author={Edward Furman and Jianxi Su and Ri{\vc}ardas Zitikis},
  journal={ASTIN Bulletin},
  pages={661 - 678}
Abstract We demonstrate both analytically and numerically that the existing methods for measuring tail dependence in copulas may sometimes underestimate the extent of extreme co-movements of dependent risks and, therefore, may not always comply with the new paradigm of prudent risk management. This phenomenon holds in the context of both symmetric and asymmetric copulas with and without singularities. As a remedy, we introduce a notion of paths of maximal (tail) dependence and utilize the… 

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