Modeling Extreme Values with Alpha Power Inverse Pareto Distribution

Shumaila Ihtisham; Sadaf Manzoor; Alamgir Khalil; Sareer Badshah; Muhammad Ijaz; Hadia Atta

doi:10.2478/msr-2023-0007

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Modeling Extreme Values with Alpha Power Inverse Pareto Distribution

Measurement Science Review

Volume 23 (2023): Issue 2 (April 2023)

By: Shumaila Ihtisham, Sadaf Manzoor, Alamgir Khalil, Sareer Badshah, Muhammad Ijaz and Hadia Atta

Open Access

|May 2023

Abstract

The study focuses on the development of a new probability distribution with applications to extreme values. The distribution is proposed by incorporating an additional parameter into the inverse Pareto distribution using the α-Power Transformation. Various properties of the new distribution are derived. The paper also explores the estimation of the parameters by the Maximum Likelihood Estimation (MLE) technique. Simulations are performed to evaluate the performance of the MLEs. In addition, two real data sets with extreme values are used to evaluate the efficacy of the proposed model. It is concluded that the proposed model performs well in the case of extreme values compared to the existing distributions.

References

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Articles in this issue

DOI: https://doi.org/10.2478/msr-2023-0007 | Journal eISSN: 1335-8871

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Language: English

Page range: 55 - 62

Submitted on: Aug 3, 2022

Accepted on: Mar 20, 2023

Published on: May 3, 2023

Published by: Slovak Academy of Sciences, Institute of Measurement Science

In partnership with: Paradigm Publishing Services

Publication frequency: Volume open

Keywords:

α-Power transformation,

Entropy,

Extreme Values,

Inverse Pareto distribution,

Stochastic Ordering,

Stress-Strength Parameter

Related subjects:

Engineering,

Electrical engineering,

Control engineering, metrology and testing

© 2023 Shumaila Ihtisham, Sadaf Manzoor, Alamgir Khalil, Sareer Badshah, Muhammad Ijaz, Hadia Atta, published by Slovak Academy of Sciences, Institute of Measurement Science
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Volume 23 (2023): Issue 2 (April 2023)