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A New Three-Parameter Extended Pareto Distribution: Theory, Sustainable Lifetime Modeling, and Decision-Making Applications |
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PP: 425-441 |
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doi:10.18576/amis/200209
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Author(s) |
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Mohamed El-Dawoody,
Mahmoud El-Morshedy,
Mohamed S. Eliwa,
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Abstract |
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| This work introduces a novel three-parameter extension of the Pareto distribution, specifically examined for its utility in addressing complex data challenges within sustainability science and environmental modeling. A thorough examination of the model provides explicit formulas for properties such as the hazard rate and moments, creating a mathematical foundation for assessing sustainability risks and ecological resilience. To support social sustainability and economic equity, we utilize the Lorenz curve and Gini index to evaluate how well the distribution measures wealth inequality and fair resource allocation. The suggested model exhibits high flexibility, allowing it to accurately represent the asymmetric and leptokurtic data patterns frequently encountered in climate change studies and environmental impact assessments. Furthermore, this novel distribution is vital for the circular economy and sustainable engineering, as its flexible hazard rate function capable of modeling upside-down bathtub shapes can accurately predict product lifecycles and the reliability of green infrastructure. Maximum Likelihood Estimation (MLE) is applied to ensure precise parameter fitting, which is essential for deriving accurate sustainable development indicators. Through rigorous simulation and application to real- world datasets, we demonstrate that this model offers a superior framework for analyzing lifetime sustainability phenomena, thereby supporting more effective data-driven sustainability policies. |
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