Abstract

VENEGAS MARTINEZ, Francisco; LOPEZ HERRERA, Francisco  and  ORTIZ RAMIREZ, Ambrosio. Decisiones de consumo y portafolio con un nivel de confianza sobre la riqueza final en un horizonte finito de planeación: Evidencia empírica. EconoQuantum [online]. 2014, vol.11, n.2, pp.100-147. ISSN 2007-9869.

This paper is aimed at developing a model that allows explaining the decision making process of a rational consumer-investor that chooses a portfolio in a risk-market environment and in a finite horizon subject to two constraints: one of a budget type and other specifying that his final wealth exceeds a threshold with a certain confidence level. The main findings are: 1) given the uncertainty of possible states of nature, which is independent of preferences and endowments, it is shown that an agent with a restriction that specifies his final wealth with a certain confidence level leads to the agent to consume a declining share of wealth as he is approaching to the end of his planning horizon, and 2) the proportion of wealth allocated to the holdings of the risky asset is time invariant. Finally, in order to review the empirical evidence of the relationships provided by the proposed model, an econometric exercise VAR-VEC is performed.

Keywords : Comportamiento del consumidor; precios de estado; selección de portafolio; decisiones de inversión; VAR-VEC.

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