Ishfaq Ahmad Shaha, Mohammad Younus Bhatb, Peer Bilal Ahmadc, Javid Gani Dard, Sandra Pinelase
a,b,c Department of Mathematical Sciences, Islamic University of Science and Technology, Kashmir, India.
d Department of Applied Sciences, Symbiosis Institute of Technology, Symbiosis International (Deemed University), Pune, India.
e Departamento De Ciências Exatas e Engenharia, Academia Militar, Av. Conde Castro Guimarães, 2720-113 Amadora, Portugal.
A novel probability model with bounded support is introduced. The formulation of this new probability model is based on inverting the Slashed Pareto distribution. This new distribution has the merit of being simple, avoiding any complex mathematical formulation in its construction. Several interesting properties—including moments, skewness, kurtosis, unimodality, L-moments, L-skewness, and L-kurtosis—are explored in detail.
Various survival properties, such as survival function, hazard rate function, and mean residual life (MRL), are also provided. To estimate parameters contained in the new model, the Method of Moments (MOM) and Maximum Likelihood Estimation (MLE) techniques have been employed.
Keywords: Probability model; Moments; Distribution; Maximum Likelihood Estimation.
Shah, I. A., Bhat, M. Y., Ahmad, P. B., Dar, J. G., & Pinelas, S. (2023). Bounded inverse-slashed Pareto model: Structural properties and real-life applications. Advances in the Theory of Nonlinear Analysis and Its Application, 7(3), 14–29.