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Estructura de costos y economías de escala en el mercado de fondos para el retiro en México

Listed author(s):
  • Cavazos Cepeda, Ricardo H.

    (Organización para la Cooperación y el Desarrollo Económico)

  • Vásquez Lavín, Felipe A.

    (Departamento de Economía, Universidad de Concepción)

  • Hernández Medina Mora, María José

    (Secretaría de Hacienda y Crédito Público, México)

We analyze the Mexican market for pension retirement funds from a supply perspective. We focus on the effect different output definitions have on the cost structure of the firms in the market. We propose new definitions for the output produced by firms in this market. We use as outputs 1) the average amount of money in the account per month per affiliate; 2) the firm’s market share measured with the number of affiliates; and 3) the firm’s market share measured with the amount on money in the individualized accounts. We look at the presence of economies of scale with these new definitions. We estimate Cobb Douglas and Translog variable cost functions accounting for endogenous variables. The parameter estimates fall in line with expectations from production theory, however, we find the presence of increasing returns to scale is sensitive to the output definition. T hus, economic policy should consider not only the possible presence of economies of scale, but also the output definition of the firms in the market to archieve greater efficiency.// Analizamos el mercado mexicano de fondos para el retiro desde la perspectiva de la oferta. Nos concentramos en el efecto que tienen las distintas definiciones de producto en la estructura de costos de las empresas del mercado. Proponemos nuevas definiciones del producto generado por las empresas de este mercado. Empleamos como productos i) el monto promedio mensual que hay en la cuenta de cada afiliado; ii) la participación de mercado de la empresa medida según el número de miembros, y iii) la participación de mercado de la empresa medida según los montos de las cuentas individuales. Exploramos la presencia de economías de escala con estas nuevas definiciones. Estimamos las funciones de costos variables Cobb-Douglas y Translog según las variables endógenas. Los parámetros estimados concuerdan con las expectativas de la teoría de la producción; sin embargo, encontramos que la presencia de rendimientos crecientes a escala es sensible a la definición del producto. Por tanto, la política económica debería considerar no sólo la posible presencia de economías de escala sino también la definición del producto de las empresas del mercado para lograr una mayor eficiencia.

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Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXVII (2) (2010)
Issue (Month): 306 (abril-junio)
Pages: 363-391

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Handle: RePEc:elt:journl:v:77:y:2010:i:306:p:363-391
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