Applications
These models are used in financial markets, given their ability to be parametrised in a way that has intuitive meaning for market traders. A number of models are in current use that capture the stochastic nature of the volatility of rates, stocks etc. and this family of distributions may prove to be one of the more important.
In the United States, the Log-Pearson III is the default distribution for flood frequency analysis.
Read more about this topic: Pearson Distribution