We propose a method to assess the intrinsic risk carried by a financial position X when the agent faces uncertainty about the pricing rule \pi_{\mathbb{P assigning its present value. We introduce a general class of Value\&Risk (V\&R) measures as a function of (p,X,\mathbb{P), where p is the observed initial value of X or is assigned by \pi _{P}(X) under the probability P. }%DIFDELCMD < \newline %%% Our approach is inspired by a new interpretation of the quasiconvex duality in a Knightian setting, where a family of probability measures replaces the single reference probability and is then applied to value financial positions. Diametrically, our construction of V\&R measures is based on the selection of a basket of claims to test the reliability of models  .
We propose a method to assess the intrinsic risk carried by a financial position X when the agent faces uncertainty about the pricing rule assigning its present value. ), where p is the observed initial value of X or is assigned by \pi _{P}(X) under the probability P. }%DIFDELCMD < \newline %%% Our approach is inspired by a new interpretation of the quasiconvex duality in a Knightian setting, where a family of probability measures replaces the single reference probability and is then applied to value financial positions. Diametrically, our construction of Value\&Risk 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 .
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\pi_{\mathbb{P
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We introduce a general class of Value\&Risk (V\&R) measures as a function of (p,X,\mathbb{P
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V\&R
Value\&Risk
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. 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