New Weighted Lomax (NWL) Distribution with Applications to Real and Simulated Data

Huda M. Alshanbari, Muhammad Ijaz, Syed Muhammad Asim, Abd Al-Aziz Hosni El-Bagoury and Javid Gani Dar

Mathematical Problems in Engineering, 2021, vol. 2021, 1-12

Abstract:

The rationale of the paper is to present a new probability distribution that can model both the monotonic and nonmonotonic hazard rate shapes and to increase their flexibility among other probability distributions available in the literature. The proposed probability distribution is called the New Weighted Lomax (NWL) distribution. Various statistical properties have been studied including with the estimation of the unknown parameters. To achieve the basic objectives, applications of NWL are presented by means of two real-life data sets as well as a simulated data. It is verified that NWL performs well in both monotonic and nonmonotonic hazard rate function than the Lomax (L), Power Lomax (PL), Exponential Lomax (EL), and Weibull Lomax (WL) distribution.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:8558118

DOI: 10.1155/2021/8558118

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