According to the Hutchens (1999) model, early retirement is not explained as a result ofmaximizing expected individual utility but rather as a demand-side phenomenon arising froma firm’s profit-maximizing behaviour...

A duration model based on the time on Unemployment Insurance (UI) benefits instead of amodel based on the time till re-employment is more relevant from a cost-benefit perspective.The contribution of this paper is to extend the standard (mixed) Proportional Hazard model toaccount for an upper...