Introduction to Extreme Value Theory (EVT) and its Applications

Learn the fundamentals of Extreme Value Theory (EVT) and explore its practical applications in this 35-minute lecture from NPTEL-NOC IITM. Discover the mathematical framework used to analyze and predict extreme events in various fields, understanding how EVT provides statistical methods for modeling the tail behavior of probability distributions. Examine the theoretical foundations that enable the prediction of rare but significant events such as natural disasters, financial market crashes, and engineering failures. Gain insights into the key concepts, mathematical models, and real-world applications that make EVT an essential tool for risk assessment and decision-making in fields ranging from finance and insurance to environmental science and engineering.