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Calum G. Turvey's
Scholarly Papers
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Aggregate Statistics |
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Total Downloads
233 |
Total
Citations
5 |
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1.
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Christopher B. Barrett Cornell University - Department of Applied Economics and Management Barry J. Barnett University of Georgia - Department of Agricultural & Applied Economics Michael R. Carter University of Wisconsin - Madison - Department of Agricultural & Applied Economics Sommarat Chantarat Cornell University - Department of Economics James W. Hansen Columbia University Andrew G. Mude Cornell University - Department of Economics Daniel Osgood Columbia University Jerry R. Skees University of Kentucky Calum G. Turvey Cornell University - Department of Applied Economics and Management M. Neil Ward affiliation not provided to SSRN
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26 Jun 08
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13 Aug 08
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81 (90,999)
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Abstract:
The objective of this paper is to frame the key issues and summarize the current state of knowledge about and innovations in index-based risk transfer products (IBRTPs) as they relate to the management of climate risk for poverty reduction, especially of chronic or persistent poverty. In the past several years, interest in and experimentation with weather index insurance and other IBRTPs has grown rapidly. Though no one should expect that these innovations alone can solve the problem of chronic poverty, index-based financing opens up a range of intriguing possibilities. The remainder of this paper is comprised of five major sections that discuss: 1) how weather risks and climate shocks impact the poor in developing countries; 2) the concept of poverty traps, highlighting how conventional risk management strategies typically do not work well for managing covariate weather risk; 3) the limitations and opportunities of financial innovations using index-based risk transfer products (IBRTPs) for reducing or transferring weather risks and climate shocks; 4) a poverty traps-based typology of IBRTPs; 5) key remaining challenges in developing and implementing index-based risk financing for use in the global struggle to end chronic poverty.
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2.
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Sommarat Chantarat Cornell University - Department of Economics Calum G. Turvey Cornell University - Department of Applied Economics and Management Andrew G. Mude Cornell University - Department of Economics Christopher B. Barrett Cornell University - Department of Applied Economics and Management
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26 Jun 08
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Last Revised:
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28 Jun 08
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63 (105,890)
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Abstract:
This paper illustrates how weather derivatives indexed to forecasts of famine can be designed and used by operational agencies and donors to facilitate timely and reliable financing for effective emergency response to climate-based, slow-onset disasters such as drought. We provide a general framework for derivative contracts, especially in the context of index insurance and famine catastrophe bonds, and show how they can be used to complement existing tools and facilities in drought risk financing through a risk layering strategy. We use the case of arid lands of northern Kenya, where rainfall proves a strong predictor of widespread and severe child wasting, to provide a simple empirical illustration of the potential contract designs.
Covariate risk, weather derivatives, catastrophe bond, famine relief, food aid, food insecurity, pastoralists, Kenya
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3.
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Andrew A. Toole Rutgers, The State University of New Jersey - Agricultural, Food & Resource Economics Calum G. Turvey Cornell University - Department of Applied Economics and Management
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08 Dec 07
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08 Dec 07
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54 (114,459)
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One common rationale supporting public financing programs for small firms is that initial public investment creates incentives for follow-on private investment. However, there does not appear to be a unified statement in the literature describing how initial public investment creates incentives for follow-on private investment. Focusing on external private investors, we use a two-stage net present value model to identify four effects from initial public investment on the private decision for follow-on investment. Our empirical analysis uses a sample of non-venture backed firms entering the SBIR program to examine how reduced risk, the number of SBIR awards, and size of initial public investment influence the likelihood of follow-on venture capital investment. We find the probability of follow-on venture capital investment is more likely when firms reach Phase II of the program, is less likely as firms win multiple Phase I and Phase II awards, and is more likely as the size of initial public investment in Phase I increases.
R&D, real options, uncertainty, public subsidies, innovation
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4.
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Shihong Yin Irving Oil Corporation Calum G. Turvey Cornell University - Department of Applied Economics and Management
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20 Oct 03
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20 Oct 03
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15 (181,153)
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2
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Abstract:
No abstract available
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5.
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Calum G. Turvey Cornell University - Department of Applied Economics and Management Alfons Weersink University of Guelph - Department of Agricultural Economics and Business Szu-Hsuan Celia Chiang University of Lethbridge - Department of Economics
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20 Jul 06
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26 Mar 07
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10 (195,624)
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Abstract:
Weather insurance within the agricultural sector has been limited by the difficulty in defining the appropriate weather event and in pricing the product. We develop a new pricing method for weather insurance under situations where returns depend not only on the occurrence of the weather event, but also its timing. The method is used to price weather insurance for ice wine. Because the harvest quantity of grapes for ice wine degrades over time, the strike value on the weather event measured as harvestable hours is random. We develop a Monte Carlo method to estimate the premium.
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6.
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Calum G. Turvey Cornell University - Department of Applied Economics and Management
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28 Sep 03
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Last Revised:
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27 Oct 03
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10 (195,624)
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1
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Abstract:
No abstract available.
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