Random Variables

  • I. Richard Savage
Part of the The New Palgrave book series (NPA)


Scientific statements often have a probabilistic element, for example, ‘In population Ω the distribution of individual income, I, can be approximated by a log-normal distribution’. The formal interpretation of this statement requires a moderate amount of structure, such as,

The population Ω has n members, ω1, …, ωn. Associated with each ω is an income, I(ω). Each co has the same probability P(ω) of being observed so that Pi)= 1/n for i= 1, …, n. Finally, P(I ≤ t) = F(t, α, β,γ) for −∞ <t < ∞ where F is the 3-parameter log-normal distribution function.


Brownian Motion Probability Function Normal Random Variable Continuous Random Variable Stable Random Variable 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1990

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  • I. Richard Savage

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