American Wine Economics: An Exploration of the U.S. Wine Industry
University of California Press
HANDOUTS AND WINE DATA
These are links to handouts and wine data sources.
|TBA stands for "To Be Added"|
|Syllabus||Course syllabus for spring semester 2021|
|Case Study Assignment||Guidelines for wine firm case study assignment|
|Manteiv Wine Company||Fictional wine company used for lecture material examples|
|Top 30 Wine Firms||Thirty largest wine firms in case sales year 2014|
|Top 20 Wine Brands||Twenty largest selling wine brands year 2014-15|
|Top 20 Luxury Wine Brands||Twenty largest selling luxury wine brands year 2014|
|State wine shipping laws||Summary of state wine shipping laws for wine firms and retailers|
|U.S.wine consumption and production 1993-2013||Source: Wine Institute. Data on wine consumption, production, exports, and imports.|
|U.S. wine firms and wineries 1993-2014||Data on the number of U.S. wine firms, wineries, and average output per winery.|
|Global wine data 1961-2009||Source: Global Wine Markets 1961-2009: A Statistical Compendium, Kym Anderson and Signe Nelgen. Excellent source of wine data by country.|
|Global wine data 1995-2011||Source: International Organization of Wine and Vine. Wine data by country.|
|Global wine data 2000-2012||Source: Statistical Report on World Vitiviniculture 2013. International Organization of Wine and Vine. Tables and charts on world grape production, wine production, wine consumption, exports, and imports.|
|Global wine data current||Source: Wine By Numbers. Current data on wine volume, value, and average price for the largest wine exporting and importing countries.|
|Australian wine data 1843-2013||Source: Growth and Cycles in Australia's Wine Industry: A Statistical Compendium 1843 to 2013. Kym Anderson and Nanda Aryal. Excellent source of wine data and analysis of the Australian wine industry.|
STUDY QUESTIONS AND QUIZZES
These are links to quizzes and study questions for the final exam. They will be added throughout the semester.
|Study questions for final exam. Click here.|
|Quiz #1 Click here for questions.|
|Quiz # 2 Click here for questions.|
|Quiz # 3 Click here for questions. TBA|
|Quiz # 4 Click here for questions. TBA|
Links for the lecture outlines will be listed below.
These are being modified as some of the course material will change because of the pandemic.
1. Introduction to wine economics. Click here.
2. The wine product. Click here.
3. The wine firm. Click here
4. Grape growing, Grape markets and supply cycles. Click here
5. Wine production. Lecture outline. Click here
6. Bulk wine, private label wine, wine alcohol.
7. Wine distribution and government regulation.
8. Wine firm behavior.
9. The wine consumer and demand.
10. The wine consumer, quality, and price.
11. The globalization of wine.
ARTICLES AVAILABLE ON THE WEB
These are optional articles on the reading list available on the web. They have been selected to supplement class lectures and provide students who are interested in a particular topic additional reading to delve deeper into that topic should they choose.
1. Introduction to Wine Economics
Storchmann, K. (2012). “Wine economics: Emergence, Developments, Toics”American Association of Wine Economists Working Paper No. 85. Click here to access.
2. The Wine Product
Rosen, S. (1974). “Hedonic prices and implicit markets: Product differentiation in pure competition.” Journal of Political Economy. Login to jstore to access.
Quandt, R. (2007). “On wine bullshit: Some new software?” Journal of Wine Economics. Click here to access.
3. The Wine Firm
Coase, R. (1937). “The nature of the firm.” Economica. Click here to access.
Alchain, A., and H. Demsetz (1972). “Production, information costs, and economic organization.” American Economic Review. Login to jstore to access.
Williamson, O. (1979). “Transaction-cost economics: The governance of contractual relations.” Journal of Law and Economics. Login to jstore to access.
4. Grape Growing, Grape Markets, and Grape Supply Cycles
Heien, D. (2006). “Price formation in the California winegrape economy.” Journal of Wine Economics. Click here to access.
