Hedonic Wine Price Functions And Measurement Error

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Hedonic Wine Price Functions And Measurement Error

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Author : Edward Oczkowski
language : en
Publisher:
Release Date : 2004

Hedonic Wine Price Functions And Measurement Error written by Edward Oczkowski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

Accumulated theoretical and empirical evidence suggests that wine prices depend upon quality, reputation and objective characteristics. Unlike previous studies, we recognize that quality and reputation are latent constructs and therefore employ factor analysis and 2SLS techniques to consistently estimate hedonic prices in the presence of attributes measured with error. The application to Australian premium wines points to significant reputation effects but insignificant quality effects. It is also illustrated that inappropriately using standard OLS procedures can seriously distort the statistical significance of attributes; the implicit marginal attribute prices; and the predictions of 'average' prices for a given set of characteristics.

Handbook Of The Economics Of Wine In 2 Volumes

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Author : Gergaud Olivier
language : en
Publisher: World Scientific
Release Date : 2018-03-21

Handbook Of The Economics Of Wine In 2 Volumes written by Gergaud Olivier and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-21 with Business & Economics categories.

Over the last three decades, wine economics has emerged as a growing field within agricultural economics, but also in other fields such as finance, trade, growth, environmental economics and industrial organization. Wine has a few characteristics that differentiate it from other agricultural commodities, rendering it an interesting topic for economists in general. Fine wine can regularly fetch bottle prices that exceed several thousand dollars. It can be stored a long time and may increase in value with age. Fine wine quality and prices are extraordinarily sensitive to fluctuations in the weather of the year in which the grapes were grown. And wine is an experience good, i.e., its quality cannot be ascertained before consumption. As a result, consumers often rely on 'expert opinion' regarding quality and maturation prospects.This handbook takes a broad approach and familiarizes the reader with the main research strands in wine economics.After a general introduction to wine economics by Karl Storchmann, Volume 1 focuses on the core areas of wine economics. The first papers shed light on the relevance of the vineyard's natural environment for wine quality and prices. 'Predicting the Quality and Prices of Bordeaux Wine' by Orley Ashenfelter is a classic paper and may be the first wine economics publication ever. Ashenfelter shows how weather influences the quality and the price of Bordeaux Grands Crus wine. Since the weather condition of the year when the grapes were grown is known, an econometric analysis may be constructed. It turns out this model outperforms expert opinion, i.e., critical vintage scores. At best, expert opinion reflects public information. The subsequent papers, by Ashenfelter and Storchmann, Gergaud and Ginsburgh, and Cross, Plantinga and Stavins, tackle the terroir question. That is, they examine the relevance of a vineyard's physical characteristics for wine quality and prices, but from various dimensions and with different results. Next, Alston et al. analyze a question of great concern in the California wine industry: the causes and consequences of the rising alcohol content in California wine. Is climate change the culprit?The next chapter presents three papers that apply hedonic price analyses to fine wine. Combris, Lecocq and Visser show that Bordeaux wine market prices are essentially determined by the wines' objective characteristics. Costanigro, McCluskey and Mittelhammer differentiate their hedonic analysis for various market segments. Ali and Nauges incorporate reputational variables into their pricing model and distinguish between short- and long-run price effects.The next section of this volume deals with one of the unique characteristics of wine — its long storage life, which makes it potentially an investment asset. Studying wine's increasing role as an alternative asset class, Sanning et al., Burton and Jacobsen, Masset and Weisskopf, Masset and Henderson, and Fogarty all examine the rate of return to holding wine as well as the related risks. Since these papers analyze different wines and different time periods there is no 'one message.' However, all point out that, while wine may diversify an investor's portfolio, wine's returns do not beat common stock in the long run.The last two chapters examine the role of wine experts. First, Ashenfelter and Quandt revisit the 1976 'Judgment of Paris' and show that aggregating the assessments of several judges should