On the estimation of continuous 24-h precipitation maxima

Extreme value analysis of precipitation is of great importance for several types of engineering studies and policy decisions. For return level estimation of extreme 24-h precipitation, practitioners often use daily measurements (usually 08:00-08:00 local time) since high-frequency measurements are scarce. Annual maxima of daily series are smaller or equal to continuous 24-h precipitation maxima such that the resulting return levels may be systematically underestimated. In this paper we use a rule, derived earlier, on the conversion of the generalized extreme value (GEV) distribution of daily to 24-h maxima. We develop an estimator for the conversion exponent by combining daily maxima and high-frequency sampled 24-h maxima in one joint log-likelihood. Once the conversion exponent has been estimated, GEV-parameters of 24-h maxima can be obtained at sites where only daily data is available. The new methodology has been extended to spatial regression models.