This work reviews the literature on spline local basis methods for non-parametric density
estimation. Particular attention is paid to B-spline density estimators which have …

When actuarially fair insurance for a major risk is available then standard economic theory
posits that those subject to the risk should insure. In agriculture, it is common for producers …

Given the assumption that weather risks affect crop yields, we designed a weather index
insurance product for soybean producers in the US state of Illinois. By separating the entire …

Participation in the US Federal Crop Insurance Program (FCIP) has increased over time at
both extensive (insured acres) and intensive (coverage level) margins, but there are clear …

We investigate the nature of crop yield systemic risk and its implications for farmers' area
yield insurance choices. A theory‐grounded, normalized measure of systemic risk, R 2, is …

Implied volatility is known to have a string structure (smile curve) for a given time to maturity
and can be captured by the B-spline. The parameters characterizing the curves can change …

Understanding how subsidies affect the selection of farms with different risk exposure into
insurance products is key to evaluating the efficiency of government‐supported insurance …

In this article, we propose a flexible framework for the design of weather index insurance
(WII) based on penalized spline methods. The aim is to find the indemnity function that …

Crop yields and harvest prices are often considered to be negatively correlated, thus acting
as a natural risk management hedge through stabilizing revenues. Storage theory gives …

Abstract Machine learning methods have undergone rapid development in recent years, and
they have been becoming popular in financial industry. Researchers have demonstrated …