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|Longitudinal Study:||HILDA||Title:||The Importance of Economic Expectations for Retirement Entry||Authors:||Haisken-DeNew, John
|Institution:||The University of Melbourne||Publication Date:||Dec-2014||Pages:||43||Keywords:||Pensions
|Abstract:||We estimate hazard rates of retirement entry as a function of the option value of work. The individuals’ expectations about the future economy are incorporated in the option value of work, through which they can impact on the timing of retirement entry. In a scenario where individuals expect a strong upturn, the annual hazard rate of retirement entry (average 8.4%) is reduced by 6.0% or half a percentage point compared to a scenario where they expect a downturn. Had individuals been able to anticipate the Global Financial Crisis, the mere expectation of this downturn would have increased retirement entries by 8.7%.||URL:||https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=2156519||ISBN:||ISSN 1328-4991 (Print); ISSN 1447-5863 (Online); ISBN 978-0-7340-4368-9||Keywords:||Ageing -- Retirement; Employment -- Exit from employment (Retirement/Redundancy); Life Events -- Moving into retirement||Research collection:||Reports and technical papers|
|Appears in Collections:||Reports|
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