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QUESTION
The Chicago Mercantile Exchange has announced the introduction of a financial instrument that is based on rainfall in the state of Illinois.
The Chicago Mercantile Exchange has announced the introduction of a financial instrument that is based on rainfall in the state of Illinois. Th standard agreement states that for each inch of rain over and above the average rainfall for a particular month, the seller will pay the buyer $1,000. Who could benefit from buying such a contract? Who could benefit from selling it?
