DEPARTAMENT ECONOMIA FINANCIERA I ACTUARIAL INSTRUMENTOS PARA MEJORAR LA EQUIDAD, TRANSPARENCIA Y SOSTENIBILIDAD DE LOS SISTEMAS DE PENSIONES DE REPARTO Mª DEL CARMEN BOADO PENAS UNIVERSITAT DE VALENCIA Servei de Publicacions 2009 Aquesta Tesi Doctoral va ser presentada a València el dia 7 de novembre de 2008 davant un tribunal format per: - D. Vicente Meneu Ferrer D. Juan Nave Pineda D. Sergio Nisticò Dª. Concepción Patxot Cardoner Dª. María Paz Jordá Durá Va ser dirigida per: D. Carlos Vidal-Melià ©Copyright: Servei de Publicacions Mª del Carmen Boado Penas Depòsit legal: I.S.B.N.:978-84-370-7438-2 D.L.:V-1327-2009 Edita: Universitat de València Servei de Publicacions C/ Artes Gráficas, 13 bajo 46010 València Spain Telèfon: 963864115 81,9(56,7$7'(9$/Ë1&,$ 'HSDUWDPHQWG·(FRQRPLD)LQDQFHUDL$FWXDULDO 7(6,6'2&725$/ ,167580(17263$5$0(-25$5/$(48,'$' 75$163$5(1&,$<6267(1,%,/,'$''(/26 6,67(0$6'(3(16,21(6'(5(3$572 0GHO&DUPHQ%RDGR3HQDV 9DOHQFLD 0HPRULDSUHVHQWDGDSDUDRSWDUDOJUDGRGH'RFWRU(XURSHR 'LULJLGDSRUHO'U'&DUORV9LGDO0HOLi 8QLYHUVLWDWGH9DOqQFLD , ,, 81,9(56,7$7'(9$/Ë1&,$ 'HSDUWDPHQWG·(FRQRPLD)LQDQFHUDL$FWXDULDO '2&725$/7+(6,6 ,167580(176)25,03529,1*7+((48,7< 75$163$5(1&<$1'6867$,1$%,/,7<2) 3$<$6<28*23(16,216<67(06 0GHO&DUPHQ%RDGR3HQDV 9DOHQFLD 'LVVHUWDWLRQSUHVHQWHGLQSDUWLDOVDWLVIDFWLRQRIWKHUHTXLUHPHQWV IRUWKHGHJUHHRI'RFWRU(XURSHXV 6XSHUYLVHGE\'U&DUORV9LGDO0HOLi 8QLYHUVLWDWGH9DOqQFLD ,,, ,9 $*5$'(&,0,(1726 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Q # −F ¦ D1 6F + 3-D 7−6 − 7 = ¦ 'D1 6F + 3-D 7−6 − 7 J;<-K = = # Q D1 Q # 3-D Q3# 'D1 Q' # * # Q D1 = 3 "3 − J;+-K "3 Q"# − Q'% * # $ Q # − 'D1 = ' q6F + - 7 J;F-K = # '# Q' # # - Qr # " VFHW. Q # −F ¦ [3 "3 = − ] −6 − 7 6F + 3-D 7 ª = ¦ «'# − =# « ¬ C KH º q6F + - 7»6F + 3-D = # »¼ −6 − 7 7 J)*-K .- $6<]7Q"% -B-E-' (,>?- D % . 