This paper introduces a new flexible probability tool for modeling extreme and zero-inflated count data under different shapes of hazard rates. Many relevant mathematical and statistical properties are derived and analyzed. The new tool can be used to discuss several kinds of data, such as “asymmetric and left skewed”, “asymmetric and right skewed”, “symmetric”, “symmetric and bimodal”, “uniformed”, and “right skewed with a heavy tail”, among other useful shapes. The failure rate of the new class can vary and can take the forms of “increasing-constant”, “constant”, “monotonically dropping”, “bathtub”, “monotonically increasing”, or “J-shaped”. Eight classical estimation techniques—including Cramér–von Mises, ordinary least squares, L-moments, maximum likelihood, Kolmogorov, bootstrapping, and weighted least squares—are considered, described, and applied. Additionally, Bayesian estimation under the squared error loss function is also derived and discussed. Comprehensive comparison between approaches is performed for both simulated and real-life data. Finally, four real datasets are analyzed to prove the flexibility, applicability, and notability of the new class. |
