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Application of the Survival Analysis Methods in Contemporary Economics on the Example of Unemployment

In: Experimental and Quantitative Methods in Contemporary Economics

Author

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  • Beata Bieszk-Stolorz

    (Institute of Econometrics and Statistics, University of Szczecin)

Abstract

Contemporary economics uses newer and newer methods of data analysis. Survival analysis is one of such methods. It originated in the demography and reliability analysis. Duration of a phenomenon is observed until the moment of occurrence of specific event. It can be the duration of life, increase or decrease of share prices, debt payment, business life, unemployment. If the occurrence of the event does not take place in specific period, such observation is considered as censored. Survival function is the basic and primary one. It describes the probability of nonexistence of the event until the moment t. The second function is the hazard function that describes the intensity of occurrence of the event in the moment t. In the chapter, selected methods of the survival analysis will be applied for the analysis of duration of the registered unemployment with respect to the unemployed persons’ features. Among the other things, models of risk of the competing events will be analyzed. They allow to estimate the probability and intensity of accepting the job, removal from the register and de-registration due to other causes.

Suggested Citation

  • Beata Bieszk-Stolorz, 2020. "Application of the Survival Analysis Methods in Contemporary Economics on the Example of Unemployment," Springer Proceedings in Business and Economics, in: Kesra Nermend & Małgorzata Łatuszyńska (ed.), Experimental and Quantitative Methods in Contemporary Economics, chapter 0, pages 115-131, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-30251-1_9
    DOI: 10.1007/978-3-030-30251-1_9
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