Predicting the quality and prices of bordeaux wine

Orley Ashenfelter

Research output: Chapter in Book/Report/Conference proceedingChapter

3 Scopus citations


Bordeaux wines have been made in much the same way for centuries. This chapter shows that the variability in the quality and prices of Bordeaux vintages is predicted by the weather that created the grapes. The price equation provides a measure of the real rate of return to holding wines (about 2–3% per annum) and implies far greater variability in the early or “en primeur” wine prices than is observed. The analysis provides a useful basis for assessing market inefficiency, the effect of climate change on the wine industry and the role of expert opinion in determining wine prices.

Original languageEnglish (US)
Title of host publicationVolume 1
Subtitle of host publicationPrices, Finance, and Expert Opinion
PublisherWorld Scientific Publishing Co. Pte Ltd
Number of pages15
StatePublished - 2018

Publication series

NameWorld Scientific Handbook in Financial Economics Series
ISSN (Print)2010-1732

All Science Journal Classification (ASJC) codes

  • Finance


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