On the Structure of Behavioral Multistate Duration Models

John Dagsvik

No 11/1998, Memorandum from Oslo University, Department of Economics

Abstract: This paper proposes a particular behavioral assumption to characterize the stochastic structure of intertemporal discrete choice models in the absence of state dependence. This assumption extends Luce's axiom; "Independence from Irrelevant Alternatives", to the intertemporal context. Under certain regularity conditions the implication of this assumption is that the individual choice process is a Markov chain with transition probabilities that have a particularly simple structure.

Keywords: MODELS (search for similar items in EconPapers)
JEL-codes: C10 (search for similar items in EconPapers)
Pages: 40 pages
Date: 1998
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