Pareto vs. Weibull

  • Thread starter 0xDEADBEEF
  • Start date
  • #1
816
1
In a lecture I had it was mentioned that the Pareto distribution is used to model insurance losses for extreme events. A physics theorist told me that he modelled extreme events in solid state theory using a Weibull distribution. I can look up the distributions in wikipedia, but that doesn't really convey when these distributions are applicable, or if there is an underlying model that they are derived from.
Can somebody shed some light, as to what motivates these two distributions and when they can be applied?
 

Answers and Replies

Related Threads on Pareto vs. Weibull

  • Last Post
Replies
2
Views
866
  • Last Post
Replies
6
Views
5K
  • Last Post
Replies
3
Views
3K
Replies
1
Views
6K
Replies
2
Views
6K
Replies
2
Views
848
Replies
1
Views
22K
Replies
6
Views
13K
  • Last Post
Replies
1
Views
1K
  • Last Post
Replies
2
Views
3K
Top