By Gregorio Impavido
ISBN-10: 0821382764
ISBN-13: 9780821382769
ISBN-10: 0821383175
ISBN-13: 9780821383179
Needed outlined contribution pension markets are found in an increasing number of international locations world wide. yet regardless of their reputation, policymakers proceed to fight with key coverage issues. at the one hand, a couple of layout shortcomings encourages pension corporations to cost excessive administrative charges. however, the worldwide situation that all started in 2007 has reignited the talk on even if pension members undergo over the top funding danger. either are legitimate coverage issues as their prevalence can suggest greater than anticipated degrees of poverty between outdated age individuals.
Both matters have an identical root problem---the restricted means of people to settle on what's top for them. This, in flip, stems from a mixture of insufficient monetary schooling, bounded rationality and using simplistic 'rules of thumb' that produce systematic biases within the selection making technique of contributors. whereas bettering monetary schooling is an noticeable road to pursue, this ebook is extra interested by layout beneficial properties that could take advantage of those systematic biases to guard shoppers from themselves.
'New rules for obligatory outlined Contribution Pensions: commercial association versions and funding items' (i) discusses the most implications for the functioning of crucial outlined contribution pensions of shoppers’ lack of ability to make rational offerings; (ii) describes how jurisdictions have attempted to handle those difficulties via advert hoc coverage interventions; and (iii) proposes new coverage instructions within the parts of business association versions and funding items to deal with those issues extra successfully.
Written for practitioners and researchers all over the world, this e-book presents entry to new considering on crucial outlined contribution pension structures and it makes a massive contribution to the on-going coverage debate on the right way to most sensible constitution vital outlined contribution pillars.
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Extra info for New Policies for Mandatory Defined Contribution Pensions: Industrial Organization Models and Investment Products (Latin American Development Forum)
Sample text
Marketing outlays are determined by comparing the marginal benefit and the marginal cost of additional marketing efforts—in the form of either more messages or a larger sales force (Rasmussen 1952). Thus, such outlays are typically proportional to the volume of transfers of individuals across pension firms for a given market size and not to the level of production or clients. For this reason, marketing expenditures are regarded as fixed costs. • Marketing expenditures create endogenous economies of scale.
Finally, overconfidence and loss aversion are exacerbated by narrow framing effects, also known as mental accounting, that individuals seem to use to keep track of financial transactions and evaluate them (Barberis and Huang 2001; Barberis, Huang, and Thaler 2006; Kahneman and Tversky 1984, 2000; Thaler 1985, 1999). Information problems provide a rationale for policy interventions in the design and delivery of tailored financial education programs to consumers of mandatory DC plans. 3 What Are the Effects of Switching Costs in Pension Markets?
They generally point to low demand elasticity with respect to prices, but elasticity increases with investment by firms in marketing and with the level of consumers’ income. For Chile, a series of papers investigated the effects of regulations that limited the role of sales agents. Berstein and Micco (2002) estimated demand elasticity for the periods covering 1995–97 and 1998–2002, before and after a regulatory reform. In the first period, which was characterized by aggressive competitive strategies through sales agents, net transfers were found to be positively correlated with differentials in rates of return and negatively correlated with differentials in fees.