3-D % $' εS %.3-D $ Q Dε63-D7T / 6F ε7T"V3-D Q / 63-D7≤6F ε7WJ);-K / 6F ε7%$ %3-D 6F ε7 -B-D-' HTUO- ' #% % $ %,% $ !)C *% !)C 6FLHL7 c 6FLIK7 %, $ % *$ .!)CQ n 8 /!63-D7= j63-D7 − h63-D7 J))-K 8 Q j63-D7 Q$ 3-D h 8 63-D7 Q$ 3-D n Q' $ % " n = 9 % " n > 9 % % n % -B-B-' (H- $ ,3-D,, 67 #Q 2 # C =¦ = # 26' 7 6F + k7 − # − # KI # J)G-K .- $6<]7Q"% Q 2# Q 2 # 6 $ %% % %7 %# # k Q 3 $ − # # Q'% # %% # + 26' 7 Q 2 # # $ " . % 6 7 " % % 6DD17 $ #% $ % #% % -<-' ZZ- * . $ # '-@ , " , .@()6FLIK7' -@, &.FL:9 899;6 7 % # $ , ' - @ ? &.FLI9 899;8G? ? -<-;-' %N((- "'[email protected]:9 899; 1 % 2 $ ? % %$% 2 . . % 3 ) /6FLHLFLIF7 ' ' 6FLII7 ." . $ 8G* $, KL .- $6<]7Q"% $ $ $ $ $ % %$ * 6* '-@7 " C6FLHI7 . -8G 6-)G@(Q(( %- % (Q(T7' 8H9:KFK Q( ;R KFL8GGH DR G;89HIH ;*R GFLF8HH <Q* . ?%$ / -< 'F$ 6*'-@7 ' - @8K 6-)E@(Q((> %?- > %? 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M)@ o R F6< + 1 6F + 7 + < + 1 + F7 = o R F < + 1 6F + 7 + + 1 7 [GE-] 1 −F { 8 6F + 7¦ 6 U)7F < U) [GD-] ) =9 {8 = o R F 6< + 1 6F + 7 + < + 1 +F7 1 −F 6F + 7¦ U) < U) [GB-] ) =9 MG@ 8 8 o R F 6 < + 1 6F + 7 + < + 1 +F 6F + 7 + < + 1 + 8 7 = o R F < + 1 66F + 7 + 6F + 7 + 1 + 8 + 1 7 [G<-] 8 { G 6F + 7 1 −F ¦ ) =9 6 U)7F < U) [G+-] 8 {G = o R F 6< + 1 6F + 7 + < + 1 +F 6F + 7 + < + 1 + 8 7 8 6F + 7 1 −F ¦ ) =9 6 U)7F [GF-] < U) M(@ −F −8 oR F 6< + 1 6F + 7 + < + 1 +F 6F + 7 −F = oR F < + 1 66F + 7 + 6F + 7 − 8 −G + < + 1 + 8 6F + 7 + + < + 1 + −F7 = −G L8 + 6F + 7 +1 + 1 + + + 1 77 8 −F [E*-] .-- % −F { 6F + 7 1 −F ¦ ) =9 6 U)7F < U) [E;-] F { = oR F ¦ < + 1 + ) 6F+ 7 − F− ) ) =9 −F 6F + 7 1 −F ¦ ) =9 6 U)7F [E)-] < U) MaU'L' b((( * . % %%$ YCZ'$ YC 1Z % YU1Z YCZ &, C − − 1 +1 Q'%YU1Z .C ,Q 9 = C−−1 + 1 = C − − 1 +F +1 = C − −1 +8 +1 = # &YC 1Z % $ & # 6|%7 ? #&6|%7 ?% 1 & " $ $ "$%% ;H #$ $ % % % % % o R F { C − − 1 = C − − 1 −F ¦< + 1 +) ) =9 C − −1 −F 6F + 7 6F+ 7 ) =9 6 U)7F C − − 1 −F ¦< + 1 +) ) =9 = 1 −F ¦ oR F C − −1 −F−) 1 −F ¦ < U) ) =9 6 U)7F −) 6F+ 7 < U) = { C − − 1 +F = = { [EG-] % 67 % 6 7 67 % ;H 6 7 $ $ .$. LG .