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)
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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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Paper provided by Oslo University, Department of Economics in its series Memorandum with number
10/2003.
Find related papers by JEL classification: D10 - Microeconomics - - Household Behavior - - - General H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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