Extending the gain-probability analysis to the family of gamma distributions

Music City Center 

Due to its flexibility in handling skewness, the family of gamma distributions is applicable to numerous domains where less flexible distributions prove inadequate. This paper extends gain-probability (G-P) analysis to the family of gamma distributions, providing a comprehensive investigation of its applicability in statistical modeling. G-P analyses are developed for both independent and dependent (matched) data scenarios. Monte Carlo studies demonstrate the stability and robustness of maximum likelihood estimators of parameters in gamma distributions within the G-P framework. Furthermore, applications to real-world streamflow data highlight the comparative advantages of G-P analysis using the gamma distribution family. To facilitate practical implementation, free online calculators are provided for computing gain probabilities under the proposed methodology.

gamma distribution

gain-probability analysis

statistical modeling

maximum likelihood estimator

Monte Carlo studies

streamflow data 

Section on Statistical Computing