or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment …This paper examines households' self-insurance in financial markets when a rare personal disaster, such as disability … choices, even if most workers will not experience a disaster. Uncertainty about the size of human capital losses, which …

We introduce a class of quantile-based risk measures that generalize Value at Risk (VaR) and, likewise Expected … probability of occurrence. The corresponding risk measure, called Loss VaR (LVaR), determines the minimal capital injection that … and applications to capital adequacy, portfolio risk management and catastrophic risk are presented …