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Optimal time allocation in active retirement

Author

Listed:
  • Miguel Sánchez-Romero

    (TU Wien
    Vienna Institute of Demography, Austrian Academy of Science)

  • Alexia Prskawetz

    (TU Wien
    Vienna Institute of Demography, Austrian Academy of Science)

Abstract

We set up a lifecycle model of a retired scholar who chooses optimally the time devoted to different activities including physical activity, continued work and social engagement. While time spent in physical activity increases life expectancy, continued scientific publications increases the knowledge stock. We show the optimal trade off between these activities in retirement and its sensitivity with respect to alternative settings of the preference parameters.

Suggested Citation

  • Miguel Sánchez-Romero & Alexia Prskawetz, 2020. "Optimal time allocation in active retirement," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 28(2), pages 401-424, June.
    • Handle: RePEc:spr:cejnor:v:28:y:2020:i:2:d:10.1007_s10100-019-00663-8
    DOI: 10.1007/s10100-019-00663-8
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    References listed on IDEAS

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    Cited by:

    1. Christian Stummer & Ayşegül Engin, 2021. "A tribute to Rudolf Vetschera," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 29(1), pages 1-6, March.

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    More about this item

    Keywords

    Time allocation; Active retirement; Longevity; Scientific production;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior

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