摘要：This paper proposes a particular axiomatic approach to motivate the choice of functional forms and
distribution of unobservables in continuous time models for discrete panel data analysis. We discuss in
particular applications with data on transitions between employment and unemployment. This
framework yields a characterization of transition probabilities and duration distributions in terms of
structural parameters of the utility function and choice constraints. Moreover, it is discussed how the
modeling framework can be extended to allow for involuntary transitions, structural state dependence
and random effects.
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