2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/208364This paper approaches the definition and properties of dynamic convex risk measures through the notion of a family of concave valuation operators satisfying certain simple and credible axioms. Exploring these in the simplest context of a finite time set and finite sample space, we find natural risk-transfer and time-consistency properties for a firm seeking to spread its risk across a group of subsidiaries.26 pagesRisk ManagementProbability91B02text