In this paper we price a precipitation option based on empirical weather data from Germany using different pricing methods, among them the burn analysis, index value simulation and daily simulation. For that purpose we develop a daily precipitation model. Moreover, a decorrelation analysis is...

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...

The importance of weather as a production factor in agriculture is well established long time and a significant portion of yield fluctuations is caused by weather risks. Traditionally, farmers have tried to hedge against unfavorable weather using insurance, such as crop insurance. In recent...

Since the mid-nineties, agricultural economists discuss the suitability of “weather derivatives” as hedging instruments for volumetric risks in agriculture. Contrary to traditional insurance contracts, the payoffs of such derivatives are linked to weather indices (e.g. accumulated rainfall...

The objective of this paper is to investigate the performance of different Value-at-Risk (VaR) models in the context of risk assessment in hog production. The paper starts with a description of traditional VaR models, i.e. Variance-Covariance-Method (VCM) and Historical Simulation (HS). We...

This paper discusses the real options approach to investment. Real options facilitate an analysis of investment under uncertainty explicitly taking into account irreversibility of the investment decision and flexibility with respect to the investment timing. This is achieved by exploiting the...

Es ist seit langem bekannt, dass das Wetter den Hauptunsicherheitsfaktor in der pflanzlichen Produktion darstellt. Seit einiger Zeit wird der Einsatz von Wetterderivaten zur Absicherung gegen wetterbedingte Ertragsschwankungen diskutiert. In diesem Beitrag wird am Beispiel ei-nes...

Preferences for food products are usually analysed employing multi-attributive Attitude Measurement, Conjoint Analysis and recently Discrete Choice Modelling approaches. From a theoretical point of view, Choice Modelling based on random utility theory (RUT) outperforms traditional Conjoint...

In dieser Arbeit werden Befragungsdaten zum selbst eingeschätzten Kaufverhalten und zu Einstellungen, die begleitend zu einem Verbraucherpanel erhoben wurden, dem realisierten Kaufverhalten gegenüber gestellt. In Befragungen zum Kauf von Öko-Produkten neigen Käufer dazu, ihr Kaufverhalten...

Der Beitrag analysiert den Einfluss der Kundenzufriedenheit auf den ökonomischen Erfolg im Naturkostfachhandel. Auf Basis einer Befragung von 885 Kunden und der Analyse der Betriebskennzahlen von 11 Naturkostfachgeschäften zeigt sich, dass die Kundenzufriedenheit ein relevanter Erfolgsfaktor...