Exponent Beta Pareto Distribution with Applications in Real and Simulated Dataset

Abstract

Statistical theory frequently involves adding an extra parameter to standard distributions. This work introduces a novel distribution called the Exponent Beta Pareto distribution, which includes an additional parameter. Several aspects of the suggested distribution are determined, including the moment generating function, mode, quantiles, entropies, mean residual life function, stochastic orders, and order statistics etc. The parameters of the proposed distribution were estimated using the maximum likelihood estimation technique. The performance of the proposed distribution was evaluated on two real datasets. The proposed distribution outperforms over the various versions of Pareto distributions based on model selection criteria’s.