--------------- Ox -rp1 at 09:26:24 on 16-Jul-2014 ---------------

Ox Professional version 7.04 (OS_X_64/U/MT) (C) J.A. Doornik, 1994-2014
PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  3:40.61
Autometrics settings
	Autometrics(0.01, "none", 0);


*** HP2 constant=U M=1000 T=139 pvalue=0.01 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      1.4872
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0310
Insign. irrelevant (avg no)    0.0310
Signif. irrelevant (avg no)    0.5490
ESE final model               84.7636
ESE DGP                       85.8533
Final equals DGP (% reps)     68.6000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       1.4077


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  686  173   76   31   20    8    2    2    2    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       5.90   2.80   0.00
ARCH(4)     7.80   3.20   0.20
Normality   8.70   4.80   0.30
Hetero      7.90   3.10   0.00
Chow(70%)   8.80   4.30   0.30
Joint      32.70  17.00   0.80

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:49.63
Autometrics settings
	Autometrics(0.05, "none", 0);


*** HP2 constant=U M=1000 T=139 pvalue=0.05 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      5.6256
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0250
Insign. irrelevant (avg no)    0.0250
Signif. irrelevant (avg no)    2.1690
ESE final model               82.9942
ESE DGP                       85.8533
Final equals DGP (% reps)     16.3000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       5.5615


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  163  249  233  145  101   50   34   14   11    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       4.20   1.50   0.00
ARCH(4)     8.80   3.90   0.10
Normality   9.40   4.20   0.30
Hetero      8.70   3.60   0.00
Chow(70%)   6.50   3.80   0.00
Joint      32.20  15.60   0.40

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:23.61
Autometrics settings
	Autometrics(0.1, "none", 0);


*** HP2 constant=U M=1000 T=139 pvalue=0.1 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      9.1769
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0070
Insign. irrelevant (avg no)    0.0070
Signif. irrelevant (avg no)    3.5720
ESE final model               82.0449
ESE DGP                       85.8533
Final equals DGP (% reps)      3.3000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       9.1590


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0   33  134  200  198  135  103   87   58   23   13   11    3    2    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       4.10   1.60   0.00
ARCH(4)     6.90   3.40   0.00
Normality  10.20   4.50   0.40
Hetero      8.80   5.30   0.00
Chow(70%)   5.20   2.10   0.00
Joint      30.90  15.90   0.40

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  3:20.21
Autometrics settings
	Autometrics(0.01, "none", 0);


*** HP7 constant=U M=1000 T=139 pvalue=0.01 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      1.5243
Potency (%)                   99.7333
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9920
Insignificant (avg no)         0.0420
Insign. irrelevant (avg no)    0.0420
Signif. irrelevant (avg no)    0.5220
ESE final model                6.3449
ESE DGP                        6.4247
Final equals DGP (% reps)     69.6000
Final contains DGP (% reps)   99.3000
Gauge (significant only)       1.4108


        y_1    x11  x11_1
Hits   99.9  100.0   99.3

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  696  162   81   31   19    7    2    1    0    1    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.50   0.00
ARCH(4)     6.70   2.40   0.20
Normality   8.00   3.60   0.20
Hetero      8.10   4.20   0.10
Chow(70%)   8.70   4.20   0.20
Joint      32.90  16.20   0.70

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:49.46
Autometrics settings
	Autometrics(0.05, "none", 0);


*** HP7 constant=U M=1000 T=139 pvalue=0.05 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      5.7541
Potency (%)                   99.8667
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9960
Insignificant (avg no)         0.0300
Insign. irrelevant (avg no)    0.0300
Signif. irrelevant (avg no)    2.0990
ESE final model                6.2118
ESE DGP                        6.4247
Final equals DGP (% reps)     18.4000
Final contains DGP (% reps)   99.6000
Gauge (significant only)       5.6730


        y_1    x11  x11_1
Hits  100.0  100.0   99.6

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  184  229  244  145   96   53   29   12    6    2    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   3.70   0.00
ARCH(4)     7.10   3.20   0.20
Normality   8.50   4.70   0.30
Hetero      7.10   4.20   0.00
Chow(70%)   7.10   3.10   0.10
Joint      31.70  17.20   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:24.93
Autometrics settings
	Autometrics(0.1, "none", 0);


