Panel Data Analysis: A Survey On Model-Based Clustering Of Time Series - Statswork
The clustering technique in Statistical Analysis is used to determine the subsets as clusters in the data using the specified distance measure. However, this technique cannot be applied easily for longitudinal or time-series data. In this blog, I will discuss some of the methods used for modeling longitudinal or panel data using the Clustering Analysis technique as explained in Schmatter (2011). Longitudinal data is actually a sample of observations which are measured repeatedly over time. And, nowadays, longitudinal/repeated measure data or panel data exists in all areas of Applied statistics such as finance, psychology, economics, and social sciences. Most studies deals with analyzing homogeneity in such Time series data (Diggle et al 2002), however, there are few researchers’ shows interest in analyzing the heterogeneity in such data and they proposed different modeling technique for the same. Let us now discuss the applicabilit...