Discuss the concept of Maximum Domain of Attraction (MDA) with examples.

The concept of Maximum Domain of Attraction (MDA) is used in the field of extreme value theory to determine the class of probability distributions that can be considered as potential models for extreme events. MDA encompasses the set of probability distributions that can result in extreme values, based on certain mathematical criteria. This concept is particularly useful in analyzing and modeling rare and extreme events, such as natural disasters, financial market crashes, or extreme weather phenomena.

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