Journal of Statistics Applications & Probability

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The objective of the study is two fold. The first one is to give some recurrence relations satisfied by single and product moments of Generalized Record Values (GRV) from New Modified Weibull Distribution (NMWD). These relations are derived for moments of upper record values. Further, conditional expectation is used to characterize the New Modified Weibull Distribution. The second objective is to give complete Bayesian analysis of the New Modified Weibull Distribution for parameter estimation. We are proposing Markov chain Monte Carlo simulation with hybrid strategy for the same.

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