Closed-form solutions for the L\'evy-stable distribution

TL;DR

This paper introduces a uniform analytical approximation for the Le9vy-stable distribution, enabling easier computation and application in fields like finance and physics by overcoming previous lack of explicit formulas.

Contribution

It proposes a novel uniform analytical approximation for the Le9vy-stable distribution using asymptotic matching, addressing the absence of explicit solutions.

Findings

The approximation closely matches numerical results.

The method effectively removes computational issues.

The solution is applicable across various research fields.

Abstract

The L\'evy-stable distribution is the attractor of distributions which hold power laws with infinite variance. This distribution has been used in a variety of research areas, for example in economics it is used to model financial market fluctuations and in statistical mechanics as a numerical solution of fractional kinetic equations of anomalous transport. This function does not have an explicit expression and no uniform solution has been proposed yet. This paper presents a uniform analytical approximation for the L\'evy-stable distribution based on matching power series expansions. For this solution, the trans-stable function is defined as an auxiliary function which removes the numerical issues of the calculations of the L\'evy-stable. Then, the uniform solution is proposed as a result of an asymptotic matching between two types of approximations called "the inner solution" and "the outer solution". Finally, the results of analytical approximation are compared to the numerical results of the L\'evy-stable distribution function, making this uniform solution valid to be applied as an analytical approximation.