Interdependent Durations in Joint Retirement
In this paper, we use a novel duration model to study joint retirement in married couples using the Health and Retirement Study. Whereas conventionally used models cannot account for joint retirement, our model admits joint retirement with positive probability and nests the traditional proportional hazards model. In contrast to other statistical models for simultaneous durations, it is based on Nash bargaining and is interpretable as an economic behavior model. Our estimation strategy relies on indirect inference.
|Date of creation:||Feb 2011|
|Date of revision:||Feb 2011|
|Publication status:||Published on the Center for Retirement Research website|
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