An automated threshold selection procedure for generalized Pareto distribution with application to rainfall dataset
In hydrological datasets, particularly rainfall, the study of extreme values is crucial. The appropriate analysis of such datasets can provide vital information about the return levels of extreme rainfall, which can play a significant role in disaster prevention. In many situations, the GPD has been a well-respected option for studying extreme data; nonetheless, there are still concerns about the GPD's threshold selection method. The commonly used Mean Residual Life (MRL) plot technique for threshold selection in Generalized Pareto Distribution (GPD) analysis suffers