We investigate risk averse agents who manage risk by trading financial securities in a market that we call a risk market. We assume this market is perfectly competitive and complete. When risk aversion is expressed using risk measures, the (bundle of) prices for financial securities turns out to...

"The one bad apple spoiling the barrel has become a common metaphor to describe risk culture in organisations. This "inside-out" perspective begins with the individual as the unit of analysis and follows with inferences to the broader environment. Since the Global Financial Crisis (GFC) of 2008,...

The one bad apple spoiling the whole barrel has become a common metaphor used with reference to risk culture in organisations. This "inside-out" perspective begins with the individual as the unit of analysis and follows with inferences to the broader environment. Since the Global Financial...