Alpha Power Transformation of Lomax Distribution: Properties and Applications
Keywords:Alpha power family, probability weighted moments, stochastic ordering, order statistics, MLE
In this paper, we present a new three-parameter alpha power transformation of Lomax distribution (APTLx). Some statistical properties of the APTLx distribution are obtained including moments, quantiles, entropy, order statistics, and stress-strength analysis and its explicit expressions are derived. Maximum likelihood estimation method is used to estimate the parameters of the distribution. The goodness-of-fit of the proposed model show that the new distribution performs favorably when compare with existing distributions. The application of APTLx distribution is emphasized using a real-life data.
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