Ph.D. statistics student Fadal Aldhufairi recently published a portion of his dissertation in the Journal of Statistical Distributions and Applications. Fadal introduces a new family of copulas by using the unit Weibull and Lomax distortion function. A copula is a mathematical function that describes the difference between two variables. Copulas serve numerous fields including engineering, medical, and finance, and are useful for investigating things such as the movement of joints in the human body, or the relationship between two events, in the financial marketplace.
Fadal’s research proposes a new method that creates copulas that outperform the base (original) copulas. Researchers are interested in the flexible properties of these new copulas. Fadal explains that his new technique increases the performance and versatility of this powerful statistical tool. Using insurance data sets, Fadal demonstrates that his new copula families outperform the base copulas and offer more flexibility and an overall better fit for data-sets and improved analyses.
Fadal can be contacted at email@example.com.
Fadal’s research can be found here: https://jsdajournal.springeropen.com/articles/10.1186/s40488-020-00110-z
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Story by ORGS intern Hailey Nelson