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A Structural Retirement Model
Abstract
The model analyzed here constrains most work on the main job to be full time. Partial retirement requires a job change and a wage reduction.Estimates of utility function parameters and their distributions incorporate information on age of leaving the main job and of full retirement. These estimates determine the slope at different ages and the convexity of within period indifference curves between compensation and leisure. Even though age specific dummy variables are not used, the model closely tracks retirement behavior. Policy analysis based on earlier models with simpler structures is shown to be misleading.
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“Clearly, a complex combination of factors determine the decision to retire (Gustman and Steinmeier 1986; Blundell et al. 2002; Banks and Blundell 2005; Disney et al. 2006; Achdut et al. 2014)”
From Living longer, working longer: the need for a comprehensive approach to labour market reform in response to demographic changes (2015) · cites this paper as Gustman and Steinmeier 1986
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Cited by 311
Metadata
- Authors
- Gustman, A. L., & Steinmeier, T. L.
- Affiliations
- Dartmouth College (US)
- Texas Tech University (US)
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1986-05
- Volume
- 54
- Issue
- 3
- Pages
- 555
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2016539377
- Cited by
- 311
- References
- 0
- Citations by year
- 2026: 5 · 2025: 3 · 2024: 4 · 2023: 11 · 2022: 11 · 2021: 3 · 2020: 7 · 2019: 10 · 2018: 9 · 2017: 6 · 2016: 16 · 2015: 12 · 2014: 12 · 2013: 15 · 2012: 14
- FWCI
- 17.12
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Econometrica (publishedVersion)
- Topics
- Social Sciences › Demography › Retirement, Disability, and Employment
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Labor market dynamics and wage inequality
- Keywords
- retirement, partial retirement, full-time employment, job change, wage cuts, utility function estimation, retirement age, structural model
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Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: A Structural Retirement Model. https://app.cochat.ai/papers/10.2307/1911308
- The paper
- Gustman, A. L., & Steinmeier, T. L. (1986). A Structural Retirement Model. Econometrica. https://doi.org/10.2307/1911308
