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An Internet-Based Tool for Weather Risk Management

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

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    Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

    Volume (Year): 37 (2008)
    Issue (Month): 1 (April)

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    Handle: RePEc:ags:arerjl:44739
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    1. 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.
    2. Sean D. Campbell & Francis X. Diebold, 2003. "Weather Forecasting for Weather Derivatives," NBER Working Papers 10141, National Bureau of Economic Research, Inc.
    3. 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).
    4. 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. 29(03), December.
    5. 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. 26(01), July.
    6. M. Davis, 2001. "Pricing weather derivatives by marginal value," Quantitative Finance, Taylor & Francis Journals, vol. 1(3), pages 305-308.
    7. Dwight R. Sanders, 2004. "Pricing Weather Derivatives," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(4), pages 1005-1017.
    8. 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).
    9. Quiggin, John C., 1986. "A Note On The Viability Of Rainfall Insurance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(01), April.
    10. 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.
    11. Peter Bardsley & Arun Abey & Scott V. Davenport, 1984. "The Economics Of Insuring Crops Against Drought," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 28(1), pages 1-14, 04.
    12. 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.
    13. Geman, Hélyette, 1999. "Insurance and weather derivatives : from exotic options to exotic underlyings," Economics Papers from University Paris Dauphine 123456789/3433, Paris Dauphine University.
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