Anatomy of extreme events in a complex adaptive system
Paul Jefferies, David Lamper, Neil F. Johnson
Abstract
We provide an analytic, microscopic analysis of extreme events in an adaptive population comprising competing agents (e.g. species, cells, traders, data-packets). Such large changes tend to dictate the long-term dynamical behaviour of many real-world systems in both the natural and social sciences. Our results reveal a taxonomy of extreme events, and provide a microscopic understanding as to their build-up and likely duration.
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