Talk:Location-scale family

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Mean Variance[edit]

The lede is confusing because it says "can" in "(...)and decision-making can be framed in terms of (...)". I would like to change it into "necessary but not sufficient". Many distributions are in the location-scale family that do not have moments. This is very sloppy. Waiting to see comments on a better lede. Limit-theorem (talk) 01:40, 13 August 2015 (UTC)

The Meyer paper which seems to be the basis of the sentence only says that the location-scale family condition is "sufficient to insure consistency between expected utility and moment based ranking" (section IV p 428 [[1]] ). But there are plenty of other conditions that are necessary for expected utility and moment based ranking to be applicable, namely finiteness of moments. Limit-theorem (talk) 01:51, 13 August 2015 (UTC)