“…Hence copula modelling has an advantage over traditional multivariate distributions that it can be used for similar as well as different probability distributions of the variables and existing high correlation in several fields (e.g., Shiau, 2006; Lee and Cook, 2019; Yu et al ., 2020; Bazrafshan et al ., 2020; Khan et al ., 2020; Deng and Liang, 2021; Ullah and Akbar, 2021a; 2021b). In literature, copula models have also been effectively used in the development of new multivariate indices or in combing the results of existing indices (e.g., Kavianpour et al ., 2018; Van de Vyver and Van den Bergh, 2018; Wang et al ., 2020; Won et al ., 2020; Amjad et al ., 2022).…”