A New Class of Generalized Dagum Distribution with Applications to Income and Lifetime Data

Broderick O. Oluyede, Shujiao Huang and Mavis Pararai

Journal of Statistical and Econometric Methods, 2014, vol. 3, issue 2, 8

Abstract: The generalized beta distribution of the second kind (GB2), McDonald [11], McDonald and Xu [12] is an important distribution with applications in finance and actuarial sciences, as well as economics, where Dagum distribution which is a sub-model of GB2 distribution plays an important role in size distribution of personal income. In this note, a new class of generalized Dagum distribution called gamma-Dagum distribution is presented. The gamma-Dagum (GD) distribution which includes the gamma-Burr III (GB III), gamma-Fisk or gamma-log logistic (GF of GLLog), Zografos and Balakrishnan-Dagum (ZB-D), ZB-Burr III (ZB-B III), ZB-Fisk of ZB-Log logistic (ZB-F or ZB-LLog), Burr III (B III), and Fisk or Log logistic (F or LLog) as special cases is proposed and studied. Some mathematical properties of the new distribution including moments, mean and median deviations, distribution of the order statistics, and Renyi entropy are presented. Maximum likelihood estimation technique is used to estimate the model parameters and applications to real datasets to illustrate the usefulness of the model are presented.

Date: 2014
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