Parameter Estimation and Evaluation Population and Distribution Model Population and Distribution Model When the model is correctly specified,the true parameter value aln入(t) ∂Xi 10入(t) λ(t)∂Xi can be interpreted as the relative marginal effects of X;on the hazard rate of individual i.Inference of 0o will allow one to examine how individual characteristics affect the duration of interest.For example,suppose T is the unemployment du- ration for individual i,then the inference of 0o will allow us to examine how individual characteristics,such as age,educa- tion,gender,job training,etc,can affect the unemployment duration.This will provide important policy implications on labor markets. Parameter Estimation and Evaluation Introduction to Statistics and Econometrics April 21,2020 13/207Parameter Estimation and Evaluation Parameter Estimation and Evaluation Introduction to Statistics and Econometrics April 21, 2020 13/207 Population and Distribution Model Population and Distribution Model