Alan L. Gustman, Thomas L. Steinmeier
NBER Working Paper No. 1069 (Also Reprint No. r0526)
This paper considers labor market flows of older workers among the states of nonretirement, partial retirement and full retirement.Statistics are presented which describe entry, exit and continuation rates for each state by age, duration dependence, and "reverse flows."One important finding which has implications for the structure of utility functions embedded in life cycle retirement models is the relatively high incidence but short duration of partial retirement.These implications are discussed.
Published: Gustman, Alan L. and Thomas L. Steinmeier. "Modeling the Retirement Process for Policy Evaluation and Research." (title different from WP) Monthly Labor Review, Vol. 107, No. 7, July 1984, pp. 26-33.