Extreme Value Theory

(redirected from Extreme-value theory)

Extreme Value Theory

In statistics, any way to estimate or measure the likelihood of an extremely unlikely event. That is, extreme value theory measures the probability that a data point that deviates significantly from the mean will occur. It is useful in insurance to measure the risk of catastrophic events, such as tornados and wildfires.
References in periodicals archive ?
The extreme-value theory is an area of statistics that attempts to answer questions about extreme events (which by definition do not occur very often) using information on less extreme events.
Specialisms: extreme-value theory, statistics, and probability.
A recent article used a branch of statistics known as extreme-value theory to model the relationship between age and finishing time among the top five finishers of each single age in the citizens' division of the 1995 Bolder Boulder 10K.
Full browser ?