Paul Bingley (Economics Department, Aarhus School of Business) Gauthier Lanot () (Keele University, Centre for Economic Research and School of Economic and Management Studies)
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In this paper we study the economic determinants of the joint retirement process of married couples. We propose a tractable dynamic discrete choice model for retirement decisions which allows for non-trivial saving behaviour. We estimate the model on a 1\% sample of Danish couples of potential retirement age drawn from a population-based administrative register. The introduction and subsequent reforms of a publicly financed early-retirement programme provide us with variation in the data to ensure identification of the the elasticities of participation/retirement with respect to income flows. Our estimates imply a significant asymmetry in the sensitivity of retirement behaviour of men and women with respect to variation in their own, or their spouse’s income flows.
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Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number
KERP 2006/20.
Length: 35 pages Date of creation: Oct 2006 Date of revision: Handle: RePEc:kee:kerpuk:2006/20
Note: The Danish Social Sciences Research Council (24-02-0064) and UK Economic and Social Research Council (RES-000-27-0200) provided funding. This paper has benefited from comments received from workshop participants in CAM Copenhagen, RES Nottingham and TAPES Uppsala, especially Martin Browning, Jim Poterba, Arthur Van Soest and Ian Walker. The usual disclaimer applies. Contact details of provider: Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom Phone: +44 (0)1782 584581 Fax: +44 (0)1782 717577 Email: Web page: http://www.keele.ac.uk/depts/ec/cer/ More information through EDIRC
Order Information: Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom Email: Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm
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Find related papers by JEL classification: J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models
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