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The Analysis of Extreme Events — Some Forecasting Approaches

In: Mathematical and Statistical Methods in Insurance and Finance

Author

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  • Massimo Salzano

    (University of Salerno)

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.

Suggested Citation

  • Massimo Salzano, 2008. "The Analysis of Extreme Events — Some Forecasting Approaches," Springer Books, in: Cira Perna & Marilena Sibillo (ed.), Mathematical and Statistical Methods in Insurance and Finance, pages 199-205, Springer.
    • Handle: RePEc:spr:sprchp:978-88-470-0704-8_25
    DOI: 10.1007/978-88-470-0704-8_25
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