Weighted modified Lindley model with WMLdist web application

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Abstract

The gamma distribution is an essential distribution for modeling data in different areas such as insurance, finance, reliability, and many fields of engineering. This study proposes a new sophisticated distribution as an alternative to the gamma distribution with tractable properties. Mathematical characteristics and the parameter estimation process of the newly defined model are studied. Two datasets from two different disciplines, education and finance, are used to demonstrate the importance of the new model. Moreover, the WMLdist cloud-based application is developed to simplify and spread the use of the proposed distribution.

Keywords

gamma distribution / Lindley distribution / weighted distribution / simulation / software

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