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Bayesian prediction of order statistics with fixed and random sample sizes based on k-record values from Pareto distribution

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  • A. R. Shafay
  • N. Balakrishnan
  • Jafar Ahmadi

Abstract

In this paper, the two-parameter Pareto distribution is considered and the problem of prediction of order statistics from a future sample and that of its geometric mean are discussed. The Bayesian approach is applied to construct predictors based on observed k-record values for the cases when the future sample size is fixed and when it is random. Several Bayesian prediction intervals are derived. Finally, the results of a simulation study and a numerical example are presented for illustrating all the inferential procedures developed here.

Suggested Citation

  • A. R. Shafay & N. Balakrishnan & Jafar Ahmadi, 2017. "Bayesian prediction of order statistics with fixed and random sample sizes based on k-record values from Pareto distribution," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, vol. 46(2), pages 721-735, January.
    • Handle: RePEc:taf:lstaxx:v:46:y:2017:i:2:p:721-735
    DOI: 10.1080/03610926.2015.1004093
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