"Theoretical considerations, supported by statistical analysis of 39 annual flood series (AFS) of Italian basins, suggest that the two-component extreme value (TCEV) distribution can be assumed as a parent flood distribution, i.e., one closely representative of the real flood experience. This distribution belongs to the family of distributions of the annual maximum of a compound Poisson process, which is a solid theoretical basis for AFS analysis. However, the two-parameter distribution of this family, obtained on the assumption of identically distributed floods, does not account for the high variability of both observed skewness and largest order statistics, so that a significant number of observed floods qualify as outliers under this distribution. The more general TCEV distribution assumes individual floods to arise from a mixture of two exponential components. Its four parameters can be estimated by the maximum likelihood method. A regionalized TCEV distribution, with parameters representative of a set of 39 Italian AFS's, was shown to closely reproduce the observed distribution of skewness and that of the largest order statistic."
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