Mixture of transmuted Pareto distribution: Properties, applications and estimation under Bayesian framework

被引:7
|
作者
Aslam, Muhammad [1 ]
Ali, Sajid [2 ]
Yousaf, Rahila [1 ]
Shah, Ismail [2 ]
机构
[1] Riphah Int Univ, Dept Math & Stat, Islamabad, Pakistan
[2] Quaid I Azam Univ, Dept Stat, Islamabad 45320, Pakistan
关键词
GIBBS SAMPLER; CONVERGENCE; HASTINGS; PARAMETER; RATES;
D O I
10.1016/j.jfranklin.2019.11.042
中图分类号
TP [自动化技术、计算机技术];
学科分类号
0812 ;
摘要
Transmuted distributions are flexible skewed families constructed by the induction of one or more additional parameters to a parent distribution. This paper investigates the potential usefulness of a two-component mixture of Transmuted Pareto Distribution (TPaD) under a Bayesian framework assuming type-I right censored sampling. For Bayesian analysis, noninformative as well as informative priors are assumed while three loss functions, namely the squared error loss function (SELF), precautionary loss function (PLF), and quadratic loss function (QLF) are considered to estimate the unknown parameters. Furthermore, Bayesian credible intervals (BCIs) are also discussed in this study. Since the posterior distributions do not have explicit forms, posterior summaries are computed using a Markov Chain Monte Carlo (MCMC) technique. The performance of the Bayes estimators is assessed by their posterior risks assuming different sample sizes and censoring rates. To highlight the practical significance of a twocomponent mixture of transmuted Pareto distribution (TPaD), a medical data set collected for rental calculi problem is analyzed in this study. Furthermore, annual flood rate data collected at the Floyd River are also discussed in this study. (c) 2019 The Franklin Institute. Published by Elsevier Ltd. All rights reserved.
引用
收藏
页码:2934 / 2957
页数:24
相关论文
共 50 条
  • [31] The Transmuted Exponentiated Additive Weibull Distribution: Properties and Applications
    Nofal, Zohdy M.
    Afify, Ahmed Z.
    Yousof, Haitham M.
    Granzotto, Daniele C. T.
    Louzada, Francisco
    JOURNAL OF MODERN APPLIED STATISTICAL METHODS, 2018, 17 (01)
  • [32] A novel transmuted lomax exponential distribution: Properties and applications
    Khalil, Alamgir
    Arshad, Kainat
    Ijaz, Muhammad
    Khan, Sajjad Ahmad
    Manzoor, Sadaf
    El-Morshedy, Mahmoud
    JOURNAL OF INTELLIGENT & FUZZY SYSTEMS, 2022, 43 (01) : 1505 - 1518
  • [33] A BAYESIAN APPROACH TO THE ESTIMATION OF PARETO DISTRIBUTION WITH AN APPLICATION IN INSURANCE
    Pang, Wan Kai
    Hou, Shui Hung
    Troutt, Marvin D.
    Yu, Bosco Wing Tong
    ADVANCES AND APPLICATIONS IN STATISTICS, 2007, 7 (03) : 389 - 401
  • [34] Generating Optimal Discrete Analogue of the Generalized Pareto Distribution under Bayesian Inference with Applications
    Ahmad, Hanan Haj
    Almetwally, Ehab M.
    SYMMETRY-BASEL, 2022, 14 (07):
  • [35] A 3-Component Mixture of Rayleigh Distributions: Properties and Estimation in Bayesian Framework
    Aslam, Muhammad
    Tahir, Muhammad
    Hussain, Zawar
    Al-Zahrani, Bander
    PLOS ONE, 2015, 10 (05):
  • [36] Bayesian estimation under a mixture of the Burr type XII distribution and its reciprocal
    Ahmad, K. E.
    Jaheen, Z. F.
    Mohammed, Heba S.
    JOURNAL OF STATISTICAL COMPUTATION AND SIMULATION, 2011, 81 (12) : 2121 - 2130
  • [37] Marshall-Olkin Generalized Pareto Distribution: Bayesian and Non Bayesian Estimation
    Ahmad, Hanan A. Haj
    Almetwally, Ehab M.
    PAKISTAN JOURNAL OF STATISTICS AND OPERATION RESEARCH, 2020, 16 (01) : 21 - 33
  • [38] Cubic rank transmuted generalized Gompertz distribution: properties and applications
    Tanis, Caner
    Saracoglu, Bugra
    JOURNAL OF APPLIED STATISTICS, 2023, 50 (01) : 195 - 213
  • [39] Objective Bayesian Estimation of Two-Parameter Pareto Distribution
    Son, Young Sook
    KOREAN JOURNAL OF APPLIED STATISTICS, 2013, 26 (05) : 713 - 723
  • [40] Cubic rank transmuted inverse rayleigh distribution: Properties and applications
    Tanis, Caner
    Saracoglu, Bugra
    SIGMA JOURNAL OF ENGINEERING AND NATURAL SCIENCES-SIGMA MUHENDISLIK VE FEN BILIMLERI DERGISI, 2022, 40 (02): : 421 - 432