Is Globalization Good for Wine Drinkers in the United States?
To determine whether globalization is good for wine drinkers in the U.S., we examine the <italic>Wine Spectator's</italic> annual Top 100 lists, published since 1988. During this period, the average real price for these wines decreases from $43 to $26. Quality is consistent at around 93 points. Variety increases from six to twelve countries; the share of countries dominating the early lists declines from 95% to 75% over time. Our regression analysis indicates that when a New-New World wine replaces an Old World one, the average real price of the Top 100 list falls by 2.5%. (JEL Classification: F120, F140, C200)
Year of publication: |
2007
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Authors: | Gokcekus, Omer ; Fargnoli, Andrew |
Published in: |
Journal of Wine Economics. - Cambridge University Press. - Vol. 2.2007, 02, p. 187-195
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Publisher: |
Cambridge University Press |
Description of contents: | Abstract [journals.cambridge.org] |
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