Example

In a sequence of 30 observations consisting of 20 + signs (= ty) and 10 - signs (= N2), the critical values of runs at the 0.05 level of significance are 9 and 20, as shown by Tables D.6A and D.6B, respectively. Therefore, if in an application it is found that the number of runs is equal to or less than 9 or equal to or greater than 20, one can reject (at the 0.05 level of significance) the hypothesis that the observed sequence is random.

TABLE D.7 1% AND 5% CRITICAL DICKEY-FULLER t (= t) AND F VALUES FOR UNIT ROOT TESTS

Sample size

t * 'nc

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