Data Analysis & Simulation

Extreme Value Distributions

Thursday, March 6th, 2008

The problem of modeling extreme or rare events arises in many areas where such events can have very negative consequences. Some examples of rare events include extreme floods and snowfalls, high wind speeds, extreme temperatures, large fluctuations in exchange rates, and market crashes. To develop appropriate probabilistic models and assess the risks caused by these events, business analysts and engineers frequently use the extreme value distributions (EVD). read the full article

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