Outliers, extreme events, and multiscaling.

  title={Outliers, extreme events, and multiscaling.},
  author={Victor S. L’vov and Anna Pomyalov and Itamar Procaccia},
  journal={Physical review. E, Statistical, nonlinear, and soft matter physics},
  volume={63 5 Pt 2},
Extreme events have an important role which is sometimes catastrophic in a variety of natural phenomena, including climate, earthquakes, and turbulence, as well as in manmade environments such as financial markets. Statistical analysis and predictions in such systems are complicated by the fact that on the one hand extreme events may appear as "outliers" whose statistical properties do not seem to conform with the bulk of the data, and on the other hand they dominate the tails of the… 
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