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Title: Benford's Law Part 2 - The 80/20 Rule or Pareto Principle
Url: http://www.intuitor.com/statistics/Benford's%20Law2.html
Publisher: Intuitor
 Description: This page explores Benford's law and the Pareto Principle (or 80/20 rule). Benford's law may also have a wider meaning if the digits it evaluates are considered ranks or places. The digit's probability of occurring could be considered the relative share of total winnings for each place (1st through 9th). In other words, 1st place would win 30.1%, 2nd place 17.6%, 3rd 12.5%,... 9th place 4.6% of the available rewards. The normalized Benford curve could be used as a model for ranked data such as the wealth of individuals in a country. To determine if the Benford model gives results similar to those of the Pareto principle we use the normalized Benford equation in a computer program.
LC Classification: Science -- Mathematics -- Mathematical statistics
Science -- Mathematics -- Probabilities
Social sciences -- Economic theory. Demography -- Economic theory. Demography -- Economic theory -- History of economics. History of economic theory
GEM Subject: Social studies -- Economics
Mathematics -- Statistics
Mathematics -- Probability
Key Concept: Mathematics -- Probability
Mathematics -- Statistics
Economics -- Pareto optimality
Mathematics -- Statistical graphs
Date Issued: 2001
Resource Type: Reference Material
Instructional Material
Instructional Material -- Lesson/Lesson Plan
Instructional Material -- Instructor Guide/Manual
Format: Document -- HTML
Audience: Educator
Learner
Education Level: Higher Education
Higher Education -- Undergraduate (Lower Division)
Higher Education -- Undergraduate (Upper Division)
Higher Education -- Technical Education (Upper Division)
Higher Education -- Technical Education (Lower Division)
Vocational/Professional Development Education
Language: English
Rights: Intuitor.com
Access Rights: Free access
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Source: CAUSEweb
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