2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/210168We consider the problem of decomposing monetary risk in the presence of a fully traded market in {\it some} risks. We show that a mark-to-market approach to pricing leads to such a decomposition if the risk measure is time-consistent in the sense of Delbaen.17 pagesProbabilityRisk Management91B30; 91B28; 91B26; 90C46; 60H05text