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This lecture covers the Peaks-Over-Threshold (POT) model, which assumes exceedances follow a Poisson process and excess amounts are independent and identically distributed. The lecture discusses implications of the model, intensity measures, distribution of excess, and estimation methods. It also explores the implications of fitting a Generalized Pareto Distribution (GPD) model to exceedances over a threshold, highlighting the stability of parameter estimates over a range of thresholds.