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Theses

Essays in Empirical Economics on the Formation of Wine Prices

Abstract : The price dispersion and the variety of products on the wine market has attracted an increasing interest from the economists community. On the other end, the agents of this market require new economic tools to understand the recent evolutions, such as the multiplication of influential experts and the accelerating integration of the wine regions in the global economy. This dissertation aligns the interests of economists and wine professionals by developing new methods for the study and the impact measurement of wine prices determinants. Each of the four chapters constituting this thesis introduces a specific methodological innovation and illustrates its benefits with an empirical application using novel data on the Bordeaux wine market. The first chapter builds on weather data to identify the subjective component of tasting grades and assess the influence of experts on retail prices. The second chapter proposes a scaling method to compare quality scores among different sources. The third chapter estimates the causal impact of the obtention of a medal at wine competitions on the prices paid to producers. The fourth and last chapter assembles a comprehensive database on macro-level determinants of the fluctuations of the Bordeaux wine market to build an operational forecasting model of the average prices by protected appellation of origin.
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Submitted on : Tuesday, February 6, 2018 - 11:16:09 AM
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Emmanuel Paroissien. Essays in Empirical Economics on the Formation of Wine Prices. Economics and Finance. Université de Bordeaux, 2017. English. ⟨NNT : 2017BORD0839⟩. ⟨tel-01701831⟩

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