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Semi-Markov and Markov labour histories

Listed author(s):
  • Burdett, Kenneth
  • Taylor, Mark P.

It is possible to construct a panel of labour market flows from the first wave of the British Household Panel Study. Using this data, a three-state Markov model of labour market transitions is specified and estimated, using the proportional hazard function approach. The three states considered are unemployment, employment and self-employment. The purpose of this exercise is to illustrate how Markovian models can be used to identify the determinants of labour market flows. The sample used consists of mature males (25-55 years old) as this to a large extent eliminates the problems associated with non-participation. Specification tests reveal that the null hypothesis that an individuals labour market history can be described by a Markov process can not be rejected, and hence the time invariant hazard rates are used to evaluate the steady state proportions.

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Paper provided by Institute for Social and Economic Research in its series ISER Working Paper Series with number 1994-27.

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Date of creation: 01 Jun 1994
Publication status: published
Handle: RePEc:ese:iserwp:1994-27
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