Stefano Castriota, Stefano Corsi, Paolo Frumento, Giordano Ruggeri
We use data from Wine Spectator on 266,301 bottles from 12 countries sold in the United States to investigate the link between the score awarded by the guide and the price charged. The link between quality and price is positive, in line with the literature. In a deeper inspection, however, hedonic regressions show that the price premium attached to higher quality is significant only for “superstar” wines with more than 90 points (on a 50–100 scale), while prices of wines between 50 and 90 points are not statistically different from each other. Furthermore, an analysis performed through normal heteroskedastic and quantile regression models shows that the dispersion of quality-adjusted prices is described by an asymmetric U-shaped function of the score; that is, products with the lowest and highest quality have the highest residual standard deviation. Pursuing excellence is a risky strategy; the average price is significantly higher only for wines that achieve top scores, and the price premium becomes more volatile.
{"title":"Does quality pay off? “Superstar” wines and the uncertain price premium across quality grades","authors":"Stefano Castriota, Stefano Corsi, Paolo Frumento, Giordano Ruggeri","doi":"10.1017/jwe.2022.21","DOIUrl":"https://doi.org/10.1017/jwe.2022.21","url":null,"abstract":"<p>We use data from Wine Spectator on 266,301 bottles from 12 countries sold in the United States to investigate the link between the score awarded by the guide and the price charged. The link between quality and price is positive, in line with the literature. In a deeper inspection, however, hedonic regressions show that the price premium attached to higher quality is significant only for “superstar” wines with more than 90 points (on a 50–100 scale), while prices of wines between 50 and 90 points are not statistically different from each other. Furthermore, an analysis performed through normal heteroskedastic and quantile regression models shows that the dispersion of quality-adjusted prices is described by an asymmetric U-shaped function of the score; that is, products with the lowest and highest quality have the highest residual standard deviation. Pursuing excellence is a risky strategy; the average price is significantly higher only for wines that achieve top scores, and the price premium becomes more volatile.</p>","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"171 ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505454","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":"David Kennard (Director): John Cleese's Wine for the Confused Written by David Kennard and John Cleese. Produced by Victoria Simpson. Distributed by InCA Productions, 2004, 42 min. [https://youtu.be/sHnz6KoYw_A].","authors":"Ruobin Gong","doi":"10.1017/jwe.2022.35","DOIUrl":"https://doi.org/10.1017/jwe.2022.35","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"259 - 261"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42709053","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}
Jie Li, J. Troendle, M. Gómez, J. Ifft, D. Golino, M. Fuchs
Abstract Viruses and related graft-transmissible pathogens cause diseases that cost the grape industry billions of dollars annually if left uncontrolled. The National Clean Plant Network (NCPN), a USDA Farm Bill program, is an organization of clean plant centers that produce and maintain virus-tested foundation vine stocks and distribute propagation material derived thereof to nurseries and growers to minimize the introduction of viruses and virus-like diseases into the vineyard. Foundation Plant Services (FPS) is the major NCPN-grapes center. We examined the economic impacts of public investments in FPS from 2006 to 2019. By focusing on grapevine leafroll disease, our analyses revealed a benefit-cost ratio ranging from 22:1 to 96:1, with a 5% and a 20% disease infection rates in commercial vineyards, respectively. A welfare analysis was consistent with grape growers and nurseries capturing most (64–98%) of the benefits from adopting clean planting material compared with winemakers and other actors in the downstream wine supply chain system. This study provided new insights into the returns to public investments in a clean plant center and documented strong financial incentives for higher adoption of clean vines derived from virus-tested stocks, while justifying continued support of NCPN centers from public and private sectors.
