The Analysis of Extreme Events — Some Forecasting Approaches

Massimo Salzano

A chapter in Mathematical and Statistical Methods in Insurance and Finance, 2008, pp 199-205 from Springer

Abstract: Abstract Policy makers often have to deal with extreme events. We consider the two main approaches for the analysis of these events, statistical and physical statistics, which are usually considered dichotomically. We quickly delineate both limits and advantages of their tools and some new tentatives for overcoming the historical limits of the latter kind of approach. We highlight that for dealing adequately with extreme events it seems necessary to make use of a new kind of Decision Theory and new tools.

Keywords: Extreme events; Extreme Value Theory (EVT); Self-organized Criticality (SOC) (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-88-470-0704-8_25

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DOI: 10.1007/978-88-470-0704-8_25

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