Customer relationship management and marketing analytics have become critical for nonlife insurers operating in highly competitive markets. As it is easier to develop an existing customer than to acquire a new one, cross-selling and retention are key activities. In this research, we focus on...

The study considers a stochastic R&D process where the invented production technologies consist of a large number n of complementary components. The degree of complementarity is captured by the elasticity of substitution of the CES aggregator function. Drawing from the Central Limit Theorem and...

This paper develops and compares specification tests for parametric duration models estimated with censored data. The tests are based on generalized residuals (the integrated hazard), which is exponentially distributed if the model is correctly specified. I present several conditional moment...

This letter evaluates the performance of auxiliary regression-based specification tests for parametric duration models estimated with censored data. The test using asymptotic critical values has poor size. Bootstrapping corrects the size problem but results in a biased power curve.