Some Extended Pareto type I Distributions
No Thumbnail Available
Date
2022-10-13
Journal Title
Journal ISSN
Volume Title
Publisher
Obafemi Awolowo University, Ife, Osun State, Nigeria under the platform of Africans Journals Online
Abstract
Probability distributions are essential in data modeling. Introduction of parameter(s) into existing probability
distributions is a method of extending or generalizing distributions to produce more flexible distributions and
for better fit to data. The Pareto type 1 distribution (PT1) is a right skewed continuous distribution originally
used in description of wealth and income but also used for modeling other right skewed data. To add flexibility,
Pareto type 1 distribution was extended by introducing parameter(s) into its probability distribution to
accommodate more types of data. Some functions of the extended Pareto type 1 distributions were derived
using five parameter induction methods. Flexibility of extended distributions was demonstrated through
comparisons of density and hazard function shapes of some of the extended distributions with those of the
PT1. Further study on properties of non-existing extended Pareto Type I distributions and real-life applications
are recommended.
Description
Keywords
Alpha Power Transformed Model, Extended Pareto Type 1 Distribution, Marshall-Olkin Model, Pareto Type 1 Distribution, Proportional Hazard Model, Proportional Reversed Hazard Model.
Citation
Omekam, I. V., Popoola, J., Gatta, N. F., and Adejumo, A. O. (2022). Some Extended Pareto type I Distributions. Ife Journal of Science. 24(2): 265 - 276. Published by Obafemi Awolowo University, Ife, Osun State, Nigeria under the platform of Africans Journals Online.