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A python package that generates functions for the metalog distribution. The metalog distribution is a highly flexible probability distribution that can be used to model data without traditional parameters.

Project description

pymetalog

Colin Smith, Travis Jefferies, Isaac J. Faber

The Python Metalog Distribution

This repo is a working project for a python package (pymetalog) that generates functions for the metalog distribution. The metalog distribution is a highly flexible probability distribution that can be used to model data without traditional parameters.

Metalog Background

In economics, business, engineering, science and other fields, continuous uncertainties frequently arise that are not easily- or well-characterized by previously-named continuous probability distributions. Frequently, there is data available from measurements, assessments, derivations, simulations or other sources that characterize the range of an uncertainty. But the underlying process that generated this data is either unknown or fails to lend itself to convenient derivation of equations that appropriately characterize the probability density (PDF), cumulative (CDF) or quantile distribution functions.

The metalog distributions are a family of continuous univariate probability distributions that directly address this need. They can be used in most any situation in which CDF data is known and a flexible, simple, and easy-to-use continuous probability distribution is needed to represent that data. Consider their uses and benefits. Also consider their applications over a wide range of fields and data sources.

This repository is a complement and extension of the information found in the paper published in Decision Analysis and the website

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