On Shifted Weibull-Pareto Distribution

Ahmad Alzaghal, Indranil Ghosh, Ayman Alzaatreh

2016

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DOI 10.5539/ijsp.v5n4p139
Data confidence 70 medium
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Abstract

The Lomax distribution, known as Pareto (type II) distribution, is a heavy tail probability distribution used extensively in business, economics and in actuarial modeling. The Weibull-Pareto distribution defined by Alzaatreh et al. (2013a) has shown high bias and standard error for the ML estimates when the parameter $c>>1$. In this paper we use the Lomax distribution to construct the Weibull-Lomax distribution. It is observed that the Weibull-Lomax distribution performs significantly better in terms of the ML estimations. Some structural properties of the Weibull-Lomax distribution are discussed.