species do not last long. It is now known that the species of centrosaurs, chasmosaurs, corythosaurs, lambeosaurines were limited to distinct levels of the Dinosaur Park formation. Before referring specimens to a known species it must be first demonstrated they are from the same level of a formation as the type.
All this depends on which species concept you pick. For instance, if your concept is purely morphological, a species can last forever if its body shape happens not to change "enough".
Unfortunately, most people don't even consciously pick only one species concept, let alone actually write down which one they've chosen. And the ICZN pretends the entire issue doesn't exist... indeed, it's founded (Strickland et al. 1842, 1843) on the view that this vagueness is a feature rather than a bug.