Barra da Tijuca, Recreio dos Bandeirantes, Jacarepaguá e Vargens) is the area that received the most investments and incentives to be occupied, with only 14.39 per cent of the population residing there. There is still no efficient system of sewerage, transport, sidewalks and street paving. Nevertheless, we can see that area envolving more and more, causing a collapse not only within the limits of the West Zone, but also affecting the traffic throughout the city. In contrast, AP 3, with nearly 38 per cent of the municipal population, has been losing its representativity, due to the lack of policies to encourage the attraction of new residents and provide better services to the current. A city like Rio de Janeiro, where there is still no efficient mass transport, should be more compact and its residents served by quality services in short rays, eliminating the dependence on shifts that require the use of own vehicles. The consequences of urban sprawl is what we see nowadays, like the constant traffic jams, due to the dependence of vehicles from those who live in areas furthest from downtown, the high cost of deployment transportation system to meet these new areas, need for sanitation base infrastructure, paving and lighting. The big question is, if there is a region still largely in its horizontal and already endowed with infrastructure, as the AP 3, investments in development and attracting new residents would be a way to save public money and take advantage from the current urban area of the city, contributing to a truly sustainable development. Rio de Janeiro does not have more growth cluttered spaces and building in prime areas are increasingly rare. Seeing the AP 3 as a growth vector of Rio is an economical way to have an efficient and inclusive urban development. This need has been ratified by legislation through the Complementary Law 111/11, which determined the incentive of that area and some adjacent. AP 3, because of its size and diversity, demands varied solutions, but the common denominator is the need to stimulate the formal residential occupation, urbanization, retrenchment in slums, the recovery of peripheral areas to them, that has been assuming characteristics of informality, and improving the infrastructure and quality of the transport system. There are many obsolete and underutilized areas that will enable a transformation in the way of inhabiting the city. If there is a global awareness of the urban territory, either in Rio de Janeiro or any other city in the world, the concept of sustainable growth is meaningless, with neighborhoods rising, developing and dying, wasting past spending and future spending provoking. Cities can not continue with thoughts segregatórios class and should be properly used and maintained, valuing its past and controlling the growth process on expensive areas untouched, becoming an integrated environment and easy to be used and administered. Despite this negative picture, a more attentive enough to discover the enormous economic potential of the AP 3. The housing market in certain spots is heated and there are high expectations of its expansion with new public and private investments that are occurring. Life in neighborhoods still retains an aspect of good neighborliness, preserving a quality of life now lost in the more developed districts of the city. We can already notice a special attention to the region, with new public and private investment, with little prospect of improvement in visibility and consolidation of growth vector proposed by the current master plan.

[pt] Não tendo mais condições de financiar a expansão da geração de energia, o governo federal decidiu, na década de 90, abrir o setor elétrico ao capital privado. Em 2004 foram instituídos dois ambientes de contratação de energia: regulado (ACR) e livre (ACL). A entrada de nova oferta para atender ao primeiro foi estruturada pelo esquema de leilões com contratos de 15 a 30 anos. Já para o segundo, deveria ocorrer por meio de negociações bilaterais. Contudo, na prática, os consumidores livres não assinam contratos muito longos. Até 2010 o ACL foi suprido por energia existente e à medida que essa era transferida para os consumidores livres, o ACR contratava energia proveniente de novas usinas de geração para suprimento de sua demanda. Ocorre que a Lei 12.783/2013 canalizou toda a energia das concessões de geração renovadas ao mercado regulado, retirando, de imediato, parcela muito significativa da oferta do mercado livre e extinguindo-a gradativamente. O ACL se vê, então, obrigado a viabilizar a sua própria expansão sob pena de ser extinto. O objetivo é apresentar uma proposta para melhorar as condições de financiabilidade de projetos de geração de energia elétrica voltados ao ACL, a partir da ótica do financiador, utilizando a modelagem de Project Finance. A solução conceitual proposta passa pelo reconhecimento das especificidades desse mercado e definição de hipóteses críveis, conservadoras e razoáveis para estimar o fluxo de caixa para os anos sem contrato e de esquemas para garantir seu cumprimento. São apresentados exercícios numéricos usando dados reais do setor elétrico brasileiro confirmando que o racional aqui proposto pode melhorar significativamente a competitividade econômica dos projetos de geração para o ACL em relação ao estado atual. A análise dos resultados é baseada em um tripé de viabilidade: (i) de financiamento, cumprimento das exigências de ICSD; (ii) de investimento, custo do capital próprio, calculado pelo CAPM, menor que taxa interna de retorno do fluxo de caixa do acionista e (iii) comercial, em comparação aos preços atualmente negociados no mercado livre de energia. / [en] The federal government, no longer able to finance the power generation expansion opened, in the 90 s, the power sector to the private capital. In 2004, two power trading environments were instituted: the regulated (ACR) and the free (ACL). The power needs of the regulated market are to be supplied through auctions and 20-30 year-contracts. Power contractions in the free market, in turn, should occur through bilateral negotiations. However, in practice, free consumers do not sign very long contracts. Up to 2010, the Free Market was supplied by existing power and as this power was being transferred for the free consumers, in the Regulated Market new power plants were contracted to supply the demand. It turns out that Law 12.783/2013 directed all the power of renewed generation concessions to the regulated market, having removed, immediately a very significant portion of the free market supply and extinguishing it gradually. Then, the Free Market is now forced to structure its own expansion, or die.. The objective of this study is to present a proposal to improve the financiability of power generation projects in the ACL from the perspective of the funder, using the Project Finance modelling. The conceptual solution proposed hereto includes the recognition of the specificities of this market and definition of credible, conservative and reasonable hypotheses to estimate the cash flow for the years not yet negotiated, and schemes to ensure compliance with the contracts´covenants. Numerical exercises are presented, using realistic data from the Brazilian power sector, confirming that the rational proposed here might improve significantly the economic competitiveness of generation projects for the ACL. The analysis is based on a feasibility tripod: (i) financing, including compliance with the Debt Service Coverage Ratio requirements; (ii) investment, especially regarding the cost of capital, calculated by CAPM, that should be lower than the shareholder s internal rate of return and (iii) prices currently negotiated in the free energy market.

