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Truncated Family of Distributions with Applications to Time and Cost to Start a Business

Author

Listed:
  • Ayman Alzaatreh

    (American University of Sharjah)

  • Mohammad A. Aljarrah

    (Tafila Technical University)

  • Michael Smithson

    (The Australian National University)

  • Saman Hanif Shahbaz

    (King Abdulaziz University)

  • Muhammad Qaiser Shahbaz

    (King Abdulaziz University)

  • Felix Famoye

    (Central Michigan University)

  • Carl Lee

    (Central Michigan University)

Abstract

The time and cost to start a business are highly related to the degree of transparency of business information, which strongly impacts the loss due to illicit financial flows. In order to study the distributional characteristics of time and cost to start a business, we introduce right-truncated and left-truncated T-X families of distributions. These families are used to construct new generalized families of continuous distributions. Relationships between the families are investigated. Real data sets including time and cost to start a business are analyzed and the results show that the truncated families perform very well for fitting highly skewed data.

Suggested Citation

  • Ayman Alzaatreh & Mohammad A. Aljarrah & Michael Smithson & Saman Hanif Shahbaz & Muhammad Qaiser Shahbaz & Felix Famoye & Carl Lee, 2021. "Truncated Family of Distributions with Applications to Time and Cost to Start a Business," Methodology and Computing in Applied Probability, Springer, vol. 23(1), pages 5-27, March.
    • Handle: RePEc:spr:metcap:v:23:y:2021:i:1:d:10.1007_s11009-020-09801-1
    DOI: 10.1007/s11009-020-09801-1
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    References listed on IDEAS

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    1. Carrasco, Jalmar M.F. & Ortega, Edwin M.M. & Cordeiro, Gauss M., 2008. "A generalized modified Weibull distribution for lifetime modeling," Computational Statistics & Data Analysis, Elsevier, vol. 53(2), pages 450-462, December.
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    3. James B. McDonald, 2008. "Some Generalized Functions for the Size Distribution of Income," Economic Studies in Inequality, Social Exclusion, and Well-Being, in: Duangkamon Chotikapanich (ed.), Modeling Income Distributions and Lorenz Curves, chapter 3, pages 37-55, Springer.
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    5. 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.
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