Weather-based instruments in the context of whole-farm risk management
Weather-based instruments in the context of whole-farm risk management
复制标题
全农场风险管理背景下的基于天气的工具
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
B. Schmitz
中科院分区：
文献类型：
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作者：
E. Berg;B. Schmitz
最近和可能的未来发展往往会增加与农业活动相关的风险。其中包括气候风险，它一直在农业中发挥着重要作用。基于天气的仪器可以成为降低不利气候事件相关风险的宝贵工具。然而，许多因素可能会限制这些工具的对冲有效性。这些因素包括基差风险、剩余价格不确定性的影响以及多元化效应。本文讨论了每个因素的影响。在最后一节中，提出了一种基于投资组合优化概念的综合评估天气衍生品和其他对冲工具的方法。
Recent and presumable future developments tend to increase the risks associated with farming activities. These include climate risks, which have always played an important role in farming. Weather‐based instruments can be valuable tools to reduce the risk associated with unfavourable climate events. However, a number of factors could limit the hedging effectiveness of these tools. These factors include basis risk, the impacts of remaining price uncertainty, and diversification effects. This paper addresses the influence of each of these factors. In the final section, an integrated approach for a comprehensive assessment of weather derivatives and other hedging instruments is proposed that is based on the concept of portfolio optimization.