Bayesian inference using MCMC algorithm of sine truncated Lomax distribution with application

• Published in: AIP advances 2023-09, Vol.13 (9), p.095120-095120-13
• Main Authors: Elgarhy, Mohammed, Alsadat, Najwan, Hassan, Amal S., Chesneau, Christophe
• Format: Article
• Language: English
• Subjects: Algorithms; Bayesian analysis; Mathematical models; Maximum likelihood estimation; Monte Carlo simulation; Parameters; Probability density functions; Quantiles; Statistical inference; Trigonometric functions
• ISSN: 2158-3226; 2158-3226
• DOI: 10.1063/5.0172421

This study makes a significant contribution to the creation of a versatile trigonometric extension of the well-known truncated Lomax distribution. Specifically, we construct a novel one-parameter distribution known as the sine truncated Lomax (STLo) distribution using characteristics from the sine generalized family of distributions. Quantiles, moments, stress–strength reliability, some information measures, residual moments, and reversed residual moments are a few of the crucial elements and characteristics we explored in our research. The flexibility of the STLo distribution in terms of the forms of the hazard rate and probability density functions illustrates how effectively it is able to match many types of data. Maximum likelihood and Bayesian estimation techniques are used to estimate the model parameter. The squared error loss function is employed in the Bayesian approach. To evaluate how various estimates behave, a Monte Carlo simulation study is carried out with the aid of a useful algorithm. Additionally, the STLo distribution has a good fit, making it a viable option when compared to certain other competing models using specific criteria to describe the given dataset.