Rare eventsRare or extreme events are events that occur with low frequency, and often refers to infrequent events that have a widespread effect and which might destabilize systems (for example, stock markets, ocean wave intensity or optical fibers or society). Rare events encompass natural phenomena (major earthquakes, tsunamis, hurricanes, floods, asteroid impacts, solar flares, etc.), anthropogenic hazards (warfare and related forms of violent conflict, acts of terrorism, industrial accidents, financial and commodity market crashes, etc.
Financial modelingFinancial modeling is the task of building an abstract representation (a model) of a real world financial situation. This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment. Typically, then, financial modeling is understood to mean an exercise in either asset pricing or corporate finance, of a quantitative nature. It is about translating a set of hypotheses about the behavior of markets or agents into numerical predictions.
Hydrological modelA hydrologic model is a simplification of a real-world system (e.g., surface water, soil water, wetland, groundwater, estuary) that aids in understanding, predicting, and managing water resources. Both the flow and quality of water are commonly studied using hydrologic models. Prior to the advent of computer models, hydrologic modeling used analog models to simulate flow and transport systems. Unlike mathematical models that use equations to describe, predict, and manage hydrologic systems, analog models use non-mathematical approaches to simulate hydrology.
