The DOI matches its Crossref record; 19 of the 19 references it cites were found in a registry or an index.
Pensions, The Option Value of Work, and Retirement
Open accessAbstract
The paper develops a model of retirement based on the option value of continuing to work.Continuing to work maintains the option of retiring on more advantageous terms later.The model is used to estimate the effects on retirement of firm pension plan provisions.Typical defined benefit pension plans in the United States provide very substantial incentives to remain with the firm until some age, often the early retirement age, and then a strong incentive to leave the firm thereafter.(This may be a major reason for the rapidly declining labor force participation rates of older workers in the United States.)The model fits firm retirement data very well; it captures very closely the sharp discontinuous jumps in retirement rates at specific ages.The model is used to simulate the effect on retirement of potential changes in pension plan provisions.Increasing the age of early retirement from 55 to 60, for example, would reduce firm departure rates between ages 50 and 59 by almost forty percent.
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Citations
Cites
Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher
Rust, J. (1987) · Econometrica · doi:10.2307/1911259 · Cited by 1,724
Pensions, the Option Value of Work, and Retirement
Stock, J. H., & Wise, D. A. (1990) · Econometrica · doi:10.2307/2938304 · Cited by 594
Self-citationThe Effect of Taxation on Labor Supply: Evaluating the Gary Negative Income Tax Experiment
Burtless, G., & Hausman, J. A. (1978) · Journal of Political Economy · doi:10.1086/260730 · Cited by 536
Individual retirement and savings behavior
Diamond, P. A., & Hausman, J. A. (1984) · Journal of Public Economics · doi:10.1016/0047-2727(84)90068-9 · Cited by 340
Gustman, A. L., & Steinmeier, T. L. (1986) · Econometrica · doi:10.2307/1911308 · Cited by 311
Job Exit Behavior of Older Men
Berkovec, J., & Stern, S. (1991) · Econometrica · doi:10.2307/2938246 · Cited by 290
Gustman, A., & Steinmeier, T. (1983) · National Bureau of Economic Research · doi:10.3386/w1237 · Cited by 274
Aging, Moving, and Housing Wealth
Venti, S. F., & Wise, D. A. (1987) · National Bureau of Economic Research · doi:10.3386/w2324 · Cited by 138
Self-citationThe Dynamics of Housing Demand by the Elderly: Wealth, Cash Flow, and Demographic Effects
Feinstein, J. S., & McFadden, D. L. (1987) · National Bureau of Economic Research · doi:10.3386/w2471 · Cited by 109
RECONSIDERING THE WORK DISINCENTIVE EFFECTS OF SOCIAL SECURITY
Blinder, A. S., Gordon, R., & Wise, D. E. (1980) · National Tax Journal · doi:10.1086/ntj41862330 · Cited by 105
Self-citation
Cited by
Job Loss and Employment Patterns of Older Workers
Chan, S., & Huff Stevens, A. (2001) · Journal of Labor Economics · doi:10.1086/319568 · Cited by 441
What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision-Making
Chan, S., & Stevens, A. H. (2008) · Review of Economics and Statistics · doi:10.1162/rest.90.2.253 · Cited by 68
Health, longevity and retirement reform
Laun, T., Markussen, S., Vigtel, T. C., & Wallenius, J. (2019) · Journal of Economic Dynamics and Control · doi:10.1016/j.jedc.2019.03.004 · Cited by 29
Social security and retirement in fast-aging middle-income countries: Evidence from Korea
Jun, H. (2020) · The Journal of the Economics of Ageing · doi:10.1016/j.jeoa.2020.100284 · Cited by 17
Taxes, wages, and the labor supply of older Americans
Schmidt, L., & Sevak, P. (2009) · Research on Aging · doi:10.1177/0164027508328310 · Cited by 12
Metadata
- Authors
- Stock, J., & Wise, D.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1988-08
- OpenAlex
- W2891507842
- Cited by
- 555
- References
- 19
- Type
- report
- Language
- en
- Open access
- green
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
