The Gamma-Generalized Inverse Weibull Distribution with Applications to Pricing and Lifetime Data

A new distribution called the gamma-generalized inverse Weibull distribution which includes inverse exponential, inverse Rayleigh, inverse Weibull, Frechet, generalized inverse Weibull, gamma-exponentiated inverse exponential, exponentiated inverse exponential, Zografos and Balakrishnan-generalized inverse Weibull, Zografos and Balakrishnan-inverse Weibull, Zografos and Balakrishnan-generalized inverse exponential, Zografos and Balakrishnan-inverse exponential, Zografos and Balakrishnan-generalized inverse Rayleigh, Zografos and Balakrishnan-inverse Rayleigh, and Zografos and Balakrishnan-Fr'echet distributions as special cases is proposed and studied in detail. Some structural properties of this new distribution including density expansion, moments, Renyi entropy, distribution of the order statistics, moments of the order statistics and L-moments are presented. Maximum likelihood estimation technique is used to estimate the model parameters and applications to a real datasets to illustrate its usefulness are presented.