Abstract
A four-parameter lifetime model, named the Weibull inverse Lomax (WIL) is presented and studied. Some structural properties are derived. The estimation of the model parameters is performed based on Type II censored sample. Maximum likelihood estimators along with asymptotic confidence intervals of population parameters and reliability function are constructed. The property of consistency of maximum likelihood estimators has been verified on the basis of simulated samples. Â Further, the results are applied on two real data.
Highlights
A number of probability distributions has been found to be useful in the fields of insurance, engineering, medicine, economics and finance
The main aim here is to introduce a four-parameter Weibull inverse Lomax (WIL) distribution as well as study the estimate of its population parameters depending on Type-II censoring (TIIC) samples
maximum likelihood (ML) estimators of the population parameters for WIL distribution are derived based on Type II censored samples
Summary
A number of probability distributions has been found to be useful in the fields of insurance, engineering, medicine, economics and finance (among others) Generalizing these probability distributions provided several new models that are more flexible compared to the baseline distributions. (2016) discussed the parameter estimation of the IL distribution based on hybrid censored samples. Bayesian estimation of two-component mixture of IL distribution based on Type-I censoring scheme was discussed by Reyad and Othman (2018). The main aim here is to introduce a four-parameter Weibull inverse Lomax (WIL) distribution as well as study the estimate of its population parameters depending on TIIC samples.
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More From: Pakistan Journal of Statistics and Operation Research
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