Classical and Bayesian Approach in Estimation of Scale Parameter of Inverse Weibull Distribution

Abstract

In this paper, Inverse Weibull Distribution is considered. The classical Maximum likelihood estimator has been obtained. Bayesian method of estimation has been employed in order to estimate the scale parameter of Inverse Weibull Distribution by using Jeffery’s and Quasi’s prior under three different loss functions. Also these methods are compared by using mean square error with varying sample sizes through simulation study conducted in R software.

Keywords: Inverse Weibull Distribution, Jeffrey’s and Quasi’s prior, loss functions and R software.