Before revision:  Most of the literature has focused on cash-additive risk measures, for which the eligible asset is a risk-free bond, on the grounds that the general case can be reduced to the cash-additive case by a change of num\'{e . However, discounting does not work in all financially relevant situations, for instance, if the eligible asset is a general defaultable bond.
After revision:  Most of the literature has focused on cash-additive risk measures, for which the eligible asset is a risk-free bond, on the grounds that the general case can be reduced to the cash-additive case by a change of num\'{e . However, discounting does not work in all financially relevant situations, typically when the eligible asset is a general defaultable bond.