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Retirement in a Life Cycle Model of Labor Supply with Home Production

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  • Richard Rogerson

    (Arizona State University)

  • Johanna Wallenius

    (Arizona State University)

Abstract

We analyze the forces that can generate retirement in different versions of standard life cycle models of labor supply. While nonconvexities in production can generate retirement, we show that the size of nonconvexities needed increases sharply as the intertemporal elasticity of substitution for labor decreases. In a model with home production, we show that these models imply a large increase in time devoted to home production at retirement. This is contrary to what is found in the ATUS data. We suggest that nonconvexities in the enjoyment of leisure time may be a promising alternative feature to generate retirement.

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Bibliographic Info

Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp205.

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Length: 60 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:mrr:papers:wp205

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Cited by:
  1. Julian Diaz Saavedra, 2013. "Age-dependent Taxation, Retirement Behavior, and Work Hours Over the Life Cycle," ThE Papers 13/09, Department of Economic Theory and Economic History of the University of Granada..
  2. Eric French & John Bailey Jones, 2004. "The Effects of Health Insurance and Self-Insurance on Retirement Behavior," Working Papers, Center for Retirement Research at Boston College wp2004-12, Center for Retirement Research, revised Apr 2004.
  3. Michael Dotsey & Wenli Li & Fang Yang, 2012. "Home production and Social Security reform," Working Papers 12-5, Federal Reserve Bank of Philadelphia.

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