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The algorithm of modified wavelet analysis is discussed. It is based on theweighted least squares approximation. Contrary to the Gaussian as a weightfunction, we propose to use a compact weight function. The accuracy estimatesusing the statistically correct expressions for the least squaresapproximations with an additional weight function are compared with thatobtained using the bootstrap method.

Computer Modeling of Irregularly Spaced Signals. Statistical Properties of the Wavelet Approximation Using a Compact Weight Function