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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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  1. A. Zabalza & C. Pissarides & M. Barton, 1980. "Social security and the choice between full-time work, part-time work and retirement," NBER Chapters, in: Econometric Studies in Public Finance, pages 245-276 National Bureau of Economic Research, Inc.
  2. Roger H. Gordon & Alan S. Blinder, 1980. "Market Wages, Reservation Wages, and Retirement Decisions," NBER Working Papers 0513, National Bureau of Economic Research, Inc.
  3. MaCurdy, Thomas E, 1981. "An Empirical Model of Labor Supply in a Life-Cycle Setting," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1059-85, December.
  4. Alan S. Blinder & Roger H. Gordon & Donald E. Wise, 1980. "Reconsidering the Work Disincentive Effects of Social Security," NBER Working Papers 0562, National Bureau of Economic Research, Inc.
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