Bayesian Estimation of Parameters of Weibull Distribution Using Linex Error Loss Function
Files
Date
2020-02
Authors
Kinyanjui, Josphat Kamau
Kori, Betty Chemutai
Journal Title
Journal ISSN
Volume Title
Publisher
Canadian Center of Science and Education
Abstract
This paper develops a Bayesian analysis of the scale parameter in the Weibull distribution with a scale parameter θ and shape parameter β (known). For the prior distribution of the parameter involved, inverted Gamma distribution has been examined. Bayes estimates of the scale parameter, θ , relative to LINEX loss function are obtained. Comparisons in terms of risk functions of those under LINEX loss and squared error loss functions with their respective alternate estimators, viz: Uniformly Minimum Variance Unbiased Estimator (U.M.V.U.E) and Bayes estimators relative to squared error loss function are made. It is found that Bayes estimators relative to squared error loss function dominate the alternative estimators in terms of risk function.
Description
Bayesian Estimation of Parameters of Weibull Distribution
Keywords
Bayes estimates, squared error loss function, LINEX loss function, U.M.V.U.E.
Citation
International Journal of Statistics and Probability 9(2):38