Quantile-locating functions and the distance between the mean and quantiles |
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Authors: | D Gilat T P Hill |
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Institution: | School of Mathematical Sciences, Tel Aviv University Ramat Aviv 69978, Israel;School of Mathematics. Georgia Institute of Technology Atlanta, GA 30332, USA |
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Abstract: | Given a random variable X with finite mean, for each 0 < p < 1, a new sharp bound is found on the distance between a p -quantile of X and its mean in terms of the central absolute first moment of X . The new bounds strengthen the fact that the mean of X is within one standard deviation of any of its medians, as well as a recent quantile-generalization of this fact by O'Cinneide. |
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Keywords: | mean median quantiles absolute central first moment convex function |
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