Wolter, James - Department of Economics, Oxford University - 2013
Global frailty is an unobserved macroeconomic variable. In event data contexts, this unobserved variable is assumed to … impact the hazard rate of event arrivals. Attempts to identify and estimate the path of frailty are complicated when … previous work in that I do not assume frailty follows a specific stochastic process form. Previous studies identify global …