Application of Burr XII Mixture Distributions to Model Unemployment Duration in Pricing Unemployment Insurance Assuming USA Data
Richard Onyino Simwa,
Martin Mutwiri Kithinji,
Joseph Anthony McOtteku Otieno
Issue:
Volume 2, Issue 3, September 2016
Pages:
27-34
Received:
20 July 2016
Accepted:
24 September 2016
Published:
28 October 2016
Abstract: The objective of this research is to consider varying unemployment duration in the pricing of unemployment insurance with application to USA data. The study assumes that unemployment duration follows Burr XII mixture distribution while the discount rate to use in the pricing of the scheme will bedetermined by fitting market data into the capital asset pricing model. The Burr XII mixture distribution has been used to model unemployment duration in order to allow for heterogeniety in the unemployment duration of the insured employees. The results yield a mean unemployment duration of approximately 16 weeks and premium contribution rate of 5.10% of the taxable wage base per month for a benefit of 45% of the taxable wage base per month payable on weekly basis during spells of unemployment.
Abstract: The objective of this research is to consider varying unemployment duration in the pricing of unemployment insurance with application to USA data. The study assumes that unemployment duration follows Burr XII mixture distribution while the discount rate to use in the pricing of the scheme will bedetermined by fitting market data into the capital as...
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A New Extended Uniform Distribution
K. K. Sankaran,
K. Jayakumar
Issue:
Volume 2, Issue 3, September 2016
Pages:
35-41
Received:
14 October 2016
Accepted:
7 November 2016
Published:
5 December 2016
Abstract: We introduce a new family of distributions using truncated the Discrete Mittag- Leffler distribution. It can be considered as a generalization of the Marshall-Olkin family of distributions. Some properties of this new family are derived. As a particular case, a three parameter generalization of Uniform distribution is given special attention. The shape properties, moments, distributions of the order statistics, entropies are derived and estimation of the unknown parameters is discussed. An application in autoregressive time series modeling is also included.
Abstract: We introduce a new family of distributions using truncated the Discrete Mittag- Leffler distribution. It can be considered as a generalization of the Marshall-Olkin family of distributions. Some properties of this new family are derived. As a particular case, a three parameter generalization of Uniform distribution is given special attention. The s...
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