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Multivariate mixed proportional hazard modelling of the joint retirement of married couples

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Author Info
Mark Y. An (Fannie Mae, Washington, DC, USA)
Bent Jesper Christensen (School of Economics and Management, University of Aarhus, Denmark)
Nabanita Datta Gupta (Department of Economics, Aarhus School of Business, Prismet, Denmark)

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Abstract

We analyse the joint distribution of the durations until retirement of Danish husbands and wives. We estimate a multivariate mixed proportional hazards model that allows for interdependence in the times to retirement of spouses. We find evidence of strong complementarities in leisure times. Symmetrically for husband and wife, low own income and poor health are found to induce individual retirement (prior to spouse's retirement), whereas low spousal income is not, and neither party is found likely to substitute own for purchased care when the spouse is in poor health. Furthermore, high wealth and low income are found to spur joint (simultaneous) retirement. Copyright © 2004 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.783
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 19 (2004)
Issue (Month): 6 ()
Pages: 687-704
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Handle: RePEc:jae:japmet:v:19:y:2004:i:6:p:687-704

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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. Meyer, Bruce D, 1990. "Unemployment Insurance and Unemployment Spells," Econometrica, Econometric Society, vol. 58(4), pages 757-82, July. [Downloadable!] (restricted)
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  2. 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. [Downloadable!] (restricted)
  3. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June. [Downloadable!] (restricted)
  4. Pozzebon, Silvana & Mitchell, Olivia S, 1989. "Married Women's Retirement Behavior," Journal of Population Economics, Springer, vol. 2(1), pages 39-53.
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  1. Hernæs, Erik & Iskhakov, Fedor & Strøm, Steinar, 2006. "Early Retirement and Company Characteristics," Memorandum 16/2006, Oslo University, Department of Economics. [Downloadable!]
  2. Herman J. Bierens & Jose R. Carvalho, 2007. "Semi-nonparametric competing risks analysis of recidivism," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(5), pages 971-993. [Downloadable!]
  3. Monika Bütler & Olivia Huguenin & Federica Teppa, 2005. "Why Forcing People to Save Retirement May Backfire," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 05.05, Université de Lausanne, Faculté des HEC, DEEP. [Downloadable!]
  4. Paul Bingley & Gauthier Lanot, 2006. "Public Pension Programmes and the Retirement of Married Couples in Denmark," Keele Economics Research Papers KERP 2006/20, Centre for Economic Research, Keele University. [Downloadable!]
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  5. Monika Bütler & Olivia Huguenin & Federica Teppa, 2005. "What Triggers Early Retirement? Results from Swiss Pension Funds," DNB Working Papers 041, Netherlands Central Bank, Research Department. [Downloadable!]
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  6. Monika Bütler & Olivia Huguenin & Federica Teppa, 2005. "Why Forcing People to Save for Retirement may Backfire," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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