A novel four-parameter lifetime model: properties and applications

Abstract

In this work, we introduce a new continuous lifetime distribution, called the Power Three-parameters Lindley distribution (PTPL). We explore the maximum likelihood estimation-based inference for the PTPL distribution, and introduce three random data generation algorithms. A Monte Carlo simulation study is conducted to evaluate the performance of the proposed models. Empirical applications to two real-world engineering datasets demonstrate its practical utility, confirm the model's flexibility, and consistently outperform existing lifetime models across various scenarios.