Bayesian and non-Bayesian estimation of the Lomax model based on upper record values under weighted LINEX loss function
DOI:
https://doi.org/10.21533/pen.v8.i3.1212Abstract
In this article, we developed a new loss function, as the simplification of linear exponential loss function
(LINEX) by weighting LINEX function. We derive a scale parameter, reliability and the hazard functions in
accordance with upper record values of the Lomax distribution (LD). To study a small sample behavior
performance of the proposed loss function using a Monte Carlo simulation, we make a comparison among
maximum likelihood estimator, Bayesian estimator by means of LINEX loss function and Bayesian estimator
using square error loss (SE) function. The consequences have shown that a modified method is the finest for
valuing a scale parameter, reliability and hazard functions.
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