Integrating Retirement Models: Understanding Household Retirement Decisions

Factors Affecting Worker Well-being: The Impact of Change in the Labor Market

ISBN: 978-1-78441-150-3, eISBN: 978-1-78441-149-7

ISSN: 0147-9121

Publication date: 10 November 2014

Abstract

This paper advances the specification and estimation of econometric models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications. Our analysis relaxes these restrictions. The model includes three labor market states, full-time work, partial retirement, and full retirement; reverse flows from states of lesser to greater work; an extended choice set created when spouses make independent retirement decisions; heterogeneity in time preference; varying taste parameters for full-time and part-time work; and the possibility of changes in preferences after retirement.

Keywords

Citation

Alan L. Gustman and Thomas L. Steinmeier (2014). 'Integrating Retirement Models: Understanding Household Retirement Decisions', Factors Affecting Worker Well-being: The Impact of Change in the Labor Market (Research in Labor Economics, Volume 40). Emerald Group Publishing Limited, pp. 79-112

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DOI

: https://doi.org/10.1108/S0147-912120140000040003

Publisher

:

Emerald Group Publishing Limited

Copyright © 2014 Emerald Group Publishing Limited

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