Dagum power series distributions: theory and applications

Abstract

A new generalized Dagum distribution called the Dagum power series distri butions is introduced and studied. This distribution is obtained by compounding Dagum and other power series distributions. The structural properties of the new distributions are discussed, including explicit algebraic formulas for its survival and hazard functions, quantile function, moments, moment generating function, conditional moments, mean and median deviations, Bonferroni and Lorenz curves, distribution of order statistics and Renyi entropy. Method of maximum likelihood is used for estimating the model parameters. A real data set is used to illustrate the usefulness, applicability, importance and flexibility of the new distribution.