Bhardwajy, Geetesh (contributor); … - 2008
event j, where the three
events are given by subscript j = 1;2;3. Let Tij be the age (in months) at which borrower i
chooses … event j. Therefore, the loan performance of borrower i is observed for minj (Tij). The
hazard function hij(t) speci�es the … instantaneous probability of occurrence of event j(1;2) for
mortgage i, and is given by
hij(t) = lim
t!0
Pr(t Tij < t+ tjTij t …