Flexible Lomax distribution

Abstract

In this paper, a new probability model is produced, which is actually a modification of the Lomax distribution, called Flexible Lomax (FL). The Flexible Lomax performs better than Lomax and its other invariants. The statistical properties of the Flexible Lomax distribution including quantile function, maximum likelihood estimation, order statistics, and rth moments are derived. To illustrate the efficiency of the proposed distribution, we use two real-life data sets and the results are then compared by means of AIC, CAIC, BIC, and HQIC. It is shown that the proposed distribution fits these data better than Lomax and its different variants.

Keywords

• rth moment
• quantile function
• characteristic function
• median
• mode
• order statistics
• ttt plots
• maximum likelihood estimation