Systems of probability distributions | Continuous distributions
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. Moreover, like a Taylor series, metalog distributions may have any number of terms, depending on the degree of shape flexibility desired and other application needs. Applications where metalog distributions can be useful typically involve fitting empirical data, simulated data, or expert-elicited quantiles to smooth, continuous probability distributions. Fields of application are wide-ranging, and include economics, science, engineering, and numerous other fields. The metalog distributions, also known as the Keelin distributions, were first published in 2016 by Tom Keelin. (Wikipedia).
