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MEASURING THE ECONOMIC EFFECT OF GLOBAL WARMING ON VITICULTURE USING AUCTION, RETAIL AND WHOLESALE PRICES 31
Ashenfelter, Orley; Storchmann, Karl.
In this paper we measure the effect of year to year changes in the weather on wine prices and winery revenue in the Mosel Valley in Germany in order to determine the effect that climate change is likely to have on the income of wine growers. A novel aspect of our analysis is that we compare the estimates based on auction, retail, and wholesale prices. Although auction prices are based on actual transactions, they provide a thick market only for high quality, expensive wines and may overestimate climate’s effect on farmer revenues. Wholesale prices, on the other hand, do provide broad coverage of all wines sold and probably come closest to representing the revenues of farmers. Overall, we estimate a 1°C increase in temperature would yield an increase in...
Tipo: Working or Discussion Paper Palavras-chave: Wine; Global warming; Auction prices; Retail prices; Wholesale prices; Demand and Price Analysis; Environmental Economics and Policy.
Ano: 2010 URL: http://purl.umn.edu/90482
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The impact of the wine industry on hotels and restaurants in Walla Walla 31
Storchmann, Karl.
Walla Walla enjoys the fastest growing wine industry in the State of Washington, if not in the whole U.S. This paper examines the impact of this extraordinary growth on the revenue of regional hotels and restaurants. Employing a dynamic quarterly panel model at the county level we show that the regional reputation as high quality wine county, as expressed by critical wine points in the national wine press, has a significant effect on the tourism industry. Less than 17% of all restaurant and approximately 40% of all hotel revenue is tied to the wine cluster (2007). However, regional reputation is short-living and needs to be constantly re-earned.
Tipo: Working or Discussion Paper Palavras-chave: Wine quality; Wine tourism; Regional development; Dynamic panel; Regional economics; Agricultural and Food Policy; Land Economics/Use; Research and Development/Tech Change/Emerging Technologies.
Ano: 2008 URL: http://purl.umn.edu/37358
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