Model averaging <i>versus</i> model selection: estimating design floods with uncertain river flow data

This study compares model averaging and model selection methods to estimate design floods, while accounting for the observation error that is typically associated with annual maximum flow data. Model selection refers to methods where a single distribution function is chosen based on prior knowledge or by means of selection criteria. Model averaging refers to methods where the results of multiple distribution functions are combined. Numerical experiments were carried out by generating synthetic data using the Wakeby distribution function as the parent distribution. For this study, comparisons were made in terms of relative error and root mean square error (RMSE) referring to the 1-in-100 year flood. The experiments show that model averaging and model selection methods lead to similar results, especially when short samples are drawn from a highly asymmetric parent. Also, taking an arithmetic average of all design flood estimates gives estimated variances similar to those obtained with more complex weighted model averaging.