Retirement in Italy and Norway

Ugo Colombino (), Erik Hernæs (), Zhiyang Jia () and Steinar Strøm
Additional contact information
Erik Hernæs: Ragnar Frisch Centre for Economic Research, Postal: Frisch Centre, Gaustadalléen 21, N-0349 Oslo, Norway., http://www.frisch.uio.no/main_eng.html, http://www.frisch.uio.no/cv/erikhe_eng.html

No 10/2003, Memorandum from Oslo University, Department of Economics

Abstract: A structural model for retirement and employment based on a flexible, parametric utility function is developed. The model requires only cross section data and is estimated on survey data for Italy and register data for Norway. The estimates indicate that the preference structure among middle-aged Italian males and Norwegian males and females who are approaching retirement has strong similarities. The utility function estimates from a model with no consumption smoothing, seem more reasonable than estimates from a model with a perfect credit market. Policy simulations indicate a somewhat stronger response to cuts in pension benefits in Norway than in Italy.

Keywords: Retirement; inter-temporal interpretation; estimates and policy; simulations; Italy; Norway (search for similar items in EconPapers)
JEL-codes: D10 H55 J26 (search for similar items in EconPapers)
Date: Written
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