New copula model allows for flexible dependence measures in statistical analysis.
A new copula model was created using Rüschendorf’s Method to study relationships between variables. By adding a term to the independence copula, a flexible bivariate copula family was developed. This new copula can mimic independence or show different levels of dependence based on Spearman’s correlation coefficient. Tail dependence measures were also explored. The method allows for easy adjustment of the copula's behavior by choosing a baseline copula with the same marginal distributions.