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On the mixtures of Weibull and Pareto (IV) distribution: An alternative to Pareto distribution

Author

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  • I. Ghosh
  • G. G. Hamedani
  • N. Bansal
  • M. Maadooliat

Abstract

Finite mixture models have provided a reasonable tool to model various types of observed phenomena, specially those which are random in nature. In this article, a finite mixture of Weibull and Pareto (IV) distribution is considered and studied. Some structural properties of the resulting model are discussed including estimation of the model parameters via expectation maximization (EM) algorithm. A real-life data application exhibits the fact that in certain situations, this mixture model might be a better alternative than the rival popular models.

Suggested Citation

  • I. Ghosh & G. G. Hamedani & N. Bansal & M. Maadooliat, 2018. "On the mixtures of Weibull and Pareto (IV) distribution: An alternative to Pareto distribution," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, vol. 47(9), pages 2073-2084, May.
    • Handle: RePEc:taf:lstaxx:v:47:y:2018:i:9:p:2073-2084
    DOI: 10.1080/03610926.2016.1171353
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