The Median Residual Lifetime: A Characterization Theorem and an Application

David C. Schmittlein and Donald G. Morrison
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David C. Schmittlein: University of Pennsylvania, Philadelphia, Pennsylvania
Donald G. Morrison: Columbia University, New York, New York

Operations Research, 1981, vol. 29, issue 2, 392-399

Abstract: The concept of the median residual lifetime for a probability distribution is outlined and shown to have several advantages over its more common counterpart, the mean residual lifetime. A characterization theorem shows that a Pareto distribution of the second kind (or equivalently, a gamma mixture of exponentials) is the unique distribution with a linearly increasing median residual lifetime. An empirical example from the literature on strike durations is presented.

Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:29:y:1981:i:2:p:392-399

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