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Simulating Household Savings and Labour Supply: an Application of Dynamic Programming

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  • James Sefton
  • Justin van de Ven

Abstract

This paper describes a fully behavioural microsimulation model that has recently been developed at the National Institute for considering responses to changes in pension policy of household savings and labour supply. The model generates household decisions regarding labour/leisure, and consumption/savings by solving a dynamic programming problem over the simulated lifetime. This analytical framework incorporates a degree of complexity that is usually omitted from econometric analyses that are common in the literature.

Suggested Citation

  • James Sefton & Justin van de Ven, 2004. "Simulating Household Savings and Labour Supply: an Application of Dynamic Programming," National Institute Economic Review, National Institute of Economic and Social Research, vol. 188(1), pages 56-72, April.
    • Handle: RePEc:sae:niesru:v:188:y:2004:i:1:p:56-72
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    Cited by:

    1. Servaas Deroose (Editor), 2006. "Assessing the factors of resilience of private consumption in the euro area," European Economy - Economic Papers 2008 - 2015 252, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. James Sefton & Justin Van De Ven & Martin Weale, 2008. "Means Testing Retirement Benefits: fostering equity or discouraging savings?," Economic Journal, Royal Economic Society, vol. 118(528), pages 556-590, April.
    3. Oliver Lipps, 2009. "Attrition of Households and Individuals in Panel Surveys," SOEPpapers on Multidisciplinary Panel Data Research 164, DIW Berlin, The German Socio-Economic Panel (SOEP).
    4. van de Ven, Justin, 2011. "A structural dynamic microsimulation model of household savings and labour supply," Economic Modelling, Elsevier, vol. 28(4), pages 2054-2070, July.
    5. van de Ven, Justin, 2017. "SIDD: An adaptable framework for analysing the distributional implications of policy alternatives where savings and employment decisions matter," Economic Modelling, Elsevier, vol. 63(C), pages 161-174.
    6. James Sefton & Justin Van De Ven, 2009. "Optimal Design of Means Tested Retirement Benefits," Economic Journal, Royal Economic Society, vol. 119(541), pages 461-481, November.

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