-- % Q 6 ≠ 7 C − −1 C 1 F = oR F ¦< +1+) ) =9 + 1 + ) 6F + 7 C − − 1 −F−) JEE-K + 1 + ) % % % YU1U)Z& ,, % ? $ % % % , % GLIHUHQFLD% $ % $ % $Q YU1 FZ& C − −1 o R F 6F + 7 −F C − −1 < + 1 −F + 1 −F + 1 6F + 7 = o R F 6F + 7 −F < + 1 + 1 6F + 7 JED-K + 1 −F Q ' YU1 FZ & # YU1Z . # Q $ YU1 8Z&Q o R F 6F + 7C− −1+F < −8 +1 + 1 6F + 7 JEB-K +1 + 1 6F + 7 JE<-K YU1 GZ&Q o R F 6F + 7C− −1+8 < −G - - - YZ&Q C − −1 + 1 −F o R F 6F + 7 LK −1 < + 1 + 1 6F + 7 JE+-K .-- % ª6F + 7C − −1 6F + 7−F + 6F + 7C− −1+F 6F + 7−8 + º o R F < + 1 + 1 « »= C − −1 + 1 −F −1 »¼ JEF-K «¬+ + 6F + 7 6F + 7 1 =o R F < + 1 + 1 ¦ 6F + 7 C − −1 + −F − 6F + 7 =F % $Q YU1 FZ&Q C − − 1 −F { < + 1 −F 6 + 1 −F7F 6F + 7 JD*-K YU1 8Z& [ C − −1 −F { < + 1 − 8 6 + 1 − 87F 6F + 7 C − −1 + < + 1 −F 6 + 1 −F7F 6F + 7 ] 6F + 7 F JD;-K YU1 GZ& ª< + 1 −G 6 + 1 − G7F 6F + 7C− −1−F + < + 1 − 8 6 + 1 − 87F 6F + 7C − −1 6F + 7−F + º » JD)-K {« C − − 1 +F −8 » «+ < + 1 −F 6 + 1 −F7F 6F + 7 6F + 7 ¼ ¬ - - - YZ& ª< F 6F + 7C− −1−F + < +F 6 +F7F 6F + 7C− −1 6F + 7−F + º » JDG-K {« « + < + 1 −F 6 + 1 −F7F 6F + 7C− −1+1−8 6F + 7−61 −F7 » ¬ ¼ 1 −F 1 −8 ª C − − 1 + −F C − −1 + −F − − º + 6F + 7 6F + 7 6F + 7 6F + 7 + » < < 1 F 1 8 + − + − 6 + 1 −F7F ¦ 6 + 1 − 87F ¦ « =9 =9 {« »= C − − 1 −F « + + < » F 6F+ 7 «¬ »¼ 1 −F ) = {¦¦ < U) 6 U)7F 6F + 7 C − −1 + −F − 6F + 7 ) =9 =9 JDE-K % Q L; .-- % $ ' 1 C −−1 = o R F <+ 1 + 1 ¦ 6F + 7 6 ≠ 97 C − − 1 + −F =F 1 −F ) 6F + 7 − {¦¦ < U) 6U)7F 6F + 7 6F + 7 ) =9 = 9 − − C − − 1 + −F $ JDD-K "!)6899;7 %%% Y3% Z . Q C − − 1 −F 3 6 ≠97 = C − − 1 C − − 1 ¦< o R F 6 ≠ 97 1 + 1 + ) 6F+ 7 + 1 + ) ) =9 = C − − 1 −F−) + o R F< + 1 + 1 ¦ 6F + 7 =F C − − 1 −F {6F + 7 1 −F ¦ ) =9 1 −F ) {¦¦ < U) 6 U)7F 6F + 7 C − − 1 + −F ¦ {6F + 7 ) =9 = < U) − 6F + 7 = 1 −F C − − 1 −F o R F 6 U)7F ) =9 = 9 − C − − 1 + −F 6 U)7F C − − 1 −F < U) 1 ¦ < + 1 +) + 1 +) 6F + 7 ) + oR F< + 1 + 1 ¦ 6F + 7 6F + 7 − =F ) =9 1 −F {¦ 6 U)7F< U) ) =9 