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Registros recuperados: 12
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Actuarial Implication of Structural Changes in El Niño-Southern Oscillation Index Dynamics AgEcon
Chen, Shu-Ling.
The influence of climate variability on agricultural production and financial risks faced by an individual or an institution has been the center of the public discussion in the recent years. The changing weather patterns and environmental conditions could cause substantial unpredicted economic loss. Failure to capture the changing climate would underestimate the insurance contract’s expected indemnity and further create a major obstacle for insurance sectors. In this paper, we undertake a case study of El Niño-Southern Oscillation Index insurance for coastal Peru proposed by Skees. We examined the behavior of El Niño dynamics and found El Niño indices are changing over time. A class of generalized autoregressive conditional heteroskedasticity (GARCH)...
Tipo: Conference Paper or Presentation Palavras-chave: Actuarial rating; Climate variability; El Niño; Fractional integration ARCH; FIGARCH; Index insurance; Structural change; Agricultural Finance; Financial Economics; Risk and Uncertainty; G21; G22; Q10; Q14.
Ano: 2010 URL: http://purl.umn.edu/61384
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Alternative Insurance Indexes for Drought Risk in Developing Countries AgEcon
Bobojonov, Ihtiyor; Sommer, Rolf.
The paper compares the risk coping potential of insurances that are based on indices derived from weather (rainfall and temperature) data as well as from crop model and remote sensing analyses. Corresponding indices were computed for the case of wheat production in the Aleppo region of northern Syria, representative for agricultural production systems in many developing countries. The results demonstrate that weather derivatives such as the rainfall sum index (RSI) and the rainfall deficit index (RDI) have a very good potential for coping with risk in semiarid areas. Crop simulation model index (CSI) on the other hand could serve as an alternative to RSI and RDI when historical farm yield data is not available or not reliable. In such cases we simulated...
Tipo: Conference Paper or Presentation Palavras-chave: Risk management; Index insurance; Alternative index; CropSyst; NDVI; Risk and Uncertainty.
Ano: 2011 URL: http://purl.umn.edu/114256
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Creating insurance markets for natural disaster risk in lower income countries: the potential role for securitization AgEcon
Skees, Jerry R.; Barnett, Barry J.; Murphy, Anne G..
This paper considers the potential for securitizing index-based insurance products that transfer weather and natural disaster risks from lower income countries. The paper begins with a brief overview of why markets for natural disaster risks are important in lower income countries and a review of some recent activities using index-based weather insurance. Next, the paper explains how natural disaster risks are handled in higher income countries. These examples along with the example of an innovative index-based livestock insurance pilot project in Mongolia illustrate how layers, or tranches, of natural disaster risk can be financed during the product development phase by creating structures similar to the Special Purpose Vehicles used in catastrophe bond,...
Tipo: Conference Paper or Presentation Palavras-chave: Catastrophe risk; Index insurance; Weather risks; Socially responsible investing; Reinsurance; Risk and Uncertainty.
Ano: 2007 URL: http://purl.umn.edu/9272
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Efficiency of Weather Derivatives as Primary Crop Insurance Instruments AgEcon
Vedenov, Dmitry V.; Barnett, Barry J..
This study analyzes efficiency of weather derivatives as primary insurance instruments for six crop reporting districts that are among the largest producers of corn, cotton, and soybeans in the United States. Specific weather derivatives are constructed for each crop/district combination based on analysis of several econometric models. The performance of the designed weather derivatives is then analyzed both in- and out-of-sample. The primary findings suggest that the optimal structure of weather derivatives varies widely across crops and regions, as does the risk-reducing performance of the optimally designed weather derivatives. Further, optimal weather derivatives required rather complicated combinations of weather variables to achieve reasonable fits...
Tipo: Journal Article Palavras-chave: Agricultural risk management; Crop insurance; Index insurance; Weather derivatives; Risk and Uncertainty.
Ano: 2004 URL: http://purl.umn.edu/30916
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Evaluation of an index-based risk management contract for agricultural activities AgEcon
Weynants, Stephanie; Gaspart, Frederic; Frahan, Bruno Henry de.
This paper proposes and evaluates area index-based financial contracts for specific farm activities. These financial contracts allow not only for removing moral hazard and adverse selection as index insurances do, but also for adding more flexibility and, hence, better risk protection. The evaluation of these financial contracts uses FADN farm data of Belgium from 1990 to 2007. Area indexes based on yield and yield-in-value perform well in stabilising revenues from some farm activities, but badly from some others. The variation in the estimated actuarially fair premiums across agricultural area shows the importance of designing those financial contracts according to homogenous agricultural area.
Tipo: Presentation Palavras-chave: Agricultural risk management; Index insurance; Financial contract; Belgium; Risk and Uncertainty; D81; Q12; Q18.
Ano: 2012 URL: http://purl.umn.edu/122483
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Index Insurance, Probabilistic Climate Forecasts, and Production AgEcon
Carriquiry, Miguel A.; Osgood, Daniel E..
Index insurance and probabilistic seasonal forecasts are becoming available in developing countries to help farmers manage climate risks in production. Although these tools are intimately related, work has not been done to formalize the connections between them. We investigate the relationship between the risk management tools through a model of input choice under uncertainty, forecasts, and insurance. While it is possible for forecasts to undermine insurance, we find that when contracts are appropriately designed, there are important synergies between forecasts, insurance, and effective input use. Used together, these tools overcome barriers preventing the use of imperfect information in production decision making.
