Lindley’s Approximation in Estimating Two-Parameters Inverted Weighted Exponential Distribution
DOI:
https://doi.org/10.46754/umtjur.v7i1.450Keywords:
Bayesian estimation, linear exponential loss function, squared error loss function, maximum likelihood estimationAbstract
The Inverted Weighted Exponential distribution can be used to describe and model real life phenomena with unimodal or decreasing failure rates. The main aim of this study is to use Bayesian approach to estimate the two parameters of the distribution. Two loss functions are ussed; squared error loss function (SELF) and linear exponential loss (LINEX) function with Lindley's method. The bias and RMSE is reviewed to assess the performance of the estimation method. Via simulation studies, the results show that the scale parameter benefited from using Bayesian approach with squared error loss function.
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