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Discrete choice model in a market with product differentiation: the Argentine pension fund system

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  • APELLA, IGNACIO

Abstract

The objective of the paper is to identify the determinants of the market share of each AFJP and the matrix of direct and cross price elasticities, by using a discrete choice model of product differentiation, based on the random utility theory. The results obtained from the estimation of a simple logit model using a panel of quarterly data between December of 1995 and June of 2006 shows the existence of two competitive mechanisms used by firms: prices and a vector of variables explaining horizontal differentiation, such as quantity of branches and salesman. The estimation of the nested-logit model supports the hypothesis of sequential election, where firms are chosen by their price setting strategies, defining two groups of competitors. Finally, the regulatory change that eliminates fixed commissions provides additional importance to prices signals in consumers' utility.

Suggested Citation

  • Apella, Ignacio, 2008. "Discrete choice model in a market with product differentiation: the Argentine pension fund system," Journal of Pension Economics and Finance, Cambridge University Press, vol. 7(2), pages 179-197, July.
    • Handle: RePEc:cup:jpenef:v:7:y:2008:i:02:p:179-197_00
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    Cited by:

    1. Calabria, Alejandro A. & Rottenschweiler, Sergio, 2015. "Análisis del impacto distributivo del sistema previsional argentino: estudio del aumento de la cobertura [Analysis of the distributional impact of the Argentine pension system: results of the incre," MPRA Paper 64017, University Library of Munich, Germany.

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