Abstract
In this paper a simplified method of estimating GED distribution parameters has been proposed. The method uses first, second and 0.5-th order absolute moments. Unlike in maximum likelihood method, which involves solving a set of equations including special mathematical functions, the solution is given in the form of a simple relation. Application of three different approximations of Euler's gamma function value results in three different sets of results for which the χ2 test is conducted. As a final solution (estimation of distribution parameters) the set is chosen which yields the smallest value of the χ2 test statistic. The method proposed in this paper yields the χ2 test statistic value which does not exceed the value of statistic for a distribution with parameters obtained with the maximum likelihood method.