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Title:Endogenous pensions and retirement behavior PDF Logo
Authors:Filer, Randall
Honig, Marjorie
Issue Date:2005
Series/Report no.:CESifo working papers 1547
Abstract:This paper suggests that pension characteristics are simultaneously determined along with workers? retirement ages. Both the age of pension eligibility and actual retirement age are determined by the productivity and marginal disutility of work, factors that are influenced by worker and job characteristics. This approach differs from previous studies of retirement that treat pensions as exogenous, implying that prior empirical work may have overestimated the responsiveness of retirement age to changes in pension structure, a possibility with obvious policy implications for efforts to raise the age of retirement. We find that, in the conventional single-equation framework, delaying the age of pension eligibility would significantly delay retirement. When treated in a recursive simultaneous system, however, age of pension eligibility retains no explanatory power.
Subjects:social security
early retirement
job characteristics
pension eligibility
JEL:H55
H31
J26
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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