Hostname: page-component-78c5997874-v9fdk Total loading time: 0 Render date: 2024-11-05T21:18:27.771Z Has data issue: false hasContentIssue false
  • English
  • Français

Spatial Variations in Weather Conditions and Wine Prices in Bordeaux*

Published online by Cambridge University Press:  08 June 2012

Sébastien Lecocq  and
Michael Visser
Sébastien Lecocq
Affiliation:
INRA, 65 boulevard de Brandebourg, 94205 Ivry, France. Email:[email protected].
Michael Visser
Affiliation:
ERMES-CNRS and Paris School of Economics, 26 rue des Fossés Saint-Jacques, Paris 75005, France. Email:[email protected].
Get access Rights & Permissions [Opens in a new window]

Abstract

The purpose of this paper is to study the impact of weather conditions on prices of Bordeaux wines. Unlike previous studies (based on data from the main weather station in Mérignac), we use climatological variables from many local stations. Two models are compared: one where prices are related to Mérignac weather conditions, and one where prices are related to local conditions (weather variables measured in the station the nearest to the château). Although a (non-nested) test suggests that the model based on local data is better, the two specifi cations lead to very similar results. This is reassuring news for researchers interested in the relationship between weather and prices, but who do not have access to spatial variations in climate. (JEL Classification: Q19)

Type
Articles
Information
Journal of Wine Economics , Volume 1 , Issue 2 , Fall 2006 , pp. 114 - 124
Copyright
Copyright © American Association of Wine Economists 2006

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Ashenfelter, O., Ashmore, D., and Lalonde, R. (1995). Bordeaux wine vintage quality and the weather. Chance, 8, 7–14.CrossRefGoogle Scholar
Byron, R.P. and Ashenfelter, O. (1995). Predicting the quality of an unborn Grange. Economic Record, 71, 40–53.CrossRefGoogle Scholar
Davidson, R. and MacKinnon, J.G. (1993). Estimation and Inference in Econometrics. Oxford: Oxford University Press.Google Scholar
Di Vittorio, A. and Ginsburgh, V. (1996). Des enchères comme révélateurs du classement des vins. Journal de la Société Statistique de Paris, 137, 19–49.Google Scholar
Ginsburgh, V., Monzak, M., and Monzak, A. (1994). Red wines of Medoc: what is wine tasting worth. Verona: Vineyard Data Quantifi cation Society.Google Scholar
Haeger, J. and Storchmann, K. (2006). Prices of American Pinot Noir wines: climate, craftsmanship, critics. Agricultural Economics, 35, 67–78.CrossRefGoogle Scholar
Jones, G.V. and Storchmann, K. (2001). Wine market prices and investment under uncertainty: an econometric model for Bordeaux Crus Classés. Agricultural Economics, 26, 115–133.CrossRefGoogle Scholar
Jones, G.V., White, M.A., Cooper, O.R., and Storchmann, K. (2005). Climate change and global wine quality. Climatic Change, 73, 319–343.CrossRefGoogle Scholar
Mendelsohn, R., Nordhaus, W.D., and Shaw, D. (1994). The impact of global warming on agriculture: a Ricardian analysis. American Economic Review, 84, 753–771.Google Scholar
Schlenker, W. and Roberts, M. (2006). Estimating the impact of climate change on crop yields: the importance of non-linear temperature effects. Working Paper, Columbia University.Google Scholar