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Shamsul Rijal Muhammad Sabri
School of Mathematical Sciences, Universiti Sains Malaysia, Penang, 11800, Malaysia
Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Environmental Science Materials Science & Nanotechnology Physics

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A New Three-Parameter Mixed Poisson Transmuted Weighted Exponential Distribution with Applications to Insurance Data Ademola Adetunji; Shamsul Rijal Muhammad Sabri
Science and Technology Indonesia Vol. 8 No. 2 (2023): April
Publisher : Research Center of Inorganic Materials and Coordination Complexes, FMIPA Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26554/sti.2023.8.2.235-244

Abstract

The classical Poisson distribution assumes equidispersion and this is hardly the case when given count observations. To improve efficiency and general applicability for dispersed data, this paper obtains a new mixing probability distribution using quadratic transmutation map on the weighed exponential distribution. The mixing distribution is used to obtain a new three parameter mixed Poisson distribution. The new distribution has unimodal shape with positive skewness and tends to zero speedily. Basic properties of the new distribution like the distribution function, moments, and dispersion index are obtained. Maximum likelihood estimates of the parameters of the distribution are obtained. Applications are made using four claims frequencies from different insurance companies. Results show that the new distribution gives a good fit in comparisons with some referred discrete distributions.
Co-Authors Ademola Adetunji