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Record W2054507424 · doi:10.4236/jmf.2013.33039

Risk Measures and Nonlinear Expectations

2013· article· en· W2054507424 on OpenAlex

Why this work is in the frame

A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.

affAt least one author lists a Canadian institution in the pinned OpenAlex snapshot.
fundA Canadian funder is recorded on the work.

Bibliographic record

VenueJournal of Mathematical Finance · 2013
Typearticle
Languageen
FieldDecision Sciences
TopicRisk and Portfolio Optimization
Canadian institutionsWestern University
FundersKorea Science and Engineering FoundationNatural Sciences and Engineering Research Council of CanadaNational Natural Science Foundation of China
KeywordsCoherent risk measureProbability measureRisk measureDynamic risk measureEconometricsMathematicsSpectral risk measureMathematical economicsConverseMeasure (data warehouse)EconomicsChoquet integralExpected shortfallActuarial scienceComputer scienceFinancial economicsRisk managementStatisticsFinanceArtificial intelligence

Abstract

fetched live from OpenAlex

Coherent and convex risk measures, Choquet expectation and Peng’s g-expectation are all generalizations of mathematical expectation. All have been widely used to assess financial riskiness under uncertainty. In this paper, we investigate differences amongst these risk measures and expectations. For this purpose, we constrain our attention of coherent and convex risk measures, and Choquet expectation to the domain of g-expectation. Some differences among coherent and convex risk measures and Choquet expectations are accounted for in the framework of g-expectations. We show that in the family of convex risk measures, only coherent risk measures satisfy Jensen’s inequality. In mathematical finance, risk measures and Choquet expectations are typically used in the pricing of contingent claims over families of measures. The different risk measures will typically yield different pricing. In this paper, we show that the coherent pricing is always less than the corresponding Choquet pricing. This property and inequality fails in general when one uses pricing by convex risk measures. We also discuss the relation between static risk measure and dynamic risk measure in the framework of g-expectations. We show that if g-expectations yield coherent (convex) risk measures then the corresponding conditional g-expectations or equivalently the dynamic risk measure is also coherent (convex). To prove these results, we establish a new converse of the comparison theorem of g-expectations.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.001
metaresearch head score (Gemma)0.005
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Theoretical or conceptual · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: Empirical
Teacher disagreement score0.873
Threshold uncertainty score0.552

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0010.005
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0000.000
Science and technology studies0.0000.000
Scholarly communication0.0000.000
Open science0.0000.000
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0000.000

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.049
GPT teacher head0.340
Teacher spread0.291 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it