*** HP7 constant=U M=1000 T=139 pvalue=0.1 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      9.5973
Potency (%)                   99.8667
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9960
Insignificant (avg no)         0.0120
Insign. irrelevant (avg no)    0.0120
Signif. irrelevant (avg no)    3.5390
ESE final model                6.1400
ESE DGP                        6.4247
Final equals DGP (% reps)      2.7000
Final contains DGP (% reps)   99.6000
Gauge (significant only)       9.5649


        y_1    x11  x11_1
Hits  100.0  100.0   99.6

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0   27  120  205  218  142  111   84   49   24   11    3    3    1    1    1    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.40   3.10   0.00
ARCH(4)     7.70   3.00   0.10
Normality   8.50   4.10   0.30
Hetero      7.00   3.20   0.00
Chow(70%)   5.60   1.70   0.00
Joint      31.00  14.50   0.40

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  3:38.77
Autometrics settings
	Autometrics(0.01, "none", 0);


*** HP8 constant=U M=1000 T=139 pvalue=0.01 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      1.5216
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0440
Insign. irrelevant (avg no)    0.0440
Signif. irrelevant (avg no)    0.5190
ESE final model                0.0720
ESE DGP                        0.0729
Final equals DGP (% reps)     69.0000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       1.4027


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  690  172   74   33   18    8    3    2    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.80   3.90   0.20
ARCH(4)     7.20   3.50   0.20
Normality  10.00   4.40   0.20
Hetero     10.10   5.60   0.00
Chow(70%)   8.80   4.00   0.10
Joint      37.90  19.40   0.70

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:42.03
Autometrics settings
	Autometrics(0.05, "none", 0);


*** HP8 constant=U M=1000 T=139 pvalue=0.05 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      5.8000
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0250
Insign. irrelevant (avg no)    0.0250
Signif. irrelevant (avg no)    2.1210
ESE final model                0.0705
ESE DGP                        0.0729
Final equals DGP (% reps)     17.9000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       5.7324


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  179  251  215  155  102   45   28   12    5    6    1    1    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       9.00   3.60   0.10
ARCH(4)     7.10   3.20   0.10
Normality  10.10   4.20   0.40
Hetero      9.60   4.10   0.00
Chow(70%)   6.30   3.50   0.00
Joint      35.70  17.40   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:20.54
Autometrics settings
	Autometrics(0.1, "none", 0);


*** HP8 constant=U M=1000 T=139 pvalue=0.1 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      9.3514
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0160
Insign. irrelevant (avg no)    0.0160
Signif. irrelevant (avg no)    3.4440
ESE final model                0.0697
ESE DGP                        0.0729
Final equals DGP (% reps)      3.1000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       9.3081


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0   31  155  186  217  132  109   77   37   36   12    2    3    2    0    0    1    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.80   3.70   0.10
ARCH(4)     6.30   3.00   0.00
Normality  10.80   4.70   0.40
Hetero      8.90   4.00   0.00
Chow(70%)   5.20   2.30   0.00
Joint      34.80  16.60   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  3:15.77
Autometrics settings
	Autometrics(0.01, "none", 0);


*** HP9 constant=U M=1000 T=139 pvalue=0.01 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      1.4571
Potency (%)                   60.6400
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0320
Insignificant (avg no)         0.0350
Insign. irrelevant (avg no)    0.0340
Signif. irrelevant (avg no)    0.4760
ESE final model                3.2092
ESE DGP                        3.2437
Final equals DGP (% reps)      0.0000
Final contains DGP (% reps)    0.4000
Gauge (significant only)       1.3600


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    2.0    1.8  100.0   99.4

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  692  163   90   32   14    8    0    1    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.90   4.10   0.00
ARCH(4)     7.30   3.20   0.20
Normality   8.40   3.40   0.20
Hetero      7.80   4.30   0.10
Chow(70%)   8.30   3.90   0.30
Joint      32.80  17.00   0.70

