The Economic Cooperation Organization (ECO) is an inter-governmental organization comprising Afghanistan, Azerbaijan, Iran, Pakistan, Turkey and several countries of the Commonwealth of Independent states (CIS) including Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The...

The design and pricing of weather-based crop insurance and weather derivatives is strongly based on an implicit assumption that the dependence structure between yields and weather variables remains unchanged over time. In this paper, we prove this assumption based on empirical time series of...

The study develops the methodology for a copula-based weather index insurance rating. As the copula approach is better suited for modeling tail dependence than the standard linear correlation method, we suppose that copulas are more adequate for pricing a weather index insurance contract against...