Half Logistic-Topp-Leone Lomax Distribution: Properties and Statistical Inference

A new generalization of the Topp-Leone Lomax distribution was developed. The new distribution is a half logistic transformation of the Topp-Leone Lomax distribution. Some important statistical properties of this new distribution were explored that include raw moments, moment generating function, probability weighted moments, distribution of order statistics, R´enyi entropy, and Shannon entropy. The maximum likelihood estimation (mle) technique was used to estimate the unknown model parameters estimates. Consistency of the mles was assessed via Monte Carlo simulation studies. The mle technique produced consistent estimates based on the simulation studies results and applications to real datasets as demonstrated by means of log-likelihood profile plots. The usefulness the half logistic-Topp Leone Lomax distribution was assessed by means of applications to real world datasets. The model was compared to other generalizations of the Lomax distribution. The new distribution emerged as a good contender to the other generalizations involving the Lomax distribution. JEL classification numbers: E18, HO, I1, J64, J88. Keywords: Half Logistic Transformation, Topp-Leone Lomax Distribution, Maximum Likelihood Estimation, Log-Likelihood Profile Plots, Lomax Distribution.