Ezekeil, M. (1938). “The cobweb theorem.” Quarterly Journal of Economics. Login to jstore to access.
Cuellar, S., Aaron, L., and M. Ammen (2005). “Forecasting California wine grape supply cycles.” Wine Business Monthly, Dec 2005. Click here to access.
5. Wine Production
6. Bulk Wine, Private Label Wine, and Wine Alcohol
Alston, J. et al. (2011). “Splendide mendax: false label claims about high and rising alcohol content of wine.” American Association of Wine Economists Working Paper No. 82. Click here to access.
Alston, J. et al. (2011). “Too much of a good thing? Causes and consequences of increases in sugar content of California wine grapes.” Journal of Wine Economics. Click here to access.
7. Wine Distribution and Government Regulation
Beliveau, B., and M. Rouse. (2010). “Prohibition and repeal: A short history of the wine industry’s regulation in the United States.” Journal of Wine Economics. Click here to access.
Ellig, J., and A. Wiseman. (2011). “Competitive exclusion with heterogeneous sellers: The case of state wine shipping laws. American Association of Wine Economists Working Paper No. 90. Click here to access.
Richard, B. et al. (2011). “Regulating the availability of beer, wine, and spirits in grocery stores: Beverage specific effects on prices, consumption, and traffic fatalities.” American Association of Wine Economists Working Paper No. 95. Click here to access.
8. Wine-Firm Behavior
Akerlof, G. (1970). “The market for lemons: Qualitative uncertainty and the market mechanism.” Quarterly Journal of Economics. Login to jstore to access.
Scott Morton, F., and J. Podolny (2002). “Love or money? The effects of owner motivation in the California wine industry.” Journal of Industrial Economics. Click here to access.
Parmigiani, A. (2007). “Why do firms both make and buy? An investigation of concurrent sourcing.” Strategic Management Journal. Click here to access.
9. The Wine Consumer and Demand
Leibenstein, H. (1950). “Bandwagon, snob, and Veblen effects in the theory of consumers’ demand.” Quarterly Journal of Economics. Login to jstore to access.
Fogerty, J. (2008). “The demand for beer, wine, and spirits: Insights from a meta-analysis approach.” American Association of Wine Economists Working Paper No. 31. Click here to access.
Cuellar, S. et al. (2006). “Understanding the law of demand.” Wine Business Monthly, March. Click here to access.
10. The Wine Consumer, Quality, and Price
Lecoq, S., and M. Visser (2006). “What determines wine prices: Objectives vs. sensory characteristics.” Journal of Wine Economics. Click here to access.
Hodgson, R. (2008). “An examination of judge reliability at a major wine competition.” Journal of Wine Economics. Click here to access.
Hodgson, R. (2009). “An analysis of the concordance among 13 U.S. wine competitions.” Journal of Wine Economics. Click here to access.
Brombrun, H., and D. Sumner (2003). “What determines the price of wine? The value of grape characteristics and wine quality assessments.” AIC Issues Brief. Click here to access.
Landon, S., and C. Smith (1998). “Quality, expectations, reputation, and price.” Southern Economic Journal. Login to jstore to access.
Dubois, P., and C. Nauges (2007). “Identifying the effect of unobserved quality and experts’ reviews in pricing of experience goods: Empirical application on Bordeaux wine. American Association of Wine Economists Working Paper No. 10. Click here to access.
Ashenfelter, O. et al. (1995). “Bordeaux wine vintage quality and weather.” Chance. Click here to access.
Ashenfelter, O. (2010). “Predicting quality and prices of Bordeaux wine.” American Association of Wine Economists Working Paper No. 4. Click here to access.
11. The Globalization of Wine
Students interested in the wine product and industry and want to gain additional knowledge may find the following books informative.
Denton Marks. 2015. Wine and Economics: Transacting the Elixir of Life. Edgar Elgar Publishers.
Tyler Colman. 2008. Wine Politics. University of California Press.
