Big Data: Progress in Automating Extreme Risk Analysis

Zusammenfassung

Big data can be a curse and a blessing for the statistician. We report in this paper about some positive effect of big data: big data may open the way for more reliable risk analysis, simply because more extreme data are available. However, big data also require a fully automated analysis. We present here a method, which can easily be implemented and used for large numbers of statistical attributes. We apply this method to safety issues at airplane landings.

Nadine Gissibl is a doctoral candidate at the Chair of Mathematical Statistics at the Center for Mathematical Sciences of the Technical University of Munich. Her research interests are extreme value theory and graphical models.

Claudia Klüppelberg holds the Chair of Mathematical Statistics at the Technical University of Munich. Her research interests combine various areas of applied probability and statistics with applications to technical and financial risk analysis. She has written numerous publications and written and edited books for extreme risk analysis. In 2008 Claudia Klüppelberg has been appointed Carl von Linde Senior Fellow at the Institute for Advanced Study of TUM. During her three years’ period she has led a Focus Group on “Risk Analysis and Stochastic Modelling”.

Johanna Mager was a master student at the Chair of Mathematical Statistics at the Center for Mathematical Sciences of the Technical University of Munich. At present she is a mathematical consultant in the department of airline insurance at Munich Re.