{"title":"Returns to public investments in clean plant centers: A case study of leafroll virus-tested grapevines in support of cost-effective grape production systems","authors":"Jie Li, J. Troendle, M. Gómez, J. Ifft, D. Golino, M. Fuchs","doi":"10.1017/jwe.2022.31","DOIUrl":"https://doi.org/10.1017/jwe.2022.31","url":null,"abstract":"Abstract Viruses and related graft-transmissible pathogens cause diseases that cost the grape industry billions of dollars annually if left uncontrolled. The National Clean Plant Network (NCPN), a USDA Farm Bill program, is an organization of clean plant centers that produce and maintain virus-tested foundation vine stocks and distribute propagation material derived thereof to nurseries and growers to minimize the introduction of viruses and virus-like diseases into the vineyard. Foundation Plant Services (FPS) is the major NCPN-grapes center. We examined the economic impacts of public investments in FPS from 2006 to 2019. By focusing on grapevine leafroll disease, our analyses revealed a benefit-cost ratio ranging from 22:1 to 96:1, with a 5% and a 20% disease infection rates in commercial vineyards, respectively. A welfare analysis was consistent with grape growers and nurseries capturing most (64–98%) of the benefits from adopting clean planting material compared with winemakers and other actors in the downstream wine supply chain system. This study provided new insights into the returns to public investments in a clean plant center and documented strong financial incentives for higher adoption of clean vines derived from virus-tested stocks, while justifying continued support of NCPN centers from public and private sectors.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"209 - 224"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43720193","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}
I like books for grown-ups that are not only a pleasure to read and learn from but also have color pictures and a larger sans serif font. Here is one. In her fifth book, Katherine Cole, the Portland, Oregon-based wine writer, author, and James Beard award-winning podcaster, asserts, “Sparkling wine’s greatest asset may be its image, but sparkling wine’s biggest liability is...its image. That image has been, until recently, one of danger and glamour, exclusivity and impossibility” (p. 5). Her response is this bright, multi-hued, amply illustrated, reader-friendly volume that strives for inclusiveness while not dumbing down the material. “I have tried to keep the technical terminology to a minimum. But there are some words and phrases that just come up a lot in regard to sparkling wine” (p. 11), she concedes. Cole’s exploration opens with an introduction, followed by nine chapters and a glossary. An online buying guide, a bibliography, and a four-page two-column index cap off the work. “Life, Bubbly, and the Pursuit of Happiness,” as the introduction is titled, contains an overview of the world of sparkling wine, suggested, “Occasions and Food Matches,” which concludes with “Oh, forget all that and drink sparkling wine, anytime, with anything” (p. 8), and a legend that equates the number of dollar signs with a range of prices, all as insets. Cole acknowledges her lack of omniscience and her way of getting around it: “I know I have blind spots. That’s why I asked a group of the experts I admire most...to spill on some of their favorites in each chapter” (p. 10). This approach is one of the strengths of her exposition. Chapter 1, “Instructions for Achieving Effervescence,” starts with: “You are not required to read this chapter” (p. 13). Well, maybe if you are just focused on finding new sources of well-priced sparkling wine. But you would be missing as good an explanation as I have read of the path grapes take from vineyard to flute and the various types of bubbly wines there are. “Frothing Plot Points in History,” the second chapter, intersperses a recipe for Champagne Cocktail, champagne expert Peter Liem’s recommendation of two prestige cuvées, a rant against canned bubbles, and instructions on sabering a bottle, with brief vignettes about sparkling wine from the earliest records to the end of WWII. Among the latter is the story of the invention of the champagne bottle in England and the real reason for its punt.
{"title":"Katherine Cole: Sparkling Wine Anytime: The Best Bottles to Pop for Every Occasion Abrams Image, New York, 2021, 288 pp., ISBN 978-1419747557 (hardback), $24.99.","authors":"N. Hulkower","doi":"10.1017/jwe.2022.36","DOIUrl":"https://doi.org/10.1017/jwe.2022.36","url":null,"abstract":"I like books for grown-ups that are not only a pleasure to read and learn from but also have color pictures and a larger sans serif font. Here is one. In her fifth book, Katherine Cole, the Portland, Oregon-based wine writer, author, and James Beard award-winning podcaster, asserts, “Sparkling wine’s greatest asset may be its image, but sparkling wine’s biggest liability is...its image. That image has been, until recently, one of danger and glamour, exclusivity and impossibility” (p. 5). Her response is this bright, multi-hued, amply illustrated, reader-friendly volume that strives for inclusiveness while not dumbing down the material. “I have tried to keep the technical terminology to a minimum. But there are some words and phrases that just come up a lot in regard to sparkling wine” (p. 11), she concedes. Cole’s exploration opens with an introduction, followed by