KFAQJ f. BOOK REVIEWS WEATHE R RISK MANAGEMENT: MARKETS, PRODUCTS AN D APPLICATIONS Erik Banks, Ed., 2002, 386 pp., $180.00, hardbound, Palgrave Macmillan, ISBN 0-333-97225-2 and market risk issues are also discussed (chapters 12- he measurements from U.S. National Weather Service (NWS) reporting stations are intended 14). The material presented in part V, which consists of three appendixes, elaborates on Tfo r monitorin g day-to-day weather. So who would think that these measurements could also be tha t presented earlier in the book. used for wagering on weather? Yet, as is described in Five cases illustrating weather hedg- this book, that is exactly what is being done by the ing strategies are described, for ex- WEATHER energ y companies, insurers, reinsurers, and banks ample , in appendix 1. Definitions RIS K that are betting large sums on measurements of tem- take n from the 2000 Commodity MANAGEMENT perature, humidity, precipitation, and wind. By cre- Future s Modernization Act (which Markets, products aixl applications ating a "weather market," these businesses and cor- update s regulations and statutes of EMTFNRR * porations are aiming to hedge their risk exposures to th e Commodity Futures Trading weather and short-term (seasonal) climate changes,
Bulletin of the American Meteorological Society – American Meteorological Society
Published: Jul 1, 2002
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