January 2003 <p> In this paper, a notion of risk measure is defined for dynamic models. Three axioms, coherence, relevance and dynamic consistence, are postulated. It is shown that every dynamic risk measure that satisfies the axioms can be represented as the maximal expected present value of...</p>

<Para ID="Par1">The treatment of uncertainty in general equilibrium theory in the style of Arrow and Debreu does not require a prior probability on the state space. Finance models nevertheless treat payoffs as random variables, implicitly or explicitly using a known probability distribution. In the light of...</para>

Foster and Hart propose a measure of riskiness for discrete random variables. Their defining equation has no solution for many common continuous distributions. We show how to extend consistently the definition of riskiness to continuous random variables. For many continuous random variables, the...

Monetary measures of risk like Value at Risk or Worst Conditional Expectation assess the risk of financial positions. The existing risk measures are of a static, one period nature. In this paper, I define dynamic monetary risk measures and I present an axiomatic approach that extends the class...

We develop the fundamental theorem of asset pricing in a probability-free infinite-dimensional setup. We replace the usual assumption of a prior probability by a certain continuity property in the state variable. Probabilities enter then endogenously as full support martingale measures (instead...