The type I heavy-tailed odd power generalized Weibull-G family of distributions with applications

IF 0.7 Q2 MATHEMATICS
Thatayaone MOAKOFİ, Broderick OLUYEDE
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引用次数: 0

Abstract

In this study, we propose a new heavy-tailed distribution, namely, the type I heavy-tailed odd power generalized Weibull-G family of distributions. Several statistical properties including hazard rate function, quantile function, moments, distribution of the order statistics and Renyi entropy are presented. Actuarial measures such as value at risk, tail value at risk, tail variance and tail variance premium are also derived. To obtain the estimates of the parameters of the new family of distributions, we adopt the maximum likelihood estimation method and assess the consistency property via a Monte Carlo simulation. Finally, we illustrate the usefulness of the new family of distributions by analyzing four real life data sets from different fields such as insurance, engineering, bio-medical and environmental sciences.
一类重尾奇幂广义Weibull-G族分布及其应用
本文提出了一种新的重尾分布,即I型重尾奇幂广义Weibull-G族分布。给出了几种统计性质,包括危险率函数、分位数函数、矩量、序统计量分布和人义熵。精算度量如风险值、风险尾值、尾方差和尾方差溢价也被导出。为了得到新分布族参数的估计,我们采用极大似然估计方法,并通过蒙特卡罗模拟评估一致性。最后,我们通过分析来自不同领域(如保险、工程、生物医学和环境科学)的四个实际数据集来说明新分布族的有用性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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