Mike Veseth. 2011. Wine Wars. Rowman & Littlefield.
Mike Veseth. 2013. Extreme Wine. Rowman & Littlefield.
Mike Veseth. 2015. Money, Taste, and Wine: It’s Complicated. Rowman & Littlefield.
Richard Mendelson. 2009. From Demons to Darlings: A Legal History of Wine in America. University of California Press.
Richard Mendelson ed. 2011. Wine in America: Law and Policy. Wolters Kluwer.
Benjamin Lewin. 2010. Wine Myths and Reality. Dover: UK: Vendage Press.
Jon Bonne. 2013. The New California Wine. Ten Speed Press.
Thomas Pinney. 2005. A History of Wine in America: From Prohibition to the Present. University of California Press.
Paul Lukacs. 2005. American Vintage: The Rise of American Wine. Norton.
Paul Lukacs. 2005. The Great Wines of America. Norton.
Geralyn Brostrom and Jack Brostrom. 2009. The Business of Wine: An Encylopedia. Greenwood Press.
Lewis Perdue. 1999. The Wrath of Grapes. Avon Books.
Liz Thach and Tim Matz, eds. 2004. Wine A Global Business. Miranda Press.
Jancis Robinson ed. 2006. The Oxford Companion to Wine. Oxford University Press.
Karen MacNeil. 2001. The Wine Bible. Workman Publishing.
James Halliday and Hugh Johnson. 2007. The Art and Science of Wine. Firefly Books.
Jancis Robinson and Linda Murphy. 2013. American Wine. University of California Press.
Jamie Goode. 2005. The Science of Wine: From Wine to Glass. University of California Press.
Benjamin Lewin. 2013. Claret & Cabs: The Story of Cabernet Sauvignon. Vendange Press.
Per Jenster, David Smith, Darryl Mittry, and Lars Jenster. 2008. The Business of Wine: A Global Perspective. Copenhagen Business School Press.
Thomas Pellechia. 2006. Wine: The 8,000 Year Old Story of the Wine Trade. Thunder's Mouth Press.
Elin McCoy. 2005. The Emperor of Wine: The Rise of Robert M. Parker Jr. and the Reign of American Taste. Harper Collins.
David Sokolin and Alexandra Bruce. 2008. Investing in Liquid Assets: Uncorking Profits in Today's Global Wine Market. Simon & Schuster.
James Conaway. 2002. The Far Side of Eden. Houghton Mifflin.
Julia Flynn Siler. 2008. The House of Mondavi: The Rise and Fall of an American Wine Dynasty. Gotham.
Matt Kramer. 2003. Making Sense of Wine. Running Press.
Kevin Zraley. 2008. Windows of the World Complete Wine Course. Sterling.
WINE RELATED WEBSITES
These are some links to wine related websites that students may find interesting and informative.
|American Association of Wine Economists||Access working papers and selected articles from the Journal of Wine Economics.|
|Wine Institute||Good source of data and information on the wine industry.|
|Wine Business.com||Free access to current and past issues of Wine Business Monthly, a good source of wine industry news.|
|Center for Wine Economics||Access working papers on wine industry topics.|
|Science Direct Open Access"||Open Access to articles on Wine Economics and Policy.|
|Wine Searcher||Search engine for finding wine and price.|
|Alcohol and Tobacco Tax and Trade Bureau||Federal agency that regulates wine and other alcoholic beverages.|
|Michigan Wine||Wikipedia Site for Michigan Wine|
|The Wine Economist||Blog of wine economist Mike Veseth who analyzes wine markets.|
|Tom Wark's Wine Blog||Blog that discusses wine markets and other wine topics.|
|The Academic Wino||Blog that summarizes and critiques academic articles related to wine.|
|Robert Parker Wine Advocate||Access the Newsletter through my class subscription|
|JEBDUNNUCK||Wine Critic. Access his Newsletter through my class subscription|
|Washington Wines||Website of the Washington Wine Industry.|