A new extended-X family of distributions: properties and applications

DOI10.1155/2020/4650520MaRDI QIDQ2196393zbMATH OpenOpenAlexWikidataFDO

Authors Mi Zichuan, Saddam Hussain, Anum Iftikhar, Muhammad Ilyas, Zubair Ahmad, Dost Muhammad Khan, Sadaf Manzoor

Publication date 2 September 2020

Published in Computational \& Mathematical Methods in Medicine (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://doi.org/10.1155/2020/4650520

Mathematics Subject Classification ID

Characterization and structure theory of statistical distributions (62E10) Reliability and life testing (62N05) Applications of statistics to actuarial sciences and financial mathematics (62P05)

Review text

Summary: During the past couple of years, statistical distributions have been widely used in applied areas such as reliability engineering, medical, and financial sciences. In this context, we come across a diverse range of statistical distributions for modeling heavy tailed data sets. Well-known distributions are log-normal, log-\(t\), various versions of Pareto, log-logistic, Weibull, gamma, exponential, Rayleigh and its variants, and generalized beta of the second kind distributions, among others. In this paper, we try to supplement the distribution theory literature by incorporating a new model, called a new extended Weibull distribution. The proposed distribution is very flexible and exhibits desirable properties. Maximum likelihood estimators of the model parameters are obtained, and a Monte Carlo simulation study is conducted to assess the behavior of these estimators. Finally, we provide a comparative study of the newly proposed and some other existing methods via analyzing three real data sets from different disciplines such as reliability engineering, medical, and financial sciences. It has been observed that the proposed method outclasses well-known distributions on the basis of model selection criteria.

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Cited in

(6)

• A note on a new member from the T-X family of distributions: the Gumbel-Burr XII distribution and its properties
• The generalized double Lomax distribution with applications
• Extended exp-G family of distributions: Properties, applications and simulation
• Alpha power exponentiated Pareto distribution
• A novel Weibull Marshall-Olkin power Lomax distribution: properties and applications to medicine and engineering
• Stochastic generator of a new family of lifetime distributions with illustration

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