{"paper":{"title":"Tail Dependence in EU Carbon Markets: Graphical Models of Extremes for EUA Futures","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"stat.AP","authors_text":"Jan Maciejowski, Manuele Leonelli","submitted_at":"2026-06-16T09:36:55Z","abstract_excerpt":"Understanding how extreme price movements propagate across financial and energy markets is critical for risk management and regulatory design in the EU Emissions Trading System (EU ETS). We apply H\\\"{u}sler-Reiss graphical models of extremes to a system of 20 daily variables centred on EU allowances futures across Phases 3 and 4 of the EU ETS (2013--2025), with a Gaussian graphical model as the average-dependence baseline. The tail networks are structurally distinct from the average dependence network: substantially denser, organized around different central nodes, and governed by within-secto"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2606.17723","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2606.17723/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}