Duration Dependence and Dispersion in Count-Data Models
AbstractThis paper explores the relation between nonexponential waiting times between events and the distribution of the number of events in a fixed time interval. It is shown that within this framework the frequently observed phenomenon of overdispersion, i.e., a variance that exceeds the mean, is caused by a decreasing hazard function of the waiting times, while an increasing hazard function leads to underdispersion. Using the assumption of i.i.d. gamma distributed waiting times, a new count data model is derived. Its use is illustrated in two applications: the number of births and the number of doctor consultations.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 13 (1995)
Issue (Month): 4 (October)
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