Abstract
Individuals adapt to changed circumstances at various points in time. Panel data are typically collected at discrete points in time. How well can models constructed from discrete time panel data approximate the underlying process or timing of change? In this chapter, we discuss change within a framework of the timing of change and a continuous time metric. We also consider the conditions under which a discrete-time approximation is an acceptable representation of the processes which occur in practice in continuous time. Because panel data are typically collected in discrete time units, the ability to ‘translate’ discrete time observations into a metric set of continuous time estimates is of interest in the study of the duration of events. We illustrate the suggested approach in the context of a duration model of the timing of switching to a new urban toll road.
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© 1997 Springer Science+Business Media New York
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Hensher, D.A. (1997). The Timing of Change: Discrete and Continuous Time Panels in Transportation. In: Golob, T.F., Kitamura, R., Long, L. (eds) Panels for Transportation Planning. Transportation Research, Economics and Policy. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-2642-8_12
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DOI: https://doi.org/10.1007/978-1-4757-2642-8_12
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