In this episode, we dive into the critical difference between extremes and outliers. As we will soon discover, understanding this distinction is vital for accurate modeling, especially when assessing (tail) risk.We'll explore how both concepts relate to the range of possible values--the support--of a random variable and show you how to avoid common modeling pitfalls. Are you ready to take the risk?Become a supporter of this podcast: https://www.spreaker.com/podcast/the-logic-of-risk--6469023/support.