Characterization and measurement of duration dependence in hazard rates models
Characterization and measurement of duration dependence in hazard rates models
in terms of a decreasing/increasing hazard function can solely be used as a basis for revealing whether negative/positive duration dependence is present or not. However, when concern is directed to comparison and measurement of the extent of duration dependence in hazard rate models alternative definitions and methods are called for. To this end we propose a stronger as well as a weaker version of the standard definition of duration dependence and demonstrate that these definitions form a useful basis for developing appropriate duration dependence orderings and summary measures of duration dependence.
- Department of Economics Switzerland
- Departement of Economics United States
- Statistics Norway Norway
- University of Oslo Norway
- Department of Economics Indonesia
Hazard rate models, theWeibulldistribution, 330, PHandMPHmodels, Hazardratemodels, summarymeasuresofdurationdependence, VDP::Social science: 200::Economics: 210::Economics: 212, Moral Hazard, ddc:330, durationdependenceorderings, the Weibull distribution, Hazard rate models; duration dependence orderings; summary measures of duration dependence; the Weibull distribution; PH and MPH models., PH and MPH models, JEL classification: J64, PH and MPH models., duration dependence orderings, summary measures of duration dependence, VDP::210, Hazard rate models; duration dependence orderings; summary measures of duration dependence; the Weibull distribution; PH and MPH models, Weibull distribution, J64, Statistische Bestandsanalyse, Theorie, jel: jel:J64
Hazard rate models, theWeibulldistribution, 330, PHandMPHmodels, Hazardratemodels, summarymeasuresofdurationdependence, VDP::Social science: 200::Economics: 210::Economics: 212, Moral Hazard, ddc:330, durationdependenceorderings, the Weibull distribution, Hazard rate models; duration dependence orderings; summary measures of duration dependence; the Weibull distribution; PH and MPH models., PH and MPH models, JEL classification: J64, PH and MPH models., duration dependence orderings, summary measures of duration dependence, VDP::210, Hazard rate models; duration dependence orderings; summary measures of duration dependence; the Weibull distribution; PH and MPH models, Weibull distribution, J64, Statistische Bestandsanalyse, Theorie, jel: jel:J64
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