European Network of Economic Policy Research Institutes OPTION VALUES FOR RETIREMENT EFFECTS OF PUBLIC INCENTIVES TO POSTPONE RETIREMENT IN FINLAND, BELGIUM AND GERMANY HANNU PIEKKOLA MATTHIAS DESCHRYVERE ENEPRI RESEARCH REPORT NO. 14 AUGUST 2005 ENEPRI Research Reports are designed to make the results of research undertaken within the framework of the European Network of Economic Policy Research Institutes (ENEPRI) publicly available. This paper was prepared when the author was participating in REVISER – a Research Training Network on Health, Ageing and Retirement – which has received financing from the European Commission under the 5 th Research Framework Programme (contract no. HPRN- CT-2002-00330). Its findings and conclusions should be attributed to the author/s and not to ENEPRI or any of its member institutions. ISBN 92-9079-587-5 AVAILABLE FOR FREE DOWNLOADING FROM THE ENEPRI WEBSITE (HTTP://WWW.ENEPRI.ORG) OR THE CEPS WEBSITE (WWW.CEPS.BE) © COPYRIGHT 2005, HANNU PIEKKOLA AND MATTHIAS DESCHRYVERE