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Factors affecting the auction prices of Bordeaux red wine.January 2000 (has links)
by Kam Ka Yan, Karen, Tan Wai Hon. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaf 50). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.iv / LIST OF TABLES --- p.v / Chapter / Chapter I --- INTRODUCTION --- p.1 / Red Wine from the French Bordeaux --- p.1 / Top five Bordeaux wine --- p.2 / Chapter II --- ABOUT WINE AUCTION --- p.4 / Wine auction --- p.4 / Factors affecting the hammer price in wine auction --- p.5 / Chapter III --- METHODOLOGY --- p.7 / Objective and hypothesis --- p.7 / Data collection and translation --- p.12 / Chapter IV --- FINDINGS --- p.15 / Regression analysis of model1 --- p.15 / Chateau Lafite --- p.15 / Chateau Latour --- p.17 / Chateau Haut Brion --- p.19 / Chateau Margaux --- p.21 / Chateau Mouton Rothschild --- p.23 / Combined Data --- p.25 / Regression analysis of Model2 --- p.27 / Chateau Haut Brion --- p.27 / Chateau Latour --- p.29 / Chateau Margaux --- p.31 / Chapter V --- CONCLUSION AND IMPLICATIONS --- p.33 / APPENDIX --- p.35 / BIBILIOGRAPHY --- p.50
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A hedonic analysis of the effect of expert wine ratings on price and retailer profitsNeill, Kaitlin D. 01 December 2011 (has links)
During the last few decades, economists have become interested in the wine industry and several of them have focused on the determinants of price. One characteristic that has been identified as an important determinant is expert wine ratings. Much of the previous research on this topic has focused on relating expert grades to the retail price of wine. Using proprietary data, this paper will test whether these grades influence retail prices as well as retailer profits and wholesale pricing. By analyzing an individual wholesale firm in South Florida and their distribution network, this paper determines the effect expert ratings have on these dependent variables. Empirical evidence confirms that expert ratings have a positive effect on wholesale and retail wine prices and that they exhibit a parallel influence on retailer profits. This thesis aims to contribute new information to aid both the end consumers purchasing decisions as well as busi-ness pricing strategies.
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The estimation of the degree of pricing competition in the British Columbia wine industry (1957-1986)Adams, Derek 11 1900 (has links)
Until the introduction of the trade liberalization initiatives of 1989, the wine producers of British Columbia appeared to have operated in an environment that fostered less than competitive behaviour. Two factors in particular may have been responsible for creating such an environment: (1) the structure of the industry was inherently oligopolistic; and (2) protection from foreign competition was afforded by the British Columbia government in the form of a wine policy that effectively created non-tariff trade barriers against foreign wine producers. This study econometrically tests the hypothesis that British Columbia wine producers behaved non-competitively during the years 1957 to 1986.
A model of the British Columbia wine industry is developed and used to estimate the degree of non-competitive pricing behaviour in the industry, and tests are undertaken to determine whether the estimate of behaviour is consistent with competitive or with other well known behavioral specifications. the main structural components of the industry are described in a model of oligopolistic behaviour using a linear system of equations, in which both demand and pricing equations appear. The parameters which affect each of these equations are estimated using the appropriate estimation technique. The econometric results, and the subsequent statistical tests, support the hypothesis that the domestic wine industry in British Columbia operated in a non-competitive manner between 1957 and 1986. Specifically, the hypothesis of competitive behaviour is statistically rejected, whereas, the hypotheses of Cournot and collusive-type behaviour could not be rejected. These results suggest that British Columbia consumers may have been sacrificing to firms at least a portion of the surplus they would have obtained in a perfectly competitive industry. In addition, it appears that the wine policy of the provincial government helped create a non-competitive industry that will likely have difficulty competing in today's global market for wine.
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The estimation of the degree of pricing competition in the British Columbia wine industry (1957-1986)Adams, Derek 11 1900 (has links)
Until the introduction of the trade liberalization initiatives of 1989, the wine producers of British Columbia appeared to have operated in an environment that fostered less than competitive behaviour. Two factors in particular may have been responsible for creating such an environment: (1) the structure of the industry was inherently oligopolistic; and (2) protection from foreign competition was afforded by the British Columbia government in the form of a wine policy that effectively created non-tariff trade barriers against foreign wine producers. This study econometrically tests the hypothesis that British Columbia wine producers behaved non-competitively during the years 1957 to 1986.
