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An Internet-Based Tool for Weather Risk Management

Author

Listed:
  • Turvey, Calum G.
  • Norton, Michael T.

Abstract

This paper introduces a web-based computer program designed to evaluate weather risk man-agement and weather insurance in the United States. The paper outlines the economics of weather risk in terms of agricultural production and household well-being; defines weather risk in terms of intensity, duration, and frequency; and illustrates the computer program use by comparing heat and precipitation risks at Ardmore, Oklahoma, and Ithaca, New York.

Suggested Citation

  • Turvey, Calum G. & Norton, Michael T., 2008. "An Internet-Based Tool for Weather Risk Management," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-16, April.
  • Handle: RePEc:ags:arerjl:44739
    as

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    References listed on IDEAS

    as
    1. Bardsley, Peter & Abey, Arun & Davenport, Scott V., 1984. "The Economics Of Insuring Crops Against Drought," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 1), pages 1-14, April.
    2. Sean D. Campbell & Francis X. Diebold, 2005. "Weather Forecasting for Weather Derivatives," Journal of the American Statistical Association, American Statistical Association, vol. 100, pages 6-16, March.
    3. Martin, Steven W. & Barnett, Barry J. & Coble, Keith H., 2001. "Developing And Pricing Precipitation Insurance," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 0(Number 1), pages 1-14, July.
    4. repec:dau:papers:123456789/3433 is not listed on IDEAS
    5. John C. Quiggin, 1986. "A Note On The Viability Of Rainfall Insurance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 30(1), pages 63-69, April.
    6. Hazell, P. B. R. & Oram, Peter A. & Chaherli, Nabil, 2001. "Managing droughts in the low-rainfall areas of the Middle East and North Africa:," EPTD discussion papers 78, International Food Policy Research Institute (IFPRI).
    7. Takeshi Sakurai & Thomas Reardon, 1997. "Potential Demand for Drought Insurance in Burkina Faso and Its Determinants," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1193-1207.
    8. M. Davis, 2001. "Pricing weather derivatives by marginal value," Quantitative Finance, Taylor & Francis Journals, vol. 1(3), pages 305-308, March.
    9. Alfons Weersink & Szu-Hsuan Celia Chiang, 2006. "Pricing Weather Insurance with a Random Strike Price: The Ontario Ice-Wine Harvest," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(3), pages 696-709.
    10. Vedenov, Dmitry V. & Barnett, Barry J., 2004. "Efficiency of Weather Derivatives as Primary Crop Insurance Instruments," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 0(Number 3), pages 1-17, December.
    11. Hao, Jianqiang & Skees, Jerry R., 2003. "Structuring Institutions To Share Local Weather Risk Globally," 2003 Annual meeting, July 27-30, Montreal, Canada 21973, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    12. Dwight R. Sanders, 2004. "Pricing Weather Derivatives," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(4), pages 1005-1017.
    13. Peter Alaton & Boualem Djehiche & David Stillberger, 2002. "On modelling and pricing weather derivatives," Applied Mathematical Finance, Taylor & Francis Journals, vol. 9(1), pages 1-20.
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    Keywords

    Risk and Uncertainty;

    Statistics

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