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Weather Derivatives for Specific Event Risks in Agriculture

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  • Calum G. Turvey

Abstract

This paper examines the economics and pricing of weather derivatives in Ontario and argues that weather derivatives and weather insurance can be used as a form of agricultural insurance. Using historical data, the relationship between crop productivity and weather is examined. Then a variety of put and call options for rain- and heat-based weather risk are discussed and numerically evaluated. The evaluation examines in detail the pricing of insurance contracts at a given location and across space.

Suggested Citation

  • Calum G. Turvey, 2001. "Weather Derivatives for Specific Event Risks in Agriculture," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 23(2), pages 333-351.
    • Handle: RePEc:oup:revage:v:23:y:2001:i:2:p:333-351.
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    File URL: http://hdl.handle.net/10.1111/1467-9353.00065
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