A Structural Retirement Model
分析了一个结构性退休模型，其中主要工作多为全职，部分退休需换工作并降薪。通过估计效用函数参数，模型能准确追踪退休行为，并指出基于简单结构的政策分析可能误导。
The model analyzed here constrains most work on the main job to be full time. Partial retirement requires a job change and a wage reduction.Estimates of utility function parameters and their distributions incorporate information on age of leaving the main job and of full retirement. These estimates determine the slope at different ages and the convexity of within period indifference curves between compensation and leisure. Even though age specific dummy variables are not used, the model closely tracks retirement behavior. Policy analysis based on earlier models with simpler structures is shown to be misleading.