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Work and Play Pave the Way: The Importance of Part Time Work in a Lifecycle Model

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  • Ricky Kanabar
  • Peter Simmons

Abstract

US males labour force behaviour shows lifecycle effects. We develop a lifecycle model of individual labour supply, with a single financial asset and non labour income. With widely used preferences, we derive the analytical form of the value function and optimal labour participation for any period, t. Consumption and savings switches its form as participation changes. A spell of part time work has strong implications for earlier decisions on participation, consumption, savings and the marginal value of leisure and wealth. We apply our framework to explain the increasing prevalence of non standard retirement noted in the literature.

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Bibliographic Info

Paper provided by Department of Economics, University of York in its series Discussion Papers with number 13/01.

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Date of creation: Jan 2013
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Handle: RePEc:yor:yorken:13/01

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Keywords: Lifecycle; Labour supply decision; Retirement; Unretirement;

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  1. Nicole Maestas, 2010. "Expectations and Realizations of Work after Retirement," Journal of Human Resources, University of Wisconsin Press, vol. 45(3).
  2. Merton, Robert C., 1971. "Optimum consumption and portfolio rules in a continuous-time model," Journal of Economic Theory, Elsevier, vol. 3(4), pages 373-413, December.
  3. Ricky Kanabar, 2012. "Unretirement in England: An empirical perspective," Discussion Papers 12/31, Department of Economics, University of York.
  4. Olivier Donni & Nicolas Moreau, 2005. "Collective Labor Supply: a Single-Equation Model and Some Evidence from French Data," Cahiers de recherche 0516, CIRPEE.
  5. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 87(6), pages 1261-84, December.
  6. Luisa Fuster & Gueorgui Kambourov & Andres Erosa, 2008. "The Heterogeneity and Dynamics of Individual Labor Supply over the Life-Cycle: Facts and Theory," 2008 Meeting Papers 529, Society for Economic Dynamics.
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