Abstract
Multi-wave panel data are observations at two or more points in time on a continuously changing attribute of interest (e.g. behaviour). In this paper, the adequacy of the continuous-time homogeneous Markov chain (CTHMC) model is assessed for describing the process of change underlying such data. In the case of equidistant observational times, it may happen that the maximum-likelihood estimate of the transition probability matrix between successive observational times from these data cannot arise from a CTHMC. It is investigated whether this event can be ascribed to chance through the introduction of an hypothesis test.
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