The modelling of dependence relations between random variables is a typically studied subject in probability theory and statistics. In the recent decade, the concept of copula gained enormous success in finance and economics in the risk management and analysis context. Engineers started investigating the applications of copula in recent years; it has been widely used in Hydrology and climate studies to model rainfall and overspill risk. As a powerful tool to model dependence, copula has been applied to travel behavior modeling and model choice by several researchers. Dr. Wang will share his understanding of copula and its implications to engineers and planners in a more general uncertainty modeling framework. Some of the ongoing research efforts regarding how copula is being applied to transportation network entrance-ramp flow dependency and spatial-temporal travel time reliability study at Oregon State University.
For more information: http://www.cts.pdx.edu/abstracts/h_wang_abstract.php