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Instant-use add-on functions for the Wolfram Language
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Create a beta distribution using the mean and a measure of its spread as parameters instead of using the conventional parameters
ResourceFunction["MeanSpreadBetaDistribution"][mean,spread] creates a beta distribution that is centered at mean and with standard deviation of spread multiplied by the maximum possible standard deviation for mean. |
Create a beta distribution whose mean is 2/3 and whose standard deviation is 1/2 of the maximum possible value given that mean:
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Create a beta distribution whose mean is 1/4 and whose standard deviation is 9/10 of the maximum possible value given that mean:
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The function handles symbolic parameters:
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Show how decreasing the spread of a beta distribution affects the associated PDF :
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One can take the parameters of a beta distribution and compute their mean and spread:
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Thus, for BetaDistribution[3,4] the mean is 3/7 and the spread is calculated below:
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If one uses a spread less than zero, the result is a meaningless beta distribution. With a value of greater than one, the result is a meaningless beta distribution with an illegal negative first parameter:
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