Papers › Peak Value-at-Risk Estimation of Stochastic Processes using Occupation Measures

Peak Value-at-Risk Estimation of Stochastic Processes using Occupation Measures

28 Mar 2023arXiv:2303.16064links table onlyarchive 2025-07-28

Jared Miller, Matteo Tacchi, Mario Sznaier, Ashkan Jasour

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This paper formulates algorithms to upper-bound the maximum Value-at-Risk (VaR) of a state function along trajectories of stochastic processes. The VaR is upper bounded by two methods: minimax tail-bounds (Cantelli/Vysochanskij-Petunin) and Expected Shortfall/Conditional Value-at-Risk (ES). Tail-bounds lead to a infinite-dimensional Second Order Cone Program (SOCP) in occupation measures, while the ES approach creates a Linear Program (LP) in occupation measures. Under compactness and regularity conditions, there is no relaxation gap between the infinite-dimensional convex programs and their nonconvex optimal-stopping stochastic problems. Upper-bounds on the SOCP and LP are obtained by a sequence of semidefinite programs through the moment-Sum-of-Squares hierarchy. The VaR-upper-bounds are demonstrated on example continuous-time and discrete-time polynomial stochastic processes.

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