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Un juicio sobre el valor presente neto como criterio de decisión

Author

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  • Luís Diego Vélez Gómez

Abstract

Este trabajo pretende enjuiciar el concepto del valor presente neto, derivado del modelo neoclásico de la inversión, por un criterio que tome en cuenta las verdaderas características de la inversión. En su reemplazo se propone el método de las opciones para determinar la decisión de invertir. En tal situación se asume implícitamente que la inversión es irreversible; además de que el costo de oportunidad es parte de los costos de inversión. Antes la inversión era función de la tasa de descuento y del flujo de caja; ahora la inversión depende de los costos hundidos y de la incertidumbre.

Suggested Citation

  • Luís Diego Vélez Gómez, 2005. "Un juicio sobre el valor presente neto como criterio de decisión," Ensayos de Economía 9018, Universidad Nacional de Colombia Sede Medellín.
    • Handle: RePEc:col:000418:009018
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    File URL: http://humanas.medellin.unal.edu.co/sites/default/files/ede/pdf/ede_27/ede_27_01_velez_luis.pdf
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    More about this item

    Keywords

    Decisiones de inversión bajo incertidumbre; costos hundidos; método de opciones; evaluación de proyectos; costo marginal; irreversibilidad; optimización; valor presente neto; productividad del capital.;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General

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