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Financial and technological innovations that mitigate weather-related production risks have the potential to greatly benefit farmers in many risk-prone areas. In this study we examine farmers' preferences for two distinct tools that allow them to manage drought risk: weather index insurance and a recently released drought-tolerant rice variety. We illustrate how these tools can independently address drought risk and demonstrate the additional benefits gained by combining them into adoi:10.2139/ssrn.2591563 fatcat:cptu5dxczjfmzi67hvyfopxy5q