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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.
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Submitted on : Saturday, December 14, 2013 - 3:05:09 PM
Last modification on : Wednesday, January 29, 2014 - 2:46:02 PM
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  • HAL Id : pastel-00918753, version 1



Pauline Barrieu. Produits dérivés météorologiques et environnement.. Economies et finances. HEC PARIS, 2002. Français. ⟨NNT : 2002EHEC0084⟩. ⟨pastel-00918753⟩



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