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Sensibilidad de la Demanda con Consumidores Desinformados: El Caso de las AFP en Chile

Author

Listed:
  • Solange Berstein
  • José Luis Ruiz V

    (Studies Division, Chilean Pension Supervisor)

Abstract

Este artículo analiza la sensibilidad de la demanda previsional con respecto a las variables relevantes, como uno de los elementos fundamentales que ha marcado el comportamiento de la industria de AFP en Chile. Es decir, se analizará el impacto que pueden tener las diferencias en comisiones cobradas y rentabilidades obtenidas por los Fondos de Pensiones en las decisiones de cambiarse o permanecer en una administradora. Cabe destacar que un aspecto distintivo del producto previsional es su obligatoriedad y complejidad, por lo cual se puede esperar que la información que los afiliados manejen y la importancia que estos asignen a su decisión de Administradora de Fondos de Pensiones sean bajas. Esto tiene como contraparte una baja sensibilidad de la demanda. De hecho, esto ha llevado a que en casos como el chileno los agentes de venta hayan jugado un rol muy importante en la forma en que se ha dado la competencia en esta industria. En términos del análisis empírico presentado en este artículo, las estimaciones econométricas consideran dos períodos, 1995 a 1997 y 1998 a 2002, debido a cambios normativos que atenuaron el fuerte proceso de traspasos que enfrentó la industria a mediados de los años noventa..

Suggested Citation

  • Solange Berstein & José Luis Ruiz V, 2005. "Sensibilidad de la Demanda con Consumidores Desinformados: El Caso de las AFP en Chile," Working Papers 4, Superintendencia de Pensiones, revised Apr 2005.
    • Handle: RePEc:sdp:sdpwps:4
    as

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    References listed on IDEAS

    as
    1. Solange Berstein & Alejandro Micco, 2002. "Turnover and Regulation: The Chilean Pension Fund Industry," Working Papers Central Bank of Chile 180, Central Bank of Chile.
    2. Edwards, Sebastian & Edwards, Alejandra Cox, 2002. "Social Security Privatization and Labor Markets: The Case of Chile," Economic Development and Cultural Change, University of Chicago Press, vol. 50(3), pages 465-489, April.
    3. Peter Diamond, 1993. "Privatization of Social Security: Lessons from Chile," NBER Working Papers 4510, National Bureau of Economic Research, Inc.
    4. Robert Holzmann, 1997. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 149-178, June.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. International Monetary Fund, 2007. "Republic of Poland: Financial Sector Assessment Program-Technical Note-Competition and Performance in the Polish Second Pillar," IMF Staff Country Reports 2007/104, International Monetary Fund.
    2. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2006. "Financial development in Latin America : big emerging issues, limited policy answers," Policy Research Working Paper Series 3963, The World Bank.
    3. Heinz Rudolph & Hela Cheikhrouhou & Roberto Rocha & Craig Thorburn, 2007. "Financial Sector Dimensions of the Colombian Pension System," World Bank Publications - Books, The World Bank Group, number 6785.
    4. Solange Berstein Jáuregui & Carolina Cabrita Felix, 2007. "Los determinantes de la elección de AFP en Chile: nueva evidencia a partir de datos individuales," Estudios de Economia, University of Chile, Department of Economics, vol. 34(1 Year 20), pages 53-72, June.
    5. Emma Aguila & Michael D. Hurd & Susann Rohwedder, 2008. "Pension Reform in Mexico: The Evolution of Pension Fund Management Fees and their Effect on Pension Balances," Working Papers wp196, University of Michigan, Michigan Retirement Research Center.
    6. World Bank & International Monetary Fund, 2006. "Financial Sector Assessment Program Update : Republic of Poland - Competition and Performance in the Polish Second Pillar," World Bank Publications - Reports 16052, The World Bank Group.
    7. Heinz Rudolph & Roberto Rocha, 2007. "Competition and Performance in the Polish Second Pillar," World Bank Publications - Books, The World Bank Group, number 6775.
    8. Luis Raul Rodriguez Reyes, 2018. "The halo effect, private knowledge and retirement fund choice: A theoretical model for the case of Mexico's Afores," EconoQuantum, Revista de Economia y Finanzas, Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia., vol. 15(2), pages 7-20, Julio-Dic.
    9. Dayoub, Mariam & Lasagabaster, Esperanza, 2008. "General trends in competition policy and investment regulation in mandatory defined contribution markets in Latin America," Policy Research Working Paper Series 4720, The World Bank.
    10. Hidalgo, Pedro & Manzur, Enrique & Olavarrieta, Sergio & Fari­as, Pablo, 2008. "Customer retention and price matching: The AFPs case," Journal of Business Research, Elsevier, vol. 61(6), pages 691-696, June.

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