Partial Moments of Generalized Lambda Distribution

SYNOPTIC ABSTRACT

The generalized lambda distribution (GLD) is a four parameter family of distributions consisting of a wide range of continuous distributions developed primarily for simulating data from arbitrary distributions. Recent studies revealed that the GLD is an ideal family for data fitting and stochastic modeling involving continuous probability distributions. In this article we develop a unified procedure for the determination of the partial moments and related functions of all continuous distributions using their GLD representations. An application of these functions to the case of solution of a stochastic inventory model is discussed. Results of numerical study illustrating the effectiveness of the method are also presented.

Key Words and Phrases:

• Generalized Lambda Distribution
• Inventory
• Optimization
• Partial Moments
• Stochastic Model