RDP 2015-10: The Life of Australian Banknotes
Equation
L
(
t
)
=
p
(
1
−
e
−
(
e
x
′
β
/
k
t
λ
)
)
=
1
2
1
−
e
−
(
e
x
′
β
/
k
t
λ
)
k
=
1
2
p
e
−
(
e
x
′
β
/
k
t
λ
)
k
=
2
p
−
1
2
p
−
(
e
x
′
β
/
k
t
λ
)
k
=
ln
(
2
p
−
1
2
p
)
e
x
′
β
/
k
t
λ
=
ln
(
2
p
2
p
−
1
)
1
k
t
=
λ
ln
(
2
p
2
p
−
1
)
1
k
/
e
x
′
β
/
k
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