The Fundamentals of Heavy Tails: Properties, Emergence, and Estimation
Why this book?
What do pandemics, climate change, extreme weather, financial crises, wealth inequality, and social media all have in common? They are all well described by heavy-tail statistics, which you may have never heard about and were almost certainly never taught in your introductory statistics class. The Fundamentals of Heavy Tails is the first text that attempts to close this gap in undergraduate STEM education. This well-written text is a wonderful blend of intuition and rigorous results. The reader will be pleasantly surprised to learn that heavy-tail distributions are neither rare nor mysterious and are a natural result of multiplicative random processes.