• 한국유기농업학회지
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• 제28권4호
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• pp.459-475
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• 2020

This study analyzes weather derivatives as an alternative risk management tool to stabilize farm revenue to complement the existing crop insurance program which suffers from asymmetric information problems such as adverse selection, moral hazard, and verifiability. We estimated apple yield functions to observe the relationship between yields and weather indices such as temperature and precipitation. Based on the estimated yield functions we designed weather futures and options products underlying temperature and precipitation, and calculated the prices of futures and options by two different approaches, historical distribution and Monte Carlo simulation. We found that weather futures and options stabilize farm revenue based on the estimated four risk indicators: Coefficient of Variation, Value at Risk, Certainty Equivalence, and Risk Premium. As a result, weather derivatives could be considered as a potential farm risk management tool through studying more in legal and institutional strategies and developing various derivatives products.

• Journal of the Korean Data and Information Science Society
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• 제23권2호
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• pp.365-374
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• 2012

Weather derivatives designed to manage casual changes of weather, as opposed to catastrophic risks of weather, are relatively a new class of financial instruments. There are still many theoretical and practical challenges to the effective use of these instruments. The objective of this paper is to develop a pricing approach for valuing weather derivatives and presents a case study that is practical enough to be used by the risk managers of electrical utility firms. Utilizing daily average temperature data of Guangzhou, China from $1^{st}$ January 1978 to $31^{st}$ December 2010, this paper adopted a univariate time series model to describe weather behavior dynamics and calculates equilibrium prices for weather futures and options for an electrical utility firm in the region. The results imply that the risk premium is an important part of derivatives prices and the market price of risk affects option values much more than forward prices. It also demonstrates that weather innovation as well as weather risk management significantly affect the utility's financial outcomes.

• 한국농림기상학회:학술대회논문집
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• 한국농림기상학회 2014년도 추계 학술발표논문집
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• pp.74-85
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• 2014

This study is a part of "Early Warning Service for Weather Risk Management in Climate-smart Agriculture", describes the delivery techniques from 840 catchment scale weather warning information using 150 counties unit special weather report(alarm, warning) released from KMA(Korea Meteorological Administration) and chronic weather warning information based on daily weather data from 76 synoptic stations. Catchment weather hazard warning service express a sequential risk index map generated by countries report occurs and report grade(alarm, warning) convert to catchment scale using zonal summarizing method. Additional services were chronic weather warning service at crop growth and accumulated more than 4 weeks, based on an unsuitable weather conditions, representing a relative risk compared to its catchment climatological normal conditions (normal distribution ) in addition to special weather report. Service provided by a real-time catchment scale map overlaid with VWORLD open platform operated by Ministry of Land, Infrastructure and Transport. Also provide a foundation for weather risk information to inform individual farmers to farm located within the catchment zone warning occur.

• 한국기후변화학회지
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• 제8권2호
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• pp.171-175
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• 2017

The purpose of the farmstead-specific early warning service system for weather risk management is to develop custom-made risk management recommendations for individual farms threatened by climate change and its variability. This system quantifies weather conditions into a "weather risk index" that is customized to crop and its growth stage. When the risk reaches the stage where it can cause any damage to the crops, the system is activated and the corresponding warning messages are delivered to the farmer's mobile phone. The messages are sent with proper recommendations that farmers can utilize to protect their crops against potential damage. Currently, the technology necessary to make the warning system more practical has been developed, including technology for forecasting real-time weather conditions, scaling down of weather data to the individual farm level and risk assessments of specific crops. Furthermore, the scientific know-how has already been integrated into a web-based warning system (http://new.agmet.kr). The system is provided to volunteer farmers with direct, one-on-one weather data and disaster warnings along with relevant recommendations. In 2016, an operational system was established in a rural catchment ($1,500km^2$) in the Seomjin river basin.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.397-402
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• 2013

In super-tall building construction projects, schedule risk factors which vertically change and are not found in the low and middle-rise building construction influence duration of a project by vertical attribute; and it makes hard to estimate activity or overall duration of a construction project. However, the existing duration estimating methods, that are based on quantity and productivity assuming activities of the same work item have the same risk and duration regardless of operation space, are not able to consider the schedule risk factors which change by the altitude of operation space. Therefore, in order to advance accuracy of duration estimation of super-tall building projects, the degree of changes of these risk factors according to altitude should be analyzed and incorporated into a duration estimating method. This research proposes a simulation model using Monte Carlo method for estimating activity duration incorporating schedule risk factors by weather conditions in a super-tall building. The research process is as follows. Firstly, the schedule risk factors in super-tall building are identified through literature and expert reviews, and occurrence of non-working days at high altitude by weather condition is identified as one of the critical schedule risk factors. Secondly, a calculating method of the vertical distributions of the weather factors such as temperature and wind speed is analyzed through literature reviews. Then, a probability distribution of the weather factors is developed using the weather database of the past decade. Thirdly, a simulation model and algorithms for estimating non-working days and duration of each activity is developed using Monte-Carlo method. Finally, sensitivity analysis and a case study are carried out for the validation of the proposed model.

