IDEAS home Printed from https://ideas.repec.org/a/ipn/panora/vxiy2016i22p105-127.html
   My bibliography  Save this article

Modelo de Hotelling Aplicado a los Factores en México

Author

Listed:
  • Banda-Ortiz, Humberto

    (Facultad de Contaduría y Administración, UNAM)

Abstract

El sistema de pensiones basado en AFORES es relativamente nuevo en México, por lo que existe un alto porcentaje de la población que no cuenta con este beneficio y/o carece de la información necesaria para maximizar el monto de su pensión al momento de su retiro. En la presente investigación se expone la aplicabilidad del modelo de Hotelling de teoría de juegos al sistema de ahorro para el retiro en México. Para ello, se expone la función de utilidad de un trabajador, la cual consiste en calcular el exceso del rendimiento neto por Administradora de Fondos para el Retiro (AFORE) con el rendimiento del índice de precios y cotizaciones de la Bolsa Mexicana de Valores (IPC). El estudio se realiza para el periodo de marzo de 2009 a diciembre de 2015 y para las 11 AFORES existentes en dicho periodo. Los resultados muestran qué AFORE elegiría un trabajador adverso al riesgo si busca una relación óptima entre riesgo y rendimiento. Por último, se muestra la demanda por AFORE para visualizar si la toma de decisiones están basadas en los componentes presentados en el presente estudio. / The AFORES pension system in Mexico is quite new, that is why a high percentage of the population does not have this benefit and does not have the necessary information to maximize the amount of their pension when they will be retire. This work presents the applicability of the Hotelling Game Theory Model to the retirement savings system in Mexico. In order to do this, it is shown the worker’s utility function, which consists of calculating the excess of the net income per Administradora de Fondos para el Retiro (AFORE) with the performance of the index of prices and market rates of the Mexican Stock Exchange (IPC). The data used for this study was for the period of March 2009 to December 2015. Also, the existing 11 AFORES to date were compared. The results show wich AFORE would be chosen by a risk-averse worker, based on the relation risk-performance. Finally, we show the AFORES’ demand to view if the decision-making by the workers in Mexico is based on the components presented.

Suggested Citation

  • Banda-Ortiz, Humberto, 2016. "Modelo de Hotelling Aplicado a los Factores en México," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(22), pages 105-127, primer se.
  • Handle: RePEc:ipn:panora:v:xi:y:2016:i:22:p:105-127
    as

    Download full text from publisher

    File URL: http://yuss.me/revistas/panorama/pano2016v11n22a05p105_127.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    AFORES; teoría de juegos; Hotelling; función de utilidad. / AFORES; game theory; hotelling; utility function.;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ipn:panora:v:xi:y:2016:i:22:p:105-127. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Juan Marroquín-Arreola (email available below). General contact details of provider: https://edirc.repec.org/data/eeipnmx.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.