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Estimación de un modelo estructural para las decisiones de retiro en Uruguay

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Listed:
  • Alvaro Forteza

    () (Departamento de Economía, Facultad de Ciencias Sociales, Universidad de la República)

  • Graciela Sanromán

    () (Departamento de Economía, Facultad de Ciencias Sociales, Universidad de la República)

Abstract

In this paper we estimate a structural model for retirement behavior using data on labor history of public employees in Uruguay. We use a modified version of the model proposed by Jimenez-Martin and Sánchez-Martin (2007) adjusted to the uruguayan case. The estimated coeffcient of relative risk aversion is around 2, indicating that agents are moderately risk-averse. Evidence also indicate that the probability of retire is greater for those who have less propensity to contribute and increases for women and older people. Finally, simulations show a very low sensitivity of the age of retirement to policy changes.

Suggested Citation

  • Alvaro Forteza & Graciela Sanromán, 2011. "Estimación de un modelo estructural para las decisiones de retiro en Uruguay," Documentos de Trabajo (working papers) 2411, Department of Economics - dECON.
  • Handle: RePEc:ude:wpaper:2411
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    File URL: http://cienciassociales.edu.uy/departamentodeeconomia/wp-content/uploads/sites/2/2013/archivos/2411.pdf
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    References listed on IDEAS

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    1. Leung, Siu Fai, 1994. "Uncertain Lifetime, the Theory of the Consumer, and the Life Cycle Hypothesis," Econometrica, Econometric Society, vol. 62(5), pages 1233-1239, September.
    2. Sergi Jiménez-Martín & Alfonso R. Sánchez Martín, 2007. "An evaluation of the life cycle effects of minimum pensions on retirement behavior," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(5), pages 923-950.
    3. Alvaro Forteza & Ignacio Apella & Eduardo Fajnzylber & Carlos Grushka & Ianina Rossi & Graciela Sanroman, 2009. "Work Histories and Pension Entitlements in Argentina, Chile and Uruguay," Working Papers 32, Superintendencia de Pensiones, revised Sep 2009.
    4. Marisa Bucheli & Alvaro Forteza & Ianina Rossi, 2007. "Work history and the access to contributory pensions. The case of Uruguay," Documentos de Trabajo (working papers) 1607, Department of Economics - dECON.
    5. Fabel, Oliver, 1994. "Social security, optimal retirement, and savings," European Journal of Political Economy, Elsevier, vol. 10(4), pages 783-802, December.
    6. Vincent P. Crawford & David M. Lilien, 1981. "Social Security and the Retirement Decision," The Quarterly Journal of Economics, Oxford University Press, vol. 96(3), pages 505-529.
    7. Ignacio Alvarez & Natalia da Silva & Alvaro Forteza & Ianina Rossi, 2009. "El retiro de los trabajadores uruguayos y la seguridad social," Documentos de Trabajo (working papers) 2409, Department of Economics - dECON.
    8. Siu Fai Leung, 2000. "Why Do Some Households Save So Little? A Rational Explanation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 771-800, October.
    9. Gary Burtless & Joseph F. Quinn, 2000. "Retirement Trends and Policies to Encourage Work Among Older Americans," Boston College Working Papers in Economics 436, Boston College Department of Economics.
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