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:42.91
Autometrics settings
	Autometrics(0.05, "none", 0);


*** HP9 constant=U M=1000 T=139 pvalue=0.05 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      5.8314
Potency (%)                   62.8400
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.1420
Insignificant (avg no)         0.0240
Insign. irrelevant (avg no)    0.0220
Signif. irrelevant (avg no)    2.0190
ESE final model                3.1391
ESE DGP                        3.2437
Final equals DGP (% reps)      0.3000
Final contains DGP (% reps)    1.3000
Gauge (significant only)       5.7686


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    7.9    6.7  100.0   99.6

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  170  226  243  158  100   50   32   15    4    2    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.60   3.40   0.00
ARCH(4)     8.20   3.60   0.20
Normality   8.10   4.20   0.30
Hetero      7.40   4.30   0.00
Chow(70%)   7.00   2.90   0.00
Joint      31.50  16.60   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:21.14
Autometrics settings
	Autometrics(0.1, "none", 0);


*** HP9 constant=U M=1000 T=139 pvalue=0.1 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      9.5400
Potency (%)                   64.1000
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.2050
Insignificant (avg no)         0.0160
Insign. irrelevant (avg no)    0.0150
Signif. irrelevant (avg no)    3.3240
ESE final model                3.1033
ESE DGP                        3.2437
Final equals DGP (% reps)      0.2000
Final contains DGP (% reps)    2.0000
Gauge (significant only)       9.4971


        y_1     x3   x3_1    x11  x11_1
Hits  100.0   10.8   10.1  100.0   99.6

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0   34  132  183  205  164  115   73   43   21   18    6    4    0    1    1    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       6.90   3.40   0.00
ARCH(4)     7.10   3.40   0.10
Normality   9.60   4.50   0.20
Hetero      7.20   3.70   0.00
Chow(70%)   6.20   2.70   0.00
Joint      31.40  16.50   0.30

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    48.59
Autometrics settings
	Autometrics(0.01, "", 1);


*** HP2 constant=U M=1000 T=139 pvalue=0.01 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      1.2436
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0550
Insign. irrelevant (avg no)    0.0550
Signif. irrelevant (avg no)    0.4300
ESE final model               84.9603
ESE DGP                       85.8533
Final equals DGP (% reps)     73.5000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       1.1026


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  735  144   61   37   13    8    0    0    2    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       5.70   2.80   0.00
ARCH(4)     7.30   3.00   0.10
Normality   8.40   4.40   0.10
Hetero      8.20   3.40   0.00
Chow(70%)   9.40   4.60   0.30
Joint      33.00  17.00   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  1:19.90
Autometrics settings
	Autometrics(0.05, "", 1);


*** HP2 constant=U M=1000 T=139 pvalue=0.05 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      5.1051
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0300
Insign. irrelevant (avg no)    0.0300
Signif. irrelevant (avg no)    1.9610
ESE final model               83.2810
ESE DGP                       85.8533
Final equals DGP (% reps)     28.2000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       5.0282


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  282  181  192  145   92   54   34   12    7    1    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       3.70   1.90   0.00
ARCH(4)     8.40   3.60   0.10
Normality   9.20   4.60   0.20
Hetero      7.90   3.30   0.00
Chow(70%)   7.90   3.60   0.10
Joint      32.20  15.60   0.40

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  1:33.59
Autometrics settings
	Autometrics(0.1, "", 1);


*** HP2 constant=U M=1000 T=139 pvalue=0.1 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      9.2051
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0190
Insign. irrelevant (avg no)    0.0190
Signif. irrelevant (avg no)    3.5710
ESE final model               82.1656
ESE DGP                       85.8533
Final equals DGP (% reps)      8.7000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       9.1564


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0   87  109  170  179  139  100   89   63   31   16    8    7    2    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       3.50   1.40   0.00
ARCH(4)     7.60   3.70   0.30
Normality   9.80   4.60   0.40
Hetero      8.00   4.50   0.00
Chow(70%)   6.10   2.60   0.00
Joint      30.70  15.50   0.70

