A unified generalized family of distributions: Properties, inference, and real-life applications

A fully parametric family of distributions called the new generalized family (NGF) is proposed. The cumulative distribution function of the proposed NGF is constructed based on the reciprocal of the hazard rate function. Furthermore, a special sub-family called the new generalized Pareto (NGP) famil...

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Bibliographic Details
Published in:AIP advances 2024-01, Vol.14 (1), p.015043-015043-13
Main Authors: Ahmad, Mashhood, Jabeen, Riffat, Zaka, Azam, Hamdi, Walaa Ahmed, Alnssyan, Badr
Format: Article
Language:English
Subjects:
Distribution functions
Monte Carlo simulation
Statistical models
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Summary:A fully parametric family of distributions called the new generalized family (NGF) is proposed. The cumulative distribution function of the proposed NGF is constructed based on the reciprocal of the hazard rate function. Furthermore, a special sub-family called the new generalized Pareto (NGP) family is also addressed. A special sub-model of the NGP class called the new Kumaraswamy Pareto (NKP) distribution is introduced. The NKP model provides flexible shapes for its hazard and density functions. The properties of the NKP distribution are derived. In addition, the inferences under complete and bootstrapped samples of the NKP parameters are addressed. Monte Carlo simulation studies are also performed to explore the behavior of different estimators. Three real-life datasets are fitted using the NKP distribution, showing the superiority fit of the proposed statistical model.
ISSN:2158-3226
2158-3226
DOI:10.1063/5.0187188