We propose a method to assess the intrinsic risk carried by a financial position  when the agent faces uncertainty about the pricing rule providing its present value. Our construction), where p is the observed initial value of X or is assigned by \pi _{P}(X) under the probability P. }\newline  is inspired by a new interpretation of the quasiconvex duality and naturally leads to the introduction of the general class of Value\&Risk measures .
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 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. }\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 .
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X
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providing
\pi_{\mathbb{P
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Our construction
We introduce a general class of Value\&Risk (V\&R) measures as a function of (p,X,\mathbb{P
A
Our approach
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and naturally leads to the introduction of the general class of Value\&Risk measures
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