We present and compare two dierent approaches to conditional riskmeasures. One approach draws from convex analysis in vector spaces andpresents risk measures as functions on Lp spaces, while the other approachutilizes module-based convex analysis where conditional risk measures aredened on Lp...

Limited liability creates a conict of interests between policyholders and shareholders ofinsurance companies. It provides shareholders with incentives to increase the risk of theinsurer's assets and liabilities which, in turn, might reduce the value policyholders attach toand premiums they are...

We model the dynamics of asset prices and associated derivatives by considerationof the dynamics of the conditional probability density process for the value of an assetat some specied time in the future. In the case where the asset is driven by Brownianmotion, an associated \master equation"...