There are two methods to dealing with outliers: trimming and winsorizing. I discuss both of these techniques in this presentation. Specifically, how they are different and when to use them.
References:
Duan, B. (1997). The robustness of trimming and Winsorization when the population distribution is skewed. Unpublished dissertation, Tulane University, New Orleans.
Hawkins, D. M. (1980). Identification of outliers. London: Chapman Hall.
Wilcox, R. R. (2010). Fundamentals of Modern Statistical Methods: S
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