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Nonconvexities, Retirement, and the Elasticity of Labor Supply

Rogerson, Richard; Wallenius, Johanna - In: American Economic Review 103 (2013) 4, pp. 1445-62

We consider two life cycle models of labor supply that use nonconvexities to generate retirement. In each case we … derive a link between hours worked prior to retirement, the intertemporal elasticity of substitution for labor (IES), and the …

Persistent link: https://www.econbiz.de/10010666613

Contingent Claims Analysis and Life-Cycle Finance

Bodie, Zvi; Ruffino, Doriana; Treussard, Jonathan - In: American Economic Review 98 (2008) 2, pp. 291-96

Persistent link: https://www.econbiz.de/10005241105

Nonparametric Instrumental Variables Estimation

Newey, Whitney K. - In: American Economic Review 103 (2013) 3, pp. 550-56

In many economic models, objects of interest are functions which satisfy conditional moment restrictions. Economics does not restrict the functional form of these models, motivating nonparametric methods. In this paper we review identification results and describe a simple nonparametric...

Persistent link: https://www.econbiz.de/10010659349

Control Functions and Simultaneous Equations Methods

Blundell, Richard; Kristensen, Dennis; Matzkin, Rosa L. - In: American Economic Review 103 (2013) 3, pp. 563-69

The control function approach is a convenient method of estimation in simultaneous equation systems. This requires that the system can be expressed in triangular form with variables satisfying a conditional mean independence restriction. Linear simultaneous models with additive errors can always...

Persistent link: https://www.econbiz.de/10010659424

What Do Instrumental Variable Models Deliver with Discrete Dependent Variables?

Chesher, Andrew; Rosen, Adam M. - In: American Economic Review 103 (2013) 3, pp. 557-62

We compare nonparametric instrumental variables (IV) models with linear models and 2SLS methods when dependent variables are discrete. A 2SLS method can deliver a consistent estimator of a Local Average Treatment Effect but is not informative about other treatment effect parameters. The IV...

Persistent link: https://www.econbiz.de/10010815564

The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement Assets

Chen, M. Keith - In: American Economic Review 103 (2013) 2, pp. 690-731

Languages differ widely in the ways they encode time. I test the hypothesis that the languages that grammatically associate the future and the present, foster future-oriented behavior. This prediction arises naturally when well-documented effects of language structure are merged with models of...

Persistent link: https://www.econbiz.de/10010815620

Retirement Security in an Aging Population

Poterba, James M. - In: American Economic Review 104 (2014) 5, pp. 1-30

shifted responsibility for retirement security to individuals. A significant subset of the population is unlikely to be able … to sustain their standard of living in retirement without higher pre-retirement saving. …

Persistent link: https://www.econbiz.de/10010815685

The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach

Battistin, Erich; Brugiavini, Agar; Rettore, Enrico; … - In: American Economic Review 99 (2009) 5, pp. 2209-26

We investigate the size of the consumption drop at retirement in Italy by exploiting pension eligibility information to … correct for endogenous retirement. We take a regression discontinuity approach and assume that spending would be smooth around … pension eligibility if individuals did not retire. We estimate a 9.8 percent drop associated to retirement. This fall is not …

Persistent link: https://www.econbiz.de/10008596310

Planning and Financial Literacy: How Do Women Fare?

Lusardi, Annamaria; Mitchell, Olivia S. - In: American Economic Review 98 (2008) 2, pp. 413-17

Persistent link: https://www.econbiz.de/10005757082

Saver Behavior and 401(k) Retirement Wealth

Venti, Steven F.; Poterba, James M.; Wise, David A. - In: American Economic Review 90 (2000) 2, pp. 297-302

Persistent link: https://www.econbiz.de/10005757087