New regression model revolutionizes prediction for bounded response variables.
A new regression model for bounded response variables has been developed as an alternative to existing models. The researchers introduced a new distribution for values between 0 and 1, with simple probability and cumulative distribution functions. They derived moments, incomplete moments, and quantile functions for this distribution. Four parameter estimation methods were used and compared through simulation studies. The new regression model was tested against beta and unit-Lindley models using real data sets.