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Concordance - Chapter17 Copulas

R

Rahul

Keen member
Could you please explain the meaning of concordance in easy language?

As per my understanding
" concordance is a specific type of association between two random variables. When two variables are concordant, it means that when one variable has a small value, the other variable is also likely to have a small value, and vice versa. Same goes for big values as well that if the one variable has big value then the other variable will also have big value.

Please let me know whether this understanding is correct or not?
 
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