Abstract Stochastic models and methods for quantifying extreme events are of interest in numerous disciplines. Within this paper, statistical prediction of extreme claims or losses in insurance industry is considered based on upper record values, which describe successively largest observations...

Poor coverage of top incomes in surveys, also referred to as the "missing rich" problem, leads to severe underestimation of income inequality. At the regional level this shortcoming is even more eminent due to small regional sample sizes. Tax records contain more accurate income information at...