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Pensions, the Option Value of Work, and Retirement

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Author Info
Stock, James H
Wise, David A

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Abstract

The effects of firm pension plan provisions on the retirement decisions of older employees are analyzed. The empirical results are based on data from a large firm, with a typical defined benefit pension plan. The "option value" of continued work is the central feature of the analysis. Estimation relies on a retirement decision rule that is close in spirit to the dynamic programming rule, but is considerably less complex than a comprehensive implementation of that rule, thus greatly facilitating the numerical analysis. Copyright 1990 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 58 (1990)
Issue (Month): 5 (September)
Pages: 1151-80
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Handle: RePEc:ecm:emetrp:v:58:y:1990:i:5:p:1151-80

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hausman, Jerry A & Wise, David A, 1980. "Discontinuous Budget Constraints and Estimation: The Demand for Housing," Review of Economic Studies, Blackwell Publishing, vol. 47(1), pages 75-96, January. [Downloadable!] (restricted)
  2. Burtless, Gary, 1986. "Social Security, Unanticipated Benefit Increases, and the Timing of Retirement," Review of Economic Studies, Blackwell Publishing, vol. 53(5), pages 781-805, October. [Downloadable!] (restricted)
  3. Olivia S. Mitchell & Gary S. Fields, 1981. "The Effects of Pensions and Earnings on Retirement: A Review Essay," NBER Working Papers 0772, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Berkovec, James & Stern, Steven, 1991. "Job Exit Behavior of Older Men," Econometrica, Econometric Society, vol. 59(1), pages 189-210, January. [Downloadable!] (restricted)
  5. Jonathan Feinstein & Daniel McFadden, 1987. "The Dynamics of Housing Demand by the Elderly: Wealth, Cash Flow, and Demographic Effects," NBER Working Papers 2471, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Alan L. Gustman & Thomas L. Steinmeier, 1986. "A Structural Retirement Model," NBER Working Papers 1237, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Burtless, Gary & Hausman, Jerry A, 1978. "The Effect of Taxation on Labor Supply: Evaluating the Gary Negative Income Tax Experiments," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1103-30, December. [Downloadable!] (restricted)
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  8. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May. [Downloadable!] (restricted)
  9. Jeremy I. Bulow, 1981. "Early Retirement Pension Benefits," NBER Working Papers 0654, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Laurence J. Kotlikoff & David A. Wise, 1987. "Labor Compensation and the Structure of Private Pension Plans: Evidencefor Contractual Versus Spot Labor Markets," NBER Working Papers 1290, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. John Rust, 1987. "A Dynamic Programming Model of Retirement Behavior," NBER Working Papers 2470, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Stock, J.H. & Wise, D.A., 1988. "The Pension Inducement To Retire: An Option Value Analysis," Papers e-88-29, Stanford - Hoover Institution.
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  13. Richard V. Burkhauser, 1980. "The early acceptance of social security: An asset maximization approach," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 33(4), pages 484-492, July.
  14. Diamond, P. A. & Hausman, J. A., 1984. "Individual retirement and savings behavior," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 81-114. [Downloadable!] (restricted)
  15. B. Douglas Bernheim, 1987. "Dissaving After Retirement: Testing the Pure Life Cycle Hypothesis," NBER Working Papers 1409, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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