[pt] A presente dissertação de mestrado tem como objetivo principal apresentar à empresa Y qual a melhor forma de expandir o negócio de varejo de frozen yogurt no mercado do Rio de Janeiro. Para que este objetivo fosse alcançado, inicialmente foi estudada a indústria na qual o negócio de frozen yogurt, um tipo de fast food, está inserido, à luz da teoria de Michael Porter para análise estrutural de indústrias e da concorrência. Em seguida, buscou-se descrever as principais características de três modelos de expansão viáveis no caso: expansão por meio de operações próprias, por meio do sistema de franchising e por meio da forma plural. Este último modelo é um sistema híbrido, caracterizado pela coexistência de operações franqueadas e lojas próprias. Ao longo do trabalho são apresentados os principais pontos fortes e vulnerabilidades de cada um destes modelos aplicados ao negócio de frozen yogurt e, ao final, é sugerida qual a forma de expansão mais apropriada para o negócio. / [en] This paper has as main objective to suggest to company Y the best way on which to expand its frozen yogurt retail business in Rio de Janeiro s market. To reach this objective, it was initially studied the industry in which the frozen yogurt business, a kind of fast food, is inserted, based upon Michael Porter s theory of structural analysis for industries and competition. The next step was to describe the main features of three different viable expansion models, in this case: expansion through company-owned stores, through franchised stores or through a plural form. This last model, being a hybrid system, featured by the coexistence of franchised stores and company owned stores. Throughout this work the main strengths and vulnerabilities of each of these models applied to the frozen yogurt business are presented and in the end the most appropriate expansion strategy for the business is suggested, based upon the analysis and criteria adopted.

[pt] Projetos de infraestrutura de transporte de massa desempenham um importante papel no planejamento urbano das zonas urbanas, podendo influenciar na geração de crescimento econômico e o aumento do bemestar social. Entre as variadas opções de modos de transporte de massas existentes está o BRT, caracterizado por ser um sistema que requer um curto tempo de implementação, baixo custo de construção, e possui velocidade operacional e nível de capacidade médios. Em comparação com outros modos de transporte de maior capacidade, como trens e metrôs, o BRT é uma opção viável e atraente ao modo de transporte, dado o ritmo crescente de sua implementação em várias cidades ao redor do mundo nos últimos anos. Neste estudo, foi feita uma análise do corredor BRT TransOeste da cidade do Rio de Janeiro, sob a ótica da Teoria das Opções Reais, com o objetivo de avaliar o valor da opção de expandir a capacidade de passageiros transportados atualmente naquele corredor. Os resultados do estudo sugerem que a incorporação de estratégias interativas das Opções Reais, relativas às decisões de expansão da capacidade máxima de passageiros do corredor e de adiamento do exercício desta decisão, contribuíram para aumentar o valor esperado do projeto em 30,63 por cento. Além disso, foi observado que o aporte de recursos realizados pelo poder concedente contribuiu para aumentar o valor da opção real de expansão. / [en] Mass transportation infrastructure projects play an important role in the process of development of urban areas, leading to economic growth and increase of social welfare. Among the various existing types of transit modes is the BRT, which is characterized by being a system that requires a short time of implementation and a low cost of construction, operating in an medium level of operational speed and capacity. In comparison with other transit modes of higher capacity such as trains and subways, the BRT has shown to be a feasible and attractive alternative, as noted by the increasing pace of its implementation in many cities throughout the world in recent years. In this study, an analysis was made of the BRT TransOeste corridor in the city of Rio de Janeiro from the perspective of the Theory of Real Options in order to assess the value of the option of expanding passenger capacity in that corridor. The results suggest that the incorporation of interactive strategies of Real Options related to the decisions of expanding the maximum capacity of passengers and deferring this decision contributed to increase the expected value of the project by 30.63 percent. In addition, the contribution of the granting authority led to an increase in value of the real option.