The Minimum Lindley Lomax Distribution: Properties and Applications

Abstract

By fusing the Lindley and Lomax distributions, we present a unique three-parameter continuous model titled the minimum Lindley Lomax distribution. The quantile function, ordinary and incomplete moments, moment generating function, Lorenz and Bonferroni curves, order statistics, Rényi entropy, stress strength model, and stochastic sequencing are all carefully examined as basic statistical aspects of the new distribution. The characterizations of the new model are investigated. The proposed distribution’s parameters were evaluated using the maximum likelihood procedures. The stability of the parameter estimations is explored using a Monte Carlo simulation. Two applications are used to objectively assess the new model’s extensibility.

Classical and Bayesian inference for the new four-parameter Lomax distribution with applications

“…Several attempts to introduce or generalize the Lomax distribution have been made in recent years, for example, Poisson-Lomax [ 6 ], Marshall–Olkin extended Lomax [ 7 ], transmuted Lomax [ 8 ], extended Lomax [ 9 ], gamma-Lomax [ 10 ], Weibull Lomax [ 11 ], transmuted Weibull Lomax [ 12 ], Power Lomax [ 13 ], inverse power Lomax [ 14 ], weighted Lomax [ 15 ], Gumbel-Lomax [ 16 ], Marshall–Olkin power Lomax [ 17 ], Nadarajah–Haghighi Lomax [ 18 ], minimum Lindley Lomax [ 19 ], record-based transmuted power Lomax [ 20 ], Maxwell–Lomax [ 21 ], and discrete Gamma-Lomax distribution [ 22 ], etc.…”