A New Lindley Extension: Estimation, Risk Assessment and Analysis Under Bimodal Right Skewed Precipitation Data

Abstract

The objectives of this study are to propose a new two-parameter lifespan distribution and explain some of the most essential properties of that distribution. Through the course of this investigation, we will be able to achieve both of these objectives. For the aim of assessment, research is carried out that makes use of simulation, and for the same reason, a variety of various approaches are studied and taken into account for the purpose of evaluation. Making use of two separate data collections enables an analysis of the adaptability of the suggested distribution to a number of different contexts. The risk exposure in the context of asymmetric bimodal right-skewed precipitation data was further defined by using five essential risk indicators, such as value-at-risk, tail-value-at-risk, tail variance, tail mean–variance, and mean excess loss function. This was done in order to account for the right-skewed distribution of the data. In order to examine the data, several risk indicators were utilized. These risk indicators were used in order to achieve a more in-depth description of the risk exposure that was being faced.