Framing Social Security Reform: Behavioral Responses to Changes in the Full Retirement Age
利用美国社会保障改革作为准实验，发现完全退休年龄从65岁提高到66岁导致退休福利申领高峰同步移动，且认知能力较高者反应更强，表明参考依赖和损失厌恶的存在。
We use a US Social Security reform as a quasi-experiment to provide evidence on framing effects in retirement behavior. The reform increased the full retirement age (FRA) from 65 to 66 in two-month increments per year of birth. We find strong evidence that the spike in the benefit claiming hazard at 65 moved in lockstep along with the FRA. Results on self-reported retirement and exit from employment go in the same direction. The responsiveness to the new FRA is stronger for people with higher cognitive skills. We interpret the findings as evidence of reference dependence with loss aversion.