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Table 4

Specification of common parameter based bivariate copula families (Adapted from Goda [17]). In our particular problem the variable u corresponds to the random variable and the variable v corresponds to the random variable ξλ so that the bivariate copula C (u, v) can be used to construct the joint probability density function as  for convenience.

Copula name Copula function C (u, v) Copula parameter relationship with Kendall's tau
Normal
Student-t
Gumbel  and θ ≥ 1
Frank
Clayton  and θ ∈ [0, ∞]

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