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A New Lindley Extension: Estimation, Risk Assessment and Analysis Under Bimodal Right Skewed Precipitation Data

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Abstract

The objectives of this study are to propose a new two-parameter lifespan distribution and explain some of the most essential properties of that distribution. Through the course of this investigation, we will be able to achieve both of these objectives. For the aim of assessment, research is carried out that makes use of simulation, and for the same reason, a variety of various approaches are studied and taken into account for the purpose of evaluation. Making use of two separate data collections enables an analysis of the adaptability of the suggested distribution to a number of different contexts. The risk exposure in the context of asymmetric bimodal right-skewed precipitation data was further defined by using five essential risk indicators, such as value-at-risk, tail-value-at-risk, tail variance, tail mean–variance, and mean excess loss function. This was done in order to account for the right-skewed distribution of the data. In order to examine the data, several risk indicators were utilized. These risk indicators were used in order to achieve a more in-depth description of the risk exposure that was being faced.

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Data Availability

This work is basically a methodological development in the actuarial scinces and has been applied on actuarial secondary data, but if required, data will be provided.

Code Availability

The codes in this paper represent a new development on the “R” and “Mathcad” programs, and we will provide them if requested.

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Acknowledgements

The authors would like to thank the reviewer for the thorough comments on the manuscript, improving it in several aspects.

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No funding received.

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Authors and Affiliations

  1. Department of Statistics, School of Sciences, University of Hormozgan, Bandar Abbas, Iran

    Majid Hashempour

  2. Department of Statistics, Persian Gulf University, Bushehr, 75169, Iran

    Morad Alizadeh

  3. Department of Statistics, Mathematics and Insurance, Benha University, Benha, 13511, Egypt

    Haitham M. Yousof

Authors
  1. Majid Hashempour
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  2. Morad Alizadeh
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  3. Haitham M. Yousof
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Correspondence to Haitham M. Yousof.

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Hashempour, M., Alizadeh, M. & Yousof, H.M. A New Lindley Extension: Estimation, Risk Assessment and Analysis Under Bimodal Right Skewed Precipitation Data. Ann. Data. Sci. (2023). https://doi.org/10.1007/s40745-023-00485-1

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  • DOI: https://doi.org/10.1007/s40745-023-00485-1

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