Bayesian Inference of the Weibull-pareto Distribution

Abstract

There are a wide range of industries that make use of theWeibull distribution, including industrial engineering, general insurance, survival analysis, electrical engineering, and reliability engineering, to name just a few. The Weibull distribution is expanded to become the Weibull-Pareto distribution, also known simply as the Weibull distribution. A notable use of the Weibull-Pareto distribution is in the modeling of asymmetrical data, which is also one of its most important applications. During the course of this inquiry, a hierarchical Bayesian model will be created with the use of a Weibull-Pareto distribution as a reference.