Nofiu I. Badmus, Olusesan O. Olufolabo, Akeem A. Akingbade
A Two-Parameter Exponential-Akash Distribution: Theory and Application
In this research, we developed a new distribution obtained from Akash distribution using the exponentiation method. The new distribution is named Two-Parameter Exponential Akash (TPEA) Distribution, which is a hybrid distribution where a shape parameter is introduced to the Akash distribution. Some statistical properties of the proposed hybrid distribution include reliability function, hazard rate function, reversed hazard function, moments and its related measures, moment generating function and order statistics are derived. Method of maximum likelihood estimation was used to estimate the distribution parameters. Also, shapes of the density, distribution, survival and hazard functions of the developed distribution were illustrated and presented. We examined the consistency and performance of the parameters estimates of the proposed distribution, using a real life data set and compared the results with some extant distributions. The results of the comparison include: goodness of fit statistics and criteria, standard error and p-value. This reveals that the new distribution has better fit and representation of the data set than other distributions. We hope that this new distribution will serve as an alternative model in some areas like Medicine, Agriculture, Finance, Insurance and lifetime analysis.
Exponentiation method, Goodness of fit, Order statistics, Shape Parameter, Standard Error
Cite this paper
Nofiu I. Badmus, Olusesan O. Olufolabo, Akeem A. Akingbade. (2021) A Two-Parameter Exponential-Akash Distribution: Theory and Application. International Journal of Mathematical and Computational Methods, 6, 20-27