A Bivariate Duration Model of the Joint Retirement Decisions of Married Couples
AbstractWe analyze the retirement behaviour of married couples using a new bi-variate proportional hazard model. This model generalizes the traditional univariate duration analysis to include a family-wide joint retirement process that induces both spouses to retire at the same time. The model is flexible and allows three unknown baseline hazard functions to be nonparametrically estimated. Fitting this model to data from the Retirement History Longitudinal Survey (RHS) we quantify the importance of the incidence of joint retirement and test the existence and the symmetry of the effects of one spouse's retirement propensity. Our main empirical findings reveal strong associations between the retirement probabilities of the spouses. The effects of wages are significant and assymetric by gender. The reported assymetry by gender in the effect of spouse's health status on own retirement hazard is likely spurious due to specification error.
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Bibliographic InfoPaper provided by Centre for Labour Market and Social Research, Danmark- in its series Papers with number 99-10.
Length: 22 pages
Date of creation: 1999
Date of revision:
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Postal: Danmark; Centre for Labour Market and Social Research. Science Park Aarhus Wieds Vej 10C, 8000 Aarhus C, Danmark
Phone: +45 8942 2350
Fax: +45 8942 2365
Web page: http://www.cls.dk/
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HOUSEHOLD ; DECISION MAKING ; STATISTICAL ANALYSIS ; RETIREMENT;
Find related papers by JEL classification:
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis; Optimal Timing Strategies
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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