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| Registros recuperados: 12 | |
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| Berg, Ernst; Schmitz, Bernhard; Starp, Michael; Trenkel, Hermann. |
| The risks associated with farming activities are likely to increase in the future. It, therefore, appears worthwhile to analyse new risk management instruments. This paper investigates weather derivatives for which a market has already emerged in the USA. Contrary to traditional financial derivatives, their payoff is determined by future weather events, such as temperature or precipitation. Thus, they hedge risks which result from climate. Since they address production risks they are complementary to instruments that hedge price risks, such as future markets. The objective of the paper is to evaluate the economic impacts of weather derivatives and to assess their potential as farm level instruments of risk management. After outlining the main... |
| Tipo: Journal Article |
Palavras-chave: Weather derivatives; Weather risk; Risk management; Stochastic simulation; Financial Economics; Risk and Uncertainty. |
| Ano: 2005 |
URL: http://purl.umn.edu/97213 |
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| Berg, Ernst; Schmitz, Bernhard. |
| 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 associate with unfavourable climatic events. However, a number of factors can limit the hedging effectiveness of these tools. These factors include basis risk, the impacts of remaining price uncertainty and diversification effects. The paper addresses the influence of each of these factors. In its final part an integrated approach for a comprehensive assessment of weather derivatives and other hedging instruments is proposed that is based on the concept of portfolio optimisation. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Downside risk; Portfolio optimisation; Risk management; Risk-value models; Weather derivatives; Risk and Uncertainty. |
| Ano: 2007 |
URL: http://purl.umn.edu/9269 |
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| Banerjee, Chirantan; Berg, Ernst. |
| International development organisations, through partnerships with local insurance companies, have been promoting weather index based insurance (WIBI) in developing countries. Due to lower operational costs, they expect shorter pay-off period, often overlooking high initial design costs. Experiences however show high post-pilot mortality of these programmes. Literatures report lack of insurance participation. We propose lack of push from insurance providers as an additional factor. To verify, cash flows of a Nicaraguan groundnut based WIBI and a comparable but hypothetical named peril insurance are simulated against 80 scenarios. Additionally, a test of stochastic dominance of their estimated Net Present Values show that WIBI take comparatively longer to... |
| Tipo: Presentation |
Palavras-chave: Index based rainfall insurance; Weather derivative; Operational cost; Nicaragua; International Development; Risk and Uncertainty. |
| Ano: 2012 |
URL: http://purl.umn.edu/122448 |
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| Kuhlmann, Friedrich; Berg, Ernst. |
| Farming conditions in Europe are changing substantially. The liberalisation of agricultural commodity markets is accompanied by an increasing societal demand for environmental services to be provided by the farming sector. Significant changes are necessary to enable the farming sector to cope with these challenges. The paper describes some general developments of the past and outlines perspectives for the future. Explicit consideration is given to the future of single ownership family farms on one hand, and the perspectives and structural requirements of large scale farming in crop and livestock production on the other hand. The analysis shows that the future competitiveness of the European farming sector largely depends on political decisions. Given the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural and Food Policy; Farm Management. |
| Ano: 2002 |
URL: http://purl.umn.edu/6960 |
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| Banerjee, Chirantan; Berg, Ernst. |
| Index-based weather insurances are innovative tools for mitigating weather risks in agriculture. Several donor agencies and development organisations are investing substantially to propagate these programmes in developing countries. However, often due to high basis risks, these products mitigate risk only through diversification effect, thereby defeating the intended purpose. Besides, they send confusing messages to the farmers regarding the very concept of insurance. Therefore, this paper investigates the efficiency of two such index-based weather insurances in Philippines, designed to mitigate rice yield loss caused by strong typhoon winds. The insurance products are designed assuming negative linear correlation between wind speed and rice yield. To... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Basis risk; Typhoon; Index-based Insurance; Crop Production/Industries; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/114240 |
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| Berg, Ernst. |
| This paper investigates the farm level impacts of multiple peril yield and revenue insurance in an expected value-variance framework. The analysis is conducted using stochastic simulation jointly with numerical optimisation. Simulation is used to compute the means and variances of revenues as affected by the insurance schemes under consideration. In a second step these results are incorporated in a whole-farm programming approach, which optimises a portfolio that consists of crop production and insurance activities. The results of a case study indicate that from the farmer's point of view there is an incentive to buy multiple peril crop insurance, because it significantly reduces the variability of income. The risk reduction through insurance in turn leads... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop insurance; Risk management; Portfolio selection; Stochastic programming; Expected value-variance analysis; Risk and Uncertainty. |
| Ano: 2002 |
URL: http://purl.umn.edu/24834 |
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| Berg, Ernst; Schmitz, Bernhard; Starp, Michael. |
| In many areas agriculture is exposed to weather-related risks. Weather derivatives that get more and more in the focus of interest can reduce these risks. In this study we develop a temperature based weather derivative and analyse how it can reduce the weather-related energy cost risk in greenhouse production. We base this study on a temperature index whose stochastic characteristics are analysed. Finally we simulate the heating energy demand of a horticultural firm. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21378 |
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| Berg, Ernst; Starp, Michael. |
| Recent and presumable future developments tend to increase the risk associated with farming activities. This causes an increasing importance of risk management. Farmers have a wide variety of possibilities to influence the risk exposure of their operations. Among them are the choice of the production program as well as marketing activities including forward pricing and hedging with futures and options. In total all these opportunities comprise a portfolio of activities which must be selected as to match the resources of the farm as well as the farmer's attitudes towards risk. The paper addresses this issue using a whole farm stochastic optimisation approach based on a risk-value framework. The paper starts with a discussion of risk-value models and the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Downside risk; Risk management; Risk measure; Risk-value models; Stochastic optimisation; Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/25400 |
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| Van Asseldonk, Marcel A.P.M.; Majewski, Edward; Meuwissen, Miranda P.M.; Was, Adam; Guba, Waldemar; Dalton, Graham E.; Landmesser, Joanna; Berg, Ernst; Huirne, Ruud B.M.. |
| The main objective was to assess the risk of farmers in the European Union and to analyze the impact of agricultural policy changes on the main components of income namely price and production risks. In order to achieve this, qualitative considerations and quantitative analyses covering the period 2004 – 2018 have been made. Future policy scenarios have been defined, taking into account likely Common Agricultural Policy developments, including possible outcomes of the Doha round of the WTO negotiations. Subsequently, the economic impact of policy scenarios in conjunction with a set of prospective risk management instruments for the European Union are determined. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Portfolio analysis; Policy scenarios; Risk Management Instruments. |
| Ano: 2008 |
URL: http://purl.umn.edu/48104 |
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| Schulte-Geers, Matthias; Berg, Ernst. |
| The optimisation of production plans is an important topic in agriculture, often related to diversification and specialisation as the classical instruments of coping with production risk. Although the measurement of embedded risk is often inaccurate, it is nevertheless necessary for decision making to describe the common behaviour of different variables in a model. Imprecisely defined relationships influence the “right” choice, why it is important to find a good approximation of the real circumstances. In financial science, copula functions are frequently used instead of correlation coefficients to model joint price behaviour, because of the possibility to link the marginal distributions on multifarious ways. By now, agricultural science makes less use of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Copula; Risk; Weather derivatives; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/115996 |
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| Registros recuperados: 12 | |
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