Fałdziński M, Osińska M, Zalewski W. Extreme Value Theory in Application to Delivery Delays.
ENTROPY 2021;
23:e23070788. [PMID:
34206409 PMCID:
PMC8304894 DOI:
10.3390/e23070788]
[Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Subscribe] [Scholar Register] [Received: 05/05/2021] [Revised: 06/18/2021] [Accepted: 06/19/2021] [Indexed: 11/16/2022]
Abstract
This paper uses the Extreme Value Theory (EVT) to model the rare events that appear as delivery delays in road transport. Transport delivery delays occur stochastically. Therefore, modeling such events should be done using appropriate tools due to the economic consequences of these extreme events. Additionally, we provide the estimates of the extremal index and the return level with the confidence interval to describe the clustering behavior of rare events in deliveries. The Generalized Extreme Value Distribution (GEV) parameters are estimated using the maximum likelihood method and the penalized maximum likelihood method for better small-sample properties. The findings demonstrate the advantages of EVT-based prediction and its readiness for application.
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