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| Fogarty, James Joseph. |
| This article presents three arguments as to why the value of wine as an investment good has typically been understated and argues that wine investment in the UK and Australia represents a value proposition. It is argued that general all vintage wine indexes understate the return the typical investor receives; that comparisons using pre-tax returns overstate the value of standard financial assets relative to wine; and that wine investment provides value in terms of allowing portfolio risk to be reduced. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Wine investment; Agricultural Finance; Financial Economics. |
| Ano: 2007 |
URL: http://purl.umn.edu/37312 |
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| Fogarty, James Joseph; Mugera, Amin W.. |
| The State government of Western Australia is currently working through a significant program of local government reform that has as a core objective a reduction in the number of local councils. The perception that there are economies of scale in service delivery is a key reason behind the State government’s desire to see a reduction in the number of councils in Western Australia. The following article uses the technique of Data Envelopment Analysis to measure the technical and scale efficiency of councils in Western Australia. The average pure technical efficiency score for Western Australian councils was found to be 83 per cent, and the average scale efficiency score was found to be 94 per cent. This suggests that pure scale effects are not a major... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Data Envelope Analysis; Local Government; Efficiency; Productivity Analysis. |
| Ano: 2011 |
URL: http://purl.umn.edu/117072 |
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| Fogarty, James Joseph; Jakeman, Guy. |
| In addition to the GST, alcohol sold in Australia is subject to excise tax. Although both beer and spirits are subject to a volumetric excise tax, wine is subject to an additional value added tax known as the Wine Equalisation Tax (WET). The recent Henry tax review recommended substantial changes to Australian alcohol taxation policy. Here, the implications for the wine industry of the Henry tax review recommendations are explored using a computable general equilibrium model. The results show that: (i) replacement of the WET with a revenue neutral volumetric excise tax would have a small negative impact on the wine industry; (ii) removal of the WET rebate would have a substantial negative impact on small wineries; and (iii) applying a uniform alcohol tax... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Wine; Alcohol taxation; General equilibrium modelling; Demand and Price Analysis; Health Economics and Policy; R13; H23. |
| Ano: 2011 |
URL: http://purl.umn.edu/108667 |
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| Fogarty, James Joseph; Jones, Callum. |
| Comparisons between the return to wine and standard financial assets are complicated in that the return to wine must be estimated from infrequent sales of heterogeneous wine brands. Wine returns can be estimated using several different approaches, and here the performance of the hedonic approach, repeat sales approach, and hybrid approach are compared using 14,102 auction sale observations for Australian wine over the period 1988 to 2000. For the data set considered the results show that the hybrid approach provides the most efficient estimates, and that the repeat sales approach provides significantly higher total return estimates than the other two approaches. The portfolio diversification benefit attributed to holding wine is then shown to vary with... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Return to wine; Price index; Research Methods/ Statistical Methods; C33; G12. |
| Ano: 2011 |
URL: http://purl.umn.edu/108668 |
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| Fogarty, James Joseph. |
| As food is an experience good, the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high. In such markets consumers often turn to reputation measures to guide purchase decisions. As Australia does not have a longstanding cuisine style of its own, and given Australia has been open to substantial immigration inflows since federation, it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices. The following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators, cuisine type reputation indicators, and other objective indicators in the market... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Expert Opinion; Food; Hedonic Pricing; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; D12; R22. |
| Ano: 2011 |
URL: http://purl.umn.edu/108666 |
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| Fogarty, James Joseph. |
| As food is an experience good, the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high. In such markets consumers often turn to reputation measures to guide purchase decisions. As Australia does not have a longstanding cuisine style of its own, and given Australia has been open to substantial immigration inflows since federation, it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices. The following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators, cuisine type reputation indicators, and other objective indicators in the market... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expert Opinion; Food; Hedonic Pricing; Research Methods/ Statistical Methods; D12; Q18; Z10. |
| Ano: 2010 |
URL: http://purl.umn.edu/59078 |
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| Fogarty, James Joseph. |
| Objective: To estimate welfare maximising tax rates for beer, wine, and spirits using a mathematical model that considers both the welfare loss alcohol taxes impose on non-abusive consumers and the welfare gains due to alcohol taxes reducing externality costs. Results: Optimal per litre of pure alcohol (LAL) tax rates are substantially different to both current alcohol tax rates and the uniform tax rate recommended as part of the 2010 Australian Government Tax Review. Given an individual consumer utility decision model, the best estimate values of the welfare maximising LAL tax rates are: $37 for beer, $11 for wine, $50 for spirits, and $77 for ready-to-drink spirits. Conclusion: As externality costs and the responsiveness of consumers to price changes are... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Tax; Alcohol; Externalities; Demand and Price Analysis; Health Economics and Policy; I18; H23; H21. |
| Ano: 2011 |
URL: http://purl.umn.edu/108669 |
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| Fogarty, James Joseph. |
| As food is an experience good, the market for restaurant meals is a market where the cost of acquiring information regarding quality is relatively high. In such markets consumers often turn to reputation measures to guide purchase decisions. As Australia does not have a longstanding cuisine style of its own, and given Australia has been open to substantial immigration inflows since federation, it represents an especially appropriate market to study regarding the impact of individual restaurant reputation and collective cuisine reputation on meal prices. The following study uses the hedonic price approach to investigate the implicit price of individual reputation indicators, cuisine type reputation indicators, and other objective indicators in the market... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Expert Opinion; Food; Hedonic Pricing; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety. |
| Ano: 2009 |
URL: http://purl.umn.edu/56205 |
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