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Interdependent Durations in Joint Retirement

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Publication Date: February 2011

Publisher(s): Center for Retirement Research at Boston College

Author(s): Bo Honore; Aureo de Paula

Series:

Special Collection:

Topic: Economics (Consumers and consumption)
Economics (Economic conditions)
Economics (Economic theory)

Keywords: work and retirement

Type: Report

Coverage: United States

Abstract:

In this paper, we use a novel duration model to study joint retirement in married couples using the Health and Retirement Study. Whereas conventionally used models cannot account for joint retirement, our model admits joint retirement with positive probability and nests the traditional proportional hazards model. In contrast to other statistical models for simultaneous durations, it is based on Nash bargaining and is interpretable as an economic behavior model. Our estimation strategy relies on indirect inference.