A modified power-law model: Properties, estimation, and applications

Abstract Models of various physical, biological, and artificial phenomena follow a power law over multiple magnitudes. This article presents modified Pareto model with an upside-down shape adjustable right tail. The moments, quantiles, failure rate, mean residual life, quantile life functions are examined. In addition, some stochastic ordering characteristics the proposed investigated. estimation parameters using maximum likelihood estimator, square error, Anderson–Darling estimator is explored, simulation study conducted to analyze their behavior. Finally, we compare alternative methods for describing dataset on strength carbon fiber customer waiting times in bank.