  The set of cosmological density parameters ($\Omega_{0m}h_{0}^{2}$,
$\Omega_{0k}h_{0}^{2}$, $\Omega_{0\Lambda}h_{0}^{2}$) and Hubble constant
($h_{0}$) are useful for fundamental understanding of the universe from many
perspectives. In this article, we propose a new procedure to estimate these
parameters for $\Lambda$ cold dark matter ($\Lambda$CDM) universe in the
Friedmann-Robertson-Walker (FRW) background. We generalize the two-point
statistic first proposed by Sahni et al. (2008) to the three point case and
estimate the parameters using currently available Hubble parameter ($H(z)$)
values in the redshift range $0.07 \leq z \leq 2.36$ measured by differential
age (DA) and baryon acoustic oscillation (BAO) techniques. All the parameters
are estimated assuming the general case of non-flat universe. Using both DA and
BAO data we obtain $\Omega_{0m}h_{0}^{2}=0.1485 \pm 0.0065$,
$\Omega_{0k}h_{0}^{2}=-0.0137 \pm 0.017$, $\Omega_{0\Lambda}h_{0}^{2}=0.3126
\pm 0.0145$ and $h_{0}=0.6689 \pm 0.0021$. These results are in satisfactory
agreement with the Planck results. An important advantage of our method is that
to estimate value of any one of the independent cosmological parameters one
does not need to use values for rest of them. Each parameter is obtained solely
from the measured values of Hubble parameters at different redshifts without
any need to use values of other parameters. Such a method is expected to be
less susceptible to the undesired effects of degeneracy issues between
cosmological parameters during their estimations. Moreover, there is no
requirement of assuming spatial flatness in our method.

Cosmology and Nongalactic Astrophysics