A new Lifetime Distribution Based on the Transmuted First Two Lower Records
Abstract
This article introduces a new lifetime distribution by merging the first two lower records based on exponential distribution and discusses the different features of the distribution. Statistical inferences about the distribution parameters are discussed with three estimation methods, namely maximum likelihood, least squares, and weighted least squares. Monte Carlo simulation study is performed to evaluate of these estimators based on mean square errors estimation, mean absolute deviation, and mean relative errors of estimation for a sample of different sizes. A distribution simulation analysis based on real data is provided to demonstrate the adaptability of the proposed model.
Keywords
Lower record value, Lifetime distribution, Monte Carlo simulation, Estimation.
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