Produits dérivés météorologiques et environnement.
Abstract
Managing climatic risks is one of the major concerns for most economic actors. This PhD dissertation considers two different points of view: that of firms using derivatives to hedge their weather risk and that of States adopting an environmental policy. These questions are both considered via financial theory. After a general presentation of weather derivatives, we price and design a weather bond, taking into account its specific logic lying between finance and insurance. After an econometric study of temperature data, we compare different temperature models by pricing a theoretical contract. Then, after a presentation of the dramatic evolution of the Earth Climate, we focus on the question of optimal timing for a country, behaving strategically or not, to adopt an environmental policy and consider the problem of choosing discount rates.
Présentation de produits dérivés climatiques. Structure optimale d'un "weather bond". Etudes économétriques de données de température. Evaluation d'une option climatique par simulation. Prise de conscience de problèmes environnementaux. Environnement : prise de décision optimale dans un contexte stratégique.
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