Summary:  This comprehensive text gives an interesting and useful blend of the mathematical, probabilistic and statistical tools used in heavytail analysis. Heavy tails are characteristic of phenomena where there is a significant probability of a single huge value impacting system behavior. Recordbreaking insurance losses, financial returns, sizes of files stored on a server, transmission rates of files are all examples of heavytailed phenomena. Key features: Unique text devoted to heavytails. The treatment of heavy tails is largely dimensionless. The text gives attention to both probability modeling and statistical methods for fitting models. Most other books focus on one or the other but not both. The book emphasizes the broad applicability of heavytails to the fields of finance (e.g., valueat risk), data networks, insurance. The presentation is clear, efficient and coherent and, balances theory and data analysis to show the applicability andlimitations of certain methods. Several chapters examine in detail the mathematical properties of the methodologies as well as their implementation in the Splus or R statistical languages. The exposition is driven by numerous examples and exercises. Prerequisites for the reader include a prior course in stochastic processes and probability, some statistical background, some familiarity with time series analysis, and ability to use (or at least to learn) a statistics package such as R or Splus. This work will serve secondyear graduate students and researchers in the areas of operations research, statistics, applied mathematics, electrical engineering, financial engineering, networking and economics. Sidney Resnick is a Professor at Cornell University and has written several wellknown bestsellers: A Probability Path (ISBN: 081764055X), Adventures in Stochastic Processes (ISBN: 0817635912) and Extreme Values, Regular Variation, and Point Processes (ISBN: 0387964819)
