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Minimum Initial Application and Price Discrimination in the Fund Market

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  • Castilho, Rafael

Abstract

Bancos oferecem diversos fundos que variam em suas caractersticas. Geralmentefundos com aplicac~ao inicial mnima maiores t^em taxas de administrac~aomenores, o que pode ser devido a custos inferiores. Neste trabalho analiso emque ponto esta correlac~ao negativa pode ser explicada pela diferenca nos custosou re ete a tentativa dos bancos de praticar discriminac~ao de precos de segundograu. Para isto eu estimo um modelo estrutural que permite recuperar o customarginal dos fundos e, portanto, indicar quanto da variac~ao da taxa e devido adiferencas de custo. Os resultados sugerem que os bancos utilizam a aplicac~aoinicial mnima como forma de discriminar os precos. Exerccios contrafactuaisassumindo que os bancos n~ao podem cobrar taxas multiplas nem aplicac~oesiniciais mnimas indicam que o bem-estar dos consumidores diminui na maioriados casos.

Suggested Citation

  • Castilho, Rafael, 2019. "Minimum Initial Application and Price Discrimination in the Fund Market," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 73(4), December.
    • Handle: RePEc:fgv:epgrbe:v:73:y:2019:i:4:a:65894
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