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Un caso curioso es el de los fondos garantizados, que normalmente se construyen comprando un bono cupón cero y una opción. Básicamente, la rentabilidad del bono asegura la protección del capital, y con aquella rentabilidad “extra” que ofrece el bono sobre el capital invertido se paga la prima de la opción.
Guaranteed funds are a curious case. They are typically built by buying a zero coupon bond and a call option. Basically, the bond yield ensures the capital protection, and the “extra” return the bond offers on the invested capital is used to pay the option premium. In a context of very low interest rates, bond yields can be so small that it becomes impossible to launch products that guarantee 100% of the principal, leading many institutions to turn instead to products offering partial guarantees (e.g., 80%).
  Ciencias del comportami...  
El premio Nobel Daniel Kahneman descubrió, básicamente, que, cuando le das a alguien una cantidad de algo –dinero, viaje, comida, bono en el trabajo…–, experimenta cierta cantidad de placer subjetivo.
Another important point is that whether something objective is experienced as positive or negative depends very much on a person’s frame of reference. For example, if you give an employee a 10.000€ bonus, they could interpret that as a wonderful thing and be very happy. But if they find out that a colleague got a 15.000€ bonus, now all of a sudden this bonus is no longer 10.000€; it’s negative 5.000€. So they’re on the other side of the positive-negative curve. So in the world of gains and losses, what people experience psychologically is very subjective.
  Inflación o deflación: ...  
Un caso curioso es el de los fondos garantizados, que normalmente se construyen comprando un bono cupón cero y una opción. Básicamente, la rentabilidad del bono asegura la protección del capital, y con aquella rentabilidad “extra” que ofrece el bono sobre el capital invertido se paga la prima de la opción.
Guaranteed funds are a curious case. They are typically built by buying a zero coupon bond and a call option. Basically, the bond yield ensures the capital protection, and the “extra” return the bond offers on the invested capital is used to pay the option premium. In a context of very low interest rates, bond yields can be so small that it becomes impossible to launch products that guarantee 100% of the principal, leading many institutions to turn instead to products offering partial guarantees (e.g., 80%).
  Inflación o deflación: ...  
Un caso curioso es el de los fondos garantizados, que normalmente se construyen comprando un bono cupón cero y una opción. Básicamente, la rentabilidad del bono asegura la protección del capital, y con aquella rentabilidad “extra” que ofrece el bono sobre el capital invertido se paga la prima de la opción.
Guaranteed funds are a curious case. They are typically built by buying a zero coupon bond and a call option. Basically, the bond yield ensures the capital protection, and the “extra” return the bond offers on the invested capital is used to pay the option premium. In a context of very low interest rates, bond yields can be so small that it becomes impossible to launch products that guarantee 100% of the principal, leading many institutions to turn instead to products offering partial guarantees (e.g., 80%).
  Ciencias del comportami...  
Otro punto importante es que algo objetivo puede ser experimentado como positivo o negativo dependiendo en gran medida del marco de referencia. Por ejemplo, si le das a un empleado un bono de 10.000 euros, puede interpretarlo como algo maravilloso y sentirse muy feliz.
Taken together, these findings shed light on why people resist change. Because negative things have roughly two to three times the impact on us as positive things, for people to be willing to make a change, the positives of the proposed change have to outweigh the negatives by a factor of about two or three. Unfortunately, that’s not always easy to do when you’re proposing a change, because people are already doing something a certain way, and they often frame situations mentally more in terms of the tangible costs of what they give up, and less in terms of the often less tangible benefits that might be gained.
  Inflación o deflación: ...  
Un caso curioso es el de los fondos garantizados, que normalmente se construyen comprando un bono cupón cero y una opción. Básicamente, la rentabilidad del bono asegura la protección del capital, y con aquella rentabilidad “extra” que ofrece el bono sobre el capital invertido se paga la prima de la opción.
Guaranteed funds are a curious case. They are typically built by buying a zero coupon bond and a call option. Basically, the bond yield ensures the capital protection, and the “extra” return the bond offers on the invested capital is used to pay the option premium. In a context of very low interest rates, bond yields can be so small that it becomes impossible to launch products that guarantee 100% of the principal, leading many institutions to turn instead to products offering partial guarantees (e.g., 80%).
  Ciencias del comportami...  
Otro punto importante es que algo objetivo puede ser experimentado como positivo o negativo dependiendo en gran medida del marco de referencia. Por ejemplo, si le das a un empleado un bono de 10.000 euros, puede interpretarlo como algo maravilloso y sentirse muy feliz.
Taken together, these findings shed light on why people resist change. Because negative things have roughly two to three times the impact on us as positive things, for people to be willing to make a change, the positives of the proposed change have to outweigh the negatives by a factor of about two or three. Unfortunately, that’s not always easy to do when you’re proposing a change, because people are already doing something a certain way, and they often frame situations mentally more in terms of the tangible costs of what they give up, and less in terms of the often less tangible benefits that might be gained.