Therefore, the RMSE and AIC were again applied to select the appropriate joint distribution model, and as a result, the Gumbel–Hougaard copula was chosen (Table 3).

Table 3

The goodness-of-fit test of Archimedean copulas

Joint functionRMSEAIC
Clayton copula 0.43 −443.32
Frank copula 0.44 −440.03
Gumbel–Hougaard copula 0.42 −458.14
Joint functionRMSEAIC
Clayton copula 0.43 −443.32
Frank copula 0.44 −440.03
Gumbel–Hougaard copula 0.42 −458.14

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