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Retirement Choices: New Evidence for Italy

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  • Michele Belloni

    ()
    (CeRP-Collegio Carlo Alberto, Turin)

  • Rob Alessie

    ()
    (University of Groningen)

Abstract

This study exploits a new dataset in order to quantify the effect of financial incentives on retirement choices. This dataset contains - for the first time in Italy - information on seniority. In accordance with the general finding in Gruber and Wise (2004), we find that financial incentives have an effect on retirement. The effect goes in the expected direction; when employees become eligible for pension benefits the change in financial incentives they experience is so high that their retirement probability increases in a sizable way. We also find that the procedure to impute seniority used in previous studies leads to a sizable measurement error. Due to this measurement error, the key parameters of the model are inconsistently estimated. Our sensitivity analysis suggests that the lack of appropriate information on seniority is an important reason for the unclear evidence so far obtained in retirement studies for Italy.

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Bibliographic Info

Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 73.

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Length: 38 pages
Date of creation: May 2008
Date of revision:
Handle: RePEc:crp:wpaper:73

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Related research

Keywords: retirement; social security wealth; seniority; unobserved heterogeneity.;

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Cited by:
  1. J. Ignacio García-Pérez & Sergi Jiménez-Martín & Alfonso R. Sánchez-Martín, 2010. "Retirement incentives, individual heterogeneity and labour transitions of employed and unemployed workers," Economics Working Papers 1239, Department of Economics and Business, Universitat Pompeu Fabra.
  2. C. Sofia Machado & Miguel Portela, 2011. "Hours of work and retirement behavior," NIPE Working Papers 02/2011, NIPE - Universidade do Minho.

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