[This question paper contains 20 printed pages.

Your
Sr. No. of Question Paper 4987

Unique Paper Code 2272202402

Name of the Paper
Basic Econometrics
Name of the Course
BA (Prog.) Economics DSC - A OR B
Semester IV
Duration : 3 Hours
Maximum Marks : 90

Instructions for Candidates

1. Write your Roll No. on the top immediately on receipt of this question paper.

2. Answer any Five questions out of Six.

3. All question.s carry equal marks.

4. Use of simple non-programmable calculator is allowed. Statistical tables are attached

for your reference.

5. Answers may be written either in English or Hindi; but the same medium should
be used throughout the paper.

4. ~~-sihMl.l),q &'l('!~Mc< ct~ctt ~t 1 ~~~~ -a1'Ra4i:filq ~illfl<fi1Q'~

f,

s. ~~--~cfiT~ ~ "q"f~ ~ ~ ~ ~~ , ~~~cfiT~~ttm

~I

P. T. 0.
 :

2
4987
1. (a) A researcher estimated the model, Yi= ~o + ~1Xi + u., for i = 1,2, ... ,13,
where Yi is the average hourly wage, and Xi, is the years of schooling. When
the results are being printed out, the printer malfunctioned, smudging some
of the results. With the information already provided, fill in the blanks.

Standard Error t-ratio

Coefficients 'Estimate

-0.0165
-0.0144 ················
Po
0.7241 0.0695 ·············
/31
RSS= ........... Rz= .............
ESS=95.4255 TSS=l0S.1176

F = ······--······

(b) Define R2• What are the theoretical limits ofR-squared in regression analysis?
How can a model approach these extremes, and what do these values tell

you about the model's fit?

( c) Consider the following regression output :

Yi= 102,192 - 9075Ni + 0.3547Pi + 1.288h

(2053) (0_.0727) (0.543)
se=

N=33 R2 =0.579 .

where Yi= gross sales volume at each Woody's restaurant

4987 3 .

Ni = Competition: the number of direct market competitors within a

• two-mile radius of the Woody's location

Pi = Population: the number of people living within a three-mile radius

of the Woody's location

Ii = Income: the average household income of the population

The variable N. is expected to have negative coefficient while P. and I.

I I I

are expected to have positive coefficient. Create and test the appropriate
hypotheses to evaluate these expectations at the 5-percent level of significance.

(6x3=18)

("en) ~ ~ ~ i = 1,2, ... ,13, ~ ~ Yi= f\ + f3 Xi + ui, ~ cJiT ~

1

~, ~ Y.I --~~~t, ~ x.,~fffl-cJiTcfTft1 ~~ I "'

fit: tfiffl ~ n1n fflrar m ijffffl t. ~ ~ ~ ytm m ~ i1 ~

"ij" ™ ctf ~ iill~<:fita ~ ~, Re@' ~ ~I

1jUTfcp !:llctcP~;'.J ~~ t-~

p; -0.0144 ...... ·•· ....... -0.0165

/31 0.7241 0.0695 .............

ESS=95.4255 TSS=l05.1176 RSS= ........... R2= .............

F= ..............

PTO.
 :

4
4987
(~) R2 cfi1 ~ ~I "SIRIJl'H fcls;i15101 ~ R-mil4( ct,' ~41facfi ~ ct?IT

t? ~~w;~~31)= -acfi-~~~i, ~~~ 3{fqcfil~

"$ 1ttic ~ "$ G(R ~ ~ ~ i?

~ = 102,192- 9075Ni + 0.3547Pi + 1.288h

se = (2053) (0,.0727) (0.543)

N=33 R2 =0.579

Ni - stRlinfllat ~ "$ ~ "$ m ~ "$ ml:R ~ ~ GINfR siRtinfllin.

~~

2. (a) A researcher wants to estimate consumption function of the form,

Consumption, = Po + PI Income; + ei for a district in Delhi for the year
2020. The sample data collected is given as follows :
4987 5,

Consumption (Rs.'000) 2 5 4 3 5 7 4 2 6 2
Income (Rs. '000) 11 8 10 8 12 11 12 9 10 9

Estimate the slope and intercept coefficients using ordinary least squares
method.

(b) A cross country analysis was conducted to estimate wage equation for the
year 2022. The researcher added an irrelevant variable on weather of a
country measured by the temperature in degree Celsius to the model. The
results obtained are as follows :

Model I:

Wage= 10.3 + 0.63 Education R2 = 0.74 f?.2 = 0.73

Model II:

Wage= 10.25 + 0.69 Education+ 0.02 Weather R2 = 0.75 IF= 0.72

Should the researcher choose Model II on the basis of R-square? Explain

your answer.

(c) State 'Gauss Markov theorem' in regression analysis. Explain briefly the
properties of Ordinary Least Squares estimators. (6x3=18)

('cfi) ~ ~ cflll 2020 rt m ~ ~ ~ ft@ rt ~ Consumption; = ~o

+ ~ 1 Income; + e; 'tffilT cfi ~ ~ cfiT ~ WIRT ~ t, ~ M

1JllT ~ W f-i'"11jtll< ~ 1JllT t:

PTO.
4987 6

Consumption (~- '000) 2 5 4 3 5 7 4 2 6 2

Income (~. '000) 11 8 10 8 12 11 12 9 10 9

W1R'OT ~ cl1l fctfu cfiT ~ ~ ~ 3fu: ~ ~ cfiT ~.

~I

("(q') ~ 2022 ct ~ ~ ~~c:fi(OI cfiT ~ ~ ct 1Bq ~ sfiRf" ~ fcl:t~t101

fcfi"llT llm ~m ~ ~ ~ ~ fujt ~(Ri4~ 1IRT -iffqf \TIA" 9ffi dl4'1M ~

-hf ct - 1l"{ ~ 61$11~frtc:fi ~ ~ ii ~ ~ ~ WfiR ~:

~I:

Wage = 10_.3 + 0.63 Education R2 = 0.74 jp = 0.73

~ II:

Wage= 10.25 + 0.69 Education+ 0.02 Weather R2 = 0.75 .lP = 0.72

~ ~ cit R-cl1l ~ 3lTUR 1l"{ ~ II ~ ~? ~ ~ ~

~I

(~T) $1@~1'1'1 fcl:1~1101 ~ 'T/'m' ~ ~, ~I wm:oT ~ cl1l 31j111'1c:fi ct ~

ctil" ~ ~ ~'1$11~~ I
4987 · 7

3. (a) The following regression equation measures the impact of marke: ·ate of
return on the return on a particular stock, where r1 is the return on the stock
and rm1 is the market rate of return. Monthly data for 20 years is given.
Standard errors are given in parenthesis.

Tt = 0.7264 + 1.0598 Tmt.

(0.3001) (0.0728)

A stock is called volatile if coefficient of rm1 is greater than I. Set up the Null
and Alternative hypothesis and test whether the stock is volatile or not at 5%
level of significance.

(b) Multicollinearity of any degree violates the assumption of classical linear

regression model. Is this statement correct? Explain your answer.