1 −F ) − ¦¦ < U) 6 U)7F 6F + 7 6F + 7 − ) =9 =9 1 −F ¦ ) =9 6 U)7F < U) JDB-K oR F C − − 1 −F ¦< ) =9 " { = 1 −F ¦ ) =9 6 U)7F C 1 F 3 6 ≠ 97 = 1 < + 1 + 1 ¦ 6F + 7 6F + 7 −) ) =9 ) =9 1 −F ¦< −) 6F+ 7 ¦ ¦ < U) 6 U)7F 6F + 7 6F + 7 − ) =9 =9 1 −F ¦ ) =9 + 1 +) ) =9 ) 6 U)7F < U) L: − =F C − − 1 −F + C 1 F +1+) Q < U) ¦ < + 1 +) + 1 +) 6F + 7 ¦< −) 6F+ 7 +1+) − −) 6F+ 7 JD<-K − 6F + 7 .-- % " , $ % ? % ;I , TQ ≠9 ' C 1 F ¦< 3 6 ≠ 97 = 1 −F −) + 1 +) ) =9 C 1 F + 1 + ) 6F + 7 +1− ¦ < U) 6 U)7F6) + F7 ) =9 1 −F 6 U)7F < U) 6F + 7 ¦ ) =9 ) =9 ≠9 ' ¦< −) JD+-K + 1 +) 3 6 ≠ 97 C − −1 ≠9 ≠9 ≡ 3 6 ≠97 = + JDF-K C − −1 "YU1 FZ&Q ;I , " 6FL;I7 1 6FL::7 5 < b 6899G 899I7 $ " 163-D7 $ $ . LH .-- % # 3 6 ≠ 97 6 + 1 − F7 + = 6 + 1 − F − 7 − = # C 1 F ¦< = 6 + 1 − F7 + 1 −F § · ¦ < U) 6 U)7F 6) + F7 ¸ ¨ ¸= − ¨ − F + ) = 91 −F ¨ ¸ 6 U)7F< U) ¨ ¸ ¦ ) =9 © ¹ −) + 1 +) ) =9 C 1 F ¦< + 1 + ) 6F + 7 −) + 1 +) 6F + 7 ) =9 # C 1 F ¦ oRF< = ) =9 C 1 F ¦ oR C 1 F ) + 1 + ) 6F + 7 +1+) F ) =9 < + 1 +) 6F + 7 C 1 F ) 1 −F ¦ U)F< U) + )6F + 7 C − ) =9 1 −F 1F ¦ U)F< U) 6F + 7 ) =9 = C 1 F ≠9 ≠9 = 1 − 1 JB*-K Q [1 >9 C − − 1 >9 >9 ] [ =9 =9 ] > 97 = 97 = C>−9 −1 ⋅ 6 + 7 = C+− 6 < 1C=−9 −1 = C=−9 −1 ⋅ 6 + 7 = C+− 6 −1 − 1 JB;-K 1 % . 6$ 7 & / 3 6 7 % i Q LI .-- % >9 ' C 1 F 3 6 i7 = 1 −F ¦ < + 1 +)i + 1 +) 6F + 7 6F + i7) ¦ < U) 6 U)7F6) + F7 −) ) =9 C 1 F ) =9 1 −F +1− 6 U)7F< U) 6F + 7 6F + i7 ¦ ) =9 >9 ' ¦< −) + 1 +) ) = ) =9 C 1 F ¦ < + 1 +)i + 1 +) 6F + 7 6F + i7) = 6 + 1 − F7 + −) ) =9 C 1 F ¦< 6F + 7 6F + i7) −) + 1 +) ) =9 1 −F § · ¦ < U) 6 U)7F6) + F7 ¸ ¨ ¸= − ¨ + 1 − F − 1 + ) =91 −F ¨ ¸ 6 U)7F< U) ¨ ¸ ¦ =9 © ) ¹ C 1 F ¦< = + 1 +) 1 −F ¦ 6 U)7F< U) + ) + 1 + ) 6F + 7 ) 6F + i7) ) =9 C 1 F − ) =9 1 −F 6 U)7F< U) 6F + 7 ) 6F + i7) ¦ ) =9 ) =9 6 ≠9i7 6 ≠ 9i7 1 1 ¦< + 1 +) JB)-K -D-)-' /- 1 % 0 , ' 689987 %% . %% . F . $ $ { " 5S 5TU n ? .$< 5,S.u51 . %$ $ % % 'Y3Z $. %Q o · § 367 = ¨ { − ¸ 67 ⋅ <67 JBG-K © F+ ¹ Q <67 Q<?