Retirement and Fixed Costs to Work: An Empirical Analysis
No 2006-09, CAM Working Papers from University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics
In this paper we study consumption around the age of retirement. We consider a model where consumption and leisure are non-separable and retirement is endogenous. We consider the case where non-separabilities come from the existence of fixed costs to work. We show that the existence of unobserved heterogeneity related to these non-separabilities will lead to biases of the OLS estimators of structural parameters of demand systems conditioned on retirement. These estimates give bounds to the true fixed costs. We estimate the model with French data and compute the bounds of these structural parameters.
Keywords: retirement; fixed costs to work; correlated random coefficient model; bias (search for similar items in EconPapers)
JEL-codes: C13 C21 D12 J26 (search for similar items in EconPapers)
Pages: 22 pages
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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuieca:2006_09
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