Replication data for: Switching Costs and Competition in Retirement Investment
Principal Investigator(s): View help for Principal Investigator(s) Fernando Luco
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 12/07/2019 10:09:AM |
Project Citation:
Luco, Fernando. Replication data for: Switching Costs and Competition in Retirement Investment. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116434V1
Project Description
Summary:
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How do different switching costs affect choices and competition in a private pension system? I answer this question in a setting in which variation in employment status allows me to identify two switching costs that jointly affect enrollees' decisions: the cost of evaluating financial information and the cost of the bureaucratic process that enrollees must navigate when switching. I use this variation to estimate the different switching costs and study their impact on competition among pension funds. I find that though eliminating all switching costs decreases equilibrium fees the most, eliminating either switching cost decreases fees significantly.
Scope of Project
Subject Terms:
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Competition;
Retirement investment;
Consumer inertia
JEL Classification:
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D14 Household Saving; Personal Finance
G23 Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
J26 Retirement; Retirement Policies
J32 Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
O15 Economic Development: Human Resources; Human Development; Income Distribution; Migration
D14 Household Saving; Personal Finance
G23 Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
J26 Retirement; Retirement Policies
J32 Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
O15 Economic Development: Human Resources; Human Development; Income Distribution; Migration
Geographic Coverage:
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Chile
Time Period(s):
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1988 – 2001
Universe:
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Random sample of enrollees. Original sample created by the system's regulator.
Data Type(s):
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administrative records data
Methodology
Data Source:
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Superintendencia de Pensiones, Chile
Unit(s) of Observation:
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Individuals over multiple months,
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