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  3:01.37
Autometrics settings
	Autometrics(0.01, "", 1);


*** HP7 constant=U M=1000 T=139 pvalue=0.01 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      1.6054
Potency (%)                   99.0333
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9710
Insignificant (avg no)         0.0480
Insign. irrelevant (avg no)    0.0480
Signif. irrelevant (avg no)    0.5460
ESE final model                6.3531
ESE DGP                        6.4247
Final equals DGP (% reps)     68.0000
Final contains DGP (% reps)   97.1000
Gauge (significant only)       1.4757


        y_1    x11  x11_1
Hits  100.0  100.0   97.1

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  683  168   86   39   16    6    1    0    1    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       9.30   4.50   0.00
ARCH(4)     7.00   2.50   0.20
Normality   8.00   3.70   0.20
Hetero      7.80   4.00   0.00
Chow(70%)   8.40   4.10   0.20
Joint      33.80  17.40   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:42.91
Autometrics settings
	Autometrics(0.05, "", 1);


*** HP7 constant=U M=1000 T=139 pvalue=0.05 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      5.9378
Potency (%)                   99.7333
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9920
Insignificant (avg no)         0.0330
Insign. irrelevant (avg no)    0.0330
Signif. irrelevant (avg no)    2.1640
ESE final model                6.2082
ESE DGP                        6.4247
Final equals DGP (% reps)     17.0000
Final contains DGP (% reps)   99.2000
Gauge (significant only)       5.8486


        y_1    x11  x11_1
Hits  100.0  100.0   99.2

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  171  225  240  149  107   65   26   11    4    1    1    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.90   0.00
ARCH(4)     7.30   3.30   0.30
Normality   8.20   4.20   0.30
Hetero      7.60   4.60   0.00
Chow(70%)   6.60   3.00   0.10
Joint      31.50  17.30   0.70

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:26.15
Autometrics settings
	Autometrics(0.1, "", 1);


*** HP7 constant=U M=1000 T=139 pvalue=0.1 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      9.5973
Potency (%)                   99.8333
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9950
Insignificant (avg no)         0.0130
Insign. irrelevant (avg no)    0.0130
Signif. irrelevant (avg no)    3.5380
ESE final model                6.1383
ESE DGP                        6.4247
Final equals DGP (% reps)      3.1000
Final contains DGP (% reps)   99.5000
Gauge (significant only)       9.5622


        y_1    x11  x11_1
Hits  100.0  100.0   99.5

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0   31  112  201  219  160  101   89   39   29    9    3    6    0    0    1    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       6.80   3.00   0.00
ARCH(4)     7.60   3.40   0.10
Normality   8.20   3.90   0.30
Hetero      6.20   3.50   0.00
Chow(70%)   5.80   2.30   0.00
Joint      29.40  14.90   0.40

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  3:12.07
Autometrics settings
	Autometrics(0.01, "", 1);


*** HP8 constant=U M=1000 T=139 pvalue=0.01 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      1.5676
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0440
Insign. irrelevant (avg no)    0.0440
Signif. irrelevant (avg no)    0.5360
ESE final model                0.0720
ESE DGP                        0.0729
Final equals DGP (% reps)     68.5000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       1.4486


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  685  170   80   31   21    8    2    3    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   3.80   0.10
ARCH(4)     7.20   3.30   0.20
Normality  10.20   4.60   0.30
Hetero     10.00   5.50   0.00
Chow(70%)   8.80   4.00   0.10
Joint      37.80  19.30   0.70

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:41.51
Autometrics settings
	Autometrics(0.05, "", 1);


*** HP8 constant=U M=1000 T=139 pvalue=0.05 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      5.8595
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0270
Insign. irrelevant (avg no)    0.0270
Signif. irrelevant (avg no)    2.1410
ESE final model                0.0705
ESE DGP                        0.0729
Final equals DGP (% reps)     17.9000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       5.7865


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  179  234  220  168  101   49   23   15    6    2    1    2    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.60   0.10
ARCH(4)     7.00   3.00   0.10
Normality  10.10   4.20   0.30
Hetero     10.10   4.50   0.00
Chow(70%)   5.70   3.10   0.00
Joint      35.20  17.30   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:23.93
Autometrics settings
	Autometrics(0.1, "", 1);


