Mathematics
7 years ago

New method improves accuracy of predicting failure rates for products.

Journal of Statistical Computation and Simulation
The E-Bayesian and hierarchical Bayesian estimations for the proportional reversed hazard rate model based on record values
Fatih Kızılaslan

Paper Summary

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The article explores different ways to estimate a shape parameter in a specific statistical model. The researchers compared Maximum Likelihood, Bayesian, and E-Bayesian methods using record values. They found that some previous results were improved upon, and also looked at how different loss functions affect the estimates. By using Monte Carlo simulations, they compared the accuracy of the different estimation methods. A real dataset was analyzed to demonstrate the findings.