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Interdependent Durations in Joint Retirement

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  • Bo Honoré
  • Áureo de Paula

Abstract

In this paper, we use a novel duration model to study joint retirement in married couples using the Health and Retirement Study. Whereas conventionally used models cannot account for joint retirement, our model admits joint retirement with positive probability and nests the traditional proportional hazards model. In contrast to other statistical models for simultaneous durations, it is based on Nash bargaining and is interpretable as an economic behavior model. Our estimation strategy relies on indirect inference.

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File URL: http://crr.bc.edu/working-papers/interdependent-durations-in-joint-retirement/
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Bibliographic Info

Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2011-5.

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Length: 29 pages
Date of creation: Feb 2011
Date of revision: Feb 2011
Publication status: Published on the Center for Retirement Research website
Handle: RePEc:crr:crrwps:wp2011-5

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References

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  1. Pierre-André Chiappori & Olivier Donni & Ivana Komunjer, 2012. "Learning from a Piece of Pie," Review of Economic Studies, Oxford University Press, vol. 79(1), pages 162-195.
  2. Alan L. Gustman & Thomas Steinmeier, 2009. "Integrating Retirement Models," NBER Working Papers 15607, National Bureau of Economic Research, Inc.
  3. Trivedi, Pravin K. & Zimmer, David M., 2007. "Copula Modeling: An Introduction for Practitioners," Foundations and Trends(R) in Econometrics, now publishers, now publishers, vol. 1(1), pages 1-111, April.
  4. 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., John Wiley & Sons, Ltd., vol. 19(6), pages 687-704.
  5. Blau, David M, 1998. "Labor Force Dynamics of Older Married Couples," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 16(3), pages 595-629, July.
  6. repec:att:wimass:9127 is not listed on IDEAS
  7. Aureo de Paula, 2004. "Inference in a Synchronization Game with Social Interactions," PIER Working Paper Archive 07-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 May 2007.
  8. Valerie Lechene & Martin Browning, 2004. "Collective and unitary models: a clarification," Economics Series Working Papers, University of Oxford, Department of Economics 191, University of Oxford, Department of Economics.
  9. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 18(2), pages 155-162, April.
  10. Courtney C. Coile, 2004. "Health Shocks and Couples' Labor Supply Decisions," NBER Working Papers 10810, National Bureau of Economic Research, Inc.
  11. Gustman, Alan L & Steinmeier, Thomas L, 2000. "Retirement in Dual-Career Families: A Structural Model," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 18(3), pages 503-45, July.
  12. Ridder, Geert, 1990. "The Non-parametric Identification of Generalized Accelerated Failure-Time Models," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 57(2), pages 167-81, April.
  13. Magnac, Thierry & Robin, Jean-Marc & Visser, Michael, 1995. "Analysing Incomplete Individual Employment Histories Using Indirect Inference," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 10(S), pages S153-69, Suppl. De.
  14. Chiappori, Pierre-Andre, 1992. "Collective Labor Supply and Welfare," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 100(3), pages 437-67, June.
  15. Manski, Charles F, 1993. "Identification of Endogenous Social Effects: The Reflection Problem," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 60(3), pages 531-42, July.
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Cited by:
  1. Laura Hospido & Gema Zamarro, 2013. "Retirement patterns of couples in Europe," Banco de Espa�a Working Papers, Banco de Espa�a 1317, Banco de Espa�a.

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