Abstract
In this paper, we introduce the alternative methods to estimation for the new weibull-pareto distribution parameters. We discussed of point estimation and interval estimation for parameters of the new weibull-pareto distribution. We have also discussed the method of Maximum Likelihood estimation, the method of Least Squares estimation, the method of Weighted Least Squares estimation and the method of Maximum Product Spacing estimation. In addition, we discussed the raw moment of random variable X and the reliability functions (survival and hazard functions). Further, we compared between the results of the methods that have been discussed using Monte Carlo Simulation method and application study.
Highlights
Introduction and motivationIn statistical inference of lifetime data used for statistical analysis follows a particular statistical distributions
Maximum Product Spacing (MPS) is the best method followed by LS, WLS and maximum likelihood estimation (MLE) according to survival and hazard life testing measurement
We note that, when the sample size is small, the MPS estimators behave quite better than the ML, LS and WLS estimators, where the bias and mean squared error (MSE) are lower than the other methods, and in the large sample size, we find the behavior of the MPS and other methods have approximately similar result
Summary
In statistical inference of lifetime data used for statistical analysis follows a particular statistical distributions. Many of researchers uses traditional estimation methods such as the method of moments and maximum likelihood estimation (MLE). Each of them having their own advantages and limitations but the most popular method of estimation is MLE method. The new Weibull-Pareto distribution (NWPD) was introduced by Nasiru and Luguterah (2015). We are interested in the estimation of the parameters for the new Weibull-Pareto distribution by using different estimation methods. The cumulative distribution function (cdf), the probability density function (pdf) and the quantile function of the NWPD with shape parameters β and α, and scale parameter θ are respectively given by
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
