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Is Globalization Good for Wine Drinkers in the United States?

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  • Gokcekus, Omer
  • Fargnoli, Andrew

Abstract

To determine whether globalization is good for wine drinkers in the U.S., we examine the Wine Spectator's annual Top 100 lists, published since 1988. During this period, the average real price for these wines decreases from $43 to $26. Quality is consistent at around 93 points. Variety increases from six to twelve countries; the share of countries dominating the early lists declines from 95% to 75% over time. Our regression analysis indicates that when a New-New World wine replaces an Old World one, the average real price of the Top 100 list falls by 2.5%. (JEL Classification: F120, F140, C200) “My only regret in life is that I did not drink more champagne.†(John Maynard Keynes) (Harod, 1951, p. 15)

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  • Gokcekus, Omer & Fargnoli, Andrew, 2007. "Is Globalization Good for Wine Drinkers in the United States?," Journal of Wine Economics, Cambridge University Press, vol. 2(2), pages 187-195, October.
    • Handle: RePEc:cup:jwecon:v:2:y:2007:i:02:p:187-195_00
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    Cited by:

    1. Veronica Sanda Chedea & Ana-Maria Drăgulinescu & Liliana Lucia Tomoiagă & Cristina Bălăceanu & Maria Lucia Iliescu, 2021. "Climate Change and Internet of Things Technologies—Sustainable Premises of Extending the Culture of the Amurg Cultivar in Transylvania—A Use Case for Târnave Vineyard," Sustainability, MDPI, vol. 13(15), pages 1-28, July.

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