摘要：The objective of this study is to use the Bayesian quantile regression for studying the retirement consumption puzzle, which is defined as the drop in consumption upon retirement, using the cross-sectional data of the Malaysian Household Expenditure Survey (HES) 2009/2010. Three different measures of consumption, namely, total expenditure, work-related expenditure, and nonwork-related expenditure, are suggested for studying the retirement consumption puzzle. The results show that the drop in consumption upon retirement is significant and has a regressive distributional effect as indicated by larger drops at lower percentiles and smaller drops at higher percentiles. The smaller drops among higher consumption retirees (or higher income retirees) may imply that they have more savings and/or retirement benefits than the smaller consumption retirees (or lower income retirees). Comparison between the three types of consumption shows that the work-related expenditure has a uniform drop across the distribution. The drop under the nonwork-related expenditure varies across the distribution, implying that it is the source behind the variation of the consumption drop.
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