( c) Explain the concept of parallel regressions and concurrent regressions in the

context of Dummy Variable. (6X3=18)

('q\) ~~~Rckt !.!l"a•i.if-1 ,e"f)cfi.(OI ~ ~ ~ ~ ~ Sti"d'h<:"l "t{( sifaq,~ ctr

~ q{ cfi ~ <fil ~ t, ~ r ~ -q{ ~faq,1:1 ~ 3it{ r mt ~Rl'hM <ti'
~~~,
t

71 = 0.7264 + 1.0598 Tmt

(0.3001) (0.0728)

PTO.
 ..

4987 8
-~ ~ cfil ~ cfi6T ~ t~ rmt cfiT ~ 1 -a 3TIUcti ti ~ ~
acfiW'Wi qR'cti("l.4;11 ~ ~ 3m: ~ ~ f&l ~ ~ ~ 5% ~ 1l'{

~t "l!T-~,

(~) ~ \TI' ~ ~ dl§,(1{{qdl ~ ~ silfl.i1+1-1 ~ _ cfTI' URUtT cfiT 3(•("itH

cfi«lt ti cfllT 1:16 ~ ~ t? ffi ~ cfil ~ ~I

(ll) W 41{qisfrl ~ ~ if ~+11;iia( sifa.i1+1;i ~ ~ siR\.i1+1-1 ~ 31cfUR1J1T ~

~~,
4. (a) Data is available on combined SAT score (Y) of 4~37 students against the
size of the graduating class, in hundreds (X). The estimated regression is :

Y = 997.981 + 19.8145X - 2.13061X

2

Interpret the signs of the coefficients of X and X2• Graph the above estimated

function..

(b) Explain the concept of Dummy variable trap with example.

(c) Consider the following model of 528 individuals:

Yi= -0.2610 - 2.3606 D i - 1.7327D3i + 2.1289D2iD3i + 0.8028Xi

2

se= (0.4224) (0.7947) (1.221) (0.081)

Y=Hourly wage in$, X=Years of schooling, D2i=l if female and 0 if male,

D ;=1 if non-white and non-Hispanic and 0 otherwise.
3
4987 9

Interpret the regression coefficient of the interaction dummy and test ' hether
it is statistically significant at 5% level of significance. (6x3=18)

(~) ~ ~ cfi 3WfiR ct,- ~ ~ 4137 ~ cfi ~ ic ffit (Y) i« ~

(X) ~ ffl ~ t1 3tj'tlf.:ld. S1Rl~llf"1 t:

Y = 997.981 + 19.814SX - 2.13061X2

·~~I
X ~ X2 cfi ~ cfi ~ ct,- ~ ~I J4<1cffi 61j+i1Pld ~ cfiT

Yi= -0.2610 - 2.3606 Dzi - 1.7327D3i + 2.1289D2iD~i + 0.8028Xi

se= (0.4224) (0.7947) (1:221) (0.081)

y = $ ~ wa-·w:r ~, X = ~ fm:rr cfi ~, D2;=1 ~ ~ ~

0 ~ ~, D3;=1 ~ ~-ffl ·~ ~-~ftlf.:lcfi ~ 0 ~ $°dcf~H ~

cfi S1Rii11f-1 ~ ct,- ~ ~ ~ ~ ~ fcfi" cFU ~ ~ cfi

5% ttR "R ijiRalcfill! -W ~ '16~'ioi t,

5. (a) What are the consequences of having serially correlated error term in the
regression model?

PT.O.
4987 10

(b) The estimated wage equation for 523 individuals is as follows :

Wage= -4.5244 + 0.9130 Education+ 0.0968 Experience R2 = 0.194

se (1.239) (0.0821) (0.0177)

An auxiliary regression with the squared residuals of the above model as

dependent variable on education, experience, square of education, square of
experience and cross product of experience and education is estimated. It
was found that R-square of this auxiliary regression is 0.0214. Test for
heteroscedasticity at 5% level of significance. Are the inferences based on
hypothesis testing of this estimated regression model valid?

(c) Explain Jarque-Bera test for normality of the errors. (6x3=18)

Wage= -4.5244 + 0.9130 Education+ 0.0968 Experience R2 = 0.194

se (1.239) (0.0821) (0.0177)

fmfr, ~. fmfr cfi cm, ~ cfi cm 3fl( ~ 3fl( fmfr cfi ffl .~
1R ~ 'qt cfi ~ ~ 3q{lq:a ~ cfi cm ~M~115c'j cfi ~ ~ '(161<.lcfi ~R1~1'1-1
qiT ~ ~ lil@l t1 "lf6 lt1lfT "ll'llT fcfi- ~ '(161<-lcti ~Rl~1'1-1 qiT R- m1<.1<

0.0214 "ti l16t'q ~ 5% ttR 1R ~t'4'1al cfi ~ ~ ~I cf<:if ~ 6i~puf.M

~Rl~l'l-1 ~ cfit qRcfi("',j-11 .~ 1R 3fTUfR'ff ~ ~ -g'?
4987 11
6. (a) In a linear regression model Yi= 130 + l31Xi + ui' explain the use and
interpretation of the intercept term l30.

(b) In a study of production function of India for the period 2001-2020, the
following results were obtained :

ln Q = -8.57 + 0.0272 t + 0.460 ln K + 1.285 ln H

se (2.99) (0.0204) (0.333) (0.324)

Where Q = the index of production at constant factor cost

K = the gross capital stock

H = hours worked

· T = the time trend, a proxy for technology

It was found that the correlation coefficient between t and In K is 0.98.

What econometric problem does the regression have? How would you fix
the problem?

(c) In estimating 'the share of agriculture in a country's

. value added, the following
results were obtained based on annual data for the years 1999 to 2014: .

ft= 0.4529 - 0.0041 t

se (0.001~)

R2 = 0.5284 DW = 0.8252

where Y is the agricultural share in value added and t is time.

Test for the presence of serial correlation at 5% level of significance.

(6x3=18)

P. T. 0.
4987 12

{cf!) ~ ~ 1,11B◄t'1.:i ~ Y; = (30 + f31X; + ui' ~. ~ ~ P0 ~ ~

~~cfil~~I

(~) 2001-2020 ctl" 3fcTIU ~ ~ \:l'ITTf. ~ J{°ql<M ~ ~ ~ ~ ~.

