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Aging, cognitive abilities and retirement

We investigate the relationship between ageing, cognitive abilities and retirement using the Survey on Health, Ageing and Retirement in Europe (SHARE), a household panel that offers the possibility of comparing several European countries using nationally representative samples of the population aged 50+. The human capital framework suggests that retirement may cause an increase in cognitive decline, since after retirement individuals lose the market incentive to invest in cognitive repair activities. Our empirical results, based on an instrumental variable strategy to deal with the potential endogeneity of retirement, confirm this key prediction. They also indicate that education plays a fundamental role in explaining heterogeneity in the level of cognitive abilities.

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Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 152.

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Length: 38 pages
Date of creation: 04 Dec 2009
Date of revision: 05 Dec 2012
Handle: RePEc:rtv:ceisrp:152
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  1. Christelis, Dimitris & Jappelli, Tullio & Padula, Mario, 2008. "Cognitive abilities and portfolio choice," CFS Working Paper Series 2008/35, Center for Financial Studies (CFS).
  2. van den Berg, Gerard J. & Lindeboom, Maarten & Portrait, France, 2007. "Long-Run Longevity Effects of a Nutritional Shock Early in Life: The Dutch Potato Famine of 1846–1847," IZA Discussion Papers 3123, Institute for the Study of Labor (IZA).
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  9. Wu, De-Min, 1973. "Alternative Tests of Independence Between Stochastic Regressors and Disturbances," Econometrica, Econometric Society, vol. 41(4), pages 733-50, July.
  10. Rachel S. Newson & Eva B. Kemps, 2005. "General Lifestyle Activities as a Predictor of Current Cognition and Cognitive Change in Older Adults: A Cross-Sectional and Longitudinal Examination," Journals of Gerontology: Series B, Gerontological Society of America, vol. 60(3), pages P113-P120.
  11. Stéphane Adam & Christelle Bay & Eric Bonsang & Sophie Germain & Sergio Perelman, 2006. "Occupational Activities and Cognitive Reserve: a Frontier Approach Applied to the Survey on Health, Ageing, and Retirement in Europe," CREPP Working Papers 0605, Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège.
  12. James Heckman & Flavio Cunha, 2007. "The Technology of Skill Formation," American Economic Review, American Economic Association, vol. 97(2), pages 31-47, May.
  13. Bonsang Eric & Adam Stéphane & Perelman Sergio, 2010. "Does Retirement Affect Cognitive Functioning?," ROA Research Memorandum 001, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  14. James Banks & Zoë Oldfield, 2006. "Understanding pensions: cognitive function, numerical ability and retirement saving," IFS Working Papers W06/05, Institute for Fiscal Studies.
  15. Viola Angelini & Agar Brugiavini & Guglielmo Weber, 2009. "Ageing and unused capacity in Europe: is there an early retirement trap?," Economic Policy, CEPR;CES;MSH, vol. 24, pages 463-508, 07.
  16. Muurinen, Jaana-Marja, 1982. "Demand for health: A generalised Grossman model," Journal of Health Economics, Elsevier, vol. 1(1), pages 5-28, May.
  17. Janet Currie, 2009. "Healthy, Wealthy, and Wise: Socioeconomic Status, Poor Health in Childhood, and Human Capital Development," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 87-122, March.
  18. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
  19. Daniel McFadden, 2008. "Human Capital Accumulation and Depreciation ," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 30(3), pages 379-385.
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