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Benford's Law: Theory and Applications

Online ISBN:
9781400866595
Print ISBN:
9780691147611
Publisher:
Princeton University Press
Book

Benford's Law: Theory and Applications

Steven J. Miller (ed.)
Steven J. Miller
(ed.)
Williams College
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Published:
26 May 2015
Online ISBN:
9781400866595
Print ISBN:
9780691147611
Publisher:
Princeton University Press

Abstract

Benford's law states that the leading digits of many data sets are not uniformly distributed from one through nine, but rather exhibit a profound bias. This bias is evident in everything from electricity bills and street addresses to stock prices, population numbers, mortality rates, and the lengths of rivers. This book demonstrates the many useful techniques that arise from the law, showing how truly multidisciplinary it is, and encouraging collaboration. Beginning with the general theory, the chapters explain the prevalence of the bias, highlighting explanations for when systems should and should not follow Benford's law and how quickly such behavior sets in. The book goes on to discuss important applications in disciplines ranging from accounting and economics to psychology and the natural sciences. The book describes how Benford's law has been successfully used to expose fraud in elections, medical tests, tax filings, and financial reports. Additionally, numerous problems, background materials, and technical details are available online to help instructors create courses around the book. Emphasizing common challenges and techniques across the disciplines, this book shows how Benford's law can serve as a productive meeting ground for researchers and practitioners in diverse fields.

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