Parameter Estimation of absolute continuous four parameter Geometric Marshall-Olkin bivariate Pareto Distribution

TL;DR

This paper introduces a new four-parameter bivariate Pareto distribution, develops estimation methods using EM and Bayesian algorithms, and demonstrates their effectiveness with real data analysis.

Contribution

It formulates a novel four-parameter Geometric Marshall-Olkin bivariate Pareto distribution and proposes estimation techniques via EM and Bayesian methods.

Findings

Algorithms perform well in simulations

Bayesian approach provides reliable estimates

Real data analysis validates methods

Abstract

In this paper we formulate a four parameter absolute continuous Geometric Marshall-Olkin bivariate Pareto distribution and study its parameter estimation through EM algorithm and also explore the bayesian analysis through slice cum Gibbs sampler approach. Numerical results are shown to verify the performance of the algorithms. We illustrate the procedures through a real life data analysis.