Online Appendix to Efficient Timing of Retirement

Geoffrey Kingston

Online Appendices from Review of Economic Dynamics

Abstract: Post-retirement, the model in the main text (published in the Review of Economic Dynamics) reduces to the Merton (1969) problem, which has of course an exact solution. Pre-retirement, however, the agent holds an American option, namely, retire now or keep working. Problems involving American options are generally difficult to solve exactly. This appendix describes an approximate solution to the agent's pre-retirement problem.

Keywords: retirement; life cycle model; optimal stopping problem (search for similar items in EconPapers)
JEL-codes: E21 G11 J26 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2001-04
Note: The original article was published in the Review of Economic Dynamics, volume (2000), pages 831-840
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Journal Article: Efficient Timing of Retirement (2000)
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