Weibull distribution
Maximum likelihood estimation
Bayesian shrinkage estimator
Shrinkage pre-test
Squared loss function
Linear exponential loss function
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The Weibull distribution is considered one of the Type-I Generalized Extreme Value (GEV) distribution, and it
plays a crucial role in modeling extreme events in various fields, such as hydrology, finance, and environmental
sciences. Bayesian methods play a strong, decisive role in estimating the parameters of the GEV distribution due
to their ability to incorporate prior knowledge and handle small sample sizes effectively. In this research, we
compare several shrinkage Bayesian estimation methods based on the squared error and the linear exponential
loss functions. They were adopted and compared by the Monte Carlo simulation method. The performance of
these methods is assessed based on their accuracy and computational efficiency in estimati
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