Abstract
Modeling real life data is often a demanding task and plethora of distributional models have been proposed in the statistical literature in an attempt to describe different data sets in a better way than those used to describe them. In this article, we establish a broad pool of families of parametric distributions previously used in the literature. This pool, which includes 23 parametric models of distributions, is implemented to test the fit of its models to 17 data sets having different characteristics. In doing so, we will mainly pay attention to a three-parameter model that includes the class of natural exponential families generated by positive stable distributions. Indeed, this is the class we wish to pinpoint in this article and highlight its importance for modeling real data sets. The class is shown to be rather competitive alternative to some well-known parametric models in the pool especially when applied to leptokurtic data sets is available. Appropriate R codes which include all parametric models in the pool are provided in a supplementary file for further applications and implementations for other data sets. Supplemental data for this article is available online at https://doi.org/10.1080/23737484.2021.1880988
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
More From: Communications in Statistics: Case Studies, Data Analysis and Applications
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.