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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/49480
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| Title: | | Changing identity: Retiring from unemployment  |
| Authors: | | Hetschko, Clemens Knabe, Andreas Schöb, Ronnie |
| Issue Date: | | 2011 |
| Series/Report no.: | | CESifo working paper: Labour Markets 3540 |
| Abstract: | | Using data from the German Socio-Economic Panel from 1984-2009, we follow persons from their working life into their retirement years and find that, on average, employed people maintain their life satisfaction upon retirement, while long-term unemployed people report a substantial increase in their life satisfaction when they retire. These results are robust to controlling for changes in other life circumstances and suggest that retiring is associated with a switch in the relevant social norms that causes an increase in identity utility for the formerly unemployed. This is supportive of the idea that, by including identity in the utility function, results from the empirical life satisfaction literature can be reconciled with the economic theory of individual utility. |
| Subjects: | | life satisfaction retirement unemployment identity social norm |
| JEL: | | I31 J26 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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