A Market for Weather Risk? Worlds in Conflicts and Compromising
34 Pages Posted: 14 Oct 2008 Last revised: 16 Jun 2015
Date Written: February 4, 2009
In this paper we study the development of the market for weather derivatives in Europe. We show that weather derivatives conceived as financial products by their promoters have difficulties finding end-users. We describe the attempts of market promoters using a framework drawn from economic sociology, namely the theory provided by Boltanski and Thevenot's Economy of Worth. We derive some conclusions about the potential future of the market.
Keywords: weather derivatives, financial markets, social construction of risk, Economics of convention
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