Is there an optimal pension fund size? A scale-economy analysis of administrative costs
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| Tag | 1 | 2 | Valor |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20170019596 | ||
| 003 | MAP | ||
| 005 | 20170621144928.0 | ||
| 008 | 170613e20170605esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a345 | ||
| 100 | $0MAPA20110012489$aBikker, Jacob a. | ||
| 245 | 1 | 0 | $aIs there an optimal pension fund size? A scale-economy analysis of administrative costs$cJacob A. Bikker |
| 520 | $aThis article investigates scale economies and the optimal scale of pension funds, estimating different cost functions with varying assumptions about the shape of the underlying average cost function: U-shaped versus monotonically declining. Using unique data for Dutch pension funds over 1992-2009, we find that unused scale economies for both administrative activities are indeed large and concave, that is, huge for small pension funds and decreasing with pension fund size. We observe a clear optimal scale of around 40,000 participants during 1992-2000 (pointing to a U-shaped average cost function), which increases in subsequent years to size above the largest pension fund, pointing to monotonically decreasing average costs. These model-based outcomes are roughly in line with the results of a survivorship analysis | ||
| 650 | 4 | $0MAPA20080590482$aEconomías de escala | |
| 650 | 4 | $0MAPA20080591021$aFondos de pensiones | |
| 650 | 4 | $0MAPA20080592011$aModelos actuariales | |
| 773 | 0 | $wMAP20077000727$tThe Journal of risk and insurance$dNueva York : The American Risk and Insurance Association, 1964-$x0022-4367$g05/06/2017 Volumen 84 Número 2 - junio 2017 , p. 739-769 |