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Theoretical and Applied Economics
No. 2 / 2013 (579)

The effect of the Romanian pension market concentration on the magnitude of pension revenues

Vasile ROBU
Bucharest University of Economic Studies
Irina Daniela CIŞMAŞU
Bucharest University of Economic Studies
Maria Iuliana SANDU
Bucharest University of Economic Studies

Abstract. Pension valuation allows for the estimation of the pension revenue that employees are entitled to receive after retirement. The high level of concentration on the Romanian pension market affects the pension revenue employees are entitled to receive after retirement in that, on a long run, 20 – 30 years, the higher pension revenue is provided by the bigger pension funds (with a market share over 30%). This study explores the effect of pension market concentration on the magnitude of the pension revenue by employing an agent based simulation technique.

Keywords: private pensions; valuation; agent based simulations; Romania.

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