On the relationship between the reversed hazard rate and elasticity

Despite hazard and reversed hazard rates sharing a number of similar aspects, reversed hazard functions are far less frequently used. Understanding their meaning is not a simple task. The aim of this paper is to expand the usefulness of the reversed hazard function by relating it to other well-known concepts broadly used in economics: (linear or cumulative) rates of increase and elasticity. This will make it possible (i) to improve our understanding of the consequences of using a particular distribution and, in certain cases, (ii) to introduce our hypotheses and knowledge about the random process in a more meaningful and intuitive way, thus providing a means to achieving distributions that would otherwise be hardly imaginable or justifiable

Recognition memory models and binary-response ROCs: A comparison by minimum description length

Model comparison in recognition memory has frequently relied on receiver operating characteristics (ROC) data. We present a meta-analysis of binary-response ROC data that builds on previous such meta-analyses and extends them in several ways. Specifically, we include more data and consider a much more comprehensive set of candidate models. Moreover, we bring to bear modern developments in model selection on the current selection problem. The new methods are based on the minimum description length framework, leading to the normalized maximum likelihood (NML) index for assessing model performance, taking into account differences between the models in flexibility due to functional form. Overall, NML results for individual ROC data indicate a preference for a discrete-state model that assumes a mixture of detection and guessing states