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Pareto distribution

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Noun

Definition: A probability distribution such that for a random variable X with that distribution holds that the probability that X is greater than some number x is given by, Pr (X>x)=(x/(x_m))⁻ᵏ, for all x ≥ xₘ, where xₘ is the (necessarily positive) minimum possible value of X, and k is a positive parameter.

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