New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression
In this study, a three-parameter modification of the Burr XII distribution has been developed through the integration of the weighted version of the alpha power transformation family of distributions. This newly introduced model, termed the modified alpha power-transformed Burr XII distribution, exh...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Hindawi Limited
2024-01-01
|
| Series: | International Journal of Mathematics and Mathematical Sciences |
| Online Access: | http://dx.doi.org/10.1155/2024/4098771 |
| _version_ | 1797304885501231104 |
|---|---|
| author | Abdulzeid Yen Anafo Selasi Kwaku Ocloo Suleman Nasiru |
| author_facet | Abdulzeid Yen Anafo Selasi Kwaku Ocloo Suleman Nasiru |
| author_sort | Abdulzeid Yen Anafo |
| collection | DOAJ |
| description | In this study, a three-parameter modification of the Burr XII distribution has been developed through the integration of the weighted version of the alpha power transformation family of distributions. This newly introduced model, termed the modified alpha power-transformed Burr XII distribution, exhibits the unique ability to effectively model decreasing, right-skewed, or unimodal densities. The paper systematically elucidates various statistical properties of the proposed distribution. The estimation of parameters was obtained using maximum likelihood estimation. The estimator has been evaluated for consistency through simulation studies. To gauge the practical applicability of the proposed distribution, two distinct datasets have been employed. Comparative analyses involving six alternative distributions unequivocally demonstrate that the modified alpha power-transformed Burr XII distribution provides a better fit. Additionally, a noteworthy extension is introduced in the form of a location-scale regression model known as the log-modified alpha power-transformed Burr XII model. This model is subsequently applied to a dataset related to stock market liquidity. The findings underscore the enhanced fitting capabilities of the proposed model in comparison to existing distributions, providing valuable insights for applications in financial modelling and analysis. |
| first_indexed | 2024-03-08T00:16:51Z |
| format | Article |
| id | doaj.art-31d4b7c066734455ba0492e097384d2b |
| institution | Directory Open Access Journal |
| issn | 1687-0425 |
| language | English |
| last_indexed | 2024-03-08T00:16:51Z |
| publishDate | 2024-01-01 |
| publisher | Hindawi Limited |
| record_format | Article |
| series | International Journal of Mathematics and Mathematical Sciences |
| spelling | doaj.art-31d4b7c066734455ba0492e097384d2b2024-02-17T00:00:01ZengHindawi LimitedInternational Journal of Mathematics and Mathematical Sciences1687-04252024-01-01202410.1155/2024/4098771New Weighted Burr XII Distribution: Statistical Properties, Applications, and RegressionAbdulzeid Yen Anafo0Selasi Kwaku Ocloo1Suleman Nasiru2Department of Mathematical SciencesDepartment of Mathematical SciencesDepartment of Statistics and Actuarial ScienceIn this study, a three-parameter modification of the Burr XII distribution has been developed through the integration of the weighted version of the alpha power transformation family of distributions. This newly introduced model, termed the modified alpha power-transformed Burr XII distribution, exhibits the unique ability to effectively model decreasing, right-skewed, or unimodal densities. The paper systematically elucidates various statistical properties of the proposed distribution. The estimation of parameters was obtained using maximum likelihood estimation. The estimator has been evaluated for consistency through simulation studies. To gauge the practical applicability of the proposed distribution, two distinct datasets have been employed. Comparative analyses involving six alternative distributions unequivocally demonstrate that the modified alpha power-transformed Burr XII distribution provides a better fit. Additionally, a noteworthy extension is introduced in the form of a location-scale regression model known as the log-modified alpha power-transformed Burr XII model. This model is subsequently applied to a dataset related to stock market liquidity. The findings underscore the enhanced fitting capabilities of the proposed model in comparison to existing distributions, providing valuable insights for applications in financial modelling and analysis.http://dx.doi.org/10.1155/2024/4098771 |
| spellingShingle | Abdulzeid Yen Anafo Selasi Kwaku Ocloo Suleman Nasiru New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression International Journal of Mathematics and Mathematical Sciences |
| title | New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression |
| title_full | New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression |
| title_fullStr | New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression |
| title_full_unstemmed | New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression |
| title_short | New Weighted Burr XII Distribution: Statistical Properties, Applications, and Regression |
| title_sort | new weighted burr xii distribution statistical properties applications and regression |
| url | http://dx.doi.org/10.1155/2024/4098771 |
| work_keys_str_mv | AT abdulzeidyenanafo newweightedburrxiidistributionstatisticalpropertiesapplicationsandregression AT selasikwakuocloo newweightedburrxiidistributionstatisticalpropertiesapplicationsandregression AT sulemannasiru newweightedburrxiidistributionstatisticalpropertiesapplicationsandregression |