IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-00808401.html
   My bibliography  Save this paper

Climate, Grapevine Phenology, Wine Production, and Prices: Pauillac (1800-2009)

Author

Listed:
  • Jean-Michel Chevet

    (ADES - Aménagement, Développement, Environnement, Santé et Sociétés - Université Bordeaux Segalen - Bordeaux 2 - UBM - Université Bordeaux Montaigne - CNRS - Centre National de la Recherche Scientifique)

  • Sébastien Lecocq

    (ALISS - Alimentation et sciences sociales - INRA - Institut National de la Recherche Agronomique)

  • Michael Visser

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper analyzes 19th and 20th century data from a well-known chateau in Bordeaux. The dataset includes information on weather conditions, starting dates of three phenological stages of grapevine, prices, and yields. We discuss how these variables have evolved over the last two centuries. We also study to what extent the impact of climate on yields and prices has changed over time. Our regression analysis suggests that the effect of temperature on yields has become weaker since the 19th century. The influence on prices has, on the contrary, become stronger.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jean-Michel Chevet & Sébastien Lecocq & Michael Visser, 2011. "Climate, Grapevine Phenology, Wine Production, and Prices: Pauillac (1800-2009)," Post-Print halshs-00808401, HAL.
    • Handle: RePEc:hal:journl:halshs-00808401
    DOI: 10.1257/aer.101.3.142
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Ashenfelter, Orley, 2010. "Predicting the Quality and Prices of Bordeaux Wine," Journal of Wine Economics, Cambridge University Press, vol. 5(1), pages 40-52, April.
    2. Lecocq, Sébastien & Visser, Michael, 2006. "Spatial Variations in Weather Conditions and Wine Prices in Bordeaux," Journal of Wine Economics, Cambridge University Press, vol. 1(2), pages 114-124, October.
    3. Jones, Gregory V. & Storchmann, Karl-Heinz, 2001. "Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classes," Agricultural Economics, Blackwell, vol. 26(2), pages 115-133, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fabien Candau & Florent Deisting & Julie Schlick, 2017. "How Income and Crowding Effects Influence the World Market for French Wines," The World Economy, Wiley Blackwell, vol. 40(5), pages 963-977, May.
    2. Vincent Bignon & Eve Caroli & Roberto Galbiati, 2011. "Stealing to Survive: Crime and Income Shocks in 19th Century France," PSE Working Papers halshs-00623804, HAL.
    3. Omamuyovwi Gbejewoh & Saskia Keesstra & Erna Blancquaert, 2021. "The 3Ps (Profit, Planet, and People) of Sustainability amidst Climate Change: A South African Grape and Wine Perspective," Sustainability, MDPI, vol. 13(5), pages 1-23, March.
    4. Swinnen, J. & Meloni, G. & Haeck, C., 2018. "What is the Value of Terroir? Historical Evidence from Champagne and Bordeaux," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277221, International Association of Agricultural Economists.
    5. Luca Bossi & Vladimir Petkov, 2013. "Monopoly, Time Consistency, and Dynamic Demands," Journal of Industry, Competition and Trade, Springer, vol. 13(3), pages 339-359, September.
    6. Ashenfelter, Orley & Storchmann, Karl, 2014. "Wine and Climate Change," Working Papers 164854, American Association of Wine Economists.
    7. Fabien Candau & Florent Deisting & Julie Schlick, 2017. "How Income and Crowding Effects Influence the World Market for French Wines," The World Economy, Wiley Blackwell, vol. 40(5), pages 963-977, May.
    8. Vincent Bignon & Eve Caroli & Roberto Galbiati, 2017. "Stealing to Survive? Crime and Income Shocks in Nineteenth Century France," Economic Journal, Royal Economic Society, vol. 127(599), pages 19-49, February.
    9. Antonio Accetturo & Matteo Alpino, 2023. "Climate change and Italian agriculture: evidence from weather shocks," Questioni di Economia e Finanza (Occasional Papers) 756, Bank of Italy, Economic Research and International Relations Area.
    10. repec:dau:papers:123456789/7249 is not listed on IDEAS
    11. De Salvo, Maria & Begalli, Diego & Capitello, Roberta & Signorello, Giovanni, 2015. "A spatial micro-econometric approach to estimating climate change impacts on wine firm performance: A case study from Moldavia region, Romania," Agricultural Systems, Elsevier, vol. 141(C), pages 48-57.
    12. Limor Dina Gonen & Tchai Tavor & Uriel Spiegel, 2021. "The Positive Effect of Aging in the Case of Wine," Mathematics, MDPI, vol. 9(9), pages 1-16, April.
    13. Dimson, Elroy & Rousseau, Peter L. & Spaenjers, Christophe, 2015. "The price of wine," Journal of Financial Economics, Elsevier, vol. 118(2), pages 431-449.
    14. Morgan Kelly & Cormac Ó Gráda, 2012. "The waning of the little ice age," Working Papers 201211, School of Economics, University College Dublin.
