IDEAS home Printed from https://ideas.repec.org/a/spt/stecon/v3y2014i2f3_2_8.html
   My bibliography  Save this article

A New Class of Generalized Dagum Distribution with Applications to Income and Lifetime Data

Author

Listed:
  • Broderick O. Oluyede
  • Shujiao Huang
  • Mavis Pararai

Abstract

The generalized beta distribution of the second kind (GB2), McDonald [11], McDonald and Xu [12] is an important distribution with applications in finance and actuarial sciences, as well as economics, where Dagum distribution which is a sub-model of GB2 distribution plays an important role in size distribution of personal income. In this note, a new class of generalized Dagum distribution called gamma-Dagum distribution is presented. The gamma-Dagum (GD) distribution which includes the gamma-Burr III (GB III), gamma-Fisk or gamma-log logistic (GF of GLLog), Zografos and Balakrishnan-Dagum (ZB-D), ZB-Burr III (ZB-B III), ZB-Fisk of ZB-Log logistic (ZB-F or ZB-LLog), Burr III (B III), and Fisk or Log logistic (F or LLog) as special cases is proposed and studied. Some mathematical properties of the new distribution including moments, mean and median deviations, distribution of the order statistics, and Renyi entropy are presented. Maximum likelihood estimation technique is used to estimate the model parameters and applications to real datasets to illustrate the usefulness of the model are presented.

Suggested Citation

  • Broderick O. Oluyede & Shujiao Huang & Mavis Pararai, 2014. "A New Class of Generalized Dagum Distribution with Applications to Income and Lifetime Data," Journal of Statistical and Econometric Methods, SCIENPRESS Ltd, vol. 3(2), pages 1-8.
  • Handle: RePEc:spt:stecon:v:3:y:2014:i:2:f:3_2_8
    as

    Download full text from publisher

    File URL: http://www.scienpress.com/Upload/JSEM%2fVol%203_2_8.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Vladimir Hlasny, 2021. "Parametric representation of the top of income distributions: Options, historical evidence, and model selection," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1217-1256, September.
    2. Mavis Pararai & Broderick O. Oluyede & Gayan Warahena-Liyanage, 2016. "The Beta Lindley-Poisson Distribution with Applications," Journal of Statistical and Econometric Methods, SCIENPRESS Ltd, vol. 5(4), pages 1-1.
    3. Fastel Chipepa & Broderick O. Oluyede & Boikanyo Makubate, 2019. "A New Generalized Family of Odd Lindley-G Distributions With Application," International Journal of Statistics and Probability, Canadian Center of Science and Education, vol. 8(6), pages 1-1, November.
    4. Shanker R & Kamlesh KK & Fesshaye H, 2017. "A Two Parameter Lindley Distribution: Its Properties and Applications," Biostatistics and Biometrics Open Access Journal, Juniper Publishers Inc., vol. 1(4), pages 85-90, May.
    5. Callealta Barroso, Francisco Javier & García-Pérez, Carmelo & Prieto-Alaiz, Mercedes, 2020. "Modelling income distribution using the log Student’s t distribution: New evidence for European Union countries," Economic Modelling, Elsevier, vol. 89(C), pages 512-522.
    6. Nadarajah, Saralees & Rocha, Ricardo, 2016. "Newdistns: An R Package for New Families of Distributions," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 69(i10).
    7. Broderick O. Oluyede & Boikanyo Makubate & Adeniyi F. Fagbamigbe & Precious Mdlongwa, 2018. "A New Burr XII-Weibull-Logarithmic Distribution for Survival and Lifetime Data Analysis: Model, Theory and Applications," Stats, MDPI, vol. 1(1), pages 1-15, June.
    8. Zubair Ahmad, 2020. "A New Generalized Class of Distributions: Properties and Estimation Based on Type-I Censored Samples," Annals of Data Science, Springer, vol. 7(2), pages 243-256, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spt:stecon:v:3:y:2014:i:2:f:3_2_8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Eleftherios Spyromitros-Xioufis (email available below). General contact details of provider: http://www.scienpress.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.