A new Pareto-type distribution with applications in reliability and income data

Marcelo Bourguignon, Helton Saulo and Rodrigo Fernandez

Physica A: Statistical Mechanics and its Applications, 2016, vol. 457, issue C, 166-175

Abstract: A new Pareto-type distribution is introduced and studied. This new model is a generalization of the well-known Pareto distribution. We derive some of its probabilistic and inferential properties. We deduce the mathematical form of the Lorenz curve and the Gini index associated with the new model. The maximum likelihood estimators are derived and their performance are evaluated through a Monte Carlo simulation study. Finally, we illustrate the flexibility of the new distribution by means of three applications to real data sets.

Keywords: Pareto distribution; Income distribution; Maximum likelihood estimation; Gini coefficient; Reliability (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:457:y:2016:i:c:p:166-175

DOI: 10.1016/j.physa.2016.03.043

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