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385779

A New Shifted Lomax-X Family of Distributions : Properties and Applications to Actuarial and Financial Data

Article

Last updated: 29 Dec 2024

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Subjects

-

Tags

Mathematical Statistics

Abstract

The Lomax distribution, which is often used to describe severe losses and financial risks because of its heavy tail features, is the basis distribution of the shifted Lomax (SHL-X) family of distributions that we propose in this study. The main objective is to increase the adaptability and accuracy of the traditional Lomax model in the representation of complex data sets. We explore various mathematical properties of the special member called the shifted Lomax Weibull (SHL-W), including its moments, quantile function and entropy measures. We employ the maximum likelihood estimation approach to estimate the parameters of the SHL-W distribution. Simulation studies
are conducted to evaluate the estimators' accuracy and dependability. The practical applicability of the proposed model is demonstrated by its application to insurance data, highlighting its effectiveness in modeling claims and determining appropriate premium rates.The findings highlight the new model's potential for broader applications in risk management and financial analysis by showing that it is more data-adapted than competing models.

DOI

10.21608/cjmss.2024.307114.1066

Keywords

Shifted Lomax, Risk measures, Lomax weibull, Family of distributions, Mathematical Properties

Authors

First Name

Mintodê Nicodème

Last Name

Atchadé

MiddleName

-

Affiliation

National Higher School of Mathematical Engineering and Modeling, National University of Sciences, Technologies, Engineering and Mathematics, Abomey, Benin Republic, University of Abomey-Calavi/ International Chair in Mathematical Physics and Applications (ICMPA: UNESCO-Chair), 072 BP 50 Cotonou, Benin Republic

Email

nickpowerabc@gmail.com

City

Abomey

Orcid

0000-0002-5507-6251

First Name

Agossou Alex

Last Name

Agbahide

MiddleName

-

Affiliation

National Higher School of Mathematical Engineering and Modeling, National University of Sciences, Technologies, Engineering and Mathematics, Abomey, Benin Republic

Email

alexagbah8@gmail.com

City

-

Orcid

-

First Name

Théophile

Last Name

Otodji

MiddleName

-

Affiliation

National Higher School of Mathematical Engineering and Modeling, National University of Sciences, Technologies, Engineering and Mathematics, Abomey, Benin Republic

Email

otodjitheodule@gmail.com

City

-

Orcid

-

First Name

Mahoulé Jude

Last Name

Bogninou

MiddleName

-

Affiliation

National Higher School of Mathematical Engineering and Modeling, National University of Sciences, Technologies, Engineering and Mathematics, Abomey, Benin Republic

Email

mahoulejude2001@gmail.com

City

-

Orcid

-

First Name

Aliou

Last Name

Moussa Djibril

MiddleName

-

Affiliation

National Higher School of Mathematical Engineering and Modeling, National University of Sciences, Technologies, Engineering and Mathematics, Abomey, Benin Republic

Email

moussadjibrilaliou@gmail.com

City

Abomey

Orcid

-

Volume

4

Article Issue

1

Related Issue

50936

Issue Date

2025-04-01

Receive Date

2024-07-25

Publish Date

2025-04-01

Page Start

41

Page End

71

Print ISSN

2974-3435

Online ISSN

2974-3443

Article File

CJMSS_Volume 4_Issue 1_Pages 41-71.pdf

PDF . 712.5kB

Link

https://cjmss.journals.ekb.eg/article_385779.html

Detail API

https://cjmss.journals.ekb.eg/service?article_code=385779

Order

385,779

Type

Original Article

Type Code

2,545

Publication Type

Journal

Publication Title

Computational Journal of Mathematical and Statistical Sciences

Publication Link

https://cjmss.journals.ekb.eg/

MainTitle

A New Shifted Lomax-X Family of Distributions : Properties and Applications to Actuarial and Financial Data

Details

Type

Article

Created At

29 Dec 2024