Weather Derivatives for Specific Event Risks in Agriculture

Calum Turvey

Review of Agricultural Economics, 2001, vol. 23, issue 2, 333-351

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.

Date: 2001
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