Bayesian Estimation and Prediction for Exponentiated Rayleigh Distribution Based on Lower Records
Fahmeeda F. Shaikh
, M. N. Patel
Abstract
In this article, we aim to estimate the parameters of exponentiated Rayleigh distribution(ERD) based on lower record values. Record values arise naturally in many real life situations involving data related to meteorology, sports, economics, events, life testing and weather studies. The estimates are derived using maximum likelihood method and Bayesian method considering squared error loss function, k-loss function and general entropy loss function. Prediction for future record values is presented from a Bayesian view point. Simulation studies are carried out and mean squared errors are calculated to compare the performance of the estimators. Predicted values are compared with the actual values for the given data sets. A real data set is used to demonstrate the methods considered in the paper.
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