bachelorThesis
El sistema multifondos de pensiones colombiano bajo las nuevas teorías del comportamiento financiero
Fecha
2012Autor
Moreno Pardo, Adriana
Vesga Reyes, Giselle
Institución
Resumen
In Colombia, almost two decades after the creation of the private accounts pension system, a reform was implemented, in which a multifund scheme was adopted. Such reforms are being implemented in different European and Latin American countries. In light of classical theories, these reforms bring improvements on the individuals' welfare. However, the literature on the new theories of behavior suggests that individuals do not always make decisions that are consistent with the assumptions of the classical theories. In this paper we study this reform under some of the theories of financial behavior. The results show that even when the affiliate stays in the default option, or act with loss aversion, he will get greater values in his private accounts than those obtained with a system of a single fund.