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Valuing jobs via retirement: European evidence

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Author Info
Andrew E. Clark
Yarine Fawaz

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Abstract

While much has been made of the value of employment relative to unemployment, much less is known about the value of work relative to retirement. We here use two European panel datasets to first show that psychological well-being (measured on the EURO-D and GHQ scales) barely changes on average when individuals retire. However, there is a great deal of heterogeneity in the size of the change between job type and between individuals. Some gain on leaving work, while others experience substantial falls in well-being on retiring, suggesting that they may have preferred to carry on working. We suggest that the results of these analyses can help to inform policy aiming to encourage labour supply by older workers.

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Paper provided by PSE (Ecole normale supérieure) in its series PSE Working Papers with number 2009-18.

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Date of creation: 2009
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Handle: RePEc:pse:psecon:2009-18

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  1. Keith A. Bender, 2004. "The Well-Being of Retirees: Evidence Using Subjective Data," Working Papers, Center for Retirement Research at Boston College 2004-24, Center for Retirement Research. [Downloadable!]
  2. Andrew E. Clark & Paul Frijters & Michael A. Shields, 2008. "Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," Journal of Economic Literature, American Economic Association, vol. 46(1), pages 95-144, March.
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  3. David G. Blanchflower & Andrew Oswald, 2007. "Is Well-being U-Shaped over the Life Cycle?," NBER Working Papers 12935, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, 07. [Downloadable!] (restricted)
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  5. Clark, Andrew E. & Oswald, Andrew J. & Warr, Peter B., 1994. "Is job satisfaction u-shaped in age ?," CEPREMAP Working Papers (Couverture Orange) 9407, CEPREMAP.
  6. Coe, N.B. & Lindeboom, M., 2008. "Does Retirement Kill You? Evidence from Early Retirement Windows," Discussion Paper 2008-93, Tilburg University, Center for Economic Research. [Downloadable!]
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  7. Andrew E. Clark, 2005. "Your Money or Your Life: Changing Job Quality in OECD Countries," British Journal of Industrial Relations, Blackwell Publishers Ltd/London School of Economics, vol. 43(3), pages 377-400, 09. [Downloadable!] (restricted)
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  8. Andrew E. Clark, 2009. "Work, Jobs and Well-Being across the Millennium," OECD Social, Employment and Migration Working Papers 83, OECD, Directorate for Employment, Labour and Social Affairs. [Downloadable!]
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  9. Levy-Garboua, Louis & Montmarquette, Claude & Simonnet, Veronique, 2007. "Job satisfaction and quits," Labour Economics, Elsevier, vol. 14(2), pages 251-268, April. [Downloadable!] (restricted)
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  10. Luis Angeles, 2009. "Adaption and anticipation effects to life events in the United Kingdom," Working Papers 2009_08, Department of Economics, University of Glasgow. [Downloadable!]
  11. Dhaval Dave & R. Inas Rashad & Jasmina Spasojevic, 2008. "The Effects of Retirement on Physical and Mental Health Outcomes," Southern Economic Journal, Southern Economic Association, vol. 75(2), pages 497-523, October.
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  12. Rafael Di Tella & Robert J. MacCulloch & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March. [Downloadable!] (restricted)
  13. Charles Brown, 2002. "Early Retirement Windows," Working Papers wp028, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
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  14. Viola Angelini & Danilo CAVAPOZZI & Luca CORAZZINI & Omar PACCAGNELLA, 2009. "Do Danes and Italians Rate Life Satisfaction in the Same Way? Using Vignettes to Correct for Individual-Specific Scale Biases," "Marco Fanno" Working Papers 0090, Dipartimento di Scienze Economiche "Marco Fanno". [Downloadable!]
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  15. Hendrik Jürges, 2007. "True health vs response styles: exploring cross-country differences in self-reported health," Health Economics, John Wiley & Sons, Ltd., vol. 16(2), pages 163-178. [Downloadable!]
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  16. Philip Stevens, 2005. "The job satisfaction of English academics and their intentions to quit academe," Labor and Demography 0512005, EconWPA. [Downloadable!]
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  17. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May. [Downloadable!] (restricted)
  18. Blanchflower, D.G. & Oswald, A., 1991. "What Makes an Entrepreneur?," Economics Series Working Papers 99125, University of Oxford, Department of Economics.
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  19. Elder, Harold W. & Rudolph, Patricia M., 1999. "Does retirement planning affect the level of retirement satisfaction?," Financial Services Review, Elsevier, vol. 8(2), pages 117-127. [Downloadable!] (restricted)
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