Selecting an Extreme-Value Distribution and the Transforming to a Specified Distribution

Fabián Hernández and Richard A. Johnson
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Fabián Hernández: University of Wisconsin, Madison, Wisconsin
Richard A. Johnson: University of Wisconsin, Madison, Wisconsin

Operations Research, 1984, vol. 32, issue 3, 715-725

Abstract: If a component fails when its weakest element fails, the component failure time will be the minimum of the failure times for its elements. Because the extreme value distributions are the possible limiting distributions for minimums, they become prime candidates for the failure time distribution. We provide a statistical methodology for selecting the best fitting distribution from among the three types of extreme value distributions. Our Bayesian approach is based on a three-parameter family of transformations that transforms the extreme value distributions to the standard exponential distribution.

Keywords: 725 extreme value distributions; 793 selecting distributions (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:32:y:1984:i:3:p:715-725

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