Random savings operations

• María del Carmen Valls Martínez ^[1] ; Salvador Cruz Rambaud ^[1] ; Emilio Abad Segura ^[1]
  1. [1] Universidad de Almería

     Universidad de Almería

     Almería, España

     
• Localización: Los nuevos desafíos a la integración en la economía mundial / coord. por Jaime de Pablo Valenciano, Juan Uribe Toril, 2019, ISBN 978-84-17261-59-7, págs. 152-152
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • OBJECTIVES: The aim of this manuscript is to propose a savings operation which includes the randomness derived from the contingencies which suppose the eventual but unpredictable death of the saver and a person designated by him to receive the final agreed amount. THEORETICAL FRAMEWORK: The progressive aging of the population is suggesting that public pension plans should be increasingly supplemented by private savings schemes. Accordingly, this supposes the appearance of a wide range of innovative savings products to meet the varying needs of savers and financial institutions. Savings operations contracted in practice are non-random, that is to say, all amounts involved in the transaction are certain as well as their respective maturities. METHODOLOGY: We have combined the traditional financial mathematic with statistics to develop our proposal. RESULTS: The main novelty of our proposal is that these contingencies affect the periodic deposits in each period from the first to the last maturities of installments. Moreover, the different parameters of such random transactions are defined. The proposed model extends the range of savings products by describing an actual innovation with new practical applications with respect to the traditional models of saving.