Kurtosis

(redirected from Leptokurtic distribution)
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Related to Leptokurtic distribution: Mesokurtic, skewness, Excess kurtosis

Kurtosis

Measures the fatness of the tails of a probability distribution. A fat-tailed distribution has higher-than-normal chances of a big positive or negative realization. Kurtosis should not be confused with skewness, which measures the fatness of one tail. Kurtosis is sometimes referred to as the volatility of volatility.
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Only three items of the conflict dimension had a positive asymmetry (one of them with a leptokurtic distribution) and one item of the closeness dimension had a negative asymmetry and a leptokurtic distribution.
The coefficients of skewness and kurtosis are close to zero for all variables, which can be justified by the normality test of Anderson-Darling indicating that the distributions of variable data were normal, except for the harvested material flow that showed a positive coefficient of skewness, and positive coefficient of kurtosis indicating leptokurtic distribution.
In fact, the leptokurtic distribution of these variables is ubiquitous (Mishkin, 2009; Orlowski, 2010b).
Removing cannibalism from the model creates far more leptokurtic distributions without passing through the bimodal phase.
This is an intriguing property which contradicts the conventional assertion that an asset with a leptokurtic distribution of returns is riskier than an asset with a normal distribution of returns, due to the increased probability of returns associated with the tails of the distribution.
Thus, the estimated values of a must be equal across the sums, provided that the underlying leptokurtic distribution is stable.
These facts are: i) prices follow a random walk process, ii) returns exhibit a leptokurtic distribution with fat tails, iii) as the time scale over which returns are calculated is increased, their distribution tends to "look like" a normal one (Aggregational Gaussianity), and iv) returns presents volatility clustering.
Such an inverse relationship can give the impression of a leptokurtic distribution of pollen dispersal distances.

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