The Truncated Power Lomax Distribution: Properties and Applications

A new truncated distribution, called the truncated power Lomax (TPL) distribution, is proposed. This is a truncated version of the power Lomax distribution. The TPL distribution has increasing and decreasing shapes of the hazard function. Some statistical properties, such as moments, survival, hazard, and quantile functions, are discussed. The maximum likelihood estimation (MLE) is constructed for estimating the unknown parameters of the TPL distribution. Moreover, the distribution has been fitted with real data sets to illustrate the usefulness of the proposed distribution. From the results of the example applications, the TPL distribution provides a consistently better fit than the other distributions, i.e., power Lomax and Lomax.