Concept
Shape parameter
Related concepts (22)
Metalog distribution
The metalog distribution is a flexible continuous probability distribution designed for ease of use in practice. Together with its transforms, the metalog family of continuous distributions is unique because it embodies all of following properties: virtually unlimited shape flexibility; a choice among unbounded, semi-bounded, and bounded distributions; ease of fitting to data with linear least squares; simple, closed-form quantile function (inverse CDF) equations that facilitate simulation; a simple, closed-form PDF; and Bayesian updating in closed form in light of new data.
Generalized beta distribution
In probability and statistics, the generalized beta distribution is a continuous probability distribution with four shape parameters (however it's customary to make explicit the scale parameter as a fifth parameter, while the location parameter is usually left implicit), including more than thirty named distributions as limiting or special cases. It has been used in the modeling of income distribution, stock returns, as well as in regression analysis.