Extreme value theory (EVT) is well suited to model extreme events, such as floods, heatwaves, or mechanical failures, which is required for reliability assessment of systems across multiple domains for risk management and loss prevention. The block maxima (BM) method, a particular approach within EVT, starts by dividing the historical observations into blocks. Then the sample of the maxima for each block can be shown, under some assumptions, to converge to a known class of distributions, which can then be used for analysis. The question of automatic (i.e., without explicit expert input) selection of the block size remains an open challenge. This work proposes a novel Bayesian framework, namely, multi-objective Bayesian optimization (MOBO-D*), to optimize BM blocking for accurate modeling and prediction of extremes in EVT. MOBO-D* formulates two objectives: goodness-of-fit of the distribution of extreme events and the accurate prediction of extreme events to construct an estimated Pareto front for optimal blocking choices. The efficacy of the proposed framework is illustrated by applying it to a real-world case study from the domain of additive manufacturing as well as a synthetic dataset. MOBO-D* outperforms a number of benchmarks and can be naturally extended to high-dimensional cases. The computational experiments show that it can be a promising approach in applications that require repeated automated block size selection, such as optimization or analysis of many datasets at once.

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