Resumen

VENEGAS-MARTINEZ, Francisco. Racionalidad económica implícita en teoría financiera. EconoQuantum [online]. 2007, vol.4, n.1, pp.07-42. ISSN 2007-9869.

The purpose of this paper is to show that the most important financial principles carry implicitly with them the postulate of economic rationality. To do this, the Black-Scholes-Merton (BSM) model that determines the price of a contingent claim is obtained by using the most common financial principles, such as: no arbitrage conditions, hedging, CAPM (Capital Asset Pricing Model), replicating and self-financing portfolios, valuing with NPV (Net Present Value), the Markowitz model, and the Modigliani-Miller theorem, among others. Subsequently, the same results of the bsm model are obtained by using a rational consumer-investor that maximizes utility subject to a budget constraint that considers the possibility of integrating a portfolio with a non-risky bond, a risky asset, and a derivative on such an asset, which confirms the consistency between such financial principles and economic rationality, that is, financial theory is implicitly consistent with the assumption of economic rationality

Palabras llave : Productos derivados; portafolios; comportamiento del consumidor.