In probability theory, the theory of large deviations concerns the asymptotic behavior of remote tails of sequences of probability distributions.
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Large deviations theory is concerned with the behavior of the tails of the distribution of a r.v. as a parameter N becomes large. The Central Limit theorem tells you what happens to the mean, the LD Theory tells you about the tails.
Not sure what $N$ refers to that becomes large, but what are some common and practical applications of large deviations theory in finance? (Practical as in usable within a well-known financial model, as opposed to theoretical, pointless meanderings about stochastic process behaviors.)
Or better, what is the most popular measure or metric put out by large deviations theory (in the same way that the measure called expected shortfall (CVaR) was borne from extreme value theory)?
Please no links to papers from google search unless you plan to explain what those papers actually contain.