Abstract
In this article, the normal distribution model (NDM) is extended. A introduction to a new Extended Normal Distribution (ENDM) and its derivate models used in many applications is proposed. The author proposes the new model (ENDM) which generalizes the normal distribution models. This class of ENDM approximates an unknown risk-neutral density. The paper discusses different properties of the ENDM. In particular, the applicability of the new model with three parameters in a way to justify the representation of combination of normal distributions is presented. The potential of the proposed distribution for modelling and analyzing statistical data with reference to extensive sets of observations. Statistical properties of the proposed distribution have also been studied. The findings of this work will be useful to practitioners in applied fields of health care.
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