On the Comparison of the Methods of Parameter Estimation for Pareto Distribution

Abstract

Abstract The main purposes of this study is to asses on comparison of parameter estimation methods of the Pareto distribution. The estimation methods include moment, maximum likelihood estimation, probabilityweightedmoment, and generalizedmoment methods. Based on unbiasness, variance, and consistency properties, the results demonstrate that in estimating parameters of the Pareto distribution, the maximum likelihood method is the one of the best estimation methods.