go beyond 'adding points.' Depending on the method employed, the results may vary, and some measure of statistical precision is essential for interpreting the reliability of the results. In two different papers, Cicchetti and Quandt respond to the necessity to provide statistical tools for the assessment of wine tastings.In a seminal paper, Hodgson reports a remarkable field experiment in which similar wines were placed before judges at a major competition. The results have the shocking implication that how medals are awarded at a major California wine fair is not far from being random. Ashton analyzes the performance of professional wine judges and finds little support for the idea that experienced wine judges should be regarded as experts.Do experts scores influence the price of wine? The answer to this question is less obvious then commonly thought since expert opinion oftentimes only repeats public information such as wine quality that results from the weather that produced the wine grapes. Hadj Ali, Lecocq, and Visser as well as Dubois and Nauges find that high critical scores exert only small effects on wine prices. However, Roberts and Reagans show that a high critical exposure reduces the price-quality dispersion of wineries.Lecocq and Visser analyze wine prices and find that 'characteristics that are directly revealed to the consumer upon inspection of the bottle and its label explain the major part of price differences.' Expert opinion and sensory variables appear to play only a minor role. In an experimental setting using two Vickrey auctions, Combris, Lange and Issanchou confirm the leading role of public information, i.e., the label remains a key determinant for champagne prices. In a provocative and widely discussed study drawing on blind tasting results of some 5,000 wines, Goldstein and collaborators find that most consumers prefer less expensive over expensive wine.Finally, Weil examines the value of expert wine descriptions and lets several hundred subjects match the wines and their descriptors. His results suggest that the ability to assign a certain description to the matching wine is more or less random.Volume 2 covers the topics reputation, regulation, auctions, and market organizational. Landon and Smith, Anderson and Schamel, and Schamel analyze the impact of current quality and reputation (i.e., past quality) on wine prices from different regions. Their results suggest that prices are more influenced by reputation than by current quality. Costanigro, McCluskey and Goemans develop a nested framework for jointly examining the effects of product, firm and collective reputation on market prices.The following four papers deal with regulatory issues in the US as well as in Europe. While Riekoff and Sykuta shed light on the politics and economics of the three-tier system of alcohol distribution and the prohibition of direct wine shipments in the US, Deconinck and Swinnen analyze the European planting rights system. The political economy of European wine regulation is then covered by Melonie and Swinnen, before Anderson and Jensen shed light on Europe's complex system of wine industry subsidies.The next chapter is devoted to wine auctions. In three different papers, Fevrier, Roos and Visser, Ashenfelter, and Ginsburgh analyze the effects of specific auction designs on the resulting hammer prices. The papers focus on multi-unit ascending auctions, absentee bidders, and declining price anomalies.The last chapter, supply and organization, is devoted to a wide range of issues. First, Heien illuminates the price formation process in the California winegrape industry. Then, Frick analyzes if and how the separation of ownership and control affects the performance of German wineries.Vink, Kleynhans and Willem Hoffmann introduce us to various models of wine barrel financing, particularly to the Vincorp model employed in South Africa. Galbreath analyzes the role of women in the wine industry. He finds that (1) women are underrepresented and (2) that the presence of a female CEO increases the likelihood of women in winemaker, viticulturist, and marketing roles in that firm. Gokcekus, Hewstone, and Cakal draw on crowdsourced wine evaluations, i.e., Wine Tracker data, and show that private wine assessments are largely influenced by peer scores lending support to the assumption of the presence of a strong herding effect.Mahenc refers to the classic model of information asymmetries and develops a theoretical model highlighting the role of informed buyers in markets that are susceptible to the lemons problem. Lastly, in their paper 'Love or Money?' Scott, Morton and Podolny analyze how the presence of hobby winemakers may distort market outcomes. Hobby winemakers produce higher quality wines, charge higher prices, and enjoy lower financial returns than professional for-profit winemakers. As a result, profit-oriented winemakers are discouraged from locating at the high-quality end of the market.