Tipo: Working or Discussion Paper Palavras-chave: Basis risk; Climate forecast; Index insurance; Input decisions; Insurance; Risk management; Farm Management; Risk and Uncertainty.
Ano: 2008 URL: http://purl.umn.edu/6107
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Index Insurance, Production Practices, and Probabilistic Climate Forecasts AgEcon
Carriquiry, Miguel A.; Osgood, Daniel E..
The failure of the development of commercially viable traditional crop insurance products and innovations in financial markers has fed a renewed interest in the search for alternatives to help producers in developing countries manage their risk exposure. Salient among these is the proposal of several index insurance schemes against weather events. Among the basic tenets are that the presence of index insurance allows producers to intensify their operations and reduce the risks of default and hence may induce creditors to offer loans at affordable rates. The two factors combined are touted as key to help producers in developing countries escape poverty traps. Improvements in seasonal climate forecasts create challenges for the design and effective...
Tipo: Conference Paper or Presentation Palavras-chave: Climate forecast; Index insurance; Input Decisions; Risk Management; Weather risks; Risk and Uncertainty.
Ano: 2006 URL: http://purl.umn.edu/21463
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Innovations in Index Insurance for the Poor in Lower Income Countries AgEcon
Skees, Jerry R..
This article focuses on innovation in weather insurance designed to fit the special circum-stances of the poor in lower income countries where rural and agricultural financial markets are largely underdeveloped. Index insurance is an innovation that circumvents many of the fundamental problems that hamper the development of insurance for weather risks in lower in-come countries. With index insurance, payments are made based upon an objective and inde-pendent index that serves as a proxy for significant losses to crops, livestock, or other prop-erty. For example, the index can be based upon extreme rainfall measures that create either drought or flooding. Weather stations or even satellite imagery coupled with computer models can be used to create reliable...
Tipo: Journal Article Palavras-chave: Index insurance; Financial innovation for the poor; Weather insurance; Correlated risk; Poverty trap; Ex ante risk managemen; Risk and Uncertainty.
Ano: 2008 URL: http://purl.umn.edu/44733
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Regional Yield Insurance for Arable Crops in EU-27 AgEcon
Bielza, Maria; Catenaro, Remo; Conte, Costanza G.; Gallego, Francisco J..
Replaced with revised version of paper 11/18/08.
Tipo: Conference Paper or Presentation Palavras-chave: Area yield insurance; Index insurance; Yield risk; Agricultural Finance; Risk and Uncertainty.
Ano: 2008 URL: http://purl.umn.edu/43690
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Selling formal Insurance to the Informally Insured AgEcon
Mobarak, A. Mushfiq; Rosenzweig, Mark R..
Unpredictable rainfall is an important risk for agricultural activity, and farmers in developing countries often receive incomplete insurance from informal risk-sharing networks. We study the demand for, and effects of, offering formal index-based rainfall insurance through a randomized experiment in an environment where the informal risk sharing network can be readily identified and richly characterized: sub-castes in rural India. A model allowing for both idiosyncratic and aggregate risk shows that informal networks lower the demand for formal insurance only if the network indemnifies against aggregate risk, but not if its primary role is to insure against farmer-specific losses. When formal insurance carries basis risk (mismatches between payouts and...
Tipo: Working Paper Palavras-chave: Index insurance; Risk sharing; Basis risk; Agricultural Finance; Financial Economics; International Development; Productivity Analysis; Risk and Uncertainty; O17; O13; O16.
Ano: 2012 URL: http://purl.umn.edu/121671
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Tail Dependence among Agricultural Insurance Indices: The Case of Iowa County-Level Rainfalls AgEcon
Liu, Pu; Miranda, Mario J..
Index insurance has been promoted as a cost-effective risk management alternative for agricultural producers in developing countries. In this paper, we ask whether spatially separated weather variables commonly used in index insurance design, such as rainfall at different weather stations within a defined geographical area, are more highly correlated at the tails. As a case study, we assess the degree of tail dependence exhibited by Iowa June county-level rainfalls using copulas. We search among various candidate bivariate copulas and, using goodness-of-fit for copulas, attempt to identify the copula structures that best explain the nature of dependence among rainfalls in adjacent counties. Our results provide strong evidence that lower tail dependence...
Tipo: Conference Paper or Presentation Palavras-chave: Tail dependence; Copulas; Index insurance; Weather indices; Risk and Uncertainty.
Ano: 2010 URL: http://purl.umn.edu/61317
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Weather Derivatives as Risk Management Tool in Ecuador: A Case Study of Rice Production AgEcon
Vedenov, Dmitry V.; Sanchez, Leonardo.
This paper analyzes efficiency of weather derivatives as insurance instruments for rice in Ecuador. Weather derivatives were constructed for each county/season combination. Complicated weather models were estimated for the index, and a copula approach was used to get the probability distributions. We find Risk-reducing efficiency varies across county and season.
Tipo: Working or Discussion Paper Palavras-chave: Agricultural risk management; Index insurance; Weather derivatives; Copula approach; Rice production; Agribusiness; Crop Production/Industries; Risk and Uncertainty; Q14; Q59.
Ano: 2011 URL: http://purl.umn.edu/98747
Registros recuperados: 12
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