Geodesic
A multimodal beta distribution with application to economic data
Saralees Nadarajah1 ; Samuel Kotz2
1 School of Mathematics University of Manchester Manchester M60 1QD, UK
2 Department of Engineering Management and Systems Engineering George Washington University Washington, DC 20052, U.S.A.
Applicationes Mathematicae, Tome 34 (2007) no. 1, pp. 1-14.

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Beta distributions are popular models for economic data. In this paper, a new multimodal beta distribution with bathtub shaped failure rate function is introduced. Various structural properties of this distribution are derived, including its cdf, moments, mean deviation about the mean, mean deviation about the median, entropy, asymptotic distribution of the extreme order statistics, maximum likelihood estimates and the Fisher information matrix. Finally, an application to consumer price indices is illustrated to show that the proposed distribution is a better model to economic data than one based on the standard beta distribution.
DOI : 10.4064/am34-1-1
Keywords: beta distributions popular models economic paper multimodal beta distribution bathtub shaped failure rate function introduced various structural properties distribution derived including its cdf moments mean deviation about mean mean deviation about median entropy asymptotic distribution extreme order statistics maximum likelihood estimates fisher information matrix finally application consumer price indices illustrated proposed distribution better model economic based standard beta distribution

Saralees Nadarajah 1 ; Samuel Kotz 2

1 School of Mathematics University of Manchester Manchester M60 1QD, UK
2 Department of Engineering Management and Systems Engineering George Washington University Washington, DC 20052, U.S.A. 
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Saralees Nadarajah; Samuel Kotz. A multimodal beta distribution
 with application to economic data. Applicationes Mathematicae, Tome 34 (2007) no. 1, pp. 1-14. doi : 10.4064/am34-1-1. http://geodesic.mathdoc.fr/articles/10.4064/am34-1-1/

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