The name is absent

49

R⅛ⁿ∖t) = exp{-⅛⅛ⁿ∖t)}

= _ew-V________

ⁿ _i⅜∑U"ΛH<>)

∑_li<₁∕≈.,ι⅛"^-ltfe)

-V_____-_________}

⅛⅛∑Z=ι Ql^m-¹∖¾)e≈_p(w'∕3^) ^j

∑≈_i≤^MΓ^¹∖¾)

= exp{-V-------ʒ-------,—,-, -,∖ }             (3.20)

Note that the proposed Sθ^m∖t) and Rθ^m∖t) are also copula-based, which are dif-
ferent from Sθ⁰∖t) and /f,ɑŋ(/.).

Similarly as Step 1, we then update corresponding F^^m∖β, G^^l∖∙), P^^m∖β, Q^ff^l∖∙β
⅛ⁿ>(∙) and £<”>(■).

Step 3,

Again, maximize lβ^rββ.β_c') and get the updated ^(^m+1) and βⁱβ^n+lV

Step 4,

Iterates as below:

• Keep updating d^fm+1) and β^,βⁿ⁺^ using the Newton-Raphson Method until they

converge.

• Following values are used to get new estimates of β and β_c∙.

β(-^m+1β βc^m+1∖ Pi'ⁿ∖∙'), Qi"ⁱ∖∙), D<f^l∖β and Ê-^m\-). That is, after getting new

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