On a New Modification of the Weibull Model with Classical and Bayesian Analysis

Table 8

Bayesian estimates and their posterior risks of the parameters under different loss functions based on the failure time data.

Data	Insurance data
Bayes
Loss functions	Estimate	Risk	Estimate	Risk	Estimate	Risk
SELF	0.2280	0.0007	2.2772	0.2107	0.1560	0.0007
WSELF	0.2249	0.0031	2.1881	0.0891	0.1516	0.0044
MSELF	0.2218	0.0138	2.1025	0.0391	0.1472	0.0292
PLF	0.2295	0.0030	2.3230	0.0916	0.1582	0.0044
KLF	0.2265	0.0136	2.2322	0.0403	0.1538	0.0291