Define hazard function, Advanced Statistics

Assignment Help:

Hazard function: The risk which an individual experiences an event in a small time interval, given that the individual has survived up to the starting of the interval.

It is the measure of how likely an individual is to experience the event as a function of time.

Generally denoted h(t), the function can be given in terms of the probability distribution of the survival times f (t) and the survival function S(t), as h(t)= f (t)/S(t). The hazard function might remain constant, increase, decrease or take on some much more complex shape. The function can be expected as the proportion of the individuals experiencing an event in the interval per unit time, provided that they have survived to the beginning of the interval,

924_hazard function.png 
Care is required in the interpretation of the hazard function because of both the selection effects due to dissimilarity between the individuals and variation within each individual over time. For instance, individuals with a high risk are more prone to experience an event soon, and those remaining at risk will tend to be the selected group with a lower risk. This will result in hazard rate being 'pulled down' to an increasing extent as the time passes.  


Related Discussions:- Define hazard function

Cluster analysis, Cluster analysis : A set of methods or techniques for con...

Cluster analysis : A set of methods or techniques for constructing a sensible and informative classi?cation of an initially unclassi?ed set of data, using variable values observed

Event studies, can you help specify the model for an event study and to int...

can you help specify the model for an event study and to interpret the results/

Quantitative Analysis for Management Chapter 4, 4-13. Students in a manage...

4-13. Students in a management science class have just received their grades on the first test. The instructor has provided information about the first test grades in some previou

Conditional probability, Conditional probability : The probability that an ...

Conditional probability : The probability that an event occurs given the outcome of other event. Generally written, Pr(A|B). For instance, the probability of a person being color b

Cointegration, Cointegration : The vector of not motionless time sequence i...

Cointegration : The vector of not motionless time sequence is said to be cointegrated if the linear combination of the individual series is stationary. Facilitates suitable testing

Parks test, The Null Hypothesis - H0: β 1 = 0 i.e. there is homoscedastici...

The Null Hypothesis - H0: β 1 = 0 i.e. there is homoscedasticity errors and no heteroscedasticity exists The Alternative Hypothesis - H1: β 1 ≠ 0 i.e. there is no homoscedasti

Factor rotation, Generally the final stage of an exploratory factor analysi...

Generally the final stage of an exploratory factor analysis in which factors derived initially are transformed to build their interpretation simpler. Generally the target of the pr

Follow back surveys, Surveys which use lists related with the vital statist...

Surveys which use lists related with the vital statistics to sample individuals for the further information. For instance, the 1988 National Mortality Follow back Survey sampled de

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd