Bayesian Analysis of a Shape Parameter of the Weibull-Frechet Distribution
Terna Godfrey Ieren, Angela Unna Chukwu
Asian Journal of Probability and Statistics · pp. 1–19 · Published 25 Oct 2018
10.9734/ajpas/2018/v2i124562Abstract
In this paper, we estimate a shape parameter of the Weibull-Frechet distribution by considering the Bayesian approach under two non-informative priors using three different loss functions. We derive the corresponding posterior distributions for the shape parameter of the Weibull-Frechet distribution assuming that the other three parameters are known. The Bayes estimators and associated posterior risks have also been derived using the three different loss functions. The performance of the Bayes estimators are evaluated and compared using a comprehensive simulation study and a real life application to find out the combination of a loss function and a prior having the minimum Bayes risk and hence producing the best results. In conclusion, this study reveals that in order to estimate the parameter in question, we should use quadratic loss function under either of the two non-informative priors used in this study.
Cited by 3
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