$ %6Y#%Z7. LL .-- % 67 Q@ % o Q3 .% y 6 y % " F 7 $ Q F− y º ª y JBE-K { = o⋅ « + ¬ F + F + 5 »¼ " y = 9 # V:KW %Q { = o o = JBD-K F + 5 F + 3-D ' V:KWV:GW % . .Q 367 = 67 ⋅ <67 ⋅ o ⋅ 6F − y7 ⋅ 6 − 57 JBB-K 6F + 76F + 57 6 7 FRQVWLWX\HQ XQ DFWLYR HFRQyPLFR $ $ % $ X%X $ % $ $ 667<677 5$ 1 %0 YKLGGHQDVVHWZQ 667 ⋅ <677o ⋅ 6F − y7 ⋅ 6 − 57 36 + 7 o ⋅ 67 ⋅ <67 6F + 576F + 7 +1 ≡ ¦ = = ⋅ 6F − y7 JB<-K 6F + 57 F + 5 = 9 6F + 7 F− 6F + 7 ∞ 0 % % * # {$ ? $ $ Q o · § 367 = ¨ { − ¸ ⋅ 67 ⋅ <67 JB+-K © F+ ¹ Y3Z $ #%Q F99 .-- % 367 = 6{ { $ 7 ⋅ 67 ⋅ <67 1 1 %0 V:HWV:LWQ ∞ +1 ≡ ¦ =9 36 + 7 6{ { $ 7 ⋅ 67 ⋅ <67 ⋅ 6F + 7 = J<*-K 6F + 7 −5 2 V:HW Q 6{ { $ 7 = o ⋅ 6F − y7 ⋅ JBF-K 6 − 57 J<;-K 6F + 57 ⋅ 6F + 7 ' Q +1 ≡ o ⋅ 67 ⋅ <67 F+ 5 6F − y7 J<)-K ' V:HW* VG9W% % V:KWo +1 = { ⋅ 67 ⋅ <67 ⋅ F § y F+ 5 · ¸¸ ⋅ F + ¨¨ F y F − + ¹ © J<G-K * VHGW 6 y = 9 7 1 %0 " " 1 %0 5) 6FLLI7 " 689997 * ) ' 6899G7 " $ $ % 67 $ # % $ 3, 6 7 $Q $ %6 % .7 % $ $ 1 %0 6107 .Q % YZ F9F .-- % 6 − F7 ⋅ <6 − F7 = (67 ⋅ <67)B6F + 57 " # % $ θ $ $ . o ⋅ 6F − y7 1 V:HW%1 %0 6107 " , % YC 1Z & 1 %0 1 % # 1. .Q ª 1 −F º 6F + 57 +1 ≡ ¦ «¦ {s ⋅ + ) ⋅ < + ) » = =9 ¬ ) =9 ¼ 6F + 7 ∞ { s 1 −F ¦ ) =9 +) ⋅ < + )6F + 7 −5 J<E-K { s = 6{ − {$ 7 % $ $ $ $# % {$ $ % % % %% * Q # +1 = C6−>57 −1 {$ = 6{ − 6 > 57 C − − 1 6 − 57 1 −F ¦ ) =9 +) 7 J<D-K ⋅ < + )6F + 7 $$ %% $ 6& $ &$ . & 1 &$ % 7Q { s 1 −F ¦ ) =9 +) 6 > 57 ⋅ < + )6F + 7 = − − 1 6 − 57 C $ %% F98 J<B-K .-- % # $ u5$Q 61 = C6−=57 7 > 6+1 = C6−>57 7 J<<-K −1 −1 % $ 5 % % % % . 5 ;L% % % % %%Q +1 = C6−=57− 1 = C6− =57 − 1 = 1 >@ 6 − 57→9 + -D-G-' /O(((- 1 = × 3 J<F-K Q Q1& %$$#$&% $$ ) % 1Q1 % Q &%& 3QY3%Z Q ' $ ?G&%& 3 T!3?G& 3 Q F + −F + − 8 § -' −G · G § -' · ¸¸ × ¨¨ ¸¸ J+*-K = × ¨¨ × G © −G -' ¹ © -' −F ¹ 3 = [3 −F 3 − 8 3 − G ] J+;-K Q -'Q- # ;L+ $ Y1 % Z % $ 5 F9G .