    15. Svetlana Ignjatijević & Jelena Vapa Tankosić & Nemanja Lekić & Duško Petrović & Sandra Brkanlić & Bojan Vapa & Vladimir Tomašević & Nikola Puvača & Radivoj Prodanović & Irena Milojević, 2022. "Agro-Environmental Practices and Business Performance in the Wine Sector," Agriculture, MDPI, vol. 12(2), pages 1-21, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mert Hakan Hekimoğlu & Burak Kazaz, 2020. "Analytics for Wine Futures: Realistic Prices," Production and Operations Management, Production and Operations Management Society, vol. 29(9), pages 2096-2120, September.
    2. Mert Hakan Hekimoğlu & Burak Kazaz & Scott Webster, 2017. "Wine Analytics: Fine Wine Pricing and Selection Under Weather and Market Uncertainty," Manufacturing & Service Operations Management, INFORMS, vol. 19(2), pages 202-215, May.
    3. Ashenfelter, Orley & Storchmann, Karl, 2014. "Wine and Climate Change," Working Papers 164854, American Association of Wine Economists.
    4. Christopher R. Gustafson & Travis J. Lybbert & Daniel A. Sumner, 2016. "Consumer sorting and hedonic valuation of wine attributes: exploiting data from a field experiment," Agricultural Economics, International Association of Agricultural Economists, vol. 47(1), pages 91-103, January.
    5. Ali, Héla Hadj & Lecocq, Sébastien & Visser, Michael, 2010. "The Impact of Gurus: Parker Grades and en primeur Wine Prices," Journal of Wine Economics, Cambridge University Press, vol. 5(1), pages 22-39, April.
    6. Ashenfelter, Orley, 2010. "Predicting the Quality and Prices of Bordeaux Wine," Journal of Wine Economics, Cambridge University Press, vol. 5(1), pages 40-52, April.
    7. Ashenfelter, Orley, 2017. "The Hedonic Approach to Vineyard Site Selection: Adaptation to Climate Change and Grape Growing in Emerging Markets," Journal of Wine Economics, Cambridge University Press, vol. 12(1), pages 3-15, February.
    8. Limor Dina Gonen & Tchai Tavor & Uriel Spiegel, 2021. "The Positive Effect of Aging in the Case of Wine," Mathematics, MDPI, vol. 9(9), pages 1-16, April.
    9. Cardebat, Jean-Marie & Jiao, Linda, 2018. "The long-term financial drivers of fine wine prices: The role of emerging markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 67(C), pages 347-361.
    10. Corsi, Alessandro & Strøm, Steinar, 2013. "The Price Premium for Organic Wines: Estimating a Hedonic Farm-Gate Price Equation," Journal of Wine Economics, Cambridge University Press, vol. 8(1), pages 29-48, May.
    11. Orley Ashenfelter & Karl Storchmann, 2016. "Editor's Choice The Economics of Wine, Weather, and Climate Change," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 10(1), pages 25-46.
    12. Masset, Philippe & Weisskopf, Jean-Philippe & Cardebat, Jean-Marie & Faye, Benoît & Le Fur, Eric, 2021. "Analyzing the risks of an illiquid and global asset: The case of fine wine," The Quarterly Review of Economics and Finance, Elsevier, vol. 82(C), pages 1-25.
    13. Dimson, Elroy & Rousseau, Peter L. & Spaenjers, Christophe, 2015. "The price of wine," Journal of Financial Economics, Elsevier, vol. 118(2), pages 431-449.
    14. De Salvo, Maria & Begalli, Diego & Capitello, Roberta & Signorello, Giovanni, 2015. "A spatial micro-econometric approach to estimating climate change impacts on wine firm performance: A case study from Moldavia region, Romania," Agricultural Systems, Elsevier, vol. 141(C), pages 48-57.
    15. Antonis Michis & Anna Markidou, 2013. "Determinants of retail wine prices: evidence from Cyprus," Empirical Economics, Springer, vol. 45(1), pages 267-280, August.
    16. Czupryna Marcin & Oleksy Paweł, 2018. "The Effect of an Electronic Exchange on Prices and Return Volatility in the Fine Wine Market," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 14(4), pages 22-35, December.
    17. Alston, Julian M. & Fuller, Kate B. & Lapsley, James T. & Soleas, George, 2011. "Too Much of a Good Thing? Causes and Consequences of Increases in Sugar Content of California Wine Grapes," Journal of Wine Economics, Cambridge University Press, vol. 6(2), pages 135-159, October.
    18. Vincent Hoang & Takao Iida & Shigeru Matsumoto & Natsuki Watanabe & Clevo Wilson, 2016. "Consumer’s comparison between local and imported organic products: a hedonic analysis of the Japanese table wine market," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 6(3), pages 405-415, December.
    19. Paroissien, Emmanuel, 2020. "Forecasting bulk prices of Bordeaux wines using leading indicators," International Journal of Forecasting, Elsevier, vol. 36(2), pages 292-309.
    20. Mérel, Pierre & Ortiz-Bobea, Ariel & Paroissien, Emmanuel, 2021. "How big is the “lemons” problem? Historical evidence from French wines," European Economic Review, Elsevier, vol. 138(C).

    More about this item

    Keywords

    Climate; Price; Quality;
    All these keywords.

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00808401. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.