Rare Events in Extreme Value Statistics of Jump Processes with Power Tails

We study rare events in the extreme value statistics of stochastic symmetric jump processes with power tails in the distributions of the jumps, using the big-jump principle. The principle states that in the presence of stochastic processes with power tails statistics, if at a certain time a physical quantity takes on a value much larger than its typical value, this large fluctuation is realised through a single macroscopic jump that exceeds the typical scale of the process by several orders of magnitude. In particular, our estimation focuses on the asymptotic behaviour of the tail of the probability distribution of maxima, a fundamental quantity in a wide class of stochastic models used in chemistry to estimate reaction thresholds, in climatology for earthquake risk assessment, in finance for portfolio management, and in ecology for the collective behaviour of species. We determine the analytical form of the probability distribution of rare events in the extreme value statistics of three jump processes with power tails; Lévy flights, Lévy walks and the Lévy-Lorentz gas. For the Lévy flights, we re-obtain through the big-jump approach recent analytical results, extending their validity. For the Lévy-Lorentz gas we show that the topology of the disordered lattice along which the walker moves induces memory effects in its dynamics, which influences the extreme value statistics. Our results are confirmed by extensive numerical simulations.