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The authors develop and estimate a stochastic dynamic programming model to analyze the relationship between compensation, including retirement benefits, and retention over the career of Chicago public school teachers. The structural modeling approach used was first developed at RAND for studying the relationship between military compensation and the retention of military personnel and is called the dynamic retention model (DRM).
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The authors develop and estimate a stochastic dynamic programming model to analyze the relationship between compensation, including retirement benefits, and retention over the career of Chicago public school teachers. The structural modeling approach used was first developed at RAND for studying the relationship between military compensation and the retention of military personnel and is called the dynamic retention model (DRM).