Expected Shortfall (CVaR)
Also called: cvar, conditional value at risk, expected tail loss
The average loss in the bad cases beyond the Value-at-Risk cutoff — it answers 'if things go worse than VaR, how bad on average?'. Because it looks into the tail, regulators increasingly prefer it to VaR.
Where this is taught
Definitions are the trailer. These free levels turn Expected Shortfall into something you play — one bite-size lesson, with worked examples, a quiz and XP.