8. Concluding remarks
In this work, we have introduced a new generalization of the Pareto distribution. The new model presents more simplicity
in mathematical terms and allows the hazard rate to have either upside-down bathtub or decreasing shape, depending on
the values of its parameters. A Monte Carlo simulation study was carried out to evaluate the behavior of the proposed model
parameters. We have illustrated the usefulness of the proposed model by its good fitting in the application. We hope that
the new distribution may serve as an alternative distribution to other models available in the literature for modeling real
data in areas such as engineering, biology, finance, hydrology, economics, among others.