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A Market for Weather Risk ? Conflicting Metrics, Attempts at Compromise and Limits to Commensuration

dc.contributor.authorHuault, Isabelle
dc.contributor.authorRainelli, Hélène
HAL ID: 177512
dc.date.accessioned2011-11-16T10:12:52Z
dc.date.available2011-11-16T10:12:52Z
dc.date.issued2011
dc.identifier.issn0170-8406
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/7506
dc.language.isoenen
dc.subjectDerivatives market
dc.subjectWeather risk
dc.subjectSocial studies of finance
dc.subjectCommensuration
dc.subjectRisk commodification
dc.subject.ddc332en
dc.subject.classificationjelN24en
dc.subject.classificationjelQ54en
dc.subject.classificationjelG13en
dc.subject.classificationjelG12en
dc.titleA Market for Weather Risk ? Conflicting Metrics, Attempts at Compromise and Limits to Commensuration
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenIn this paper, we examine the process of risk commodification involved in the creation of a market for weather derivatives in Europe. We approach this issue through an in-depth qualitative study in which we focus on the commensuration process by which promoters try to draw weather risk into the financial world. By offering a concrete description of a derivatives market as a meeting place between different metrics, our results highlight the failure of a process of commensuration - a phenomenon rarely studied empirically in the literature - and its unexpected results. Compared to existing research, we use the theoretical framework provided by Boltanski and Thévenot (2006) to enrich the literature on commensuration specifically as regards the different forms of agreement to which commensuration attempts can lead. Our results highlight the crucial role of a common interest for commensuration to succeed, and the conditions necessary for this common interest to occur. We conclude that there are limits to the thesis of financial theory, according to which all kinds of risk can be transformed into financial risk, and exchanged on financial markets.
dc.relation.isversionofjnlnameOrganization Studies
dc.relation.isversionofjnlvol32
dc.relation.isversionofjnlissue10
dc.relation.isversionofjnldate2011
dc.relation.isversionofjnlpages1395-1419
dc.relation.isversionofdoihttp://dx.doi.org/10.1177/0170840611421251
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherW. de Gruyter
dc.subject.ddclabelEconomie financièreen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceinternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2016-02-08T10:40:24Z


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