A novel distribution with upside down bathtub shape hazard rate: properties, estimation and applications
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In this communication, we introduce a new statistical model and study its various mathematical properties. The expressions for hazard rate, reversed hazard rate, and odd functions are provided. We explore the asymptotic behaviors of the density and hazard functions of the newly proposed model. Further, moments, median, quantile, and mode are obtained. The cumulative distribution and density functions of the general kth order statistic are provided. Sufficient conditions, under which the likelihood ratio order between two inverse generalized linear failure rate (IGLFR) distributed random variables holds, are derived. In addition to these results, we introduce several estimates for the parameters of IGLFR distribution. The maximum likelihood and maximum product spacings estimates are proposed. Bayes estimates are calculated with respect to the squared error loss function. Further, asymptotic confidence and Bayesian credible intervals are obtained. To observe the performance of the proposed estimates, we carry out a Monte Carlo simulation using R software. Finally, two real-life data sets are considered for the purpose of illustration.
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