Hedging with Weather Derivatives to Cope with Climate Variability and Change in Grain Maize Production

被引：15

作者：

Torriani, Daniele Simone ^{[1
]}

Calanca, Pierluigi ^{[2
]}

Beniston, Martin ^{[3
]}

Fuhrer, Jurg ^{[2
]}

机构：

[1] SwissRe Globals & Large Risks Mythenquas, Zurich, Switzerland

[2] Agroscope Res Stn ART, Air Pollut Climate Grp, Zurich, Switzerland

[3] Univ Geneva, Climate Res, Geneva, Switzerland

来源：

AGRICULTURAL FINANCE REVIEW | 2008年 / 68卷 / 01期

基金：

瑞士国家科学基金会;

关键词：

climate risks; climate change; drought; hedging; maize production; weather derivaties;

D O I：

10.1108/00214660880001219

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

The effectiveness of hedging drought risks with weather derivatives was investigated for rain-fed grain maize production in Switzerland under current (1981-2003) and projected future (2070-2100) climatic conditions. Depending on location, hedging reduced the value-at- (VaR) measure to a variable degree, although with a considerable basis risk, but hedging may provide a valid risk transfer since loading of 90 per cent to 240 per cent of the fair premium can be paid to obtain a hedged situation with improved outcomes relative to the reference. However, the fair premium of a specific contract may vary by a factor of two to four over the 70-year period considered, which represents a substantial uncertainty for both the farmer and the institution writing the contract.

引用

页码：67 / +

页数：16

共 50 条

[1] WEATHER VARIABILITY, CLIMATIC CHANGE, AND GRAIN PRODUCTION
THOMPSON, LM
[J]. SCIENCE, 1975, 188 (4188) : 535 - 541
[2] Rainfed maize production systems: is ethnoecological knowledge enough to cope with climate variability?
Contreras, Alejandro Tonatiuh Romero
Becerril-Pina, Rocio
Diaz-Delgado, Carlos
Mastachi-Loza, Carlos Alberto
Vilchis-Frances, Aleida
Arevalo-Mejia, Ricardo
[J]. ECONOMIA SOCIEDAD Y TERRITORIO, 2023, 23 (71): : 185 - 215
[3] Climate Change, Weather Insurance Design and Hedging Effectiveness
Ines Kapphan
Pierluigi Calanca
Annelie Holzkaemper
[J]. The Geneva Papers on Risk and Insurance - Issues and Practice, 2012, 37 : 286 - 317
[4] Climate Change, Weather Insurance Design and Hedging Effectiveness
Kapphan, Ines
Calanca, Pierluigi
Holzkaemper, Annelie
[J]. GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE, 2012, 37 (02): : 286 - 317
[5] The impacts of potential climate change and climate variability on simulated maize production in China
Wang, JH
Lin, E
[J]. WATER AIR AND SOIL POLLUTION, 1996, 92 (1-2): : 75 - 85
[6] Climate change and grain production
Vitali, G.
Rogosin, S.
[J]. NUOVO CIMENTO C-COLLOQUIA AND COMMUNICATIONS IN PHYSICS, 2021, 44 (4-5):
[7] CLIMATE CHANGE Invest now in adaptive strategies to cope with weather instability
Michelozzi, Paola
Davoli, Marina
[J]. BRITISH MEDICAL JOURNAL, 2012, 344
[8] Impact of climate change on forage production (grassland, alfalfa, maize) : regional and seasonal variability
Ruget, F.
Durand, J. -L.
Ripoche, D.
Graux, A. -I.
Bernard, F.
Lacroix, B.
Moreau, J. -C.
[J]. FOURRAGES, 2013, (214): : 99 - 109
[9] Impact of climate variability on grain yields of spring and summer maize
Wang, Tianxue
Li, Na
Li, Yi
Lin, Haixia
Yao, Ning
Chen, Xinguo
Li Liu, De
Yu, Qiang
Feng, Hao
[J]. COMPUTERS AND ELECTRONICS IN AGRICULTURE, 2022, 199
[10] The application of weather derivatives to mitigate the financial risk of climate variability and extreme weather events
Stern, H
[J]. AUSTRALIAN METEOROLOGICAL MAGAZINE, 2001, 50 (03): : 171 - 182

← 1 2 3 4 5 →