New Findings from Yazd University in the Area of Materials Engineering Described (On Modeling the Medical Care Insurance Data Via a New Statistical Model)

2021 JAN 05 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Researchers detail new data in Engineering - Materials Engineering. According to news reporting from Yazd, Iran, by NewsRx journalists, research stated, “Proposing new statistical distributions which are more flexible than the existing distributions have become a recent trend in the practice of distribution theory. Actuaries often search for new and appropriate statistical models to address data related to financial and risk management problems.”

The news correspondents obtained a quote from the research from Yazd University, “In the present study, an extension of the Lomax distribution is proposed via using the approach of the weighted T-X family of distributions. The mathematical properties along with the characterization of the new model via truncated moments are derived. The model parameters are estimated via a prominent approach called the maximum likelihood estimation method. A brief Monte Carlo simulation study to assess the performance of the model parameters is conducted. An application to medical care insurance data is provided to illustrate the potentials of the newly proposed extension of the Lomax distribution. The comparison of the proposed model is made with the (i) Two-parameter Lomax distribution, (ii) Three-parameter models called the half logistic Lomax and exponentiated Lomax distributions, and (iii) A four-parameter model called the Kumaraswamy Lomax distribution.”

According to the news reporters, the research concluded: “The statistical analysis indicates that the proposed model performs better than the competitive models in analyzing data in financial and actuarial sciences.”

This research has been peer-reviewed.

For more information on this research see: On Modeling the Medical Care Insurance Data Via a New Statistical Model. Computers, Materials & Continua, 2021;66(1):113-126. Computers, Materials & Continua can be contacted at: Tech Science Press, 871 Coronado Center Dr, Sute 200, Henderson, NV 89052, USA.

Our news journalists report that additional information may be obtained by contacting Zubair Ahmad, Yazd University, Dept. of Statistics, Yazd, Iran. Additional authors for this research include Yen Liang Tung and G. G. Hamedani.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.32604/cmc.2020.012780. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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