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On the mixtures of Weibull and Pareto (IV) distribution: an alternative to Pareto distribution. (English) Zbl 1434.60061

Summary: Finite mixture models have provided a reasonable tool to model various types of observed phenomena, specially those which are random in nature. In this article, a finite mixture of Weibull and Pareto (IV) distribution is considered and studied. Some structural properties of the resulting model are discussed including estimation of the model parameters via expectation maximization (EM) algorithm. A real-life data application exhibits the fact that in certain situations, this mixture model might be a better alternative than the rival popular models.

MSC:

60E05 Probability distributions: general theory
62E15 Exact distribution theory in statistics

Software:

mixtools; VGAMdata
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Full Text: DOI Link

References:

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