This paper presents a novel two-parameter distribution derived from the Rayleigh distribution, thoroughly investigating its essential mathematical properties. We employ estimation techniques to determine the proposed distribution's estimated parameters. Through extensive simulation studies, we analyze and evaluate the asymptotic behavior of the model estimators. Furthermore, we calculate various actuarial measures to highlight the practical utility of the proposed distribution in actuarial science. To further substantiate the applicability of our distribution, we perform a comprehensive regression analysis. The practical relevance of the proposed distribution is demonstrated by modeling a lifetime dataset from the insurance field, where it exhibits a superior fit compared to existing distributions. The findings suggest that the new distribution significantly improves modeling capabilities, making it a valuable tool for theoretical research and practical applications in fields requiring accurate lifetime data modeling.
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| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC11639331 | PMC |
| http://dx.doi.org/10.1016/j.heliyon.2024.e36775 | DOI Listing |
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