From: Fostering job search among older workers: the case for pension reform
Preferences | Labor Market parameters | ||||
---|---|---|---|---|---|
β | 0.97 | Annual discount factor | λ 0 | 0.6 | Base job-offer arrival rate |
η | 2 | Risk aversion | λ h | 0.5 | Factor reduction in λ due to h>1 |
\(\bar {l}\) | 0.3 | Leisure AVI (Retirement) | λ a | 0.8 | Factor reduction in λ due to a>59 |
l S | 0.0 | Leisure AVI (search) | μ | 9.7 | Wage offer mean (thousands of 2002 euros) |
σ | 8.9 | Wage offer dispersion (std) |