Why Not Retire? The Time and Timing Costs of Market Work.
dc.contributor.author | Hamermesh, Daniel S. | |
dc.date.accessioned | 2007-02-14T20:27:02Z | |
dc.date.available | 2007-02-14T20:27:02Z | |
dc.date.issued | 2005-09 | |
dc.identifier.uri | https://hdl.handle.net/2027.42/49436 | |
dc.description.abstract | Retirement ages among older Americans have only recently begun to increase after their precipitous fifty-year decline. Early retirement may result from incentives provided by retirement systems; but it may also result from the rigidities imposed by market work schedules. Using the American Time Use Survey of 2003, I first examine whether additional market work is neutral with respect to the mix of non-market activities. The estimates indicate that there are fixed time costs of remaining in the labor market that alter the pattern of non-market activities, reducing leisure time and mostly increasing time devoted to household production. These costs impose a larger burden on households with lower full incomes, since wealthier households apparently purchase market substitutes that allow them to maintain the mix of non-market activities when they undertake market work. Market work also raises the set-up costs of switching among different non-market activities, thus raising the costs of generating utility-increasing variety. It also alters the daily distribution of a fixed amount of non-market activities, away from the distribution chosen when the constraint of a work schedule is not present. All these effects are mitigated by higher family income, presumably because higher-income people can purchase market substitutes that enable them to overcome the fixed time costs of market work. | en |
dc.description.sponsorship | Social Security Administration | en |
dc.format.extent | 466336 bytes | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en |
dc.relation.ispartofseries | WP 2005-104 | en |
dc.title | Why Not Retire? The Time and Timing Costs of Market Work. | en |
dc.type | Working Paper | en |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationum | University of Michigan Retirement Research Center | en |
dc.contributor.affiliationum | Institute for Social Research | en |
dc.contributor.affiliationother | University of Texas at Austin | en |
dc.contributor.affiliationumcampus | Ann Arbor | en |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/49436/1/wp104.pdf | en_US |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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