Quantile-parameterized distributions for expert knowledge elicitation

Dmytro Perepolkin, Erik Lindsröm and Ullrika Sahlin

No tq3an, OSF Preprints from Center for Open Science

Abstract: This paper presents a comprehensive overview of quantile-parameterized distributions (QPDs) as a powerful tool for capturing expert predictions and parametric judgments. We survey various types of QPDs covered in the literature and focus on the Myerson distribution as the simplest method of parameterizing a distribution by a set of quantile-probability pairs. We propose the generalization of the Myerson distribution to increase the flexibility of its tails. Additionally, we explore the extension of QPDs to the multivariate setting, discussing methods for constructing bivariate distributions with quantile-parameterized margins.

Date: 2023-05-30
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:tq3an

DOI: 10.31219/osf.io/tq3an

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