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The Timing of Change: Discrete and Continuous Time Panels in Transportation

  • David A. Hensher
Part of the Transportation Research, Economics and Policy book series (TRES)

Abstract

Individuals adapt to changed circumstances at various points in time. Panel data are typically collected at discrete points in time. How well can models constructed from discrete time panel data approximate the underlying process or timing of change? In this chapter, we discuss change within a framework of the timing of change and a continuous time metric. We also consider the conditions under which a discrete-time approximation is an acceptable representation of the processes which occur in practice in continuous time. Because panel data are typically collected in discrete time units, the ability to ‘translate’ discrete time observations into a metric set of continuous time estimates is of interest in the study of the duration of events. We illustrate the suggested approach in the context of a duration model of the timing of switching to a new urban toll road.

Keywords

Panel Data Continuous Time Exogenous Variable Duration Model Event History Analysis 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1997

Authors and Affiliations

  • David A. Hensher
    • 1
  1. 1.Institute of Transport Studies, Graduate School of Business C37The University of SydneyAustralia

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