Weather index-based insurance as a meteorological risk management alternative in viticulture

This research is funded by a grant awarded to Andrea Martínez Salgueiro by " la Caixa " Foundation in its "Doctoral Scholarship Programme 2016". This institution, which encourages the publication of research results, had no other involvement in the development of this study. The project that gave rise to these results received the support of a grant from "la Caixa" Foundation (ID 100010434). The grant code is LCF/BQ/DE16/11570002. The author is thankful to Maria-Antonia Tarrazon-Rodon (UAB) and Juan Carlos Reboredo (USC) for interesting insights on previous stages of this research. She also thanks the two anonymous reviewers whose comments helped improve and clarify the manuscript.This article explores the hedging potential of two weather index-based insurance programmes designed for the Rias Baixas Protected Designation of Origin (Spain). The first alternative insures both extreme and non-extreme weather events, while the second instrument covers exclusively extreme meteorological states. Two bioclimatic indicators computed for the period most correlated to grape yields are proposed as underlyings: the Branas, Bernon and Levadoux (BBL) and the Ribéreau-Gayon and Peynaud hydrothermal scale (RGP). Yield-weather dependence is then modelled with two different methodological approaches: copulas and linear regression. To asses the risk reducing potential, a hedging effectiveness analysis based on real and simulated data is carried out. The model uses variance and expected shortfall as risk measures. The results attained point out the high hedging ability of both insurance programmes, especially of the first of them based on RGP. This appraisal also reveals that the copula technique outperforms linear regression. Overall, the study results suggest that the implementation of policies geared to bioclimatic indices able to signal adverse weather events can significantly mitigate weather-related yield variations in viticulture

Aprendizaje Basado en Equipos en cursos de gestión de empresas: La aplicación de estudios de casos y simulaciones

INTRODUCCIÓ. El domini en disciplines amb una gran orientació pràctica, com la gestió d’empreses, no està determinat directament pel grau de coneixement, sinó per la capacitat d’aplicar teories econòmiques i de gestió al món real. Aquesta naturalesa pràctica posa en relleu la insuficiència de les tècniques educatives tradicionals per a l’ensenyament, consistents en lectures i classes magistrals, i condueix a l’aparició de mètodes instructius alternatius, com els fonamentats en l’aprenentatge basat en equips (ABE). MÈTODE. Concretament, hi ha dos instruments l’ús dels quals s’ha anat incrementant en educació empresarial: els estudis de casos i les simulacions. RESULTATS. En aquesta investigació, els dos instruments són analitzats detalladament amb l’objectiu de determinar si el seu ús en la fase d’aplicació de l’ABE és una alternativa apropiada, atesa la naturalesa pràctica d’aquesta fase. DISCUSSIÓ. Basada en l’avaluació d’aquestes tècniques, la nostra investigació suggereix que la implementació conjunta d’ambdós instruments pot resultar especialment beneficiosa i desembocar en millors resultats d’aprenentatge i d’adquisició de capacitats, atès que cada un produeix efectes diferents i, al seu torn, valuosos.INTRODUCTION. A command of action-oriented disciplines such as business is not directly determined by knowledge level, but by the capacity to apply management and economic theories to the real world. This action-oriented nature has highlighted the insufficiency of traditional educational techniques for teaching purposes, based on readings and lectures, and has given rise to the appearance of alternative instructional methods such as those based on team-based learning (TBL). METHOD. The use of two key instruments is becoming increasingly widespread in business training: case studies and simulation games. RESULTS. As part of this study, both tools are subjected to an in-depth analysis in order to determine whether their use at the TBL application stage is an appropriate alternative, given the practical nature of this phase. DISCUSSION. Based on the evaluation of these techniques, our research suggests that their joint implementation can be particularly beneficial and may lead to better learning outcomes and skills acquisition, given that each produces different but equally valuable results.INTRODUCCIÓN. El dominio en disciplinas con una gran orientación práctica, como la gestión de empresas, no está determinado directamente por el nivel de conocimiento, sino por la capacidad de aplicar teorías económicas y de gestión al mundo real. Dicha naturaleza práctica puso de relieve la insuficiencia de las técnicas educativas tradicionales para la enseñanza, consistentes en lecturas y clases magistrales, y condujo a la aparición de métodos instructivos alternativos, como los fundamentados en el Aprendizaje Basado en Equipos (ABE). MÉTODO. Concretamente, existen dos instrumentos cuyo uso en educación empresarial se ha ido incrementando: los estudios de casos y las simulaciones. RESULTADOS. En esta investigación, ambos instrumentos son analizados en detalle con el objetivo de determinar si su uso en la fase de aplicación de ABE es una alternativa apropiada, dada la naturaleza práctica de esta etapa. DISCUSIÓN. Basada en la evaluación de estas técnicas, nuestra investigación sugiere que la implementación conjunta de ambos instrumentos puede resultar especialmente beneficiosa y desembocar en mejores resultados de aprendizaje y de adquisición de capacidades, dado que cada uno de ellos produce efectos diferentes y, a su vez, valiosos

