arXiv:2004.08658physics.soc-ph
Tail Risk of Contagious Diseases
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Abstract
Applying a modification of Extreme value Theory (thanks to a dual distribution technique by the authors on data over the past 2,500 years, we show that pandemics are extremely fat-tailed in terms of fatalities, with a marked potentially existential risk for humanity. Such a macro property should invite the use of Extreme Value Theory (EVT) rather than naive interpolations and expected averages for risk management purposes. An implication is that potential tail risk overrides conclusions on decisions derived from compartmental epidemiological models and similar approaches.
The situation of [2] is crazy. Because both the author of [2] and the people using Ferguson’s model are wrong. And the author's advice in one of the last paragraphs of we just need better programmers is also wrong. The issue is that pandemics are extremely fat-tailed in terms of…
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