American Wine Economics: An Exploration of the U.S. Wine Industry

American Wine Economics: An Exploration of the U.S. Wine Industry

American Wine Economics: An Exploration of the U.S. Wine Industry

American Wine Economics: An Exploration of the U.S. Wine Industry

Synopsis

The U.S. wine industry is growing rapidly and wine consumption is an increasingly important part of American culture. American Wine Economics is intended for students of economics, wine professionals, and general readers who seek to gain a unified and systematic understanding of the economic organization of the wine trade.

The wine industry possesses unique characteristics that make it interesting to study from an economic perspective. This volume delivers up-to-date information about complex attributes of wine; grape growing, wine production, and wine distribution activities; wine firms and consumers; grape and wine markets; and wine globalization. Thornton employs economic principles to explain how grape growers, wine producers, distributors, retailers, and consumers interact and influence the wine market. The volume includes a summary of findings and presents insights from the growing body of studies related to wine economics.

Economic concepts, supplemented by numerous examples and anecdotes, are used to gain insight into wine firm behavior and the importance of contractual arrangements in the industry. Thornton also provides a detailed analysis of wine consumer behavior and what studies reveal about the factors that dictate wine-buying decisions.

Excerpt

The wine industry in the United States is growing rapidly, and wine consumption is becoming an increasingly important part of American culture. The United States now consumes more wine than any other nation in the world. The wine market has recently received increased attention within the discipline of economics. The American Association of Wine Economists, an educational organization started in 2006, is dedicated to promoting economic research on topics related to the wine industry and publishes The Journal of Wine Economics. Colleges are beginning to offer courses in wine economics. As wine consumption increases, so does the demand for wine knowledge. Today, wine is a popular topic that interests and mystifies many people. Numerous books have been written about wine appreciation, wine tasting, wine history and culture, and different facets of wine business. While many of these describe various economic aspects of wine, they fail to provide a unified and systematic treatment of the wine industry from an economic perspective. The purpose of my book is to fill this void. This book has three specific objectives. First, it gives a detailed description of the economic organization of the U.S. wine industry. Information is provided about wine’s unique attributes; grape growing, wine production, and wine distribution; wine firms and consumers; and grape and wine markets. Second, the book uses economic principles to shed light on the behavior of wine producers and consumers in a manner that is accessible to noneconomists as well as students of economics. Lastly, it . . .

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