Pl+.i~~a ~ mt:cr ~ ~:

lnQ = -8.57 + 0.0272 t + 0.460 ln K :+ 1.285 ln H

se (2.99) (0.0204) (0.333) (0.324)

H =cfillf'fcm~~

T = ~ ctl" ~. ~1tnfilcfil ~ ~ ~ -~

?:16 ~ Tim ~ K~ t ~~~ ~ 0.98 t1 StfB◄t'1-1 ~ cfllT 3f~~ll

~ t? 3f11t ~ ~ cfil ~ ~ ~?

(1l} ~ ~ ~ ~ cflUo ~ ~ ctt

T
fg~~lll cflf 3f¥R ~ ~. cf'l 1999 'ij'
-
2014 ~ ~ ~ ~ 3tlUR ~ Pl+.1if1Rtta ~ ~ fcm ~ ~ :

ft= 0.4529 - 0.0041 t

se (o.001i)

R2 = 0.52~4 DW = 0.8252
 4987
· 13

APPENDIX E: STATISTICAL TABLES 517

TABLE E-1 a AREAS UNDER THE STANDARDIZED NORMAL DISTRIBUTION

Example

Pr(0 .s; Z .s; 1.96) = 0.4750

P.r(Z ~ 1.96) = 0.5 - 0.4750 = 0.025

z .oo .01
0 1.96 z
,02 .03
0.0 .04 .05
.0000 .06 .07
0.1 .0040 .0080 .08 .09
.0398 .0120 .0160
0.2 .0438 .0478 .0199 .0239
.0793 .0832 .0517 .0557 .0279 .0319
0.3 .0871 .0596 .0636 .0359
.1179 .1217 .0910 .0948 .0675 .0714
0.4 .1255 .1293 .0987 ,1026 .0753
.1554 .1591 .1331 .1064 ,1103
0.5 .1628 .1664 .1368 .1406 .1141
.1915 .1950 .1700 .1736 .1443 .1480
0.6 .1985 .2019 .1772 .1517
.2257 .2054 .2088 .1808 .1844
0.7 .2291 .2324 .2123 .1879
.2580 .2357 ,2389 .2157 .2190
0.8 .2611 .2642 .2422 ,2224
.28~1 .2673 .2704 .2454 .2486
0.9 .2910 .2939 .2734 .2764 .2517 .2549
.3159 .3186 .2967 .2995 .2794
1.0 .3212 ,3023 .3051 .2823 .28!>2'
.3413 .3438 .3238 .3264 .3078 .3106
.3461 .3485 .3289 .3315 .3133
1.1 .3643 .3508 .3340 .3365
1.2 .3665 .3686 .3531 .3554 .3389
.3849 .3708 .3729 .3577 .3599
1.3 .3869 .3888 .3749 '.3621
.4032 .3907 .3925 .3770 .3790
1.4 ,4049 .4066 .3944 .3810 .3830
.4192 .4082 .4099 .3962 .3980
1.5 .4207 . .4222 .4115 .3997 .4015
.4332 .4236 .4251 .4131 .4147
.4345 .4357 .4265 ,4279 .4162 .4177
1.6 ,4370 ,4382 ,4292
.4452 -4463 .4394 .4406 .4306 .4319
1.7 ,4454 .4474 -4484 ,4418
.4564 .4495 .4505 .4429 .4441
1.8 .4573 .4582 .4515
.4641 .4649 .4591 .4599 .4525 .4535
1.9 .4713 .4656 .4664 .4608 .4616 .4545
.4719 .4671 .4678 -.4625
2.0 .4772 .4726 .4732 .4686 .4693 .4633
,4778 .4783 .4738 .4744 .4699 .4706
2.1 .4788 .4793 .4750 .4756
.4821 .4826 .4798 .4803 .4761 .4767
2.2 ,4830 .4834 .4808 .4812
.4861 .4864 .4838 .4842 .4817
2.3 .4893 .4868 .4871 .4846 .4850
,4896 .4875 .4878 .4854 .4857
2.4 . .4898 .4901 .4881 .4884
.4918 .4920 .4904 .4906 .4887
2.5 .4922 .4925 .4909 :4911 .4890
.4938 .4940 .4927 .4929 .4913
2.6 .4941 .4943 .4931 .4916
.4953 .4945 .4946 .4932 .4934
2.7 .4955 .4956 .4948 .4949 .4936
.4965 .4957 .4959 ,4951 .4952
2.8 .4966 .4967 .4960 .4961
.4974 .4975 .4968 .4969 .4962 .4963
2.9 .4976 .4970 .4971 .4964
.4981 .4977 .4977 .4972 .4973
3.0 .4982 .4982 ,4978 ,4979 .4974
.4987 .4987 .4983 .4984 ,4979 .4980
.4987 .4984 .4985 .4981
.4988 .4988 .4985 .4986
.4989 .4989 .4986
Notecn,,
Therefore, t.bi, s
P(-1.96 - Z's••..,
1.96)
Z• 0 ••"" •"" Ioli- ra, • U. ""'' u =- m"'
"9hl•haOO
2(0.4750)"' 0.95. "'o/ •• """"""'
•"= Q.,, h ~- !rut- u,,""""'
ITT •• """""'""'• righl-haoo "",rs,,-• ,,_,_,, • Z • ~ • 0.47,o,
.4989
"''"'"'~ b
.4990
'Y="""' -• .4990

PTO.
 14
4987 APPENDIX E: STATISTICAL TABLES 519

TABLE E-2 PERCENTAGE POINTS OF THE t DISTRIBUTION

Example
Pr(t > 2.086) "" 0.025
0
Pr(t > 1.725) "" 0.05 for d.f. == 20

Pr.(\t\ > 1.725) = 0.10 0.005 0.001

0.025 O.o1 0.002
0.05 0.010
0.10 0.05 0.02
0.25 0.10
0.20 318.31
~. 0.50
12.706 31.821 63.657
22,327
6.314 6.965 9.925
1.000 3,078 4.303 10.214
1 2.920 4.541 5.841
0.816 1.886 3.182 7.173
2 1.638 2.353 3.747 4.604
3 0.765 2.132 2.776 5.893
1.533 3.365 4.032
4 0.741 2.571 5.208
1.476 2.015 3.143 3.707
5 0.727 2.447- 3.499 4.785
1..440 1.943 2.998'
6 O.T\8 2.365 3.355 4.501
1.415 1.895 2.896
7 0.711 2.306 3.250 4.297
1.397 1.860 2.821
8 o.706 1.833 2.262 4.144
1.383 2.764 3.169
9 0.703 2.228 4.025
1.812 2.718 3.106
0.700 1.372 2.201 3.930
10 1.363 1.796 2.681 3.055
11 0.697 2.179 3.012 3.852
1.356 1.782 2.650
12 0.695 2.160 2.977 3.787
1.350 1.771 2.624
13 0.694 1.761 2.145 3.733·
0.692 1.345 2.602 2.947
14 1.753 2.131 2.921 3.686
0.691 1.341 2.120 2.583 3.646
15 1.337 1.746 2.567 2.898
16 0.690 1.740 2.110 2.878 3.610
0.689 1.333 2.101 2,552 . 3.579
17 1.330 1.734 2.861
0.688 2.093 2.539
18
1.328 1.729 2.845 3.552
19 0.688 2.086 2,528 3.527
1.325 1.725 2.518 2.831
20 0.687 1.721 2.080 2.819 ·3.505
0.686 1.323 2.074 2.508 3.485
21 1.717 2.807
0.686 1.321 2.069 2.500 3.467
22 1.319 1.714 2.797
0.685 2.064 2.492
23 1.711 3.450
0.685 1.318 2.485 2.787
24 2.060 3.435
1.316 1.708 2.479 2.779
