The type I heavy-tailed odd power generalized Weibull-G family of distributions with applications

Thatayaone Moakofi; Broderick Oluyede

Makale detayları

The type I heavy-tailed odd power generalized Weibull-G family of distributions with applications

Yazarlar:

Thatayaone Moakofi | Broderick Oluyede

Yayıncı:

Ankara University

Ana Başlıklar:

Statistics

Dergi:

Communications Faculty of Sciences University of Ankara Series A1 Mathematics and Statistics Vol.72 Issue 4, pp.921-958

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001303610

pISSN:

1303-5991

Anahtar kelimeler:

Özet:

 In this study, we propose a new heavy-tailed distribution, namely, the type I heavy-tailed odd power generalized Weibull-G family of distributions. Several statistical properties including hazard rate function, quantile function, moments, distribution of the order statistics and Renyi entropy are presented. Actuarial measures such as value at risk, tail value at risk, tail variance and tail variance premium are also derived. To obtain the estimates of the parameters of the new family of distributions, we adopt the maximum likelihood estimation method and assess the consistency property via a Monte Carlo simulation. Finally, we illustrate the usefulness of the new family of distributions by analyzing four real life data sets from different fields such as insurance, engineering, bio-medical and environmental sciences.

 In this study, we propose a new heavy-tailed distribution, namely, the type I heavy-tailed odd power generalized Weibull-G family of distributions. Several statistical properties including hazard rate function, quantile function, moments, distribution of the order statistics and Renyi entropy are presented. Actuarial measures such as value at risk, tail value at risk, tail variance and tail variance premium are also derived. To obtain the estimates of the parameters of the new family of distributions, we adopt the maximum likelihood estimation method and assess the consistency property via a Monte Carlo simulation. Finally, we illustrate the usefulness of the new family of distributions by analyzing four real life data sets from different fields such as insurance, engineering, bio-medical and environmental sciences.

 In this study, we propose a new heavy-tailed distribution, namely, the type I heavy-tailed odd power generalized Weibull-G family of distributions. Several statistical properties including hazard rate function, quantile function, moments, distribution of the order statistics and Renyi entropy are presented. Actuarial measures such as value at risk, tail value at risk, tail variance and tail variance premium are also derived. To obtain the estimates of the parameters of the new family of distributions, we adopt the maximum likelihood estimation method and assess the consistency property via a Monte Carlo simulation. Finally, we illustrate the usefulness of the new family of distributions by analyzing four real life data sets from different fields such as insurance, engineering, bio-medical and environmental sciences.

 In this study, we propose a new heavy-tailed distribution, namely, the type I heavy-tailed odd power generalized Weibull-G family of distributions. Several statistical properties including hazard rate function, quantile function, moments, distribution of the order statistics and Renyi entropy are presented. Actuarial measures such as value at risk, tail value at risk, tail variance and tail variance premium are also derived. To obtain the estimates of the parameters of the new family of distributions, we adopt the maximum likelihood estimation method and assess the consistency property via a Monte Carlo simulation. Finally, we illustrate the usefulness of the new family of distributions by analyzing four real life data sets from different fields such as insurance, engineering, bio-medical and environmental sciences.

Makale detayları

The type I heavy-tailed odd power generalized Weibull-G family of distributions with applications

Yazarlar:

Thatayaone Moakofi | Broderick Oluyede

Yayıncı:

Ankara University

Ana Başlıklar:

Statistics

Dergi:

Communications Faculty of Sciences University of Ankara Series A1 Mathematics and Statistics Vol.72 Issue 4, pp.921-958

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001303610

pISSN:

1303-5991

Heavy-tailed

generalized distribution

actuarial measures

maximum likelihood estimation

Sayı

Makale detayları

The type I heavy-tailed odd power generalized Weibull-G family of distributions with applications

Yazarlar: Thatayaone Moakofi | Broderick Oluyede

Yayıncı: Ankara University

Ana Başlıklar: Statistics

Dergi: Communications Faculty of Sciences University of Ankara Series A1 Mathematics and Statistics Vol.72 Issue 4, pp.921-958

Belge Tipi: Makale

Yayın Tarihi: 12/2023

Belge Dili: İngilizce

Document ID (Org No.): 2001303610

pISSN: 1303-5991

Heavy-tailed

generalized distribution

actuarial measures

maximum likelihood estimation

Sayı

Yazarlar:

Thatayaone Moakofi | Broderick Oluyede

Yayıncı:

Ankara University

Ana Başlıklar:

Statistics

Dergi:

Communications Faculty of Sciences University of Ankara Series A1 Mathematics and Statistics Vol.72 Issue 4, pp.921-958

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001303610

pISSN:

1303-5991