Econometric Estimation of Proportional Hazard Models
- UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
- Christopher J Ruhm, Jefferson-Pilot Excellence Professor (Creator)
- Institution
- The University of North Carolina at Greensboro (UNCG )
- Web Site: http://library.uncg.edu/
Abstract: When analyzing duration data, covariates are typically assumed to modify hazard rates through the use of the proportional hazard model, in which the baseline hazard is multiplied by some function of the regressors and associated parameters, g(•), to determine individual hazard rates. The specification for g(•) which is in virtually universal use, g(•) = exp(•), may be overly restrictive. This paper considers one alternative—setting g(•) equal to the cumulative density function of the standard normal distribution. The relative performance of this functional form for g(•), compared to the exponential transformation, is shown to depend on the parametrization of the baseline hazard rate.
Econometric Estimation of Proportional Hazard Models
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Created on 1/1/1993
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Additional Information
- Publication
- Journal of Economics & Business, Vol. 45, No. 5, October 1993, 421-30
- Language: English
- Date: 1993
- Keywords
- Proportional hazard model, Econometric estimation, Nonemployment duration