C i\ BOOK REVIEWS WEATHE R DERIVATIVE VALUATION : TH E METEOROLOGICAL, STATISTICAL, FINANCIAL AN D MATHEMATICAL FOUNDATIONS Brix, 2005, 373 pp., $75.00, hardbound, Cambridge University Press, ISBN 0-521-84371-5 Stephen Jewson and Anders nergy traders created the weather derivative mar- and the Weather Market (Dischel 2002). I have not yet ket in the late 1990s when El Nino and La Nina read La Gestion du Risque Climatique (Marteau et al. Ewere so troublesome; when they did, they also 2004), written in French, nor three written in Japa- created a new application of meteorology and gener- nese. There are a few other books in English, French, ated new employment opportunities for meteorolo- and perhaps other languages that have weather risk gists. Weather derivatives make available a financial chapters. There are many good weather risk articles hedging contract to assist energy suppliers and other in trade journals and a handful written for profes- end users to manage their inherent weather risk. It sional journals, including two in the Bulletin [Zeng is a revenue-protection activity for (2000) and Murnane et al. (2001)]. These appear in the end users and a profit-oriented the bibliography of Jewson et al. (2006). activity for the contract
Bulletin of the American Meteorological Society – American Meteorological Society
Published: Oct 1, 2006
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