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Wine Economics: Emergence, Developments, Topics

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  • Storchmann, K.

Abstract

Fine wine has a few characteristics that differentiate it from other agricultural commodities and beverages rendering it an interesting topic for economists. Fine wine can regularly fetch bottle prices that exceed several thousand dollars. It can be stored a long time and may increase in value with age. Fine wine quality and prices are extraordinarily sensitive to fluctuations in the weather of the year in which the grapes were grown. Wine is an experience good: that is, consumers often rely on “expert opinion” regarding quality and maturation prospects. This article describes the emergence and the unparalleled rise of wine economics since the 1980s to the present time and sheds light on its three main topics: finance, climate change and the role of expert opinion.

Suggested Citation

  • Storchmann, K., 2011. "Wine Economics: Emergence, Developments, Topics," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 50(3), September.
    • Handle: RePEc:ags:agreko:347275
    DOI: 10.22004/ag.econ.347275
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    Cited by:

    1. Delmas, Magali A. & Gergaud, Olivier, 2021. "Sustainable practices and product quality: Is there value in eco-label certification? The case of wine," Ecological Economics, Elsevier, vol. 183(C).
    2. Fabien Candau & Florent Deisting & Julie Schlick, 2017. "How Income and Crowding Effects Influence the World Market for French Wines," The World Economy, Wiley Blackwell, vol. 40(5), pages 963-977, May.

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