Articlegreen2013

Nonconvexities, Retirement, and the Elasticity of Labor Supply

Richard Donald Rogerson · Johanna Wallenius

90 citations0/0 files storedAmerican Economic Review

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Retirement, Disability, and Employment Labor market dynamics and wage inequality Financial Literacy, Pension, Retirement Analysis

Abstract

We consider two life cycle models of labor supply that use nonconvexities to generate retirement. In each case we derive a link between hours worked prior to retirement, the intertemporal elasticity of substitution for labor (IES), and the size of the nonconvexities. This link is robust to allowing for credit constraints and human capital accumulation by younger workers and suggests values for the IES that are .75 or higher. (JEL D91, J22, J24, J26)

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2019American Economic Review 1991The allocation of time: empirical findings, behavioral models and problems of measurement 2005The Effects of Health, Wealth, and Wages on Labour Supply and Retirement Behaviour 1997How Social Security and Medicare Affect Retirement Behavior In a World of Incomplete Markets 2008Stress that Doesn't Pay: The Commuting Paradox*2009Unequal we stand: An empirical analysis of economic inequality in the United States, 1967–2006 1981An Empirical Model of Labor Supply in a Life-Cycle Setting 1998Explaining Rising Wage Inequality: Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents

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