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

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  • Jean-Michel Chevet
  • Sebastien Lecocq
  • Michael Visser

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.

Suggested Citation

  • Jean-Michel Chevet & Sebastien Lecocq & Michael Visser, 2011. "Climate, Grapevine Phenology, Wine Production, and Prices: Pauillac (1800-2009)," American Economic Review, American Economic Association, vol. 101(3), pages 142-146, May.
  • Handle: RePEc:aea:aecrev:v:101:y:2011:i:3:p:142-46
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.142
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    References listed on IDEAS

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    1. Jones, Gregory V. & Storchmann, Karl-Heinz, 2001. "Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classes," Agricultural Economics, Blackwell, pages 115-133.
    2. Ashenfelter, Orley, 2010. "Predicting the Quality and Prices of Bordeaux Wine," Journal of Wine Economics, Cambridge University Press, vol. 5(01), pages 40-52, March.
    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, pages 115-133.
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    Cited by:

    1. Dimson, Elroy & Rousseau, Peter L. & Spaenjers, Christophe, 2015. "The price of wine," Journal of Financial Economics, Elsevier, pages 431-449.
    2. repec:dau:papers:123456789/7249 is not listed on IDEAS
    3. 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, pages 48-57.
    4. 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.
    5. Vincent Bignon & Eve Caroli & Roberto Galbiati, 2011. "Stealing to Survive: Crime and Income Shocks in 19th Century France," PSE Working Papers halshs-00623804, HAL.
    6. Morgan Kelly & Cormac Ó Gráda, 2012. "The waning of the little ice age," Working Papers 201211, School of Economics, University College Dublin.
    7. Ashenfelter, Orley & Storchmann, Karl, 2014. "Wine and Climate Change," Working Papers 164854, American Association of Wine Economists.

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