*** HP8 constant=U M=1000 T=139 pvalue=0.1 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      9.5351
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0130
Insign. irrelevant (avg no)    0.0130
Signif. irrelevant (avg no)    3.5150
ESE final model                0.0697
ESE DGP                        0.0729
Final equals DGP (% reps)      3.1000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       9.5000


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0   31  158  172  202  158  104   76   46   18   18    9    5    2    0    0    1    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   3.80   0.10
ARCH(4)     6.20   2.50   0.00
Normality  10.60   4.70   0.50
Hetero      9.10   4.50   0.00
Chow(70%)   5.90   2.60   0.00
Joint      35.10  17.10   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:59.49
Autometrics settings
	Autometrics(0.01, "", 1);


*** HP9 constant=U M=1000 T=139 pvalue=0.01 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      1.6371
Potency (%)                   60.2000
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0100
Insignificant (avg no)         0.0520
Insign. irrelevant (avg no)    0.0480
Signif. irrelevant (avg no)    0.5250
ESE final model                3.2120
ESE DGP                        3.2437
Final equals DGP (% reps)      0.0000
Final contains DGP (% reps)    0.4000
Gauge (significant only)       1.5000


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    2.2    1.7  100.0   97.1

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  677  167   92   37   17    8    1    1    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       9.10   5.30   0.00
ARCH(4)     7.50   3.40   0.20
Normality   8.20   3.40   0.20
Hetero      7.70   4.20   0.00
Chow(70%)   8.50   4.00   0.20
Joint      34.00  18.40   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:42.56
Autometrics settings
	Autometrics(0.05, "", 1);


*** HP9 constant=U M=1000 T=139 pvalue=0.05 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      6.0600
Potency (%)                   62.6200
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.1310
Insignificant (avg no)         0.0240
Insign. irrelevant (avg no)    0.0220
Signif. irrelevant (avg no)    2.0990
ESE final model                3.1372
ESE DGP                        3.2437
Final equals DGP (% reps)      0.3000
Final contains DGP (% reps)    1.3000
Gauge (significant only)       5.9971


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    8.0    5.8  100.0   99.3

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  164  220  240  162  100   57   30   17    8    2    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.50   3.70   0.00
ARCH(4)     8.10   3.40   0.20
Normality   8.00   3.80   0.30
Hetero      7.40   4.60   0.00
Chow(70%)   6.30   2.90   0.00
Joint      31.40  16.70   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                  2:24.27
Autometrics settings
	Autometrics(0.1, "", 1);


*** HP9 constant=U M=1000 T=139 pvalue=0.1 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      9.8257
Potency (%)                   64.1200
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.2060
Insignificant (avg no)         0.0110
Insign. irrelevant (avg no)    0.0100
Signif. irrelevant (avg no)    3.4290
ESE final model                3.1001
ESE DGP                        3.2437
Final equals DGP (% reps)      0.1000
Final contains DGP (% reps)    1.8000
Gauge (significant only)       9.7971


        y_1     x3   x3_1    x11  x11_1
Hits  100.0   11.1    9.9  100.0   99.6

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0   32  120  183  201  162  117   80   48   29   17    5    3    2    0    0    1    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       6.50   2.70   0.00
ARCH(4)     7.40   3.50   0.10
Normality   8.70   4.70   0.20
Hetero      6.40   4.00   0.00
Chow(70%)   6.10   2.50   0.00
Joint      30.50  16.10   0.30

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    21.70
Autometrics settings
	Autometrics(0.01, "none", 1);
	AutometricsSet("effort", 0);

*** HP2 constant=U M=1000 T=139 pvalue=0.01 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      0.8923
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0540
Insign. irrelevant (avg no)    0.0540
Signif. irrelevant (avg no)    0.2940
ESE final model               85.1997
ESE DGP                       85.8533
Final equals DGP (% reps)     79.0000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       0.7538


