<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2014000100133</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[¿Existe una manera de competencia definida en el mercado de las Afore?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez]]></surname>
<given-names><![CDATA[José Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rochín Ruiz]]></surname>
<given-names><![CDATA[Mercurio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Anáhuac México-Norte CADEN Escuela de Economía y Negocios]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Ernst & Young  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2014</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2014</year>
</pub-date>
<volume>81</volume>
<numero>321</numero>
<fpage>133</fpage>
<lpage>162</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2014000100133&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2014000100133&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2014000100133&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de este artículo consiste en modelar las estrategias utilizadas por las Afore para retener el mayor número de afiliados con diferentes rangos de ingreso en un esquema de competencia por costos. Para tal efecto simulamos un juego estático no cooperativo de dos etapas, en el que se formaliza la competencia establecida por las M &#8805; 1 administradoras líderes y las N seguidoras en un equilibrio generalizado de Nash-Cournot-Stackelberg (EGNCS). Los resultados indican que: i) la competencia entre las Afore es heterogénea por segmentos de salarios; ii) mientras que en rangos intermedios de salarios el EGNCS es adecuado para explicar el comportamiento de las Afore, en los rangos extremos la conjetura más razonable es que los agentes actúan como competidores por precios -salarios bajos- o como oligopolistas con un liderazgo no basado en cantidades y precios -salarios altos-, y iii) no es posible asegurar que, en una estructura de competencia como la que prevalece en las Afore, un mayor número de competidores redunde siempre en un mayor beneficio para los afiliados.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper aims at modeling Afore&#8217;s strategies which are addressed to retain the largest number of pensioners with different income levels in a cost competition setting. In doing so, we simulate a non-cooperative static two stages game to model competition between M &#8805; 1 leaders and N followers by using a generalized Nash-Cournot-Stackelberg equilibrium (GNCSE). The main findings state that: 1) competition among Afore is not only defined by an GNCSE (which performs well at explaining Afores performance for intermediate income levels); 2) when dealing with extreme income levels, it is advisable to analyze agents as price-fixing competitors -in low income ranks- or as non-price-quantity competitors -in high income ranks- instead of as quantity Stackelberg oligopolists; and 3) there is no a direct relationship between the number agents and pensioner&#8217;s welfare in Mexico&#8217;s Afore market.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Afore]]></kwd>
<kwd lng="es"><![CDATA[estrategias competitivas]]></kwd>
<kwd lng="es"><![CDATA[equilibrio generalizado de Nash-Cournot-Stackelberg]]></kwd>
<kwd lng="es"><![CDATA[bienestar del afiliado]]></kwd>
</kwd-group>
</article-meta>
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