The Inverse Lomax Chen Distribution: Properties and Applications

Abstract

Many researchers in the field of distribution theory have been expanding or generalizing existing probability distributions to improve their modeling flexibility. In this paper, we introduced a new continuous probability distribution called the inverse Lomax Chen distribution with four parameters. We studied the nature of the proposed distribution with the help of its mathematical and statistical properties such as quantile function, ordinary moments, generating function and reliability. The distribution of order statistics for this distribution was also obtained. Monte Carlo simulation was carried out to see the performance of MLEs of the inverse Lomax Chen distribution. We performed a classical estimation of parameters by using the technique of maximum likelihood estimate. The proposed model was applied to three real datasets and the results show that the proposed distribution provides a better fit than its comparators.