THE ECONOMICS OF WINE: PRICING, QUALITY AND RATE OF RETURN: Part 1 Introduction

This thesis consists of six chapters, and the main research contributions are contained in chapters two through five inclusive. The topics addressed in each chapter are distinct, but related, and the specific contributions to knowledge made by the different chapters are related to: (i) understanding more fully the nature of the demand for alcohol; (ii) explaining the relationship between reputation characteristics and consumers’ willingness to pay for wine; (iii) estimating the rate of return to Australian wine; and (iv) using financial analysis to reveal the risk diversification benefits available by including wine in an investment portfolio.