The Perceived Budget Constraint under Social Security: Evidence from Reentry Behavior
利用退休历史调查数据，检验了65岁前收入限制对退休后男性再就业的影响，发现收入限制确实影响再就业，且老年人行为短视，更关注当前福利而非社会保障财富。
If, as is usually assumed, older individuals face a continuous choice of work hours without fixed costs or take account of the actuarial adjustment of Social Security benefits postponed as a result of the earnings test, the earnings limit should not affect their labor supply before age sixty-five. The authors test, and reject, these assumptions by estimating the hazard function for labor-market reentry after retirement using white men in the Retirement History Survey. They find that the earnings limit does affect reentry and that older men behave myopically, responding to current benefits rather than to Social Security wealth. Several policy implications follow. Copyright 1993 by University of Chicago Press.