On the uncertainty of long-period return values of extreme daily precipitation

The roles of return-value estimation procedures and sample size in uncertainty are evaluated for various return periods. We compare two different generalized extreme value (GEV) parameter estimation techniques, namely L-moments and maximum likelihood (MLE), as well as empirical techniques.

Even for very large datasets, confidence intervals calculated using GEV techniques are narrower than those calculated using empirical methods. Furthermore, the more efficient L-moments parameter estimation techniques result in narrower confidence intervals than MLE parameter estimation techniques at small sample sizes, but similar best estimates. It should be noted that we do not claim that either parameter fitting technique is better calibrated than the other to estimate long period return values.