Causal Discovery of a River Network from its Extremes

Causal inference for extremes has only be considered during the past few years. That observations of climate extremes such as floods, hurricanes, and droughts, but also man-made catastrophes like industry fire, terrorist attacks, or crashes of financial markets have been in the focus of research is convincingly documented in the journal Extremes. On the other hand, it is a fundamental problem to assess causality of risks. Often rare events are interconnected; for example, floods disseminate through a river network, and credit markets might fail due to some endogenous systemic risk propagation. Hence, it is necessary to not only understand dependencies between rare events, but also their causal structure.