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Estimation of Competing Risks Duration Models with Unobserved Heterogeneity Using Hsmlogit

Estimation of Competing Risks Duration Models with Unobserved Heterogeneity Using Hsmlogit
Author: David Troncoso-Ponce
Publisher:
Total Pages: 23
Release: 2018
Genre:
ISBN:

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This article presents hsmlogit, a new Stata command that estimates multispells discrete time competing risks duration models with unobserved heterogeneity. hsmlogit allows for the estimation of one, two and up to three competing risks, as well as a maximum of ve points of support for the identication of unobserved heterogeneity distribution (Heckman and Singer, 1984). The main contribution of hsmlogit is that allows for exploiting the richness of large longitudinal micro datasets, by estimating competing risks duration models, instead of one-risk models (such as hshaz and hshaz2), as well as it takes into account the presence of unobserved heterogeneity affecting transition rates. In addition to this, and taking into account the larger size of longitudinal micro datasets used for the estimation of discrete time duration models, hsmlogit also provides the algebraic expressions of both rst and second order derivatives that, respectively, dene the gradient vector and Hessian matrix, which signicantly reduce time required to achieve model convergence.


Introduction to Cost–Benefit Analysis

Introduction to Cost–Benefit Analysis
Author: Ginés de Rus
Publisher: Edward Elgar Publishing
Total Pages: 256
Release: 2021-03-26
Genre: Business & Economics
ISBN: 1839103752

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This thoroughly updated second edition incorporates key ideas and discussions on issues such as wider economic impacts, the treatment of risk, and the importance of institutional arrangements in ensuring the correct use of technique. Ginés de Rus considers whether public decisions, such as investing in high-speed rail links, privatizing a public enterprise or protecting a natural area, may improve social welfare.


Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?

Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?
Author: Mr.Pau Rabanal
Publisher: International Monetary Fund
Total Pages: 42
Release: 2012-01-01
Genre: Business & Economics
ISBN: 1463990197

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Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple two-country, two-good model, as described in Heathcote and Perri (2002), can explain the volatility of the real exchange rate when all frequencies are studied. The puzzle is that the model generates too much persistence of the real exchange rate instead of too little, as the business cycle analysis asserts. Finally, we show that the introduction of adjustment costs in production and in portfolio holdings allows us to reconcile theory and this feature of the data.


The Spanish Economy

The Spanish Economy
Author: J. Boscá
Publisher: Springer
Total Pages: 250
Release: 2011-05-26
Genre: Business & Economics
ISBN: 023030754X

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This book examines the pattern of growth of the Spanish economy in the last few decades, and studies the causes of its labour productivity, and the special features characterising business cycles in Spain.


Social Security Programs and Retirement Around the World

Social Security Programs and Retirement Around the World
Author: David A. Wise
Publisher: University of Chicago Press
Total Pages: 559
Release: 2016-01-13
Genre: Business & Economics
ISBN: 022626257X

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"Research has shown that disability insurance programs can play a large role in the departure of older persons from the labor force, as many workers pass through disability insurance on their path from employment to retirement. But what is the real effect that disability insurance programs have on labor-force participation in different countries? David A. Wise authoritatively tackles this question. This volume’s research encompasses the globe, traveling from Belgium to Canada to Japan and the United States, and covers the provisions of disability insurance programs as well as other pathways to retirement in over twelve countries."--From publisher description.


Social Security Programs and Retirement around the World

Social Security Programs and Retirement around the World
Author: Jonathan Gruber
Publisher: University of Chicago Press
Total Pages: 752
Release: 2009-02-15
Genre: Political Science
ISBN: 0226309983

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Social Security Programs and Retirement around the World represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work. In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.