Extended Odd Lomax Family of Distributions: Properties and Applications

Abstract

The Lomax distribution has a wide range of applications. Due to this, it has had many extensions to render it more flexible and useful to model real world data. In this study, a new family of distributions called the extended odd Lomax family of distributions is introduced by adding two extra shape parameters and one scale parameter. We derived several statistical properties of the new family of distributions. The parameters of the family of distributions are estimated by the use of maximum likelihood method and the consistency of the estimators investigated via Monte Carlo simulations. The usefulness and flexibility of the new family of distributions are illustrated by the use of two real datasets. The results show that the distributions adequately describe the datasets.