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Optimal Insurance Against Climatic Experience

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  • Olivier Mahul

Abstract

An optimal insurance contract against a climatic risk is derived in the presence of an uninsurable and dependent aggregate production risk. The optimaldesign depends on the stochastic dependency between both sources of uncertainty and on the producer's attitude towards risk, especially on his prudent behavior. Rationalweather insurance purchasing decisions are also derived. The prudent producer responds to actuarially fair weather insurance by increasing his exposure towards risk. Copyright 2001, Oxford University Press.

Suggested Citation

  • Olivier Mahul, 2001. "Optimal Insurance Against Climatic Experience," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 593-604.
    • Handle: RePEc:oup:ajagec:v:83:y:2001:i:3:p:593-604
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    File URL: http://hdl.handle.net/10.1111/0002-9092.00180
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