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- Title
Predicting the Quality and Prices of Bordeaux Wine.
- Authors
Ashenfelter, Orley
- Abstract
Bordeaux wines have been made in much the same way for centuries. This article shows that the variability in the quality and prices of Bordeaux vintages is predicted by the weather that created the grapes. The price equation provides a measure of the real rate of return to holding wines (about 2–3% per annum) and implies far greater variability in the early or ‘en primeur’ wine prices than is observed. The analysis provides a useful basis for assessing market inefficiency, the effect of climate change on the wine industry and the role of expert opinion in determining wine prices.
- Subjects
BORDEAUX (Aquitaine, France); FRANCE; WINE as an investment; WINES; AGRICULTURAL forecasts; VITICULTURE; FRENCH wines; WINE storage
- Publication
Economic Journal, 2008, Vol 118, Issue 529, pF174
- ISSN
0013-0133
- Publication type
Article
- DOI
10.1111/j.1468-0297.2008.02148.x