| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25030 |
| 来源ID | Working Paper 25030 |
| Understanding Joint Retirement | |
| Pierre-Carl Michaud; Arthur van Soest; Luc Bissonnette | |
| 发表日期 | 2018-09-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Evidence from different sources shows that spouses' retirement decisions are correlated. Retirement policies affecting individuals in couples are therefore also likely to affect behavior of their spouses. It is therefore important to account for joint features in modeling retirement. This paper studies a structural collective model of labor supply and retirement of both partners in a couple with interdependent preferences, imperfect knowledge of preferences of the spouse, and subjective expectations about the future. We propose a novel method to estimate preferences and the intra-household bargaining process, which relies on stated preferences data collected in the Health and Retirement Study. Respondents were asked to choose between hypothetical retirement trajectories describing the retirement ages and replacement rates of both spouses from three perspectives: considering their own preferences only, the preferences of their spouse only, or the most likely decision for the household. With these data, all model parameters are identified and potential sources of joint retirement can be disentangled. We find that males misperceive their wives' preferences, overestimating their disutility of work. Our estimates correct for this bias. They suggest that correlation in unobserved heterogeneity components of the partners' marginal utility of leisure explains a large share of joint retirement decisions. We also find significant positive complementarities in leisure, but this explains a much smaller part of joint retirement. |
| 主题 | Econometrics ; Data Collection ; Microeconomics ; Households and Firms ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w25030 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582704 |
| 推荐引用方式 GB/T 7714 | Pierre-Carl Michaud,Arthur van Soest,Luc Bissonnette. Understanding Joint Retirement. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25030.pdf（605KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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