Application of Parametric Regression Model to Economic Data

Abstract

Parametric regression models have been in existence years ago in literature for problems in several areas such as: survival analysis, reliability, biology and hydrology. In this research, a new parametric regression model is developed as an important model to accommodateskewed economic data. Some statistical properties of the model distribution are derived and estimation of parameters is also obtained maximum likelihood method. The random variable follows the distribution of the proposed model.Therefore, the proposed model is apply to economic data set.