A New Five-Parameter Distribution: Properties and Applications

In this paper, a new five-parameter lifetime and reliability distribution named “the exponentiated Uniform-Pareto distribution (EU-PD),” has been suggested that it has a bathtub-shaped and inverse bathtub-shape for modeling lifetime data. This distribution has applications in economics, actuarial modelling, reliability modeling, lifetime and biological sciences. Firstly, the mathematical and statistical characteristics of the proposed distribution are presented, then the applications of the new distribution are studied using the real data set. Its first moment about origin and moments about mean have been obtained and expressions for skewness, kurtosis have been given. Various mathematical and statistical properties of the proposed distribution have been discussed. Estimation of its parameter has been discussed using the method of maximum likelihood. A simulation study is given. Finally, two applications of the new distribution have been discussed with two real income and lifetime data setsThe results also confirmed the suitability of the presented models for real data collection.

Keywords:

Uniform-Pareto distribution , Exponentiated Uniform-Pareto distribution , Moments , lifetime data , Parameter Estimation , Goodness of fit