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DTSTART:19701025T020000
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DTSTAMP:20260515T210941Z
DTSTART;TZID=Europe/London:20241126T150000
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SUMMARY:Department of Economics Seminar with Professor Arthur van Soest, Tilburg University
DESCRIPTION:Professor van Soest's research focuses on applied econometric studies on labour supply, time use, retirement, economics of ageing, health and well-being, risk attitudes and household savings and portfolio choices.    Abstract: We evaluate partial retirement options as an instrument to increase labor participation among older individuals. In a stated choice experiment, Dutch survey respondents were asked to choose among early, late and partial retirement scenarios purged from restrictions on part-time and gradual retirement. Retirement scenario characteristics were randomized, generating rich variation in the choice options. The stated choices are validated using revealed preference data on (planned) retirement decisions. Using the stated choice data, we estimate a model that makes the trade-offs between leisure and income over the life cycle explicit, and use the estimated model for counterfactual policy simulations. We find that, as expected, a higher statutory retirement age makes actuarially fair (abrupt) early retirement more attractive and makes late retirement less attractive, while for any statutory retirement age, about one in three respondents prefer partial retirement. Early retirement becomes more attractive than late retirement when individuals do not have the partial retirement option. Moreover, the partial retirement decision is sensitive to financial incentives so that subsidizing partial retirement with higher wages or with more than actuarially fair pension accruals increases total labor supply. These demonstrate the potential of partial retirement as a policy instrument to stimulate labor participation, especially when the statutory retirement age is increased. https://events.st-andrews.ac.uk/events/department-of-economics-seminar-with-professor-arthur-van-soest-tilburg-university/
LOCATION:Castlecliffe, The Scores, KY16 9AZ, St Andrews, Fife, Scotland
URL:https://events.st-andrews.ac.uk/events/department-of-economics-seminar-with-professor-arthur-van-soest-tilburg-university/
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