This feature proposes implementing the Pareto distribution to generate random numbers or model data in circumstances where the 80/20 rule applies (https://en.wikipedia.org/wiki/Pareto_distribution). When modeling phenomena with a heavy tail, including wealth distribution, natural phenomena, or other skewed distributions where a few number of occurrences account for the majority of the effect, the distribution is especially helpful. The feature should offer capabilities for sampling from the distribution and let users set the shape parameter (α) and scale (xm) parameter.
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Notes: I think the Pareto distribution is important because it is used in various disciplines, including economics, finance, and environmental research. In my instance, I used for modeling data where a small subset of the population has a significant impact, such as income distribution or asset allocation.
LidiaDomingos
commented
4 weeks ago
Description of Change
This feature proposes implementing the Pareto distribution to generate random numbers or model data in circumstances where the 80/20 rule applies (https://en.wikipedia.org/wiki/Pareto_distribution). When modeling phenomena with a heavy tail, including wealth distribution, natural phenomena, or other skewed distributions where a few number of occurrences account for the majority of the effect, the distribution is especially helpful. The feature should offer capabilities for sampling from the distribution and let users set the shape parameter (α) and scale (xm) parameter.
Checklist
Notes: I think the Pareto distribution is important because it is used in various disciplines, including economics, finance, and environmental research. In my instance, I used for modeling data where a small subset of the population has a significant impact, such as income distribution or asset allocation.