• Value-at-risk: A coherent measure of risk? 

      Haugland, Jone (Masteroppgave/UIS-TN-IØRP/2011;, Master thesis, 2011)
      Value-at-risk is an instrument which is widely used by financial institutions for calculating risk. It has been known since the late nineties that this tool lacks an important logical property: subadditivity. This can cause ...