Behavior of male workers at the end of the life-cycle: an empirical analysis of states and controls
This paper estimates the expectations of older male workers in the form of a 130 million element Markov transition probability matrix specifying the joint stochastic process for workers’ income, health, martial and employment status, conditioned on workers’ decisions about labor force participation and collection of Social Security benefits. The estimated transition matrix will be used in subsequent work to estimate the unknown parameters of workers’ utility functions under the assumption that their behavior is governed by the solution to a dynamic programming model. The paper also discusses some of the problems involved in constructing good measures of workers’ states and decisions.
|Date of creation:||1989|
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- John Rust, 1987.
"A Dynamic Programming Model of Retirement Behavior,"
NBER Working Papers
2470, National Bureau of Economic Research, Inc.
- John P. Rust, 1989. "A Dynamic Programming Model of Retirement Behavior," NBER Chapters, in: The Economics of Aging, pages 359-404 National Bureau of Economic Research, Inc.
- Rust, John, 1987. "Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher," Econometrica, Econometric Society, vol. 55(5), pages 999-1033, September.
- Gustman, Alan L & Steinmeier, Thomas L, 1986.
"A Structural Retirement Model,"
Econometric Society, vol. 54(3), pages 555-584, May.
- Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
- Skinner, Jonathan, 1987. "A superior measure of consumption from the panel study of income dynamics," Economics Letters, Elsevier, vol. 23(2), pages 213-216.
- Alan L. Gustman & Thomas L. Steinmeier, 1984.
"Partial Retirement and the Analysis of Retirement Behavior,"
Cornell University, ILR School, vol. 37(3), pages 403-415, April.
- Alan L. Gustman & Thomas L. Steinmeier, 1981. "Partial Retirement and the Analysis of Retirement Behavior," NBER Working Papers 0763, National Bureau of Economic Research, Inc.
- MaCurdy, Thomas E, 1983. "A Simple Scheme for Estimating an Intertemporal Model of Labor Supply and Consumption in the Presence of Taxes and Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 265-289, June.
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