The seminar characterizes on law invariant coherent risk measures. A risk measure is coherent if it is monotone, translationally invariant, subadditive and positively homogeneous. If it is also law invariant, it assigns the same value to random variables that are identically distributed. Law invariant coherent risk measures are an important tool for measuring and managing risk in the financial sector. In risk assessment, we can also consider individual's risk preferences by using spectral risk measures. In most cases, it is difficult to determine the probability distribution. To avoid this uncertainty in the distribution, we can use worst case risk measures that determine the highest possible level of risk.
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