Table 2.

Estimated test sizes (Eq. 11) for the two-digit statistic $V_{\left\{\mathrm{1,2}\right\}}^{\left(t\right)}$, using the asymptotic quantile ${\chi }_{\mathrm{89,0.99}}^2$ (As) and the exact 0.99 quantile (Ex) from Barabesi et al. (6), based on $T^{†}=\mathrm{28,500}$ Monte Carlo replicates for each configuration $\left(m_t,n_t\right)$, with $m_t\le n_t$

		$m_t$
No. of transactions	Test	1	5	10	20	40	80	100	200	500
$n_t=50$	As	0.064	0.039	0.035	0.029	0.026	—	—	—	—
	Ex	0.040	0.017	0.013	0.011	0.010	—	—	—	—
$n_t=100$	As	0.083	0.048	0.033	0.023	0.021	0.020	0.019	—	—
	Ex	0.068	0.032	0.019	0.013	0.011	0.010	0.010	—	—
$n_t=200$	As	0.102	0.069	0.043	0.025	0.018	0.014	0.016	0.014	—
	Ex	0.095	0.059	0.034	0.018	0.012	0.010	0.011	0.009	—
$n_t=500$	As	0.141	0.125	0.087	0.052	0.027	0.016	0.014	0.012	0.012
	Ex	0.137	0.120	0.082	0.047	0.023	0.013	0.012	0.010	0.009

Model 7 holds with ${\tau }_t=0$ for each trader. The nominal test size is $\alpha =0.01$.