Robust Assessing the Lifetime Performance of Products with Inverse Gaussian Distribution in Bayesian and Classical Setup

Abdullah Ali H. Ahmadini, Amara Javed, Sohail Akhtar, Christophe Chesneau, Farrukh Jamal, Shokrya S. Alshqaq, Mohammed Elgarhy, Sanaa Al-Marzouki, M. H. Tahir and Waleed Almutiry

Mathematical Problems in Engineering, 2021, vol. 2021, 1-9

Abstract:

The inverse Gaussian (Wald) distribution belongs to the two-parameter family of continuous distributions having a range from 0 to ∞ and is considered as a potential candidate to model diffusion processes and lifetime datasets. Bayesian analysis is a modern inferential technique in which we estimate the parameters of the posterior distribution obtained by formally combining a prior distribution with an observed data distribution. In this article, we have attempted to perform the Bayesian and classical analyses of the Wald distribution and compare the results. Jeffreys' and uniform priors are used as noninformative priors, while the exponential distribution is used as an informative prior. The analysis comprises finding joint posterior distributions, the posterior means, predictive distributions, and credible intervals. To illustrate the entire estimation procedure, we have used real and simulated datasets, and the results thus obtained are discussed and compared. We have used the Bayesian specialized Open BUGS software to perform Markov Chain Monte Carlo (MCMC) simulations using a real dataset.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:4582958

DOI: 10.1155/2021/4582958

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