Taking Back Control? Quasi-Experimental Evidence on the Impact of Retirement on Locus of Control

• 成果类型: Article
• 署名作者: Clark, Andrew E.; Zhu, Rong
• 署名单位: Flinders University South Australia; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Flinders University South Australia; IZA Institute Labor Economics
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/uead118
• 发表日期: 2024
• 页码: 1465-1493
• 关键词: regression discontinuity designs; intersection bounds; life satisfaction; time-preferences; RISK; testosterone; HEALTH; identification; TECHNOLOGY; INVESTMENT

摘要

We use Australian panel data to examine the impact of retirement on individual locus of control, a socio-emotional skill with substantial explanatory power for a broad range of life outcomes. Exploiting the eligibility age for the Australian Age Pension, we find that retirement leads to increased internal locus of control. This greater internal control explains around one-third and one-fifth of the positive effects of retirement on health and subjective well-being, respectively. We also show that locus of control is much more malleable at retirement than the other socio-emotional skills of the Big-Five personality traits, risk and time preferences, and trust.