The Timing of Retirement and Social Security Reforms: Measuring Individual Welfare Changes
AbstractWe develop a compensating variation (CV) measure of individual welfare change from reforms of social security schemes. Within a random utility framework for modeling the individual retirement decision (e.g. the "option value" or dynamic programing models), this measure takes the individual timing of retirement as a response to the reform into account. In the empirical part of the paper an option value model is estimated using Swedish panel data. This model is then used to simulate the effect of a hypothetical reform of Sweden's income security system where eligibility to pensions are delayed by three years. The individual welfare measure is used to assess the overall welfare change as well as the distributional effects.
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Bibliographic InfoPaper provided by Institute for Futures Studies in its series Arbetsrapport with number 2002:8.
Length: 50 pages
Date of creation: 20 Mar 2002
Date of revision:
Note: ISBN 91-89655-27-3
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retirement behaviour; social security reforms;
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- I00 - Health, Education, and Welfare - - General - - - General
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- Anders Karlstrom & Marten Palme & Ingemar Svensson, 2004. "A dynamic programming approach to model the retirement behaviour of blue-collar workers in Sweden," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 795-807.
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