TY  - JOUR
AU  - Gustman,Alan L.
AU  - Steinmeier,Thomas L.
TI  - A Structural Retirement Model
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1237
PY  - 1986
Y2  - June 1986
UR  - http://www.nber.org/papers/w1237
L1  - http://www.nber.org/papers/w1237.pdf
N1  - Author contact info:
Alan L. Gustman
Department of Economics
Dartmouth College
Hanover, NH  03755-3514
Tel: 603/646-2641
Fax: 603/646-2122
E-Mail: ALAN.L.GUSTMAN@DARTMOUTH.EDU
AB  - The model analyzed here constrains most work on the main job to be full time. Partial retirement requires a job change and a wage reduction.Estimates of utility function parameters and their distributions incorporate information on age of leaving the main job and of full retirement. These estimates determine the slope at different ages and the convexity of within period indifference curves between compensation and leisure. Even though age specific dummy variables are not used, the model closely tracks retirement behavior. Policy analysis based on earlier models with simpler structures is shown to be misleading.
ER  -