A model of the British Columbia wine industry is developed and used to estimate the degree of non-competitive pricing behaviour in the industry, and tests are undertaken to determine whether the estimate of behaviour is consistent with competitive or with other well known behavioral specifications. the main structural components of the industry are described in a model of oligopolistic behaviour using a linear system of equations, in which both demand and pricing equations appear. The parameters which affect each of these equations are estimated using the appropriate estimation technique. The econometric results, and the subsequent statistical tests, support the hypothesis that the domestic wine industry in British Columbia operated in a non-competitive manner between 1957 and 1986. Specifically, the hypothesis of competitive behaviour is statistically rejected, whereas, the hypotheses of Cournot and collusive-type behaviour could not be rejected. These results suggest that British Columbia consumers may have been sacrificing to firms at least a portion of the surplus they would have obtained in a perfectly competitive industry. In addition, it appears that the wine policy of the provincial government helped create a non-competitive industry that will likely have difficulty competing in today's global market for wine. / Land and Food Systems, Faculty of / Graduate
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A study of the South African wine market with specific reference to the influence of low price wine on the industryCornelissen, Hannalize 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: The wine industry in South Africa has the potential to produce wine of world-class
quality, but simultaneously large volumes of inferior quality wine are produced
annually and sold in the market in cheap, low-quality packaging, making up the
bottom end of the alcoholic beverage market.
The study investigated the South African wine industry to determine where the
industry is headed. The document focussed on inexpensive wine that is sold in
cheap packaging to determine who drinks it and what the effect is on the wine
industry. The methodology followed was to perform a literature study of the current
situation of the South African wine industry. Personal interviews were conducted
with members of wineries and companies to determine if the sales of foil bags
influenced the sales on their products.
The study found that the packaging, in which the inexpensive wine is sold is not the
problem, but rather the quality of the wine that goes into the cheap packaging. The
banning of wine sold in foil bags from the market in July 2005 shows a commitment
from the industry to improve the image of the industry. It will, however, not solve the
social problem of alcohol abuse in South Africa, as the profile of the inexpensive wine
drinker indicated that if cheap wine is not available, they would change to any other
form of cheap alcohol that is available.
It is recommended that the quality of the products sold in cheap packaging must be
improved. To improve the quality of the product, quality standards must be put into
place in the industry that suppliers must adhere to. Policing in the industry needs to
be improved to ensure that everybody adheres to the regulations. The industry must
help with policing by mobilising industry resources. / AFRIKAANSE OPSOMMING: Die Suid-Afrikaanse wynindustrie het die potensiaal om wyn van wêreldklas gehalte
te produseer. Tesame hiermee word wyn van lae kwaliteit jaarliks geproduseer wat
in goedkoop, lae kwaliteit verpakkings in die mark verkoop word. Dit maak die
laagste deel van die alkoholiese mark uit.
Die navorsing het gekyk na waar die Suid-Afrikaanse wyn industrie heen op pad is.
Die dokument het gefokus op die goedkoop wyn wat verkoop word in goedkoop
verpakkings, om te bepaal wie dit drink en wat die effek daarvan op die mark is. Die
metodologie wat gevolg is, was om 'n literatuur studie te doen van die huidige
situasie in die Suid-Afrikaanse wynindustrie. Persoonlike onderhoude met lede van
kelders en maatskappye is gedoen om te bepaal of die verkope van goedkoop wyn in
goedkoop verpakkings enige invloed het op hulle markte.
Die studie het gevind dat die verpakkings waarin die goedkoop wyn verkoop word nie
soseer die probleem is nie, maar eerder die kwaliteit van die wyn wat in die
goedkoop verpakking gebruik word. Die verbod op die verkope van wyn in papsakke
vanaf Julie 2005 wys die verbintenis van die industrie om die beeld van die industrie
te verbeter. Dit sal egter nie die sosiale probleem in Suid-Afrika oplos nie, aangesien
die profiel van die goedkoop wyndrinker aandui dat wanneer goedkoop wyn nie
beskikbaar is nie, hulle enige ander vorm van goedkoop alkohol sal drink wat wel
beskikbaar is.
