the financial incentives to retire. In particular, we analyze the effects of the introduction of cohort …

effects of income tax and transfers on labor supply incentives. Additionally, the model recognizes the demand side driven …

of the tax and transfer system on work incentives. The structural parameter estimates are used to evaluate the effects of …

Dynamic discrete choice models usually require a general specification of unobserved heterogeneity. In this paper, we … with a multivariate normal distribution for the unobserved heterogeneity, the Bayesian MCMC estimator yields almost … assumptions which are consistent with economic theory, e.g. log-normally distributed consumption preferences, the Bayesian method …