Truncated Family of Distributions with Applications to Time and Cost to Start a Business

The time and cost to start a business are highly related to the degree of transparency of business information, which strongly impacts the loss due to illicit financial flows. In order to study the distributional characteristics of time and cost to start a business, we introduce right-truncated and...

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Bibliographic Details
Published in:Methodology and computing in applied probability 2021-03, Vol.23 (1), p.5-27
Main Authors: Alzaatreh, Ayman, Aljarrah, Mohammad A., Smithson, Michael, Shahbaz, Saman Hanif, Shahbaz, Muhammad Qaiser, Famoye, Felix, Lee, Carl
Format: Article
Language:English
Subjects:
Business
Business and Management
Cost analysis
Economics
Electrical Engineering
Life Sciences
Mathematics and Statistics
Statistics
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Summary:The time and cost to start a business are highly related to the degree of transparency of business information, which strongly impacts the loss due to illicit financial flows. In order to study the distributional characteristics of time and cost to start a business, we introduce right-truncated and left-truncated T-X families of distributions. These families are used to construct new generalized families of continuous distributions. Relationships between the families are investigated. Real data sets including time and cost to start a business are analyzed and the results show that the truncated families perform very well for fitting highly skewed data.
ISSN:1387-5841
1573-7713
DOI:10.1007/s11009-020-09801-1