Team-based learning in business courses: The application of case studies and simulation games

INTRODUCTION. A command of action-oriented disciplines such as business is not directly determined by knowledge level, but by the capacity to apply management and economic theories to the real world. This action-oriented nature has highlighted the insufficiency of traditional educational techniques for teaching purposes, based on readings and lectures, and has given rise to the appearance of alternative instructional methods such as those based on team-based learning (TBL). METHOD. The use of two key instruments is becoming increasingly widespread in business training: case studies and simulation games. RESULTS. As part of this study, both tools are subjected to an in-depth analysis in order to determine whether their use at the TBL application stage is an appropriate alternative, given the practical nature of this phase. DISCUSSION. Based on the evaluation of these techniques, our research suggests that their joint implementation can be particularly beneficial and may lead to better learning outcomes and skills acquisition, given that each produces different but equally valuable results

Estudio del caso y adquisición de habilidades : una experiencia docente en la Universidad Autónoma de Barcelona

Este trabajo evalúa mediante una encuesta en qué medida el método de estudio del caso contribuye a mejorar las habilidades de los estudiantes de un curso de Dirección Estratégica. Los resultados en general son muy positivos, con promedios superiores a 4 (en una escala de 6 puntos) en todos los componentes analizados

Is diversification effective in reducing the systemic risk implied by a market for weather index-based insurance in Spain?

This study assesses how effective spatial diversification is in reducing the systemic risk implied by a market for weather index-based insurance in Spain and compares rainfall- and temperature-based policies in terms of systemic risk. Based on historical weather data, daily models which rely on the multivariate normal distribution are applied to derive greater samples. The results show that the Buffer Load, as measured by the Expected Shortfall, decreases up to 67% as the level of aggregation increases. This suggests that the trading area should not be focused on a specific county, but on Spain as a whole. Considering the highest aggregation degree, it is also shown that the diversification effect is significant, of up to 0.35. Finally, it is noted that rainfall insurance is a less-risky alternative as compared to temperature-geared contracts, as it implies lower losses and prices and stronger risk pooling effectiveness. Therefore, we recommend the inclusion of this type of policies in the insurance companies’ portfolio. Finally, although this study focuses on a specific country, the proposed methodology can be easily extrapolated to other geographical areas

Commodity exposure in the eurozone: How EU energy security is conditioned by the Euro

The European Union is immersed in a process of energy transition focused on reducing the weight of fossil fuels. The current context is also characterized by the increasing attention paid to energy security, conditioned by the volatility of the prices for energy raw materials, among other factors. This work analyzes the raw material price exposure of electricity producers in the Eurozone. The results indicate that the listing of raw materials in U.S. dollars is the primary cause of business exposure, with an impact greater than the price of the raw material itself. A geographic analysis also indicates that there are important differences in the level of exposure among companies in different countries, which can make it difficult to reach a consensus in the European UnionS

Clonal chromosomal mosaicism and loss of chromosome Y in elderly men increase vulnerability for SARS-CoV-2

The pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2, COVID-19) had an estimated overall case fatality ratio of 1.38% (pre-vaccination), being 53% higher in males and increasing exponentially with age. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, we found 133 cases (1.42%) with detectable clonal mosaicism for chromosome alterations (mCA) and 226 males (5.08%) with acquired loss of chromosome Y (LOY). Individuals with clonal mosaic events (mCA and/or LOY) showed a 54% increase in the risk of COVID-19 lethality. LOY is associated with transcriptomic biomarkers of immune dysfunction, pro-coagulation activity and cardiovascular risk. Interferon-induced genes involved in the initial immune response to SARS-CoV-2 are also down-regulated in LOY. Thus, mCA and LOY underlie at least part of the sex-biased severity and mortality of COVID-19 in aging patients. Given its potential therapeutic and prognostic relevance, evaluation of clonal mosaicism should be implemented as biomarker of COVID-19 severity in elderly people. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, individuals with clonal mosaic events (clonal mosaicism for chromosome alterations and/or loss of chromosome Y) showed an increased risk of COVID-19 lethality

Weather index-based insurance as a meteorological risk management alternative in viticulture

This research is funded by a grant awarded to Andrea Martínez Salgueiro by " la Caixa " Foundation in its "Doctoral Scholarship Programme 2016". This institution, which encourages the publication of research results, had no other involvement in the development of this study. The project that gave rise to these results received the support of a grant from "la Caixa" Foundation (ID 100010434). The grant code is LCF/BQ/DE16/11570002. The author is thankful to Maria-Antonia Tarrazon-Rodon (UAB) and Juan Carlos Reboredo (USC) for interesting insights on previous stages of this research. She also thanks the two anonymous reviewers whose comments helped improve and clarify the manuscript.This article explores the hedging potential of two weather index-based insurance programmes designed for the Rias Baixas Protected Designation of Origin (Spain). The first alternative insures both extreme and non-extreme weather events, while the second instrument covers exclusively extreme meteorological states. Two bioclimatic indicators computed for the period most correlated to grape yields are proposed as underlyings: the Branas, Bernon and Levadoux (BBL) and the Ribéreau-Gayon and Peynaud hydrothermal scale (RGP). Yield-weather dependence is then modelled with two different methodological approaches: copulas and linear regression. To asses the risk reducing potential, a hedging effectiveness analysis based on real and simulated data is carried out. The model uses variance and expected shortfall as risk measures. The results attained point out the high hedging ability of both insurance programmes, especially of the first of them based on RGP. This appraisal also reveals that the copula technique outperforms linear regression. Overall, the study results suggest that the implementation of policies geared to bioclimatic indices able to signal adverse weather events can significantly mitigate weather-related yield variations in viticulture

Team-based learning in business courses : the application of case studies and simulation games

A command of action-oriented disciplines such as business is not directly determined by knowledge level, but by the capacity to apply management and economic theories to the real world. This actionoriented nature has highlighted the insufficiency of traditional educational techniques for teaching purposes, based on readings and lectures, and has given rise to the appearance of alternative instructional methods such as those based on team-based learning (TBL). METHOD. The use of two key instruments is becoming increasingly widespread in business training: case studies and simulation games. RESULTS. As part of this study, both tools are subjected to an in-depth analysis in order to determine whether their use at the TBL application stage is an appropriate alternative, given the practical nature of this phase. DISCUSSION. Based on the evaluation of these techniques, our research suggests that their joint implementation can be particularly beneficial and may lead to better learning outcomes and skills acquisition, given that each produces different but equally valuable results

Commodity exposure in the eurozone: How EU energy security is conditioned by the Euro

[Abstract]: The European Union is immersed in a process of energy transition focused on reducing the weight of fossil fuels. The current context is also characterized by the increasing attention paid to energy security, conditioned by the volatility of the prices for energy raw materials, among other factors. This work analyzes the raw material price exposure of electricity producers in the Eurozone. The results indicate that the listing of raw materials in U.S. dollars is the primary cause of business exposure, with an impact greater than the price of the raw material itself. A geographic analysis also indicates that there are important differences in the level of exposure among companies in different countries, which can make it difficult to reach a consensus in the European Union