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Alpha-Power Pareto distribution: Its properties and applications

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  • Shumaila Ihtisham
  • Alamgir Khalil
  • Sadaf Manzoor
  • Sajjad Ahmad Khan
  • Amjad Ali

Abstract

In Statistical theory, inclusion of an additional parameter to standard distributions is a usual practice. In this study, a new distribution referred to as Alpha-Power Pareto distribution is introduced by including an extra parameter. Several properties of the proposed distribution, including moment generating function, mode, quantiles, entropies, mean residual life function, stochastic orders and order statistics are obtained. Parameters of the proposed distribution have been estimated using maximum likelihood estimation technique. Two real datasets have been considered to examine the usefulness of the proposed distribution. It has been observed that the proposed distribution outperforms different variants of Pareto distribution on the basis of model selection criteria.

Suggested Citation

  • Shumaila Ihtisham & Alamgir Khalil & Sadaf Manzoor & Sajjad Ahmad Khan & Amjad Ali, 2019. "Alpha-Power Pareto distribution: Its properties and applications," PLOS ONE, Public Library of Science, vol. 14(6), pages 1-15, June.
    • Handle: RePEc:plo:pone00:0218027
    DOI: 10.1371/journal.pone.0218027
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    References listed on IDEAS

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    1. Abbas Mahdavi & Debasis Kundu, 2017. "A new method for generating distributions with an application to exponential distribution," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, vol. 46(13), pages 6543-6557, July.
    2. Sanku Dey & Vikas Kumar Sharma & Mhamed Mesfioui, 2017. "A New Extension of Weibull Distribution with Application to Lifetime Data," Annals of Data Science, Springer, vol. 4(1), pages 31-61, March.
    3. Ayman Alzaatreh & Carl Lee & Felix Famoye, 2013. "A new method for generating families of continuous distributions," METRON, Springer;Sapienza Università di Roma, vol. 71(1), pages 63-79, June.
    4. M. Nassar & A. Alzaatreh & M. Mead & O. Abo-Kasem, 2017. "Alpha power Weibull distribution: Properties and applications," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, vol. 46(20), pages 10236-10252, October.
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    Cited by:

    1. Ahtasham Gul & Muhammad Mohsin & Muhammad Adil & Mansoor Ali, 2021. "A modified truncated distribution for modeling the heavy tail, engineering and environmental sciences data," PLOS ONE, Public Library of Science, vol. 16(4), pages 1-24, April.

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