Judd, Kenneth L.; Maliar, Lilia; Maliar, Serguei - Department of Economics, Brigham Young University - 2014
. Specifically, we construct a lower bound on the size of approximation errors. A small lower bound on errors is a necessary … condition for accuracy: If a lower error bound is unacceptably large, then the actual approximation errors are even larger, and … hypothesis testing in statistics. As an illustration of our methodology, we assess approximation errors in the first- and second …