The Health Consequences of Retirement
研究退休对个人健康的影响，使用工具变量法解决内生性问题，发现退休对健康有显著的正面作用，可能通过增加锻炼等健康行为实现。
Abstract This paper examines the impact of retirement on individuals’ health. Declines in health commonly compel workers to retire, so the challenge is to disentangle the simultaneous causal effects. The estimation strategy employs an instrumental variables specification. The instrument is based on workers’ self-reported probabilities of working past ages 62 and 65, taken from the first period in which they are observed. Results indicate that the retirement effect on health is beneficial and significant. Investigation into behavioral data, such as smoking and exercise, suggests that retirement may affect health through such channels. With additional leisure time, many retirees practice healthier habits.