The Expected Shortfall (ES) is one of the most important regulatory risk measures in finance, insurance, and statistics …, which has recently been characterized via sets of axioms from perspectives of portfolio risk management and statistics … the special role of ES in insurance and actuarial science. To fill this gap, we study characterization of risk measures …

'contract clientelism', or the provision of public contracts to private firms in exchange for campaign donations. Using …' in which incumbents assign low-quality contracts while on the campaign trail. Contract manipulations are more common in …