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A Bayesian Model Of Fertility Decisions In Relationship To Female Labor Force Participation, Rebecca C. Wardrop
A Bayesian Model Of Fertility Decisions In Relationship To Female Labor Force Participation, Rebecca C. Wardrop
Senior Independent Study Theses
Due to the increasing number of women in the labor force, opportunity costs associated with labor force participation are becoming an important factor in fertility decisions. Further, these decisions are assumed to be dynamic as the opportunity costs change as a woman progresses through her career. A Bayesian statistical model , which allows the distribution of the likelihood of having children to be updated as information is gathered, lends itself to the dynamicity of the decision-making process. A generalized model for fertility decisions in terms of labor force participation is created. I also discuss potentials for implementation and furthering the …
Markov Chain Theory With Applications To Baseball, Cal D. Thomay
Markov Chain Theory With Applications To Baseball, Cal D. Thomay
Senior Independent Study Theses
The applications of Markov chains span a wide range of fields to which models have been designed and implemented to simulate random processes. Markov chains are stochastic processes that are characterized by their memoryless property, where the probability of the process being in the next state of the system depends only on the current state and not on any of the previous states. This property is known as the Markov property. This thesis paper will first introduce the theory of Markov chains, along with explaining two types of Markov chains that will be beneficial in creating a model for analyzing …