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Random Variables

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

Abstract

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.

Keywords

Brownian Motion Probability Function Normal Random Variable Continuous Random Variable Stable Random Variable 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 1990

Authors and Affiliations

  • I. Richard Savage

There are no affiliations available

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