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Palgrave Macmillan

Wine Economics

Quantitative Studies and Empirical Applications

ISBN 9781137289513
Publication Date July 2013
Formats Hardcover Ebook (EPUB) Ebook (PDF) 
Publisher Palgrave Macmillan
Series Applied Econometrics Association Series

The chapters of this book provide a better understanding of wine economics, by addressing new issues such as sustainable development, food authenticity, financial expectations and consumption economics. Many of the discussed topics have been recently developed by economists (e.g. global warming and wine tourism) despite having been mostly covered by specialists in management, marketing and geography. Other fields correspond to new investigations of traditional topics, such as ranking wines or consumer behaviour, and new analyses in strategic choice (for example how to bottle wine or to sell bulk wine, to select grape varieties at replanting, to distinguish attitudes, intentions and behaviour in exporting). Wine Economics draws attention to the positioning of different market players and explores alternative regulations for public policy.

Eric Giraud-Héraud is Research Director at the French National Institute for Agricultural Research (INRA), and Professeur Associé at the Ecole Polytechnique (Paris, France). His research focuses on industrial organisation and experimental economics. His works deals with the economics of food (economic efficiency, competitiveness, public regulation of supply, quality labels and consumer behaviour). He was the President of the European Association of Wine Economists (2003–2006) and currently one of the members of the Scientific Council of the Institut des Sciences de la Vigne et du Vin (ISVV) at Bordeaux. He is a member of the EuAWE (European Association of Wine Economists) and the VDQS (Vineyard Data Quantification Society).

Marie-Claude Pichery is Professor of Economics and Econometrics at University of Bourgogne (Dijon, France) and a researcher at the Laboratoire d'Economie et Gestion (CNRS). She gives lectures in Wine Economics at the Institut Universitaire de la Vigne et du Vin – Jules Guyot (IUVV). Her fields of research are in wine industry and territorial aspects of vineyards. She has been President of the European Association of Wine Economists (1997–1999) and is currently a member of the scientific advisory council of the Chaire UNESCO 'Culture et Traditions du vin' hosted by University of Bourgogne. She is a member of the EuAWE (European Association of Wine Economists) and the VDQS (Vineyard Data Quantification Society).

