Question: 1 . What is Value - at - Risk ( VaR ) in a financial context? Outline methods that can be used to estimate VaR

1. What is Value-at-Risk (VaR) in a financial context? Outline methods that can be used to estimate VaR and implement one or more of them in R using your own function.
2. A related measure is Conditional Value-at-Risk (CVaR) or expected shortfall, what is it and how might it be estimated? What advantages (if any) does CVaR have over VaR? Implement a CVaR calculation in R.

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