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Retirement patterns in Hong Kong: a censored regression analysis
Journal of Population Economics
|January 1, 1997
Summary
This study analyzes Hong Kong retirement patterns using a censored regression model. Higher lifetime earnings correlate with later retirement, while income effects and earnings decline influence retirement age.
Area of Science:
- Economics
- Demography
Background:
- Understanding retirement patterns is crucial for economic and social policy.
- Limited data on retirement in Hong Kong necessitates advanced statistical methods.
Purpose of the Study:
- To provide an overview of retirement patterns in Hong Kong.
- To infer retirement age using a censored regression model.
- To analyze the impact of earnings and income on retirement decisions.
Main Methods:
- Censored regression model applied to infer retirement age.
- Model is equivalent to a restricted probit model.
- Straightforward parameter interpretation.
Main Results:
- A negative income effect on the retirement decision was observed.
- Retirement age is positively related to lifetime earnings.
- Retirement age is negatively related to the rate of earnings decline with age.
Conclusions:
- Income and lifetime earnings are significant factors influencing retirement age in Hong Kong.
- The findings provide insights into retirement behavior despite data limitations.