Transmuted Dagum distribution: A more flexible and broad shaped hazard function model

Abstract

In this article, we introduce an extended Dagum distribution, named as transmuted Dagum distribution which can be used for income distribution, actuarial, survival and reliability analysis. The main motivation for generalizing the standard distribution is to provide more flexible distribution to model a variety of data. The extended distribution has been expressed using quadratic rank transmutation map and its tractable properties like moments, moment generating, quantile, reliability and hazard functions are derived. The transmuted Dagum model provides the broader range of hazard behavior than the Dagum model. The densities of its order statistics, generalized TL-moments with its special cases are also studied. The parameters of the new model are estimated by maximum likelihood using Newton-Raphson approach and the information matrix and confidence intervals are also obtained. To illustrate utility and potentiality of the proposed model, it has been applied to rainfall data for the city of Islamabad, Pakistan.