Abstract
AbstractWe provide a new, flexible model called the Odd Kappa-Exponential (OK-E) distribution. The shape of its hazard rate function (hrf) might be constant, declining, growing, inverted-J, bathtub, or inverted-bathtub. The probability density function (pdf) and the cumulative distribution function (cdf) have both been expressed as linear expansions. Bonferroni and Lorenz curves, ordinary and incomplete moments, the quantile function, the mean residual life, the mean waiting time, and the entropy are all defined. The maximum likelihood method is used to estimate the values of the model’s unknown parameters. To verify the precision of the estimate, we ran a simulation study. The attractiveness and adaptability of the Odd Kappa-Exponential model were shown using four real-world examples from the fields of economics, engineering, and the environment.
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