Traditional correlation-based approach under
normality to dependence modeling is no longer
adequate, as dependence of extreme events must be
modeled and the scale-invariant measures of
dependence might be considered. With this problem in
popularity has come a rise in the need for modeling
multivariate dependence with various types of
dependence structure. In recent years there has been
increasing applications of copulas in many fields.
The copula-based approach is implemented by
specifying the margins and the dependence structure
represented by a certain type of copula function....