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Title: On the goodness of standard copulas Authors:  Dragan Radulovic - Florida Atlantic University (United States) [presenting]
Abstract: A series of simulated and numerical examples demonstrating that, more often than not, standard model copulas do not capture the underlying dependency structure are shown. We believe that copula models, unlike other statistical tools, are too readily accepted by practitioners. Rigorous, goodness of fit tests are commonly replaced by off hand statements like: it works well. To this end, we offer a theoretical result, an umbrella type theorem tailored for creating numerous Goodness of Fit tests for copulas.