Open AccessAlpha-Power Pareto distribution: Its properties and applications
Author(s) -
Shumaila Ihtisham,
Alamgir Khalil,
Sadaf Manzoor,
Sajjad Ahmad Khan,
Amjad Ali
Publication year - 2019
Publication title -
plos one
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.99
H-Index - 332
ISSN - 1932-6203
DOI - 10.1371/journal.pone.0218027
Subject(s) - lomax distribution , pareto distribution , quantile , pareto principle , generalized pareto distribution , mathematics , statistics , order statistic , moment (physics) , distribution (mathematics) , residual , gamma distribution , pareto interpolation , mathematical optimization , computer science , algorithm , physics , extreme value theory , mathematical analysis , classical mechanics
In Statistical theory, inclusion of an additional parameter to standard distributions is a usual practice. In this study, a new distribution referred to as Alpha-Power Pareto distribution is introduced by including an extra parameter. Several properties of the proposed distribution, including moment generating function, mode, quantiles, entropies, mean residual life function, stochastic orders and order statistics are obtained. Parameters of the proposed distribution have been estimated using maximum likelihood estimation technique. Two real datasets have been considered to examine the usefulness of the proposed distribution. It has been observed that the proposed distribution outperforms different variants of Pareto distribution on the basis of model selection criteria.