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Seibert, J and Zahrádka, J (2014)

First Digit Law and its Application

Scientific Papers of the University of Pardubice Series D, Faculty of Economics and Administration Vol. XXI, No. 30, pp. 75 - 82.

ISSN/ISBN: Not available at this time. DOI: Not available at this time.

Note - this is a foreign language paper: CZE

Abstract: The paper deals with the first digit law which is also called as the Benford law. The history, empirical evidence and a simple explanation of its validity are reviewed. This law showed that the data in the real world have the property that the first digit 1 appears in 100 numbers about 30 times, the first digit 2 about 17 times, and so on the first digit 9 about 5 times. This law states that data sets from different fields leading digits tend to be distributed logarithmically. The Benford’s distribution is verified for the set consists of the numbers of inhabitants of all towns in Czech Republic and for the set of prices of the medicinal drugs. Further, some cases of application of this law in the investigation of specific economic data are presented.

@article{, AUTHOR = {Jaroslav Seibert and Jaromír Zahrádka}, TITLE = {First Digit Law and its Application}, JOURNAL = {Scientific Papers of the University of Pardubice Series D}, YEAR = {2014}, VOLUME = {XXI}, NUMBER = {30}, PAGES = {75--82}, ADDRESS = {Faculty of Economics and Administration }, NOTE = {Scientific Papers of the University of Pardubice Series D}, URL = {}, }

Reference Type: Journal Article

Subject Area(s): Economics, General Interest