Bayesian Estimates Based on Record Values from the Inverse Weibull Lifetime Model

Abstract

In this paper, we use the lower record values from the inverse Weibull distribution (IWD) to derive and discuss different methods of estimation in two different cases, (i) when the shape parameter is known and (ii) when both of the shape and scale parameters are unknown. First, we discuss the maximum likelihood estimates. Next, we derive the Bayes estimates based on different loss functions. Also, we obtain the estimates of the reliability and hazard functions. In order to compare the different estimates we calculate the mean square errors through Monte Carlo simulations. Finally, we apply the findings of the paper to some simulated data.