Before revision:  Diametrically, our construction of V\&R measures is based on the selection of a basket of claims to test the reliability of models  .
After revision:  Diametrically, our construction of V\&R measures is based on the selection of a basket of claims to test the reliability of models . We compare a random payoff X with a given class of derivatives written on X , and use these derivatives to \textquotedblleft test\textquotedblright\ the pricing measures. We further introduce and study a general class of Value\&Risk measures \% R(p,X,\mathbb{P .