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  790  132   43   21    7    5    1    0    1    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       6.00   2.90   0.00
ARCH(4)     7.50   2.90   0.10
Normality   8.30   4.20   0.10
Hetero      7.80   3.20   0.00
Chow(70%)   9.70   4.60   0.30
Joint      32.70  16.60   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    24.84
Autometrics settings
	Autometrics(0.05, "none", 1);
	AutometricsSet("effort", 0);

*** HP2 constant=U M=1000 T=139 pvalue=0.05 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      3.8256
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0400
Insign. irrelevant (avg no)    0.0400
Signif. irrelevant (avg no)    1.4520
ESE final model               83.9007
ESE DGP                       85.8533
Final equals DGP (% reps)     39.4000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       3.7231


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  394  209  163   92   74   41   15    6    6    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       3.70   2.20   0.00
ARCH(4)     7.80   3.20   0.30
Normality   9.40   4.70   0.10
Hetero      8.50   2.90   0.00
Chow(70%)   8.10   3.80   0.20
Joint      32.00  15.60   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    23.83
Autometrics settings
	Autometrics(0.1, "none", 1);
	AutometricsSet("effort", 0);

*** HP2 constant=U M=1000 T=139 pvalue=0.1 #insig=39 #sig=1 cp=41 cp_orig=41

Gauge (%)                      7.9538
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        1.0000
GUM: irrelevant variables     39.0000
GUM: no of variables          41.0000
Relevant (avg no)              1.0000
Insignificant (avg no)         0.0380
Insign. irrelevant (avg no)    0.0380
Signif. irrelevant (avg no)    3.0640
ESE final model               82.7156
ESE DGP                       85.8533
Final equals DGP (% reps)     13.4000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       7.8564


        y_1
Hits  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0  134  174  161  151  123   91   65   48   21   17    9    5    0    0    1    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.10   4.00   0.30
ARCH(4)     8.20   3.30   0.80
Normality   8.40   4.50   1.00
Hetero      7.70   3.40   0.80
Chow(70%)   9.70   4.90   1.30
Joint      34.80  18.40   4.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       3.50   1.40   0.00
ARCH(4)     7.80   3.40   0.40
Normality   9.80   4.30   0.40
Hetero      7.00   2.90   0.00
Chow(70%)   7.30   3.70   0.10
Joint      30.50  14.70   0.90

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    38.14
Autometrics settings
	Autometrics(0.01, "none", 1);
	AutometricsSet("effort", 0);

*** HP7 constant=U M=1000 T=139 pvalue=0.01 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      0.9703
Potency (%)                   99.0667
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9720
Insignificant (avg no)         0.0490
Insign. irrelevant (avg no)    0.0490
Signif. irrelevant (avg no)    0.3100
ESE final model                6.3874
ESE DGP                        6.4247
Final equals DGP (% reps)     80.0000
Final contains DGP (% reps)   97.2000
Gauge (significant only)       0.8378


        y_1    x11  x11_1
Hits  100.0  100.0   97.2

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    1  803  117   43   24    5    5    2    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)      10.10   4.60   0.00
ARCH(4)     7.70   2.90   0.20
Normality   8.30   3.60   0.20
Hetero      8.20   4.40   0.00
Chow(70%)   9.20   4.00   0.20
Joint      35.50  17.90   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    29.61
Autometrics settings
	Autometrics(0.05, "none", 1);
	AutometricsSet("effort", 0);

*** HP7 constant=U M=1000 T=139 pvalue=0.05 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      4.1054
Potency (%)                   99.6000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9880
Insignificant (avg no)         0.0340
Insign. irrelevant (avg no)    0.0340
Signif. irrelevant (avg no)    1.4850
ESE final model                6.2790
ESE DGP                        6.4247
Final equals DGP (% reps)     38.9000
Final contains DGP (% reps)   98.8000
Gauge (significant only)       4.0135


        y_1    x11  x11_1
Hits  100.0  100.0   98.8

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  390  213  162  101   64   39   14   12    1    2    1    0    1    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.80   3.60   0.00
ARCH(4)     6.80   2.80   0.20
Normality   9.20   3.70   0.30
Hetero      7.30   4.40   0.00
Chow(70%)   8.20   4.10   0.10
Joint      34.20  17.40   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    26.34
Autometrics settings
	Autometrics(0.1, "none", 1);
	AutometricsSet("effort", 0);

