The Kumaraswamy Pareto IV distribution

Abstract

We introduce a new model named the Kumaraswamy Pareto IV distribution which extends the Pareto and Pareto IV distributions. The density function is very flexible and can be left-skewed, right-skewed and symmetrical shapes. It has increasing, decreasing, upside-down bathtub, bathtub, J and reversed-J shaped hazard rate shapes. Various structural properties are derived including explicit expressions for the quantile function, ordinary and incomplete moments, Bonferroni and Lorenz curves, mean deviations, mean residual life, mean waiting time, probability weighted moments and generating function. We provide the density function of the order statistics and their moments. The Rényi and q entropies are also obtained. The model parameters are estimated by the method of maximum likelihood and the observed information matrix is determined. The usefulness of the new model is illustrated by means of three real-life data sets. In fact, our proposed model provides a better fit to these data than the gamma-Pareto IV, gamma-Pareto, beta-Pareto, exponentiated Pareto and Pareto IV models.