Xu, Wei; Filler, Gunther; Odening, Martin; Okhrin, Ostap - Agricultural and Applied Economics Association - AAEA - 2009
Systemic weather risk is a major obstacle for the formation of private (nonsubsidized) crop insurance. This paper … explores the possibility of spatial diversification of insurance by estimating the joint occurrence of unfavorable weather … dependencies between multivariate random variables. The estimation procedure is applied to weather data in Germany. Our results …