*** HP7 constant=U M=1000 T=139 pvalue=0.1 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      8.2541
Potency (%)                   99.7000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9910
Insignificant (avg no)         0.0120
Insign. irrelevant (avg no)    0.0120
Signif. irrelevant (avg no)    3.0420
ESE final model                6.1872
ESE DGP                        6.4247
Final equals DGP (% reps)     14.1000
Final contains DGP (% reps)   99.1000
Gauge (significant only)       8.2216


        y_1    x11  x11_1
Hits  100.0  100.0   99.1

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  141  176  147  165  129   85   65   40   23   15    8    3    2    1    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.70   4.00   0.60
ARCH(4)     7.80   3.90   0.80
Normality   9.30   4.20   0.90
Hetero      8.60   5.00   1.30
Chow(70%)  10.50   4.90   1.20
Joint      36.30  19.90   4.50

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       6.80   2.70   0.00
ARCH(4)     6.40   2.00   0.20
Normality   8.60   4.10   0.60
Hetero      7.30   3.80   0.00
Chow(70%)   7.00   2.80   0.00
Joint      31.20  14.60   0.80

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    34.46
Autometrics settings
	Autometrics(0.01, "none", 1);
	AutometricsSet("effort", 0);

*** HP8 constant=U M=1000 T=139 pvalue=0.01 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      0.8757
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0550
Insign. irrelevant (avg no)    0.0550
Signif. irrelevant (avg no)    0.2690
ESE final model                0.0724
ESE DGP                        0.0729
Final equals DGP (% reps)     79.5000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       0.7270


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  795  131   47   17    5    3    1    1    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.30   0.00
ARCH(4)     7.30   3.80   0.10
Normality  10.40   4.80   0.20
Hetero      9.70   5.40   0.00
Chow(70%)   9.30   4.40   0.20
Joint      38.10  19.90   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    27.89
Autometrics settings
	Autometrics(0.05, "none", 1);
	AutometricsSet("effort", 0);

*** HP8 constant=U M=1000 T=139 pvalue=0.05 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      4.0378
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0300
Insign. irrelevant (avg no)    0.0300
Signif. irrelevant (avg no)    1.4640
ESE final model                0.0712
ESE DGP                        0.0729
Final equals DGP (% reps)     38.7000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       3.9568


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  387  223  162   97   62   37   15    9    4    3    0    1    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.50   3.00   0.10
ARCH(4)     8.30   3.70   0.10
Normality   9.80   4.20   0.30
Hetero     11.20   5.20   0.00
Chow(70%)   7.60   3.60   0.10
Joint      37.40  18.50   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    25.92
Autometrics settings
	Autometrics(0.1, "none", 1);
	AutometricsSet("effort", 0);

*** HP8 constant=U M=1000 T=139 pvalue=0.1 #insig=37 #sig=3 cp=41 cp_orig=41

Gauge (%)                      8.1054
Potency (%)                  100.0000
Replications, M=            1000.0000
GUM: relevant variables        3.0000
GUM: irrelevant variables     37.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0000
Insignificant (avg no)         0.0220
Insign. irrelevant (avg no)    0.0220
Signif. irrelevant (avg no)    2.9770
ESE final model                0.0702
ESE DGP                        0.0729
Final equals DGP (% reps)     14.9000
Final contains DGP (% reps)  100.0000
Gauge (significant only)       8.0459


        y_1     x3   x3_1
Hits  100.0  100.0  100.0

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  149  173  159  166  111   88   63   38   21   17   10    1    2    2    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.00   4.20   0.50
ARCH(4)     8.20   3.70   1.00
Normality   9.50   4.50   0.90
Hetero     10.50   6.10   1.70
Chow(70%)   9.60   4.80   1.00
Joint      37.50  21.20   4.80