• 한국기후변화학회지
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• 제6권1호
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• pp.55-60
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• 2015

Agro-Meteorological Information Service (AMIS) network has been established since 2001 by Rural Development Administration (RDA) in Korea, and has provided access to current and historical weather data with useful information for agricultural activities. AMIS network includes 158 automated weather stations located mostly in farm region, with planning to increase by 200 stations until 2017. Agrometeorological information is disseminated via the web site (http://weather.rda.go.kr) to growers, researchers, and extension service officials. Our services will give enhanced information from observation data (temperature, precipitation, etc.) to application information, such as drought index, agro-climatic map, and early warning service. AMIS network of RDA will help the implementation of an early warning service for weather risk management.

• 대기
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• 제34권1호
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• pp.1-21
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• 2024

Private companies are increasingly required to take more substantial actions on climate change. This study introduces the principle and cases of climate (physical) risk estimation for 11 private companies in Korea. Climate risk is defined as the product of three major determinants: hazard, exposure, and vulnerability. Hazard is the intensity or frequency of weather phenomena that can cause disasters. Vulnerability can be reflected in the function that explains the relationship between past weather records and loss records. The final climate risk is calculated by multiplying the function by the exposure, which is defined as the area or value of the target area exposed to the climate. Future climate risk is estimated by applying future exposure to estimated future hazard using climate model scenarios or statistical trends based on weather data. The estimated climate risks are developed into three types according to the demand of private companies: i) climate risk for financial portfolio management, ii) climate risk for port logistics management, iii) climate risk for supply chain management. We hope that this study will contribute to the establishment of the climate risk management system in the Korean industrial sector as a whole.

• 자원ㆍ환경경제연구
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• 제15권2호
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• pp.319-353
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• 2006

본 논문은 날씨파생상품이 전기도매시장에서의 가격 및 수량 위험의 헤지수단으로서 활용될 수 있다는 것을 보여주고 있다. 또한 일별 수준의 가격과 물량이 아니라 여름기간 동안의 전기도매시장에서의 전기구입 비용 혹은 전기판매 수입을 대상으로 하여 날씨관련 계약형태의 위험헤지효과를 살펴보았다. 날씨관련 계약들이 전기도매시장의 시장신호를 더 잘 보전하고 있으며, 도매전기 구입관련 금융위험을 더 잘 헤지함을 발견하였다. 전기도매시장에서 선물계약과 날씨파생상품을 결합하였을 경우, 더운 날의 경우 높은 전기생산비용이 가격에 반영되며, 전기판매 수입 혹은 전기구입 비용의 변동성이 현저히 낮아진다는 것을 발견하였다.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2009년도 추계 학술논문 발표대회
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• pp.213-217
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• 2009

Weather factors affect cost increases and progress management under construction. Because progress schedule is delayed by weather factors, the construction costs are increased. It is an essential element to control the progress schedule applying weather factors to the progress management. This study applies monthly working-day percentages which is estimated by databases of past weather information to RTPM system. Through do progress management in construction projects exactly, will try to minimize risk of process control that do that is to weather factors. Also, will compare calamity in safety supervision side that do that is to weather factors beforehand. Based on the factors and the expected impact of factors together with the weather data during the last 50 years in Seoul region gathered from Korea. Through it, calculated number of month working day of RCA's structural steel work. Studied way that apply to RTPM system.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2014년도 추계 학술논문 발표대회
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• pp.214-215
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• 2014

Recently, Russia decided to export an annual 7.5 million tons of natural gas to Korea over 30 years from 2015, as also deal with China, planed to build a pipeline connecting Siberia to Shandong Peninsula about 4000km. Risk management is required depending on the project in extreme cold weather, because it is concerned about the behavior of the seasonal changes in soil temperature and the strain of pipe according to the long-distance pipeline construction. The plan of data management shall be prepared in parallel for a sophisticated risk management, because a data is massive scale and it is generated/accumulated in real time. Therefore, this research is aimed to classify a data items in engineering stage of pipeline by previous studies for managing a generated data depending on the detail works in extreme cold weather. We expect to be provided the foundation of an efficient classification system of a generated data from the pipeline project life cycle.