t is a static model, that is, there is only one period in which the assets are traded or exchanged at the beginning of the period and consumption takes place at the end of it when the assets produce a payment or performance. b) Investors acting in the market are individuals risk averse that maximize expected utility in one period, ie, the expected utility function is assumed biparametric, dependent solely on the expectation and variance of the random distributions probability yields financial assets at risk. Although this assumption may arise from the quadratic utility function, due to the significant drawbacks of this function to adequately represent a rational and risk adverse investor, it is considered the logical consequence of assuming that asset returns are normally distributed. c) The expectations of investors about the expected returns, volatilities and covariance between assets are the same. In other words, investors are “price takers” featuring homogeneous expectations about return distributions of the different risk financial assets, allowing considering a unique set of investment opportunities for all investors, represented by the so-called efficient border. As in the previous case, that the only selection criteria used are the mean and variance of the distributions of asset returns and the related portfolios, it is necessary to assume normal distributions of returns. d) The amounts of the different financial assets available risk you are fixed as an exogenous variable in the model, i.e. the supply of financial assets is given; besides, they are considered marketable, perf>