| Abstract |
Transmuted form for the lifetime distributions has recently been introduced. This novel form of the lifetime distributions has attracted many researchers. However, transmuted for Burr Type-X and Burr Type-XII has only been introduced from the Burr family of distributions. The Burr Type-II distribution is an important member of Burr family of distributions. This study introduces the transmuted form for Burr Type-II distribution. The study attempts to estimate the parameters of the proposed model using Bayesian methods. The informative and non-informative priors have been assumed for the posterior estimation. Four loss functions have been used for the analysis, namely, squared error loss function (SELF), quadratic loss function (QLF), precautionary loss function (PLF) and entropy loss function (ELF). Lindley’s approximation has been employed for the numerical solutions. The complete and censored datasets have been considered for investigating the performance of the Bayes estimators. The detailed simulation study advocates that the proposed estimators for the model parameters are consistent and insensitive with respect to change in censoring rates. However, the choice of prior and loss functions was important, as the best results were obtained under informative prior using entropy loss function. |
