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C
VP ( anualidad )= 1
R
1
( 1+ R ) N [ ] VP ( anualidad con crecimiento )=
C1
Rg [
1
(1+ g) N
( 1+ R )
N
]
C
VP ( perpetuidad )=
R
C1
VP ( perpetuidad con crecimiento )=
Rg
tCt
N
(1+ y )t
D Mac =
i=1 PB
n
E ( w) pi wi
i 1
n
U E ( w) U p w i i
i 1
n
E U ( w) piU ( wi )
i 1
U ``( w)
ARA
U ' ( w)
U ``( w)
RRA *w
U ' ( w)
n
E (r ) pi * ri
i 1
n
Var (r ) pi * (ri E (r )) 2
i 1
N
Cov(r1 , r2 ) pi * (r1i E (r1 )) * (r2i E (r2 ))
i 1
Cov(1,2)
1, 2
1 * 2
N
rp wr
i 1
i i
N
E ( rp ) w E (r )
i 1
i i
N N
2 rp w w
i 1 j 1
i j ij
2 rp w12 * 12 w22 * 22 2 * w1 * w2 * 1, 2
22 1, 2
w1*
12 22 2 * 1, 2
N
Var Marginal i=Cov ( i , P )= w jCov(i , j )
j=1