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On the mixtures of Weibull and Pareto (IV) distribution: An alternative to Pareto distribution
Authors:I. Ghosh  G. G. Hamedani  N. Bansal  M. Maadooliat
Affiliation:1. Department of Mathematics and Statistics, University of North Carolina, Wilmington, USA;2. Department of Mathematics, Statistics and Computer Science, Marquette University, Milwaukee, USA
Abstract:Finite mixture models have provided a reasonable tool to model various types of observed phenomena, specially those which are random in nature. In this article, a finite mixture of Weibull and Pareto (IV) distribution is considered and studied. Some structural properties of the resulting model are discussed including estimation of the model parameters via expectation maximization (EM) algorithm. A real-life data application exhibits the fact that in certain situations, this mixture model might be a better alternative than the rival popular models.
Keywords:EM algorithm  Maximum likelihood  Mixtures of Weibull and Pareto.
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