Abstract: Being the max-analogue of stable stochastic processes, max-stable processes form one of the fundamental classes of stochastic processes. With the arrival of sufficient computational capabilities, they have become a benchmark in the analysis of spatial extreme events. In this talk I will give an overview over key results and applications and then draw particular attention to their simulation algorithms that are critical for spatial risk assessment. Some new theoretical results allow us to put existing procedures for this task into perspective of one another and deduce some practical dos and don’ts in this context.

Joint work with: Marco Oesting (Stuttgart)