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Public pension programmes and the retirement of married couples in Denmark

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  • Bingley, Paul
  • Lanot, Gauthier

Abstract

In this paper we study the economic determinants of the joint retirement process of married couples. We propose a tractable dynamic discrete choice model for retirement decisions which allows for non-trivial saving behaviour. We estimate the model on a 1\% sample of Danish couples of potential retirement age drawn from a population-based administrative register. The introduction and subsequent reforms of a publicly financed early-retirement programme provide us with variation in the data to ensure identification of the the elasticities of participation/retirement with respect to income flows. Our estimates imply a significant asymmetry in the sensitivity of retirement behaviour of men and women with respect to variation in their own, or their spouse’s income flows.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Public Economics.

Volume (Year): 91 (2007)
Issue (Month): 10 (November)
Pages: 1878-1901

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Handle: RePEc:eee:pubeco:v:91:y:2007:i:10:p:1878-1901

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Web page: http://www.elsevier.com/locate/inca/505578

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  1. Berkovec, James & Stern, Steven, 1991. "Job Exit Behavior of Older Men," Econometrica, Econometric Society, vol. 59(1), pages 189-210, January.
  2. Mark Y. An & Bent Jesper Christensen & Nabanita Datta Gupta, 2004. "Multivariate mixed proportional hazard modelling of the joint retirement of married couples," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 687-704.
  3. Alan L. Gustman & Thomas L. Steinmeier, 2001. "Social Security, Pensions and Retirement Behavior Within the Family," Working Papers wp018, University of Michigan, Michigan Retirement Research Center.
  4. Blau, David M, 1998. "Labor Force Dynamics of Older Married Couples," Journal of Labor Economics, University of Chicago Press, vol. 16(3), pages 595-629, July.
  5. Michaud, Pierre-Carl & Vermeulen, Frederic, 2004. "A Collective Retirement Model: Identification and Estimation in the Presence of Externalities," IZA Discussion Papers 1294, Institute for the Study of Labor (IZA).
  6. Mauro Mastrogiacomo & Rob Alessie & Maarten Lindeboom, 2004. "Retirement behaviour of Dutch elderly households," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 777-793.
  7. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521766555.
  8. Martin Browning & S¯ren Leth-Petersen, 2003. "Imputing consumption from income and wealth information," Economic Journal, Royal Economic Society, vol. 113(488), pages F282-F301, 06.
  9. Gustman, Alan L & Steinmeier, Thomas L, 2000. "Retirement in Dual-Career Families: A Structural Model," Journal of Labor Economics, University of Chicago Press, vol. 18(3), pages 503-45, July.
  10. Blau, David M., 1997. "Social security and the labor supply of older married couples," Labour Economics, Elsevier, vol. 4(4), pages 373-418, December.
  11. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Personal Accounts and Family Retirement," NBER Working Papers 10305, National Bureau of Economic Research, Inc.
  12. John Rust & Christopher Phelan, 1997. "How Social Security and Medicare Affect Retirement Behavior in a World of Incomplete Markets," Econometrica, Econometric Society, vol. 65(4), pages 781-832, July.
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Cited by:
  1. Kristensen, Nicolai, 2012. "Training and Retirement," IZA Discussion Papers 6301, Institute for the Study of Labor (IZA).
  2. Fouarge D. & Grip A. de & Montizaan R.M., 2013. "How sensitive are individual retirement expectations to raising the retirement age?," ROA Research Memorandum 006, Maastricht University, Research Centre for Education and the Labour Market (ROA).

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