BAYES ESTIMATORS OF SHAPE PARAMETER OF PARETO DISTRIBUTION UNDER TWO DIFFERENT LOSS FUNCTIONS

Abstract

In this paper, Bayes estimators of the shape parameter θ of Pareto distribution have been attained for different priors. The paper also discusses the comparison of Bayes estimators of θ and other estimators like, uniformly minimum variance unbiased estimator (UMVUE) and Maximum likelihood estimator (MLE) of θ under Two loss functions namely, Asymmetric Precautionary Loss Function (APLF) and Squared Error Loss Function (SELF). The results have been illustrated using a simulation study with varying sample sizes through R software.