A NEW MIXTURE OF PARETO DISTRIBUTIONS

Mixture distributions play an important role in many studies in real time scenario. It has many applications to name some of them are: Insurance risk theory, oil industry, reliability theory etc. Mixture distributions are probability distributions of a random variable, derived from the convex combination of individual distributions as components of the random variable, with the corresponding proportion of each component called as the mixture weights. In this paper, an attempt is made to propose a new mixture distribution, using three Pareto distributions with different fixed proportions. The properties of the distribution are also derived and presented.