Type I heavy-tailed family of generalized Burr III distributions: properties, actuarial measures, regression and applications

• Authors: Wilbert Nkomo , Broderick Oluyede , Fastel Chipepa

Abstracts

EN

This study introduces a new family of distributions (FoD) called type I heavy-tailed odd Burr III-G (TI-HT-OBIII-G) distribution. Several statistical properties of the family are derived along with actuarial risk measures. The maximum likelihood estimation (MLE) approach is adopted in the parameter estimation process. The estimates are evaluated centered on mean square errors and average bias via the Monte Carlo simulation framework. A regression model is formulated and the residual analysis is investigated. Members of the new FoD are applied to heavy-tailed data sets and compared to some well-known competing heavytailed distributions. The practicality, flexibility and importance of the new distribution in modeling is empirically proven using three data sets.

Keywords

EN

type I heavy-tailed-G; odd Burr III-G; parameter estimation; regression; actuarial measures

• Publisher: Główny Urząd Statystyczny
• Journal: Statistics in Transition new series
• Year: 2025
• Volume: 26
• Issue: 1
• Pages: 93-115

Dates

published

2025

Contributors

author

Wilbert Nkomo

• Botswana International University of Science and Technology, Department of Mathematics and Statistical Sciences, Botswana
• Manicaland State University of Applied Sciences, Department of Applied Statistics, Zimbabwe

• https://orcid.org/0009000602773981

author

Broderick Oluyede

• Botswana International University of Science and Technology, Department of Mathematics and Statistical Sciences, Botswana

• https://orcid.org/0000000299452255

author

Fastel Chipepa

• Botswana International University of Science and Technology, Department of Mathematics and Statistical Sciences, Botswana

• https://orcid.org/0000000168548740

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Identifiers

DOI

10.59139/stattrans-2025-006

Biblioteka Nauki

59315683