Antecedentes y fundamentos teórico-conceptuales del CAMP estándar

Abstract

The purpose of this article based on seminal ideas is investigating and offering the main theoretical and conceptual fundaments previous to the most important models of the modern theory of the portfolio known as the Capital Asset Pricing Model –CAPM– developed independently as standard form during 70’s by Sharpe, Treynor, Lintner and Mossin. This microeconomic descriptive model of general balance has been derived with different rigor degrees, complex mathematics and a construction of portfolio models like aggregates of the investors’ behavior. The CAPM provides a solution for problem of selecting optimal portfolios of risky assets that investors should possess assuming to maximize the value of preference order considering prices and distribution of probabilities of the derived yields from a data set, but also explains the price fixation in a market of assets in balance from the relation between the portfolios yield-and-risk in an uncertain results environment. Also there is a brief historical review and the outstanding topics of the development of the standard CAPM – the behavior of the investor under uncertainty conditions; the model of the capital market balance and the price fixing of the capital assets.