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Understanding Gamma Distribution: Parameters α and β

Explore the properties and applications of Gamma Distribution with emphasis on parameters α and β. Learn how to calculate moments and variance using moment generating function. Get test-taking advice for exam success.

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Understanding Gamma Distribution: Parameters α and β

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Presentation Transcript

  1. Review of Topics

  2. Gamma Distribution • Parameters: α and β • for x>0 • The gamma function is • This is pretty gross, but don’t worry! On the exam you will likely get an a positive integer value for α, in which case:

  3. Gamma Distribution • The moment generating function of gamma is much simpler and more likely to be useful: • Remember that , , etcetc • This may be an easier method of finding variance & other values depending on values of α and β

  4. Test Taking Advice • Do at least three practice exams • This will help you determine if there are any concepts you’re struggling with • Memorize ALL the pdfs, the exponential CDF, and as many MGFs as you can • Flash cards are great for this • Relax and don’t panic! • You can test again in July (or even September)

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