LEADER 04380nam 2200673 450 001 9910463598103321 005 20190214005109.0 010 $a1-4623-5680-X 010 $a1-4527-8237-7 010 $a9786612841286 010 $a1-282-84128-9 010 $a1-4518-7035-3 035 $a(CKB)3170000000055069 035 $a(EBL)1607940 035 $a(SSID)ssj0000943997 035 $a(PQKBManifestationID)11473540 035 $a(PQKBTitleCode)TC0000943997 035 $a(PQKBWorkID)10983801 035 $a(PQKB)10413346 035 $a(OCoLC)762093397 035 $a(MiAaPQ)EBC1607940 035 $a(EXLCZ)993170000000055069 100 $a20140226h20082008 uy 0 101 0 $aeng 181 $ctxt 182 $cc 183 $acr 200 10$aConsumer confusion $ethe choice of AFORE in Mexico /$fRoberto Caldero?n-Coli?n, Enrique E. Domi?nguez, and Moise?s J. Schwartz ; authorized for distribution by Ceyla Pazarbasioglu 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (63 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/177 300 $aDescription based upon print version of record. 311 $a1-4519-1488-1 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. The Choice of AFORE in Mexico; A. Inelasticity of Demand and Switching among Fund Managers; Figures; 1. Switches; 2. Turnover Ratio for Mexico and Chile; Tables; 1. Regression Analysis 1; 2. Regression Analysis 2; 3. Switches In 2006; 4. Gain or Loss after Switching Workers' Estimated Balance at the Age of Retirement; 5. Gain or Loss after Switching Workers' Estimated Balance after a Five-Year Period; 6. Loss from not Switching to the to the "Optimal" AFORE Workers' Estimated Balance at the Age of Retirement 327 $a7. Loss from not Switching to the "Optimal" AFORE Workers' Estimated Balance after a Five-Year Period B. The Effectiveness of an Increase in Supply; 3. Gain/Loss in Balances for Hypothetical Cases of Workers that began accruing; 4. Winners and Losers Due to Decreases in Fees; 5. Changes in Balances Due to Decreases in Fees; III. Consumer's "Confusion" and "Noise"; A. Theoretical Framework; B. Statistical Analysis of Possible "Noise" Distributions 327 $a8. "Noise Distribution" Percentage Loss in Pension Balances at Retirement Age Due to "Sub-Optimal" Choice of AFORE Fitted by the Normal and Weibull Distributions.9. "Noise Distribution" Percentage Loss in Pension Balances After A Five-year Period Due to "Sub-Optimal" Choice of AFORE Fitted By The Normal and Weibull Distributions; C. Mark-up Estimation in the AFORE Industry; 6. Mark-up According to the Number of AFOREs; IV. Empirical Study; A. Measurement of "Noise" and Consumer "Confusion"; B. Econometric Framework to Measure "Confusion's " Relative Importance; C. Empirical Results 327 $aV. Concluding Remarks Annexes; I. The Model; II. Questionnaires; References 330 $aThis paper was prepared for the World Bank 4th Annual Contractual Savings Conference (Washington DC, April 2008) co-organized by Gregorio Impavido (gimpavido@imf.org). The article shows that account transfers among pension administrators in Mexico barely respond to price or return considerations and in general has not improved the consumer's pension balance. Instead of strengthening competition through lower fees and higher returns for the consumer, AFORE switching has so far undermined the system and resulted in the destruction of value. Moreover, ""noisy"" evaluations of the product by the 410 0$aIMF Working Papers 606 $aPension trusts$zMexico$xManagement$xEconometric models 606 $aCompetition$zMexico$xEconometric models 608 $aElectronic books. 615 0$aPension trusts$xManagement$xEconometric models. 615 0$aCompetition$xEconometric models. 676 $a332.67254 700 $aCaldero?n-Coli?n$b Roberto$0901880 701 $aDomi?nguez$b Enrique E$0901881 701 $aSchwartz$b Moise?s J$0901882 701 $aPazarbas?iog?lu$b Ceyla$0883153 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463598103321 996 $aConsumer confusion$92015877 997 $aUNINA