... ManagementScience & EngineeringStanford UniversityStanford, CA 94305-4026Michael B. GilesProfessor of Scientific ComputingOxford University ComputingLaboratoryOxford UniversityThomas GerstnerInstitut ... immediate, but it isclear that, for this purpose, it is necessary to identify those CRMs that fit theobjectivist paradigm.If we look for something better than VaR, we cannot forget that, despiteits ... the subsetof LICRMs for anypractical application. Lawinvariance,in other words, is a sort of unavoidable “fifth axiom” for practitioners.Popular examples of LI CRMs include, for instance, α-expected...