Correlation of min and max
For two i.i.d. variables, what is the correlation between their minimum and their maximum? (to 2 decimals)
Show hints (2)+
- Find Var(min), Var(max) and Cov(min,max).
- corr = Cov / sqrt(Var·Var).
Answer
Reveal answer →Final answer
0.5 (± 0.01)
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