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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

The U.S. wine industry is growing rapidly and wine consumption is an increasingly important part of American culture. American Wine Economics is intended for students of economics, wine professionals, and general readers who seek to gain a unified and systematic understanding of the economic organization of the wine trade. The wine industry possesses unique characteristics that make it interesting to study from an economic perspective. This volume delivers up-to-date information about complex attributes of wine; grape growing, wine production, and wine distribution activities.

List of illustrations -- List of tables -- Preface -- Acknowledgments -- Introduction1 -- The economic approach to the study of wine -- The wine product -- Wine sensory characteristics -- Grape growing -- Grape markets and supply cycles -- Wine production -- Bulk wine, private label wine, and wine alcohol -- Wine distribution and government regulation -- The wine firm -- Wine firm behavior -- The wine consumer and demand -- The wine consumer, quality, and price -- Globalization of wine -- Conclusion2 -- Notes -- Bibliography -- Index.

PART I: ALCOHOL CONSUMPTION AND WELFARE 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 PART II: CONSUMERS' BEHAVIOURS AND PRICES 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-Francois 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

We provide economy-wide modeling results of the national and regional implications of two current challenges facing the Australian wine industry: a decline in export demand for premium wines, and a possible change in the tax on domestic wine sales following the Henry Review of Taxation. The demand shock causes regional GDP to fall in the cool and warm wine regions but not in the hot wine regions unless the shock is large. A change from the current ad valorem tax to a similarly low volumetric tax on domestic wine sales causes regional GDP to rise in the cool and warm wine regions, partly offsetting its fall due to the export demand shock; but GDP in the hot wine regions would fall substantially. The switch to a volumetric tax as high as the standard beer rate would raise tax revenue and lower domestic wine consumption by more than one-third, but would induce a one-third decrease in production of non-premium wine as its consumer price would rise by at least three-quarters (while the average price of super premium wines would change very little), hence exacerbating the difference in effects of a tax reform on hot versus warm and cool wine regions' GDP

This paper examines empirically two distinguishing aspects of the world's wine regions: their degree of specialization in certain varieties, as measured by a varietal intensity index; and their similarity with the varietal mix of other regions, as measured by a varietal-based regional similarity index. Twelve of the most important wine-producing countries, that together account for all but one-eighth of the world's winegrapes, are included in the analysis. The data refer to circa 2000 (or 1999 for EU member countries, since that is their most recent census data). These indexes provide a baseline against which to compare more recent and future vintages. They will be especially useful as producers and regulators respond at varying speeds to the impacts of climate changes, in addition to market developments, on the optimal location of production of different varieties around the world

Australia's wine industry has been through major structural changes over the past six decades and has grown especially rapidly since the early 1990s. Investments in generic promotion and in grape and wine research and development have been significant features of the industry throughout that period, and have grown in importance following the formation in the early 1990s of the Australian Wine Export Council and the Grape and Wine R&D Corporation which coordinates the investing of grapegrower and winemaker national levies and matching federal government funding for such generic promotion and R&D. This paper summarizes that recent history, and concludes by speculating on the scope for and likely approaches to innovation in the future

This report summarizes the more-easily measured of the wine industry's economic contributions. Other contributions multiply those benefits, including those to the restaurant, accommodation and other tourist-related industries, and to input-supplying industries such as bottle producers, designers and printer of labels, and transport firms. The report also summarizes some key characteristics of the industry at the regional level. In doing so it reveals the increasing distinctiveness of the various regions as they seek to add value by differentiating themselves from each other and from producers abroad

"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 mark ...