25 0.684 1.706 2.056 2.771 3.421
0.684 1.315 2.052 2.473 3.408
26 1.703 2.763
0.684 1.314 2.048 2.467 3.396
27 1.701 2.756
0.683' 1.313 2.045 2.462
28 1.699 3.385
0.683 1.311 2.457 2.750
29 2.042 3.307
1.310 1.697 2.423 2.704
30 0.683 2.021 3.232
1.303 1.684 2,390 2.660
40 0.681 2.000 3.i60
1.296 1.671 2.358 2.617
60 0.679 1.658 1.980 3.090
1.289 2.326 2.576
120 0.677 1:960
1.282 1.645
00 0.674
Note: The smaller probabllity shown at the head of each column is the area in one tail; the larger probability

Source:
ls the area Infrom
both E. S. Pearson and H. o. Hartley, ads., Bfomatrlka Tables for Statisticians, vol. 1, 3rd ed.,
tails.
Table 12, Cambridge University Press, New York, 1966. Reproduced by permission of the editors and trustees

of Biometr/ka.
 4987
15

APPENDIX E: STATISTICAL TABLES 521

d.f. for numerator N

1 d.t. for
15 20 24 30 40 50 denom•
60 100 120 lnator
9.49 9.58 200 500 00
9.63 9.67 Pr ~
61.20 9.71 9.74 9.76
61.70 62.00 62.30 9.78 9.80
246.00 248.00 249.00 62.50 62.70 9.82 9.84 9.85 .25
250.00 251.oo 252.00
62.80 63.oo 63.10 63.20
252.00 63.30 63.30 .10
3.41 3.43 3.43 253.00 253.00 254.00 254.00 254.00 1
3,44 3.45 3.45 .05
9.42 9.44 9.45 3.46 3.47
9.46 9.47 3.47 3.48 3.48
19.40 19.40 19.50 9.47 9.47 9.48 3.48 .25
19.50 19.50 9.48 9.49 9.49
99.40 99.40 99.50 19,50 19.50 9.49 .10
99.50 99.50 99.50
19.50 rs.so 19.50 19.50
2
2.46 99.50 99.50 19.50 ,05
2.46 2.46 2.47 99.50 99.50 99.50
5.20 2.47 2.47 99.50 .01
5.18 5.18 2.47 2.47 2.47
5.17 5.16 5.15 2.47 2.47
8.70 8.66 8.64 5.15 5.14 2.47 .25
8.62 8.59 5.14 5,14 5.14
26.90 26.70 26.60 8.58 8.57 8.55 5,13 .10 3
26.50 26.40 26.40 8.55 8.54 8.53
2.08 26.30 26.20 8.53 .05 ·
2.08 2.08 2.08 26.20 26.20 26,10 26.10
3.87 2.08 2.08 2.08 .01
3.84 3.83 3.82 2.08 2.08
5.86 3.80 3.80 2.08 2.08 2.08
5.80 5.n 5.75 5.72 5.70 3.79 3.78 3.78 3.77 3,76 .25
14.20 14.00 13.90 5.69 5.66 3.76 .10 4
13.80 13.70 5.66 5.65 5.64
1,89 13.70 13.70 13.60 5.63 .05
1.88 1.88 1.88 13.60 13.50 13.50
3.24 1.88 1.88 1.87 13.50 .01
3.21 3.19 1.87 1.87
4.62
9.72
4.56 4.53
3.17
4.50
3.16
4.46
. 3.15
4.44
3.14 3.13 3.12
1.87
3.12
1.87
3,11
1.87
3.10 .10
.25
9.55 9.47 4.43 4.41 4.40 5
9.38 9.29 9.24 4.39 4.37
1.76 9.20 9.13 4.36 .05
1.76 1.75 1.75 9.11 9.08 9.04
2.87 2.84 1.75 . 1.75 1.74 9.02 .01
2,82 2,80 q•4 1.74
3.94. 3.87 3,84 3,81
2.78 2.n 2.76 2.75 2.74
1.74 1.74 1.74 .25
7.56 3.77 3.75 2.73 2.73 2.72 .10
7.40 7.31 3.74 3.71 3.70 6
7.23 7.14 7.09 3.69 3.68
1.68 1.67 7.06 6.99 6.97 3.67 .OS
1.67 1.66 1.66 6.93 6.90 6.88 .01
2,63 2.59 2.58 1.66 1.65 1.65
2.56 2.54 2,52 1.65 1.65 1.65
3,51 3.44 3,41 2.51 2.50 1.65 .25
3,38 3.34 2.49 2.48 2.48
6,31 6.16 3.32 3,30 3.27 2,47 .10
6.07 5.99 5.91 3.27 3.25 7
5.86 5.82 3.24 3.23 .05
1.62 1.61 1.60 5.75 5.74 5.70
1.60 1.59 1.59 5.67 5.65 .01
2.46 2.42 2.40 1.59 1.58,
2.38 2.36 1.58 1.58 1.58
3.22 3.15 3,12 2.35 2,34 2.32 1.58 .25
3.08 3.04 2.32 2.31 2.30
5.52 5.36 2.02 3.01 2.97 2.29 .10
5.28 5.20 5.12 2,97 2,95 8
5.07 5.03 2.94 2.93 .05
1.57 1.56 1.56 4.96 4.95 4.91
1.55 1,55 1.54 4,88 4.86 .01
2.34 2.30 ·2.28 1.S4 1.53
2.25 2.23 2.22 1.53 1.53 1.53
3.01 2.94 2.90 2.21 2.19 1.53 .25
2.86 2.83· 2.80 2.18 2.17 2.17
4.96 4.81 4.73 2.79· 2.76 2.16 .to 9
4.65 4.57 2.75 2,73 2.72,
4.52 4.48 4.42 2.71 .05
4.40 4.36 4.33 4.31 .01

PT.O.
 16
4987 APPENDIX E: STATISTICAi. TABLES 523

d.f.tor
denom·
d.f. for numerator N 1 inator
00 Pr N2
120 200 500
50 60 100
24 30 40
15 20 - 1.48 1.48 .25
1.49 1.49 1.49 10
1.52 1.51 1.51 1.50 1.50
2.08 2.07 2.06 2.06 .10 •
1.53 1.52 2.12 2.11 2.09 2.54 .05
2.18 2.16 2.13 2.58 2.56 2.55
2.24 2.20 2.64 2.62 2.59 3.93 3.91 .01
2.74 2.70 2.66 4.01 4.00 3.96
2.85 2.77 4.12 4.08 .25
4.33 4.25 4.17 1.46 · 1.45 1.45
4.56 4.41 1.47 1.46 1.46 .10 11
1.48 1.47 1.47 1.99 1.98 1.97
1.50 1.49 1.49 2.03 2.00 2.00 ,05
2.08 2.05 2.04 2.43 2.42 2.40·
2.17 2.12 2.10 2.49 2.46 2.45 .01
2.57 2.53 2.51 3.66 3.62 3.60
2.72 2.65 2.61 3.78 3.71 3.69
3.94 3.86 3.81 1.42 1.42 .25
4.25 4.10 4.02 1.43 1.43 1.43 12
1.45 1.44 1.44 1.91 1.90 .10
1.46 1.45 1.94 1.93 1.92
1.48 ,1.47 1.99 1.97 1.96 '2.31 2.30 .05
2.06 2.04 2.01 2.35 2.34 2.32
2.10 2.43 2.40 2.38 3.38 3.36 .01
2.54 2.51 2.47 3.47 3.45 3.41
2.62 3.62 3.57 3.54 .25
3.86 3.78 3.70 1.40 1.40 1.40
4.01 1.42 1.41 1.41 .10 13
1.43 1.42 1.42 1.86 1.85 1.85
1.46 1.45 1:44 1.90 1.88 1.88 .05
1.96 1.93 1.92 2.23 2.22 2.21
2.05 2.01 1.98 2.30 2.26 2.25 .01
