@TechReport{iza:izadps:dp16704,
            	author={Clark, Andrew E. and Zhu, Rong},
            	title={Taking Back Control? Quasi-Experimental Evidence on the Impact of Retirement on Locus of Control},
            	year={2023},
	month={Dec},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={16704},
            	url={https://www.iza.org/index.php/publications/dp16704},
	abstract={We use nationally representative panel data from Australia to consider the impact of retirement on individual locus of control, a socio-emotional skill that has substantial explanatory power for a broad range of life outcomes. We establish causality via cohort-specific eligibility age for the Australian Age Pension. We show that retirement leads to increased internal locus of control. This greater sense of internal control can explain around one-third and one-fifth of the positive effects of retirement on health and subjective well-being, respectively. The impact of retirement on control beliefs varies along the distribution of locus of control, with the positive influence being most pronounced for men with a relatively high sense of internal control and for women with a relatively high sense of external control. Last, we provide evidence that locus of control is much more malleable at retirement than the other socio-emotional skills of the Big-Five personality traits, risk and time preferences, and trust.},
	keywords={retirement;locus of control;socio-emotional skills;public pension},
            }