A Three Parameter Power Nakagami Distribution: Properties and Application on the Tax Revenue Data

Abstract

Developing the probability distributions is increasing extensively over the decades but even though the newly developed distributions have elegant properties and variety of shapes which are applicable in wide areas of real-life situations and a numerous type of data sets. In this article, we introduced a three-parameter positively skewed model named Power Nakagami (PN) distribution based on power transformation. Various statistical properties of the Power Nakagami distribution are derived, including moments. Some reliability measures such as survival function, hazard function, cumulative hazard function and reversed hazard function are discussed also expressions for mills ratio, odd function, elasticity and Lorenz and Bonferroni Curve are developed. Graphical representation of probability density function, cumulative density function and reliability measures are presented. Maximum likelihood estimation is used to estimate the parameters. The distribution is fitted to real life dataset (Tax revenue) to demonstrate the comparison of the new distribution with the base distribution.