In this article, we revisit the discrete-time problem of pricing a contingent claim with respect to a dynamic risk measure defined by its acceptance sets. Without any no-arbitrage condition, we show that it is possible to characterize the prices of a European claim. Our analysis reveals a natural weak no-arbitrage condition that we study. This is a condition formulated in terms of the (risk) hedging prices instead of the attainable claims. Our approach is not based on a robust representation of the risk measure and we do not suppose the existence of a risk-neutral probability measure.

中文翻译：

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风险对冲具有凸风险度量且无套利条件的欧式期权

在本文中，我们重新审视了根据接受集定义的动态风险度量为或有债权定价的离散时间问题。在没有任何无套利条件的情况下，我们表明可以表征欧洲债权的价格。我们的分析揭示了我们研究的自然弱无套利条件。这是根据（风险）对冲价格而不是可获得的索赔制定的条件。我们的方法不是基于风险度量的稳健表示，并且我们不假设存在风险中性概率度量。