A Comparison of Copulas Based on the Range Distribution and Its Application

Abstract

This paper compares some Archimedean Copulas based on the range distribution and its application. We show that the Clayton Copula is better than the other Copula models considered in this paper. Also, Clayton Copula performed better than the regular one-way ANOVA when there were no outliers. However, when the data had outliers, the Clayton Copula performed almost at the same level (power-wise) as the regular one-way ANOVA.