Derivativos climáticos na agricultura: Uma revisão de literatura

Agricultural activity is exposed to a number of risks, including specially price and production risks. Price volatility and strong dependence on climate and biological aspects directly impact the producer’s revenue, which indicate the importance of using management tools to reduce these exposures. The purpose of this paper is to report the state of the art of climate derivatives, seeking to understand its characteristics and operationalization, along with providing an overview of previous studies that evaluated the use of these instruments in agricultural activity. Previous studies, which consider different locations with distinct edaphoclimatic conditions, have shown relevant effectiveness of these instruments to manage production risk in agricultural activity. In addition, problems of moral hazard and adverse selection, so common in agricultural insurance contracts, are virtually eliminated with the use of such derivatives. Overall, the analysis indicates that the weather derivatives can be useful both to farmers and supply chain stakeholders in risk management as well as to insurers and the government in issues related to product development and the agricultural risk management policy, respectively.