Abstract:Objective: this article studies the efficiency of a novel regression approach, the geographically weighted quantile lasso (GWQlasso), in the modeling of yield-index relationship for weather index insurance products. GWQlasso allows regression coefficients to vary spatially, while using the information from neighboring locations to derive robust estimates. The lasso component of the model facilitates the selection of relevant explanatory variables. Methodology: a weather index insurance (WII) product is deve… Show more
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