The New Polynomial Single Parameter Distribution: Properties, Bayesian and Non-Bayesian Inference with Real-Data Applications

Abstract

A novel flexible single-parameter polynomial distribution is presented in this study. The forms of hazard rate and density functions are examined. Additionally, exact formulas for a number of numerical characteristics of distributions are obtained. Stochastic ordering, the moment technique, the maximum likelihood, and a Bayesian analysis of this novel distribution based on type II censored data are used to derive the extreme order statistics. We construct Bayes estimators and the associated posterior risks using a variety of loss functions, such as the generalized quadratic, entropy, and Linex functions. Since tractable analytical formulations of these estimators are unattainable, we suggest using a simulation technique based on Markov chain Monte-Carlo (MCMC) to examine their performance. Furthermore, we construct maximum likelihood estimators given initial values for the model’s parameters. Additionally, we use integrated mean square error and Pitman’s proximity criteria to compare their performance with that of the Bayesian estimators. Lastly, we apply the new family to many real-world datasets to show its versatility, and we model cancer survival data using this new distribution to explain our methodology.