摘要：In this paper we analyse old-age retirement decisions of Slovenian men and women eligible
to retire in the period 1997-2003. In comparison to established market economies, we .nd
relatively high hazard rates of retirement that decline with age. This peculiar pattern can
be partly attributed to weak incentives to work inherent in the design of Social Security, and
is re.ected in predominantly negative values of accruals, and to transition-speci.c increase
in wage inequality in the late 1980s and early 1990s. This is re.ected in low wages and
relatively high pensions of less productive (skilled) workers and vice versa. We also .nd that
the probability of retirement increases with social security wealth and decreases with net
wages, although the response to option value to work, when controlling for wage di¤erences,
is rather weak. Our results also imply that less educated persons, persons with greater
private wealth, and persons entitled to severance payment are more likely to retire.
关键词：retirement, option value, social security wealth, transition
