Rounding - History

History

The concept of rounding is very old, perhaps older even than the concept of division. Some ancient clay tablets found in Mesopotamia contain tables with rounded values of reciprocals and square roots in base 60. Rounded approximations to π, the length of the year, and the length of the month are also ancient—see base 60#Examples.

The Round-to-even method has served as the ASTM (E-29) standard since 1940. The origin of the terms unbiased rounding and statistician's rounding are fairly self-explanatory. In the 1906 4th edition of Probability and Theory of Errors Robert Simpson Woodward called this "the computer's rule" indicating that it was then in common use by human computers who calculated mathematical tables. Churchill Eisenhart's 1947 paper "Effects of Rounding or Grouping Data" (in Selected Techniques of Statistical Analysis, McGrawHill, 1947, Eisenhart, Hastay, and Wallis, editors) indicated that the practice was already "well established" in data analysis.

The origin of the term bankers' rounding remains more obscure. If this rounding method was ever a standard in banking, the evidence has proved extremely difficult to find. To the contrary, section 2 of the European Commission report The Introduction of the Euro and the Rounding of Currency Amounts suggests that there had previously been no standard approach to rounding in banking; and it specifies that "half-way" amounts should be rounded up.

Until the 1980s, the rounding method used in floating-point computer arithmetic was usually fixed by the hardware, poorly documented, inconsistent, and different for each brand and model of computer. This situation changed after the IEEE 754 floating point standard was adopted by most computer manufacturers. The standard allows the user to choose among several rounding modes, and in each case specifies precisely how the results should be rounded. These features made numerical computations more predictable and machine-independent, and made possible the efficient and consistent implementation of interval arithmetic.

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