Table IV.

Simulation results for the estimation of the parameters. Bias is the mean of estimates minus the true values; Percent of Biasis the bias as a percentage of the true value. SE is the empirical standard error of the estimates; Mean SE is the mean of estimated standard errors; CP is the empirical coverage probability of the 95 per cent confidence interval for the parameters.

Terminal Decline Model
Parameter	True	Bias	Percent of Bias (%)	SE	Mean.SE	CP (%)
β0	108.44	−0.048	−0.04	2.45	2.45	95.27
β1	12.03	0.073	0.61	3.51	3.46	95.16
β2	3.99	0.028	0.70	0.43	0.44	94.84
β3	0.088	−0.0054	−6.14	0.055	0.06	95.69
β4	−1.37	−0.051	3.72	0.58	0.60	95.43
β5	−0.060	0.007	−11.67	0.089	0.096	95.11
σ	18.22	−0.21	−1.15	1.02	1.04	95.00
τ	11.36	−0.023	−0.20	0.34	0.34	95.69
ν	9.95	0.02	0.20	0.70	0.73	95.11
α	0.019	0.0007	3.68	0.006	0.005	93.40
Survival Model
θ1	0.052	0.0003	0.58	0.006	0.006	96.12
θ2	0.033	0.0003	0.91	0.006	0.006	95.00
θ3	0.077	0.0001	0.13	0.007	0.008	95.85
θ4	0.019	0.0003	1.58	0.005	0.005	94.95