Reference Points for Retirement Behavior: Evidence from German Pension Discontinuities
نویسندگان
چکیده
This paper studies the large concentration of retirement behavior around statutory ages, a puzzling stylized fact. To investigate this fact, I estimate bunching responses to 644 pension benefit discontinuities, using administrative data on universe German retirees. Financial incentives alone cannot explain patterns, but there is direct effect ages. argue that framing ages as reference points for provides plausible explanation. Simulations based model with dependence highlight shifting via reforms an effective policy influence behavior. (JEL D91, H55, J26, J32)
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ژورنال
عنوان ژورنال: The American Economic Review
سال: 2021
ISSN: ['2640-205X', '2640-2068']
DOI: https://doi.org/10.1257/aer.20191136