Based on risk-value models we introduce a multi-period approach to the valuation of streams of risky cash flows. The valuation is based on the (expected) value of the output’s or input’s magnitude and the risk of the output cash flow, as captured by a risk measure. We derive three formulae for valuing single cash flows and utilize the principles of separate valuation and of cumulating the cash flows to derive a multi-period valuation method. In an axiomatic way, the article sets the foundations for a new approach and suggests several directions for its further development.

中文翻译：

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使用风险价值模型评估风险现金流

基于风险价值模型，我们引入了一种多期方法来评估风险现金流量。估值基于产出或投入规模的（预期）价值和产出现金流的风险，如风险度量所捕获。我们推导出三个计算单一现金流量的公式，并利用单独估值和累积现金流量的原则推导出多期估值方法。以一种公理的方式，本文为一种新方法奠定了基础，并为其进一步发展提出了几个方向。