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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

Author

Listed:
  • Francisco Venegas Martinez

    () (Instituto Politecnico Nacional.)

  • Francisco Lopez Herrera
  • Ambrosio Ortiz Ramirez

Abstract

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.

Suggested Citation

  • Francisco Venegas Martinez & Francisco Lopez Herrera & Ambrosio Ortiz Ramirez, 2014. "Decisiones de consumo y portafolio con un nivel de confianza sobre la riqueza final en un horizonte finito de planeacion: Evidencia empirica," EconoQuantum, Revista de Economia y Negocios, Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia., vol. 11(2), pages 100-147, Julio-Dic.
  • Handle: RePEc:qua:journl:v:11:y:2014:i:2:p:100-147
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    References listed on IDEAS

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    1. Angus Deaton, 2003. "How to Monitor Poverty for the Millennium Development Goals," Journal of Human Development and Capabilities, Taylor & Francis Journals, pages 353-378.
    2. Sen, Amartya K, 1976. "Poverty: An Ordinal Approach to Measurement," Econometrica, Econometric Society, vol. 44(2), pages 219-231, March.
    3. Li, Hongyi & Squire, Lyn & Zou, Heng-fu, 1998. "Explaining International and Intertemporal Variations in Income Inequality," Economic Journal, Royal Economic Society, vol. 108(446), pages 26-43, January.
    4. Datt, Gaurav, 1998. "Computational tools for poverty measurement and analysis," FCND discussion papers 50, International Food Policy Research Institute (IFPRI).
    5. World Bank, 2006. "World Development Indicators 2006," World Bank Publications, The World Bank, number 8151.
    6. Ravallion, M. & Datt, G., 1991. "Growth and Redistribution Components of Changes in Poverty Measures," Papers 83, World Bank - Living Standards Measurement.
    7. Gastwirth, Joseph L, 1971. "A General Definition of the Lorenz Curve," Econometrica, Econometric Society, vol. 39(6), pages 1037-1039, November.
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    More about this item

    Keywords

    Comportamiento del consumidor; precios de estado; seleccion de portafolio; decisiones de inversion; VAR-VEC.;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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