Properties of the Libby-Novick Beta Distribution with Application

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Zafar Iqbal
Muhammad Rashad
Muhammad Hanif

Abstract

The beta distribution is one of the most popular probability distributions with applications to real life data. In this paper, an extension of this distribution called the Libby-Novick Beta distribution (LNBD) which is believed to provide greater flexibility to model scenarios involving skew-normal data than original one. Analytical expressions for various mathematical properties along with characterization based on one truncated moment. The estimation of LNBD's parameters is undertaken using the method of maximum likelihood estimation. For illustration and performance evaluation of LNBD two real-life data sets adapted from earlier studies are used.

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