Dit word aanbeveel dat die kwaliteit van die produk wat in goedkoop verpakkings
verkoop word, verbeter word. Om die kwaliteit van die produk te verbeter moet daar
kwaliteitstandaarde in plek wees waaraan die verskaffers moet voldoen. Polisiëring
in die industrie moet verbeter word om te verseker almal aan die regulasies voldoen.
Die industrie moet help met polisiëring deur die mobilisering van industrie
hulpbronne.
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Enhancing competitiveness of wine through empowerment labels : a case study of wine prices and consumer preferences at two wine retail outlets in the KwaZulu-Natal Midlands.Namoobe, Belvin. January 2011 (has links)
South Africa’s history of the disempowerment of black people (Africans, Coloureds, Indians, and Chinese), presented the post apartheid government after 1994 with problems of policy formulation around empowerment of the previously disadvantaged groups (PDGs). In the wine industry, one possible way of addressing inequality in the access to economic resources and racially skewed land redistribution is through empowerment labelling of wine. Empowerment labelling of wine may promote competitiveness of wine businesses owned by the PDGs. This will help to address inequality problems in the sector. Skinner (2007) demonstrated that empowerment labelling can benefit South African wine firms in international wine markets because empowerment and Fairtrade labelled wines benefit from import preference in most European Union (EU) countries. This study investigates one possible way in which empowerment labelling may benefit wine firms on the domestic markets for wine. Several wine brands with empowerment attributes are currently traded in domestic wine retail markets in South Africa. Very few of these wine brands are broad-based black economic empowerment (BBEE) brands. If South African wine consumers value black economic empowerment in the wine industry, empowerment attribute labelling may be used to identify empowerment products, and thereby promote the competitiveness of Black Economic Empowered wine businesses.
This study sets out to quantify South African wine consumers’ willingness to pay (if any) for empowerment labelled wines. Data for the study were collected in 2007 and 2008. Two methods were used for this purpose using two case studies in the KwaZulu-Natal Midlands. The first method used a revealed preference technique to determine whether a price premium exists on the current wine prices or not. Using the hedonic price analysis technique, linear and log-linear hedonic price functions for wine for two wine retail outlets in the KwaZulu-Natal Midlands were used to estimate the price premium paid for empowerment attributes in this domestic wine retail market. Explanatory variables which were found to influence wine prices were Platter’s Wine Guide quality rating, Reputation of the winery, and BBEE. Tests on the statistical fit of the models using the Park Test and residual scatter plots indicated that the log-linear model had better data fit. These two models could not be compared using the more traditional R squared and F-statistics as they had different dependent variables.
The second method used a stated preference technique to estimate wine consumers’ willingness to pay for empowerment attributes of wine in the Kwazulu-Natal Midlands. Personal interview surveys of consumers at a wine cellar were conducted. The monetary value of these consumers’ willingness to pay was quantified using conjoint analysis and the conditional logistic model. Although the revealed preference techniques for consumer willingness to pay for empowerment labels showed that a negative price premium exists for these wine attributes, the stated preference technique revealed a positive willingness to pay for empowerment attributes. The monetary values could not provide the actual willingness to pay as they tended to be close to the hypothetical price of wine used in the questionnaire. This might be attributable to the prices used in the questionnaire not capturing the average actual wine prices for this specific wine retail outlet. Therefore, the monetary values were used as indicators of the ordering of attribute importance by the consumers. The results also indicated that an information gap between consumers and producers may exist. This implies that, provided that consumers are made aware of these attributes, there may be potential for wine producers to earn a price premium on empowerment attributes. Further research is required to determine whether South African wine consumers (a) value empowerment attributes (using stated preference techniques), and (b) are aware of wine brands that have empowerment attributes. The results of this study would aid government in formulating policies that promote the competitiveness of empowerment attributes such as giving machinery or inputs procurement rebates to wineries that are broad-based empowerment compliant, and in so doing, improve the economic position of previously disadvantaged groups. / Thesis (M.Sc.)-University of KwaZulu-Natal, Pietermaritzburg, 2011.
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