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Estimación de un modelo estructural para las decisiones de retiro en Uruguay

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  • Alvaro Forteza

    ()
    (Departamento de Economía, Facultad de Ciencias Sociales, Universidad de la República)

  • Graciela Sanromán

    ()
    (Departamento de Economía, Facultad de Ciencias Sociales, Universidad de la República)

Abstract

In this paper we estimate a structural model for retirement behavior using data on labor history of public employees in Uruguay. We use a modied version of the model proposed by Jimenez-Martin and Sánchez-Martin (2007) adjusted to the uruguayan case. The estimated coeffcient of relative risk aversion is around 2, indicating that agents are moderately risk-averse. Evidence also indicate that the probability of retire is greater for those who have less propensity to contribute and increases for women and older people. Finally, simulations show a very low sensitivity of the age of retirement to policy changes.

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Bibliographic Info

Paper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 2411.

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Length: 31 pages
Date of creation: Sep 2011
Date of revision:
Handle: RePEc:ude:wpaper:2411

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  1. Siu Fai Leung, 2000. "Why Do Some Households Save So Little? A Rational Explanation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 771-800, October.
  2. Forteza, Alvaro & Apella, Ignacio & Fajnzylber, Eduardo & Grushka, Carlos & Rossi, Ianina & Sanroman, Graciela, 2009. "Work histories and pension entitlements in Argentina, Chile and Uruguay," Social Protection Discussion Papers 52446, The World Bank.
  3. Leung, S.F., 1992. "Uncertain Lifetime, the Theory of the Consumer, and the Life Cycle Hypothesis," RCER Working Papers 323, University of Rochester - Center for Economic Research (RCER).
  4. Sergi Jiménez-Martín & Alfonso R. Sánchez, 2003. "An evaluation of the life-cycle effects of minimum pensions on retirement behavior," Economics Working Papers 715, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2006.
  5. Fabel, Oliver, 1994. "Social security, optimal retirement, and savings," European Journal of Political Economy, Elsevier, vol. 10(4), pages 783-802, December.
  6. Crawford, Vincent P & Lilien, David M, 1981. "Social Security and the Retirement Decision," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 96(3), pages 505-29, August.
  7. Marisa Bucheli & Alvaro Forteza & Ianina Rossi, 2007. "Work history and the access to contributory pensions. The case of Uruguay," Documentos de Trabajo (working papers), Department of Economics - dECON 1607, Department of Economics - dECON.
  8. Gary Burtless & Joseph F. Quinn, 2000. "Retirement Trends and Policies to Encourage Work Among Older Americans," Boston College Working Papers in Economics 436, Boston College Department of Economics.
  9. Ignacio Alvarez & Natalia da Silva & Alvaro Forteza & Ianina Rossi, 2009. "El retiro de los trabajadores uruguayos y la seguridad social," Documentos de Trabajo (working papers), Department of Economics - dECON 2409, Department of Economics - dECON.
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