Odd Chen Exponential Distribution: Properties and Applications
Henry Otoo *
Department of Mathematical Sciences, UMaT, Tarkwa, Ghana.
Justice Inkoom
Department of Mathematical Sciences, UMaT, Tarkwa, Ghana.
Eric N. Wiah
Department of Mathematical Sciences, UMaT, Tarkwa, Ghana.
*Author to whom correspondence should be addressed.
Abstract
In this study, a new statistical distribution with three parameters called the Odd-Chen Exponential has been proposed. The statistical properties of the proposed distribution, such as the quantile, moments, incomplete moments, moment-generating function, and mean residual life, were developed. The density shows different shapes, making it more flexible for analyzing different forms of data. The hazard function also exhibits different shapes, including the well-known bathtub shape, which means that the distribution is flexible with real-life data. To estimate the distribution parameters, ordinary least squares estimators, Cramér-von Mises estimators, and maximum likelihood estimators were derived. The results were compared using a Monte Carlo simulation. Two-time datasets; one from the mining field and the other from survival analysis, were used to check the applicability of the proposed distribution. The results revealed that the OCE distribution performed better than the Odd Chen Weibull, Odd Chen Rayleigh, Rayleigh, Cauchy, Generalised Inverse Weibull and the Modified Extended Chen distributions.
Keywords: Odd chen exponential, Odd chen generator, exponential, hazard function