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An Exploratory Statistical Analysis: QQ-Plots |
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Written by theoretic
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We consider some simple exploratory statistical tools and apply them to simulated and real-life claim size data in order to detect which distributions might give a reasonable fit to real-life insurance data. We start with a quantile-quantile plot, for short QQ-plot, and continue in Section 3.2.3 with a mean excess plot.
Quantiles correspond to the “inverse” of a distribution function, which is not always well-defined (distribution functions are not necessarily strictly increasing). We focus on a left-continuous version. |