A Bivariate Duration Model of the Joint Retirement Decisions of Married Couples
We analyze the retirement behaviour of married couples using a new bi-variate proportional hazard model. This model generalizes the traditional univariate duration analysis to include a family-wide joint retirement process that induces both spouses to retire at the same time. The model is flexible and allows three unknown baseline hazard functions to be nonparametrically estimated. Fitting this model to data from the Retirement History Longitudinal Survey (RHS) we quantify the importance of the incidence of joint retirement and test the existence and the symmetry of the effects of one spouse's retirement propensity. Our main empirical findings reveal strong associations between the retirement probabilities of the spouses. The effects of wages are significant and assymetric by gender. The reported assymetry by gender in the effect of spouse's health status on own retirement hazard is likely spurious due to specification error.
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|Date of creation:||1999|
|Date of revision:|
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