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Multivariate mixed proportional hazard modelling of the joint retirement of married couples

Author

Listed:
  • Mark Y. An

    (Fannie Mae, Washington, DC, USA)

  • Bent Jesper Christensen

    (School of Economics and Management, University of Aarhus, Denmark)

  • Nabanita Datta Gupta

    (Department of Economics, Aarhus School of Business, Prismet, Denmark)

Abstract

We analyse the joint distribution of the durations until retirement of Danish husbands and wives. We estimate a multivariate mixed proportional hazards model that allows for interdependence in the times to retirement of spouses. We find evidence of strong complementarities in leisure times. Symmetrically for husband and wife, low own income and poor health are found to induce individual retirement (prior to spouse's retirement), whereas low spousal income is not, and neither party is found likely to substitute own for purchased care when the spouse is in poor health. Furthermore, high wealth and low income are found to spur joint (simultaneous) retirement. Copyright © 2004 John Wiley & Sons, Ltd.

Suggested Citation

  • Mark Y. An & Bent Jesper Christensen & Nabanita Datta Gupta, 2004. "Multivariate mixed proportional hazard modelling of the joint retirement of married couples," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 687-704.
  • Handle: RePEc:jae:japmet:v:19:y:2004:i:6:p:687-704 DOI: 10.1002/jae.783
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    References listed on IDEAS

    as
    1. Meyer, Bruce D, 1990. "Unemployment Insurance and Unemployment Spells," Econometrica, Econometric Society, vol. 58(4), pages 757-782, July.
    2. Blau, David M, 1998. "Labor Force Dynamics of Older Married Couples," Journal of Labor Economics, University of Chicago Press, vol. 16(3), pages 595-629, July.
    3. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-679, June.
    4. Pozzebon, Silvana & Mitchell, Olivia S, 1989. "Married Women's Retirement Behavior," Journal of Population Economics, Springer;European Society for Population Economics, vol. 2(1), pages 39-53.
    5. Mark Yuying An, 2000. "A Semiparametric Distribution for Willingness to Pay and Statistical Inference with Dichotomous Choice Contingent Valuation Data," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 487-500.
    6. Lindeboom, M. & Van Der Berg, G.J., 1991. "Heterogeneity in Models for Bivariate Survival : the Importance of the Mixing Distribution," Papers 430, Groningen State, Institute of Economic Research-.
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