Wine Economics

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Author : Stefano Castriota
language : en
Publisher: MIT Press
Release Date : 2020-11-17

Wine Economics written by Stefano Castriota and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-17 with Business & Economics categories.

A comprehensive and interdisciplinary approach to the economics of the production, distribution, and consumption of wine. Wine economics is a growing subfield that examines the economics of the production, distribution, and consumption of wine. In this book, Stefano Castriota takes a comprehensive and interdisciplinary approach to the study of wine economics, drawing on literature from industrial organization, welfare economics, economic policy, political economy, management, finance, health economics, law, and criminology. Castriota explores how wine markets operate and how they are regulated, covering such diverse topics as the health economics of wine consumption (both the positive health effects associated with moderate wine intake and the negative effects of alcohol abuse), the competition and profitability of wineries, the function of wine as an investment, and the quality of wine. He examines differences between the wine industries in the Old World and the New World, comparing small, family-owned wineries with larger conglomerates, and analyzes the regulation of wine in the United States versus the European Union. He concludes with a series of recommendations to ensure open and efficient wine markets while protecting public health. Originally published in Italy as Economia del Vino, this English translation has been extensively revised. It includes additional material focusing on the English-speaking countries of the New World, particularly the regulatory environment of the United States and the lingering effects of Prohibition.

Sustainability Of The Agri Food System Strategies And Performances

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Author : Bernardo De Gennaro
language : en
Publisher: Universitas Studiorum
Release Date : 2014-11-01

Sustainability Of The Agri Food System Strategies And Performances written by Bernardo De Gennaro and has been published by Universitas Studiorum this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-01 with Social Science categories.

The 2013 annual conference of the Italian Society of Agricultural Economics (SIDEA) has been held in the attractive scenario of the city of Lecce under the organization of three different Universities of the Apulia Region (Università degli Studi di Bari, Università degli Studi di Foggia and Università del Salento). The scientific theme of the 50th SIDEA Conference has been “Sustainability of the agri-food system: Strategies and Performances” (Sostenibilità del Sistema Agroalimentare: strategie e performance). With such a topic, the SIDEA intended to cope with the challenges coming from a growing demand of food in a world where critical natural resources such as water, energy and land are becoming increasingly scarce and climate change is posing credible threats. The agri-food system and the broader bio-based economy are, in fact, human activities where the classic dimensions of sustainability (ecological, economic and social) are gaining a striking weight often showing evidence of frictions. Despite a significant growth in food production over the past century, today one of the most important challenges facing agro-food system is how to feed a growing population.

International Marketing And Trade Of Quality Food Products

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Author : Alessandra Castellini
language : en
Publisher: BRILL
Release Date : 2023-09-04

International Marketing And Trade Of Quality Food Products written by Alessandra Castellini and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-04 with Business & Economics categories.

Due to increased purchasing power of certain consumer segments all over the world and the related growing demand for food specialties for differentiated goods in the international markets, agri-food trade and marketing is no longer focused on commodities only. Key concepts of 'Marketing', 'International Trade' and 'Quality' are taking the forefront in the scientific debate among agricultural economists dealing with agricultural and food products markets. The need for scientific knowledge about several aspects of marketing for quality food products is growing. The aim of this book is to link these key concepts together and consider connections, overlaps, contradictions and complementarities between them. This book contains peer-reviewed articles covering a range of studies on international marketing and trade for quality food products and is edited with the support of the BEAN-QUORUM project, funded by the European Union's Asia Link Programme. The topics covered by the studies range from geographical indications to organic food; from fair trade to functional food; from knowledge about quality requirements to the impact of the quest for quality. The geographical scope of the studies is broad and the perspectives vary including the consumer, the producer and the supply chain side. The focal interest of the studies also range from competitiveness, to policy, to potential demand. The book is of interest to researchers and practitioners in international food networks of all types.

