Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/40691 
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dc.contributor.authorAlfarano, Simoneen
dc.contributor.authorLux, Thomasen
dc.date.accessioned2010-09-22-
dc.date.accessioned2010-10-04T09:08:28Z-
dc.date.available2010-10-04T09:08:28Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/40691-
dc.description.abstractPower law behavior has been recognized to be a pervasive feature of many phenomena in natural and social sciences. While immense research efforts have been devoted to the analysis of behavioural mechanisms responsible for the ubiquity of power-law scaling, the strong theoretical foundation of power laws as a very general type of limiting behavior of large realizations of stochastic processes is less well known. In this paper, we briefly present some of the key results of extreme value theory, which provide a statistical justification for the emergence of power laws as limiting behavior for extreme fluctuations. The remarkable generality of the theory allows to abstract from the details of the system under investigation, and therefore allows its application in many diverse fields. Moreover, this theory offers new powerful techniques for the estimation of the Pareto index, detailed in the second part of this chapter.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1648en
dc.subject.jelC16en
dc.subject.jelC46en
dc.subject.jelC63en
dc.subject.ddc330en
dc.subject.keywordpower lawen
dc.subject.keywordestimationen
dc.subject.keywordtail indexen
dc.subject.stwStatistische Verteilungen
dc.subject.stwStatistischer Testen
dc.subject.stwExtremwertanalyseen
dc.subject.stwTheorieen
dc.titleExtreme value theory as a theoretical background for power law behavior-
dc.typeWorking Paperen
dc.identifier.ppn63541421Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1648en

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