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The Beta Transmuted Pareto Distribution: Theory and Applications |
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PP: 243-258 |
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doi:10.18576/jsap/060201
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Author(s) |
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Sher B. Chhetri,
Hongwei Long,
Gokarna Aryal,
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Abstract |
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| In this paper a composite generalizer of the Pareto distribution is proposed and studied. The genesis of the beta distribution and transmuted map is used to develop the so-called beta transmuted Pareto (BTP) distribution. Several mathematical properties including moments, mean deviation, probability weighted moments, residual life, distribution of order statistics and the reliability analysis are discussed. The method of maximum likelihood is proposed to estimate the parameters of the distribution. We illustrate the usefulness of the proposed distribution by presenting its application to model real-life data sets.
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