I want to generate a range of numbers that follow a Pareto distribution.
I want these numbers to assume a mean value of say 1000.
With the pareto distribution I need to specify my shape and location parameters (or alpha and beta depending on the terminology you would like to use).
In calculating my shape and location parameters, do I simply choose
1< shape <2 and then calculate my location value from
mean = (shape*location)/(location - 1)
or am i misunderstanding the approach ?