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Abstract
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In this paper, a new heavy-tailed distribution is used to model data with
a strong right tail, as often occurs in practical situations. The proposed distribution is derived from the log-normal distribution, by using odd log-logistic
distribution. Statistical properties of this distribution, including hazard function, moments, quantile function, asymptotics are derived. The unknown parameters are estimated by the maximum likelihood estimation procedure. For different parameter settings and sample sizes, a simulation study is performed
and the performance of the new distribution is compared to beta log-normal.
The new lifetime model can be very useful and its superiority is illustrated by
means of two real data sets.
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