1. Life Satisfaction and Alcohol Consumption: an Empirical Analysis of Self-Reported Life Satisfaction and Alcohol Consumption in OECD countries; Jan Bentzen and Valdemar Smith
1.1. Introduction
1.2. Literature Review and Issues in the Happiness-income
1.3. Modelling of the Happiness-alcohol Relationship
1.4. Alcohol Consumption and Life Satisfaction
1.5. Estimating the Happiness-alcohol Model
1.6. Conclusions
2. Advertising and the Demand for (non)Alcoholic Beverages; Ruben Hoffman and Yves Surry
2.1. Introduction
2.2. The Alcohol Market
2.3. Optimal Alcohol Tax Model
2.4. Calibration Case Study
2.5. Conclusion
3. Alcohol Demand, Externalities and Welfare Maximising Alcohol Taxes; James Fogarty
3.1. Introduction
3.2. Model Framework
3.3. Data and Estimation Procedure
3.4. Empirical Results
3.5. Conclusion
4. The Economic Value of Wine Names that Reference Place in the US Market: Analysis of 'Champagne' and Sparking Wine; Hyunok Lee and Daniel A. Sumner
4.1. Introduction
4.2. Previous Econometric Research on Wine Place Names
4.3. Data Source and Data Description
4.4. Econometric Estimation of the Hedonic Price Equations with Market Data
4.5. Econometric Results and Interpretations of the Price Equation for Sparkling Wine Sold in the United States
4.6. Conclusion
5. The Price of Wine: Does the Bottle Size Matter?; Jean-François Outreville
5.1. Introduction
5.2. Does the Bottle Matter?
5.3. A Measure of the Relative Scaled Price Index
5.4. The Market Price of Large Bottles at Auctions
5.5. Conclusion and Suggestions for Further Research
6. Wine Judging and Tasting; Matteo Galizzi
6.1. Introduction
6.2. Literature Review
6.3. The Wine Judging System and Experts' Panels in Italy: A Price Formation Model?
6.4. The Three Main Professional Guides in Italy, and their Data on Wines and Awards
6.5. Empirical Analysis and Results: The Awards by the Professional Guides in 2008
6.6. Conclusion
7. Willingness to Pay for Appellations of Origin: Results of an Experiment with Pinot Noir Wines in France and Germany; Pascale Bazoche, Pierre Combris, Eric Giraud-Héraud and Jean-Baptiste Traversac
7.1. Introduction
7.2. Willingness to Pay (WTP) for Protected Designation of Origin and Other Wine Characteristics
7.3. Experiment Design and Method
7.4. Data and Results
7.5. Conclusion
8. How Best to Rank Wines: Majority Judgment; Michel Balinski and Rida Laraki
8.1. Introduction
8.2. Traditional Amalgamation Schemes and the 'Judgment of Paris'
8.3. Why the Traditional Amalgamation Schemes Fail
8.4. Majority Judgment
8.5. Majority Judgment in Use
8.6. Conclusion
9. Wine as an Alternative Asset Class; Philippe Masset and Jean-Philippe Weisskopf
9.1. Introduction
9.2. Investment Opportunities on the Market for Fine Wine
9.3. Academic Literature
9.4. Empirical Study of the Market for Fine Wine
9.5. The Case of the US Wine Market
9.6. The Case of the Swiss Wine Market
9.7. Conclusion
10. Financial Reaction to Business Cycle in Period of Difficulties: the Case of French Wine Companies; Paul Amadieu, Jean-Pierre Couderc and Jean-Laurent Viviani
10.1. Introduction
10.2. Theoretical Foundations of Hypotheses
10.3. Data, Variables and Method
10.4. Results
10.5. Conclusion
11. The Technical Efficiency of Wine Grape Growers in the Murray-Darling Basin in Australia; Tim Coelli and Orion Sanders
11.1. Introduction
11.2. Sample Data and Variable Selection
11.3. Methods
11.4. Empirical Results
11.5. Conclusion
12. Product Assortment and the Efficiency of Farms; Gordana Manevska-Tasevska
12.1. Introduction
12.2. Dimensions of Product Assortment
12.3. Method
12.4. Data and Variables
12.5. Results
12.6. Discussion and Conclusions
13. Determinants of Wine Bottling Strategic Decisions: Empirical Evidences from the Italian Wine Industry; Giulio Malorgio, Cristina Grazia, Francesco Caracciolo and Carla De Rosa
13.1. Introduction
13.2. Conceptual Framework
13.3. Data, Variables, and Model Specification
13.4. Results
13.5. Discussion and Final Remarks
14. Export Intentions of Wineries; Isabel Bardají, Belen Iraizoz and Julio Estavillo
14.1. Introduction
14.2. Theoretical Foundation and Hypothesis Development
14.3. Research Design
14.4. Results
14.5. Conclusion
15. Wine Tourism and On-Site Wine Sales; Françoise Bensa and Marie-Claude Pichery
15.1. Introduction
15.2. The Actors of Wine Tourism and their Expectations
15.3. Wine Tourism in Terms of Experiential Marketing
15.4. Methodology
15.5. Analysis of Results
15.6. Conclusion
16. The High and Rising Alcohol Content of Wine; Julian M. Alston, Robert Mondavi, Kate Fuller, James Lapsley, George Soleas and Kabir Tumber
16.1. Introduction
16.2. Increasing Sugar Content in California Grapes
16.3. International Evidence on the Rising Alcohol Content of Wine
16.4. Regressions of Alcohol Percentage against the Heat Index
16.5. Conclusion


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