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A new class of ageing distributions

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Abstract

The class of new worse/better than used in expectation on average (NWUEA/NBUEA) distributions is proposed. It is defined by the requirement that for each age t a weighted average of mean residual lives be greater/smaller than the life expectancy at birth. The weights are the shares of ages up to t in the steady state stock which results from cohorts whose density is to be classified. The NWUEA class has a second order stochastic dominance property whose first order counterpart defines the class of new worse than used in expectation (NWUE) distributions.

Suggested Citation

  • Martin Riese Author Person: pri167, 2002. "A new class of ageing distributions," Economics working papers 2002-11, Department of Economics, Johannes Kepler University Linz, Austria.
    • Handle: RePEc:jku:econwp:2002_11
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    1. Stephen W. Salant, 1977. "Search Theory and Duration Data: A Theory of Sorts," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(1), pages 39-57.
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    More about this item

    Keywords

    NWUE distribution; stochastic dominance;

    JEL classification:

    • C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis; Optimal Timing Strategies

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