CBP WP 58-15
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Empirical Probability Distributions with Theoretical Tails
[CBP WP 58-15]
This paper presents approaches for generating values from both continuous and discrete empirical probability distributions. This paper contends that adding a theoretical “tail” to an empirical distribution allows simulations to experience values beyond the historical tail values – and allows these simulations to explore important real-world “catastrophic” issues more carefully.
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