Endogenous Pensions and Retirement Behavior

摘要: This paper suggests that pension characteristics are simultaneously determined along with workers' retirement ages. Both the age of eligibility and actual by productivity marginal disutility work, factors influenced worker job characteristics. approach differs from previous studies treat pensions as exogenous, implying prior empirical work may have overestimated responsiveness to changes in structure, a possibility obvious policy implications for efforts raise retirement. We find that, conventional single-equation framework, delaying would significantly delay When treated recursive simultaneous system, however, retains no explanatory power.