Which of the following most accurately describes the parameters of a generalized Pareto distribution (GPD)?
  A. β The scale parameter: 0 > β. The shape (tail) index: ξ, can be any real number.
  B. The scale parameter: β, can be any real number. The shape (tail) index: ξ, can be any real number.
  C. The scale parameter: 0 < β. The shape (tail) index: ξ, can be any real number.
  D. The scale parameter: β, which can be any real number. The shape (tail) index: ξ > 0.
  Answer:C
  The two parameters are a scale parameter, which must be positive, and a shape parameter that can take on any value.