New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression

Abdulzeid Yen Anafo, Selasi Kwaku Ocloo, Suleman Nasiru and Niansheng Tang

International Journal of Mathematics and Mathematical Sciences, 2024, vol. 2024, 1-14

Abstract: In this study, a three-parameter modification of the Burr XII distribution has been developed through the integration of the weighted version of the alpha power transformation family of distributions. This newly introduced model, termed the modified alpha power-transformed Burr XII distribution, exhibits the unique ability to effectively model decreasing, right-skewed, or unimodal densities. The paper systematically elucidates various statistical properties of the proposed distribution. The estimation of parameters was obtained using maximum likelihood estimation. The estimator has been evaluated for consistency through simulation studies. To gauge the practical applicability of the proposed distribution, two distinct datasets have been employed. Comparative analyses involving six alternative distributions unequivocally demonstrate that the modified alpha power-transformed Burr XII distribution provides a better fit. Additionally, a noteworthy extension is introduced in the form of a location-scale regression model known as the log-modified alpha power-transformed Burr XII model. This model is subsequently applied to a dataset related to stock market liquidity. The findings underscore the enhanced fitting capabilities of the proposed model in comparison to existing distributions, providing valuable insights for applications in financial modelling and analysis.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jijmms:4098771

DOI: 10.1155/2024/4098771

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