A flexible extension of asymmetric power-t distribution

Abstract

In this article, a new generalized modified slash-power-t (GMSLPT) distribution, as an extension of the power t (PT) distribution, is constructed by using independent PT and one parameter gamma random variables. The resulting distribution is an asymmetric model whose kurtosis is greater than other slash distributions or power distributions to fit skewed and heavy-tailed data. The probability density function and identifiability of GMSLPT distribution are obtained. The hazard rate function, main properties, moments, skewness, and kurtosis coefficients are studied in detail. The parameters in the model are estimated by the maximum likelihood method. A simulation study is given to illustrate the good behavior of MLEs. The advantages of the GMSLPT distribution are confirmed by two actual data examples to model asymmetric data with heavy tail and excess kurtosis.