Large deviations theory

Large Deviations Theory is like a recipe for figuring out how likely it is that something out of the ordinary might happen. This means looking at how often something like an amount of money, or a number of people, being much bigger or smaller than usual might occur. It can help us think about how we can plan for scenarios that don't happen very often, but which could have a big effect. The recipe for this kind of thinking can help us to predict what might happen and be ready for it.