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Information about Extreme value theory

Extreme value theory is a branch of statistics dealing with the extreme deviations from the mean of probability distributions. Extreme value theory is important for assessing risk for highly unusual events, such as 100-year floods. Applications of extreme value theory: * predicting extreme floods * predicting the amounts of large insurance losses * predicting equity risks History of extreme value theory Founded by the German mathematician, pacifist, and anti-Nazi campaigner Emil Julius Gumbel who described the Gumbel distribution in the 1950s.

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