Social security and the choice between full-time work, part-time work and retirement
研究英国退休决策的决定因素，通过设定收入-休闲效用函数并估计全职、兼职和退休三种状态的选择概率，量化养老金、工资和个人特征对劳动力市场退出行为的影响。
This paper investigates the determinants of retirement decisions in the UK. To deal with the endogeneity bias introduced by the piecemeal linear budget constraint generated by the social security system, it specifies a utility function in income–leisure space and assumes that individuals maximise it over three discrete regimes: full-time work, part-time work, and retirement. Using maximum likelihood techniques, it estimates the utility function and quantifies the influence of pensions, wages and personal characteristics (age, health, status, etc.) on the probability of partial and complete withdrawal from the labour market.