Compounded Inverse Weibull Distributions: Properties, Inference and Applications

Jimut Bahan Chakrabarty () and Shovan Chowdhury ()
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Jimut Bahan Chakrabarty: Indian Institute of Management Kozhikode
Shovan Chowdhury: Indian Institute of Management Kozhikode

No 213, Working papers from Indian Institute of Management Kozhikode

Abstract: In this paper two probability distributions are introduced compounding inverse Weibull distribution with Poisson and geometric distributions. The distributions can be used to model lifetime of series system where the lifetimes follow inverse Weibull distribution and the subgroup size being random follows either geometric or Poisson distribution. Some of the important statistical and reliability properties of each of the distributions are derived. The distributions are found to exhibit both monotone and non-monotone failure rates. The parameters of the distributions are estimated using the maximum likelihood method and the expectation-maximization algorithm. The potentials of the distributions are explored through three real life data sets and are compared with similar compounded distributions, viz. Weibull-geometric, Weibull-Poisson, exponential-geometric and exponential-Poisson distributions.

Keywords: Inverse Weibull distribution; Poisson distribution; Geometric distribution; Hazard function; Maximum likelihood estimation; EM algorithm. (search for similar items in EconPapers)
Pages: 23 pages
Date: 2016-12
New Economics Papers: this item is included in nep-ecm and nep-rmg
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Persistent link: https://EconPapers.repec.org/RePEc:iik:wpaper:213

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