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Predicting the Quality of an Unborn Grange

Author

Listed:
  • Byron, R P
  • Ashenfelter, Orley

Abstract

In a recent paper, O. Ashenfelter, D. Ashmore, and R. Lalonde (1993) found they could explain the variation in the price (and quality) of Bordeaux vintages by a combination of age, temperature, and rainfall. The same ideas are applied here to Grange hermitage, Australia's premier wine. Weather variation is less important than in Bordeaux. However, some remarkably robust results are obtained: a 'quality index' for Grange is derived, predictions about still unreleased vintages are made, the Australian regression coefficients work well in the Bordeaux equation, and issues relating to market efficiency in the pricing of young wines are examined. Copyright 1995 by The Economic Society of Australia.

Suggested Citation

  • Byron, R P & Ashenfelter, Orley, 1995. "Predicting the Quality of an Unborn Grange," The Economic Record, The Economic Society of Australia, vol. 71(212), pages 40-53, March.
  • Handle: RePEc:bla:ecorec:v:71:y:1995:i:212:p:40-53
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    Cited by:

    1. Loureiro, Maria L., 2003. "Rethinking new wines: implications of local and environmentally friendly labels," Food Policy, Elsevier, vol. 28(5-6), pages 547-560.
    2. James J. Fogarty, 2002. "Why is Expert Opinion on Wine Valueless?," Economics Discussion / Working Papers 02-17, The University of Western Australia, Department of Economics.
    3. Schamel, Guenter & Anderson, Kym, 2001. "Wine Quality and Regional Reputation: Hedonic Prices for Australia and New Zealand," 2001 Conference (45th), January 23-25, 2001, Adelaide 125877, Australian Agricultural and Resource Economics Society.
    4. Wood, Danielle & Anderson, Kym, 2006. "What Determines the Future Value of an Icon Wine? New Evidence from Australia," Journal of Wine Economics, Cambridge University Press, vol. 1(02), pages 141-161, September.
    5. Brooks, Eileen, 2003. "Products and Prejudice: Measuring Country-of-Origin Bias in U.S. Wine Imports," Santa Cruz Center for International Economics, Working Paper Series qt8sv3q6qv, Center for International Economics, UC Santa Cruz.
    6. Benjamin J. Burton & Joyce P. Jacobsen, 1999. "Measuring Returns on Investments in Collectibles," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 193-212, Fall.
    7. Goodhue, Rachael E. & LaFrance, Jeffrey T. & Simon, Leo K., 2009. "Wine Taxes, Production, Aging and Quality," Journal of Wine Economics, Cambridge University Press, vol. 4(01), pages 27-45, March.
    8. Brooks, Eileen, 2003. "Products and Prejudice: Measuring Country-of-Origin Bias in U.S. Wine Imports," Santa Cruz Department of Economics, Working Paper Series qt59m9341j, Department of Economics, UC Santa Cruz.
    9. Evens Salies & Bodo Steiner, 2011. "Have policy distortions spilled over across wine markets? Evidence from the French wine sector," Sciences Po publications 2011-16, Sciences Po.
    10. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09hi64o4ks9 is not listed on IDEAS
    11. Grégoire Croidieu & Charles-Clemens Ruling & Bilal-Ahmed Jathol, 2017. "Complex field-positions and non-imitation: Pioneers, strangers, and insulars in Australian fine-wine," Grenoble Ecole de Management (Post-Print) hal-01609429, HAL.
    12. 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(01), pages 3-15, February.
    13. Brooks, Eileen, 2003. "Products and Prejudice: Measuring Country-of-Origin Bias in U.S. Wine Imports," Santa Cruz Department of Economics, Working Paper Series qt8sv3q6qv, Department of Economics, UC Santa Cruz.
    14. Egon Franck & Martin Kukuk & Stefan Winter, 2004. "Weininvestment- Profitieren Anleger von der Berücksichtigung öffentlich zugänglicher Informationen?," Working Papers 0030, University of Zurich, Institute for Strategy and Business Economics (ISU).
    15. Pavese, Piermassimo & Zanola, Roberto, 2008. "Autochthon vs. blended wines: Do objective and sensory characteristics matter?," POLIS Working Papers 107, Institute of Public Policy and Public Choice - POLIS.
    16. Orley Ashenfelter & Karl Storchmann, 2010. "Measuring the Economic Effect of Global Warming on Viticulture Using Auction, Retail, and Wholesale Prices," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 37(1), pages 51-64, August.
    17. Fiebig, Denzil G. & Uldry, Pierre-Francois, 1999. "Sensitivity bounds for use with flawed data," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 48(4), pages 479-486.
    18. Croidieu, Grégoire & Rüling, Charles-Clemens & Boutinot, Amélie, 2016. "How do creative genres emerge? The case of the Australian wine industry," Journal of Business Research, Elsevier, vol. 69(7), pages 2334-2342.
    19. Fogarty, James Joseph, 2007. "Rethinking Wine Investment in the UK and Australia," Working Papers 37312, American Association of Wine Economists.
    20. Steiner, Bodo E., 2009. "The Extent and Nature of Contracting in the Wine Supply-Chain When Moral Hazard is Present," Staff Paper Series 154127, University of Alberta, Department of Resource Economics and Environmental Sociology.
    21. Aytaç, Beysül & Hoang, Thi-Hong-Van & Mandou, Cyrille, 2016. "Wine: To drink or invest in? A study of wine as an investment asset in French portfolios," Research in International Business and Finance, Elsevier, vol. 36(C), pages 591-614.
    22. Masset, Philippe & Weisskopf, Jean-Philippe & Faye, Benoît & Le Fur, Eric, 2016. "Red obsession: The ascent of fine wine in China," Emerging Markets Review, Elsevier, vol. 29(C), pages 200-225.
    23. Ashenfelter, Orley & Storchmann, Karl, 2014. "Wine and Climate Change," Working Papers 164854, American Association of Wine Economists.

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