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Author: Gustafson, Thomas Alton
Resulting in 2 citations.
1. Gustafson, Thomas Alton
Retirement Decision of Older Men: An Empirical Analysis
Final Report, Employment and Training Administration, U.S. Department of Labor, 1982
Cohort(s): Older Men
Publisher: U.S. Department of Labor
Keyword(s): Earnings; Health/Health Status/SF-12 Scale; Pensions; Retirement; Social Security; Variables, Independent - Covariate

This study explores the sensitivity of estimates of the probability of retirement to variations in empirical specifications. An evaluation of the recent microeconomic literature relating to the retirement decision and to the labor supply of older workers stresses the wide divergence of results from different studies, including a controversy about the relative roles of bad health and retirement benefits in explaining the decision to retire. This study uses a simple theoretical and empirical model of the retirement decision, viewed as a binary choice. Various possible definitions of both dependent and independent variables are explored in detail. The model is estimated with a number of variations in the empirical specification using the sample of Older Men from the NLS. These variations include different formulations of the key variables, corrections for selectivity bias, and use of sub-samples of different demographic groups. The study concludes that both bad health and retirement benefits affect the retirement decision; this result is robust in the face of changes in specification. In contrast, a number of other variables hypothesized to be important, including the wage rate, do not consistently have much explanatory power.
Bibliography Citation
Gustafson, Thomas Alton. "Retirement Decision of Older Men: An Empirical Analysis." Final Report, Employment and Training Administration, U.S. Department of Labor, 1982.
2. Gustafson, Thomas Alton
Retirement Decision of Older Men: An Empirical Analysis
Ph.D. Dissertation, Yale University, 1982. DAI-A 43/05, p. 1614, Nov 1982
Cohort(s): Older Men
Publisher: UMI - University Microfilms, Bell and Howell Information and Learning
Keyword(s): Health/Health Status/SF-12 Scale; Retirement; Sample Selection; Selectivity Bias/Selection Bias; Variables, Independent - Covariate

This study explores the sensitivity of estimates of the probability of retirement to variations in empirical specifications. An evaluation of the recent microeconomic literature relating to the retirement decision and to the labor supply of older workers stresses the wide divergence of results from different studies, including a controversy about the relative roles of bad health and retirement benefits in explaining the decision to retire. This study uses a simple theoretical and empirical model of the retirement decision, viewed as a binary choice. Various possible definitions of both dependent and independent variables are explored in detail. The model is estimated with a number of variations in the empirical specification, using the sample of mature men from the National Longitudinal Survey. These variations include different formulations of the key variables, corrections for selectivity bias, and use of sub-samples of different demographic groups. The study concludes that both bad health and retirement benefits affect the retirement decision; this result is robust in the face of changes in specification. In contrast, a number of other variables hypothesized to be important, including the wage rate, do not consistently have much explanatory power.
Bibliography Citation
Gustafson, Thomas Alton. Retirement Decision of Older Men: An Empirical Analysis. Ph.D. Dissertation, Yale University, 1982. DAI-A 43/05, p. 1614, Nov 1982.