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Creating a scoring model to assess risk events on the labor market

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  • Y. Yuryk, G. Kuzmenko

Abstract

The study's main goal is testing the creation of a scoring model to meet the challenges of forecasting, classification and diagnosis of risk events on the labor market. Particularly, the given model includes joint influence of socio-demographic and skill based characteristics of the employees, provides a point based ranking of the workers by the risk (probability) of the loss of job (unemployment). The given model not only allows structuring the process of preparing possible solutions for the risk management, but also provides a basis for the preliminary assessment of significance of the employees' characteristics, supposedly related to the probability of their transition to the unemployed. The use of scoring models as a tool of assessing the risk events in the labor market may be useful both for public institutions, for example employment services, and for the employers.

Suggested Citation

  • Y. Yuryk, G. Kuzmenko, 2016. "Creating a scoring model to assess risk events on the labor market," Economy and Forecasting, Valeriy Heyets, issue 3, pages 107-118.
    • Handle: RePEc:eip:journl:y:2016:i:3:p:107-118
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    References listed on IDEAS

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    1. Anderson, Raymond, 2007. "The Credit Scoring Toolkit: Theory and Practice for Retail Credit Risk Management and Decision Automation," OUP Catalogue, Oxford University Press, number 9780199226405.
    2. D. J. Hand & W. E. Henley, 1997. "Statistical Classification Methods in Consumer Credit Scoring: a Review," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 160(3), pages 523-541, September.
    3. Thomas, Lyn C., 2000. "A survey of credit and behavioural scoring: forecasting financial risk of lending to consumers," International Journal of Forecasting, Elsevier, vol. 16(2), pages 149-172.
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