Pension Incentives and the Pattern of Early Retirement
利用英国退休调查数据，基于期权价值方法，分析国家与私人养老金计划对退休决策的激励效应，并考虑配偶特征和人口因素，发现养老金制度显著影响提前退休。
This mix of state and private pension provision in the United Kingdom provides a rare degree of variation in pension incentives for retirement. Using a sample of individuals from the UK Retirement Survey, the paper models the probability of retirement in terms of the incentives underlying the individual’s pension plan as well as other socio-economic factors. It follows an option value approach and allows a separate role for pension wealth, for spouse’s economic characteristics and for demographic characteristics. It distinguishes between SERPS and private schemes and models eligibility to disability. The results point to significant retirement incentive effects from the pension system. Like many other OECD countries, the United Kingdom has been experiencing a trend towards earlier labour market exits among older, particularly male, work-ers. The proportion of men aged 60–64 in employment halved from 1968, when 80 % were employed, to less than 40 % at the end of the 1990s. The fall in the proportion of older men who were in full-time employment was even greater than the fall in the proportion in any form of employment with a relative shift within the employed to self-employment and part-time employment. Female employ-