GRAMMIG, JOACHIM; MAURER, KAI-OLIVER - In: Econometrics Journal 3 (2000) 1, pp. 16-38
This paper shows that the monotonicity of the conditional hazard in traditional ACD models is both econometrically important and empirically invalid. To counter this problem we introduce a more flexible parametric model which is easy to fit and performs well both in simulation studies and in...