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Decisiones de consumo y portafolio con un nivel de confianza sobre la riqueza final en un horizonte finito de planeacion: Evidencia empirica

Listed author(s):
  • Francisco Venegas Martinez

    ()

    (Instituto Politecnico Nacional.)

  • Francisco Lopez Herrera
  • Ambrosio Ortiz Ramirez

Este trabajo desarrolla un modelo que permite explicar el proceso de toma de decisiones de un consumidor inversionista racional que selecciona un portafolio en un ambiente de riesgo de mercado y en un horizonte finito sujeto a dos restricciones: una de tipo presupuestal y otra que especifica que su riqueza final exceda un umbral con un cierto nivel de confianza. Los principales resultados son: 1) dada la incertidumbre de los posibles estados de la naturaleza, la cual es independiente de las preferencias y dotaciones, se demuestra que un agente con una restriccion que especifica su riqueza final con un cierto nivel de confianza, conduce a que el agente consuma una proporcion cada vez menor de su riqueza conforme se acerca al final del periodo de planeacion, y 2) las proporciones que asigna de su riqueza a la tenencia de activos es invariante en el tiempo. Por ultimo, para revisar la evidencia empirica de las relaciones que provee el modelo propuesto se realiza un ejercicio econometrico VAR-VEC.

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File URL: http://www.revistascientificas.udg.mx/index.php/EQ/article/view/2313/2081
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Article provided by Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia. in its journal EconoQuantum, Revista de Economia y Negocios.

Volume (Year): 11 (2014)
Issue (Month): 2 (Julio-Diciembre)
Pages: 100-147

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Handle: RePEc:qua:journl:v:11:y:2014:i:2:p:100-147
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