Did wine consumption change during the Covid-19 lockdown in France, Italy, Spain, and Portugal?

This article documents how the COVID-19 crisis has affected the drinking behavior of Latin European wine consumers. Using a large online survey conducted during the first lockdown inFrance, Italy, Portugal, and Spain (n= 7,324 individuals), we reconstruct the purchasing and consumption patterns of the respondents. The number of people who maintained their wine consumption frequency is significantly higher than those who increased or decreased their consumption. Wine consumption frequency held up better than other types of alcohol (beer andspirits). We analyze heterogeneities among countries and individuals by employing the Marascuilo procedure and an ordered logit model. The latter identifies the impact of demographic, commercial, and psychosocial factors on wine consumption frequency. The results shed light on changes in wine consumer behavior during the first lockdown and consider possible post-lockdown trends that could be useful to industry players

A Digital Twin Simulator Approach as a Support to Develop an Integrated Observatory of the Epidemic Risk in a Rural Community in Senegal

International audienceFollowing the contemporary epidemiologic approach known as EcoHealth, the study of an epidemic risk must consider and integrate the whole set of actors, factors and environments bound to the transmission of infectious diseases. In this study, we propose using a mechanistically rich digital twin simulator as a tool to facilitate this integration with the addition of a functional and dynamic dimension. The selected case study is the monitoring of the risk associated with ticks and rodents in a rural community in the Sahelian region of Senegal. To construct the digital twin, we iteratively went back and forth between field data collection and computer transcription of knowledge. Thanks to the high resolution afforded by the digital twin approach, the simulator enables the study of city-scale activity patterns as well as interactions between ticks, rodents, cats, and humans that occur within habitation rooms and shops. In addition to (i) being able to provide dynamic integrated support for the collected multidisciplinary knowledge, the digital twin realism provides (ii) an appropriate medium for communicating results to non-expert populations and (iii) a useful tool for monitoring and adjusting the observatory's data collection protocols. The model's complexity presents calibration challenges that are discussed

Attributes’ specification of wine indexes: is devil in the details?

The dispersion of prices on the fine wines market raises the issue of the wine price index construction and valuation of wine funds. In this paper, we first propose an extended hedonic function to better control good heterogeneity (which is a major source of price dispersion) by encoding auction experts’ comments about the state of preservation of the bottles. Second, we use a multiplicative heteroscedastic model to identify the attributes providing the most price dispersion. Outcomes allow for defining the relevant components of wine price hedonic function, and spurs data providers to develop the information on wine products. This result might be useful for professionals willing to improve their fine wine valuation process and then would improve the fine wines market efficiency

The Law of One Price? Price Dispersion on the Auction Market for Fine Wine

AbstractThis paper examines the strong version of the law of one price (LOOP) on the auction market for fine wine. We draw on worldwide auction prices from eight auction houses,1 covering the time period from 2000 to 2012. Employing a hedonic approach, we find significant price premiums in particular in Hong Kong and between auction companies (independent of their locations). The price premiums by far exceed the expected transaction costs, casting doubt on the existence of the strong version of LOOP in the fine wine market. Our results suggest that heterogeneity in buyer preferences may crucially contribute to the observed price dispersion. In particular, although wines suspected of being counterfeits are sold at discounts in Western markets, they fetch price premiums in Hong Kong. (JEL Classifications: Q14, G11

Analyzing the risk of an illiquid asset ::the case of fine wine

We use a unique and very deep database to examine the performance of wine investments during 2003–2014. Our results reveal that the returns stemming from those investments are important but can largely be explained by their exposure to common risk factors. As such and contradicting prior evidence, fine wines do not seem to offer abnormal returns. While explicitly accounting for non-synchronous trading, we indeed show that the market beta of wine is always positive and significant. Liquidity risk also turns out to be an essential determinant of wine returns. The fact that the liquidity factor, which is estimated on the basis of stock returns, can explain the returns on an exotic asset such as wine suggests that illiquidity is a common, cross-asset source of risk. Hence, this paper contributes to the literature on alternative investments and wine as an asset class and provides additional evidence regarding the nature of liquidity risk

Analyzing the risks of an illiquid and global asset ::the case of fine wine

We use a unique and very deep database to examine the performance of wine investments over the period 2003–2014. Our results reveal that the returns stemming from those investments are important but can largely be explained by their exposure to common risk factors. It appears essential to properly account for the lack of liquidity on the wine market and its exposure to global currency risk. Controlling for these wine market specificities and contradicting prior evidence, fine wines do not seem to offer abnormal returns

Co-viabilité des systèmes halieutiques

La coviabilité est présentée comme un modèle conceptuel des systèmes halieutiques visant à la définition d'une gestion pertinente des pêcheries marines. Après un aperçu du contexte de crise dans lequel évoluent l'exploitation des ressources marines et les recherches scientifiques dans ce domaine, l'histoire récente de la pêcherie d'anchois du Pérou est présentée comme une illustration de l'imbrication complexe dans le temps des systèmes politique, écologique et économique. Nous présentons alors différents résultats de modélisation sur les interfaces environnement-ressources, ressources-exploitations et leurs dynamiques. Un exemple illustre les problèmes d'échelle (globale et locale) liés à cette thématique. Les modèles de gestion actuels et les principales alternatives sont enfin présentés. Au délà d'un concept commun, l'approche en terme de coviabilité cherche à établir quelles articulations permettraient un enrichissement mutuel de différentes connaissances et perceptions. Elle pourrait par exemple contribuer à concilier les visions conservatrice et productiviste qui s'affrontent actuellement dans le domaine marin. (Résumé d'auteur

Fast Antenna Characterization Improvement by Pattern Rotations

International audienc