Abstract
As discussed in Chapter 3, modeling only block maxima is a wasteful approach to extreme value analysis if other data on extremes are available. Though the r largest order statistic model is a better alternative, it is unusual to have data of this form. Moreover, even this method can be wasteful of data if one block happens to contain more extreme events than another. If an entire time series of, say, hourly or daily observations is available, then better use is made of the data by avoiding altogether the procedure of blocking.
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Coles, S. (2001). Threshold Models. In: An Introduction to Statistical Modeling of Extreme Values. Springer Series in Statistics. Springer, London. https://doi.org/10.1007/978-1-4471-3675-0_4
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DOI: https://doi.org/10.1007/978-1-4471-3675-0_4
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