This week's book giveaway is in the Big Data forum. We're giving away four copies of Elasticsearch in Action and have Radu Gheorghe & Matthew Lee Hinman on-line! See this thread for details.

I need to perform econometrics/statistical computaion for the bank. We were using Matlab from MathWorks.com. Recently, we are planning to perform computation with java instead of Matlab.

e.g. below is the sample equation that I want to evaluate in java -

My question is, I have not found API in java though which I can perform calculation. Also, we are performing this type of computation first time in java, does java supports all statistics calculation like standard deviation, mean distribution et cetera.

Write out that formula as a simple algorithm. It will reduce to many simpler operations, eg power, log, add, subtract. If they are not simple arithmetic, have a look at the Math class, in the first instance.