On Statistical Modeling Using a New Version of the Flexible Weibull Model: Bayesian, Maximum Likelihood Estimates, and Distributional Properties with Applications in the Actuarial and Engineering Fields

In this article, we present a new statistical modification of the Weibull model for updating flexibility, called generalized Weibull-Weibull distribution. The is defined and studied in detail. Some mathematical functions are studied, such as quantile function, moments, information generating measure, Shannon entropy energy. joint distribution two marginal univariate models via Copula provided. unknown parameters estimated using maximum likelihood method Bayesian Monte Carlo simulations. approach discussed three different loss functions: quadratic error LINEX general function. We perform some numerical simulations to show how interesting theoretical results are. Finally, practical application proposed illustrated by analyzing applications actuarial engineering fields corporate data elasticity advantage model. that very suitable modeling technical sets other related fields.