Scandinavian Working Papers in Economics
Memorandum,
Oslo University, Department of Economics
No 10/2003: Retirement in Italy and Norway.
Ugo Colombino (), Erik Hernæs (), Zhiyang Jia () and Steinar Strom ()
Additional contact information
Ugo Colombino: University of Turin, The Department of Economics Cognetti de Martiis, Postal: Dipartimento di Economia , S. Cognetti De Martiis , Via Po, 53 - I-10124 Torino (Italy) , http://www.de.unito.it/,
Erik Hernæs: Ragnar Frisch Centre for Economic Research, Postal: Frisch Centre, Gaustadalléen 21, N-0349 Oslo, Norway., http://www.frisch.uio.no/main_eng.html
Zhiyang Jia: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Steinar Strom: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Abstract: A structural model for retirement and employment based on a flexible, parametric utility function is developed. The model requires only cross section data and is estimated on survey data for Italy and register data for Norway. The estimates indicate that the preference structure among middle-aged Italian males and Norwegian males and females who are approaching retirement has strong similarities. The utility function estimates from a model with no consumption smoothing, seem more reasonable than estimates from a model with a perfect credit market. Policy simulations indicate a somewhat stronger response to cuts in pension benefits in Norway than in Italy.
Keywords: Retirement; inter-temporal interpretation; estimates and policy; simulations; Italy; Norway
49 pages, March 21, 2003
Full text files
Memo-10-2003.pdf
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