VoseKthSmallest

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See also: Vose Extreme Values window

VoseKthSmallest(distribution,n,k)

Example model

This function returns the kth smallest value from n sampled values from a certain distribution.

• distribution - A distribution object

• n - the number of samples to be taken from the distribution

• k - the rank of the sample. 1=smallest, 2= second smallest, etc.

Like the distributions in VoseDistribution, this function has an optional U-parameter.

Example

In insurance company wants for a certain claim to set a minimum they will pay the client back. Claims below that minimum will not be paid back by the insurance company. The company knows that these claims are LogNormal(10,4) distributed and they decide that the minimum will be chosen as the fifth smallest claim from 1000 sampled values:

VoseKthSmallest(VoseLogNormal(10,4),1000,5)

Comment

If one wants to know for example the smallest, the second smallest and the third smallest value out of n sampled values from a distribution, then one should use the VoseSmallestSet function, because if they are all estimated separately from the VoseKthSmallest function, they would all be independent.