Bayesian Analysis of Inverse Lomax Distribution Using Approximation Techniques

The main aim of the present paper is to study the behavior of the shape parameter of Inverse Lomax Distribution by using various approximation techniques like Normal approximation and Tierney and Kadane (T-K) approximation. Different informative and non informative priors have been considered to obtain the Bayes’ estimate of the parameter of Inverse Lomax Distribution under these approximation techniques. Moreover, the estimates obtained under these priors have been compared using the simulation technique as well as real life data set. Keywords: Bayesian estimation, Prior distribution, Normal approximation, T-K approximation