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Retirement in Non-Cooperative and Cooperative Families

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  • Erik Hernæs
  • Zhiyang Jia
  • Steinar Strøm

Abstract

Models that allow for non-cooperative as well as cooperative behavior of families are estimated on data from Norway in 1993 and 1994. The husband is eligible for early retirement while the wife is not. The models aim at explaining labor supply behavior of married couples the first twelve months after the husband became eligible for early retirement. Estimates and predictions derived from the different models are compared. Yet, no definite conclusion is reached with respect to what model is best at explaining the observed behavior. The models are employed to simulate the impacts on labor supply of taxing pension income the same way as labor income. We find that that this change of the tax system may reduce the propensity to retire early considerably.

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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 476.

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Date of creation: 2001
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Handle: RePEc:ces:ceswps:_476

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Keywords: Family labor supply; retirement; econometric models; policy simulations;

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References

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  1. Lumsdaine, Robin L. & Mitchell, Olivia S., 1999. "New developments in the economic analysis of retirement," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 49, pages 3261-3307 Elsevier.
  2. Michael D. Hurd, 1988. "The Joint Retirement Decision of Husbands and Wives," NBER Working Papers 2803, National Bureau of Economic Research, Inc.
  3. Kooreman, Peter, 1994. "Estimation of Econometric Models of Some Discrete Games," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 9(3), pages 255-68, July-Sept.
  4. Hernaes, Erik & Sollie, Marte & Strom, Steinar, 2000. " Early Retirement and Economic Incentives," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 481-502, June.
  5. 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.
  6. Hiedemann, Bridget, 1998. "A Stackelberg model of Social Security acceptance decisions in dual career households," Journal of Economic Behavior & Organization, Elsevier, vol. 34(2), pages 263-278, February.
  7. Kapteyn, A.J. & Kooreman, P., 1992. "Household labor supply: What kind of data can tell us how many decision makers there are?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-364382, Tilburg University.
  8. Bourguignon, F. & Chiappori, P-A., 1991. "Collective Models of Household Behaviour: An Introduction," DELTA Working Papers 91-29, DELTA (Ecole normale supérieure).
  9. Chiappori, Pierre-Andre, 1991. "Nash-Bargained Household Decisions: A Rejoinder," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 761-62, August.
  10. James J. Heckman, 1977. "Dummy Endogenous Variables in a Simultaneous Equation System," NBER Working Papers 0177, National Bureau of Economic Research, Inc.
  11. Chiappori, Pierre-Andre, 1988. "Nash-Bargained Households Decisions: A Comment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(4), pages 791-96, November.
  12. Kooreman, P., 1994. "Estimation of econometric models of some discrete games," Open Access publications from Tilburg University urn:nbn:nl:ui:12-377584, Tilburg University.
  13. Vuong, Quang H, 1989. "Likelihood Ratio Tests for Model Selection and Non-nested Hypotheses," Econometrica, Econometric Society, vol. 57(2), pages 307-33, March.
  14. Bresnahan, Timothy F. & Reiss, Peter C., 1991. "Empirical models of discrete games," Journal of Econometrics, Elsevier, vol. 48(1-2), pages 57-81.
  15. Blau, David M., 1997. "Social security and the labor supply of older married couples," Labour Economics, Elsevier, vol. 4(4), pages 373-418, December.
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Cited by:
  1. Jia, Zhiyang, 2003. "A Mixture Model of Household Retirement Choice," Memorandum 04/2003, Oslo University, Department of Economics.
  2. Zhiyang Jia, 2005. "Labor Supply of Retiring Couples and Heterogeneity in Household Decision-Making Structure," Discussion Papers 404, Research Department of Statistics Norway.
  3. Iskhakov, Fedor, 2008. "Dynamic Programming Model of Health and Retirement," Memorandum 03/2008, Oslo University, Department of Economics.
  4. Zhiyang Jia, 2005. "Spousal Influence on Early Retirement Behavior," Discussion Papers 406, Research Department of Statistics Norway.
  5. Zhiyang Jia, 2005. "Retirement Behavior of Working Couples in Norway. A Dynamic Programming Approach," Discussion Papers 405, Research Department of Statistics Norway.

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