From Citizendium - Reading time: 1 min
The exponential distribution is any member of a class of continuous probability distributions assigning probability
to the interval [x, ∞), for x ≥ 0.
It is well suited to model lifetimes of things that don't "wear out", among other things.
The exponential distribution is one of the most important elementary distributions.
The main and unique characteristic of the exponential distribution is that the conditional probabilities satisfy P(X > x + s | X > x) = P(X > s) for all x, s ≥ 0.
Let X be a real, positive stochastic variable with probability density function
for x ≥ 0. Then X follows the exponential distribution with parameter .