BAYESIAN ESTIMATION IN PARETO TYPE-I MODEL
Keywords:
Bayes estimator, Maximum Likelihood Estimator, Prior, Reliability Function, Hazard Rate Function, Square Error Loss Function and Asymmetric Precautionary Error Loss Function.Abstract
Bayes estimators of the shape parameters of a Pareto type-I model are obtained for different priors using Square Error and Asymmetric Precautionary Error Loss Functions through direct method and Lindley’s approach. Bayes estimators of reliability and hazard rate functions have also been discussed. The calculations have been illustrated with the help of numerical example. Comparison between Square Error and Asymmetric Precautionary Error Loss Functions have also been shown with the help of a numerical example.
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