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Technical revision on the actuarial analysis of the costarrican pension fund “Invalidez, Vejez y Muerte”

Juan J. Víquez and Edgar Robles ()

Revista de Ciencias Económicas, 2019, vol. 37, issue 1

Abstract: This article analyses some of the weaknesses found in the actuarial study of the biggest national pension fund named “Régimen de Invalidez, Vejez y Muerte” (IVM), performed by a team from the Mathematics School at the Universidad de Costa Rica (UCR). The paper conducts an analysis on the economically active population used by them, showing that this demographic data is initially underestimated. The paper also reviews the population generation model, stating the demographic incoherencies derived from a mistaken implementation of the associated Lexis diagram. Afterwards, the paper analyzes the assumptions implicit in the model, specifying how they affect the model results, and finally it gives some solutions to improve the accuracy of the forecasting. As a general conclusion, it is estimated that the results of the IVM study conducted by the UCR are biased and correspond to a pessimistic scenario.

Keywords: ACTUARIAL; PENSIONS; BACK-TESTING; ACTUARIAL; PENSIONES; BACK-TESTING (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2019
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