Why is the average of the highest value from 100 draws from a normal distribution different from the 98% percentile of the normal distribution? It seems that by definition that they should be the same. But...
Code in R:
NSIM <- 10000
x <- rep(NA,NSIM)
for (i in 1:NSIM)
{
x[i] <- max(rnorm(100))
}
qnorm(.98)
qnorm(.99)
mean(x)
median(x)
hist(x)
I imagine that I'm misunderstanding something about what the maximum of a 100 draws from the normal distribution should be. As is demonstrated by an unexpectedly asymetrical distribution of maximum values.