A Flexible Extension of Pareto Distribution: Properties and Applications

This paper introduced a relatively new mixture distribution that results from a mixture of Fréchet–Weibull and Pareto distributions. Some properties of the new statistical model were derived, such as moments with their related measures, moment generating function, mean residual life function, and me...

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Bibliographic Details
Published in:Computational intelligence and neuroscience 2021, Vol.2021 (1), p.9819200-9819200
Main Authors: Alshanbari, Huda M., Al-Aziz Hosni El-Bagoury, Abd, Gemeay, Ahmed M., Hafez, E. H., Eldeeb, Ahmed Sedky
Format: Article
Language:English
Subjects:
Datasets
Mathematical models
Mean
Random variables
Statistical analysis
Statistical models
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Summary:This paper introduced a relatively new mixture distribution that results from a mixture of Fréchet–Weibull and Pareto distributions. Some properties of the new statistical model were derived, such as moments with their related measures, moment generating function, mean residual life function, and mean deviation. Furthermore , different estimation methods were introduced for determining the unknown parameters of the proposed model. Finally, we introduced three real data sets which were applied to our distribution and compared them with other well-known statistical competitive models to show the superiority of our model for fitting the three real data sets, and we can clearly see that our distribution outperforms its competitors. Also, to verify our results, we carried out the existence and uniqueness test to the log-likelihood to determine whether the roots are global maximum or not.
ISSN:1687-5265
1687-5273
DOI:10.1155/2021/9819200