Properties and Applications of the Modified Kies–Lomax Distribution with Estimation Methods

Abdelaziz Alsubie and Barbara Martinucci

Journal of Mathematics, 2021, vol. 2021, 1-18

Abstract: The present study introduces a new three-parameter model called the modified Kies–Lomax (MKL) distribution to extend the Lomax distribution and increase its flexibility in modeling real-life data. The MKL distribution, due to its flexibility, provides left-skewed, symmetrical, right-skewed, and reversed-J shaped densities and increasing, unimodal, decreasing, and bathtub hazard rate shapes. The MKF density can be expressed as a linear mixture of Lomax densities. Some basic mathematical properties of the MKF model are derived. Its parameters are estimated via six estimation algorithms. We explore their performances using detailed simulation results, and the partial and overall ranks are provided for the measures of absolute biases, mean square errors, and mean relative errors to determine the best estimation method. The results show that the maximum product of spacings and maximum likelihood approaches are recommended to estimate the MKL parameters. Finally, the flexibility of the MKL distribution is checked using two real datasets, showing that it can provide close fit to both datasets as compared with other competing Lomax models. The three-parameter MKL model outperforms some four-parameter and five-parameter rival models.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jjmath:1944864

DOI: 10.1155/2021/1944864

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