2.38 2.34 2.31 3.22 3.19 3.17
2.53 2.46 2.42 3.34 3.27 3.25
3.51 3.43 3.38 1.38 .25
3.82 3.66 3.59 1.39 1.39 1.38 14
1.40 1.40 1.39 1.80 .10
1.42 1.41 1.41 1.83 1.82 1.80
1.44 1.43 1.87 1.86 1.83 2.13 .05
1.94 1.91 1.89 2.18 2.16 2.14
2.01 1.96 2.24 2.22 2.19 3.00 .01
2.35 2.31 2.27 3.09 3.06 3.03
2.46 2.39 3.22 3.18 3.11
3.43 3.35 3.27 1.36 1.36 .25
3.66 3.51 1.38 1.37 1.37 15
1.39 1.39 1.38 1.76 1.76 .10
1.41 1.41 1.40 1'.79 1.79 1.77
1.43 1.85 1.83 1.82 2.08 2.07 .05
1.90 1.87 2.11 2.10
1.97 1.92
2.20 2.18 2.16 2.12
2.89 2.87 .01 -
2.33 2.29 2.25 2.98 2.96 2.92
2.40 3.13 3.08 3.05 .25
3.37 3.29 3.21 1.34 1.34
3.52 1.36 1.35 . 1.35 16
1.38 1.37 1.37. 1.36 1.74 1.73 1.72 .10
1.41 1.40 1.39 1.79 1.78 1.76 1.75 .05
1.87 1.84 1.81 2.06 2.04 2.02 2.01
1.94 1.89 2.12 2.11 2.07 2.75 .01
2.28 2.24 2.19 2.15 2.84 2.81 2.78
2.35 2.97 2.93 2.86
3.26 3.18 3.10 3.02 1.33 1.33 .25
3.41 1.34 1.34 1.34 17
1.36 1.35 1.35 1.69 1.69 .10
1.39 1.38 1.37 1.73 1.72 1.71
1.40 1.78, 1.76 1.75 1.97 1.96 .05
1.86 1.84 1.81 2.02 2.01 1.99
1.91 2.10 2.08 2.06 2.68 2.65 .01
2.23 2.19 2.15 2.76 2.75 2.71
2.31 2.92 2.87 2.83
3.16 3.08 3.00 1.32 1.32 1.32 .25
3.31 1.34 1.33 1.33 18
1.36 1.35 1.34 1.67 1.66 .10
1.39 1.38 1.37 1.72 1.70 1.69 -1.68
1.78 1.75 1.74 1.93 1.92 ,05
1.89 1.84 1.81 1.98 1.97 1.95
2.06 2.04 2.02 2.59 ·2.57 .01
2.19 2.15 2.11 2.68 . 2.66 2.62
2.27 2.84 2.78 2.75 .25
3.08 3.00 2.92 1.31 1.31 1.30
3.23 1.33 1.32 1.32 19
1.35 1.34 1.33 1.65 1.64 1.63 .10
1.38 1.37 1.36 1.70 1.67 1.67 .05
1.79 1.76 1.73 1.71 1.91 1.89 1.88
1.86 1.81 1.98 1.94 1.93 .01
2.07 2.03 2.00 2.55 2.51 2.49
2.23 2.16 2.11 2.67 2.60 2.58
2.84 2.76 2.71 1.29 .25
3.15 3.00 2.92 1.31 1.30 1.30
1.33 1.32 1.31 1.61 .10 20
1.35 1.34 1.33 1.64 1.63 1.62
1.37 1.36 1.69 1.68 1.65 1.84 .05
1.79 1.77 1.74 1.71 1.90 1.88 1.86
1.84 1.99 1.97 1.95 1.91 2.42 .01
2.12 2.08 2.04 2.52 2.48 2.44
2.20 2.64 2.61 2.54
2.86 2.78 2.69
3.09 2.94
 4987 17

APPENDIX E: STATISTICAL TABLES 525

d.f. for numerator N1 d.f. for

denom-
15 20 24 30 40 50 lnator
60 100 120 200 500 00 Pr N2
1.36 1.34 1.33' 1.32 1.31 "f.31 1.30· 1.30 1.30 1.29 1.29 1.28
1.81 1.76 1.73 1.70 1.67 .25
1.65 1.64 1.61 1.60 1.59 1.58
2.15 2.07 2.03 1.98 1.57 .10 22
1.94 1.91 1.89 1.85 1.84 1.82
2.98 2.83 2.76 1.80 1.78 .05
2.67 2.68 2.53 2.50 2.42 2.40 2,36 2.33 2.31 .01
1.35 1.33 1.32 1.31 1.30 1.29 1.29 1.28 1.28 1.27 1.27 1.26
1.78 1.73 1.70 1.67 1,64 .25
1.62 1.61 1.58 1.57 1.56 1.54
2.11 2.03 1.98 1.94 1.53 .10 24
1.89 1.86 1.84 1.80 1.79 1.77
2.89 2.74 2.66 1.75 1.73 .05
2.58 2.49 2.44 2.40 2.33 2.31 2.27 2.24 2.21 .01
1.34 1.32 1.31 1.30 1.29 1.28 1.28 1.26 1.26 1.26 1.25 1.25
1.76 1.71 1.68 1.65 1.61 .25
1.59 1.58 1.55 1.54 1.53 1.51'
2.07 1.99 1.95 1.90 1.50 .10 26
1.85 1.82 1.80 1.76 1.75 1.73
2.81 2.66 2.58 1.71 1.69 .05
2.50 2.42 2.36 2.33 2.25 2.23 2.19 2.16 2.13 .01
1.33 1.31 1.30 1.29 1.28 1.27 1.27 1.26 1.25 1.25' 1.24 1.24
1.74 1.69 1.66 1.63 1.59 .25
1.57 1.56 1.53 1.52 1.50 1.49
2.04 1.96 1.91 1.87 1.48 .10 28
1.82 1.79 1.77 1.73 1.71 1.69
2.75 2.60 2.52 1.67 1.65 .05
2.44 2.35 2.30 2.26 2.19 2.17 2.13 2.09 2.06 .01
1.32 1.30 1.29 1.28 1.27 1.26 1.26 1.25 1.24 1.24 1.23 1.23
1.72 1.67 1.64 1.61 1.57 .25
1.55 1..54 1.51 1.50 1.48 1.47
2.01 1.93 1.89 1.84 1,79 · 1.46 :10 30
1.76 1.74 1.70 1.68 1.66
2.70 2.55 2.47 1.64 1.62 .OS
2.39 2.30 2.25 2.21 2.13 2.11 2.07 2.03 2.01 .01
1.30 1.28 1.26 1.25 1.24 1.23 1.22 1.21 1.21 1.20 1.19 1.19
.1.66 1.61 1.57 1.54 1.51 1.48 .25
1.47 1.43 1,42 1.41 1.39 1.38
1.92 1.84 1.79 1.74 1.69 .10 40
1.66 1.64 1.59 1.58 1.55 1.53
2.52 2.37 2.29 2.20 1.51 .05
2.11 2.06 2.02 1.94 1.92 1.87 1.83 1.80 :01
1.27 1.25 1.24 122 1.21 1.20 1.19 1.17 1.17 1.16 1.15
1.60 1.54 1.51 1.48 1.44 1.15 .25
1.41 1.40 1.36 1.35 1.33 1.31
1.84 1.75 1.70 1.65 1.29 .10 60
1.59 1.58 1.53 1.48 1.47 1.44
2.35 2.20 2.12 2.03 1.41 1.39 .05
1.94 1.88 1.84 1.75 1.73 1.68 1.63 1.60 .01
1.24 1.22 1.21 1.19 . 1.18 1.17 1.16 1.14 1.13 1.12 1.11 1.10
1.55 1.48 1.45 1.41 1.37 · 1.34 .25
1.32 1.27 1.26 1,24 1.21 1.19
1.75 1.68 1.61 1.55 1.50 .10 120
1.46 1.43 1.37 1.35 1.32
2.19 2.03 1.95 1,86 1.28 1.25 .05
1.76 1.70 1.66 1.56 1.53 1.48 1.42 1.38 .01
1.23 1.21 1.20 1.18 1.16 1.14 1.12 1.11 1.10 1.09 1.08 1.06
·1.52 1.46 1.42 1.38 1.34 .25
t.31 1.28 1.24 1.22 1.20
1.72 1.62 1.57 1.17 1.14 .10 200
1.52 1.46 1.41 1.39 1.32 1.29
2.13 1.97 1,89 1.26 1.22 1.19 .05
