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Abstract:
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In this paper the author compares some properties of a relatively new general model, the beta-exponential model, with similar properties for the Weibull model. It is shown that the beta-exponential distribution has some properties which are similar to the Weibull distribution. For example, both models can be viewed as an extension of the exponential model, both have increasing and decreasing hazard rates, and both have closed form expressions for their moment generating function and hence for their moments. In addition, two real life data sets are fitted to the beta-exponential and Weibull distributions and their goodness of fit are compared. The analysis of the results implies that the beta-exponential provides a better fit in both instances. Consequently, the beta-exponential distribution can be viewed as an alternative to the Weibull distribution for modeling different phenomenon.
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