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La Importancia de la Opción por Omisión en los Sistemas de Pensiones de Cuentas Individuales

  • Solange Berstein
  • Olga Fuentes
  • Nicolás Torrealba


    (Studies Division, Chilean Pension Supervisor)

En un sistema de capitalización individual uno de los principales riesgos que se enfrentan se refiere al de inversión de los fondos. En este contexto, se analiza el sustento de optar por estrategias de inversión de ciclo de vida como mecanismo mitigador del riesgo de las inversiones. Sobre esta base se analiza la importancia de la opción por omisión a la luz del comportamiento económico de los afiliados, caracterizado por un bajo conocimiento financiero, inercia y miopía en la toma de decisiones. La evaluación de estas estrategias se discute utilizando una metodología que reconoce como medida de riesgo adecuada aquella que toma en cuenta los riesgos relevantes del afiliado y el horizonte de inversión de los fondos, es decir, considera una medida de riesgo de pensión de largo plazo..

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Paper provided by Superintendencia de Pensiones in its series Working Papers with number 44.

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Date of creation: Jan 2011
Date of revision: Jan 2011
Handle: RePEc:sdp:sdpwps:44
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  1. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," CeRP Working Papers 72, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  2. Francisco J. Gomes & Laurence J. Kotlikoff & Luis M. Viceira, 2008. "Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds," American Economic Review, American Economic Association, vol. 98(2), pages 297-303, May.
  3. Joao F. Cocco, 2005. "Consumption and Portfolio Choice over the Life Cycle," Review of Financial Studies, Society for Financial Studies, vol. 18(2), pages 491-533.
  4. Francisco Pino & Solange Berstein & Guillermo Larraín, 2006. "Chilean Pension Reform: Coverage Facts and Policy Alternatives," ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, vol. 0(Spring 20), pages 227-279, January.
  5. Annamaria Lusardi & Olivia S. Mitchell, 2006. "Financial Literacy and Planning: Implications for Retirement Wellbeing," DNB Working Papers 078, Netherlands Central Bank, Research Department.
  6. Jere R. Behrman & Olivia S. Mitchell & Cindy Soo & David Bravo, 2010. "Financial Literacy, Schooling, and Wealth Accumulation," NBER Working Papers 16452, National Bureau of Economic Research, Inc.
  7. Solange M. Berstein & Rómulo A. Chumacero, 2012. "VaR limits for pension funds: an evaluation," Quantitative Finance, Taylor & Francis Journals, vol. 12(9), pages 1315-1324, May.
  8. Blake, David & Cairns, Andrew J. G. & Dowd, Kevin, 2001. "Pensionmetrics: stochastic pension plan design and value-at-risk during the accumulation phase," Insurance: Mathematics and Economics, Elsevier, vol. 29(2), pages 187-215, October.
  9. Pablo Antolín & Fiona Stewart, 2009. "Private Pensions and Policy Responses to the Financial and Economic Crisis," OECD Working Papers on Insurance and Private Pensions 36, OECD Publishing.
  10. Waldo Tapia & Juan Yermo, 2007. "Implications of Behavioural Economics for Mandatory Individual Account Pension Systems," OECD Working Papers on Insurance and Private Pensions 11, OECD Publishing.
  11. David Blake & Andrew J. G. Cairns & Kevin Dowd, 2003. "Pensionmetrics 2: stochastic pension plan design during the distribution phase," LSE Research Online Documents on Economics 24830, London School of Economics and Political Science, LSE Library.
  12. Solange Berstein & Andrea Tokman, 2005. "Brechas de ingreso entre géneros: ¿Perpetuadas o exacerbadas en la vejez?," Working Papers 8, Superintendencia de Pensiones, revised Jul 2005.
  13. Pablo Antolin & Stéphanie Payet & Juan Yermo, 2010. "Assessing Default Investment Strategies in Defined Contribution Pension Plans," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(1), pages 87-115.
  14. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303, December.
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