Advances in Deriving the Exact Distribution of Maximum Annual Daily Precipitation

Maximum annual daily precipitation does not attain asymptotic conditions. Consequently, the results of classical extreme value theory do not apply to this variable. This issue has raised concerns about the frequent use of asymptotic distributions to model the maximum annual daily precipitation and, at the same time, has rekindled interest in deriving and testing its exact (or non-asymptotic) distribution. In this review, we summarize and discuss results to date about the derivation of the exact distribution of maximum annual daily precipitation, with attention on compound/superstatistical distributions.