Stat Stories: Why is the Moment Generating Function Important? | by Rahul Bhadani | May, 2022
What determines a probability distribution uniquelyThe Columns, Mizzou. Picture taken by the AuthorOften in statistical theory and data analysis, we wonder what characterizes a distribution, and if there is any way to distinctly identify a distribution. The answer is the Moment Generating Function.The Moment Generating Function or MGF is so called because it helps generate Moments of a statistical distribution. What is the Moment? I am glad you asked this question. Moments in statistics are defined asEquation 1: R-th…