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

  • Solange Berstein
  • José Luis Ruiz V

    ()

    (Studies Division, Chilean Pension Supervisor)

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..

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File URL: http://www.spensiones.cl/redirect/files/doctrab/DT00004.pdf
File Function: Revised version, 2005
Download Restriction: no

Paper provided by Superintendencia de Pensiones in its series Working Papers with number 4.

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Date of creation: Apr 2005
Date of revision: Apr 2005
Handle: RePEc:sdp:sdpwps:4
Contact details of provider: Web page: http://www.spensiones.cl/

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  1. Peter Diamond, 1993. "Privatization of Social Security: Lessons from Chile," NBER Working Papers 4510, National Bureau of Economic Research, Inc.
  2. Solange Berstein & Alejandro Micco, 2002. "Turnover and Regulation: The Chilean Pension Fund Industry," Working Papers Central Bank of Chile 180, Central Bank of Chile.
  3. 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.
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