In this episode, building on the cumulative distribution function F (CDF) introduced in Episode 15, we define the quantile function Q, the survival function S, and the probability density function f (PDF). We then explore how each of these tools helps describe the behavior of a random variable. Along the way, we also introduce Value-at-Risk (VaR), which becomes quite straightforward once you understand quantiles. Are you ready to take the risk?
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