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Algunos principios financieros que son consistentes con el postulado de racionalidad económica

Listed author(s):
  • Francisco Venegas-Martinez

Este trabajo de investigación muestra la consistencia de los principios financieros más importantes con la noción de racionalidad económica perfecta, lo cual sugiere que la existencia de consumidores racionales es un postulado conveniente para el desarrollo adecuado de la teoría económica. Para ello la ecuación diferencial parcial (EDP) de Black-Scholes-Merton (BSM) que determina el precio del producto derivado se obtiene bajo diferentes principios financieros tales como condiciones de no arbitraje, modelo CAPM (Capital Asset Pricing Model), portafolios replicantes, VPN (valor presente neto), modelo de Markowitz, etc. Posteriormente se obtiene exactamente la misma ecuación de BSM utilizando un consumidor-inversionista maximizador de utilidad sujeto a su restricción presupuestal, lo que confirma la consistencia de dichos principios financieros con la racionalidad económica.

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Paper provided by University of Santiago de Compostela. Faculty of Economics and Business. Econometrics. in its series Economic Development with number 113.

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Length: 25 pages
Date of creation: 2011
Handle: RePEc:eaa:ecodev:113
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