A New Odd-Burr Pareto Distribution: Statistical Properties, Estimation, and Applications

Abstract

This study introduces the Odd-Burr Pareto (OBu-P) distribution as a novel and flexible model, which is developed by combining the Burr and Pareto distributions using the T-X generator approach (Alizadeh et al. 2017). The OBu-P distribution can be used for modelling complex phenomenon characterized by heavy tails.

The paper provides the OBu-P distribution’s statistical properties, including its moments, incomplete moments, quantile functions, and limiting behaviours, as well as its generating functions and order statistics. Maximum likelihood estimation is applied to facilitate efficient parameter estimation of the OBu-P. The flexibility of distribution is shown in a real-life example versus its alternatives.