When They're Sixty-Four: Peer Effects and the Timing of Retirement
AbstractThis paper examines the effect of peers on an individual's likelihood of retirement using an administrative dataset of all retirement-eligible Los Angeles teachers for the years 1998-2001. We use two large unexpected pension reforms that differentially impacted financial incentives within and across schools to construct an instrument for others' retirement decisions. Controlling for individual and school characteristics, we find that the retirement of an additional teacher in the previous year at the same school increases a teacher's own likelihood of retirement by 1.5-2 percentage points. We then explore some possible mechanisms through which this effect operates. (JEL H75, I21, J14, J26, J45)
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Journal: Applied Economics.
Volume (Year): 4 (2012)
Issue (Month): 3 (July)
Find related papers by JEL classification:
- H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
- I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
- J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
- J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets
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- Maria D. Fitzpatrick & Michael Lovenheim, 2013.
"Early Retirement Incentives and Student Achievement,"
CESifo Working Paper Series
4347, CESifo Group Munich.
- Maria D. Fitzpatrick & Michael F. Lovenheim, 2013. "Early Retirement Incentives and Student Achievement," NBER Working Papers 19281, National Bureau of Economic Research, Inc.
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