BeniniDistribution can be used to model the weight of cats:
Fit a Benini distribution to the data:
Compare the histogram of the data to the PDF of the estimated distribution:
Find the average weight of a cat:
Find the median weight of a cat:
Show that the estimated distribution has a heavy right tail:
Find the probability that a cat weighs at least 3 kg:
Simulate weights for a group of 30 cats:
BeniniDistribution can be used to model losses:
Remove the clear outlier, Andrew, the most destructive hurricane:
Fit a generalized beta distribution into the data:
Compare the histogram of the data with the PDF of the estimated distribution:
Find the probability that a loss caused by a hurricane is over 3 billion dollars:
Find the mean hurricane loss:
Simulate possible losses for the next 30 strong hurricanes:
Since
BetaPrimeDistribution can also be used to model the losses, compare the fit:
The fit with
BeniniDistribution is slightly better: