Denise Gómez Hernández

A Savings Plan with Targeted Contributions

We consider a simple savings problem where contributions are made to a fund and invested to meet a future liability. The conventional approach is to estimate future investment return and calculate a fixed contribution to be paid regularly by the saver. We propose a flexible plan where contributions are systematically adjusted and targeted. We show by means of stochastic simulations that this plan has a reduced risk of a shortfall and is relatively insensitive to errors in the planners estimate of future returns. Sensitivity analyses in terms of parameter values, stochastic return models and investment horizons are also performed.

DOS MODELOS DE TEORÍA DE JUEGOS APLICADOS A LAS ADMINISTRADORAS DE FONDOS PARA EL RETIRO (AFORES ) EN MÉXICO

In Mexico the pension system based on Institutions Administrators of Retirement Funds (AFORES) is relatively new, that is why this study shows two game theory applications in order to provide different decisions tools to the economics agents involved into individual capitalization pension market in Mexico, and help them to maximize their economic and personnal profits. The results show the applicability of Bertrand model to modeling the way in AFORES compete in prices and the Hotelling model utility to modeling how AFORES compete for a horizontal differentiation market.