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| Author: | Ashenfelter, O. |
| Title: | Predicting the quality and prices of Bordeaux wine |
| Journal: | Economic Journal
2008 : JUN, VOL. 118:529, p. 174-184 |
| Index terms: | agriculture forecasting price determination quality wine industry |
| Language: | eng |
| Abstract: | This paper explores the quality and prices of Bordeaux wines and shows that the weather that created the grapes predicts the quality and price variability. Based on the price equation, a measure of the real rate of return to holding wines is presented. In addition, the price equation suggests more variability in the early wine prices than observed. This study can be used as a basis for analyzing market inefficiency, the effect of climate change on wineries and the impact of experts' assessment on wine prices. |
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