Publication typeJournal article with impact factor
JournalAnnual Review of Statistics and Its Application
MetadataShow full item record
AbstractProbability distributions are the building blocks of statistical modeling and inference. It is therefore of the utmost importance to know which distribution to use in what circumstances, as wrong choices will inevitably entail a biased analysis. In this article, we focus on circumstances involving complex data and describe the most popular flexible models for these settings. We focus on the following complex data: multivariate skew and heavy-tailed data, circular data, toroidal data, and cylindrical data. We illustrate the strength of flexible models on the basis of concrete examples and discuss major applications and challenges.
Knowledge Domain/IndustryAccounting & Finance