Muhammad Arif1, Dost Muhammad Khan1, Saima Khan Khosa2, Muhammad Aamir1, Adnan Aslam3, Zubair Ahmad4, Wei Gao5,*
CMC-Computers, Materials & Continua, Vol.66, No.1, pp. 537-550, 2021, DOI:10.32604/cmc.2020.012420
Abstract The actuaries always look for heavy-tailed distributions to model data
relevant to business and actuarial risk issues. In this article, we introduce a new
class of heavy-tailed distributions useful for modeling data in financial sciences.
A specific sub-model form of our suggested family, named as a new extended
heavy-tailed Weibull distribution is examined in detail. Some basic characterizations, including quantile function and raw moments have been derived. The estimates of the unknown parameters of the new model are obtained via the
maximum likelihood estimation method. To judge the performance of the maximum likelihood estimators, a simulation analysis is performed in… More >
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