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英文文献：Optimal Design of Weather Bonds-天气粘结剂的优化设计
英文文献作者：Xu, Wei,Odening, Martin,Musshoff, Oliver
英文文献摘要：
This paper investigates the optimal design of weather bonds for reinsurance purposes. The motivation for this task comes from an empirical study showing that German farmers are not willing to pay the premiums for weather insurance that insurers ask for. Since reinsurance costs constitute a major cost component of insurance premiums, minimizing these costs could decrease the observed gap between the willingness to pay and the willingness to accept the cost of the insurance. Against this background, we put forth the proposal to transfer weather risk directly to the capital market by issuing weather bonds. The structure of the weather bond is optimally designed in a utility maximizing framework that involves farmers, insurers, and capital market investors. The approach is illustrated by an example of securitizing draught risk in crop production in Germany.
本文研究了再保险用气象债券的优化设计问题。这项任务的动机来自一项实证研究，该研究显示德国农民不愿意支付保险公司要求的天气保险的保险费。由于再保险费用是保险费的主要费用组成部分，因此尽量减少这些费用可以缩小愿意支付保险费和愿意接受保险费之间的差距。在此背景下，我们提出了通过发行天气债券将天气风险直接转移到资本市场的建议。天气债券的结构是在效用最大化的框架中优化设计的，包括农民、保险公司和资本市场投资者。该方法以德国作物生产中的干旱风险证券化为例加以说明。
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