Natural endowments, production technologies, and the quality of wines in Bordeaux. Is it possible to produce wine on paved roads?
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.
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- Victor Ginsburgh & A. Monzak & M. Monzak, 2013.
"Red wines of Medoc: What is wine tasting worth?,"
ULB Institutional Repository
2013/152435, ULB -- Universite Libre de Bruxelles.
- Joshua D. Angrist & Alan B. Krueger, 2001.
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Journal of Economic Perspectives,
American Economic Association, vol. 15(4), pages 69-85, Fall.
- Joshua Angrist & Alan B. Krueger, 2001. "Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments," NBER Working Papers 8456, National Bureau of Economic Research, Inc.
- Joshua Angrist & Alan Krueger, 2001. "Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments," Working Papers 834, Princeton University, Department of Economics, Industrial Relations Section..
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