1.79 1.69 1.63 1.58 1.48 1.44 1.39 1,33 1.28 .01
1.22 1.19 1.18 1.16 1.14 1.13 1.12 1.09 1.08 1.07 1.04 1.00
1.49 1.42 1.38 1.34 1.30 .25
1.26 1.24 1.18 1.17 1.13 1.08
1.67 1.57 1.52 1.46 1.00 .10 00
1.39 1.35 1.32 1.24 122 1.17
2.04 1.88 1.79 1.11 1.00 .OS
1.70 1.59 1.52 1.47 1.36 1.32 1.25 1.15 1.00 .01

PTO.
4987 18
APPENDIX E: STATISTICAL TABLES 527

.025 .otO .005

.250 .100 .050
.750 .500
6.6349 7.8794 ~
1.3233 2.7055 3.8415 5.0239
.1015 .4549 7.3778 9.2103 10.5966
1.3863 2.7726 4.6052 5.9915
.5754 9.3484 11.3449 12.8381
2.3660 4.1084 6.2514 7.8147 ";'
1.2125 11.1433 13.2767 14.8602
3.3567 5.3853 7.7794 9.4877
1.9226 16.7496
9.2364 11.0705 12.8325 15.0863
2.6746 4.;3515 6.6257 18.5476
10,6446 12.5916 14.4494 16.8119
3.4546 5.3481 7.8408 20.2m
12.0170 14.0671 16.0128 18.4753
4.2549 6.3458 9.0372 21.9550
13.3616 15.5073 17.5346 20.0902
5.0706 7.3441 10.2188 23.5893
14.6837 16.9190 19.0228 21.6660
5.8988 8.3428 11.3887
18.3070 20.4831 23.2093 25.,1882
6.7372 9.3418 12.5489 15.9871
19.6751 21.9200 24.7250 26.7569
7.5841 10.3410 13.7007 17.2750
21.0261 23.3367 26.2170 28.2995
8.4384 11.3403 14.8454 18.5494
22.3621 24.7356 27.6883 29.8194
9.2991 12.3398 15.9839 19.8119
23.6848 26.1190 29.1413 31.3193
10.16'53 13.3393 17.1170 21.0642
24.9958 27.4884 30.5779 32.8013
11.0365 14.3389 18.2451 22.3072
26.2962 28.8454 31.9999 34.2672
11.9122 15.3385 19.3688 23.5418
27.5871 30.1910 33.4087 35.7185
12.7919 16.3381 20.4887 24.7690
28.8693 31.5264 34.8053 37.1564
13.6753 17.3379 21.6049 25.9894
30.1435 32.8523 36.1908 38.5822
14.5620 18.3376 22.7178 27.2036
31.4104 34.1696 37.5662 39.9968
15.4518 19.3374 .23.8277 28.4120
32.6705 35.4789 38.9321 41.4010
16.3444 20.3372 24.9348 29.6151
33.9244 36.7807 40.2894 42.7956
17.2396 21.3370 26.0393 30.8133
35.1725 38.0757 41.6384 44.1813
18.1373 22.3369 27.1413 32.0069
36.4151 39.3641 42.9798 45.5585
19.0372 23.3367 28.2412 33.1963
37.6525 40.6465 44.3141 46.9278
19.9393 24.3366 29.3389 34.3816
38.8852 41.9232 45.6417 48.2899
20.8434 25.3364 30.4345 35.5631
36.7412 40.1133 43.1944 46.9630 49.6449
21.7494 26.3363 31.5284 48.2782 50.9933
32.6205 37.9159 41.3372 44.4607
22.6572 27.3363 49.5879 52.3356
33.7109 39.0875 42.5569 45.7222
23.5666 28.3362
43.7729 46.9792 50.8922 53.6720
24.4776 29.3360 34.7998 40.2560
55.7585 59.3417 · 63.6907 66.7659
33.6603 39.3354 45.6160 51.8050
67.5048 71.4202 76.1539 79.4900
42.9421 49.3349 56.3336 63.1671
79.0819 83.2976 88.3794 91.9517
52.2938 59.3347 66.9814 74.3970
90.5312 95.0231 100.425 104.215
61.6983 69.3344 77.5766 85.5271
96.5782 101.879 106.629 112.329 116.321
71.1445 79.3343 88.1303 128.299
107.565 113.145 118.136 124.116.
80.6247 89.3342 98.6499 140.169
109.141 118.498 124.342 129.561 135.807
90.1332 99.3341
Source: Abridged from E. S. Pearson and H. 0. Hartley, eds., Biometrika Tables for Statisticians, vol. 1, 3rd ed., Table 8, Cambridge
University Press, New York, 1966. Reproduced by permission of the editors and trustees of Biometrika.
4987 19

APPENDIX E: STATISTICAL TABLES 529

k' = 11 k' = 12 k'=13 k' • 14 k'= 15 k' ~ 16 k' • 17 k' = 18 k' ~ 19 k'=20
n dL du dL du dL du dL du dL du dL du dL du « du dL du dt du

16 0.098 3.503
17 0.138 3.378 0.087 3.557
18 0.177 3',265 0.123 0.078
3.441 3.603
19 0.220 3.159 0,160 3,335
0.111 3.496 0.070 3.642
20 0.263 3.063 0.200 3.234
0.145 .3.395 0.100 3.542 0.063 3.676
21 0.307 2.976 0.240 0.182,
3.141 3.300 0.132 3.448 0.091 3.583 0.058 3.705 \·
22 0.349 2.897 0.281 3.057
0.220 3.211 0.166 3.358 0.120 3.495 0.083 3.619 0.052 3.731
23 0.391 2.828 0.322 2.979
0.259 3.128 0.202 3.2n 0.153 3.409 0.110 3.535 0.076 3.650 0.048 3,753
24 0.431 2.761 0.362 2.908
0.297 3.053 0.239 3.193 0.186 3.327 0.141 3.454 0.101 3.572 0.070 3.678 0.044 3.773
25 0.470 2.702 0.400 2.844
0.335 2.983 0.275 3.119 0.221 3.251 0.172 3.376 0.130 3.494 0.094 3.604 0.065 3.702 0.041 3.790
26 0.508 2.649 0.436 2.784
0.373 2.919 0.3i2 3.051 0.256 3.179 0.205 3.303 0.160 3.420 0.120 3.531. 0.087 3.632 0.060 3.724
27 0.544 2.600 0.475 2.730
0.409 2.859 0.348 2.987 0.291 3.112 0.238 3.233 0.191 3.349 0.149 3.460 0.112 3.563 0;081 3.658
28 0.578 2.555 0.510 2.680
0.445 2.805 0.383 2.928 0.325 3.050 0.271 3.168 0.222 3.283 0.178 3.392 0.138 3.495 0.104 3.592
29. 0.612 .2.515 · 0.544 2.634
0.479 2.755 0.418 2.874 0.359 2.992 0.305 3.107 0.254 3.219 0.208 3.327 0,166 3.431 0.129 3.528
