Parameter Estimation and Evaluation Population and Distribution Model Population and Distribution Model Example 2(8.2)[Survival/Duration Analysis] Suppose we are interested in the time length it takes for an unemployed person to find a job,the time length that elapses between two trades or two price changes,the length of a strike, the length before a cancer patient dies,and the length before a financial crisis (e.g.,credit default risk)comes out.Such analysis is called duration analysis or survival analysis. In practice,the main interest often lies in the question of how long a duration will continue,given that it has not finished yet.The hazard rate measures the chance that the duration will end now,given that it has not ended before.This hazard rate can be interpreted as the chance to find a job,to trade, to end a strike,etc. Parameter Estimation and Evaluation Introduction to Statistics and Econometrics April 21,2020 91207Parameter Estimation and Evaluation Parameter Estimation and Evaluation Introduction to Statistics and Econometrics April 21, 2020 9/207 Population and Distribution Model Population and Distribution Model Example 2 (8.2) [Survival/Duration Analysis]