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Peng Zhou

First Name: Peng
Surname: Zhou
Department Dept of Economics
Supervisor(s): Professor Geoffrey Kingston , Professor Lance Fisher

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Paper Title

Retirement Decisions


The research project investigates how Australians make retirement decisions using the Household, Income and Labour Dynamics in Australia (HILDA) Survey. On reviewing the development of the Australian pension system and the literature of labour supply elasticity and optimal asset allocation, the project estimates the retirement elasticity on a career length model, analyses the gender effects and constructs retirement wealth profile crossing the retirement stage.


Apply Career Length Model on HILDA Survey

Key literature/theoretical perspective

Labour supply: A review of alternative approaches (1999) by Richard Blundell and Thomas Macurdy.


Panel Data Analysis


The three main findings are the robustness of retirement decisions, the low intertemporal labour supply elasticity and less pronounced gender effects. These results explain the low responsiveness of financial incentives in the Australian social security system, and provide evidence that superannuation guarantee have not yet achieved the target on two decade development.

Practical and Social implications

The application will improve social security policy design and help individuals plan retirement finance.


Gender Analysis, Intertemporal Substitution Elasticity, Job disutility.