30 0.643 2.477 0.577 2.592
0.512 2.708 0.451 2:823 0.392 2.937 0.337 3.050 0.286 3.160 0.238 3.266 0.195 3.368 0.156 3.465
31 0.674 2.443 0.608 2.553
0.545 2.665 0.484 2:778 0.425 2.887 0.370 2.996 0.317 3.103 0.269 3.208 0.224 3.'309 0.183 3.406
32 0.703 2.411 0,638 0,576
2.517 2,625 0.515 2.733 0.457 2,840 0.401 2.946 0,349 3,050 0.299 3.153 0,253 3.252 0.211 3,348
33 0.731 2.382 0.668 2.484
0.606 2.588 0.546 2.692 0.488 2.796 0.432 2.899 0.379 3.000 0,329 3.100 0.283 3.198 0.239 3.293
34 0.758 2.355 0.695 2.454
0.834 2.554 0.575 2.854 0.518 2.754 0.462 2.854 0.409 2.954 0,359 3.051• 0.312 3.147 0.287 3.240
35 0.783 2.330 0.722 2.425
0.662 2.521 0,604 2.619 0.547 2,716 0.492 2.813 0.439 2.910 0.388 3.005 0.340 3.099 0.295 3.190
36 0.808 2.306 0.748 2.398
0.689 2.492 0.631 2.586 0.575 2.680 0.520 2.774 0.467 2.868 0.417 2.961 0.369 3.053 0.323 3.142
37 0.831 2.285 0.772 2.374
0.714 2.464 0.657 2.555 0.602 2.846 0.548 2.738 0.495 2.829 0.445 2.920 0.397 3.009 0.351 3.097
38 0,854 2.266 0.796 2.351
0.739 2.438 0.683 2.526 0.828 2.614 0.575 2.703 0.522 2.792 0.472 2.880 0.424 2.968 0.378 3.054'
39 0.875 2.246 0.819 2.329
0.763 2.413 0.707 2.499 0.653 2.585 0.600 2.671 0.549 2.757 0.499 2.843 0.451 2.929 0.404 3.013
40 0.896 2.228 0.840 2.309
0.785 2.391 0.731 2.473 0.678 2.557 0.626 2.641 0.575 2.724 0.525 2.808 0.477 2,892 0.430 2.974
45 0.988 2.156 0.938 2.225
0.887 2.296 0.838 2.367 0.788 2.439 0.740 2.512 0.692 2.585 0.644 2,659 0.598 2.733 0.553 2.807
50 1.064 2.103 1.019 2.163
0.973 2.225 0.927 2.287 0.882 2.350 0.836 2.414 0.792 2.479 0.747 2.544 0.703 2.610 0.660 2.675
55 1.129 2.062 1.087 2.116
1.045 2.170 1.003 2.225 0.961 2.281 0.919 2.338 0.877 2.396 0.836 2.454 0.795 2.512 0.754 2.571
60 1.184 2.031 1.145 2.079
1.106 2.127 1.068 2.177 1.029 2.227 0.990 2.278 0.951 2.330 0.913 2:382 0.874 2.434 0,836 2.487
65 1.231 2.006 1.195 2.049
1.160 2.093 1.124 2.138 1.088 2.183 1.052 2.229 1.016 2.276 0.980 2.323 0.944 2.371 0.908 2.419
70 1.272 1.986 1.239 2.026
1.206 2.066 1.172 2.106 1.139 2.148 1.105 2.189 1.072 2.232 1.038 2.275 1.005 2.318 0.971 2.362
75 1.308 1.970 1.277 2.006
1.247 2.043 1.215 2.080 1.184 2.118 1.153 2.156 1.121 2.195 1.090 2.235 1.058 2.275 1.027 2.315
80 1.340 1.957 1.311 1.991
1.283 2.024 f.253 2.059 1.224 2;093 1.195 2.129 1.165 2J65 1.136 2.201 1.106 2.238 1.076 2.275
85 1.369 1.946 1.342 1.977
1.315 2.009 1.287 2.040 1.260 2.073 1.232 2.105 1.205 2.139 1.177 2.172 1.149 2.206 1.121 2.241
90 1.395 1.937 1.369 1.966
1.344 1.995 1.318 2.025 1.292 2.055 1.266 2.085 1.240 2.116 1.213 2.148 1.187 2.179 1.160 2.211
95 1.418 1.929 1.394 1.956
1.370 1.984 1.345 2.012 1.321 2.040 1.296 2.068 1.271 2,097 1.247 2.126 1.222 2.156 1.197 2.186
100 1.439 1,923 1.416 1.948 1.393 1.974 .1,371 2.000 1,347 2.026 1.324 2.053 1,301 2,080 1.277 2.108 1.253 2.135 1,229 2.164
150 1.579 1.892 1.564 1.908 1.550 1.924 1.535 1.940 1.519 1.956 1.504 1.972 1.489 1.989 1.474 2.006 1.458 2.023 1.443 2.040
200 1.654 1.885 1.643 1.896 1.632 1.908 1.621 1.919 1.810 1.931 1.599 1,943 1.588 1.955 1.576 1.967 1.565 1.979 1.554 1,991

Note: n = number of observations, k' = number of explanatory variables excluding the constant term.
Source: This table Is an ex1enslon of the original Durbin.Watson table and Is reproduced from Iii. E. Savin and K. J. While, "The Durbin-Watson Test for Serial
Correlation with Extreme Small Samples or Many Regressor,;.' Econometrica, vol. 45, November 1977, pp. 1989-96 and as corrected by R. W. Farebrother,
Econometrica, vol. 48, September 1980, p. 1554. Reprinted by permission of.the Econometric Soclely.

Example E.1.
Ifn = 40andk' =4,dL = l.285anddu= 1.721.Ifacomputeddvalueisless than
1.285, there is evidence of positive first-order serial correlation; if it is greater
than 1.721, there is no evidence of positive first-order serial correlation; but if
d lies between the lower and the upper limit, there is inconclusive evidence
regarding the presence or absence of positive first-order serial correlation.

PTO.
 -
~

4987 20

APPENDIX E: STATISTICAL TABLES 531

k' c 11 k' •·12 k' = 13 ,/( = 14 k' g 15 k' • 16 k' = 17 k' = 18 k' = 19 k' = 20
n dt du dL du dL du dL du dL du dL du dL du dL du dL du dL du ~
16 0.060 3.446
17 0.084 3.286 0.053 3.508 ~
18 0.113 3.146 0.075 3.358 0.047 3.357
19 0.145 3.023 0.102 3.227 0.067 3.420 0.043
3.601
