The capacity of global agricultural production to meet increased demand for food from population growth and wealth accumulation is threatened by extensive land degradation. Nonetheless, previous research has focused primarily on the dynamic implications of input management and ignored land-use...

This paper develops methods to quantify weather derivatives and yield index insurance. These are exotic options that differ from financial options in several ways. The underlying random variable is not a price but a quantity such as millimeters of rainfall. Instead of option "pricing", a method...