TY - GEN
T1 - Analysis to the Chilean Pension Fund System, Comparing Stochastic Technical Frontier and Envelop Technical Frontier Methodologies
AU - Rubilar-Maturana, Claudina
AU - Venegas-Pineda, Cesar
AU - Vallina-Hernandez, Ana Maria
AU - de la Fuente-Mella, Hanns
AU - Fuentes-Ortiz, Rodrigo
N1 - Publisher Copyright:
© 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.
PY - 2021
Y1 - 2021
N2 - Pension funds has become progressively important because of longer life expectation and greater uncertainty in crisis/ pandemic times. The Chilean pension fund has some remarkable characteristic. However, it has been strongly criticized by the low pensions that provide to retired workers. This paper aims to analyze the efficiency of the organizations that manage pension funds (AFPs), specifically during disrupted times, such as 2008 financial crisis. The methodology applied is a stochastic frontier model and compare its results with previous studies that utilized the alternative method of the envelope technological frontier, even though the period under study is not the same. The contribution is to answer how the crisis impacted in AFPs` outcomes using the stochastic method and the differences between stochastic and absolute methods findings. AFPs increase efficiency but did not impact retired workers. Nonetheless results about economies of scale differs. Further studies focus on workers return are need it.
AB - Pension funds has become progressively important because of longer life expectation and greater uncertainty in crisis/ pandemic times. The Chilean pension fund has some remarkable characteristic. However, it has been strongly criticized by the low pensions that provide to retired workers. This paper aims to analyze the efficiency of the organizations that manage pension funds (AFPs), specifically during disrupted times, such as 2008 financial crisis. The methodology applied is a stochastic frontier model and compare its results with previous studies that utilized the alternative method of the envelope technological frontier, even though the period under study is not the same. The contribution is to answer how the crisis impacted in AFPs` outcomes using the stochastic method and the differences between stochastic and absolute methods findings. AFPs increase efficiency but did not impact retired workers. Nonetheless results about economies of scale differs. Further studies focus on workers return are need it.
KW - AFPs in Chile
KW - Chilean pension funds
KW - Economic crisis
KW - Enveloped efficiency frontier
KW - Pension funds
KW - Stochastic efficiency frontier
UR - http://www.scopus.com/inward/record.url?scp=85112316776&partnerID=8YFLogxK
U2 - 10.1007/978-3-030-80876-1_19
DO - 10.1007/978-3-030-80876-1_19
M3 - Conference contribution
AN - SCOPUS:85112316776
SN - 9783030808754
T3 - Lecture Notes in Networks and Systems
SP - 141
EP - 148
BT - Advances in Human Factors, Business Management and Leadership - Proceedings of the AHFE 2021 Virtual Conferences on Human Factors, Business Management and Society, and Human Factors in Management and Leadership, 2021
A2 - Kantola, Jussi Ilari
A2 - Nazir, Salman
A2 - Salminen, Vesa
PB - Springer Science and Business Media Deutschland GmbH
T2 - AHFE Conferences on Human Factors, Business Management and Society, and Human Factors in Management and Leadership, 2021
Y2 - 25 July 2021 through 29 July 2021
ER -