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.30   3.80   0.20
ARCH(4)     7.70   2.90   0.40
Normality  10.90   4.40   0.50
Hetero     10.40   6.40   0.00
Chow(70%)   6.60   3.20   0.10
Joint      37.40  19.40   1.20

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    39.65
Autometrics settings
	Autometrics(0.01, "none", 1);
	AutometricsSet("effort", 0);

*** HP9 constant=U M=1000 T=139 pvalue=0.01 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      1.0286
Potency (%)                   59.9400
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              2.9970
Insignificant (avg no)         0.0550
Insign. irrelevant (avg no)    0.0510
Signif. irrelevant (avg no)    0.3090
ESE final model                3.2288
ESE DGP                        3.2437
Final equals DGP (% reps)      0.0000
Final contains DGP (% reps)    0.1000
Gauge (significant only)       0.8829


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    1.8    0.7  100.0   97.2

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  793  111   60   23    8    5    0    0    0    0    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       9.80   5.20   0.00
ARCH(4)     7.70   3.60   0.20
Normality   8.00   3.20   0.20
Hetero      8.10   4.50   0.00
Chow(70%)   9.10   3.90   0.20
Joint      35.70  18.30   0.60

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    29.65
Autometrics settings
	Autometrics(0.05, "none", 1);
	AutometricsSet("effort", 0);

*** HP9 constant=U M=1000 T=139 pvalue=0.05 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      4.1829
Potency (%)                   61.8000
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.0900
Insignificant (avg no)         0.0290
Insign. irrelevant (avg no)    0.0270
Signif. irrelevant (avg no)    1.4370
ESE final model                3.1722
ESE DGP                        3.2437
Final equals DGP (% reps)      0.2000
Final contains DGP (% reps)    0.6000
Gauge (significant only)       4.1057


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    5.6    4.5  100.0   98.9

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  387  204  165  103   62   38   22   13    4    2    0    0    0    0    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.30   3.40   0.00
ARCH(4)     7.40   3.40   0.20
Normality   8.50   3.30   0.20
Hetero      7.20   4.70   0.00
Chow(70%)   8.00   3.70   0.10
Joint      32.50  16.60   0.50

PcGive package version 14.0B3, object created on 16-07-2014
(C) Jurgen A Doornik - requires a licensed version of PcGive Professional

====================
Model selection:  Autometrics
replications, M=         1000  time                    28.08
Autometrics settings
	Autometrics(0.1, "none", 1);
	AutometricsSet("effort", 0);

*** HP9 constant=U M=1000 T=139 pvalue=0.1 #insig=35 #sig=5 cp=41 cp_orig=41

Gauge (%)                      8.3200
Potency (%)                   63.6000
Replications, M=            1000.0000
GUM: relevant variables        5.0000
GUM: irrelevant variables     35.0000
GUM: no of variables          41.0000
Relevant (avg no)              3.1800
Insignificant (avg no)         0.0180
Insign. irrelevant (avg no)    0.0170
Signif. irrelevant (avg no)    2.8950
ESE final model                3.1271
ESE DGP                        3.2437
Final equals DGP (% reps)      0.3000
Final contains DGP (% reps)    1.9000
Gauge (significant only)       8.2714


        y_1     x3   x3_1    x11  x11_1
Hits  100.0    9.6    9.0  100.0   99.4

Model size
    0    1    2    3    4    5    6    7    8    9   10   11   12   13   14   15   16   17   18   19   20
    0    0    0    0  137  165  160  160  131   88   62   43   25   13    9    2    4    1    0    0    0


Diagnostic tests DGP rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       8.20   3.70   0.90
ARCH(4)     8.10   4.20   0.80
Normality   8.90   4.50   1.20
Hetero      9.60   4.40   1.40
Chow(70%)  10.50   5.10   1.00
Joint      37.90  19.60   5.10

Diagnostic tests Model rejection(%)
          p=0.10 p=0.05 p=0.01
AR(5)       7.10   3.60   0.00
ARCH(4)     7.10   3.10   0.20
Normality   9.20   3.80   0.40
Hetero      6.70   4.10   0.00
Chow(70%)   7.10   3.60   0.00
Joint      31.40  16.70   0.60