20 0.178 2.914 0.131 3.109 0.092 3.297 0.061
3.474 0.038 3.639
21 0,212 2.817 0.162 3,004 0.119 3.185 0.084
3.358 0.055 3.521 0.035 3.671
22 0.246 2.729 0,194 2.909 0.148 3.084 3,252 o.on
0,109 3,412 0.050 3.562 0.032 3.700
23 0.281 2.651. 0.227 2.822 0.178 2.991 0.136
3.155 0.100 3,311 0.070 3.459 0.046 3.597 0.029 3,725
24 0.315 2.580 0.260 2.744 0.209 2.906 0.165
3.065 0.125 3.218 0.092 3.363 0.065 3.501 0.043 3.629 0.027 3.747
25 0.348 2.517 0.292 2.674 0.240 2.829 0.194
2.982 0.152 3.131 0.116 3.274 0.085 3.410 0.060 3.538 0.039 3.657 0.025 3.766
26 0.381 2.460 0.324 2.610 0.272 2.758 0.224
2.906 0.180 3.050 0.141 3.191 0.107 3.325 0.079 3.452 0.055 3.572 0.036 3.682
27 0.413, 2.409 0.356 2.552 0.303 2.694 2.836 0.208
0.253 2.976 0.167 3.113 .0.131 3.245 0.100 3.371 0.073 3.490 0.051 3.602
28 0.444 2.363 0.387 2.499 0.333 2.635 0.283
2.TT2 0.237 2.907 0.194 3.040 0.156 3.169 0.122 3.294 0.093 3.412 0.068 3.524
29 0,474 2.321 0.417 2.451 0.363 2.582 0.313
2.713 0.266 2.843 0.222 2.972 0.182 3.098 0.1~ 3.220 0.114 3.338 0.087 3,450
30 0.503 2.283 0.447 2,407 0.393 2.533 0.342
2.659 0.294 2.785 0.249 2,909 0,208 3.032 0.171 3.152 0.137 3.267 0.107 3.379
31 0,531 2.246 0,475 2.367 0.422 2.487 0.371
2.609 0.322 2.730 0.277 2.851 0.234 2.970 0.196 3,087 0.160 3.201 0.128 3.311
32 0,558 2.216 0.503 2.330 0,450 2.446 0.3992,563 0.350 2,680 0,304 2,797 0.261 2.912 0.221 3.026 0.184 3.137 0,151 3.246
33 0.585 2.187 0.530 2.296 0.4TT 2.408 0.4262,520 0.377 2.633 0.331 2.746 0.287 2.858 0.246 2.969 0.209 3.078 0.174 3.184
34 0.610 2.160 0.556 2.266 0.503 2.373 0.452
2.481 0.404 2.590 0.357 2.699 0.313 2,808 0.272 2.915 0.233 3.022 0.197 3.126
35 0.634 2.136 0.581 2.237 0.529 2.340 0.476
2.444 0.430 2.550 0.383 2.655 0.339 2.761 0.297 2,865 0.257 2.969 0.221 3.071
36 0.658 2.113 0.605 2.210 0.554 2.310 0.5042.410 0.455 2.512 0.409 2.614 0.364 2.717 0.322 2.818 0.282 2.91'9 0.244 3.019
37 0.680 2.092 0.628 2.186 0.578 2.282 0.5282.379 0.480 2.477 0.434 2.576 0.389 2.675 0.347 2.774 0.306 2.872 0,268 2.969
38 0.702 2.073 0.651 2.164 0.601 2.256 0.5522.350 0.504 2.445 0.458 2.540 0.414 2,637 0.371 2.733 0.330 2.828 0.291 2,923
39 0.723 2.055 0,673 2.143 0.623 2.232 0.5752.323 0.528 2.414 0.482 2,507 0.438 2.600 0.395 2.694 0.354 • 2. 787 0.315 2.879
40 0.744 2.039 0.694 2.123 0.645 2.210 0,5972.297 0.551 2.386 0.505 2,476 0.461 2.566 0.418 2.657 0,377 2.748 0.338 2,838
45 0.835 1.972 0.790 2.044 0.744 2.118 0.7002,193 0.655 2.269 0.612 2,346 0.570 2.424 0.528 2.503 0,488 2.582 0.448 2.661
50 0.913 1.925 0,871 1.987 0.829 2.051 '2,116 0.746
0.787 2.182· 0.705 2.250 0.665 2.319 0.625 2.387 0.586 2.456 0.548 2,526
55 0.979 1.891 0.940 1.945 0.902 2.002 0.8632.059 0.825 2.117 0,786 2.176 0.748 2.237 0.711 2.298 0.674 2.359 0.637 2.421
60 1,037 1.865 1.001 1,l!14 0.965 1.964 0.9292.015 0.893 2.067 0.857 2.120 0.822 2.173 0.786 2.227 0.751 2.283 0.716 2.338
65 1.087 1,845 1,053 1.889 1.020 1.934 0.9861.980 0.953 2.027 0.919 2.075 0.886 2.123 0.852 2.172 0.819 2.221 0.786 2.272
70 1.131 1.831 1.099 1.670 1.068. 1.91f 1.0371.953 1.005 1.995 0,974 2.038 0.943 2.082 0.911 2.127 0.880 2.172 0.849 2.217
75 1.170 1,819 1.141 1.856 1,111 1.893 1.0821,931 1,052 1.970 1,023 2.009 0.993 2.049 0.964 2.090 0.934 2.131 0.905 2,172
80 1.205 1.810 1.1TT 1.844 1.150 1.878 1.1221.913 1.094 1.949 1.066 1.984 1.039 2.022 1.011 2.059 0.983 2.097 0.955 2.135
65 1.236 1,603 1.210 1.834 1.184 1.866 1.1581.898 1,132 1,931 1.106 1,965 1,080 1.999 1.053 2.033 1,027 2.068 1.000 2,104
90 1.264 1.798 1,240 1.827 1.215 1.856 1,1911,886 1.166 l.917 1.141 1.948 1.116 1.979 1.091 '2,012 1,066 2.044 1.041 2.077
95 1.290 1.793 1.267 1.821 1.244 1.848 1.2211.876 1.197 1.905 1,174 1:934 1.150 1,963 1.126 1.993 1.102 2.023 1.079 2.054
100 1.314 1.790 1.292 1.816 1.270 1.841 1.248 1.868 1.225 1.895 1.203 1.922 1.181 1.949 1.158 1.9TT 1.136 2.006 1.113 2.034
150 1.473 1,783 1.458 1.799 1.444 1.814 1.429 1.830 1.414 1.847 l.400 1.863 1.385 1.880 1.370 1.897 1.355 1.913 1.340 1.931
200 1.561 1.791 1.550 1.801 1.539 1.813 1.528 1.824 1.518 1.836 1.507 1.847 1.495 1.860 1.484 1.871 1.474 1.883 1.462 1.896

Note: n = number of observations, K = number or explanatory variables excluding the constant term.
Source: Savin and White, op. cit., by permission of Econometric Society.

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