날씨 파생상품을 이용한 국내 도시가스 산업의 날씨 위험 관리 = Managing Weather-Risks in Korean City-Gas Industry using Weather Derivatives

다국어 초록 (Multilingual Abstract)

The main objectives of this paper are to measure weather-risks in Korean city-gas industry,Whose revenue is strongly correlated with temperature changes, and show how managing weather-related risks using weather derivatives (priced using a utility indifference pricing technique) affects korean city-gas industry`s volatility of cash-flow through computational tests.Since the tluctuation in temperature is the major risk factor for korean city-gas providers(who are mostly nongovernmental companies). they can considered as strong potential participants in weather-derivatives`market Therefore, it is worthwhile to investigate the impact of temperature changes on city-gas demands and the effectiveness of the application of weather-derivatives to city-gas providers`revenue Our tests indicate that hedging weather- risks using weather derivatives can not only reduce the volatility of cash-flow but also increase cash income for Korean city-gas providers.

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