State the limitations of the Extreme Value Theory (EVT)

The Extreme Value Theory (EVT) is a statistical framework that provides a method for analyzing and modeling the behavior of extreme events. EVT has been used in a wide range of fields, including finance, engineering, environmental science, and many others. While EVT has proven to be a valuable tool for understanding the behavior of extreme events, it is not without limitations. In this answer, I will discuss some of the limitations of EVT.

1. EVT Assumes Stationarity: One of the key assumptions of EVT is that the underlying distribution of extreme events remains constant over time. This assumption may not always hold in real-world applications, particularly when the underlying process is subject to structural changes or regime shifts. In such cases, EVT may not _________ _______ _________ _________ ______ __________ _________ ____ ______ __________.
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