DETERMINANTS OF ARGENTINEAN WINE PRICES IN THE U.S. MARKET

A hedonic price function for Argentinean wines in the U.S market is estimated in order to evaluate the effect of the most important attributes of wine on price. Results show that labeling practices and the choice of the right wine quality attributes are far more influential on price than expert panel opinions or oenological wine improvements such as aging.wine prices, Argentinean wine, hedonic price model, Demand and Price Analysis,

The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices

We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir--as proxied for by locational attributes--is not significant.

The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices

We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir –- as proxied for by locational attributes –- is not significant.swine, vineyard, hedonic price analysis

The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices

We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir – as proxied for by locational attributes – is not significantWine, Vineyard, Hedonic Price Analysis

A NEW CHALLENGE FOR THE ROMANIAN COAL INDUSTRY: ELIMINATION OF THE STATE AID

According to the European Commission decision N 239/2007 the Romanian coal industry will receive state aid by the end of 2010. After this period public companies in this sector will finance the costs of current production and investment entirely by their revenue. This article presents a short literature review regarding the subsidization of coal industry, shows the evolution of the mining industry in Romania so far, and identifies opportunities for continuing coal production after December 31, 2010 without state aid. The paper concludes that the abolition of subsides in is a positive measure but it must be taken gradually and responsibly, in order to ameliorate the negative effects on social end natural environment.coal industry, state aid, National Hard Coal Company

Weather index-based insurance as a meteorological risk management alternative in viticulture

This research is funded by a grant awarded to Andrea Martínez Salgueiro by " la Caixa " Foundation in its "Doctoral Scholarship Programme 2016". This institution, which encourages the publication of research results, had no other involvement in the development of this study. The project that gave rise to these results received the support of a grant from "la Caixa" Foundation (ID 100010434). The grant code is LCF/BQ/DE16/11570002. The author is thankful to Maria-Antonia Tarrazon-Rodon (UAB) and Juan Carlos Reboredo (USC) for interesting insights on previous stages of this research. She also thanks the two anonymous reviewers whose comments helped improve and clarify the manuscript.This article explores the hedging potential of two weather index-based insurance programmes designed for the Rias Baixas Protected Designation of Origin (Spain). The first alternative insures both extreme and non-extreme weather events, while the second instrument covers exclusively extreme meteorological states. Two bioclimatic indicators computed for the period most correlated to grape yields are proposed as underlyings: the Branas, Bernon and Levadoux (BBL) and the Ribéreau-Gayon and Peynaud hydrothermal scale (RGP). Yield-weather dependence is then modelled with two different methodological approaches: copulas and linear regression. To asses the risk reducing potential, a hedging effectiveness analysis based on real and simulated data is carried out. The model uses variance and expected shortfall as risk measures. The results attained point out the high hedging ability of both insurance programmes, especially of the first of them based on RGP. This appraisal also reveals that the copula technique outperforms linear regression. Overall, the study results suggest that the implementation of policies geared to bioclimatic indices able to signal adverse weather events can significantly mitigate weather-related yield variations in viticulture

The Impact Of Climate Change On The Production Of Spanish Wines

Spain is the third largest producer and the largest exporter of wine in the world. Spanish wine, therefore, plays a vital role in both the global wine industry and the domestic Spanish economy. The most recent report of the Intergovernmental Panel on Climate Change (IPCC) documents increasingly convincing evidence of climate change and the potential damages a changing climate may have on important agricultural sectors. In this paper we examine the effects of climate change on the production of Spanish wines. We use hedonic regression techniques to tease out the relationship between wine yields and changing weather patterns (temperature and precipitation). This research may help better inform stakeholders in the wine industry on which areas in Spain may suffer the most and which areas are expected to thrive. Our results suggest substantial geographic differences across Spain in the effects of climate change on wine production. However, we show that increases in growing season temperature and precipitation have a negative effect on high quality wine yields in the most southern – and therefore most vulnerable – region of Spain

Steinkohlensubventionen: Reparatur- anstatt Museumsbergbau

Seit nahezu 50 Jahren übersteigen die Förderkosten für heimische Steinkohle vor allem aufgrund der ungünstigen geologischen Bedingungen die Preise für die oft im Tagebau abgebaute Importkohle aus den USA, Australien und vielen anderen Ländern. Die Kluft zwischen heimischen Förderkosten und Weltmarktpreisen wurde mit der Zunahme der Zahl der Förderländer und des weltweiten Handels beinahe unaufhörlich größer. Seit Jahren gilt: Anstatt eine Tonne deutscher Kohle zu fördern, können mit demselben Geld rund drei Tonnen Importkohle erworben werden. Ohne massive staatliche Unterstützung in Form von Absatzhilfen - aktuell deutlich über 2 Mrd. Euro jährlich - wäre die heimische Steinkohle seit Jahrzehnten unverkäuflich. Seit der Kohlekrise von 1958 wurden bislang - rein nominal betrachtet - weit mehr als 135 Mrd. Euro an Beihilfen gewährt. Erst nachdem 1996 mit gut 6,7 Mrd. Euro der Höchststand der jährlichen Förderung erreicht war, wurden die Subventionen reduziert (Schaubild 1). Das derzeitige Subventionsniveau entspricht aber immer noch dem der ersten Hälfte der 1980er Jahre. Dem Steuerzahler, der für all diese Mittel aufkommen muss, können allerdings weder überzeugende energie- noch beschäftigungspolitische Argumente als Rechtfertigung für diese Verschwendung präsentiert werden. Im Gegenteil: Die im Folgenden dargestellten hohen ökonomischen wie ökologischen Kosten der deutschen Steinkohlenförderung legen nahe, dass es weit bessere Wege gibt, sozialpolitisch verantwortlich zu handeln, als eine schrittweise Rückführung der Förderung. Der sofortige Ausstieg aus der Förderung bei gleichzeitigem Einstieg in den Reparaturbergbau wäre viel eher als Königsweg zu bezeichnen als der bislang vorgesehene Museumsbergbau mit eventuell unendlicher Laufzeit