Statistical inference based on record data from Pareto model

In this article, based on record values from the two-parameter Pareto distribution, maximum likelihood and Bayes estimators for the two unknown parameters are obtained. The Bayes estimates are obtained on the basis of the squared error loss and linear-exponential loss functions. The admissibility of some estimators is discussed. The problem of predicting the future record values, either point or interval prediction, from the Pareto distribution, based on the past record values observed, is considered from a Bayesian approach. Also, the maximum likelihood prediction of the future records and other classical methods are used for obtaining prediction intervals for the future records. Numerical computations are given for empirical comparison purposes.