Abstract
In this paper, we have proposed a new cubic transmuted Pareto (CTP) distribution by using the cubic Transmuted family of distributions introduced by Rahman et al. [1]. Derivation of statistical properties along with the distribution of order statistics have been discussed for the CTP distribution. Certain characterizations of the CTP distribution are presented. Maximum likelihood estimation of the model parameters has been conducted alongside an extensive Monte Carlo simulation study to assess the performance of the estimation procedure. Finally, two real-life applications have been considered to investigate the applicability of the CTP distribution.