Wine Economics

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Author : O. Güvenen
language : en
Publisher: Springer
Release Date : 2013-07-12

Wine Economics written by O. Güvenen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-12 with Business & Economics categories.

The book proposes an overview of the research conducted to date in the field of wine economics. All of these contributions have in common the use of econometric techniques and mathematical formalization to describe the new challenges of this economic sector.

The Power Of The Terroir The Case Study Of Prosecco Wine

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Author : Diego Tomasi
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-07-08

The Power Of The Terroir The Case Study Of Prosecco Wine written by Diego Tomasi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Technology & Engineering categories.

This book draws on an eight-year study carried out in the DOCG Prosecco area of Italy, a wine region known worldwide. It is unique in the sense that it is based on one of the most comprehensive investigations into terroir zoning ever performed in Italy. By drawing attention to the complex interrelations between environmental and human factors that influence the growth and production of the Glera grape, the study illustrates the distinct correlation between a wine and its ‘terroir’. It shows that the morphology of the sites, the meso and microclimate, the soil, the grapevine planting density, the trellising system, the yield of the vineyard, and the vine water status in the summer lead to unique combinations of grape maturity, acidity, and aroma that ultimately influence the sensory properties of the wines produced. Furthermore, the book details numerous technical and agronomic considerations, specific to the “Glera” grape variety, for different production strategies, including a section on the impact of climate change on cv “Glera” phenology. “The Power of the Terroir: the Case Study of Prosecco Wine” represents a valuable resource for anyone involved in studies or research activities in the fields of viticulture, climatology, agronomic sciences or soil sciences, but is also of interest to vine growers, professionals in the wine industry, and wine enthusiasts in general.

The Business Of Champagne

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Author : Steve Charters
language : en
Publisher: Routledge
Release Date : 2013-01-11

The Business Of Champagne written by Steve Charters and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-11 with Business & Economics categories.

The world of champagne offers a fascinating insight into the complexity of modern business management and marketing. Champagne is at the same time a wine, a luxury product and a regional brand – it is tied to the place from which it comes, and can be made nowhere else. It therefore highlights a range of characteristics which make it interesting to the modern business world. This is the first book to offer a complete overview of the way in which champagne as a product is organized, managed and marketed and what its future prospects are. The book covers the entire range of issues surrounding the management of the champagne industry by reviewing the current context of champagne (structural, economic and legal), the role of ‘place’ (identity and terroir and tourism), marketing the ‘myth’ of champagne (image and competitive advantage) and the management of the industry (accountability, people and the territorial brand). The book brings together leading academics and examines the champagne region from multidisciplinary perspectives. Examining the champagne region provides insight into a range of management, production-management, branding and consumer-related issues and will be of interest to students, researchers and academics interested in Gastronomy, Wine Studies, Tourism, Hospitality, Marketing and Business.

Innovations In Industrial Engineering

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Author : José Machado
language : en
Publisher: Springer Nature
Release Date : 2021-06-23

Innovations In Industrial Engineering written by José Machado and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-23 with Technology & Engineering categories.

This book covers a variety of topics in the field of industrial engineering, with a special focus on research and industrial applications aimed at both improving quality of processes and products and contributing to a sustainable economy. Based on a set of papers presented at the 1st International Conference “Innovation in Engineering”, ICIE, held in Guimarães, Portugal, on June 28–30, 2021, it focuses on innovative technologies associated with and strategies for the development of Industry 4.0. The chapters discuss new ways to improve industrial production and supply chain management by applying mathematical and computational methods. They also cover important issues relating to sustainability, education, and collaborations between industry and universities, and national developments. This book, which belongs to a three-volume set, provides engineering researchers and professionals with a timely overview and extensive information on trends and technologies behind the current and future developments of Industry 4.0.

Journal Of Wine Economics

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Author :
language : en
Publisher:
Release Date : 2006

Journal Of Wine Economics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Viticulture categories.