Lomax exponential distribution with an application to real-life data

Abstract

In this paper, a new modification of the Lomax distribution is considered named as Lomax exponential distribution (LE). The proposed distribution is quite flexible in modeling the lifetime data with both decreasing and increasing shapes (non-monotonic). We derive the explicit expressions for the incomplete moments, quantile function, the density function for the order statistics etc. The Renyi entropy for the proposed distribution is also obtained. Moreover, the paper discusses the estimates of the parameters by the usual maximum likelihood estimation method along with determining the information matrix. In addition, the potentiality of the proposed distribution is illustrated using two real data sets. To judge the performance of the model, the goodness of fit measures, AIC, CAIC, BIC, and HQIC are used. Form the results it is concluded that the proposed model performs better than the Lomax distribution, Weibull Lomax distribution, and exponential Lomax distribution.