Abstract
SYNOPTIC ABSTRACTBeta distributions are popular models for economic data. In this paper, a new multi modal beta distribution with bathtub shaped failure rate function is introduced. The new distribution is referred to as the F1–beta distribution because its form involves the F1 Appell function of the first kind. Various structural properties of this distribution are derived, including its cdf, moments, mean deviation about the mean, mean deviation about the median, entropy, asymptotic distribution of the extreme order statistics, maximum likelihood estimates and the Fisher information matrix. Finally, an application to consumer price indices is illustrated to show that the proposed distribution is a better model to economic data than one based on the standard beta distribution.
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