nine chapters and a glossary. An online buying guide, a bibliography, and a four-page two-column index cap off the work. “Life, Bubbly, and the Pursuit of Happiness,” as the introduction is titled, contains an overview of the world of sparkling wine, suggested, “Occasions and Food Matches,” which concludes with “Oh, forget all that and drink sparkling wine, anytime, with anything” (p. 8), and a legend that equates the number of dollar signs with a range of prices, all as insets. Cole acknowledges her lack of omniscience and her way of getting around it: “I know I have blind spots. That’s why I asked a group of the experts I admire most...to spill on some of their favorites in each chapter” (p. 10). This approach is one of the strengths of her exposition. Chapter 1, “Instructions for Achieving Effervescence,” starts with: “You are not required to read this chapter” (p. 13). Well, maybe if you are just focused on finding new sources of well-priced sparkling wine. But you would be missing as good an explanation as I have read of the path grapes take from vineyard to flute and the various types of bubbly wines there are. “Frothing Plot Points in History,” the second chapter, intersperses a recipe for Champagne Cocktail, champagne expert Peter Liem’s recommendation of two prestige cuvées, a rant against canned bubbles, and instructions on sabering a bottle, with brief vignettes about sparkling wine from the earliest records to the end of WWII. Among the latter is the story of the invention of the champagne bottle in England and the real reason for its punt.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"262 - 264"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41732146","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":"Jamie Goode: The Science of Wine from Vine to Glass, 3rd Edition University of California Press, Oakland, 2021, 224 pp., ISBN 978-0-520-37950-3 (hardback), $39.95.","authors":"N. Hulkower","doi":"10.1017/jwe.2022.37","DOIUrl":"https://doi.org/10.1017/jwe.2022.37","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"264 - 267"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47992686","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":"Prentice Penny (Director). Uncorked Written by Penny Prentice. Produced by Penny Prentice, Jill Ahrens, Ryan Ahrens, Ben Renzo, Datari Turner, Chris Pollack, and Jason Michael Berman. Distributed by Netflix, 2020, 1 h 44 min.","authors":"L. Vittert","doi":"10.1017/jwe.2022.24","DOIUrl":"https://doi.org/10.1017/jwe.2022.24","url":null,"abstract":"","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"257 - 258"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41701352","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 We study the effect of proximity to other wineries on the formation of new wineries and how this effect depends on winemaking history in a location. Clustering is common in the wine industry, but it also depends on other factors, such as proximity to vineyards and high-reputation wineries. Using panel data with annual observations from 1994 to 2014 on 598 zip codes within Washington State, we estimate empirical models that control for proximity to wineries, proximity to vines, proximity to income, and the presence of star wineries. We find that the elasticity of the number of wineries with respect to proximity to wineries outside the zip code hinges on the length of local winemaking history. For locations with 11 or more winery years prior to our sample, the elasticity is at least 0.44. The presence of elite wineries is also found to have an effect, with about 0.5 additional wineries per year starting in a zip code per star winery. The effect of history suggests that policies to seed winery start-ups will help cluster formation, but only with a substantial critical mass of winemaking activity.
{"title":"The effects of knowledge spillovers and vineyard proximity on winery clustering","authors":"Eric T. Stuen, H. Liao, Jon Miller","doi":"10.1017/jwe.2022.46","DOIUrl":"https://doi.org/10.1017/jwe.2022.46","url":null,"abstract":"Abstract We study the effect of proximity to other wineries on the formation of new wineries and how this effect depends on winemaking history in a location. Clustering is common in the wine industry, but it also depends on other factors, such as proximity to vineyards and high-reputation wineries. Using panel data with annual observations from 1994 to 2014 on 598 zip codes within Washington State, we estimate empirical models that control for proximity to wineries, proximity to vines, proximity to income, and the presence of star wineries. We find that the elasticity of the number of wineries with respect to proximity to wineries outside the zip code hinges on the length of local winemaking history. For locations with 11 or more winery years prior to our sample, the elasticity is at least 0.44. The presence of elite wineries is also found to have an effect, with about 0.5 additional wineries per year starting in a zip code per star winery. The effect of history suggests that policies to seed winery start-ups will help cluster formation, but only with a substantial critical mass of winemaking activity.","PeriodicalId":56146,"journal":{"name":"Journal of Wine Economics","volume":"17 1","pages":"241 - 256"},"PeriodicalIF":1.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45056639","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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