Bayesian Estimation of Power Function Distribution using Lower Record Values

Abstract

This paper considering the Power function distribution as a life time model.
The Bayesian estimation for the parameter, reliability function and hazard rate
of power function distribution is obtained in case of lower record values. This
study provides the Bayesian estimation under both informative (gamma) and noninformative
(quasi, uniform, Jeffreys’) priors. Both symmetric (squared error loss
function) and asymmetric (generalized entropy loss function) loss functions are
also considered for the Bayesian estimation.