Nonparametric Evidence on the Effects of Financial Incentives on Retirement Decisions

• 成果类型: Article
• 署名作者: Manoli, Day; Weber, Andrea
• 署名单位: University of Texas System; University of Texas Austin; Vienna University of Economics & Business
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20140209
• 发表日期: 2016
• 页码: 160-182
• 关键词: labor supply elasticities; social-security; BEHAVIOR; work

摘要

This paper presents new evidence on the effects of retirement benefits on labor force participation decisions. The analysis is based on a mandated rule for employer-provided retirement benefits in Austria that creates discontinuities in the incentives for workers to delay retirement. The paper presents graphical evidence on labor supply responses and develops a conceptual framework that accounts for the dynamic incentive structure and for adjustment frictions. Using bunching methods, a semi-elasticity of participation is estimated, which ranges from 0.1 to 0.3 and is highest for incentives targeted at a delay in retirement by 6 to 9 months.