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The Tinbergen Institute is the institute for

economic research of the Erasmus Universiteit

Rotterdam, Universiteit van Amsterdam, and Vrije

Universiteit Amsterdam.
Tinbergen Institute Amsterdam
Roetersstraat 31

1018 WB Amsterdam
The Netherlands
Tel.:
Fax:

+31(0)20 551 3500

+31(0)20 551 3555

Tinbergen Institute Rotterdam

Burg. Oudlaan 50

3062 PA Rotterdam
The Netherlands
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+31(0)10 408 8900

+31(0)10 408 9031

Please send questions and/or remarks of nonscientific nature to driessen@tinbergen.nl.

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http://www.tinbergen.nl.

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Figure 1: Parametric estimate of

the aggregate hazard rate

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20

30

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34

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35

Figure 3: Parametric estimate of

the "voluntary" hazard rate

0.025

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0.005

0
0

30

Months in business

36

50