When we find E(S) ie, Expected shortfall at suppose 5% Var then do we need to consider the average from 0 to 4 or from 0 to 5?
As in the sub-additivity discussion Q-81 E(S) was taken from 0 to 5 (for 5% Var ) and while discussing MCQ Q-16 E(S) was taken from 1 to 2 and not 3 (for 3rd worst loss).
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