This article describes an approach towards a random number generator that passes all of the stringent tests for randomness we have put to it, and that is able to produce exactly the same sequence of uniform random variables in a wide variety of computers, including TRS80, Apple, Macintosh,...

Here is a method for very fast evaluation of the inverse of the normal distribution--in two versions. The first, given u, rapidly produces the solution x to 2 , to within the accuracy available in single precision arithmetic. The second is faster. Using one less term in an expansion, it provides...

We explore maximum likelihood (ML) estimation of the Hildreth-Houck random coefficients model. We show that the global ML estimator can be inconsistent. We develop an alternative LML (local ML) estimator and prove that it is consistent and asymptotically efficient for points in the interior of...

Purpose – The purpose of this paper is to argue that corruption is inherently unmeasurable. Measures of corruption produced by different sources are highly unsatisfactory. Useful measures may be possible for specific purposes in limited contexts. Reasons why highly unsatisfactory measures are...

We draw on a newly collected historical dataset of fiscal variables for a large panel of countries—to our knowledge, the most comprehensive database currently available—to gauge the degree of fiscal prudence or profligacy for each country over the past several decades....

As professional economists, we are frequently asked whether the modern economy can function without a market for interest-based credit. This question has acquired some urgency in the wake of the recent Shariat Court ruling on interest in Pakistan. Some pundits have pronounced that great harm...

A literature search shows that robust regression techniques are rarely used in applied econometrics. We present a technique based on Rousseeuw and Van Zomeren [Journal of the American Statistical Association, 85 (1990) 633–639] that removes many of the difficulties in applying such techniques...