Reference Points for Retirement Behavior: Evidence from German Pension Discontinuities

• 成果类型: Article
• 署名作者: Seibold, Arthur
• 署名单位: University of Mannheim
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20191136
• 发表日期: 2021
• 页码: 1126-1165
• 关键词: social-security; optimization frictions; elasticities; responses; incentives; increase; micro; AGE

摘要

This paper studies the large concentration of retirement behavior around statutory retirement ages, a puzzling stylized fact. To investigate this fact, I estimate bunching responses to 644 pension benefit discontinuities, using administrative data on the universe of German retirees. Financial incentives alone cannot explain retirement patterns, but there is a large direct effect of statutory retirement ages. I argue that the framing of statutory ages as reference points for retirement provides a plausible explanation. Simulations based on a model with reference dependence highlight that shifting statutory ages via pension reforms is an effective policy to influence retirement behavior.