Wine Economics and Policy最新文献

Being a French traditional prestigious spirit, cognac has a strong export orientation, with a majority of the product being consumed internationally. The United States is the largest market in volume and China the largest in value. This paper aims to study consumer behaviors of the two countries in terms of their preferences, motivations, and consumption patterns towards cognac. By studying 248 valid responses from the United States and 256 valid responses from China, our study reveals significant differences between the two groups. The study allows a better understanding of the markets. It provides useful insights in the development of market potentials, designing marketing communications, and adaptation of product features relating to cognac. It may also stimulate reflections for wine and other spirit companies for their business in the two markets.

The size of a farm is one of the factors that influence its productivity, in an ambiguous relationship that is often discussed in the industrial economy. In Portugal, the Demarcated Douro Region (DDR) is characterized by very small farms. Usually, this trend is considered a limitating factor in the profitability of the wine farms. In order to assess the correctness of this sentence, the variation of wine productivity per land size, from 2010 to 2016, was studied in the DDR, considering its three distinctive areas: Baixo Corgo, Cima Corgo and Douro Superior. The farms were categorized in nine different size ranges; as these variables outnumber the available seven observations, the Generalized Maximum Entropy (GME) estimator was used, since it suits the need to solve an ill-conditioned problem. GME was applied with the MATLAB (MATrix LABoratory) software along with the Bootstrap technique. According to the simulations, larger farms (with an area greater than 20 ha) on Douro Superior and Cima Corgo reveal higher marginal productivity given the current state of the region. On the other hand, Baixo Corgo's results suggest that medium-sized farms (with area ranges between 2 and 5 ha) display higher marginal increments to the region wine productivity.

This paper examines the efficient market hypothesis for the wine market using a novel unit root test while accounting for sharp shifts and smooth breaks in the monthly data. We find evidence of structural shifts and nonlinearity in the wine indices. Contrary to the results from conventional linear unit root tests, when we account for sharp shifts and smooth breaks, the unit root null for each of the wine indices has been rejected. Overall, our results suggest that the wine market is inefficient when we incorporate breaks. We provide some practical and policy implications of our findings.

This article contributes a reference of causal attributions made by vineyard executives in Chile, where increasing costs and stagnating prices challenge the vineyards’ profits. The investigation was motivated by the question how executives interpret the industry's mid term future and how they reflect on steering their companies. Based on in-depth interviews, causal maps were elaborated to represent the executives’ mental models. These are represented as sequences of attributions, connecting variables by causal links. It was found that some mental models guide policies bound to increase the prices, whereas other models suggest taking the prices as givens and control costs. The collection of causal attributions of the vineyard executives (CAVE) has been made publicly available. As a result, CAVE can be used by other management scholars to elicit other executives’ mental models and increase the data base available. Since such research will be cumulative, a minimum size for meaningful statistical analysis can be reached, opening up an avenue for improving the design of business policies. CAVE can also serve executives and consultants in constructing causal argumentations and business policies. Future research and development of supporting software are called for.

This article׳s aim is to identify and quantify the connection between a winery business typology and its production cost per bottle to create benchmarks for managerial and organisational choices. Accounting data from wineries in representative areas of the Tuscan wine sector were collected with direct, face-to-face interviews. The data were processed using a cost accounting model elaborated by UniCeSV (Centre for the Strategic Development of the Wine Sector, University of Florence) to classify costs according to production phases and production factors. The study was completed using a hierarchical cluster analysis (HCA) approach to investigate the relation between cost structures and business typologies. The implementation of the cost accounting model and the HCA showed a strong relationship between how wineries are organised and how costs are structured. Moreover, the weight of geographical localisation (i.e., belonging to a specific denomination of origin) has proved to be a key determinant in the shape of the cost structures of wineries.

The intense competition affecting the wine industry in recent decades has forced wineries and retailers to reshape their marketing strategies on the basis of consumer preferences. The current study aims to identify such preferences and the effects they might have in influencing consumer decisions. Preferences for different wine attributes as well as the psychographic traits of respondents were revealed through a web-based questionnaire administered to 504 wine consumers living in the wider metropolitan area of New York. Best-worst scaling (BWS) was used to detect consumer preferences for eleven wine attributes. Based on individual best-worst scores, a latent class segmentation analysis was implemented to classify consumers into four segments on the basis of psychographic characteristics such as involvement, subjective knowledge, innovativeness and loyalty proneness. The four segments identified (i.e. experientials, connoisseurs, risk minimizers and price-sensitive) differ significantly in terms of their preferences towards wine and psychographic characteristics, suggesting that a mass marketing approach is no longer suitable. Accordingly, managers need to adapt their marketing strategies to meet the preferences of different target groups. The results provide broad implications for marketers, wineries and retailers interested in successfully targeting consumers in a highly competitive market.

This article is a brief account of the main laws governing or impacting upon the breeding of new resistant grapevine varieties, complementing previous work in this Journal. It focusses on the emergence of the legal fields of plant variety rights and sanitary and phytosanitary measures to bring law into the foreground as an important set of institutional parameters which shapes the actions of economic operators involved in the development of new resistant grapevine varieties in both direct and contingent ways.

Although scientific literature is still uncertain towards the real causes that can link headache episodes with moderate wine consumption, a growing proportion of consumers seems to address sulphites as possible culprits. Hence, the objective of this study is to assess consumers` willingness to pay for wine bearing a sulphites-free label in two traditional wine producing countries, Italy and Spain. The methodological framework is based on the specification of the Becker-DeGroot-Marschak (BDM) type of auction applied to consumers purchasing wine in the supermarket stores of both countries. A left censored Tobit model is used to analyse the bidding behaviour for conventional and "Non-Added Sulphite" (NAS) wine. Results in both countries show that consumers who link the headaches with the consumption of sulphite are willing to exchange the habitually consumed bottle of wine with a NAS wine and pay extra premium prices.

Research studies have proven that place-based/regional branding methods have a positive effect on brand equity and economic benefits for companies. However, very small or specific regions may be confusing to consumers, so conjunctive labeling – or the process of advertising both a larger region and the sub-region of origin for a product – is suggested as a remedy for this situation. This study analyzes the impact of conjunctive labeling by comparing two national samples of consumers, before and two years after, conjunctive wine labeling was introduced in Sonoma County. The results show a higher awareness for both Sonoma County and its sub appellations (AVAs) after conjunctive labeling was introduced than before. This demonstrates the potential benefit of associating sub-regional appellations with larger wine regions.

China is the fastest growing wine market, but conducting research there is fraught with a variety of issues. This article explores some of the issues the authors have dealt with in conducting wine marketing research in China over the last five years. We discuss issues with the design of research to focus on important issues for both academics and the industry. We relate the key problems in gaining proper translation and useful sampling procedures. Finally, we provide some guidelines for communicating results effectively to different members of the wine trade.