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Retirement in Italy and Norway

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Author Info

  • Colombino, Ugo

    ()
    (University of Turin, The Department of Economics Cognetti de Martiis)

  • Hernæs, Erik

    ()
    (Ragnar Frisch Centre for Economic Research)

  • Jia, Zhiyang

    ()
    (Dept. of Economics, University of Oslo)

  • Strom, Steinar

    ()
    (Dept. of Economics, University of Oslo)

Abstract

A structural model for retirement and employment based on a flexible, parametric utility function is developed. The model requires only cross section data and is estimated on survey data for Italy and register data for Norway. The estimates indicate that the preference structure among middle-aged Italian males and Norwegian males and females who are approaching retirement has strong similarities. The utility function estimates from a model with no consumption smoothing, seem more reasonable than estimates from a model with a perfect credit market. Policy simulations indicate a somewhat stronger response to cuts in pension benefits in Norway than in Italy.

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2003/Memo-10-2003.pdf
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Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 10/2003.

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Length: 49 pages
Date of creation: 21 Mar 2003
Date of revision:
Handle: RePEc:hhs:osloec:2003_010

Contact details of provider:
Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Email:
Web page: http://www.oekonomi.uio.no/indexe.html
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Related research

Keywords: Retirement; inter-temporal interpretation; estimates and policy; simulations; Italy; Norway;

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References

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  1. Aaberge, Rolf & Colombino, Ugo & Strom, Steinar, 1999. "Labour Supply in Italy: An Empirical Analysis of Joint Household Decisions, with Taxes and Quantity Constraints," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(4), pages 403-22, July-Aug..
  2. Alan L. Gustman & Thomas L. Steinmeier, 1986. "A Structural Retirement Model," NBER Working Papers 1237, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Michele Belloni & Rob Alessie, 2010. "Retirement Choices in Italy: What an Option Value Model tells us," Tinbergen Institute Discussion Papers 10-102/3, Tinbergen Institute.
  2. Roberto Leombruni & Matteo Richiardi, 2006. "LABORsim: an Agent-Based Microsimulation of Labour Supply. An Application to Italy," LABORatorio R. Revelli Working Papers Series 46, LABORatorio R. Revelli, Centre for Employment Studies.
  3. Maria I. Marika Santoro, 2006. "Early Announcement of a Public Pension Reform in Italy: Working Paper 2006-01," Working Papers 17588, Congressional Budget Office.

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