EconPapers    
Economics at your fingertips  
 

Pensions, the Option Value of Work, and Retirement

James Stock and David Wise ()

Econometrica, 1990, vol. 58, issue 5, 1151-80

Abstract: The effects of firm pension plan provisions on the retirement decisions of older employees are analyzed. The empirical results are based on data from a large firm, with a typical defined benefit pension plan. The "option value" of continued work is the central feature of the analysis. Estimation relies on a retirement decision rule that is close in spirit to the dynamic programming rule, but is considerably less complex than a comprehensive implementation of that rule, thus greatly facilitating the numerical analysis. Copyright 1990 by The Econometric Society.

Date: 1990
References: Add references at CitEc
Citations: View citations in EconPapers (371) Track citations by RSS feed

Downloads: (external link)
http://links.jstor.org/sici?sici=0012-9682%2819900 ... O%3B2-1&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
Working Paper: Pensions, The Option Value of Work, and Retirement (1988) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecm:emetrp:v:58:y:1990:i:5:p:1151-80

Ordering information: This journal article can be ordered from
https://www.economet ... ordering-back-issues

Access Statistics for this article

Econometrica is currently edited by Guido Imbens

More articles in Econometrica from Econometric Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().

 
Page updated 2022-06-08
Handle: RePEc:ecm:emetrp:v:58:y:1990:i:5:p:1151-80