The Clark approximation, in which the maximum of two normally distributed random variables is approximated by a third normally distributed random variable, forms the basis of a relatively inexpensive ...

This article describes three approximation methods I used to solve the growth model (Model 1) studied by the National Bureau of Economic Research's nonlinear rational-expectations-modeling group ...

We introduce the triangular approximation to the normal distribution in order to extract closed- and semi-closed-form solutions that are useful in risk measurement calculations. In risk measurement ...