Shimizutani, Satoshi; Fujii, Mayu; Oshio, Takashi - Center for Intergenerational Studies, Institute of … - 2012
This study examines retirement decisions in Japan, using the option value (OV) model proposed by Stock and Wise (1990) and examined by subsequent studies. This model assumes that an individual maximizes a weighted average of utility from labor income until retirement as well as that from pension...