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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/162

Title: Micro modeling of retirement behavior in Italy
Authors: Brugiavini, Agar
Peracchi, Franco
Issue Date: May-2001
Publisher: CEIS
Series/Report no.: Quaderni CEIS; 147
Abstract: This paper presents an empirical analysis of the retirement decisions of Italian workers. We emphasize the role played by dynamic incentives, built in the social security system, which encourage (or discourage) retirement. The basic idea is that, at any given age and based on the available information, workers compare the expected present value of two alternatives, retiring today and working one more year, and then choose the one which is best. A key role in this kind of comparisons is played by social security wealth, whose level and whose changes on a-year-to-year basis and over the worker’s residual life reflect the institutional features of the social security system. The various incentive measures that we consider differ in the precise weight given to the social security wealth that workers accrue as they continue to work. Notice, however, that our model does not pretend to be a structural representation of the retirement process, as a worker’s decision is modeled here followi...
URI: http://hdl.handle.net/2108/162
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