Dipartimento di Economia e Statistica, Università della Calabria, Via Pietro Bucci, Cubo 1C, 87136 Rende (CS), Italy
Academic Editor: Tomasz J. Kozubowski
Copyright © 2010 Agostino Tarsitano. This is an open access article distributed under the
Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
We use the quantile function to define statistical models. In
particular, we present a five-parameter version of the generalized lambda distribution
(FPLD). Three alternative methods for estimating its parameters
are proposed and their properties are investigated and compared by making
use of real and simulated datasets. It will be shown that the proposed model
realistically approximates a number of families of probability distributions,
has feasible methods for its parameter estimation, and offers an easier way
to generate random numbers.