Retirement Behavior in the U.S. and Europeonsdag, 28 februar 2018
In this paper, we develop a retirement model featuring various endogenous exit routes: unemployment, disability, private and public pensions.
The model allows for saving and uncertainty along several dimensions including health and mortality. The preference parameters are estimated on longitudinal data from the U.S. and Europe. We analyze the roles played by preferences and institutions in explaining international heterogeneity in retirement behavior.