Hedging dairy production losses using weather‐based index insurance
研究了一种温湿指数保险产品，检验其能否有效对冲热应激导致的牛奶减产风险，结果表明即使保费高于精算公平水平且存在基差风险，该产品仍能为佐治亚州中南部奶牛场提供风险管理收益。
Abstract This article proposes a temperature–humidity index insurance product and examines whether this product can effectively protect against the risk of reduced milk production caused by heat stress. Results suggest that even when premiums are at higher than actuarially fair levels and the insurance purchaser is faced with both spatial and temporal basis risks, a temperature–humidity index insurance product would provide risk management benefits to a representative south‐central Georgia dairy producer.