Performance of the Survival models in Socioeconomic Phenomena

Abstract

Unemployment is still high in Sri Lanka and is considered a severe challenge. Higher unemployment rates are consistently found regardless of the degree of economic activity, in which improvements in the GDP marginalize unemployment. This analysis aims to include statistical tools that help to understand the labour market better and increase the relevance of labour market policies. Survival methods are used, and the Hypertabastic model was found to be more powerful and reliable than other classical models by most researchers who researched it. This research discussed how these observations regarding the Hypertabastic paradigm hold up in the world of economics and social science. This study focuses on developing a survival model for unemployment, and its performance will be compared with the Cox proportional hazard model. Results of the study revealed that unemployed persons with higher education are not advantaged in the labour market, and there are significant differences between women and men concerning the unemployment duration. On average, the study subjects unemployed are young in age and age was not significantly affected by unemployment. According to the fitted models, Hypertabastic Proportional Hazards Model has smaller criterion values than the Cox Proportional Hazards model. Hypertabastic survival models can be an effective survival analysis tool for Socioeconomic Phenomena