The Pareto distribution is a power-law probability distribution that is used to describe phenomena where a small number of occurrences account for a large proportion of the effect. Named after the Italian economist Vilfredo Pareto, it is often used to model the distribution of wealth, resources, and other types of measurable assets.
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In the shape–minimum parameterization, the density is , with . The survival function is for . Large shape concentrates the distribution near its lower bound. This convention is useful for uniform-Pareto conjugacy.