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| Author: | Rust, J. Phelan, C. |
| Title: | How social security and medicare affect retirement behavior in a world of incomplete markets |
| Journal: | Econometrica
1997 : VOL. 65:4, p. 781-831 |
| Index terms: | INCOMPLETE MARKETS SOCIAL SECURITY MEDICAL CARE RETIREMENT DYNAMIC PROGRAMMING |
| Language: | eng |
| Abstract: | An empirical analysis is provided of how the U.S. Social Security and Medicare insurance system affects older workers' labor supply in the presence of incomplete markets for loans, annuities and health insurance. A dynamic programming model is estimated, of the joint labor supply and Social Security acceptance decision, focused on a sample of males in the low to middle income brackets with only pension of Social security. The model suggests that a number of puzzlingaspects of retirement behavior may be viewed as artifacts of some details of the Social Security rules. |
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