Vilfredo Pareto 1896 wealth-distribution P(x>X) ~ X^-alpha; alpha~1.5-2 across 100+ years; Mandelbrot 1960 stable-Levy generalization to financial returns.
Vilfredo Pareto 1896 wealth-distribution P(x>X) ~ X^-alpha; alpha~1.5-2 across 100+ years; Mandelbrot 1960 stable-Levy generalization to financial returns.