Assessment of irrigators’ preferences for different water supply risk management tools: option contract and insurance.

Irrigators face the risk of not having enough water to meet their crops’ demand. There are different mechanisms to cope with this risk, including water markets (option contracts) or insurance. A farmer will purchase them when the expected utility change derived from the tool is positive. This paper presents a theoretical assessment of the farmer’s expected utility under two different option contracts, a drought insurance and a combination of an option contract and the insurance. We analyze the conditions that determine farmer’s reference for one instrument or the other and perform a numerical application that is relevant for a Spanish region.

Contract for the great College, 6 May 1813

This is a contract signed between Loammi Baldwin, acting on behalf of the President and Fellows of Harvard College, and Josiah Moore, Esquire; John Walton, Housewright; Thomas Mason, Housewright; Samuel Mason, Housewright; and Joseph Holmes, Housewright, for the construction of University Hall. The agreement was witnessed by William Jenison and Josiah Nottage.

Contract for finding all materials and finishing interior of University Hall, signed copy, 1 February 1814

This is a contract signed between Loammi Baldwin, acting on behalf of the President and Fellows of Harvard College, and Josiah Moore, John Walton, Thomas Mason, Samuel Mason, and Joseph Holmes for completing the dining rooms and chapel of University Hall. The agreement was witnessed by Abraham Edwards and Thomas Edwards.

Contract for finding all materials and finishing interior of University Hall, 1 February 1814

Draft of the official signed copy of the contract in Box 1, Folder 42. This copy is written in a different hand and contains several struck through phrases.

Memorandum of contract with carpenters, Moore, and others, [ca. 1814]

Estimate for $5942.68 for the completion of the interior fixtures of University Hall including folding doors, pew arrangement in the chapel, and architraves to doors, windows, and fireplaces.