The pairwise beta distribution: A flexible parametric multivariate model for extremes

We present a new parametric model for the angular measure of a multivariate extreme value distribution. The flexible model can be applied to random vectors of any finite dimension. An advantage of this model is that its parameters correspond to the level of dependence between each pair of components of the random vector, and as such the parameters of the model are more interpretable that those of earlier models for multivariate extremes. The model is applied to air quality data and simulated spatial data.