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{"title":"JWE volume 18 issue 2 Cover","authors":"","doi":"10.1017/jwe.2023.32","DOIUrl":"https://doi.org/10.1017/jwe.2023.32","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135564177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Although potentially useful for financially hedging systemic weather-related risks, weather contracts/derivatives (also referred to as parametric insurance) have not seen wide adoption in agriculture outside of applications in developing countries, frequently supported by governments and non-governmental organizations (NGOs). A significant impediment is the lack of financial firms willing to stand ready to sell weather derivatives to individual agricultural producers in the over-the-counter market who, due to the localized nature of weather, face idiosyncratic weather-related risks. In particular, the administrative and reinsurance costs of supplying relatively small contracts with specific terms to many different producers are often prohibitive. The current study considers the potential use of weather derivatives in hedging the aggregate yield/revenues of viticulture producers represented by an industry association located in the province of Ontario, Canada. We examine the sensitivity of aggregate industry yields to several relevant weather-related risks employing copula function analysis. We then consider the potential of a weather derivative in hedging the financial risk associated with cold winter temperatures, which pose the greatest risk to aggregate vinifera yields. The issue of attributing costs and payouts to individual association members remains unresolved, and several alternatives are suggested.
{"title":"Potential use of weather derivatives in hedging aggregate viticulture yields: An analysis of the Niagara region of Canada","authors":"Don Cyr, Joseph Kushner, Mingtian Zhang","doi":"10.1017/jwe.2023.18","DOIUrl":"https://doi.org/10.1017/jwe.2023.18","url":null,"abstract":"Abstract Although potentially useful for financially hedging systemic weather-related risks, weather contracts/derivatives (also referred to as parametric insurance) have not seen wide adoption in agriculture outside of applications in developing countries, frequently supported by governments and non-governmental organizations (NGOs). A significant impediment is the lack of financial firms willing to stand ready to sell weather derivatives to individual agricultural producers in the over-the-counter market who, due to the localized nature of weather, face idiosyncratic weather-related risks. In particular, the administrative and reinsurance costs of supplying relatively small contracts with specific terms to many different producers are often prohibitive. The current study considers the potential use of weather derivatives in hedging the aggregate yield/revenues of viticulture producers represented by an industry association located in the province of Ontario, Canada. We examine the sensitivity of aggregate industry yields to several relevant weather-related risks employing copula function analysis. We then consider the potential of a weather derivative in hedging the financial risk associated with cold winter temperatures, which pose the greatest risk to aggregate vinifera yields. The issue of attributing costs and payouts to individual association members remains unresolved, and several alternatives are suggested.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135564181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Jennifer Regan-Lefebvre: Imperial Wine: How the British Empire Made Wine's New World University of California Press, 2022, 323 pp., ISBN 978-0520343689, $34.95.","authors":"Paul D. Nugent","doi":"10.1017/jwe.2022.54","DOIUrl":"https://doi.org/10.1017/jwe.2022.54","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48922490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Much research shows that the ratings that judges assign to the same wine are uncertain. And while the ratings may be independent, research also shows that they are not identically distributed. Thus, an acute difficulty in ratings-related research and in calculating consensus among judges is that each rating is one observation drawn from a latent distribution that is wine- and judge-specific. What can be deduced about the shape of a latent distribution from one observation? A simple maximum entropy estimator is proposed to describe the distribution of a rating observed. The estimator can express the implications of zero, one, a few blind replicates, and many observations. Several tests of the estimator show that results are consistent with the results of experiments with blind replicates and that results are more accurate than results based on observed ratings alone.
{"title":"A maximum entropy estimate of uncertainty about a wine rating: What can be deduced about the shape of a latent distribution from one observation?","authors":"Jeffrey C. Bodington","doi":"10.1017/jwe.2022.55","DOIUrl":"https://doi.org/10.1017/jwe.2022.55","url":null,"abstract":"<p>Much research shows that the ratings that judges assign to the same wine are uncertain. And while the ratings may be independent, research also shows that they are not identically distributed. Thus, an acute difficulty in ratings-related research and in calculating consensus among judges is that each rating is one observation drawn from a latent distribution that is wine- and judge-specific. What can be deduced about the shape of a latent distribution from one observation? A simple maximum entropy estimator is proposed to describe the distribution of a rating observed. The estimator can express the implications of zero, one, a few blind replicates, and many observations. Several tests of the estimator show that results are consistent with the results of experiments with blind replicates and that results are more accurate than results based on observed ratings alone.</p>","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"1 3","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract A typical characteristic of the wine supply chain in the Old World is the significant share of cooperatives in wine-making that coexists with investor-owned firms and on-farm wine-makers. This paper analyzes the determinants of whether grape growers deliver their grapes to a cooperative winery of which they are members, sell their grapes to outside wineries, or make their own wine on their farm. Our analysis is based on data from a typical wine-producing area in Northern Italy. The explanatory variables comprise the potential prices linked to the different grape allocations and various farmer and farm characteristics. The high share of farmers delivering their grapes to cooperatives can, to a large extent, be explained by their higher price relative to one of the spot markets. On-farm wine-making is favored by larger farms and more educated farmers.
{"title":"Making wine, selling grapes, or delivering to a cooperative? Determinants of grape allocation","authors":"A. Corsi, S. Mazzarino, V. Frontuto","doi":"10.1017/jwe.2023.6","DOIUrl":"https://doi.org/10.1017/jwe.2023.6","url":null,"abstract":"Abstract A typical characteristic of the wine supply chain in the Old World is the significant share of cooperatives in wine-making that coexists with investor-owned firms and on-farm wine-makers. This paper analyzes the determinants of whether grape growers deliver their grapes to a cooperative winery of which they are members, sell their grapes to outside wineries, or make their own wine on their farm. Our analysis is based on data from a typical wine-producing area in Northern Italy. The explanatory variables comprise the potential prices linked to the different grape allocations and various farmer and farm characteristics. The high share of farmers delivering their grapes to cooperatives can, to a large extent, be explained by their higher price relative to one of the spot markets. On-farm wine-making is favored by larger farms and more educated farmers.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"18 1","pages":"15 - 38"},"PeriodicalIF":1.4,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46028531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Roman L. Weil (1940–2023)","authors":"K. Storchmann","doi":"10.1017/jwe.2023.9","DOIUrl":"https://doi.org/10.1017/jwe.2023.9","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"18 1","pages":"1 - 2"},"PeriodicalIF":1.4,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48798050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Graham Harding: Champagne in Britain, 1800–1914: How the British transformed a French luxury Bloomsbury Academic, London & New York, 2022, 295 pp., ISBN 978-1-3502-0286-3, $108.00, Can. $141.75, £81.00.","authors":"R. Schmalensee","doi":"10.1017/jwe.2022.16","DOIUrl":"https://doi.org/10.1017/jwe.2022.16","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"18 1","pages":"93 - 96"},"PeriodicalIF":1.4,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46637590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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