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Prior Preferences for the Inverse Power Lomax Distribution: Bayesian Method |
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PP: 49-62 |
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doi:10.18576/jsapl/100104
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Author(s) |
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Parmil Kumar,
Hemani Sharma,
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Abstract |
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| In this study, we focus at Bayesian analysis of the unknown shape parameter of the Inverse Power Lomax distribution using various loss functions and different priors, such as Gamma, Power density, and Uniform. LINEX loss function, Entropy loss function, Weighted Balance loss function, and Minimum Expected loss function are the four loss functions considered. A simulation study is carried out using R to assess the behavior of Bayes estimates based on their MSE, and ultimately, a real-world data set is used to test the efficiency of the suggested estimators.
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