Author:
Ihtisham Shumaila,Manzoor Sadaf,Khalil Alamgir,Badshah Sareer,Ijaz Muhammad,Atta Hadia
Abstract
Abstract
The study focuses on the development of a new probability distribution with applications to extreme values. The distribution is proposed by incorporating an additional parameter into the inverse Pareto distribution using the α-Power Transformation. Various properties of the new distribution are derived. The paper also explores the estimation of the parameters by the Maximum Likelihood Estimation (MLE) technique. Simulations are performed to evaluate the performance of the MLEs. In addition, two real data sets with extreme values are used to evaluate the efficacy of the proposed model. It is concluded that the proposed model performs well in the case of extreme values compared to the existing distributions.
Subject
Instrumentation,Biomedical Engineering,Control and Systems Engineering
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