-- % 3YZY Z $. % $ Q 3 = + = 1 − 1 J+)-K * Q D −F ¦ = × * × 6D − − 9;7 =F: J+G-K D −F ¦ × * =F: D s ¦' D = =:F D s s × 5 × J+E-K ¦' s × 5 = :F D . # . +F + D67 F < < +F =F:FHD − 8 D67 F = J+D-K = 8 <D67 F * =* F × =FHFID −F *F: =F J+B-K = < =FHFID −F J+<-K < F −F Q$& D s Q& s ' Q.& 5 Q%& Q. 6F:S 7& F9K .-- % < Q -% ? $ * Q<?% Q&?% * Q D ¦ F9F: = −6 − D 7+ 9;7 × * s × 6 − D + 9;7 =D D ¦ F9F: J++-K −6 − D 7+ 9;7 ×* s = D s s * =* = F s × * :9 =F J+F-K ' =:F:8D JF*-K ' + ' + 8 × ' s Q D Q'& ' Q.& ' Q.& F & ' s Q.&& s * Q. Q & $ % % -D-E-' 6((((- 260 1 "%% - 601"-7 - 6-7 % $ H;&< , % % $!$ % # % %$ $ $ 6 $7%H;&,$ %$ H;& $ , H; & F9; .-- % $$ " % $ . $ % , H; & , % H;& "?@ GF F8 899:@036899H7% $ . H;& FL; 3, %89IF FGS Y /Z}KH6#7:9 $ . 5) 6899:7 61@7 Q HK 1 %$ 3/9 ¦ < 6F + 7 + { 9 1@ = HK ¦ < 6F + 7 =9 6F + 7 HK − 9 i 9−F o =9 6F + 7 6F − 7 ¦ < 6F + 7 ≈ 9 [F;-] =9 9 6F + 7 Q { Q3 9 Q @ & 9 < Q <? Q Q 3 , o Q 3 i 9 Q &9 " $ $ $ . * Q 3 1@ = , + { − ~ , ≈ 9 [F)-] 3$ 3$ % $ % c6FIIIEFL9L7 :92FsF9;)}.? FsF9;+ F9: .-- % * $ " 22 Q F 22 % $ $ . H; & " % %$ $ $ 8 " $ 1 % 22 H;& G @ 22, " , K " ; % % % $%$% : * % H $VLFW % % .% 13-0 HK ¦ < 6F + 7 1 %$ 3/9 =9 + { 9 6F + 7 HK ¦ < 6F + 7 9 i 9−Fo =9 6F + 7 6F − 7 '1"-0 F9H ≈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s ! GKG89 G:G:I GIHHH K9KLF KGH8G KHLIF s ! K99;G K9L8I K8:;I KG89; KKHHG KHLIF s 8LKK G9FF GF9L GFK8 G8KF GGII s GKG: GGII GK89 GG;8 GGFL GGII s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s ! ;LHS ::8S KK8S HLIS s ! 8FIS K8GS F8IS G:GS s 88:S G8:S F9:S GFHS s FGLS 9LKS FLIS 9LLS s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s ! KH:L KLH9 ;8I8 ;H:9 s ! ;;:: ;;LG ;IFF :FK: s FI8K FIHF FLGG 898I s 8F8I 8F9: 8F8: 8F:K s" $ . FF9 :;K; IHH 8FFG :FKG :8L9 89LG 8FKG )**B G9FI::; :F;G :F;G 89GI 89GI FHIG :9IHIH 8L8: H:L: H:L: FGF HK8G KKKG 8LI9 :;GL IIK 89L: ::FL ::FL 8FLG 8FLG .-- % 6-;)-@ ((7/6(N, H(>/((7Q?- ( )**; )**) )**G )**E )**D )**B 67 F;IS 8ILS GLGS GGGS 8I;S F;KKS ! 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