THE INVERSE LOMAX DISTRIBUTION WITH APPLICATIONS

Abstract

The Inverse Lomax Distribution, a flexible heavy-tailed distribution, has gained attention in statistical modeling, particularly in fields like finance, reliability engineering, and risk analysis. This research delves into the applications of the Inverse Lomax Distribution, offering insights into its robustness in various contexts. The parameters of the ILD were estimated using maximum likelihood method. Key advantages include its ability to model data with high skewness and heavy tails, making it a strong candidate for applications requiring robust outlier sensitivity. Additionally, the distribution’s straightforward form enables analytical tractability, facilitating parameter estimation and inference.

Keywords: Inverse Lomax Distribution; Inverse Lomax Log-Logistic Distribution; Skewed Distribution.