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This paper deals with diagnostics for evaluating the appropriateness of distributional assumptions in econometric models of duration. The purpose is to point out certain extensions, equivalences and interpretations. The exposition is in terms of the Weibull distribution, but the framework is...
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The concept of first-order stochastic dominance defined on distributions is inadequate in models with learning. We extend this concept to the space of distributions on distributions. We discuss conditions under which for all common observations one person's beliefs (over a set of probability...
Persistent link: https://www.econbiz.de/10014064212
This paper provides new diagnostics for evaluating the appropriateness of distributional assumptions in econometric models of duration. The exposition is in terms if the Weibull distribution, but the method is applicable more generally. The diagnostics developed are score tests of the null...
Persistent link: https://www.econbiz.de/10014064246
Probability models for duration have been applied to a wide range of individual-level and organizational phenomena. Interestingly, seemingly similar models may produce different results. Using divorce as an illustration, we discuss a hierarchy of duration models of different complexity and show...
Persistent link: https://www.econbiz.de/10013095641