Study of the Mixture Distribution of the Lomax-Weibull Equation and Its Statistical Properties
Keywords:
Lomax distribution, Weibull distribution, Moment, MLE, Order statistic, mixture of distributionsAbstract
In order to overcome the drawbacks of traditional probability distributions for simulating real-world data, this study introduces a novel mixed distribution model called the Lomax-Weibull distribution (LWD). Although several mixed distributions have been studied in previous studies, a thorough examination of LWD's statistical characteristics is still missing. By analyzing its probability density, survival, and hazard functions, this research closes that gap. Model parameters were computed using the maximum likelihood estimation (MLE) approach. The findings demonstrate that LWD offers a more adaptable tool for simulating intricate data patterns, which may find use in disciplines like reliability engineering and actuarial science. These discoveries enhance statistical models for phenomena that occur in the real world.
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