EXTREME VALUE THEORY || MODELLING RARE EVENTS

#statistics #machinelearning #quantitativefinance #operationalrisk
Extreme Value Theory is a Statistical analysis used to study extreme events (rare events). Deviation from the median of the probability distribution of any event. Extreme events happen in many areas of Science, Engineering and Social science Climate events (floods, fire events). It has many uses across fields like size effects of drugs (in medicine), Market risk (in finance), Operational risk events (in finance), Cyber attack.
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An amazing explanation