Article2013

HOW SENSITIVE ARE RETIREMENT DECISIONS TO FINANCIAL INCENTIVES? A STATED PREFERENCE ANALYSIS

53 citations0/0 files storedJournal of Applied Econometrics

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Retirement, Disability, and Employment Financial Literacy, Pension, Retirement Analysis Economic and Environmental Valuation

Abstract

SUMMARY We study the effects of financial incentives on retirement decisions using stated preference data. Dutch survey respondents were given hypothetical retirement scenarios describing age(s) of (partial and full) retirement and replacement rate(s). A stylized model is estimated in which utility is the discounted sum of within‐period utilities that depend on employment status and income. Parameters of the utility function vary with observed and unobserved characteristics. Simulations show that the income and substitution effects of pensions as a function of the retirement age are substantial and larger than according to studies using data on actual retirement decisions in the Netherlands. Copyright © 2013 John Wiley & Sons, Ltd.

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References

2001Discrete Choice Methods with Simulation 2003Discrete Choice Methods with Simulation 2000Stated Choice Methods 1997Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study 1998Mixed Logit with Repeated Choices: Households' Choices of Appliance Efficiency Level 2009The Generalized Multinomial Logit Model: Accounting for Scale and Coefficient Heterogeneity 2008Social security and Retirement: An International Comparison 2007Involuntary Retirement: The Role of Restrictive Circumstances, Timing, and Social Embeddedness

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