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Analysing Economic DataProbability Distributions

Analysing Economic Data: Probability Distributions [A new concept, the random variable, is introduced to exploit fully the power of probability. Discrete random variables, those that take only a finite number of values, are focused upon, along with their associated probability distributions, which are essentially a listing of the values the random variable can take accompanied by their probabilities of occurrence. The concepts of expected value and variance of a random variable are developed. Some particular probability distributions are introduced that relate to types of probability experiments that occur in a variety of situations, most notably the binomial and Poisson (the latter being interpreted as an approximation to the former). ] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Analysing Economic DataProbability Distributions

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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2014
ISBN
978-1-349-48656-4
Pages
113 –122
DOI
10.1057/9781137401908_8
Publisher site
See Chapter on Publisher Site

Abstract

[A new concept, the random variable, is introduced to exploit fully the power of probability. Discrete random variables, those that take only a finite number of values, are focused upon, along with their associated probability distributions, which are essentially a listing of the values the random variable can take accompanied by their probabilities of occurrence. The concepts of expected value and variance of a random variable are developed. Some particular probability distributions are introduced that relate to types of probability experiments that occur in a variety of situations, most notably the binomial and Poisson (the latter being interpreted as an approximation to the former). ]

Published: Oct 26, 2015

Keywords: Probability Distribution; Poisson Distribution; Discrete Random Variable; Continuous Random Variable; Defective Item

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