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Math Help - pareto

  1. #1
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    Nov 2009
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    pareto

    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 ?
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  2. #2
    MHF Contributor matheagle's Avatar
    Joined
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    I've proved a lot of weird limit theorems for the basic Pareto, px^{p-1}I(x>1)

    I had a graduate student run some simulations using matlab to show how to use those limit results.
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