A distribution with positive (excess) kurtosis (leptokurtosis) is MORE peaked than a normal distribution with lower probabilities at (around) plus and minus 1 standard deviation AND more probabilities in the tails, i.e., fatter tails than the normal distribution. The picture presenting kurtosis in Miller's text (on page 51) exhibits fat tails but erroneously does NOT exhibit the peaked ness that is pertinent.
Just a heads up to everyone.....and obviously, if I am mistaken, please let me know.
(Actually, the illustration of low kurtosis on page 52 is similarly flawed, I believe.)
Best,
Brian
Just a heads up to everyone.....and obviously, if I am mistaken, please let me know.
(Actually, the illustration of low kurtosis on page 52 is similarly flawed, I believe.)
Best,
Brian