Natural Endowments, Production Technologies and the Quality of Wines in Bordeaux. Does Terroir Matter?
We study whether quality assessments made by wine experts and by consumers (based on prices obtained at auction between 1980 and 1992) can be explained by variables describing endowments (land characteristics, exposures of vineyards) and technologies (from grape varieties and picking, to bottled wines). However, since technological choices are likely to depend on endowments, the effects can only be identified using an instrumental variables approach. We show that technological choices affect quality much more than natural endowments, the effect of which is negligible. Copyright © The Author(s). Journal compilation © Royal Economic Society 2008.
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Volume (Year): 118 (2008)
Issue (Month): 529 (06)
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- Orley C. Ashenfelter & Karl Storchmann, 2006.
"Using a Hedonic Model of Solar Radiation to Assess the Economic Effect of Climate Change: The Case of Mosel Valley Vineyards,"
72, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Orley Ashenfelter & Karl Storchmann, 2006. "Using a Hedonic Model of Solar Radiation to Assess the Economic Effect of Climate Change: The Case of Mosel Valley Vineyards," NBER Working Papers 12380, National Bureau of Economic Research, Inc.
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