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Pension Choices And Job Mobility In The Uk

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  • Vincenzo Andrietti

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    Abstract

    Using data from the British Household Panel Survey we analyze the impact of second tier pension schemes on voluntary job mobility within a discrete time hazard rate modelling framework. We find that workers covered by occupational pension plans have significantly lower quit rates, independently of their participation decision. Contrary to common policy suggestions, pension portability losses are not important in explaining quits. However, when we account for occupational pensions' endogeneity through instrumental variables, we find that their negative impact on quit hazards is due to "selection on unobservables".

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    File URL: http://docubib.uc3m.es/WORKINGPAPERS/WE/we043713.pdf
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    Bibliographic Info

    Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we043713.

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    Date of creation: Jul 2004
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    Handle: RePEc:cte:werepe:we043713

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    1. Mallar, Charles D, 1977. "The Estimation of Simultaneous Probability Models," Econometrica, Econometric Society, vol. 45(7), pages 1717-22, October.
    2. Jenkins, Stephen P, 1995. "Easy Estimation Methods for Discrete-Time Duration Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(1), pages 129-38, February.
    3. Henley, Andrew & Disney, Richard & Carruth, Alan, 1994. "Job Tenure and Asset Holdings," Economic Journal, Royal Economic Society, vol. 104(423), pages 338-49, March.
    4. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1988. "Why Do Pensions Reduce Mobility?," NBER Working Papers 2509, National Bureau of Economic Research, Inc.
    5. Ippolito, Richard A, 1985. "The Labor Contract and True Economic Pension Liabilities," American Economic Review, American Economic Association, vol. 75(5), pages 1031-43, December.
    6. Alan Gustman & Thomas Steinmeier, 1990. "Pension Portability and Labor Mobility: Evidence From the Survey of Income and Program Participation," NBER Working Papers 3525, National Bureau of Economic Research, Inc.
    7. Richard A. Ippolito, 1991. "Encouraging long-term tenure: Wage tilt or pensions?," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 44(3), pages 520-535, April.
    8. Mealli, Fabrizia & Pudney, Stephen, 1996. "Occupational Pensions and Job Mobility in Britain: Estimation of a Random-Effects Competing Risks Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(3), pages 293-320, May-June.
    9. Richard Disney & Carl Emmerson, 2002. "Choice of pension scheme and job mobility in Britain," IFS Working Papers W02/09, Institute for Fiscal Studies.
    10. Narendranathan, W. & Stewart, M.B., 1989. "Modelling The Probability Of Leaving Unemployment: Competing Risks Models With Flexible Baseline Hazards," The Warwick Economics Research Paper Series (TWERPS) 331, University of Warwick, Department of Economics.
    11. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1993. "Pensions, Bonding, and Lifetime Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 28(3), pages 463-481.
    12. Sueyoshi, Glenn T, 1995. "A Class of Binary Response Models for Grouped Duration Data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(4), pages 411-31, Oct.-Dec..
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    Cited by:
    1. Birgitta Rabe, 2007. "Occupational Pensions, Wages, And Job Mobility In Germany," Scottish Journal of Political Economy, Scottish Economic Society, vol. 54(4), pages 531-552, 09.

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