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Full-Text Articles in Applied Statistics
(R2027) A New Class Of Pareto Distribution: Estimation And Its Applications, Anitta Susan Aniyan, Dais George
(R2027) A New Class Of Pareto Distribution: Estimation And Its Applications, Anitta Susan Aniyan, Dais George
Applications and Applied Mathematics: An International Journal (AAM)
The classical Pareto distribution is a positively skewed and right heavy-tailed lifetime distribution having a lot many applications in various fields of science and social science. In this work, via logarithmic trans-formed method, a new three parameter lifetime distribution, an extension of classical Pareto distribution is generated. The different structural properties of the new distribution are studied. The model parameters are estimated by the method of maximum likelihood and Bayesian procedure. When all the three parameters of the distribution are unknown, the Bayes estimators cannot be obtained in a closed form and hence, the Lindley’s approximation under squared error loss …