The Exponential Distribution
The most important one parameter family of life distributions is the family of exponential distributions. This importance is partly due to the fact that several of the most commonly used families of life distributions are two- or three-parameter extensions of the exponential distributions. But the exponential distributions, with their constant hazard rates, form a baseline for evaluating other families. Because they have only one parameter, they are quite simple to describe and are exceptionally amenable to statistical analyses. A path-breaking paper of Epstein and Sobel (1953) brought new attention to the uses of the exponential distribution.
KeywordsExponential Distribution Hazard Rate Survival Function Lorenz Curve Geometric Distribution
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