Some families of distributions use a rate parameter which is simply the reciprocal of the scale parameter. So for example the exponential distribution with scale parameter β and probability density
could equally be written with rate parameter λ as
Read more about this topic: Scale Parameter
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“Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer.”
—Ralph Waldo Emerson (1803–1882)
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