Bayesian analysis of absolute continuous Marshall-Olkin bivariate Pareto distribution with location and scale parameters

TL;DR

This paper introduces two novel slice sampling methods for Bayesian parameter estimation of the Marshall-Olkin bivariate Pareto distribution with location and scale parameters, including credible intervals and real data application.

Contribution

It presents new slice sampling approaches for Bayesian inference on this distribution, incorporating gamma and truncated normal priors.

Findings

Successful estimation of parameters with credible intervals

Effective application to real-life data

Comparison of the two proposed methods

Abstract

This paper provides two different novel approaches of slice sampling to estimate the parameters of absolute continuous Marshall-Olkin bivariate Pareto distribution with location and scale parameters. We carry out the bayesian analysis taking gamma prior for shape and scale parameters and truncated normal for location parameters. Credible intervals and coverage probabilities are also provided for all methods. A real-life data analysis is shown for illustrative purpose.