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Estimating Choice Models with Piecewise Smooth Objective Functions: Application to Joint Retirement

We study choice models with piecewise smooth objective functions and provide conditions under which introducing latent variables derived from regional components yields a censoredmodel– like representation. These latent variables can then be treated as potential outcomes, enabling tractable estimation via the stochastic EM algorithm. We illustrate the framework using two examples: responses to taxes and the (S, s) model. We further estimate a joint retirement decision model for European couples using an interdependent duration framework with our methods. The results provide empirical evidence of complementarities between spouses in the retirement process in Europe.

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Investigación socioeconómica | Ciencia conductual

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Europa

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https://scioteca.caf.com/handle/123456789/2570

Date

2025-12-19

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6.1 Documentos de trabajo en investigación socioeconómica

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Except where otherwised noted, this item's license is described as CC-BY-NC-ND
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Estimating choice models with piecewise smooth objective functions. Application to joint retirement.pdf (2.51 MB)

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