Lévy refers to a family of probability distributions and processes named after the French mathematician Paul Lévy. These distributions are used to model random phenomena that exhibit jumps or discontinuities, making them useful in various fields such as finance, physics, and telecommunications. In addition to probability theory, Lévy processes are characterized by their stationary and independent increments. This means that the changes in the process over time do not depend on the past, allowing for the modeling of complex systems where sudden changes can occur, such as in stock prices or natural events.