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Dismissing return periods

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TLDR
It is shown that the concepts of probability of exceedance and risk of failure over a given design life period provide more coherent, general and well devised tools for risk assessment and communication.
Abstract
The concept of return period in stationary univariate frequency analysis is prone to misconceptions and misuses that are well known but still widespread. In this study we highlight how nonstationary and multivariate extensions of such a concept are affected by additional misconceptions, thus easily resulting in further ill-posed procedures and misleading conclusions. We also show that the concepts of probability of exceedance and risk of failure over a given design life period provide more coherent, general and well devised tools for risk assessment and communication.

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Journal ArticleDOI

Dependence of drivers affects risks associated with compound events.

TL;DR: It is concluded that a multivariate perspective is necessary to appropriately assess changes in climate extremes and their impacts and to design adaptation strategies.

Dependence of drivers affects risks associated with compound events

TL;DR: This article analyzed the co-occurrence of hot and dry summers and showed that these are correlated, inducing a much higher frequency of concurrent hot and cold summers than what would be assumed from the independent combination of the univariate statistics.
Journal ArticleDOI

Stationarity is undead: Uncertainty dominates the distribution of extremes

TL;DR: The results show that nonstationary frequency analyses should not only be based on at-site time series but require additional information and detailed exploratory data analyses (EDA), and stationary models should be retained as more theoretically coherent and reliable options for practical applications in real-world design and management problems.
Journal ArticleDOI

Compounding effects of sea level rise and fluvial flooding

TL;DR: A bivariate flood hazard assessment approach is proposed that accounts for compound flooding from river flow and coastal water level, and it is shown that a univariate approach may not appropriately characterize the flood hazard if there are compounding effects.
References
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Journal Article

R: A language and environment for statistical computing.

R Core Team
- 01 Jan 2014 - 
TL;DR: Copyright (©) 1999–2012 R Foundation for Statistical Computing; permission is granted to make and distribute verbatim copies of this manual provided the copyright notice and permission notice are preserved on all copies.
Book

Probability, random variables, and stochastic processes

TL;DR: In this paper, the meaning of probability and random variables are discussed, as well as the axioms of probability, and the concept of a random variable and repeated trials are discussed.
Book

An Introduction to Copulas

TL;DR: This book discusses the fundamental properties of copulas and some of their primary applications, which include the study of dependence and measures of association, and the construction of families of bivariate distributions.
Book

Hydrologic Analysis and Design

TL;DR: In this paper, the authors present a survey of statistical methods in hydrology, including water yield and snowmelt runoff, water quality estimation, and water evaporation.
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Trending Questions (1)
Are return periods or probabilities of ocurrence commonly used in risk assessments?

Yes, probabilities of exceedance and risk of failure over a given design life period are commonly used in risk assessments.