Abstract
Stable distributions have been proposed as a model for many types of physical and economic systems. There are several reasons for using a stable distribution to describe a system. The first is where there are solid theoretical reasons for expecting a non-Gaussian stable model, e.g. reflection off a rotating mirror yielding a Cauchy distribution, hitting times for a Brownian motion yielding a Lévy distribution, the gravitational field of stars yielding the Holtsmark distribution; see below for these and other examples.
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Nolan, J.P. (2020). Modeling with Stable Distributions. In: Univariate Stable Distributions. Springer Series in Operations Research and Financial Engineering. Springer, Cham. https://doi.org/10.1007/978-3-030-52915-4_2
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DOI: https://doi.org/10.1007/978-3-030-52915-4_2
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