A logistic \(L\)-moment-based analog for the Tukey \(g-h\), \(g\), \(h\), and \(h-h\) system of distributions (Q1952666): Difference between revisions

Summary: This paper introduces a standard logistic \(L\)-moment-based system of distributions. The proposed system is an analog to the standard normal conventional moment-based Tukey \(g-h\), \(g\), \(h\) and \(h-h\) system of distributions. The system also consists of four classes of distributions and is referred to as (i) asymmetric \(\gamma-\kappa\), (ii) log-logistic \(\gamma\), (iii) symmetric \(\kappa\), and (iv) asymmetric \(\kappa_{\mathcal L}-\kappa_{\mathcal R}\). The system can be used in a variety of settings such as for the simulation or modeling of events -- most notably, when heavy-tailed distributions are of interest. A procedure is also described for simulating \(\gamma-\kappa\), \(\gamma\), \(\kappa\) and \(\kappa_{\mathcal L}-\kappa_{\mathcal R}\) distributions with specified \(L\)-moments and \(L\)-correlations. The Monte Carlo results presented in this study indicate that estimates of \(L\)-skew, \(L\)-kurtosis and \(L\)-correlation associated with the \(\gamma-\kappa\), \(\gamma\), \(\kappa\), and \(\kappa_{\mathcal L}-\kappa_{\mathcal R}\) distributions are substantially superior to their corresponding conventional product-moment estimators in terms of relative bias and relative standard error.