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A Structural Retirement Model

  • Alan L. Gustman
  • Thomas L. Steinmeier

The model analyzed here constrains most work on the main job to be full time. Partial retirement requires a job change and a wage reduction.Estimates of utility function parameters and their distributions incorporate information on age of leaving the main job and of full retirement. These estimates determine the slope at different ages and the convexity of within period indifference curves between compensation and leisure. Even though age specific dummy variables are not used, the model closely tracks retirement behavior. Policy analysis based on earlier models with simpler structures is shown to be misleading.

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File URL: http://www.nber.org/papers/w1237.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1237.

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Date of creation: Nov 1983
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Publication status: published as Gustman, Alan and Thomas Steinmeier. "A Structural Retirement Model." Econometrica, Vol. 54, No. 3, (May 1986), pp. 555-584.
Handle: RePEc:nbr:nberwo:1237
Note: LS
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